NPORT-EX 1 Invest_TR_II.htm
Nuveen Equity Long/Short Fund
Portfolio of Investments    May 31, 2019
(Unaudited)
Shares   Description (1)       Value
    LONG-TERM INVESTMENTS – 134.8%        
    COMMON STOCKS – 134.8%        
    Airlines – 2.1%        
80,000   Southwest Airlines Co       $3,808,000
46,000   United Continental Holdings Inc, (2)       3,571,900
    Total Airlines       7,379,900
    Automobiles – 0.9%        
89,000   General Motors Co       2,967,260
    Banks – 6.0%        
217,000   Bank of America Corp       5,772,200
73,000   CIT Group Inc       3,470,420
65,000   Citigroup Inc       4,039,750
70,000   JPMorgan Chase & Co       7,417,200
    Total Banks       20,699,570
    Biotechnology – 8.8%        
65,000   AbbVie Inc       4,986,150
29,000   Amgen Inc       4,834,300
19,000   Biogen Inc, (2)       4,166,510
43,000   Celgene Corp, (2)       4,032,970
197,000   Exelixis Inc, (2)       3,859,230
73,000   Gilead Sciences Inc       4,544,250
51,000   Incyte Corp, (2)       4,010,130
    Total Biotechnology       30,433,540
    Building Products – 0.6%        
23,000   Armstrong World Industries Inc       2,040,100
    Capital Markets – 5.5%        
86,000   E*TRADE Financial Corp       3,852,800
41,000   Evercore Inc       3,166,430
47,000   LPL Financial Holdings Inc       3,770,340
19,000   MSCI Inc       4,180,190
49,000   Raymond James Financial Inc       4,046,420
    Total Capital Markets       19,016,180
    Chemicals – 1.0%        
172,000   Olin Corp       3,372,920
      1
Nuveen Equity Long/Short Fund (continued)
Portfolio of Investments    May 31, 2019
(Unaudited)
Shares   Description (1)       Value
    Communications Equipment – 1.7%        
115,000   Cisco Systems Inc       $5,983,450
    Consumer Finance – 0.6%        
159,000   Navient Corp       2,073,360
    Containers & Packaging – 1.1%        
82,000   Berry Global Group Inc, (2)       3,855,640
    Diversified Consumer Services – 2.2%        
95,000   frontdoor Inc, (2)       3,819,950
145,000   H&R Block Inc       3,806,250
    Total Diversified Consumer Services       7,626,200
    Diversified Telecommunication Services – 1.7%        
108,000   Verizon Communications Inc       5,869,800
    Electrical Equipment – 2.0%        
27,000   Acuity Brands Inc       3,339,090
47,000   Regal Beloit Corp       3,416,900
    Total Electrical Equipment       6,755,990
    Electronic Equipment, Instruments & Components – 2.0%        
136,500   Jabil Inc       3,356,535
20,000   Zebra Technologies Corp, (2)       3,428,800
    Total Electronic Equipment, Instruments & Components       6,785,335
    Entertainment – 2.4%        
137,000   Viacom Inc       3,977,110
653,000   Zynga Inc, (2)       4,107,370
    Total Entertainment       8,084,480
    Equity Real Estate Investment Trust – 2.5%        
24,000   American Tower Corp       5,010,480
204,000   Medical Properties Trust Inc       3,627,120
    Total Equity Real Estate Investment Trust       8,637,600
    Food & Staples Retailing – 2.9%        
15,000   Casey's General Stores Inc       1,936,200
169,000   Kroger Co/The       3,854,890
59,000   Sysco Corp       4,060,380
    Total Food & Staples Retailing       9,851,470
    Health Care Providers & Services – 5.9%        
82,000   Cardinal Health Inc       3,449,740
34,000   HCA Inc       4,112,640
32,000   McKesson Corp       3,908,480
21,000   Molina Healthcare Inc, (2)       2,987,460
2      
Shares   Description (1)       Value
    Health Care Providers & Services (continued)        
24,000   UnitedHealth Group Inc       $5,803,200
    Total Health Care Providers & Services       20,261,520
    Health Care Technology – 1.2%        
27,000   Veeva Systems Inc, (2)       4,165,830
    Hotels, Restaurants & Leisure – 2.6%        
77,000   Norwegian Cruise Line Holdings Ltd, (2)       4,212,670
63,000   Starbucks Corp       4,791,780
    Total Hotels, Restaurants & Leisure       9,004,450
    Household Durables – 0.9%        
100,000   PulteGroup Inc       3,100,000
    Independent Power & Renewable Electricity Producers – 2.0%        
241,000   AES Corp/VA       3,807,800
87,000   NRG Energy Inc       2,961,480
    Total Independent Power & Renewable Electricity Producers       6,769,280
    Industrial Conglomerates – 2.6%        
29,000   Carlisle Cos Inc       3,865,990
30,000   Honeywell International Inc       4,929,300
    Total Industrial Conglomerates       8,795,290
    Insurance – 1.5%        
42,000   Assured Guaranty Ltd       1,716,540
60,000   Lincoln National Corp       3,567,000
    Total Insurance       5,283,540
    Interactive Media & Services – 6.0%        
2,750   Alphabet Inc, (2)       3,042,875
13,000   Facebook Inc, (2)       2,307,110
18,000   IAC/InterActiveCorp       3,975,300
58,000   Match Group Inc, (2)       3,981,700
78,000   TripAdvisor Inc, (2)       3,297,060
111,000   Twitter Inc, (2)       4,044,840
    Total Interactive Media & Services       20,648,885
    Internet & Direct Marketing Retail – 3.6%        
2,400   Amazoncom Inc       4,260,168
118,000   eBay Inc       4,239,740
33,000   Expedia Group Inc       3,795,000
    Total Internet & Direct Marketing Retail       12,294,908
    IT Services – 5.2%        
66,000   Booz Allen Hamilton Holding Corp       4,169,220
26,000   Broadridge Financial Solutions Inc       3,246,620
      3
Nuveen Equity Long/Short Fund (continued)
Portfolio of Investments    May 31, 2019
(Unaudited)
Shares   Description (1)       Value
    IT Services (continued)        
16,000   FleetCor Technologies Inc, (2)       $4,131,360
24,500   Mastercard Inc       6,161,505
    Total IT Services       17,708,705
    Machinery – 8.5%        
59,000   AGCO Corp       3,927,040
89,000   Allison Transmission Holdings Inc       3,683,710
36,000   Caterpillar Inc       4,313,160
27,000   Cummins Inc       4,070,520
52,000   Oshkosh Corp       3,701,880
43,000   PACCAR Inc       2,830,260
23,000   Parker-Hannifin Corp       3,503,360
69,000   Timken Co/The       3,036,690
    Total Machinery       29,066,620
    Media – 4.9%        
70,000   AMC Networks Inc, (2)       3,693,900
136,000   Comcast Corp       5,576,000
143,000   Discovery Inc, (2)       3,898,180
49,000   Omnicom Group Inc       3,790,640
    Total Media       16,958,720
    Metals & Mining – 2.8%        
76,000   Nucor Corp       3,648,000
47,000   Reliance Steel & Aluminum Co       3,913,690
80,000   Steel Dynamics Inc       2,012,000
    Total Metals & Mining       9,573,690
    Multiline Retail – 0.6%        
26,000   Target Corp       2,091,700
    Oil, Gas & Consumable Fuels – 3.5%        
181,000   EQT Corp       3,312,300
697,000   Extraction Oil & Gas Inc, (2)       2,362,830
192,000   Parsley Energy Inc, (2)       3,423,360
372,000   Range Resources Corp       2,909,040
    Total Oil, Gas & Consumable Fuels       12,007,530
    Paper & Forest Products – 1.1%        
87,000   Domtar Corp       3,658,350
    Personal Products – 2.1%        
27,000   Estee Lauder Cos Inc/The       4,347,810
67,000   Herbalife Nutrition Ltd       2,799,260
    Total Personal Products       7,147,070
4      
Shares   Description (1)       Value
    Pharmaceuticals – 2.7%        
29,000   Jazz Pharmaceuticals PLC, (2)       $3,640,950
72,000   Merck & Co Inc       5,703,120
    Total Pharmaceuticals       9,344,070
    Professional Services – 0.5%        
32,000   Robert Half International Inc       1,717,120
    Real Estate Management & Development – 2.1%        
83,000   CBRE Group Inc, (2)       3,793,100
27,000   Jones Lang LaSalle Inc       3,360,150
    Total Real Estate Management & Development       7,153,250
    Road & Rail – 4.7%        
59,000   CSX Corp       4,393,730
26,000   Genesee & Wyoming Inc, (2)       2,475,720
21,500   Norfolk Southern Corp       4,195,510
31,000   Union Pacific Corp       5,170,180
    Total Road & Rail       16,235,140
    Semiconductors & Semiconductor Equipment – 3.2%        
23,000   Lam Research Corp       4,016,030
43,000   NXP Semiconductors NV       3,790,880
176,000   ON Semiconductor Corp, (2)       3,125,760
    Total Semiconductors & Semiconductor Equipment       10,932,670
    Software – 11.6%        
64,000   Cadence Design Systems Inc, (2)       4,068,480
30,000   Citrix Systems Inc       2,823,600
13,500   Fair Isaac Corp       3,994,650
19,000   Intuit Inc       4,652,150
104,000   Microsoft Corp       12,862,720
18,000   Palo Alto Networks Inc, (2)       3,602,520
23,000   Red Hat Inc, (2)       4,238,900
21,000   VMware Inc, (2)       3,716,580
    Total Software       39,959,600
    Specialty Retail – 7.2%        
4,000   AutoZone Inc       4,108,440
59,000   Best Buy Co Inc       3,697,530
68,000   Foot Locker Inc       2,675,800
34,000   Murphy USA Inc, (2)       2,728,840
67,000   TJX Cos Inc/The       3,369,430
41,000   Tractor Supply Co       4,131,980
12,500   Ulta Beauty Inc, (2)       4,167,250
    Total Specialty Retail       24,879,270
      5
Nuveen Equity Long/Short Fund (continued)
Portfolio of Investments    May 31, 2019
(Unaudited)
Shares   Description (1)       Value
    Technology Hardware, Storage & Peripherals – 2.4%        
28,000   Apple Inc       $4,901,960
59,000   Dell Technologies Inc, (2)       3,513,450
    Total Technology Hardware, Storage & Peripherals       8,415,410
    Textiles, Apparel & Luxury Goods – 0.4%        
9,000   Lululemon Athletica Inc, (2)       1,490,310
    Wireless Telecommunication Services – 1.0%        
121,000   Telephone & Data Systems Inc       3,486,010
    Total Long-Term Investments (cost $459,763,339)       463,581,733
    
Principal Amount (000)   Description (1) Coupon Maturity   Value
    SHORT-TERM INVESTMENTS – 15.9%        
    REPURCHASE AGREEMENTS – 15.9%        
$54,863   Repurchase Agreement with Fixed Income Clearing Corporation, dated 5/31/19, repurchase price $54,868,345, collateralized by $54,115,000 U.S. Treasury Notes, 2.625%, due 6/30/23, value $55,960,484 1.200% 6/03/19   $54,862,859
    Total Short-Term Investments (cost $54,862,859)       54,862,859
    Total Investments (cost $514,626,198) – 150.7%       518,444,592
    
Shares   Description (1)       Value
    COMMON STOCKS SOLD SHORT – (67.8)% (3)        
    Aerospace & Defense – (2.1)%        
(94,000)   Arconic Inc       $(2,058,600)
(55,000)   BWX Technologies Inc       (2,559,700)
(8,000)   Lockheed Martin Corp       (2,708,320)
    Total Aerospace & Defense       (7,326,620)
    Automobiles – (0.5)%        
(9,500)   Tesla Inc, (2)       (1,759,020)
    Beverages – (0.8)%        
(52,000)   Brown-Forman Corp       (2,598,960)
    Biotechnology – (2.7)%        
(32,000)   Alnylam Pharmaceuticals Inc, (2)       (2,160,640)
(29,000)   BioMarin Pharmaceutical Inc, (2)       (2,384,960)
(18,000)   Bluebird Bio Inc, (2)       (2,158,560)
(22,000)   Sarepta Therapeutics Inc, (2)       (2,504,700)
    Total Biotechnology       (9,208,860)
    Capital Markets – (0.7)%        
(534,000)   BGC Partners Inc       (2,509,800)
6      
Shares   Description (1)       Value
    Chemicals – (2.9)%        
(37,000)   Albemarle Corp       $(2,342,100)
(255,000)   Element Solutions Inc, (2)       (2,412,300)
(19,000)   International Flavors & Fragrances Inc       (2,572,980)
(36,000)   WR Grace & Co       (2,537,280)
    Total Chemicals       (9,864,660)
    Commercial Services & Supplies – (0.7)%        
(54,000)   Stericycle Inc, (2)       (2,504,520)
    Containers & Packaging – (1.1)%        
(12,000)   AptarGroup Inc       (1,359,240)
(195,000)   Graphic Packaging Holding Co       (2,535,000)
    Total Containers & Packaging       (3,894,240)
    Distributors – (0.7)%        
(95,000)   LKQ Corp, (2)       (2,436,750)
    Electric Utilities – (1.5)%        
(58,000)   Alliant Energy Corp       (2,752,680)
(30,000)   Duke Energy Corp       (2,568,300)
    Total Electric Utilities       (5,320,980)
    Electronic Equipment, Instruments & Components – (2.7)%        
(47,000)   Cognex Corp       (1,908,200)
(21,000)   Coherent Inc, (2)       (2,310,630)
(19,000)   IPG Photonics Corp, (2)       (2,378,230)
(65,000)   Trimble Inc, (2)       (2,593,500)
    Total Electronic Equipment, Instruments & Components       (9,190,560)
    Energy Equipment & Services – (1.1)%        
(86,000)   Halliburton Co       (1,830,940)
(315,000)   Transocean Ltd       (1,953,000)
    Total Energy Equipment & Services       (3,783,940)
    Entertainment – (2.3)%        
(58,000)   Activision Blizzard Inc       (2,515,460)
(66,000)   Liberty Media Corp-Liberty Formula One, (2)       (2,463,780)
(114,000)   Lions Gate Entertainment Corp       (1,683,780)
(4,000)   Netflix Inc, (2)       (1,373,120)
    Total Entertainment       (8,036,140)
    Equity Real Estate Investment Trust – (1.5)%        
(99,000)   Corporate Office Properties Trust       (2,756,160)
(107,000)   Weyerhaeuser Co       (2,439,600)
    Total Equity Real Estate Investment Trust       (5,195,760)
      7
Nuveen Equity Long/Short Fund (continued)
Portfolio of Investments    May 31, 2019
(Unaudited)
Shares   Description (1)       Value
    Food Products – (5.8)%        
(66,000)   Archer-Daniels-Midland Co       $(2,529,120)
(49,000)   Bunge Ltd       (2,562,210)
(92,000)   Conagra Brands Inc       (2,462,840)
(122,000)   Hain Celestial Group Inc/The, (2)       (2,487,580)
(67,000)   Hormel Foods Corp       (2,645,830)
(47,000)   Kellogg Co       (2,470,320)
(90,000)   Kraft Heinz Co/The       (2,488,500)
(39,000)   Lamb Weston Holdings Inc       (2,310,750)
    Total Food Products       (19,957,150)
    Gas Utilities – (0.8)%        
(27,000)   Atmos Energy Corp       (2,748,600)
    Health Care Equipment & Supplies – (4.4)%        
(10,500)   ABIOMED Inc       (2,750,160)
(8,500)   Align Technology Inc       (2,416,975)
(36,000)   Cantel Medical Corp       (2,474,640)
(12,000)   ICU Medical Inc, (2)       (2,553,600)
(22,000)   Insulet Corp, (2)       (2,415,380)
(17,000)   Penumbra Inc, (2)       (2,425,900)
    Total Health Care Equipment & Supplies       (15,036,655)
    Health Care Providers & Services – (0.8)%        
(82,000)   Acadia Healthcare Co Inc, (2)       (2,642,040)
    Hotels, Restaurants & Leisure – (4.8)%        
(51,000)   Carnival Corp       (2,610,690)
(30,000)   Choice Hotels International Inc       (2,468,700)
(9,500)   Domino's Pizza Inc       (2,655,250)
(201,000)   International Game Technology PLC       (2,613,000)
(48,000)   Six Flags Entertainment Corp       (2,369,280)
(11,000)   Vail Resorts Inc       (2,366,210)
(13,000)   Wynn Resorts Ltd       (1,395,290)
    Total Hotels, Restaurants & Leisure       (16,478,420)
    Household Durables – (0.7)%        
(18,000)   Mohawk Industries Inc, (2)       (2,439,900)
    Household Products – (1.4)%        
(58,000)   Energizer Holdings Inc       (2,373,360)
(44,000)   Spectrum Brands Holdings Inc       (2,317,480)
    Total Household Products       (4,690,840)
    Industrial Conglomerates – (0.7)%        
(261,000)   General Electric Co       (2,463,840)
8      
Shares   Description (1)       Value
    Insurance – (2.1)%        
(50,000)   American International Group Inc       $(2,553,500)
(67,000)   Brighthouse Financial Inc, (2)       (2,377,830)
(2,300)   Markel Corp, (2)       (2,435,401)
    Total Insurance       (7,366,731)
    Interactive Media & Services – (0.7)%        
(60,200)   Zillow Group Inc, (2)       (2,589,804)
    Internet & Direct Marketing Retail – (0.8)%        
(40,000)   GrubHub Inc, (2)       (2,606,000)
    IT Services – (1.4)%        
(17,000)   Alliance Data Systems Corp       (2,337,500)
(39,000)   Square Inc, (2)       (2,416,050)
    Total IT Services       (4,753,550)
    Leisure Products – (0.7)%        
(236,000)   Mattel Inc       (2,324,600)
    Machinery – (1.4)%        
(123,000)   Trinity Industries Inc       (2,371,440)
(164,000)   Welbilt Inc, (2)       (2,530,520)
    Total Machinery       (4,901,960)
    Marine – (0.7)%        
(32,000)   Kirby Corp, (2)       (2,476,160)
    Media – (1.3)%        
(44,000)   GCI Liberty Inc, (2)       (2,555,960)
(390,000)   Sirius XM Holdings Inc       (2,070,900)
    Total Media       (4,626,860)
    Mortgage Real Estate Investment Trust – (0.7)%        
(270,000)   Annaly Capital Management Inc       (2,378,700)
    Multi-Utilities – (2.4)%        
(36,000)   Dominion Energy Inc       (2,706,480)
(96,000)   NiSource Inc       (2,673,600)
(21,000)   Sempra Energy       (2,760,450)
    Total Multi-Utilities       (8,140,530)
    Oil, Gas & Consumable Fuels – (1.1)%        
(22,000)   ONEOK Inc       (1,399,640)
(58,000)   Targa Resources Corp       (2,230,680)
    Total Oil, Gas & Consumable Fuels       (3,630,320)
      9
Nuveen Equity Long/Short Fund (continued)
Portfolio of Investments    May 31, 2019
(Unaudited)
Shares   Description (1)       Value
    Personal Products – (0.8)%        
(55,000)   Coty Inc       $(678,700)
(45,000)   Nu Skin Enterprises Inc       (2,101,050)
    Total Personal Products       (2,779,750)
    Pharmaceuticals – (0.7)%        
(56,000)   Catalent Inc, (2)       (2,548,000)
    Professional Services – (1.5)%        
(22,000)   Equifax Inc       (2,659,800)
(39,000)   TransUnion       (2,556,060)
    Total Professional Services       (5,215,860)
    Road & Rail – (0.7)%        
(28,000)   JB Hunt Transport Services Inc       (2,383,920)
    Semiconductors & Semiconductor Equipment – (1.4)%        
(45,000)   First Solar Inc, (2)       (2,611,800)
(26,000)   Microchip Technology Inc       (2,080,780)
    Total Semiconductors & Semiconductor Equipment       (4,692,580)
    Software – (3.5)%        
(63,000)   2U Inc, (2)       (2,393,370)
(174,000)   FireEye Inc, (2)       (2,538,660)
(78,000)   Nutanix Inc, (2)       (2,189,460)
(30,000)   PTC Inc, (2)       (2,521,800)
(43,000)   RealPage Inc, (2)       (2,507,760)
    Total Software       (12,151,050)
    Specialty Retail – (1.4)%        
(66,000)   Floor & Decor Holdings Inc, (2)       (2,344,320)
(26,000)   Tiffany & Co       (2,316,860)
    Total Specialty Retail       (4,661,180)
    Technology Hardware, Storage & Peripherals – (0.7)%        
(150,000)   Pure Storage Inc, (2)       (2,379,000)
    Trading Companies & Distributors – (1.6)%        
(75,000)   Air Lease Corp       (2,700,000)
(17,000)   Watsco Inc       (2,675,630)
    Total Trading Companies & Distributors       (5,375,630)
10      
Shares   Description (1)       Value
    Water Utilities – (1.5)%        
(22,000)   American Water Works Co Inc       $(2,486,440)
(64,000)   Aqua America Inc       (2,530,560)
    Total Water Utilities       (5,017,000)
    Total Common Stocks Sold Short (proceeds $256,442,590)       (233,087,440)
    Other Assets Less Liabilities – 17.1%       58,678,682
    Net Assets – 100%       $344,035,834
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and in conformity with the applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") related to interim filings. Part F of Form N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For a full set of the Fund's notes to financial statements, please refer to the Fund's most recently filed annual or semi-annual report.
Fair Value Measurements
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. A three-tier hierarchy 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 the reporting entity’s own 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).
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
  Level 1 Level 2 Level 3 Total
Long-Term Investments:        
Common Stocks $463,581,733 $ — $ — $463,581,733
Short-Term Investments:        
Repurchase Agreements  — 54,862,859  — 54,862,859
Common Stocks Sold Short (233,087,440)  —  — (233,087,440)
Total $230,494,293 $54,862,859 $ — $285,357,152
    
  For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.  
(1) All percentages shown in the Portfolio of Investments are based on net assets.  
(2) Non-income producing; issuer has not declared a dividend 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 $261,828,105 have been pledged as collateral for Common Stocks Sold Short.  
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