Results
Nuveen Investment Trust II
05/07/2026 | Press release | Distributed by Public on 05/07/2026 08:13
Semi-Annual Report by Investment Company (Form N-CSRS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
| Investment Company Act file number | 811-08333 |
Nuveen Investment Trust II
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)
Mark J. Czarniecki
Vice President and Secretary
901 Marquette Avenue
Minneapolis, Minnesota 55402
(Name and address of agent for service)
| Registrant's telephone number, including area code: | (312) 917-7700 |
| Date of fiscal year end: | August 31 |
| Date of reporting period: |
February 28, 2026
|
| Item 1. |
Reports to Stockholders.
|
|
|
Semi-Annual Shareholder Report
February 28, 2026
|
Nuveen Equity Long/Short Fund
Class A Shares/NELAX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Equity Long/Short Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of
$10,000 investment*
|
|||
|
Class A Shares
|
$113 | 2.21% | ||
* Annualized for period less than one year.
Fund Statistics (as of February 28, 2026)
|
Fund net assets
|
$148,996,030 | |||
|
Total number of portfolio holdings
|
183 | |||
|
Portfolio turnover (%)
|
35% | |||
| 1 | continued» |
What did the Fund invest in? (as of February 28, 2026)
(1) Includes the gross market value of the Fund's long and short exposure and short-term repurchase agreements.
| 2 | continued» |
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
67065W183_SAR_0226
5278475
|
| 3 |
|
|
Semi-Annual Shareholder Report
February 28, 2026
|
Nuveen Equity Long/Short Fund
Class C Shares/NELCX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Equity Long/Short Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of
$10,000 investment*
|
|||
|
Class C Shares
|
$151 | 2.96% | ||
* Annualized for period less than one year.
Fund Statistics (as of February 28, 2026)
|
Fund net assets
|
$148,996,030 | |||
|
Total number of portfolio holdings
|
183 | |||
|
Portfolio turnover (%)
|
35% | |||
| 1 | continued» |
What did the Fund invest in? (as of February 28, 2026)
(1) Includes the gross market value of the Fund's long and short exposure and short-term repurchase agreements.
| 2 | continued» |
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
67065W175_SAR_0226
5278475
|
| 3 |
|
|
Semi-Annual Shareholder Report
February 28, 2026
|
Nuveen Equity Long/Short Fund
Class I Shares/NELIX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Equity Long/Short Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of $10,000 investment* |
|||
|
Class I Shares
|
$100 | 1.96% | ||
* Annualized for period less than one year.
Fund Statistics (as of February 28, 2026)
|
Fund net assets
|
$148,996,030 | |||
|
Total number of portfolio holdings
|
183 | |||
|
Portfolio turnover (%)
|
35% | |||
| 1 | continued» |
What did the Fund invest in? (as of February 28, 2026)
(1) Includes the gross market value of the Fund's long and short exposure and short-term repurchase agreements.
| 2 | continued» |
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
67065W167_SAR_0226
5278475
|
| 3 |
| Item 2. |
Code of Ethics. |
Not applicable to this filing.
| Item 3. |
Audit Committee Financial Expert. |
Not applicable to this filing.
| Item 4. |
Principal Accountant Fees and Services. |
Not applicable to this filing.
| Item 5. |
Audit Committee of Listed Registrants. |
Not applicable to this registrant.
| Item 6. |
Investments. |
| (a) |
Schedule of Investments is included as part of the financial statements filed under Item 7 of this Form N-CSR. |
| (b) |
Not applicable. |
| Item 7. |
Financial Statements and Financial Highlights for Open-End Management Investment Companies. |
1
Portfolio
of
Investments
February
28,
2026
Equity
Long/Short
See
Notes
To
Financial
Statements
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM
INVESTMENTS
-
99.1%
147621766
COMMON
STOCKS
-
99
.1
%
147621766
AUTOMOBILES
&
COMPONENTS
-
1.0%
3,700
(a)
Tesla,
Inc
$
1,489,287
TOTAL
AUTOMOBILES
&
COMPONENTS
1,489,287
BANKS
-
5.0%
15,300
Citigroup,
Inc
1,685,907
29,000
Fifth
Third
Bancorp
1,434,630
5,100
JPMorgan
Chase
&
Co
1,531,530
5,200
M&T
Bank
Corp
1,128,296
21,300
Wells
Fargo
&
Co
1,734,885
TOTAL
BANKS
7,515,248
CAPITAL
GOODS
-
13.6%
7,600
BWX
Technologies,
Inc
1,565,448
4,200
Eaton
Corp
plc
1,578,864
11,000
Emerson
Electric
Co
1,658,250
12,800
Flowserve
Corp
1,133,056
5,200
Howmet
Aerospace,
Inc
1,365,156
4,600
L3Harris
Technologies,
Inc
1,676,884
2,300
Northrop
Grumman
Corp
1,666,074
13,500
nVent
Electric
plc
1,597,860
1,400
Parker-Hannifin
Corp
1,412,852
3,000
Quanta
Services,
Inc
1,689,240
9,800
RTX
Corp
1,985,676
3,550
Trane
Technologies
plc
1,641,236
4,600
Westinghouse
Air
Brake
Technologies
Corp
1,214,170
TOTAL
CAPITAL
GOODS
20,184,766
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
1.8%
5,600
Cintas
Corp
1,126,328
39,500
(a)
Copart,
Inc
1,504,555
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
2,630,883
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
6.7%
21,400
(a)
Amazon.com,
Inc
4,494,000
4,100
Home
Depot,
Inc
1,560,952
17,300
(a)
O'Reilly
Automotive,
Inc
1,624,124
9,200
TJX
Cos,
Inc
1,487,272
4,200
Williams-Sonoma,
Inc
863,730
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
10,030,078
CONSUMER
DURABLES
&
APPAREL
-
1.0%
4,200
Ralph
Lauren
Corp
1,522,920
TOTAL
CONSUMER
DURABLES
&
APPAREL
1,522,920
CONSUMER
SERVICES
-
2.0%
9,800
Boyd
Gaming
Corp
815,654
23,000
(a)
Chipotle
Mexican
Grill,
Inc
856,060
4,300
Hilton
Worldwide
Holdings,
Inc
1,340,654
TOTAL
CONSUMER
SERVICES
3,012,368
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
4.4%
2,250
Casey's
General
Stores,
Inc
1,542,578
1,675
Costco
Wholesale
Corp
1,693,073
16,500
(a)
Performance
Food
Group
Co
1,601,490
13,800
Walmart,
Inc
1,765,710
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
6,602,851
ENERGY
-
3.6%
7,200
Cheniere
Energy,
Inc
1,697,256
12,200
ConocoPhillips
1,384,212
4,000
Exxon
Mobil
Corp
610,000
23,000
Williams
Cos,
Inc
1,718,560
TOTAL
ENERGY
5,410,028
Portfolio
of
Investments
February
28,
2026
(continued)
Equity
Long/Short
2
See
Notes
To
Financial
Statements
SHARES
DESCRIPTION
VALUE
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
0.7%
7,000
ProLogis,
Inc
997,990
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
997,990
FINANCIAL
SERVICES
-
5.3%
5,100
American
Express
Co
1,575,390
3,000
Ameriprise
Financial,
Inc
1,410,360
2,300
(a)
Corpay,
Inc
747,730
4,543
KKR
&
Co,
Inc
398,330
2,100
Mastercard,
Inc,
Class
A
1,086,141
18,600
NASDAQ,
Inc
1,628,988
2,300
S&P
Global,
Inc
1,016,324
TOTAL
FINANCIAL
SERVICES
7,863,263
FOOD,
BEVERAGE
&
TOBACCO
-
0.9%
16,100
Coca-Cola
Co
1,313,116
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
1,313,116
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
2.8%
19,600
(a)
Boston
Scientific
Corp
1,506,260
1,950
(a)
Intuitive
Surgical,
Inc
981,845
2,600
Stryker
Corp
1,007,396
4,100
(a)
Veeva
Systems,
Inc,
Class
A
746,241
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
4,241,742
INSURANCE
-
1.0%
10,200
Globe
Life,
Inc
1,481,652
TOTAL
INSURANCE
1,481,652
MATERIALS
-
3.3%
12,900
CRH
plc
1,547,742
3,750
Linde
plc
1,905,300
30,200
Smurfit
Westrock
plc
1,419,702
TOTAL
MATERIALS
4,872,744
MEDIA
&
ENTERTAINMENT
-
7.7%
19,900
Alphabet,
Inc,
Class
A
6,204,024
3,000
Meta
Platforms,
Inc
1,944,540
16,000
(a)
NetFlix,
Inc
1,539,840
16,400
Walt
Disney
Co
1,739,056
TOTAL
MEDIA
&
ENTERTAINMENT
11,427,460
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
7.0%
3,900
AbbVie,
Inc
905,112
900
Eli
Lilly
&
Co
946,791
18,000
(a)
Exelixis,
Inc
793,080
11,400
Gilead
Sciences,
Inc
1,698,030
8,500
Johnson
&
Johnson
2,111,655
2,050
Regeneron
Pharmaceuticals,
Inc
1,602,423
2,300
Thermo
Fisher
Scientific,
Inc
1,198,553
2,300
(a)
United
Therapeutics
Corp
1,158,970
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
10,414,614
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.8%
8,500
(a)
CBRE
Group,
Inc,
Class
A
1,255,110
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
1,255,110
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
9.2%
12,100
Broadcom,
Inc
3,866,555
38,000
(a)
Intel
Corp
1,733,180
6,900
Lam
Research
Corp
1,613,841
36,500
NVIDIA
Corp
6,467,435
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
13,681,011
SOFTWARE
&
SERVICES
-
7.4%
6,500
International
Business
Machines
Corp
1,561,365
2,100
Intuit,
Inc
858,963
15,300
Microsoft
Corp
6,008,922
10,100
(a)
Palo
Alto
Networks,
Inc
1,504,092
2,550
(a)
Synopsys,
Inc
1,055,700
TOTAL
SOFTWARE
&
SERVICES
10,989,042
3
See
Notes
To
Financial
Statements
SHARES
DESCRIPTION
VALUE
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
8.6%
12,500
Amphenol
Corp,
Class
A
$
1,825,750
29,200
Apple,
Inc
7,714,056
11,200
(a)
Arista
Networks,
Inc
1,495,200
21,400
Cisco
Systems,
Inc
1,700,444
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
12,735,450
TELECOMMUNICATION
SERVICES
-
1.1%
7,700
T-Mobile
US,
Inc
1,671,593
TOTAL
TELECOMMUNICATION
SERVICES
1,671,593
TRANSPORTATION
-
1.1%
4,300
FedEx
Corp
1,664,100
TOTAL
TRANSPORTATION
1,664,100
UTILITIES
-
3.1%
21,600
Alliant
Energy
Corp
1,562,544
10,800
American
Electric
Power
Co,
Inc
1,445,256
15,000
Entergy
Corp
1,606,650
TOTAL
UTILITIES
4,614,450
TOTAL
COMMON
STOCKS
(Cost
$95,321,277)
147,621,766
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$95,321,277)
147,621,766
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
0.8%
1,275,000
REPURCHASE
AGREEMENTS
-
0
.8
%
1,275,000
$
1,275,000
(b)
Fixed
Income
Clearing
Corporation
3
.640
%
03/02/26
1,275,000
TOTAL
REPURCHASE
AGREEMENTS
(Cost
$1,275,000)
1,275,000
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$1,275,000)
1,275,000
TOTAL
INVESTMENTS
-
99
.9
%
(Cost
$
96,596,277
)
148,896,766
SHARES
DESCRIPTION
VALUE
-43097403
COMMON
STOCKS
SOLD
SHORT
-
(28.9)%
(c)
X
(
43,097,403
)
AUTOMOBILES
&
COMPONENTS
-
(
0
.3
)
%
(32,000)
Ford
Motor
Co
$
(
450,880
)
TOTAL
AUTOMOBILES
&
COMPONENTS
(
450,880
)
a
a
a
a
a
a
a
a
BANKS
-
(
0
.9
)
%
(20,700)
KeyCorp
(
429,318
)
(7,500)
Truist
Financial
Corp
(
369,825
)
(5,800)
Western
Alliance
Bancorp
(
465,856
)
TOTAL
BANKS
(
1,264,999
)
a
a
a
a
a
a
a
a
CAPITAL
GOODS
-
(
4
.2
)
%
(6,100)
A
O
Smith
Corp
(
475,800
)
(3,400)
AGCO
Corp
(
464,100
)
(1,750)
AMETEK,
Inc
(
418,635
)
(8,400)
Fastenal
Co
(
386,736
)
(8,600)
Fortive
Corp
(
509,120
)
(8,900)
Fortune
Brands
Innovations,
Inc
(
483,626
)
(1,000)
General
Dynamics
Corp
(
357,050
)
(5,100)
Graco,
Inc
(
478,992
)
(850)
Lennox
International,
Inc
(
484,449
)
(1,600)
Lincoln
Electric
Holdings,
Inc
(
459,280
)
(2,800)
Oshkosh
Corp
(
476,056
)
(4,600)
Otis
Worldwide
Corp
(
425,776
)
(3,400)
PACCAR,
Inc
(
428,706
)
(300)
TransDigm
Group,
Inc
(
390,837
)
TOTAL
CAPITAL
GOODS
(
6,239,163
)
a
a
a
a
a
a
a
a
Portfolio
of
Investments
February
28,
2026
(continued)
Equity
Long/Short
4
See
Notes
To
Financial
Statements
SHARES
DESCRIPTION
VALUE
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
(
1
.2
)
%
(2,400)
Equifax,
Inc
$
(
501,504
)
(4,900)
Paychex,
Inc
(
458,885
)
(4,500)
RB
Global,
Inc
(
454,320
)
(1,600)
Waste
Management,
Inc
(
385,344
)
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
(
1,800,053
)
a
a
a
a
a
a
a
a
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
(
1
.2
)
%
(8,000)
Advance
Auto
Parts,
Inc
(
425,360
)
(1,350)
(a)
Carvana
Co
(
451,116
)
(4,000)
Genuine
Parts
Co
(
477,040
)
(3,000)
Penske
Automotive
Group,
Inc
(
472,560
)
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
(
1,826,076
)
a
a
a
a
a
a
a
a
CONSUMER
DURABLES
&
APPAREL
-
(
0
.3
)
%
(39,000)
Leggett
&
Platt,
Inc
(
455,520
)
TOTAL
CONSUMER
DURABLES
&
APPAREL
(
455,520
)
a
a
a
a
a
a
a
a
CONSUMER
SERVICES
-
(
1
.5
)
%
(3,000)
(a)
Airbnb,
Inc,
Class
A
(
405,330
)
(6,500)
(a)
Bright
Horizons
Family
Solutions,
Inc
(
484,380
)
(2,300)
Darden
Restaurants,
Inc
(
491,855
)
(1,150)
Marriott
International,
Inc,
Class
A
(
392,989
)
(2,550)
Yum!
Brands,
Inc
(
428,808
)
TOTAL
CONSUMER
SERVICES
(
2,203,362
)
a
a
a
a
a
a
a
a
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
(
0
.6
)
%
(3,600)
(a)
Dollar
Tree,
Inc
(
455,328
)
(5,000)
SYSCO
Corp
(
455,800
)
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
(
911,128
)
a
a
a
a
a
a
a
a
ENERGY
-
(
1
.5
)
%
(10,300)
Devon
Energy
Corp
(
448,359
)
(2,000)
Marathon
Petroleum
Corp
(
396,420
)
(8,200)
Occidental
Petroleum
Corp
(
435,256
)
(5,100)
ONEOK,
Inc
(
422,127
)
(12,700)
Range
Resources
Corp
(
524,256
)
TOTAL
ENERGY
(
2,226,418
)
a
a
a
a
a
a
a
a
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
(
1
.6
)
%
(11,600)
CubeSmart
(
477,224
)
(7,650)
First
Industrial
Realty
Trust,
Inc
(
483,021
)
(1,300)
Public
Storage
(
399,178
)
(3,700)
Sun
Communities,
Inc
(
504,902
)
(13,000)
UDR,
Inc
(
487,500
)
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
(
2,351,825
)
a
a
a
a
a
a
a
a
FINANCIAL
SERVICES
-
(
1
.9
)
%
(3,000)
Jack
Henry
&
Associates,
Inc
(
487,380
)
(1,450)
LPL
Financial
Holdings,
Inc
(
435,551
)
(875)
Moody's
Corp
(
417,891
)
(3,700)
State
Street
Corp
(
475,894
)
(4,900)
T
Rowe
Price
Group,
Inc
(
463,687
)
(4,100)
Tradeweb
Markets,
Inc,
Class
A
(
505,346
)
TOTAL
FINANCIAL
SERVICES
(
2,785,749
)
a
a
a
a
a
a
a
a
FOOD,
BEVERAGE
&
TOBACCO
-
(
0
.6
)
%
(9,400)
Molson
Coors
Beverage
Co,
Class
B
(
460,506
)
(11,600)
Pilgrim's
Pride
Corp
(
500,656
)
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
(
961,162
)
a
a
a
a
a
a
a
a
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
(
1
.5
)
%
(625)
(a)
IDEXX
Laboratories,
Inc
(
410,456
)
(1,650)
Labcorp
Holdings,
Inc
(
477,048
)
(1,800)
ResMed,
Inc
(
461,268
)
(6,400)
(a)
Solventum
Corp
(
474,880
)
(1,825)
STERIS
plc
(
460,539
)
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
(
2,284,191
)
a
a
a
a
a
a
a
a
5
See
Notes
To
Financial
Statements
SHARES
DESCRIPTION
VALUE
INSURANCE
-
(
1
.5
)
%
(3,800)
Aflac,
Inc
$
(
429,134
)
(5,800)
American
International
Group,
Inc
(
466,842
)
(1,400)
Everest
Group
Ltd
(
469,686
)
(4,200)
Prudential
Financial,
Inc
(
413,196
)
(6,400)
W
R
Berkley
Corp
(
458,880
)
TOTAL
INSURANCE
(
2,237,738
)
a
a
a
a
a
a
a
a
MATERIALS
-
(
2
.1
)
%
(9,300)
Amcor
plc
(
450,399
)
(5,000)
CF
Industries
Holdings,
Inc
(
497,700
)
(44,000)
(a)
Cleveland-Cliffs,
Inc
(
469,040
)
(1,200)
Ecolab,
Inc
(
370,020
)
(10,400)
International
Paper
Co
(
452,920
)
(1,500)
Reliance,
Inc
(
473,460
)
(1,100)
Sherwin-Williams
Co
(
398,849
)
TOTAL
MATERIALS
(
3,112,388
)
a
a
a
a
a
a
a
a
MEDIA
&
ENTERTAINMENT
-
(
0
.3
)
%
(8,200)
Fox
Corp,
Class
A
(
461,988
)
TOTAL
MEDIA
&
ENTERTAINMENT
(
461,988
)
a
a
a
a
a
a
a
a
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
(
1
.2
)
%
(3,350)
Agilent
Technologies,
Inc
(
406,623
)
(9,900)
QIAGEN
NV
(
493,020
)
(4,800)
Revvity,
Inc
(
471,888
)
(3,500)
Zoetis,
Inc
(
458,850
)
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
(
1,830,381
)
a
a
a
a
a
a
a
a
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
(
0
.3
)
%
(10,000)
(a)
Zillow
Group,
Inc,
Class
C
(
446,200
)
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
(
446,200
)
a
a
a
a
a
a
a
a
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
(
0
.3
)
%
(3,800)
(a)
Astera
Labs,
Inc
(
451,554
)
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
(
451,554
)
a
a
a
a
a
a
a
a
SOFTWARE
&
SERVICES
-
(
2
.0
)
%
(1,700)
(a)
Autodesk,
Inc
(
417,979
)
(1,350)
(a)
Cadence
Design
Systems,
Inc
(
406,890
)
(6,600)
Cognizant
Technology
Solutions
Corp,
Class
A
(
425,238
)
(325)
(a)
Fair
Isaac
Corp
(
458,042
)
(4,900)
(a)
Fortinet,
Inc
(
387,247
)
(12,000)
(a)
Nutanix,
Inc,
Class
A
(
459,360
)
(3,000)
(a)
PTC,
Inc
(
469,770
)
TOTAL
SOFTWARE
&
SERVICES
(
3,024,526
)
a
a
a
a
a
a
a
a
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
(
0
.6
)
%
(3,700)
CDW
Corp
(
453,768
)
(21,100)
Hewlett
Packard
Enterprise
Co
(
453,017
)
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
(
906,785
)
a
a
a
a
a
a
a
a
TRANSPORTATION
-
(
1
.8
)
%
(9,000)
CSX
Corp
(
384,210
)
(3,000)
Expeditors
International
of
Washington,
Inc
(
435,090
)
(1,250)
Norfolk
Southern
Corp
(
393,425
)
(17,500)
Schneider
National,
Inc,
Class
B
(
496,650
)
(10,600)
U-Haul
Holding
Co
(
499,896
)
(2,300)
(a)
XPO,
Inc
(
484,081
)
TOTAL
TRANSPORTATION
(
2,693,352
)
a
a
a
a
a
a
a
a
Portfolio
of
Investments
February
28,
2026
(continued)
Equity
Long/Short
6
See
Notes
To
Financial
Statements
SHARES
DESCRIPTION
VALUE
UTILITIES
-
(
1
.5
)
%
(2,500)
Atmos
Energy
Corp
$
(
466,975
)
(3,800)
Consolidated
Edison,
Inc
(
427,576
)
(5,900)
Dominion
Energy,
Inc
(
372,526
)
(9,000)
FirstEnergy
Corp
(
460,440
)
(3,800)
WEC
Energy
Group,
Inc
(
444,448
)
TOTAL
UTILITIES
(
2,171,965
)
a
a
a
a
a
a
a
a
TOTAL
COMMON
STOCKS
SOLD
SHORT
(Proceeds
$42,209,153)
(
43,097,403
)
OTHER
ASSETS
&
LIABILITIES,
NET
- 29.0%
43,196,667
NET
ASSETS
-
100%
$
148,996,030
S&P
Standard
&
Poor's
(a)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(b)
Agreement
with
Fixed
Income
Clearing
Corporation,
3.640%
dated
2/27/26
to
be
repurchased
at
$1,275,387
on
3/2/26,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.000%
and
maturity
date
7/31/29,
valued
at
$1,300,561.
(c)
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
$20,925,274
have
been
pledged
as
collateral
for
Common
Stocks
Sold
Short.
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements
7
February
28,
2026
(Unaudited)
Equity
Long/
Short
ASSETS
Long-term
investments,
at
value
†
$
147,621,766
Short-term
investments,
at
value
◊
1,275,000
Cash
47,137
Cash
collateral
at
brokers
for
common
stocks
sold
short
(1)
43,505,167
Receivables:
Dividends
136,538
Interest
258
Investments
sold
797,904
Reimbursement
from
Adviser
36,393
Shares
sold
28,844
Other
39,046
Total
assets
193,488,053
LIABILITIES
Common
stocks
sold
short,
at
value
§
43,097,403
Payables:
Management
fees
143,738
Dividends
on
common
stocks
sold
short
75,337
Interest
17
Investments
purchased
-
regular
settlement
821,240
Shares
redeemed
200,567
Accrued
expenses:
Custodian
fees
41,596
Trustees
fees
5,639
Professional
fees
37,779
Shareholder
reporting
expenses
25,770
Shareholder
servicing
agent
fees
33,767
12b-1
distribution
and
service
fees
9,170
Total
liabilities
44,492,023
Net
assets
$
148,996,030
NET
ASSETS
CONSIST
OF:
Paid-in
capital
$
96,702,106
Total
distributable
earnings
(loss)
52,293,924
Net
assets
$
148,996,030
†
Long-term
investments,
cost
$
95,321,277
◊
Short-term
investments,
cost
$
1,275,000
§
Common
stocks
sold
short,
proceeds
$
42,209,153
(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
Assets
and
Liabilities
(continued)
See
Notes
to
Financial
Statements
8
Equity
Long/
Short
CLASS
A:
Net
assets
$
28,196,672
Shares
outstanding
452,342
Net
asset
value
("NAV")
per
share
$
62.33
Maximum
sales
charge
5.75%
Offering
price
per
share
(NAV
per
share
plus
maximum
sales
charge)
$
66.13
CLASS
C:
Net
assets
$
4,880,058
Shares
outstanding
90,031
NAV
and
offering
price
per
share
$
54.20
CLASS
I:
Net
assets
$
115,919,300
Shares
outstanding
1,779,826
NAV
and
offering
price
per
share
$
65.13
Authorized
shares
-
per
class
Unlimited
Par
value
per
share
$
0.01
Statement
of
Operations
See
Notes
to
Financial
Statements
9
Six
Months
Ended
February
28,
2026
(Unaudited)
Equity
Long/Short
INVESTMENT
INCOME
Affiliated
income
$
27,207
Dividends
733,831
Interest
24,500
Prime
brokerage
interest
773,477
Total
investment
income
1,559,015
EXPENSES
-
Management
fees
938,057
12b-1
service
fees
-
Class
A
34,403
12b-1
distribution
and
service
fees
-
Class
C
26,635
Shareholder
servicing
agent
fees
-
Class
A
12,993
Shareholder
servicing
agent
fees
-
Class
C
2,507
Shareholder
servicing
agent
fees
-
Class
I
55,077
Interest
expense
421
Trustees
fees
4,460
Custodian
expenses
17,866
Dividends
expense
on
common
stocks
sold
short
450,924
Registration
fees
28,920
Professional
fees
40,605
Shareholder
reporting
expenses
24,420
Other
2,689
Total
expenses
before
fee
waiver/expense
reimbursement
1,639,977
Fee
waiver/expense
reimbursement
(113,354)
Net
expenses
1,526,623
Net
investment
income
(loss)
32,392
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
7,928,229
Common
stocks
sold
short
(2,417,985)
Net
realized
gain
(loss)
5,510,244
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
989,253
Common
stocks
sold
short
(255,605)
Net
change
in
unrealized
appreciation
(depreciation)
733,648
Net
realized
and
unrealized
gain
(loss)
6,243,892
Net
increase
(decrease)
in
net
assets
from
operations
$
6,276,284
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
10
Equity
Long/Short
Unaudited
Six
Months
Ended
2/28/26
Year
Ended
8/31/25
OPERATIONS
Net
investment
income
(loss)
$
32,392
$
609,135
Net
realized
gain
(loss)
5,510,244
3,841,228
Net
change
in
unrealized
appreciation
(depreciation)
733,648
12,747,763
Net
increase
(decrease)
in
net
assets
from
operations
6,276,284
17,198,126
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends:
Class
A
(
1,007,171
)
(
1,047,315
)
Class
C
(
168,908
)
(
368,669
)
Class
I
(
4,374,470
)
(
5,243,443
)
Total
distributions
(
5,550,549
)
(
6,659,427
)
FUND
SHARE
TRANSACTIONS
Subscriptions
12,077,852
35,633,417
Reinvestments
of
distributions
5,550,492
6,650,712
Redemptions
(
16,261,563
)
(
37,473,673
)
Net
increase
(decrease)
from
Fund
share
transactions
1,366,781
4,810,456
Net
increase
(decrease)
in
net
assets
2,092,516
15,349,155
Net
assets
at
the
beginning
of
period
146,903,514
131,554,359
Net
assets
at
the
end
of
period
$
148,996,030
$
146,903,514
Statement
of
Cash
Flows
See
Notes
to
Financial
Statements
11
The
following
table
provides
a
reconciliation
of
cash
and
cash
collateral
at
brokers
to
the
Statement
of
Assets
and
Liabilities:
Six
Months
Ended
February
28,
2026
(Unaudited)
Equity
Long/
Short
CASH
FLOWS
FROM
OPERATING
ACTIVITIES
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
$
6,276,284
Adjustments
to
reconcile
the
net
increase
(decrease)
in
net
assets
from
operations
to
net
cash
provided
by
(used
in)
operating
activities:
Purchases
of
investments
(40,320,685)
Purchases
of
common
stock
sold
short
(27,278,823)
Proceeds
from
sale
and
maturities
of
investments
46,265,074
Proceeds
from
sales
of
common
stock
sold
short
25,668,972
Proceeds
from
(Purchase
of)
short-term
investments,
net
(1,275,000)
Proceeds
from
litigation
settlement
18
(Increase)
Decrease
in:
Receivable
for
dividends
(22,379)
Receivable
for
interest
(258)
Receivable
for
investments
sold
2,423,247
Receivable
for
reimbursement
from
Adviser
(9,247)
Other
assets
9,928
Increase
(Decrease)
in:
Payable
for
dividends
on
common
stocks
sold
short
9,850
Payable
for
interest
1
Payable
for
investments
purchased
-
regular
settlement
(1,705,677)
Payable
for
management
fees
(12,782)
Accrued
custodian
fees
17,721
Accrued
12b-1
distribution
and
service
fees
(1,492)
Accrued
Trustees
fees
498
Accrued
professional
fees
(11,210)
Accrued
shareholder
reporting
expenses
6,907
Accrued
shareholder
servicing
agent
fees
1,778
Net
realized
(gain)
loss
from
investments
(7,928,229)
Net
realized
(gain)
loss
from
common
stocks
sold
short
2,417,985
Net
change
in
unrealized
(appreciation)
depreciation
of
investments
(989,253)
Net
change
in
unrealized
(appreciation)
depreciation
of
common
stocks
sold
short
255,605
Net
cash
provided
by
(used
in)
operating
activities
3,798,833
CASH
FLOWS
FROM
FINANCING
ACTIVITIES
Increase
(Decrease)
in:
Cash
overdraft
(111,355)
Cash
distributions
paid
to
common
shareholders
(57)
Subscription
12,106,058
Redemptions
(16,122,049)
Net
cash
provided
by
(used
in)
financing
activities
(4,127,403)
Net
increase
(decrease)
in
cash
and
cash
collateral
at
brokers
(328,570)
Cash
and
cash
collateral
at
brokers
at
the
beginning
of
period
43,880,874
Cash
and
cash
collateral
at
brokers
at
the
end
of
period
$
43,552,304
Equity
Long/
Short
Cash
$
47,137
Cash
collateral
at
broker
for
common
stocks
sold
short
43,505,167
Total
cash
and
cash
collateral
at
brokers
$
43,552,304
SUPPLEMENTAL
DISCLOSURE
OF
CASH
FLOW
INFORMATION
Equity
Long/
Short
Cash
paid
for
interest
$
9,850
Non-cash
financing
activities
not
included
herein
consists
of
reinvestments
of
share
distributions
5,550,492
Financial
Highlights
12
Ratios
of
Dividends
Expense
on
Common
Stocks
Sold
Short
to
Average
Net
Assets
Ratios
of
Prime
Broker
Expenses
to
Average
Net
Assets
Class
A
Class
C
Class
I
Class
A
Class
C
Class
I
2/28/26
(f)
0
.60
%
(
g
)
0
.60
%
(g)
0
.60
%
(g)
-
-
-
8/31/25
0
.55
0
.54
0
.55
-
-
-
8/31/24
0
.57
0
.58
0
.57
-
-
-
8/31/23
0
.60
0
.60
0
.60
-
-
-
8/31/22
0
.37
0
.36
0
.36
0
.25
0
.25
0
.25
8/31/21
0
.58
0
.59
0
.60
0
.34
0
.35
0
.35
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)
(b)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Net
Asset
Value,
End
of
Period
Equity
Long/Short
Class
A
2/28/26
(f)
$
62.04
$
(0.04)
$
2.63
$
2.59
$
(0.52)
$
(1.78)
$
(2.30)
$
62.33
8/31/25
57.45
0.16
7.17
7.33
(0.38)
(
2.36)
(2.74)
62.04
8/31/24
49.84
0.34
9.28
9.62
(2.01)
-
(2.01)
57.45
8/31/23
46.40
(0.18)
6.65
6.47
-
(3.03)
(3.03)
49.84
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
Class
C
2/28/26
(f)
54.00
(0.24)
2.28
2.04
(0.06)
(1.78)
(1.84)
54.20
8/31/25
50.35
(0.24)
6.25
6.01
-
(2.36)
(2.36)
54.00
8/31/24
43.70
(0.05)
8.15
8.10
(1.45)
-
(1.45)
50.35
8/31/23
41.36
(0.47)
5.84
5.37
-
(3.03)
(3.03)
43.70
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
Class
I
2/28/26
(f)
64.82
0.04
2.75
2.79
(0.70)
(1.78)
(
2.48)
65.13
8/31/25
59.92
0.32
7.48
7.80
(0.54)
(2.36)
(2.90)
64.82
8/31/24
51.96
0.49
9.68
10.17
(2.21)
-
(2.21)
59.92
8/31/23
48.13
(0.07)
6.93
6.86
-
(3.03)
(3.03)
51.96
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
(a)
Each
ratio
includes
the
effect
of
dividends
expense
on
common
stocks
sold
short
and
prime
broker
expenses
as
shown
in
the
following
table.
See
Notes
for
Financial
Statements
for
more
information.
(b)
Based
on
average
shares
outstanding.
(c)
Total
returns
are
at
NAV
and
do
not
include
any
sales
charge.
Total
returns
are
not
annualized.
During
the
fiscal
years
ended
August
31,
2024
and
August
31,
2023,
Nuveen
Fund
Advisors,
LLC,
made
a
payment
to
the
Fund
to
reimburse
for
certain
interest
expenses
associated
with
the
Fund's
short
positions
that
were
unnecessarily
incurred
due
to
an
operational
issue.
This
payment
had
the
effect
of
increasing
the
Fund's
NAVs
by
the
following
amounts:
1)
Class
A
Shares
-
$0.22,
2)
Class
C
Shares
-
$0.19,
3)
Class
I
Shares
-
$0.22
for
the
fiscal
year
ended
August
31,
2024
and
1)
Class
A
Shares
-
$1.50,
2)
Class
C
Shares
-
$1.32,
3)
Class
I
Shares
-
$1.56
for
the
fiscal
year
ended
August
31,
2023.
As
a
result,
the
Fund's
total
returns
for
the
years
ended
August
31,
2024
and
August
31,
2023,
would
have
been
as
follows:
1)
Class
A
Shares
-
19.37%,
2)
Class
C
Shares
-
18.52%,
3)
Class
I
Shares
-
19.72%
and
1)
Class
A
Shares
-
11.30%,
2)
Class
C
Shares
-
10.36%,
3)
Class
I
Shares
-
11.78%,
respectively.
(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
Financial
Statements.
(f)
Unaudited.
(g)
Annualized.
See
Notes
to
Financial
Statements
13
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
(a)
Total
Return
(c)
Net
Assets,
End
of
Period
(000)
Gross
Expenses
Net
Expenses
(d)
NII
(Loss)
(d),(e)
Portfolio
Turnover
Rate
4.19
%
$
28,197
2.36
%
(g)
2.21
%
(g)
(0.12)
%
(g)
35
%
12.94
26,059
2.31
2.16
0.28
65
19.83
22,370
2.37
2.18
0.64
98
15.04
25,720
2.42
2.21
(0.39)
77
(9.12)
24,434
2.40
2.22
(0.89)
94
26.45
28,482
2.63
2.53
(0.91)
200
3.80
4,880
3.11
(g)
2.96
(g)
(0.87)
(g)
35
12.09
5,948
3.06
2.91
(0.46)
65
18.94
8,184
3.12
2.93
(0.11)
98
14.17
7,800
3.17
2.96
(1.18)
77
(9.80)
8,797
3.15
2.96
(1.64)
94
25.50
12,112
3.39
3.29
(1.68)
200
4.32
115,919
2.11
(g)
1.96
(g)
0.12
(g)
35
13.24
114,896
2.06
1.91
0.52
65
20.14
101,000
2.12
1.93
0.89
98
15.33
76,899
2.17
1.96
(0.15)
77
(8.89)
77,576
2.14
1.96
(0.64)
94
26.74
106,132
2.40
2.30
(0.67)
200
14
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'').
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,
2026,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
February
28,
2026
(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
common
share
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and
common
share
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
common
share
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Fund.
Compensation:
The Trust
pays
no compensation
directly
to
those
of
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.
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
15
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
current
fiscal
period,
if
any,
are
further
described
later
in
these
Notes
to
Financial
Statements.
Segment
Reporting:
The
Fund
represents
a
single
operating
segment.
The
officers
of
the
Fund
act
as
the
chief
operating
decision
maker
("CODM"),
as
defined
in
U.S.
GAAP. The
CODM
monitors
the
operating
results
of the
Fund
as
a
whole
and
is
responsible
for
the Fund's
long-term
strategic
asset
allocation
in
accordance
with
the
terms
of
its
prospectus,
based
on
a
defined
investment
strategy
which
is
executed
by
the
Fund's
portfolio
managers
as
a
team.
The
financial
information
in
the
form
of
the
Fund's
portfolio
composition,
total
returns,
expense
ratios
and
changes
in
net
assets
(i.e.,
changes
in
net
assets
resulting
from
operations,
subscriptions
and
redemptions),
which
are
used
by
the
CODM
to
assess
the
segment's
performance
versus
the
Fund's
comparative
benchmarks
and
to
make
resource
allocation
decisions
for
the
Fund's
single
segment,
is
consistent
with
that
presented
within
the
Fund's
financial
statements.
Segment
assets
are
reflected
on
the
Statement
of
Assets
and
Liabilities
as
"total
assets"
and
significant
segment
revenues
and
expenses
are
listed
on
the
Statement
of
Operations.
New
Accounting
Pronouncement
(ASU
No.
2023-09):
In
December
2023,
the
FASB
issued
Accounting
Standard
Update
("ASU")
No.
2023-09,
Income
Taxes
(Topic
740)
Improvements
to
Income
tax
disclosures
("ASU
2023-09").
The
primary
purpose
of
the
amendments
within
ASU
2023-09
is
to
enhance
the
transparency
and
decision
usefulness
of
income
tax
disclosures
primarily
related
to
the
rate
reconciliation
table
and
income
taxes
paid
information.
The
amendments
in
ASU
2023-09
are
effective
for
annual
periods
beginning
after
December
15,
2024. Management
is
currently
evaluating
the
implications
of
these
changes
on
the
financial
statements.
New
Accounting
Pronouncement
(ASU
No.
2025-11):
In
December
2025,
the
FASB
issued
ASU
No.
2025-11,
Interim
Reporting
(Topic
270)
Narrow
Scope
Improvements
("ASU
2025-11").
The
amendments
in
ASU
2025-11
provide
a
comprehensive
list
of
interim
disclosures
that
are
required
by
U.S.
GAAP.
ASU
2025-11
also
includes
a
disclosure
principle
that
requires
entities
to
disclose
events
since
the
end
of
the
last
annual
reporting
period
that
have
a
material
impact
on
the
entity.
The
amendments
in
ASU
2025-11
are
effective
for
interim
reporting
periods
within
annual
reporting
periods
beginning
after
December
15,
2027.
Early
adoption
is
permitted
for
all
entities.
Management
is
currently
evaluating
the
implications
of
these
changes
on
the
financial
statements.
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
16
Notes
to
Financial
Statements
(continued)
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
current
fiscal
period,
based
on
the
inputs
used
to
value
them:
4.
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
current
fiscal
period,
and
the
collateral
delivered
related
to
those
repurchase
agreements.
Securities
Lending:
The
Fund
may
lend
securities
representing
up
to
one-third
of
the
value
of
its
total
assets
to
broker-dealers,
banks,
and
other
institutions
in
order
to
generate
additional
income.
When
loaning
securities,
the
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.
The
market
value
of
securities
loaned
is
determined
at
the
close
of
business
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
on
the
next
business
day.
Securities
out
on
loan
are
subject
to
termination
at
any
time
at
the
option
of
the
borrower
or
the
Fund.
Upon
termination,
the
borrower
is
required
to
return
to
the
Fund
securities
identical
to
the
securities
loaned.
During
the
term
of
the
loan,
the
Fund
bears
the
market
risk
with
respect
to
the
investment
of
collateral
and
the
risk
that
the
Agent
may
default
on
its
contractual
obligations
to
the
Fund.
The
Agent
bears
the
risk
that
the
borrower
may
default
on
its
obligation
to
return
the
loaned
securities
as
the
Agent
is
contractually
obligated
to
indemnify
the
Fund
if
at
the
time
of
a
default
by
a
borrower
some
or
all
of
the
loan
securities
have
not
been
returned.
Securities
lending
income
recognized
by
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 current
fiscal 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
it
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
segregates
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
unrealized
appreciation
(depreciation)
on
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
and
on
the
date
on
which
the
Fund
replaces
the
borrowed
security.
The
Fund's
Equity
Long/Short
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
147,621,766
$
-
$
-
$
147,621,766
Short-Term
Investments:
Repurchase
Agreements
-
1,275,000
-
1,275,000
Common
Stocks
Sold
Short
(43,097,403)
-
-
(43,097,403)
Total
$
104,524,363
$
1,275,000
$
-
$
105,799,363
Fund
Counterparty
Short-term
Investments,
at
Value
Collateral
Pledged
(From)
Counterparty
Equity
Long/Short
Fixed
Income
Clearing
Corporation
$
1,275,000
$
(1,300,561)
17
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
"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
interest
on
cash
proceeds
from
short
sales
as
an
element
of
the
prime
broker
fee
arrangement
with
BAML
and
is
recognized
as
"Prime
brokerage
interest"
on
the
Statement
of
Operations.
The
prime
brokerage
fees,
if
any,
paid
to
BAML
are
recognized
as
"Prime
broker
expense"
on
the
Statement
of
Operations.
Purchases
and
Sales:
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.
If the
Fund
has
outstanding
when-issued/delayed-delivery
purchases
commitments
as
of
the
end
of
the
current
fiscal
period,
such
amounts
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
5.
Derivative
Investments
The Fund
is
authorized
to
invest
in
certain
derivative
instruments.
As
defined
by
U.S.
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variables.
Investments
in
derivatives
as
of
the
end
of
and/or
during
the
current
fiscal
period,
if
any,
are
included
within
the
Statement
of
Assets
and
Liabilities
and
the
Statement
of
Operations,
respectively.
Market
and
Counterparty
Credit
Risk:
In
the
normal
course
of
business
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
pre-determined
threshold
amount.
Fund
Non-U.S.
Government
Purchases
Non-U.S.
Government
Sales
Equity
Long/Short
$
67,599,508
$
71,934,046
18
Notes
to
Financial
Statements
(continued)
6.
Fund
Shares
Transactions
in Fund
shares
during
the
current
and
prior
fiscal
period
were
as
follows:
7.
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,
as
well
as
proceeds
from
common
stocks
sold
short,
were
as
follows:
For
purposes
of
this
disclosure,
tax
cost
generally
includes
the
cost
of
portfolio
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
prior
fiscal
period
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
8.
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.
Six
Months
Ended
2/28/26
Year
Ended
8/31/25
Equity
Long/Short
Shares
Value
Shares
Value
Subscriptions:
Class
A
57,529
$3,654,649
107,857
$6,345,938
Class
A
-
automatic
conversion
of
Class
C
24
1,510
62
3,497
Class
C
2,567
142,782
9,685
500,514
Class
I
124,188
8,278,911
465,793
28,783,468
Total
subscriptions
184,308
12,077,852
583,397
35,633,417
Reinvestments
of
distributions:
Class
A
16,149
1,007,172
17,444
1,047,315
Class
C
3,135
168,908
7,029
368,669
Class
I
67,020
4,374,412
83,570
5,234,728
Total
reinvestments
of
distributions
86,304
5,550,492
108,043
6,650,712
Redemptions:
Class
A
(41,370)
(2,619,215)
(94,726)
(5,566,257)
Class
C
(25,794)
(1,427,418)
(69,052)
(3,523,126)
Class
C
-
automatic
conversion
to
Class
A
(27)
(1,510)
(71)
(3,497)
Class
I
(183,915)
(12,213,420)
(462,537)
(28,380,793)
Total
redemptions
(251,106)
(16,261,563)
(626,386)
(37,473,673)
Net
increase
(decrease)
19,506
$1,366,781
65,054
$4,810,456
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Equity
Long/Short
$
55,045,064
$
54,195,390
$
(3,441,091)
$
50,754,299
Fund
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Unrealized
Appreciation
(Depreciation)
Capital
Loss
Carryforwards
Late-Year
Loss
Deferrals
Other
Book-to-Tax
Differences
Total
Equity
Long/Short
$
-
$
1,790,483
$
49,782,006
$
-
$
-
$
(4,301)
$
51,568,188
19
Annual
fund-level
fee,
payable
monthly,
is
calculated
according
to
the
following
schedule:
The
annual
complex-level
fee,
payable
monthly,
for
the
Fund
is
calculated
according
to
the
following
schedule:
*
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
"eligible
assets"
of
all
Nuveen-branded
closed-end
funds
and
Nuveen
branded
open-end
funds
("Nuveen
Mutual
Funds").
Except
as
described
below,
eligible
assets
include
the
assets
of
all
Nuveen-branded
closed-end
funds
and
Nuveen
Mutual
Funds
organized
in
the
United
States.
Eligible
assets
do
not
include
the
net
assets
of:
Nuveen
fund-of-funds,
Nuveen
money
market
funds,
Nuveen
index
funds,
Nuveen
Large
Cap
Responsible
Equity
Fund
or
Nuveen
Life
Large
Cap
Responsible
Equity
Fund.
In
addition,
eligible
assets
include
a
fixed
percentage
of
the
aggregate
net
assets
of
the
active
equity
and
fixed
income
Nuveen
Mutual
Funds
advised
by
the
Adviser's
affiliate,
Teachers
Advisors,
LLC
(except
those
identified
above).
The
fixed
percentage
will
increase
annually
until
May
1,
2033,
at
which
time
eligible
assets
will
include
all
of
the
aggregate
net
assets
of
the
active
equity
and
fixed
income
Nuveen
Mutual
Funds
advised
by
Teachers
Advisors,
LLC
(except
those
identified
above).
Eligible
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
financial
leverage.
For
these
purposes,
financial
leverage
includes
the
closed-end
funds'
use
of
preferred
stock
and
borrowings
and
certain
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust's
issuance
of
floating
rate
securities,
subject
to
an
agreement
by
the
Adviser
as
to
certain
funds
to
limit
the
amount
of
such
assets
for
determining
eligible
assets
in
certain
circumstances.
As
of
the
end
of
the
current
fiscal
period,
the
complex-level
fee
rate
for
the
Fund
was
as
follows:
The
Adviser
has
agreed
to
waive
fees
and/or
reimburse
expenses
through
July
31,
2027
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
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.
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
$27,207,
is
recognized
in
"Affiliated
income"
on
the
Statement
of
Operations
and
any
amounts
due
to
the
Fund
at
the
end
of
the
reporting
period
is
recognized
in
"Reimbursement
from
Adviser"
on
the
Statement
of
Assets
and
Liabilities.
During
the
current
fiscal
period,
the
Distributor,
collected
sales
charges
on
purchases
of
Class
A
Shares,
the
majority
of
which
were
paid
out
as
concessions
to
financial
intermediaries
as
follows:
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
Asset
Breakpoint
Level*
Complex-Level
Fee
For
the
first
$124.3
billion
0.1600
%
For
the
next
$75.7
billion
0.1350
For
the
next
$200
billion
0.1325
For
eligible
assets
over
$400
billion
0.1300
Fund
Complex-Level
Fee
Equity
Long/Short
0.1555
%
Fund
Sales
Charges
Collected
Paid
to
Financial
Intermediaries
Equity
Long/Short
$
59,127
$
52,800
20
Notes
to
Financial
Statements
(continued)
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:
9.
Borrowing
Arrangements
Line
of
Credit:
The
Fund,
along
with
certain
funds
managed
by
the
Adviser or
by
an
affiliate
of
the
Adviser
("Participating
Funds"),
have
established
a
364-day,
$2.7
billion
standby
credit
facility
with
a
group
of
lenders,
under
which
the
Participating
Funds
may
borrow
for
temporary
purposes
(other
than
on-going
leveraging
for
investment
purposes).
Each
Participating
Fund
is
allocated
a
designated
proportion
of
the
facility's
capacity
(and
its
associated
costs,
as
described
below)
based
upon
a
multi-factor
assessment
of
the
likelihood
and
frequency
of
its
need
to
draw
on
the
facility,
the
size
of
the
Fund
and
its
anticipated
draws,
and
the
potential
importance
of
such
draws
to
the
operations
and
well-being
of
the
Fund,
relative
to
those
of
the
other
Funds.
A
Fund
may
effect
draws
on
the
facility
in
excess
of
its
designated
capacity
if
and
to
the
extent
that
other
Participating
Funds
have
undrawn
capacity.
The
credit
facility
expires
in
June
2026,
unless
extended
or
renewed.
The
credit
facility
has
the
following
terms:
0.15%
per
annum
on
unused
commitment
amounts
and
a
drawn
interest
rate
equal
to
the
higher
of
(a)
OBFR
(Overnight
Bank
Funding
Rate)
plus
1.20%
per
annum
or
(b)
the
Fed
Funds
Effective
Rate
plus
1.20%
per
annum
on
amounts
borrowed.
Interest
expense
incurred
by
the
Participating
Funds,
when
applicable,
is
recognized
as
a
component
of
"Interest
expense"
on
the
Statement
of
Operations.
Participating
Funds
paid
administration,
legal
and
arrangement
fees,
which
are
recognized
as
a
component
of
"Interest
expense"
on
the
Statement
of
Operations,
and
along
with
commitment
fees,
have
been
allocated
among
such
Participating
Funds
based
upon
the
relative
proportions
of
the
facility's
aggregate
capacity
reserved
for
them
and
other
factors
deemed
relevant
by
the
Adviser
and
the
Board
of
each
Participating
Fund.
During
the
current
fiscal
period,
the
Fund
did
not
utilize
this
facility.
Fund
Commission
Advances
Equity
Long/Short
$
6,076
Fund
12b-1
Fees
Retained
Equity
Long/Short
$
1,159
Fund
CDSC
Retained
Equity
Long/Short
$
50
| Item 8. |
Changes in and Disagreements with Accountants for Open-End Management Investment Companies. |
Not applicable.
| Item 9. |
Proxy Disclosures for Open-End Management Investment Companies. |
Not applicable.
| Item 10. |
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. |
The Fund does not pay any remuneration to its officers, but the Fund does reimburse Nuveen Fund Advisors, LLC, the Fund's investment adviser and an affiliate of the Fund's officers, for an allocable portion of Nuveen Fund Advisors, LLC's cost of the compensation for the Fund's Chief Compliance Officer. The aggregate remuneration paid to the trustees (all of whom are independent) and to Nuveen Fund Advisors, LLC, the Fund's investment adviser and an affiliate of the Fund's officers, by the Fund is reported as "Trustees fees" and "Management fees" on the Statement of Operations under Item 7 of this Form N-CSR.
| Item 11. |
Statement Regarding Basis for Approval of Investment Advisory Contract. |
Not applicable.
| Item 12. |
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable to open-end investment companies.
| Item 13. |
Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable to open-end investment companies.
| Item 14. |
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable to open-end investment companies.
| Item 15. |
Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees implemented after the registrant last provided disclosure in response to this Item.
| Item 16. |
Controls and Procedures. |
| (a) |
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) |
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. |
| Item 17. |
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
| (a) |
Not applicable to open-end investment companies. |
| (b) |
Not applicable to open-end investment companies. |
| Item 18. |
Recovery of Erroneously Awarded Compensation. |
| (a) |
Not applicable. |
| (b) |
Not applicable. |
| Item 19. |
Exhibits. |
| (a)(1) | Not applicable to this filing. | |
| (a)(2) | Not applicable to this filing. | |
| (a)(3) | Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. | |
| (a)(4) | Not applicable. | |
| (a)(5) | Not applicable. | |
| (b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Nuveen Investment Trust II
| Date: May 7, 2026 | By: |
/s/ Jordan M. Farris |
||
| Jordan M. Farris | ||||
| Chief Administrative Officer |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| Date: May 7, 2026 | By: |
/s/ Jordan M. Farris |
||
| Jordan M. Farris | ||||
| Chief Administrative Officer | ||||
| (principal executive officer) | ||||
| Date: May 7, 2026 | By: |
/s/ Marc Cardella |
||
| Marc Cardella | ||||
| Vice President and Controller | ||||
| (principal financial officer) | ||||
Nuveen Investment Trust II published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on May 07, 2026 at 14:14 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]