0001020660
nmt:C000000699Member
2016-03-31
2016-03-31
0001020660
nmt:C000000700Member
2016-03-31
2016-03-31
0001020660
nmt:C000000702Member
2016-03-31
2016-03-31
0001020660
nmt:C000000703Member
2016-03-31
2016-03-31
0001020660
nmt:C000001504Member
2016-03-31
2016-03-31
0001020660
nmt:C000001507Member
2016-03-31
2016-03-31
0001020660
nmt:C000001512Member
2016-03-31
2016-03-31
0001020660
nmt:C000001515Member
2016-03-31
2016-03-31
0001020660
nmt:C000122984Member
2016-03-31
2016-03-31
0001020660
nmt:C000122986Member
2016-03-31
2016-03-31
0001020660
nmt:C000149455Member
2016-03-31
2016-03-31
0001020660
nmt:C000149457Member
2016-03-31
2016-03-31
0001020660
nmt:SAndPMunicipalBondIndexMember
2016-03-31
2016-03-31
0001020660
nmt:SAndPMunicipalBondIntermediateIndexMember
2016-03-31
2016-03-31
0001020660
nmt:SAndPMunicipalBondShortIntermediateIndexMember
2016-03-31
2016-03-31
0001020660
nmt:SAndPMunicipalYieldIndexMember
2016-03-31
2016-03-31
0001020660
nmt:SAndPShortDurationMunicipalYieldIndexMember
2016-03-31
2016-03-31
0001020660
nmt:C000000699Member
2016-04-01
2018-03-31
0001020660
nmt:C000000700Member
2016-04-01
2018-03-31
0001020660
nmt:C000000702Member
2016-04-01
2018-03-31
0001020660
nmt:C000000703Member
2016-04-01
2018-03-31
0001020660
nmt:C000001504Member
2016-04-01
2018-03-31
0001020660
nmt:C000001507Member
2016-04-01
2018-03-31
0001020660
nmt:C000001512Member
2016-04-01
2018-03-31
0001020660
nmt:C000001515Member
2016-04-01
2018-03-31
0001020660
nmt:C000122984Member
2016-04-01
2018-03-31
0001020660
nmt:C000122986Member
2016-04-01
2018-03-31
0001020660
nmt:C000149455Member
2016-04-01
2018-03-31
0001020660
nmt:C000149457Member
2016-04-01
2018-03-31
0001020660
nmt:SAndPMunicipalBondIndexMember
2016-04-01
2018-03-31
0001020660
nmt:SAndPMunicipalBondIntermediateIndexMember
2016-04-01
2018-03-31
0001020660
nmt:SAndPMunicipalBondShortIntermediateIndexMember
2016-04-01
2018-03-31
0001020660
nmt:SAndPMunicipalYieldIndexMember
2016-04-01
2018-03-31
0001020660
nmt:SAndPShortDurationMunicipalYieldIndexMember
2016-04-01
2018-03-31
0001020660
nmt:C000000699Member
2016-04-01
2019-03-31
0001020660
nmt:C000000700Member
2016-04-01
2019-03-31
0001020660
nmt:C000000702Member
2016-04-01
2019-03-31
0001020660
nmt:C000000703Member
2016-04-01
2019-03-31
0001020660
nmt:C000001504Member
2016-04-01
2019-03-31
0001020660
nmt:C000001507Member
2016-04-01
2019-03-31
0001020660
nmt:C000001512Member
2016-04-01
2019-03-31
0001020660
nmt:C000001515Member
2016-04-01
2019-03-31
0001020660
nmt:C000122984Member
2016-04-01
2019-03-31
0001020660
nmt:C000122986Member
2016-04-01
2019-03-31
0001020660
nmt:C000149455Member
2016-04-01
2019-03-31
0001020660
nmt:C000149457Member
2016-04-01
2019-03-31
0001020660
nmt:SAndPMunicipalBondIndexMember
2016-04-01
2019-03-31
0001020660
nmt:SAndPMunicipalBondIntermediateIndexMember
2016-04-01
2019-03-31
0001020660
nmt:SAndPMunicipalBondShortIntermediateIndexMember
2016-04-01
2019-03-31
0001020660
nmt:SAndPMunicipalYieldIndexMember
2016-04-01
2019-03-31
0001020660
nmt:SAndPShortDurationMunicipalYieldIndexMember
2016-04-01
2019-03-31
0001020660
nmt:C000000699Member
2016-04-01
2020-03-31
0001020660
nmt:C000000700Member
2016-04-01
2020-03-31
0001020660
nmt:C000000702Member
2016-04-01
2020-03-31
0001020660
nmt:C000000703Member
2016-04-01
2020-03-31
0001020660
nmt:C000001504Member
2016-04-01
2020-03-31
0001020660
nmt:C000001507Member
2016-04-01
2020-03-31
0001020660
nmt:C000001512Member
2016-04-01
2020-03-31
0001020660
nmt:C000001515Member
2016-04-01
2020-03-31
0001020660
nmt:C000122984Member
2016-04-01
2020-03-31
0001020660
nmt:C000122986Member
2016-04-01
2020-03-31
0001020660
nmt:C000149455Member
2016-04-01
2020-03-31
0001020660
nmt:C000149457Member
2016-04-01
2020-03-31
0001020660
nmt:SAndPMunicipalBondIndexMember
2016-04-01
2020-03-31
0001020660
nmt:SAndPMunicipalBondIntermediateIndexMember
2016-04-01
2020-03-31
0001020660
nmt:SAndPMunicipalBondShortIntermediateIndexMember
2016-04-01
2020-03-31
0001020660
nmt:SAndPMunicipalYieldIndexMember
2016-04-01
2020-03-31
0001020660
nmt:SAndPShortDurationMunicipalYieldIndexMember
2016-04-01
2020-03-31
0001020660
nmt:C000000699Member
2016-04-01
2022-03-31
0001020660
nmt:C000000700Member
2016-04-01
2022-03-31
0001020660
nmt:C000000702Member
2016-04-01
2022-03-31
0001020660
nmt:C000000703Member
2016-04-01
2022-03-31
0001020660
nmt:C000001504Member
2016-04-01
2022-03-31
0001020660
nmt:C000001507Member
2016-04-01
2022-03-31
0001020660
nmt:C000001512Member
2016-04-01
2022-03-31
0001020660
nmt:C000001515Member
2016-04-01
2022-03-31
0001020660
nmt:C000122984Member
2016-04-01
2022-03-31
0001020660
nmt:C000122986Member
2016-04-01
2022-03-31
0001020660
nmt:C000149455Member
2016-04-01
2022-03-31
0001020660
nmt:C000149457Member
2016-04-01
2022-03-31
0001020660
nmt:SAndPMunicipalBondIndexMember
2016-04-01
2022-03-31
0001020660
nmt:SAndPMunicipalBondIntermediateIndexMember
2016-04-01
2022-03-31
0001020660
nmt:SAndPMunicipalBondShortIntermediateIndexMember
2016-04-01
2022-03-31
0001020660
nmt:SAndPMunicipalYieldIndexMember
2016-04-01
2022-03-31
0001020660
nmt:SAndPShortDurationMunicipalYieldIndexMember
2016-04-01
2022-03-31
0001020660
nmt:C000000699Member
2016-04-01
2023-03-31
0001020660
nmt:C000000700Member
2016-04-01
2023-03-31
0001020660
nmt:C000000702Member
2016-04-01
2023-03-31
0001020660
nmt:C000000703Member
2016-04-01
2023-03-31
0001020660
nmt:C000001504Member
2016-04-01
2023-03-31
0001020660
nmt:C000001507Member
2016-04-01
2023-03-31
0001020660
nmt:C000001512Member
2016-04-01
2023-03-31
0001020660
nmt:C000001515Member
2016-04-01
2023-03-31
0001020660
nmt:C000122984Member
2016-04-01
2023-03-31
0001020660
nmt:C000122986Member
2016-04-01
2023-03-31
0001020660
nmt:C000149455Member
2016-04-01
2023-03-31
0001020660
nmt:C000149457Member
2016-04-01
2023-03-31
0001020660
nmt:SAndPMunicipalBondIndexMember
2016-04-01
2023-03-31
0001020660
nmt:SAndPMunicipalBondIntermediateIndexMember
2016-04-01
2023-03-31
0001020660
nmt:SAndPMunicipalBondShortIntermediateIndexMember
2016-04-01
2023-03-31
0001020660
nmt:SAndPMunicipalYieldIndexMember
2016-04-01
2023-03-31
0001020660
nmt:SAndPShortDurationMunicipalYieldIndexMember
2016-04-01
2023-03-31
0001020660
nmt:C000000699Member
2016-04-01
2024-03-31
0001020660
nmt:C000000700Member
2016-04-01
2024-03-31
0001020660
nmt:C000000702Member
2016-04-01
2024-03-31
0001020660
nmt:C000000703Member
2016-04-01
2024-03-31
0001020660
nmt:C000001504Member
2016-04-01
2024-03-31
0001020660
nmt:C000001507Member
2016-04-01
2024-03-31
0001020660
nmt:C000001512Member
2016-04-01
2024-03-31
0001020660
nmt:C000001515Member
2016-04-01
2024-03-31
0001020660
nmt:C000122984Member
2016-04-01
2024-03-31
0001020660
nmt:C000122986Member
2016-04-01
2024-03-31
0001020660
nmt:C000149455Member
2016-04-01
2024-03-31
0001020660
nmt:C000149457Member
2016-04-01
2024-03-31
0001020660
nmt:SAndPMunicipalBondIndexMember
2016-04-01
2024-03-31
0001020660
nmt:SAndPMunicipalBondIntermediateIndexMember
2016-04-01
2024-03-31
0001020660
nmt:SAndPMunicipalBondShortIntermediateIndexMember
2016-04-01
2024-03-31
0001020660
nmt:SAndPMunicipalYieldIndexMember
2016-04-01
2024-03-31
0001020660
nmt:SAndPShortDurationMunicipalYieldIndexMember
2016-04-01
2024-03-31
0001020660
nmt:C000000699Member
2016-04-01
2025-03-31
0001020660
nmt:C000000700Member
2016-04-01
2025-03-31
0001020660
nmt:C000000702Member
2016-04-01
2025-03-31
0001020660
nmt:C000000703Member
2016-04-01
2025-03-31
0001020660
nmt:C000001504Member
2016-04-01
2025-03-31
0001020660
nmt:C000001507Member
2016-04-01
2025-03-31
0001020660
nmt:C000001512Member
2016-04-01
2025-03-31
0001020660
nmt:C000001515Member
2016-04-01
2025-03-31
0001020660
nmt:C000122984Member
2016-04-01
2025-03-31
0001020660
nmt:C000122986Member
2016-04-01
2025-03-31
0001020660
nmt:C000149455Member
2016-04-01
2025-03-31
0001020660
nmt:C000149457Member
2016-04-01
2025-03-31
0001020660
nmt:SAndPMunicipalBondIndexMember
2016-04-01
2025-03-31
0001020660
nmt:SAndPMunicipalBondIntermediateIndexMember
2016-04-01
2025-03-31
0001020660
nmt:SAndPMunicipalBondShortIntermediateIndexMember
2016-04-01
2025-03-31
0001020660
nmt:SAndPMunicipalYieldIndexMember
2016-04-01
2025-03-31
0001020660
nmt:SAndPShortDurationMunicipalYieldIndexMember
2016-04-01
2025-03-31
0001020660
nmt:C000171394Member
2016-06-30
2016-06-30
0001020660
nmt:C000171395Member
2016-06-30
2016-06-30
0001020660
nmt:SAndPMunicipalBondIndexMember
2016-06-30
2016-06-30
0001020660
nmt:SAndPMunicipalYieldIndexMember
2016-06-30
2016-06-30
0001020660
nmt:C000171394Member
2016-06-30
2026-03-31
0001020660
nmt:C000171395Member
2016-06-30
2026-03-31
0001020660
nmt:LipperGeneralAndInsuredMunicipalDebtFundsClassificationAverageMember
2016-06-30
2026-03-31
0001020660
nmt:LipperHighYieldMunicipalDebtFundsClassificationAverageMember
2016-06-30
2026-03-31
0001020660
nmt:SAndPMunicipalBondIndexMember
2016-06-30
2026-03-31
0001020660
nmt:SAndPMunicipalYieldIndexMember
2016-06-30
2026-03-31
0001020660
nmt:C000171394Member
2016-07-01
2017-03-31
0001020660
nmt:C000171395Member
2016-07-01
2017-03-31
0001020660
nmt:SAndPMunicipalBondIndexMember
2016-07-01
2017-03-31
0001020660
nmt:SAndPMunicipalYieldIndexMember
2016-07-01
2017-03-31
0001020660
nmt:C000171394Member
2016-07-01
2018-03-31
0001020660
nmt:C000171395Member
2016-07-01
2018-03-31
0001020660
nmt:SAndPMunicipalBondIndexMember
2016-07-01
2018-03-31
0001020660
nmt:SAndPMunicipalYieldIndexMember
2016-07-01
2018-03-31
0001020660
nmt:C000171394Member
2016-07-01
2019-03-31
0001020660
nmt:C000171395Member
2016-07-01
2019-03-31
0001020660
nmt:SAndPMunicipalBondIndexMember
2016-07-01
2019-03-31
0001020660
nmt:SAndPMunicipalYieldIndexMember
2016-07-01
2019-03-31
0001020660
nmt:C000171394Member
2016-07-01
2020-03-31
0001020660
nmt:C000171395Member
2016-07-01
2020-03-31
0001020660
nmt:SAndPMunicipalBondIndexMember
2016-07-01
2020-03-31
0001020660
nmt:SAndPMunicipalYieldIndexMember
2016-07-01
2020-03-31
0001020660
nmt:C000171394Member
2016-07-01
2021-03-31
0001020660
nmt:C000171395Member
2016-07-01
2021-03-31
0001020660
nmt:SAndPMunicipalBondIndexMember
2016-07-01
2021-03-31
0001020660
nmt:SAndPMunicipalYieldIndexMember
2016-07-01
2021-03-31
0001020660
nmt:C000171394Member
2016-07-01
2022-03-31
0001020660
nmt:C000171395Member
2016-07-01
2022-03-31
0001020660
nmt:SAndPMunicipalBondIndexMember
2016-07-01
2022-03-31
0001020660
nmt:SAndPMunicipalYieldIndexMember
2016-07-01
2022-03-31
0001020660
nmt:C000171394Member
2016-07-01
2023-03-31
0001020660
nmt:C000171395Member
2016-07-01
2023-03-31
0001020660
nmt:SAndPMunicipalBondIndexMember
2016-07-01
2023-03-31
0001020660
nmt:SAndPMunicipalYieldIndexMember
2016-07-01
2023-03-31
0001020660
nmt:C000171394Member
2016-07-01
2024-03-31
0001020660
nmt:C000171395Member
2016-07-01
2024-03-31
0001020660
nmt:SAndPMunicipalBondIndexMember
2016-07-01
2024-03-31
0001020660
nmt:SAndPMunicipalYieldIndexMember
2016-07-01
2024-03-31
0001020660
nmt:C000171394Member
2016-07-01
2025-03-31
0001020660
nmt:C000171395Member
2016-07-01
2025-03-31
0001020660
nmt:SAndPMunicipalBondIndexMember
2016-07-01
2025-03-31
0001020660
nmt:SAndPMunicipalYieldIndexMember
2016-07-01
2025-03-31
0001020660
nmt:C000171394Member
2016-07-01
2026-03-31
0001020660
nmt:C000171395Member
2016-07-01
2026-03-31
0001020660
nmt:SAndPMunicipalBondIndexMember
2016-07-01
2026-03-31
0001020660
nmt:SAndPMunicipalYieldIndexMember
2016-07-01
2026-03-31
0001020660
2025-04-01
2026-03-31
0001020660
nmt:C000000699Member
2016-04-01
2021-03-31
0001020660
nmt:C000000700Member
2016-04-01
2021-03-31
0001020660
nmt:C000000702Member
2016-04-01
2021-03-31
0001020660
nmt:C000000703Member
2016-04-01
2021-03-31
0001020660
nmt:C000001504Member
2016-04-01
2021-03-31
0001020660
nmt:C000001507Member
2016-04-01
2021-03-31
0001020660
nmt:C000001512Member
2016-04-01
2021-03-31
0001020660
nmt:C000001515Member
2016-04-01
2021-03-31
0001020660
nmt:C000122984Member
2016-04-01
2021-03-31
0001020660
nmt:C000122986Member
2016-04-01
2021-03-31
0001020660
nmt:C000149455Member
2016-04-01
2021-03-31
0001020660
nmt:C000149457Member
2016-04-01
2021-03-31
0001020660
nmt:SAndPMunicipalBondIndexMember
2016-04-01
2021-03-31
0001020660
nmt:SAndPMunicipalBondIntermediateIndexMember
2016-04-01
2021-03-31
0001020660
nmt:SAndPMunicipalBondShortIntermediateIndexMember
2016-04-01
2021-03-31
0001020660
nmt:SAndPMunicipalYieldIndexMember
2016-04-01
2021-03-31
0001020660
nmt:SAndPShortDurationMunicipalYieldIndexMember
2016-04-01
2021-03-31
0001020660
nmt:C000000699Member
2021-04-01
2026-03-31
0001020660
nmt:C000000699Member
oef:WithoutSalesLoadMember
2021-04-01
2026-03-31
0001020660
nmt:C000000700Member
2021-04-01
2026-03-31
0001020660
nmt:C000000700Member
oef:WithoutSalesLoadMember
2021-04-01
2026-03-31
0001020660
nmt:C000000702Member
2021-04-01
2026-03-31
0001020660
nmt:C000000702Member
oef:WithoutSalesLoadMember
2021-04-01
2026-03-31
0001020660
nmt:C000000703Member
2021-04-01
2026-03-31
0001020660
nmt:C000000703Member
oef:WithoutSalesLoadMember
2021-04-01
2026-03-31
0001020660
nmt:C000001504Member
2021-04-01
2026-03-31
0001020660
nmt:C000001507Member
2021-04-01
2026-03-31
0001020660
nmt:C000001512Member
2021-04-01
2026-03-31
0001020660
nmt:C000001515Member
2021-04-01
2026-03-31
0001020660
nmt:C000122984Member
2021-04-01
2026-03-31
0001020660
nmt:C000122984Member
oef:WithoutSalesLoadMember
2021-04-01
2026-03-31
0001020660
nmt:C000122986Member
2021-04-01
2026-03-31
0001020660
nmt:C000137699Member
oef:WithoutSalesLoadMember
2021-04-01
2026-03-31
0001020660
nmt:C000137700Member
oef:WithoutSalesLoadMember
2021-04-01
2026-03-31
0001020660
nmt:C000137701Member
oef:WithoutSalesLoadMember
2021-04-01
2026-03-31
0001020660
nmt:C000137702Member
oef:WithoutSalesLoadMember
2021-04-01
2026-03-31
0001020660
nmt:C000137704Member
oef:WithoutSalesLoadMember
2021-04-01
2026-03-31
0001020660
nmt:C000149455Member
2021-04-01
2026-03-31
0001020660
nmt:C000149455Member
oef:WithoutSalesLoadMember
2021-04-01
2026-03-31
0001020660
nmt:C000149456Member
oef:WithoutSalesLoadMember
2021-04-01
2026-03-31
0001020660
nmt:C000149457Member
2021-04-01
2026-03-31
0001020660
nmt:C000171394Member
2021-04-01
2026-03-31
0001020660
nmt:C000171395Member
2021-04-01
2026-03-31
0001020660
nmt:LipperGeneralAndInsuredMunicipalDebtFundsClassificationAverageMember
2021-04-01
2026-03-31
0001020660
nmt:LipperHighYieldMunicipalDebtFundsClassificationAverageMember
2021-04-01
2026-03-31
0001020660
nmt:LipperIntermediateMunicipalDebtFundsClassificationAverageMember
2021-04-01
2026-03-31
0001020660
nmt:LipperShortIntermediateMunicipalDebtFundsClassificationAverageMember
2021-04-01
2026-03-31
0001020660
nmt:SAndPMunicipalBondIndexMember
2021-04-01
2026-03-31
0001020660
nmt:SAndPMunicipalBondIntermediateIndexMember
2021-04-01
2026-03-31
0001020660
nmt:SAndPMunicipalBondShortIntermediateIndexMember
2021-04-01
2026-03-31
0001020660
nmt:SAndPMunicipalYieldIndexMember
2021-04-01
2026-03-31
0001020660
nmt:SAndPShortDurationMunicipalYieldIndexMember
2021-04-01
2026-03-31
0001020660
nmt:C000000699Member
2016-04-01
2017-03-31
0001020660
nmt:C000000700Member
2016-04-01
2017-03-31
0001020660
nmt:C000000702Member
2016-04-01
2017-03-31
0001020660
nmt:C000000703Member
2016-04-01
2017-03-31
0001020660
nmt:C000001504Member
2016-04-01
2017-03-31
0001020660
nmt:C000001507Member
2016-04-01
2017-03-31
0001020660
nmt:C000001512Member
2016-04-01
2017-03-31
0001020660
nmt:C000001515Member
2016-04-01
2017-03-31
0001020660
nmt:C000122984Member
2016-04-01
2017-03-31
0001020660
nmt:C000122986Member
2016-04-01
2017-03-31
0001020660
nmt:C000149455Member
2016-04-01
2017-03-31
0001020660
nmt:C000149457Member
2016-04-01
2017-03-31
0001020660
nmt:SAndPMunicipalBondIndexMember
2016-04-01
2017-03-31
0001020660
nmt:SAndPMunicipalBondIntermediateIndexMember
2016-04-01
2017-03-31
0001020660
nmt:SAndPMunicipalBondShortIntermediateIndexMember
2016-04-01
2017-03-31
0001020660
nmt:SAndPMunicipalYieldIndexMember
2016-04-01
2017-03-31
0001020660
nmt:SAndPShortDurationMunicipalYieldIndexMember
2016-04-01
2017-03-31
0001020660
nmt:C000000699Member
2025-04-01
2026-03-31
0001020660
nmt:C000000699Member
oef:WithoutSalesLoadMember
2025-04-01
2026-03-31
0001020660
nmt:C000000700Member
2025-04-01
2026-03-31
0001020660
nmt:C000000700Member
oef:WithoutSalesLoadMember
2025-04-01
2026-03-31
0001020660
nmt:C000000702Member
2025-04-01
2026-03-31
0001020660
nmt:C000000702Member
oef:WithoutSalesLoadMember
2025-04-01
2026-03-31
0001020660
nmt:C000000703Member
2025-04-01
2026-03-31
0001020660
nmt:C000000703Member
oef:WithoutSalesLoadMember
2025-04-01
2026-03-31
0001020660
nmt:C000001504Member
2025-04-01
2026-03-31
0001020660
nmt:C000001507Member
2025-04-01
2026-03-31
0001020660
nmt:C000001512Member
2025-04-01
2026-03-31
0001020660
nmt:C000001515Member
2025-04-01
2026-03-31
0001020660
nmt:C000122984Member
2025-04-01
2026-03-31
0001020660
nmt:C000122984Member
oef:WithoutSalesLoadMember
2025-04-01
2026-03-31
0001020660
nmt:C000122986Member
2025-04-01
2026-03-31
0001020660
nmt:C000137699Member
2025-04-01
2026-03-31
0001020660
nmt:C000137699Member
oef:WithoutSalesLoadMember
2025-04-01
2026-03-31
0001020660
nmt:C000137700Member
2025-04-01
2026-03-31
0001020660
nmt:C000137700Member
oef:WithoutSalesLoadMember
2025-04-01
2026-03-31
0001020660
nmt:C000137701Member
2025-04-01
2026-03-31
0001020660
nmt:C000137701Member
oef:WithoutSalesLoadMember
2025-04-01
2026-03-31
0001020660
nmt:C000137702Member
2025-04-01
2026-03-31
0001020660
nmt:C000137702Member
oef:WithoutSalesLoadMember
2025-04-01
2026-03-31
0001020660
nmt:C000137704Member
2025-04-01
2026-03-31
0001020660
nmt:C000137704Member
oef:WithoutSalesLoadMember
2025-04-01
2026-03-31
0001020660
nmt:C000149455Member
2025-04-01
2026-03-31
0001020660
nmt:C000149455Member
oef:WithoutSalesLoadMember
2025-04-01
2026-03-31
0001020660
nmt:C000149456Member
2025-04-01
2026-03-31
0001020660
nmt:C000149456Member
oef:WithoutSalesLoadMember
2025-04-01
2026-03-31
0001020660
nmt:C000149457Member
2025-04-01
2026-03-31
0001020660
nmt:C000171394Member
2025-04-01
2026-03-31
0001020660
nmt:C000171395Member
2025-04-01
2026-03-31
0001020660
nmt:LipperGeneralAndInsuredMunicipalDebtFundsClassificationAverageMember
2025-04-01
2026-03-31
0001020660
nmt:LipperHighYieldMunicipalDebtFundsClassificationAverageMember
2025-04-01
2026-03-31
0001020660
nmt:LipperIntermediateMunicipalDebtFundsClassificationAverageMember
2025-04-01
2026-03-31
0001020660
nmt:LipperShortIntermediateMunicipalDebtFundsClassificationAverageMember
2025-04-01
2026-03-31
0001020660
nmt:SAndPMunicipalBondIndexMember
2025-04-01
2026-03-31
0001020660
nmt:SAndPMunicipalBondIntermediateIndexMember
2025-04-01
2026-03-31
0001020660
nmt:SAndPMunicipalBondShortIntermediateIndexMember
2025-04-01
2026-03-31
0001020660
nmt:SAndPMunicipalYieldIndexMember
2025-04-01
2026-03-31
0001020660
nmt:SAndPShortDurationMunicipalYieldIndexMember
2025-04-01
2026-03-31
0001020660
nmt:C000000699Member
2016-04-01
2026-03-31
0001020660
nmt:C000000699Member
oef:WithoutSalesLoadMember
2016-04-01
2026-03-31
0001020660
nmt:C000000700Member
2016-04-01
2026-03-31
0001020660
nmt:C000000700Member
oef:WithoutSalesLoadMember
2016-04-01
2026-03-31
0001020660
nmt:C000000702Member
2016-04-01
2026-03-31
0001020660
nmt:C000000702Member
oef:WithoutSalesLoadMember
2016-04-01
2026-03-31
0001020660
nmt:C000000703Member
2016-04-01
2026-03-31
0001020660
nmt:C000000703Member
oef:WithoutSalesLoadMember
2016-04-01
2026-03-31
0001020660
nmt:C000001504Member
2016-04-01
2026-03-31
0001020660
nmt:C000001507Member
2016-04-01
2026-03-31
0001020660
nmt:C000001512Member
2016-04-01
2026-03-31
0001020660
nmt:C000001515Member
2016-04-01
2026-03-31
0001020660
nmt:C000122984Member
2016-04-01
2026-03-31
0001020660
nmt:C000122984Member
oef:WithoutSalesLoadMember
2016-04-01
2026-03-31
0001020660
nmt:C000122986Member
2016-04-01
2026-03-31
0001020660
nmt:C000137699Member
oef:WithoutSalesLoadMember
2016-04-01
2026-03-31
0001020660
nmt:C000137700Member
oef:WithoutSalesLoadMember
2016-04-01
2026-03-31
0001020660
nmt:C000137701Member
oef:WithoutSalesLoadMember
2016-04-01
2026-03-31
0001020660
nmt:C000137702Member
oef:WithoutSalesLoadMember
2016-04-01
2026-03-31
0001020660
nmt:C000137704Member
oef:WithoutSalesLoadMember
2016-04-01
2026-03-31
0001020660
nmt:C000149455Member
2016-04-01
2026-03-31
0001020660
nmt:C000149455Member
oef:WithoutSalesLoadMember
2016-04-01
2026-03-31
0001020660
nmt:C000149456Member
oef:WithoutSalesLoadMember
2016-04-01
2026-03-31
0001020660
nmt:C000149457Member
2016-04-01
2026-03-31
0001020660
nmt:LipperGeneralAndInsuredMunicipalDebtFundsClassificationAverageMember
2016-04-01
2026-03-31
0001020660
nmt:LipperHighYieldMunicipalDebtFundsClassificationAverageMember
2016-04-01
2026-03-31
0001020660
nmt:LipperIntermediateMunicipalDebtFundsClassificationAverageMember
2016-04-01
2026-03-31
0001020660
nmt:LipperShortIntermediateMunicipalDebtFundsClassificationAverageMember
2016-04-01
2026-03-31
0001020660
nmt:SAndPMunicipalBondIndexMember
2016-04-01
2026-03-31
0001020660
nmt:SAndPMunicipalBondIntermediateIndexMember
2016-04-01
2026-03-31
0001020660
nmt:SAndPMunicipalBondShortIntermediateIndexMember
2016-04-01
2026-03-31
0001020660
nmt:SAndPMunicipalYieldIndexMember
2016-04-01
2026-03-31
0001020660
nmt:SAndPShortDurationMunicipalYieldIndexMember
2016-04-01
2026-03-31
0001020660
nmt:C000000699Member
2026-03-31
0001020660
nmt:C000000699Member
nmt:BBOrLowerMember
2026-03-31
0001020660
us-gaap:ExchangeTradedFundsMember
nmt:C000000699Member
2026-03-31
0001020660
us-gaap:MortgageBackedSecuritiesMember
nmt:C000000699Member
2026-03-31
0001020660
us-gaap:MunicipalBondsMember
nmt:C000000699Member
2026-03-31
0001020660
nmt:C000000699Member
nmt:NANotApplicableMember
2026-03-31
0001020660
nmt:C000000699Member
nmt:NRNotRatedMember
2026-03-31
0001020660
nmt:C000000699Member
srt:StandardPoorsAAARatingMember
2026-03-31
0001020660
nmt:C000000699Member
srt:StandardPoorsAARatingMember
2026-03-31
0001020660
nmt:C000000699Member
srt:StandardPoorsARatingMember
2026-03-31
0001020660
nmt:C000000699Member
srt:StandardPoorsBBBRatingMember
2026-03-31
0001020660
nmt:VariableRateSeniorLoanInterestsMember
nmt:C000000699Member
2026-03-31
0001020660
nmt:C000000700Member
2026-03-31
0001020660
nmt:C000000700Member
nmt:BBOrLowerMember
2026-03-31
0001020660
us-gaap:ExchangeTradedFundsMember
nmt:C000000700Member
2026-03-31
0001020660
us-gaap:MunicipalBondsMember
nmt:C000000700Member
2026-03-31
0001020660
nmt:C000000700Member
nmt:NANotApplicableMember
2026-03-31
0001020660
nmt:C000000700Member
nmt:NRNotRatedMember
2026-03-31
0001020660
nmt:C000000700Member
srt:StandardPoorsAAARatingMember
2026-03-31
0001020660
nmt:C000000700Member
srt:StandardPoorsAARatingMember
2026-03-31
0001020660
nmt:C000000700Member
srt:StandardPoorsARatingMember
2026-03-31
0001020660
nmt:C000000700Member
srt:StandardPoorsBBBRatingMember
2026-03-31
0001020660
nmt:VariableRateSeniorLoanInterestsMember
nmt:C000000700Member
2026-03-31
0001020660
us-gaap:WarrantMember
nmt:C000000700Member
2026-03-31
0001020660
nmt:C000000702Member
2026-03-31
0001020660
nmt:C000000702Member
nmt:BBOrLowerMember
2026-03-31
0001020660
us-gaap:MunicipalBondsMember
nmt:C000000702Member
2026-03-31
0001020660
nmt:C000000702Member
nmt:NRNotRatedMember
2026-03-31
0001020660
nmt:C000000702Member
srt:StandardPoorsAAARatingMember
2026-03-31
0001020660
nmt:C000000702Member
srt:StandardPoorsAARatingMember
2026-03-31
0001020660
nmt:C000000702Member
srt:StandardPoorsARatingMember
2026-03-31
0001020660
nmt:C000000702Member
srt:StandardPoorsBBBRatingMember
2026-03-31
0001020660
nmt:C000000703Member
2026-03-31
0001020660
nmt:C000000703Member
nmt:BBOrLowerMember
2026-03-31
0001020660
us-gaap:CommonStockMember
nmt:C000000703Member
2026-03-31
0001020660
us-gaap:CorporateBondSecuritiesMember
nmt:C000000703Member
2026-03-31
0001020660
us-gaap:ExchangeTradedFundsMember
nmt:C000000703Member
2026-03-31
0001020660
nmt:InvestmentsPurchasedWithCollateralFromSecuritiesLendingMember
nmt:C000000703Member
2026-03-31
0001020660
us-gaap:MunicipalBondsMember
nmt:C000000703Member
2026-03-31
0001020660
nmt:C000000703Member
nmt:NANotApplicableMember
2026-03-31
0001020660
nmt:C000000703Member
nmt:NRNotRatedMember
2026-03-31
0001020660
us-gaap:RepurchaseAgreementsMember
nmt:C000000703Member
2026-03-31
0001020660
nmt:C000000703Member
srt:StandardPoorsAAARatingMember
2026-03-31
0001020660
nmt:C000000703Member
srt:StandardPoorsAARatingMember
2026-03-31
0001020660
nmt:C000000703Member
srt:StandardPoorsARatingMember
2026-03-31
0001020660
nmt:C000000703Member
srt:StandardPoorsBBBRatingMember
2026-03-31
0001020660
nmt:VariableRateSeniorLoanInterestsMember
nmt:C000000703Member
2026-03-31
0001020660
nmt:C000001504Member
2026-03-31
0001020660
nmt:C000001504Member
nmt:BBOrLowerMember
2026-03-31
0001020660
us-gaap:ExchangeTradedFundsMember
nmt:C000001504Member
2026-03-31
0001020660
us-gaap:MortgageBackedSecuritiesMember
nmt:C000001504Member
2026-03-31
0001020660
us-gaap:MunicipalBondsMember
nmt:C000001504Member
2026-03-31
0001020660
nmt:C000001504Member
nmt:NANotApplicableMember
2026-03-31
0001020660
nmt:C000001504Member
nmt:NRNotRatedMember
2026-03-31
0001020660
nmt:C000001504Member
srt:StandardPoorsAAARatingMember
2026-03-31
0001020660
nmt:C000001504Member
srt:StandardPoorsAARatingMember
2026-03-31
0001020660
nmt:C000001504Member
srt:StandardPoorsARatingMember
2026-03-31
0001020660
nmt:C000001504Member
srt:StandardPoorsBBBRatingMember
2026-03-31
0001020660
nmt:VariableRateSeniorLoanInterestsMember
nmt:C000001504Member
2026-03-31
0001020660
nmt:C000001507Member
2026-03-31
0001020660
nmt:C000001507Member
nmt:BBOrLowerMember
2026-03-31
0001020660
us-gaap:ExchangeTradedFundsMember
nmt:C000001507Member
2026-03-31
0001020660
us-gaap:MunicipalBondsMember
nmt:C000001507Member
2026-03-31
0001020660
nmt:C000001507Member
nmt:NANotApplicableMember
2026-03-31
0001020660
nmt:C000001507Member
nmt:NRNotRatedMember
2026-03-31
0001020660
nmt:C000001507Member
srt:StandardPoorsAAARatingMember
2026-03-31
0001020660
nmt:C000001507Member
srt:StandardPoorsAARatingMember
2026-03-31
0001020660
nmt:C000001507Member
srt:StandardPoorsARatingMember
2026-03-31
0001020660
nmt:C000001507Member
srt:StandardPoorsBBBRatingMember
2026-03-31
0001020660
nmt:VariableRateSeniorLoanInterestsMember
nmt:C000001507Member
2026-03-31
0001020660
us-gaap:WarrantMember
nmt:C000001507Member
2026-03-31
0001020660
nmt:C000001512Member
2026-03-31
0001020660
nmt:C000001512Member
nmt:BBOrLowerMember
2026-03-31
0001020660
us-gaap:MunicipalBondsMember
nmt:C000001512Member
2026-03-31
0001020660
nmt:C000001512Member
nmt:NRNotRatedMember
2026-03-31
0001020660
nmt:C000001512Member
srt:StandardPoorsAAARatingMember
2026-03-31
0001020660
nmt:C000001512Member
srt:StandardPoorsAARatingMember
2026-03-31
0001020660
nmt:C000001512Member
srt:StandardPoorsARatingMember
2026-03-31
0001020660
nmt:C000001512Member
srt:StandardPoorsBBBRatingMember
2026-03-31
0001020660
nmt:C000001515Member
2026-03-31
0001020660
nmt:C000001515Member
nmt:BBOrLowerMember
2026-03-31
0001020660
us-gaap:CommonStockMember
nmt:C000001515Member
2026-03-31
0001020660
us-gaap:CorporateBondSecuritiesMember
nmt:C000001515Member
2026-03-31
0001020660
us-gaap:ExchangeTradedFundsMember
nmt:C000001515Member
2026-03-31
0001020660
nmt:InvestmentsPurchasedWithCollateralFromSecuritiesLendingMember
nmt:C000001515Member
2026-03-31
0001020660
us-gaap:MunicipalBondsMember
nmt:C000001515Member
2026-03-31
0001020660
nmt:C000001515Member
nmt:NANotApplicableMember
2026-03-31
0001020660
nmt:C000001515Member
nmt:NRNotRatedMember
2026-03-31
0001020660
us-gaap:RepurchaseAgreementsMember
nmt:C000001515Member
2026-03-31
0001020660
nmt:RepurchaseAgreementsSecuritiesMember
nmt:C000001515Member
2026-03-31
0001020660
nmt:C000001515Member
srt:StandardPoorsAAARatingMember
2026-03-31
0001020660
nmt:C000001515Member
srt:StandardPoorsAARatingMember
2026-03-31
0001020660
nmt:C000001515Member
srt:StandardPoorsARatingMember
2026-03-31
0001020660
nmt:C000001515Member
srt:StandardPoorsBBBRatingMember
2026-03-31
0001020660
nmt:VariableRateSeniorLoanInterestsMember
nmt:C000001515Member
2026-03-31
0001020660
nmt:C000122984Member
2026-03-31
0001020660
nmt:C000122984Member
nmt:BBOrLowerMember
2026-03-31
0001020660
us-gaap:CommonStockMember
nmt:C000122984Member
2026-03-31
0001020660
us-gaap:CorporateBondSecuritiesMember
nmt:C000122984Member
2026-03-31
0001020660
us-gaap:ExchangeTradedFundsMember
nmt:C000122984Member
2026-03-31
0001020660
us-gaap:MunicipalBondsMember
nmt:C000122984Member
2026-03-31
0001020660
nmt:C000122984Member
nmt:NANotApplicableMember
2026-03-31
0001020660
nmt:C000122984Member
nmt:NRNotRatedMember
2026-03-31
0001020660
us-gaap:RepurchaseAgreementsMember
nmt:C000122984Member
2026-03-31
0001020660
nmt:C000122984Member
srt:StandardPoorsAAARatingMember
2026-03-31
0001020660
nmt:C000122984Member
srt:StandardPoorsAARatingMember
2026-03-31
0001020660
nmt:C000122984Member
srt:StandardPoorsARatingMember
2026-03-31
0001020660
nmt:C000122984Member
srt:StandardPoorsBBBRatingMember
2026-03-31
0001020660
nmt:VariableRateSeniorLoanInterestsMember
nmt:C000122984Member
2026-03-31
0001020660
us-gaap:WarrantMember
nmt:C000122984Member
2026-03-31
0001020660
nmt:C000122986Member
2026-03-31
0001020660
nmt:C000122986Member
nmt:BBOrLowerMember
2026-03-31
0001020660
us-gaap:CommonStockMember
nmt:C000122986Member
2026-03-31
0001020660
us-gaap:CorporateBondSecuritiesMember
nmt:C000122986Member
2026-03-31
0001020660
us-gaap:ExchangeTradedFundsMember
nmt:C000122986Member
2026-03-31
0001020660
us-gaap:MunicipalBondsMember
nmt:C000122986Member
2026-03-31
0001020660
nmt:C000122986Member
nmt:NANotApplicableMember
2026-03-31
0001020660
nmt:C000122986Member
nmt:NRNotRatedMember
2026-03-31
0001020660
us-gaap:RepurchaseAgreementsMember
nmt:C000122986Member
2026-03-31
0001020660
nmt:C000122986Member
srt:StandardPoorsAAARatingMember
2026-03-31
0001020660
nmt:C000122986Member
srt:StandardPoorsAARatingMember
2026-03-31
0001020660
nmt:C000122986Member
srt:StandardPoorsARatingMember
2026-03-31
0001020660
nmt:C000122986Member
srt:StandardPoorsBBBRatingMember
2026-03-31
0001020660
nmt:VariableRateSeniorLoanInterestsMember
nmt:C000122986Member
2026-03-31
0001020660
us-gaap:WarrantMember
nmt:C000122986Member
2026-03-31
0001020660
nmt:C000137699Member
2026-03-31
0001020660
nmt:C000137699Member
nmt:BBOrLowerMember
2026-03-31
0001020660
us-gaap:ExchangeTradedFundsMember
nmt:C000137699Member
2026-03-31
0001020660
us-gaap:MortgageBackedSecuritiesMember
nmt:C000137699Member
2026-03-31
0001020660
us-gaap:MunicipalBondsMember
nmt:C000137699Member
2026-03-31
0001020660
nmt:C000137699Member
nmt:NANotApplicableMember
2026-03-31
0001020660
nmt:C000137699Member
nmt:NRNotRatedMember
2026-03-31
0001020660
nmt:C000137699Member
srt:StandardPoorsAAARatingMember
2026-03-31
0001020660
nmt:C000137699Member
srt:StandardPoorsAARatingMember
2026-03-31
0001020660
nmt:C000137699Member
srt:StandardPoorsARatingMember
2026-03-31
0001020660
nmt:C000137699Member
srt:StandardPoorsBBBRatingMember
2026-03-31
0001020660
nmt:VariableRateSeniorLoanInterestsMember
nmt:C000137699Member
2026-03-31
0001020660
nmt:C000137700Member
2026-03-31
0001020660
nmt:C000137700Member
nmt:BBOrLowerMember
2026-03-31
0001020660
us-gaap:ExchangeTradedFundsMember
nmt:C000137700Member
2026-03-31
0001020660
us-gaap:MunicipalBondsMember
nmt:C000137700Member
2026-03-31
0001020660
nmt:C000137700Member
nmt:NANotApplicableMember
2026-03-31
0001020660
nmt:C000137700Member
nmt:NRNotRatedMember
2026-03-31
0001020660
nmt:C000137700Member
srt:StandardPoorsAAARatingMember
2026-03-31
0001020660
nmt:C000137700Member
srt:StandardPoorsAARatingMember
2026-03-31
0001020660
nmt:C000137700Member
srt:StandardPoorsARatingMember
2026-03-31
0001020660
nmt:C000137700Member
srt:StandardPoorsBBBRatingMember
2026-03-31
0001020660
nmt:VariableRateSeniorLoanInterestsMember
nmt:C000137700Member
2026-03-31
0001020660
us-gaap:WarrantMember
nmt:C000137700Member
2026-03-31
0001020660
nmt:C000137701Member
2026-03-31
0001020660
nmt:C000137701Member
nmt:BBOrLowerMember
2026-03-31
0001020660
us-gaap:MunicipalBondsMember
nmt:C000137701Member
2026-03-31
0001020660
nmt:C000137701Member
nmt:NRNotRatedMember
2026-03-31
0001020660
nmt:C000137701Member
srt:StandardPoorsAAARatingMember
2026-03-31
0001020660
nmt:C000137701Member
srt:StandardPoorsAARatingMember
2026-03-31
0001020660
nmt:C000137701Member
srt:StandardPoorsARatingMember
2026-03-31
0001020660
nmt:C000137701Member
srt:StandardPoorsBBBRatingMember
2026-03-31
0001020660
nmt:C000137702Member
2026-03-31
0001020660
nmt:C000137702Member
nmt:BBOrLowerMember
2026-03-31
0001020660
us-gaap:CommonStockMember
nmt:C000137702Member
2026-03-31
0001020660
us-gaap:CorporateBondSecuritiesMember
nmt:C000137702Member
2026-03-31
0001020660
us-gaap:ExchangeTradedFundsMember
nmt:C000137702Member
2026-03-31
0001020660
nmt:InvestmentsPurchasedWithCollateralFromSecuritiesLendingMember
nmt:C000137702Member
2026-03-31
0001020660
us-gaap:MunicipalBondsMember
nmt:C000137702Member
2026-03-31
0001020660
nmt:C000137702Member
nmt:NANotApplicableMember
2026-03-31
0001020660
nmt:C000137702Member
nmt:NRNotRatedMember
2026-03-31
0001020660
us-gaap:RepurchaseAgreementsMember
nmt:C000137702Member
2026-03-31
0001020660
nmt:C000137702Member
srt:StandardPoorsAAARatingMember
2026-03-31
0001020660
nmt:C000137702Member
srt:StandardPoorsAARatingMember
2026-03-31
0001020660
nmt:C000137702Member
srt:StandardPoorsARatingMember
2026-03-31
0001020660
nmt:C000137702Member
srt:StandardPoorsBBBRatingMember
2026-03-31
0001020660
nmt:VariableRateSeniorLoanInterestsMember
nmt:C000137702Member
2026-03-31
0001020660
nmt:C000137704Member
2026-03-31
0001020660
nmt:C000137704Member
nmt:BBOrLowerMember
2026-03-31
0001020660
us-gaap:CommonStockMember
nmt:C000137704Member
2026-03-31
0001020660
us-gaap:CorporateBondSecuritiesMember
nmt:C000137704Member
2026-03-31
0001020660
us-gaap:ExchangeTradedFundsMember
nmt:C000137704Member
2026-03-31
0001020660
us-gaap:MunicipalBondsMember
nmt:C000137704Member
2026-03-31
0001020660
nmt:C000137704Member
nmt:NANotApplicableMember
2026-03-31
0001020660
nmt:C000137704Member
nmt:NRNotRatedMember
2026-03-31
0001020660
us-gaap:RepurchaseAgreementsMember
nmt:C000137704Member
2026-03-31
0001020660
nmt:C000137704Member
srt:StandardPoorsAAARatingMember
2026-03-31
0001020660
nmt:C000137704Member
srt:StandardPoorsAARatingMember
2026-03-31
0001020660
nmt:C000137704Member
srt:StandardPoorsARatingMember
2026-03-31
0001020660
nmt:C000137704Member
srt:StandardPoorsBBBRatingMember
2026-03-31
0001020660
nmt:VariableRateSeniorLoanInterestsMember
nmt:C000137704Member
2026-03-31
0001020660
us-gaap:WarrantMember
nmt:C000137704Member
2026-03-31
0001020660
nmt:C000149455Member
2026-03-31
0001020660
nmt:C000149455Member
nmt:BBOrLowerMember
2026-03-31
0001020660
us-gaap:CommonStockMember
nmt:C000149455Member
2026-03-31
0001020660
us-gaap:CorporateBondSecuritiesMember
nmt:C000149455Member
2026-03-31
0001020660
us-gaap:MunicipalBondsMember
nmt:C000149455Member
2026-03-31
0001020660
nmt:C000149455Member
nmt:NANotApplicableMember
2026-03-31
0001020660
nmt:C000149455Member
nmt:NRNotRatedMember
2026-03-31
0001020660
nmt:C000149455Member
srt:StandardPoorsAAARatingMember
2026-03-31
0001020660
nmt:C000149455Member
srt:StandardPoorsAARatingMember
2026-03-31
0001020660
nmt:C000149455Member
srt:StandardPoorsARatingMember
2026-03-31
0001020660
nmt:C000149455Member
srt:StandardPoorsBBBRatingMember
2026-03-31
0001020660
nmt:VariableRateSeniorLoanInterestsMember
nmt:C000149455Member
2026-03-31
0001020660
us-gaap:WarrantMember
nmt:C000149455Member
2026-03-31
0001020660
nmt:C000149456Member
2026-03-31
0001020660
nmt:C000149456Member
nmt:BBOrLowerMember
2026-03-31
0001020660
us-gaap:CommonStockMember
nmt:C000149456Member
2026-03-31
0001020660
us-gaap:CorporateBondSecuritiesMember
nmt:C000149456Member
2026-03-31
0001020660
us-gaap:MunicipalBondsMember
nmt:C000149456Member
2026-03-31
0001020660
nmt:C000149456Member
nmt:NANotApplicableMember
2026-03-31
0001020660
nmt:C000149456Member
nmt:NRNotRatedMember
2026-03-31
0001020660
nmt:C000149456Member
srt:StandardPoorsAAARatingMember
2026-03-31
0001020660
nmt:C000149456Member
srt:StandardPoorsAARatingMember
2026-03-31
0001020660
nmt:C000149456Member
srt:StandardPoorsARatingMember
2026-03-31
0001020660
nmt:C000149456Member
srt:StandardPoorsBBBRatingMember
2026-03-31
0001020660
nmt:VariableRateSeniorLoanInterestsMember
nmt:C000149456Member
2026-03-31
0001020660
us-gaap:WarrantMember
nmt:C000149456Member
2026-03-31
0001020660
nmt:C000149457Member
2026-03-31
0001020660
nmt:C000149457Member
nmt:BBOrLowerMember
2026-03-31
0001020660
us-gaap:CommonStockMember
nmt:C000149457Member
2026-03-31
0001020660
us-gaap:CorporateBondSecuritiesMember
nmt:C000149457Member
2026-03-31
0001020660
us-gaap:MunicipalBondsMember
nmt:C000149457Member
2026-03-31
0001020660
nmt:C000149457Member
nmt:NANotApplicableMember
2026-03-31
0001020660
nmt:C000149457Member
nmt:NRNotRatedMember
2026-03-31
0001020660
nmt:C000149457Member
srt:StandardPoorsAAARatingMember
2026-03-31
0001020660
nmt:C000149457Member
srt:StandardPoorsAARatingMember
2026-03-31
0001020660
nmt:C000149457Member
srt:StandardPoorsARatingMember
2026-03-31
0001020660
nmt:C000149457Member
srt:StandardPoorsBBBRatingMember
2026-03-31
0001020660
nmt:VariableRateSeniorLoanInterestsMember
nmt:C000149457Member
2026-03-31
0001020660
us-gaap:WarrantMember
nmt:C000149457Member
2026-03-31
0001020660
nmt:C000171394Member
2026-03-31
0001020660
nmt:C000171394Member
nmt:BBOrLowerMember
2026-03-31
0001020660
us-gaap:ExchangeTradedFundsMember
nmt:C000171394Member
2026-03-31
0001020660
us-gaap:MunicipalBondsMember
nmt:C000171394Member
2026-03-31
0001020660
nmt:C000171394Member
nmt:NANotApplicableMember
2026-03-31
0001020660
nmt:C000171394Member
nmt:NRNotRatedMember
2026-03-31
0001020660
nmt:C000171394Member
srt:StandardPoorsAAARatingMember
2026-03-31
0001020660
nmt:C000171394Member
srt:StandardPoorsAARatingMember
2026-03-31
0001020660
nmt:C000171394Member
srt:StandardPoorsARatingMember
2026-03-31
0001020660
nmt:C000171394Member
srt:StandardPoorsBBBRatingMember
2026-03-31
0001020660
nmt:VariableRateSeniorLoanInterestsMember
nmt:C000171394Member
2026-03-31
0001020660
us-gaap:WarrantMember
nmt:C000171394Member
2026-03-31
0001020660
nmt:C000171395Member
2026-03-31
0001020660
nmt:C000171395Member
nmt:BBOrLowerMember
2026-03-31
0001020660
us-gaap:CommonStockMember
nmt:C000171395Member
2026-03-31
0001020660
us-gaap:CorporateBondSecuritiesMember
nmt:C000171395Member
2026-03-31
0001020660
us-gaap:ExchangeTradedFundsMember
nmt:C000171395Member
2026-03-31
0001020660
nmt:InvestmentsPurchasedWithCollateralFromSecuritiesLendingMember
nmt:C000171395Member
2026-03-31
0001020660
us-gaap:MunicipalBondsMember
nmt:C000171395Member
2026-03-31
0001020660
nmt:C000171395Member
nmt:NANotApplicableMember
2026-03-31
0001020660
nmt:C000171395Member
nmt:NRNotRatedMember
2026-03-31
0001020660
us-gaap:RepurchaseAgreementsMember
nmt:C000171395Member
2026-03-31
0001020660
nmt:C000171395Member
srt:StandardPoorsAAARatingMember
2026-03-31
0001020660
nmt:C000171395Member
srt:StandardPoorsAARatingMember
2026-03-31
0001020660
nmt:C000171395Member
srt:StandardPoorsARatingMember
2026-03-31
0001020660
nmt:C000171395Member
srt:StandardPoorsBBBRatingMember
2026-03-31
0001020660
nmt:VariableRateSeniorLoanInterestsMember
nmt:C000171395Member
2026-03-31
iso4217:USD
pure
nmt:Holding
9700
10000
9699
9581
10000
10000
10000
10000
10000
10000
10000
10000
10000
12605
11976
13226
12604
13404
12842
11976
13322
11970
11976
11463
11976
11658
11409
12494
11665
13788
12947
11860
12494
13624
13661
12468
12494
13225
12494
12080
12966
10000
10000
10000
9750
10000
10000
10000
10000
10000
12169
10000
10000
10000
10000
10055
10055
10055
10055
10006
10223
10055
10055
10055
10040
10055
10309
10309
10109
10309
10309
10309
10613
10202
10309
10309
10309
10760
10838
11306
10838
10838
10838
10838
10838
10838
10838
11247
11247
11247
11247
11247
11459
11247
11147
11247
11247
10758
11842
11842
11842
11842
11842
11180
11710
11842
11842
11842
12486
12314
11414
11414
11414
11414
11414
11414
10811
11414
11233
11414
11390
11390
11390
11390
11390
10978
11387
11390
11390
12382
11390
10055
9638
10055
9945
10000
9723
10055
9950
9719
9664
10024
10055
11210
11770
11678
11770
11770
11770
13019
11770
11770
11770
11770
11976
11976
11976
11976
11526
13510
11976
11976
11857
11976
13950
12494
11972
12494
12494
12494
13064
12415
12494
12494
12494
12494
10000
10512
10000
10000
10000
10000
10006
10223
10040
10371
10870
10613
10202
10109
10760
11306
11679
11807
10758
11147
11459
12486
11180
13390
11710
10811
13056
12314
11233
10309
10649
10299
10309
10470
10496
9794
10230
9951
10309
10572
10111
10309
11387
12556
10978
12382
11678
13536
13019
11210
13510
11857
14048
11526
14557
11972
12415
13950
10512
10838
10838
11348
11789
10041
10478
10838
10838
11535
10562
11132
11287
10852
11229
9747
9682
9813
10232
10378
10850
10573
10655
10962
11153
11546
10000
10055
10309
10838
11247
11842
11414
11390
11770
11976
12494
10512
11247
11132
11316
11548
11247
11063
11130
10978
11750
10717
10556
10734
11247
12575
11842
11337
12817
10954
11245
12212
11797
13084
11842
13381
11842
12693
11842
11414
13301
11414
11414
10922
12172
12692
11414
10980
11534
12593
12313
11389
12746
11390
12567
11390
11117
12081
11390
11080
12038
12086
10824
11312
11390
11571
11864
10000
10055
10309
10838
11247
11842
11414
11390
11770
11976
12494
11770
12567
11770
13114
11434
11093
11224
12812
11753
11770
11770
12823
12260
12363
11710
11083
10939
11767
10109
10758
11247
10000
10000
10000
10000
11976
11976
11976
12494
12494
12494
10000
10063
10371
9756
9794
10346
10870
10041
10556
10997
11679
10766
11807
10954
11534
13390
11794
13056
11117
11867
11093
12556
11621
13056
10040
10055
9970
10168
10055
10055
12297
13536
11463
10701
11665
14048
12777
11976
12169
14557
10202
9930
10408
11183
11306
11976
12822
12502
13510
10309
10309
10309
10969
12023
12961
11233
13451
13939
14048
11387
10471
12382
11694
11306
11857
10838
10838
10838
11210
10833
12415
12494
11078
11247
11247
11247
11247
10870
11967
14557
9696
10000
10223
11809
11842
11842
11842
11147
10000
11972
11414
11414
11414
10000
11408
11807
11299
13950
11390
11390
11390
11204
10309
11107
10167
11459
11842
11770
11770
11770
11390
11000
10811
10613
10838
11414
12165
11428
10542
10054
11180
10716
12314
12382
12556
10760
11391
13536
10006
9583
10371
11526
11755
11770
11593
13390
11102
10000
11678
12486
10000
9615
13019
11679
10578
10055
10000
10978
0.160
0.027
0.009
0.001
0.001
0.008
0.035
0.000
0.021
0.010
1.000
0.016
0.989
0.989
0.160
0.002
0.000
0.021
0.993
0.000
0.440
0.352
0.001
0.076
0.228
0.000
0.035
0.135
0.000
0.000
0.002
0.363
0.000
0.000
0.006
0.067
0.125
1.000
0.363
0.127
0.080
0.164
0.000
0.237
0.001
0.000
0.119
0.135
0.992
0.134
0.006
0.989
0.052
0.022
0.164
0.151
0.363
0.009
0.000
0.008
0.352
0.000
0.060
0.396
0.085
0.008
0.000
0.016
0.002
0.992
0.167
0.228
0.001
0.542
0.125
0.006
0.034
0.080
0.000
0.151
0.000
0.198
0.074
0.001
0.396
0.396
0.989
0.119
0.001
0.440
0.008
0.022
0.000
0.971
0.119
0.993
0.001
0.494
0.234
0.054
0.228
0.085
0.992
0.060
0.000
0.010
0.198
0.054
0.001
0.000
0.000
0.000
0.000
0.000
0.008
0.008
0.000
0.060
0.001
0.000
0.000
0.001
0.085
0.027
0.021
0.009
1.000
0.542
0.234
0.074
0.000
0.008
0.971
0.237
0.352
0.054
0.201
1.000
0.160
0.009
0.494
0.127
0.006
0.035
0.080
0.151
0.992
0.164
0.001
1.000
0.000
0.201
0.000
0.080
0.134
0.074
0.080
0.027
0.234
0.054
0.000
0.000
0.076
0.000
0.542
0.016
0.022
0.000
0.971
0.067
0.000
0.000
0.234
0.201
0.125
0.494
0.054
0.022
0.008
0.006
0.080
0.134
0.010
1.000
0.000
0.000
0.000
0.000
0.034
0.993
0.127
0.006
0.237
0.000
0.052
0.054
0.000
0.034
0.494
0.010
0.052
0.000
0.000
0.080
0.076
0.001
0.074
0.000
0.000
0.197
0.000
0.164
0.000
0.000
0.167
0.001
0.076
0.167
0.197
0.001
0.363
0.440
0.001
0.134
0.135
0.009
0.001
0.160
0.067
0.127
0.197
0.198
0.054
0001020660
false
N-1A
NUVEEN MUNICIPAL TRUST/MA
N-CSR/A
2026-03-31
Nuveen All‑American Municipal Bond Fund
Class A Shares
FLAAX
This annual shareholder report contains important information about the Class A Shares of the Nuveen All‑American Municipal Bond Fund for the period of April 1, 2025 to<span style="font-weight: bold;"> </span>March 31, 2026.
annual shareholder report
You can find additional information at<span style="font-weight: bold;"> </span><span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span><span style="font-family: arial;">. You can also request this information by contacting us at (800) 257‑8787.</span>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$79 </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">0.78%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
79
0.0078
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 100%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen 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%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Duration positioning.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Sector allocation, particularly overweights to life care, nursing home, incremental‑tax, airport and appropriation bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Certain individual securities, led by Puerto Rico sales‑tax revenue, and Centerra Metropolitan District bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Credit quality positioning, especially an overweight to bonds rated lower investment grade and below investment grade.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Security selection, particularly in Brightline, American Dream at the Meadowlands, Painted Prairie Public Improvement District, and Maryland Proton Therapy Center bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An underweight to tax‑supported debt.</div> </div> </div> <div style="font-size: 14pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g38621g1g08g08.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 73%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares at NAV (excluding maximum sales charge)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.89%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">(0.56)%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.78%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares at maximum sales charge (Offering Price)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">(1.46)%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">(1.41)%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.34%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.32%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.08%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.25%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper General & Insured Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.75%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">0.54%</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.94%</td> </tr> </table>
Class A Shares at NAV (excluding maximum sales charge)
0.0289
-0.0056
0.0178
Class A Shares at maximum sales charge (Offering Price)
-0.0146
-0.0141
0.0134
S&P Municipal Bond Index
0.0432
0.0108
0.0225
Lipper General & Insured Municipal Debt Funds Classification Average
0.0375
0.0054
0.0194
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of March 31, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 86%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$3,484,044,934</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">888</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">61%</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$ 14,799,483</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
3484044934
888
0.61
14799483
<div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g11k01.jpg" style="width: 2.41181in; height: 1.65208in;"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g11k02.jpg" style="width: 2.41181in; height: 2.33958in;"/> </div> </div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(1)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(2)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">Affiliated investment.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(3)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & 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.</div> </td> </tr> </table>
Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
Nuveen All‑American Municipal Bond Fund
Class C Shares
FACCX
This annual shareholder report contains important information about the Class C Shares of the Nuveen All‑American Municipal Bond Fund for the period of April 1, 2025 to March 31, 2026.
annual shareholder report
You can find additional information at <span style="font-family: arial; font-size: 9pt; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span><span style="font-family: arial;">. You can also request this information by contacting us at (800) 257‑8787.</span>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 32%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 34%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment*</div> </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class C Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$160 </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">1.58%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
160
0.0158
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 100%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen 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%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Duration positioning.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Sector allocation, particularly overweights to life care, nursing home, incremental‑tax, airport and appropriation bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Certain individual securities, led by Puerto Rico sales‑tax revenue, and Centerra Metropolitan District bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Credit quality positioning, especially an overweight to bonds rated lower investment grade and below investment grade.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Security selection, particularly in Brightline, American Dream at the Meadowlands, Painted Prairie Public Improvement District, and Maryland Proton Therapy Center bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">An underweight to tax‑supported debt.</div> </div> </div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g38621g1g66b66.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 73%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class C Shares at NAV (excluding maximum sales charge)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.08%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">(1.35)%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.12%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.32%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.08%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.25%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper General & Insured Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.75%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">0.54%</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.94%</td> </tr> </table>
Class C Shares at NAV (excluding maximum sales charge)
0.0208
-0.0135
0.0112
S&P Municipal Bond Index
0.0432
0.0108
0.0225
Lipper General & Insured Municipal Debt Funds Classification Average
0.0375
0.0054
0.0194
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of March 31, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 86%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$3,484,044,934</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">888</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">61%</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$ 14,799,483</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
3484044934
888
0.61
14799483
<div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g69e01.jpg"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g69e02.jpg"/> </div> </div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(1)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(2)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">Affiliated investment.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(3)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & 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.</div> </td> </tr> </table>
Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<div style="margin-top: 10pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
Nuveen All‑American Municipal Bond Fund
Class R6 Shares
FAAWX
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen All‑American Municipal Bond Fund for the period of April 1, 2025 to<span style="font-weight: bold;"> </span>March 31, 2026.
annual shareholder report
You can find additional information at<span style="font-weight: bold;"> </span><span style="font-family: arial; font-size: 9pt; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span><span style="font-family: arial;">. You can also request this information by contacting us at (800) 257‑8787. </span>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class R6 Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$56 </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">0.55%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
56
0.0055
<div style="margin-top: 10pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 100%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen 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%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Duration positioning.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Sector allocation, particularly overweights to life care, nursing home, incremental‑tax, airport and appropriation bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Certain individual securities, led by Puerto Rico sales‑tax revenue, and Centerra Metropolitan District bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Credit quality positioning, especially an overweight to bonds rated lower investment grade and below investment grade.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Security selection, particularly in Brightline, American Dream at the Meadowlands, Painted Prairie Public Improvement District, and Maryland Proton Therapy Center bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An underweight to tax‑supported debt.</div> </div> </div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g38621g1g88a09.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 73%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;">Since</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;">Inception</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;">(6/30/16)</div> </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class R6 Shares at NAV</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.14%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">(0.34)%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.68%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.32%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.08%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.03%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper General & Insured Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.75%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">0.54%</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.68%</td> </tr> </table>
2016-06-30
Class R6 Shares at NAV
0.0314
-0.0034
0.0168
S&P Municipal Bond Index
0.0432
0.0108
0.0203
Lipper General & Insured Municipal Debt Funds Classification Average
0.0375
0.0054
0.0168
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of March 31, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 86%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$3,484,044,934</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">888</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">61%</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$ 14,799,483</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
3484044934
888
0.61
14799483
<div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g11t01.jpg"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g11t02.jpg"/> </div> </div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 4%; vertical-align: top; text-align: left;">(1)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 4%; vertical-align: top; text-align: left;">(2)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">Affiliated investment.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 4%; vertical-align: top; text-align: left;">(3)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & 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.</div> </td> </tr> </table>
Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
Nuveen All‑American Municipal Bond Fund
Class I Shares
FAARX
This annual shareholder report contains important information about the Class I Shares of the Nuveen All‑American Municipal Bond Fund for the period of April 1, 2025 to<span style="font-weight: bold;"> </span>March 31, 2026.
annual shareholder report
You can find additional information at<span style="font-weight: bold;"> </span><span style="font-family: arial; font-size: 9pt; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span><span style="font-family: arial;">. You can also request this information by contacting us at (800) 257‑8787.</span>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$59 </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">0.58%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
59
0.0058
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 100%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen 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%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Duration positioning.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Sector allocation, particularly overweights to life care, nursing home, incremental‑tax, airport and appropriation bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Certain individual securities, led by Puerto Rico sales‑tax revenue, and Centerra Metropolitan District bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Credit quality positioning, especially an overweight to bonds rated lower investment grade and below investment grade.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Security selection, particularly in Brightline, American Dream at the Meadowlands, Painted Prairie Public Improvement District, and Maryland Proton Therapy Center bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">An underweight to tax‑supported debt.</div> </div> </div> <div style="font-size: 14pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g38621g1g32p32.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 73%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares at NAV</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.02%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">(0.35)%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.98%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.32%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.08%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.25%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper General & Insured Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.75%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">0.54%</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.94%</td> </tr> </table>
Class I Shares at NAV
0.0302
-0.0035
0.0198
S&P Municipal Bond Index
0.0432
0.0108
0.0225
Lipper General & Insured Municipal Debt Funds Classification Average
0.0375
0.0054
0.0194
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of March 31, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 86%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$3,484,044,934</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">888</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">61%</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$ 14,799,483</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
3484044934
888
0.61
14799483
<div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g34k34.jpg"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g35k35.jpg"/> </div> </div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(1)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(2)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">Affiliated investment.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(3)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & 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.</div> </td> </tr> </table>
Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
Nuveen Intermediate Duration Municipal Bond Fund
Class A Shares
NMBAX
This annual shareholder report contains important information about the Class A Shares of the Nuveen Intermediate Duration Municipal Bond Fund for the period of April 1, 2025 to<span style="font-weight: bold;"> </span>March 31, 2026.
annual shareholder report
You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$64 </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">0.63%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
64
0.0063
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 100%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen 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%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Credit quality positioning, especially an overweight to A‑rated, BBB‑rated and non‑rated bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Sector allocation, particularly an overweight to the housing, airport and health care bond sectors.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Security selection in the housing and industrial development revenue bond sectors.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Duration and yield curve positioning, particularly an overweight to short-duration bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Security selection in the transportation, tobacco and tax‑supported sectors.</div> </div> </div> <div style="font-size: 14pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g38621g1g01p02.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 76%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares at NAV (excluding maximum sales charge)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.96%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">0.91%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.03%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares at maximum sales charge (Offering Price)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">0.84%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">0.29%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.72%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.32%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.08%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.25%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Intermediate Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.71%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.18%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.19%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Intermediate Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.24%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.05%</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.87%</td> </tr> </table>
Class A Shares at NAV (excluding maximum sales charge)
0.0396
0.0091
0.0203
Class A Shares at maximum sales charge (Offering Price)
0.0084
0.0029
0.0172
S&P Municipal Bond Index
0.0432
0.0108
0.0225
S&P Municipal Bond Intermediate Index
0.0471
0.0118
0.0219
Lipper Intermediate Municipal Debt Funds Classification Average
0.0424
0.0105
0.0187
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of March 31, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 86%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$8,758,140,977</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1,901</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">24%</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$ 31,282,013</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
8758140977
1901
0.24
31282013
<div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g01p05.jpg"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g02p05.jpg"/> </div> </div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(1)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">Affiliated investment.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(2)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & 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.</div> </td> </tr> </table>
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.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
Nuveen Intermediate Duration Municipal Bond Fund
Class C Shares
NNCCX
This annual shareholder report contains important information about the Class C Shares of the Nuveen Intermediate Duration Municipal Bond Fund for the period of April 1, 2025 to March 31, 2026.
annual shareholder report
You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 32%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 34%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment*</div> </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class C Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$145 </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">1.43%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
145
0.0143
<div style="margin-top: 10pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 100%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen 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%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Credit quality positioning, especially an overweight to A‑rated, BBB‑rated and non‑rated bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Sector allocation, particularly an overweight to the housing, airport and health care bond sectors.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Security selection in the housing and industrial development revenue bond sectors.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Duration and yield curve positioning, particularly an overweight to short-duration bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Security selection in the transportation, tobacco and tax‑supported sectors.</div> </div> </div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g38621g1g60a60.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 76%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class C Shares at NAV (excluding maximum sales charge)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.11%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">0.11%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.37%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.32%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.08%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.25%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Intermediate Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.71%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.18%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.19%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Intermediate Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.24%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.05%</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.87%</td> </tr> </table>
Class C Shares at NAV (excluding maximum sales charge)
0.0311
0.0011
0.0137
S&P Municipal Bond Index
0.0432
0.0108
0.0225
S&P Municipal Bond Intermediate Index
0.0471
0.0118
0.0219
Lipper Intermediate Municipal Debt Funds Classification Average
0.0424
0.0105
0.0187
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of March 31, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 86%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$8,758,140,977</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1,901</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">24%</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$ 31,282,013</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
8758140977
1901
0.24
31282013
<div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;">
<img alt="LOGO" src="g38621g1g63e01.jpg"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g63e02.jpg"/> </div> </div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(1)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">Affiliated investment.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(2)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & 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.</div> </td> </tr> </table>
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.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
Nuveen Intermediate Duration Municipal Bond Fund
Class I Shares
NUVBX
This annual shareholder report contains important information about the Class I Shares of the Nuveen Intermediate Duration Municipal Bond Fund for the period of April 1, 2025 to<span style="font-weight: bold;"> </span>March 31, 2026.
annual shareholder report
You can find additional information at <span style="font-family: arial; font-size: 9pt; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span><span style="font-family: arial;">. You can also request this information by contacting us at (800) 257‑8787.</span>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$44 </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">0.43%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
44
0.0043
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 100%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen 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%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Credit quality positioning, especially an overweight to A‑rated, BBB‑rated and non‑rated bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Sector allocation, particularly an overweight to the housing, airport and health care bond sectors.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Security selection in the housing and industrial development revenue bond sectors.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Duration and yield curve positioning, particularly an overweight to short-duration bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Security selection in the transportation, tobacco and tax‑supported sectors.</div> </div> </div> <div style="font-size: 14pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g38621g1g26g26.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 76%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares at NAV</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.16%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.11%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.23%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.32%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.08%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.25%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Intermediate Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.71%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.18%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.19%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Intermediate Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.24%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.05%</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.87%</td> </tr> </table>
Class I Shares at NAV
0.0416
0.0111
0.0223
S&P Municipal Bond Index
0.0432
0.0108
0.0225
S&P Municipal Bond Intermediate Index
0.0471
0.0118
0.0219
Lipper Intermediate Municipal Debt Funds Classification Average
0.0424
0.0105
0.0187
For most recent month‑end performance, go to <span style="font-family: arial; font-size: 8pt; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span><span style="font-family: arial;"> or call (800) 257‑8787. </span>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of March 31, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 86%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$8,758,140,977</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1,901</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">24%</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$ 31,282,013</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
8758140977
1901
0.24
31282013
<div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g01p28.jpg"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g01p29.jpg"/> </div> </div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(1)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">Affiliated investment.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(2)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & 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.</div> </td> </tr> </table>
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.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
Nuveen Limited Term Municipal Bond Fund
Class A Shares
FLTDX
This annual shareholder report contains important information about the Class A Shares of the Nuveen Limited Term Municipal Bond Fund for the period of April 1, 2025 to<span style="font-weight: bold;"> </span>March 31, 2026.
annual shareholder report
You can find additional information at<span style="font-weight: bold;"> </span><span style="font-family: arial; font-size: 9pt; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span><span style="font-family: arial;">. You can also request this information by contacting us at (800) 257‑8787.</span>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$64 </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">0.63%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
64
0.0063
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 100%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen 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%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Credit quality positioning, especially an overweight to A‑rated, BBB‑rated and non‑rated bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Sector allocation, particularly an underweight to tax‑supported bonds and an overweight to housing, tobacco settlement and airport bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Security selection in the housing, tobacco and utility sectors.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Duration and yield curve positioning, particularly an overweight to shorter-duration bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Security selection in the transportation and tax‑supported sectors.</div> </div> </div> <div style="font-size: 14pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g38621g1g14k14.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 76%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares at NAV (excluding maximum sales charge)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.53%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.25%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.71%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares at maximum sales charge (Offering Price)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">0.93%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">0.74%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.45%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.32%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.08%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.25%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Short-Intermediate Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.86%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.38%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.82%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Short-Intermediate Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.77%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.23%</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.50%</td> </tr> </table>
Class A Shares at NAV (excluding maximum sales charge)
0.0353
0.0125
0.0171
Class A Shares at maximum sales charge (Offering Price)
0.0093
0.0074
0.0145
S&P Municipal Bond Index
0.0432
0.0108
0.0225
S&P Municipal Bond Short-Intermediate Index
0.0386
0.0138
0.0182
Lipper Short-Intermediate Municipal Debt Funds Classification Average
0.0377
0.0123
0.0150
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of March 31, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 86%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$4,604,914,558</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1,049</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">30%</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$ 16,267,760</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
4604914558
1049
0.30
16267760
<div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g17g17.jpg"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g17g02.jpg"/> </div> </div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(1)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & 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.</div> </td> </tr> </table>
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.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
Nuveen Limited Term Municipal Bond Fund
Class C Shares
FAFJX
This annual shareholder report contains important information about the Class C Shares of the Nuveen Limited Term Municipal Bond Fund for the period of April 1, 2025 to<span style="font-weight: bold;"> </span>March 31, 2026.
annual shareholder report
You can find additional information athttps://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257-8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 32%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 34%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment*</div> </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class C Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$145 </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">1.43%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
145
0.0143
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 100%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen 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%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Credit quality positioning, especially an overweight to A‑rated, BBB‑rated and non‑rated bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Sector allocation, particularly an underweight to tax‑supported bonds and an overweight to housing, tobacco settlement and airport bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Security selection in the housing, tobacco and utility sectors.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Duration and yield curve positioning, particularly an overweight to shorter-duration bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Security selection in the transportation and tax‑supported sectors.</div> </div> </div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g38621g1g72c72.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 76%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class C Shares at NAV (excluding maximum sales charge)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.69%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">0.45%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.07%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.32%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.08%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.25%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Short-Intermediate Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.86%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.38%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.82%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Short-Intermediate Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.77%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.23%</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.50%</td> </tr> </table>
Class C Shares at NAV (excluding maximum sales charge)
0.0269
0.0045
0.0107
S&P Municipal Bond Index
0.0432
0.0108
0.0225
S&P Municipal Bond Short-Intermediate Index
0.0386
0.0138
0.0182
Lipper Short-Intermediate Municipal Debt Funds Classification Average
0.0377
0.0123
0.0150
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of March 31, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 86%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$4,604,914,558</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1,049</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">30%</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$ 16,267,760</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
4604914558
1049
0.30
16267760
<div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g75e01.jpg"/> </div> </div><div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g75e02.jpg"/> </div> </div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(1)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & 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.</div> </td> </tr> </table>
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.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
Nuveen Limited Term Municipal Bond Fund
Class I Shares
FLTRX
This annual shareholder report contains important information about the Class I Shares of the Nuveen Limited Term Municipal Bond Fund for the period of April 1, 2025 to<span style="font-weight: bold;"> </span>March 31, 2026.
annual shareholder report
You can find additional information at<span style="font-weight: bold;"> </span><span style="font-family: arial; font-size: 9pt; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span><span style="font-family: arial;">. You can also request this information by contacting us at (800) 257‑8787.</span>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$44 </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">0.43%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
44
0.0043
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 100%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen 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%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Credit quality positioning, especially an overweight to A‑rated, BBB‑rated and non‑rated bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Sector allocation, particularly an underweight to tax‑supported bonds and an overweight to housing, tobacco settlement and airport bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Security selection in the housing, tobacco and utility sectors.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Duration and yield curve positioning, particularly an overweight to shorter-duration bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Security selection in the transportation and tax‑supported sectors.</div> </div> </div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g38621g1g37k37.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 76%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares at NAV</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.62%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.44%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.91%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.32%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.08%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.25%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Short-Intermediate Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.86%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.38%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.82%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Short-Intermediate Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.77%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.23%</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.50%</td> </tr> </table>
Class I Shares at NAV
0.0362
0.0144
0.0191
S&P Municipal Bond Index
0.0432
0.0108
0.0225
S&P Municipal Bond Short-Intermediate Index
0.0386
0.0138
0.0182
Lipper Short-Intermediate Municipal Debt Funds Classification Average
0.0377
0.0123
0.0150
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of March 31, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 86%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$4,604,914,558</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1,049</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">30%</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$ 16,267,760</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
4604914558
1049
0.30
16267760
<div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g39g39.jpg"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g39g02.jpg"/> </div> </div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(1)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & 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.</div> </td> </tr> </table>
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.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
Nuveen High Yield Municipal Bond Fund
Class A Shares
NHMAX
This annual shareholder report contains important information about the Class A Shares of the Nuveen High Yield Municipal Bond Fund for the period of April 1, 2025 to<span style="font-weight: bold;"> </span>March 31, 2026.
annual shareholder report
You can find additional information at <span style="font-family: arial; font-size: 9pt; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span><span style="font-family: arial;">. You can also request this information by contacting us at (800) 257‑8787.</span>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$193 </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">1.90%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
193
0.0190
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 100%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen 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%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Duration positioning, particularly an underweight to bonds with durations of four to six years and an overweight to bonds with durations of four to 12 years.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Sector allocation, particularly overweights to tax‑increment and dedicated‑tax bonds, and an underweight to industrial development revenue bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">An underweight to A‑rated and BBB‑rated bonds, and an overweight to non‑rated bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Security selection among non‑rated bonds, particularly a lack of exposure to Brightline West bonds, which are held in the Fund’s benchmark.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Fund’s use of leverage through its investment in inverse floating rate securities.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">An underweight to bonds with durations of eight to 12 years.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Credit quality positioning, particularly an underweight to BB‑rated bonds and an overweight to AA‑rated bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">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.</div> </div> </div> <div style="font-size: 14pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g38621g1g01p20.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 73%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares at NAV (excluding maximum sales charge)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.72%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">0.40%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.06%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares at maximum sales charge (Offering Price)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">(1.62)%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">(0.46)%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.62%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.32%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.08%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.25%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Yield Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.63%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.69%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.83%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper High Yield Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.85%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">0.83%</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.64%</td> </tr> </table>
Class A Shares at NAV (excluding maximum sales charge)
0.0272
0.0040
0.0306
Class A Shares at maximum sales charge (Offering Price)
-0.0162
-0.0046
0.0262
S&P Municipal Bond Index
0.0432
0.0108
0.0225
S&P Municipal Yield Index
0.0363
0.0169
0.0383
Lipper High Yield Municipal Debt Funds Classification Average
0.0285
0.0083
0.0264
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of March 31, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 85%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$12,404,502,650</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2,751</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">15%</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$ 63,024,651</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
12404502650
2751
0.15
63024651
<div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g23p23.jpg"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g24p24.jpg"/> </div> </div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(1)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(2)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">Affiliated investment.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(3)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the 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.</div> </td> </tr> </table>
Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Portfolio Manager Update:</span> Effective May 9, 2025, Steve Hlavin was added as a portfolio manager of the Fund.</div> </td>
<td style="width: 1%;"> </td> </tr> </table> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
Nuveen High Yield Municipal Bond Fund
Class C Shares
NHCCX
This annual shareholder report contains important information about the Class C Shares of the Nuveen High Yield Municipal Bond Fund for the period of April 1, 2025 to<span style="font-weight: bold;"> </span>March 31, 2026.
annual shareholder report
You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 10pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 32%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 34%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment*</div> </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class C Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$273 </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">2.70%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
273
0.0270
<div style="background-color: #eff6fc; border-radius: 5pt; max-width: 100%;"> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 100%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">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%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Duration positioning, particularly an underweight to bonds with durations of four to six years and an overweight to bonds with durations of four to 12 years.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Sector allocation, particularly overweights to tax‑increment and dedicated‑tax bonds, and an underweight to industrial development revenue bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">An underweight to A‑rated and BBB‑rated bonds, and an overweight to non‑rated bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Security selection among non‑rated bonds, particularly a lack of exposure to Brightline West bonds, which are held in the Fund’s benchmark.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Fund’s use of leverage through its investment in inverse floating rate securities.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">An underweight to bonds with durations of eight to 12 years.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Credit quality positioning, particularly an underweight to BB‑rated bonds and an overweight to AA‑rated bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">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.</div> </div> </div> </td> </tr> </table> <div style="font-size: 14pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> </div>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g38621g1g78d78.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 73%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class C Shares at NAV (excluding maximum sales charge)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.96%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">(0.40)%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.40%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.32%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.08%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.25%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Yield Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.63%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.69%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.83%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper High Yield Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.85%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">0.83%</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.64%</td> </tr> </table>
Class C Shares at NAV (excluding maximum sales charge)
0.0196
-0.0040
0.0240
S&P Municipal Bond Index
0.0432
0.0108
0.0225
S&P Municipal Yield Index
0.0363
0.0169
0.0383
Lipper High Yield Municipal Debt Funds Classification Average
0.0285
0.0083
0.0264
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of March 31, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 85%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$12,404,502,650</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2,751</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">15%</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$ 63,024,651</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
12404502650
2751
0.15
63024651
<div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g80e01.jpg"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g81e01.jpg"/> </div> </div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(1)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(2)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">Affiliated investment.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(3)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the 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.</div> </td> </tr> </table>
Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Portfolio Manager Update:</span> Effective May 9, 2025, Steve Hlavin was added as a portfolio manager of the Fund.</div> </td>
<td style="width: 1%;"> </td> </tr> </table> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
Nuveen High Yield Municipal Bond Fund
Class R6 Shares
NHMFX
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen High Yield Municipal Bond Fund for the period of April 1, 2025 to<span style="font-weight: bold;"> </span>March 31, 2026.
annual shareholder report
You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class R6 Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$168 </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">1.66%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
168
0.0166
<div style="margin-top: 10pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 100%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen 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%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Duration positioning, particularly an underweight to bonds with durations of four to six years and an overweight to bonds with durations of four to 12 years.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Sector allocation, particularly overweights to tax‑increment and dedicated‑tax bonds, and an underweight to industrial development revenue bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An underweight to A‑rated and BBB‑rated bonds, and an overweight to non‑rated bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Security selection among non‑rated bonds, particularly a lack of exposure to Brightline West bonds, which are held in the Fund’s benchmark.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">The Fund’s use of leverage through its investment in inverse floating rate securities.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An underweight to bonds with durations of eight to 12 years.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Credit quality positioning, particularly an underweight to BB‑rated bonds and an overweight to AA‑rated bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An overweight to 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.</div> </div> </div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g38621g1g88a10.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 70%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">Since Inception<br/>(6/30/16)</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class R6 Shares at NAV</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.98%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">0.63%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.91%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.32%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.08%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.03%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Yield Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.63%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.69%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.46%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper High Yield Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.85%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">0.83%</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.30%</td> </tr> </table>
2016-06-30
Class R6 Shares at NAV
0.0298
0.0063
0.0291
S&P Municipal Bond Index
0.0432
0.0108
0.0203
S&P Municipal Yield Index
0.0363
0.0169
0.0346
Lipper High Yield Municipal Debt Funds Classification Average
0.0285
0.0083
0.0230
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of March 31, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 85%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$12,404,502,650</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2,751</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">15%</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$ 63,024,651</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
12404502650
2751
0.15
63024651
<div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g11t05.jpg"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g11t06.jpg"/> </div> </div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 4%; vertical-align: top; text-align: left;">(1)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 4%; vertical-align: top; text-align: left;">(2)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">Affiliated investment.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 4%; vertical-align: top; text-align: left;">(3)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the 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.</div> </td> </tr> </table>
Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">Portfolio Manager Update: Effective May 9, 2025, Steve Hlavin was added as a portfolio manager of the Fund.</div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
Nuveen High Yield Municipal Bond Fund
Class I Shares
NHMRX
This annual shareholder report contains important information about the Class I Shares of the Nuveen High Yield Municipal Bond Fund for the period of April 1, 2025 to<span style="font-weight: bold;"> </span>March 31, 2026.
annual shareholder report
You can find additional information athttps://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$172 </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">1.70%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
172
0.0170
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 100%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen 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%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Duration positioning, particularly an underweight to bonds with durations of four to six years and an overweight to bonds with durations of four to 12 years.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Sector allocation, particularly overweights to tax‑increment and dedicated‑tax bonds, and an underweight to industrial development revenue bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">An underweight to A‑rated and BBB‑rated bonds, and an overweight to non‑rated bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Security selection among non‑rated bonds, particularly a lack of exposure to Brightline West bonds, which are held in the Fund’s benchmark.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Fund’s use of leverage through its investment in inverse floating rate securities.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">An underweight to bonds with durations of eight to 12 years.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Credit quality positioning, particularly an underweight to BB‑rated bonds and an overweight to AA‑rated bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">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.</div> </div> </div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g38621g1g42k42.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 76%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares at NAV</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.87%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">0.60%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.26%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.32%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.08%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.25%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Yield Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.63%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.69%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.83%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper High Yield Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.85%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">0.83%</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.64%</td> </tr> </table>
Class I Shares at NAV
0.0287
0.0060
0.0326
S&P Municipal Bond Index
0.0432
0.0108
0.0225
S&P Municipal Yield Index
0.0363
0.0169
0.0383
Lipper High Yield Municipal Debt Funds Classification Average
0.0285
0.0083
0.0264
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of March 31, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 85%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$12,404,502,650</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2,751</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">15%</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$ 63,024,651</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
12404502650
2751
0.15
63024651
<div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g44p44.jpg"/> </div> </div><div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g45p45.jpg"/> </div> </div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(1)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(2)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">Affiliated investment.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(3)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the 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.</div> </td> </tr> </table>
Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Portfolio Manager Update:</span> Effective May 9, 2025, Steve Hlavin was added as a portfolio manager of the Fund.</div> </td>
<td style="width: 1%;"> </td> </tr> </table><div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
Nuveen Short Duration High Yield Municipal Bond Fund
Class A Shares
NVHAX
This annual shareholder report contains important information about the Class A Shares of the Nuveen Short Duration High Yield Municipal Bond Fund for the period of April 1, 2025 to<span style="font-weight: bold;"> </span>March 31, 2026.
annual shareholder report
You can find additional information athttps://www.nuveen.com/en‑us/mutual‑funds/prospectuses<span style="font-weight: bold;">.</span> You can also request this information by contacting us at (800) 257‑8787.
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$88 </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">0.87%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
88
0.0087
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 100%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen 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%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Fund’s yield component of its total return.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">An overweight to the utility bond sector and an underweight to the industrial development revenue bond sector.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Duration positioning.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Tender option bonds, which added incremental yield without adding any meaningful increase in duration.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">An underweight to Puerto Rico bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">An underweight to the housing bond sector.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">An overweight to non‑rated bonds.</div> </div> </div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g38621g1g01p48.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 73%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares at NAV (excluding maximum sales charge)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.25%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">2.07%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.97%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares at maximum sales charge (Offering Price)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">(0.31)%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.55%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.71%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.32%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.08%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.25%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Short Duration Municipal Yield Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.25%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">2.24%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.38%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper High Yield Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.85%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">0.83%</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.64%</td> </tr> </table>
Class A Shares at NAV (excluding maximum sales charge)
0.0225
0.0207
0.0297
Class A Shares at maximum sales charge (Offering Price)
-0.0031
0.0155
0.0271
S&P Municipal Bond Index
0.0432
0.0108
0.0225
S&P Short Duration Municipal Yield Index
0.0325
0.0224
0.0338
Lipper High Yield Municipal Debt Funds Classification Average
0.0285
0.0083
0.0264
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of March 31, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 86%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$6,421,508,663</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2,784</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">30%</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$ 29,297,605</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
6421508663
2784
0.30
29297605
<div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g51k01.jpg"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g51g02.jpg"/> </div> </div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(1)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(2)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">Affiliated investment.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(3)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the 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.</div> </td> </tr> </table>
Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Portfolio Manager Update:</span> Effective May 9, 2025, Dan Close was added as a portfolio manager of the Fund.</div> </td>
<td style="width: 1%;"> </td> </tr> </table> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
Nuveen Short Duration High Yield Municipal Bond Fund
Class C Shares
NVCCX
This annual shareholder report contains important information about the Class C Shares of the Nuveen Short Duration High Yield Municipal Bond Fund for the period of April 1, 2025 to March 31, 2026.
annual shareholder report
You can find additional information at <span style="font-family: arial; font-size: 9pt; color: #0071ce;">https://www.nuveen.com/en-us/mutual-funds/prospectuses</span><span style="font-family: arial;">. You can also request this information by contacting us at (800) 257-8787.</span>
https://www.nuveen.com/en-us/mutual-funds/prospectuses
(800) 257-8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of <br/>$10,000 investment*</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class C Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$168 </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">1.67%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
168
0.0167
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 100%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen 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%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">The Fund’s yield component of its total return.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An overweight to the utility bond sector and an underweight to the industrial development revenue bond sector.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Duration positioning.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Tender option bonds, which added incremental yield without adding any meaningful increase in duration.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An underweight to Puerto Rico bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An underweight to the housing bond sector.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An overweight to non-rated bonds.</div> </div> </div> <div style="font-size: 14pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g38621g1g84e84.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 76%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1-Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5-Year</span></td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10-Year</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class C Shares at NAV (excluding maximum sales charge)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.51%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.26%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.32%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.32%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.08%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.25%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Short Duration Municipal Yield Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.25%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">2.24%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.38%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper High Yield Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.85%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">0.83%</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.64%</td> </tr> </table>
Class C Shares at NAV (excluding maximum sales charge)
0.0151
0.0126
0.0232
S&P Municipal Bond Index
0.0432
0.0108
0.0225
S&P Short Duration Municipal Yield Index
0.0325
0.0224
0.0338
Lipper High Yield Municipal Debt Funds Classification Average
0.0285
0.0083
0.0264
For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of March 31, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 86%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$6,421,508,663</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2,784</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">30%</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$ 29,297,605</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
6421508663
2784
0.30
29297605
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 51%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 48%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;">
<img alt="LOGO" src="g38621g1g87t01.jpg"/> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;">
<img alt="LOGO" src="g38621g1g87t02.jpg"/> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 3%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(1)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 3%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(2)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">Affiliated investment.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 3%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(3)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the 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.</div> </td> </tr> </table>
Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="font-size: 9pt; font-family: arial; margin: 6pt 2% 0pt 2%;"><span style="font-weight: bold;">Portfolio Manager Update:</span> Effective May 9, 2025, Dan Close was added as a portfolio manager of the Fund.</div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en-us/mutual-funds/prospectuses</span> or upon request at (800) 257-8787.</div>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en-us/mutual-funds/prospectuses</span> or upon request at (800) 257-8787.</div>
https://www.nuveen.com/en-us/mutual-funds/prospectuses
(800) 257-8787
Nuveen Short Duration High Yield Municipal Bond Fund
Class I Shares
NVHIX
This annual shareholder report contains important information about the Class I Shares of the Nuveen Short Duration High Yield Municipal Bond Fund for the period of April 1, 2025 to<span style="font-weight: bold;"> </span>March 31, 2026.
annual shareholder report
You can find additional information at <span style="font-family: arial; font-size: 9pt; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span><span style="font-family: arial;">. You can also request this information by contacting us at (800) 257‑8787.</span>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 32%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 34%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of<br/></div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment*</div> </td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$68 </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">0.67%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
68
0.0067
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 100%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen 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%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Fund’s yield component of its total return.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">An overweight to the utility bond sector and an underweight to the industrial development revenue bond sector.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Duration positioning.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Tender option bonds, which added incremental yield without adding any meaningful increase in duration.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">An underweight to Puerto Rico bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">An underweight to the housing bond sector.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">An overweight to non‑rated bonds.</div> </div> </div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g38621g1g54p54.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 76%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares at NAV</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.55%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">2.27%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.17%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.32%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.08%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.25%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Short Duration Municipal Yield Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.25%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">2.24%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.38%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper High Yield Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.85%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">0.83%</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.64%</td> </tr> </table>
Class I Shares at NAV
0.0255
0.0227
0.0317
S&P Municipal Bond Index
0.0432
0.0108
0.0225
S&P Short Duration Municipal Yield Index
0.0325
0.0224
0.0338
Lipper High Yield Municipal Debt Funds Classification Average
0.0285
0.0083
0.0264
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of March 31, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 86%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$6,421,508,663</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2,784</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">30%</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$ 29,297,605</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
6421508663
2784
0.30
29297605
<div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g56k56.jpg"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt;">
<img alt="LOGO" src="g38621g1g55g02.jpg"/> </div> </div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(1)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(2)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">Affiliated investment.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(3)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the 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.</div> </td> </tr> </table>
Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Portfolio Manager Update:</span> Effective May 9, 2025, Dan Close was added as a portfolio manager of the Fund.</div> </td>
<td style="width: 1%;"> </td> </tr> </table> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
Nuveen Strategic Municipal Opportunities Fund
Class A Shares
NSAOX
This annual shareholder report contains important information about the Class A Shares of the Nuveen Strategic Municipal Opportunities Fund for the period of April 1, 2025 to March 31, 2026.
annual shareholder report
You can find additional information at <span style="font-family: arial; font-size: 9pt; color: #0071ce;">https://www.nuveen.com/en-us/mutual-funds/prospectuses</span><span style="font-family: arial;">. You can also request this information by contacting us at (800) 257-8787.</span>
https://www.nuveen.com/en-us/mutual-funds/prospectuses
(800) 257-8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of <br/>$10,000 investment*</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$86 </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">0.85%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
86
0.0085
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 100%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen 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%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Duration positioning.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Sector allocation, particularly overweights to nursing home, health care, incremental-tax and appropriation bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Certain individual securities, led by Puerto Rico contingent value instruments, Georgia Express Lanes toll-road, and Colorado Education & Cultural Facilities bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Credit quality positioning, especially an overweight to bonds rated lower investment grade and below investment grade.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Security selection, particularly in Brightline, American Dream at the Meadowlands, Painted Prairie Public Improvement District, and Maryland Proton Therapy Center bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An underweight to tax-supported bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Interest rate hedges held for a portion of the reporting period.</div> </div> </div> <div style="font-size: 14pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g38621g1g90f90.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 73%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1-Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5-Year</span></td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10-Year</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares at NAV (excluding maximum sales charge)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.86%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">0.61%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.94%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares at maximum sales charge (Offering Price)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">(0.23)%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">0.00%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.63%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.32%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.08%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.25%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper General & Insured Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.75%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">0.54%</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.94%</td> </tr> </table>
Class A Shares at NAV (excluding maximum sales charge)
0.0286
0.0061
0.0294
Class A Shares at maximum sales charge (Offering Price)
-0.0023
0.0000
0.0263
S&P Municipal Bond Index
0.0432
0.0108
0.0225
Lipper General & Insured Municipal Debt Funds Classification Average
0.0375
0.0054
0.0194
For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of March 31, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 86%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$1,113,935,075</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">719</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">60%</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$ 5,221,662</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
1113935075
719
0.60
5221662
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 51%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 48%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;">
<img alt="LOGO" src="g38621g1g93t01.jpg"/> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;">
<img alt="LOGO" src="g38621g1g93t02.jpg"/> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 3%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(1)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 3%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(2)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the 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.</div> </td> </tr> </table>
Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en-us/mutual-funds/prospectuses</span> or upon request at (800) 257-8787.</div>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en-us/mutual-funds/prospectuses</span> or upon request at (800) 257-8787.</div>
https://www.nuveen.com/en-us/mutual-funds/prospectuses
(800) 257-8787
Nuveen Strategic Municipal Opportunities Fund
Class C Shares
NSCOX
This annual shareholder report contains important information about the Class C Shares of the Nuveen Strategic Municipal Opportunities Fund for the period of April 1, 2025 to<span style="font-weight: bold;"> </span>March 31, 2026.
annual shareholder report
You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses<span style="font-weight: bold;">.</span> You can also request this information by contacting us at (800) 257-8787.
https://www.nuveen.com/en-us/mutual-funds/prospectuses
(800) 257-8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of <br/>$10,000 investment*</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class C Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$167 </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">1.65%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
167
0.0165
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 100%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen 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%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Duration positioning.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Sector allocation, particularly overweights to nursing home, health care, incremental-tax and appropriation bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Certain individual securities, led by Puerto Rico contingent value instruments, Georgia Express Lanes toll-road, and Colorado Education & Cultural Facilities bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Credit quality positioning, especially an overweight to bonds rated lower investment grade and below investment grade.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Security selection, particularly in Brightline, American Dream at the Meadowlands, Painted Prairie Public Improvement District, and Maryland Proton Therapy Center bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An underweight to tax-supported bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Interest rate hedges held for a portion of the reporting period.</div> </div> </div> <div style="font-size: 14pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g38621g1g96g96.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 73%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1-Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5-Year</span></td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10-Year</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class C Shares at NAV (excluding maximum sales charge)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.94%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">(0.20)%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.27%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.32%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.08%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.25%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper General & Insured Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.75%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">0.54%</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.94%</td> </tr> </table>
Class C Shares at NAV (excluding maximum sales charge)
0.0194
-0.0020
0.0227
S&P Municipal Bond Index
0.0432
0.0108
0.0225
Lipper General & Insured Municipal Debt Funds Classification Average
0.0375
0.0054
0.0194
For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of March 31, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 86%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$1,113,935,075</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">719</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">60%</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$ 5,221,662</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
1113935075
719
0.60
5221662
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 51%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 48%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;">
<img alt="LOGO" src="g38621g1g11m63.jpg"/> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;">
<img alt="LOGO" src="g38621g1g65g68.jpg"/> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 3%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(1)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 3%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(2)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the 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.</div> </td> </tr> </table>
Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en-us/mutual-funds/prospectuses</span> or upon request at (800) 257-8787.</div>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en-us/mutual-funds/prospectuses</span> or upon request at (800) 257-8787.</div>
https://www.nuveen.com/en-us/mutual-funds/prospectuses
(800) 257-8787
Nuveen Strategic Municipal Opportunities Fund
Class I Shares
NSIOX
This annual shareholder report contains important information about the Class I Shares of the Nuveen Strategic Municipal Opportunities Fund for the period of April 1, 2025 to March 31, 2026.
annual shareholder report
You can find additional information at <span style="font-family: arial; font-size: 9pt; color: #0071ce;">https://www.nuveen.com/en-us/mutual-funds/prospectuses</span><span style="font-family: arial;">. You can also request this information by contacting us at (800) 257-8787.</span>
https://www.nuveen.com/en-us/mutual-funds/prospectuses
(800) 257-8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of <br/>$10,000 investment*</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$66 </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">0.65%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
66
0.0065
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 100%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen 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%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Duration positioning.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Sector allocation, particularly overweights to nursing home, health care, incremental-tax and appropriation bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Certain individual securities, led by Puerto Rico contingent value instruments, Georgia Express Lanes toll-road, and Colorado Education & Cultural Facilities bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Credit quality positioning, especially an overweight to bonds rated lower investment grade and below investment grade.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Security selection, particularly in Brightline, American Dream at the Meadowlands, Painted Prairie Public Improvement District, and Maryland Proton Therapy Center bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">An underweight to tax-supported bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.56em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.100000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.150000em; font-family: arial;">Interest rate hedges held for a portion of the reporting period.</div> </div> </div> <div style="font-size: 14pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g38621g1g10g02.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 76%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1-Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5-Year</span></td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10-Year</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares at NAV</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.00%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">0.81%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.14%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.32%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.08%</td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.25%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper General & Insured Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.75%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">0.54%</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.94%</td> </tr> </table>
Class I Shares at NAV
0.0300
0.0081
0.0314
S&P Municipal Bond Index
0.0432
0.0108
0.0225
Lipper General & Insured Municipal Debt Funds Classification Average
0.0375
0.0054
0.0194
For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of March 31, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 86%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$1,113,935,075</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">719</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">60%</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$ 5,221,662</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
1113935075
719
0.60
5221662
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 51%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 48%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;">
<img alt="LOGO" src="g38621g1g43j66.jpg"/> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;">
<img alt="LOGO" src="g38621g1g00p74.jpg"/> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 3%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(1)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.</div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 3%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(2)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the 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.</div> </td> </tr> </table>
Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en-us/mutual-funds/prospectuses</span> or upon request at (800) 257-8787.</div>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en-us/mutual-funds/prospectuses</span> or upon request at (800) 257-8787.</div>
https://www.nuveen.com/en-us/mutual-funds/prospectuses
(800) 257-8787
Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
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.
Affiliated investment.
Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
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.
Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
Annualized for period less than one year.
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.
Annualized for period less than one year.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
Annualized for period less than one year.
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.
Annualized for period less than one year.
Annualized for period less than one year.
Annualized for period less than one year.
Annualized for period less than one year.
Annualized for period less than one year.
Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
Annualized for period less than one year.
Annualized for period less than one year.
Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
Affiliated investment.
Annualized for period less than one year.
Annualized for period less than one year.
Annualized for period less than one year.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
Annualized for period less than one year.
Annualized for period less than one year.
Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
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.
Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
Annualized for period less than one year.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
Annualized for period less than one year.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
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.
Affiliated investment.
Affiliated investment.
Annualized for period less than one year.
Affiliated investment.
Annualized for period less than one year.
Affiliated investment.
Affiliated investment.
Annualized for period less than one year.
Affiliated investment.
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.
Affiliated investment.
Affiliated investment.
Affiliated investment.
Affiliated investment.
Affiliated investment.
Affiliated investment.