Calendar year returns (%)

YTD Class I 4.60 Class A without sales charge 4.42 Custom Benchmark Index New 3.17 Custom Benchmark Index Old 3.40 Morningstar Preferred Stock Cat. Avg 5.09

Mutual Funds Class I Class A Class C Class R6 Global Fixed NPSRX NPSAX NPSCX NPSFX Income 670700400 670700103 670700301 670700814

Nuveen Preferred Securities and Income Fund As of 30 Jun 2021 Effective 29 Jan 2021 the Nuveen Preferred Securities and Income Fund changed a component of its Custom Benchmark Index from the ICE BofA Contingent Capital (USD) Hedged Index (COCO) to the ICE USD Contingent Capital Index (CDLR). Average annualized total returns (%) Calendar year returns (%) Inception 1 3 5 10 Since 2021 date year years years years inception 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD Class I 19 Dec 06 17.25 8.06 6.99 7.31 6.48 Class I 25.22 4.65 9.12 4.63 5.33 11.21 -5.71 17.62 5.49 4.60 Class A without sales charge 19 Dec 06 17.00 7.78 6.73 7.05 6.21 Class A without sales charge 24.92 4.46 8.80 4.44 5.01 10.89 -5.90 17.34 5.24 4.42 Class A with max. 4.75% charge 19 Dec 06 11.45 6.05 5.69 6.53 5.85 Custom Benchmark Index New 15.98 -1.45 9.31 5.94 5.42 11.70 -3.90 18.29 7.71 3.17 Class C 19 Dec 06 16.08 6.97 5.93 6.41 5.78 Custom Benchmark Index Old 15.98 -1.45 9.46 6.04 5.44 12.39 -3.71 18.59 7.72 3.40 Class R6 30 Jun 16 17.38 8.12 7.07 7.06 Morningstar Preferred Stock Custom Benchmark Index New 13.62 8.86 7.69 6.83 5.25 Cat. Avg 18.05 1.11 11.44 3.18 5.66 9.78 -5.49 17.63 4.83 5.09 Custom Benchmark Index Old 14.52 8.96 8.10 6.99 5.36 Morningstar Preferred Stock Cat. Avg 19.60 7.20 5.90 6.54 5.91 Expense ratios (%) Class I Class A Class C Class R6 Gross 0.78 1.03 1.78 0.69 Past performance is no guarantee of future results. Investment returns and principal value will fluctuate so that shares redeemed may be worth more or less than their original cost. Current Net 0.78 1.03 1.78 0.69 performance may be higher or lower than the performance shown. Total returns for a period of Expense ratios are based on the Fund's most recent fiscal year end. Please see the prospectus for details. 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. For performance current to the most recent month-end visit nuveen.com. Performance shown for benchmark since inception is as of the Fund's oldest share class. Class I shares have no sales charge and may be purchased by specified classes of investors. Class C shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Effective Jul 2018, Class C shares automatically convert to Class A shares during the month in which the 10-year anniversary (effective Mar 2021, this will change to 8-year anniversary) of the share purchase occurred. Since Inception returns for Class C shares for periods longer than 10 years reflect the performance of Class A shares after the deemed 10-year conversion to Class A shares within such periods. 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.

Overall Morningstar Credit quality (%)2, + Issue denomination (%) 1 The SEC 30-day yield is computed under an SEC Fund market Fund market standardized formula and is based on the maximum Ratings™ offer price per share. value value Category: 57 Preferred Stock funds 2 Sector allocation tables include exposures achieved AAA 0.0 Institutional ($1000 par or similar) 81.1 through credit default swaps. Such exposures are CLASS I HHHH AA 0.0 Retail ($25 par or similar) 18.0 reflected based on the notional value (rather than the market value) of the swaps, with exposures weighted Morningstar ratings may vary among share classes A 2.6 negatively when the Fund has purchased credit and are based on historical risk-adjusted total BBB 61.4 Sector allocation (%)2 protection and positively when the Fund has sold returns, which are not indicative of future results. Fund market credit protection. Other reflects an offset to (i.e. the BB 31.2 inverse of) such notional amounts, and any sectors B 1.7 value not specifically identified. Negative sector weightings Banks 65.0 may result from the use of derivatives and from SEC 30-day yield (%)1 NR 2.2 unsettled trade positions. Positions are subject to Cash and Equivalents 0.9 Insurance 16.2 change. Class I 3.30 Industrial 10.1 3 Fixed-to-Floating Rate Securities pay a fixed coupon Class A 2.91 for a set number of years, then convert to a variable Issuer's country (%) Diversified Finan Serv 4.5 Class C 2.28 coupon for the remaining life of the security that is Fund market Utility 3.2 based on a benchmark rate, such as the 3-month Class R6 3.37 value Other Sectors 0.1 LIBOR. Fixed-to-Fixed Rate Securities step from one fixed rate to another based on a schedule. Other United States 60.3 Cash and Equivalents 0.9 includes income-producing securities that do not Non-US 39.7 have a specified coupon structure. Examples would include, but are not limited to, shares of income-oriented ETFs or other closed-end funds.

+ Ratings shown are the highest rating given by one of the following national rating agencies: S&P, Moody's, Fitch, DBRS or AM Best. 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. U.S. government 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.

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

Fund description Morningstar rankings and percentiles An income strategy that invests across the credit quality spectrum in both $25 Morningstar Preferred Stock Category par retail and $1000 par institutional preferred and other income producing securities from U.S. and non-U.S. issuers and seeks to provide a high level of 1 year 3 years 5 years 10 years current income and total return. Rank % Rank % Rank % Rank % Class I 17/64 38 17/57 35 9/46 21 4/25 14 Portfolio management Class A 19/64 42 24/57 45 13/46 26 6/25 24 Class C 28/64 52 35/57 61 24/46 48 15/25 64 Douglas Baker, CFA | 25 years industry experience Class R6 16/64 37 14/57 32 7/46 18 – –

Brenda Langenfeld, CFA | 17 years industry experience Morningstar ranking/number of funds in category displays the Fund's actual rank within its Morningstar Category based on average annual total return and number of funds in that Category. The returns assume reinvestment of dividends and do not reflect any applicable sales charge. Absent expense limitation, total return would be less. Morningstar percentile rankings are the Fund's total return rank relative to all the funds in the same Morningstar Category, where 1 is the highest percentile rank and 100 is the lowest percentile rank.

Portfolio statistics Coupon structure (%)3 Fund Fund market value Total net assets – all classes ($mil.) $5,161.0 Fixed-Rate Securities 7.4 Number of positions 209 Fixed-to-Fixed Rate Securities 60.1 Effective duration (years) 3.43 Fixed-to-Floating Rate Securities 27.5 Average price (% of par) 113.47 Floating Rate Securities 3.9 Contingent capital securities (%) 34.0 Morningstar rankings and percentiles Other Securities 0.0 This data relates to the portfolio and the underlying securities held in the portfolio. It should not be construed as a Morningstar Preferred Stock Category Cash and Equivalents 1.0 measure of performance for the Fund itself. 1 year 3 years 5 years 10 years Top five non-cash positions (%) Rank % Rank % Rank % Rank % Fund market Class I 17/64 38 17/57 35 9/46 21 4/25 14 value Class A 19/64 42 24/57 45 13/46 26 6/25 24 Hsbc Holdings PLC 6.375% 09/30/2169 1.7 Class C 28/64 52 35/57 61 24/46 48 15/25 64 Hsbc Holdings PLC 6.000% 11/22/2169 1.5 Class R6 16/64 37 14/57 32 7/46 18 – – Deutsche Bank AG 6.000% 04/30/2170 1.4 Morningstar ranking/number of funds in category displays the Fund's actual rank within its Morningstar Category Assured Guaranty Ltd 6.400% 12/15/2066 1.4 based on average annual total return and number of funds in that Category. The returns assume reinvestment of Lloyds Banking Group PLC 7.500% 06/27/2170 1.4 dividends and do not reflect any applicable sales charge. Absent expense limitation, total return would be less. Morningstar percentile rankings are the Fund's total return rank relative to all the funds in the same Morningstar Category, where 1 is the highest percentile rank and 100 is the lowest percentile rank. For more information contact: 800.752.8700 or visit nuveen.com

This material is not intended to be a recommendation or investment advice, does not constitute a mortgage-backed securities, which experience cash flows over multiple time periods, and for which the solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary borrower has the option to re-pay principal at any time. OAS is based on modeled forecasts for voluntary capacity. The information provided does not take into account the specific objectives or circumstances of repayments, as well as discounted cash flows, to arrive at a market-weighted spread over a known Treasury any particular investor, or suggest any specific course of action. Investment decisions should be made benchmark. based on an investor's objectives and circumstances and in consultation with his or her financial Custom Benchmark Index New is comprised of a 60% weighting in the ICE BofA U.S. All Capital professional. Securities Index and a 40% weighting in the ICE USD Contingent Capital Index. Benchmark performance For the period ended 30 Jun 2021, Morningstar rated this Fund's I shares, for the overall, three-, is linked. Performance prior to 12/31/13 reflects the Custom Benchmark Index's previous composition, a five-, and 10-year periods (if applicable). The Class I shares received 4, 4, 4, and 4 stars among 65% weighting in the ICE BofA Fixed Rate Preferred Index and a 35% weighting in the Bloomberg 57, 57, 46, and 25 Preferred Stock Funds, respectively. These ratings are for Class I shares only; Barclays USD Capital Securities Index. It is not possible to invest directly in an index. Custom other classes may have different performance characteristics. Investment performance reflects Benchmark Index Old is comprised of a 60% weighting in the ICE BofA U.S. All Capital Securities Index applicable fee waivers. Without such waivers, total returns would be reduced and ratings could and a 40% weighting in the ICE BofA Contingent Capital USD Hedged index. Benchmark performance is be lower. For the most current ratings, please visit nuveen.com. linked. Performance prior to 12/31/13 reflects the Custom Benchmark Index's previous composition, a The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including 65% weighting in the ICE BofA Fixed Rate Preferred Index and a 35% weighting in the Bloomberg mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, Barclays USD Capital Securities Index. It is not possible to invest directly in an index. and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. 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 A word on risk excess performance, placing more emphasis on downward variations and rewarding consistent Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 derivatives risk, illiquid securities risk, concentration risk, and income risk. As interest rates star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the rise, bond prices fall. Below investment grade or high yield debt securities are subject to performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating liquidity risk and heightened credit risk. Preferred securities are subordinate to bonds and 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 other debt instruments in a company's capital structure and therefore are subject to greater rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star credit risk. Certain types of preferred, hybrid or debt securities with special loss absorption rating formula seems to give the most weight to the 10-year period, the most recent three-year period provisions, such as contingent capital securities (CoCos), may be or become so subordinated actually has the greatest impact because it is included in all three rating periods. ©2021 Morningstar, that they present risks equivalent to, or in some cases even greater than, the same Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its company's common stock. Foreign investments involve additional risks, including currency content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, fluctuation, political and economic instability, lack of liquidity and differing legal and complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or accounting standards. losses arising from any use of this information. Before investing, carefully consider fund investment objectives, risks, charges and Glossary expenses. For this and other information that should be read carefully, please request Effective duration is for a bond with an embedded option when the value is calculated to include the a prospectus or summary prospectus from your financial professional or Nuveen at expected change in cash flow caused by the option as interest rates change. This measures the 800.257.8787 or visit nuveen.com. responsiveness of a bond's price to interest rate changes, and illustrates the fact that the embedded Nuveen Securities, LLC, member FINRA and SIPC. option will also affect the bond's price. Option-adjusted spread is a more meaningful spread statistic for 800.257.8787 | nuveen.com MFS-1725654CR-Q0721P_NPSF MFS-PS-0621P