NPORT-EX 2 Invest_TR_II.htm
Nuveen Equity Long/Short Fund
Portfolio of Investments    May 31, 2020
(Unaudited)
Shares   Description (1)       Value
    LONG-TERM INVESTMENTS – 120.8%        
    COMMON STOCKS – 120.8%        
    Air Freight & Logistics – 2.1%        
23,700   CH Robinson Worldwide Inc       $1,922,781
25,200   XPO Logistics Inc, (2)       1,986,012
    Total Air Freight & Logistics       3,908,793
    Banks – 2.1%        
7,500   JPMorgan Chase & Co       729,825
25,500   Popular Inc       1,006,995
87,000   Sterling Bancorp/DE       1,070,100
28,000   Western Alliance Bancorp       1,068,200
    Total Banks       3,875,120
    Beverages – 0.5%        
25,200   Molson Coors Beverage Co, (2)       956,592
    Biotechnology – 8.9%        
30,200   AbbVie Inc       2,798,634
16,800   Alexion Pharmaceuticals Inc, (2)       2,014,320
11,300   Amgen Inc       2,595,610
6,900   Biogen Inc, (2)       2,118,921
29,300   Gilead Sciences Inc       2,280,419
18,000   United Therapeutics Corp, (2)       2,123,100
8,500   Vertex Pharmaceuticals Inc, (2)       2,447,660
    Total Biotechnology       16,378,664
    Building Products – 0.8%        
28,500   Owens Corning       1,496,250
    Capital Markets – 4.5%        
27,000   LPL Financial Holdings Inc       1,927,530
51,500   Morgan Stanley       2,276,300
26,000   Northern Trust Corp       2,054,260
35,200   State Street Corp       2,145,792
    Total Capital Markets       8,403,882
    Commercial Services & Supplies – 1.7%        
166,000   ADT Inc       1,175,280
7,600   Cintas Corp       1,884,496
    Total Commercial Services & Supplies       3,059,776
      1
Nuveen Equity Long/Short Fund (continued)
Portfolio of Investments    May 31, 2020
(Unaudited)
Shares   Description (1)       Value
    Construction & Engineering – 2.0%        
53,000   AECOM, (2)       $2,054,810
44,400   Quanta Services Inc       1,639,692
    Total Construction & Engineering       3,694,502
    Construction Materials – 1.1%        
30,000   Eagle Materials Inc, (2)       2,002,800
    Containers & Packaging – 1.1%        
45,300   Berry Global Group Inc, (2)       2,034,423
    Diversified Consumer Services – 1.7%        
47,000   frontdoor Inc, (2)       2,145,550
60,500   H&R Block Inc       1,028,500
    Total Diversified Consumer Services       3,174,050
    Electric Utilities – 0.9%        
25,800   Evergy Inc       1,591,602
    Electrical Equipment – 1.8%        
11,900   Hubbell Inc       1,456,798
23,000   Regal Beloit Corp       1,829,420
    Total Electrical Equipment       3,286,218
    Electronic Equipment, Instruments & Components – 1.3%        
16,000   Arrow Electronics Inc, (2)       1,105,280
46,000   Jabil Inc       1,376,320
    Total Electronic Equipment, Instruments & Components       2,481,600
    Entertainment – 2.5%        
18,500   Electronic Arts Inc, (2)       2,273,280
256,000   Zynga Inc, (2)       2,342,400
    Total Entertainment       4,615,680
    Food & Staples Retailing – 2.3%        
7,300   Costco Wholesale Corp       2,251,831
78,000   Sprouts Farmers Market Inc, (2)       1,960,140
    Total Food & Staples Retailing       4,211,971
    Food Products – 0.9%        
57,000   Kraft Heinz Co       1,736,790
    Health Care Providers & Services – 7.9%        
23,300   AmerisourceBergen Corp       2,221,422
11,900   Cigna Corp       2,348,108
25,200   DaVita Inc, (2)       2,040,192
5,950   Humana Inc       2,443,368
14,000   McKesson Corp       2,221,380
2      
Shares   Description (1)       Value
    Health Care Providers & Services (continued)        
11,250   UnitedHealth Group Inc       $3,429,562
    Total Health Care Providers & Services       14,704,032
    Hotels, Restaurants & Leisure – 2.1%        
233,000   International Game Technology PLC       1,964,190
58,500   Wyndham Destinations Inc       1,860,300
    Total Hotels, Restaurants & Leisure       3,824,490
    Household Durables – 3.1%        
32,500   DR Horton Inc       1,797,250
76,000   Newell Brands Inc       999,400
31,900   Tempur Sealy International Inc, (2)       2,080,837
7,400   Whirlpool Corp       901,468
    Total Household Durables       5,778,955
    Household Products – 1.0%        
39,800   Spectrum Brands Holdings Inc       1,883,336
    Independent Power & Renewable Electricity Producers – 1.0%        
93,000   Vistra Energy Corp       1,900,920
    Industrial Conglomerates – 0.9%        
14,400   Carlisle Cos Inc       1,725,984
    Interactive Media & Services – 5.3%        
3,750   Alphabet Inc, (2)       5,375,700
19,700   Facebook Inc, (2)       4,434,273
    Total Interactive Media & Services       9,809,973
    Internet & Direct Marketing Retail – 4.4%        
1,465   Amazoncom Inc, (2)       3,578,072
1,375   Booking Holdings Inc, (2)       2,254,203
52,000   eBay Inc       2,368,080
    Total Internet & Direct Marketing Retail       8,200,355
    IT Services – 4.8%        
26,200   Booz Allen Hamilton Holding Corp       2,089,712
7,500   CACI International Inc, (2)       1,880,850
20,000   GoDaddy Inc, (2)       1,545,000
11,200   Mastercard Inc       3,369,968
    Total IT Services       8,885,530
    Leisure Products – 1.0%        
32,000   Brunswick Corp/DE       1,760,320
    Machinery – 1.8%        
134,000   Gates Industrial Corp PLC, (2)       1,346,700
      3
Nuveen Equity Long/Short Fund (continued)
Portfolio of Investments    May 31, 2020
(Unaudited)
Shares   Description (1)       Value
    Machinery (continued)        
45,500   Timken Co       $1,935,570
    Total Machinery       3,282,270
    Metals & Mining – 1.1%        
20,700   Reliance Steel & Aluminum Co       2,007,900
    Multiline Retail – 1.3%        
19,500   Target Corp       2,385,435
    Multi-Utilities – 1.1%        
119,000   CenterPoint Energy Inc       2,115,820
    Oil, Gas & Consumable Fuels – 3.2%        
229,000   Antero Midstream Corp       1,094,620
284,000   Antero Resources Corp, (2)       849,160
55,000   Continental Resources Inc/OK, (2)       672,650
84,000   EQT Corp, (2)       1,120,560
148,000   Parsley Energy Inc       1,352,720
155,000   WPX Energy Inc, (2)       878,850
    Total Oil, Gas & Consumable Fuels       5,968,560
    Pharmaceuticals – 5.9%        
16,700   Eli Lilly and Co       2,554,265
17,100   Jazz Pharmaceuticals PLC, (2)       2,040,372
23,300   Johnson & Johnson       3,465,875
35,400   Merck & Co Inc       2,857,488
    Total Pharmaceuticals       10,918,000
    Professional Services – 0.6%        
15,600   ManpowerGroup Inc       1,078,584
    Real Estate Management & Development – 0.4%        
16,000   CBRE Group Inc, (2)       703,680
    Road & Rail – 3.1%        
13,500   Kansas City Southern       2,032,020
18,000   Landstar System Inc       2,092,680
64,500   Schneider National Inc       1,558,965
    Total Road & Rail       5,683,665
    Semiconductors & Semiconductor Equipment – 4.1%        
53,500   Intel Corp       3,366,755
19,000   Qorvo Inc, (2)       1,990,060
27,500   QUALCOMM Inc       2,224,200
    Total Semiconductors & Semiconductor Equipment       7,581,015
4      
Shares   Description (1)       Value
    Software – 16.1%        
7,400   Adobe Inc, (2)       $2,860,840
10,900   Autodesk Inc, (2)       2,293,142
12,000   Cadence Design Systems Inc, (2)       1,095,480
14,700   Citrix Systems Inc       2,177,364
92,500   Dropbox Inc, (2)       2,087,725
5,300   Fair Isaac Corp, (2)       2,134,045
14,500   Fortinet Inc, (2)       2,018,400
46,400   Microsoft Corp       8,502,800
103,000   NortonLifeLock Inc       2,346,340
90,000   Nuance Communications Inc, (2)       2,059,200
43,000   Oracle Corp       2,312,110
    Total Software       29,887,446
    Specialty Retail – 5.3%        
26,300   Best Buy Co Inc       2,053,767
10,000   Burlington Stores Inc, (2)       2,096,700
13,400   Home Depot Inc       3,329,632
28,200   Williams-Sonoma Inc       2,346,522
    Total Specialty Retail       9,826,621
    Technology Hardware, Storage & Peripherals – 6.2%        
25,700   Apple Inc       8,171,058
46,500   Dell Technologies Inc, (2)       2,308,260
67,000   HP Inc       1,014,380
    Total Technology Hardware, Storage & Peripherals       11,493,698
    Textiles, Apparel & Luxury Goods – 1.1%        
23,400   Carter's Inc, (2)       2,010,294
    Tobacco – 0.6%        
28,000   Altria Group Inc       1,093,400
    Wireless Telecommunication Services – 1.2%        
21,700   T-Mobile US Inc, (2)       2,170,868
    Total Long-Term Investments (cost $189,275,281)       223,589,864
    
      5
Nuveen Equity Long/Short Fund (continued)
Portfolio of Investments    May 31, 2020
(Unaudited)
Principal Amount (000)   Description (1) Coupon Maturity   Value
    SHORT-TERM INVESTMENTS – 16.9%        
    REPURCHASE AGREEMENTS – 16.9%        
$31,286   Repurchase Agreement with Fixed Income Clearing Corporation, dated 5/29/20, repurchase price $31,286,446, collateralized by $29,125,000 U.S. Treasury Notes, 2.000%, due 11/15/26, value $31,915,175 0.000% 6/01/20   $31,286,446
    Total Short-Term Investments (cost $31,286,446)       31,286,446
    Total Investments (cost $220,561,727) – 137.7%       254,876,310
    
Shares   Description (1)       Value
    COMMON STOCKS SOLD SHORT – (55.4)% (3)        
    Aerospace & Defense – (1.1)%        
(4,700)   Boeing Co, (2)       $(685,495)
(13,000)   HEICO Corp       (1,309,880)
    Total Aerospace & Defense       (1,995,375)
    Air Freight & Logistics – (0.7)%        
(10,000)   FedEx Corp       (1,305,600)
    Automobiles – (0.2)%        
(475)   Tesla Inc, (2)       (396,625)
    Banks – (0.6)%        
(95,000)   Umpqua Holdings Corp       (1,082,050)
    Biotechnology – (0.5)%        
(11,900)   Exact Sciences Corp, (2)       (1,021,972)
    Building Products – (0.7)%        
(5,800)   Lennox International Inc       (1,240,272)
    Capital Markets – (0.7)%        
(4,050)   FactSet Research Systems Inc       (1,245,415)
    Chemicals – (2.8)%        
(4,100)   Air Products and Chemicals Inc       (990,765)
(17,500)   Albemarle Corp       (1,339,100)
(5,300)   International Flavors & Fragrances Inc       (705,907)
(66,000)   Valvoline Inc       (1,211,100)
(19,500)   WR Grace & Co       (1,017,900)
    Total Chemicals       (5,264,772)
6      
Shares   Description (1)       Value
    Commercial Services & Supplies – (2.1)%        
(15,100)   Copart Inc, (2)       $(1,349,789)
(29,000)   IAA Inc, (2)       (1,189,000)
(23,100)   Stericycle Inc, (2)       (1,266,573)
    Total Commercial Services & Supplies       (3,805,362)
    Communications Equipment – (0.3)%        
(4,100)   Motorola Solutions Inc       (554,853)
    Consumer Finance – (0.7)%        
(3,500)   Credit Acceptance Corp, (2)       (1,294,370)
    Containers & Packaging – (1.0)%        
(30,000)   Sealed Air Corp       (963,000)
(19,000)   Sonoco Products Co       (984,390)
    Total Containers & Packaging       (1,947,390)
    Diversified Consumer Services – (1.3)%        
(10,800)   Bright Horizons Family Solutions Inc, (2)       (1,208,304)
(13,100)   Grand Canyon Education Inc, (2)       (1,278,429)
    Total Diversified Consumer Services       (2,486,733)
    Diversified Telecommunication Services – (0.6)%        
(16,000)   GCI Liberty Inc, (2)       (1,107,040)
    Electric Utilities – (2.2)%        
(16,100)   Edison International       (935,571)
(12,800)   Eversource Energy       (1,071,360)
(16,500)   Southern Co       (941,655)
(18,000)   Xcel Energy Inc       (1,170,540)
    Total Electric Utilities       (4,119,126)
    Electronic Equipment, Instruments & Components – (1.9)%        
(47,500)   Corning Inc       (1,082,525)
(22,500)   FLIR Systems Inc       (1,039,500)
(8,500)   IPG Photonics Corp, (2)       (1,320,900)
    Total Electronic Equipment, Instruments & Components       (3,442,925)
    Entertainment – (1.6)%        
(28,000)   Liberty Media Corp-Liberty Formula One, (2)       (970,200)
(7,500)   Madison Square Garden Sports C, (2)       (1,279,725)
(17,000)   World Wrestling Entertainment Inc       (786,590)
    Total Entertainment       (3,036,515)
    Equity Real Estate Investment Trust – (0.6)%        
(29,000)   UDR Inc       (1,072,420)
      7
Nuveen Equity Long/Short Fund (continued)
Portfolio of Investments    May 31, 2020
(Unaudited)
Shares   Description (1)       Value
    Food & Staples Retailing – (1.5)%        
(24,500)   Grocery Outlet Holding Corp, (2)       $(901,845)
(17,500)   Sysco Corp       (965,300)
(47,000)   US Foods Holding Corp, (2)       (885,625)
    Total Food & Staples Retailing       (2,752,770)
    Food Products – (3.1)%        
(33,500)   Archer-Daniels-Midland Co       (1,316,885)
(6,900)   Beyond Meat Inc, (2)       (885,201)
(32,100)   Bunge Ltd       (1,252,542)
(23,800)   Hormel Foods Corp       (1,162,154)
(6,400)   McCormick & Co Inc/MD       (1,121,024)
    Total Food Products       (5,737,806)
    Gas Utilities – (0.4)%        
(6,500)   Atmos Energy Corp       (668,070)
    Health Care Equipment & Supplies – (2.9)%        
(28,600)   Cantel Medical Corp, (2)       (1,203,488)
(4,900)   ICU Medical Inc, (2)       (978,138)
(1,800)   Intuitive Surgical Inc, (2)       (1,044,054)
(5,300)   Penumbra Inc, (2)       (913,826)
(9,800)   Varian Medical Systems Inc, (2)       (1,189,622)
    Total Health Care Equipment & Supplies       (5,329,128)
    Health Care Technology – (0.7)%        
(101,000)   Change Healthcare Inc, (2)       (1,260,480)
    Hotels, Restaurants & Leisure – (2.6)%        
(12,500)   Darden Restaurants Inc, (2)       (960,750)
(13,600)   Marriott International Inc/MD, (2)       (1,203,600)
(11,700)   Starbucks Corp       (912,483)
(26,100)   Yum China Holdings Inc, (2)       (1,209,474)
(6,300)   Yum! Brands Inc       (565,299)
    Total Hotels, Restaurants & Leisure       (4,851,606)
    Industrial Conglomerates – (0.3)%        
(3,200)   3M Co       (500,608)
    Insurance – (1.1)%        
(7,000)   Marsh & McLennan Cos Inc       (741,440)
(21,300)   WR Berkley Corp       (1,234,335)
    Total Insurance       (1,975,775)
    Interactive Media & Services – (0.5)%        
(16,000)   Zillow Group Inc, (2)       (927,840)
8      
Shares   Description (1)       Value
    Internet & Direct Marketing Retail – (0.3)%        
(9,000)   Grubhub Inc, (2)       $(510,660)
    IT Services – (1.1)%        
(22,500)   Alliance Data Systems Corp       (1,042,425)
(11,300)   Square Inc, (2)       (916,204)
    Total IT Services       (1,958,629)
    Leisure Products – (0.5)%        
(13,700)   Hasbro Inc       (1,007,087)
    Machinery – (2.0)%        
(27,700)   Graco Inc       (1,335,417)
(9,300)   Snap-on Inc       (1,206,117)
(17,700)   Toro Co       (1,257,939)
    Total Machinery       (3,799,473)
    Metals & Mining – (0.3)%        
(60,000)   Freeport-McMoRan Inc, (2)       (544,200)
    Multiline Retail – (1.3)%        
(11,700)   Dollar Tree Inc, (2)       (1,145,079)
(12,900)   Ollie's Bargain Outlet Holdings Inc, (2)       (1,179,705)
    Total Multiline Retail       (2,324,784)
    Multi-Utilities – (1.9)%        
(9,000)   Ameren Corp       (672,570)
(12,700)   Consolidated Edison Inc       (953,262)
(11,500)   Dominion Energy Inc       (977,615)
(7,800)   Sempra Energy       (985,218)
    Total Multi-Utilities       (3,588,665)
    Oil, Gas & Consumable Fuels – (1.6)%        
(9,500)   Exxon Mobil Corp       (431,965)
(22,500)   Hess Corp       (1,068,075)
(18,000)   ONEOK Inc       (660,420)
(10,500)   Phillips 66       (821,730)
    Total Oil, Gas & Consumable Fuels       (2,982,190)
    Personal Products – (0.6)%        
(5,200)   Estee Lauder Cos Inc, (2)       (1,026,844)
    Pharmaceuticals – (0.7)%        
(62,000)   Elanco Animal Health Inc, (2)       (1,327,420)
    Professional Services – (0.5)%        
(5,650)   Equifax Inc       (867,614)
      9
Nuveen Equity Long/Short Fund (continued)
Portfolio of Investments    May 31, 2020
(Unaudited)
Shares   Description (1)       Value
    Road & Rail – (1.3)%        
(34,000)   Lyft Inc, (2)       $(1,062,840)
(36,000)   Uber Technologies Inc, (2)       (1,307,520)
    Total Road & Rail       (2,370,360)
    Semiconductors & Semiconductor Equipment – (1.3)%        
(26,800)   First Solar Inc, (2)       (1,249,416)
(5,900)   Monolithic Power Systems Inc       (1,237,525)
    Total Semiconductors & Semiconductor Equipment       (2,486,941)
    Software – (5.1)%        
(22,000)   Anaplan Inc, (2)       (1,010,240)
(11,200)   Elastic NV, (2)       (962,304)
(111,000)   FireEye Inc, (2)       (1,385,280)
(9,500)   New Relic Inc, (2)       (628,425)
(26,000)   Nutanix Inc, (2)       (625,560)
(45,000)   PagerDuty Inc, (2)       (1,194,750)
(45,000)   Pluralsight Inc, (2)       (937,350)
(6,000)   Splunk Inc, (2)       (1,115,040)
(4,000)   Workday Inc, (2)       (733,720)
(9,100)   Zendesk Inc, (2)       (780,325)
    Total Software       (9,372,994)
    Specialty Retail – (1.4)%        
(14,300)   CarMax Inc, (2)       (1,259,115)
(11,900)   Five Below Inc, (2)       (1,245,335)
    Total Specialty Retail       (2,504,450)
    Textiles, Apparel & Luxury Goods – (1.0)%        
(45,000)   Capri Holdings Ltd, (2)       (676,800)
(16,800)   Columbia Sportswear Co, (2)       (1,227,408)
    Total Textiles, Apparel & Luxury Goods       (1,904,208)
    Thrifts & Mortgage Finance – (0.6)%        
(4,600)   LendingTree Inc, (2)       (1,196,092)
    Trading Companies & Distributors – (0.6)%        
(29,000)   Fastenal Co       (1,196,540)
    Water Utilities – (0.6)%        
(24,900)   Essential Utilities Inc       (1,089,624)
    Total Common Stocks Sold Short (proceeds $103,629,923)       (102,481,673)
    Other Assets Less Liabilities – 17.7%       32,685,229
    Net Assets – 100%       $185,079,866
10      
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
The Fund's investments in securities are recorded at their estimated fair value. 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 $223,589,864 $ — $ — $223,589,864
Short-Term Investments:        
Repurchase Agreements  — 31,286,446  — 31,286,446
Common Stocks Sold Short (102,481,673)  —  — (102,481,673)
Total $121,108,191 $31,286,446 $ — $152,394,637
    
  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 $126,965,443 have been pledged as collateral for Common Stocks Sold Short.  
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