NUVEEN MUTUAL FUNDS

SUPPLEMENT DATED OCTOBER 13, 2023

TO STATEMENTS OF ADDITIONAL INFORMATION

The Funds and certain other investment companies advised by Nuveen Fund Advisors, LLC (the “Adviser”) and its affiliates are currently overseen by two separate groups of board members. One of these groups consists of the current board members of the funds advised by the Adviser (referred to herein as the “Nuveen Funds,” and board members thereof as the “Nuveen Board Members”). The other group consists of the current board members of the mutual funds advised by Teachers Advisors, LLC that are series of the TIAA-CREF Funds and the TIAA-CREF Life Funds (referred to herein as the “TC Funds,” and the board members thereof as the “TC Board Members”).

The Nuveen Board Members and the TC Board Members separately determined to approve the alignment and consolidation of the membership of the boards so that the Nuveen Funds and the TC Funds are overseen by the same board members. Accordingly, the board of the Nuveen Funds (the “Nuveen Board”)

has proposed the election of twelve (12) board members. Eight (8) of the nominees currently serve as Nuveen Board Members. Four (4) of the nominees currently serve as TC Board Members. If shareholders approve the election of all of the nominees, the membership of the Nuveen Board will be expanded to include the four nominees who currently serve as TC Board Members. Two (2) of the current Nuveen Board Members, Jack B. Evans and William C. Hunter, are expected to retire effective as of December 31, 2023 in accordance with the retirement policies adopted by the Nuveen Board and therefore will not be nominated for re-election as board members.

The nominees who currently serve as TC Board Members and who do not currently serve as Nuveen Board Members, each of whom would not be deemed an “interested person,” as that term is defined under the Investment Company Act of 1940, of the Funds and the Adviser, are:

In addition, certain nominees may from time to time be appointed or elected to other boards overseeing additional portfolios in the Fund Complex.

The nominees were unanimously approved by the Nuveen Board to stand for election.

A notice of special meeting of shareholders, proxy statement and proxy card are expected to be mailed to shareholders of each Fund of record as of October 5, 2023. The shareholder meeting is expected to be held on or about November 20, 2023. If elected, nominees who currently serve as TC Board Members are expected to be seated as members of the Nuveen Board effective as of January 1, 2024.

This supplement is not a solicitation of any vote, consent or proxy from any Fund shareholder. Solicitation of shareholder approval of the election of the nominees will be made only pursuant to separate proxy materials filed with the Securities and Exchange Commission (“SEC”) under applicable federal securities laws. Shareholders are urged to read any such proxy materials when they become available because they will contain important information about the proposed board consolidation and nominees. Shareholders will be able to obtain, free of charge, copies of these documents, when available, at https://www.nuveen.com/en-us/investments/proxy-information. You may also obtain these documents directly from the SEC on the EDGAR Database on the SEC’s website at http://www.sec.gov. You may also request Fund information by sending an e-mail request to [email protected].

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FUND’S STATEMENT OF ADDITIONAL INFORMATION

FOR FUTURE REFERENCE

MGN-ALLSAI-1023P