Shareholder Report
May 31, 2025
USD ($)
Holding
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class A Shares |
$74 | 0.74% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Virginia Municipal Bond Fund returned 0.51% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond Virginia Index, which returned 2.57%. • Top contributors to relative performance • Credit quality positioning, especially an overweight to non‑rated bonds. • An overweight to the toll-road bond sector and an underweight to the industrial development revenue bond sector. • Top detractors from relative performance • Duration positioning, especially an overweight to bonds with durations of 12 years and longer. • An overweight to BB‑rated and B‑rated bonds. • Security selection, particularly bonds of Marymount University. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||||||||
| Class A Shares at NAV (excluding maximum sales charge) |
0.51 | % | 0.12 | % | 1.74 | % | ||||||
| Class A Shares at maximum sales charge (Offering Price) |
(3.74 | )% | (0.73 | )% | 1.31 | % | ||||||
| S&P Municipal Bond Index |
2.44 | % | 0.78 | % | 2.22 | % | ||||||
| S&P Municipal Bond Virginia Index |
2.57 | % | 0.46 | % | 2.07 | % | ||||||
| Lipper Virginia Municipal Debt Funds Classification Average |
0.71 | % | (0.03 | )% | 1.32 | % | ||||||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$ | 518,230,213 | ||
| Total number of portfolio holdings |
239 | |||
| Portfolio turnover (%) |
20% | |||
| Total management fees paid for the year |
$ | 2,629,997 | ||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class C Shares |
$154 | 1.54% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Virginia Municipal Bond Fund returned ‑0.31% for Class C Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond Virginia Index, which returned 2.57%. • Top contributors to relative performance • Credit quality positioning, especially an overweight to non‑rated bonds. • An overweight to the toll-road bond sector and an underweight to the industrial development revenue bond sector. • Top detractors from relative performance • Duration positioning, especially an overweight to bonds with durations of 12 years and longer. • An overweight to BB‑rated and B‑rated bonds. • Security selection, particularly bonds of Marymount University. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||||||||
| Class C Shares at NAV (excluding maximum sales charge) |
(0.31 | )% | (0.68 | )% | 1.09 | % | ||||||
| S&P Municipal Bond Index |
2.44 | % | 0.78 | % | 2.22 | % | ||||||
| S&P Municipal Bond Virginia Index |
2.57 | % | 0.46 | % | 2.07 | % | ||||||
| Lipper Virginia Municipal Debt Funds Classification Average |
0.71 | % | (0.03 | )% | 1.32 | % | ||||||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$ | 518,230,213 | ||
| Total number of portfolio holdings |
239 | |||
| Portfolio turnover (%) |
20% | |||
| Total management fees paid for the year |
$ | 2,629,997 | ||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class I Shares |
$54 | 0.54% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Virginia Municipal Bond Fund returned 0.68% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond Virginia Index, which returned 2.57%. • Top contributors to relative performance • Credit quality positioning, especially an overweight to non‑rated bonds. • An overweight to the toll-road bond sector and an underweight to the industrial development revenue bond sector. • Top detractors from relative performance • Duration positioning, especially an overweight to bonds with durations of 12 years and longer. • An overweight to BB‑rated and B‑rated bonds. • Security selection, particularly bonds of Marymount University. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||||||||
| Class I Shares at NAV |
0.68 | % | 0.31 | % | 1.93 | % | ||||||
| S&P Municipal Bond Index |
2.44 | % | 0.78 | % | 2.22 | % | ||||||
| S&P Municipal Bond Virginia Index |
2.57 | % | 0.46 | % | 2.07 | % | ||||||
| Lipper Virginia Municipal Debt Funds Classification Average |
0.71 | % | (0.03 | )% | 1.32 | % | ||||||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$ | 518,230,213 | ||
| Total number of portfolio holdings |
239 | |||
| Portfolio turnover (%) |
20% | |||
| Total management fees paid for the year |
$ | 2,629,997 | ||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class C Shares |
$161 | 1.62% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Pennsylvania Municipal Bond Fund returned ‑0.96% for Class C Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond Pennsylvania Index, which returned 2.78%. • Top contributors to relative performance • Credit quality positioning, especially an underweight to AA‑rated and A‑rated bonds and an overweight to non‑rated bonds. • Sector allocation, particularly an overweight to the housing and industrial development revenue bond sectors, and an underweight to the transportation sector, particularly in toll-road bonds. • Security selection in the hospital bond sector, particularly in bonds of Tower Health. • Top detractors from relative performance • Duration and yield curve positioning, especially an overweight to longer-duration bonds. • The Fund’s energy exposure hedge (Vistra Vision) position through the use of a total return swap. • Security selection in the higher education bond sector. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||||||||
| Class C Shares at NAV (excluding maximum sales charge) |
(0.96 | )% | (0.74 | )% | 1.17 | % | ||||||
| S&P Municipal Bond Index |
2.44 | % | 0.78 | % | 2.22 | % | ||||||
| S&P Municipal Bond Pennsylvania Index |
2.78 | % | 0.81 | % | 2.33 | % | ||||||
| Lipper Pennsylvania Municipal Debt Funds Classification Average |
1.18 | % | 0.39 | % | 1.71 | % | ||||||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$ | 343,208,504 | ||
| Total number of portfolio holdings |
237 | |||
| Portfolio turnover (%) |
28% | |||
| Total management fees paid for the year |
$ | 1,980,257 | ||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class I Shares |
$62 | 0.62% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Pennsylvania Municipal Bond Fund returned 0.04% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond Pennsylvania Index, which returned 2.78%. • Top contributors to relative performance • Credit quality positioning, especially an underweight to AA‑rated and A‑rated bonds and an overweight to non‑rated bonds. • Sector allocation, particularly an overweight to the housing and industrial development revenue bond sectors, and an underweight to the transportation sector, particularly in toll-road bonds. • Security selection in the hospital bond sector, particularly in bonds of Tower Health. • Top detractors from relative performance • Duration and yield curve positioning, especially an overweight to longer-duration bonds. • The Fund’s energy exposure hedge (Vistra Vision) position through the use of a total return swap. • Security selection in the higher education bond sector. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||||||||
| Class I Shares at NAV |
0.04 | % | 0.24 | % | 2.02 | % | ||||||
| S&P Municipal Bond Index |
2.44 | % | 0.78 | % | 2.22 | % | ||||||
| S&P Municipal Bond Pennsylvania Index |
2.78 | % | 0.81 | % | 2.33 | % | ||||||
| Lipper Pennsylvania Municipal Debt Funds Classification Average |
1.18 | % | 0.39 | % | 1.71 | % | ||||||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$ | 343,208,504 | ||
| Total number of portfolio holdings |
237 | |||
| Portfolio turnover (%) |
28% | |||
| Total management fees paid for the year |
$ | 1,980,257 | ||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class A Shares |
$91 | 0.91% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen New Mexico Municipal Bond Fund returned 0.87% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond New Mexico Index, which returned 3.86%. • Top contributors to relative performance • An overweight to BBB‑rated and non‑rated bonds. • Top detractors from relative performance • Sector allocation, particularly an overweight to dedicated‑tax and water and sewer bonds. • An underweight to AA‑rated bonds and an overweight to A‑rated bonds. • An overweight to bonds with durations 10 years and longer. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||||||||
| Class A Shares at NAV (excluding maximum sales charge) |
0.87 | % | 0.18 | % | 1.70 | % | ||||||
| Class A Shares at maximum sales charge (Offering Price) |
(3.39 | )% | (0.68 | )% | 1.26 | % | ||||||
| S&P Municipal Bond Index |
2.44 | % | 0.78 | % | 2.22 | % | ||||||
| S&P Municipal Bond New Mexico Index |
3.86 | % | 0.79 | % | 1.91 | % | ||||||
| Lipper Other States Municipal Debt Funds Classification Average |
0.90 | % | (0.12 | )% | 1.32 | % | ||||||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$ | 67,998,816 | ||
| Total number of portfolio holdings |
80 | |||
| Portfolio turnover (%) |
16% | |||
| Total management fees paid for the year |
$ | 350,016 | ||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
Fee waiver/reimbursement: As of May 1, 2025, Nuveen Fund Advisors, LLC has agreed to waive fees and/or reimburse expenses of the Fund through July 31, 2027 so that the total annual operating expenses of the Fund (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.64% of the average daily net assets of any class of Fund shares.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
Fee waiver/reimbursement: As of May 1, 2025, Nuveen Fund Advisors, LLC has agreed to waive fees and/or reimburse expenses of the Fund through July 31, 2027 so that the total annual operating expenses of the Fund (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.64% of the average daily net assets of any class of Fund shares.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class C Shares |
$171 | 1.71% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen New Mexico Municipal Bond Fund returned 0.08% for Class C Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond New Mexico Index, which returned 3.86%. • Top contributors to relative performance • An overweight to BBB‑rated and non‑rated bonds. • Top detractors from relative performance • Sector allocation, particularly an overweight to dedicated‑tax and water and sewer bonds. • An underweight to AA‑rated bonds and an overweight to A‑rated bonds. • An overweight to bonds with durations 10 years and longer. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||||||||
| Class C Shares at NAV (excluding maximum sales charge) |
0.08 | % | (0.61 | )% | 1.05 | % | ||||||
| S&P Municipal Bond Index |
2.44 | % | 0.78 | % | 2.22 | % | ||||||
| S&P Municipal Bond New Mexico Index |
3.86 | % | 0.79 | % | 1.91 | % | ||||||
| Lipper Other States Municipal Debt Funds Classification Average |
0.90 | % | (0.12 | )% | 1.32 | % | ||||||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$ | 67,998,816 | ||
| Total number of portfolio holdings |
80 | |||
| Portfolio turnover (%) |
16% | |||
| Total management fees paid for the year |
$ | 350,016 | ||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
Fee waiver/reimbursement: As of May 1, 2025, Nuveen Fund Advisors, LLC has agreed to waive fees and/or reimburse expenses of the Fund through July 31, 2027 so that the total annual operating expenses of the Fund (excluding 12b‑1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.64% of the average daily net assets of any class of Fund shares.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
Fee waiver/reimbursement: As of May 1, 2025, Nuveen Fund Advisors, LLC has agreed to waive fees and/or reimburse expenses of the Fund through July 31, 2027 so that the total annual operating expenses of the Fund (excluding 12b‑1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.64% of the average daily net assets of any class of Fund shares.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class I Shares |
$71 | 0.71% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen New Mexico Municipal Bond Fund returned 0.97% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond New Mexico Index, which returned 3.86%. • Top contributors to relative performance • An overweight to BBB‑rated and non‑rated bonds. • Top detractors from relative performance • Sector allocation, particularly an overweight to dedicated‑tax and water and sewer bonds. • An underweight to AA‑rated bonds and an overweight to A‑rated bonds. • An overweight to bonds with durations 10 years and longer. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||||||||
| Class I Shares at NAV |
0.97 | % | 0.38 | % | 1.90 | % | ||||||
| S&P Municipal Bond Index |
2.44 | % | 0.78 | % | 2.22 | % | ||||||
| S&P Municipal Bond New Mexico Index |
3.86 | % | 0.79 | % | 1.91 | % | ||||||
| Lipper Other States Municipal Debt Funds Classification Average |
0.90 | % | (0.12 | )% | 1.32 | % | ||||||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$ | 67,998,816 | ||
| Total number of portfolio holdings |
80 | |||
| Portfolio turnover (%) |
16% | |||
| Total management fees paid for the year |
$ | 350,016 | ||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
Fee waiver/reimbursement: As of May 1, 2025, Nuveen Fund Advisors, LLC has agreed to waive fees and/or reimburse expenses of the Fund through July 31, 2027 so that the total annual operating expenses of the Fund (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.64% of the average daily net assets of any class of Fund shares.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
Fee waiver/reimbursement: As of May 1, 2025, Nuveen Fund Advisors, LLC has agreed to waive fees and/or reimburse expenses of the Fund through July 31, 2027 so that the total annual operating expenses of the Fund (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.64% of the average daily net assets of any class of Fund shares.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class A Shares |
$82 | 0.82% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Pennsylvania Municipal Bond Fund returned ‑0.14% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond Pennsylvania Index, which returned 2.78%. • Top contributors to relative performance • Credit quality positioning, especially an underweight to AA‑rated and A‑rated bonds and an overweight to non‑rated bonds. • Sector allocation, particularly an overweight to the housing and industrial development revenue bond sectors, and an underweight to the transportation sector, particularly in toll-road bonds. • Security selection in the hospital bond sector, particularly in bonds of Tower Health. • Top detractors from relative performance • Duration and yield curve positioning, especially an overweight to longer-duration bonds. • The Fund’s energy exposure hedge (Vistra Vision) position through the use of a total return swap. • Security selection in the higher education bond sector. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||||||||
| Class A Shares at NAV (excluding maximum sales charge) |
(0.14 | )% | 0.05 | % | 1.82 | % | ||||||
| Class A Shares at maximum sales charge (Offering Price) |
(4.37 | )% | (0.81 | )% | 1.38 | % | ||||||
| S&P Municipal Bond Index |
2.44 | % | 0.78 | % | 2.22 | % | ||||||
| S&P Municipal Bond Pennsylvania Index |
2.78 | % | 0.81 | % | 2.33 | % | ||||||
| Lipper Pennsylvania Municipal Debt Funds Classification Average |
1.18 | % | 0.39 | % | 1.71 | % | ||||||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$ | 343,208,504 | ||
| Total number of portfolio holdings |
237 | |||
| Portfolio turnover (%) |
28% | |||
| Total management fees paid for the year |
$ | 1,980,257 | ||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class I Shares |
$63 | 0.63% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Maryland Municipal Bond Fund returned 1.29% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond Maryland Index, which returned 3.13%. • Top contributors to relative performance • Credit positioning, especially an overweight to non‑rated bonds. • An overweight to the incremental‑tax and higher education bond sectors. • Top detractors from relative performance • Duration positioning, especially an overweight to bonds with durations of 10 years and longer. • Sector positioning, especially an overweight to hospital and life-care bonds, and an underweight to state general obligation bonds. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||||||||
| Class I Shares at NAV |
1.29 | % | 0.66 | % | 1.96 | % | ||||||
| S&P Municipal Bond Index |
2.44 | % | 0.78 | % | 2.22 | % | ||||||
| S&P Municipal Bond Maryland Index |
3.13 | % | 0.49 | % | 1.88 | % | ||||||
| Lipper Maryland Municipal Debt Funds Classification Average |
1.32 | % | 0.45 | % | 1.46 | % | ||||||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$ | 234,892,910 | ||
| Total number of portfolio holdings |
193 | |||
| Portfolio turnover (%) |
23% | |||
| Total management fees paid for the year |
$ | 1,326,910 | ||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
Fee waiver/reimbursement: As of May 1, 2025, Nuveen Fund Advisors, LLC has agreed to waive fees and/or reimburse expenses of the Fund through July 31, 2027 so that the total annual operating expenses of the Fund (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.57% of the average daily net assets of any class of Fund shares.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.
Fee waiver/reimbursement: As of May 1, 2025, Nuveen Fund Advisors, LLC has agreed to waive fees and/or reimburse expenses of the Fund through July 31, 2027 so that the total annual operating expenses of the Fund (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.57% of the average daily net assets of any class of Fund shares.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class C Shares |
$163 | 1.63% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Maryland Municipal Bond Fund returned 0.37% for Class C Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond Maryland Index, which returned 3.13%. • Top contributors to relative performance • Credit positioning, especially an overweight to non‑rated bonds. • An overweight to the incremental‑tax and higher education bond sectors. • Top detractors from relative performance • Duration positioning, especially an overweight to bonds with durations of 10 years and longer. • Sector positioning, especially an overweight to hospital and life-care bonds, and an underweight to state general obligation bonds. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||||||||
| Class C Shares at NAV (excluding maximum sales charge) |
0.37 | % | (0.33 | )% | 1.12 | % | ||||||
| S&P Municipal Bond Index |
2.44 | % | 0.78 | % | 2.22 | % | ||||||
| S&P Municipal Bond Maryland Index |
3.13 | % | 0.49 | % | 1.88 | % | ||||||
| Lipper Maryland Municipal Debt Funds Classification Average |
1.32 | % | 0.45 | % | 1.46 | % | ||||||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$ | 234,892,910 | ||
| Total number of portfolio holdings |
193 | |||
| Portfolio turnover (%) |
23% | |||
| Total management fees paid for the year |
$ | 1,326,910 | ||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
Fee waiver/reimbursement: As of May 1, 2025, Nuveen Fund Advisors, LLC has agreed to waive fees and/or reimburse expenses of the Fund through July 31, 2027 so that the total annual operating expenses of the Fund (excluding 12b‑1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.57% of the average daily net assets of any class of Fund shares.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
Fee waiver/reimbursement: As of May 1, 2025, Nuveen Fund Advisors, LLC has agreed to waive fees and/or reimburse expenses of the Fund through July 31, 2027 so that the total annual operating expenses of the Fund (excluding 12b‑1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.57% of the average daily net assets of any class of Fund shares.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class A Shares |
$84 | 0.83% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Maryland Municipal Bond Fund returned 1.21% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond Maryland Index, which returned 3.13%. • Top contributors to relative performance • Credit positioning, especially an overweight to non‑rated bonds. • An overweight to the incremental‑tax and higher education bond sectors. • Top detractors from relative performance • Duration positioning, especially an overweight to bonds with durations of 10 years and longer. • Sector positioning, especially an overweight to hospital and life-care bonds, and an underweight to state general obligation bonds. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||||||||
| Class A Shares at NAV (excluding maximum sales charge) |
1.21 | % | 0.47 | % | 1.76 | % | ||||||
| Class A Shares at maximum sales charge (Offering Price) |
(3.08 | )% | (0.39 | )% | 1.33 | % | ||||||
| S&P Municipal Bond Index |
2.44 | % | 0.78 | % | 2.22 | % | ||||||
| S&P Municipal Bond Maryland Index |
3.13 | % | 0.49 | % | 1.88 | % | ||||||
| Lipper Maryland Municipal Debt Funds Classification Average |
1.32 | % | 0.45 | % | 1.46 | % | ||||||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$ | 234,892,910 | ||
| Total number of portfolio holdings |
193 | |||
| Portfolio turnover (%) |
23% | |||
| Total management fees paid for the year |
$ | 1,326,910 | ||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
Fee waiver/reimbursement: As of May 1, 2025, Nuveen Fund Advisors, LLC has agreed to waive fees and/or reimburse expenses of the Fund through July 31, 2027 so that the total annual operating expenses of the Fund (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.57% of the average daily net assets of any class of Fund shares.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
Fee waiver/reimbursement: As of May 1, 2025, Nuveen Fund Advisors, LLC has agreed to waive fees and/or reimburse expenses of the Fund through July 31, 2027 so that the total annual operating expenses of the Fund (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.57% of the average daily net assets of any class of Fund shares.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class A Shares |
$84 | 0.84% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Arizona Municipal Bond Fund returned 0.60% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond Arizona Index, which returned 2.71%. • Top contributors to relative performance • An overweight to the higher education bond sector. • Top detractors from relative performance • Duration positioning, especially an overweight to bonds with durations eight years and longer. • Credit selection, particularly in non‑rated bonds. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||||||||
| Class A Shares at NAV (excluding maximum sales charge) |
0.60 | % | 0.13 | % | 1.78 | % | ||||||
| Class A Shares at maximum sales charge (Offering Price) |
(3.64 | )% | (0.72 | )% | 1.34 | % | ||||||
| S&P Municipal Bond Index |
2.44 | % | 0.78 | % | 2.22 | % | ||||||
| S&P Municipal Bond Arizona Index |
2.71 | % | 0.89 | % | 2.15 | % | ||||||
| Lipper Other States Municipal Debt Funds Classification Average |
0.90 | % | (0.12 | )% | 1.32 | % | ||||||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$ | 158,986,040 | ||
| Total number of portfolio holdings |
185 | |||
| Portfolio turnover (%) |
20% | |||
| Total management fees paid for the year |
$ | 843,100 | ||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class C Shares |
$164 | 1.64% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Arizona Municipal Bond Fund returned ‑0.32% for Class C Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond Arizona Index, which returned 2.71%. • Top contributors to relative performance • An overweight to the higher education bond sector. • Top detractors from relative performance • Duration positioning, especially an overweight to bonds with durations eight years and longer. • Credit selection, particularly in non‑rated bonds. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||||||||
| Class C Shares at NAV (excluding maximum sales charge) |
(0.32 | )% | (0.70 | )% | 1.12 | % | ||||||
| S&P Municipal Bond Index |
2.44 | % | 0.78 | % | 2.22 | % | ||||||
| S&P Municipal Bond Arizona Index |
2.71 | % | 0.89 | % | 2.15 | % | ||||||
| Lipper Other States Municipal Debt Funds Classification Average |
0.90 | % | (0.12 | )% | 1.32 | % | ||||||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$ | 158,986,040 | ||
| Total number of portfolio holdings |
185 | |||
| Portfolio turnover (%) |
20% | |||
| Total management fees paid for the year |
$ | 843,100 | ||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class I Shares |
$64 | 0.64% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Arizona Municipal Bond Fund returned 0.79% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond Arizona Index, which returned 2.71%. • Top contributors to relative performance • An overweight to the higher education bond sector. • Top detractors from relative performance • Duration positioning, especially an overweight to bonds with durations eight years and longer. • Credit selection, particularly in non‑rated bonds. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||||||||
| Class I Shares at NAV |
0.79 | % | 0.31 | % | 1.98 | % | ||||||
| S&P Municipal Bond Index |
2.44 | % | 0.78 | % | 2.22 | % | ||||||
| S&P Municipal Bond Arizona Index |
2.71 | % | 0.89 | % | 2.15 | % | ||||||
| Lipper Other States Municipal Debt Funds Classification Average |
0.90 | % | (0.12 | )% | 1.32 | % | ||||||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$ | 158,986,040 | ||
| Total number of portfolio holdings |
185 | |||
| Portfolio turnover (%) |
20% | |||
| Total management fees paid for the year |
$ | 843,100 | ||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class A Shares |
$77 | 0.77% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Colorado Municipal Bond Fund returned 0.88% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond Colorado Index, which returned 3.10%. • Top contributors to relative performance • Sector positioning, particularly an overweight in incremental‑tax bonds. • An underweight in AAA‑rated bonds. • Top detractors from relative performance • Credit quality positioning, particularly an overweight to AA‑rated bonds and an underweight to non‑rated bonds. • Duration and yield curve positioning, particularly an overweight to the longest-duration bonds. • An overweight to the health care bond sector and an underweight to the housing bond sector. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||||||||
| Class A Shares at NAV (excluding maximum sales charge) |
0.88 | % | 0.13 | % | 1.97 | % | ||||||
| Class A Shares at maximum sales charge (Offering Price) |
(3.39 | )% | (0.72 | )% | 1.53 | % | ||||||
| S&P Municipal Bond Index |
2.44 | % | 0.78 | % | 2.22 | % | ||||||
| S&P Municipal Bond Colorado Index |
3.10 | % | 1.18 | % | 2.61 | % | ||||||
| Lipper Other States Municipal Debt Funds Classification Average |
0.90 | % | (0.12 | )% | 1.32 | % | ||||||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$ | 457,721,137 | ||
| Total number of portfolio holdings |
263 | |||
| Portfolio turnover (%) |
15% | |||
| Total management fees paid for the year |
$ | 2,415,813 | ||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class C Shares |
$157 | 1.57% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Colorado Municipal Bond Fund returned 0.04% for Class C Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond Colorado Index, which returned 3.10%. • Top contributors to relative performance • Sector positioning, particularly an overweight in incremental‑tax bonds. • An underweight in AAA‑rated bonds. • Top detractors from relative performance • Credit quality positioning, particularly an overweight to AA‑rated bonds and an underweight to non‑rated bonds. • Duration and yield curve positioning, particularly an overweight to the longest-duration bonds. • An overweight to the health care bond sector and an underweight to the housing bond sector. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||||||||
| Class C Shares at NAV (excluding maximum sales charge) |
0.04 | % | (0.69 | )% | 1.32 | % | ||||||
| S&P Municipal Bond Index |
2.44 | % | 0.78 | % | 2.22 | % | ||||||
| S&P Municipal Bond Colorado Index |
3.10 | % | 1.18 | % | 2.61 | % | ||||||
| Lipper Other States Municipal Debt Funds Classification Average |
0.90 | % | (0.12 | )% | 1.32 | % | ||||||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$ | 457,721,137 | ||
| Total number of portfolio holdings |
263 | |||
| Portfolio turnover (%) |
15% | |||
| Total management fees paid for the year |
$ | 2,415,813 | ||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class I Shares |
$57 | 0.57% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Colorado Municipal Bond Fund returned 1.06% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond Colorado Index, which returned 3.10%. • Top contributors to relative performance • Sector positioning, particularly an overweight in incremental‑tax bonds. • An underweight in AAA‑rated bonds. • Top detractors from relative performance • Credit quality positioning, particularly an overweight to AA‑rated bonds and an underweight to non‑rated bonds. • Duration and yield curve positioning, particularly an overweight to the longest-duration bonds. • An overweight to the health care bond sector and an underweight to the housing bond sector. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||||||||
| Class I Shares at NAV |
1.06 | % | 0.32 | % | 2.17 | % | ||||||
| S&P Municipal Bond Index |
2.44 | % | 0.78 | % | 2.22 | % | ||||||
| S&P Municipal Bond Colorado Index |
3.10 | % | 1.18 | % | 2.61 | % | ||||||
| Lipper Other States Municipal Debt Funds Classification Average |
0.90 | % | (0.12 | )% | 1.32 | % | ||||||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$ | 457,721,137 | ||
| Total number of portfolio holdings |
263 | |||
| Portfolio turnover (%) |
15% | |||
| Total management fees paid for the year |
$ | 2,415,813 | ||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
| [1] | Annualized for period less than one year. |
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