UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811‑07873
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)
Mark J. Czarniecki
Vice President and Secretary
901 Marquette Avenue
Minneapolis, Minnesota 55402
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917‑7700
Date of fiscal year end: March 31
Date of reporting period: March 31, 2026
| Item 1. | Reports to Stockholders. |
 |
Annual Shareholder Report March 31, 2026 |
Annual Shareholder Report
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class A Shares |
$ |
|||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen All‑American Municipal Bond Fund returned 2.89% for Class A Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund underperformed the S&P Municipal Bond Index, which returned 4.32%. • Top contributors to relative performance • Duration positioning. • Sector allocation, particularly overweights to life care, nursing home, incremental‑tax, airport and appropriation bonds. • Certain individual securities, led by Puerto Rico sales‑tax revenue, and Centerra Metropolitan District bonds. • Top detractors from relative performance • Credit quality positioning, especially an overweight to bonds rated lower investment grade and below investment grade. • Security selection, particularly in Brightline, American Dream at the Meadowlands, Painted Prairie Public Improvement District, and Maryland Proton Therapy Center bonds. • An underweight to tax‑supported debt. |
| 1 | continued>> |
How did the Fund perform over the last 10 years?
Fund Performance (April 1, 2016 through March 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| |
( |
|||||
| |
( |
( |
||||
| |
||||||
| |
||||||
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
| 2 | continued>> |
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$ |
|||
| Total number of portfolio holdings |
||||
| Portfolio turnover (%) |
||||
| Total management fees paid for the year |
$ |
|||
What did the Fund invest in? (as of March 31, 2026)
| (1) | |
| (2) | |
| (3) | |
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787 .
| 3 | continued>> |
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| • | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
| 67065Q889_AR_0326 5366873 |
 |
| 4 |
| |
Annual Shareholder Report March 31, 2026 |
Annual Shareholder Report
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class C Shares |
$ |
|||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen All‑American Municipal Bond Fund returned 2.08% for Class C Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund underperformed the S&P Municipal Bond Index, which returned 4.32%. • Top contributors to relative performance • Duration positioning. • Sector allocation, particularly overweights to life care, nursing home, incremental‑tax, airport and appropriation bonds. • Certain individual securities, led by Puerto Rico sales‑tax revenue, and Centerra Metropolitan District bonds. • Top detractors from relative performance • Credit quality positioning, especially an overweight to bonds rated lower investment grade and below investment grade. • Security selection, particularly in Brightline, American Dream at the Meadowlands, Painted Prairie Public Improvement District, and Maryland Proton Therapy Center bonds. • An underweight to tax‑supported debt. |
| 1 | continued>> |
How did the Fund perform over the last 10 years?
Fund Performance (April 1, 2016 through March 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| |
( |
|||||
| |
||||||
| |
||||||
Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
| 2 | continued>> |
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$ |
|||
| Total number of portfolio holdings |
||||
| Portfolio turnover (%) |
||||
| Total management fees paid for the year |
$ |
|||
What did the Fund invest in? (as of March 31, 2026)
| (1) | |
| (2) | |
| (3) | |
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787 .
| 3 | continued>> |
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| • | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
| 67065Q665_AR_0326 5366873 |
|
| 4 |
|
|
Annual Shareholder Report March 31, 2026 |
Annual Shareholder Report
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class R6 Shares |
$ |
|||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen All‑American Municipal Bond Fund returned 3.14% for Class R6 Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund underperformed the S&P Municipal Bond Index, which returned 4.32%. • Top contributors to relative performance • Duration positioning. • Sector allocation, particularly overweights to life care, nursing home, incremental‑tax, airport and appropriation bonds. • Certain individual securities, led by Puerto Rico sales‑tax revenue, and Centerra Metropolitan District bonds. • Top detractors from relative performance • Credit quality positioning, especially an overweight to bonds rated lower investment grade and below investment grade. • Security selection, particularly in Brightline, American Dream at the Meadowlands, Painted Prairie Public Improvement District, and Maryland Proton Therapy Center bonds. • An underweight to tax‑supported debt. |
| 1 | continued>> |
How did the Fund perform over the period since inception?
Fund Performance (June 30, 2016 through March 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
| 1‑Year | 5‑Year | Since Inception ( | ||||
| |
( |
|||||
| |
||||||
| |
||||||
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
| 2 | continued>> |
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$ |
|||
| Total number of portfolio holdings |
||||
| Portfolio turnover (%) |
||||
| Total management fees paid for the year |
$ |
|||
What did the Fund invest in? (as of March 31, 2026)
| (1) | |
| (2) | |
| (3) | |
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787 .
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| • | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
| 67065Q566_AR_0326 5366873 |
|
| 3 |
| |
Annual Shareholder Report March 31, 2026 |
Annual Shareholder Report
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class I Shares |
$ |
|||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen All‑American Municipal Bond Fund returned 3.02% for Class I Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund underperformed the S&P Municipal Bond Index, which returned 4.32%. • Top contributors to relative performance • Duration positioning. • Sector allocation, particularly overweights to life care, nursing home, incremental‑tax, airport and appropriation bonds. • Certain individual securities, led by Puerto Rico sales‑tax revenue, and Centerra Metropolitan District bonds. • Top detractors from relative performance • Credit quality positioning, especially an overweight to bonds rated lower investment grade and below investment grade. • Security selection, particularly in Brightline, American Dream at the Meadowlands, Painted Prairie Public Improvement District, and Maryland Proton Therapy Center bonds. • An underweight to tax‑supported debt. |
| 1 | continued>> |
How did the Fund perform over the last 10 years?
Fund Performance (April 1, 2016 through March 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| |
( |
|||||
| |
||||||
| |
||||||
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
| 2 | continued>> |
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$ |
|||
| Total number of portfolio holdings |
||||
| Portfolio turnover (%) |
||||
| Total management fees paid for the year |
$ |
|||
What did the Fund invest in? (as of March 31, 2026)
| (1) | |
| (2) | |
| (3) | |
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787 .
| 3 | continued>> |
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| • | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
| 67065Q855_AR_0326 5366873 |
|
| 4 |
| |
Annual Shareholder Report March 31, 2026 |
Annual Shareholder Report
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class A Shares |
$ |
|||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Intermediate Duration Municipal Bond Fund returned 3.96% for Class A Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund underperformed the S&P Municipal Bond Intermediate Index, which returned 4.71%. • Top contributors to relative performance • Credit quality positioning, especially an overweight to A‑rated, BBB‑rated and non‑rated bonds. • Sector allocation, particularly an overweight to the housing, airport and health care bond sectors. • Security selection in the housing and industrial development revenue bond sectors. • Top detractors from relative performance • Duration and yield curve positioning, particularly an overweight to short-duration bonds. • Security selection in the transportation, tobacco and tax‑supported sectors. |
| 1 | continued>> |
How did the Fund perform over the last 10 years?
Fund Performance (April 1, 2016 through March 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| |
||||||
| |
||||||
| |
||||||
| |
||||||
| |
||||||
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
| 2 | continued>> |
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$ |
|||
| Total number of portfolio holdings |
||||
| Portfolio turnover (%) |
||||
| Total management fees paid for the year |
$ |
|||
What did the Fund invest in? (as of March 31, 2026)
| (1) | |
| (2) | |
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787 .
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| • | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
| 67065Q202_AR_0326 5366881 |
|
| 3 |
| |
Annual Shareholder Report March 31, 2026 |
Annual Shareholder Report
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class C Shares |
$ |
|||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Intermediate Duration Municipal Bond Fund returned 3.11% for Class C Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund underperformed the S&P Municipal Bond Intermediate Index, which returned 4.71%. • Top contributors to relative performance • Credit quality positioning, especially an overweight to A‑rated, BBB‑rated and non‑rated bonds. • Sector allocation, particularly an overweight to the housing, airport and health care bond sectors. • Security selection in the housing and industrial development revenue bond sectors. • Top detractors from relative performance • Duration and yield curve positioning, particularly an overweight to short-duration bonds. • Security selection in the transportation, tobacco and tax‑supported sectors. |
| 1 | continued>> |
How did the Fund perform over the last 10 years?
Fund Performance (April 1, 2016 through March 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| |
||||||
| |
||||||
| |
||||||
| |
||||||
Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
| 2 | continued>> |
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$ |
|||
| Total number of portfolio holdings |
||||
| Portfolio turnover (%) |
||||
| Total management fees paid for the year |
$ |
|||
What did the Fund invest in? (as of March 31, 2026)
| (1) | |
| (2) | |
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787 .
| 3 | continued>> |
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| • | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
| 67065Q640_AR_0326 5366881 |
|
| 4 |
| |
Annual Shareholder Report March 31, 2026 |
Annual Shareholder Report
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class I Shares |
$ |
|||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Intermediate Duration Municipal Bond Fund returned 4.16% for Class I Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund underperformed the S&P Municipal Bond Intermediate Index, which returned 4.71%. • Top contributors to relative performance • Credit quality positioning, especially an overweight to A‑rated, BBB‑rated and non‑rated bonds. • Sector allocation, particularly an overweight to the housing, airport and health care bond sectors. • Security selection in the housing and industrial development revenue bond sectors. • Top detractors from relative performance • Duration and yield curve positioning, particularly an overweight to short-duration bonds. • Security selection in the transportation, tobacco and tax‑supported sectors. |
| 1 | continued>> |
How did the Fund perform over the last 10 years?
Fund Performance (April 1, 2016 through March 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| |
||||||
| |
||||||
| |
||||||
| |
||||||
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
| 2 | continued>> |
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$ |
|||
| Total number of portfolio holdings |
||||
| Portfolio turnover (%) |
||||
| Total management fees paid for the year |
$ |
|||
What did the Fund invest in? (as of March 31, 2026)
| (1) | |
| (2) | |
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787 .
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| • | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
| 67065Q400_AR_0326 5366881 |
|
| 3 |
| |
Annual Shareholder Report March 31, 2026 |
Annual Shareholder Report
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class A Shares |
$ |
|||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Limited Term Municipal Bond Fund returned 3.53% for Class A Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund underperformed the S&P Municipal Bond Short-Intermediate Index, which returned 3.86%. • Top contributors to relative performance • Credit quality positioning, especially an overweight to A‑rated, BBB‑rated and non‑rated bonds. • Sector allocation, particularly an underweight to tax‑supported bonds and an overweight to housing, tobacco settlement and airport bonds. • Security selection in the housing, tobacco and utility sectors. • Top detractors from relative performance • Duration and yield curve positioning, particularly an overweight to shorter-duration bonds. • Security selection in the transportation and tax‑supported sectors. |
| 1 | continued>> |
How did the Fund perform over the last 10 years?
Fund Performance (April 1, 2016 through March 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| |
||||||
| |
||||||
| |
||||||
| |
||||||
| |
||||||
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
| 2 | continued>> |
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$ |
|||
| Total number of portfolio holdings |
||||
| Portfolio turnover (%) |
||||
| Total management fees paid for the year |
$ |
|||
What did the Fund invest in? (as of March 31, 2026)
| (1) | |
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787 .
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| • | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
| 67065Q848_AR_0326 5366890 |
|
| 3 |
| |
Annual Shareholder Report March 31, 2026 |
Annual Shareholder Report
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class C Shares |
$ |
|||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Limited Term Municipal Bond Fund returned 2.69% for Class C Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund underperformed the S&P Municipal Bond Short-Intermediate Index, which returned 3.86%. • Top contributors to relative performance • Credit quality positioning, especially an overweight to A‑rated, BBB‑rated and non‑rated bonds. • Sector allocation, particularly an underweight to tax‑supported bonds and an overweight to housing, tobacco settlement and airport bonds. • Security selection in the housing, tobacco and utility sectors. • Top detractors from relative performance • Duration and yield curve positioning, particularly an overweight to shorter-duration bonds. • Security selection in the transportation and tax‑supported sectors. |
| 1 | continued>> |
How did the Fund perform over the last 10 years?
Fund Performance (April 1, 2016 through March 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| |
||||||
| |
||||||
| |
||||||
| |
||||||
Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
| 2 | continued>> |
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$ |
|||
| Total number of portfolio holdings |
||||
| Portfolio turnover (%) |
||||
| Total management fees paid for the year |
$ |
|||
What did the Fund invest in? (as of March 31, 2026)
| (1) | |
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787 .
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| • | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
| 67065Q632_AR_0326 5366890 |
|
| 3 |
| |
Annual Shareholder Report March 31, 2026 |
Annual Shareholder Report
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class I Shares |
$ |
|||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Limited Term Municipal Bond Fund returned 3.62% for Class I Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund performed in line with the S&P Municipal Bond Short-Intermediate Index, which returned 3.86%. • Top contributors to relative performance • Credit quality positioning, especially an overweight to A‑rated, BBB‑rated and non‑rated bonds. • Sector allocation, particularly an underweight to tax‑supported bonds and an overweight to housing, tobacco settlement and airport bonds. • Security selection in the housing, tobacco and utility sectors. • Top detractors from relative performance • Duration and yield curve positioning, particularly an overweight to shorter-duration bonds. • Security selection in the transportation and tax‑supported sectors. |
| 1 | continued>> |
How did the Fund perform over the last 10 years?
Fund Performance (April 1, 2016 through March 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| |
||||||
| |
||||||
| |
||||||
| |
||||||
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
| 2 | continued>> |
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$ |
|||
| Total number of portfolio holdings |
||||
| Portfolio turnover (%) |
||||
| Total management fees paid for the year |
$ |
|||
What did the Fund invest in? (as of March 31, 2026)
| (1) | |
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787 .
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| • | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
| 67065Q822_AR_0326 5366890 |
|
| 3 |
| |
Annual Shareholder Report March 31, 2026 |
Annual Shareholder Report
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class A Shares |
$ |
|||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen High Yield Municipal Bond Fund returned 2.72% for Class A Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund underperformed the S&P Municipal Yield Index, which returned 3.63%. • Top contributors to relative performance • Duration positioning, particularly an underweight to bonds with durations of four to six years and an overweight to bonds with durations of four to 12 years. • Sector allocation, particularly overweights to tax‑increment and dedicated‑tax bonds, and an underweight to industrial development revenue bonds. • An underweight to A‑rated and BBB‑rated bonds, and an overweight to non‑rated bonds. • Security selection among non‑rated bonds, particularly a lack of exposure to Brightline West bonds, which are held in the Fund’s benchmark. • Top detractors from relative performance • The Fund’s use of leverage through its investment in inverse floating rate securities. • An underweight to bonds with durations of eight to 12 years. • Credit quality positioning, particularly an underweight to BB‑rated bonds and an overweight to AA‑rated bonds. • An overweight to public power bonds, an underweight to multi-family housing bonds, and an underweight to life care bonds, despite favorable security selection in this last category. |
| 1 | continued>> |
How did the Fund perform over the last 10 years?
Fund Performance (April 1, 2016 through March 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| |
||||||
| |
( |
( |
||||
| |
||||||
| |
||||||
| |
||||||
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
| 2 | continued>> |
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$ |
|||
| Total number of portfolio holdings |
||||
| Portfolio turnover (%) |
||||
| Total management fees paid for the year |
$ |
|||
What did the Fund invest in? (as of March 31, 2026)
| (1) | |
| (2) | |
| (3) | |
How has the Fund changed?
| • | Portfolio Manager Update: Effective May 9, 2025, Steve Hlavin was added as a portfolio manager of the Fund. |
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787 .
| 3 | continued>> |
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| • | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
| 67065Q749_AR_0326 5366830 |
|
| 4 |
| |
Annual Shareholder Report March 31, 2026 |
Annual Shareholder Report
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class C Shares |
$ |
|||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen High Yield Municipal Bond Fund returned 1.96% for Class C Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund underperformed the S&P Municipal Yield Index, which returned 3.63%. • Top contributors to relative performance • Duration positioning, particularly an underweight to bonds with durations of four to six years and an overweight to bonds with durations of four to 12 years. • Sector allocation, particularly overweights to tax‑increment and dedicated‑tax bonds, and an underweight to industrial development revenue bonds. • An underweight to A‑rated and BBB‑rated bonds, and an overweight to non‑rated bonds. • Security selection among non‑rated bonds, particularly a lack of exposure to Brightline West bonds, which are held in the Fund’s benchmark. • Top detractors from relative performance • The Fund’s use of leverage through its investment in inverse floating rate securities. • An underweight to bonds with durations of eight to 12 years. • Credit quality positioning, particularly an underweight to BB‑rated bonds and an overweight to AA‑rated bonds. • An overweight to public power bonds, an underweight to multi-family housing bonds, and an underweight to life care bonds, despite favorable security selection in this last category. |
| 1 | continued>> |
How did the Fund perform over the last 10 years?
Fund Performance (April 1, 2016 through March 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| |
( |
|||||
| |
||||||
| |
||||||
| |
||||||
Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
| 2 | continued>> |
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$ |
|||
| Total number of portfolio holdings |
||||
| Portfolio turnover (%) |
||||
| Total management fees paid for the year |
$ |
|||
What did the Fund invest in? (as of March 31, 2026)
| (1) | |
| (2) | |
| (3) | |
How has the Fund changed?
| • | Portfolio Manager Update: Effective May 9, 2025, Steve Hlavin was added as a portfolio manager of the Fund. |
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787 .
| 3 | continued>> |
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| • | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
| 67065Q624_AR_0326 5366830 |
|
| 4 |
|
|
Annual Shareholder Report March 31, 2026 |
Annual Shareholder Report
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class R6 Shares |
$ |
|||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen High Yield Municipal Bond Fund returned 2.98% for Class R6 Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund underperformed the S&P Municipal Yield Index, which returned 3.63%. • Top contributors to relative performance • Duration positioning, particularly an underweight to bonds with durations of four to six years and an overweight to bonds with durations of four to 12 years. • Sector allocation, particularly overweights to tax‑increment and dedicated‑tax bonds, and an underweight to industrial development revenue bonds. • An underweight to A‑rated and BBB‑rated bonds, and an overweight to non‑rated bonds. • Security selection among non‑rated bonds, particularly a lack of exposure to Brightline West bonds, which are held in the Fund’s benchmark. • Top detractors from relative performance • The Fund’s use of leverage through its investment in inverse floating rate securities. • An underweight to bonds with durations of eight to 12 years. • Credit quality positioning, particularly an underweight to BB‑rated bonds and an overweight to AA‑rated bonds. • An overweight to public power bonds, an underweight to multi-family housing bonds, and an underweight to life care bonds, despite favorable security selection in this last category. |
| 1 | continued>> |
How did the Fund perform over the period since inception?
Fund Performance (June 30, 2016 through March 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
| 1‑Year | 5‑Year | Since Inception ( | ||||
| |
||||||
| |
||||||
| |
||||||
| |
||||||
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
| 2 | continued>> |
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$ |
|||
| Total number of portfolio holdings |
||||
| Portfolio turnover (%) |
||||
| Total management fees paid for the year |
$ |
|||
What did the Fund invest in? (as of March 31, 2026)
| (1) | |
| (2) | |
| (3) | |
How has the Fund changed?
Portfolio Manager Update: Effective May 9, 2025, Steve Hlavin was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787 .
| 3 | continued>> |
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| • | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
| 67065Q558_AR_0326 5366830 |
|
| 4 |
| |
Annual Shareholder Report March 31, 2026 |
Annual Shareholder Report
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class I Shares |
$ |
|||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen High Yield Municipal Bond Fund returned 2.87% for Class I Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund underperformed the S&P Municipal Yield Index, which returned 3.63%. • Top contributors to relative performance • Duration positioning, particularly an underweight to bonds with durations of four to six years and an overweight to bonds with durations of four to 12 years. • Sector allocation, particularly overweights to tax‑increment and dedicated‑tax bonds, and an underweight to industrial development revenue bonds. • An underweight to A‑rated and BBB‑rated bonds, and an overweight to non‑rated bonds. • Security selection among non‑rated bonds, particularly a lack of exposure to Brightline West bonds, which are held in the Fund’s benchmark. • Top detractors from relative performance • The Fund’s use of leverage through its investment in inverse floating rate securities. • An underweight to bonds with durations of eight to 12 years. • Credit quality positioning, particularly an underweight to BB‑rated bonds and an overweight to AA‑rated bonds. • An overweight to public power bonds, an underweight to multi-family housing bonds, and an underweight to life care bonds, despite favorable security selection in this last category. |
| 1 | continued>> |
How did the Fund perform over the last 10 years?
Fund Performance (April 1, 2016 through March 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| |
||||||
| |
||||||
| |
||||||
| |
||||||
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
| 2 | continued>> |
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$ |
|||
| Total number of portfolio holdings |
||||
| Portfolio turnover (%) |
||||
| Total management fees paid for the year |
$ |
|||
What did the Fund invest in? (as of March 31, 2026)
| (1) | |
| (2) | |
| (3) | |
How has the Fund changed?
| • | Portfolio Manager Update: Effective May 9, 2025, Steve Hlavin was added as a portfolio manager of the Fund. |
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787 .
| 3 | continued>> |
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| • | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
| 67065Q772_AR_0326 5366830 |
|
| 4 |
| |
Annual Shareholder Report March 31, 2026 |
Annual Shareholder Report
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class A Shares |
$ |
|||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Short Duration High Yield Municipal Bond Fund returned 2.25% for Class A Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund underperformed the S&P Municipal Short Duration Yield Index, which returned 3.25%. • Top contributors to relative performance • The Fund’s yield component of its total return. • An overweight to the utility bond sector and an underweight to the industrial development revenue bond sector. • Duration positioning. • Tender option bonds, which added incremental yield without adding any meaningful increase in duration. • Top detractors from relative performance • An underweight to Puerto Rico bonds. • An underweight to the housing bond sector. • An overweight to non‑rated bonds. |
| 1 | continued>> |
How did the Fund perform over the last 10 years?
Fund Performance (April 1, 2016 through March 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| |
||||||
| |
( |
|||||
| |
||||||
| |
||||||
| |
||||||
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
| 2 | continued>> |
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$ |
|||
| Total number of portfolio holdings |
||||
| Portfolio turnover (%) |
||||
| Total management fees paid for the year |
$ |
|||
What did the Fund invest in? (as of March 31, 2026)
| (1) | |
| (2) | |
| (3) | |
How has the Fund changed?
| • | Portfolio Manager Update: Effective May 9, 2025, Dan Close was added as a portfolio manager of the Fund. |
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787 .
| 3 | continued>> |
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| • | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
| 67065Q673_AR_0326 5366840 |
|
| 4 |
| |
Annual Shareholder Report March 31, 2026 |
Annual Shareholder Report
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class C Shares |
$ |
|||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Short Duration High Yield Municipal Bond Fund returned 1.51% for Class C Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund underperformed the S&P Municipal Short Duration Yield Index, which returned 3.25%. • Top contributors to relative performance • The Fund’s yield component of its total return. • An overweight to the utility bond sector and an underweight to the industrial development revenue bond sector. • Duration positioning. • Tender option bonds, which added incremental yield without adding any meaningful increase in duration. • Top detractors from relative performance • An underweight to Puerto Rico bonds. • An underweight to the housing bond sector. • An overweight to non-rated bonds. |
| 1 | continued>> |
How did the Fund perform over the last 10 years?
Fund Performance (April 1, 2016 through March 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
| 1-Year | 5-Year | 10-Year | ||||
| |
||||||
| |
||||||
| |
||||||
| |
||||||
Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.
| 2 | continued>> |
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$ |
|||
| Total number of portfolio holdings |
||||
| Portfolio turnover (%) |
||||
| Total management fees paid for the year |
$ |
|||
What did the Fund invest in? (as of March 31, 2026)
 |
 |
| (1) | |
| (2) | |
| (3) | |
How has the Fund changed?
Portfolio Manager Update: Effective May 9, 2025, Dan Close was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787 .
| 3 | continued>> |
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
| 67065Q616_AR_0326 5366840 |
|
| 4 |
| |
Annual Shareholder Report March 31, 2026 |
Annual Shareholder Report
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class I Shares |
$ |
|||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Short Duration High Yield Municipal Bond Fund returned 2.55% for Class I Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund underperformed the S&P Municipal Short Duration Yield Index, which returned 3.25%. • Top contributors to relative performance • The Fund’s yield component of its total return. • An overweight to the utility bond sector and an underweight to the industrial development revenue bond sector. • Duration positioning. • Tender option bonds, which added incremental yield without adding any meaningful increase in duration. • Top detractors from relative performance • An underweight to Puerto Rico bonds. • An underweight to the housing bond sector. • An overweight to non‑rated bonds. |
| 1 | continued>> |
How did the Fund perform over the last 10 years?
Fund Performance (April 1, 2016 through March 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| |
||||||
| |
||||||
| |
||||||
| |
||||||
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
| 2 | continued>> |
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$ |
|||
| Total number of portfolio holdings |
||||
| Portfolio turnover (%) |
||||
| Total management fees paid for the year |
$ |
|||
What did the Fund invest in? (as of March 31, 2026)
| (1) | |
| (2) | |
| (3) | |
How has the Fund changed?
| • | Portfolio Manager Update: Effective May 9, 2025, Dan Close was added as a portfolio manager of the Fund. |
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787 .
| 3 | continued>> |
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| • | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
| 67065Q699_AR_0326 5366840 |
|
| 4 |
| |
Annual Shareholder Report March 31, 2026 |
Annual Shareholder Report
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class A Shares |
$ |
|||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Strategic Municipal Opportunities Fund returned 2.86% for Class A Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund underperformed the S&P Municipal Bond Index, which returned 4.32%. • Top contributors to relative performance • Duration positioning. • Sector allocation, particularly overweights to nursing home, health care, incremental-tax and appropriation bonds. • Certain individual securities, led by Puerto Rico contingent value instruments, Georgia Express Lanes toll-road, and Colorado Education & Cultural Facilities bonds. • Top detractors from relative performance • Credit quality positioning, especially an overweight to bonds rated lower investment grade and below investment grade. • Security selection, particularly in Brightline, American Dream at the Meadowlands, Painted Prairie Public Improvement District, and Maryland Proton Therapy Center bonds. • An underweight to tax-supported bonds. • Interest rate hedges held for a portion of the reporting period. |
| 1 | continued>> |
How did the Fund perform over the last 10 years?
Fund Performance (April 1, 2016 through March 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
| 1-Year | 5-Year | 10-Year | ||||
| |
||||||
| |
( |
|||||
| |
||||||
| |
||||||
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.
| 2 | continued>> |
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$ |
|||
| Total number of portfolio holdings |
||||
| Portfolio turnover (%) |
||||
| Total management fees paid for the year |
$ |
|||
What did the Fund invest in? (as of March 31, 2026)
 |
 |
| (1) | |
| (2) | |
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787 .
| 3 | continued>> |
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
| 67065Q590_AR_0326 5366862 |
|
| 4 |
| |
Annual Shareholder Report March 31, 2026 |
Annual Shareholder Report
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class C Shares |
$ |
|||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Strategic Municipal Opportunities Fund returned 1.94% for Class C Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund underperformed the S&P Municipal Bond Index, which returned 4.32%. • Top contributors to relative performance • Duration positioning. • Sector allocation, particularly overweights to nursing home, health care, incremental-tax and appropriation bonds. • Certain individual securities, led by Puerto Rico contingent value instruments, Georgia Express Lanes toll-road, and Colorado Education & Cultural Facilities bonds. • Top detractors from relative performance • Credit quality positioning, especially an overweight to bonds rated lower investment grade and below investment grade. • Security selection, particularly in Brightline, American Dream at the Meadowlands, Painted Prairie Public Improvement District, and Maryland Proton Therapy Center bonds. • An underweight to tax-supported bonds. • Interest rate hedges held for a portion of the reporting period. |
| 1 | continued>> |
How did the Fund perform over the last 10 years?
Fund Performance (April 1, 2016 through March 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
| 1-Year | 5-Year | 10-Year | ||||
| |
( |
|||||
| |
||||||
| |
||||||
Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.
| 2 | continued>> |
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$ |
|||
| Total number of portfolio holdings |
||||
| Portfolio turnover (%) |
||||
| Total management fees paid for the year |
$ |
|||
What did the Fund invest in? (as of March 31, 2026)
 |
 |
| (1) | |
| (2) | |
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787 .
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Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
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Annual Shareholder Report March 31, 2026 |
Annual Shareholder Report
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class I Shares |
$ |
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* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Strategic Municipal Opportunities Fund returned 3.00% for Class I Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund underperformed the S&P Municipal Bond Index, which returned 4.32%. • Top contributors to relative performance • Duration positioning. • Sector allocation, particularly overweights to nursing home, health care, incremental-tax and appropriation bonds. • Certain individual securities, led by Puerto Rico contingent value instruments, Georgia Express Lanes toll-road, and Colorado Education & Cultural Facilities bonds. • Top detractors from relative performance • Credit quality positioning, especially an overweight to bonds rated lower investment grade and below investment grade. • Security selection, particularly in Brightline, American Dream at the Meadowlands, Painted Prairie Public Improvement District, and Maryland Proton Therapy Center bonds. • An underweight to tax-supported bonds. • Interest rate hedges held for a portion of the reporting period. |
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How did the Fund perform over the last 10 years?
Fund Performance (April 1, 2016 through March 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
| 1-Year | 5-Year | 10-Year | ||||
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Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.
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Fund Statistics (as of March 31, 2026)
| Fund net assets |
$ |
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| Total number of portfolio holdings |
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| Portfolio turnover (%) |
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| Total management fees paid for the year |
$ |
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What did the Fund invest in? (as of March 31, 2026)
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How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787 .
| 3 | continued>> |
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
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