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11204 13009 11821 12220 13571 12220 11684 12813 12672 13684 12813 12813 14448 12220 12813 11626 14986 10309 10724 9979 10571 12070 11519 12426 14448 9612 10309 11676 13658 12142 11355 12780 12581 10724 10309 10724 9944 10711 10322 12780 12813 11706 12106 11684 10724 10219 10272 10220 12581 10588 11650 12142 11826 11343 11684 11684 12142 10571 11360 11826 11570 11783 11310 12220 10651 11783 11783 11204 11241 12486 12031 11708 12850 10035 12672 10704 11613 10376 11821 11821 11204 13571 11821 11676 13414 13115 11204 14986 12146 11222 13684 10713 11606 11648 11033 12536 10868 13009 9994 11086 10133 11783 11752 10586 12350 11831 11072 10277 10952 10203 10859 11794 11892 12590 10044 10541 12816 12963 12227 10442 11506 11757 11765 9600 0.061 1.000 0.179 0.037 0.476 0.169 0.476 0.008 0.128 0.226 0.534 0.114 0.008 1.000 0.073 0.014 0.145 1.000 0.104 0.145 0.169 0.128 0.150 1.000 0.256 0.142 0.220 0.114 1.000 0.359 0.014 0.063 0.460 0.092 0.095 0.061 0.075 1.000 0.150 0.169 0.226 0.110 0.083 0.128 0.095 0.460 0.014 0.104 0.061 1.000 0.095 0.099 0.460 0.104 0.226 1.000 0.014 0.083 0.044 0.097 0.169 0.028 0.519 0.150 0.519 0.092 0.028 0.014 0.359 1.000 1.000 0.073 0.534 0.063 0.044 0.476 0.083 0.179 0.092 0.169 0.490 0.220 1.000 0.534 0.097 1.000 0.150 0.044 0.150 0.073 0.256 1.000 0.075 0.014 1.000 0.490 0.110 0.179 0.256 0.037 0.017 0.008 0.028 1.000 0.017 1.000 0.017 0.169 0.110 0.142 0.142 1.000 0.063 0.519 0.490 0.145 0.037 0.114 0.099 false N-1A 0001018975 N-CSR/A NUVEEN MULTISTATE TRUST II /MA/ 2026-02-28 Nuveen California High Yield Municipal Bond Fund Class A Shares NCHAX This annual shareholder report contains important information about the Class A Shares of the Nuveen California High Yield Municipal Bond Fund for the period of March 1, 2025 to<span style="font-weight: bold;"> </span>February 28, 2026. annual shareholder report You can find additional information athttps://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: 6pt 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: bottom; text-align: right;"><span style="font-weight: bold;">Cost of a <br/>$10,000 investment </span></td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class 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;">$170 </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">1.67%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div> 170 0.0167 <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: 8.5pt;"> <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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen California High Yield Municipal Bond Fund returned 3.62% for Class A Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund performed in line with the S&amp;P Municipal Yield Index, which returned 3.73%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Sector positioning, particularly underweights to the tobacco and industrial development revenue bond segments.</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Security selection among 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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An overweight to California tax‑exempt 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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An underweight to the health care 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-top: 0pt; margin-bottom: 0pt; text-align: center;"> <img alt="LOGO" src="g23912g1g00a02.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 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: 73%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></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; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 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; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">3.62</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.63</td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">)% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.08</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 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; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.70</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">)% </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">(1.49</td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">)% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.64</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 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; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">4.85</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.62</td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.51</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 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 Yield Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">3.73</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.24</td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">4.13</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 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 California Municipal Debt Funds Classification Average</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">3.84</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.03</td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.13</td> <td style="border-top: 0.75pt solid #7fb8e6; 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) 0.0362 -0.0063 0.0208 Class A Shares at maximum sales charge (Offering Price) -0.0070 -0.0149 0.0164 S&P Municipal Bond Index 0.0485 0.0162 0.0251 S&P Municipal Yield Index 0.0373 0.0224 0.0413 Lipper California Municipal Debt Funds Classification Average 0.0384 0.0103 0.0213 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 </span></span><span style="font-family: arial;">(as of February 28, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 87%;"></td> <td style="vertical-align: bottom; width: 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;">982,086,543</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;">483</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;">  5,062,648</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 982086543 483 0.16 5062648 <div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g00a04.jpg"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g00b04.jpg"/> </div> </div> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 0pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: top;">(1)</sup> Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.</div> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: top;">(2)</sup> The ratings disclosed are the lowest 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> Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities. The ratings disclosed are the lowest 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> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 2%;"> </td> <td style="width: 2%; vertical-align: top; text-align: left;">•</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: 9pt; text-align: left;"><span style="font-weight: bold;">Portfolio manager update:</span> Effective May 9, 2025, Steve Hlavin was added as a portfolio manager of the Fund.</div> </td> <td style="width: 1%;"> </td> </tr> </table> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 Nuveen California High Yield Municipal Bond Fund Class C Shares NAWSX This annual shareholder report contains important information about the Class C Shares of the Nuveen California High Yield Municipal Bond Fund for the period of March 1, 2025 to<span style="font-weight: bold;"> </span>February 28, 2026. annual shareholder report You can find additional information athttps://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: 6pt 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: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class 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;">$250 </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">2.47%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div> 250 0.0247 <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: 8.5pt;"> <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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen California High Yield Municipal Bond Fund returned 2.82% for Class C Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&amp;P Municipal Yield Index, which returned 3.73%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Sector positioning, particularly underweights to the tobacco and industrial development revenue bond segments.</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Security selection among 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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An overweight to California tax‑exempt 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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An underweight to the health care 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-top: 0pt; margin-bottom: 0pt; text-align: center;"> <img alt="LOGO" src="g23912g1g00a06.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 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: 73%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></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; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 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; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.82</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">(1.42</td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">)% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.43</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 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; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">4.85</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.62</td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.51</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 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 Yield Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">3.73</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.24</td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">4.13</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 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 California Municipal Debt Funds Classification Average</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">3.84</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.03</td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.13</td> <td style="border-top: 0.75pt solid #7fb8e6; 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) 0.0282 -0.0142 0.0143 S&P Municipal Bond Index 0.0485 0.0162 0.0251 S&P Municipal Yield Index 0.0373 0.0224 0.0413 Lipper California Municipal Debt Funds Classification Average 0.0384 0.0103 0.0213 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 </span></span><span style="font-family: arial;">(as of February 28, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 87%;"></td> <td style="vertical-align: bottom; width: 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;">982,086,543</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;">483</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;">  5,062,648</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 982086543 483 0.16 5062648 <div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g35r28.jpg"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g25k10.jpg"/> </div> </div> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 0pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: top;">(1)</sup> Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.</div> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: top;">(2)</sup> The ratings disclosed are the lowest 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> Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities. The ratings disclosed are the lowest 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> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 2%;"> </td> <td style="width: 2%; vertical-align: top; text-align: left;">•</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: 9pt; text-align: left;"><span style="font-weight: bold;">Portfolio manager update:</span> Effective May 9, 2025, Steve Hlavin was added as a portfolio manager of the Fund.</div> </td> <td style="width: 1%;"> </td> </tr> </table> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 Nuveen California High Yield Municipal Bond Fund Class I Shares NCHRX This annual shareholder report contains important information about the Class I Shares of the Nuveen California High Yield Municipal Bond Fund for the period of March 1, 2025 to<span style="font-weight: bold;"> </span>February 28, 2026. annual shareholder report You can find additional information athttps://www.nuveen.com/en‑us/mutual‑funds/prospectuses<span style="font-weight: bold;">.</span> 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: 6pt 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: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$150 </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">1.47%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div> 150 0.0147 <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: 8.5pt;"> <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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen California High Yield Municipal Bond Fund returned 3.86% for Class I Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund performed in line with the S&amp;P Municipal Yield Index, which returned 3.73%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Sector positioning, particularly underweights to the tobacco and industrial development revenue bond segments.</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Security selection among 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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An overweight to California tax‑exempt 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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An underweight to the health care 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-top: 0pt; margin-bottom: 0pt; text-align: center;"> <img alt="LOGO" src="g23912g1g00a11.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 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: 73%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 3%;"></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;">3.86</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;">2.29</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;">4.85</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;">1.62</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;">2.51</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 Yield 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;">3.73</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;">2.24</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;">4.13</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 California 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;">3.84</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;">1.03</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;">2.13</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 0.0386 -0.0044 0.0229 S&P Municipal Bond Index 0.0485 0.0162 0.0251 S&P Municipal Yield Index 0.0373 0.0224 0.0413 Lipper California Municipal Debt Funds Classification Average 0.0384 0.0103 0.0213 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 </span></span><span style="font-family: arial;">(as of February 28, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 87%;"></td> <td style="vertical-align: bottom; width: 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;">982,086,543</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;">483</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;">  5,062,648</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 982086543 483 0.16 5062648 <div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g73q14.jpg"/> </div> </div><div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g12o88.jpg"/> </div> </div><div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 0pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: top;">(1)</sup> Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.</div><div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: top;">(2)</sup> The ratings disclosed are the lowest 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> Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities. The ratings disclosed are the lowest 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> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 2%;"> </td> <td style="width: 2%; vertical-align: top; text-align: left;">•</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: 9pt; text-align: left;"><span style="font-weight: bold;">Portfolio manager update:</span> Effective May 9, 2025, Steve Hlavin was added as a portfolio manager of the Fund.</div> </td> <td style="width: 1%;"> </td> </tr> </table> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 Nuveen California Municipal Bond Fund Class A Shares NCAAX This annual shareholder report contains important information about the Class A Shares of the Nuveen California Municipal Bond Fund for the period of March 1, 2025 to<span style="font-weight: bold;"> </span>February 28, 2026. annual shareholder report You can find additional information athttps://www.nuveen.com/en‑us/mutual‑funds/prospectuses<span style="font-weight: bold;">.</span> 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: 6pt 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: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class 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;">$74 </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;">0.73%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div> 74 0.0073 <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: 8.5pt;"> <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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen California Municipal Bond Fund returned 3.64% for Class A Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&amp;P Municipal Bond California Index, which returned 4.67%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Sector positioning, particularly an underweight to the industrial development revenue bond segment and an overweight to the multi-family housing segment.</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An overweight to 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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Duration positioning, particularly an overweight to bonds with durations of 10 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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An out‑of‑benchmark allocation to Puerto Rico sales‑tax 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; text-align: center;"> <img alt="LOGO" src="g23912g1g00a17.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 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: 73%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></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; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 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; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">3.64</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.67</td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.02</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 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; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.68</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">)% </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.19</td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">)% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.58</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 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; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">4.85</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.62</td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.51</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 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 California Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">4.67</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.45</td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.40</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 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 California Municipal Debt Funds Classification Average</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">3.84</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.03</td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.13</td> <td style="border-top: 0.75pt solid #7fb8e6; 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) 0.0364 0.0067 0.0202 Class A Shares at maximum sales charge (Offering Price) -0.0068 -0.0019 0.0158 S&P Municipal Bond Index 0.0485 0.0162 0.0251 S&P Municipal Bond California Index 0.0467 0.0145 0.0240 Lipper California Municipal Debt Funds Classification Average 0.0384 0.0103 0.0213 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 </span></span><span style="font-family: arial;">(as of February 28, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 86%;"></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;">1,673,276,126</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;">281</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;">27%</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;">    7,702,590</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 1673276126 281 0.27 7702590 <div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g66x09.jpg"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g00a20.jpg"/> </div> </div> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 0pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: top;">(1)</sup> 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> 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="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 Nuveen California Municipal Bond Fund Class C Shares NAKFX This annual shareholder report contains important information about the Class C Shares of the Nuveen California Municipal Bond Fund for the period of March 1, 2025 to<span style="font-weight: bold;"> </span>February 28, 2026. annual shareholder report You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses<span style="font-weight: bold;">.</span> 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: 6pt 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: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class 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;">$155 </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">1.53%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div> 155 0.0153 <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="font-size: 1pt;"> <td style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;"> <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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen California Municipal Bond Fund returned 2.91% for Class C Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&amp;P Municipal Bond California Index, which returned 4.67%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Sector positioning, particularly an underweight to the industrial development revenue bond segment and an overweight to the multi-family housing segment.</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An overweight to 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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Duration positioning, particularly an overweight to bonds with durations of 10 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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An out‑of‑benchmark allocation to Puerto Rico sales‑tax 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; text-align: center;"> <img alt="LOGO" src="g23912g1g00a22.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 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: 73%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 3%;"></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;">2.91</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;">1.37</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;">4.85</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;">1.62</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;">2.51</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 California 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;">4.67</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;">1.45</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;">2.40</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 California 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;">3.84</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;">1.03</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;">2.13</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) 0.0291 -0.0014 0.0137 S&P Municipal Bond Index 0.0485 0.0162 0.0251 S&P Municipal Bond California Index 0.0467 0.0145 0.0240 Lipper California Municipal Debt Funds Classification Average 0.0384 0.0103 0.0213 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 </span></span><span style="font-family: arial;">(as of February 28, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 86%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$1,673,276,126</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;">281</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;">27%</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;">$    7,702,590</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 1673276126 281 0.27 7702590 <div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g85y86.jpg"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g50r22.jpg"/> </div> </div> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 0pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: top;">(1)</sup> 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> 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="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 Nuveen California Municipal Bond Fund Class I Shares NCSPX This annual shareholder report contains important information about the Class I Shares of the Nuveen California Municipal Bond Fund for the period of March 1, 2025 to<span style="font-weight: bold;"> </span>February 28, 2026. annual shareholder report You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses<span style="font-weight: bold;">.</span> 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: 6pt 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: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$54 </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;">0.53%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div> 54 0.0053 <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="font-size: 1pt;"> <td style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;"> <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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen California Municipal Bond Fund returned 3.93% for Class I Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&amp;P Municipal Bond California Index, which returned 4.67%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Sector positioning, particularly an underweight to the industrial development revenue bond segment and an overweight to the multi-family housing segment.</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An overweight to 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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Duration positioning, particularly an overweight to bonds with durations of 10 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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An out‑of‑benchmark allocation to Puerto Rico sales‑tax 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; text-align: center;"> <img alt="LOGO" src="g23912g1g00a27.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 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: 76%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 2%;"></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;">3.93</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;">0.87</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;">2.22</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;">4.85</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;">1.62</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;">2.51</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 California 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;">4.67</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;">1.45</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;">2.40</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 California 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;">3.84</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;">1.03</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;">2.13</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 0.0393 0.0087 0.0222 S&P Municipal Bond Index 0.0485 0.0162 0.0251 S&P Municipal Bond California Index 0.0467 0.0145 0.0240 Lipper California Municipal Debt Funds Classification Average 0.0384 0.0103 0.0213 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 </span></span><span style="font-family: arial;">(as of February 28, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 86%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$1,673,276,126</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;">281</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;">27%</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;">$    7,702,590</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 1673276126 281 0.27 7702590 <div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g60j79.jpg"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g22c16.jpg"/> </div> </div> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 0pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: top;">(1)</sup> 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> 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="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 Nuveen Connecticut Municipal Bond Fund Class A Shares FCTTX This annual shareholder report contains important information about the Class A Shares of the Nuveen Connecticut Municipal Bond Fund for the period of March 1, 2025 to<span style="font-weight: bold;"> </span>February 28, 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: 6pt 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: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class 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;">$83 </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;">0.81%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div> 83 0.0081 <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="font-size: 1pt;"> <td style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;"> <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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen Connecticut Municipal Bond Fund returned 3.96% for Class A Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&amp;P Municipal Bond Connecticut Index, which returned 5.26%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Duration positioning, especially underweights to bonds with durations of zero to four years and overweights to bonds with durations of 12+ 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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An overweight to 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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Sector selection, especially overweights to the higher education and transportation bond segments.</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; text-align: center;"> <img alt="LOGO" src="g23912g1g00a32.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 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: 73%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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: top;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></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; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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; 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; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.96%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">0.78%</td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.78%</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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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; 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; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">(0.37)%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">(0.08)%</td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.34%</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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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; 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; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.85%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.62%</td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.51%</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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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; 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 Connecticut Index</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; vertical-align: bottom; white-space: nowrap; text-align: center;">5.26%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.87%</td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.48%</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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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;">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-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.26%</td> <td style="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: center;">0.87%</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; vertical-align: bottom; white-space: nowrap; text-align: center;">1.69%</td> </tr> </table> Class A Shares at NAV (excluding maximum sales charge) 0.0396 0.0078 0.0178 Class A Shares at maximum sales charge (Offering Price) -0.0037 -0.0008 0.0134 S&P Municipal Bond Index 0.0485 0.0162 0.0251 S&P Municipal Bond Connecticut Index 0.0526 0.0187 0.0248 Lipper Other States Municipal Debt Funds Classification Average 0.0426 0.0087 0.0169 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 </span></span><span style="font-family: arial;">(as of February 28, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 87%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$243,146,236</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;">144</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;">13%</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;">$   1,126,748</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 243146236 144 0.13 1126748 <div style="margin-top: 0pt; margin-bottom: 0pt;">  <img alt="LOGO" src="g23912g1g32s71.jpg"/> </div> <div style="margin-top: 0pt; margin-bottom: 0pt;">  <img alt="LOGO" src="g23912g1g00a35.jpg"/> </div> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 0pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: top;">(1)</sup> 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> 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="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 Nuveen Connecticut Municipal Bond Fund Class C Shares FDCDX This annual shareholder report contains important information about the Class C Shares of the Nuveen Connecticut Municipal Bond Fund for the period of March 1, 2025 to<span style="font-weight: bold;"> </span>February 28, 2026. annual shareholder report You can find additional information athttps://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: 6pt 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: bottom; text-align: right;"><span style="font-weight: bold;">Cost of a<br/>$10,000 investment</span></td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class 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;">$164</td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">1.61%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div> 164 0.0161 <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: 8.5pt;"> <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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen Connecticut Municipal Bond Fund returned 3.22% for Class C Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&amp;P Municipal Bond Connecticut Index, which returned 5.26%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Duration positioning, especially underweights to bonds with durations of zero to four years and overweights to bonds with durations of 12+ 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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An overweight to 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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Sector selection, especially overweights to the higher education and transportation bond segments.</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; text-align: center;"> <img alt="LOGO" src="g23912g1g00a37.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 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: 76%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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: top;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></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; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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; 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; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.22%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">0.00%</td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.13%</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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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; 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; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.85%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.62%</td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.51%</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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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; 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 Connecticut Index</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; vertical-align: bottom; white-space: nowrap; text-align: center;">5.26%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.87%</td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.48%</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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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;">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-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.26%</td> <td style="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: center;">0.87%</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; vertical-align: bottom; white-space: nowrap; text-align: center;">1.69%</td> </tr> </table> Class C Shares at NAV (excluding maximum sales charge) 0.0322 0.0000 0.0113 S&P Municipal Bond Index 0.0485 0.0162 0.0251 S&P Municipal Bond Connecticut Index 0.0526 0.0187 0.0248 Lipper Other States Municipal Debt Funds Classification Average 0.0426 0.0087 0.0169 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 </span></span><span style="font-family: arial;">(as of February 28, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 87%;"></td> <td style="vertical-align: bottom; width: 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;">243,146,236</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;">144</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;">13%</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;">  1,126,748</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 243146236 144 0.13 1126748 <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g64t77.jpg"/> </div> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g14_80.jpg"/> </div> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 0pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: top;">(1)</sup> 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> 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="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 Nuveen Connecticut Municipal Bond Fund Class I Shares FCTRX This annual shareholder report contains important information about the Class I Shares of the Nuveen Connecticut Municipal Bond Fund for the period of March 1, 2025 to February 28, 2026. annual shareholder report You can find additional information at <span style="font-family: arial; font-size: 9pt; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span>. 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: 6pt 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: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$62 </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;">0.61%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div> 62 0.0061 <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="font-size: 1pt;"> <td style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;"> <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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen Connecticut Municipal Bond Fund returned 4.26% for Class I Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&amp;P Municipal Bond Connecticut Index, which returned 5.26%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Duration positioning, especially underweights to bonds with durations of zero to four years and overweights to bonds with durations of 12+ 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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An overweight to 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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Sector selection, especially overweights to the higher education and transportation bond segments.</div> </div> </div> <div style="font-size: 14pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 0pt; 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 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; text-align: center;"> <img alt="LOGO" src="g23912g1g00a42.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 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: 76%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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: top;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></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; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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; 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; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.26%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.00%</td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.00%</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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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; 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; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.85%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.62%</td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.51%</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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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; 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 Connecticut Index</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; vertical-align: bottom; white-space: nowrap; text-align: center;">5.26%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.87%</td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.48%</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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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;">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-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.26%</td> <td style="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: center;">0.87%</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; vertical-align: bottom; white-space: nowrap; text-align: center;">1.69%</td> </tr> </table> Class I Shares at NAV 0.0426 0.0100 0.0200 S&P Municipal Bond Index 0.0485 0.0162 0.0251 S&P Municipal Bond Connecticut Index 0.0526 0.0187 0.0248 Lipper Other States Municipal Debt Funds Classification Average 0.0426 0.0087 0.0169 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 </span></span><span style="font-family: arial;">(as of February 28, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 87%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$243,146,236</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;">144</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;">13%</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;">$  1,126,748</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 243146236 144 0.13 1126748 <div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g25z08.jpg"/> </div> </div><div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g74z44.jpg"/> </div> </div><div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 0pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: top;">(1)</sup> 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> 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="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 Nuveen Massachusetts Municipal Bond Fund Class A Shares NMAAX This annual shareholder report contains important information about the Class A Shares of the Nuveen Massachusetts Municipal Bond Fund for the period of March 1, 2025 to<span style="font-weight: bold;"> </span>February 28, 2026. annual shareholder report You can find additional information athttps://www.nuveen.com/en‑us/mutual‑funds/prospectuses<span style="font-weight: bold;">.</span> 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: 6pt 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: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class 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;">$82 </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;">0.81%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div> 82 0.0081 <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: 8.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 100%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;"> <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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen Massachusetts Municipal Bond Fund returned 3.14% for Class A Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&amp;P Municipal Bond Massachusetts Index, which returned 5.03%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Duration positioning, particularly underweights to bonds with durations of zero to four years and overweights to bonds with durations of four to 12 years.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Sector selection, particularly an underweight to tax‑supported bonds, with longer-duration issues performing well.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Security selection.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Credit-quality allocation, particularly an overweight to BBB‑rated 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; text-align: center;"> <img alt="LOGO" src="g23912g1g00a47.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 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: 73%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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: top;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></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; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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; 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; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.14%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">0.31%</td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.68%</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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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; 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; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">(1.22)%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">(0.55)%</td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.24%</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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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; 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; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.85%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.62%</td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.51%</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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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; 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 Massachusetts Index</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; vertical-align: bottom; white-space: nowrap; text-align: center;">5.03%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.37%</td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.20%</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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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;">Lipper Massachusetts 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-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.73%</td> <td style="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: center;">0.58%</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; vertical-align: bottom; white-space: nowrap; text-align: center;">1.51%</td> </tr> </table> Class A Shares at NAV (excluding maximum sales charge) 0.0314 0.0031 0.0168 Class A Shares at maximum sales charge (Offering Price) -0.0122 -0.0055 0.0124 S&P Municipal Bond Index 0.0485 0.0162 0.0251 S&P Municipal Bond Massachusetts Index 0.0503 0.0137 0.0220 Lipper Massachusetts Municipal Debt Funds Classification Average 0.0373 0.0058 0.0151 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 </span></span><span style="font-family: arial;">(as of February 28, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 87%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$429,916,949</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;">150</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;">21%</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;">$  2,069,970</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 429916949 150 0.21 2069970 <div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g36s47.jpg"/> </div> </div><div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g00a50.jpg"/> </div> </div><div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 0pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: top;">(1)</sup> 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> 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="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 Nuveen Massachusetts Municipal Bond Fund Class C Shares NAAGX This annual shareholder report contains important information about the Class C Shares of the Nuveen Massachusetts Municipal Bond Fund for the period of March 1, 2025 to<span style="font-weight: bold;"> </span>February 28, 2026. annual shareholder report You can find additional information at <span style="font-family: arial; font-size: 9pt; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span>. 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: 6pt 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: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a  </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class 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;">$163 </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">1.61%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div> 163 0.0161 <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: 8.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 100%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;"> <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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen Massachusetts Municipal Bond Fund returned 2.39% for Class C Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&amp;P Municipal Bond Massachusetts Index, which returned 5.03%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Duration positioning, particularly underweights to bonds with durations of zero to four years and overweights to bonds with durations of four to 12 years.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Sector selection, particularly an underweight to tax‑supported bonds, with longer-duration issues performing well.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Security selection.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Credit-quality allocation, particularly an overweight to BBB‑rated bonds.</div> </div> </div> <div style="font-size: 6pt; 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 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; text-align: center;"> <img alt="LOGO" src="g23912g1g00a52.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 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: 73%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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: top;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></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; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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; 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; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.39%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">(0.46)%</td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.03%</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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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; 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; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.85%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.62%</td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.51%</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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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; 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 Massachusetts Index</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; vertical-align: bottom; white-space: nowrap; text-align: center;">5.03%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.37%</td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.20%</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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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;">Lipper Massachusetts 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-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.73%</td> <td style="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: center;">0.58%</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; vertical-align: bottom; white-space: nowrap; text-align: center;">1.51%</td> </tr> </table> Class C Shares at NAV (excluding maximum sales charge) 0.0239 -0.0046 0.0103 S&P Municipal Bond Index 0.0485 0.0162 0.0251 S&P Municipal Bond Massachusetts Index 0.0503 0.0137 0.0220 Lipper Massachusetts Municipal Debt Funds Classification Average 0.0373 0.0058 0.0151 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 </span><span style="font-family: arial;">(as of February 28, 2026)<span style="font-weight: bold;"><span style="font-family: arial; color: #0071ce;"> </span></span></span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 87%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$429,916,949</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;">150</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;">21%</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;">$  2,069,970</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 429916949 150 0.21 2069970 <div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g76m67.jpg"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g66_47.jpg"/> </div> </div> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 0pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: top;">(1)</sup> 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> 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="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 Nuveen Massachusetts Municipal Bond Fund Class I Shares NBMAX This annual shareholder report contains important information about the Class I Shares of the Nuveen Massachusetts Municipal Bond Fund for the period of March 1, 2025 to<span style="font-weight: bold;"> </span>February 28, 2026. annual shareholder report You can find additional information athttps://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: 6pt 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; font-size: 11pt; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 33%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 33%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 32%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a  </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$62 </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;">0.61%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div> 62 0.0061 <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: 8.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 100%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;"> <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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen Massachusetts Municipal Bond Fund returned 3.35% for Class I Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&amp;P Municipal Bond Massachusetts Index, which returned 5.03%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Duration positioning, particularly underweights to bonds with durations of zero to four years and overweights to bonds with durations of four to 12 years.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Sector selection, particularly an underweight to tax‑supported bonds, with longer-duration issues performing well.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Security selection.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Credit-quality allocation, particularly an overweight to BBB‑rated bonds.</div> </div> </div> <div style="font-size: 6pt; 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 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; text-align: center;"> <img alt="LOGO" src="g23912g1g00a57.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 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: 76%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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: top;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></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; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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; 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; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.35%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">0.52%</td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.89%</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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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; 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; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.85%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.62%</td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.51%</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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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; 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 Massachusetts Index</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; vertical-align: bottom; white-space: nowrap; text-align: center;">5.03%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.37%</td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.20%</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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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;">Lipper Massachusetts 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-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.73%</td> <td style="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: center;">0.58%</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; vertical-align: bottom; white-space: nowrap; text-align: center;">1.51%</td> </tr> </table> Class I Shares at NAV 0.0335 0.0052 0.0189 S&P Municipal Bond Index 0.0485 0.0162 0.0251 S&P Municipal Bond Massachusetts Index 0.0503 0.0137 0.0220 Lipper Massachusetts Municipal Debt Funds Classification Average 0.0373 0.0058 0.0151 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 </span></span><span style="font-family: arial;">(as of February 28, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 87%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$429,916,949</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;">150</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;">21%</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;">$  2,069,970</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 429916949 150 0.21 2069970 <div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g58e45.jpg"/> </div> </div><div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g83j41.jpg"/> </div> </div><div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 0pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: top;">(1)</sup> 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> 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="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 Nuveen New Jersey Municipal Bond Fund Class A Shares NNJAX This annual shareholder report contains important information about the Class A Shares of the Nuveen New Jersey Municipal Bond Fund for the period of March 1, 2025 to<span style="font-weight: bold;"> </span>February 28, 2026. annual shareholder report You can find additional information athttps://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: 6pt 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: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class 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;">$82 </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;">0.80%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: top;">*</sup> Annualized for period less than one year.</div> 82 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: 8.5pt; 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: 8.5pt;"> <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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen New Jersey Municipal Bond Fund returned 4.20% for Class A Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&amp;P Municipal Bond New Jersey Index, which returned 5.19%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Security selection.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">An underweight to the toll-road bond segment and an overweight to the local general obligation and housing bond segments.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Duration and yield curve positioning, particularly overweights to bonds with durations of 12 years and longer and underweights to bonds with durations from zero to 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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">An underweight to state-supported debt.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Credit-quality positioning, particularly an underweight to A‑rated bonds and an overweight to BBB‑rated 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; text-align: center;"> <img alt="LOGO" src="g23912g1g00a62.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 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: 73%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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: top;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></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; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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; 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; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.20%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.08%</td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.33%</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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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; 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; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">(0.14)%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">0.22%</td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.89%</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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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; 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; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.85%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.62%</td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.51%</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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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; 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 Jersey Index</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; vertical-align: bottom; white-space: nowrap; text-align: center;">5.19%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">2.01%</td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.19%</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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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;">Lipper New Jersey 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-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.30%</td> <td style="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: center;">1.26%</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; vertical-align: bottom; white-space: nowrap; text-align: center;">2.35%</td> </tr> </table> Class A Shares at NAV (excluding maximum sales charge) 0.0420 0.0108 0.0233 Class A Shares at maximum sales charge (Offering Price) -0.0014 0.0022 0.0189 S&P Municipal Bond Index 0.0485 0.0162 0.0251 S&P Municipal Bond New Jersey Index 0.0519 0.0201 0.0319 Lipper New Jersey Municipal Debt Funds Classification Average 0.0430 0.0126 0.0235 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 </span></span><span style="font-family: arial;">(as of February 28, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 87%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$390,874,486</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;">271</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;">15%</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;">$  1,781,405</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 390874486 271 0.15 1781405 <div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g18s16.jpg"/> </div> </div><div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g00a65.jpg"/> </div> </div><div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 0pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: top;">(1)</sup> 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> 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> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 2%;"> </td> <td style="width: 2%; vertical-align: top; text-align: left;">•</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: 9pt; text-align: left;"><span style="font-weight: bold;">Portfolio manager update:</span> Effective September 18, 2025, Kristen DeJong was added as a portfolio manager of the Fund.</div> </td> <td style="width: 1%;"> </td> </tr> </table> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en-us/mutual-funds/prospectuses</span> or upon request at (800) 257‑8787.</div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en-us/mutual-funds/prospectuses</span> or upon request at (800) 257‑8787.</div> https://www.nuveen.com/en-us/mutual-funds/prospectuses (800) 257‑8787 Nuveen New Jersey Municipal Bond Fund Class C Shares NJCCX This annual shareholder report contains important information about the Class C Shares of the Nuveen New Jersey Municipal Bond Fund for the period of March 1, 2025 to<span style="font-weight: bold;"> </span>February 28, 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: 6pt 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: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class 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;">$163 </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">1.60%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: top;">*</sup> Annualized for period less than one year.</div> 163 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: 8.5pt; 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: 8.5pt;"> <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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen New Jersey Municipal Bond Fund returned 3.28% for Class C Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&amp;P Municipal Bond New Jersey Index, which returned 5.19%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Security selection.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">An underweight to the toll-road bond segment and an overweight to the local general obligation and housing bond segments.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Duration and yield curve positioning, particularly overweights to bonds with durations of 12 years and longer and underweights to bonds with durations from zero to 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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">An underweight to state-supported debt.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Credit-quality positioning, particularly an underweight to A‑rated bonds and an overweight to BBB‑rated 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; text-align: center;"> <img alt="LOGO" src="g23912g1g00a67.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 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: 76%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 2%;"></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;">3.28</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;">0.25</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;">1.68</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;">4.85</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;">1.62</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;">2.51</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 New Jersey 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;">5.19</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;">2.01</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;">3.19</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 New Jersey 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;">4.30</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;">1.26</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;">2.35</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) 0.0328 0.0025 0.0168 S&P Municipal Bond Index 0.0485 0.0162 0.0251 S&P Municipal Bond New Jersey Index 0.0519 0.0201 0.0319 Lipper New Jersey Municipal Debt Funds Classification Average 0.0430 0.0126 0.0235 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 </span></span><span style="font-family: arial;">(as of February 28, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 87%;"></td> <td style="vertical-align: bottom; width: 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;">390,874,486</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;">271</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;">15%</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;">1,781,405</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 390874486 271 0.15 1781405 <div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g87x36.jpg"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g51o82.jpg"/> </div> </div> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 0pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: top;">(1)</sup> 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> 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> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 2%;"> </td> <td style="width: 2%; vertical-align: top; text-align: left;">•</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: 9pt; text-align: left;"><span style="font-weight: bold;">Portfolio manager update:</span> Effective September 18, 2025, Kristen DeJong was added as a portfolio manager of the Fund.</div> </td> <td style="width: 1%;"> </td> </tr> </table> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 Nuveen New Jersey Municipal Bond Fund Class I Shares NMNJX This annual shareholder report contains important information about the Class I Shares of the Nuveen New Jersey Municipal Bond Fund for the period of March 1, 2025 to February 28, 2026. annual shareholder report You can find additional information at <span style="font-family: arial; font-size: 9pt; color: #0071ce;">https://www.nuveen.com/en-us/mutual-funds/prospectuses</span><span style="font-family: arial;">. You can also request this information by contacting us at (800) 257‑8787.</span> https://www.nuveen.com/en-us/mutual-funds/prospectuses (800) 257‑8787 <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 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: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$61 </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;">0.60%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div> 61 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: 8.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 100%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;"> <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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen New Jersey Municipal Bond Fund returned 4.33% for Class I Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&amp;P Municipal Bond New Jersey Index, which returned 5.19%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Security selection.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">An underweight to the toll-road bond segment and an overweight to the local general obligation and housing bond segments.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Duration and yield curve positioning, particularly overweights to bonds with durations of 12 years and longer and underweights to bonds with durations from zero to 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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">An underweight to state-supported debt.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Credit-quality positioning, particularly an underweight to A‑rated bonds and an overweight to BBB‑rated 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; text-align: center;"> <img alt="LOGO" src="g23912g1g00a72.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 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: 76%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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: top;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></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; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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; 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; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.33%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.28%</td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.53%</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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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; 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; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.85%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.62%</td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.51%</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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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; 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 Jersey Index</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; vertical-align: bottom; white-space: nowrap; text-align: center;">5.19%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">2.01%</td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.19%</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; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="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;">Lipper New Jersey 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-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.30%</td> <td style="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: center;">1.26%</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; vertical-align: bottom; white-space: nowrap; text-align: center;">2.35%</td> </tr> </table> Class I Shares at NAV 0.0433 0.0128 0.0253 S&P Municipal Bond Index 0.0485 0.0162 0.0251 S&P Municipal Bond New Jersey Index 0.0519 0.0201 0.0319 Lipper New Jersey Municipal Debt Funds Classification Average 0.0430 0.0126 0.0235 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 </span></span><span style="font-family: arial;">(as of February 28, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 87%;"></td> <td style="vertical-align: bottom; width: 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;">390,874,486</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;">271</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;">15%</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;">1,781,405</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 390874486 271 0.15 1781405 <div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g49v19.jpg"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g65h73.jpg"/> </div> </div> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 0pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: top;">(1)</sup> 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> 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> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 2%;"> </td> <td style="width: 2%; vertical-align: top; text-align: left;">•</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: 9pt; text-align: left;"><span style="font-weight: bold;">Portfolio manager update:</span> Effective September 18, 2025, Kristen DeJong was added as a portfolio manager of the Fund.</div> </td> <td style="width: 1%;"> </td> </tr> </table> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 Nuveen New York Municipal Bond Fund Class A Shares NNYAX This annual shareholder report contains important information about the Class A Shares of the Nuveen New York Municipal Bond Fund for the period of March 1, 2025 to<span style="font-weight: bold;"> </span>February 28, 2026. annual shareholder report You can find additional information at<span style="font-weight: bold;"> </span><span style="font-family: arial; font-size: 9pt; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span><span style="font-family: arial;">. You can also request this information by contacting us at (800) 257‑8787.</span> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 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: bottom; text-align: right;"><span style="font-weight: bold;">Cost of a<br/>$10,000 investment</span></td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class 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;">$76</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;">0.75%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div> 76 0.0075 <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: 8.5pt;"> <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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen New York Municipal Bond Fund returned 3.57% for Class A Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&amp;P Municipal Bond New York Index, which returned 4.57%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Sector positioning, particularly an overweight to the transportation segment and an underweight to the tax‑supported segment.</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An overweight to 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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Overweights to non‑rated bonds and bonds rated below-investment-grade.</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Duration positioning.</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An out‑of‑benchmark allocation to Puerto Rico sales‑tax 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; text-align: center;"> <img alt="LOGO" src="g23912g1g00a77.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 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: 73%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></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; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 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; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">3.57</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.75</td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.95</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 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; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.78</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">)% </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.11</td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">)% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.52</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 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; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">4.85</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.62</td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.51</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 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 York Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">4.57</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.55</td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.32</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 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 New York Municipal Debt Funds Classification Average</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">3.56</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.02</td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.07</td> <td style="border-top: 0.75pt solid #7fb8e6; 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) 0.0357 0.0075 0.0195 Class A Shares at maximum sales charge (Offering Price) -0.0078 -0.0011 0.0152 S&P Municipal Bond Index 0.0485 0.0162 0.0251 S&P Municipal Bond New York Index 0.0457 0.0155 0.0232 Lipper New York Municipal Debt Funds Classification Average 0.0356 0.0102 0.0207 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 </span></span><span style="font-family: arial;">(as of February 28, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 86%;"></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;">1,014,941,677</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;">199</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;">14%</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;">4,609,613</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 1014941677 199 0.14 4609613 <div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g26z93.jpg"/> </div> </div><div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g00a79.jpg"/> </div> </div><div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 0pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: top;">(1)</sup> 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> 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="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 Nuveen New York Municipal Bond Fund Class C Shares NAJPX This annual shareholder report contains important information about the Class C Shares of the Nuveen New York Municipal Bond Fund for the period of March 1, 2025 to<span style="font-weight: bold;"> </span>February 28, 2026. annual shareholder report You can find additional information at<span style="font-weight: bold;"> </span><span style="font-family: arial; font-size: 9pt; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span><span style="font-family: arial;">. You can also request this information by contacting us at (800) 257‑8787.</span> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 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: bottom; text-align: right;"><span style="font-weight: bold;">Cost of a<br/>$10,000 investment</span></td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class 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;">$157</td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">1.55%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div> 157 0.0155 <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: 8.5pt;"> <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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen New York Municipal Bond Fund returned 2.74% for Class C Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&amp;P Municipal Bond New York Index, which returned 4.57%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Sector positioning, particularly an overweight to the transportation segment and an underweight to the tax‑supported segment.</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An overweight to 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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Overweights to non‑rated bonds and bonds rated below-investment-grade.</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Duration positioning.</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An out‑of‑benchmark allocation to Puerto Rico sales‑tax 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; text-align: center;"> <img alt="LOGO" src="g23912g1g82k08.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 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: 73%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></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; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 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; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.74</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.06</td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">)% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.30</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 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; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">4.85</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.62</td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.51</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 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 York Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">4.57</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.55</td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.32</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 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 New York Municipal Debt Funds Classification Average</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">3.56</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.02</td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.07</td> <td style="border-top: 0.75pt solid #7fb8e6; 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) 0.0274 -0.0006 0.0130 S&P Municipal Bond Index 0.0485 0.0162 0.0251 S&P Municipal Bond New York Index 0.0457 0.0155 0.0232 Lipper New York Municipal Debt Funds Classification Average 0.0356 0.0102 0.0207 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 </span></span><span style="font-family: arial;">(as of February 28, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 86%;"></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;">1,014,941,677</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;">199</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;">14%</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;">    4,609,613</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 1014941677 199 0.14 4609613 <div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g38b06.jpg"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g65s61.jpg"/> </div> </div> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 0pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: top;">(1)</sup> 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> 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="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 Nuveen New York Municipal Bond Fund Class I Shares NTNYX This annual shareholder report contains important information about the Class I Shares of the Nuveen New York Municipal Bond Fund for the period of March 1, 2025 to<span style="font-weight: bold;"> </span>February 28, 2026. annual shareholder report You can find additional information at<span style="font-weight: bold;"> </span><span style="font-family: arial; font-size: 9pt; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span><span style="font-family: arial;">. You can also request this information by contacting us at (800) 257‑8787.</span> https://www.nuveen.com/en‑us/mutual‑funds/prospectuses (800) 257‑8787 <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 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: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$56 </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;">0.55%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div> 56 0.0055 <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: 8.5pt;"> <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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen New York Municipal Bond Fund returned 3.77% for Class I Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&amp;P Municipal Bond New York Index, which returned 4.57%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Sector positioning, particularly an overweight to the transportation segment and an underweight to the tax‑supported segment.</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An overweight to 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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Overweights to non‑rated bonds and bonds rated below-investment-grade.</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Duration positioning.</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: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An out‑of‑benchmark allocation to Puerto Rico sales‑tax 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; text-align: center;"> <img alt="LOGO" src="g23912g1g87k08.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 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: 76%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></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; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 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; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">3.77</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.95</td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.16</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 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; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">4.85</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.62</td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.51</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 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 York Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">4.57</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.55</td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.32</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 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 New York Municipal Debt Funds Classification Average</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">3.56</td> <td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.02</td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.07</td> <td style="border-top: 0.75pt solid #7fb8e6; 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 0.0377 0.0095 0.0216 S&P Municipal Bond Index 0.0485 0.0162 0.0251 S&P Municipal Bond New York Index 0.0457 0.0155 0.0232 Lipper New York Municipal Debt Funds Classification Average 0.0356 0.0102 0.0207 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 </span></span><span style="font-family: arial;">(as of February 28, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 86%;"></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;">1,014,941,677</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;">199</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;">14%</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;">    4,609,613</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 1014941677 199 0.14 4609613 <div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g81c91.jpg"/> </div><div style="margin: 0pt 10pt 0pt 10pt;"> <img alt="LOGO" src="g23912g1g52l51.jpg"/> </div><div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 0pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: top;">(1)</sup> 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> 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="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> 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. Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities. 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 lowest 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. Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities. The ratings disclosed are the lowest 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. Annualized for period less than one year. Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities. The ratings disclosed are the lowest 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. 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. 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.