# EDGAR Filing Document

**Accession Number:** 0001041673
**File Stem:** 0001193125-25-269373
**Filing Date:** 2025-11
**Character Count:** 159386
**Document Hash:** 4ccac43fea881154b3487faa79dc7cf2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-269373.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001193125-25-269373

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**EFFECTIVENESS DATE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NUVEEN INVESTMENT TRUST II
- **CENTRAL INDEX KEY:** 0001041673

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08333
- **FILM NUMBER:** 251457949

**BUSINESS ADDRESS:**
- **STREET 1:** C/O NUVEEN INVESTMENTS
- **STREET 2:** 333 W WACKER DR 32ND FL
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-917-8146

**MAIL ADDRESS:**
- **STREET 1:** C/O NUVEEN INVESTMENTS
- **STREET 2:** 333 W WACKER DR 32ND FL
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

## Series and Classes Contracts Data

### Nuveen Equity Long/Short Fund (Series ID: S000024570)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000072944 | Class A      | NELAX           |
| C000072945 | Class C      | NELCX           |
| C000072947 | Class I      | NELIX           |

?xml version='1.0' encoding='ASCII'? Nuveen Investment Trust II

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: (<u>312) 917-7700</u>

Date of fiscal year end: <u>August 31</u>

Date of reporting period: <u>August 31, 2025</u>

------

**Item 1.** **Reports to Stockholders.**<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g41982g1g19w55.jpg) | <br> Annual Shareholder Report <br>August 31, 2025  |

---

Nuveen Equity Long/Short Fund

Class A Shares/NELAX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Equity Long/Short Fund for the period of September 1, 2024 to August 31, 2025. 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.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $230 | 2.16% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Equity Long/Short Fund returned 12.94% for Class A Shares at net asset value (NAV) for the 12 months ended August 31, 2025. The Fund performed in line with the Equity Long/Short Blended Benchmark, which returned 12.77%. The Fund's blended benchmark consists of 1) 70% Russell 1000<sup>®</sup> Index, and 2) 30% ICE BofA U.S. 3-Month Treasury Bill Index.<br>•  Top contributors to relative performance<br>•  Security selection in the industrials sector, led by overweight long positions in Howmet Aerospace Inc. and nVent Electric plc.<br>•  Security selection and an overweight in the communication services sector, led by overweight long positions in Live Nation Entertainment, Inc. and Netflix Inc.<br>•  Security selection in the consumer discretionary sector, led by a short position in RH (formerly Restoration Hardware Holdings Inc.).<br>•  Top detractors from relative performance<br>•  Security selection and an overweight in the financials sector, including overweight long positions in Fiserv, Inc. and Arch Capital Group Ltd.<br>•  Overweight long position in Marvell Technology, Inc.<br>•  Security selection in the health care sector, including overweight long positions in BioMarin Pharmaceutical Inc. and UnitedHealth Group Incorporated.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (September 1, 2015 through August 31, 2025) **Initial Investment of $10,000**

![LOGO](g41982g1g02k02.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 12.94% | 12.34% | 8.87% |
| &nbsp;&nbsp;&nbsp; Class A Shares at maximum sales charge (Offering Price) | 6.45% | 11.02% | 8.23% |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.33% |
| &nbsp;&nbsp;&nbsp; Equity Long/Short Blended Benchmark | 12.77% | 11.09% | 10.79% |
| &nbsp;&nbsp;&nbsp; Lipper Alternative Long/Short Equity Funds Classification Average | 9.30% | 8.89% | 6.21% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $146903514 |
|  Total number of portfolio holdings | 177 |
|  Portfolio turnover (%) | 65% |
|  Total management fees paid for the year | $1773403 |

---

2 continued>>

------

What did the Fund invest in? (as of August 31, 2025)

![LOGO](g41982g1g01k01.jpg)

![LOGO](g41982g1g01k02.jpg)

![LOGO](g41982g1g01k03.jpg)

<sup>(1)</sup> Includes the gross market value of the Fund's long and short exposure.

3 continued>>

------

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by December 30, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Changes in independent registered public accounting firm

On October 24, 2024, the Fund's Board of Trustees engaged PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund and dismissed KPMG LLP ("KPMG") as the independent registered public accounting firm for the Fund subject to the completion of the August 31, 2024 fiscal year end audit. During the Fund's fiscal years ended August 31, 2024 and August 31, 2023, and the subsequent interim period through October 29, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

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_AR_0825<br> 4786782 | ![LOGO](g41982g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g41982g1g19w55.jpg) | <br> Annual Shareholder Report <br>August 31, 2025  |

---

Nuveen Equity Long/Short Fund

Class C Shares/NELCX

Annual Shareholder Report

This annual shareholder report contains important information about the Class C Shares of the Nuveen Equity Long/Short Fund for the period of September 1, 2024 to August 31, 2025. 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.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class C Shares | $309 | 2.91% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Equity Long/Short Fund returned 12.09% for Class C Shares at net asset value (NAV) for the 12 months ended August 31, 2025. The Fund underperformed the Equity Long/Short Blended Benchmark, which returned 12.77%. The Fund's blended benchmark consists of 1) 70% Russell 1000<sup>®</sup> Index, and 2) 30% ICE BofA U.S. 3-Month Treasury Bill Index.<br>•  Top contributors to relative performance<br>•  Security selection in the industrials sector, led by overweight long positions in Howmet Aerospace Inc. and nVent Electric plc.<br>•  Security selection and an overweight in the communication services sector, led by overweight long positions in Live Nation Entertainment, Inc. and Netflix Inc.<br>•  Security selection in the consumer discretionary sector, led by a short position in RH (formerly Restoration Hardware Holdings Inc.).<br>•  Top detractors from relative performance<br>•  Security selection and an overweight in the financials sector, including overweight long positions in Fiserv, Inc. and Arch Capital Group Ltd.<br>•  Overweight long position in Marvell Technology, Inc.<br>•  Security selection in the health care sector, including overweight long positions in BioMarin Pharmaceutical Inc. and UnitedHealth Group Incorporated.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (September 1, 2015 through August 31, 2025) **Initial Investment of $10,000**

![LOGO](g41982g1g08s08.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class C Shares at NAV (excluding maximum sales charge) | 12.09% | 11.50% | 8.22% |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.33% |
| &nbsp;&nbsp;&nbsp; Equity Long/Short Blended Benchmark | 12.77% | 11.09% | 10.79% |
| &nbsp;&nbsp;&nbsp; Lipper Alternative Long/Short Equity Funds Classification Average | 9.30% | 8.89% | 6.21% |

---

Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $146903514 |
|  Total number of portfolio holdings | 177 |
|  Portfolio turnover (%) | 65% |
|  Total management fees paid for the year | $1773403 |

---

2 continued>>

------

What did the Fund invest in? (as of August 31, 2025)

![LOGO](g41982g1g95q44.jpg)

![LOGO](g41982g1g92e75.jpg)

![LOGO](g41982g1g55j16.jpg)

<sup>(1)</sup> Includes the gross market value of the Fund's long and short exposure.

3 continued>>

------

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by December 30, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Changes in independent registered public accounting firm

On October 24, 2024, the Fund's Board of Trustees engaged PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund and dismissed KPMG LLP ("KPMG") as the independent registered public accounting firm for the Fund subject to the completion of the August 31, 2024 fiscal year end audit. During the Fund's fiscal years ended August 31, 2024 and August 31, 2023, and the subsequent interim period through October 29, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

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_AR_0825<br> 4786782 | ![LOGO](g41982g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g41982g1g19w55.jpg) | <br> Annual Shareholder Report <br>August 31, 2025  |

---

Nuveen Equity Long/Short Fund

Class I Shares/NELIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Equity Long/Short Fund for the period of September 1, 2024 to August 31, 2025. 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.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br>**$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $204 | 1.91% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Equity Long/Short Fund returned 13.24% for Class I Shares at net asset value (NAV) for the 12 months ended August 31, 2025. The Fund outperformed the Equity Long/Short Blended Benchmark, which returned 12.77%. The Fund's blended benchmark consists of 1) 70% Russell 1000<sup>®</sup> Index, and 2) 30% ICE BofA U.S. 3-Month Treasury Bill Index.<br>•  Top contributors to relative performance<br>•  Security selection in the industrials sector, led by overweight long positions in Howmet Aerospace Inc. and nVent Electric plc.<br>•  Security selection and an overweight in the communication services sector, led by overweight long positions in Live Nation Entertainment, Inc. and Netflix Inc.<br>•  Security selection in the consumer discretionary sector, led by a short position in RH (formerly Restoration Hardware Holdings Inc.).<br>•  Top detractors from relative performance<br>•  Security selection and an overweight in the financials sector, including overweight long positions in Fiserv, Inc. and Arch Capital Group Ltd.<br>•  Overweight long position in Marvell Technology, Inc.<br>•  Security selection in the health care sector, including overweight long positions in BioMarin Pharmaceutical Inc. and UnitedHealth Group Incorporated.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (September 1, 2015 through August 31, 2025) **Initial Investment of $10,000**

![LOGO](g41982g1g14p14.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 13.24% | 12.62% | 9.15% |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.33% |
| &nbsp;&nbsp;&nbsp; Equity Long/Short Blended Benchmark | 12.77% | 11.09% | 10.79% |
| &nbsp;&nbsp;&nbsp; Lipper Alternative Long/Short Equity Funds Classification Average | 9.30% | 8.89% | 6.21% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $146903514 |
|  Total number of portfolio holdings | 177 |
|  Portfolio turnover (%) | 65% |
|  Total management fees paid for the year | $1773403 |

---

2 continued>>

------

What did the Fund invest in? (as of August 31, 2025)

![LOGO](g41982g1g37x63.jpg)

![LOGO](g41982g1g75j60.jpg)

![LOGO](g41982g1g51i96.jpg)

<sup>(1)</sup> Includes the gross market value of the Fund's long and short exposure.

3 continued>>

------

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by December 30, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Changes in independent registered public accounting firm

On October 24, 2024, the Fund's Board of Trustees engaged PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund and dismissed KPMG LLP ("KPMG") as the independent registered public accounting firm for the Fund subject to the completion of the August 31, 2024 fiscal year end audit. During the Fund's fiscal years ended August 31, 2024 and August 31, 2023, and the subsequent interim period through October 29, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

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_AR_0825<br> 4786782 | <br> ![LOGO](g41982g1g85u20.jpg)  |

---

4.0 ------

**Item 2.** **Code of Ethics.** <br>

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. Upon request, a copy of the registrant's code of ethics is available without charge by calling 800-257-8787.

------

**Item 3.** **Audit Committee Financial Expert.** <br>

As of the end of the period covered by this report, the registrant's Board of Directors or Trustees ("Board") had determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The members of the registrant's audit committee that have been designated as audit committee financial experts are Joseph A. Boateng, John K. Nelson, Loren M. Starr and Robert L. Young, who are "independent" for purposes of Item 3 of Form N-CSR.

Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees' Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1 (2019-2023).

Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank's Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank's representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and Chair of the Audit Committee for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 (2022-2023).

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. ("J.P. Morgan Investment") and its affiliates (collectively, "J.P. Morgan"). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan's domestic retail mutual fund and institutional commingled and separate account businesses and co-led these activities for J.P. Morgan's global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm's midwestern mutual fund practice.

------

**Item 4.** **Principal Accountant Fees and Services.** <br>

Nuveen Investment Trust II

The following tables show the amount of fees that PricewaterhouseCoopers LLP ("PwC"), the Registrant's current independent registered public accounting firm, billed to the Registrant during the Registrant's fiscal year ended August 31, 2025, and the amount of fees that KPMG LLP ("KPMG"), the Registrant's former independent registered public accounting firm, billed to the Registrant during the Registrant's fiscal year ended August 31, 2024. The Audit Committee approved in advance all audit services and non-audit services that PwC and KPMG provided to the Registrant, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the "pre-approval exception"). The pre-approval exception for services provided directly to the Registrant waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant during the fiscal year in which the services are provided; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chair.

SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

BILLED TO THE REGISTRANT

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended<sup>5</sup>** | **Audit Fees<br>Billed to Registrant<sup>1</sup>** | **Audit-Related Fees<br>Billed to Registrant<sup>2</sup>** | **Tax Fees<br>Billed to Registrant<sup>3</sup>** | **All Other Fees<br>Billed to Registrant<sup>4</sup>** |
| August 31, 2025 (PwC) | $26628 | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |
| August 31, 2024 (KPMG) | $26600 | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |

---

1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Registrant's annual financial statements and services provided in connection with statutory and regulatory filings.

2 "Audit-Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under "Audit Fees".

3 "Tax Fees" are the aggregate fees billed for professional services for tax compliance, tax advice, and tax planning.

4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees".

5 The Registrant changed audit firm from KPMG to PwC on October 24, 2024.

SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

BILLED TO THE ADVISER AND AFFILIATED REGISTRANT SERVICE PROVIDERS

The following tables show the amount of fees billed by PwC to Nuveen Fund Advisors, LLC (the "Adviser"), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant ("Affiliated Fund Service Provider"), for engagements directly related to the Registrant's operations and financial reporting, during the Registrant's fiscal year ended August 31, 2025, and the amount of fees billed by KPMG to the Adviser and any Affiliated Fund Service Provider, for engagements directly related to the Registrant's operations and financial reporting, during the Registrant's fiscal year ended August 31, 2024.

------

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the Registrant's audit is completed.

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Audit-Related Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** | **Tax Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** | **All Other Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** |
| August 31, 2025 (PwC) | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |
| August 31, 2024 (KPMG) | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |

---

NON-AUDIT SERVICES

The following table shows the amount of fees that PwC billed during the Registrant's fiscal year ended August 31, 2025 for non-audit services, and the amount of fees that KPMG billed during the Registrant's fiscal year ended August 31, 2024 for non-audit services. The Audit Committee is required to pre-approve non-audit services that the Registrant's independent registered public accounting firm provides to the Adviser and any Affiliated Fund Service Provider, if the engagement related directly to the Registrant's operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from PwC and KPMG about any non-audit services rendered during the Registrant's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PwC's and KPMG's independence.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Total Non-Audit Fees<br>Billed to Registrant** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (engagements<br>related directly to the<br>operations and financial<br>reporting of the<br>Registrant)** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (all other<br>engagements)** | **Total** |
| August 31, 2025 (PwC) | $0 | $0 | $11084014 | $11084014 |
| August 31, 2024 (KPMG) | $0 | $0 | $0 | $0 |

---

"Non-Audit Fees billed to Registrant" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to the Registrant in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the independent registered public accounting firm's engagement to audit the Registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the independent registered public accounting firm's full-time, permanent employees.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Registrant by the Registrant's independent registered public accounting firm and (ii) all audit and non-audit services to be performed by the Registrant's independent registered public accounting firm for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Registrant.

------

Item 4(i) and Item 4(j) are not applicable to the Registrant.

------

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable to this registrant.

------

**Item 6.** **Investments.** <br>

(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.** <br>

------

Report of Independent Registered

Public Accounting Firm

To the Board of Trustees of Nuveen Investment Trust II and Shareholders of Nuveen Equity

Long/Short Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of

Nuveen Equity Long/Short Fund (one of the funds constituting Nuveen Investment Trust II, hereafter referred to as the

"Fund") as of August 31, 2025, the related statements of operations, changes in net assets and cash flows, including

the related notes, and the financial highlights for the year ended August 31, 2025 (collectively referred to as the

"financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial

position of the Fund as of August 31, 2025, and the results of its operations, changes in its net assets, its cash flows

and the financial highlights for the year ended August 31, 2025 in conformity with accounting principles generally

accepted in the United States of America.

The financial statements of the Fund as of and for the year ended August 31, 2024 and the financial highlights for each

of the periods ended on or prior to August 31, 2024 (not presented herein, other than the statement of changes in net

assets and the financial highlights) were audited by other auditors whose report dated October 29, 2024 expressed an

unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion

on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public

Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to

the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities

and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards

require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are

free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements,

whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included

examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit

also included evaluating the accounting principles used and significant estimates made by management, as well as

evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities

owned as of August 31, 2025 by correspondence with the custodian and brokers. We believe that our audit provides a

reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

October 29, 2025

We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.

Portfolio of Investments August 31, 2025

Equity Long/Short

See Notes To Financial Statements

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 98.5%

144648691

COMMON STOCKS - 98.5%

144648691

AUTOMOBILES & COMPONENTS - 0.9%

3,900

(a) Tesla Inc

$

1,302,093

TOTAL AUTOMOBILES & COMPONENTS

1,302,093

BANKS - 5.4%

15,000

Citigroup Inc

1,448,550

33,500

Fifth Third Bancorp

1,533,295

5,000

JPMorgan Chase & Co

1,507,100

7,700

M&T Bank Corp

1,552,782

23,700

Wells Fargo & Co

1,947,666

TOTAL BANKS

7,989,393

CAPITAL GOODS - 12.6%

12,500

AECOM

1,561,125

4,800

Eaton Corp PLC

1,675,872

11,600

Emerson Electric Co

1,531,200

28,200

Flowserve Corp

1,513,212

8,700

Howmet Aerospace Inc

1,514,670

3,000

L3Harris Technologies Inc

832,860

2,750

Northrop Grumman Corp

1,622,610

17,600

nVent Electric PLC

1,590,864

2,200

Parker-Hannifin Corp

1,670,570

12,200

RTX Corp

1,934,920

3,800

Trane Technologies PLC

1,579,280

8,000

Westinghouse Air Brake Technologies Corp

1,548,000

TOTAL CAPITAL GOODS

18,575,183

COMMERCIAL & PROFESSIONAL SERVICES - 2.8%

5,500

Cintas Corp

1,155,165

5,600

Republic Services Inc

1,310,232

15,000

Veralto Corp

1,592,850

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

4,058,247

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 6.1%

20,300

(a) Amazon.com Inc

4,648,700

4,100

Home Depot Inc/The

1,667,757

15,700

(a) O'Reilly Automotive Inc

1,627,776

7,800

TJX Cos Inc/The

1,065,558

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

9,009,791

CONSUMER DURABLES & APPAREL - 0.7%

3,400

Ralph Lauren Corp

1,009,562

TOTAL CONSUMER DURABLES & APPAREL

1,009,562

CONSUMER SERVICES - 1.7%

9,800

Boyd Gaming Corp

841,428

6,000

Hilton Worldwide Holdings Inc

1,656,360

TOTAL CONSUMER SERVICES

2,497,788

CONSUMER STAPLES DISTRIBUTION & RETAIL - 3.5%

2,900

Casey's General Stores Inc

1,434,108

1,650

Costco Wholesale Corp

1,556,478

21,500

Walmart Inc

2,085,070

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

5,075,656

ENERGY - 2.9%

5,100

Cheniere Energy Inc

1,233,282

14,100

Exxon Mobil Corp

1,611,489

52,300

Kinder Morgan Inc

1,411,054

TOTAL ENERGY

4,255,825

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.4%

6,000

American Tower Corp

1,223,100

6,800

Prologis Inc

773,704

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

1,996,804

Portfolio of Investments August 31, 2025

(continued)

Equity Long/Short

See Notes To Financial Statements

SHARES

DESCRIPTION

VALUE

FINANCIAL SERVICES - 7.8%

5,400

American Express Co

$

1,788,912

1,600

Ameriprise Financial Inc

823,696

4,000

(a) Corpay Inc

1,302,680

11,400

KKR & Co Inc

1,590,186

2,100

Mastercard Inc, Class A

1,250,109

16,700

Nasdaq Inc

1,582,158

3,300

S&P Global Inc

1,809,852

28,000

(a) Toast Inc, Class A

1,262,800

TOTAL FINANCIAL SERVICES

11,410,393

FOOD, BEVERAGE & TOBACCO - 1.1%

24,400

Coca-Cola Co/The

1,683,356

TOTAL FOOD, BEVERAGE & TOBACCO

1,683,356

HEALTH CARE EQUIPMENT & SERVICES - 4.6%

16,200

(a) Boston Scientific Corp

1,709,100

2,650

Cigna Group/The

797,305

2,650

(a) Intuitive Surgical Inc

1,254,232

4,100

Stryker Corp

1,604,781

5,150

(a) Veeva Systems Inc, Class A

1,386,380

TOTAL HEALTH CARE EQUIPMENT & SERVICES

6,751,798

HOUSEHOLD & PERSONAL PRODUCTS - 1.4%

8,500

Estee Lauder Cos Inc/The, Class A

779,705

58,500

Kenvue Inc

1,211,535

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

1,991,240

INSURANCE - 1.6%

8,000

(a) Globe Life Inc

1,119,600

5,100

Progressive Corp/The

1,260,006

TOTAL INSURANCE

2,379,606

MATERIALS - 4.2%

3,900

Air Products and Chemicals Inc

1,147,029

10,900

DuPont de Nemours Inc

838,428

18,000

Freeport-McMoRan Inc

799,200

3,650

(a) Linde PLC

1,745,759

34,000

Smurfit WestRock PLC

1,610,240

TOTAL MATERIALS

6,140,656

MEDIA & ENTERTAINMENT - 7.7%

15,700

Alphabet Inc, Class A

3,342,687

4,600

Meta Platforms Inc

3,398,020

1,925

(a) Netflix Inc

2,325,881

3,100

(a) Take-Two Interactive Software Inc

723,137

13,000

Walt Disney Co/The

1,538,940

TOTAL MEDIA & ENTERTAINMENT

11,328,665

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 3.4%

1,950

Eli Lilly & Co

1,428,531

20,500

(a) Exelixis Inc

767,110

2,200

(a) Regeneron Pharmaceuticals Inc

1,277,540

5,100

(a) United Therapeutics Corp

1,554,276

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

5,027,457

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 10.2%

13,000

Broadcom Inc

3,866,070

40,000

Intel Corp

974,000

17,500

Lam Research Corp

1,752,625

47,800

NVIDIA Corp

8,325,804

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

14,918,499

SOFTWARE & SERVICES - 9.2%

15,200

Microsoft Corp

7,701,688

9,300

(a) Palo Alto Networks Inc

1,771,836

4,200

Salesforce Inc

1,076,250

1,500

(a) ServiceNow Inc

1,376,190

2,750

(a) Synopsys Inc

1,659,680

TOTAL SOFTWARE & SERVICES

13,585,644

See Notes To Financial Statements

SHARES

DESCRIPTION

VALUE

TECHNOLOGY HARDWARE & EQUIPMENT - 6.3%

25,000

Apple Inc

$

5,803,500

12,900

(a) Arista Networks Inc

1,761,495

24,300

Cisco Systems Inc

1,678,887

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

9,243,882

UTILITIES - 3.0%

21,300

Alliant Energy Corp

1,385,991

9,700

American Electric Power Co Inc

1,076,894

7,000

Duke Energy Corp

857,430

5,800

Vistra Corp

1,096,838

TOTAL UTILITIES

4,417,153

TOTAL COMMON STOCKS

(Cost $93,337,455)

144,648,691

TOTAL LONG-TERM INVESTMENTS

(Cost $93,337,455)

144,648,691

SHARES

DESCRIPTION

VALUE

-42033664

COMMON STOCKS SOLD SHORT - (28.6)% (b)

X

(42,033,664)

AUTOMOBILES & COMPONENTS - (0.3)%

(4,300)

Thor Industries Inc

$

(471,280)

TOTAL AUTOMOBILES & COMPONENTS

(471,280)

a

a

a

a

a

a

a

a

BANKS - (0.9)%

(22,700)

KeyCorp

(439,472)

(10,000)

Synovus Financial Corp

(516,100)

(9,000)

Truist Financial Corp

(421,380)

TOTAL BANKS

(1,376,952)

a

a

a

a

a

a

a

a

CAPITAL GOODS - (4.5)%

(6,700)

A O Smith Corp

(477,643)

(4,200)

AGCO Corp

(454,398)

(6,300)

Donaldson Co Inc

(501,921)

(9,600)

Fortive Corp

(459,456)

(8,750)

Fortune Brands Innovations Inc

(512,050)

(5,300)

Graco Inc

(452,567)

(1,700)

Huntington Ingalls Industries Inc

(460,343)

(850) Lennox International Inc

(474,181)

(5,000)

Otis Worldwide Corp

(431,900)

(4,000)

PACCAR Inc

(399,920)

(3,300)

(a) SiteOne Landscape Supply Inc

(472,692)

(6,300)

Timken Co/The

(486,549)

(6,100)

Toro Co/The

(494,466)

(1,150)

Watsco Inc

(462,737)

TOTAL CAPITAL GOODS

(6,540,823)

a

a

a

a

a

a

a

a

COMMERCIAL & PROFESSIONAL SERVICES - (0.3)%

(1,700)

Equifax Inc

(418,710)

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

(418,710)

a

a

a

a

a

a

a

a

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - (1.3)%

(8,000)

Advance Auto Parts Inc

(487,920)

(6,800)

Best Buy Co Inc

(500,752)

(3,600)

Genuine Parts Co

(501,588)

(1,500)

Pool Corp

(466,065)

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

(1,956,325)

a

a

a

a

a

a

a

a

CONSUMER DURABLES & APPAREL - (1.0)%

(50,000)

Leggett & Platt Inc

(480,500)

(2,200)

(a) Lululemon Athletica Inc

(444,840)

(5,400)

Somnigroup International Inc

(453,330)

TOTAL CONSUMER DURABLES & APPAREL

(1,378,670)

a

a

a

a

a

a

a

a

Portfolio of Investments August 31, 2025

(continued)

Equity Long/Short

See Notes To Financial Statements

SHARES

DESCRIPTION

VALUE

CONSUMER SERVICES - (2.0)%

(2,900)

(a) Airbnb Inc, Class A

$

(378,537)

(4,200)

(a) Bright Horizons Family Solutions Inc

(495,768)

(6,600)

(a) Cava Group Inc

(445,830)

(2,100)

Darden Restaurants Inc

(434,574)

(7,600)

Las Vegas Sands Corp

(437,988)

(1,450)

Marriott International Inc/MD, Class A

(388,397)

(2,800)

Yum! Brands Inc

(411,516)

TOTAL CONSUMER SERVICES

(2,992,610)

a

a

a

a

a

a

a

a

CONSUMER STAPLES DISTRIBUTION & RETAIL - (0.3)%

(10,800)

(a) Maplebear Inc

(468,396)

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

(468,396)

a

a

a

a

a

a

a

a

ENERGY - (1.0)%

(19,500)

(a) Coterra Energy Inc

(476,580)

(5,300)

ONEOK Inc

(404,814)

(14,500)

Range Resources Corp

(496,915)

TOTAL ENERGY

(1,378,309)

a

a

a

a

a

a

a

a

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - (1.6)%

(11,900)

CubeSmart

(486,948)

(9,600)

First Industrial Realty Trust Inc

(504,960)

(1,400)

Public Storage

(412,426)

(3,700)

Sun Communities Inc

(469,419)

(12,000)

UDR Inc

(474,840)

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

(2,348,593)

a

a

a

a

a

a

a

a

FINANCIAL SERVICES - (1.8)%

(2,800)

Jack Henry & Associates Inc

(457,128)

(1,200)

LPL Financial Holdings Inc

(437,376)

(675) Moody's Corp

(344,088)

(3,700)

State Street Corp

(425,389)

(4,400)

T Rowe Price Group Inc

(473,528)

(3,800)

Tradeweb Markets Inc, Class A

(468,768)

TOTAL FINANCIAL SERVICES

(2,606,277)

a

a

a

a

a

a

a

a

FOOD, BEVERAGE & TOBACCO - (0.3)%

(10,300)

(a) Pilgrim's Pride Corp

(457,835)

TOTAL FOOD, BEVERAGE & TOBACCO

(457,835)

a

a

a

a

a

a

a

a

HEALTH CARE EQUIPMENT & SERVICES - (1.8)%

(3,600)

(a) DaVita Inc

(495,936)

(600) (a) IDEXX Laboratories Inc

(388,254)

(1,650)

Labcorp Holdings Inc

(458,684)

(1,500)

(a) ResMed Inc

(411,765)

(6,300)

(a) Solventum Corp

(460,467)

(1,900)

STERIS PLC

(465,614)

TOTAL HEALTH CARE EQUIPMENT & SERVICES

(2,680,720)

a

a

a

a

a

a

a

a

HOUSEHOLD & PERSONAL PRODUCTS - (0.2)%

(4,100)

Colgate-Palmolive Co

(344,687)

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

(344,687)

a

a

a

a

a

a

a

a

INSURANCE - (1.1)%

(3,800)

Aflac Inc

(406,068)

(1,150)

Chubb Ltd

(316,330)

(1,400)

Everest Group Ltd

(478,632)

(3,800)

Prudential Financial Inc

(416,708)

TOTAL INSURANCE

(1,617,738)

a

a

a

a

a

a

a

a

See Notes To Financial Statements

SHARES

DESCRIPTION

VALUE

MATERIALS - (1.9)%

(52,500)

Amcor PLC

$

(453,075)

(2,700)

Avery Dennison Corp

(463,455)

(8,900)

Ball Corp

(468,496)

(5,400)

CF Industries Holdings Inc

(467,802)

(1,400)

Ecolab Inc

(387,856)

(9,700)

International Paper Co

(481,896)

TOTAL MATERIALS

(2,722,580)

a

a

a

a

a

a

a

a

MEDIA & ENTERTAINMENT - (1.0)%

(8,300)

Fox Corp, Class A

(495,510)

(19,100)

Interpublic Group of Cos Inc/The

(512,644)

(7,600)

New York Times Co/The, Class A

(454,784)

TOTAL MEDIA & ENTERTAINMENT

(1,462,938)

a

a

a

a

a

a

a

a

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - (1.2)%

(3,600)

Agilent Technologies Inc

(452,376)

(10,000)

(a) QIAGEN NV

(465,000)

(5,200)

Revvity Inc

(468,572)

(2,400)

Zoetis Inc

(375,360)

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

(1,761,308)

a

a

a

a

a

a

a

a

REAL ESTATE MANAGEMENT & DEVELOPMENT - (0.3)%

(5,700)

(a) Zillow Group Inc, Class C

(480,567)

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

(480,567)

a

a

a

a

a

a

a

a

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - (0.7)%

(5,600)

Entegris Inc

(468,944)

(4,100)

Teradyne Inc

(484,784)

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

(953,728)

a

a

a

a

a

a

a

a

SOFTWARE & SERVICES - (1.7)%

(1,300)

(a) Autodesk Inc

(409,110)

(1,800)

(a) Cloudflare Inc, Class A

(375,678)

(6,000)

Cognizant Technology Solutions Corp, Class A

(433,500)

(275) (a) Fair Isaac Corp

(418,451)

(1,800)

(a) Gartner Inc

(452,142)

(800) (a) Tyler Technologies Inc

(450,304)

TOTAL SOFTWARE & SERVICES

(2,539,185)

a

a

a

a

a

a

a

a

TECHNOLOGY HARDWARE & EQUIPMENT - (0.3)%

(2,700)

CDW Corp/DE

(444,852)

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

(444,852)

a

a

a

a

a

a

a

a

TRANSPORTATION - (2.2)%

(3,500)

CH Robinson Worldwide Inc

(450,450)

(3,800)

Expeditors International of Washington Inc

(458,052)

(1,450)

Norfolk Southern Corp

(405,971)

(20,000)

Schneider National Inc, Class B

(494,400)

(14,700)

(a) Southwest Airlines Co

(483,630)

(9,000)

U-Haul Holding Co

(470,160)

(3,800)

(a) XPO Inc

(492,860)

TOTAL TRANSPORTATION

(3,255,523)

a

a

a

a

a

a

a

a

UTILITIES - (0.9)%

(2,800)

Atmos Energy Corp

(465,164)

(10,200)

FirstEnergy Corp

(444,924)

(11,000)

NiSource Inc

(464,970)

TOTAL UTILITIES

(1,375,058)

a

a

a

a

a

a

a

a

TOTAL COMMON STOCKS SOLD SHORT

(Proceeds $41,401,019)

(42,033,664)

OTHER ASSETS & LIABILITIES, NET - 30.1%

44,288,487

NET ASSETS - 100%

$

146,903,514

Portfolio of Investments August 31, 2025

(continued)

Equity Long/Short

See Notes To Financial Statements

S&P

Standard & Poor's

(a) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b) 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 $24,025,619 have been pledged as

collateral for Common Stocks Sold Short.

Statement of Assets and Liabilities

See Notes to Financial Statements

August 31, 2025

Equity Long/

Short

ASSETS

Long-term investments, at value

†

$

144,648,691

Cash collateral at brokers for common stocks sold short

(1) 43,880,874

Receivables:

Dividends

114,159

Investments sold

3,221,151

Reimbursement from Adviser

27,146

Shares sold

57,050

Other

48,974

Total assets

191,998,045

LIABILITIES

Common stocks sold short, at value

§

42,033,664

Cash overdraft

111,355

Payables:

Management fees

156,520

Dividends on common stocks sold short

65,487

Interest

Investments purchased - regular settlement

2,526,917

Shares redeemed

61,053

Accrued expenses:

Custodian fees

23,875

Trustees fees

5,141

Professional fees

48,989

Shareholder reporting expenses

18,863

Shareholder servicing agent fees

31,989

12b-1 distribution and service fees

10,662

Total liabilities

45,094,531

Net assets

$

146,903,514

NET ASSETS CONSIST OF:

Paid-in capital

$

95,335,326

Total distributable earnings (loss)

51,568,188

Net assets

$

146,903,514

†

&nbsp;&nbsp;&nbsp;&nbsp;Long-term investments, cost

$

93,337,455

§

&nbsp;&nbsp;&nbsp;&nbsp;Common stocks sold short, proceeds

$

41,401,019

(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.

Equity Long/

Short

CLASS A:

Net assets

$

26,059,485

Shares outstanding

420,010

Net asset value ("NAV") per share

$

62.04 Maximum sales charge

5.75%

Offering price per share (NAV per share plus maximum sales charge)

$

65.82 CLASS C:

Net assets

$

5,948,094

Shares outstanding

110,150

NAV and offering price per share

$

54.00 CLASS I:

Net assets

$

114,895,935

Shares outstanding

1,772,533

NAV and offering price per share

$

64.82 Authorized shares - per class

Unlimited

Par value per share

$

0.01 Statement of Operations

See Notes to Financial Statements

Year Ended August 31, 2025

Equity Long/Short

INVESTMENT INCOME

Affiliated income

$

85,418

Dividends

1,588,101

Interest

60,572

Prime brokerage interest

1,703,873

Total investment income

3,437,964

EXPENSES

–

Management fees

1,773,403

12b-1 service fees - Class A

58,931

12b-1 distribution and service fees - Class C

74,135

Shareholder servicing agent fees - Class A

21,143

Shareholder servicing agent fees - Class C

6,623

Shareholder servicing agent fees - Class I

98,960

Interest expense

3,026

Trustees fees

5,365

Custodian expenses

34,048

Dividends expense on common stocks sold short

776,531

Registration fees

52,629

Professional fees

70,485

Shareholder reporting expenses

47,183

Other

24,795

Total expenses before fee waiver/expense reimbursement

3,047,257

Fee waiver/expense reimbursement

(218,428)

Net expenses

2,828,829

Net investment income (loss)

609,135

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

6,361,838

Common stocks sold short

(2,520,610)

Net realized gain (loss)

3,841,228

Change in unrealized appreciation (depreciation) on:

Investments

11,380,181

Common stocks sold short

1,367,582

Net change in unrealized appreciation (depreciation)

12,747,763

Net realized and unrealized gain (loss)

16,588,991

Net increase (decrease) in net assets from operations

$

17,198,126

Statement of Changes in Net Assets

See Notes to Financial Statements

Equity Long/Short

Year Ended

8/31/25

Year Ended

8/31/24

OPERATIONS

Net investment income (loss)

$

609,135

$

898,032

Net realized gain (loss)

3,841,228

5,645,652

Net change in unrealized appreciation (depreciation)

12,747,763

13,716,558

Net increase (decrease) in net assets from operations

17,198,126

20,260,242

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(1,047,315)

(731,681)

Class C

(368,669)

(254,169)

Class I

(5,243,443)

(3,398,713)

Total distributions

(6,659,427)

(4,384,563)

FUND SHARE TRANSACTIONS

Subscriptions

35,633,417

37,527,286

Reinvestments of distributions

6,650,712

4,376,095

Redemptions

(37,473,673)

(37,128,412)

Net increase (decrease) from Fund share transactions

4,810,456

4,774,969

Capital contribution from the Adviser

–

484,755

Net increase (decrease) in net assets

15,349,155

21,135,403

Net assets at the beginning of period

131,554,359

110,418,956

Net assets at the end of period

$

146,903,514

$

131,554,359

Statement of Cash Flows

See Notes to Financial Statements

Year Ended August 31, 2025

Equity Long/

Short

CASH FLOWS FROM OPERATING ACTIVITIES

Net Increase (Decrease) in Net Assets from Operations

$

17,198,126

Adjustments to reconcile the net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities:

Purchases of investments

(80,752,629)

Purchases of common stock sold short

(36,010,420)

Proceeds from sale and maturities of investments

83,881,218

Proceeds from sales of common stock sold short

38,736,757

Proceeds from (Purchase of) short-term investments, net

825,000

Proceeds from litigation settlement

153,652

(Increase) Decrease in:

Receivable for dividends

(9,468)

Receivable for interest

Receivable for investments sold

(2,901,967)

Receivable for reimbursement from Adviser

Other assets

487,976

Increase (Decrease) in:

Payable for dividends on common stocks sold short

10,470

Payable for interest

Payable for investments purchased - regular settlement

2,071,910

Payable for management fees

23,010

Accrued custodian fees

(805) Accrued 12b-1 distribution and service fees

(659) Accrued Trustees fees

Accrued professional fees

24,698

Accrued shareholder reporting expenses

(218) Accrued shareholder servicing agent fees

3,214

Net realized (gain) loss from investments

(6,361,838)

Net realized (gain) loss from common stocks sold short

2,520,610

Net change in unrealized (appreciation) depreciation of investments

(11,380,181)

Net change in unrealized (appreciation) depreciation of common stocks sold short

(1,367,582)

Net cash provided by (used in) operating activities

7,151,621

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from borrowings

150,223

(Repayments) of borrowings

(150,223)

Increase (Decrease) in:

Cash overdraft

111,355

Cash distributions paid to common shareholders

(8,715)

Subscriptions

35,702,918

Redemptions

(37,425,225)

Net cash provided by (used in) financing activities

(1,619,667)

Net increase (decrease) in cash and cash collateral at brokers

5,531,954

Cash and cash collateral at brokers at the beginning of period

38,348,920

Cash and cash collateral at brokers at the end of period

$

43,880,874

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Equity Long/

Short

Cash paid for interest

$

10,513

Non-cash financing activities not included herein consists of reinvestments of share distributions

6,650,712

Financial Highlights

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

8/31/25

.55

%

.54

%

.55

%

—

—

—

8/31/24

.57

.58

.57

—

—

—

8/31/23

.60

.60

.60

—

—

—

8/31/22

.37

.36

.36

.25

.25

.25

8/31/21

.58

.59

.60

.34

.35

.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

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

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

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.

See Notes to Financial Statements

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

12.94 %

$

26,059

2.31 %

2.16 %

0.28 %

%

19.83 22,370

2.37 2.18 0.64 98

15.04 25,720

2.42 2.21 (0.39)

(9.12)

24,434

2.40 2.22 (0.89)

26.45 28,482

2.63 2.53 (0.91)

12.09 5,948

3.06 2.91 (0.46)

18.94 8,184

3.12 2.93 (0.11)

14.17 7,800

3.17 2.96 (1.18)

(9.80)

8,797

3.15 2.96 (1.64)

25.50 12,112

3.39 3.29 (1.68)

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)

(8.89)

77,576

2.14 1.96 (0.64)

26.74 106,132

2.40 2.30 (0.67)

Notes to Financial Statements

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 August 31, 2025, and the period covered by these Notes to Financial

Statements is the fiscal year ended August 31, 2025 (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

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.

Notes to Financial Statements

(continued)

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:

In November 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-07, Segment Reporting (Topic 280)

Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The amendments in ASU 2023-07 improve reportable segment disclosure

requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires a public entity that has a

single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Topic

280. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years

beginning after December 15, 2024. The Fund adopted ASU 2023-07 during the current fiscal period. Adoption of the new standard impacted

financial statement disclosures only and did not affect the Fund's financial positions or the results of their operations.

The Fund represents a single operating segment. The officers of the Fund act as the chief operating decision maker ("CODM"). 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:

In December 2023, the FASB issued 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.

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.

For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived

using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative

procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that

the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such

securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity

and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions

and other information and analysis, including the obligor's credit characteristics considered relevant. To the extent the inputs are observable and

timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value

them:

4. Portfolio Securities

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.

As of the end of the reporting period, the Fund had no outstanding 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

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:

Equity Long/Short

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

$

144,648,691

$

–

$

–

$

144,648,691

Common Stocks Sold Short

(42,033,664)

–

–

(42,033,664)

Total

$

102,615,027

$

–

$

–

$

102,615,027

Notes to Financial Statements

(continued)

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.

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.

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

Equity Long/Short

$

116,763,049

$

122,617,975

Year Ended

8/31/25

Year Ended

8/31/24

Equity Long/Short

Shares

Value

Shares

Value

Subscriptions:

Class A

107,857

$6,345,938

74,233

$3,930,388

Class A - automatic conversion of Class C

3,497

3,867

Class C

9,685

500,514

17,498

816,452

Class I

465,793

28,783,468

587,325

32,776,579

Total subscriptions

583,397

35,633,417

679,129

37,527,286

Reinvestments of distributions:

Class A

17,444

1,047,315

14,434

731,681

Class C

7,029

368,669

5,692

254,169

Class I

83,570

5,234,728

64,234

3,390,245

Total reinvestments of distributions

108,043

6,650,712

84,360

4,376,095

Redemptions:

Class A

(94,726)

(5,566,257)

(215,447)

(10,684,126)

Class C

(69,052)

(3,523,126)

(39,033)

(1,815,841)

Class C - automatic conversion to Class A

(71) (3,497)

(83) (3,867)

Class I

(462,537)

(28,380,793)

(445,765)

(24,624,578)

Total redemptions

(626,386)

(37,473,673)

(700,328)

(37,128,412)

Net increase (decrease)

65,054

$4,810,456

63,161

$4,774,969

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.

Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains

and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted in

reclassifications among the components of net assets relate primarily to distribution reallocations, investments in common stocks sold short, return

of capital and long-term capital gain distributions received from portfolio investments, and tax equalization. Temporary and permanent differences

have no impact on a Fund's net assets.

As of year end, 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 year end, the components of accumulated earnings on a tax basis were as follows:

The tax character of distributions paid was 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.

Annual fund-level fee, payable monthly, is calculated according to the following schedule:

Fund

Tax Cost

Gross Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Equity Long/Short

$

52,833,021

$

52,347,529

$

(2,565,523)

$

49,782,006

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

8/31/25

8/31/24

Fund

Ordinary

Income

Long-Term

Capital Gains

Ordinary

Income

Long-Term

Capital Gains

Equity Long/Short

$

617,890

$

6,041,537

$

4,384,563

$

-

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 22

Notes to Financial Statements

(continued)

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.

Payment from Adviser

: During the prior fiscal period, the Adviser made payments of $484,755 to the Fund to reimburse for certain interest

expenses associate with the Fund's short positions that were unnecessarily incurred due to an operational issue. These amounts are recognized as

"Capital contribution from the Adviser" on the Statement of Changes in Net Assets. During the prior fiscal period, 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 and 3) Class I Shares - $0.22. As a result,

the Fund's total returns for the year ended August 31, 2024, were higher than they would have been had the Fund not received the payment.

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 $85,418, 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:

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:

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

0.1568 %

Fund

Sales Charges

Collected

(Unaudited)

Paid to Financial

Intermediaries

(Unaudited)

Equity Long/Short

$

79,781

$

70,051

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 and 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 utilized this facility. The Fund's maximum outstanding balance during the utilization period was as follows:

During the Fund's utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on the

Borrowings were as follows:

Borrowings outstanding as of the end of the reporting period, if any, are recognized as "Borrowings" on the Statement of Assets and Liabilities.

Fund

Commission

Advances

(Unaudited)

Equity Long/Short

$

2,909

Fund

12b-1 Fees

Retained

(Unaudited)

Equity Long/Short

$

4,673

Fund

CDSC

Retained

(Unaudited)

Equity Long/Short

$

—

Fund

Maximum

Outstanding

Balance

Equity Long/Short

$

150,223

Fund

Utilization

Period (Days

Outstanding)

Average

Daily Balance

Outstanding

Average Annual

Interest Rate

Equity Long/Short

$

150,223

5.53 %

Important Tax Information

(Unaudited)

As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must

be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications

of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which

will be sent to shareholders shortly after calendar year end.

Long-Term Capital Gains

As of year end, the Fund designates the following distribution amounts, or maximum amount allowable, as being from

net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:

Dividends Received Deduction (DRD)

The Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions

eligible for the dividends received deduction for corporate shareholders:

Qualified Dividend Income (QDI)

The Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions

treated as qualified dividend income for individuals pursuant to Section 1(h)(11) of the Internal Revenue Code:

Qualified Interest Income (QII)

The Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions

treated as qualified interest income and/or short-term capital gain dividends pursuant to Section 871(k) of the Internal

Revenue Code:

163(j)

The Fund listed below had the following percentage, or maximum amount allowable, of ordinary dividends treated as

Section 163(j) interest dividends pursuant to Section 163(j) of the Internal Revenue Code:

Fund

Net Long-Term

Capital Gains

Equity Long/Short

$

6,061,49

Fund

Percentage

Equity Long/Short

.0

%

Fund

Percentage

Equity Long/Short

.0

%

Fund

Prior Year End to

12/31 Percentage

1/1 to Current

Year End

Percentage

Equity Long/Short

.9

%

—

%

Fund

Percentage

Equity Long/Short

.0

%

------

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

#### Changes in Independent Registered Public Accounting Firm
**(a) Previous independent registered public accounting firm:** On October 24, 2024, the Fund's Board of Trustees (the "Board"), upon recommendation from the Audit Committee, notified KPMG LLP ("KPMG") that it would be dismissed as the independent registered public accounting firm for the Fund effective upon (i) completion of KPMG's audit of the Fund's financial statements to be included in the Fund's Annual Report on Form N-CSR (the "2024 Annual Report") for the fiscal year ended August 31, 2024 and (ii) the issuance of KPMG's report on the same. KPMG's dismissal as the Fund's independent registered public accounting firm was effective on October 29, 2024, which is the date on which KPMG issued their report on their audit of the Fund's financial statements to be included in the 2024 Annual Report. KPMG's audit reports on the Fund's financial statements as of and for the fiscal years ended August 31, 2024 and August 31, 2023 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the Fund's fiscal years ended August 31, 2024 and August 31, 2023, and the subsequent interim period through October 29, 2024, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements if not resolved to the satisfaction of KPMG would have caused them to make reference in connection with their opinion to the subject matter of the disagreement. During the Fund's fiscal years ended August 31, 2024 and August 31, 2023 and the subsequent interim period through October 29, 2024, there were no reportable events (as defined in Regulation S-K Item 304(a)(1)(v)).

The Fund provided KPMG with a copy of the foregoing disclosures and requested that KPMG furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission stating whether KPMG agrees with the above statements.

**(b) New independent registered public accounting firm:** On October 24, 2024, the Board, upon recommendation from the Audit Committee, appointed PricewaterhouseCoopers LLP ("PwC") as the new independent registered public accounting firm for the Fund for the fiscal year ending August 31, 2025. During the Fund's fiscal years ended August 31, 2024 and August 31, 2023, and the subsequent interim period through October 29, 2024, the Fund has not consulted with PwC regarding any of the matters described in Regulation S-K Item 304 ("S-K 304"), S-K 304(a)(2)(i) or S-K 304(a)(2)(ii) disclosure.

------

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Not applicable.

------

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

The aggregate remuneration paid to the trustees (all of whom are independent) by the Fund is reported as "Trustees fees" on the Statement of Operations under Item 7 of this Form N-CSR.

The Fund does not pay any remuneration to its officers. The aggregate remuneration paid to Nuveen Fund Advisors, LLC, the Fund's investment adviser and an affiliate of the Fund's officers, is reported as "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.

#### Nuveen Equity Long/Short Fund

#### The Approval Process
At meetings held on April 28 and 29, 2025 (the "Meeting"), the Board of Trustees (the "Board" and each Trustee, a "Board Member") of Nuveen Investment Trust II approved, for each applicable series thereof, the renewal of the investment management agreement (each an "Investment Management Agreement") with Nuveen Fund Advisors, LLC ("NFAL" or the "Adviser"). Similarly, for each respective series, the Board approved the renewal of the sub-advisory agreement (each a "Sub-Advisory Agreement") with Nuveen Asset Management, LLC (the "Sub-Adviser"). NFAL is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA"). The Sub-Adviser is also an affiliate of the Adviser. The Board Members are not "interested persons" (as defined under the Investment Company Act of 1940 (the "1940 Act")) and, therefore, the Board is deemed to be comprised of all disinterested Board Members. References to the Board and the Board Members are interchangeable. Below is a summary of the annual review process the Board undertook related to its most recent renewal of the Investment Management Agreement and Sub-Advisory Agreement with respect to Nuveen Equity Long/Short Fund (the "Fund").

In accordance with applicable law, following up to an initial two-year period, the Board considers the renewal of the Investment Management Agreement and Sub-Advisory Agreement on behalf of the Fund on an annual basis. The Investment Management Agreement and Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements," and the Adviser and the Sub-Adviser are collectively, the "Fund Advisers" and each a "Fund Adviser."

To reach their determination, the Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the respective boards of the funds in the Nuveen complex and their committees in overseeing the applicable funds and working with the respective investment advisers and sub-advisers in their review of the advisory agreements for the fund complex. The fund complex consists of the group of funds advised by NFAL, including the Fund, and the group of funds advised by Teachers Advisors, LLC ("TAL" and collectively, the "Nuveen funds" or the "funds"). The Board and its committees meet regularly throughout the year and at these meetings, the Board Members received materials and discussed information covering a wide range of topics pertinent to the annual consideration of the renewal of the Advisory Agreements. Such topics include, but are not limited to, the investment performance of the funds over various periods; investment oversight matters; economic, market and regulatory developments; any significant organizational or other developments impacting a Fund Adviser and its strategic plans for its business; product initiatives for various funds; fund expenses; compliance, regulatory and risk management matters; trading practices, including soft dollar arrangements and reimbursements to the funds; the liquidity and derivatives risk management programs; management of distributions; valuation of securities; payments to financial intermediaries, including 12b-1 expenses (as applicable); and securities lending (as applicable). The Board also seeks to meet at its regular quarterly meetings with members of senior management to discuss various topics, including market conditions, industry developments and any significant developments or strategic plans for a Fund Adviser, if any.

To help with the review of performance, the Board and/or its committees periodically received and discussed presentations from member(s) of investment teams throughout the year, culminating in an annual performance review of the Nuveen funds at the Board's meeting held on February 25-26, 2025 (the "February Meeting"). The presentations, discussions and meetings during the year provide a means for the Board Members to evaluate and consider the level, breadth and quality of services provided by the Fund Advisers and any changes to such services over time in light of new or modified regulatory requirements, changes to market conditions or other factors.

In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the Advisory Agreements. During the year, management worked with an ad hoc committee established by the Board to help enhance and streamline the materials provided in connection with the annual review of the Advisory Agreements. The materials provided at the Meeting and/or prior meetings covered a wide range of matters including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of the Sub-Adviser and/or applicable investment team; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an analysis of the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; a list of management fee and sub-advisory fee schedules; an analysis of advisory fees compared to fees assessed to other types of clients; a review of temporary and/ or permanent expense caps and fee waivers (as applicable); a description of portfolio manager compensation; certain profitability and/or financial data; and a description of indirect benefits received by the Fund Advisers as a result of their relationships with the funds. The Board also considered information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, comparing fee and expense levels of the Fund to those of a peer universe and to a group of peers selected by Broadridge.

The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The Board's review of the Advisory Agreements is based on all the information provided to the Board and its committees over time. The performance, fee and expense data and other information provided by a Fund Adviser, Broadridge or other service providers were not independently verified by the Board Members.

As part of their review, the Board Members and independent legal counsel met in executive session on April 9, 2025 to review and discuss materials provided in connection with their annual review of the Advisory Agreements. After reviewing this information, the Board Members requested, directly or through independent legal counsel, additional information, and the Board subsequently reviewed and discussed the responses to these follow-up questions and requests. The Board Members and independent legal counsel met again in executive session on April 17, 2025 (together with the April 9, 2025 executive session, the "Executive Sessions") to discuss the responses to the initial supplemental information request and, following their review of the data provided, requested management present certain additional information at the Meeting. In addition to the Executive Sessions, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the responses, invited representatives of management to provide additional information and determined that the information provided (whether oral or written) was responsive to their requests.

#### 1

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)

The Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives of management were present. In connection with their annual review, the Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.

After the discussions and with the background and knowledge described above, the Board Members approved the continuation of the Advisory Agreements on behalf of the Fund for an additional one-year period. The Board did not identify any single factor as all-important or controlling, but rather each decision reflected the comprehensive consideration of all the information (written or oral) provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the annual review process. The contractual arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board's annual review of the Fund's advisory arrangements and oversight of the Fund. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the annual review process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.

A. Nature, Extent and Quality of Services

In evaluating the renewal of the Advisory Agreements, the Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser's services provided to the Fund. With this approach, they considered the roles of the Adviser and the Sub- Adviser in providing services to the Fund.

The Board considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the funds. The Board considered the Adviser's and its affiliates' dedication of resources, time, people and capital as well as consistent program of improvement and innovation aimed at keeping the Nuveen fund complex relevant and attractive for existing and new investors and meeting the needs of an increasingly complex regulatory environment. Among the information provided in connection with the review of services at the Meeting and/or prior meetings, the Board considered a description of the organizational changes at the Adviser during the year, the management teams that comprise the various support and investment functions for the funds and the background of certain personnel who support the funds. The Board considered the significant resources, both financial and personnel, the Adviser and its affiliates had committed over the past several years in working to bring the asset management businesses of Nuveen and TIAA under one centralized umbrella and to consolidate their respective fund families to the benefit of the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. To help ensure the continuation of services, the Board considered, among other things, management's emphasis on succession planning and key person risk evaluation pursuant to which certain management team(s) meet annually to conduct a comprehensive review of successors to key positions, to develop and monitor corporate-wide standards and procedures in seeking to help ensure the firm may continue to operate in the event of business disruptions, and to review staffing and compensation levels to help remain competitive with peers in the industry. The Board considered a description of the application of business continuity plans and the periodic testing and review of such plans. As noted below, the Board also considered certain financial data of the Adviser and TIAA in assessing the financial stability and condition of the Adviser to provide a high level of quality services to the funds.

In its review, the Board considered that the Fund operated in a highly regulated industry and the scope and complexity of the services and resources that the Adviser and its affiliates must provide to manage and operate the funds have expanded over the years due to regulatory, market and other developments. Such services included maintaining and monitoring the Nuveen funds' compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs and cybersecurity programs. The Board and/or its Compliance, Risk Management and Regulatory Oversight Committee received reports regarding the funds' compliance policies and procedures and matters undertaken thereunder as well as other compliance initiatives on a regular basis.

In considering the breadth and quality of services the Adviser and its various teams provide, the Board considered that the Adviser provides investment advisory services. The Fund utilizes the Sub-Adviser to manage its portfolio subject to the supervision of the Adviser. Accordingly, the Board considered that the Adviser and its affiliates, among other things, oversee and review the performance of the Sub-Adviser and its investment team(s); evaluate Fund performance and market conditions; evaluate investment strategies and recommend changes thereto; oversee trade execution and, as applicable, securities lending; evaluate investment risks; and manage valuation matters. As noted below, the Board also considered the Nuveen funds' performance over various time periods throughout the year.

In addition to the portfolio management services provided to the Fund (including indirectly by overseeing the Sub-Adviser), the Board considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds, including but not limited to: distribution management services pursuant to which management seeks to implement distribution policies and set distribution levels consistent with each fund's product design and positioning; compliance services including establishing and maintaining broad-based compliance policies across the Nuveen fund complex, evaluating the compliance programs of various fund services providers, conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and providing a comprehensive compliance training program; providing regulatory advocacy services, including submitting comments on regulatory proposals and monitoring regulatory developments that may impact the fund(s); providing support to the Board and its committees throughout the year, including providing reports on a wide range of topics relating to the operations and management of the funds, helping to refine the materials provided to the Board and/or its committees and providing educational sessions on various topics; establishing and reviewing the services provided by other fund service providers (such as a fund's custodian, accountant, and transfer agent); providing legal support services; and evaluating trade allocation and execution.

#### 2

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Aside from the services provided, the Board considered the financial resources of the Adviser and/or its affiliates and their willingness to make investments to support the funds. The Board considered the funds' access to a seed capital budget provided by the Adviser and/or its affiliates to support new or existing funds and/or facilitate changes for a respective fund. The Board considered the benefits to shareholders of investing in a fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, and expertise. The Board considered the overall reputation and capabilities of the Adviser and its affiliates and the Adviser's continuing commitment to provide high quality services.

In its review, the Board also considered the significant risks borne by the Adviser and its affiliates in connection with their services to the Nuveen funds, including entrepreneurial risks in sponsoring and supporting new funds and smaller funds and ongoing risks with managing the funds, such as investment, operational, reputational, regulatory, compliance and litigation risks.

The Board considered the division of responsibilities between the Adviser and the Sub-Adviser and considered that the Sub-Adviser and its investment personnel, as noted, generally are responsible for the management of the Fund's portfolio under the oversight of the Adviser and the Board. The Board considered an analysis of the Sub-Adviser provided by the Adviser which included, among other things, a summary of changes (if any) in the leadership teams and/or portfolio manager teams; the performance of the funds sub-advised by the Sub-Adviser over various periods of time that met certain performance screening measurements; and data reflecting product changes (if any) taken with respect to certain funds. The Board considered that the Adviser recommended the renewal of the Sub-Advisory Agreement.

Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the Fund under each Advisory Agreement.

B. The Investment Performance of the Fund and Fund Advisers

In evaluating the quality of the services provided by the Fund Advisers, the Board also considered a variety of investment performance data of the Fund. In leading up to the annual review, the Board and/or its Investment Committee considered, among other things, Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2024 on an absolute basis and as compared to the performance of comparable peers (the "Performance Peer Group") and to a benchmark for the prescribed periods. For the Fund, which has multiple share classes, the performance data was based on Class I shares; however, the performance of other share classes was expected to be substantially similar as they invest in the same portfolio of securities and differences in performance among the classes of a fund generally may be principally attributed to the variations in the expense structures of the share classes. Prior to the Meeting, the Board also received updated Fund performance over the quarter, one-, three- and five-year periods ended March 31, 2025 on an absolute basis and in comparison to the Performance Peer Group and a benchmark for the prescribed periods. In its review of relative performance, the Board considered the Fund's performance relative to its Performance Peer Group, among other things, by evaluating its quartile ranking with the 1st quartile representing the top performing funds within the Performance Peer Group and the 4th quartile representing the lowest performing funds.

The Board took into account the performance data, presentations and discussions (written and oral) that were provided at the Meeting and in prior meetings over time in evaluating fund performance, including particular focus on management's analysis of the performance of funds that met certain screening measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by management's investment analysts. As various Nuveen funds have modified their portfolio teams and/or made significant changes to their portfolio strategies over time, the Board reviewed, among other things, certain tracking performance data over specific periods comparing performance before and after such changes.

In evaluating performance, the Board considered some of the limitations of the performance data. The Board considered, among other things, that performance data reflects performance over a specified period which may differ significantly depending on the ending dates selected, particularly during periods of market volatility. Further, the Board considered that regardless of the performance period reviewed by the Board, shareholders may evaluate performance based on their own respective holding periods which may differ from the performance periods reviewed by the Board and lead to differing results. With respect to comparative performance, the Board considered that differing investment objectives, investment strategies, dates of inception, type and cost of leverage (if any), asset size and other factors between the Performance Peer Group and a fund necessarily lead to differences in performance results. Similarly, differences in the investment objective(s) and strategies of a fund and its benchmark (particularly an actively managed fund that does not directly follow an index) as well as the costs of operating a fund would contribute to differences in performance results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the relevancy of the Performance Peer Groups to the applicable funds as low, medium or high.

The Board evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer- specific information, asset class information, leverage and fund cash flows. The Board considered that long-term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could disproportionately affect performance. Further, the Board considered that market and economic conditions may significantly impact a fund's performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill. Although the Board reviews short-, intermediate- and longer-term performance data, the Board considered that longer periods of performance may reflect full market cycles.

In their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing circumstances in market and economic conditions. In evaluating performance, the Board focused particular attention on funds with less favorable performance records. However, depending on the facts and circumstances, including any differences between the respective fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a fund's performance notwithstanding that its performance may be below that of its benchmark and/or peer group for certain periods. With respect to any funds for which the Board has identified performance issues, the Board seeks to monitor such funds more closely until performance improves, discuss with the Adviser the reasons for such results, consider whether any steps are necessary or appropriate to address such issues, discuss and evaluate the potential consequences of such steps and review the results of any steps undertaken.

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)

The performance determinations with respect to the Fund are summarized below:

• The Board considered that although the Fund's performance was below the performance of its benchmark for the five-year period ended December 31, 2024, the Fund outperformed its benchmark for the one- and three-year periods ended December 31, 2024. In addition, the Fund ranked in the first quartile of its Performance Peer Group for the one-, three- and five-year periods ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

C. Fees, Expenses and Profitability

**1.** **Fees and Expenses** 

As part of the annual review, the Board Members considered, among other things, the management fee schedules and the expense reimbursements and/or fee waivers agreed to by the Adviser for the Fund (if any). In addition to the management fee arrangements, the Board Members considered the Fund's operating expense ratio as it more directly reflected a shareholder's total costs in investing in the Fund.

In its review, the Board considered that the management fees of the Fund were generally comprised of two components, a fund-level component and a complex-level component, each with its own breakpoint schedule. The Board considered that in 2024, the Board approved a revised complex- wide breakpoint schedule which simplified and reduced the complex-level fee rates at various thresholds and expanded the eligible funds whose assets would be included in calculating the complex-level fee, effective May 1, 2024. The Board considered that the complex-level component is intended to be an efficient mechanism designed to help share cost efficiencies with shareholders as the complex-wide assets grow.

The Board also considered comparative fee and expense information prepared by an independent third-party provider of fund data. More specifically, the Board Members generally reviewed, among other things, the Fund's management fee rates and net total expense ratio in relation to similar data for a comparable universe of peers (the "Expense Universe") and a more focused group of comparable peers (the "Expense Group") established by Broadridge. With respect to the Broadridge comparative expense data, Broadridge applied Class I shares of the Fund. In its review of such comparative fee and expense data, the Board considered, among other things, the Fund's quartile rankings of its contractual management fee rate, actual management fee rate and net total expense ratio within its Expense Universe and Expense Group (as applicable) with the first quartile representing the range of funds with the lowest management fee rate or net total expense ratio, respectively, and the fourth quartile representing the range of funds with the highest management fee rate or net total expense ratio, respectively. In their review, the Board Members considered, in particular, each fund with a net total expense ratio meeting certain expense screening criteria adopted by the Board when compared to its Expense Universe and Expense Group (if any) and management's commentary as to the factors contributing to each such fund's relative net total expense ratio. The Board also considered, in relevant part, a fund's management fee in light of its performance history with particular focus on any fund identified as having a higher management fee and/or expense ratio compared to peers coupled with experiencing a period of challenged performance.

In their review, the Board Members considered the methodology Broadridge employed to establish its Expense Universe and Expense Group (as applicable). The Board further considered that differences between a fund and its respective Expense Universe and/or Expense Group, as well as changes to the composition of the Expense Universe and/or Expense Group from year to year, may limit some of the value of the comparative data. The Board Members also considered that it can be difficult to compare management fees among funds with peers as there are variations in the services that are included for the fees paid. The Board Members took these limitations and differences into account when reviewing comparative peer data.

With respect to the Sub-Adviser, the Board also considered, among other things, the sub-advisory fee schedule paid to the Sub-Adviser in light of the sub-advisory services provided to the Fund. In its review, the Board considered that the compensation paid to the Sub-Adviser is the responsibility of the Adviser, not the Fund.

The Board's considerations regarding the comparative fee data for the Fund are set forth below:

• The Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the third quartile, second quartile and second quartile of its Expense Universe, respectively. Further, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median. The Fund's contractual management fee rate was slightly above (within 5 basis points) the Expense Universe median, and the Fund's actual management fee rate and net total expense ratio were each below the Expense Universe median, respectively.

Based on its review of the information provided, the Board determined that the Fund's management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.

2. Comparisons with the Fees of Other Clients

In evaluating the appropriateness of fees, the Board also considered that the Adviser, Sub-Adviser and/or their affiliate(s) provide investment management services to other types of clients which may include, among others: separately managed accounts ("SMAs"), retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts. The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the funds compared to the management fee of the

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applicable fund. The Board considered a description of various factors which contribute to the differences in the management fee rates of the funds compared to those charged to these other types of clients which limited the comparability of the data. In this regard, the Board considered that the differences in, among other things, the breadth of services provided by the Adviser and its affiliates to the funds compared to those provided to other clients; the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the support services provided to shareholders; the extensive regulatory, disclosure and governance requirements applicable to funds; the establishment and maintenance of servicing relationships with various service providers for the funds; the manner of managing such assets; investment policies; investor profiles; and account sizes all may contribute to the variations in relative fee rates. Differences in the level of advisory services required for passively managed funds also contribute to differences in the management fee levels of such funds compared to actively managed funds. In addition, differences in the client base; governing bodies, regulatory and legal requirements; distribution; jurisdiction and operational complexities also would contribute to variations in management fees assessed the funds compared to foreign fund clients. Further, differences in the level of advisory and non-advisory services required and risk incurred when serving as a sub-adviser to other investment companies compared to serving as the Adviser to a Nuveen fund contribute to differences in the fees assessed. In this regard, the Board further considered the significant entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the funds. As a general matter, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board further considered that the Sub-Adviser's fee is essentially for portfolio management services and therefore more comparable to the fees received for retail wrap accounts and other external sub-advisory mandates. The Board concluded that the varying levels of fees were reasonable given the foregoing.

**3.** **Profitability of the Fund Advisers** 

In considering the costs of services to be provided and profits to be realized by the Adviser (which encompassed its affiliated sub-advisers) from its relationship with the Fund, the Board Members considered a variety of estimated profitability data from various perspectives including, among other things, (a) historical pre-distribution and post-distribution margins over specified periods for the Adviser's services to the applicable funds; (b) certain profitability data on behalf of the Adviser attributable to servicing all applicable funds for 2024 and 2023; (c) certain profitability data of both the Adviser and TAL (as an adviser for other Nuveen funds) on a combined basis derived from types of funds in the aggregate (i.e., from closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2024 and 2023; and (d) certain profitability data of both the Adviser and TAL (as an adviser for other Nuveen funds) on a combined basis by asset grouping of Nuveen funds in the aggregate (i.e., from equity, fund of funds, index, municipal bond and taxable fixed income funds). In addition, the Board considered profitability data at the per fund level for the respective adviser.

In reviewing the profitability data, the Board Members considered the subjective nature of calculating profitability as the information is not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the various advisory products. The Board reviewed, among other things, a description of the cost allocation methodology employed to develop the profitability data. However, the Board Members considered that given there is no single universally recognized expense allocation methodology, other reasonable and valid allocation methodologies could be employed and could lead to significantly different profit and loss results and therefore developing profitability data is difficult, particularly on a per fund level.

Further, in considering the comparative margin data with peers, the Board Members considered the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results. Given that the peer profitability data may reflect the different business mix of the respective peer firm, the Board also considered the pre- and post-distribution margins of Nuveen, LLC for each of the calendar years from 2020 through 2024.

Aside from the foregoing profitability data, the Board also considered, among other things, the audited statutory-basis financial statements of TIAA as of December 31, 2024 and 2023 and the related statutory-basis statements of operations, of changes in capital and contingency reserves and of cash flows for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also considered the investments the Adviser, its parent and/or other affiliates made into their business.

In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits the Adviser or Sub-Adviser received that were directly attributable to the management of the applicable funds as discussed in further detail below. Based on its review, the Board was satisfied that the Adviser's (together with its affiliated sub-advisers) level of profitability from its relationship with the Fund was not unreasonable in light of the nature, extent and quality of services provided.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

The Board considered whether there have been economies of scale with respect to the management of the funds, whether these economies of scale have been appropriately shared with the funds and whether there is potential for realization of further economies of scale. Although the Board considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline with a rise in assets, the Board considered that there are a variety of methods that may be employed to help share the benefits of economies of scale, including, among other things, through the use of breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of funds at scale at inception and investments in the Adviser's business which can enhance the services provided to the funds for the fees paid. The Board considered such factors that were applicable to the Fund's advisory fee structure.

As noted above, the Board considered that the management fee of the Adviser for the Fund generally was comprised of a fund-level component and a complex-level component each with its own breakpoint schedule. The Board also approved a revised complex-wide breakpoint schedule in 2024 which reduced the complex-level fee rates at various thresholds and expanded the assets included when calculating the complex-level fee.

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)

With this structure, the Board considered that the complex-level breakpoint schedule was designed to deliver the benefits of economies of scale to shareholders when the assets of the eligible participating funds in the complex pass certain thresholds even if the assets of a particular fund are unchanged or have declined, and the fund-level breakpoint schedules were designed to share economies of scale with shareholders if the particular fund grows. The Board reviewed the fund-level and complex-level fee schedules.

In addition to the fund-level and complex-level fee schedules, the Board Members considered the temporary and/or permanent expense caps applicable to the Fund (if any). The Board considered that such waivers and reimbursements are another means for potential economies of scale to be shared with shareholders of such funds and can provide a protection from an increase in expenses if the assets of the applicable funds decline.

The Board Members also considered the continued reinvestment in Nuveen's business to enhance its capabilities and services to the benefit of its various clients. The Board considered that many of these investments were not specific to individual Nuveen funds, but rather initiatives from which the family of funds as a whole may benefit. The Board further considered that the scope of the services of the Adviser and its affiliates have expanded over time without raising advisory fees to the funds, and this was also a means of sharing economies of scale with the funds and their shareholders. The Board considered the Adviser's and/or its affiliates' ongoing efforts to streamline the product line-up, among other things, to create more scaled funds which may help improve both expense and trading economies for participating funds.

Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in management's business appropriately shared any economies of scale with shareholders.

E. Indirect Benefits

The Board Members received and considered information regarding various indirect benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the funds. These benefits included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. Certain funds may also be used as investment options for other products or businesses offered by the Adviser and/or its affiliates, such as variable products, fund of funds and 529 education savings plans, and affiliates of the Adviser may serve as sub-adviser to various funds in which case all advisory and sub-advisory fees generated by such funds stay within Nuveen.

Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board Members considered that an affiliate of the Adviser serves as principal underwriter providing distribution and/or shareholder services to the open-end funds for which it may be compensated. To the extent an open-end fund pays 12b-1 fees, the Board Members considered that some of those fees may be retained by the Adviser's affiliate. In addition, the Board considered that an affiliate of the Adviser received compensation in 2024 for serving as an underwriter on shelf offerings of existing closed-end funds and reviewed the amounts paid for such services in 2024 and 2023.

In addition, the Board Members considered that the Adviser and Sub-Adviser may utilize soft dollar brokerage arrangements attributable to the respective fund(s) to obtain research and other services for any or all of their clients, although the Board Members also considered reimbursements of such costs by the Adviser and/or Sub-Adviser.

The Adviser and its affiliates may also benefit from the advisory relationships with the funds in the fund complex to the extent this relationship results in potential investors viewing the TIAA group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.

Based on its review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Fund were reasonable in light of the services provided.

F. Other Considerations

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of each Advisory Agreement were reasonable, that the respective Fund Adviser's fees were reasonable in light of the services provided to the Fund and that the Advisory Agreements be renewed for an additional one-year period.

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**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

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**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

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**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable to open-end investment companies.

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**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

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.

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**Item 16.** **Controls and Procedures.** <br>

(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.

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**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

(a) Not applicable to open-end investment companies.

(b) Not applicable to open-end investment companies.

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**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

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**Item 19.** **Exhibits.** <br>

(a)(1) Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report.

(a)(2) Not applicable.

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| | |
|:---|:---|
| (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.](d41982dex99cert.htm)  |

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(a)(4) Not applicable.

[(a)(5)](d41982dex9919a5.htm) [Change in the registrant's independent public accountant. Filed herewith.](d41982dex9919a5.htm)

(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.](d41982dex99906cert.htm)

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#### 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.

<u>Nuveen Investment Trust II</u> 

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| | | |
|:---|:---|:---|
| Date: November 6, 2025 | By: | <u>/s/ Jordan M. Farris</u> |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |

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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: November 6, 2025 | By: | <u>/s/ Jordan M. Farris</u> |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |
| Date: November 6, 2025 | By: | <u>/s/ Marc Cardella</u> |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

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## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATION</u>**

I, Jordan M. Farris, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Investment Trust
II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

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| | | |
|:---|:---|:---|
| Date: November 6, 2025 | By: | <u>/s/ Jordan M. Farris</u> |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

---

------

**<u>CERTIFICATION</u>**

I, Marc Cardella, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Investment Trust
II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | | |
|:---|:---|:---|
| Date: November 6, 2025 | By: | <u>/s/ Marc Cardella</u> |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## Ex-99.(19)(A5)

---

| | |
|:---|:---|
| ![LOGO](g41982page001.jpg) |  |
|  | KPMG LLP<br> Aon Center<br> Suite 5500<br> 200 E. Randolph Street<br> Chicago, IL 60601-6436 |

---

November 6, 2025

Securities and Exchange Commission

Washington, D.C. 20549

Ladies and Gentlemen:

We were previously principal accountants for the Fund listed in Appendix I (the Fund) and, under the date of October 29, 2024, we reported on the financial statements of the Fund as of and for the years ended August 31, 2024 and 2023. On October 24, 2024, we were notified that the Fund appointed PricewaterhouseCoopers LLP as its principal accountant for the year ending August 31, 2025 and that the auditor-client relationship with KPMG LLP will cease upon completion of the audit of the Fund's financial statements as of and for the year ended August 31, 2024, and the issuance of our reports thereon. On October 29, 2024, we completed our audit and the auditor-client relationship ceased.

We have read the statements made by the Fund included under Item 8 of Form N-CSR dated November 6, 2025, and we agree with such statements, except we are not in a position to agree or disagree with the Fund's statement in section b of Item 8 of Form N-CSR.

Very truly yours,

![LOGO](g41982g1106061718264.jpg)

Attachment

KPMG LLP, a Delaware limited liability partnership and a member firm of

the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

------

**Appendix I** 

Nuveen Investment Trust II

Nuveen Equity Long/Short Fund (SBGP)

## Exhibit 99.906

**Exhibit 19(b)** 

**<u>CERTIFICATION</u>**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

**(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)** 

In connection with the annual report of Nuveen Investment Trust II (the "Registrant") on Form N-CSR for the period ended August 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned officers of the Registrant certify that, to the best of each such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: November 6, 2025 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |
| Date: November 6, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---