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Nuveen Equity Long/Short Fund
Class A Shares
NELAX
This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Equity Long/Short Fund for the period of September 1, 2025 to<span style="font-weight:bold"> </span>February 28, 2026.
semi-annual shareholder report
You can find additional information at<span style="font-weight:bold"> </span><span style="font-family:arial;font-size:9pt;color:#0071ce">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span><span style="font-family:arial">. You can also request this information by contacting us at (800) 257‑8787.</span>
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">What were the Fund costs for the last six months? </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-spacing: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="padding-bottom:3pt ;vertical-align:bottom;text-align:right;"> <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="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;font-weight:bold;text-align:right;">Costs paid as a percentage of</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> </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="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;white-space:nowrap;text-align:right;">$113 </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-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:right;">2.21%</td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;margin-right:2%;font-size:8pt;font-family:arial;text-align:justify;">* Annualized for period less than one year.</div>
113
0.0221
<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 February 28, 2026)</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-spacing:0px;margin:0 auto">
<tr>
<td style="width:87%;"></td>
<td style="vertical-align:bottom;width:1%;"></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;">$148,996,030</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;">183</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;">35%</td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
148996030
183
0.35
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:10pt;margin-right:10pt;">
<img alt="LOGO" src="g24740g1g01u01.jpg"/> </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:10pt;margin-right:10pt;">
<img alt="LOGO" src="g24740g1g02u01.jpg"/> </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:10pt;margin-right:10pt;">
<img alt="LOGO" src="g24740g1g03u01.jpg"/> </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;margin-right:2%;font-size:8pt;font-family:arial;text-align:justify;">(1) Includes the gross market value of the Fund’s long and short exposure and short-term repurchase agreements. </div>
Nuveen Equity Long/Short Fund
Class C Shares
NELCX
This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Equity Long/Short Fund for the period of September 1, 2025 to<span style="font-weight:bold"> </span>February 28, 2026.
semi-annual shareholder report
You can find additional information at <span style="font-family:arial;font-size:9pt;color:#0071ce">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span><span style="font-family:arial">. You can also request this information by contacting us at (800) 257‑8787.</span>
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">What were the Fund costs for the last six months? </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-spacing: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="padding-bottom:3pt ;vertical-align:bottom;text-align:right;"> <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="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;font-weight:bold;text-align:right;">Costs paid as a percentage of</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> </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="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;white-space:nowrap;text-align:right;">$151 </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-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:right;">2.96%</td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;margin-right:2%;font-size:8pt;font-family:arial;text-align:justify;">* Annualized for period less than one year.</div>
151
0.0296
<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 February 28, 2026)</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-spacing:0px;margin:0 auto">
<tr>
<td style="width:87%;"></td>
<td style="vertical-align:bottom;width:1%;"></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;">$148,996,030</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;">183</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;">35%</td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
148996030
183
0.35
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:10pt;margin-right:10pt;">
<img alt="LOGO" src="g24740g1g50c45.jpg"/> </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:10pt;margin-right:10pt;">
<img alt="LOGO" src="g24740g1g33i86.jpg"/> </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:10pt;margin-right:10pt;">
<img alt="LOGO" src="g24740g1g24r03.jpg"/> </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;margin-right:2%;font-size:8pt;font-family:arial;text-align:justify;">(1) Includes the gross market value of the Fund’s long and short exposure and short-term repurchase agreements. </div>
Nuveen Equity Long/Short Fund
Class I Shares
NELIX
This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Equity Long/Short Fund for the period of September 1, 2025 to<span style="font-weight:bold"> </span>February 28, 2026.
semi-annual shareholder report
You can find additional information at<span style="font-weight:bold"> </span><span style="font-family:arial;font-size:9pt;color:#0071ce">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span><span style="font-family:arial">. You can also request this information by contacting us at (800) 257‑8787.</span>
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">What were the Fund costs for the last six months? </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-spacing: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="padding-bottom:3pt ;vertical-align:bottom;text-align:right;"> <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="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;text-align:right;"><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="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;white-space:nowrap;text-align:right;">$100 </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-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:right;">1.96%</td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;margin-right:2%;font-size:8pt;font-family:arial;text-align:justify;">* Annualized for period less than one year.</div>
100
0.0196
<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 February 28, 2026)</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-spacing:0px;margin:0 auto">
<tr>
<td style="width:87%;"></td>
<td style="vertical-align:bottom;width:1%;"></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;">$148,996,030</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;">183</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;">35%</td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
148996030
183
0.35
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:10pt;margin-right:10pt;">
<img alt="LOGO" src="g24740g1g08c45.jpg"/> </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:10pt;margin-right:10pt;">
<img alt="LOGO" src="g24740g1g50k76.jpg"/> </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:10pt;margin-right:10pt;">
<img alt="LOGO" src="g24740g1g29w73.jpg"/> </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;margin-right:2%;font-size:8pt;font-family:arial;text-align:justify;">(1) Includes the gross market value of the Fund’s long and short exposure and short-term repurchase agreements. </div>
Annualized for period less than one year.
Annualized for period less than one year.
Includes the gross market value of the Fund’s long and short exposure and short-term repurchase agreements.
Includes the gross market value of the Fund’s long and short exposure and short-term repurchase agreements.
Annualized for period less than one year.
Includes the gross market value of the Fund’s long and short exposure and short-term repurchase agreements.