0000820892 nifi:C000015152Member 2016-03-31 2016-03-31 0000820892 nifi:C000015153Member 2016-03-31 2016-03-31 0000820892 nifi:SAndPMunicipalBondIndexMember 2016-03-31 2016-03-31 0000820892 nifi:SAndPMunicipalBondShortIndexMember 2016-03-31 2016-03-31 0000820892 nifi:C000015152Member 2016-04-01 2018-03-31 0000820892 nifi:C000015153Member 2016-04-01 2018-03-31 0000820892 nifi:SAndPMunicipalBondIndexMember 2016-04-01 2018-03-31 0000820892 nifi:SAndPMunicipalBondShortIndexMember 2016-04-01 2018-03-31 0000820892 nifi:C000015152Member 2016-04-01 2019-03-31 0000820892 nifi:C000015153Member 2016-04-01 2019-03-31 0000820892 nifi:SAndPMunicipalBondIndexMember 2016-04-01 2019-03-31 0000820892 nifi:SAndPMunicipalBondShortIndexMember 2016-04-01 2019-03-31 0000820892 nifi:C000015152Member 2016-04-01 2020-03-31 0000820892 nifi:C000015153Member 2016-04-01 2020-03-31 0000820892 nifi:SAndPMunicipalBondIndexMember 2016-04-01 2020-03-31 0000820892 nifi:SAndPMunicipalBondShortIndexMember 2016-04-01 2020-03-31 0000820892 nifi:C000015152Member 2016-04-01 2022-03-31 0000820892 nifi:C000015153Member 2016-04-01 2022-03-31 0000820892 nifi:SAndPMunicipalBondIndexMember 2016-04-01 2022-03-31 0000820892 nifi:SAndPMunicipalBondShortIndexMember 2016-04-01 2022-03-31 0000820892 nifi:C000015152Member 2016-04-01 2023-03-31 0000820892 nifi:C000015153Member 2016-04-01 2023-03-31 0000820892 nifi:SAndPMunicipalBondIndexMember 2016-04-01 2023-03-31 0000820892 nifi:SAndPMunicipalBondShortIndexMember 2016-04-01 2023-03-31 0000820892 nifi:C000015152Member 2016-04-01 2024-03-31 0000820892 nifi:C000015153Member 2016-04-01 2024-03-31 0000820892 nifi:SAndPMunicipalBondIndexMember 2016-04-01 2024-03-31 0000820892 nifi:SAndPMunicipalBondShortIndexMember 2016-04-01 2024-03-31 0000820892 nifi:C000015152Member 2016-04-01 2025-03-31 0000820892 nifi:C000015153Member 2016-04-01 2025-03-31 0000820892 nifi:SAndPMunicipalBondIndexMember 2016-04-01 2025-03-31 0000820892 nifi:SAndPMunicipalBondShortIndexMember 2016-04-01 2025-03-31 0000820892 2025-04-01 2026-03-31 0000820892 nifi:C000015152Member 2016-04-01 2021-03-31 0000820892 nifi:C000015153Member 2016-04-01 2021-03-31 0000820892 nifi:SAndPMunicipalBondIndexMember 2016-04-01 2021-03-31 0000820892 nifi:SAndPMunicipalBondShortIndexMember 2016-04-01 2021-03-31 0000820892 nifi:C000015152Member 2021-04-01 2026-03-31 0000820892 nifi:C000015152Member oef:WithoutSalesLoadMember 2021-04-01 2026-03-31 0000820892 nifi:C000015153Member 2021-04-01 2026-03-31 0000820892 nifi:C000137682Member oef:WithoutSalesLoadMember 2021-04-01 2026-03-31 0000820892 nifi:LipperShortMunicipalDebtFundsClassificationAverageMember 2021-04-01 2026-03-31 0000820892 nifi:SAndPMunicipalBondIndexMember 2021-04-01 2026-03-31 0000820892 nifi:SAndPMunicipalBondShortIndexMember 2021-04-01 2026-03-31 0000820892 nifi:C000015152Member 2016-04-01 2017-03-31 0000820892 nifi:C000015153Member 2016-04-01 2017-03-31 0000820892 nifi:SAndPMunicipalBondIndexMember 2016-04-01 2017-03-31 0000820892 nifi:SAndPMunicipalBondShortIndexMember 2016-04-01 2017-03-31 0000820892 nifi:C000015152Member 2025-04-01 2026-03-31 0000820892 nifi:C000015152Member oef:WithoutSalesLoadMember 2025-04-01 2026-03-31 0000820892 nifi:C000015153Member 2025-04-01 2026-03-31 0000820892 nifi:C000137682Member 2025-04-01 2026-03-31 0000820892 nifi:C000137682Member oef:WithoutSalesLoadMember 2025-04-01 2026-03-31 0000820892 nifi:LipperShortMunicipalDebtFundsClassificationAverageMember 2025-04-01 2026-03-31 0000820892 nifi:SAndPMunicipalBondIndexMember 2025-04-01 2026-03-31 0000820892 nifi:SAndPMunicipalBondShortIndexMember 2025-04-01 2026-03-31 0000820892 nifi:C000015152Member 2016-04-01 2026-03-31 0000820892 nifi:C000015152Member oef:WithoutSalesLoadMember 2016-04-01 2026-03-31 0000820892 nifi:C000015153Member 2016-04-01 2026-03-31 0000820892 nifi:C000137682Member oef:WithoutSalesLoadMember 2016-04-01 2026-03-31 0000820892 nifi:LipperShortMunicipalDebtFundsClassificationAverageMember 2016-04-01 2026-03-31 0000820892 nifi:SAndPMunicipalBondIndexMember 2016-04-01 2026-03-31 0000820892 nifi:SAndPMunicipalBondShortIndexMember 2016-04-01 2026-03-31 0000820892 nifi:C000015152Member 2026-03-31 0000820892 nifi:C000015152Member nifi:BBOrLowerMember 2026-03-31 0000820892 us-gaap:MunicipalBondsMember nifi:C000015152Member 2026-03-31 0000820892 nifi:C000015152Member nifi:NRNotRatedMember 2026-03-31 0000820892 nifi:C000015152Member srt:StandardPoorsAAARatingMember 2026-03-31 0000820892 nifi:C000015152Member srt:StandardPoorsAARatingMember 2026-03-31 0000820892 nifi:C000015152Member srt:StandardPoorsARatingMember 2026-03-31 0000820892 nifi:C000015152Member srt:StandardPoorsBBBRatingMember 2026-03-31 0000820892 nifi:C000015153Member 2026-03-31 0000820892 nifi:C000015153Member nifi:BBOrLowerMember 2026-03-31 0000820892 us-gaap:MunicipalBondsMember nifi:C000015153Member 2026-03-31 0000820892 nifi:C000015153Member nifi:NRNotRatedMember 2026-03-31 0000820892 nifi:C000015153Member srt:StandardPoorsAAARatingMember 2026-03-31 0000820892 nifi:C000015153Member srt:StandardPoorsAARatingMember 2026-03-31 0000820892 nifi:C000015153Member srt:StandardPoorsARatingMember 2026-03-31 0000820892 nifi:C000015153Member srt:StandardPoorsBBBRatingMember 2026-03-31 0000820892 nifi:C000137682Member 2026-03-31 0000820892 nifi:C000137682Member nifi:BBOrLowerMember 2026-03-31 0000820892 us-gaap:MunicipalBondsMember nifi:C000137682Member 2026-03-31 0000820892 nifi:C000137682Member nifi:NRNotRatedMember 2026-03-31 0000820892 nifi:C000137682Member srt:StandardPoorsAAARatingMember 2026-03-31 0000820892 nifi:C000137682Member srt:StandardPoorsAARatingMember 2026-03-31 0000820892 nifi:C000137682Member srt:StandardPoorsARatingMember 2026-03-31 0000820892 nifi:C000137682Member srt:StandardPoorsBBBRatingMember 2026-03-31 iso4217:USD pure nifi:Holding 10000 10000 11976 11976 12494 12494 10000 10000 10070 10070 10122 10122 10391 10391 10580 10580 10858 10858 10629 10629 10793 10793 10055 10055 11030 11030 11423 11423 11775 11775 10309 10309 10838 10838 11247 11247 11842 11842 11414 11414 11390 11390 11770 11770 10034 10838 10488 10542 10139 10433 10000 10070 10122 11775 12494 10645 11030 9750 11247 11625 10629 9805 11414 10802 11976 10140 10000 11842 11423 11390 10055 10904 10367 10459 10042 10218 10858 10000 11770 10309 11098 10793 9765 10391 10813 10580 10103 11283 0.033 0.178 0.188 0.188 1.000 0.007 0.046 0.188 0.548 1.000 0.007 0.033 0.033 0.178 0.046 0.548 1.000 0.007 0.548 0.178 0.046 0000820892 false N-1A NUVEEN INVESTMENT FUNDS INC N-CSR 2026-03-31 Nuveen Short Term Municipal Bond Fund Class A Shares FSHAX This annual shareholder report contains important information about the Class A Shares of the Nuveen Short Term 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 style="font-weight: bold;">.</span> </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;">$62 </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">0.61%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div> 62 0.0061 <div style="margin-top: 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 Short Term Municipal Bond Fund returned 2.74% for Class A Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund underperformed the S&amp;P Municipal Bond Short Index, which returned 3.08%.</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 overweights to health care and transportation 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 tax‑supported, education 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, health care and housing 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;"> <img alt="LOGO" src="g85486g1g67g62.jpg"/> </div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;">Average Annual Total Returns</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 76%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td> <td style="border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td> <td style="vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td> <td style="border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class 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; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: center;">2.74%</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: center;">1.24%</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: center;">1.30%</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">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; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.19</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.73</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.05</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&amp;P Municipal Bond Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">4.32</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.08</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.25</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&amp;P Municipal Bond Short Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">3.08</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.64</td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.65</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Short Municipal Debt Funds Classification Average</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">3.24</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.65</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td> <td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.47</td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table> Class A Shares at NAV (excluding maximum sales charge) 0.0274 0.0124 0.0130 Class A Shares at maximum sales charge (Offering Price) 0.0019 0.0073 0.0105 S&P Municipal Bond Index 0.0432 0.0108 0.0225 S&P Municipal Bond Short Index 0.0308 0.0164 0.0165 Lipper Short Municipal Debt Funds Classification Average 0.0324 0.0165 0.0147 For most recent month-end performance, go to <span style="font-weight: bold;">https://www.nuveen.com/en-us/ mutual-funds/prospectuses</span> 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: 84%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">   422,400,796</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;">357</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;">46%</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;"> 1,682,292</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 422400796 357 0.46 1682292 <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; text-align: justify;">  <img alt="LOGO" src="g85486g1g46s08.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="g85486g1g49l65.jpg"/> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </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: 1%; 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 &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div> </td> </tr> </table> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by 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 Term Municipal Bond Fund Class C Shares NAAEX This annual shareholder report contains important information about the Class C Shares of the Nuveen Short 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 style="font-weight: bold;">.</span> </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;">$142 </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;">1.41%</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> 142 0.0141 <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: 44%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 27%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 27%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;"> <td colspan="5" 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 Term Municipal Bond Fund returned 1.98% for Class C Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund underperformed the S&amp;P Municipal Bond Short Index, which returned 3.08%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.500000em; 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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.500000em; 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 overweights to health care and transportation 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; margin-left: 2.500000em; 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 tax‑supported, education 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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.500000em; 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; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.500000em; 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, health care and housing 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: justify;"> <img alt="LOGO" src="g85486g1g08x08.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;">1.98%</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;">0.65%</td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&amp;P Municipal Bond Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.32%</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&amp;P Municipal Bond Short 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;">3.08%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.64%</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;">1.65%</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 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;">3.24%</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;">1.65%</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;">1.47%</td> </tr> </table> Class C Shares at NAV (excluding maximum sales charge) 0.0198 0.0045 0.0065 S&P Municipal Bond Index 0.0432 0.0108 0.0225 S&P Municipal Bond Short Index 0.0308 0.0164 0.0165 Lipper Short Municipal Debt Funds Classification Average 0.0324 0.0165 0.0147 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;">$  422,400,796</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;">357</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;">46%</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$    1,682,292</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 422400796 357 0.46 1682292 <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; text-align: justify;">  <img alt="LOGO" src="g85486g1g46s08.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; text-align: justify;"> <img alt="LOGO" src="g85486g1g49l65.jpg"/> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </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: 1%; 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 &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div> </td> </tr> </table> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by 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 Term Municipal Bond Fund Class I Shares FSHYX This annual shareholder report contains important information about the Class I Shares of the Nuveen Short 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="white-space: nowrap;">https://www.nuveen.com/en-us/mutual-funds/prospectuses</span><span style="font-weight: bold;">.</span> You can also request this information by contacting us at <span style="white-space: nowrap;">(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;">$42 </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;">0.41%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 4pt 2% 0pt 2%;">* Annualized for period less than one year.</div> 42 0.0041 <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 Term 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 performed in line with the S&amp;P Municipal Bond Short Index, which returned 3.08%.</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 overweights to health care and transportation 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 tax‑supported, education 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, health care and housing 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;"> <img alt="LOGO" src="g85486g1g13g13.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;">3.02%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.46%</td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">1.52%</td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&amp;P Municipal Bond Index</div> </td> <td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.32%</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&amp;P Municipal Bond Short 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;">3.08%</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;">1.64%</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;">1.65%</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 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;">3.24%</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;">1.65%</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;">1.47%</td> </tr> </table> Class I Shares at NAV 0.0302 0.0146 0.0152 S&P Municipal Bond Index 0.0432 0.0108 0.0225 S&P Municipal Bond Short Index 0.0308 0.0164 0.0165 Lipper Short Municipal Debt Funds Classification Average 0.0324 0.0165 0.0147 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;">$  422,400,796</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;">357</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;">46%</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td> <td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;">  </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$    1,682,292</td> <td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 422400796 357 0.46 1682292 <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; text-align: justify;"> <img alt="LOGO" src="g85486g1g59m80.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; text-align: justify;"> <img alt="LOGO" src="g85486g1g65g15.jpg"/> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </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: 1%; 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 &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div> </td> </tr> </table> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &amp; Poor’s (S&amp;P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. <div style="margin-top: 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: 12pt 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: 12pt 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 Annualized for period less than one year. The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies. Annualized for period less than one year. Annualized for period less than one year. 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.