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the period of September 1, 2023 to August 31, 2024. annual shareholder report 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. https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;margin-right:2%;font-size:9pt;font-family:arial;font-weight:bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period. </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;" title="oef:ExpensesTextBlock"><span style="color:#0071ce"><span style="font-weight:bold">What were the Fund costs for the last year? </span></span><span style="font-family:arial">(based on a hypothetical $10,000 investment)</span><span style="font-family:arial;color:#0071ce"><span style="font-weight:bold"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:96%;border:0px;margin:0 auto"> <tr> <td style="width:32%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:34%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:32%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="text-align: right;BORDER-TOP:0.75pt solid #7fb8e6;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;font-weight:bold;text-align:right;">Cost of a </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial;font-weight:bold;text-align:right;">$10,000 investment </div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="text-align: right;BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;"><span style="font-weight:bold">Costs paid as a percentage of<br/> $10,000 investment*</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Class A Shares</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="text-align: right;BORDER-TOP:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;white-space:nowrap;">$240 </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="text-align: right;BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;white-space:nowrap;">2.18%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align: left;">*</td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;text-align:left;">Annualized for period less than one year.</div></td> </tr></table> 240 0.0218 <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8.5pt;width:96%;border:0px;margin:0 auto"> <tr> <td style="width:72%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:27%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;font-weight:bold;">Performance Highlights</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.50em;text-indent:-1.50em;font-size:8.5pt;font-family:arial;">•  The Nuveen Equity Long/Short Fund returned 19.83% for Class A Shares at net asset value (NAV) for the 12 months ended August 31, 2024. The Fund performed in line with the Equity Long/Short Blended Benchmark, which returned 20.12%. The Fund’s blended benchmark consists of 1) 70% Russell 1000<sup style="font-size:75%;vertical-align:top">®</sup> Index, and 2) 30% ICE BofA U.S. 3‑Month Treasury Bill Index.</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.50em;text-indent:-1.50em;font-size:8.5pt;font-family:arial;">•  Top contributors to relative performance</div> <div style="font-size:3pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.00em;text-indent:-1.50em;font-size:8.5pt;font-family:arial;">»   Security selection in the industrials sector, led by an overweight long position in Trane Technologies plc and a short position in Leggett &amp; Platt Inc.</div> <div style="font-size:2pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.00em;text-indent:-1.50em;font-size:8.5pt;font-family:arial;">»   Security selection and an overweight in the communication services sector, led by overweight long positions in Netflix Inc. and Meta Platforms Inc.</div> <div style="font-size:2pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.00em;text-indent:-1.50em;font-size:8.5pt;font-family:arial;">»   Security selection in the health care sector, led by an overweight long position in Boston Scientific Corporation.</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.50em;text-indent:-1.50em;font-size:8.5pt;font-family:arial;">•  Top detractors from relative performance</div> <div style="font-size:3pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.00em;text-indent:-1.50em;font-size:8.5pt;font-family:arial;">»   Overweight long position in digital platform engineering and software development firm EPAM Systems Inc.</div> <div style="font-size:2pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.00em;text-indent:-1.50em;font-size:8.5pt;font-family:arial;">»   Security selection and an overweight in the consumer staples sector, including overweight long positions in Estee Lauder Companies Inc. and Monster Beverage Corporation.</div> <div style="font-size:2pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:3.00em;text-indent:-1.50em;font-size:8.5pt;font-family:arial;">»   Overweight long position in DexCom Inc.</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.11em;margin-right:1.11em;font-size:9pt;font-family:arial;font-weight:bold;">Performance Attribution</div> <div style="font-size:16pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.30em;text-indent:-1.50em;font-size:9pt;font-family:arial;"> <img alt="LOGO" src="g822592g55a55.jpg"/>  Industrials</div> <div style="font-size:20pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.30em;text-indent:-1.50em;font-size:9pt;font-family:arial;"> <img alt="LOGO" src="g822592g55a55.jpg"/>  Communication services</div> <div style="font-size:20pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.30em;text-indent:-1.50em;font-size:9pt;font-family:arial;"> <img alt="LOGO" src="g822592g55a55.jpg"/>  Health care</div> <div style="font-size:20pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.30em;text-indent:-1.50em;font-size:9pt;font-family:arial;"> <img alt="LOGO" src="g822592g55b55.jpg"/>  EPAM Systems Inc.</div> <div style="font-size:20pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.30em;text-indent:-1.50em;font-size:9pt;font-family:arial;"> <img alt="LOGO" src="g822592g55b55.jpg"/>  Consumer staples</div> <div style="font-size:20pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.30em;text-indent:-1.50em;font-size:9pt;font-family:arial;"> <img alt="LOGO" src="g822592g55b55.jpg"/>  DexCom Inc.</div> <div style="font-size:14pt;margin-top:0pt;margin-bottom:1pt;"> </div></td> </tr> </table> 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. <div style="margin-top:0pt;margin-bottom:0pt;text-align:center;"> <img alt="LOGO" src="g822592g00g01.jpg" style="width:7.12083in;height:4.18056in;"/> </div> <div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;margin-right:2%;font-size:9pt;font-family:arial;font-weight:bold;" title="oef:AvgAnnlRtrTableTextBlock">Average Annual Total Returns </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:96%;border:0px;margin:0 auto"> <tr> <td style="width:73%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td colspan="2" style="text-align: center;BORDER-TOP:0.75pt solid #7fb8e6;vertical-align:bottom;white-space:nowrap;"><span style="font-weight:bold">1‑Year</span></td> <td style=" BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style=" BORDER-TOP:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td colspan="2" style="text-align: center;BORDER-TOP:0.75pt solid #7fb8e6;vertical-align:bottom;white-space:nowrap;"><span style="font-weight:bold">5‑Year</span></td> <td style=" BORDER-TOP:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td colspan="2" style="text-align: center;BORDER-TOP:0.75pt solid #7fb8e6;vertical-align:bottom;white-space:nowrap;"><span style="font-weight:bold">10‑Year</span></td> <td style=" BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Class A Shares at NAV (excluding maximum sales charge)</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align: right;">19.83</td> <td style="BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-TOP:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align: right;">10.06</td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align: right;">7.88</td> <td style="BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Class A Shares at maximum sales charge (Offering Price)</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align: right;">12.94</td> <td style="BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-TOP:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align: right;">8.77</td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align: right;">7.24</td> <td style="BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Russell 1000<sup style="font-size:75%;vertical-align:top">®</sup> Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align: right;">26.60</td> <td style="BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-TOP:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align: right;">15.55</td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align: right;">12.66</td> <td style="BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Equity Long/Short Blended Benchmark</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align: right;">20.12</td> <td style="BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-TOP:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align: right;">11.80</td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align: right;">9.51</td> <td style="BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Lipper Alternative Long/Short Equity Funds Classification Average</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align: right;">14.82</td> <td style="BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-TOP:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align: right;">7.38</td> <td style="BORDER-TOP:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align: right;">4.46</td> <td style="BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table> Class A Shares at NAV (excluding maximum sales charge) 0.1983 0.1006 0.0788 Class A Shares at maximum sales charge (Offering Price) 0.1294 0.0877 0.0724 Russell 1000® Index 0.2660 0.1555 0.1266 Equity Long/Short Blended Benchmark 0.2012 0.1180 0.0951 Lipper Alternative Long/Short Equity Funds Classification Average 0.1482 0.0738 0.0446 For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787. <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">Fund Statistics </span></span><span style="font-family:arial">(as of August 31, 2024)</span><span style="font-family:arial;color:#0071ce"><span style="font-weight:bold"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:96%;border:0px;margin:0 auto"> <tr> <td style="width:87%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align: right;">131,554,359</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align: right;">191</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Portfolio turnover (%)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align: right;">98%</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Total management fees paid for the year</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align: right;">1,460,716</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 131554359 191 0.98 1460716 <div style="position:relative;float:left;width:31%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:10pt;"> <img alt="LOGO" src="g822592g00m03.jpg"/> </div> </div><div style="position:relative;float:left;margin-left:3%;width:32%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2pt;margin-right:2pt;"> <img alt="LOGO" src="g822592g02x02.jpg"/> </div> </div><div style="position:relative;float:left;margin-left:3%;width:31%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt;"> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:2pt;"> <img alt="LOGO" src="g822592g04g02.jpg"/> </div> </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;margin-right:2%;font-size:8pt;font-family:arial;text-align:justify;"><sup style="font-size:75%;vertical-align:top">(1)</sup> Includes the gross market value of the Fund’s long and short exposure and short-term repurchase agreements. </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">How has the Fund changed? </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;"> </td> <td style="width:2%;vertical-align:top;text-align: left;">•</td> <td style="width:1%;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:9pt;text-align:left;"><span style="font-weight:bold">Management fees: </span>As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion. </div></td> <td style="width:1%;"> </td> </tr></table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;"> </td> <td style="width:2%;vertical-align:top;text-align: left;">•</td> <td style="width:1%;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:9pt;text-align:left;"><span style="font-weight:bold">Portfolio manager update:</span> Effective December 29, 2023, David Chalupnik was removed as a co‑portfolio manager of the Fund. </div></td> <td style="width:1%;"> </td> </tr></table><div style="margin-top:4pt;margin-bottom:0pt;margin-left:2%;margin-right:2%;font-size:8pt;font-family:arial;font-weight:bold;text-align:justify;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by December 30, 2024 at <span style="font-family:arial;color:#0071ce">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787. </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;"> </td> <td style="width:2%;vertical-align:top;text-align: left;">•</td> <td style="width:1%;vertical-align:top;"> </td> <td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:9pt;text-align:left;"><span style="font-weight:bold">Management fees: </span>As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion. </div></td> <td style="width:1%;"> </td> </tr></table> <div style="margin-top:4pt;margin-bottom:0pt;margin-left:2%;margin-right:2%;font-size:8pt;font-family:arial;font-weight:bold;text-align:justify;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by December 30, 2024 at <span style="font-family:arial;color:#0071ce">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787. </div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">Changes in independent registered public accounting firm </span></span></div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;margin-right:2%;font-size:9pt;font-family:arial;">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. </div> Nuveen Equity Long/Short Fund Class C Shares NELCX 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, 2023 to August 31, 2024. annual shareholder report 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. https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;" title="oef:ExpensesTextBlock"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;"> <tr> <td style="width: 32%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 34%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 32%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="text-align: right; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="text-align: right; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class C Shares</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="text-align: right; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap;">$321 </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="text-align: right; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap;">2.93%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 2%; vertical-align: top; text-align: left;">*</td> <td style="text-align: left; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; text-align: left;">Annualized for period less than one year.</div> </td> </tr> </table> 321 0.0293 <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 96%; border: 0px; margin: 0 auto;"> <tr> <td style="width: 72%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 27%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">•  The Nuveen Equity Long/Short Fund returned 18.94% for Class C Shares at net asset value (NAV) for the 12 months ended August 31, 2024. The Fund underperformed the Equity Long/Short Blended Benchmark, which returned 20.12%. The Fund’s blended benchmark consists of 1) 70% Russell 1000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index, and 2) 30% ICE BofA U.S. 3‑Month Treasury Bill Index.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">•  Top contributors to relative performance</div> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">»   Security selection in the industrials sector, led by an overweight long position in Trane Technologies plc and a short position in Leggett &amp; Platt Inc.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">»   Security selection and an overweight in the communication services sector, led by overweight long positions in Netflix Inc. and Meta Platforms Inc.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">»   Security selection in the health care sector, led by an overweight long position in Boston Scientific Corporation.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">•  Top detractors from relative performance</div> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">»   Overweight long position in digital platform engineering and software development firm EPAM Systems Inc.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">»   Security selection and an overweight in the consumer staples sector, including overweight long positions in Estee Lauder Companies Inc. and Monster Beverage Corporation.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">»   Overweight long position in DexCom Inc.</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 1.11em 0pt 1.11em;">Performance Attribution</div> <div style="font-size: 16pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;"> <img alt="LOGO" src="g822592g55a55.jpg"/>  Industrials</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;"> <img alt="LOGO" src="g822592g55a55.jpg"/>  Communication services</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;"> <img alt="LOGO" src="g822592g55a55.jpg"/>  Health care</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;"> <img alt="LOGO" src="g822592g55b55.jpg"/>  EPAM Systems Inc.</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;"> <img alt="LOGO" src="g822592g55b55.jpg"/>  Consumer staples</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;"> <img alt="LOGO" src="g822592g55b55.jpg"/>  DexCom Inc.</div> <div style="font-size: 14pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td> </tr> </table> 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. <div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"> <img alt="LOGO" src="g822592g10m08.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;" title="oef:AvgAnnlRtrTableTextBlock">Average Annual Total Returns</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;"> <tr> <td style="width: 73%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td colspan="2" style="text-align: center; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">1‑Year</span></td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td colspan="2" style="text-align: center; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">5‑Year</span></td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td colspan="2" style="text-align: center; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">10‑Year</span></td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class C Shares at NAV (excluding maximum sales charge)</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">18.94</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">9.24</td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">7.23</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Russell 1000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">26.60</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">15.55</td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">12.66</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Equity Long/Short Blended Benchmark</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">20.12</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">11.80</td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">9.51</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Alternative Long/Short Equity Funds Classification Average</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">14.82</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">7.38</td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">4.46</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table> Class C Shares at NAV (excluding maximum sales charge) 0.1894 0.0924 0.0723 Russell 1000® Index 0.2660 0.1555 0.1266 Equity Long/Short Blended Benchmark 0.2012 0.1180 0.0951 Lipper Alternative Long/Short Equity Funds Classification Average 0.1482 0.0738 0.0446 For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787. <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of August 31, 2024)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;"> <tr> <td style="width: 87%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">131,554,359</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">191</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">98%</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1,460,716</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 131554359 191 0.98 1460716 <div style="position: relative; float: left; width: 31%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 2pt;"> <img alt="LOGO" src="g822592g00m03.jpg"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 32%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 2pt 0pt 2pt;">  <img alt="LOGO" src="g822592g02x02.jpg"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 31%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2pt;"> <img alt="LOGO" src="g822592g04g02.jpg"/> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> </div> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 0pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: middle;">(1)</sup> Includes the gross market value of the Fund’s long and short exposure and short-term repurchase agreements.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 2%;"> </td> <td style="width: 2%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="text-align: left; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Management fees: </span>As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.</div> </td> <td style="width: 1%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 2%;"> </td> <td style="width: 2%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="text-align: left; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Portfolio manager update:</span> Effective December 29, 2023, David Chalupnik was removed as a co‑portfolio manager of the Fund.</div> </td> <td style="width: 1%;"> </td> </tr> </table> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by December 30, 2024 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 2%;"> </td> <td style="width: 2%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="text-align: left; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Management fees: </span>As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.</div> </td> <td style="width: 1%;"> </td> </tr> </table> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by December 30, 2024 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Changes in independent registered public accounting firm </span></span></div> <div style="font-size: 9pt; font-family: arial; margin: 6pt 2% 0pt 2%;">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.</div> Nuveen Equity Long/Short Fund Class I Shares NELIX 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, 2023 to August 31, 2024. annual shareholder report 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. https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;" title="oef:ExpensesTextBlock"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;"> <tr> <td style="width: 32%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 34%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 32%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="text-align: right; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="text-align: right; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="text-align: right; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap;">$212 </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="text-align: right; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap;">1.93%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 2%; vertical-align: top; text-align: left;">*</td> <td style="text-align: left; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; text-align: left;">Annualized for period less than one year.</div> </td> </tr> </table> 212 0.0193 <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 96%; border: 0px; margin: 0 auto;"> <tr> <td style="width: 72%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 27%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">•  The Nuveen Equity Long/Short Fund returned 20.14% for Class I Shares at net asset value (NAV) for the 12 months ended August 31, 2024. The Fund performed in line with the Equity Long/Short Blended Benchmark, which returned 20.12%. The Fund’s blended benchmark consists of 1) 70% Russell 1000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index, and 2) 30% ICE BofA U.S. 3‑Month Treasury Bill Index.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">•  Top contributors to relative performance</div> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">»   Security selection in the industrials sector, led by an overweight long position in Trane Technologies plc and a short position in Leggett &amp; Platt Inc.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">»   Security selection and an overweight in the communication services sector, led by overweight long positions in Netflix Inc. and Meta Platforms Inc.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">»   Security selection in the health care sector, led by an overweight long position in Boston Scientific Corporation.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">•  Top detractors from relative performance</div> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">»   Overweight long position in digital platform engineering and software development firm EPAM Systems Inc.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">»   Security selection and an overweight in the consumer staples sector, including overweight long positions in Estee Lauder Companies Inc. and Monster Beverage Corporation.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">»   Overweight long position in DexCom Inc.</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 1.11em 0pt 1.11em;">Performance Attribution</div> <div style="font-size: 16pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;"> <img alt="LOGO" src="g822592g55a55.jpg"/>  Industrials</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;"> <img alt="LOGO" src="g822592g55a55.jpg"/>  Communication services</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;"> <img alt="LOGO" src="g822592g55a55.jpg"/>  Health care</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;"> <img alt="LOGO" src="g822592g55b55.jpg"/>  EPAM Systems Inc.</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;"> <img alt="LOGO" src="g822592g55b55.jpg"/>  Consumer staples</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;"> <img alt="LOGO" src="g822592g55b55.jpg"/>  DexCom Inc.</div> <div style="font-size: 14pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td> </tr> </table> 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. <div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"> <img alt="LOGO" src="g822592g00m14.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;" title="oef:AvgAnnlRtrTableTextBlock">Average Annual Total Returns</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;"> <tr> <td style="width: 73%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td colspan="2" style="text-align: center; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">1‑Year</span></td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td colspan="2" style="text-align: center; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">5‑Year</span></td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td colspan="2" style="text-align: center; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">10‑Year</span></td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares at NAV</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">20.14</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">10.34</td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">8.15</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Russell 1000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">26.60</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">15.55</td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">12.66</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Equity Long/Short Blended Benchmark</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">20.12</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">11.80</td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">9.51</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Alternative Long/Short Equity Funds Classification Average</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">14.82</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">7.38</td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">4.46</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table> Class I Shares at NAV 0.2014 0.1034 0.0815 Russell 1000® Index 0.2660 0.1555 0.1266 Equity Long/Short Blended Benchmark 0.2012 0.1180 0.0951 Lipper Alternative Long/Short Equity Funds Classification Average 0.1482 0.0738 0.0446 For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787. <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of August 31, 2024)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;"> <tr> <td style="width: 87%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">131,554,359</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">191</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">98%</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">$</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; text-align: right;">1,460,716</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 131554359 191 0.98 1460716 <div style="position: relative; float: left; width: 31%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 2pt 0pt 6pt;"> <img alt="LOGO" src="g822592g00m03.jpg"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 32%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 2pt 0pt 2pt;">  <img alt="LOGO" src="g822592g02x02.jpg"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 31%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2pt;"> <img alt="LOGO" src="g822592g04g02.jpg"/> </div> </div> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 0pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: middle;">(1)</sup> Includes the gross market value of the Fund’s long and short exposure and short-term repurchase agreements.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 2%;"> </td> <td style="width: 2%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="text-align: left; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Management fees: </span>As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.</div> </td> <td style="width: 1%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 2%;"> </td> <td style="width: 2%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="text-align: left; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Portfolio manager update:</span> Effective December 29, 2023, David Chalupnik was removed as a co‑portfolio manager of the Fund.</div> </td> <td style="width: 1%;"> </td> </tr> </table> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by December 30, 2024 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 2%;"> </td> <td style="width: 2%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="text-align: left; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Management fees: </span>As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.</div> </td> <td style="width: 1%;"> </td> </tr> </table> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by December 30, 2024 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Changes in independent registered public accounting firm </span></span></div> <div style="font-size: 9pt; font-family: arial; margin: 6pt 2% 0pt 2%;">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.</div> Includes the gross market value of the Fund’s long and short exposure and short-term repurchase agreements. Includes the gross market value of the Fund’s long and short exposure and short-term repurchase agreements. Includes the gross market value of the Fund’s long and short exposure and short-term repurchase agreements. Annualized for period less than one year. Annualized for period less than one year. Annualized for period less than one year.