Mutual Funds Class I Class A Class C Class R6 Global Fixed FCBYX FCDDX FCBCX FSFRX Income 670678390 670678366 670678382 670693878

Nuveen Strategic Income Fund As of 30 Jun 2021

The Fund outperformed the Bloomberg Barclays U.S. Aggregate Portfolio review Bond Index during the quarter. Outperformance was driven by Because we expected the economic recovery to continue at a significant allocations to below investment grade securities and moderate pace without destructive levels of inflation, we maintained preferred securities. Security selection was also strong in the the Fund's down-in-quality bias through increased out-of-index investment grade segment. The Fund's short duration stance and investments in below investment grade corporate bonds, loans and positioning along the yield curve were the only detractors. asset-backed securities (ABS). However, we reduced exposure to lower-quality mortgage-backed securities (MBS) after spreads The combination of rebounding economic growth and tightened past levels available in similarly-rated securities from perceptions of a less accommodative Federal Reserve (Fed) corporate issuers. We began increasing exposure to emerging market resulted in a strong quarter for fixed income markets. The long (EM) sovereign and corporate issuers as the global recovery took end of the Treasury curve rallied sharply and the curve flattened. hold. We rotated out of some investment grade corporate bonds Spread sectors outperformed with high yield corporates, issued by financial companies and increased the Fund's significant preferred securities, investment grade corporates and commercial allocation to preferred securities. Duration remained modestly short mortgage-backed securities (CMBS) all beating similar-duration versus the benchmark with the Fund's portfolio positioned to benefit Treasuries. from a steeper yield curve.

CONTRIBUTORS DETRACTORS

Due to the outperformance of spread sectors during the Given that spread products once again performed well, the risk-on quarter, allocation decisions contributed the most to Fund had no sectors that meaningfully detracted on a relative results. The Fund benefited from its increased allocation to basis versus the benchmark. below investment grade securities during the quarter, which was close to the maximum 50% risk budget allowed, including However, the Fund's interest rate positioning relative to its high yield corporate bonds and leveraged loans as well as benchmark hindered results. While the Fed remained lower-quality MBS and ABS. committed to an accommodative stance near term, stronger inflation prints and talk of reducing monthly asset purchases An increasing allocation to financial preferred securities also increased rate volatility late in the quarter. The long end of the aided results. This segment benefited from favorable results Treasury yield curve rallied sharply and the curve flattened from another round of Fed stress tests in June, which once with yields falling between 27-35 basis points for Treasury again confirmed the balance sheet strength of U.S. banks. securities with maturities of 10 years and longer. Although the These results, coupled with excellent first-quarter bank Fed was ultimately able to calm the markets by reiterating earnings, positive investor flows into preferred securities that it won't remove support too quickly and that inflation strategies, and generally positive economic data, led to pressures are mostly transitory, the resulting yield curve meaningfully tighter credit spreads in the preferred securities moves hindered the Fund's results. The Fund was positioned market during the quarter. with a shorter duration than its benchmark, which lessened its overall interest rate sensitivity. We also avoided long rate Security selection in investment grade corporate bonds also exposure and emphasized holdings with maturities of five contributed favorably, including an overweight in financial years and under. This positioning proved detrimental as companies that outperformed for the same reasons mentioned prices rose for intermediate-to-longer maturity Treasuries. above. To a lesser extent, investment grade energy exposure helped as these companies benefited from commodity price gains.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE nuveen.com Nuveen Strategic Income Fund As of 30 Jun 2021

Average annualized total returns (%) Inception Since SEC 30-day yield Expense ratios date QTD 1 year 3 years 5 years 10 years inception Sub. Unsub. Gross Net Class I 01 Feb 00 2.38 8.51 7.16 5.51 5.04 6.02 2.76 2.61 Class I - FCBYX 0.72 0.59 Class A without sales charge 01 Feb 00 2.31 8.25 6.91 5.25 4.79 5.77 2.51 2.36 Class A - FCDDX 0.97 0.84 Class A with max. 4.25% charge 01 Feb 00 -2.03 3.69 5.38 4.33 4.33 5.56 2.51 2.36 Class R3 - 1.22 1.09 Bloomberg Barclays US Aggregate Class R6 - FSFRX 0.63 0.50 Bond Index 1.83 -0.33 5.34 3.03 3.39 4.97 Expense ratios are based on the Fund's most recent fiscal year end. The net expense ratio reflects a Past performance is no guarantee of future results. Investment returns and principal value will fluctuate so that shares redeemed contractual commitment by the Fund's investment may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. adviser to waive fees and/or reimburse expenses Total returns for a period of less than one year are cumulative. Returns without sales charges would be lower if the sales charges through 31 Jul 2022. Absent the waiver and/or were included. Returns assume reinvestment of dividends and capital gains. For performance, current to the most recent reimbursement, expenses would be higher and total returns would be less. Please see the prospectus for month-end visit nuveen.com. Performance shown for benchmark since inception is as of the Fund's oldest share class. details. 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. 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.

Credit quality (%) Fund description Overall Morningstar Fund net assets A broadly flexible, multi-sector bond Fund that seeks total return. Ratings™ U.S. Treasury/Agency 3.1 The team actively manages a diversified portfolio of investment grade Category: 289 Multisector Bond AAA 3.7 and high yield debt securities from U.S. and non-U.S. issuers. funds AA 3.6 CLASS I HHHH A 10.5 Portfolio management BBB 33.2 Morningstar ratings may vary among share classes Effective 31 Dec 2020, Bill Martin is no longer a portfolio manager of the strategy. and are based on historical risk-adjusted total BB 22.2 returns, which are not indicative of future results. B 16.1 Nick Travaglino | 24 years industry experience CCC or Lower 0.9 NR 5.3 Douglas Baker, CFA | 25 years industry experience Cash and Equivalents 1.4 Katherine Renfrew | 29 years industry experience Ratings shown are given by one of the following national rating agencies: S&P, Moody's or Fitch. Credit ratings are subject to change. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, Kevin Lorenz, CFA | 33 years industry experience CCC/CC/C and D are below-investment grade ratings. U.S. government and agency mortgage-backed securities, if owned by the Fund, are included in the U.S. Treasury/Agency category (included only if applicable). Holdings designated NR are not rated by these national rating agencies and, where applicable, include net derivative positions.

For more information contact: 800.752.8700 or complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising visit nuveen.com from any use of this information. Glossary This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS Investment decisions should be made based on an investor's objectives and circumstances and in consultation with his or (agency and nonagency). It is not possible to invest directly in an index. her financial professional. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. For the period ended 30 Jun 2021, Morningstar rated this Fund's I shares, for the overall, three-, five-, and 10-year periods (if applicable). The Class I shares received A word on risk 4, 4, 4, and 4 stars among 289, 289, 256, and 134 Multisector Bond Funds, respectively. These ratings are for Class I shares only; other classes may have Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such different performance characteristics. Investment performance reflects applicable as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, fee waivers. Without such waivers, total returns would be reduced and ratings could derivatives risk, dollar roll transaction risk, and income risk. As interest rates rise, bond prices fall. be lower. For the most current ratings, please visit nuveen.com. Below investment grade or high yield debt securities are subject to liquidity risk and heightened The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, credit risk. Foreign investments involve additional risks, including currency fluctuation, political and variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) economic instability, lack of liquidity and differing legal and accounting standards. The Fund gains with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single additional exposure to currency rates, and therefore to the risk of currency fluctuation, through population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that investment in foreign currency contracts. The risks of foreign investments are magnified in emerging accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward markets. Asset-backed and mortgage-backed securities are subject to additional risks such as variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, prepayment risk, liquidity risk, default risk and adverse economic developments. 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 Before investing, carefully consider fund investment objectives, risks, charges and performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The expenses. For this and other information that should be read carefully, please weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating request a prospectus or summary prospectus from your financial professional or 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 Nuveen at 800.257.8787 or visit nuveen.com. 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three Nuveen Securities, LLC, member FINRA and SIPC. rating periods. ©2021 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, 800.752.8700 | nuveen.com MCM-1733325PR-Q0721P