NUVEEN MUTUAL FUNDS
SUPPLEMENT DATED JANUARY 2, 2024
TO STATEMENTS OF 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
April 28, 2023
Statement of Additional Information dated
December 29, 2023
Nuveen Managed Accounts Portfolios Trust
Statement of Additional Information dated
November 30, 2023
Nuveen Investment Funds, Inc.
Statement of Additional Information dated
February 28, 2023
Statement of Additional Information dated
April 28, 2023
Statement of Additional Information dated
July 31, 2023
Statement of Additional Information dated
September 29, 2023
Statement of Additional Information dated
December 29, 2023
As previously disclosed, the shareholders of each Fund and certain other investment companies advised by Nuveen Fund Advisors, LLC (collectively, the “Nuveen Funds”) were asked to elect nominees to the board of trustees/directors of the Nuveen Funds (the “Board”) on November 20, 2023. On that date, all 12 nominees were successfully elected to the Board and were seated on the Board effective January 1, 2024. These same nominees concurrently were elected by their respective shareholders to the boards of the mutual funds advised by Teachers Advisors, LLC that are series of the TIAA-CREF Funds and the TIAA-CREF Life Funds (the “TC Funds”) (collectively, with the Nuveen Funds, to be known as the “Nuveen Fund Complex”).
Thus, the current board members of the Nuveen Fund Complex are Joseph A. Boateng, Michael A. Forrester, Thomas J. Kenny, Amy B. R. Lancellotta, Joanne T. Medero, Albin F. Moschner, John K. Nelson, Loren M. Starr, Matthew Thornton III, Terence J. Toth, Margaret L. Wolff and Robert L. Young.
Each of these board members is considered to be independent, which means that they are not “interested persons” of the Funds as defined in Section 2(a)(19) of the Investment Company Act of 1940. Certain biographical information regarding the board members can be found in the Funds’ statements of additional information (“SAIs”) and prior supplements thereto.
Relatedly, two then-existing trustees/directors of the Nuveen Funds, Jack B. Evans and William C. Hunter, retired from the Board on December 31, 2023.
Additionally, the Board approved the following actions effective January 1, 2024:
| 1. | Chair/Co-Chair of the Board: Thomas J. Kenny was elected as Co-Chair of the Board for a one-year term ending on December 31, 2024. Terence J. Toth was elected as Co-Chair of the Board for a six-month term ending on June 30, 2024. Robert L. Young was elected as Co-Chair of the Board for a six-month term from July 1, 2024 through December 31, 2024. Each of these individuals will also serve as Co-Chairs of the boards of the TC Funds for the same terms. |
| 2. | Membership of Board Committees: The Board retained the seven standing committees applicable to the Funds as described in their SAIs and the members of each committee are listed below. |
Executive Committee: Mr. Kenny and Mr. Toth, Co-Chairs, Mr. Nelson and Mr. Young. On July 1, 2024, Mr. Young will replace Mr. Toth as Co-Chair of the Executive Committee.
Dividend Committee: Mr. Thornton, Chair, Ms. Lancellotta, Mr. Nelson and Mr. Starr.
Audit Committee: Mr. Nelson, Chair, Mr. Boateng, Mr. Moschner, Mr. Starr, Ms. Wolff and Mr. Young. Mr. Boateng, Mr. Moschner, Mr. Nelson, Mr. Starr and Mr. Young have each been designated as an “audit committee financial expert” as defined by the rules of the Securities and Exchange Commission.
Compliance, Risk Management and Regulatory Oversight Committee: Ms. Wolff, Chair, Mr. Forrester, Mr. Kenny, Ms. Lancellotta, Ms. Medero, Mr. Thornton and Mr. Toth.
Nominating and Governance Committee: Mr. Kenny and Mr. Toth, Co-Chairs, Mr. Boateng, Mr. Forrester, Ms. Lancellotta, Ms. Medero, Mr. Moschner, Mr. Nelson, Mr. Starr, Mr. Thornton, Ms. Wolff and Mr. Young. On July 1, 2024, Mr. Young will replace Mr. Toth as Co-Chair of the Nominating and Governance Committee.
Investment Committee: Mr. Boateng and Ms. Lancellotta, Co-Chairs, Mr. Forrester, Mr. Kenny, Ms. Medero, Mr. Moschner, Mr. Nelson, Mr. Starr, Mr. Thornton, Mr. Toth, Ms. Wolff and Mr. Young.
Open-End Funds Committee: Mr. Forrester and Ms. Medero, Co-Chairs, Mr. Boateng, Mr. Kenny, Mr. Thornton, Mr. Toth and Mr. Young.
For more information about the Board, please visit www.nuveen.com/fundgovernance.
| 3. | Board Member Compensation: Effective January 1, 2024, for their service to the Nuveen Fund Complex, Board members receive a $350,000 annual retainer, plus they receive (a) an annual retainer of $30,000 for membership on the Audit Committee and Compliance, Risk Management and Regulatory Oversight Committee, respectively; and (b) an annual retainer of $20,000 for membership on the Dividend Committee, Investment Committee, Nominating and Governance Committee and Open-End Fund Committee, respectively. In addition to the payments described above, the Chair/Co-Chair of the Board receives $140,000 annually; the chair/co-chair of the Audit Committee and the Compliance, Risk Management and Regulatory Oversight Committee receive $30,000 annually; and the chair/co-chair of the Dividend Committee, Investment Committee, Nominating and Governance Committee and the Open-End Fund Committee receive $20,000 annually. Board members will be paid either $1,000 or $2,500 for any ad hoc meetings of the Board or its standing committees depending upon the meeting’s length and immediacy. For any special assignment committees, the chair/co-chair will be paid a quarterly fee of $1,250 and members will be paid a quarterly fee of $5,000. The annual retainers, fees and expenses of the Board are allocated among the funds in the Nuveen Fund Complex on the basis of relative net assets, although a minimum amount may be established to be allocated to each fund. In certain instances fees and expenses will be allocated only to those funds that are discussed at a given meeting. |
Because Mr. Boateng, Mr. Forrester, Mr. Kenny and Mr. Starr are new to the Board (the “New Board Members”), they did not receive any compensation from the Nuveen Funds prior to January 1, 2024. Additionally, information concerning New Board Members’ beneficial ownership of shares in the Funds is not presented since they were not Board members as of December 31, 2023.
| 4. | Fund Officers: The Board approved the following slate of officers: |
| Name, Business Address and Year of Birth |
Position(s) Held with the Trust |
Term of Office and Length of Time Served with the Trust |
Principal Occupation(s) During Past Five Years | |||||||
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| Officers of the Trust: | ||||||||||
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| Brett E. Black 333 West Wacker Drive Chicago, IL 60606 1972 |
Vice President and Chief Compliance Officer | Term—Indefinite Length of Service— Since 2022 |
Managing Director, Chief Compliance Officer of Nuveen (since 2022); formerly, Vice President (2014-2022), Chief Compliance Officer and Anti-Money Laundering Compliance Officer (2017-2022), Deputy Chief Compliance Officer (2014-2017) of BMO Funds, Inc. | |||||||
| Name, Business Address and Year of Birth |
Position(s) Held with the Trust |
Term of Office and Length of Time Served with the Trust |
Principal Occupation(s) During Past Five Years | |||||||
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| Mark J. Czarniecki 901 Marquette Avenue Minneapolis, MN 55402 1979 |
Vice President and Secretary | Term— Indefinite Length of Service— Since 2013 |
Managing Director (since 2022), formerly, Vice President (2016-2022), and Assistant Secretary (since 2016) of Nuveen Securities, LLC; Managing Director (since 2022), formerly, Vice President (2017-2022), and Assistant Secretary (since 2017), of Nuveen Fund Advisors, LLC; Managing Director and Associate General Counsel (since January 2022), formerly, Vice President and Associate General Counsel of Nuveen (2013-2021); Managing Director (since 2022), formerly, Vice President (2018-2022), Assistant Secretary and Associate General Counsel (since 2018) of Nuveen Asset Management, LLC; Managing Director, Associate General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC (since 2023). | |||||||
| Jordan M. Farris 333 West Wacker Drive Chicago, IL 60606 1980 |
Chief Administrative Officer | Term—Indefinite Length of Service— Since 2024 |
Managing Director (since 2017), Head of Product Management and Development, ETFs, of Nuveen; Managing Director (since 2019) Nuveen Fund Advisors, LLC. | |||||||
| Jeremy D. Franklin 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 1983 |
Vice President and Assistant Secretary | Term—Indefinite Length of Service— Since 2024 |
Vice President and Assistant Secretary, Nuveen Fund Advisors, LLC (since 2023); Vice President Associate General Counsel and Assistant Secretary, Nuveen Asset Management, LLC (since 2022); Vice President and Associate General Counsel, Teachers Insurance and Annuity Association of America (since 2017); Vice President (since 2017), Associate General Counsel and Assistant Secretary (since 2015), Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Vice President (since 2020) and Assistant Secretary (since 2023), formerly, Associate General Counsel (2020-2022), TIAA-CREF Funds and TIAA-CREF Life Funds; Vice President and Associate General Counsel (since 2020), Assistant Secretary (since 2023), TIAA Separate Account VA-1 and College Retirement Equities Fund. | |||||||
| Diana R. Gonzalez 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 1978 |
Vice President and Assistant Secretary | Term— Indefinite Length of Service— Since 2017 |
Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice President, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2022); Vice President, Associate General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF investment Management, LLC (since 2023); Vice President and Associate General Counsel of Nuveen (since 2017); formerly, Associate General Counsel of Jackson National Asset Management (2012-2017). | |||||||
| Nathaniel T. Jones 333 West Wacker Drive Chicago, IL 60606 1979 |
Vice President and Treasurer | Term— Indefinite Length of Service— Since 2016 |
Senior Managing Director (since 2021), formerly, Managing Director (2017-2021), Senior Vice President (2016-2017) of Nuveen; Managing Director (since 2015) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | |||||||
| Brian H. Lawrence 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 1982 |
Vice President and Assistant Secretary | Term— Indefinite Length of Service— Since 2023 |
Vice President and Associate General Counsel of Nuveen (Since 2023); Vice President, Associate General Counsel and Assistant Secretary (Since 2023) of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; formerly Corporate Counsel of Franklin Templeton (2018-2022). | |||||||
| Name, Business Address and Year of Birth |
Position(s) Held with the Trust |
Term of Office and Length of Time Served with the Trust |
Principal Occupation(s) During Past Five Years | |||||||
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| Tina M. Lazar 333 West Wacker Drive Chicago, IL 60606 1961 |
Vice President | Term— Indefinite Length of Service— Since 2006 |
Managing Director (since 2017), formerly, Senior Vice President (2014-2017), of Nuveen Securities, LLC. | |||||||
| Brian J. Lockhart 333 West Wacker Drive Chicago, IL 60606 1974 |
Vice President | Term— Indefinite Length of Service— Since 2019 |
Senior Managing Director (since 2021), formerly, Managing Director (2017-2021), Vice President (2010-2017) of Nuveen, Head of Investment Oversight (since 2017), formerly, Team Leader of Manager Oversight (2015-2017); Managing Director (since 2019), of Nuveen Fund Advisors, LLC; Chartered Financial Analyst and Certified Financial Risk Manager. | |||||||
| John M. McCann 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 1975 |
Vice President and Assistant Secretary | Term—Indefinite Length of Service— Since 2022 |
Managing Director (since 2021), General Counsel and Secretary (since 2023), formerly, Assistant Secretary (2021-2023), of Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2021); Managing Director (since 2021) and Assistant Secretary (since 2016) of TIAA SMA Strategies LLC; Managing Director (since 2019, formerly, Vice President and Director), Associate General Counsel and Assistant Secretary of College Retirement Equities Fund, TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds; Managing Director (since 2018), formerly, Vice President and Director, Associate General Counsel and Assistant Secretary of Teachers Insurance and Annuity Association of America, Teacher Advisors LLC and TIAA-CREF Investment Management, LLC; Managing Director (since 2022), formerly, Vice President (2017-2022), Associate General Counsel and Assistant Secretary (since 2011) of Nuveen Alternative Advisors LLC; General Counsel and Assistant Secretary of Covariance Capital Management, Inc. (2014-2017). | |||||||
| Name, Business Address and Year of Birth |
Position(s) Held with the Trust |
Term of Office and Length of Time Served with the Trust |
Principal Occupation(s) During Past Five Years | |||||||
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| Kevin J. McCarthy 333 West Wacker Drive Chicago, IL 60606 1966 |
Vice President and Assistant Secretary | Term— Indefinite Length of Service— Since 2007 |
Executive Vice President (since 2022) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Senior Managing Director (2017-2022); Executive Vice President (since 2023) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly, Senior Managing Director (2017-2023); Executive Vice President and Assistant Secretary (since 2023) of Nuveen Fund Advisors, LLC, formerly, Senior Managing Director (2017-2023), Secretary (2016-2023) and Co-General Counsel (2011-2020); Executive Vice President (since 2023) and Secretary (since 2016) of Nuveen Asset Management, LLC, formerly, Senior Managing Director (2017-2023) and Associate General Counsel (2011-2020); Executive Vice President (since 2021) and Secretary (since 2023) of Teachers Advisors, LLC, formerly, General Counsel and Assistant Secretary (2021-2023); Executive Vice President (since 2017) and Secretary (since 2023) of TIAA-CREF Investment Management, LLC, formerly, General Counsel and Assistant Secretary (2017-2023); Executive Vice President, Associate General Counsel (since 2022) and Assistant Secretary (since 2018) of TIAA-CREF Funds and TIAA-CREF Life Funds; formerly, Vice President (2007-2021) and Secretary (2016-2021) of NWQ Investment Management Company, LLC and Santa Barbara Asset Management, LLC; Vice President and Secretary of Winslow Capital Management, LLC (since 2010); Executive Vice President (since 2023) and Secretary (since 2016) of Nuveen Alternative Investments, LLC., formerly, Senior Managing Director (2017-2023). | |||||||
| Jon Scott Meissner 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 1973 |
Vice President and Assistant Secretary | Term— Indefinite Length of Service— Since 2019 |
Managing Director, Mutual Fund Tax and Expense Administration (since 2022), formerly, Managing Director of Mutual Fund Tax and Financial Reporting groups (2017-2022) at Nuveen; Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Managing Director (since 2021), formerly, Senior Director (2016-2021), of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Managing Director, Mutual Fund and Tax Expense Administration (since 2022), formerly, Senior Director Mutual Fund Taxation (2015-2022), to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the CREF Accounts; has held various positions with TIAA since 2004. | |||||||
| James N. Nelson III 730 Third Avenue New York, NY 10017 1976 |
Vice President | Term— Indefinite Length of Service— Since 2024 |
Senior Managing Director, Global Head of Product, Publics, Nuveen (since 2023); Head of North American Product Management & Pricing, Invesco (2018-2023). | |||||||
| Mary Beth B. Ramsay 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 1965 |
Vice President | Term of Service— Length of Service— Since 2024 |
Chief Risk Officer, Nuveen and TIAA Financial Risk (since 2023); Head of Nuveen Risk & Compliance (2022-2023); Executive Vice President, Teachers Insurance and Annuity Association of America (since 2022); Senior Vice President, Head of Sales and Client Solutions (2019-2022) and U.S. Chief Pricing Actuary (2016-2019), SCOR Global Life Americas; Member of the Board of Directors of Society of Actuaries (since 2021). | |||||||
| Name, Business Address and Year of Birth |
Position(s) Held with the Trust |
Term of Office and Length of Time Served with the Trust |
Principal Occupation(s) During Past Five Years | |||||||
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| William A. Siffermann 333 West Wacker Drive Chicago, IL 60606 1975 |
Vice President | Term— Indefinite Length of Service— Since 2017 |
Managing Director (since 2017), formerly Senior Vice President (2016-2017) of Nuveen. | |||||||
| E. Scott Wickerham 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 1973 |
Vice President and Controller | Term— Indefinite Length of Service— Since 2019 |
Senior Managing Director, Head of Public Investment Finance of Nuveen (since 2019), formerly, Managing Director; Senior Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Senior Managing Director (since 2022) of Nuveen Asset Management, LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer (since 2017) of the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the Principal Financial Officer, Principal Accounting Officer (since 2020) and Treasurer (since 2017) to the CREF Accounts; has held various positions with TIAA since 2006. | |||||||
| Mark L. Winget 333 West Wacker Drive Chicago, IL 60606 1968 |
Vice President and Assistant Secretary | Term— Indefinite Length of Service— Since 2008 |
Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2008); Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2019); Vice President, Associate General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC (since 2023) and Nuveen Asset Management, LLC (since 2020); Vice President (since 2010) and Associate General Counsel (since 2019) of Nuveen. | |||||||
| Rachael M. Zufall 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 1973 |
Vice President and Assistant Secretary | Term – Indefinite Length of Service – Since 2022 |
Managing Director and Assistant Secretary (since 2023) of Nuveen Fund Advisors, LLC; Managing Director (since 2017), Associate General Counsel and Assistant Secretary (since 2014) of the CREF Accounts, TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds; Managing Director (since 2017), Associate General Counsel and Assistant Secretary (since 2011) of Teacher Advisors, LLC and TIAA-CREF Investment Management, LLC; Managing Director of Nuveen, LLC and of TIAA (since 2017). | |||||||
PLEASE KEEP THIS WITH YOUR
FUND’S STATEMENT OF ADDITIONAL INFORMATION
FOR FUTURE REFERENCE
MGN-BDCONSAI-0124P