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You can also request this information by contacting us at (800) 257‑8787. https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 18pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 33%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 33%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 32%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; vertical-align: middle; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a $10,000 investment</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of<br/>$10,000 investment*</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; text-align: right;">$87</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; text-align: right;">0.84%</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: right;">*</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 8pt; text-align: justify;">Annualized for period less than one year.</div> </td> <td style="width: 2%;"> </td> </tr> </table> 87 0.0084 <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 100%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Nuveen Arizona Municipal Bond Fund returned 7.13% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund outperformed the S&amp;P Municipal Bond Arizona Index, which returned 6.51%.</div> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Top contributors to relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Duration positioning, especially an overweight to bonds with durations of six years and longer.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Credit quality positioning, especially an overweight to non‑rated bonds, an underweight to AAA‑rated bonds, and exposure to long-duration A‑rated bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Long-duration tax‑supported bonds, particularly dedicated‑tax bonds.</div> </div> </div> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Top detractors from relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Security selection.</div> </div> </div> </td> </tr> </table> Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares. <div style="margin: 0pt 2% 0pt 1%;"> <img alt="LOGO" src="g126859g02p02.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Average Annual Total Returns</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 64%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td> <td style="border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td> <td style="vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> <td style="border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares at NAV (excluding maximum sales charge)</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">7.13</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.44</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.87</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares at maximum sales charge (Offering Price)</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.61</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.42</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">)% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.43</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&amp;P Municipal Bond Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">6.57</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.14</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.30</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&amp;P Municipal Bond Arizona Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">6.51</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.26</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.25</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Other States Municipal Debt Funds Classification Average</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">7.08</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.43</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.54</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table> Class A Shares at NAV (excluding maximum sales charge) 0.0713 0.0044 0.0187 Class A Shares at maximum sales charge (Offering Price) 0.0261 -0.0042 0.0143 S&P Municipal Bond Index 0.0657 0.0114 0.0230 S&P Municipal Bond Arizona Index 0.0651 0.0126 0.0225 Lipper Other States Municipal Debt Funds Classification Average 0.0708 0.0043 0.0154 For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787. <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics (as of May 31, 2026) </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 87%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">179,219,566</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">191</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">8%</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">852,266</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 179219566 191 0.08 852266 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 50%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 49%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em;"> <img alt="LOGO" src="g126859g03p01.jpg"/> </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em;"> <img alt="LOGO" src="g126859g03p02.jpg"/> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%;"> </td> <td style="width: 4%; vertical-align: top; text-align: left;">(1)</td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div> </td> </tr> </table> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.</div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 Nuveen Arizona Municipal Bond Fund Class C Shares FZCCX This annual shareholder report contains important information about the Class C Shares of the Nuveen Arizona Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787. https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 18pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 33%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 33%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 32%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; vertical-align: middle; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a $10,000 investment</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of<br/>$10,000 investment*</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class C Shares</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; text-align: right;">$169</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; text-align: right;">1.64%</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: right;">*</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 8pt; text-align: justify;">Annualized for period less than one year.</div> </td> <td style="width: 2%;"> </td> </tr> </table> 169 0.0164 <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 100%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Nuveen Arizona Municipal Bond Fund returned 6.31% for Class C Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the S&amp;P Municipal Bond Arizona Index, which returned 6.51%.</div> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Top contributors to relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Duration positioning, especially an overweight to bonds with durations of six years and longer.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Credit quality positioning, especially an overweight to non‑rated bonds, an underweight to AAA‑rated bonds, and exposure to long-duration A‑rated bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Long-duration tax‑supported bonds, particularly dedicated‑tax bonds.</div> </div> </div> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Top detractors from relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Security selection.</div> </div> </div> </td> </tr> </table> Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares. <div style="margin: 0pt 2% 0pt 1%;"> <img alt="LOGO" src="g126859g05p05.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Average Annual Total Returns</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 64%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td> <td style="border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td> <td style="vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> <td style="border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class C Shares at NAV (excluding maximum sales charge)</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">6.31</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.36</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">)% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.23</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&amp;P Municipal Bond Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">6.57</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.14</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.30</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&amp;P Municipal Bond Arizona Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">6.51</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.26</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.25</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Other States Municipal Debt Funds Classification Average</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">7.08</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.43</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.54</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table> Class C Shares at NAV (excluding maximum sales charge) 0.0631 -0.0036 0.0123 S&P Municipal Bond Index 0.0657 0.0114 0.0230 S&P Municipal Bond Arizona Index 0.0651 0.0126 0.0225 Lipper Other States Municipal Debt Funds Classification Average 0.0708 0.0043 0.0154 For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787. <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics (as of May 31, 2026) </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 87%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">179,219,566</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">191</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">8%</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">852,266</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 179219566 191 0.08 852266 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 50%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 49%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em;"> <img alt="LOGO" src="g126859g06p01.jpg"/> </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em;"> <img alt="LOGO" src="g126859g06p02.jpg"/> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%;"> </td> <td style="width: 4%; vertical-align: top; text-align: left;">(1)</td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div> </td> </tr> </table> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.</div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 Nuveen Arizona Municipal Bond Fund Class I Shares NMARX This annual shareholder report contains important information about the Class I Shares of the Nuveen Arizona Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787. https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 18pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 33%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 33%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 32%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; vertical-align: middle; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a $10,000 investment</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of<br/>$10,000 investment*</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; text-align: right;">$66</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; text-align: right;">0.64%</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: right;">*</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 8pt; text-align: justify;">Annualized for period less than one year.</div> </td> <td style="width: 2%;"> </td> </tr> </table> 66 0.0064 <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 100%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Nuveen Arizona Municipal Bond Fund returned 7.27% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund outperformed the S&amp;P Municipal Bond Arizona Index, which returned 6.51%.</div> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Top contributors to relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Duration positioning, especially an overweight to bonds with durations of six years and longer.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Credit quality positioning, especially an overweight to non‑rated bonds, an underweight to AAA‑rated bonds, and exposure to long-duration A‑rated bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Long-duration tax‑supported bonds, particularly dedicated‑tax bonds.</div> </div> </div> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Top detractors from relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Security selection.</div> </div> </div> </td> </tr> </table> Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares. <div style="margin: 0pt 2% 0pt 1%;"> <img alt="LOGO" src="g126859g08p08.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Average Annual Total Returns</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 64%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td> <td style="border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td> <td style="vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> <td style="border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares at NAV</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">7.27</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.63</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.06</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&amp;P Municipal Bond Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">6.57</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.14</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.30</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&amp;P Municipal Bond Arizona Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">6.51</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.26</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.25</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Other States Municipal Debt Funds Classification Average</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">7.08</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.43</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.54</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table> Class I Shares at NAV 0.0727 0.0063 0.0206 S&P Municipal Bond Index 0.0657 0.0114 0.0230 S&P Municipal Bond Arizona Index 0.0651 0.0126 0.0225 Lipper Other States Municipal Debt Funds Classification Average 0.0708 0.0043 0.0154 For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787. <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics (as of May 31, 2026) </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 87%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">179,219,566</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">191</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">8%</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">852,266</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 179219566 191 0.08 852266 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 50%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 49%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em;"> <img alt="LOGO" src="g126859g09p01.jpg"/> </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em;"> <img alt="LOGO" src="g126859g09p02.jpg"/> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%;"> </td> <td style="width: 4%; vertical-align: top; text-align: left;">(1)</td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div> </td> </tr> </table> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.</div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 Nuveen Colorado Municipal Bond Fund Class A Shares FCOTX This annual shareholder report contains important information about the Class A Shares of the Nuveen Colorado Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787. https://www.nuveen.com/en-us/mutual-funds/prospectuses (800) 257‑8787 <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 18pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 33%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 33%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 32%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; vertical-align: middle; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a $10,000 investment</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of<br/>$10,000 investment*</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; text-align: right;">$81</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; text-align: right;">0.78%</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: right;">*</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 8pt; text-align: justify;">Annualized for period less than one year.</div> </td> <td style="width: 2%;"> </td> </tr> </table> 81 0.0078 <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 100%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Nuveen Colorado Municipal Bond Fund returned 6.58% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the S&amp;P Municipal Bond Colorado Index, which returned 7.30%.</div> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Top contributors to relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Duration positioning, especially an overweight to longer-duration bonds and an underweight to shorter-duration bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Sector positioning, especially an overweight to incremental-tax bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Credit quality positioning, especially an overweight to lower-rated bonds.</div> </div> </div> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Top detractors from relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Overweights to the health care and utility bond sectors and an underweight to the industrial development revenue bond sector.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Underweight to AAA-rated and non-rated bonds and an overweight to AA-rated bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Security selection in the health care, housing and transportation bond sectors.</div> </div> </div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td> </tr> </table> Performance data shown represents past performance and does not predict or guarantee future results. The<span style="font-weight: bold;"> </span>graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares. <div style="margin: 0pt 2% 0pt 1%;"> <img alt="LOGO" src="g126859g11p11.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Average Annual Total Returns</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 64%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td> <td style="border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td> <td style="vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> <td style="border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares at NAV (excluding maximum sales charge)</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">6.58</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.44</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.95</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares at maximum sales charge (Offering Price)</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.06</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.42</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">)% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.52</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&amp;P Municipal Bond Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">6.57</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.14</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.30</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&amp;P Municipal Bond Colorado Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">7.30</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.47</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.69</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Other States Municipal Debt Funds Classification Average</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">7.08</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.43</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.54</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table> Class A Shares at NAV (excluding maximum sales charge) 0.0658 0.0044 0.0195 Class A Shares at maximum sales charge (Offering Price) 0.0206 -0.0042 0.0152 S&P Municipal Bond Index 0.0657 0.0114 0.0230 S&P Municipal Bond Colorado Index 0.0730 0.0147 0.0269 Lipper Other States Municipal Debt Funds Classification Average 0.0708 0.0043 0.0154 For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787. <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics (as of May 31, 2026) </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 87%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">481,804,907</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">257</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">12%</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2,292,454</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 481804907 257 0.12 2292454 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 50%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 49%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em;"> <img alt="LOGO" src="g126859g12p01.jpg"/> </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em;"> <img alt="LOGO" src="g126859g12p02.jpg"/> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%;"> </td> <td style="width: 4%; vertical-align: top; text-align: left;">(1)</td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div> </td> </tr> </table> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.</div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 Nuveen Colorado Municipal Bond Fund Class C Shares FAFKX This annual shareholder report contains important information about the Class C Shares of the Nuveen Colorado Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787. https://www.nuveen.com/en-us/mutual-funds/prospectuses (800) 257‑8787 <div style="margin-top:18pt;margin-bottom:0pt;margin-left:2%;margin-right:2%;font-size:9pt;font-family:arial;font-weight:bold;">This report describes changes to the Fund that occurred during the reporting period. </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">What were the Fund costs for the last year? </span></span><span style="font-family:arial">(based on a hypothetical $10,000 investment)</span><span style="font-family:arial;color:#0071ce"><span style="font-weight:bold"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:33%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:33%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:32%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;vertical-align:middle;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;font-weight:bold;text-align:right;">Cost of a $10,000 investment</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;font-weight:bold;text-align:right;">Costs paid as a percentage of<br/> $10,000 investment*</div></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Class C Shares</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;white-space:nowrap;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;text-align:right;">$163</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;text-align:right;">1.58%</div></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;"> </td> <td style="width:1%;vertical-align:top;text-align:right;">*</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:8pt;text-align:justify;">Annualized for period less than one year. </div></td> <td style="width:2%;"> </td> </tr></table> 163 0.0158 <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:100%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;font-weight:bold;">Performance Highlights</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Nuveen Colorado Municipal Bond Fund returned 5.76% for Class C Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the S&amp;P Municipal Bond Colorado Index, which returned 7.30%.</div> <div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Top contributors to relative performance</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Duration positioning, especially an overweight to longer-duration bonds and an underweight to shorter-duration bonds.</div></div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Sector positioning, especially an overweight to incremental-tax bonds.</div></div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Credit quality positioning, especially an overweight to lower-rated bonds.</div></div></div> <div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Top detractors from relative performance</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Overweights to the health care and utility bond sectors and an underweight to the industrial development revenue bond sector.</div></div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Underweight to AAA-rated and non-rated bonds and an overweight to AA-rated bonds.</div></div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Security selection in the health care, housing and transportation bond sectors.</div></div></div></td> </tr> </table> Performance data shown represents past performance and does not predict or guarantee future results. The<span style="font-weight:bold"> </span>graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares. <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1%;margin-right:2%;"> <img alt="LOGO" src="g126859g14p14.jpg"/> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;margin-right:2%;font-size:9pt;font-family:arial;font-weight:bold;">Average Annual Total Returns </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:64%;"></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td colspan="2" style="padding-bottom:3pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">1‑Year</span></td> <td style=" BORDER-RIGHT:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">    </td> <td colspan="2" style="padding-bottom:3pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">5‑Year</span></td> <td style="vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td colspan="2" style="padding-bottom:3pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">10‑Year</span></td> <td style=" BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Class C Shares at NAV (excluding maximum sales charge)</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">5.76</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">(0.37</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;">)% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.29</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">S&amp;P Municipal Bond Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">6.57</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.14</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">2.30</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">S&amp;P Municipal Bond Colorado Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">7.30</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.47</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">2.69</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Lipper Other States Municipal Debt Funds Classification Average</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">7.08</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">0.43</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">1.54</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table> Class C Shares at NAV (excluding maximum sales charge) 0.0576 -0.0037 0.0129 S&P Municipal Bond Index 0.0657 0.0114 0.0230 S&P Municipal Bond Colorado Index 0.0730 0.0147 0.0269 Lipper Other States Municipal Debt Funds Classification Average 0.0708 0.0043 0.0154 For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257‑8787. <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">Fund Statistics (as of May 31, 2026) </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:87%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">481,804,907</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">257</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Portfolio turnover (%)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">12%</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Total management fees paid for the year</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">2,292,454</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 481804907 257 0.12 2292454 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:50%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:49%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;"> <img alt="LOGO" src="g126859g15p01.jpg"/> </div></td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;"> <img alt="LOGO" src="g126859g15p02.jpg"/> </div></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">(1)</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:left;">The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. </div></td> </tr></table> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">How has the Fund changed? </span></span></div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787. </div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 Nuveen Colorado Municipal Bond Fund Class I Shares FCORX This annual shareholder report contains important information about the Class I Shares of the Nuveen Colorado Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787. https://www.nuveen.com/en-us/mutual-funds/prospectuses (800) 257-8787 <div style="margin-top:18pt;margin-bottom:0pt;margin-left:2%;margin-right:2%;font-size:9pt;font-family:arial;font-weight:bold;">This report describes changes to the Fund that occurred during the reporting period. </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">What were the Fund costs for the last year? </span></span><span style="font-family:arial">(based on a hypothetical $10,000 investment)</span><span style="font-family:arial;color:#0071ce"><span style="font-weight:bold"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:33%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:33%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:32%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;vertical-align:middle;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;font-weight:bold;text-align:right;">Cost of a $10,000 investment</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;font-weight:bold;text-align:right;">Costs paid as a percentage of<br/> $10,000 investment*</div></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Class I Shares</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;white-space:nowrap;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;text-align:right;">$60</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;text-align:right;">0.58%</div></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;"> </td> <td style="width:1%;vertical-align:top;text-align:right;">*</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:8pt;text-align:justify;">Annualized for period less than one year. </div></td> <td style="width:2%;"> </td> </tr></table> 60 0.0058 <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:100%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;font-weight:bold;">Performance Highlights</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.11em;font-size:9pt;font-family:arial;">The Nuveen Colorado Municipal Bond Fund returned 6.78% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the S&amp;P Municipal Bond Colorado Index, which returned 7.30%.</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.11em;font-size:9pt;font-family:arial;">Top contributors to relative performance</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Duration positioning, especially an overweight to longer-duration bonds and an underweight to shorter-duration bonds.</div></div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Sector positioning, especially an overweight to incremental-tax bonds.</div></div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Credit quality positioning, especially an overweight to lower-rated bonds.</div></div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.11em;font-size:9pt;font-family:arial;">Top detractors from relative performance</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Overweights to the health care and utility bond sectors and an underweight to the industrial development revenue bond sector.</div></div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Underweight to AAA-rated and non-rated bonds and an overweight to AA-rated bonds.</div></div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Security selection in the health care, housing and transportation bond sectors.</div></div></div> <div style="font-size:14pt;margin-top:0pt;margin-bottom:1pt;"> </div></td> </tr> </table> Performance data shown represents past performance and does not predict or guarantee future results. The<span style="font-weight:bold"> </span>graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares. <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1%;margin-right:2%;"> <img alt="LOGO" src="g126859g17p17.jpg"/> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;margin-right:2%;font-size:9pt;font-family:arial;font-weight:bold;">Average Annual Total Returns </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:64%;"></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td colspan="2" style="padding-bottom:3pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">1‑Year</span></td> <td style=" BORDER-RIGHT:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">    </td> <td colspan="2" style="padding-bottom:3pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">5‑Year</span></td> <td style="vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td colspan="2" style="padding-bottom:3pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">10‑Year</span></td> <td style=" BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Class I Shares at NAV</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">6.78</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">0.63</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">2.14</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">S&amp;P Municipal Bond Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">6.57</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.14</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">2.30</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">S&amp;P Municipal Bond Colorado Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">7.30</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.47</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">2.69</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Lipper Other States Municipal Debt Funds Classification Average</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">7.08</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">0.43</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">1.54</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table> Class I Shares at NAV 0.0678 0.0063 0.0214 S&P Municipal Bond Index 0.0657 0.0114 0.0230 S&P Municipal Bond Colorado Index 0.0730 0.0147 0.0269 Lipper Other States Municipal Debt Funds Classification Average 0.0708 0.0043 0.0154 For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257‑8787. <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">Fund Statistics (as of May 31, 2026) </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:87%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">481,804,907</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">257</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Portfolio turnover (%)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">12%</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Total management fees paid for the year</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">2,292,454</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 481804907 257 0.12 2292454 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:50%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:49%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;"> <img alt="LOGO" src="g126859g18p01.jpg"/> </div></td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;"> <img alt="LOGO" src="g126859g18p02.jpg"/> </div></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">(1)</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:left;">The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. </div></td> </tr></table> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">How has the Fund changed? </span></span></div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787. </div> https://www.nuveen.com/en-us/mutual-funds/prospectuses (800) 257-8787 Nuveen Maryland Municipal Bond Fund Class A Shares NMDAX This annual shareholder report contains important information about the Class A Shares of the Nuveen Maryland Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787. https://www.nuveen.com/en-us/mutual-funds/prospectuses (800) 257-8787 <div style="margin-top:18pt;margin-bottom:0pt;margin-left:2%;margin-right:2%;font-size:9pt;font-family:arial;font-weight:bold;">This report describes changes to the Fund that occurred during the reporting period. </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">What were the Fund costs for the last year? </span></span><span style="font-family:arial">(based on a hypothetical $10,000 investment)</span><span style="font-family:arial;color:#0071ce"><span style="font-weight:bold"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:33%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:33%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:32%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;vertical-align:middle;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;font-weight:bold;text-align:right;">Cost of a $10,000 investment</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;font-weight:bold;text-align:right;">Costs paid as a percentage of<br/> $10,000 investment*</div></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Class A Shares</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;white-space:nowrap;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;text-align:right;">$79</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;text-align:right;">0.76%</div></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;"> </td> <td style="width:1%;vertical-align:top;text-align:right;">*</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:8pt;text-align:justify;">Annualized for period less than one year. </div></td> <td style="width:2%;"> </td> </tr></table> 79 0.0076 <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:100%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;font-weight:bold;">Performance Highlights</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.11em;font-size:9pt;font-family:arial;">The Nuveen Maryland Municipal Bond Fund returned 7.55% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund outperformed the S&amp;P Municipal Bond Maryland Index, which returned 6.10%.</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.11em;font-size:9pt;font-family:arial;">Top contributors to relative performance</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Duration positioning, especially an overweight to bonds with durations of 10 years and longer and an underweight to bonds with durations under four years.</div></div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Credit quality positioning, especially overweights to non-rated, A-rated and BBB-rated bonds.</div></div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.11em;font-size:9pt;font-family:arial;">Top detractors from relative performance</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">An underweight to bonds with durations between six and eight years.</div></div></div> <div style="font-size:14pt;margin-top:0pt;margin-bottom:1pt;"> </div></td> </tr> </table> Performance data shown represents past performance and does not predict or guarantee future results. The<span style="font-weight:bold"> </span>graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares. <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1%;margin-right:2%;"> <img alt="LOGO" src="g126859g20p20.jpg"/> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;margin-right:2%;font-size:9pt;font-family:arial;font-weight:bold;">Average Annual Total Returns </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:64%;"></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td colspan="2" style="padding-bottom:3pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">1‑Year</span></td> <td style=" BORDER-RIGHT:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">    </td> <td colspan="2" style="padding-bottom:3pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">5‑Year</span></td> <td style="vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td colspan="2" style="padding-bottom:3pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">10‑Year</span></td> <td style=" BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Class A Shares at NAV (excluding maximum sales charge)</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">7.55</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">0.63</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.95</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Class A Shares at maximum sales charge (Offering Price)</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">3.00</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">(0.24</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;">)% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.51</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">S&amp;P Municipal Bond Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">6.57</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.14</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">2.30</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">S&amp;P Municipal Bond Maryland Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">6.10</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.06</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">2.02</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Lipper Maryland Municipal Debt Funds Classification Average</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">7.16</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">0.69</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">1.74</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table> Class A Shares at NAV (excluding maximum sales charge) 0.0755 0.0063 0.0195 Class A Shares at maximum sales charge (Offering Price) 0.0300 -0.0024 0.0151 S&P Municipal Bond Index 0.0657 0.0114 0.0230 S&P Municipal Bond Maryland Index 0.0610 0.0106 0.0202 Lipper Maryland Municipal Debt Funds Classification Average 0.0716 0.0069 0.0174 For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257‑8787. <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">Fund Statistics (as of May 31, 2026) </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:87%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">268,408,054</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">200</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Portfolio turnover (%)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">11%</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Total management fees paid for the year</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">1,242,934</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 268408054 200 0.11 1242934 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:50%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:49%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;"> <img alt="LOGO" src="g126859g21k01.jpg"/> </div></td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;"> <img alt="LOGO" src="g126859g21k02.jpg"/> </div></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">(1)</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:left;">The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. </div></td> </tr></table> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">How has the Fund changed? </span></span></div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787. </div> https://www.nuveen.com/en-us/mutual-funds/prospectuses (800) 257-8787 Nuveen Maryland Municipal Bond Fund Class C Shares NACCX This annual shareholder report contains important information about the Class C Shares of the Nuveen Maryland Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787. https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 18pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment) </span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 33%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 33%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 32%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; vertical-align: middle; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a $10,000 investment</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of<br/>$10,000 investment*</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class C Shares</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; text-align: right;">$161</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; text-align: right;">1.56%</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: right;">*</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 8pt; text-align: justify;">Annualized for period less than one year.</div> </td> <td style="width: 2%;"> </td> </tr> </table> 161 0.0156 <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 100%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.11em; font-size: 9pt; font-family: arial;">The Nuveen Maryland Municipal Bond Fund returned 6.72% for Class C Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund outperformed the S&amp;P Municipal Bond Maryland Index, which returned 6.10%.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.11em; font-size: 9pt; font-family: arial;">Top contributors to relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Duration positioning, especially an overweight to bonds with durations of 10 years and longer and an underweight to bonds with durations under four years.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Credit quality positioning, especially overweights to non‑rated, A‑rated and BBB‑rated bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.11em; font-size: 9pt; font-family: arial;">Top detractors from relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">An underweight to bonds with durations between six and eight years.</div> </div> </div> </td> </tr> </table> Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares. <div style="margin: 0pt 2% 0pt 1%;"> <img alt="LOGO" src="g126859g23k23.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Average Annual Total Returns</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 64%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td> <td style="border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td> <td style="vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> <td style="border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class C Shares at NAV (excluding maximum sales charge)</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">6.72</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.17</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">)% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.30</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&amp;P Municipal Bond Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">6.57</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.14</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.30</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&amp;P Municipal Bond Maryland Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">6.10</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.06</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.02</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Maryland Municipal Debt Funds Classification Average</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">7.16</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.69</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.74</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table> Class C Shares at NAV (excluding maximum sales charge) 0.0672 -0.0017 0.0130 S&P Municipal Bond Index 0.0657 0.0114 0.0230 S&P Municipal Bond Maryland Index 0.0610 0.0106 0.0202 Lipper Maryland Municipal Debt Funds Classification Average 0.0716 0.0069 0.0174 For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787. <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics (as of May 31, 2026) </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 87%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">268,408,054</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">200</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">11%</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1,242,934</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 268408054 200 0.11 1242934 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 51%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 48%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em;"> <img alt="LOGO" src="g126859g24k01.jpg"/> </div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em;"> <img alt="LOGO" src="g126859g24k02.jpg"/> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%;"> </td> <td style="width: 4%; vertical-align: top; text-align: left;">(1)</td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div> </td> </tr> </table> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.</div> https://www.nuveen.com/en-us/mutual-funds/prospectuses (800) 257-8787 Nuveen Maryland Municipal Bond Fund Class I Shares NMMDX This annual shareholder report contains important information about the Class I Shares of the Nuveen Maryland Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787. https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 18pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 33%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 33%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 32%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; vertical-align: middle; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a $10,000 investment</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of<br/>$10,000 investment*</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; text-align: right;">$58</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; text-align: right;">0.56%</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: right;">*</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 8pt; text-align: justify;">Annualized for period less than one year.</div> </td> <td style="width: 2%;"> </td> </tr> </table> 58 0.0056 <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 100%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Nuveen Maryland Municipal Bond Fund returned 7.75% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund outperformed the S&amp;P Municipal Bond Maryland Index, which returned 6.10%.</div> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Top contributors to relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Duration positioning, especially an overweight to bonds with durations of 10 years and longer and an underweight to bonds with durations under four years.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Credit quality positioning, especially overweights to non‑rated, A‑rated and BBB‑rated bonds.</div> </div> </div> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Top detractors from relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">An underweight to bonds with durations between six and eight years.</div> </div> </div> </td> </tr> </table> Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares. <div style="margin: 0pt 2% 0pt 1%;"> <img alt="LOGO" src="g126859g26k26.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Average Annual Total Returns</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 64%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td> <td style="border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td> <td style="vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> <td style="border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares at NAV</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">7.75</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.81</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.14</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&amp;P Municipal Bond Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">6.57</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.14</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.30</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&amp;P Municipal Bond Maryland Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">6.10</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.06</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.02</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Maryland Municipal Debt Funds Classification Average</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">7.16</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.69</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.74</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table> Class I Shares at NAV 0.0775 0.0081 0.0214 S&P Municipal Bond Index 0.0657 0.0114 0.0230 S&P Municipal Bond Maryland Index 0.0610 0.0106 0.0202 Lipper Maryland Municipal Debt Funds Classification Average 0.0716 0.0069 0.0174 For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787. <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics (as of May 31, 2026) </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 87%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">268,408,054</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">200</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">11%</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1,242,934</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 268408054 200 0.11 1242934 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 50%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 49%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em;"> <img alt="LOGO" src="g126859g27k01.jpg"/> </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em;"> <img alt="LOGO" src="g126859g27k02.jpg"/> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%;"> </td> <td style="width: 4%; vertical-align: top; text-align: left;">(1)</td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div> </td> </tr> </table> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.</div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 Nuveen New Mexico Municipal Bond Fund Class A Shares FNMTX This annual shareholder report contains important information about the Class A Shares of the Nuveen New Mexico Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787. https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 18pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 33%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 33%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 32%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; vertical-align: middle; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a $10,000 investment</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of<br/>$10,000 investment*</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; text-align: right;">$86</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; text-align: right;">0.83%</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: right;">*</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 8pt; text-align: justify;">Annualized for period less than one year.</div> </td> <td style="width: 2%;"> </td> </tr> </table> 86 0.0083 <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 100%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Nuveen New Mexico Municipal Bond Fund returned 7.36% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund outperformed the S&amp;P Municipal Bond New Mexico Index, which returned 5.64%.</div> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Top contributors to relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Duration positioning, especially an overweight to bonds with durations of 10 years and longer and an underweight to bonds with durations of eight years and shorter.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Credit quality positioning, especially an overweight to non‑rated bonds, an underweight to AA‑rated bonds, and exposure to long-duration A‑rated bonds.</div> </div> </div> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Top detractors from relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Sector positioning, especially an underweight to the housing bond sector.</div> </div> </div> </td> </tr> </table> Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares. <div style="margin: 0pt 2% 0pt 1%;"> <img alt="LOGO" src="g126859g29k29.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Average Annual Total Returns</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 64%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td> <td style="border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td> <td style="vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> <td style="border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares at NAV (excluding maximum sales charge)</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">7.36</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.72</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.87</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares at maximum sales charge (Offering Price)</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.83</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.14</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">)% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.43</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&amp;P Municipal Bond Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">6.57</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.14</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.30</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&amp;P Municipal Bond New Mexico Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">5.64</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.33</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.05</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Other States Municipal Debt Funds Classification Average</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">7.08</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.43</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.54</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table> Class A Shares at NAV (excluding maximum sales charge) 0.0736 0.0072 0.0187 Class A Shares at maximum sales charge (Offering Price) 0.0283 -0.0014 0.0143 S&P Municipal Bond Index 0.0657 0.0114 0.0230 S&P Municipal Bond New Mexico Index 0.0564 0.0133 0.0205 Lipper Other States Municipal Debt Funds Classification Average 0.0708 0.0043 0.0154 For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787. <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics (as of May 31, 2026) </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 88%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">71,005,360</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">80</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">16%</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">345,805</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 71005360 80 0.16 345805 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 50%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 49%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em;"> <img alt="LOGO" src="g126859g30g30.jpg"/> </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em;"> <img alt="LOGO" src="g126859g30a30.jpg"/> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%;"> </td> <td style="width: 4%; vertical-align: top; text-align: left;">(1)</td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div> </td> </tr> </table> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.</div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 Nuveen New Mexico Municipal Bond Fund Class C Shares FNCCX This annual shareholder report contains important information about the Class C Shares of the Nuveen New Mexico Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787. https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 18pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 33%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 33%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 32%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; vertical-align: middle; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a $10,000 investment</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of<br/>$10,000 investment*</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class C Shares</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; text-align: right;">$168</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; text-align: right;">1.63%</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: right;">*</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 8pt; text-align: justify;">Annualized for period less than one year.</div> </td> <td style="width: 2%;"> </td> </tr> </table> 168 0.0163 <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 100%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Nuveen New Mexico Municipal Bond Fund returned 6.55% for Class C Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund outperformed the S&amp;P Municipal Bond New Mexico Index, which returned 5.64%.</div> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Top contributors to relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Duration positioning, especially an overweight to bonds with durations of 10 years and longer and an underweight to bonds with durations of eight years and shorter.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Credit quality positioning, especially an overweight to non‑rated bonds, an underweight to AA‑rated bonds, and exposure to long-duration A‑rated bonds.</div> </div> </div> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Top detractors from relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Sector positioning, especially an underweight to the housing bond sector.</div> </div> </div> </td> </tr> </table> Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares. <div style="margin: 0pt 2% 0pt 1%;"> <img alt="LOGO" src="g126859g32k32.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Average Annual Total Returns</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 64%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td> <td style="border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td> <td style="vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> <td style="border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class C Shares at NAV (excluding maximum sales charge)</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">6.55</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.06</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">)% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.23</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&amp;P Municipal Bond Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">6.57</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.14</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.30</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&amp;P Municipal Bond New Mexico Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">5.64</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.33</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.05</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Other States Municipal Debt Funds Classification Average</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">7.08</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.43</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.54</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table> Class C Shares at NAV (excluding maximum sales charge) 0.0655 -0.0006 0.0123 S&P Municipal Bond Index 0.0657 0.0114 0.0230 S&P Municipal Bond New Mexico Index 0.0564 0.0133 0.0205 Lipper Other States Municipal Debt Funds Classification Average 0.0708 0.0043 0.0154 For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787. <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics (as of May 31, 2026) </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 88%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">71,005,360</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">80</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">16%</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">345,805</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 71005360 80 0.16 345805 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 50%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 49%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em;"> <img alt="LOGO" src="g126859g33g33.jpg"/> </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em;"> <img alt="LOGO" src="g126859g33a33.jpg"/> </div> </td> </tr> </table><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%;"> </td> <td style="width: 4%; vertical-align: top; text-align: left;">(1)</td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div> </td> </tr> </table> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.</div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 Nuveen New Mexico Municipal Bond Fund Class I Shares FNMRX This annual shareholder report contains important information about the Class I Shares of the Nuveen New Mexico Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787. https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 18pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment) </span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 33%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 33%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 32%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; vertical-align: middle; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a $10,000 investment</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of<br/>$10,000 investment*</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; text-align: right;">$65</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; text-align: right;">0.63%</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: right;">*</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 8pt; text-align: justify;">Annualized for period less than one year.</div> </td> <td style="width: 2%;"> </td> </tr> </table> 65 0.0063 <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 100%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.11em; font-size: 9pt; font-family: arial;">The Nuveen New Mexico Municipal Bond Fund returned 7.60% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund outperformed the S&amp;P Municipal Bond New Mexico Index, which returned 5.64%.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.11em; font-size: 9pt; font-family: arial;">Top contributors to relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Duration positioning, especially an overweight to bonds with durations of 10 years and longer and an underweight to bonds with durations of eight years and shorter.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Credit quality positioning, especially an overweight to non‑rated bonds, an underweight to AA‑rated bonds, and exposure to long-duration A‑rated bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.11em; font-size: 9pt; font-family: arial;">Top detractors from relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Sector positioning, especially an underweight to the housing bond sector.</div> </div> </div> </td> </tr> </table> Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares. <div style="margin: 0pt 2% 0pt 1%;"> <img alt="LOGO" src="g126859g35g35.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Average Annual Total Returns</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 64%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td> <td style="border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td> <td style="vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> <td style="border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares at NAV</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">7.60</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.91</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.07</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&amp;P Municipal Bond Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">6.57</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.14</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.30</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&amp;P Municipal Bond New Mexico Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">5.64</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.33</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.05</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Other States Municipal Debt Funds Classification Average</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">7.08</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.43</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.54</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table> Class I Shares at NAV 0.0760 0.0091 0.0207 S&P Municipal Bond Index 0.0657 0.0114 0.0230 S&P Municipal Bond New Mexico Index 0.0564 0.0133 0.0205 Lipper Other States Municipal Debt Funds Classification Average 0.0708 0.0043 0.0154 For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787. <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics (as of May 31, 2026) </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 88%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">71,005,360</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">80</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">16%</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">345,805</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 71005360 80 0.16 345805 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 51%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 48%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em;"> <img alt="LOGO" src="g126859g36g36.jpg"/> </div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em;"> <img alt="LOGO" src="g126859g36a36.jpg"/> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%;"> </td> <td style="width: 4%; vertical-align: top; text-align: left;">(1)</td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div> </td> </tr> </table> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.</div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 Nuveen Pennsylvania Municipal Bond Fund Class A Shares FPNTX This annual shareholder report contains important information about the Class A Shares of the Nuveen Pennsylvania Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787. https://www.nuveen.com/en-us/mutual-funds/prospectuses (800) 257-8787 <div style="margin-top:18pt;margin-bottom:0pt;margin-left:2%;margin-right:2%;font-size:9pt;font-family:arial;font-weight:bold;">This report describes changes to the Fund that occurred during the reporting period. </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">What were the Fund costs for the last year? </span></span><span style="font-family:arial">(based on a hypothetical $10,000 investment)</span><span style="font-family:arial;color:#0071ce"><span style="font-weight:bold"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:33%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:33%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:32%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;vertical-align:middle;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;font-weight:bold;text-align:right;">Cost of a $10,000 investment</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;font-weight:bold;text-align:right;">Costs paid as a percentage of<br/> $10,000 investment*</div></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Class A Shares</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;white-space:nowrap;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;text-align:right;">$83</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;text-align:right;">0.80%</div></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;"> </td> <td style="width:1%;vertical-align:top;text-align:right;">*</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:8pt;text-align:justify;">Annualized for period less than one year. </div></td> <td style="width:2%;"> </td> </tr></table> 83 0.0080 <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:100%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;font-weight:bold;">Performance Highlights</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.11em;font-size:9pt;font-family:arial;">The Nuveen Pennsylvania Municipal Bond Fund returned 8.12% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund outperformed the S&amp;P Municipal Bond Pennsylvania Index, which returned 6.74%.</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.11em;font-size:9pt;font-family:arial;">Top contributors to relative performance</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Duration positioning, especially an overweight to longer-duration bonds and an underweight to shorter-duration bonds.</div></div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Credit quality positioning, especially an overweight to non-rated bonds.</div></div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Sector positioning, especially an overweight to health care bonds.</div></div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.11em;font-size:9pt;font-family:arial;">Top detractors from relative performance</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">An overweight to pre-refunded bonds.</div></div></div> <div style="font-size:14pt;margin-top:0pt;margin-bottom:1pt;"> </div></td> </tr> </table> Performance data shown represents past performance and does not predict or guarantee future results. The<span style="font-weight:bold"> </span>graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares. <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1%;margin-right:2%;"> <img alt="LOGO" src="g126859g38g38.jpg"/> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;margin-right:2%;font-size:9pt;font-family:arial;font-weight:bold;">Average Annual Total Returns </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:64%;"></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td colspan="2" style="padding-bottom:3pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">1-Year</span></td> <td style=" BORDER-RIGHT:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">    </td> <td colspan="2" style="padding-bottom:3pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">5-Year</span></td> <td style="vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td colspan="2" style="padding-bottom:3pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">10-Year</span></td> <td style=" BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Class A Shares at NAV (excluding maximum sales charge)</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">8.12</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">0.62</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.97</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Class A Shares at maximum sales charge (Offering Price)</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">3.59</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">(0.24</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;">)% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.53</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">S&amp;P Municipal Bond Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">6.57</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.14</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">2.30</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">S&amp;P Municipal Bond Pennsylvania Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">6.74</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.15</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">2.42</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Lipper Pennsylvania Municipal Debt Funds Classification Average</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">7.19</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">0.56</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">1.93</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table> Class A Shares at NAV (excluding maximum sales charge) 0.0812 0.0062 0.0197 Class A Shares at maximum sales charge (Offering Price) 0.0359 -0.0024 0.0153 S&P Municipal Bond Index 0.0657 0.0114 0.0230 S&P Municipal Bond Pennsylvania Index 0.0674 0.0115 0.0242 Lipper Pennsylvania Municipal Debt Funds Classification Average 0.0719 0.0056 0.0193 For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257‑8787. <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">Fund Statistics (as of May 31, 2026) </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:87%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">363,803,196</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">251</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Portfolio turnover (%)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">16%</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Total management fees paid for the year</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">1,744,427</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 363803196 251 0.16 1744427 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:50%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:49%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;"> <img alt="LOGO" src="g126859g39g01.jpg"/> </div></td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;"> <img alt="LOGO" src="g126859g39g02.jpg"/> </div></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">(1)</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:left;">The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. </div></td> </tr></table> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">How has the Fund changed? </span></span></div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787. </div> https://www.nuveen.com/en-us/mutual-funds/prospectuses (800) 257-8787 Nuveen Pennsylvania Municipal Bond Fund Class C Shares FPCCX This annual shareholder report contains important information about the Class C Shares of the Nuveen Pennsylvania Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787. https://www.nuveen.com/en-us/mutual-funds/prospectuses (800) 257-8787 <div style="margin-top:18pt;margin-bottom:0pt;margin-left:2%;margin-right:2%;font-size:9pt;font-family:arial;font-weight:bold;">This report describes changes to the Fund that occurred during the reporting period. </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">What were the Fund costs for the last year? </span></span><span style="font-family:arial">(based on a hypothetical $10,000 investment)</span><span style="font-family:arial;color:#0071ce"><span style="font-weight:bold"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:33%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:33%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:32%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;vertical-align:middle;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;font-weight:bold;text-align:right;">Cost of a $10,000 investment</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;font-weight:bold;text-align:right;">Costs paid as a percentage of<br/> $10,000 investment*</div></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Class C Shares</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;white-space:nowrap;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;text-align:right;">$166</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;text-align:right;">1.60%</div></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;"> </td> <td style="width:1%;vertical-align:top;text-align:right;">*</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:8pt;text-align:justify;">Annualized for period less than one year. </div></td> <td style="width:2%;"> </td> </tr></table> 166 0.0160 <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:100%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;font-weight:bold;">Performance Highlights</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.11em;font-size:9pt;font-family:arial;">The Nuveen Pennsylvania Municipal Bond Fund returned 7.26% for Class C Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund outperformed the S&amp;P Municipal Bond Pennsylvania Index, which returned 6.74%.</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.11em;font-size:9pt;font-family:arial;">Top contributors to relative performance</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Duration positioning, especially an overweight to longer-duration bonds and an underweight to shorter-duration bonds.</div></div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Credit quality positioning, especially an overweight to non-rated bonds.</div></div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Sector positioning, especially an overweight to health care bonds.</div></div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.11em;font-size:9pt;font-family:arial;">Top detractors from relative performance</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">An overweight to pre-refunded bonds.</div></div></div> <div style="font-size:14pt;margin-top:0pt;margin-bottom:1pt;"> </div></td> </tr> </table> Performance data shown represents past performance and does not predict or guarantee future results. The<span style="font-weight:bold"> </span>graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares. <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1%;margin-right:2%;"> <img alt="LOGO" src="g126859g41g41.jpg"/> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;margin-right:2%;font-size:9pt;font-family:arial;font-weight:bold;">Average Annual Total Returns </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:64%;"></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td colspan="2" style="padding-bottom:3pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">1-Year</span></td> <td style=" BORDER-RIGHT:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">    </td> <td colspan="2" style="padding-bottom:3pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">5-Year</span></td> <td style="vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td colspan="2" style="padding-bottom:3pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">10-Year</span></td> <td style=" BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Class C Shares at NAV (excluding maximum sales charge)</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">7.26</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">(0.18</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;">)% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.32</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">S&amp;P Municipal Bond Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">6.57</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.14</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">2.30</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">S&amp;P Municipal Bond Pennsylvania Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">6.74</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.15</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">2.42</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Lipper Pennsylvania Municipal Debt Funds Classification Average</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">7.19</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">0.56</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">1.93</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table> Class C Shares at NAV (excluding maximum sales charge) 0.0726 -0.0018 0.0132 S&P Municipal Bond Index 0.0657 0.0114 0.0230 S&P Municipal Bond Pennsylvania Index 0.0674 0.0115 0.0242 Lipper Pennsylvania Municipal Debt Funds Classification Average 0.0719 0.0056 0.0193 For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257‑8787. <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">Fund Statistics (as of May 31, 2026) </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:87%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">363,803,196</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">251</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Portfolio turnover (%)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">16%</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Total management fees paid for the year</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">1,744,427</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 363803196 251 0.16 1744427 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:50%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:49%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;"> <img alt="LOGO" src="g126859g42g01.jpg"/> </div></td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;"> <img alt="LOGO" src="g126859g42g02.jpg"/> </div></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">(1)</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:left;">The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. </div></td> </tr></table> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">How has the Fund changed? </span></span></div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787. </div> https://www.nuveen.com/en-us/mutual-funds/prospectuses (800) 257-8787 Nuveen Pennsylvania Municipal Bond Fund Class I Shares NBPAX This annual shareholder report contains important information about the Class I Shares of the Nuveen Pennsylvania Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787. https://www.nuveen.com/en-us/mutual-funds/prospectuses (800) 257‑8787 <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 18pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment) </span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 33%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 33%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 32%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; vertical-align: middle; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a $10,000 investment</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of<br/>$10,000 investment*</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; text-align: right;">$63</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.63em; font-size: 8pt; font-family: arial; text-align: right;">0.60%</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: right;">*</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 8pt; text-align: justify;">Annualized for period less than one year.</div> </td> <td style="width: 2%;"> </td> </tr> </table> 63 0.0060 <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 100%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.11em; font-size: 9pt; font-family: arial;">The Nuveen Pennsylvania Municipal Bond Fund returned 8.33% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund outperformed the S&amp;P Municipal Bond Pennsylvania Index, which returned 6.74%.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.11em; font-size: 9pt; font-family: arial;">Top contributors to relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Duration positioning, especially an overweight to longer-duration bonds and an underweight to shorter-duration bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Credit quality positioning, especially an overweight to non-rated bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Sector positioning, especially an overweight to health care bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.11em; font-size: 9pt; font-family: arial;">Top detractors from relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">An overweight to pre-refunded bonds.</div> </div> </div> </td> </tr> </table> Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares. <div style="margin: 0pt 2% 0pt 1%;"> <img alt="LOGO" src="g126859g44g44.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Average Annual Total Returns</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 64%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td> <td style="border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td> <td style="vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> <td style="border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares at NAV</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">8.33</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.81</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.17</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&amp;P Municipal Bond Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">6.57</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.14</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.30</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&amp;P Municipal Bond Pennsylvania Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">6.74</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.15</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.42</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Pennsylvania Municipal Debt Funds Classification Average</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">7.19</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.56</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">    </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.93</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table> Class I Shares at NAV 0.0833 0.0081 0.0217 S&P Municipal Bond Index 0.0657 0.0114 0.0230 S&P Municipal Bond Pennsylvania Index 0.0674 0.0115 0.0242 Lipper Pennsylvania Municipal Debt Funds Classification Average 0.0719 0.0056 0.0193 For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787. <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics (as of May 31, 2026) </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 87%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">363,803,196</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">251</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">16%</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1,744,427</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 363803196 251 0.16 1744427 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 51%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 48%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em;"> <img alt="LOGO" src="g126859g45g01.jpg"/> </div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em;"> <img alt="LOGO" src="g126859g45g02.jpg"/> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%;"> </td> <td style="width: 4%; vertical-align: top; text-align: left;">(1)</td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div> </td> </tr> </table> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.</div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 Nuveen Virginia Municipal Bond Fund Class A Shares FVATX This annual shareholder report contains important information about the Class A Shares of the Nuveen Virginia Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787. https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 <div style="margin-top:18pt;margin-bottom:0pt;margin-left:2%;margin-right:2%;font-size:9pt;font-family:arial;font-weight:bold;">This report describes changes to the Fund that occurred during the reporting period. </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">What were the Fund costs for the last year? </span></span><span style="font-family:arial">(based on a hypothetical $10,000 investment) </span><span style="font-family:arial;color:#0071ce"><span style="font-weight:bold"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:33%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:33%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:32%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;vertical-align:middle;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;font-weight:bold;text-align:right;">Cost of a $10,000 investment</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;font-weight:bold;text-align:right;">Costs paid as a percentage of<br/> $10,000 investment*</div></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Class A Shares</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;white-space:nowrap;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;text-align:right;">$75</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;text-align:right;">0.72%</div></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;"> </td> <td style="width:1%;vertical-align:top;text-align:right;">*</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:8pt;text-align:justify;">Annualized for period less than one year. </div></td> <td style="width:2%;"> </td> </tr></table> 75 0.0072 <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:100%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;font-weight:bold;">Performance Highlights</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.11em;font-size:9pt;font-family:arial;">The Nuveen Virginia Municipal Bond Fund returned 7.18% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund outperformed the S&amp;P Municipal Bond Virginia Index, which returned 6.53%.</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.11em;font-size:9pt;font-family:arial;">Top contributors to relative performance</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Duration positioning, especially an overweight to bonds with durations of eight years and longer and an underweight to bonds with durations of four years and shorter.</div></div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Credit quality positioning, especially overweights to non-rated, A-rated and BBB-rated bonds.</div></div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">An underweight to the tax-backed bond sector and overweights to the transportation and hospital bond sectors.</div></div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.11em;font-size:9pt;font-family:arial;">Top detractors from relative performance</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Tobacco bonds.</div></div></div></td> </tr> </table> Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares. <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1%;margin-right:2%;"> <img alt="LOGO" src="g126859g47g47.jpg"/> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;margin-right:2%;font-size:9pt;font-family:arial;font-weight:bold;">Average Annual Total Returns </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:64%;"></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td colspan="2" style="padding-bottom:3pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">1‑Year</span></td> <td style=" BORDER-RIGHT:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">    </td> <td colspan="2" style="padding-bottom:3pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">5‑Year</span></td> <td style="vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td colspan="2" style="padding-bottom:3pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">10‑Year</span></td> <td style=" BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Class A Shares at NAV (excluding maximum sales charge)</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">7.18</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">0.41</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.82</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Class A Shares at maximum sales charge (Offering Price)</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">2.71</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">(0.45</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;">)% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.39</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">S&amp;P Municipal Bond Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">6.57</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.14</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">2.30</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">S&amp;P Municipal Bond Virginia Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">6.53</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.10</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">2.15</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Lipper Virginia Municipal Debt Funds Classification Average</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">7.18</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">0.39</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">1.52</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table> Class A Shares at NAV (excluding maximum sales charge) 0.0718 0.0041 0.0182 Class A Shares at maximum sales charge (Offering Price) 0.0271 -0.0045 0.0139 S&P Municipal Bond Index 0.0657 0.0114 0.0230 S&P Municipal Bond Virginia Index 0.0653 0.0110 0.0215 Lipper Virginia Municipal Debt Funds Classification Average 0.0718 0.0039 0.0152 For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787. <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">Fund Statistics (as of May 31, 2026) </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:87%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">573,126,989</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">254</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Portfolio turnover (%)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">10%</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Total management fees paid for the year</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">2,663,673</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 573126989 254 0.10 2663673 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:51%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:48%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;"> <img alt="LOGO" src="g126859g48p01.jpg"/> </div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;"> <img alt="LOGO" src="g126859g48p02.jpg"/> </div></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">(1)</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:left;">The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. </div></td> </tr></table> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">How has the Fund changed? </span></span></div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787. </div> https://www.nuveen.com/en-us/mutual-funds/prospectuses (800) 257-8787 Nuveen Virginia Municipal Bond Fund Class C Shares FVCCX This annual shareholder report contains important information about the Class C Shares of the Nuveen Virginia Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787. https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 <div style="margin-top:18pt;margin-bottom:0pt;margin-left:2%;margin-right:2%;font-size:9pt;font-family:arial;font-weight:bold;">This report describes changes to the Fund that occurred during the reporting period. </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">What were the Fund costs for the last year? </span></span><span style="font-family:arial">(based on a hypothetical $10,000 investment)</span><span style="font-family:arial;color:#0071ce"><span style="font-weight:bold"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:33%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:33%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:32%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;vertical-align:middle;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;font-weight:bold;text-align:right;">Cost of a $10,000 investment</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;font-weight:bold;text-align:right;">Costs paid as a percentage of<br/> $10,000 investment*</div></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Class C Shares</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;white-space:nowrap;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;text-align:right;">$157</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;text-align:right;">1.52%</div></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;"> </td> <td style="width:1%;vertical-align:top;text-align:right;">*</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:8pt;text-align:justify;">Annualized for period less than one year. </div></td> <td style="width:2%;"> </td> </tr></table> 157 0.0152 <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:100%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;font-weight:bold;">Performance Highlights</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.11em;font-size:9pt;font-family:arial;">The Nuveen Virginia Municipal Bond Fund returned 6.33% for Class C Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the S&amp;P Municipal Bond Virginia Index, which returned 6.53%.</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.11em;font-size:9pt;font-family:arial;">Top contributors to relative performance</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Duration positioning, especially an overweight to bonds with durations of eight years and longer and an underweight to bonds with durations of four years and shorter.</div></div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Credit quality positioning, especially overweights to non‑rated, A‑rated and BBB‑rated bonds.</div></div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">An underweight to the tax‑backed bond sector and overweights to the transportation and hospital bond sectors.</div></div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.11em;font-size:9pt;font-family:arial;">Top detractors from relative performance</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Tobacco bonds.</div></div></div> <div style="font-size:14pt;margin-top:0pt;margin-bottom:1pt;"> </div></td> </tr> </table> Performance data shown represents past performance and does not predict or guarantee future results. The<span style="font-weight:bold"> </span>graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares. <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1%;margin-right:2%;"> <img alt="LOGO" src="g126859g50g50.jpg"/> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;margin-right:2%;font-size:9pt;font-family:arial;font-weight:bold;">Average Annual Total Returns </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:64%;"></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td colspan="2" style="padding-bottom:3pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">1‑Year</span></td> <td style=" BORDER-RIGHT:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">    </td> <td colspan="2" style="padding-bottom:3pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">5‑Year</span></td> <td style="vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td colspan="2" style="padding-bottom:3pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">10‑Year</span></td> <td style=" BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Class C Shares at NAV (excluding maximum sales charge)</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">6.33</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">(0.39</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;">)% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.17</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">S&amp;P Municipal Bond Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">6.57</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.14</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">2.30</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">S&amp;P Municipal Bond Virginia Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">6.53</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.10</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">2.15</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Lipper Virginia Municipal Debt Funds Classification Average</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">7.18</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">0.39</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">1.52</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table> Class C Shares at NAV (excluding maximum sales charge) 0.0633 -0.0039 0.0117 S&P Municipal Bond Index 0.0657 0.0114 0.0230 S&P Municipal Bond Virginia Index 0.0653 0.0110 0.0215 Lipper Virginia Municipal Debt Funds Classification Average 0.0718 0.0039 0.0152 For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257‑8787. <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">Fund Statistics (as of May 31, 2026) </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:87%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">573,126,989</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">254</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Portfolio turnover (%)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">10%</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Total management fees paid for the year</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">2,663,673</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 573126989 254 0.10 2663673 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:50%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:49%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;"> <img alt="LOGO" src="g126859g51p01.jpg"/> </div></td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;"> <img alt="LOGO" src="g126859g51p02.jpg"/> </div></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">(1)</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:left;">The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. </div></td> </tr></table> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">How has the Fund changed? </span></span></div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787. </div> https://www.nuveen.com/en-us/mutual-funds/prospectuses (800) 257-8787 Nuveen Virginia Municipal Bond Fund Class I Shares NMVAX This annual shareholder report contains important information about the Class I Shares of the Nuveen Virginia Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787. https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 <div style="margin-top:18pt;margin-bottom:0pt;margin-left:2%;margin-right:2%;font-size:9pt;font-family:arial;font-weight:bold;">This report describes changes to the Fund that occurred during the reporting period. </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">What were the Fund costs for the last year? </span></span><span style="font-family:arial">(based on a hypothetical $10,000 investment)</span><span style="font-family:arial;color:#0071ce"><span style="font-weight:bold"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:33%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:33%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:32%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;vertical-align:middle;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;font-weight:bold;text-align:right;">Cost of a $10,000 investment</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;font-weight:bold;text-align:right;">Costs paid as a percentage of<br/> $10,000 investment*</div></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Class I Shares</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;white-space:nowrap;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;text-align:right;">$54</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:right;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.63em;font-size:8pt;font-family:arial;text-align:right;">0.52%</div></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;"> </td> <td style="width:1%;vertical-align:top;text-align:right;">*</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:8pt;text-align:justify;">Annualized for period less than one year. </div></td> <td style="width:2%;"> </td> </tr></table> 54 0.0052 <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:100%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;font-weight:bold;">Performance Highlights</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Nuveen Virginia Municipal Bond Fund returned 7.49% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund outperformed the S&amp;P Municipal Bond Virginia Index, which returned 6.53%.</div> <div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Top contributors to relative performance</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Duration positioning, especially an overweight to bonds with durations of eight years and longer and an underweight to bonds with durations of four years and shorter.</div></div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Credit quality positioning, especially overweights to non‑rated, A‑rated and BBB‑rated bonds.</div></div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">An underweight to the tax‑backed bond sector and overweights to the transportation and hospital bond sectors.</div></div></div> <div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Top detractors from relative performance</div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:1.67em;display:table-row;"> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.222222em;font-family:arial;">•</div></div> <div style="display:table-cell;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.538889em;font-family:arial;">Tobacco bonds.</div></div></div></td> </tr> </table> Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares. <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1%;margin-right:2%;"> <img alt="LOGO" src="g126859g53g53.jpg"/> </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;margin-right:2%;font-size:9pt;font-family:arial;font-weight:bold;">Average Annual Total Returns </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:64%;"></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td colspan="2" style="padding-bottom:3pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">1‑Year</span></td> <td style=" BORDER-RIGHT:0.75pt solid #7fb8e6;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">    </td> <td colspan="2" style="padding-bottom:3pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">5‑Year</span></td> <td style="vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td colspan="2" style="padding-bottom:3pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">10‑Year</span></td> <td style=" BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Class I Shares at NAV</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">7.49</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">0.62</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">2.02</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">S&amp;P Municipal Bond Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">6.57</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.14</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">2.30</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">S&amp;P Municipal Bond Virginia Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">6.53</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.10</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">2.15</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; padding-left:8pt;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #7fb8e6;height:3pt;"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-TOP:0.75pt solid #7fb8e6; BORDER-RIGHT:0.75pt solid #7fb8e6;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Lipper Virginia Municipal Debt Funds Classification Average</div></td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">7.18</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">0.39</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">% </td> <td style=" BORDER-LEFT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">    </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">1.52</td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #7fb8e6; BORDER-BOTTOM:0.75pt solid #7fb8e6; padding-right:2pt;white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table> Class I Shares at NAV 0.0749 0.0062 0.0202 S&P Municipal Bond Index 0.0657 0.0114 0.0230 S&P Municipal Bond Virginia Index 0.0653 0.0110 0.0215 Lipper Virginia Municipal Debt Funds Classification Average 0.0718 0.0039 0.0152 For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787. <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">Fund Statistics (as of May 31, 2026) </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:87%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">573,126,989</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">254</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Portfolio turnover (%)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">10%</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Total management fees paid for the year</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #7fb8e6;vertical-align:bottom;">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;text-align:right;">2,663,673</td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #7fb8e6;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 573126989 254 0.10 2663673 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:50%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:49%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;"> <img alt="LOGO" src="g126859g54p01.jpg"/> </div></td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;"> <img alt="LOGO" src="g126859g54p02.jpg"/> </div></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">(1)</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:left;">The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. </div></td> </tr></table> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:11pt;font-family:arial;"><span style="color:#0071ce"><span style="font-weight:bold">How has the Fund changed? </span></span></div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787. </div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. Annualized for period less than one year. Annualized for period less than one year. Annualized for period less than one year. The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. Annualized for period less than one year. Annualized for period less than one year. Annualized for period less than one year. Annualized for period less than one year. Annualized for period less than one year. The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. Annualized for period less than one year. Annualized for period less than one year. Annualized for period less than one year. Annualized for period less than one year. Annualized for period less than one year. The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. Annualized for period less than one year. The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. Annualized for period less than one year. The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. Annualized for period less than one year. The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. Annualized for period less than one year. Annualized for period less than one year.