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, 2023
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. |
This
semi-annual
report
contains
the
Fund's
unaudited financial
statements.
Fund
Name
Class
A
Class
C
Class
I
Nuveen
Equity
Long/Short
Fund
NELAX
NELCX
NELIX
Life
is
Complex.
Nuveen
makes
things
e-simple.
It
only
takes
a
minute
to
sign
up
for
e-Reports.
Once
enrolled,
you’ll
receive
an
e-mail
as
soon
as
your
Nuveen
Fund
information
is
ready.
No
more
waiting
for
delivery
by
regular
mail.
Just
click
on
the
link
within
the
e-mail
to
see
the
report
and
save
it
on
your
computer
if
you
wish.
Free
e-Reports
right
to
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,
The significant measures taken by the U.S. Federal Reserve (Fed) and other global central banks over the past year to contain inflation have begun to take effect. From March 2022 to March 2023, the Fed raised the target fed funds rate by 4.75% to a range of 4.75% to 5.00%, marking the fastest interest rate hiking cycle in its history. Across most of the world, inflation rates have fallen from their post-pandemic highs but currently remain well above the levels that central banks consider supportive of their economies' long-term growth.
At the same time, the U.S. and other large economies have remained surprisingly resilient, even as financial conditions have tightened. Despite contracting in the first half of 2022, U.S. gross domestic product grew 2.1% in the year overall compared to 2021. More recent data have shown a relatively strong jobs market, which has helped support consumer sentiment and spending despite historically high inflation. Markets are concerned that these conditions could keep upward pressure on prices and wages, which could prompt central banks to continue raising interest rates at the risk of slowing economies too much. Additionally, the recent collapse of two regional U.S. banks, Silicon Valley Bank and Signature Bank, and major European bank Credit Suisse, is likely to add further downward pressure to the economy as the banking system slows lending in response.
Fed officials are closely monitoring inflation data and other economic measures to modify their rate setting policy based upon these factors. While uncertainty has increased given the unpredictable outcome of tighter credit conditions on the economy, the Fed remains committed to acting until it sees sustainable progress toward its inflation goals. In the meantime, markets are likely to continue reacting in the short term to news about inflation data, economic indicators and central bank policy. We encourage investors to keep a longterm perspective amid the short-term noise. Your financial professional can help you review how well your portfolio is aligned with your time horizon, risk tolerance and investment goals. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Terence J. Toth
Chair of the Board
April 20, 2023
For
Shareholders
of
Nuveen
Equity
Long/Short
Fund
Portfolio
Manager
Commentaries
in
Semi-annual
Shareholder
Reports
The
Fund
includes
portfolio
manager
commentary
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,
2022
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.
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
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
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
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.
Holdings
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
Holdings
Summaries
February
28,
2023
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.
**
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,
2024
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.
The
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,
2023**
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
(1.37)%
(9.23)%
1.89%
6.81%
2.40%
2.22%
Class
A
Shares
at
maximum
Offering
Price
12/30/08
(7.04)%
(14.46)%
0.70%
6.18%
—
—
Russell
1000®
Index
—
1.37%
(8.21)%
9.68%
12.09%
—
—
Equity
Long/Short
Blended
Benchmark
—
1.77%
(4.69)%
7.52%
8.86%
—
—
Lipper
Alternative
Long/Short
Equity
Funds
Classification
Average
—
2.73%
(1.80)%
3.74%
4.61%
—
—
Class
C
Shares
12/30/08
(1.74)%
(9.93)%
1.13%
6.17%
3.15%
2.96%
Class
I
Shares
12/30/08
(1.25)%
(9.02)%
2.15%
7.07%
2.14%
1.96%
Holdings
Summaries
as
of
February
28,
2023
Fund
Allocation
(%
of
net
assets)
Long-Term
Investments
Common
Stocks
98.6%
Total
Long
Exposure
98.6%
Short-Term
Investments
Repurchase
Agreements
25.7%
Total
Investments
124.3%
Securities
Sold
Short
Common
Stocks
Sold
Short
(28.4)%
Total
Short
Exposure
(28.4)%
Other
Assets
&
Liabilities,
net
4.1%
Net
Assets
100%
Top
Five
Holdings
-
Long
Exposure
(%
of
net
assets)
Microsoft
Corp
4.0%
Apple
Inc
3.8%
Alphabet
Inc
2.5%
Amazon.com
Inc
2.1%
JPMorgan
Chase
&
Co
1.9%
Top
Five
Holdings
-
Short
Exposure
(%
of
net
assets)
Wendy's
Co/The
(0.4)%
Robert
Half
International
Inc
(0.3)%
MDU
Resources
Group
Inc
(0.3)%
Eastman
Chemical
Co
(0.3)%
Planet
Fitness
Inc.,
Class
A
(0.3)%
Portfolio
Composition
Long
Exposure
1
(%
of
net
assets)
Software
9.8%
Semiconductors
&
Semiconductor
Equipment
5.3%
Interactive
Media
&
Services
4.8%
Technology
Hardware,
Storage
&
Peripherals
4.7%
IT
Services
4.4%
Oil,
Gas
&
Consumable
Fuels
4.3%
Capital
Markets
4.1%
Pharmaceuticals
3.6%
Banks
3.4%
Equity
Real
Estate
Investment
Trusts
(REITs)
3.2%
Specialty
Retail
3.1%
Health
Care
Equipment
&
Supplies
3.0%
Chemicals
2.9%
Electric
Utilities
2.8%
Insurance
2.7%
Health
Care
Providers
&
Services
2.4%
Beverages
2.4%
Hotels,
Restaurants
&
Leisure
2.2%
Machinery
2.1%
Internet
&
Direct
Marketing
Retail
2.1%
Textiles,
Apparel
&
Luxury
Goods
2.0%
Life
Sciences
Tools
&
Services
1.8%
Food
Products
1.8%
Entertainment
1.7%
Containers
&
Packaging
1.6%
Metals
&
Mining
1.3%
Biotechnology
1.2%
Other
13.9%
Total
98.6%
Portfolio
Composition
Short
Exposure
1
(%
of
net
assets)
Equity
Real
Estate
Investment
Trusts
(REITs)
(2.3)%
IT
Services
(1.7)%
Hotels,
Restaurants
&
Leisure
(1.6)%
Chemicals
(1.5)%
Electric
Utilities
(1.4)%
Containers
&
Packaging
(1.2)%
Other
(18.7)%
Total
(28.4)%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
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
August
31,
2022.
The
beginning
of
the
period
is
March
1,
2022.
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
$986.31
$982.61
$987.46
Expenses
Incurred
During
the
Period
$13.17
$16.79
$11.87
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$1,011.95
$1,008.27
$1,013.26
Expenses
Incurred
During
the
Period
$13.34
$17.01
$12.03
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
–%,
–%
and
–%
for
Classes
A,
C
and
I,
respectively,
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,
2023
(Unaudited)
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
98.6%
X
94,867,757
COMMON
STOCKS
-
98.6%
X
94,867,757
Aerospace
&
Defense
-
1.0%
4,400
Huntington
Ingalls
Industries
Inc
$
946,880
Total
Aerospace
&
Defense
946,880
Automobiles
-
1.1%
5,000
Tesla
Inc
(2)
1,028,550
Total
Automobiles
1,028,550
Banks
-
3.4%
15,800
Fifth
Third
Bancorp
573,540
12,600
JPMorgan
Chase
&
Co
1,806,210
5,900
M&T
Bank
Corp
916,211
Total
Banks
3,295,961
Beverages
-
2.4%
21,100
Coca-Cola
Co/The
1,255,661
10,700
Monster
Beverage
Corp
(2)
1,088,832
Total
Beverages
2,344,493
Biotechnology
-
1.2%
8,200
Gilead
Sciences
Inc
660,346
1,900
United
Therapeutics
Corp
(2)
467,476
Total
Biotechnology
1,127,822
Capital
Markets
-
4.1%
2,900
Ameriprise
Financial
Inc
994,323
2,200
LPL
Financial
Holdings
Inc
549,032
12,800
Morgan
Stanley
1,235,200
3,300
S&P
Global
Inc
1,125,960
Total
Capital
Markets
3,904,515
Chemicals
-
2.9%
16,800
Corteva
Inc
1,046,472
3,700
Linde
PLC
1,288,969
4,100
Westlake
Corp
488,474
Total
Chemicals
2,823,915
Communications
Equipment
-
1.0%
20,000
Ciena
Corp
(2)
964,400
Total
Communications
Equipment
964,400
Containers
&
Packaging
-
1.6%
6,900
Crown
Holdings
Inc
596,919
18,800
Sealed
Air
Corp
914,056
Total
Containers
&
Packaging
1,510,975
Electric
Utilities
-
2.8%
14,400
Alliant
Energy
Corp
738,288
9,100
American
Electric
Power
Co
Inc
800,527
16,700
NextEra
Energy
Inc
1,186,201
Total
Electric
Utilities
2,725,016
Nuveen
Equity
Long/Short
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
(Unaudited)
Shares
Description
(1)
Value
Electrical
Equipment
-
0.9%
3,300
Hubbell
Inc
$
830,082
Total
Electrical
Equipment
830,082
Entertainment
-
1.7%
3,400
Netflix
Inc
(2)
1,095,242
4,600
Take-Two
Interactive
Software
Inc
(2)
503,930
Total
Entertainment
1,599,172
Equity
Real
Estate
Investment
Trusts
(REITs)
-
3.2%
9,800
Prologis
Inc
1,209,320
14,800
Rexford
Industrial
Realty
Inc
894,808
3,600
SBA
Communications
Corp
933,660
Total
Equity
Real
Estate
Investment
Trusts
(REITs)
3,037,788
Food
Products
-
1.8%
24,500
Kraft
Heinz
Co/The
954,030
12,000
Mondelez
International
Inc,
Class
A
782,160
Total
Food
Products
1,736,190
Health
Care
Equipment
&
Supplies
-
3.0%
24,700
Boston
Scientific
Corp
(2)
1,153,984
9,400
Dexcom
Inc
(2)
1,043,494
2,500
Stryker
Corp
657,200
Total
Health
Care
Equipment
&
Supplies
2,854,678
Health
Care
Providers
&
Services
-
2.4%
2,000
Elevance
Health
Inc
939,340
1,700
Humana
Inc
841,534
1,200
UnitedHealth
Group
Inc
571,128
Total
Health
Care
Providers
&
Services
2,352,002
Health
Care
Technology
-
1.0%
5,800
Veeva
Systems
Inc,
Class
A
(2)
960,828
Total
Health
Care
Technology
960,828
Hotels,
Restaurants
&
Leisure
-
2.2%
440
Booking
Holdings
Inc
(2)
1,110,560
17,700
Las
Vegas
Sands
Corp
(2)
1,017,219
Total
Hotels,
Restaurants
&
Leisure
2,127,779
Industrial
Conglomerates
-
1.0%
5,200
Honeywell
International
Inc
995,696
Total
Industrial
Conglomerates
995,696
Insurance
-
2.7%
3,550
Chubb
Ltd
749,121
2,700
Everest
Re
Group
Ltd
1,036,719
11,500
MetLife
Inc
824,895
Total
Insurance
2,610,735
Interactive
Media
&
Services
-
4.8%
26,300
Alphabet
Inc,
Class
A
(2)
2,368,578
8,400
Meta
Platforms
Inc.,
Class
A
(2)
1,469,496
31,800
ZoomInfo
Technologies
Inc
(2)
768,606
Total
Interactive
Media
&
Services
4,606,680
Shares
Description
(1)
Value
Internet
&
Direct
Marketing
Retail
-
2.1%
21,000
Amazon.com
Inc
(2)
$
1,978,830
Total
Internet
&
Direct
Marketing
Retail
1,978,830
IT
Services
-
4.4%
4,700
Accenture
PLC,
Class
A
1,248,085
4,600
Automatic
Data
Processing
Inc
1,011,172
7,600
Fiserv
Inc
(2)
874,684
3,100
Mastercard
Inc.,
Class
A
1,101,399
Total
IT
Services
4,235,340
Life
Sciences
Tools
&
Services
-
1.8%
5,100
Danaher
Corp
1,262,403
2,500
IQVIA
Holdings
Inc
(2)
521,175
Total
Life
Sciences
Tools
&
Services
1,783,578
Machinery
-
2.1%
29,000
Flowserve
Corp
1,006,010
10,200
Westinghouse
Air
Brake
Technologies
Corp
1,064,166
Total
Machinery
2,070,176
Media
-
0.8%
8,900
Omnicom
Group
Inc
806,073
Total
Media
806,073
Metals
&
Mining
-
1.3%
12,000
Alcoa
Corp
587,280
16,200
Freeport-McMoRan
Inc
663,714
Total
Metals
&
Mining
1,250,994
Multiline
Retail
-
1.1%
4,800
Dollar
General
Corp
1,038,240
Total
Multiline
Retail
1,038,240
Multi-Utilities
-
1.1%
6,400
Ameren
Corp
529,344
18,000
CenterPoint
Energy
Inc
500,760
Total
Multi-Utilities
1,030,104
Oil,
Gas
&
Consumable
Fuels
-
4.3%
18,500
Antero
Resources
Corp
(2)
484,700
10,500
ConocoPhillips
1,085,175
8,800
EOG
Resources
Inc
994,576
3,000
Pioneer
Natural
Resources
Co
601,230
7,400
Valero
Energy
Corp
974,802
Total
Oil,
Gas
&
Consumable
Fuels
4,140,483
Personal
Products
-
0.6%
2,300
Estee
Lauder
Cos
Inc/The,
Class
A
559,015
Total
Personal
Products
559,015
Pharmaceuticals
-
3.6%
16,600
Bristol-Myers
Squibb
Co
1,144,736
4,300
Eli
Lilly
&
Co
1,338,246
9,400
Merck
&
Co
Inc
998,656
Total
Pharmaceuticals
3,481,638
Nuveen
Equity
Long/Short
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
(Unaudited)
Shares
Description
(1)
Value
Professional
Services
-
1.0%
5,800
Verisk
Analytics
Inc
$
992,438
Total
Professional
Services
992,438
Road
&
Rail
-
0.8%
3,600
Union
Pacific
Corp
746,208
Total
Road
&
Rail
746,208
Semiconductors
&
Semiconductor
Equipment
-
5.3%
10,000
Applied
Materials
Inc
1,161,500
2,450
Broadcom
Inc
1,456,010
15,800
Micron
Technology
Inc
913,556
6,700
NVIDIA
Corp
1,555,472
Total
Semiconductors
&
Semiconductor
Equipment
5,086,538
Software
-
9.8%
15,400
Microsoft
Corp
3,841,068
14,300
Oracle
Corp
1,249,820
5,700
Palo
Alto
Networks
Inc
(2)
1,073,709
7,600
Salesforce
Inc
(2)
1,243,436
2,200
ServiceNow
Inc
(2)
950,774
3,000
Synopsys
Inc
(2)
1,091,280
Total
Software
9,450,087
Specialty
Retail
-
3.1%
12,600
TJX
Cos
Inc
965,160
4,400
Tractor
Supply
Co
1,026,344
1,950
Ulta
Beauty
Inc
(2)
1,011,660
Total
Specialty
Retail
3,003,164
Technology
Hardware,
Storage
&
Peripherals
-
4.7%
25,000
Apple
Inc
3,685,250
54,600
Hewlett
Packard
Enterprise
Co
852,306
Total
Technology
Hardware,
Storage
&
Peripherals
4,537,556
Textiles,
Apparel
&
Luxury
Goods
-
2.0%
13,500
Capri
Holdings
Ltd
(2)
669,195
10,400
NIKE
Inc,
Class
B
1,235,416
Total
Textiles,
Apparel
&
Luxury
Goods
1,904,611
Tobacco
-
1.1%
11,300
Philip
Morris
International
Inc
1,099,490
Total
Tobacco
1,099,490
Trading
Companies
&
Distributors
-
0.7%
950
WW
Grainger
Inc
635,009
Total
Trading
Companies
&
Distributors
635,009
Shares
Description
(1)
Value
Wireless
Telecommunication
Services
-
0.7%
4,600
T-Mobile
US
Inc
(2)
$
654,028
Total
Wireless
Telecommunication
Services
654,028
Total
Long-Term
Investments
(cost
$84,147,188)
94,867,757
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
25.7%
X
24,689,828
REPURCHASE
AGREEMENTS
-
25.7%
X
24,689,828
$
24,690
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
2/28/23,
repurchase
price
$24,690,761,
collateralized
$4,746,900
U.S.
Treasury
Bonds,
3.000%,
due
02/15/48,
value
$3,949,864;
collateralized
$26,517,400
U.S.
Treasury
Bonds,
2.750%,
due
11/15/47,
value
$21,333,795
1.360%
3/01/23
$
24,689,828
Total
Short-Term
Investments
(cost
$24,689,828)
24,689,828
Total
Investments
(cost
$
108,837,016
)
-
124
.3
%
119,557,585
Shares
Description
(1)
Value
COMMON
STOCKS
SOLD
SHORT
-
(28.4)%(3)
Aerospace
&
Defense
-
(0.6)%
(5,300)
BWX
Technologies
Inc
(
323,883
)
(1,100)
L3Harris
Technologies
Inc
(
232,309
)
Total
Aerospace
&
Defense
(
556,192
)
a
a
a
a
a
a
a
a
a
Automobiles
-
(0.2)%
(16,400)
Ford
Motor
Co
(
197,948
)
a
a
a
a
a
a
a
a
a
Banks
-
(0.3)%
(17,300)
KeyCorp
(
316,417
)
a
a
a
a
a
a
a
a
a
Beverages
-
(0.6)%
(4,300)
Brown-Forman
Corp,
Class
B
(
278,941
)
(5,600)
Molson
Coors
Beverage
Co,
Class
B
(
297,864
)
Total
Beverages
(
576,805
)
a
a
a
a
a
a
a
a
a
Building
Products
-
(0.3)%
(3,550)
Advanced
Drainage
Systems
Inc
(
314,991
)
a
a
a
a
a
a
a
a
a
Capital
Markets
-
(0.8)%
(750)
Moody's
Corp
(
217,613
)
(2,700)
State
Street
Corp
(
239,436
)
(2,400)
T
Rowe
Price
Group
Inc
(
269,472
)
Total
Capital
Markets
(
726,521
)
a
a
a
a
a
a
a
a
a
Chemicals
-
(1.5)%
(3,850)
Eastman
Chemical
Co
(
328,020
)
(1,700)
Ecolab
Inc
(
270,929
)
(2,400)
FMC
Corp
(
309,960
)
(2,800)
LyondellBasell
Industries
NV,
Class
A
(
268,772
)
(5,600)
Mosaic
Co/The
(
297,864
)
Total
Chemicals
(
1,475,545
)
a
a
a
a
a
a
a
a
a
Communications
Equipment
-
(0.3)%
(9,600)
Juniper
Networks
Inc
(
295,488
)
a
a
a
a
a
a
a
a
a
Construction
&
Engineering
-
(0.3)%
(10,300)
MDU
Resources
Group
Inc
(
328,055
)
a
a
a
a
a
a
a
a
a
Nuveen
Equity
Long/Short
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
(Unaudited)
Shares
Description
(1)
Value
Consumer
Finance
-
(0.6)%
(2,500)
Capital
One
Financial
Corp
$
(
272,700
)
(8,300)
Synchrony
Financial
(
296,393
)
Total
Consumer
Finance
(
569,093
)
a
a
a
a
a
a
a
a
a
Containers
&
Packaging
-
(1.2)%
(23,700)
Amcor
PLC
(
264,018
)
(2,750)
AptarGroup
Inc
(
320,980
)
(5,500)
Ball
Corp
(
309,155
)
(7,600)
International
Paper
Co
(
276,564
)
Total
Containers
&
Packaging
(
1,170,717
)
a
a
a
a
a
a
a
a
a
Distributors
-
(0.5)%
(1,500)
Genuine
Parts
Co
(
265,290
)
(750)
Pool
Corp
(
267,645
)
Total
Distributors
(
532,935
)
a
a
a
a
a
a
a
a
a
Diversified
Consumer
Services
-
(0.3)%
(35,000)
Mister
Car
Wash
Inc
(2)
(
323,050
)
a
a
a
a
a
a
a
a
a
Electric
Utilities
-
(1.4)%
(1,800)
Duke
Energy
Corp
(
169,668
)
(3,800)
Edison
International
(
251,598
)
(2,500)
Entergy
Corp
(
257,175
)
(3,500)
Eversource
Energy
(
263,760
)
(5,600)
Exelon
Corp
(
226,184
)
(2,600)
Southern
Co/The
(
163,956
)
Total
Electric
Utilities
(
1,332,341
)
a
a
a
a
a
a
a
a
a
Electronic
Equipment,
Instruments
&
Components
-
(0.6)%
(8,000)
Corning
Inc
(
271,600
)
(5,400)
Trimble
Inc
(2)
(
281,124
)
Total
Electronic
Equipment,
Instruments
&
Components
(
552,724
)
a
a
a
a
a
a
a
a
a
Equity
Real
Estate
Investment
Trusts
(REITs)
-
(2.3)%
(1,600)
Alexandria
Real
Estate
Equities
Inc
(
239,648
)
(6,000)
CubeSmart
(
281,940
)
(2,600)
Digital
Realty
Trust
Inc
(
270,998
)
(21,000)
Douglas
Emmett
Inc
(
296,730
)
(5,800)
Iron
Mountain
Inc
(
305,950
)
(750)
Public
Storage
(
224,212
)
(4,300)
Realty
Income
Corp
(
274,985
)
(7,500)
UDR
Inc
(
321,300
)
Total
Equity
Real
Estate
Investment
Trusts
(REITs)
(
2,215,763
)
a
a
a
a
a
a
a
a
a
Food
&
Staples
Retailing
-
(0.3)%
(5,800)
Kroger
Co/The
(
250,212
)
a
a
a
a
a
a
a
a
a
Food
Products
-
(0.9)%
(6,700)
Hormel
Foods
Corp
(
297,346
)
(3,500)
McCormick
&
Co
Inc/MD
(
260,120
)
(4,600)
Tyson
Foods
Inc,
Class
A
(
272,504
)
Total
Food
Products
(
829,970
)
a
a
a
a
a
a
a
a
a
Gas
Utilities
-
(0.3)%
(2,500)
Atmos
Energy
Corp
(
282,025
)
a
a
a
a
a
a
a
a
a
Health
Care
Equipment
&
Supplies
-
(0.9)%
(3,400)
Hologic
Inc
(2)
(
270,776
)
(1,200)
ResMed
Inc
(
255,600
)
(1,600)
STERIS
PLC
(
300,848
)
Total
Health
Care
Equipment
&
Supplies
(
827,224
)
a
a
a
a
a
a
a
a
a
Shares
Description
(1)
Value
Health
Care
Providers
&
Services
-
(0.9)%
(15,000)
agilon
health
Inc
(2)
$
(
318,150
)
(9,400)
Premier
Inc,
Class
A
(
302,586
)
(2,100)
Quest
Diagnostics
Inc
(
290,556
)
Total
Health
Care
Providers
&
Services
(
911,292
)
a
a
a
a
a
a
a
a
a
Hotels,
Restaurants
&
Leisure
-
(1.6)%
(7,100)
Aramark
(
261,280
)
(950)
Domino's
Pizza
Inc
(
279,310
)
(2,700)
Hyatt
Hotels
Corp
(2)
(
313,848
)
(4,000)
Planet
Fitness
Inc.,
Class
A
(2)
(
324,200
)
(15,300)
Wendy's
Co/The
(
335,988
)
Total
Hotels,
Restaurants
&
Leisure
(
1,514,626
)
a
a
a
a
a
a
a
a
a
Household
Durables
-
(0.9)%
(2,750)
Garmin
Ltd
(2)
(
269,857
)
(9,200)
Leggett
&
Platt
Inc
(
317,308
)
(50)
NVR
Inc
(2)
(
258,681
)
Total
Household
Durables
(
845,846
)
a
a
a
a
a
a
a
a
a
Insurance
-
(1.1)%
(2,200)
Cincinnati
Financial
Corp
(
265,540
)
(3,400)
Principal
Financial
Group
Inc
(
304,504
)
(2,400)
Prudential
Financial
Inc
(
240,000
)
(7,100)
Ryan
Specialty
Holdings
Inc
(2)
(
299,052
)
Total
Insurance
(
1,109,096
)
a
a
a
a
a
a
a
a
a
Internet
&
Direct
Marketing
Retail
-
(0.3)%
(2,300)
Etsy
Inc
(2)
(
279,243
)
a
a
a
a
a
a
a
a
a
IT
Services
-
(1.7)%
(3,500)
Akamai
Technologies
Inc
(2)
(
254,100
)
(2,000)
Broadridge
Financial
Solutions
Inc
(
281,560
)
(3,600)
Cognizant
Technology
Solutions
Corp,
Class
A
(
225,468
)
(6,300)
Genpact
Ltd
(
300,699
)
(1,750)
Globant
SA
(2)
(
288,890
)
(1,250)
MongoDB
Inc
(2)
(
261,900
)
Total
IT
Services
(
1,612,617
)
a
a
a
a
a
a
a
a
a
Life
Sciences
Tools
&
Services
-
(0.9)%
(3,600)
Bio-Techne
Corp
(
261,504
)
(2,200)
PerkinElmer
Inc
(
274,054
)
(6,900)
QIAGEN
NV
(2)
(
317,055
)
Total
Life
Sciences
Tools
&
Services
(
852,613
)
a
a
a
a
a
a
a
a
a
Metals
&
Mining
-
(0.2)%
(1,400)
Nucor
Corp
(
234,416
)
a
a
a
a
a
a
a
a
a
Multi-Utilities
-
(0.3)%
(2,800)
Consolidated
Edison
Inc
(
250,180
)
a
a
a
a
a
a
a
a
a
Oil,
Gas
&
Consumable
Fuels
-
(0.2)%
(13,700)
Kinder
Morgan
Inc
(
233,722
)
a
a
a
a
a
a
a
a
a
Pharmaceuticals
-
(0.3)%
(7,500)
Royalty
Pharma
PLC
(
268,875
)
a
a
a
a
a
a
a
a
a
Professional
Services
-
(1.2)%
(3,600)
CoStar
Group
Inc
(2)
(
254,376
)
(1,350)
Equifax
Inc
(
273,416
)
(4,150)
Robert
Half
International
Inc
(
334,573
)
(4,100)
TransUnion
(
268,263
)
Total
Professional
Services
(
1,130,628
)
a
a
a
a
a
a
a
a
a
Nuveen
Equity
Long/Short
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
(Unaudited)
Shares
Description
(1)
Value
Road
&
Rail
-
(0.6)%
(1,600)
JB
Hunt
Transport
Services
Inc
$
(
289,264
)
(5,200)
U-Haul
Holding
Co
(
289,276
)
Total
Road
&
Rail
(
578,540
)
a
a
a
a
a
a
a
a
a
Semiconductors
&
Semiconductor
Equipment
-
(1.1)%
(3,700)
Entegris
Inc
(
315,351
)
(3,100)
Microchip
Technology
Inc
(
251,193
)
(2,200)
Skyworks
Solutions
Inc
(
245,454
)
(2,700)
Teradyne
Inc
(
273,078
)
Total
Semiconductors
&
Semiconductor
Equipment
(
1,085,076
)
a
a
a
a
a
a
a
a
a
Software
-
(1.1)%
(950)
ANSYS
Inc
(2)
(
288,429
)
(1,100)
Autodesk
Inc
(2)
(
218,559
)
(2,000)
Manhattan
Associates
Inc
(2)
(
287,500
)
(11,700)
Paycor
HCM
Inc
(2)
(
289,809
)
Total
Software
(
1,084,297
)
a
a
a
a
a
a
a
a
a
Specialty
Retail
-
(0.9)%
(7,100)
Bath
&
Body
Works
Inc
(
290,177
)
(3,500)
Best
Buy
Co
Inc
(
290,885
)
(2,900)
Floor
&
Decor
Holdings
Inc,
Class
A
(2)
(
266,249
)
Total
Specialty
Retail
(
847,311
)
a
a
a
a
a
a
a
a
a
Textiles,
Apparel
&
Luxury
Goods
-
(0.3)%
(6,700)
Skechers
USA
Inc,
Class
A
(2)
(
298,217
)
a
a
a
a
a
a
a
a
a
Trading
Companies
&
Distributors
-
(0.3)%
(900)
Watsco
Inc
(
274,239
)
a
a
a
a
a
a
a
a
a
Water
Utilities
-
(0.3)%
(1,900)
American
Water
Works
Co
Inc
(
266,722
)
a
a
a
a
a
a
a
a
a
Total
Common
Stocks
Sold
Short
(proceeds
$28,949,768)
(
27,351,572
)
Other
Assets
&
Liabilities,
Net
- 4.1%
3,954,625
Net
Assets
-
100%
$
96,160,638
(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
$60,640,255
have
been
pledged
as
collateral
for
Common
Stocks
Sold
Short.
S&P
Standard
&
Poor's
Statement
of
Assets
and
Liabilities
February
28,
2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Equity
Long/
Short
Assets
Long-term
investments,
at
value
†
$
9
4,867,757
Short-term
investments,
at
value
◊
24,689,828
Cash
collateral
at
brokers
for
common
stocks
sold
short
(1)
4,563,486
Receivable
for
dividends
107,323
Receivable
for
interest
933
Receivable
for
investments
sold
1,322,347
Receivable
for
reimbursement
from
Adviser
20,004
Receivable
for
shares
sold
89,961
Other
assets
19,682
Total
assets
125,681,321
Liabilities
Common
stocks
sold
short,
at
value
§
27,351,572
Payable
for
dividends
on
common
stocks
sold
short
68,205
Payable
for
investments
purchased
-
regular
settlement
1,750,722
Payable
for
shares
redeemed
105,932
Accrued
expenses:
Custodian
fees
34,945
Management
fees
83,494
Trustees
fees
7,153
Professional
fees
53,327
Shareholder
reporting
expenses
29,512
Shareholder
servicing
agent
fees
24,913
12b-1
distribution
and
service
fees
10,379
Other
529
Total
liabilities
29,520,683
Net
assets
$
96,160,638
†
Long-term
investments,
cost
$
84,147,188
◊
Short-term
investments,
cost
$
24,689,828
§
Common
stocks
sold
short,
proceeds
$
28,949,768
Equity
Long/
Short
Class
A
Shares
Net
Assets
$
22,641,480
Shares
outstanding
529,879
Net
asset
value
("NAV")
per
share
$
42.73
Maximum
sales
charge
5.75%
Offering
price
per
share
(NAV
per
share
plus
maximum
sales
charge)
$
45.34
Class
C
Shares
Net
Assets
$
7,532,242
Shares
outstanding
200,262
NAV
and
offering
price
per
share
$
37.61
Class
I
Shares
Net
Assets
$
65,986,916
Shares
outstanding
1,483,075
NAV
and
offering
price
per
share
$
44.49
Fund
level
net
assets
consist
of:
Paid-in
capital
$
86,411,329
Total
distributable
earnings
(loss)
9,749,309
Fund
level
net
assets
$
96,160,638
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,
2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Equity
Long/
Short
Investment
Income
Dividends
$
855,948
Other
income
62,680
Total
Investment
Income
918,628
Expenses
–
Management
fees
640,141
12b-1
service
fees
-
Class
A
Shares
29,018
12b-1
distribution
and
service
fees
-
Class
C
Shares
40,822
Dividends
expense
on
common
stocks
sold
short
283,079
Prime
broker
expense
254,084
Shareholder
servicing
agent
fees
39,869
Interest
expense
—
Custodian
expenses
13,262
Trustees
fees
2,295
Professional
fees
33,366
Shareholder
reporting
expenses
14,805
Federal
and
state
registration
fees
26,900
Other
821
Total
expenses
before
fee
waiver/expense
reimbursement
1,378,462
Fee
waiver/expense
reimbursement
(
80,599
)
Net
expenses
1,297,863
Net
investment
income
(loss)
(
379,235
)
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
from
investments
(
3,307,393
)
Net
realized
gain
(loss)
from
common
stocks
sold
short
1,482,171
Net
realized
gain
(loss)
(
1,825,222
)
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
2,879,115
Change
in
net
unrealized
appreciation
(depreciation)
of
common
stocks
sold
short
(
2,048,322
)
Change
in
net
unrealized
appreciation
(depreciation)
830,793
Net
realized
and
unrealized
gain
(loss)
(
994,429
)
Net
increase
(decrease)
in
net
assets
from
operations
$
(
1,373,664
)
Statement
of
Changes
in
Net
Assets
See
accompanying
notes
to
financial
statements.
Equity
Long/Short
Unaudited
Six
Months
Ended
2/28/23
Year
Ended
8/31/22
Operations
Net
investment
income
(loss)
$
(379,235)
$
(1,019,649)
Net
realized
gain
(loss)
(1,825,222)
9,450,020
Change
in
net
unrealized
appreciation
(depreciation)
830,793
(19,885,948)
Net
increase
(decrease)
in
net
assets
from
operations
(1,373,664)
(11,455,577)
Distributions
to
Shareholders
Dividends:
Class
A
Shares
(1,570,059)
(735,909)
Class
C
Shares
(620,537)
(338,845)
Class
I
Shares
(4,519,147)
(2,584,739)
Decrease
in
net
assets
from
distributions
to
shareholders
(6,709,743)
(3,659,493)
Fund
Share
Transactions
Proceeds
from
sale
of
shares
3,411,397
13,730,449
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
6,696,140
3,653,214
10,107,537
17,383,663
Cost
of
shares
redeemed
(16,670,616)
(38,187,328)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
(6,563,079)
(20,803,665)
Net
increase
(decrease)
in
net
assets
(14,646,486)
(35,918,735)
Net
assets
at
the
beginning
of
period
110,807,124
146,725,859
Net
assets
at
the
end
of
period
$
96,160,638
$
110,807,124
Statement
of
Cash
Flows
February
28,
2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
Equity
Long/
Short
Cash
Flows
from
Operating
Activities
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
$
(1,373,664)
Adjustments
to
reconcile
the
net
increase
(decrease)
in
net
assets
from
operations
to
net
cash
provided
by
(used
in)
operating
activities:
Purchases
of
investments
(38,050,288)
Purchases
of
common
stock
sold
short
(16,697,418)
Proceeds
from
sale
and
maturities
of
investments
54,299,796
Proceeds
from
sales
of
common
stock
sold
short
11,257,592
Proceeds
from
(Purchase
of)
short-term
investments,
net
(2,322,943)
Proceeds
from
litigation
settlement
33,189
(Increase)
Decrease
in:
Receivable
for
dividends
34,351
Receivable
for
interest
(653)
Receivable
for
reimbursement
from
Adviser
(16,677)
Receivable
for
investments
sold
(900,696)
Other
assets
10,729
Increase
(Decrease)
in:
Payable
for
dividends
on
common
stocks
sold
short
21,460
Payable
for
investments
purchased
-
regular
settlement
465,215
Accrued
custodian
fees
683
Accrued
management
fees
(28,133)
Accrued
12b-1
distribution
and
service
fees
(2,966)
Accrued
Trustees
fees
1,392
Accrued
professional
fees
28,335
Accrued
shareholder
reporting
expenses
5,615
Accrued
shareholder
servicing
agent
fees
(2,867)
Accrued
other
expenses
(3,504)
Net
realized
(gain)
loss
from
investments
3,307,393
Net
realized
(gain)
loss
from
common
stocks
sold
short
(1,482,171)
Change
in
net
unrealized
(appreciation)
depreciation
of
investments
(2,879,115)
Change in
net
unrealized
(appreciation)
depreciation
of
common
stocks
sold
short
2,048,322
Net
cash
from
operating
activities
7,752,977
Cash
Flows
from
Financing
Activities
Cash
distributions
paid
to
common
shareholders
(13,603)
Proceeds
from
sales
of
shares
3,337,784
Cost
of
shares
redeemed
(16,648,760)
Net
cash
provided
by
(used
in)
financing
activities
(13,324,579)
Net
Increase
(Decrease)
in
Cash
and
Cash
Collateral
at
Brokers
(5,571,602)
Cash
and
Cash
Collateral
at
Brokers
at
the
beginning
of
period
10,135,088
Cash
and
Cash
Collateral
at
Brokers
at
the
end
of
period
$
4,563,486
Supplemental
Disclosure
of
Cash
Flow
Information
Equity
Long/
Short
Cash
paid
for
interest
$
(21,460)
Non-cash
financing
activities
not
included
herein
consists
of
reinvestments
of
share
distributions
6,696,140
Ratios
of
Dividends
Expense
on
Common
Stocks
Sold
Short
to
Average
Net
Assets
Ratios
of
Prime
Broker
Expenses
to
Average
Net
Assets
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
Equity
Long/Short
Class
A
8/31/23(g)
$
46.40
$
(0.19)
$
(0.45)
$
(0.64)
$
—
$
(3.03)
$
(3.03)
$
42.73
8/31/22
52.35
(0.45)
(4.15)
(4.60)
—
(1.35)
(1.35)
46.40
8/31/21
41.40
(0.41)
11.36
10.95
—
—
—
52.35
8/31/20
40.61
(0.33)
1.12
0.79
—
—
—
41.40
8/31/19
44.58
(0.06)
(3.36)
(3.42)
—
(0.55)
(0.55)
40.61
8/31/18
38.60
(0.30)
6.94
6.64
—
(0.66)
(0.66)
44.58
Class
C
8/31/23(g)
41.36
(0.32)
(0.40)
(0.72)
—
(3.03)
(3.03)
37.61
8/31/22
47.15
(0.74)
(3.70)
(4.44)
—
(1.35)
(1.35)
41.36
8/31/21
37.57
(0.68)
10.26
9.58
—
—
—
47.15
8/31/20
37.13
(0.57)
1.01
0.44
—
—
—
37.57
8/31/19
41.11
(0.34)
(3.09)
(3.43)
—
(0.55)
(0.55)
37.13
8/31/18
35.91
(0.56)
6.42
5.86
—
(0.66)
(0.66)
41.11
Class
I
8/31/23(g)
48.13
(0.14)
(0.47)
(0.61)
—
(3.03)
(3.03)
44.49
8/31/22
54.12
(0.33)
(4.31)
(4.64)
—
(1.35)
(1.35)
48.13
8/31/21
42.70
(0.31)
11.73
11.42
—
—
—
54.12
8/31/20
41.77
(0.24)
1.17
0.93
—
—
—
42.70
8/31/19
45.73
0.05
(3.46)
(3.41)
—
(0.55)
(0.55)
41.77
8/31/18
39.48
(0.17)
7.08
6.91
—
(0.66)
(0.66)
45.73
(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
Notes
for
Financial
Statements
for
more
information.
(b)
Based
on
average
shares
outstanding.
(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)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable. See
Notes
to
Financial
Statements
for
more
information.
(e)
Includes
voluntary
compensation
from
the
Adviser
as
further
described
in
the
Notes
to
the
Financial
Statements.
(f)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Notes
to
Financial
Statements)
divided
by
the
average
long-term
market
value
during
the
period.
(g)
Unaudited. For
the
six
months
ended
February
28,
2023.
(h)
Annualized.
See
accompanying
notes
to
financial
statements.
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets(a)
Total
Return(c)
Ending
Net
Assets
(000)
Gross
Expenses
Net
Expenses(d)
NII
(Loss)(d),(e)
Portfolio
Turnover
Rate(f)
(1.37)
%
$
22,641
2.83
%
(h)
2.67
%
(h)
(0.86)
%
(h)
29
%
(9.12)
24,434
2.40
2.22
(0.89)
94
26.45
28,482
2.63
2.53
(0.91)
200
1.95
33,016
3.09
2.98
(0.84)
168
(7.65)
52,856
2.72
2.64
(0.16)
188
17.35
55,183
2.73
2.63
(0.70)
213
(1.74)
7,532
3.57
(h)
3.41
(h)
(1.61)
(h)
29
(9.80)
8,797
3.15
2.96
(1.64)
94
25.50
12,112
3.39
3.29
(1.68)
200
1.19
12,761
3.84
3.72
(1.58)
168
(8.33)
19,961
3.48
3.39
(0.91)
188
16.47
19,561
3.47
3.37
(1.44)
213
(1.25)
65,987
2.57
(h)
2.41
(h)
(0.61)
(h)
29
(8.89)
77,576
2.14
1.96
(0.64)
94
26.74
106,132
2.40
2.30
(0.67)
200
2.23
130,871
2.85
2.73
(0.59)
168
(7.44)
257,351
2.47
2.39
0.12
188
17.65
299,977
2.47
2.37
(0.39)
213
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,
2023,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
February
28,
2023
(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.
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
no compensation
directly
to
those
of
its
trustees
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.
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.
Notes
to
Financial
Statements
(Unaudited)
(continued)
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.
With
respect
to
certain
counterparties,
in
accordance
with
the
terms
of
the
netting
agreements,
collateral
posted
to
the
Fund
is
held
in
a
segregated
account
by
the
Fund's
custodian
and/or
with
respect
to
those
amounts
which
can
be
sold
or
repledged,
are
presented
in
the
Fund's
Portfolio
of
Investments
or
Statements
of
Assets
and
Liabilities.
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.
In
December
2022,
FASB
deferred
ASU
2022-04
and
issued
ASU
2022-06,
Reference
Rate
Reform:
Deferral
of
the
Sunset
Date
of
Topic
848,
which
extends
the
application
of
the
amendments
through
December
31,
2024.
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.
New
Rules
to
Modernize
Fund
Valuation
Framework
Take
Effect
A
new
rule
adopted
by
the
Securities
and
Exchange
Commission
(the
"SEC")
governing
fund
valuation
practices,
Rule
2a-5
under
the
1940
Act,
has
established
requirements
for
determining
fair
value
in
good
faith
for
purposes
of
the
1940
Act.
Rule
2a-5
permits
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
quotations
are
not
readily
available.
Separately,
new
SEC
Rule
31a-4
under
the
1940
Act
sets
forth
the
recordkeeping
requirements
associated
with
fair
value
determinations.
The
Fund
adopted
a
valuation
policy
conforming
to
the
new
rules,
effective
September
1,
2022,
and
there
was
no
material
impact
to
the
Fund.
FASB
issues
ASU
2022-03-Fair
Value
Measurement
(Topic
820),
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions
("ASU
2022-03")
In
June
2022,
the
FASB
issued
ASU
2022-03
to
clarify
the
guidance
in
Topic
820,
Fair
Value
Measurement
("Topic
820").
The
amendments
in
ASU
2022-03
affect
all
entities
that
have
investments
in
equity
securities
measured
at
fair
value
that
are
subject
to
a
contractual
sale
restriction.
ASU
2022-
03
(1)
clarifies
the
guidance
in
Topic
820,
when
measuring
the
fair
value
of
an
equity
security
subject
to
contractual
restrictions
that
prohibit
the
sale
of
equity
security,
(2)
amends
a
related
illustrative
example,
and
(3)
introduces
new
disclosure
requirements
for
equity
securities
subject
to
contractual
sale
restrictions
that
are
measured
at
fair
value
in
accordance
with
Topic
820.
For
public
business
entities,
the
amendments
in
ASU
2022-03
are
effective
for
fiscal
years
beginning
after
December
15,
2023,
and
interim
periods
within
those
fiscal
years.
For
all
other
entities,
the
amendments
are
effective
for
fiscal
years
beginning
after
December
15,
2024,
and
interim
periods
within
those
fiscal
years.
Early
adoption
is
permitted
for
both
interim
and
annual
financial
statements
that
have
not
yet
been
issued
or
made
available
for
issuance.
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
Adviser,
subject
to
oversight
of
the Board.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
A
description
of
the
valuation
techniques
applied
to
the
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
last
reported sales
price
or
official
closing
price of such
market
or
exchange
on
the
valuation
date.
Foreign
equity
securities
and
registered
investment
companies
that
trade
on
a
foreign
exchange
are
valued
at
the
last
reported sales
price
or
official
closing
price
on
the
principal
exchange
where
traded,
and
converted
to
U.S.
dollars
at
the
prevailing
rates
of
exchange
on
the valuation
date.
For
events affecting
the value
of
foreign
securities
between
the
time
when
the
exchange
on
which
they
are
traded
closes
and
the
time
when
the
Fund's
net
assets
are
calculated,
such
securities
will
be
valued
at
fair
value
in
accordance
with
procedures
adopted
by
the
Adviser,
subject
to
the
oversight
of
the
Board. To
the
extent
these
securities
are
actively
traded
and
no
valuation
adjustments
are
applied,
they
are
generally
classified
as
Level
1. When
valuation
adjustments
are
applied
to
the
most
recent
last
sales
price
or
official
closing
price, these
securities
are
generally
classified
as
Level
2.
Repurchase
agreements
are
valued
at
contract
amount
plus
accrued
interest,
which
approximates
market
value.
These
securities
are
generally
classified
as
Level
2.
For
any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
Adviser
deems
the
valuations
derived
using
the
valuation
procedures
described
above
not
to
reflect
fair
value,
the
Adviser
will
determine
a
fair
value
in
good
faith
using
alternative
procedures
approved
by
the
Adviser,
subject
to
the
oversight
of
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
is
the
amount
that
the
owner
might
reasonably
expect
to
receive
for
it
in
a
current
sale.
A
variety
of
factors
may
be
considered
in
determining
the
fair
value
of
such
securities,
which
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
To
the
extent
the
inputs
are
observable
and
timely,
the
values
would
be
classified
as
Level
2;
otherwise
they
would
be
classified
as
Level
3.
The
following
table
summarizes
the
market
value
of
the
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.
Equity
Long/Short
Level
1
Level
2
Level
3
Total
Long-Term
Investments:*
Common
Stocks
$
94,867,757
$
–
$
–
$
94,867,757
Short-Term
Investments:
Repurchase
Agreements
–
24,689,828
–
24,689,828
Common
Stocks
Sold
Short*
(27,351,572)
–
–
(27,351,572)
Total
$
67,516,185
$
24,689,828
$
–
$
92,206,013
*
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
$
24,689,828
$
(25,283,659)
Notes
to
Financial
Statements
(Unaudited)
(continued)
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
Fund
retains
the
benefits
of
owning
the
securities,
including
the
economic
equivalent
of
dividends
or
interest
generated
by
the
security.
The
loans
are
continuous,
can
be
recalled
at
any
time,
and
have
no
set
maturity.
The
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
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
expense”
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.
Fund
Purchases
Sales
Equity
Long/Short
$
54,747,706
$
65,557,388
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.
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
were
as
follows:
Six
Months
Ended
2/28/23
Year
Ended
8/31/22
Equity
Long/Short
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
18,942
$846,398
61,707
$3,111,960
Class
A
-
automatic
conversion
of
Class
C
Shares
30
1,362
86
4,323
Class
C
3,608
146,900
6,770
297,243
Class
I
52,066
2,416,737
198,619
10,316,923
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
36,215
1,570,058
13,794
735,909
Class
C
16,202
620,537
7,087
338,845
Class
I
99,934
4,505,545
46,678
2,578,460
226,997
10,107,537
334,741
17,383,663
Shares
redeemed:
Class
A
(51,915)
(2,305,041)
(93,086)
(4,627,092)
Class
C
(32,211)
(1,266,974)
(57,945)
(2,568,478)
Class
C
-
automatic
conversion
to
Class
A
Shares
(34)
(1,362)
(95)
(4,323)
Class
I
(280,721)
(13,097,239)
(594,633)
(30,987,435)
(364,881)
(16,670,616)
(745,759)
(38,187,328)
Net
increase
(decrease)
(137,884)
$(6,563,079)
(411,018)
$(20,803,665)
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Equity
Long/Short
$
80,252,489
$
18,315,771
$
(6,362,247)
$
11,953,524
Notes
to
Financial
Statements
(Unaudited)
(continued)
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:
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,
2023,
the
complex-level
fee
rate
for
the
Fund
was
as
follows:
Fund
Undistributed
Tax-Exempt
Income
1
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
$
—
$
—
$
6,709,204
$
11,122,731
$
—
$
—
$
781
$
17,832,716
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
The
Adviser
has
agreed
to
waive
fees
and/or
reimburse
expenses
through
July
31,
2024
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 are
not
subject
to
12b-1
distribution
or
service
fees.
The
fees
under
this
plan
compensate
Nuveen
Securities,
LLC,
(the
"Distributor"),
a
wholly-owned
subsidiary
of
Nuveen,
for
services
provided
and
expenses
incurred
in
distributing
shares
of
the
Fund
and
establishing
and
maintaining
shareholder
accounts.
Other
Transactions
with
Affiliates
The
Fund
receives
voluntary
compensation
from
the
Adviser
in
amounts
that
approximate
the
cost
of
research
services
obtained
from
broker-dealers
and
research
providers
if
the
Adviser
had
purchased
the
research
services
directly.
This
income
received
by
the
Fund,
which
amounted
to
$62,680,
is
recognized
in
"Other
income"
on
the
Statement
of
Operations.
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.
The
Distributor
also
collected
and
retained
CDSC
on
share
redemptions
during
the
current
fiscal
period,
as
follows:
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,
$2.700
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
Fund
Complex-Level
Fee
Equity
Long/Short
0
.1588%
Fund
Sales
Charges
Collected
Paid
to
Financial
Intermediaries
Equity
Long/Short
$
6,695
$
5,896
Fund
Commission
Advances
Equity
Long/Short
$
698
Fund
12b-1
Fees
Retained
Equity
Long/Short
$
1,282
Fund
CDSC
Retained
Equity
Long/Short
$
374
Notes
to
Financial
Statements
(Unaudited)
(continued)
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
2023 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.
The
Participating
Funds
also
incurred
a
0.05%
upfront
fee
on
the
increased
commitments
from
select
lenders.
Interest
expense
incurred
by
the
Participating
Funds,
when
applicable,
is
recognized
as
a
component
of
“Interest
expense”
on
the
Statement
of
Operations.
Participating
Funds
paid
administration,
legal
and
arrangement
fees,
which
are
recognized
as
a
component
of
“Interest
expense”
on
the
Statement
of
Operations,
and
along
with
commitment
fees,
have
been
allocated
among
such
Participating
Funds
based
upon
the
relative
proportions
of
the
facility’s
aggregate
capacity
reserved
for
them
and
other
factors
deemed
relevant
by
the
Adviser
and
the
Board
of
each
Participating
Fund.
During
the
current
fiscal
period,
the
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
(defined
herein)
through
February
28,
2013,
and
thereafter
1)
70%
Russell
1000®
Index,
and
2)
30%
ICE
BofA
U.S.
3-Month
Treasury
Bill
Index
(defined
herein).
ICE
BofA
3-Month
U.S.
Treasury
Bill
Index:
An
index
that
is
comprised
of
a
single
U.S.
Treasury
issue
with
approximately
three
months
to
final
maturity,
purchased
at
the
beginning
of
each
month
and
held
for
one
full
month.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
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
their
market
capitalization.
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
their
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
Fund’s
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
(the
“Fund”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”),
which
is
designed
to
manage
the
Fund’s
liquidity
risk.
The
Program
consists
of
various
protocols
for
assessing
and
managing
the
Fund’s
liquidity
risk.
The
Fund’s
Board
of
Trustees
(the
"Board")
previously
designated
Nuveen
Fund
Advisors,
LLC,
the
Fund’s
investment
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
(the
LOSC”).
The
LOSC
is
composed
of
personnel
from
the
adviser
and
Teachers
Advisors,
LLC,
an
affiliate
of
the
adviser.
At
a
May
23-25,
2022
meeting
of
the
Board,
the
Administrator
provided
the
Board
with
a
written
report
addressing
the
Program’s
operation,
adequacy
and
effectiveness
of
implementation
for
calendar
year
2021
(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
the
Fund’s
liquidity
developments.
In
accordance
with
the
Program,
the
LMAT
assesses
the
Fund’s
liquidity
risk
no
less
frequently
than
annually
based
on
various
factors,
such
as
(1)
the
Fund’s
investment
strategy
and
the
liquidity
of
portfolio
investments,
(ii)
cash
flow
projections,
and
(ii)
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
portfolio
investment
is
classified
into
one
of
four
liquidity
categories
(including
the
most
liquid,
“Highly
Liquid”,
and
the
least
liquid,
“Illiquid”,
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,
and
use
third-
party
vendor
data.
Any
Fund
that
does
not
primarily
hold
highly
liquid
investments
must,
among
other
things,
determine
a
minimum
percentage
of
Fund
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
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,
no
Fund
exceeded
the
15%
limit
on
Illiquid
investments.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
MAN-ELS-0822P
2809353-INV-B-04/24
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 5, 2023
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 5, 2023
| | |
| By (Signature and Title) | | /s/ E. Scott Wickerham |
| | E. Scott Wickerham Vice President and Controller (principal financial officer) |
Date: May 5, 2023
