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California High Yield Municipal Bond Fund Investment Objective The investment objective of the Fund is to provide high current income exempt from regular federal, California state and, in some cases, California local income taxes. Total return is a secondary objective when consistent with the Fund's primary objective. Fees and Expenses of the Fund <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 following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: bold; text-decoration: none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen mutual funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in “How You Can Buy and Sell Shares” on page 65 of the Fund’s prospectus and “Purchase and Redemption of Fund Shares” on page S-83 of the Fund’s statement of additional information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in the appendix to the Fund’s prospectus entitled “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.”</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen mutual funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0420 0 0 0 0.0100 0 0 0 0 0 0 0 15 15 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0053 0.0053 0.0053 0.0020 0.0100 0.0000 0.0087 0.0087 0.0087 0.0007 0.0007 0.0007 0.0167 0.0247 0.0147 The contingent deferred sales charge on Class C shares applies only to redemptions within 12 months of purchase. Remainder of Other Expenses have been restated to reflect current contractual fees. 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 Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 583 583 250 250 150 150 924 924 770 770 465 465 1289 1289 1316 1316 803 803 2313 2313 2806 2806 1757 1757 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 Fund 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 Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 16% of the average value of its portfolio.</div> 0.16 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 Fund 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 and California 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 the State of California and its 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 and California personal income tax. The Fund may invest up to 20% of its net assets in municipal bonds that are exempt from regular federal income tax, but not from California personal income tax if, in the judgment of the Fund’s sub-adviser, such purchases are expected to enhance the Fund's after-tax total return potential. The Fund may invest without limit in securities that generate income subject to the alternative minimum tax on individuals, therefore, the Fund may not be suitable for investors subject to the federal alternative minimum tax on individuals. The Fund is a long-term bond fund and, as such, will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity of greater than 10 years.</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 Fund invests significantly in lower-quality long-term municipal bonds and may invest up to 15% 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 Fund’s investments in inverse floaters are designed to increase the Fund’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. These investment strategies should be considered high risk relative to strategies employed by investment grade municipal bond funds. The Fund may invest in inverse floaters that create effective leverage of up to 30% of the Fund’s total investment exposure.</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;">Under normal market conditions, the Fund invests at least 65% of its net assets in low- to medium-quality bonds rated BBB/Baa or lower at the time of purchase by at least one independent rating agency or, if unrated, judged by the Fund’s sub-adviser to be of comparable quality. Below investment grade municipal bonds (those rated BB/Ba or lower) are commonly referred to as “high yield” or “junk” bonds. The Fund may invest up to 10% of its net assets in defaulted municipal bonds (i.e., bonds on which the issuer has not paid principal or interest on time).</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 Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund 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; text-decoration: none; margin-top: 1em; margin-bottom: 1em;">The Fund may utilize the following derivatives: futures contracts, swap contracts, options on futures contracts and options on swap contracts. The Fund may use these derivatives in an attempt to manage market risk, credit risk and yield curve risk, and to manage the effective maturity or duration of securities in the Fund’s portfolio.</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 Fund’s sub-adviser uses a research-intensive investment process to identify high-yielding long-term municipal bonds that offer attractive value in terms of their current yields, prices, credit quality, liquidity and future prospects. 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;">The Fund is primarily designed for investment by California taxpayers.</div> Under normal market conditions, the Fund 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 and California personal income tax. <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 Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund 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> The price and yield of this Fund will change daily. You could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or anyother 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 Fund’s sub-adviser actively manages the Fund’s investments. Consequently, the Fund is subject to the risk that the investment techniques and risk analyses employed by the Fund’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 Fund 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;">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 Fund has no limit as to the amount that can be invested in alternative minimum tax bonds. Therefore, all or a portion of the Fund’s otherwise exempt-interest dividends may be taxable to those shareholders subject to the federal alternative minimum tax on individuals and the state alternative minimum tax on 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 Fund, the Fund may have to reinvest in securities with lower yields or higher risk of default, which may adversely impact the Fund’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. Because the Fund invests at least 65% of its assets in low-to-medium-quality bonds, including high yield securities, the Fund's credit risks are greater than those of funds that buy only investment grade securities. Also, the Fund's investments in inverse floaters will increase the Fund'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 Fund’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 Fund assets, customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, 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 Fund to suffer a data breach, data corruption or lose operational functionality. Successful cyber-attacks or other cyber-failures or events affecting the Fund, its service providers or the issuers of securities held by the Fund may adversely impact the Fund or its shareholders. Additionally, a cybersecurity breach could affect the issuers in which the Fund invests, which may cause the Fund’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 Fund 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 Fund 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;">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 Fund 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 Fund 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 Fund 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;">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 Fund. 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. The Fund invests a significant part of its assets in securities rated below investment grade or that are unrated, including bonds that are in technical or monetary default.</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 Fund's income could decline during periods of falling interest rates or when the Fund experiences defaults on municipal bonds it holds. Also, if the Fund invests in inverse floaters, the Fund'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 Fund’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 Fund’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 Fund 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 Fund to sell municipal bonds. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in higher portfolio turnover costs, thereby adversely affecting the Fund’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;">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 Fund 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 Fund 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 Fund 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 Fund’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 Fund’s investments whether or not the Fund 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 Fund’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 Fund’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 Fund’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 Fund to value the bonds accurately. As a result, the Fund 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 Fund needed to sell large blocks of bonds to raise cash (such as to meet heavy shareholder redemptions), those sales could </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;">further reduce the bonds’ prices and hurt performance. The increased presence of non-traditional participants (such as proprietary trading desks of investment banks and hedge funds) or the reduced presence of traditional participants (such as individuals, insurance companies, banks and life insurance companies) in the municipal markets may lead to greater volatility in the markets because non-traditional participants may trade more frequently or in greater volume. The Fund may invest a significant portion of its assets in unrated bonds. The market for these bonds may be less liquid than the market for rated bonds of comparable quality.</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 Fund may be adversely affected by local political and economic conditions and developments. The Fund may be more sensitive to adverse conditions in an industry or sector if it focuses its assets in municipal bonds that are issued to finance similar projects (such as those relating to education, health care, housing, transportation, or utilities) or if the industry or sector is significant to a local economy and has correspondingly adverse effects on the financial condition of local 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. In addition, 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 Fund may be more dependent on the analytical abilities of the Fund’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;">State Concentration Risk</span><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">—Because the Fund primarily purchases municipal bonds of California issuers, the Fund is more susceptible to adverse economic, political or regulatory changes affecting municipal bond issuers in the state and may involve greater risk than funds that are more geographically diversified.</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 Fund 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 and certain derivatives utilized by the Fund may cause the Fund to have taxable investment income. To the extent that the Fund invests in bonds of municipal issuers located in other states, the Fund may have income that is not exempt from California personal income tax.</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 Fund’s sub-adviser to be of comparable quality to rated municipal bonds which the Fund 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 Fund’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 and California personal income tax. Accordingly, the Fund 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 Fund could receive for any particular municipal bond may differ from the Fund’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 Fund 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 Fund 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 Fund. 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 Fund, 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 Fund were to change pricing services, or if the Fund’s pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund’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;">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 </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;">regularly. Although zero coupon bonds generate income for accounting purposes, they do not produce cash flow, and thus the Fund could be forced to liquidate securities at an inopportune time in order to generate cash to distribute to shareholders as required by tax laws.</div> Fund 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 Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at www.nuveen.com/performance or by calling (800) 257-8787.</div> The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.nuveen.com/performance (800) 257-8787 <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 Fund’s performance from year to year for Class A shares. The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown.</div> The bar chart below shows the variability of the Fund’s performance from year to year for Class A shares. The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown.   Class A Annual Total Return* year-to-date total return 2026-03-31 -0.0020 <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, 2025, the Fund’s highest and lowest quarterly returns were 10.74%</span><br/><span style="font-size: 10.0pt; font-family: arial; font-style: normal; color: #000000; font-weight: normal; text-decoration: none;">and -10.29%, respectively, for the quarters ended December 31, 2023 and March 31, 2022.</span></div> highest lowest 0.1074 -0.1029 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 Fund’s average annual returns and how they compare over the time periods indicated with those of broad measures of market performance and an index of funds with similar investment objectives. 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. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. 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;">Both the bar chart and the table assume that all distributions have been reinvested. 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. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. Average Annual Total Returnsfor the Periods EndedDecember 31, 2025 2006-03-28 2006-03-28 2006-03-28 -0.0127 -0.0212 0.0151 -0.0132 -0.0217 0.0147 0.0091 -0.0075 0.0204 2014-02-10 0.0214 -0.0209 0.0129 2006-03-28 0.0332 -0.0108 0.0215 0.0426 0.0106 0.0244 0.0352 0.0194 0.0403 0.0294 0.0044 0.0203 Nuveen California Municipal Bond Fund 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 Fund is to provide you with as high a level of current interest income exempt from regular federal, California state and, in some cases, California local income taxes as is consistent with preservation of capital.</div> Fees and Expenses of the Fund <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 following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen mutual funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in “How You Can Buy and Sell Shares” on page 65 of the Fund’s prospectus and “Purchase and Redemption of Fund Shares” on page S-83 of the Fund’s statement of additional information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in the appendix to the Fund’s prospectus entitled “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.”</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen mutual funds. 50000 Shareholder Fees(fees paid directly from your investment) 0.0420 0 0 0 0.0100 0 0 0 0 0 0 0 15 15 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0047 0.0047 0.0047 0.0020 0.0100 0.0000 0.0001 0.0001 0.0001 0.0005 0.0005 0.0005 0.0073 0.0153 0.0053 The contingent deferred sales charge on Class C shares applies only to redemptions within 12 months of purchase. Remainder of Other Expenses have been restated to reflect current contractual fees. 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 Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 491 491 156 156 54 54 644 644 483 483 170 170 809 809 834 834 296 296 1288 1288 1823 1823 665 665 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 Fund 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 Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 27% of the average value of its portfolio. </div> 0.27 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 Fund 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 and California 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 the State of California and its 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 and California personal income tax. The Fund may invest up to 20% of its net assets in municipal bonds that are exempt from regular federal income tax, but not from California personal income tax if, in the judgment of the Fund’s sub-adviser, such purchases are expected to enhance the Fund's after-tax total return potential. The Fund may invest without limit in securities that generate income subject to the alternative minimum tax on individuals, therefore, the Fund may not be suitable for investors subject to the federal alternative minimum tax on individuals. The Fund is a long-term bond fund and, as such, will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity of greater than 10 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;">Under normal market conditions, the Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase by at least one independent rating agency or, if unrated, judged by the Fund’s sub-adviser to be of comparable quality. The Fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as “high yield” or “junk” 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 Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund 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 Fund may invest up to 15% 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 Fund’s investments in inverse floaters are designed to increase the Fund’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.</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 Fund may utilize the following derivatives: futures contracts, swap contracts, options on futures contracts and options on swap contracts. The Fund may use these derivatives in an attempt to manage market risk, credit risk and yield curve risk, and to manage the effective maturity or duration of securities in the Fund’s portfolio.</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 Fund’s sub-adviser uses a value-oriented strategy and looks for higher-yielding and undervalued long-term municipal bonds that offer 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;">The Fund is primarily designed for investment by California taxpayers.</div> Under normal market conditions, the Fund 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 and California personal income tax. <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 Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase by at least one independent rating agency or, if unrated, judged by the Fund’s sub-adviser to be of comparable quality. The Fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as “high yield” or “junk” 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 Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund 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> The price and yield of this Fund will change daily. You could lose money by investing in the Fund. An investment in the Fund 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 Fund’s sub-adviser actively manages the Fund’s investments. Consequently, the Fund is subject to the risk that the investment techniques and risk analyses employed by the Fund’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 Fund 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">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 Fund has no limit as to the amount that can be invested in alternative minimum tax bonds. Therefore, all or a portion of the Fund’s otherwise exempt-interest dividends may be taxable to those shareholders subject to the federal alternative minimum tax on individuals and the state alternative minimum tax on 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 Fund, the Fund may have to reinvest in securities with lower yields or higher risk of default, which may adversely impact the Fund’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 Fund's investments in inverse floaters will increase the Fund'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 Fund’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 Fund assets, customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, 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 Fund to suffer a data breach, data corruption or lose operational functionality. Successful cyber-attacks or other cyber-failures or events affecting the Fund, its service providers or the issuers of securities held by the Fund may adversely impact the Fund or its shareholders. Additionally, a cybersecurity breach could affect the issuers in which the Fund invests, which may cause the Fund’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 Fund 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 Fund 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 Fund 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">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 Fund. 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 Fund's income could decline during periods of falling interest rates or when the Fund experiences defaults on municipal bonds it holds. Also, if the Fund invests in inverse floaters, the Fund'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 Fund’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 Fund’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 </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;">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 Fund 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 Fund to sell municipal bonds. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in higher portfolio turnover costs, thereby adversely affecting the Fund’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 Fund 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 Fund 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 Fund 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 Fund’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 Fund’s investments whether or not the Fund 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 Fund’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 Fund’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 Fund’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 Fund to value the bonds accurately. As a result, the Fund 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 Fund 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 Fund may be adversely affected by local political and economic conditions and developments. The Fund may be more sensitive to adverse conditions in an industry or sector if it focuses its assets in municipal bonds that are issued to finance similar projects (such as those relating to education, health care, housing, transportation, or utilities) or if the industry or sector is significant to a local economy and has correspondingly adverse effects on the financial condition of local 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. In addition, 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 Fund may be more dependent on the analytical abilities of the Fund’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">State Concentration Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Because the Fund primarily purchases municipal bonds of California issuers, the Fund is more susceptible to adverse economic, political or regulatory changes affecting municipal bond issuers in the state and may involve greater risk than funds that are more geographically diversified.</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 Fund 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 and certain derivatives utilized by the Fund may cause the Fund to have taxable investment income. To the extent that the Fund invests in bonds of municipal issuers located in other states, the Fund may have income that is not exempt from California personal income tax.</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 Fund’s sub-adviser to be of comparable quality to rated municipal bonds which the Fund 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 Fund’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 and California personal income tax. Accordingly, the Fund 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 Fund could receive for any particular municipal bond may differ from the Fund’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 Fund 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 Fund 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 Fund. 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 Fund, 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 Fund were to change pricing services, or if the Fund’s pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund’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">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 Fund 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> Fund 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 Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at www.nuveen.com/performance or by calling (800) 257-8787.</div> The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.nuveen.com/performance (800) 257-8787 <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 Fund’s performance from year to year for Class A shares. The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown.</div> The bar chart below shows the variability of the Fund’s performance from year to year for Class A shares. The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown.   Class A Annual Total Return* year-to-date total return 2026-03-31 0.0033 <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, 2025, the Fund’s highest and lowest quarterly returns were 6.83%</span><br/> <span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">and -7.04%, respectively, for the quarters ended December 31, 2023 and March 31, 2022.</span></div> highest lowest 0.0683 -0.0704 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 Fund’s average annual returns and how they compare over the time periods indicated with those of broad measures of market performance and an index of funds with similar investment objectives. 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. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. 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;">Both the bar chart and the table assume that all distributions have been reinvested. 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. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. Average Annual Total Returns for the Periods EndedDecember 31, 2025 -0.0159 -0.0088 0.0151 -0.0159 -0.0089 0.0151 0.0052 0.0003 0.0186 2014-02-10 0.0198 -0.0082 0.0129 0.0300 0.0019 0.0215 0.0426 0.0106 0.0244 0.0392 0.0085 0.0233 0.0294 0.0044 0.0203 Nuveen Connecticut Municipal Bond Fund 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 Fund is to provide you with as high a level of current interest income exempt from regular federal, Connecticut state and, in some cases, Connecticut local income taxes as is consistent with preservation of capital.</div> Fees and Expenses of the Fund <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 following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen mutual funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in “How You Can Buy and Sell Shares” on page 65 of the Fund’s prospectus and “Purchase and Redemption of Fund Shares” on page S-83 of the Fund’s statement of additional information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in the appendix to the Fund’s prospectus entitled “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.”</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen mutual funds. 50000 Shareholder Fees(fees paid directly from your investment) 0.0420 0 0 0 0.0100 0 0 0 0 0 0 0 15 15 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0050 0.0050 0.0050 0.0020 0.0100 0.0000 0.0001 0.0001 0.0001 0.0010 0.0010 0.0010 0.0081 0.0161 0.0061 The contingent deferred sales charge on Class C shares applies only to redemptions within 12 months of purchase. Remainder of Other Expenses have been restated to reflect current contractual fees. 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 Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 499 499 164 164 62 62 668 668 508 508 195 195 851 851 876 876 340 340 1379 1379 1911 1911 762 762 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 Fund 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 Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 13% of the average value of its portfolio. </div> 0.13 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 Fund 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 and Connecticut 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 the State of Connecticut and its 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 and Connecticut personal income tax. The Fund may invest up to 20% of its net assets in municipal bonds that are exempt from regular federal income tax, but not from Connecticut personal income tax if, in the judgment of the Fund’s sub-adviser, such purchases are expected to enhance the Fund's after-tax total return potential. The Fund may invest without limit in securities that generate income subject to the alternative minimum tax on individuals, therefore, the Fund may not be suitable for investors subject to the federal alternative minimum tax on individuals. The Fund is a long-term bond fund and, as such, will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity of greater than 10 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;">Under normal market conditions, the Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase by at least one independent rating agency or, if unrated, judged by the Fund’s sub-adviser to be of comparable quality. The Fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as “high yield” or “junk” 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 Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund 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 Fund may invest up to 15% 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 Fund’s investments in inverse floaters are designed to increase the Fund’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.</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 Fund may utilize the following derivatives: futures contracts, swap contracts, options on futures contracts and options on swap contracts. The Fund may use these derivatives in an attempt to manage market risk, credit risk and yield curve risk, and to manage the effective maturity or duration of securities in the Fund’s portfolio.</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 Fund’s sub-adviser uses a value-oriented strategy and looks for higher-yielding and undervalued long-term municipal bonds that offer 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;">The Fund is primarily designed for investment by Connecticut taxpayers.</div> Under normal market conditions, the Fund 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 and Connecticut personal income tax. <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 Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase by at least one independent rating agency or, if unrated, judged by the Fund’s sub-adviser to be of comparable quality. The Fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as “high yield” or “junk” 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 Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund 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> The price and yield of this Fund will change daily. You could lose money by investing in the Fund. An investment in the Fund 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 Fund’s sub-adviser actively manages the Fund’s investments. Consequently, the Fund is subject to the risk that the investment techniques and risk analyses employed by the Fund’s sub-adviser, including its use of proprietary and third-party technology systems, models, algorithms and data management software, may not produce </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 desired results. This could cause the Fund 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 Fund has no limit as to the amount that can be invested in alternative minimum tax bonds. Therefore, all or a portion of the Fund’s otherwise exempt-interest dividends may be taxable to those shareholders subject to the federal alternative minimum tax on individuals and the state alternative minimum tax on individuals.</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 Fund, the Fund may have to reinvest in securities with lower yields or higher risk of default, which may adversely impact the Fund’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 Fund's investments in inverse floaters will increase the Fund'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 Fund’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 Fund assets, customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, 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 Fund to suffer a data breach, data corruption or lose operational functionality. Successful cyber-attacks or other cyber-failures or events affecting the Fund, its service providers or the issuers of securities held by the Fund may adversely impact the Fund or its shareholders. Additionally, a cybersecurity breach could affect the issuers in which the Fund invests, which may cause the Fund’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 Fund 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 Fund 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 Fund 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">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 Fund. 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 Fund's income could decline during periods of falling interest rates or when the Fund experiences defaults on municipal bonds it holds. Also, if the Fund invests in inverse floaters, the Fund'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 Fund’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 Fund’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 </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;">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 Fund 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 Fund to sell municipal bonds. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in higher portfolio turnover costs, thereby adversely affecting the Fund’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 Fund 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 Fund 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 Fund 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 Fund’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 Fund’s investments whether or not the Fund 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 Fund’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 Fund’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 Fund’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 Fund to value the bonds accurately. As a result, the Fund 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 Fund 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 Fund may be adversely affected by local political and economic conditions and developments. The Fund may be more sensitive to adverse conditions in an industry or sector if it focuses its assets in municipal bonds that are issued to finance similar projects (such as those relating to education, health care, housing, transportation, or utilities) or if the industry or sector is significant to a local economy and has correspondingly adverse effects on the financial condition of local 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. In addition, 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 Fund may be more dependent on the analytical abilities of the Fund’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">State Concentration Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Because the Fund primarily purchases municipal bonds of Connecticut issuers, the Fund is more susceptible to adverse economic, political or regulatory changes affecting municipal bond issuers in the state and may involve greater risk than funds that are more geographically diversified.</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 Fund 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 and certain derivatives utilized by the Fund may cause the Fund to have taxable investment income. To the extent that the Fund invests in bonds of municipal issuers located in other states, the Fund may have income that is not exempt from Connecticut personal income tax.</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 Fund’s sub-adviser to be of comparable quality to rated municipal bonds which the Fund 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 Fund’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 and Connecticut personal income tax. Accordingly, the Fund 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 Fund could receive for any particular municipal bond may differ from the Fund’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 Fund 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 Fund 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 Fund. 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 Fund, 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 Fund were to change pricing services, or if the Fund’s pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund’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">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 Fund 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> Fund 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 Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at www.nuveen.com/performance or by calling (800) 257-8787.</div> The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.nuveen.com/performance (800) 257-8787 <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 Fund’s performance from year to year for Class A shares. The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown.</div> The bar chart below shows the variability of the Fund’s performance from year to year for Class A shares. The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown.   Class A Annual Total Return* year-to-date total return 2026-03-31 0.0029 <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, 2025, the Fund’s highest and lowest quarterly returns were 7.30%</span><br/> <span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">and -6.79%, respectively, for the quarters ended December 31, 2023 and March 31, 2022.</span></div> highest lowest 0.0730 -0.0679 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 Fund’s average annual returns and how they compare over the time periods indicated with those of broad measures of market performance and an index of funds with similar investment objectives. 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. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. 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;">Both the bar chart and the table assume that all distributions have been reinvested. 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. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. Average Annual Total Returns for the Periods EndedDecember 31, 2025 -0.0116 -0.0066 0.0124 -0.0116 -0.0066 0.0123 0.0058 0.0010 0.0159 2014-02-10 0.0244 -0.0057 0.0103 0.0336 0.0043 0.0189 0.0426 0.0106 0.0244 0.0495 0.0136 0.0243 0.0347 0.0028 0.0161 Nuveen Massachusetts Municipal Bond Fund 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 Fund is to provide you with as high a level of current interest income exempt from regular federal, Massachusetts state and, in some cases, Massachusetts local income taxes as is consistent with preservation of capital.</div> Fees and Expenses of the Fund <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 following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen mutual funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in “How You Can Buy and Sell Shares” on page 65 of the Fund’s prospectus and “Purchase and Redemption of Fund Shares” on page S-83 of the Fund’s statement of additional information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in the appendix to the Fund’s prospectus entitled “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.”</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen mutual funds. 50000 Shareholder Fees(fees paid directly from your investment) 0.0420 0 0 0 0.0100 0 0 0 0 0 0 0 15 15 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0049 0.0049 0.0049 0.0020 0.0100 0.0000 0.0002 0.0002 0.0002 0.0010 0.0010 0.0010 0.0081 0.0161 0.0061 The contingent deferred sales charge on Class C shares applies only to redemptions within 12 months of purchase. Remainder of Other Expenses have been restated to reflect current contractual fees. 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 Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 499 499 164 164 62 62 668 668 508 508 195 195 851 851 876 876 340 340 1379 1379 1911 1911 762 762 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 Fund 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 Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 21% of the average value of its portfolio. </div> 0.21 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 Fund 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 and Massachusetts 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 the Commonwealth of Massachusetts and its 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 and Massachusetts personal income tax. The Fund may invest up to 20% of its net assets in municipal bonds that are exempt from regular federal income tax, but not from Massachusetts personal income tax if, in the judgment of the Fund’s sub-adviser, such purchases are expected to enhance the Fund's after-tax total return potential. The Fund may invest without limit in securities that generate income subject to the alternative minimum tax on individuals, therefore, the Fund may not be suitable for investors subject to the federal alternative minimum tax on individuals. The Fund is a long-term bond fund and, as such, will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity of greater than 10 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;">Under normal market conditions, the Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase by at least one independent rating agency or, if unrated, judged by the Fund’s sub-adviser to be of comparable quality. The Fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as “high yield” or “junk” 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 Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund 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 Fund may invest up to 15% 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 Fund’s investments in inverse floaters are designed to increase the Fund’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.</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 Fund may utilize the following derivatives: futures contracts, swap contracts, options on futures contracts and options on swap contracts. The Fund may use these derivatives in an attempt to manage market risk, credit risk and yield curve risk, and to manage the effective maturity or duration of securities in the Fund’s portfolio.</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 Fund’s sub-adviser uses a value-oriented strategy and looks for higher-yielding and undervalued long-term municipal bonds that offer 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;">The Fund is primarily designed for investment by Massachusetts taxpayers.</div> Under normal market conditions, the Fund 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 and Massachusetts personal income tax. <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 Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase by at least one independent rating agency or, if unrated, judged by the Fund’s sub-adviser to be of comparable quality. The Fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as “high yield” or “junk” 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 Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund 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> The price and yield of this Fund will change daily. You could lose money by investing in the Fund. An investment in the Fund 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 Fund’s sub-adviser actively manages the Fund’s investments. Consequently, the Fund is subject to the risk that the investment techniques and risk analyses employed by the Fund’s sub-adviser, including its use of proprietary and third-party technology systems, models, algorithms and data management software, may not produce </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 desired results. This could cause the Fund 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 Fund has no limit as to the amount that can be invested in alternative minimum tax bonds. Therefore, all or a portion of the Fund’s otherwise exempt-interest dividends may be taxable to those shareholders subject to the federal alternative minimum tax on individuals.</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 Fund, the Fund may have to reinvest in securities with lower yields or higher risk of default, which may adversely impact the Fund’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 Fund's investments in inverse floaters will increase the Fund'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 Fund’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 Fund assets, customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, 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 Fund to suffer a data breach, data corruption or lose operational functionality. Successful cyber-attacks or other cyber-failures or events affecting the Fund, its service providers or the issuers of securities held by the Fund may adversely impact the Fund or its shareholders. Additionally, a cybersecurity breach could affect the issuers in which the Fund invests, which may cause the Fund’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 Fund 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 Fund 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 Fund 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">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 Fund. 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 Fund's income could decline during periods of falling interest rates or when the Fund experiences defaults on municipal bonds it holds. Also, if the Fund invests in inverse floaters, the Fund'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 Fund’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 Fund’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 </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;">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 Fund 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 Fund to sell municipal bonds. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in higher portfolio turnover costs, thereby adversely affecting the Fund’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 Fund 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 Fund 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 Fund 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 Fund’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 Fund’s investments whether or not the Fund 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 Fund’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 Fund’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 Fund’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 Fund to value the bonds accurately. As a result, the Fund 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 Fund 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 Fund may be adversely affected by local political and economic conditions and developments. The Fund may be more sensitive to adverse conditions in an industry or sector if it focuses its assets in municipal bonds that are issued to finance similar projects (such as those relating to education, health care, housing, transportation, or utilities) or if the industry or sector is significant to a local economy and has correspondingly adverse effects on the financial condition of local 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. In addition, 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 Fund may be more dependent on the analytical abilities of the Fund’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">State Concentration Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Because the Fund primarily purchases municipal bonds of Massachusetts issuers, the Fund is more susceptible to adverse economic, political or regulatory changes affecting municipal bond issuers in the state and may involve greater risk than funds that are more geographically diversified.</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 Fund 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 and certain derivatives utilized by the Fund may cause the Fund to have taxable investment income. To the extent that the Fund invests in bonds of municipal issuers located in other states, the Fund may have income that is not exempt from Massachusetts personal income tax.</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 Fund’s sub-adviser to be of comparable quality to rated municipal bonds which the Fund 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 Fund’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 and Massachusetts personal income tax. Accordingly, the Fund 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 Fund could receive for any particular municipal bond may differ from the Fund’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 Fund 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 Fund 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 Fund. 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 Fund, 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 Fund were to change pricing services, or if the Fund’s pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund’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">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 Fund 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> Fund 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 Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at www.nuveen.com/performance or by calling (800) 257-8787.</div> The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.nuveen.com/performance (800) 257-8787 <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 Fund’s performance from year to year for Class A shares. The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown.</div> The bar chart below shows the variability of the Fund’s performance from year to year for Class A shares. The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown.   Class A Annual Total Return* year-to-date total return 2026-03-31 0.0019 <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, 2025, the Fund’s highest and lowest quarterly returns were 6.54%</span><br/> <span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">and -6.58%, respectively, for the quarters ended December 31, 2023 and March 31, 2022.</span></div> highest lowest 0.0654 -0.0658 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 Fund’s average annual returns and how they compare over the time periods indicated with those of broad measures of market performance and an index of funds with similar investment objectives. 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. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. 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;">Both the bar chart and the table assume that all distributions have been reinvested. 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. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. Average Annual Total Returns for the Periods EndedDecember 31, 2025 -0.0201 -0.0110 0.0117 -0.0201 -0.0111 0.0117 0.0013 -0.0026 0.0150 2014-02-10 0.0158 -0.0105 0.0096 0.0254 -0.0005 0.0181 0.0426 0.0106 0.0244 0.0415 0.0073 0.0211 0.0287 -0.0003 0.0142 Nuveen New Jersey Municipal Bond Fund 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 Fund is to provide you with as high a level of current interest income exempt from regular federal, New Jersey state and, in some cases, New Jersey local income taxes as is consistent with preservation of capital.</div> Fees and Expenses of the Fund <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 following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen mutual funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in “How You Can Buy and Sell Shares” on page 65 of the Fund’s prospectus and “Purchase and Redemption of Fund Shares” on page S-83 of the Fund’s statement of additional information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in the appendix to the Fund’s prospectus entitled “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.”</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen mutual funds. 50000 Shareholder Fees(fees paid directly from your investment) 0.0420 0 0 0 0.0100 0 0 0 0 0 0 0 15 15 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0049 0.0049 0.0049 0.0020 0.0100 0.0000 0.0001 0.0001 0.0001 0.0010 0.0010 0.0010 0.0080 0.0160 0.0060 The contingent deferred sales charge on Class C shares applies only to redemptions within 12 months of purchase. Remainder of Other Expenses have been restated to reflect current contractual fees. 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 Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 498 498 163 163 61 61 665 665 505 505 192 192 846 846 871 871 335 335 1368 1368 1900 1900 750 750 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 Fund 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 Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 15% of the average value of its portfolio. </div> 0.15 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 Fund 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 and New Jersey 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 the State of New Jersey and its 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 and New Jersey personal income tax. The Fund may invest up to 20% of its net assets in municipal bonds that are exempt from regular federal income tax, but not from New Jersey personal income tax if, in the judgment of the Fund’s sub-adviser, such purchases are expected to enhance the Fund's after-tax total return potential. The Fund may invest without limit in securities that generate income subject to the alternative minimum tax on individuals, therefore, the Fund may not be suitable for investors subject to the federal alternative minimum tax on individuals. The Fund is a long-term bond fund and, as such, will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity of greater than 10 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;">Under normal market conditions, the Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase by at least one independent rating agency or, if unrated, judged by the Fund’s sub-adviser to be of comparable quality. The Fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as “high yield” or “junk” 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 Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund 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 Fund may invest up to 15% 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 Fund’s investments in inverse floaters are designed to increase the Fund’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.</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 Fund may utilize the following derivatives: futures contracts, swap contracts, options on futures contracts and options on swap contracts. The Fund may use these derivatives in an attempt to manage market risk, credit risk and yield curve risk, and to manage the effective maturity or duration of securities in the Fund’s portfolio.</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 Fund’s sub-adviser uses a value-oriented strategy and looks for higher-yielding and undervalued long-term municipal bonds that offer 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;">The Fund is primarily designed for investment by New Jersey taxpayers.</div> Under normal market conditions, the Fund 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 and New Jersey personal income tax. <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 Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase by at least one independent rating agency or, if unrated, judged by the Fund’s sub-adviser to be of comparable quality. The Fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as “high yield” or “junk” 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 Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund 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> The price and yield of this Fund will change daily. You could lose money by investing in the Fund. An investment in the Fund 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 Fund’s sub-adviser actively manages the Fund’s investments. Consequently, the Fund is subject to the risk that the investment techniques and risk analyses employed by the Fund’s sub-adviser, including its use of proprietary and third-party technology systems, models, algorithms and data management software, may not produce </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 desired results. This could cause the Fund 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 Fund has no limit as to the amount that can be invested in alternative minimum tax bonds. Therefore, all or a portion of the Fund’s otherwise exempt-interest dividends may be taxable to those shareholders subject to the federal alternative minimum tax on individuals.</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 Fund, the Fund may have to reinvest in securities with lower yields or higher risk of default, which may adversely impact the Fund’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 Fund's investments in inverse floaters will increase the Fund'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 Fund’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 Fund assets, customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, 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 Fund to suffer a data breach, data corruption or lose operational functionality. Successful cyber-attacks or other cyber-failures or events affecting the Fund, its service providers or the issuers of securities held by the Fund may adversely impact the Fund or its shareholders. Additionally, a cybersecurity breach could affect the issuers in which the Fund invests, which may cause the Fund’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 Fund 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 Fund 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 Fund 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">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 Fund. 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 Fund's income could decline during periods of falling interest rates or when the Fund experiences defaults on municipal bonds it holds. Also, if the Fund invests in inverse floaters, the Fund'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 Fund’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 Fund’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 </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;">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 Fund 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 Fund to sell municipal bonds. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in higher portfolio turnover costs, thereby adversely affecting the Fund’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 Fund 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 Fund 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 Fund 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 Fund’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 Fund’s investments whether or not the Fund 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 Fund’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 Fund’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 Fund’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 Fund to value the bonds accurately. As a result, the Fund 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 Fund 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 Fund may be adversely affected by local political and economic conditions and developments. The Fund may be more sensitive to adverse conditions in an industry or sector if it focuses its assets in municipal bonds that are issued to finance similar projects (such as those relating to education, health care, housing, transportation, or utilities) or if the industry or sector is significant to a local economy and has correspondingly adverse effects on the financial condition of local 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. In addition, 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 Fund may be more dependent on the analytical abilities of the Fund’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">State Concentration Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Because the Fund primarily purchases municipal bonds of New Jersey issuers, the Fund is more susceptible to adverse economic, political or regulatory changes affecting municipal bond issuers in the state and may involve greater risk than funds that are more geographically diversified.</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 Fund 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 and certain derivatives utilized by the Fund may cause the Fund to have taxable investment income. To the extent that the Fund invests in bonds of municipal issuers located in other states, the Fund may have income that is not exempt from New Jersey personal income tax.</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 Fund’s sub-adviser to be of comparable quality to rated municipal bonds which the Fund 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 Fund’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 and New Jersey personal income tax. Accordingly, the Fund 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 Fund could receive for any particular municipal bond may differ from the Fund’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 Fund 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 Fund 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 Fund. 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 Fund, 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 Fund were to change pricing services, or if the Fund’s pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund’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">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 Fund 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> Fund 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 Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at www.nuveen.com/performance or by calling (800) 257-8787.</div> The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.nuveen.com/performance (800) 257-8787 <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 Fund’s performance from year to year for Class A shares. The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown.</div> The bar chart below shows the variability of the Fund’s performance from year to year for Class A shares. The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown.   Class A Annual Total Return* year-to-date total return 2026-03-31 -0.0027 <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, 2025, the Fund’s highest and lowest quarterly returns were 8.70%</span><br/> <span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">and -6.41%, respectively, for the quarters ended December 31, 2023 and March 31, 2022.</span></div> highest lowest 0.0870 -0.0641 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 Fund’s average annual returns and how they compare over the time periods indicated with those of broad measures of market performance and an index of funds with similar investment objectives. 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. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. 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;">Both the bar chart and the table assume that all distributions have been reinvested. 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. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. Average Annual Total Returnsfor the Periods EndedDecember 31, 2025 -0.0073 -0.0033 0.0182 -0.0073 -0.0033 0.0178 0.0081 0.0037 0.0205 2014-02-10 0.0290 -0.0028 0.0161 0.0395 0.0073 0.0247 0.0426 0.0106 0.0244 0.0447 0.0149 0.0313 0.0342 0.0074 0.0225 Nuveen New York Municipal Bond Fund 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 Fund is to provide you with as high a level of current interest income exempt from regular federal, New York state and, in some cases, New York local income taxes as is consistent with preservation of capital.</div> Fees and Expenses of the Fund <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 following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen mutual funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in “How You Can Buy and Sell Shares” on page 65 of the Fund’s prospectus and “Purchase and Redemption of Fund Shares” on page S-83 of the Fund’s statement of additional information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in the appendix to the Fund’s prospectus entitled “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.”</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen mutual funds. 50000 Shareholder Fees(fees paid directly from your investment) 0.0420 0 0 0 0.0100 0 0 0 0 0 0 0 15 15 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0048 0.0048 0.0020 0.0100 0.0000 0.0001 0.0001 0.0001 0.0006 0.0006 0.0006 0.0075 0.0155 0.0055 The contingent deferred sales charge on Class C shares applies only to redemptions within 12 months of purchase. Remainder of Other Expenses have been restated to reflect current contractual fees. 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 Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 493 493 158 158 56 56 650 650 490 490 176 176 819 819 845 845 307 307 1311 1311 1845 1845 689 689 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 Fund 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 Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 14% of the average value of its portfolio. </div> 0.14 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 Fund 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 and New York 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 the State of New York and its 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 and New York personal income tax. The Fund may invest up to 20% of its net assets in municipal bonds that are exempt from regular federal income tax, but not from New York personal income tax if, in the judgment of the Fund’s sub-adviser, such purchases are expected to enhance the Fund's after-tax total return potential. The Fund may invest without limit in securities that generate income subject to the alternative minimum tax on individuals, therefore, the Fund may not be suitable for investors subject to the federal alternative minimum tax on individuals. The Fund is a long-term bond fund and, as such, will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity of greater than 10 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;">Under normal market conditions, the Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase by at least one independent rating agency or, if unrated, judged by the Fund’s sub-adviser to be of comparable quality. The Fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as “high yield” or “junk” 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 Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund 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 Fund may invest up to 15% 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 Fund’s investments in inverse floaters are designed to increase the Fund’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.</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 Fund may utilize the following derivatives: futures contracts, swap contracts, options on futures contracts and options on swap contracts. The Fund may use these derivatives in an attempt to manage market risk, credit risk and yield curve risk, and to manage the effective maturity or duration of securities in the Fund’s portfolio.</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 Fund’s sub-adviser uses a value-oriented strategy and looks for higher-yielding and undervalued long-term municipal bonds that offer 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;">The Fund is primarily designed for investment by New York taxpayers.</div> Under normal market conditions, the Fund 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 and New York personal income tax. <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 Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase by at least one independent rating agency or, if unrated, judged by the Fund’s sub-adviser to be of comparable quality. The Fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as “high yield” or “junk” 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 Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund 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> The price and yield of this Fund will change daily. You could lose money by investing in the Fund. An investment in the Fund 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 Fund’s sub-adviser actively manages the Fund’s investments. Consequently, the Fund is subject to the risk that the investment techniques and risk analyses employed by the Fund’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 Fund 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">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 Fund has no limit as to the amount that can be invested in alternative minimum tax bonds. Therefore, all or a portion of the Fund’s otherwise exempt-interest dividends may be taxable to those shareholders subject to the federal alternative minimum tax on individuals.</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 Fund, the Fund may have to reinvest in securities with lower yields or higher risk of default, which may adversely impact the Fund’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 Fund's investments in inverse floaters will increase the Fund'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 Fund’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 Fund assets, customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, 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 Fund to suffer a data breach, data corruption or lose operational functionality. Successful cyber-attacks or other cyber-failures or events affecting the Fund, its service providers or the issuers of securities held by the Fund may adversely impact the Fund or its shareholders. Additionally, a cybersecurity breach could affect the issuers in which the Fund invests, which may cause the Fund’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 Fund 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 Fund 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 Fund 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">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 Fund. 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 Fund's income could decline during periods of falling interest rates or when the Fund experiences defaults on municipal bonds it holds. Also, if the Fund invests in inverse floaters, the Fund'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 Fund’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 Fund’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 </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;">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 Fund 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 Fund to sell municipal bonds. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in higher portfolio turnover costs, thereby adversely affecting the Fund’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 Fund 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 Fund 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 Fund 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 Fund’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 Fund’s investments whether or not the Fund 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 Fund’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 Fund’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 Fund’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 Fund to value the bonds accurately. As a result, the Fund 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 Fund 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 Fund may be adversely affected by local political and economic conditions and developments. The Fund may be more sensitive to adverse conditions in an industry or sector if it focuses its assets in municipal bonds that are issued to finance similar projects (such as those relating to education, health care, housing, transportation, or utilities) or if the industry or sector is significant to a local economy and has correspondingly adverse effects on the financial condition of local 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. In addition, 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 Fund may be more dependent on the analytical abilities of the Fund’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">State Concentration Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Because the Fund primarily purchases municipal bonds of New York issuers, the Fund is more susceptible to adverse economic, political or regulatory changes affecting municipal bond issuers in the state and may involve greater risk than funds that are more geographically diversified.</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 Fund 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 and certain derivatives utilized by the Fund may cause the Fund to have taxable investment income. To the extent that the Fund invests in bonds of municipal issuers located in other states, the Fund may have income that is not exempt from New York personal income tax.</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 Fund’s sub-adviser to be of comparable quality to rated municipal bonds which the Fund 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 Fund’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 and New York personal income tax. Accordingly, the Fund 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 Fund could receive for any particular municipal bond may differ from the Fund’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 Fund 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 Fund 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 Fund. 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 Fund, 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 Fund were to change pricing services, or if the Fund’s pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund’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">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 Fund 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> Fund 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 Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at www.nuveen.com/performance or by calling (800) 257-8787.</div> The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.nuveen.com/performance (800) 257-8787 <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 Fund’s performance from year to year for Class A shares. The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown.</div> The bar chart below shows the variability of the Fund’s performance from year to year for Class A shares. The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown.   Class A Annual Total Return* year-to-date total return 2026-03-31 0.0026 <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, 2025, the Fund’s highest and lowest quarterly returns were 7.83%</span><br/> <span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">and -6.82%, respectively, for the quarters ended December 31, 2023 and March 31, 2022.</span></div> highest lowest 0.0783 -0.0682 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 Fund’s average annual returns and how they compare over the time periods indicated with those of broad measures of market performance and an index of funds with similar investment objectives. 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. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. 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;">Both the bar chart and the table assume that all distributions have been reinvested. 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. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. Average Annual Total Returnsfor the Periods EndedDecember 31, 2025 -0.0182 -0.0064 0.0140 -0.0182 -0.0064 0.0140 0.0049 0.0027 0.0181 2014-02-10 0.0167 -0.0060 0.0119 0.0269 0.0041 0.0205 0.0426 0.0106 0.0244 0.0372 0.0098 0.0223 0.0254 0.0044 0.0195 Class A year-to-date total return as of March 31, 2026 was 0.33%. The performance of the other share classes will differ due to their different expense structures. Class A year-to-date total return as of March 31, 2026 was 0.19%. The performance of the other share classes will differ due to their different expense structures. Class A year-to-date total return as of March 31, 2026 was -0.20%. The performance of the other share classes will differ due to their different expense structures. An index designed to measure the performance of the tax-exempt U.S. municipal bond market. An index designed to measure the performance of the tax-exempt California municipal bond market. Represents the average annualized total return for all reporting funds in the Lipper California Municipal Debt Funds Classification. The contingent deferred sales charge on Class C shares applies only to redemptions within 12 months of purchase. Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters. Remainder of Other Expenses have been restated to reflect current contractual fees. An index designed to measure the performance of the tax-exempt U.S. municipal bond market. An index designed to measure the performance of the tax-exempt Connecticut municipal bond market. Represents the average annualized total return for all reporting funds in the Lipper Other States Municipal Debt Funds Classification. The contingent deferred sales charge on Class C shares applies only to redemptions within 12 months of purchase. Class A year-to-date total return as of March 31, 2026 was 0.29%. The performance of the other share classes will differ due to their different expense structures. Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters. Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters. Remainder of Other Expenses have been restated to reflect current contractual fees. Remainder of Other Expenses have been restated to reflect current contractual fees. An index designed to measure the performance of the tax-exempt U.S. municipal bond market. An index designed to measure the performance of the tax-exempt Massachusetts municipal bond market. Represents the average annualized total return for all reporting funds in the Lipper Massachusetts Municipal Debt Funds Classification. The contingent deferred sales charge on Class C shares applies only to redemptions within 12 months of purchase. Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters. Remainder of Other Expenses have been restated to reflect current contractual fees. An index designed to measure the performance of the tax-exempt U.S. municipal bond market. An index designed to measure the performance of the tax-exempt New Jersey municipal bond market. Represents the average annualized total return for all reporting funds in the Lipper New Jersey Municipal Debt Funds Classification. The contingent deferred sales charge on Class C shares applies only to redemptions within 12 months of purchase. Class A year-to-date total return as of March 31, 2026 was -0.27%. The performance of the other share classes will differ due to their different expense structures. Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters. Remainder of Other Expenses have been restated to reflect current contractual fees. An index designed to measure the performance of the tax-exempt U.S. municipal bond market. An index designed to measure the performance of the tax-exempt New York municipal bond market. Represents the average annualized total return for all reporting funds in the Lipper New York Municipal Debt Funds Classification. Class A year-to-date total return as of March 31, 2026 was 0.26%. The performance of the other share classes will differ due to their different expense structures. The contingent deferred sales charge on Class C shares applies only to redemptions within 12 months of purchase. An index designed to measure the performance of the tax-exempt U.S. municipal bond market. An index that is structured so that 70% of the index consists of bonds that are either not rated or are rated below investment grade, 20% are rated BBB/Baa, and 10% are rated single A. Represents the average annualized total return for all reporting funds in the Lipper California Municipal Debt Funds Classification. The contingent deferred sales charge on Class C shares applies only to redemptions within 12 months of purchase. Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters. Remainder of Other Expenses have been restated to reflect current contractual fees.