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The strategy invests primarily in U.S. large-cap and mid-cap companies identified through rigorous fundamental research, complemented by quantitative analysis. Long and short stock positions are made in companies with tangible opportunities identified through our research process.
For term definitions and index descriptions, please access the glossary in the footer.
Performance data shown represents past performance and does not predict or guarantee future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Total returns for a period of less than one year are cumulative. Returns without sales charges would be lower if the sales charges were included. Returns assume reinvestment of dividends and capital gains.
Class C shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I shares have no sales charge and may be purchased by specified classes of investors. Class R3 shares have no sales charge and are available only to certain retirement plan clients. Class R6 shares have no sales charge and are available to certain qualified retirement plans and other investors as set forth in the statement of additional information.
Effective March 2021, Class C shares automatically convert to Class A shares 8 years after purchase. Returns for periods longer than 8 years for Class C shares reflect the performance of Class A shares after the deemed 8-year conversion to Class A shares within such periods.
Morningstar ratings may vary among share classes and are based on historical risk-adjusted total returns, which are not indicative of future results.
Lipper rankings are based on total return and related to each share class. The returns assume reinvestment of dividends and do not reflect any applicable sales charge. Absent expense limitation, total return would be less. Past performance is no guarantee of future results.
A Percentile rank is a percentage value between one and 100 percent assigned to each fund in its respective category. The top percentile (1) is designated as better performing whereas the bottom percentile (100) is the worst performing. Absolute rank is the numerical ranking of the fund relative to the total number of funds in the category.
For additional details about the Fund’s ordinary income, see the Fund’s Section 19(a) Notice.
Net Exposure provides an indication of the Fund’s directional exposure to the market at period end and reflects the value of the portfolio’s long positions minus the short positions across asset class investment categories. This is an indication of the Fund’s sensitivity to market movements. Gross Exposure provides an indication of the total gross value of the Fund’s market investment exposure reflecting a summation of the absolute value of all long and short positions in the portfolio across asset class investment categories. This is an indication of the scale of the Fund’s total investment positions regardless of direction. Exposure calculation does not include cash.
Long Exposure reflects the securities the Fund owns in its portfolio. Short Exposure reflects securities the Fund does not own but has sold short through the delivery of a borrowed security. Exposure calculation does not include cash.
All characteristics as a percentage of the fund's total net assets. Holdings and ratings are subject to change. Totals may not add up to 100% due to rounding.
The holdings are subject to change and may not be representative of the Fund’s current or future investments. The holdings listed includes the Fund’s long-term investments and excludes any temporary cash investments and equity index products. Top holdings by issuer (for other than fixed income securities) includes the underlying ordinary shares combined with any depositary receipts, preferred shares, contract for differences (CFDs), rights, options and warrants. The holdings listed should not be considered a recommendation to buy, sell or hold a particular security.
Important information on risk
Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Prices of equity securities may change significantly over short or extended periods of time. The Fund sells securities that it has borrowed but does not own (“short sales”), which is a speculative technique. The Fund will suffer a loss when the price of a security that it holds long decreases or the price of a security that it has sold short increases. Losses on short sales arise from increases in the value of the security sold short, and therefore are theoretically unlimited. Because the Fund invests in both long and short equity positions, the Fund has overall exposure to changes in value of equity securities that is far greater than its net asset value. This may magnify gains and losses and increase the volatility of the Fund's returns. In addition, the use of short sales will increase the Fund's expenses. More information on these risks considerations, as well as information on other risks to which the Fund is subject, such as frequent trading, futures contract, and large cap stock risks, are included in the Fund's prospectus.
Returns quoted represent past performance which is no guarantee of future results. Performance prior to 1 Mar 2013 reflects investment strategies under a different sub-advisor that differed slightly from those currently in place. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Total returns for a period of less than one year are cumulative. Returns without sales charges would be lower if the sales charges were included. Returns assume reinvestment of dividends and capital gains.
Performance assumes the reinvestment of dividends and capital gains. Class A shares have a 5.75% maximum sales charge. Class C shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Nuveen Fund Advisors, LLC (“NFAL”) is announcing that on Thursday, June 29, 2023, it made a payment to the Nuveen Equity Long/Short Fund (the “Fund”) to reimburse the Fund for certain interest expenses associated with the Fund’s short positions that were unnecessarily incurred due to an operational issue. This payment had the effect of increasing the Fund’s net asset values by the following amounts: $1.46 per class A share, $1.30 per class C share and $1.54 per class I share. In addition, NFAL will also make reimbursement payments to those impacted Fund shareholders who redeemed shares during the relevant period.
Class A share star ratings do not include the effect of sales charges which would lower performance. Investment performance reflects applicable fee waivers. Without such waivers, total returns would be reduced and ratings could be lower.
The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. ©2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
Equity Long/Short Blended Benchmark is comprised of a 70% weighting in Russell 1000 Index and a 30% weighting in ICE BofA US 3-month Treasury Bill Index. Benchmark performance is linked. Performance prior to 2/28/2013 was 100% weighting in Russell 1000 Index.
Effective 29 Dec 2023, David Chalupnik is no longer a portfolio manager of the Fund. Scott Tonneson and Claire Ross will continue to serve as portfolio managers of the Fund.
NuveenAssetManagement
Nuveen Securities, LLC, member FINRA and SIPC.
M-3531174P-E0424W
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The holdings are subject to change and may not be representative of the Fund’s current or future investments. The holdings listed includes the Fund’s long-term investments and excludes any temporary cash investments and equity index products. Top holdings by issuer (for other than fixed income securities) includes the underlying ordinary shares combined with any depositary receipts, preferred shares, contract for differences (CFDs), rights, options and warrants. The holdings listed should not be considered a recommendation to buy, sell or hold a particular security.