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NUVEEN INVESTMENT FUNDS INC
N-CSR
2024-08-31
Nuveen Credit Income Fund
Class A Shares
FJSIX
This annual shareholder report contains important information about the Class A Shares of the Nuveen Credit Income 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: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </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; vertical-align: bottom;"> </td>
<td style="text-align: right; padding-bottom: 3pt; 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; vertical-align: bottom;"> </td>
<td style="text-align: right; padding-bottom: 3pt; 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="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="text-align: right; padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap;">$111 </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="text-align: right; padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap;">1.04%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
111
0.0104
<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="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </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 Credit Income Fund returned 14.38% for Class A Shares at net asset value (NAV) for the 12 months ended August 31, 2024. The Fund outperformed the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index, which returned 12.53%.</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 within the high-yield corporate bond allocation, notably in the communications, consumer non-cyclical, and technology industries.</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;">» Out-of-benchmark allocation to mortgage credit, including agency credit risk transfers.</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;">» Out-of-benchmark allocation to emerging markets debt (EMD), particularly below‑investment‑grade securities.</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;">» Out-of-benchmark allocation to commercial mortgage-backed securities (CMBS), particularly exposure to office properties.</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;">» Shorter-duration positioning.</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="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="g884259g55a55.jpg"/> High-yield corporate bonds</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="g884259g55a55.jpg"/> Mortgage credit</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="g884259g55a55.jpg"/> EMD</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="g884259g55b55.jpg"/> CMBS</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g884259g55b55.jpg"/> Shorter-duration positioning</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="g884259g00m02.jpg" style="width: 7.12083in; height: 4.18056in;"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 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: 72%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </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; vertical-align: bottom;"> </td>
<td colspan="2" style="text-align: center; padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td colspan="2" style="text-align: center; padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="text-align: center; padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">10‑Year</span></td>
<td style="border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">14.38</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">3.86</td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">3.30</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">8.90</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.86</td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.80</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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;">Bloomberg U.S. Aggregate Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">7.30</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.04</td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">)% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.64</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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;">Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">12.53</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">4.44</td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">4.65</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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 Global High Yield Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; 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;">12.05</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </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;">3.56</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; 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;">3.61</td>
<td style="padding-bottom: 3pt; 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)
0.1438
0.0386
0.0330
Class A Shares at maximum sales charge (Offering Price)
0.0890
0.0286
0.0280
Bloomberg U.S. Aggregate Bond Index
0.0730
-0.0004
0.0164
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index
0.1253
0.0444
0.0465
Lipper Global High Yield Funds Classification Average
0.1205
0.0356
0.0361
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: 88%;"></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;">87,654,718</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;">251</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;">133%</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;">480,574</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
87654718
251
1.33
480574
<div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;">
<img alt="LOGO" src="g884259g05m01.jpg"/> </div> </div> <div style="margin: 0pt 10pt 0pt -45pt;">
<img alt="LOGO" src="g884259g05m02.jpg"/> </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> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div>
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<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> <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 Directors 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 Credit Income Fund
Class C Shares
FCSIX
This annual shareholder report contains important information about the Class C Shares of the Nuveen Credit Income 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: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </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; vertical-align: bottom;"> </td>
<td style="text-align: right; padding-bottom: 3pt; 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; vertical-align: bottom;"> </td>
<td style="text-align: right; padding-bottom: 3pt; 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="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="text-align: right; padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap;">$191 </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="text-align: right; padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap;">1.79%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
191
0.0179
<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="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </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 Credit Income Fund returned 13.57% for Class C Shares at net asset value (NAV) for the 12 months ended August 31, 2024. The Fund outperformed the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index, which returned 12.53%.</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 within the high-yield corporate bond allocation, notably in the communications, consumer non-cyclical, and technology industries.</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;">» Out-of-benchmark allocation to mortgage credit, including agency credit risk transfers.</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;">» Out-of-benchmark allocation to emerging markets debt (EMD), particularly below‑investment‑grade securities.</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;">» Out-of-benchmark allocation to commercial mortgage-backed securities (CMBS), particularly exposure to office properties.</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;">» Shorter-duration positioning.</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="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="g884259g55a55.jpg"/> High-yield corporate bonds</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="g884259g55a55.jpg"/> Mortgage credit</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="g884259g55a55.jpg"/> EMD</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="g884259g55b55.jpg"/> CMBS</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g884259g55b55.jpg"/> Shorter-duration positioning</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="g884259g00m08.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: 72%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </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; vertical-align: bottom;"> </td>
<td colspan="2" style="text-align: center; padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">1-Year</span></td>
<td style="border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td colspan="2" style="text-align: center; padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">5-Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="text-align: center; padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">10-Year</span></td>
<td style="border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">13.57</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">3.09</td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.68</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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;">Bloomberg U.S. Aggregate Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">7.30</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.04</td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">)% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.64</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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;">Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">12.53</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">4.44</td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">4.65</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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 Global High Yield Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; 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;">12.05</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </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;">3.56</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; 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;">3.61</td>
<td style="padding-bottom: 3pt; 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)
0.1357
0.0309
0.0268
Bloomberg U.S. Aggregate Bond Index
0.0730
-0.0004
0.0164
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index
0.1253
0.0444
0.0465
Lipper Global High Yield Funds Classification Average
0.1205
0.0356
0.0361
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: 88%;"></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;">87,654,718</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;">251</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;">133%</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;">480,574</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
87654718
251
1.33
480574
<div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;">
<img alt="LOGO" src="g884259g11m01.jpg"/> </div> </div> <div style="margin: 0pt 10pt 0pt -50pt;">
<img alt="LOGO" src="g884259g11m02.jpg"/> </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> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div>
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<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> <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 Directors 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 Credit Income Fund
Class I Shares
FJSYX
This annual shareholder report contains important information about the Class I Shares of the Nuveen Credit Income 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: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </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; vertical-align: bottom;"> </td>
<td style="text-align: right; padding-bottom: 3pt; 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; vertical-align: bottom;"> </td>
<td style="text-align: right; padding-bottom: 3pt; 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="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="text-align: right; padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap;">$85 </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="text-align: right; padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap;">0.79%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
85
0.0079
<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="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </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 Credit Income Fund returned 14.67% for Class I Shares at net asset value (NAV) for the 12 months ended August 31, 2024. The Fund outperformed the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index, which returned 12.53%.</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 within the high-yield corporate bond allocation, notably in the communications, consumer non-cyclical, and technology industries.</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;">» Out-of-benchmark allocation to mortgage credit, including agency credit risk transfers.</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;">» Out-of-benchmark allocation to emerging markets debt (EMD), particularly below‑investment‑grade securities.</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;">» Out-of-benchmark allocation to commercial mortgage-backed securities (CMBS), particularly exposure to office properties.</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;">» Shorter-duration positioning.</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="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="g884259g55a55.jpg"/> High-yield corporate bonds</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="g884259g55a55.jpg"/> Mortgage credit</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="g884259g55a55.jpg"/> EMD</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="g884259g55b55.jpg"/> CMBS</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g884259g55b55.jpg"/> Shorter-duration positioning</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="g884259g00m14.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: 72%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </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; vertical-align: bottom;"> </td>
<td colspan="2" style="text-align: center; padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td colspan="2" style="text-align: center; padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="text-align: center; padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">10‑Year</span></td>
<td style="border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">14.67</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">4.07</td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">3.54</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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;">Bloomberg U.S. Aggregate Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">7.30</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.04</td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">)% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.64</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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;">Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">12.53</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">4.44</td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">4.65</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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 Global High Yield Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; 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;">12.05</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </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;">3.56</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; 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;">3.61</td>
<td style="padding-bottom: 3pt; 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
0.1467
0.0407
0.0354
Bloomberg U.S. Aggregate Bond Index
0.0730
-0.0004
0.0164
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index
0.1253
0.0444
0.0465
Lipper Global High Yield Funds Classification Average
0.1205
0.0356
0.0361
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: 88%;"></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;">87,654,718</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;">251</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;">133%</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;">480,574</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
87654718
251
1.33
480574
<div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;">
<img alt="LOGO" src="g884259g17m01.jpg"/> </div> </div> <div style="margin: 0pt 10pt 0pt -45pt;">
<img alt="LOGO" src="g884259g17m02.jpg"/> </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> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div>
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<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> <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 Directors 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 Strategic Income Fund
Class A Shares
FCDDX
This annual shareholder report contains important information about the Class A Shares of the Nuveen Strategic Income 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: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </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; vertical-align: bottom;"> </td>
<td style="text-align: right; padding-bottom: 3pt; 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; vertical-align: bottom;"> </td>
<td style="text-align: right; padding-bottom: 3pt; 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="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="text-align: right; padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap;">$87 </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="text-align: right; padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap;">0.82%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
87
0.0082
<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="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </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 Strategic Income Fund returned 11.04% for Class A Shares at net asset value (NAV) for the 12 months ended August 31, 2024. The Fund outperformed the Bloomberg US Aggregate Bond Index, which returned 7.3%.</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;">» Out-of-benchmark allocation to mortgage credit, particularly agency credit risk transfers.</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;">» Out-of-benchmark exposure to preferred securities.</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;">» Out-of-benchmark exposure to below-investment-grade securities.</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: 1pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Shorter-duration positioning.</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="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="g884259g55a55.jpg"/> Mortgage credit</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="g884259g55a55.jpg"/> Preferred securities</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="g884259g55a55.jpg"/> Below-investment-grade exposure</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g884259g55b55.jpg"/> Shorter-duration positioning</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="g884259g00m20.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: 72%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </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; vertical-align: bottom;"> </td>
<td colspan="2" style="text-align: center; padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td colspan="2" style="text-align: center; padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="text-align: center; padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">10‑Year</span></td>
<td style="border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">11.04</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.63</td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.85</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">6.36</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.74</td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.41</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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;">Bloomberg U.S. Aggregate Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">7.30</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.04</td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">)% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.64</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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 Multi-Sector Income Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; 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;">9.66</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </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;">1.94</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; 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;">2.80</td>
<td style="padding-bottom: 3pt; 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)
0.1104
0.0263
0.0285
Class A Shares at maximum sales charge (Offering Price)
0.0636
0.0174
0.0241
Bloomberg U.S. Aggregate Bond Index
0.0730
-0.0004
0.0164
Lipper Multi-Sector Income Funds Classification Average
0.0966
0.0194
0.0280
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;">916,646,285</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;">607</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;">60%</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;">3,993,167</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
916646285
607
0.60
3993167
<div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;">
<img alt="LOGO" src="g884259g00s01.jpg"/> </div> </div> <div style="margin: 0pt 10pt 0pt -45pt;">
<img alt="LOGO" src="g884259g00s02.jpg"/> </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> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div>
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<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> <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 Directors 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 Strategic Income Fund
Class C Shares
FCBCX
This annual shareholder report contains important information about the Class C Shares of the Nuveen Strategic Income 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>
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<td style="width: 33%;"></td>
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<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
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<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="text-align: right; padding-bottom: 3pt; 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; vertical-align: bottom;"> </td>
<td style="text-align: right; padding-bottom: 3pt; 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="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="text-align: right; padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap;">$165</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="text-align: right; padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap;">1.57%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
165
0.0157
<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>
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<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 27%;"></td> </tr>
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<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </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 Strategic Income Fund returned 10.11% for Class C Shares at net asset value (NAV) for the 12 months ended August 31, 2024. The Fund outperformed the Bloomberg US Aggregate Bond Index, which returned 7.3%.</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;">» Out-of-benchmark allocation to mortgage credit, particularly agency credit risk transfers.</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;">» Out-of-benchmark exposure to preferred securities.</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;">» Out-of-benchmark exposure to below-investment-grade securities.</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;">» Shorter-duration positioning.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="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="g884259g55a55.jpg"/> Mortgage credit</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="g884259g55a55.jpg"/> Preferred securities</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="g884259g55a55.jpg"/> Below-investment-grade exposure</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g884259g55b55.jpg"/> Shorter-duration positioning</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="g884259g00s03.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>
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<td style="vertical-align: bottom; width: 3%;"></td> </tr>
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<td style="height: 3pt;"></td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
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<td style="vertical-align: top;"> </td>
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<td colspan="2" style="text-align: center; padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td colspan="2" style="text-align: center; padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="text-align: center; padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">10‑Year</span></td>
<td style="border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">10.11</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.87</td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.25</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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;">Bloomberg U.S. Aggregate Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">7.30</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.04</td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">)% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.64</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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 Multi-Sector Income Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; 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;">9.66</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </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;">1.94</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; 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;">2.80</td>
<td style="padding-bottom: 3pt; 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)
0.1011
0.0187
0.0225
Bloomberg U.S. Aggregate Bond Index
0.0730
-0.0004
0.0164
Lipper Multi-Sector Income Funds Classification Average
0.0966
0.0194
0.0280
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;">916,646,285</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;">607</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;">60%</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;">3,993,167</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
916646285
607
0.60
3993167
<div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;">
<img alt="LOGO" src="g884259g69z13.jpg"/> </div> </div> <div style="margin: 0pt 10pt 0pt -45pt;">
<img alt="LOGO" src="g884259g66h11.jpg"/> </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> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div>
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<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> <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 Directors 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 Strategic Income Fund
Class R6 Shares
FSFRX
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Strategic Income 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: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </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; vertical-align: bottom;"> </td>
<td style="text-align: right; padding-bottom: 3pt; 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; vertical-align: bottom;"> </td>
<td style="text-align: right; padding-bottom: 3pt; 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="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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 R6 Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="text-align: right; padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap;">$51</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="text-align: right; padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap;">0.48%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
51
0.0048
<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="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </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 Strategic Income Fund returned 11.28% for Class R6 Shares at net asset value (NAV) for the 12 months ended August 31, 2024. The Fund outperformed the Bloomberg US Aggregate Bond Index, which returned 7.3%.</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;">» Out-of-benchmark allocation to mortgage credit, particularly agency credit risk transfers.</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;">» Out-of-benchmark exposure to preferred securities.</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;">» Out-of-benchmark exposure to below-investment-grade securities.</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: 1pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Shorter-duration positioning.</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="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="g884259g55a55.jpg"/> Mortgage credit</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="g884259g55a55.jpg"/> Preferred securities</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="g884259g55a55.jpg"/> Below-investment-grade exposure</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g884259g55b55.jpg"/> Shorter-duration positioning</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="g884259g00m31.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: 66%;"></td>
<td style="vertical-align: bottom; width: 4%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 4%;"></td>
<td style="vertical-align: bottom; width: 4%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 4%;"></td>
<td style="vertical-align: bottom; width: 4%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 4%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </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; vertical-align: bottom;"> </td>
<td colspan="2" style="text-align: center; padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td colspan="2" style="text-align: center; padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="text-align: center; padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">Since Inception<br/>(1/20/15)</span></td>
<td style="border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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 R6 Shares at NAV</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">11.28</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.96</td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">3.45</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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;">Bloomberg U.S. Aggregate Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">7.30</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.04</td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">)% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.44</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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 Multi-Sector Income Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; 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;">9.66</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </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;">1.94</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; 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;">3.03</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table>
2015-01-20
Class R6 Shares at NAV
0.1128
0.0296
0.0345
Bloomberg U.S. Aggregate Bond Index
0.0730
-0.0004
0.0144
Lipper Multi-Sector Income Funds Classification Average
0.0966
0.0194
0.0303
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;">916,646,285</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;">607</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;">60%</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;">3,993,167</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
916646285
607
0.60
3993167
<div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;">
<img alt="LOGO" src="g884259g95r54.jpg"/> </div> </div> <div style="margin: 0pt 10pt 0pt -45pt;">
<img alt="LOGO" src="g884259g44n51.jpg"/> </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> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div>
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<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> <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 Directors 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 Strategic Income Fund
Class I Shares
FCBYX
This annual shareholder report contains important information about the Class I Shares of the Nuveen Strategic Income 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: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </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; vertical-align: bottom;"> </td>
<td style="text-align: right; padding-bottom: 3pt; 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; vertical-align: bottom;"> </td>
<td style="text-align: right; padding-bottom: 3pt; 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="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="text-align: right; padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap;">$60 </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="text-align: right; padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap;">0.57%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
60
0.0057
<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="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </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 Strategic Income Fund returned 11.32% for Class I Shares at net asset value (NAV) for the 12 months ended August 31, 2024. The Fund significantly outperformed the Bloomberg US Aggregate Bond Index, which returned 7.3%.</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;">» Out-of-benchmark allocation to mortgage credit, particularly agency credit risk transfers.</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;">» Out-of-benchmark exposure to preferred securities.</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;">» Out-of-benchmark exposure to below-investment-grade securities.</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: 1pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Shorter-duration positioning.</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="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="g884259g55a55.jpg"/> Mortgage credit</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="g884259g55a55.jpg"/> Preferred securities</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="g884259g55a55.jpg"/> Below-investment-grade exposure</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g884259g55b55.jpg"/> Shorter-duration positioning</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="g884259g00m36.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: 72%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </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; vertical-align: bottom;"> </td>
<td colspan="2" style="text-align: center; padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td colspan="2" style="text-align: center; padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="text-align: center; padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">10‑Year</span></td>
<td style="border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">11.32</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.88</td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">3.11</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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;">Bloomberg U.S. Aggregate Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">7.30</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.04</td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">)% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.64</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 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 Multi-Sector Income Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; 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;">9.66</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </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;">1.94</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; 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;">2.80</td>
<td style="padding-bottom: 3pt; 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
0.1132
0.0288
0.0311
Bloomberg U.S. Aggregate Bond Index
0.0730
-0.0004
0.0164
Lipper Multi-Sector Income Funds Classification Average
0.0966
0.0194
0.0280
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;">916,646,285</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;">607</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;">60%</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;">3,993,167</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
916646285
607
0.60
3993167
<div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;">
<img alt="LOGO" src="g884259g75s64.jpg"/> </div> </div> <div style="margin: 0pt 10pt 0pt -45pt;">
<img alt="LOGO" src="g884259g64g38.jpg"/> </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> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div>
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<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> <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 Directors 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>
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
Annualized for period less than one year.
Annualized for period less than one year.
Annualized for period less than one year.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
Annualized for period less than one year.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
Annualized for period less than one year.
Annualized for period less than one year.
Annualized for period less than one year.