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The Portfolio also seeks to provide high current income exempt from regular federal income taxes.</div> Fees and Expenses of the Portfolio <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio. Portfolio shares may be purchased only by or on behalf of separately managed account clients where Nuveen Asset Management, LLC has an agreement to serve as investment adviser or sub-adviser to the account with the separately managed account program sponsor or directly with the client. The fees and expenses in the following tables do not reflect any charges that are imposed by the separately managed accounts. If such charges were reflected, the fees and expenses would be higher than what is shown below.</div> Shareholder Fees(fees paid directly from your investment) 0 0 0 0 Annual Portfolio Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0001 0.0004 0.0005 -0.0004 0.0001 Example <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The following example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then either redeem or do not redeem your shares at the end of a period. The example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same and that the expense reimbursements continue to remain in place. The example does not reflect any charges that are imposed by the separately managed accounts. If such charges were reflected, the costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 1 1 3 3 6 6 13 13 Portfolio Turnover <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 48% of the average value of its portfolio. </div> 0.48 Principal Investment Strategies <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">Under normal market conditions, the Portfolio invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal personal income tax. Regular federal personal income tax is different from, and does not include, the federal alternative minimum tax. These municipal bonds include obligations issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam) that pay interest that is exempt from regular federal personal income tax. The Portfolio may invest without limit in securities that generate income subject to the alternative minimum tax on individuals, therefore, the Portfolio may not be suitable for investors subject to the federal alternative minimum tax on individuals.</div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The Portfolio invests in various types of municipal securities, including investment grade (rated BBB/Baa or better), below investment grade (rated BB/Ba or lower), and unrated municipal securities. The Portfolio may invest up to 50% of its net assets in below investment grade municipal bonds, but will normally invest 10-30% of its net assets in such bonds. Such securities are commonly referred to as “high yield” securities or “junk” bonds. The Portfolio may invest up to 5% of its net assets in defaulted bonds.</div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The Portfolio will focus on securities with intermediate to longer term maturities and, as such, will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity of approximately 12 to 25 years.</div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The Portfolio may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Portfolio may invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature.</div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">The Portfolio may invest up to 50% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (“</span><span style="font-size:10.0pt;font-family:arial;font-style:italic;color:#000000;font-weight:normal;text-decoration:none">inverse floaters</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">”). Inverse floaters are derivative securities that provide leveraged exposure to underlying municipal bonds. The Portfolio’s investments in inverse floaters are designed to increase the Portfolio’s income and returns through this leveraged exposure. These investments are speculative, however, and also create the possibility that income and returns will be diminished. The Portfolio will only invest in inverse floating rate securities whose underlying bonds are rated A or higher.</span></div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The Portfolio may also make forward commitments in which the Portfolio agrees to buy a security for settlement in the future at a price agreed upon today.</div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The Portfolio’s sub-adviser uses a value-oriented strategy and looks for higher-yielding and undervalued municipal bonds that offer the potential for above-average total return. The sub-adviser may choose to sell municipal bonds with deteriorating credit or limited upside potential compared to other available bonds.</div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">Developed exclusively for use within separately managed accounts advised or sub-advised by Nuveen Asset Management, LLC, the Portfolio is a specialized municipal bond portfolio to be used in combination with selected individual securities to effectively model institutional-level investment strategies. The Portfolio enables certain Nuveen municipal separately managed account investors to achieve greater diversification and return potential than might otherwise be achieved by using lower quality, higher yielding securities.</div> The price and yield of this Portfolio will change daily. You could lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Active Management Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The Portfolio’s sub-adviser actively manages the Portfolio’s investments. Consequently, the Portfolio is subject to the risk that the investment techniques and risk analyses employed by the Portfolio’s sub-adviser, including its use of proprietary and third-party technology systems, models, algorithms and data management software, </span></div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">may not produce the desired results. This could cause the Portfolio to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Alternative Minimum Tax Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The Portfolio has no limit as to the amount that can be invested in alternative minimum tax bonds. Therefore, all or a portion of the Portfolio’s otherwise exempt-interest dividends may be taxable to those shareholders subject to the federal alternative minimum tax on individuals. For tax years beginning after December 31, 2022, exempt-interest dividends may affect the federal corporate alternative minimum tax for certain corporations.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Call Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—If, during periods of falling interest rates, an issuer exercises its right to prepay principal on its higher-yielding municipal bonds held by the Portfolio, the Portfolio may have to reinvest in securities with lower yields or higher risk of default, which may adversely impact the Portfolio’s performance.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Credit Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Credit risk is the risk that an issuer or other obligated party of a municipal bond may be, or perceived (whether by market participants, rating agencies, pricing services or otherwise) to be, unable or unwilling to make interest and principal payments when due and the related risk that the value of a municipal bond may decline because of concerns about the issuer’s ability or willingness to make such payments. The Portfolio's investments in inverse floaters will increase the Portfolio's credit risk.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Credit Spread Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences in their credit quality) may increase when the market believes that bonds generally have a greater risk of default. Increasing credit spreads may reduce the market values of the Portfolio’s municipal bonds. Credit spreads often increase more for lower rated and unrated securities than for investment grade securities. In addition, when credit spreads increase, reductions in market value will generally be greater for longer-maturity securities.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Cybersecurity Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Cybersecurity risk is the risk of an unauthorized breach and access to Portfolio assets, customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Portfolio, its investment adviser or sub-adviser, custodian, transfer agent, distributor or other service provider, a financial intermediary or the issuers of securities held by the Portfolio to suffer a data breach, data corruption or lose operational functionality. Successful cyber-attacks or other cyber-failures or events affecting the Portfolio, its service providers or the issuers of securities held by the Portfolio may adversely impact the Portfolio or its shareholders. Additionally, a cybersecurity breach could affect the issuers in which the Portfolio invests, which may cause the Portfolio’s investments to lose value.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Defaulted Bond Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Defaulted bonds are speculative and involve substantial risks in addition to the risks of investing in high yield securities that have not defaulted. The Portfolio generally will not receive interest payments on the defaulted bonds and there is a substantial risk that principal will not be repaid. In any reorganization or liquidation proceeding relating to a defaulted bond, the Portfolio may lose its entire investment.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">High Yield Securities Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—High yield securities, which are rated below investment grade and commonly referred to as “junk” bonds, and unrated securities of comparable quality are high risk investments that may cause income and principal losses for the Portfolio. They generally are considered to be speculative with respect to the ability to pay interest and repay principal, have greater credit risk, are less liquid, are more likely to experience a default and have more volatile prices than investment grade securities, especially during periods of uncertainty or market turmoil.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Income Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The Portfolio's income could decline during periods of falling interest rates or when the Portfolio experiences defaults on municipal bonds it holds. Also, if the Portfolio invests in inverse floaters, the Portfolio's income may decrease if short-term interest rates rise.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Interest Rate Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Interest rate risk is the risk that the value of the Portfolio’s municipal bonds will decline because of rising interest rates. Changing interest rates may have unpredictable effects on markets, result in heightened market volatility and detract from the Portfolio’s performance to the extent that it is exposed to such interest rates. Municipal bonds may be subject to a greater risk of rising interest rates than would normally be the case due to the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. Higher periods of inflation could lead to government fiscal policies which raise interest rates. When interest rates change, the values of longer-duration municipal bonds usually change more than the values of shorter-duration municipal bonds. Conversely, municipal bonds with shorter durations or maturities will be less volatile but may provide lower returns than municipal bonds with longer durations or maturities. Rising interest rates also may lengthen the duration of municipal bonds with call features, since exercise of the call becomes less likely as interest rates rise, which in turn will make the securities more sensitive to changes in interest rates and result in even steeper price declines in the event of further interest rate increases. The Portfolio is also subject to the risk that the income generated by its investments may not keep pace with inflation. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing </span></div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the municipal bond market, making it more difficult for the Portfolio to sell municipal bonds. Changes in interest rates may also lead to an increase in Portfolio redemptions, which may result in higher portfolio turnover costs, thereby adversely affecting the Portfolio’s performance.</div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Inverse Floaters Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The use of inverse floaters by the Portfolio creates effective leverage. Due to the leveraged nature of these investments, they will typically have more sensitivity to changes in interest rates, be more volatile and involve greater risk than the fixed rate municipal bonds underlying the inverse floaters. An investment in certain inverse floaters will involve the risk that the Portfolio could lose more than its original principal investment. Distributions on inverse floaters bear an inverse relationship to short-term municipal bond interest rates. Thus, distributions paid to the Portfolio on its inverse floaters will be reduced or even eliminated as short-term municipal bond interest rates rise and will increase when short-term municipal bond interest rates fall. Inverse floaters generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Market Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The market value of the Portfolio’s investments may go up or down, sometimes rapidly or unpredictably and for short or extended periods of time, due to the particular circumstances of individual issuers or due to general conditions impacting issuers more broadly. Global economies and financial markets have become highly interconnected, and thus economic, market or political conditions or events in one country or region might adversely impact the value of the Portfolio’s investments whether or not the Portfolio invests in such country or region. Events such as war, terrorism, natural and environmental disasters and the spread of infectious illnesses or other public health emergencies may have a severe negative impact on the global economy, could cause financial markets to experience extreme volatility and losses, and could result in the disruption of trading and the reduction of liquidity in many instruments. Additionally, as inflation increases, the value of the Portfolio’s assets can decline.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Municipal Bond Market Liquidity Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Inventories of municipal bonds held by brokers and dealers have decreased in recent years, lessening their ability to make a market in these securities. This reduction in market making capacity has the potential to decrease the Portfolio’s ability to buy or sell bonds, and increase bond price volatility and trading costs, particularly during periods of economic or market stress. In addition, federal banking regulations may cause certain dealers to reduce their inventories of municipal bonds, which may further decrease the Portfolio’s ability to buy or sell bonds. Municipal bonds may also be thinly traded or have a limited trading market, making it difficult for the Portfolio to value the bonds accurately. As a result, the Portfolio may be forced to accept a lower price to sell a security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance. If the Portfolio needed to sell large blocks of bonds to raise cash (such as to meet heavy shareholder redemptions), those sales could further reduce the bonds’ prices and hurt performance. </span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Municipal Lease Obligations Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Participation interests in municipal leases pose special risks because many leases and contracts contain “non-appropriation” clauses that provide that the governmental issuer has no obligation to make future payments under the lease or contract unless money is appropriated for this purpose by the appropriate legislative body.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Municipal Securities Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The values of municipal securities held by the Portfolio may be adversely affected by local political and economic conditions and developments. The Portfolio may make significant investments in a particular segment of the municipal bond market or in the debt of issuers located in the same state or territory. Adverse conditions in such industry or location could have a correspondingly adverse effect on the financial condition of issuers. Accordingly, revenue bonds, which may be repaid only from a specific facility or source, are subject to more economic risk than general obligation bonds, which may be repaid from any revenue source. These conditions may cause the value of the Portfolio’s shares to fluctuate more than the values of shares of funds that invest in a greater variety of investments. The amount of public information available about municipal bonds is generally less than for certain corporate equities or bonds, meaning that the investment performance of the Portfolio may be more dependent on the analytical abilities of the Portfolio’s sub-adviser than funds that invest in stock or other corporate investments. </span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Tax Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Income from municipal bonds held by the Portfolio could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer or other obligated party. Investments in taxable municipal bonds may cause the Portfolio to have taxable investment income.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Unrated Security Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Unrated securities determined by the Portfolio’s sub-adviser to be of comparable quality to rated securities which the Portfolio may purchase may pay a higher interest rate than such rated securities and be subject to a </span></div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">greater risk of illiquidity or price changes. Less public information is typically available about unrated securities or issuers than rated securities or issuers.</div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">U.S. Territory Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The Portfolio’s investments may include municipal bonds issued by U.S. territories such as Puerto Rico, the U.S. Virgin Islands and Guam that pay interest exempt from regular federal personal income tax. Accordingly, the Portfolio may be adversely affected by local political and economic conditions and developments within these U.S. territories. </span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Valuation Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The sales price the Portfolio could receive for any particular municipal bond may differ from the Portfolio’s valuation of the investment, particularly for municipal bonds that trade in thin or volatile markets or that are valued using a fair value methodology. The municipal bonds in which the Portfolio invests typically are valued by a pricing service utilizing a range of market-based inputs and assumptions, including price quotations obtained from broker-dealers making markets in such instruments, cash flows and transactions for comparable instruments. There is no assurance that the Portfolio will be able to buy or sell a portfolio security at the price established by the pricing service, which could result in a gain or loss to the Portfolio. Pricing services generally price municipal bonds assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Over certain time periods, such differences could materially impact the performance of the Portfolio, which may not be sustainable. Alternative pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Portfolio were to change pricing services, or if the Portfolio’s pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Portfolio’s net asset value.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">When-Issued, Delayed-Delivery and Forward Commitment Transactions Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The Portfolio may purchase securities on a when-issued, delayed delivery or forward commitment basis. These transactions involve an element of risk because, although the Portfolio will not have made any cash outlay prior to the settlement date, the purchase price has been established, sometimes a month or more prior to the settlement date, so the value of the security to be purchased may decline to a level below its purchase price before that settlement date. This may give rise to leverage and lead to volatility in the Portfolio’s net asset value. Default by, or bankruptcy of, a counterparty to a when-issued, delayed delivery or forward commitment transaction would expose the Portfolio to possible losses because of an adverse market action, expenses or delays in connection with the purchase or sale of the securities in such transaction.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Zero Coupon Bonds Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Because interest on zero coupon bonds is not paid on a current basis, the values of zero coupon bonds will be more volatile in response to interest rate changes than the values of bonds that distribute income regularly. Although zero coupon bonds generate income for accounting purposes, they do not produce cash flow, and thus the Portfolio could be forced to liquidate securities at an inopportune time in order to generate cash to distribute to shareholders as required by tax laws.</span></div> Portfolio Performance <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The following bar chart and table provide some indication of the potential risks of investing in the Portfolio. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns do not reflect any charges that are imposed by the separately managed accounts. If such charges were reflected, the returns would be lower.</div> The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns do not reflect any charges that are imposed by the separately managed accounts. If such charges were reflected, the returns would be lower. The bar chart below shows the variability of the Portfolio’s performance from year to year. <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The bar chart below shows the variability of the Portfolio’s performance from year to year. </div>   Annual Total Return* Year-to-date total return 2025-09-30 0.0197 <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">During the ten-year period ended December 31, 2024, the Portfolio’s highest and lowest quarterly returns were 6.89%</span><br/> <span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">and -7.40%, respectively, for the quarters ended December 31, 2023 and March 31, 2022.</span></div> highest lowest 0.0689 -0.0740 2023-12-31 2022-03-31 <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The table below shows the variability of the Portfolio’s average annual returns and how they compare over the time periods indicated with those of broad measures of market performance. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. </div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">Performance reflects fee waivers, if any, in effect during the periods presented. If any such waivers had not been in place, returns would have been reduced.</div> All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Average Annual Total Returns for the Periods EndedDecember 31, 2024 2007-05-31 2007-05-31 2007-05-31 2007-05-31 2007-05-31 0.0269 0.0073 0.0271 0.0269 0.0073 0.0271 0.0333 0.0133 0.0289 0.0105 0.0099 0.0225 0.0051 0.0092 0.0200 Nuveen Core Impact Bond Managed Accounts Portfolio Investment Objective <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">The investment objective of the Portfolio is to seek total return, primarily through current income, while giving special consideration to certain environmental, social and governance (“</span><span style="font-size: 10.0pt; font-family: arial; font-style: italic; color: #000000; font-weight: normal; text-decoration: none;">ESG”</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">) criteria.</span></div> Fees and Expenses of the Portfolio <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio. Portfolio shares may be purchased only by or on behalf of separately managed account clients where Nuveen Asset Management, LLC has an agreement to serve as investment adviser or sub-adviser to the account with the separately managed account program sponsor or directly with the client. The fees and expenses in the following tables do not reflect any charges that are imposed by the separately managed accounts. If such charges were reflected, the fees and expenses would be higher than what is shown below.</div> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0054 0.0054 -0.0054 0.0000 Example <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The following example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then either redeem or do not redeem your shares at the end of a period. The example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same and that the expense reimbursements continue to remain in place. The example does not reflect any charges that are imposed by the separately managed accounts. If such charges were reflected, the costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 0 0 0 0 0 0 0 0 Portfolio Turnover <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 77% of the average value of its portfolio.</div> 0.77 Principal Investment Strategies <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">Under normal circumstances, the Portfolio invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in bonds. For these purposes bonds include fixed-income securities of all types, including but not limited to, corporate bonds, residential and commercial mortgage-backed and other asset-backed securities, U.S. government securities (securities issued or guaranteed by the U.S. government or its agencies or instrumentalities), senior loans and loan participations and assignments, and taxable and tax-exempt municipal bonds. The Portfolio may invest up to 10% of its assets in securities rated lower than investment grade or unrated securities of comparable quality as determined by the Portfolio’s sub-adviser (securities commonly referred to as “high-yield” securities or “junk” bonds). The Portfolio may invest in fixed-income securities of any maturity or duration.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">When selecting investments for the Portfolio, the sub-adviser considers certain ESG criteria or a proprietary impact framework (the “</span><span style="font-size: 10.0pt; font-family: arial; font-style: italic; color: #000000; font-weight: normal; text-decoration: none;">Impact Framework</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">”). The Impact Framework, described below, provides direct exposure to issuers or projects that the sub-adviser believes have the potential to have social or environmental benefits. The ESG criteria are generally implemented based on data provided by independent research vendor(s). In those limited cases where independent ESG criteria are not available for certain types of securities or for certain issuers, these securities may nonetheless be eligible for investment by the Portfolio should they meet certain internal ESG criteria. All issuers not otherwise reviewed in connection with the Impact Framework described below must meet or exceed minimum ESG performance standards to be eligible for investment by the Portfolio.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The ESG evaluation process employed by the sub-adviser for corporate issuers favors issuers with leadership in ESG performance relative to their peers. Typically, environmental assessment categories include climate change, natural resource use, waste management and environmental opportunities. Social evaluation categories for corporate issuers include human capital, product safety and social opportunities. Governance assessment categories for corporate issuers include corporate governance, business ethics and public policy. How well companies adhere to international norms and principles and involvement in major ESG controversies (examples of which may relate to the environment, customers, human rights &amp; community, labor rights &amp; supply chain, and governance) are other considerations.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The ESG evaluation process with respect to corporate issuers is conducted on an industry-specific basis and involves the identification of key performance indicators, which are given more or less relative weight compared to the broader range of potential assessment categories. When ESG concerns exist, the evaluation process gives careful consideration to how companies address the risks and opportunities they face in the context of their sector or industry and relative to their peers. The Portfolio will not generally invest in companies significantly involved in certain business activities including, but not limited to, the production of alcohol, tobacco, military weapons, firearms, nuclear power, thermal coal, and gambling products and services.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The ESG evaluation process with respect to government issuers favors issuers with leadership in ESG performance relative to all peers. Typically, environmental assessment categories include the issuer’s ability to protect, harness, and supplement its natural resources, and to manage environmental vulnerabilities and externalities. Social assessment categories include the issuer’s ability to develop a healthy, productive, and stable workforce and knowledge capital, and to create a supportive economic environment. Governance assessment categories include the issuer’s institutional capacity to support long-term stability and well-functioning financial, judicial, and political systems, and capacity to address environmental and social risks. The government ESG evaluation process is conducted on a global basis and reflects how an issuer’s exposure to and management of ESG risk factors may affect the long-term sustainability of its economy.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">While the Portfolio may invest in issuers that meet these criteria, it is not required to invest in every issuer that meets these criteria. In addition, concerns with respect to one ESG assessment category may not automatically eliminate an issuer from being considered an eligible investment. The ESG criteria and the universe of investments that the Portfolio utilizes may be changed without the approval of the Portfolio’s shareholders.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The Portfolio is not restricted from investing in any securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The Portfolio considers investments in these securities to be consistent with its investment and social objectives.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The Portfolio also invests in certain asset-backed securities, mortgage-backed securities and other securities that represent interests in assets such as pools of mortgage loans, automobile loans or credit card receivables. These securities are typically issued by legal entities established specifically to hold assets and to issue debt obligations backed by those assets. Asset-backed or mortgage-backed securities are normally created or “sponsored” by banks or other institutions or by certain government-sponsored enterprises such as Fannie Mae or Freddie Mac. The sub-adviser does not take into consideration whether the sponsor of an asset-backed security in which it invests meets the ESG criteria.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">That is because asset-backed securities represent interests in pools of loans, and not of the ongoing business enterprise of the sponsor. It is therefore possible that the Portfolio could invest in an asset-backed or mortgage-backed security sponsored by a bank or other financial institution in which the Portfolio could not invest directly. However, the investments underlying an asset-backed or mortgage-backed security will generally meet or exceed the ESG criteria or the Impact Framework described below.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The sub-adviser reviews the ESG criteria used to evaluate securities held in the Portfolio and approves the ESG vendor(s) that provide the data that help inform this criteria. Consistent with its responsibilities, the sub-adviser has the right to change the ESG vendor(s) at any time and to add to the number of vendors providing the ESG data.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">Additionally, the Portfolio invests a significant portion of its assets in fixed-income instruments according to a proprietary Impact Framework. These investments provide direct exposure to issuers and/or individual projects that the sub-adviser, through its proprietary analysis, believes have the potential to have social or environmental benefits. Within this Impact Framework allocation, the Portfolio seeks opportunities to invest in publicly traded fixed-income securities that finance initiatives in areas including affordable housing, community and economic development, renewable energy and climate change, and natural resources. These investments will be selected based on the same financial criteria used in selecting the Portfolio’s other fixed-income investments. The portion of the Portfolio invested in accordance with this Impact Framework is not additionally subject to ESG criteria provided by a third party. The sub-adviser engages with certain issuers of investments it determines represent impact securities to communicate impact reporting preferences and encourage alignment with industry best practices regarding responsible investment.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">Investing on the basis of ESG criteria and according to the Impact Framework is qualitative and subjective by nature. There can be no assurance that every Portfolio investment will meet ESG criteria or the Impact Framework, or will do so at all times, or that the ESG criteria and the Impact Framework or any judgment exercised by the sub-adviser will reflect the beliefs or values of any particular investor.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The Portfolio may invest up to 40% of its assets in securities of foreign issuers, including those that are located in emerging market countries.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">The Portfolio may invest in securities that have not been registered under the Securities Act of 1933, as amended (the “</span><span style="font-size: 10.0pt; font-family: arial; font-style: italic; color: #000000; font-weight: normal; text-decoration: none;">Securities Act”</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">) (“</span><span style="font-size: 10.0pt; font-family: arial; font-style: italic; color: #000000; font-weight: normal; text-decoration: none;">restricted securities</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">”), including securities sold in private placement transactions between issuers and their purchasers and securities that meet the requirements of Rule 144A under the Securities Act (“</span><span style="font-size: 10.0pt; font-family: arial; font-style: italic; color: #000000; font-weight: normal; text-decoration: none;">Rule 144A securities</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">”). Rule 144A securities may be resold under certain circumstances only to qualified institutional buyers as defined by the rule.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The Portfolio may purchase and sell futures, options, swaps, forwards and other derivative instruments. The sub-adviser may use these derivatives in an attempt to manage market risk, credit risk and interest rate risk, to manage the effective maturity or duration of securities in the portfolio or for speculative purposes in an effort to increase the Portfolio’s yield or to enhance returns. The use of a derivative is speculative if the sub-adviser is primarily seeking to enhance returns, rather than offset the risk of other positions.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">Developed exclusively for use within separately managed accounts advised or sub-advised by Nuveen Asset Management, LLC, the Portfolio is a specialized bond portfolio to be used in combination with selected individual securities to effectively model institutional-level investment strategies. The Portfolio enables certain Nuveen separately managed account investors to achieve greater diversification and return potential than might otherwise be achieved by investing in additional fixed-income classes, including those that have a lower credit quality and potentially higher yielding securities.</div> The value of your investment in this Portfolio will change daily. You could lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Active Management Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The Portfolio’s sub-adviser actively manages the Portfolio’s investments. Consequently, the Portfolio is subject to the risk that the investment techniques and risk analyses employed by the Portfolio’s sub-adviser, including its use of proprietary and third-party technology systems, models, algorithms and data management software, may not produce the desired results. This could cause the Portfolio to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Call Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—If, during periods of falling interest rates, an issuer exercises its right to prepay principal on its higher-yielding debt securities held by the Portfolio, the Portfolio may have to reinvest in securities with lower yields or higher risk of default, which may adversely impact the Portfolio’s performance.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Credit Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Credit risk is the risk that an issuer or other obligated party of a debt security may be, or perceived (whether by market participants, rating agencies, pricing services or otherwise) to be, unable or unwilling to make interest and principal payments when due and the related risk that the value of a debt security may decline because of concerns about the issuer’s ability or willingness to make such payments. </span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Credit Spread Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences in their credit quality) may increase when the market believes that bonds generally have a greater risk of default. Increasing credit spreads may reduce the market values of the Portfolio’s debt securities. Credit spreads often increase more for lower rated and unrated securities than for investment grade securities. In addition, when credit spreads increase, reductions in market value will generally be greater for longer-maturity securities.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Currency Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Changes in currency exchange rates will affect the value of non-U.S. securities, interest earned from such securities, gains and losses realized on the sale of such securities, and derivative transactions tied to such securities. A strong U.S. dollar relative to these other currencies will adversely affect the value of the Portfolio’s portfolio.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Cybersecurity Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Cybersecurity risk is the risk of an unauthorized breach and access to Portfolio assets, customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Portfolio, its investment adviser or sub-adviser, custodian, transfer agent, distributor or other service provider, a financial intermediary or the issuers of securities held by the Portfolio to suffer a data breach, data corruption or lose operational functionality. Successful cyber-attacks or other cyber-failures or events affecting the Portfolio, its service providers or the issuers of securities held by the Portfolio may adversely impact the Portfolio or its shareholders. Additionally, a cybersecurity breach could affect the issuers in which the Portfolio invests, which may cause the Portfolio’s investments to lose value.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Derivatives Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The use of derivatives is a highly specialized activity that can involve investment techniques, risks, and tax planning different from those associated with more traditional investment instruments and involves transaction costs which could leave the Portfolio in a worse position than if it had not used these instruments. Derivative instruments can be used to acquire or to transfer the risk and returns of a security or other asset without buying or selling the security or asset, and the risks associated with investing in such derivatives may be different and greater than the risks associated with directly investing in the underlying securities and other instruments, including leverage risk, market risk, counterparty risk, liquidity risk, operational risk and legal risk. These instruments may entail investment exposures that are greater than their cost would suggest. As a result, a small investment in derivatives can result in losses that greatly exceed the original investment. Derivatives can be highly volatile, illiquid and difficult to value. An over-the-counter derivative transaction between the Portfolio and a counterparty that is not cleared through a central counterparty also involves the risk that a loss may be sustained as a result of the failure of the counterparty to the contract to make required payments. The payment obligation for a cleared derivative transaction is guaranteed by a central counterparty, which exposes the Portfolio to the creditworthiness of the central counterparty.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Emerging Markets Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The risk of foreign investment often increases in countries with emerging markets or that are otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect the Portfolio’s ability to evaluate potential portfolio companies. As a result, there could be less information about issuers in emerging market countries, which could negatively affect the ability of the Portfolio’s sub-adviser to evaluate local companies or their potential impact on the Portfolio’s performance. Because their financial markets may be very small, prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as the Portfolio are subject to a variety of special restrictions in many emerging market countries. </span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">Shareholder claims and regulatory actions that are available in the U.S. may be difficult or impossible to pursue in emerging market countries.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">ESG and Impact Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Because the Portfolio’s ESG investment criteria and/or proprietary Impact Framework will exclude securities of certain issuers for non-financial reasons (</span><span style="font-size: 10.0pt; font-family: arial; font-style: italic; color: #000000; font-weight: normal; text-decoration: none;">i.e.</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">, companies that do not demonstrate sustainable ESG characteristics or are involved in certain prohibited activities), the Portfolio may forgo some market opportunities available to funds that do not use the ESG investment criteria or otherwise fall within the Impact Framework, or may be required to </span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">sell a security when it might otherwise be disadvantageous to do so. This may cause the Portfolio to underperform the market as a whole or other funds that do not use an ESG investment strategy. Moreover, the Portfolio’s adherence to its ESG investment criteria when selecting securities may affect the Portfolio’s performance depending on whether such investments are in or out of favor. In addition, there is a risk that the companies identified by the Portfolio’s ESG investment criteria do not operate as expected when addressing ESG issues or exhibit positive ESG characteristics. Positive ESG characteristics are not uniformly defined and the sub-adviser’s assessment may differ from those used by other advisers or investors. Furthermore, data availability and reporting with respect to ESG criteria may not always be available or may become unreliable and the sub-adviser does not guaranty the accuracy of such data. ESG data may be incomplete or erroneous, which could cause the sub-adviser to incorrectly assess a company’s ESG characteristics. Additionally, the sub-adviser may not apply the relevant ESG criteria correctly causing it to inaccurately assess a company’s ESG characteristics. Moreover, the third-party data providers may differ in the data they provide for a given security or between industries, or may only take into account one of many ESG-related components of a company.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Foreign Investment Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Non-U.S. issuers or U.S. issuers with significant non-U.S. operations may be subject to risks in addition to those of issuers located in or that principally operate in the United States as a result of, among other things, political, social and economic developments abroad, as well as armed conflicts and different legal, regulatory and tax environments. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent the Portfolio invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. </span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">High Yield Securities Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—High yield securities, which are rated below investment grade and commonly referred to as “junk” bonds, and unrated securities of comparable quality are high risk investments that may cause income and principal losses for the Portfolio. They generally are considered to be speculative with respect to the ability to pay interest and repay principal, have greater credit risk, are less liquid, are more likely to experience a default and have more volatile prices than investment grade securities, especially during periods of uncertainty or market turmoil.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Income Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The Portfolio's income could decline during periods of falling interest rates or when the Portfolio experiences defaults on debt securities it holds. </span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Interest Rate Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Interest rate risk is the risk that the value of the Portfolio’s fixed-rate securities will decline because of rising interest rates. Changing interest rates may have unpredictable effects on markets, result in heightened market volatility and detract from the Portfolio’s performance to the extent that it is exposed to such interest rates. Fixed-rate securities may be subject to a greater risk of rising interest rates than would normally be the case due to the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. Higher periods of inflation could lead to government fiscal policies which raise interest rates. When interest rates change, the values of longer-duration fixed-rate securities usually change more than the values of shorter-duration fixed-rate securities. Conversely, fixed-rate securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-rate securities with longer durations or maturities. Rising interest rates also may lengthen the duration of securities with call features, since exercise of the call becomes less likely as interest rates rise, which in turn will make the securities more sensitive to changes in interest rates and result in even steeper price declines in the event of further interest rate increases. The Portfolio is also subject to the risk that the income generated by its investments may not keep pace with inflation. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-rate or debt markets, making it more difficult for the Portfolio to sell fixed-rate investments. Changes in interest rates may also lead to an increase in Portfolio redemptions, which may result in higher portfolio turnover costs, thereby adversely affecting the Portfolio’s performance.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Loan Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The lack of an active trading market for certain loans (including loan participations and assignments) may impair the ability of the Portfolio to realize full value in the event of the need to sell a loan and may make it difficult to value such loans. Portfolio transactions in loans may settle in as short as seven days but typically can take up to two or three weeks, and in some cases much longer. As a result of these extended settlement periods, the Portfolio may incur losses if it is required to sell other investments or temporarily borrow to meet its cash needs, including satisfying redemption requests. The risks associated with unsecured loans, which are not backed by a security interest in any specific collateral, are higher than those for comparable loans that are secured by specific collateral. For secured loans, there is a risk that the value of any collateral securing a loan in which the Portfolio has an interest may decline and that the collateral may </span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">not be sufficient to cover the amount owed on the loan. Interests in loans made to finance highly leveraged companies or transactions such as corporate acquisitions may be especially vulnerable to adverse changes in economic or market conditions. Loans may have restrictive covenants limiting the ability of a borrower to further encumber its assets. However, in periods of high demand by lenders like the Portfolio for loan investments, borrowers may limit these covenants and weaken a lender’s ability to access collateral securing the loan; reprice the credit risk associated with the borrower; and mitigate potential loss. The Portfolio may experience relatively greater realized or unrealized losses or delays and expenses in enforcing its rights with respect to loans with fewer restrictive covenants. Additionally, loans may not be considered “securities” and, as a result, the Portfolio may not be entitled to rely on the anti-fraud or other protections of the securities laws. Because junior loans have a lower place in an issuer’s capital structure and may be unsecured, junior loans involve a higher degree of overall risk than senior loans of the issuer. The Portfolio’s investments in floating rate loans that pay interest based on the London Interbank Offered Rate (LIBOR) may experience increased volatility and/or illiquidity during the transition away from LIBOR, which was phased out.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Market Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The market value of the Portfolio’s investments may go up or down, sometimes rapidly or unpredictably and for short or extended periods of time, due to the particular circumstances of individual issuers or due to general conditions impacting issuers more broadly. Global economies and financial markets have become highly interconnected, and thus economic, market or political conditions or events in one country or region might adversely impact the value of the Portfolio’s investments whether or not the Portfolio invests in such country or region. Events such as war, terrorism, natural and environmental disasters and the spread of infectious illnesses or other public health emergencies may have a severe negative impact on the global economy, could cause financial markets to experience extreme volatility and losses, and could result in the disruption of trading and the reduction of liquidity in many instruments. Additionally, as inflation increases, the value of the Portfolio’s assets can decline.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Market Liquidity Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Reductions in trading activity or dealer inventories of securities such as bonds and preferred securities, which provide an indication of the ability of financial intermediaries to “make markets” in those securities, have the potential to decrease liquidity and increase price volatility in the markets in which the Portfolio invests, particularly during periods of economic or market stress. In addition, federal banking regulations may cause certain dealers to reduce their inventories of securities, which may further decrease the Portfolio’s ability to buy or sell securities. As a result of this decreased liquidity, the Portfolio may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance. If the Portfolio needed to sell large blocks of securities to meet shareholder redemption requests or to raise cash, those sales could further reduce the securities’ prices and hurt performance.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Mortgage- and Asset-Backed Securities Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—These securities generally can be prepaid at any time, and prepayments that occur either more quickly or more slowly than expected can adversely impact the value of such securities. They are also subject to extension risk, which is the risk that rising interest rates could cause mortgages or other obligations underlying the securities to be prepaid more slowly than expected, thereby lengthening the duration of such securities, increasing their sensitivity to interest rate changes and causing their prices to decline. Mortgage-backed securities are particularly sensitive to prepayment risk, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities. A mortgage-backed security may be negatively affected by the quality of the mortgages underlying such security, the credit quality of its issuer or guarantor, and the nature and structure of its credit support. Mortgage- and asset-backed securities that are not backed by the full faith and credit of the U.S. government are subject to the risk of default on the underlying mortgage, loan or asset, particularly during periods of economic downturn.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Municipal Securities Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The values of municipal securities held by the Portfolio may be adversely affected by local political and economic conditions and developments. Adverse conditions in an industry significant to a local economy could have a correspondingly adverse effect on the financial condition of local issuers. The amount of public information available about municipal bonds is generally less than for certain corporate equities or bonds, meaning that the investment performance of the Portfolio may be more dependent on the analytical abilities of the Portfolio’s sub-adviser than funds that invest in stock or other corporate investments. </span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Restricted Securities Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The market for restricted securities, including Rule 144A securities, typically is less active than the market for publicly traded securities. Rule 144A securities and other securities exempt from registration under the Securities Act carry the risk that their liquidity may become impaired and the Portfolio may be unable to dispose of the securities promptly or at current market value.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Sovereign Debt Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—In addition to many of the risks of foreign and emerging market risks, sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign </span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">debt. This may be due to, for example, cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Unrated Security Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Unrated securities determined by the Portfolio’s sub-adviser to be of comparable quality to rated securities which the Portfolio may purchase may pay a higher interest rate than such rated securities and be subject to a greater risk of illiquidity or price changes. Less public information is typically available about unrated securities or issuers than rated securities or issuers.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">U.S. Government Securities Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates. Securities issued or guaranteed by U.S. government agencies and instrumentalities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. government or may be subject to certain limitations. No assurance can be given that the U.S. government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so, which may increase the risk of loss to the Portfolio.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Valuation Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The sales price the Portfolio could receive for any particular debt security may differ from the Portfolio’s valuation of the investment, particularly for debt securities that trade in thin or volatile markets or that are valued using a fair value methodology. The debt securities in which the Portfolio invests typically are valued by a pricing service utilizing a range of market-based inputs and assumptions, including price quotations obtained from broker-dealers making markets in such instruments, cash flows and transactions for comparable instruments. There is no assurance that the Portfolio will be able to buy or sell a portfolio security at the price established by the pricing service, which could result in a gain or loss to the Portfolio. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Over certain time periods, such differences could materially impact the performance of the Portfolio, which may not be sustainable. Alternative pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Portfolio were to change pricing services, or if the Portfolio’s pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Portfolio’s net asset value.</span></div> Portfolio Performance <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The following bar chart and table provide some indication of the potential risks of investing in the Portfolio. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns do not reflect any charges that are imposed by the separately managed accounts. If such charges were reflected, the returns would be lower.</div> The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns do not reflect any charges that are imposed by the separately managed accounts. If such charges were reflected, the returns would be lower. <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The bar chart below shows the variability of the Portfolio’s performance from year to year.</div> The bar chart below shows the variability of the Portfolio’s performance from year to year.   Annual Total Return* Year-to-date total return 2025-09-30 0.0691 <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">During the four-year period ended December 31, 2024, the Portfolio’s highest and lowest quarterly returns were 7.50%</span><br/><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">and -7.18%, respectively, for the quarters ended December 31, 2023 and June 30, 2022.</span></div> highest lowest 0.0750 -0.0718 2023-12-31 2022-06-30 <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The table below shows the variability of the Portfolio’s average annual returns and how they compare over the time periods indicated with those of a broad measure of market performance. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">Performance reflects fee waivers, if any, in effect during the periods presented. If any such waivers had not been in place, returns would have been reduced.</div> All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Average Annual Total Returns for the Periods EndedDecember 31, 2024 2020-07-09 2020-07-09 2020-07-09 2020-07-09 0.0313 -0.0197 0.0113 -0.0344 0.0187 -0.0208 0.0125 -0.0182 Nuveen Emerging Markets Debt Managed Accounts Portfolio Investment Objective <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The investment objective of the Portfolio is to seek total return.</div> Fees and Expenses of the Portfolio <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio. Portfolio shares may be purchased only by or on behalf of separately managed account clients where Nuveen Asset Management, LLC has an agreement to serve as investment adviser or sub-adviser to the account with the separately managed account program sponsor or directly with the client. The fees and expenses in the following tables do not reflect any charges that are imposed by the separately managed accounts. If such charges were reflected, the fees and expenses would be higher than what is shown below.</div> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0051 0.0051 -0.0051 0.0000 Example <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The following example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then either redeem or do not redeem your shares at the end of a period. The example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same and that the expense reimbursements continue to remain in place. The example does not reflect any charges that are imposed by the separately managed accounts. If such charges were reflected, the costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 0 0 0 0 0 0 0 0 Portfolio Turnover <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 39% of the average value of its portfolio.</div> 0.39 Principal Investment Strategies <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">Under normal circumstances, the Portfolio invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in fixed-income securities of emerging market issuers. The Portfolio primarily invests in a broad range of sovereign, quasi-sovereign and corporate fixed-income securities rated B- or better but may invest up to 30% of its assets in fixed-income securities rated lower than investment grade or unrated securities of comparable quality as determined by the Portfolio’s sub-adviser (securities commonly referred to as “high-yield” securities or “junk” bonds). The Portfolio may invest in fixed-income securities of any maturity or duration and Portfolio holdings may be denominated in U.S. dollars or non-U.S. dollar currencies, including emerging market currencies.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The Portfolio’s sub-adviser considers an “emerging market security” to be a security that is principally traded on a securities exchange of an emerging market or that is issued by an issuer that is located or has primary operations in an emerging market. The Portfolio generally defines an “emerging market” as any of the countries or markets represented in the Portfolio’s benchmark index, the J.P. Morgan Emerging Markets Bond Index Global Diversified, or any other country or market with similar emerging characteristics.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">The Portfolio may invest in securities that have not been registered under the Securities Act of 1933, but that may be resold to qualified institutional buyers in accordance with the provisions of Rule 144A under the Securities Act of 1933 (“</span><span style="font-size: 10.0pt; font-family: arial; font-style: italic; color: #000000; font-weight: normal; text-decoration: none;">Rule 144A securities</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">”).</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The Portfolio may purchase and sell futures, options, swaps, forwards and other derivative instruments. The sub-adviser may use these derivatives in an attempt to manage market risk, currency risk, credit risk and interest rate risk, to manage the effective maturity or duration of securities in the portfolio or for speculative purposes in an effort to increase the Portfolio’s yield or to enhance returns. The use of a derivative is speculative if the sub-adviser is primarily seeking to enhance returns, rather than offset the risk of other positions.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">Developed exclusively for use within separately managed accounts advised or sub-advised by Nuveen Asset Management, LLC, the Portfolio is a specialized fixed-income portfolio to be used in combination with selected individual securities to effectively model institutional-level investment strategies. The Portfolio enables certain Nuveen separately managed account investors to achieve greater diversification and return potential than might otherwise be achieved by investing in additional fixed-income classes, including those that have a lower credit quality and potentially higher yielding securities.</div> The value of your investment in this Portfolio will change daily. You could lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Active Management Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The Portfolio’s sub-adviser actively manages the Portfolio’s investments. Consequently, the Portfolio is subject to the risk that the investment techniques and risk analyses employed by the Portfolio’s sub-adviser, including its use of proprietary and third-party technology systems, models, algorithms and data management software, may not produce the desired results. This could cause the Portfolio to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Call Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—If, during periods of falling interest rates, an issuer exercises its right to prepay principal on its higher-yielding debt securities held by the Portfolio, the Portfolio may have to reinvest in securities with lower yields or higher risk of default, which may adversely impact the Portfolio’s performance.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Credit Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Credit risk is the risk that an issuer or other obligated party of a debt security may be, or perceived (whether by market participants, rating agencies, pricing services or otherwise) to be, unable or unwilling to make interest and principal payments when due and the related risk that the value of a debt security may decline because of concerns about the issuer’s ability or willingness to make such payments. </span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Credit Spread Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences in their credit quality) may increase when the market believes that bonds generally have a greater risk of default. Increasing credit spreads may reduce the market values of the Portfolio’s debt securities. Credit spreads often increase more for lower rated and unrated securities than for investment grade securities. In addition, when credit spreads increase, reductions in market value will generally be greater for longer-maturity securities.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Currency Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Changes in currency exchange rates will affect the value of non-U.S. securities, interest earned from such securities, gains and losses realized on the sale of such securities, and derivative transactions tied to such securities. A strong U.S. dollar relative to these other currencies will adversely affect the value of the Portfolio’s portfolio.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Cybersecurity Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Cybersecurity risk is the risk of an unauthorized breach and access to Portfolio assets, customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Portfolio, its investment adviser or sub-adviser, custodian, transfer agent, distributor or other service provider, a financial intermediary or the issuers of securities held by the Portfolio to suffer a data breach, data corruption or lose operational functionality. Successful cyber-attacks or other cyber-failures or events affecting the Portfolio, its service providers or the issuers of securities held by the Portfolio may adversely impact the Portfolio or its shareholders. Additionally, a cybersecurity breach could affect the issuers in which the Portfolio invests, which may cause the Portfolio’s investments to lose value.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Derivatives Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The use of derivatives is a highly specialized activity that can involve investment techniques, risks, and tax planning different from those associated with more traditional investment instruments and involves transaction costs which could leave the Portfolio in a worse position than if it had not used these instruments. Derivative instruments can be used to acquire or to transfer the risk and returns of a security or other asset without buying or selling the security or asset, and the risks associated with investing in such derivatives may be different and greater than the risks associated with directly investing in the underlying securities and other instruments, including leverage risk, market risk, counterparty risk, liquidity risk, operational risk and legal risk. These instruments may entail investment exposures that are greater than their cost would suggest. As a result, a small investment in derivatives can result in losses that greatly exceed the original investment. Derivatives can be highly volatile, illiquid and difficult to value. An over-the-counter derivative transaction between the Portfolio and a counterparty that is not cleared through a central counterparty also involves the risk that a loss may be sustained as a result of the failure of the counterparty to the contract to make required payments. The payment obligation for a cleared derivative transaction is guaranteed by a central counterparty, which exposes the Portfolio to the creditworthiness of the central counterparty.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Emerging Markets Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The risk of foreign investment often increases in countries with emerging markets or that are otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect the Portfolio’s ability to evaluate potential portfolio companies. As a result, there could be less information about issuers in emerging market countries, which could negatively affect the ability of the Portfolio’s sub-adviser to evaluate local companies or their potential impact on the Portfolio’s performance. Because their financial markets may be very small, prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as the Portfolio are subject to a variety of special restrictions in many emerging market countries. Shareholder claims and regulatory actions that are available in the U.S. may be difficult or impossible to pursue in emerging market countries.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Foreign Investment Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Non-U.S. issuers or U.S. issuers with significant non-U.S. operations may be subject to risks in addition to those of issuers located in or that principally operate in the United States as a result of, among other things, political, social and economic developments abroad, as well as armed conflicts and different legal, regulatory and tax environments. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent the Portfolio invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. </span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">High Yield Securities Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—High yield securities, which are rated below investment grade and commonly referred to as “junk” bonds, and unrated securities of comparable quality are high risk investments that may cause income and principal losses for the Portfolio. They generally are considered to be speculative with respect to the ability to pay interest and repay principal, have greater credit risk, are less liquid, are more likely to experience a default and have more volatile prices than investment grade securities, especially during periods of uncertainty or market turmoil.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Income Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The Portfolio's income could decline during periods of falling interest rates or when the Portfolio experiences defaults on debt securities it holds. </span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Interest Rate Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Interest rate risk is the risk that the value of the Portfolio’s fixed-rate securities will decline because of rising interest rates. Changing interest rates may have unpredictable effects on markets, result in heightened market volatility and detract from the Portfolio’s performance to the extent that it is exposed to such interest rates. Fixed-rate securities may be subject to a greater risk of rising interest rates than would normally be the case due to the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. Higher periods of inflation could lead to government fiscal policies which raise interest rates. When interest rates change, the values of longer-duration fixed-rate securities usually change more than the values of shorter-duration fixed-rate securities. Conversely, fixed-rate securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-rate securities with longer durations or maturities. Rising interest rates also may lengthen the duration of securities with call features, since exercise of the call becomes less likely as interest rates rise, which in turn will make the securities more sensitive to changes in interest rates and result in even steeper price declines in the event of further interest rate increases. The Portfolio is also subject to the risk that the income generated by its investments may not keep pace with inflation. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-rate or debt markets, making it more difficult for the Portfolio to sell fixed-rate investments. Changes in interest rates may also lead to an increase in Portfolio redemptions, which may result in higher portfolio turnover costs, thereby adversely affecting the Portfolio’s performance.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Market Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The market value of the Portfolio’s investments may go up or down, sometimes rapidly or unpredictably and for short or extended periods of time, due to the particular circumstances of individual issuers or due to general conditions impacting issuers more broadly. Global economies and financial markets have become highly interconnected, and thus economic, market or political conditions or events in one country or region might adversely impact the value of the Portfolio’s investments whether or not the Portfolio invests in such country or region. Events such as war, terrorism, natural and environmental disasters and the spread of infectious illnesses or other public health emergencies may have a severe negative impact on the global economy, could cause financial markets to experience extreme volatility and losses, and could result in the disruption of trading and the reduction of liquidity in many instruments. Additionally, as inflation increases, the value of the Portfolio’s assets can decline.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Market Liquidity Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Reductions in trading activity or dealer inventories of securities such as bonds and preferred securities, which provide an indication of the ability of financial intermediaries to “make markets” in those securities, have the potential to decrease liquidity and increase price volatility in the markets in which the Portfolio invests, particularly during periods of economic or market stress. In addition, federal banking regulations may cause certain dealers to reduce their inventories of securities, which may further decrease the Portfolio’s ability to buy or sell securities. As a result of this decreased liquidity, the Portfolio may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance. If the Portfolio needed to sell large blocks of securities to meet shareholder redemption requests or to raise cash, those sales could further reduce the securities’ prices and hurt performance.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Quasi-Sovereign Debt Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">— Quasi-sovereign securities are typically issued by companies that may receive financial support from a local government or in which the government owns a majority of the issuer’s voting shares. The governmental authority that controls the repayment of the debt may be unable or unwilling to make interest payments and/or repay the principal or to otherwise honor its obligations. If an issuer of quasi-sovereign debt defaults on payments of principal and/or interest, the Portfolio may have limited recourse against the issuer. A quasi-sovereign debtor’s willingness or ability to repay principal and pay interest in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign currency reserves, the quasi-sovereign debtor’s policy toward international lenders, and the political constraints to which a quasi-sovereign debtor may be subject. During periods of economic uncertainty, the market prices of quasi-sovereign debt may be more volatile than prices of corporate debt, which may result in losses to the Portfolio. In the past, certain governments of emerging market countries have declared themselves unable to meet their financial obligations on a timely basis, which has resulted in losses for holders of quasi-sovereign debt.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Restricted Securities Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The market for restricted securities, including Rule 144A securities, typically is less active than the market for publicly traded securities. Rule 144A securities and other securities exempt from registration under the Securities Act carry the risk that their liquidity may become impaired and the Portfolio may be unable to dispose of the securities promptly or at current market value.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Sovereign Debt Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—In addition to many of the risks of foreign and emerging market risks, sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign </span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">debt. This may be due to, for example, cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Unrated Security Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Unrated securities determined by the Portfolio’s sub-adviser to be of comparable quality to rated securities which the Portfolio may purchase may pay a higher interest rate than such rated securities and be subject to a greater risk of illiquidity or price changes. Less public information is typically available about unrated securities or issuers than rated securities or issuers.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Valuation Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The sales price the Portfolio could receive for any particular debt security may differ from the Portfolio’s valuation of the investment, particularly for debt securities that trade in thin or volatile markets or that are valued using a fair value methodology. The debt securities in which the Portfolio invests typically are valued by a pricing service utilizing a range of market-based inputs and assumptions, including price quotations obtained from broker-dealers making markets in such instruments, cash flows and transactions for comparable instruments. There is no assurance that the Portfolio will be able to buy or sell a portfolio security at the price established by the pricing service, which could result in a gain or loss to the Portfolio. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Over certain time periods, such differences could materially impact the performance of the Portfolio, which may not be sustainable. Alternative pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Portfolio were to change pricing services, or if the Portfolio’s pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Portfolio’s net asset value.</span></div> Portfolio Performance <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The following bar chart and table provide some indication of the potential risks of investing in the Portfolio. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns do not reflect any charges that are imposed by the separately managed accounts. If such charges were reflected, the returns would be lower.</div> The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns do not reflect any charges that are imposed by the separately managed accounts. If such charges were reflected, the returns would be lower. The bar chart below shows the variability of the Portfolio’s performance from year to year. <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The bar chart below shows the variability of the Portfolio’s performance from year to year.</div>   Annual Total Return* Year-to-date total return 2025-09-30 0.1054 <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">During the two-year period ended December 31, 2024, the Portfolio’s highest and lowest quarterly returns were 7.77%</span><br/><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">and -3.16%, respectively, for the quarters ended December 31, 2023 and December 31, 2024.</span></div> highest lowest 0.0777 -0.0316 2023-12-31 2024-12-31 <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The table below shows the variability of the Portfolio’s average annual returns and how they compare over the time periods indicated with those of a broad measure of market performance. All after-tax returns are calculated using the</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">Performance reflects fee waivers, if any, in effect during the periods presented. If any such waivers had not been in place, returns would have been reduced.</div> All after-tax returns are calculated using thehistorical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Average Annual Total Returns for the Periods EndedDecember 31, 2024 2022-11-01 2022-11-01 2022-11-01 2022-11-01 0.0339 0.0810 0.0046 0.0510 0.0217 0.0498 0.0654 0.1172 Nuveen High Yield Managed Accounts Portfolio Investment Objective <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The investment objective of the Portfolio is to seek total return primarily through high current income and, when consistent with its primary objective, capital appreciation.</div> Fees and Expenses of the Portfolio <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio. Portfolio shares may be purchased only by or on behalf of separately managed account clients where Nuveen Asset Management, LLC has an agreement to serve as investment adviser or sub-adviser to the account with the separately managed account program sponsor or directly with the client. The fees and expenses in the following tables do not reflect any charges that are imposed by the separately managed accounts. If such charges were reflected, the fees and expenses would be higher than what is shown below.</div> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0083 0.0083 -0.0083 0.0000 Example <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The following example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then either redeem or do not redeem your shares at the end of a period. The example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same and that the expense reimbursements continue to remain in place. The example does not reflect any charges that are imposed by the separately managed accounts. If such charges were reflected, the costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 0 0 0 0 0 0 0 0 Portfolio Turnover <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 70% of the average value of its portfolio.</div> 0.70 Principal Investment Strategies <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">Under normal circumstances, the Portfolio invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in fixed-income securities rated lower than investment grade or unrated securities of comparable quality as determined by the Portfolio’s sub-adviser (securities commonly referred to as “high-yield” securities or “junk” bonds). The Portfolio may invest in fixed-income securities of all types, including but not limited to, corporate bonds, senior loans, loan participations and assignments, preferred securities and convertible securities. The Portfolio may invest in fixed-income securities of any maturity or duration.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The Portfolio may invest up to 25% of its assets in senior loans, loan participations and assignments, which may include payment-in-kind and deferred-interest obligations. The Portfolio may invest up to 10% of its assets in securities rated lower than B- or its equivalent as determined by the Portfolio’s sub-adviser.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The Portfolio may invest up to 20% of its assets in securities of foreign issuers, including those that are located in emerging market countries.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">The Portfolio may invest in securities that have not been registered under the Securities Act of 1933, but that may be resold to qualified institutional buyers in accordance with the provisions of Rule 144A under the Securities Act of 1933 (“</span><span style="font-size: 10.0pt; font-family: arial; font-style: italic; color: #000000; font-weight: normal; text-decoration: none;">Rule 144A securities</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">”).</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The Portfolio may purchase and sell futures, options, swaps, forwards and other derivative instruments. The sub-adviser may use these derivatives in an attempt to manage market risk, credit risk and interest rate risk, to manage the effective maturity or duration of securities in the portfolio or for speculative purposes in an effort to increase the Portfolio’s yield or to enhance returns. The use of a derivative is speculative if the sub-adviser is primarily seeking to enhance returns, rather than offset the risk of other positions.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">Developed exclusively for use within separately managed accounts advised or sub-advised by Nuveen Asset Management, LLC, the Portfolio is a specialized fixed-income portfolio to be used in combination with selected individual securities to effectively model institutional-level investment strategies. The Portfolio enables certain Nuveen separately managed account investors to achieve greater diversification and return potential than might otherwise be achieved by investing in additional fixed-income classes, including those that have a lower credit quality and potentially higher yielding securities.</div> The value of your investment in this Portfolio will change daily. You could lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Active Management Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The Portfolio’s sub-adviser actively manages the Portfolio’s investments. Consequently, the Portfolio is subject to the risk that the investment techniques and risk analyses employed by the Portfolio’s sub-adviser, including its use of proprietary and third-party technology systems, models, algorithms and data management software, may not produce the desired results. This could cause the Portfolio to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Call Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—If, during periods of falling interest rates, an issuer exercises its right to prepay principal on its higher-yielding debt securities held by the Portfolio, the Portfolio may have to reinvest in securities with lower yields or higher risk of default, which may adversely impact the Portfolio’s performance.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Convertible Security Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Convertible securities are subject to certain risks of both equity and debt securities. The value of convertible securities may decline in response to such factors as rising interest rates and fluctuations in the market price of the common stock underlying the convertible securities.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Credit Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Credit risk is the risk that an issuer or other obligated party of a security may be, or perceived (whether by market participants, rating agencies, pricing services or otherwise) to be, unable or unwilling to make dividend, interest and principal payments when due and the related risk that the value of a security may decline because of concerns about the issuer’s ability or willingness to make such payments. Because the Portfolio may invest without limitation in high yield securities, the Portfolio's credit risks are greater than those of funds that buy only investment grade securities.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Credit Spread Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences in their credit quality) may increase when the market believes that bonds generally have a greater </span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">risk of default. Increasing credit spreads may reduce the market values of the Portfolio’s debt securities. Credit spreads often increase more for lower rated and unrated securities than for investment grade securities. In addition, when credit spreads increase, reductions in market value will generally be greater for longer-maturity securities.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Currency Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Changes in currency exchange rates will affect the value of non-U.S. securities, the value of dividends and interest earned from such securities, gains and losses realized on the sale of such securities, and derivative transactions tied to such securities. A strong U.S. dollar relative to these other currencies will adversely affect the value of the Portfolio’s portfolio.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Cybersecurity Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Cybersecurity risk is the risk of an unauthorized breach and access to Portfolio assets, customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Portfolio, its investment adviser or sub-adviser, custodian, transfer agent, distributor or other service provider, a financial intermediary or the issuers of securities held by the Portfolio to suffer a data breach, data corruption or lose operational functionality. Successful cyber-attacks or other cyber-failures or events affecting the Portfolio, its service providers or the issuers of securities held by the Portfolio may adversely impact the Portfolio or its shareholders. Additionally, a cybersecurity breach could affect the issuers in which the Portfolio invests, which may cause the Portfolio’s investments to lose value.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Derivatives Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The use of derivatives is a highly specialized activity that can involve investment techniques, risks, and tax planning different from those associated with more traditional investment instruments and involves transaction costs which could leave the Portfolio in a worse position than if it had not used these instruments. Derivative instruments can be used to acquire or to transfer the risk and returns of a security or other asset without buying or selling the security or asset, and the risks associated with investing in such derivatives may be different and greater than the risks associated with directly investing in the underlying securities and other instruments, including leverage risk, market risk, counterparty risk, liquidity risk, operational risk and legal risk. These instruments may entail investment exposures that are greater than their cost would suggest. As a result, a small investment in derivatives can result in losses that greatly exceed the original investment. Derivatives can be highly volatile, illiquid and difficult to value. An over-the-counter derivative transaction between the Portfolio and a counterparty that is not cleared through a central counterparty also involves the risk that a loss may be sustained as a result of the failure of the counterparty to the contract to make required payments. The payment obligation for a cleared derivative transaction is guaranteed by a central counterparty, which exposes the Portfolio to the creditworthiness of the central counterparty.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Emerging Markets Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The risk of foreign investment often increases in countries with emerging markets or that are otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect the Portfolio’s ability to evaluate potential portfolio companies. As a result, there could be less information about issuers in emerging market countries, which could negatively affect the ability of the Portfolio’s sub-adviser to evaluate local companies or their potential impact on the Portfolio’s performance. Because their financial markets may be very small, prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as the Portfolio are subject to a variety of special restrictions in many emerging market countries. Shareholder claims and regulatory actions that are available in the U.S. may be difficult or impossible to pursue in emerging market countries.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Foreign Investment Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Non-U.S. issuers or U.S. issuers with significant non-U.S. operations may be subject to risks in addition to those of issuers located in or that principally operate in the United States as a result of, among other things, political, social and economic developments abroad, as well as armed conflicts and different legal, regulatory and tax environments. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent the Portfolio invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. </span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">High Yield Securities Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—High yield securities, which are rated below investment grade and commonly referred to as “junk” bonds, and unrated securities of comparable quality are high risk investments that may cause income and principal losses for the Portfolio. They generally are considered to be speculative with respect to the ability to pay interest and </span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">repay principal, have greater credit risk, are less liquid, are more likely to experience a default and have more volatile prices than investment grade securities, especially during periods of uncertainty or market turmoil.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Income Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The Portfolio's income could decline during periods of falling interest rates or when the Portfolio experiences defaults on debt securities or defaults or deferrals on preferred securities it holds. </span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Interest Rate Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Interest rate risk is the risk that the value of the Portfolio’s fixed-rate securities will decline because of rising interest rates. Changing interest rates may have unpredictable effects on markets, result in heightened market volatility and detract from the Portfolio’s performance to the extent that it is exposed to such interest rates. Fixed-rate securities may be subject to a greater risk of rising interest rates than would normally be the case due to the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. Higher periods of inflation could lead to government fiscal policies which raise interest rates. When interest rates change, the values of longer-duration fixed-rate securities usually change more than the values of shorter-duration fixed-rate securities. Conversely, fixed-rate securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-rate securities with longer durations or maturities. Rising interest rates also may lengthen the duration of securities with call features, since exercise of the call becomes less likely as interest rates rise, which in turn will make the securities more sensitive to changes in interest rates and result in even steeper price declines in the event of further interest rate increases. The Portfolio is also subject to the risk that the income generated by its investments may not keep pace with inflation. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-rate or debt markets, making it more difficult for the Portfolio to sell fixed-rate investments. Changes in interest rates may also lead to an increase in Portfolio redemptions, which may result in higher portfolio turnover costs, thereby adversely affecting the Portfolio’s performance.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Loan Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The lack of an active trading market for certain loans (including loan participations and assignments) may impair the ability of the Portfolio to realize full value in the event of the need to sell a loan and may make it difficult to value such loans. Portfolio transactions in loans may settle in as short as seven days but typically can take up to two or three weeks, and in some cases much longer. As a result of these extended settlement periods, the Portfolio may incur losses if it is required to sell other investments or temporarily borrow to meet its cash needs, including satisfying redemption requests. The risks associated with unsecured loans, which are not backed by a security interest in any specific collateral, are higher than those for comparable loans that are secured by specific collateral. For secured loans, there is a risk that the value of any collateral securing a loan in which the Portfolio has an interest may decline and that the collateral may not be sufficient to cover the amount owed on the loan. Interests in loans made to finance highly leveraged companies or transactions such as corporate acquisitions may be especially vulnerable to adverse changes in economic or market conditions. Loans may have restrictive covenants limiting the ability of a borrower to further encumber its assets. However, in periods of high demand by lenders like the Portfolio for loan investments, borrowers may limit these covenants and weaken a lender’s ability to access collateral securing the loan; reprice the credit risk associated with the borrower; and mitigate potential loss. The Portfolio may experience relatively greater realized or unrealized losses or delays and expenses in enforcing its rights with respect to loans with fewer restrictive covenants. Additionally, loans may not be considered “securities” and, as a result, the Portfolio may not be entitled to rely on the anti-fraud or other protections of the securities laws. Because junior loans have a lower place in an issuer’s capital structure and may be unsecured, junior loans involve a higher degree of overall risk than senior loans of the issuer. The Portfolio’s investments in floating rate loans that pay interest based on the London Interbank Offered Rate (LIBOR) may experience increased volatility and/or illiquidity during the transition away from LIBOR, which was phased out.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Market Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The market value of the Portfolio’s investments may go up or down, sometimes rapidly or unpredictably and for short or extended periods of time, due to the particular circumstances of individual issuers or due to general conditions impacting issuers more broadly. Global economies and financial markets have become highly interconnected, and thus economic, market or political conditions or events in one country or region might adversely impact the value of the Portfolio’s investments whether or not the Portfolio invests in such country or region. Events such as war, terrorism, natural and environmental disasters and the spread of infectious illnesses or other public health emergencies may have a severe negative impact on the global economy, could cause financial markets to experience extreme volatility and losses, and could result in the disruption of trading and the reduction of liquidity in many instruments. Additionally, as inflation increases, the value of the Portfolio’s assets can decline.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Market Liquidity Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Reductions in trading activity or dealer inventories of securities such as bonds and preferred securities, which provide an indication of the ability of financial intermediaries to “make markets” in those securities, have the potential to decrease liquidity and increase price volatility in the markets in which the Portfolio invests, particularly </span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">during periods of economic or market stress. In addition, federal banking regulations may cause certain dealers to reduce their inventories of securities, which may further decrease the Portfolio’s ability to buy or sell securities. As a result of this decreased liquidity, the Portfolio may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance. If the Portfolio needed to sell large blocks of securities to meet shareholder redemption requests or to raise cash, those sales could further reduce the securities’ prices and hurt performance.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Preferred Security Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Preferred securities generally are subordinated to bonds and other debt instruments in a company’s capital structure and therefore will be subject to greater credit risk than those debt instruments. In addition, preferred securities are subject to other risks, such as having no or limited voting rights, being subject to special redemption rights, having distributions deferred or skipped, having floating interest rates or dividends, which may result in a decline in value in a falling interest rate environment, having fixed interest rates or dividends, which may result in a decline in value in a rising interest rate environment, having limited liquidity, changing or unfavorable tax treatments and possibly being issued by companies in heavily regulated industries.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Restricted Securities Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The market for restricted securities, including Rule 144A securities, typically is less active than the market for publicly traded securities. Rule 144A securities and other securities exempt from registration under the Securities Act carry the risk that their liquidity may become impaired and the Portfolio may be unable to dispose of the securities promptly or at current market value.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Unrated Security Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Unrated securities determined by the Portfolio’s sub-adviser to be of comparable quality to rated securities which the Portfolio may purchase may pay a higher interest rate than such rated securities and be subject to a greater risk of illiquidity or price changes. Less public information is typically available about unrated securities or issuers than rated securities or issuers.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Valuation Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The sales price the Portfolio could receive for any particular debt security may differ from the Portfolio’s valuation of the investment, particularly for debt securities that trade in thin or volatile markets or that are valued using a fair value methodology. The debt securities in which the Portfolio invests typically are valued by a pricing service utilizing a range of market-based inputs and assumptions, including price quotations obtained from broker-dealers making markets in such instruments, cash flows and transactions for comparable instruments. There is no assurance that the Portfolio will be able to buy or sell a portfolio security at the price established by the pricing service, which could result in a gain or loss to the Portfolio. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Over certain time periods, such differences could materially impact the performance of the Portfolio, which may not be sustainable. Alternative pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Portfolio were to change pricing services, or if the Portfolio’s pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Portfolio’s net asset value.</span></div> Portfolio Performance <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The following bar chart and table provide some indication of the potential risks of investing in the Portfolio. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns do not reflect any charges that are imposed by the separately managed accounts. If such charges were reflected, the returns would be lower.</div> The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns do not reflect any charges that are imposed by the separately managed accounts. If such charges were reflected, the returns would be lower. <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The bar chart below shows the variability of the Portfolio’s performance from year to year.</div> The bar chart below shows the variability of the Portfolio’s performance from year to year.   Annual Total Return* Year-to-date total return 2025-09-30 0.0709 <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">During the two-year period ended December 31, 2024, the Portfolio’s highest and lowest quarterly returns were 7.29%</span><br/><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">and 0.19%, respectively, for the quarters ended December 31, 2023 and September 30, 2023.</span></div> highest lowest 0.0729 0.0019 2023-12-31 2023-09-30 <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The table below shows the variability of the Portfolio’s average annual returns and how they compare over the time periods indicated with those of broad measures of market performance. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">Performance reflects fee waivers, if any, in effect during the periods presented. If any such waivers had not been in place, returns would have been reduced.</div> All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Average Annual Total Returns for the Periods EndedDecember 31, 2024 2022-11-01 2022-11-01 2022-11-01 2022-11-01 2022-11-01 0.0800 0.0981 0.0412 0.0625 0.0494 0.0604 0.0125 0.0452 0.0683 0.0953 Nuveen Preferred Securities and Income Managed Accounts Portfolio Investment Objective <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The investment objective of the Portfolio is to seek a high level of current income and total return.</div> Fees and Expenses of the Portfolio <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio. Portfolio shares may be purchased only by or on behalf of separately managed account clients where Nuveen Asset Management, LLC has an agreement to serve as investment adviser or sub-adviser to the account with the separately managed account program sponsor or directly with the client. The fees and expenses in the following tables do not reflect any charges that are imposed by the separately managed accounts. If such charges were reflected, the fees and expenses would be higher than what is shown below.</div> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0001 0.0077 0.0078 -0.0077 0.0001 Example <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The following example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then either redeem or do not redeem your shares at the end of a period. The example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same and that the expense reimbursements continue to remain in place. The example does not reflect any charges that are imposed by the separately managed accounts. If such charges were reflected, the costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 1 1 3 3 6 6 13 13 Portfolio Turnover <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 44% of the average value of its portfolio.</div> 0.44 Principal Investment Strategies <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">Under normal circumstances, the Portfolio invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in preferred securities or other income producing securities. The Portfolio may invest in all types of preferred securities, including both perpetual preferred securities and hybrid securities. Perpetual preferred securities are generally equity securities of the issuer that have priority over the issuer’s common shares as to the payment of dividends (i.e., the issuer cannot pay dividends on its common shares until the dividends on the preferred shares are current) and as to the payout of proceeds of a bankruptcy or other liquidation, but are subordinate to an issuer’s senior debt and junior debt as to both types of payments. Additionally, in a bankruptcy or other liquidation, perpetual preferred securities are generally subordinate to an issuer’s trade creditors and other general obligations. Perpetual preferred securities typically have a fixed liquidation (or “par”) value.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The term “preferred securities” also includes hybrid securities and other types of preferred securities that do not have the features described above. Preferred securities that are hybrid securities often behave similarly to investments in perpetual preferred securities and are regarded by market investors as being part of the preferred securities market. Such hybrid securities possess varying combinations of features of both debt and perpetual preferred securities and as such they may constitute senior debt, junior debt or preferred shares in an issuer’s capital structure.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The term “preferred securities” also includes certain forms of debt that are regarded by the investment marketplace to be part of the broader preferred securities market. Among these preferred securities are certain exchange-listed debt issues that historically have several attributes, including trading and investment performance characteristics, in common with exchange-listed perpetual preferred securities and hybrid securities. Generally, these types of preferred securities are senior debt in the capital structure of an issuer.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">The Portfolio may also invest in income producing securities that are not preferred securities. These include contingent capital securities (sometimes referred to as “</span><span style="font-size: 10.0pt; font-family: arial; font-style: italic; color: #000000; font-weight: normal; text-decoration: none;">CoCos</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">”), which are hybrid securities, issued primarily by non-U.S. financial institutions, that have loss absorption mechanisms benefitting the issuer built into their terms. These loss absorption mechanisms may include automatic conversion into the issuer’s common stock or an automatic write down of the security’s principal amount upon the occurrence of a specified trigger or event. In addition, although the Portfolio will invest primarily in preferred securities and CoCos, it may invest up to 20% of its assets, in the aggregate, in corporate debt securities, U.S. government securities (including securities issued or guaranteed by U.S. government agencies and instrumentalities) and taxable municipal securities.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The Portfolio may also invest in preferred securities or CoCos that are convertible into common stock.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The Portfolio may invest up to 50% of its assets in securities rated lower than investment grade or unrated securities of comparable quality as determined by the Portfolio’s sub-adviser (securities commonly referred to as “high-yield” securities or “junk” bonds). The Portfolio may also invest in U.S. dollar-denominated securities issued by non-U.S. companies.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">The Portfolio may invest in securities that have not been registered under the Securities Act of 1933, but that may be resold to qualified institutional buyers in accordance with the provisions of Rule 144A under the Securities Act of 1933 (“</span><span style="font-size: 10.0pt; font-family: arial; font-style: italic; color: #000000; font-weight: normal; text-decoration: none;">Rule 144A securities</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">”).</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The Portfolio intends to invest at least 25% of its assets in the securities of companies principally engaged in financial services.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">Developed exclusively for use within separately managed accounts advised or sub-advised by Nuveen Asset Management, LLC, the Portfolio is a specialized fixed-income portfolio to be used in combination with selected individual securities to effectively model institutional-level investment strategies. The Portfolio enables certain Nuveen separately managed account investors to achieve greater diversification and return potential than might otherwise be achieved by investing in additional fixed-income classes, including those that have a lower credit quality and potentially higher yielding securities.</div> The value of your investment in this Portfolio will change daily. You could lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Active Management Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The Portfolio’s sub-adviser actively manages the Portfolio’s investments. Consequently, the Portfolio is subject to the risk that the investment techniques and risk analyses employed by the Portfolio’s sub-adviser, including its use of proprietary and third-party technology systems, models, algorithms and data management software, may not produce the desired results. This could cause the Portfolio to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Call Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—If, during periods of falling interest rates, an issuer exercises its right to prepay principal on its higher-yielding debt securities held by the Portfolio, the Portfolio may have to reinvest in securities with lower yields or higher risk of default, which may adversely impact the Portfolio’s performance.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Contingent Capital Security Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—CoCos have loss absorption mechanisms benefitting the issuer built into their terms. Upon the occurrence of a specified trigger or event, CoCos may be subject to automatic conversion into the issuer’s common stock, which likely will have declined in value and which will be subordinate to the issuer’s other classes of securities, or to an automatic write-down of the principal amount of the securities, potentially to zero, which could result in the Portfolio losing a portion or all of its investment in such securities. CoCos are often rated below investment grade and are subject to the risks of high yield securities.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Convertible Security Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Convertible securities are subject to certain risks of both equity and debt securities. The value of convertible securities may decline in response to such factors as rising interest rates and fluctuations in the market price of the common stock underlying the convertible securities.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Credit Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Credit risk is the risk that an issuer or other obligated party of a security may be, or perceived (whether by market participants, rating agencies, pricing services or otherwise) to be, unable or unwilling to make dividend, interest and principal payments when due and the related risk that the value of a security may decline because of concerns about the issuer’s ability or willingness to make such payments. </span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Credit Spread Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences in their credit quality) may increase when the market believes that bonds generally have a greater risk of default. Increasing credit spreads may reduce the market values of the Portfolio’s debt securities. Credit spreads often increase more for lower rated and unrated securities than for investment grade securities. In addition, when credit spreads increase, reductions in market value will generally be greater for longer-maturity securities.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Currency Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Even though the non-U.S. securities held by the Portfolio are traded in U.S. dollars, their prices are typically indirectly influenced by currency fluctuations. Changes in currency exchange rates may affect the Portfolio’s net asset value, the value of dividends and interest earned, and gains or losses realized on the sale of securities.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Cybersecurity Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Cybersecurity risk is the risk of an unauthorized breach and access to Portfolio assets, customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Portfolio, its investment adviser or sub-adviser, custodian, transfer agent, distributor or other service provider, a financial intermediary or the issuers of securities held by the Portfolio to suffer a data breach, data corruption or lose operational functionality. Successful cyber-attacks or other cyber-failures or events affecting the Portfolio, its service providers or the issuers of securities held by the Portfolio may adversely impact the Portfolio or its shareholders. Additionally, a cybersecurity breach could affect the issuers in which the Portfolio invests, which may cause the Portfolio’s investments to lose value.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Financial Services Sector Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The Portfolio's policy to concentrate in financial services companies makes the Portfolio more susceptible to adverse economic or regulatory occurrences affecting the financial services sector. Financial services companies are particularly sensitive to the adverse effects of economic recession; changes in government regulation; the availability of capital; volatile interest rates; and the health of the commercial and residential real estate markets.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Foreign Investment Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Non-U.S. issuers or U.S. issuers with significant non-U.S. operations may be subject to risks in addition to those of issuers located in or that principally operate in the United States as a result of, among other things, political, social and economic developments abroad, as well as armed conflicts and different legal, regulatory and tax environments. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent the Portfolio invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign </span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">High Yield Securities Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—High yield securities, which are rated below investment grade and commonly referred to as “junk” bonds, and unrated securities of comparable quality are high risk investments that may cause income and principal losses for the Portfolio. They generally are considered to be speculative with respect to the ability to pay interest and repay principal, have greater credit risk, are less liquid, are more likely to experience a default and have more volatile prices than investment grade securities, especially during periods of uncertainty or market turmoil.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Income Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The Portfolio's income could decline during periods of falling interest rates or when the Portfolio experiences defaults on debt securities or defaults or deferrals on preferred securities it holds. </span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Interest Rate Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Interest rate risk is the risk that the value of the Portfolio’s fixed-rate securities will decline because of rising interest rates. Changing interest rates may have unpredictable effects on markets, result in heightened market volatility and detract from the Portfolio’s performance to the extent that it is exposed to such interest rates. Fixed-rate securities may be subject to a greater risk of rising interest rates than would normally be the case due to the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. Higher periods of inflation could lead to government fiscal policies which raise interest rates. When interest rates change, the values of longer-duration fixed-rate securities usually change more than the values of shorter-duration fixed-rate securities. Conversely, fixed-rate securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-rate securities with longer durations or maturities. Rising interest rates also may lengthen the duration of securities with call features, since exercise of the call becomes less likely as interest rates rise, which in turn will make the securities more sensitive to changes in interest rates and result in even steeper price declines in the event of further interest rate increases. The Portfolio is also subject to the risk that the income generated by its investments may not keep pace with inflation. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-rate or debt markets, making it more difficult for the Portfolio to sell fixed-rate investments. Changes in interest rates may also lead to an increase in Portfolio redemptions, which may result in higher portfolio turnover costs, thereby adversely affecting the Portfolio’s performance.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Market Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The market value of the Portfolio’s investments may go up or down, sometimes rapidly or unpredictably and for short or extended periods of time, due to the particular circumstances of individual issuers or due to general conditions impacting issuers more broadly. Global economies and financial markets have become highly interconnected, and thus economic, market or political conditions or events in one country or region might adversely impact the value of the Portfolio’s investments whether or not the Portfolio invests in such country or region. Events such as war, terrorism, natural and environmental disasters and the spread of infectious illnesses or other public health emergencies may have a severe negative impact on the global economy, could cause financial markets to experience extreme volatility and losses, and could result in the disruption of trading and the reduction of liquidity in many instruments. Additionally, as inflation increases, the value of the Portfolio’s assets can decline.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Market Liquidity Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Reductions in trading activity or dealer inventories of securities such as bonds and preferred securities, which provide an indication of the ability of financial intermediaries to “make markets” in those securities, have the potential to decrease liquidity and increase price volatility in the markets in which the Portfolio invests, particularly during periods of economic or market stress. In addition, federal banking regulations may cause certain dealers to reduce their inventories of securities, which may further decrease the Portfolio’s ability to buy or sell securities. As a result of this decreased liquidity, the Portfolio may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance. If the Portfolio needed to sell large blocks of securities to meet shareholder redemption requests or to raise cash, those sales could further reduce the securities’ prices and hurt performance.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Municipal Securities Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The values of municipal securities held by the Portfolio may be adversely affected by local political and economic conditions and developments. Adverse conditions in an industry significant to a local economy could have a correspondingly adverse effect on the financial condition of local issuers. The amount of public information available about municipal bonds is generally less than for certain corporate equities or bonds, meaning that the investment performance of the Portfolio may be more dependent on the analytical abilities of the Portfolio’s sub-adviser than funds that invest in stock or other corporate investments. </span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Preferred Security Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Preferred securities generally are subordinated to bonds and other debt instruments in a company’s capital structure and therefore will be subject to greater credit risk than those debt instruments. In addition, </span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">preferred securities are subject to other risks, such as having no or limited voting rights, being subject to special redemption rights, having distributions deferred or skipped, having floating interest rates or dividends, which may result in a decline in value in a falling interest rate environment, having fixed interest rates or dividends, which may result in a decline in value in a rising interest rate environment, having limited liquidity, changing or unfavorable tax treatments and possibly being issued by companies in heavily regulated industries.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Restricted Securities Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The market for restricted securities, including Rule 144A securities, typically is less active than the market for publicly traded securities. Rule 144A securities and other securities exempt from registration under the Securities Act carry the risk that their liquidity may become impaired and the Portfolio may be unable to dispose of the securities promptly or at current market value.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Unrated Security Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Unrated securities determined by the Portfolio’s sub-adviser to be of comparable quality to rated securities which the Portfolio may purchase may pay a higher interest rate than such rated securities and be subject to a greater risk of illiquidity or price changes. Less public information is typically available about unrated securities or issuers than rated securities or issuers.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">U.S. Government Securities Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates. Securities issued or guaranteed by U.S. government agencies and instrumentalities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. government or may be subject to certain limitations. No assurance can be given that the U.S. government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so, which may increase the risk of loss to the Portfolio.</span></div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">Valuation Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—The sales price the Portfolio could receive for any particular debt security may differ from the Portfolio’s valuation of the investment, particularly for debt securities that trade in thin or volatile markets or that are valued using a fair value methodology. The debt securities in which the Portfolio invests typically are valued by a pricing service utilizing a range of market-based inputs and assumptions, including price quotations obtained from broker-dealers making markets in such instruments, cash flows and transactions for comparable instruments. There is no assurance that the Portfolio will be able to buy or sell a portfolio security at the price established by the pricing service, which could result in a gain or loss to the Portfolio. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Over certain time periods, such differences could materially impact the performance of the Portfolio, which may not be sustainable. Alternative pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Portfolio were to change pricing services, or if the Portfolio’s pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Portfolio’s net asset value.</span></div> Portfolio Performance <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The following bar chart and table provide some indication of the potential risks of investing in the Portfolio. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns do not reflect any charges that are imposed by the separately managed accounts. If such charges were reflected, the returns would be lower.</div> The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns do not reflect any charges that are imposed by the separately managed accounts. If such charges were reflected, the returns would be lower. <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The bar chart below shows the variability of the Portfolio’s performance from year to year.</div> The bar chart below shows the variability of the Portfolio’s performance from year to year.   Annual Total Return* Year-to-date total return 2025-09-30 0.0827 <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; font-style: normal; margin-top: 1em; margin-bottom: 1em;"><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">During the two-year period ended December 31, 2024, the Portfolio’s highest and lowest quarterly returns were 7.06%</span><br/><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">and -4.98%, respectively, for the quarters ended December 31, 2023 and March 31, 2023.</span></div> highest lowest 0.0706 -0.0498 2023-12-31 2023-03-31 <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The table below shows the variability of the Portfolio’s average annual returns and how they compare over the time periods indicated with those of broad measures of market performance. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here.</div> <div style="font-size: 10.0pt; font-family: arial; text-align: left; color: #000000; font-weight: normal; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">Performance reflects fee waivers, if any, in effect during the periods presented. If any such waivers had not been in place, returns would have been reduced.</div> All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Average Annual Total Returns for the Periods EndedDecember 31, 2024 2022-11-01 2022-11-01 2022-11-01 2022-11-01 2022-11-01 2022-11-01 0.1148 0.0990 0.0890 0.0740 0.0807 0.0703 0.0125 0.0452 0.1090 0.1107 0.1081 0.0987 Nuveen Securitized Credit Managed Accounts Portfolio Investment Objective <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The investment objective of the Portfolio is to seek a high level of current income and total return.</div> Fees and Expenses of the Portfolio <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio. Portfolio shares may be purchased only by or on behalf of separately managed account clients where Nuveen Asset Management, LLC has an agreement to serve as investment adviser or sub-adviser to the account with the separately managed account program sponsor or directly with the client. The fees and expenses in the following tables do not reflect any charges that are imposed by the separately managed accounts. If such charges were reflected, the fees and expenses would be higher than what is shown below.</div> Shareholder Fees(fees paid directly from your investment) 0 0 0 0 Annual Portfolio Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0041 0.0041 -0.0041 0.0000 Example <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The following example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then either redeem or do not redeem your shares at the end of a period. The example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same and that the expense reimbursements continue to remain in place. The example does not reflect any charges that are imposed by the separately managed accounts. If such charges were reflected, the costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 0 0 0 0 0 0 0 0 Portfolio Turnover <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 36% of the average value of its portfolio. </div> 0.36 Principal Investment Strategies <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">Under normal circumstances, the Portfolio invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in securitized credit investments. Securitized credit investments include secured loans backed by commercial real estate, residential real estate, commercial or consumer loans, and securitizations such as agency and non-agency mortgage-backed securities (including commercial mortgage-backed securities, residential mortgage-backed securities and collateralized mortgage obligations (“</span><span style="font-size:10.0pt;font-family:arial;font-style:italic;color:#000000;font-weight:normal;text-decoration:none">CMOs</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">”)), asset-backed securities (including collateralized debt obligations (“</span><span style="font-size:10.0pt;font-family:arial;font-style:italic;color:#000000;font-weight:normal;text-decoration:none">CDOs</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">”) and collateralized loan obligations (“</span><span style="font-size:10.0pt;font-family:arial;font-style:italic;color:#000000;font-weight:normal;text-decoration:none">CLOs</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">”)) and other similar securities and related instruments. Securitized credit investments are also referred to as “structured product securities” or “structured products.”</span></div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">A mortgage-backed security is a type of pass-through security backed by an ownership interest in a pool of mortgage loans. Agency mortgage-backed securities are guaranteed by, or secured by collateral that is guaranteed by, the U.S. government, its agencies, instrumentalities or sponsored corporations, which include the Government National Mortgage Association (“</span><span style="font-size:10.0pt;font-family:arial;font-style:italic;color:#000000;font-weight:normal;text-decoration:none">GNMA</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">” or “</span><span style="font-size:10.0pt;font-family:arial;font-style:italic;color:#000000;font-weight:normal;text-decoration:none">Ginnie Mae</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">”), the Federal National Mortgage Association (“</span><span style="font-size:10.0pt;font-family:arial;font-style:italic;color:#000000;font-weight:normal;text-decoration:none">FNMA</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">” or “</span><span style="font-size:10.0pt;font-family:arial;font-style:italic;color:#000000;font-weight:normal;text-decoration:none">Fannie Mae</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">”) and the Federal Home Loan Mortgage Corporation (“</span><span style="font-size:10.0pt;font-family:arial;font-style:italic;color:#000000;font-weight:normal;text-decoration:none">FHLMC</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">” or “</span><span style="font-size:10.0pt;font-family:arial;font-style:italic;color:#000000;font-weight:normal;text-decoration:none">Freddie Mac</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">”). Non-agency mortgage-backed securities are privately issued; these include commercial mortgage-backed securities. CMOs are obligations that are fully collateralized directly or indirectly by a pool of mortgages from which payments of principal and interest are dedicated to the payment of principal and interest on the CMO.</span></div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">Asset-backed securities are securities issued by trusts and special purpose entities that are backed by pools of assets, such as automobile loans and credit-card receivables, and which pass through the payments on the underlying obligations to the security holders (less servicing fees paid to the originator or fees for any credit enhancement). Typically, the originator of the loan or accounts receivable transfers it to a specially created trust, which repackages it as securities with a minimum denomination and a specific term. The securities are then privately placed or publicly offered. CDOs are debt obligations typically issued by a private special-purpose entity and collateralized principally by debt securities. CLOs are similar to CDOs, but are typically collateralized principally by a pool of loans, which may include, among others, senior secured loans, senior unsecured loans, and subordinate corporate loans.</div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The Portfolio may invest up to 10% of its assets in securities rated lower than investment grade or unrated securities of comparable quality as determined by the Portfolio’s sub-adviser (securities commonly referred to as “high-yield” securities or “junk” bonds). The Portfolio may invest in securities of any maturity or duration.</div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The Portfolio may invest up to 20% of its assets, in the aggregate, in corporate debt securities and U.S. government securities (including securities issued or guaranteed by U.S. government agencies and instrumentalities). </div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The Portfolio may also use an investment strategy called “mortgage rolls” (also referred to as “dollar rolls”), in which the Portfolio sells securities for delivery in the current month and simultaneously contracts with a counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. The Portfolio loses the right to receive principal and interest paid on the securities sold. However, the Portfolio would benefit to the extent of any price received for the securities sold and the lower forward price for the future purchase (often referred to as the “drop”) plus the interest earned on the short-term investment awaiting the settlement date of the forward purchase. If such benefits exceed the income and gain or loss due to mortgage repayments that would have been realized on the securities sold as part of the mortgage roll, the use of this technique will enhance the investment performance of the Portfolio compared with what such performance would have been without the use of mortgage rolls. Realizing benefits from the use of mortgage rolls depends upon the ability of the sub-adviser of the Portfolio to correctly predict mortgage prepayments and interest rates.</div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">The Portfolio may invest in securities that have not been registered under the Securities Act of 1933, but that may be resold to qualified institutional buyers in accordance with the provisions of Rule 144A under the Securities Act of 1933 (“</span><span style="font-size:10.0pt;font-family:arial;font-style:italic;color:#000000;font-weight:normal;text-decoration:none">Rule 144A securities</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">”).</span></div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The Portfolio may purchase and sell futures, options, swaps, forwards and other derivative instruments. The sub-adviser may use these derivatives in an attempt to manage market risk, credit risk and interest rate risk, to manage the effective maturity or duration of securities in the portfolio or for speculative purposes in an effort to increase the Portfolio’s yield or to enhance returns. The use of a derivative is speculative if the sub-adviser is primarily seeking to enhance returns, rather than offset the risk of other positions.</div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">Developed exclusively for use within separately managed accounts advised or sub-advised by Nuveen Asset Management, LLC, the Portfolio is a specialized fixed-income portfolio to be used in combination with selected individual securities to effectively model institutional-level investment strategies. The Portfolio enables certain Nuveen separately </div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">managed account investors to achieve greater diversification and return potential than might otherwise be achieved by investing in additional fixed-income classes, including those that have a lower credit quality and potentially higher yielding securities.</div> The value of your investment in this Portfolio will change daily. You could lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Active Management Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The Portfolio’s sub-adviser actively manages the Portfolio’s investments. Consequently, the Portfolio is subject to the risk that the investment techniques and risk analyses employed by the Portfolio’s sub-adviser, including its use of proprietary and third-party technology systems, models, algorithms and data management software, may not produce the desired results. This could cause the Portfolio to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Call Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—If, during periods of falling interest rates, an issuer exercises its right to prepay principal on its higher-yielding debt securities held by the Portfolio, the Portfolio may have to reinvest in securities with lower yields or higher risk of default, which may adversely impact the Portfolio’s performance.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Credit Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Credit risk is the risk that an issuer or other obligated party of a debt security may be, or perceived (whether by market participants, rating agencies, pricing services or otherwise) to be, unable or unwilling to make interest and principal payments when due and the related risk that the value of a debt security may decline because of concerns about the issuer’s ability or willingness to make such payments. </span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Credit Spread Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences in their credit quality) may increase when the market believes that bonds generally have a greater risk of default. Increasing credit spreads may reduce the market values of the Portfolio’s debt securities. Credit spreads often increase more for lower rated and unrated securities than for investment grade securities. In addition, when credit spreads increase, reductions in market value will generally be greater for longer-maturity securities.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Cybersecurity Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Cybersecurity risk is the risk of an unauthorized breach and access to Portfolio assets, customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Portfolio, its investment adviser or sub-adviser, custodian, transfer agent, distributor or other service provider, a financial intermediary or the issuers of securities held by the Portfolio to suffer a data breach, data corruption or lose operational functionality. Successful cyber-attacks or other cyber-failures or events affecting the Portfolio, its service providers or the issuers of securities held by the Portfolio may adversely impact the Portfolio or its shareholders. Additionally, a cybersecurity breach could affect the issuers in which the Portfolio invests, which may cause the Portfolio’s investments to lose value.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Derivatives Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The use of derivatives is a highly specialized activity that can involve investment techniques, risks, and tax planning different from those associated with more traditional investment instruments and involves transaction costs which could leave the Portfolio in a worse position than if it had not used these instruments. Derivative instruments can be used to acquire or to transfer the risk and returns of a security or other asset without buying or selling the security or asset, and the risks associated with investing in such derivatives may be different and greater than the risks associated with directly investing in the underlying securities and other instruments, including leverage risk, market risk, counterparty risk, liquidity risk, operational risk and legal risk. These instruments may entail investment exposures that are greater than their cost would suggest. As a result, a small investment in derivatives can result in losses that greatly exceed the original investment. Derivatives can be highly volatile, illiquid and difficult to value. An over-the-counter derivative transaction between the Portfolio and a counterparty that is not cleared through a central counterparty also involves the risk that a loss may be sustained as a result of the failure of the counterparty to the contract to make required payments. The payment obligation for a cleared derivative transaction is guaranteed by a central counterparty, which exposes the Portfolio to the creditworthiness of the central counterparty.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Dollar Roll Transaction Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The use of dollar rolls can increase the volatility of the Portfolio’s share price, and it may have an adverse impact on performance unless the sub-adviser correctly predicts mortgage prepayments and interest rates. These transactions are subject to the risk that the counterparty to the transaction may not or be unable to perform in accordance with the terms of the instrument.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">High Yield Securities Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—High yield securities, which are rated below investment grade and commonly referred to as “junk” bonds, and unrated securities of comparable quality are high risk investments that may cause income and principal losses for the Portfolio. They generally are considered to be speculative with respect to the ability to pay interest and repay principal, have greater credit risk, are less liquid, are more likely to experience a default and have more volatile prices than investment grade securities, especially during periods of uncertainty or market turmoil.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Income Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The Portfolio's income could decline during periods of falling interest rates or when the Portfolio experiences defaults on debt securities it holds. </span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Interest Rate Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Interest rate risk is the risk that the value of the Portfolio’s fixed-rate securities will decline because of rising interest rates. Changing interest rates may have unpredictable effects on markets, result in heightened market volatility and detract from the Portfolio’s performance to the extent that it is exposed to such interest rates. Fixed-rate securities may be subject to a greater risk of rising interest rates than would normally be the case due to the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. Higher periods of inflation could lead to government fiscal policies which raise interest rates. When interest rates change, the values of longer-duration fixed-rate securities usually change more than the values of shorter-duration fixed-rate securities. Conversely, fixed-rate securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-rate securities with longer durations or maturities. Rising interest rates also may lengthen the duration of securities with call features, since exercise of the call becomes less likely as interest rates rise, which in turn will make the securities more sensitive to changes in interest rates and result in even steeper price declines in the event of further interest rate increases. The Portfolio is also subject to the risk that the income generated by its investments may not keep pace with inflation. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-rate or debt markets, making it more difficult for the Portfolio to sell fixed-rate investments. Changes in interest rates may also lead to an increase in Portfolio redemptions, which may result in higher portfolio turnover costs, thereby adversely affecting the Portfolio’s performance.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Market Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The market value of the Portfolio’s investments may go up or down, sometimes rapidly or unpredictably and for short or extended periods of time, due to the particular circumstances of individual issuers or due to general conditions impacting issuers more broadly. Global economies and financial markets have become highly interconnected, and thus economic, market or political conditions or events in one country or region might adversely impact the value of the Portfolio’s investments whether or not the Portfolio invests in such country or region. Events such as war, terrorism, natural and environmental disasters and the spread of infectious illnesses or other public health emergencies may have a severe negative impact on the global economy, could cause financial markets to experience extreme volatility and losses, and could result in the disruption of trading and the reduction of liquidity in many instruments. Additionally, as inflation increases, the value of the Portfolio’s assets can decline.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Market Liquidity Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Reductions in trading activity or dealer inventories of securities such as bonds and preferred securities, which provide an indication of the ability of financial intermediaries to “make markets” in those securities, have the potential to decrease liquidity and increase price volatility in the markets in which the Portfolio invests, particularly during periods of economic or market stress. In addition, federal banking regulations may cause certain dealers to reduce their inventories of securities, which may further decrease the Portfolio’s ability to buy or sell securities. As a result of this decreased liquidity, the Portfolio may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance. If the Portfolio needed to sell large blocks of securities to meet shareholder redemption requests or to raise cash, those sales could further reduce the securities’ prices and hurt performance.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Mortgage- and Asset-Backed Securities Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—These securities generally can be prepaid at any time, and prepayments that occur either more quickly or more slowly than expected can adversely impact the value of such securities. They are also subject to extension risk, which is the risk that rising interest rates could cause mortgages or other obligations underlying the securities to be prepaid more slowly than expected, thereby lengthening the duration of such securities, increasing their sensitivity to interest rate changes and causing their prices to decline. Mortgage-backed securities are particularly sensitive to prepayment risk, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities. A mortgage-backed security may be negatively affected by the quality of the mortgages underlying such security, the credit quality of its issuer or guarantor, and the nature and structure of its credit support. Mortgage- and asset-backed securities that are not backed by the full faith and credit of the U.S. government are subject to the risk of default on the underlying mortgage, loan or asset, particularly during periods of economic downturn.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Restricted Securities Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The market for restricted securities, including Rule 144A securities, typically is less active than the market for publicly traded securities. Rule 144A securities and other securities exempt from registration under the Securities Act carry the risk that their liquidity may become impaired and the Portfolio may be unable to dispose of the securities promptly or at current market value.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Structured Products Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">— Holders of structured product securities bear risks of the underlying investments, index or reference obligation. Certain structured products may be thinly traded or have a limited trading market, and as a result may be characterized as illiquid. The possible lack of a liquid secondary market for structured products and the resulting inability of the Portfolio to sell a structured product could expose the Portfolio to losses and could make structured products more difficult for the Portfolio to value accurately, which may also result in additional costs. Structured products are also subject to credit risk; the assets backing the structured product may be insufficient to pay interest or principal. In addition to the general risks associated with investments in fixed income, structured products carry additional risks, including, but not limited to: the possibility that distributions from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may decline in value or default; and the possibility that the structured products are subordinate to other classes. Structured products include privately negotiated debt obligations where the principal and/or interest or value of the structured product is determined by reference to the performance of a specific asset, benchmark asset, market or interest rate (“</span><span style="font-size:10.0pt;font-family:arial;font-style:italic;color:#000000;font-weight:normal;text-decoration:none">reference instrument</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">”), and changes in the reference instrument or security may cause significant price fluctuations, or could cause the interest rate on the structured product to be reduced to zero. Holders of structured products indirectly bear risks associated with the reference instrument, are subject to counterparty risk and typically do not have direct rights against the reference instrument. The Portfolio’s investments in structured products that pay interest based on the London Interbank Offered Rate (LIBOR) may experience increased volatility and/or illiquidity during the transition away from LIBOR, which was phased out. Structured products may also entail structural complexity and documentation risk and there is no guarantee that the courts or administrators will interpret the priority of principal and interest payments as expected.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Unrated Security Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Unrated securities determined by the Portfolio’s sub-adviser to be of comparable quality to rated securities which the Portfolio may purchase may pay a higher interest rate than such rated securities and be subject to a greater risk of illiquidity or price changes. Less public information is typically available about unrated securities or issuers than rated securities or issuers.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">U.S. Government Securities Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates. Securities issued or guaranteed by U.S. government agencies and instrumentalities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. government or may be subject to certain limitations. No assurance can be given that the U.S. government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so, which may increase the risk of loss to the Portfolio.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Valuation Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The sales price the Portfolio could receive for any particular debt security may differ from the Portfolio’s valuation of the investment, particularly for debt securities that trade in thin or volatile markets or that are valued using a fair value methodology. The debt securities in which the Portfolio invests typically are valued by a pricing service utilizing a range of market-based inputs and assumptions, including price quotations obtained from broker-dealers making markets in such instruments, cash flows and transactions for comparable instruments. There is no assurance that the Portfolio will be able to buy or sell a portfolio security at the price established by the pricing service, which could result in a gain or loss to the Portfolio. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Over certain time periods, such differences could materially impact the performance of the Portfolio, which may not be sustainable. Alternative pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Portfolio were to change pricing services, or if the Portfolio’s pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Portfolio’s net asset value.</span></div> Portfolio Performance <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The following bar chart and table provide some indication of the potential risks of investing in the Portfolio. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns do not reflect any charges that are imposed by the separately managed accounts. If such charges were reflected, the returns would be lower.</div> The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns do not reflect any charges that are imposed by the separately managed accounts. If such charges were reflected, the returns would be lower. The bar chart below shows the variability of the Portfolio’s performance from year to year. <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The bar chart below shows the variability of the Portfolio’s performance from year to year. </div>   Annual Total Return* Year-to-date total return 2025-09-30 0.0652 <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">During the two-year period ended December 31, 2024, the Portfolio’s highest and lowest quarterly returns were 5.34%</span><br/> <span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">and -1.22%, respectively, for the quarters ended December 31, 2023 and December 31, 2024.</span></div> highest lowest 0.0534 -0.0122 2023-12-31 2024-12-31 <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The table below shows the variability of the Portfolio’s average annual returns and how they compare over the time periods indicated with those of broad measures of market performance. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. </div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">Performance reflects fee waivers, if any, in effect during the periods presented. If any such waivers had not been in place, returns would have been reduced.</div> All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Average Annual Total Returns for the Periods EndedDecember 31, 2024 2022-11-01 2022-11-01 2022-11-01 2022-11-01 2022-11-01 0.0498 0.0726 0.0249 0.0483 0.0301 0.0454 0.0125 0.0452 0.0134 0.0449 Nuveen Ultra Short Municipal Managed Accounts Portfolio Investment Objective <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The investment objective of the Portfolio is to provide a high level of current income that is exempt from regular federal income taxes to the extent consistent with preservation of capital.</div> Fees and Expenses of the Portfolio <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio. Portfolio shares may be purchased only by or on behalf of separately managed account clients where Nuveen Asset Management, LLC has an agreement to serve as investment adviser or sub-adviser to the account with the separately managed account program sponsor or directly with the client. The fees and expenses in the following tables do not reflect any charges that are imposed by the separately managed accounts. If such charges were reflected, the fees and expenses would be higher than what is shown below.</div> Shareholder Fees(fees paid directly from your investment) 0 0 0 0 Annual Portfolio Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0135 0.0135 -0.0135 0.0000 Example <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The following example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then either redeem or do not redeem your shares at the end of a period. The example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same and that the expense reimbursements continue to remain in place. The example does not reflect any charges that are imposed by the separately managed accounts. If such charges were reflected, the costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 0 0 0 0 0 0 0 0 Portfolio Turnover <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 0% of the average value of its portfolio. However, this portfolio turnover rate is calculated without regard to securities </div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">whose maturities or expiration dates at the time of acquisition were one year or less. If such securities were included, the Portfolio's portfolio turnover rate would be higher.</div> 0 Principal Investment Strategies <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">Under normal circumstances, the Portfolio invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal securities that pay interest that is exempt from regular federal personal income tax. Regular federal personal income tax is different from, and does not include, the federal alternative minimum tax. These municipal securities are obligations issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam) that pay interest that is exempt from regular federal personal income tax. Municipal securities in which the Portfolio will invest include variable rate demand obligations (“</span><span style="font-size:10.0pt;font-family:arial;font-style:italic;color:#000000;font-weight:normal;text-decoration:none">VRDOs</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">”), tax-exempt commercial paper, municipal bonds and municipal notes. The Portfolio may not invest in securities that generate income subject to the federal alternative minimum tax.</span></div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The Portfolio will generally invest in securities maturing in two years or less and will attempt to maintain the weighted average maturity of its portfolio securities at 120 days or less under normal market conditions. The maturity date of any VRDO in which the Portfolio invests will be considered the security’s next put date.</div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">Under normal market conditions, the short-term securities in which the Portfolio invests (or the issuers of such securities) will be rated A-2/P-2 or higher at the time of purchase by at least one independent rating agency, or, if unrated, judged by the Portfolio’s sub-adviser to be of comparable quality. Under normal market conditions, the long-term securities in which the Portfolio invests (or the issuers of such securities) will be rated BBB/Baa or higher at the time of purchase by at least one independent rating agency, or, if unrated, judged by the Portfolio’s sub-adviser to be of comparable quality. Securities (or the issuers of such securities) assigned short-term and long-term credit ratings are eligible for investment by the Portfolio if one of their ratings meets the above criteria.</div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The Portfolio may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Portfolio may also invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature.</div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The Portfolio may invest in securities that have fixed rates of return or variable or floating rates, and may make forward commitments in which the Portfolio agrees to buy a security for settlement in the future at a price agreed upon today.</div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">Developed exclusively for use within separately managed accounts advised or sub-advised by Nuveen Asset Management, LLC, the Portfolio is a specialized municipal portfolio to be used in combination with selected individual securities to effectively model institutional-level investment strategies. The Portfolio is not a money market fund and does not seek to maintain a stable net asset value of $1.00 per share.</div> The price and yield of this Portfolio will change daily. You could lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Active Management Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The Portfolio’s sub-adviser actively manages the Portfolio’s investments. Consequently, the Portfolio is subject to the risk that the investment techniques and risk analyses employed by the Portfolio’s sub-adviser, including its use of proprietary and third-party technology systems, models, algorithms and data management software, may not produce the desired results. This could cause the Portfolio to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Call Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—If, during periods of falling interest rates, an issuer exercises its right to prepay principal on its higher-yielding municipal bonds held by the Portfolio, the Portfolio may have to reinvest in securities with lower yields or higher risk of default, which may adversely impact the Portfolio’s performance.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Credit Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Credit risk is the risk that an issuer or other obligated party of a municipal bond may be, or perceived (whether by market participants, rating agencies, pricing services or otherwise) to be, unable or unwilling to make interest and principal payments when due and the related risk that the value of a municipal bond may decline because of concerns about the issuer’s ability or willingness to make such payments. </span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Credit Spread Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences in their credit quality) may increase when the market believes that bonds generally have a greater </span></div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">risk of default. Increasing credit spreads may reduce the market values of the Portfolio’s municipal bonds. Credit spreads often increase more for lower rated and unrated securities than for investment grade securities. In addition, when credit spreads increase, reductions in market value will generally be greater for longer-maturity securities.</div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Cybersecurity Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Cybersecurity risk is the risk of an unauthorized breach and access to Portfolio assets, customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Portfolio, its investment adviser or sub-adviser, custodian, transfer agent, distributor or other service provider, a financial intermediary or the issuers of securities held by the Portfolio to suffer a data breach, data corruption or lose operational functionality. Successful cyber-attacks or other cyber-failures or events affecting the Portfolio, its service providers or the issuers of securities held by the Portfolio may adversely impact the Portfolio or its shareholders. Additionally, a cybersecurity breach could affect the issuers in which the Portfolio invests, which may cause the Portfolio’s investments to lose value.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Frequent Trading Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The portfolio turnover rate of the Portfolio may exceed 100%. Frequent trading of portfolio securities may produce capital gains, which are taxable to shareholders when distributed. Frequent trading may also increase the amount of commissions or mark-ups to broker-dealers that the Portfolio pays when it buys and sells securities, which may detract from the Portfolio’s performance.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Income Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The Portfolio's income could decline during periods of falling interest rates or when the Portfolio experiences defaults on municipal bonds it holds. Income risk is generally higher for limited-term bonds so investors may experience a fluctuation in the monthly income from the Portfolio.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Interest Rate Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Interest rate risk is the risk that the value of the Portfolio’s municipal bonds will decline because of rising interest rates. Changing interest rates may have unpredictable effects on markets, result in heightened market volatility and detract from the Portfolio’s performance to the extent that it is exposed to such interest rates. Municipal bonds may be subject to a greater risk of rising interest rates than would normally be the case due to the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. Higher periods of inflation could lead to government fiscal policies which raise interest rates. When interest rates change, the values of longer-duration municipal bonds usually change more than the values of shorter-duration municipal bonds. Conversely, municipal bonds with shorter durations or maturities will be less volatile but may provide lower returns than municipal bonds with longer durations or maturities. Rising interest rates also may lengthen the duration of municipal bonds with call features, since exercise of the call becomes less likely as interest rates rise, which in turn will make the securities more sensitive to changes in interest rates and result in even steeper price declines in the event of further interest rate increases. The Portfolio is also subject to the risk that the income generated by its investments may not keep pace with inflation. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the municipal bond market, making it more difficult for the Portfolio to sell municipal bonds. Changes in interest rates may also lead to an increase in Portfolio redemptions, which may result in higher portfolio turnover costs, thereby adversely affecting the Portfolio’s performance.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Market Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The market value of the Portfolio’s investments may go up or down, sometimes rapidly or unpredictably and for short or extended periods of time, due to the particular circumstances of individual issuers or due to general conditions impacting issuers more broadly. Global economies and financial markets have become highly interconnected, and thus economic, market or political conditions or events in one country or region might adversely impact the value of the Portfolio’s investments whether or not the Portfolio invests in such country or region. Events such as war, terrorism, natural and environmental disasters and the spread of infectious illnesses or other public health emergencies may have a severe negative impact on the global economy, could cause financial markets to experience extreme volatility and losses, and could result in the disruption of trading and the reduction of liquidity in many instruments. Additionally, as inflation increases, the value of the Portfolio’s assets can decline.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Municipal Bond Market Liquidity Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Inventories of municipal bonds held by brokers and dealers have decreased in recent years, lessening their ability to make a market in these securities. This reduction in market making capacity has the potential to decrease the Portfolio’s ability to buy or sell bonds, and increase bond price volatility and trading costs, particularly during periods of economic or market stress. In addition, federal banking regulations may cause certain dealers to reduce their inventories of municipal bonds, which may further decrease the Portfolio’s ability to buy or sell bonds. Municipal bonds may also be thinly traded or have a limited trading market, making it difficult for the Portfolio to value the bonds accurately. As a result, the Portfolio may be forced to accept a lower price to sell a security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on </span></div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">performance. If the Portfolio needed to sell large blocks of bonds to raise cash (such as to meet heavy shareholder redemptions), those sales could further reduce the bonds’ prices and hurt performance. </div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Municipal Lease Obligations Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Participation interests in municipal leases pose special risks because many leases and contracts contain “non-appropriation” clauses that provide that the governmental issuer has no obligation to make future payments under the lease or contract unless money is appropriated for this purpose by the appropriate legislative body.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Municipal Securities Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The values of municipal securities held by the Portfolio may be adversely affected by local political and economic conditions and developments. The Portfolio may make significant investments in a particular segment of the municipal bond market or in the debt of issuers located in the same state or territory. Adverse conditions in such industry or location could have a correspondingly adverse effect on the financial condition of issuers. Accordingly, revenue bonds, which may be repaid only from a specific facility or source, are subject to more economic risk than general obligation bonds, which may be repaid from any revenue source. These conditions may cause the value of the Portfolio’s shares to fluctuate more than the values of shares of funds that invest in a greater variety of investments. The amount of public information available about municipal bonds is generally less than for certain corporate equities or bonds, meaning that the investment performance of the Portfolio may be more dependent on the analytical abilities of the Portfolio’s sub-adviser than funds that invest in stock or other corporate investments. </span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Tax Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Income from municipal bonds held by the Portfolio could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer or other obligated party. Investments in taxable municipal bonds may cause the Portfolio to have taxable investment income.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Ultra Short Fund Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The Portfolio is not a money market fund. Therefore, the Portfolio does not attempt to maintain a stable net asset value and is not subject to the rules that govern the diversity, quality, maturity, liquidity and other features of securities that money market funds may purchase. Under normal conditions, the Portfolio may be more susceptible than a money market fund to interest rate risk, valuation risk, credit risk and other risks relevant to the Portfolio’s investments. Unlike certain money market funds, the Portfolio’s net asset value per share will fluctuate.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Unrated Bond Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Unrated municipal bonds determined by the Portfolio’s sub-adviser to be of comparable quality to rated municipal bonds which the Portfolio may purchase may pay a higher interest rate than such rated municipal bonds and be subject to a greater risk of illiquidity or price changes. Less public information is typically available about unrated municipal bonds or issuers than rated bonds or issuers.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">U.S. Territory Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The Portfolio’s investments may include municipal bonds issued by U.S. territories such as Puerto Rico, the U.S. Virgin Islands and Guam that pay interest exempt from regular federal personal income tax. Accordingly, the Portfolio may be adversely affected by local political and economic conditions and developments within these U.S. territories. </span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Valuation Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The sales price the Portfolio could receive for any particular municipal bond may differ from the Portfolio’s valuation of the investment, particularly for municipal bonds that trade in thin or volatile markets or that are valued using a fair value methodology. The municipal bonds in which the Portfolio invests typically are valued by a pricing service utilizing a range of market-based inputs and assumptions, including price quotations obtained from broker-dealers making markets in such instruments, cash flows and transactions for comparable instruments. There is no assurance that the Portfolio will be able to buy or sell a portfolio security at the price established by the pricing service, which could result in a gain or loss to the Portfolio. Pricing services generally price municipal bonds assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Over certain time periods, such differences could materially impact the performance of the Portfolio, which may not be sustainable. Alternative pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Portfolio were to change pricing services, or if the Portfolio’s pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Portfolio’s net asset value.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Variable Rate Demand Obligations Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Variable rate demand obligations are floating rate securities that combine an interest in a long-term municipal bond with a right to demand payment before maturity from a bank or other financial institution. If the bank or financial institution is unable to pay, the Portfolio may lose money. The interest rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Variable rate demand obligations may be subject to greater liquidity risk than other debt securities so there may be limitations on the Portfolio’s ability to sell the securities at any given time or at an optimum price.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">When-Issued, Delayed-Delivery and Forward Commitment Transactions Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The Portfolio may purchase securities on a when-issued, delayed delivery or forward commitment basis. These transactions involve an element of risk because, although the Portfolio will not have made any cash outlay prior to the settlement date, the purchase price has been established, sometimes a month or more prior to the settlement date, so the value of the security to be purchased may decline to a level below its purchase price before that settlement date. This may give rise to leverage and lead to volatility in the Portfolio’s net asset value. Default by, or bankruptcy of, a counterparty to a when-issued, delayed delivery or forward commitment transaction would expose the Portfolio to possible losses because of an adverse market action, expenses or delays in connection with the purchase or sale of the securities in such transaction.</span></div> <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Zero Coupon Bonds Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Because interest on zero coupon bonds is not paid on a current basis, the values of zero coupon bonds will be more volatile in response to interest rate changes than the values of bonds that distribute income regularly. Although zero coupon bonds generate income for accounting purposes, they do not produce cash flow, and thus the Portfolio could be forced to liquidate securities at an inopportune time in order to generate cash to distribute to shareholders as required by tax laws.</span></div> Portfolio Performance <div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">Portfolio performance is not included in this prospectus because the Portfolio has not been in existence for a full calendar year. When this prospectus is updated after a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Portfolio by showing the variability of the Portfolio’s returns based on net assets and comparing the Portfolio’s performance to a broad measure of market performance.</div> Portfolio performance is not included in this prospectus because the Portfolio has not been in existence for a full calendar year. When this prospectus is updated after a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Portfolio by showing the variability of the Portfolio’s returns based on net assets and comparing the Portfolio’s performance to a broad measure of market performance.  Year-to-date total return as of September 30, 2025 was 1.97%. Year-to-date total return as of September 30, 2025 was 8.27%. Year-to-date total return as of September 30, 2025 was 7.09%. Year-to-date total return as of September 30, 2025 was 10.54%. Year-to-date total return as of September 30, 2025 was 6.91%.  Year-to-date total return as of September 30, 2025 was 6.52%. An index designed to measure the performance of the USD-denominated, fixed-rate, U.S. investment grade taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (MBS), asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS). An index that contains all USD-denominated, below investment grade corporate debt securities in the ICE BofA U.S. Cash Pay High Yield Constrained Index that are rated BB1 through B3, based on an average of Moody’s, S&P and Fitch. The index caps issuer exposure at 2%. The Portfolio itself pays no management fees. You will, however, continue to incur the management fee for the amount invested in the Portfolio through the separately managed account associated with such investment. The investment adviser has agreed irrevocably during the existence of the Portfolio to waive all fees and pay or reimburse all expenses of the Portfolio, except for interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses. The Portfolio itself pays no management fees. You will, however, continue to incur the management fee for the amount invested in the Portfolio through the separately managed account associated with such investment. Includes interest expense and fees paid on Portfolio borrowings. The Portfolio itself pays no management fees. You will, however, continue to incur the management fee for the amount invested in the Portfolio through the separately managed account associated with such investment. The investment adviser has agreed irrevocably during the existence of the Portfolio to waive all fees and pay or reimburse all expenses of the Portfolio, except for interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses. The investment adviser has agreed irrevocably during the existence of the Portfolio to waive all fees and pay or reimburse all expenses of the Portfolio, except for interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses. This expense limitation may be terminated or modified only with the approval of shareholders of the Portfolio. The Portfolio itself pays no management fees. You will, however, continue to incur the management fee for the amount invested in the Portfolio through the separately managed account associated with such investment. The investment adviser has agreed irrevocably during the existence of the Portfolio to waive all fees and pay or reimburse all expenses of the Portfolio, except for interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses. An index designed to measure the performance of the USD-denominated, fixed-rate, U.S. investment grade taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (MBS), asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS). An index designed to measure the performance of investment grade and below investment grade fixed rate and fixed-to-floating rate, USD-denominated hybrid corporate and preferred securities publicly issued in the U.S. domestic market. Consists of: 1) 60% ICE U.S. Institutional Capital Securities Index (defined herein), and 2) 40% ICE USD Contingent Capital Index (CDLR) (defined herein). The Portfolio itself pays no management fees. You will, however, continue to incur the management fee for the amount invested in the Portfolio through the separately managed account associated with such investment. The investment adviser has agreed irrevocably during the existence of the Portfolio to waive all fees and pay or reimburse all expenses of the Portfolio, except for interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses. This expense limitation may be terminated or modified only with the approval of shareholders of the Portfolio. The Portfolio itself pays no management fees. You will, however, continue to incur the management fee for the amount invested in the Portfolio through the separately managed account associated with such investment. The investment adviser has agreed irrevocably during the existence of the Portfolio to waive all fees and pay or reimburse all expenses of the Portfolio, except for interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses. An index designed to measure the performance of the USD-denominated, fixed-rate, U.S. investment grade taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (MBS), asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS). A subset of the Bloomberg U.S. Aggregate Bond Index, which is an index designed to measure the performance of the USD-denominated, fixed-rate, U.S. investment grade taxable bond market. The index includes mortgage-backed securities (MBS), asset-backed securities (ABS), commercial mortgage-backed securities (CMBS) and covered assets. The Portfolio itself pays no management fees. You will, however, continue to incur the management fee for the amount invested in the Portfolio through the separately managed account associated with such investment. The investment adviser has agreed irrevocably during the existence of the Portfolio to waive all fees and pay or reimburse all expenses of the Portfolio, except for interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses. This expense limitation may be terminated or modified only with the approval of shareholders of the Portfolio. The Portfolio itself pays no management fees. You will, however, continue to incur the management fee for the amount invested in the Portfolio through the separately managed account associated with such investment. The investment adviser has agreed irrevocably during the existence of the Portfolio to waive all fees and pay or reimburse all expenses of the Portfolio, except for interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses. An index that measures the performance of the U.S. municipal bond market. It includes a diverse range of tax-exempt and taxable municipal bonds issued by state and local governments across the United States. The index is market-capitalization weighted and primarily consists of investment-grade bonds, providing investors with a snapshot of the overall performance of the municipal bond market. An index designed to measure the performance of tax-exempt U.S. investment grade municipal bonds with remaining maturities between six and eight years. The Portfolio itself pays no management fees. You will, however, continue to incur the management fee for the amount invested in the Portfolio through the separately managed account associated with such investment. The investment adviser has agreed irrevocably during the existence of the Portfolio to waive all fees and pay or reimburse all expenses of the Portfolio, except for interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses. This expense limitation may be terminated or modified only with the approval of shareholders of the Portfolio. The investment adviser has agreed irrevocably during the existence of the Portfolio to waive all fees and pay or reimburse all expenses of the Portfolio, except for interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses. An index designed to measure the performance of the USD-denominated, fixed-rate, U.S. investment grade taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (MBS), asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS). Includes interest expense and fees paid on Portfolio borrowings and/or interest and related expenses from inverse floaters. The Portfolio itself pays no management fees. You will, however, continue to incur the management fee for the amount invested in the Portfolio through the separately managed account associated with such investment. The investment adviser has agreed irrevocably during the existence of the Portfolio to waive all fees and pay or reimburse all expenses of the Portfolio, except for interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses. This expense limitation may be terminated or modified only with the approval of shareholders of the Portfolio. The investment adviser has agreed irrevocably during the existence of the Portfolio to waive all fees and pay or reimburse all expenses of the Portfolio, except for interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses. A uniquely weighted USD-denominated emerging markets sovereign debt index, which allows for a more even weight distribution among the countries than the JP Morgan EMBI Global Index. The countries covered are identical to those covered by the JP Morgan EMBI Global Index, which is an index designed to measure total returns for USD-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities. The investment adviser has agreed irrevocably during the existence of the Portfolio to waive all fees and pay or reimburse all expenses of the Portfolio, except for interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses. This expense limitation may be terminated or modified only with the approval of shareholders of the Portfolio. The investment adviser has agreed irrevocably during the existence of the Portfolio to waive all fees and pay or reimburse all expenses of the Portfolio, except for interest expense, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses. This expense limitation may be terminated or modified only with the approval of shareholders of the Portfolio.