Shareholder Report
Mar. 31, 2026
USD ($)
Holding
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class I Shares |
$44 | 0.43% | ||
* 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. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| Class I Shares at NAV |
4.16% | 1.11% | 2.23% | |||
| S&P Municipal Bond Index |
4.32% | 1.08% | 2.25% | |||
| S&P Municipal Bond Intermediate Index |
4.71% | 1.18% | 2.19% | |||
| Lipper Intermediate Municipal Debt Funds Classification Average |
4.24% | 1.05% | 1.87% | |||
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$8,758,140,977 | |||
| Total number of portfolio holdings |
1,901 | |||
| Portfolio turnover (%) |
24% | |||
| Total management fees paid for the year |
$ 31,282,013 | |||
| (1) | Affiliated investment. |
| (2) | The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. |
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class C Shares |
$145 | 1.43% | ||
* 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. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| Class C Shares at NAV (excluding maximum sales charge) |
3.11% | 0.11% | 1.37% | |||
| S&P Municipal Bond Index |
4.32% | 1.08% | 2.25% | |||
| S&P Municipal Bond Intermediate Index |
4.71% | 1.18% | 2.19% | |||
| Lipper Intermediate Municipal Debt Funds Classification Average |
4.24% | 1.05% | 1.87% | |||
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$8,758,140,977 | |||
| Total number of portfolio holdings |
1,901 | |||
| Portfolio turnover (%) |
24% | |||
| Total management fees paid for the year |
$ 31,282,013 | |||
| (1) | Affiliated investment. |
| (2) | The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. |
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class A Shares |
$64 | 0.63% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen 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. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| Class A Shares at NAV (excluding maximum sales charge) |
3.96% | 0.91% | 2.03% | |||
| Class A Shares at maximum sales charge (Offering Price) |
0.84% | 0.29% | 1.72% | |||
| S&P Municipal Bond Index |
4.32% | 1.08% | 2.25% | |||
| S&P Municipal Bond Intermediate Index |
4.71% | 1.18% | 2.19% | |||
| Lipper Intermediate Municipal Debt Funds Classification Average |
4.24% | 1.05% | 1.87% | |||
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$8,758,140,977 | |||
| Total number of portfolio holdings |
1,901 | |||
| Portfolio turnover (%) |
24% | |||
| Total management fees paid for the year |
$ 31,282,013 | |||
| (1) | Affiliated investment. |
| (2) | The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. |
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class A Shares |
$79 | 0.78% | ||
* 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. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| Class A Shares at NAV (excluding maximum sales charge) |
2.89% | (0.56)% | 1.78% | |||
| Class A Shares at maximum sales charge (Offering Price) |
(1.46)% | (1.41)% | 1.34% | |||
| S&P Municipal Bond Index |
4.32% | 1.08% | 2.25% | |||
| Lipper General & Insured Municipal Debt Funds Classification Average |
3.75% | 0.54% | 1.94% | |||
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$3,484,044,934 | |||
| Total number of portfolio holdings |
888 | |||
| Portfolio turnover (%) |
61% | |||
| Total management fees paid for the year |
$ 14,799,483 | |||
| (1) | 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. |
| (2) | Affiliated investment. |
| (3) | The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. |
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class C Shares |
$160 | 1.58% | ||
* 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. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| Class C Shares at NAV (excluding maximum sales charge) |
2.08% | (1.35)% | 1.12% | |||
| S&P Municipal Bond Index |
4.32% | 1.08% | 2.25% | |||
| Lipper General & Insured Municipal Debt Funds Classification Average |
3.75% | 0.54% | 1.94% | |||
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$3,484,044,934 | |||
| Total number of portfolio holdings |
888 | |||
| Portfolio turnover (%) |
61% | |||
| Total management fees paid for the year |
$ 14,799,483 | |||
| (1) | 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. |
| (2) | Affiliated investment. |
| (3) | The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. |
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class R6 Shares |
$56 | 0.55% | ||
* 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. |
Average Annual Total Returns
| 1‑Year | 5‑Year | Since Inception (6/30/16) | ||||
| Class R6 Shares at NAV |
3.14% | (0.34)% | 1.68% | |||
| S&P Municipal Bond Index |
4.32% | 1.08% | 2.03% | |||
| Lipper General & Insured Municipal Debt Funds Classification Average |
3.75% | 0.54% | 1.68% | |||
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$3,484,044,934 | |||
| Total number of portfolio holdings |
888 | |||
| Portfolio turnover (%) |
61% | |||
| Total management fees paid for the year |
$ 14,799,483 | |||
| (1) | 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. |
| (2) | Affiliated investment. |
| (3) | The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. |
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class I Shares |
$59 | 0.58% | ||
* 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. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| Class I Shares at NAV |
3.02% | (0.35)% | 1.98% | |||
| S&P Municipal Bond Index |
4.32% | 1.08% | 2.25% | |||
| Lipper General & Insured Municipal Debt Funds Classification Average |
3.75% | 0.54% | 1.94% | |||
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$3,484,044,934 | |||
| Total number of portfolio holdings |
888 | |||
| Portfolio turnover (%) |
61% | |||
| Total management fees paid for the year |
$ 14,799,483 | |||
| (1) | 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. |
| (2) | Affiliated investment. |
| (3) | The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. |
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class I Shares |
$44 | 0.43% | ||
* 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. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| Class I Shares at NAV |
3.62% | 1.44% | 1.91% | |||
| S&P Municipal Bond Index |
4.32% | 1.08% | 2.25% | |||
| S&P Municipal Bond Short-Intermediate Index |
3.86% | 1.38% | 1.82% | |||
| Lipper Short-Intermediate Municipal Debt Funds Classification Average |
3.77% | 1.23% | 1.50% | |||
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$4,604,914,558 | |||
| Total number of portfolio holdings |
1,049 | |||
| Portfolio turnover (%) |
30% | |||
| Total management fees paid for the year |
$ 16,267,760 | |||
| (1) | The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. |
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class C Shares |
$145 | 1.43% | ||
* 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. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| Class C Shares at NAV (excluding maximum sales charge) |
2.69% | 0.45% | 1.07% | |||
| S&P Municipal Bond Index |
4.32% | 1.08% | 2.25% | |||
| S&P Municipal Bond Short-Intermediate Index |
3.86% | 1.38% | 1.82% | |||
| Lipper Short-Intermediate Municipal Debt Funds Classification Average |
3.77% | 1.23% | 1.50% | |||
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$4,604,914,558 | |||
| Total number of portfolio holdings |
1,049 | |||
| Portfolio turnover (%) |
30% | |||
| Total management fees paid for the year |
$ 16,267,760 | |||
| (1) | The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. |
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class A Shares |
$64 | 0.63% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen 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. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| Class A Shares at NAV (excluding maximum sales charge) |
3.53% | 1.25% | 1.71% | |||
| Class A Shares at maximum sales charge (Offering Price) |
0.93% | 0.74% | 1.45% | |||
| S&P Municipal Bond Index |
4.32% | 1.08% | 2.25% | |||
| S&P Municipal Bond Short-Intermediate Index |
3.86% | 1.38% | 1.82% | |||
| Lipper Short-Intermediate Municipal Debt Funds Classification Average |
3.77% | 1.23% | 1.50% | |||
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$4,604,914,558 | |||
| Total number of portfolio holdings |
1,049 | |||
| Portfolio turnover (%) |
30% | |||
| Total management fees paid for the year |
$ 16,267,760 | |||
| (1) | The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. |
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class A Shares |
$193 | 1.90% | ||
* 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. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| Class A Shares at NAV (excluding maximum sales charge) |
2.72% | 0.40% | 3.06% | |||
| Class A Shares at maximum sales charge (Offering Price) |
(1.62)% | (0.46)% | 2.62% | |||
| S&P Municipal Bond Index |
4.32% | 1.08% | 2.25% | |||
| S&P Municipal Yield Index |
3.63% | 1.69% | 3.83% | |||
| Lipper High Yield Municipal Debt Funds Classification Average |
2.85% | 0.83% | 2.64% | |||
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$12,404,502,650 | |||
| Total number of portfolio holdings |
2,751 | |||
| Portfolio turnover (%) |
15% | |||
| Total management fees paid for the year |
$ 63,024,651 | |||
| (1) | 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. |
| (2) | Affiliated investment. |
| (3) | 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. |
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.
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.
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 |
$273 | 2.70% | ||
* 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. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| Class C Shares at NAV (excluding maximum sales charge) |
1.96% | (0.40)% | 2.40% | |||
| S&P Municipal Bond Index |
4.32% | 1.08% | 2.25% | |||
| S&P Municipal Yield Index |
3.63% | 1.69% | 3.83% | |||
| Lipper High Yield Municipal Debt Funds Classification Average |
2.85% | 0.83% | 2.64% | |||
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$12,404,502,650 | |||
| Total number of portfolio holdings |
2,751 | |||
| Portfolio turnover (%) |
15% | |||
| Total management fees paid for the year |
$ 63,024,651 | |||
| (1) | 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. |
| (2) | Affiliated investment. |
| (3) | 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. |
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.
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.
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 |
$168 | 1.66% | ||
* 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. |
Average Annual Total Returns
| 1‑Year | 5‑Year | Since Inception (6/30/16) | ||||
| Class R6 Shares at NAV |
2.98% | 0.63% | 2.91% | |||
| S&P Municipal Bond Index |
4.32% | 1.08% | 2.03% | |||
| S&P Municipal Yield Index |
3.63% | 1.69% | 3.46% | |||
| Lipper High Yield Municipal Debt Funds Classification Average |
2.85% | 0.83% | 2.30% | |||
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$12,404,502,650 | |||
| Total number of portfolio holdings |
2,751 | |||
| Portfolio turnover (%) |
15% | |||
| Total management fees paid for the year |
$ 63,024,651 | |||
| (1) | 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. |
| (2) | Affiliated investment. |
| (3) | 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. |
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.
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.
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 |
$172 | 1.70% | ||
* 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. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| Class I Shares at NAV |
2.87% | 0.60% | 3.26% | |||
| S&P Municipal Bond Index |
4.32% | 1.08% | 2.25% | |||
| S&P Municipal Yield Index |
3.63% | 1.69% | 3.83% | |||
| Lipper High Yield Municipal Debt Funds Classification Average |
2.85% | 0.83% | 2.64% | |||
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$12,404,502,650 | |||
| Total number of portfolio holdings |
2,751 | |||
| Portfolio turnover (%) |
15% | |||
| Total management fees paid for the year |
$ 63,024,651 | |||
| (1) | 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. |
| (2) | Affiliated investment. |
| (3) | 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. |
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.
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.
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 |
$68 | 0.67% | ||
* 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. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| Class I Shares at NAV |
2.55% | 2.27% | 3.17% | |||
| S&P Municipal Bond Index |
4.32% | 1.08% | 2.25% | |||
| S&P Short Duration Municipal Yield Index |
3.25% | 2.24% | 3.38% | |||
| Lipper High Yield Municipal Debt Funds Classification Average |
2.85% | 0.83% | 2.64% | |||
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$6,421,508,663 | |||
| Total number of portfolio holdings |
2,784 | |||
| Portfolio turnover (%) |
30% | |||
| Total management fees paid for the year |
$ 29,297,605 | |||
| (1) | 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. |
| (2) | Affiliated investment. |
| (3) | 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. |
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.
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.
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 |
$168 | 1.67% | ||
* 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. |
Average Annual Total Returns
| 1-Year | 5-Year | 10-Year | ||||
| Class C Shares at NAV (excluding maximum sales charge) |
1.51% | 1.26% | 2.32% | |||
| S&P Municipal Bond Index |
4.32% | 1.08% | 2.25% | |||
| S&P Short Duration Municipal Yield Index |
3.25% | 2.24% | 3.38% | |||
| Lipper High Yield Municipal Debt Funds Classification Average |
2.85% | 0.83% | 2.64% | |||
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$6,421,508,663 | |||
| Total number of portfolio holdings |
2,784 | |||
| Portfolio turnover (%) |
30% | |||
| Total management fees paid for the year |
$ 29,297,605 | |||
 |
 |
| (1) | 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. |
| (2) | Affiliated investment. |
| (3) | 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. |
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.
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.
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 |
$88 | 0.87% | ||
* 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. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| Class A Shares at NAV (excluding maximum sales charge) |
2.25% | 2.07% | 2.97% | |||
| Class A Shares at maximum sales charge (Offering Price) |
(0.31)% | 1.55% | 2.71% | |||
| S&P Municipal Bond Index |
4.32% | 1.08% | 2.25% | |||
| S&P Short Duration Municipal Yield Index |
3.25% | 2.24% | 3.38% | |||
| Lipper High Yield Municipal Debt Funds Classification Average |
2.85% | 0.83% | 2.64% | |||
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$6,421,508,663 | |||
| Total number of portfolio holdings |
2,784 | |||
| Portfolio turnover (%) |
30% | |||
| Total management fees paid for the year |
$ 29,297,605 | |||
| (1) | 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. |
| (2) | Affiliated investment. |
| (3) | 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. |
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.
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.
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 |
$86 | 0.85% | ||
* 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. |
Average Annual Total Returns
| 1-Year | 5-Year | 10-Year | ||||
| Class A Shares at NAV (excluding maximum sales charge) |
2.86% | 0.61% | 2.94% | |||
| Class A Shares at maximum sales charge (Offering Price) |
(0.23)% | 0.00% | 2.63% | |||
| S&P Municipal Bond Index |
4.32% | 1.08% | 2.25% | |||
| Lipper General & Insured Municipal Debt Funds Classification Average |
3.75% | 0.54% | 1.94% | |||
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$1,113,935,075 | |||
| Total number of portfolio holdings |
719 | |||
| Portfolio turnover (%) |
60% | |||
| Total management fees paid for the year |
$ 5,221,662 | |||
 |
 |
| (1) | 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. |
| (2) | 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. |
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.
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.
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 |
$167 | 1.65% | ||
* 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. |
Average Annual Total Returns
| 1-Year | 5-Year | 10-Year | ||||
| Class C Shares at NAV (excluding maximum sales charge) |
1.94% | (0.20)% | 2.27% | |||
| S&P Municipal Bond Index |
4.32% | 1.08% | 2.25% | |||
| Lipper General & Insured Municipal Debt Funds Classification Average |
3.75% | 0.54% | 1.94% | |||
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$1,113,935,075 | |||
| Total number of portfolio holdings |
719 | |||
| Portfolio turnover (%) |
60% | |||
| Total management fees paid for the year |
$ 5,221,662 | |||
 |
 |
| (1) | 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. |
| (2) | 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. |
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.
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.
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 |
$66 | 0.65% | ||
* 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. |
Average Annual Total Returns
| 1-Year | 5-Year | 10-Year | ||||
| Class I Shares at NAV |
3.00% | 0.81% | 3.14% | |||
| S&P Municipal Bond Index |
4.32% | 1.08% | 2.25% | |||
| Lipper General & Insured Municipal Debt Funds Classification Average |
3.75% | 0.54% | 1.94% | |||
Fund Statistics (as of March 31, 2026)
| Fund net assets |
$1,113,935,075 | |||
| Total number of portfolio holdings |
719 | |||
| Portfolio turnover (%) |
60% | |||
| Total management fees paid for the year |
$ 5,221,662 | |||
 |
 |
| (1) | 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. |
| (2) | 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. |
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.
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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