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  • Global Cities REIT (GCREIT)
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Fund highlights
  • Investors seeking:
  • Monthly, tax-free income from a high-quality state municipal fund
  • Attractive after-tax returns
  • Potential for preservation of capital over time

Fund description

The Fund invests primarily in investment-grade municipal bonds and is designed to provide as high a level of current interest income exempt from regular federal, state, and in some cases, local income taxes as is consistent with preservation of capital.

For term definitions and index descriptions, please access the glossary in the footer.

Fund basics

Performance

  • Average annual total returns
  • Calendar year returns
  • Morningstar ratings
  • Lipper rankings

Average annual total returns

Performance data shown represents past performance and does not predict or guarantee future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Total returns for a period of less than one year are cumulative. Returns without sales charges would be lower if the sales charges were included. Returns assume reinvestment of dividends and capital gains.

Class C shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I shares have no sales charge and may be purchased by specified classes of investors. Class R3 shares have no sales charge and are available only to certain retirement plan clients. Class R6 shares have no sales charge and are available to certain qualified retirement plans and other investors as set forth in the statement of additional information.

Effective March 2021, Class C shares automatically convert to Class A shares 8 years after purchase. Returns for periods longer than 8 years for Class C shares reflect the performance of Class A shares after the deemed 8-year conversion to Class A shares within such periods.

Calendar year returns

Morningstar ratings

Morningstar ratings may vary among share classes and are based on historical risk-adjusted total returns, which are not indicative of future results.

Lipper rankings

Lipper rankings are based on total return and related to each share class. The returns assume reinvestment of dividends and do not reflect any applicable sales charge. Absent expense limitation, total return would be less. Past performance is no guarantee of future results.

A Percentile rank is a percentage value between one and 100 percent assigned to each fund in its respective category. The top percentile (1) is designated as better performing whereas the bottom percentile (100) is the worst performing. Absolute rank is the numerical ranking of the fund relative to the total number of funds in the category.​

Pricing

Breakpoint pricing

*CDSC information: Sales charges of 0.00% are subject to a contingent deferred sales charge (CDSC). For Class A shares unless you are eligible for a waiver, you may be assessed a CDSC of 1% if you redeem any of your shares within 18 months of purchase. For Class C shares a CDSC of 1% on redemptions within 12 months of purchase.

**A negative SEC 30-Day Yield results when accrued expenses of the past 30 days exceed the income generated during the past 30 days.

***The Taxable-Equivalent Yield for a Fund’s share class with a negative SEC 30-Day Yield is not provided because it does not represent the yield that must be earned on a taxable investment in order to equal the yield of the Fund on an after-tax basis and therefore does not provide a meaningful comparison of the Fund’s yield against the yield of a taxable investment at the assumed tax rate.

Please see the Mutual fund pricing guide for more complete information and important disclosures regarding this section.  Past performance does not guarantee future results.  The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. The Taxable-Equivalent Yield [TEY] represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis at a specified tax rate. With respect to investments that generate qualified dividend income that is taxable at a rate lower than an individual’s ordinary graduated tax rate, the TEY would be lower. The TEY is based on the Fund’s Distribution Rate or SEC 30-Day Yield on the indicated date and the combined federal and state (if applicable) income tax rate shown. 

Yields

Distributions

Distribution history

For additional details about the Fund’s ordinary income, see the Fund’s Section 19(a) Notice.

*Daily income: Dividend amount declared daily by the fund. Monthly income: Dividend amount is the sum of all daily dividends in a month. The funds regular monthly distributions may be subject to federal and/or state and local taxes and may be re-characterized as ordinary income. Any re-characterization will be reported in shareholders’ 1099-DIV forms after the end of the year. Ordinary income: Income amount may include both Short-Term Capital Gain and market discount. Market Discount is the excess of the stated redemption price of the bond at maturity over the basis of such bond immediately after its acquisition. Funds are required to recognize Short-Term Capital Gain and market discount as ordinary taxable income.

Characteristics

Fund characteristics

  • Maturity breakdown in years
  • Top states
  • Sector allocation
  • Credit quality

Maturity breakdown in years

Top states

Interest from municipal securities issued by a state or that state’s subdivisions, authorities, instrumentalities, and corporations, as well as from U.S. territories such as Puerto Rico, Guam, the Mariana Islands, or the U.S. Virgin Islands, is typically exempt from U.S. federal, state, and local income taxes for residents of that state.
Some states allow residents to exempt taxes on interest from municipal securities issued by other states or from joint ventures between states.

Sector allocation

Credit quality

Ratings shown are the highest rating given by one of the following national rating agencies: S&P, Moody's or Fitch. 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 Not Rated are not rated by these national rating agencies.

Positions are subject to change. Positions of inverse floating rate securities, if any, show the amount of the residual inverse floater only, and not the amount of the underlying bond and any associated liability to the holder of the associated floating rate security, and therefore this presentation may not be fully consistent with generally accepted accounting principles.

All characteristics as a percentage of the fund's total net assets. Holdings and ratings are subject to change. Totals may not add up to 100% due to rounding.

Top ten portfolio positions

The holdings are subject to change and may not be representative of the Fund’s current or future investments. The holdings listed includes the Fund’s long-term investments and excludes any temporary cash investments and equity index products. Top holdings by issuer (for other than fixed income securities) includes the underlying ordinary shares combined with any depositary receipts, preferred shares, contract for differences (CFDs), rights, options and warrants. The holdings listed should not be considered a recommendation to buy, sell or hold a particular security.

Literature

  • Fund literature
  • Prospectuses & reports
Featured insights
Municipal Bonds Municipal bonds: Technical crosswinds create near-term opportunity
The second strongest June performance in 20 years brought municipal performance back to -0.02% for the quarter, after negative returns in April and May.
Municipal Bonds How might tax policy changes affect muni bonds?
Municipal bonds offer unique advantages for both issuers and investors, particularly through their tax-exempt status.
Municipal Bonds Municipal market: How rates rise matters
Analysis of five historical periods of increasing fed funds rates shows that various areas of the municipal yield curve responded differently depending on economic conditions, the shape of the curve moving into the tightening cycle and the manner in which the Fed tightened.

Important information on risk

Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, state concentration risk, tax risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. The Fund's use of inverse floaters creates effective leverage. Leverage involves the risk that the Fund could lose more than its original investment and also increases the Fund's exposure to volatility and interest rate risk.

Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Total returns for a period of less than one year are cumulative. Returns without sales charges would be lower if the sales charges were included. Returns assume reinvestment of dividends and capital gains.

Performance assumes the reinvestment of dividends and capital gains. Class A shares have a 4.20% maximum sales charge. Class C shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.

The SEC 30-day yield is computed under an SEC standardized formula and is based on the maximum offer price per share. Subsidized (Sub.) yields reflect fee waivers in effect. Without such waivers, yields would be reduced. Unsubsidized (Unsub.) yields do not reflect fee waivers in effect.

Distribution rate is the most recent dividend per share (annualized) divided by the respective price per share. The distribution rate also differs from the SEC 30-day yield because the Fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium.

Class A share star ratings do not include the effect of sales charges which would lower performance. Investment performance reflects applicable fee waivers. Without such waivers, total returns would be reduced and ratings could be lower.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. ©2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

Effective 13 Oct 2023, Stephen J. Candido was added as a portfolio manager of the Fund.

Before investing, carefully consider fund investment objectives, risks, charges and expenses. For this and other information that should be read carefully, please request a prospectus or summary prospectus from your financial professional or Nuveen at 800.257.8787.

The Fund features portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen, LLC.

Nuveen Securities, LLC, member FINRA and SIPC.

X-3695517P-E0724W

Aerial view of the ocean shore

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Distribution history

Maturity breakdown in years

All portfolio positions

The holdings are subject to change and may not be representative of the Fund’s current or future investments. The holdings listed includes the Fund’s long-term investments and excludes any temporary cash investments and equity index products. Top holdings by issuer (for other than fixed income securities) includes the underlying ordinary shares combined with any depositary receipts, preferred shares, contract for differences (CFDs), rights, options and warrants. The holdings listed should not be considered a recommendation to buy, sell or hold a particular security.