05/06/2024 | Press release | Distributed by Public on 05/06/2024 04:22
1. |
The Annual Low Balance Account Fee for accounts under $1,000 will not apply to a Fund's Class I shares.
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2. |
The first sentence of the first paragraph of each "Fund Summary-Purchase and Sale of Fund Shares" section is deleted and replaced with the following:
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3. |
The table in the first paragraph of each "Fund Summary-Purchase and Sale of Fund Shares" section is revised to reflect the following changes, as applicable:
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Class A shares are available only through certain financial intermediaries or by contacting the Fund directly as described in the prospectus.
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Class C shares are available only through certain financial intermediaries.
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The minimum initial investment for Class A and Class C shares is $2,500 for all accounts except Traditional/Roth IRA accounts and Coverdell Education Savings Accounts, for which the minimum initial investment is $2,000.
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The minimum initial investment for Class R6 shares is $1 million for all accounts except for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services, for which the minimum initial investment is $1,000.
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4. |
As of May 1, 2024, each Fund's overall complex-level fee, as described in the section "How We Manage Your Money-Who Manages the Funds," begins at a maximum rate of 0.1600% of each Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion. Therefore, the maximum management fee rate for each Fund is the Fund-level fee listed in its prospectus plus 0.1600%. The overall complex-level fee schedule is as follows:
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Complex-Level Asset Breakpoint Level |
Complex-Level
Fee
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For the first $124.3 billion
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0.1600% | |||
For the next $75.7 billion
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0.1350% | |||
For the next $200 billion
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0.1325% | |||
For eligible assets over $400 billion
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0.1300% | |||
5. |
The following is added after the first paragraph of the section "How You Can Buy and Sell Shares-What Share Classes We Offer":
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Employee Benefit Plans (as defined below);
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Certain custody accounts sponsored or administered by TIAA, or by other entities not affiliated with TIAA, that are established by individuals as IRAs pursuant to section 408 of the Internal Revenue Code; and
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Wrap accounts or other such arrangements as may be offered by a financial advisor or other intermediary.
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6. |
The last paragraph of the section "How You Can Buy and Sell Shares-What Share Classes We Offer-Class A Shares" is deleted and replaced with the following:
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Direct Purchasers;
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Financial Intermediary Accounts;
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Other investment companies or pools;
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State-sponsored tuition savings plans (529) or health saving accounts (HSA);
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Insurance company separate accounts advised by or affiliated with Nuveen Fund Advisors, or other affiliates of TIAA; and
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Other accounts, entities, programs, plans and categories of shareholders as may be approved by the Funds from time to time.
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7. |
The fifth paragraph of the section "How You Can Buy and Sell Shares-What Share Classes We Offer-Class C Shares" is deleted and replaced with the following:
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Financial Intermediary Accounts;
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Other investment companies or pools;
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State-sponsored tuition savings plans (529) or health saving accounts (HSA);
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Insurance company separate accounts advised by or affiliated with Nuveen Fund Advisors, or other affiliates of TIAA; and
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Other accounts, entities, programs, plans and categories of shareholders as may be approved by the Funds from time to time.
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8. |
As applicable, the second paragraph of the section "How You Can Buy and Sell Shares-What Share Classes We Offer-Class R6 Shares" is deleted and replaced with the following:
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Financial Intermediary Accounts;
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Direct Purchasers;
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Qualified retirement plans held in plan-level or omnibus accounts;
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Foundations and endowment funds;
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Any state, county, or city, or its instrumentality, department, authority or agency;
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457 plans, including 457(b) governmental entity plans and tax exempt plans;
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Omnibus or other pooled accounts registered to insurance companies, trust companies, bank trust departments, registered investment advisor firms and family offices;
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Investment companies;
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Corporations, including corporate non-qualified deferred compensation plans of such corporations;
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Collective investment trusts;
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State-sponsored tuition savings plans (529) or health saving accounts (HSA);
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Insurance company separate accounts advised by or affiliated with Nuveen Fund Advisors or other affiliates of TIAA;
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Discretionary accounts managed by Nuveen Fund Advisors or its affiliates; and
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Other accounts, entities, programs, plans and categories of shareholders as may be approved by the Funds from time to time.
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9. |
The first two paragraphs of the section "How You Can Buy and Sell Shares-How to Buy Shares" are deleted and replaced with the following:
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10. |
The first sentence of the first paragraph of the section "How You Can Buy and Sell Shares-Special Services-Systematic Withdrawal" is deleted and replaced with the following:
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11. |
The first sentence of the first paragraph of the section "How You Can Buy and Sell Shares-How to Sell Shares" is deleted and replaced with the following:
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12. |
The second paragraph of the section "How You Can Buy and Sell Shares-How to Sell Shares-Directly to the Funds-By mail." is deleted and replaced with the following:
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You would like redemption proceeds payable or sent to any person, address or bank account other than that on record;
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You have changed the address on your Fund's records within the last 30 days; or
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You are requesting a change in ownership on your account.
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13. |
The fourth sentence of the first paragraph of the section "How You Can Buy and Sell Shares-How to Sell Shares-Directly to the Funds-Online." and the second sentence of the first paragraph of the section "How You Can Buy and Sell Shares-How to Sell Shares-Directly to the Funds-By telephone." are each deleted and replaced with the following:
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14. |
The section "How You Can Buy and Sell Shares-How to Sell Shares-Accounts with Low Balances" is deleted and replaced with the following:
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15. |
The third paragraph of the section "General Information-Frequent Trading" is deleted and replaced with the following:
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NUVEEN MUTUAL FUNDS
SUPPLEMENT DATED MAY 6, 2024
TO STATEMENTSOF ADDITIONAL INFORMATION
Nuveen Municipal Trust
Statement of Additional Information dated
July 31, 2023
Nuveen Multistate Trust I
Statement of Additional Information dated
September 29, 2023
Nuveen Multistate Trust II
Statement of Additional Information dated
June 30, 2023
Nuveen Multistate Trust III
Statement of Additional Information dated
September 29, 2023
Nuveen Multistate Trust IV
Statement of Additional Information dated
September 29, 2023
Nuveen Investment Trust
Statement of Additional Information dated
October 31, 2023
Nuveen Investment Trust II
Statement of Additional Information dated
October 31, 2023
Statements of Additional Information dated
November 30, 2023
Statement of Additional Information dated
December 29, 2023
Nuveen Investment Trust III
Statement of Additional Information dated
December 29, 2023
Nuveen Investment Trust V
Statement of Additional Information dated
December 29, 2023
Statement of Additional Information dated
May 1, 2024
Nuveen Investment Funds, Inc.
Statement of Additional Information dated
July 31, 2023
Statement of Additional Information dated
September 29, 2023
Statement of Additional Information dated
December 29, 2023
Statement of Additional Information dated
February 29, 2024
Statement of Additional Information dated
May 1, 2024
1. |
As of May 1, 2024, each Fund's overall complex-level fee, as described in the section "Service Providers-Investment Adviser," begins at a maximum rate of 0.1600% of each Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion. Therefore, the maximum management fee rate for each Fund is the Fund-level fee set forth in the Prospectus plus 0.1600%. The overall complex-level fee schedule is as follows: |
Complex-Level Asset Breakpoint Level* |
Complex-Level Fee | |
For the first $124.3 billion |
0.1600% | |
For the next $75.7 billion |
0.1350% | |
For the next $200 billion |
0.1325% | |
For eligible assets over $400 billion |
0.1300% |
* |
The complex-level fee is calculated based upon the aggregate daily "eligible assets" of all Nuveen-branded closed-endfunds and Nuveen Mutual Funds. Except as described below, eligible assets include the net assets of all Nuveen-branded closed-endfunds and Nuveen Mutual Funds organized in the United States. Eligible assets do not include the net assets of: Nuveen fund-of-funds,Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by TAL (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time eligible assets will include all of the aggregate net assets of TAL-advisedactive equity and fixed income Nuveen Mutual Funds (except those identified above). Eligible assets include closed-endfund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-endfunds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. |
2. |
The third paragraph of the section "Purchase and Redemption of Fund Shares-Class A Shares" is deleted and replaced with the following: |
Class A shares may not be available through certain financial intermediaries. Please consult with your financial intermediary to determine whether their policies allow for an investment in Class A shares.
3. |
As applicable, the first two paragraphs of the section "Purchase and Redemption of Fund Shares-Class R6 Shares" are deleted and replaced with the following: |
In addition to financial intermediary accounts and direct purchaser accounts as described in the Prospectus, Class R6 shares are available to the following classes of investors, provided they meet the minimum investment and other eligibility requirements set forth below:
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Qualified retirement plans held in plan-level or omnibus accounts, including 401(k) plans, employer sponsored 403(b) plans, profit sharing pension plans, money purchase pension plans, target benefit plans, defined benefit pension plans and Taft Hartley multi-employer pension plans; |
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Foundations and endowment funds; |
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Any state, county, or city, or its instrumentality, department, authority or agency; |
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457 plans, including 457(b) governmental entity plans and tax exempt plans; |
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Omnibus or other pooled accounts registered to insurance companies, trust companies, bank trust departments, registered investment advisor firms and family offices; |
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Investment companies; |
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Corporations, including corporate non-qualifieddeferred compensation plans of such corporations; |
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Collective investment trusts; |
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Discretionary accounts managed by the Adviser or its affiliates; |
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Health savings accounts (HSA); |
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State-sponsored tuition savings plans (529); |
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Insurance company separate accounts advised by or affiliated with the Adviser or other affiliates of TIAA; and |
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Other accounts, entities, programs, plans and categories of shareholders as may be approved by the Funds from time to time. |
There is no minimum initial investment for qualified retirement plans, health savings accounts and 529 savings plans. Class R6 shares are also available for purchase by clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. Such clients may include individuals, corporations, endowments and foundations. The minimum initial investment for such clients is $1,000. The Distributor may waive the minimum for clients of financial intermediaries anticipated to reach this Class R6 share holdings level. All other eligible investors must meet a minimum initial investment of at least $1,000,000 in each Fund. Such minimum investment requirement may be applied collectively to affiliated accounts, in the discretion of the Distributor. Class R6 shares may be purchased through financial intermediaries only if such intermediaries have entered into an agreement with the Distributor to offer Class R6 shares. Class R6 shares are only available in cases where neither the investor nor the intermediary will receive any commission payments, account servicing fees, record keeping fees, 12b-1fees, sub-transferagent fees, so called "finder's fees," administration fees or similar fees with respect to Class R6 shares. Class R6 shares are not available directly to traditional or Roth IRAs, Coverdell Savings Accounts, Keoghs, SEPs, SARSEPs, or SIMPLE IRAs.
4. |
The three enumerated sections of the Funds' Frequent Trading Policy listed in the section "Purchase and Redemption of Fund Shares-Frequent Trading Policy" are deleted and replaced with the following: |
1. Definition of Round Trip
A Round Trip trade is the purchase and subsequent redemption of Fund shares, including exchange transactions, or a redemption and then subsequent purchase of Fund shares, including exchange transactions. Upon completion of a second round trip, the account will not be permitted to exchange in or purchase additional shares for a period of 90 days.
2. Round Trip Trade Limitations
Nuveen Mutual Funds limit the frequency of Round Trip trades that may be placed in a Fund by an investor account. Subject to certain exceptions noted below, the Funds limit an investor to two Round Trips per trailing 60-dayperiod. Upon completion of a second Round Trip, the account will not be permitted to exchange in or purchase additional shares for a period of 90 days.
3. Enforcement
Trades placed in violation of the foregoing policies are subject to rejection or cancellation by Nuveen Mutual Funds. Nuveen Mutual Funds may also bar an investor (and/or an investor's financial advisor) who has violated these policies from opening new accounts with the Funds and may restrict the investor's existing account(s) to redemptions only. Nuveen Mutual Funds reserve the right, in their sole discretion, to (a) interpret the terms and application of these policies, (b) waive unintentional or minor violations (including transactions below certain minimum thresholds) if Nuveen Mutual Funds determine that doing so does not harm the interests of Fund
shareholders, and (c) exclude certain classes of redemptions from the application of the trading restrictions set forth above.
PLEASE KEEP THIS WITH YOUR
FUND'S STATEMENT OF ADDITIONAL INFORMATION
FOR FUTURE REFERENCE
MGN-ALLSAI-0524P