| Mutual Funds | Supplement |
Nuveen Fixed-Income Funds
SUPPLEMENT NO. 1
dated August 31, 2026, to the Statutory Prospectus
dated
The following hereby replaces in its entirety the “Annual Fund Operating Expenses” table in the “Fees and expenses” section beginning on page 90 of the Statutory Prospectus in the “Summary information” section for the Nuveen Short Duration and Impact Bond Fund:
| Class A | Class I | Premier Class | Class R6 | Retirement Class | ||||||
| Management fees | ||||||||||
| Distribution (Rule 12b-1) fees | – | – | – | |||||||
| Other expenses1 | ||||||||||
| Total annual Fund operating expenses | ||||||||||
| Waivers and expense reimbursements2 | ( | ( | ( | ( | ( | |||||
| Total annual Fund operating expenses after fee waiver and/or expense reimbursement |
| 1 | |
| 2 |
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The following hereby replaces in its entirety the table in the “Example” sub-section of the “Fees and expenses” section on page 90 of the Statutory Prospectus in the “Summary information” section for the Nuveen Short Duration and Impact Bond Fund:
| Class A | Class I | Premier Class | Class R6 | Retirement Class | ||||||
| 1 year | $ | $ | $ | $ | $ | |||||
| 3 years | $ | $ | $ | $ | $ | |||||
| 5 years | $ | $ | $ | $ | $ | |||||
| 10 years | $ | $ | $ | $ | $ |
The following is hereby added after the final paragraph of the “Principal investment strategies” section beginning on page 92 of the Statutory Prospectus in the “Summary information” section for the Nuveen Short Duration and Impact Bond Fund:
The Fund may also seek exposure to Regulation S fixed-income securities through investment in a Cayman Islands exempted company that is wholly owned and controlled by the Fund (the “Regulation S Subsidiary”). A Cayman Islands exempted company is a corporate entity established under the laws of the Cayman Islands for the purpose of conducting business mainly outside the Cayman Islands. Regulation S fixed-income securities are debt securities of U.S. and non-U.S. issuers that are issued through private placement offerings without registration with the Securities and Exchange Commission (“SEC”) pursuant to Regulation S under the Securities Act of 1933. These may include sovereign or quasi-sovereign bonds, corporate bonds and structured notes issued pursuant to Regulation S. The Regulation S Subsidiary is advised by Nuveen Asset Management, LLC (“Nuveen Asset Management”) and has the same investment objective as the Fund, except that the Regulation S Subsidiary may invest without limitation in Regulation S securities.
The Fund may also seek exposure to certain bonds or fixed-income securities that are sold subject to selling restrictions under the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”), which generally restricts the purchase of such bonds to non-U.S. persons (as defined for applicable U.S. federal income tax purposes) (“TEFRA Bonds”) through investment of up to 25% of its total assets in a separate Cayman Islands exempted company that is wholly owned and controlled by the Fund (the “TEFRA Bond Subsidiary”). These may include
2
sovereign or quasi-sovereign bonds, corporate bonds and structured notes issued pursuant to TEFRA. The TEFRA Bond Subsidiary is advised by Nuveen Asset Management and has the same investment objective as the Fund, except that the TEFRA Bond Subsidiary may invest without limitation in TEFRA Bonds.
The following is hereby added after “Downgrade Risk” in the “Principal investment risks” section beginning on page 95 of the Statutory Prospectus in the “Summary information” section for the Nuveen Short Duration and Impact Bond Fund:
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| • |
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The following risks hereby replace in their entirety “Risks of Investments in the Core and Impact Bond Fund’s TEFRA Bond Subsidiary” and “Risks of Investments in the Core and Impact Bond Fund’s and Green Bond Fund’s Wholly Owned Subsidiaries” in the “Additional information on principal investment risks of the Funds” sub-section of the “Additional information about investment strategies and risks of the Funds” section beginning on page 133 of the Statutory Prospectus:
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| • |
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will be achieved. Further, the Subsidiaries are not registered under the 1940 Act and, therefore, are not subject to the investor protections (except as otherwise noted in the Prospectus) of the 1940 Act. As an investor in a Subsidiary, a Fund does not have all of the protections offered to investors by the 1940 Act. However, each Subsidiary is wholly owned and controlled by the applicable Fund and managed by Nuveen Asset Management. Changes in the laws of the United States and/or Cayman Islands could result in the inability of the Funds to invest in the Subsidiaries as described in this Prospectus and in the Funds’ SAI and could adversely affect the Funds.
The following hereby replaces in its entirety, the “Information about the Core and Impact Bond Fund’s and Green Bond Fund’s Subsidiaries” sub-section of the “Management of the Funds” section beginning on page 155 of the Statutory Prospectus:
Information about the Core and Impact Bond Fund’s, Green Bond Fund’s and Short Duration and Impact Bond Fund’s Subsidiaries
The Core and Impact Bond Fund, Green Bond Fund and Short Duration and Impact Bond Fund may each invest in its applicable Regulation S Subsidiary, and the Regulation S Subsidiaries are each a Cayman Islands exempted company that is wholly owned and controlled by the applicable Fund, to gain exposure to Regulation S securities. A Cayman Islands exempted company is a corporate entity established under the laws of the Cayman Islands for the purpose of conducting business mainly outside the Cayman Islands. The Funds invest in the Regulation S Subsidiaries to obtain exposure to certain Regulation S securities not eligible for investment by the Funds until the expiration of the applicable Regulation S security restricted period. These may include sovereign or quasi-sovereign bonds, corporate bonds and structured notes issued pursuant to Regulation S. Each Fund is the sole shareholder of its applicable Regulation S Subsidiary and it is currently expected that shares of the Regulation S Subsidiaries will not be sold or offered to other investors.
The Core and Impact Bond Fund and the Short Duration and Impact Bond Fund may each also invest up to 25% of its total assets in its TEFRA Bond Subsidiary, a Cayman Islands exempted company that is wholly owned and controlled by the Fund, to gain exposure to certain TEFRA Bonds. TEFRA Bonds are sold subject to selling restrictions
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generally designed to restrict the purchasers of such bonds to non-U.S. persons (as defined for applicable U.S. federal income tax purposes). As each TEFRA Bond Subsidiary will elect to be a corporation from a U.S. federal income tax perspective, the TEFRA Bond Subsidiary will generally be viewed as a non-U.S. person for such purposes. Each Fund invests in its TEFRA Bond Subsidiary to provide the Fund exposure to TEFRA Bonds, within the selling restrictions that apply to the sale of such bonds. These may include sovereign or quasi-sovereign bonds, corporate bonds and structured notes issued pursuant to TEFRA. Each Fund is the sole shareholder of its TEFRA Bond Subsidiary and it is currently expected that shares of each TEFRA Bond Subsidiary will not be sold or offered to other investors.
The Subsidiaries have each entered into an investment management agreement with Nuveen Asset Management for the management of the Subsidiaries’ portfolios. Under these agreements, Nuveen Asset Management provides the Subsidiaries with the same type of management services, under the same terms, as are provided to the Funds. The investment management agreements with the Subsidiaries provide for their automatic termination upon the termination of the applicable Fund’s Management Agreement. Nuveen Asset Management is not compensated by the Subsidiaries for the services it provides to the Subsidiaries. As described in more detail in this Prospectus, Nuveen Asset Management receives a management fee from the Funds based on the average daily net assets of the Funds, which includes any amounts invested in the Subsidiaries. The Funds will bear the operating expenses of the Subsidiaries, subject to the Fund’s expense reimbursement arrangements. The Subsidiaries have also entered into separate contracts for the provision of custody and transfer agency services with the same service providers as those engaged by the Funds.
In managing the Subsidiaries’ portfolios, Nuveen Asset Management is subject to the same investment policies and restrictions that apply to the management of the Funds. However, unlike the Funds, the Regulation S Subsidiaries may invest without limitation in Regulation S securities and the TEFRA Bond Subsidiaries may invest without limitation in TEFRA Bonds.
While there are no limitations on the ability of the Funds to invest in the Subsidiaries (other than the requirement that the Core and Impact Bond Fund and Short Duration and Impact Bond Fund each
6
have no more than 25% of its total assets invested in its TEFRA Bond Subsidiary, consistent with the asset diversification test applicable to regulated investment companies), the portfolio investments of the Subsidiaries are subject to the investment strategies and limitations of the Funds in the same manner as are investments directly held by the Funds. The Funds will comply with the applicable provisions of the 1940 Act, including, without limitation, those provisions relating to investment policies, capital structure and leverage on an aggregate basis with the Subsidiaries.
Neither the Funds nor the Subsidiaries currently intend to create or acquire primary control of any entity which primarily engages in investment activities in securities or other assets other than entities wholly- or majority-owned by the Funds.
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| MGN-TCFFI-0826P |
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Mutual Funds | Supplement |
SUPPLEMENT NO. 1
dated August 31, 2026 to the Statement of Additional Information (“SAI”) dated May 1, 2026, March 1, 2026 and August 1, 2026
The following hereby replaces in its entirety the fourth paragraph in the “Investment objectives, policies, restrictions and risks” section on page 4 of the SAI:
The Core and Impact Bond Fund may pursue its investment objective by investing in either of its wholly owned subsidiaries, Nuveen Core and Impact Bond Fund Offshore Limited (the “Core and Impact Bond Fund Regulation S Subsidiary”) or Nuveen Core and Impact Bond Fund Taxable Offshore Limited (the “Core and Impact Bond Fund TEFRA Bond Subsidiary” and together with the Core and Impact Bond Fund Regulation S Subsidiary, the “Core and Impact Bond Fund Subsidiaries”), which are Cayman Islands exempted companies. A Cayman Islands exempted company is a corporate entity established under the laws of the Cayman Islands for the purpose of conducting business mainly outside the Cayman Islands. The Green Bond Fund may pursue its investment objective by investing in its wholly owned subsidiary, Nuveen Green Bond Fund Offshore Limited (the “Green Bond Fund Regulation S Subsidiary”), which is a Cayman Islands exempted company. The Short Duration and Impact Bond Fund may pursue its investment objective by investing in either of its wholly owned subsidiaries, Nuveen Short Duration and Impact Bond Fund Offshore Limited (the “Short Duration and Impact Bond Fund Regulation S Subsidiary”) or Nuveen Short Duration and Impact Bond Fund Taxable Offshore Limited (the “Short Duration and Impact Bond Fund TEFRA Bond Subsidiary” and together with the Short Duration and Impact Bond Fund Regulation S Subsidiary, the “Short Duration and Impact Bond Fund Subsidiaries”), which are Cayman Islands exempted companies. The International Bond Fund may pursue its investment objective by investing in either of its wholly owned subsidiaries, Nuveen International Bond Fund Offshore Limited (the “International Bond Fund Regulation S Subsidiary” and together with the Core and Impact Bond Fund Regulation S Subsidiary, the Green Bond Fund Regulation S Subsidiary and the Short Duration and Impact Bond Fund Regulation S Subsidiary, the “Regulation S Subsidiaries”) or the Nuveen International Bond Fund Taxable Offshore Limited (the “International Bond Fund TEFRA Bond Subsidiary” and together with the Core and Impact Bond Fund TEFRA Bond Subsidiary and the Short Duration and Impact Bond Fund TEFRA Bond Subsidiary, the “TEFRA Bond Subsidiaries”) (the International Bond Fund Regulation S Subsidiary, the International Bond Fund TEFRA Bond Subsidiary, the Core and Impact Bond Fund Subsidiaries, the Green Bond Fund Regulation S Subsidiary and the Short Duration and Impact Bond Fund Subsidiaries, together the “Subsidiaries”), which are Cayman Islands exempted companies. The Funds invest in the Regulation S Subsidiaries to obtain exposure to certain Regulation S securities not eligible for investment directly by the Funds until the expiration of the applicable Regulation S security restricted period. The Core and Impact Bond Fund, Short Duration and Impact Bond Fund and International Bond Fund invest in the TEFRA Bond Subsidiaries to obtain exposure to certain bonds or fixed-income securities that are sold subject to selling restrictions under the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”), which generally restricts the purchase of such bonds to non-U.S. persons (as defined for applicable U.S. federal income tax purposes) (“TEFRA Bonds”). As each TEFRA Bond Subsidiary will elect to be a corporation from a U.S. federal income tax perspective, the TEFRA Bond Subsidiaries will generally be viewed as a non-U.S. person for such purposes. The Subsidiaries are advised by Nuveen Asset Management, LLC (“Nuveen Asset Management”), have the same investment objective as the applicable Fund, and are subject to the same investment policies and restrictions that apply to the management of the applicable Fund (except that the Regulation S Subsidiaries
1
may invest without limitation in Regulation S securities and the TEFRA Bond Subsidiaries may invest without limitation in TEFRA Bonds). The Funds and the Subsidiaries will test for compliance with investment restrictions on a consolidated basis. By investing in the Subsidiaries, the Funds are indirectly exposed to the risks associated with the Subsidiaries’ investments. The investments held by each Subsidiary are generally similar to those held by the applicable Fund and are subject to the same risks that apply to similar investments if held directly by the applicable Fund. See the Funds’ Prospectuses and the section titled “Investment in Wholly Owned Subsidiaries” below for a more detailed discussion of the Subsidiaries.
The following hereby replaces in their entirety the sub-sections entitled “Regulation S Securities Risk,” “Investment in Wholly Owned Subsidiaries” and “Risks of Investments in the Core and Impact Bond Fund’s and International Bond Fund’s TEFRA Bond Subsidiaries” of the “Investment objectives, policies, restrictions and risks—Other policies” sub-section beginning on page 45 of the SAI:
Regulation S Securities Risk. As described more fully in their Prospectuses, the Core and Impact Bond Fund, Green Bond Fund, Short Duration and Impact Bond Fund and International Bond Fund may seek exposure to Regulation S securities through their investment in the Regulation S Subsidiaries. Regulation S securities may be less liquid than publicly traded securities as a result of legal or contractual restrictions on resale. If a Regulation S security is determined to be illiquid, the investment will be included with a Fund’s 15% of net assets limitation on investment in illiquid investments. Regulation S securities may be resold in privately negotiated transactions but the price realized in such resales could be less than the amount originally paid. Further, because Regulation S securities are not publicly traded, they may not be subject to the same disclosure and other investor protection requirements that would be applicable to publicly traded securities. As a result, Regulation S securities may involve a high degree of business and financial risk and may result in losses.
Investment in Wholly Owned Subsidiaries. The Subsidiaries are Cayman Islands exempted companies that are wholly owned and controlled by the Core and Impact Bond Fund, Green Bond Fund, Short Duration and Impact Bond Fund and International Bond Fund and each is overseen by its own board of directors. A Cayman Islands exempted company is a corporate entity established under the laws of the Cayman Islands for the purpose of conducting business mainly outside the Cayman Islands. Each of the Core and Impact Bond Fund, Green Bond Fund, Short Duration and Impact Bond Fund and International Bond Fund is the sole shareholder of its Subsidiary or Subsidiaries and it is not currently expected that shares of the Subsidiaries will be sold or offered to other investors. It is expected that the Regulation S Subsidiaries will invest primarily in Regulation S securities and that the TEFRA Bond Subsidiaries will invest primarily in TEFRA Bonds. As a result, the Funds, through their investment in the Subsidiaries, are indirectly exposed to the risks associated with Regulation S securities and, with respect to the Core and Impact Bond Fund, Short Duration and Impact Bond Fund and International Bond Fund, TEFRA Bonds. There can be no assurance that the investment objective of the Funds or the Subsidiaries will be achieved.
The Subsidiaries are not registered under the 1940 Act and, therefore, are not subject to the investor protection provisions of the 1940 Act (unless otherwise noted in a Fund’s Prospectuses or this SAI). As an investor in the Subsidiaries, the Funds do not have all of the protections offered to investors by the 1940 Act. However, each Subsidiary is wholly owned and controlled by the applicable Fund and managed by Nuveen Asset Management. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Funds to invest in the Subsidiaries as described in the Funds’ Prospectuses and in this SAI and could adversely affect the Funds. For example, the Cayman Islands currently does not impose certain taxes on exempted companies like the Subsidiaries, including income and capital gains tax, among others. If Cayman Islands laws were changed to require such entities to pay Cayman Islands taxes, the investment returns of the Funds would likely decrease.
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Risks of Investments in the Core and Impact Bond Fund’s, Short Duration and Impact Bond Fund’s and International Bond Fund’s TEFRA Bond Subsidiaries. The Core and Impact Bond Fund, Short Duration and Impact Bond Fund and International Bond Fund may also seek exposure to TEFRA Bonds through investment of up to 25% of their total assets in the TEFRA Bond Subsidiaries. Under applicable U.S. Treasury regulations, a Fund’s income inclusion with respect to a subsidiary will generally be treated as qualifying income under Subchapter M of the Code if either (A) there is a distribution out of the earnings and profits of the subsidiary that are attributable to such income inclusion or (B) such inclusion is derived with respect to the Fund’s business of investing in stock, securities, or currencies. The tax treatment of the Funds’ investments in the TEFRA Bond Subsidiaries could affect whether income derived from such investments is qualifying income, or otherwise affect the character, timing and/or amount of the Funds’ taxable income or any gains and distributions made by the Funds.
The following hereby replaces in its entirety the tenth paragraph in the “Investment advisory and other services—Investment advisory services” sub-section beginning on page 92 of the SAI:
As described in the Core and Impact Bond Fund’s, Green Bond Fund’s, Short Duration and Impact Bond Fund’s and International Bond Fund’s Prospectuses, Nuveen Asset Management serves as the Subsidiaries’ investment adviser. Pursuant to its investment management agreements with the Subsidiaries, Nuveen Asset Management does not receive compensation from the Subsidiaries for the portfolio management, portfolio accounting, custodial, compliance, administrative and related services it provides to the Subsidiaries. The direct expenses of the Subsidiaries, if any, which may include portfolio accounting, custodial, compliance, administrative and related services, are borne directly by the Funds with respect to the Regulation S Subsidiaries and indirectly by the Core and Impact Bond Fund, Short Duration and Impact Bond Fund and International Bond Fund with respect to the TEFRA Bond Subsidiaries, subject to the Funds’ expense reimbursement arrangements. The investment management agreements between Nuveen Asset Management and the Subsidiaries may be terminated at any time without penalty upon 60 days’ written notice by action of the Subsidiaries’ directors or by Nuveen Asset Management and will terminate automatically in the event of an “assignment” (as defined in the Advisers Act) thereof. The investment management agreements with the Subsidiaries provides for their automatic termination upon the termination of the applicable Fund’s Investment Management Agreement.
The following hereby replaces the first sentence of the first paragraph of the sub-section entitled “Tax status—TEFRA Bond Subsidiaries” on page 129 of the SAI:
The Core and Impact Bond Fund, Short Duration and Impact Bond Fund and International Bond Fund may each seek exposure to TEFRA Bonds through investment of up to 25% of its total assets in the TEFRA Bond Subsidiaries.
The following hereby replaces the first sentence of the third paragraph of the sub-section entitled “Tax status—TEFRA Bond Subsidiaries” on page 130 of the SAI:
The TEFRA Bond Subsidiaries will each be treated as a controlled foreign corporation and the Core and Impact Bond Fund, Short Duration and Impact Bond Fund and International Bund Fund will each be treated as a “U.S. shareholder” of such subsidiary.
| 3 | MGN-TCFSAI-0826P |