UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

(Amendment No.    )

Filed by the Registrant  x☒                            Filed by a Party other than the Registrant  ¨☐

Check the appropriate box:

June 24, 201626, 2020

NuveenAMT-Free Municipal Credit Income Fund (NVG)

NuveenAMT-Free Municipal Value Fund (NUW)

Nuveen Build America BondAMT-Free Quality Municipal Income Fund (NBB)(NEA)

Nuveen Build America Bond Opportunity Fund (NBD)

Nuveen California SelectTax-Free Income Portfolio (NXC)

Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund (NVG)

Nuveen Enhanced Municipal Credit Opportunities Fund (NZF)

Nuveen Enhanced Municipal Value Fund (NEV)

Nuveen HighMunicipal Credit Income December 2018 Target Term Fund (JHA)(NZF)

Nuveen Municipal High Income Opportunity Fund (NMZ)

Nuveen Municipal Income Fund, Inc. (NMI)

Nuveen Municipal Value Fund, Inc. (NUV)

Nuveen New YorkAMT-Free Quality Municipal Income Fund (NRK)

Nuveen New York Municipal Value Fund 2 (NYV)

Nuveen New York Municipal Value Fund, Inc. (NNY)

Nuveen New York Quality Municipal Income Fund (NAN)

Nuveen New York SelectTax-Free Income Portfolio (NXN)

Nuveen Quality Municipal Income Fund (NAD)

Nuveen Select Maturities Municipal Fund (NIM)

Nuveen SelectTax-Free Income Portfolio (NXP)

Nuveen SelectTax-Free Income Portfolio 2 (NXQ)

Nuveen SelectTax-Free Income Portfolio 3 (NXR)

Nuveen Taxable Municipal Income Fund (NBB)

To the Shareholders of the Above Funds:

Notice is hereby given that the Annual Meeting of Shareholders of each of NuveenAMT-Free Municipal Credit Income Fund(“AMT-Free Credit Income”), NuveenAMT-Free Municipal Value Fund (“(“AMT-Free Value”), Nuveen Build America BondAMT-Free Quality Municipal Income Fund (“Build America”), Nuveen Build America Bond Opportunity Fund (“Build America Opportunity”(“AMT-Free Quality Income”), Nuveen California SelectTax-Free Income Portfolio (“California Select”), Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund (“Enhanced AMT-Free”), Nuveen Enhanced Municipal Credit Opportunities Fund (“Enhanced Municipal Credit”), Nuveen Enhanced Municipal Value Fund (“Enhanced Value”), Nuveen HighMunicipal Credit Income December 2018 Target Term Fund (“2018 Target Term”Credit Income”), Nuveen Municipal High Income Opportunity Fund (“Municipal High Income”), Nuveen New YorkAMT-Free Quality Municipal Income Fund (“New YorkAMT-Free”), Nuveen New York Municipal Value Fund 2 (“New York Value 2”), Nuveen New York Quality Municipal Income Fund (“New York Quality Income”), Nuveen New York SelectTax-Free Income Portfolio (“New York Select”), Nuveen Quality Municipal Income Fund (“Quality Income”), Nuveen Select Maturities Municipal Fund (“Select Maturities”), Nuveen SelectTax-Free Income Portfolio (“SelectTax-Free”), Nuveen SelectTax-Free Income

Portfolio 2 (“SelectTax-Free 2”), Nuveen SelectTax-Free Income Portfolio 2 (“Select Tax-Free 2”) and Nuveen Select Tax-Free Income Portfolio 3 (“SelectTax-Free 3”) and Nuveen Taxable Municipal Income Fund (“Taxable Income”), each aMassachusetts business trust (each, a “Massachusetts Fund” and collectively, the “Massachusetts Funds”), and Nuveen Municipal Income Fund, Inc. (“Municipal Income”) and, Nuveen Municipal Value Fund, Inc. (“Municipal Value”) and Nuveen New York Municipal Value Fund, Inc. (“New York Value”), each aMinnesota corporation (each, a “Minnesota Fund” and collectively, the “Minnesota Funds”) (the Massachusetts Funds and Minnesota Funds are each a “Fund” and collectively, the “Funds”), will be held in the offices of Nuveen Investments, Inc., 333 West Wacker Drive, Chicago, Illinois, on Wednesday, August 3, 2016,5, 2020, at

11:0030 a.m., Central time (for each Fund, an “Annual Meeting” and collectively, the “Annual Meetings”), for the following purposes and to transact such other business, if any, as may properly come before the Annual Meeting.

Because of the public health concerns regarding the coronavirus(COVID-19) pandemic, we will be hosting this year’s Annual Meeting as a completely virtual meeting of shareholders, which will be conducted online via live webcast. You will be able to attend and participate in the Annual Meeting online, vote your shares electronically and submit your questions prior to and during the meeting by visiting: www.meetingcenter.io/25870599 at the meeting date and time described in the accompanying Joint Proxy Statement. If your shares are registered in your name, to participate in the Annual Meeting, you will need to log on using the control number from your proxy card or meeting notice. The control number can be found in the shaded box. The password for the meeting is NUVA2020. If your shares are held through an intermediary, you will need to register for the Annual Meeting at least three (3) business days prior to the Annual Meeting. Instructions for registering are set forth in the enclosed Joint Proxy Statement. There is no physical location for the Annual Meeting.

Matters to Be Voted on by Shareholders:

Shareholders of record at the close of business on June 6, 20168, 2020 are entitled to notice of and to vote at the Annual Meeting.

AllWhile all shareholders are cordially invited to attend the virtual Annual Meeting. InMeeting, we encourage you to vote your shares promptly, whether or not you plan to attend the virtual Annual Meeting in order to avoid delay and additional expense and to assure that your shares are represented, please vote as promptly as possible, regardless of whether or not you plan to attend the Annual Meeting.represented. You may vote by mail, telephone or over the Internet. To vote by mail, please mark, sign, date and mail the enclosed proxy card. No postage is required if mailed in the United States. To vote by telephone, please call the toll-free number located on your proxy card and follow the recorded instructions, using your proxy card as a guide. To vote over the Internet, go to the Internet address provided on your proxy card and follow the instructions, using your proxy card as a guide.

If you intend to attend the Annual Meeting in person and you are a record holder of a Fund’s shares, in order to gain admission you must show photographic identification, such as your driver’s license. If you intend to attend the Annual Meeting in person and you hold your shares through a bank, broker or other custodian, in order to gain admission you must show photographic identification, such as your driver’s license, and satisfactory proof of ownership of shares of a Fund, such as your voting instruction form (or a copy thereof) or broker’s statement indicating ownership as of a recent date. If you hold your shares in a brokerage account or through a bank or other nominee, you will not be able to vote in person at the Annual Meeting unless you have previously requested and obtained a “legal proxy” from your broker, bank or other nominee and present it at the Annual Meeting.

Kevin J. McCarthyGifford R. Zimmerman

Vice President and Secretary

June 24, 201626, 2020

This Joint Proxy Statement is first being mailed to shareholders on or about June 29, 2016.30, 2020.

NuveenAMT-Free Municipal Credit Income Fund (NVG)

NuveenAMT-Free Municipal Value Fund (NUW)

Nuveen Build America BondAMT-Free Quality Municipal Income Fund (NBB)(NEA)

Nuveen Build America Bond Opportunity Fund (NBD)

Nuveen California SelectTax-Free Income Portfolio (NXC)

Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund (NVG)

Nuveen Enhanced Municipal Credit Opportunities Fund (NZF)

Nuveen Enhanced Municipal Value Fund (NEV)

Nuveen HighMunicipal Credit Income December 2018 Target Term Fund (JHA)(NZF)

Nuveen Municipal High Income Opportunity Fund (NMZ)

Nuveen Municipal Income Fund, Inc. (NMI)

Nuveen Municipal Value Fund, Inc. (NUV)

Nuveen New YorkAMT-Free Quality Municipal Income Fund (NRK)

Nuveen New York Municipal Value Fund 2 (NYV)

Nuveen New York Municipal Value Fund, Inc. (NNY)

Nuveen New York Quality Municipal Income Fund (NAN)

Nuveen New York SelectTax-Free Income Portfolio (NXN)

Nuveen Quality Municipal Income Fund (NAD)

Nuveen Select Maturities Municipal Fund (NIM)

Nuveen SelectTax-Free Income Portfolio (NXP)

Nuveen SelectTax-Free Income Portfolio 2 (NXQ)

Nuveen SelectTax-Free Income Portfolio 3 (NXR)

Nuveen Taxable Municipal Income Fund (NBB)

General Information

This Joint Proxy Statement is furnished in connection with the solicitation by the Board of Trustees or Directors (each a “Board” and collectively, the “Boards,” and each Trustee or Director, a “Board Member” and collectively, the “Board Members”) of each of NuveenAMT-Free Municipal Credit Income Fund(“AMT-Free Credit Income”), NuveenAMT-Free Municipal Value Fund (“(“AMT-Free Value”), Nuveen Build America BondAMT-Free Quality Municipal Income Fund (“Build America”), Nuveen Build America Bond Opportunity Fund (“Build America Opportunity”(“AMT-Free Quality Income”), Nuveen California SelectTax-Free Income Portfolio (“California Select”), Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund (“Enhanced AMT-Free”), Nuveen Enhanced Municipal Credit Opportunities Fund (“Enhanced Municipal Credit”), Nuveen Enhanced Municipal Value Fund (“Enhanced Value”), Nuveen HighMunicipal Credit Income December 2018 Target Term Fund (“2018 Target Term”Credit Income”), Nuveen Municipal High Income Opportunity Fund (“Municipal High Income”), Nuveen New YorkAMT-Free Quality Municipal Income Fund (“New YorkAMT-Free”), Nuveen New York Municipal Value Fund 2 (“New York Value 2”), Nuveen New York Quality Municipal Income Fund (“New York Quality Income”), Nuveen New York SelectTax-Free Income Portfolio (“New York Select”), Nuveen Quality Municipal Income Fund (“Quality Income”), Nuveen Select Maturities Municipal Fund (“Select Maturities”),

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Nuveen SelectTax-Free Income Portfolio (“SelectTax-Free”), Nuveen SelectTax-Free Income Portfolio 2 (“SelectTax-Free 2”) and, Nuveen SelectTax-Free Income Portfolio 3 (“SelectTax-Free 3”) and Nuveen Taxable Municipal Income Fund (“Taxable Income”), each aMassachusetts business trust (each, a “Massachusetts Fund” and collectively, the “Massachusetts Funds”), and Nuveen Municipal Income Fund, Inc. (“Municipal Income”) and, Nuveen Municipal Value

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Fund, Inc. (“Municipal Value”) and Nuveen New York Municipal Value Fund, Inc. (“New York Value”), each aMinnesota corporation (each, a “Minnesota Fund” and collectively, the “Minnesota Funds”) (the Massachusetts Funds and Minnesota Funds are each a “Fund” and collectively, the “Funds”), of proxies to be voted at the Annual Meeting of Shareholders to be held in the offices of Nuveen Investments, Inc. (“Nuveen” or “Nuveen Investments”), 333 West Wacker Drive, Chicago, Illinois, on Wednesday, August 3, 20165, 2020 at 11:0030 a.m., Central time (for each Fund, an “Annual Meeting” and collectively, the “Annual Meetings”), and at any and all adjournments or postponements thereof.

Because of public health concerns regarding the coronavirus(COVID-19) pandemic, the Annual Meeting will be held in a virtual meeting format only, which will be conducted online via live webcast. You will be able to attend and participate in the Annual Meeting online, vote your shares electronically and submit your questions prior to and during the meeting by visiting: www.meetingcenter.io/25870599 at the meeting date and time. If your shares are registered in your name, to participate in the Annual Meeting, you will need to log on using the control number from your proxy card or meeting notice. The control number can be found in the shaded box. The password for the meeting is NUVA2020. There is no physical location for the Annual Meeting.

If you hold your shares through an intermediary, such as a bank or broker, you must register in advance to attend the Annual Meeting virtually on the Internet. To register to attend the Annual Meeting online by webcast you must submit proof of your proxy power (legal proxy) reflecting your Fund holdings along with your name and email address to Computershare. You must contact the bank or broker who holds your shares to obtain your legal proxy. Requests for registration must be labeled as “Legal Proxy” and be received no later than 5:00 p.m., Eastern Time, three (3) business days prior to the meeting date. You will receive a confirmation of your registration by email after we receive your registration materials. Requests for registration should be directed to us by emailing an image of your legal proxy to shareholdermeetings@computershare.com.

On the matters coming before each Annual Meeting as to which a choice has been specified by shareholders on the proxy, the shares will be voted accordingly. If a properly executed proxy is returned and no choice is specified, the shares will be votedFOR the election of the nominees as listed in this Joint Proxy Statement. Shareholders of a Fund who execute proxies may revoke them at any time before they are voted by filing with that Fund a written notice of revocation, by delivering a duly executed proxy bearing a later date, or by attending the virtual Annual Meeting and voting in person.at the Annual Meeting. A prior proxy can also be revoked by voting again through the toll-free number or the Internet address listed in the proxy card. Merely attending the Annual Meeting, however, will not revoke any previously submitted proxy.

The Board of each Fund has determined that the use of this Joint Proxy Statement for each Annual Meeting is in the best interest of each Fund and its shareholders in light of the similar matters being considered and voted on by the shareholders.

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The following table indicates which shareholders are solicited with respect to each matter:

A quorum of shareholders is required to take action at each Annual Meeting. A majority of the shares entitled to vote at each Annual Meeting, represented in personin-person (virtually) or by proxy, will constitute a quorum of shareholders at that Annual Meeting, except that for the election of the two Board Member nominees by holders of Preferred Shares (for Enhanced AMT-Free Enhanced Credit Income,AMT-Free Quality Income, Credit Income, Municipal CreditHigh Income, New YorkAMT-Free, New York Quality Income and Municipal HighQuality Income), 33¹/₃% of the Preferred Shares entitled to vote and represented in personin-person (virtually) or by proxy will constitute a quorum. Votes cast by proxy or in personin-person (virtually) at each Annual Meeting will be tabulated by the inspectors of election appointed for that Annual Meeting. The inspectors of election will determine whether or not a quorum is present at the Annual Meeting. The inspectors of election will treat abstentions and “brokernon-votes” (i.e., shares held by brokers or nominees, typically in “street name,” as to which (i) instructions have not been received from the beneficial owners or persons entitled to vote and (ii) the broker or nominee does not have discretionary voting power on a particular matter) as present for purposes of determining a quorum.

VRDPPursuant to Rule 452 of the New York Stock Exchange (“NYSE”), certain Preferred Shares held in “street name” as to which voting instructions have not been received from the beneficial owners or persons entitled to vote as of one business day before the Annual Meeting, or, if adjourned, one business day before the day to which the Annual Meeting is adjourned, and that would otherwise be treated as “broker non-votes”non-votes,” may pursuant to Rule 452 of the New York Stock Exchange (“NYSE”), be voted by the broker on the

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proposal in the same proportion as the votes cast by all holders of VRDPPreferred Shares as a class who have voted on the proposal or in the same proportion as the votes cast by all holders of VRDP Shares of the Fund who have voted on that item.proposal. Rule 452 permits proportionate voting of VRDPPreferred Shares with respect to a particular item if, among other things, (i) a minimum of 30% of the VRDPPreferred Shares or shares of a series of VRDPPreferred Shares outstanding has been voted by the holders of such shares with respect to such item, (ii) less than 10% of the VRDPPreferred Shares or shares of a series of VRDPPreferred Shares outstanding has been voted by the holders of such shares against such item and (iii) for any proposal

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as to which holders of Common Shares and Preferred Shares vote as a single class, holders of Common Shares approve the proposal. For the purpose of meeting the 30% test, abstentions will be treated as shares “voted” and, for the purpose of meeting the 10% test, abstentions will not be treated as shares “voted” against the item. Rule 452 proportionate voting applies only to certain auction rate and remarketed preferred securities. AMTP Shares are typically issued to one or a small number of qualified institutional buyers and are subject to restrictions on transfer, thus Rule 452 typically does not apply to these shares. VRDP and MFP Shares may be subject to Rule 452, depending on their mode. The following table indicates whether Rule 452 applies to each series of Preferred Shares.

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Broker-dealers who are not members of the NYSE may be subject to other rules, which may or may not permit them to vote your shares without instruction. We urge you to provide instructions to your broker or nominee so that your votes may be counted.

For each Fund, the affirmative vote of a plurality (the greatest number of affirmative votes) of the shares present and entitled to vote at the Annual Meeting will be required to elect theeach Board MembersMember of that Fund. For purposesexample, if there are four nominees for election to the Board, a vote by plurality means the four nominees with the highest number of determining the approvalaffirmative votes, regardless of the proposal to electvotes withheld for the nominees, will be elected. Because the election of Board Members for each Fund,does not require that a minimum percentage of a Fund’s outstanding Common Shares be voted in favor of any nominee, assuming the presence of a quorum, abstentions and brokernon-votes will have no effect.effect on the outcome of the election of that Fund’s Board Members by holders of Common Shares

Those persons who were shareholders of record at the close of business on Monday, June 6, 20168, 2020 will be entitled to one vote for each share held and a proportionate fractional vote for each fractional vote held. As of June 6, 2016,8, 2020, the shares of the Funds were issued and outstanding as follows:

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46

Pursuant to the organizational documents of each Fund, each Board is divided into three classes, Class I, Class II and Class III, to be elected by the holders of the outstanding Common Shares and any outstanding Preferred Shares, voting together as a single class to serve until the third succeeding annual meeting subsequent to their election or thereafter, in each case until their successors have been duly elected and qualified. For Enhanced AMT-Free Enhanced Municipal Credit andIncome,AMT-Free Quality Income, Credit Income, Municipal High Income, New YorkAMT-Free, New York Quality Income and Quality Income, each a Massachusetts Fund with Preferred Shares outstanding, holders of Preferred Shares are entitled to elect two (2) Board Members. The Board Members elected by holders of Preferred Shares will be elected to serve until the next annual meeting or until their successors have been duly elected and qualified.

(a) For Municipal Income:three (3) Board Members are to be elected by all shareholders. Board Members Nelson, Toth and Young have been designated as Class I Board Members and as nominees for Board Members for a term expiring at the 2023 annual meeting of shareholders or until their successors have been duly elected and qualified. Board Members Evans, Hunter, Moschner, Stockdale, Stone and Wolff are current and continuing Board Members. Board Members Evans and Moschner have been designated as Class II Board Members for a term expiring at the 2021 annual meeting of shareholders or until their successors have been duly elected and qualified. Board Members Hunter, Stockdale, Stone, Wolff have been designated as Class III Board Members for a term expiring at the 2022 annual meeting of shareholders or until their successors have been duly elected and qualified.

(b)ForMunicipal Value, New York Value and each Massachusetts Fund, exceptAMT-Free Credit Income,AMT-Free Quality Income, Credit Income, Municipal High Income, New YorkAMT-Free, New York Quality Income and Quality Income: three (3) Board Members are to be elected by all shareholders. Board Members Nelson, Toth and Young have been designated as Class II Board Members and as nominees for Board Members for a term expiring at the 2023 annual meeting of shareholders or until their successors have been duly elected and qualified. Board Members Evans, Hunter, Moschner, Stockdale, Stone and Wolff are current and continuing Board Members. Board Members Evans and Moschner have been designated as Class III Board Members for a term expiring at the 2021 annual meeting of shareholders or until their successors have been duly elected and qualified. Board Members Hunter, Stockdale, Stone and Wolff have been designated as Class I Board Members for a term expiring at the 2022 annual meeting of shareholders or until their successors have been duly elected and qualified.

(c) ForAMT-Free Credit Income,AMT-Free Quality Income, Credit Income, Municipal High Income, New YorkAMT-Free, New York Quality Income and Quality Income:

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It is the intention of the persons named in the enclosed proxy to vote the shares represented thereby for the election of the nominees listed in the table below unless the proxy is marked otherwise. Each of the nominees has agreed to serve as a Board Member of each Fund if elected. However, should any nominee become unable to serve or unwilling to accept nomination for election,good cause will not serve, the proxies will be voted for substitute nominees, if any, designated by that Fund’s present Board.

Class I Board Members: For each Fund other than Municipal Income, Board Members Hunter, Stockdale, Stone and Wolff were last elected to the Fund’s Board as Class I Board Members at the annual meeting of shareholders held on August 7, 2019. For Municipal Income, Board Members Nelson, Toth and Young were last elected to the Fund’s Board as Class I Board Members at the annual meeting of shareholders held on August 2, 2017.

Class II Board Members: For each Fund except Municipal Income, Board Members Nelson, Toth and Young were last elected to each Fund’s Board as Class II Board Members at the annual meeting of shareholders held on August 2, 2017. For Municipal Income, Board Members Evans and Moschner were last elected to the Fund’s Board as Class II Board Members at the annual meeting of shareholders held on August 8, 2018.

Class III Board Members: For AMT-Free Value, Build America, Build America Opportunity, California Select, Enhanced Value,each Fund except Municipal Value, New York Select, Select Maturities, Select Tax-Free, Select Tax-Free 2Income and Select Tax-Free 3,Taxable Income, Board Members Evans and SchneiderMoschner were last elected to each Fund’s Board as Class III Board Members at the annual meeting of shareholders held on August 5, 2015.8, 2018. For Enhanced AMT-Free, Enhanced Municipal Credit and Municipal HighTaxable Income, Board MemberMembers Evans wasand Moschner were last elected to eachthe Fund’s Board as a Class III Board MemberMembers at the annual meeting of shareholders held on August 5, 2015.June 21, 2018. For Municipal Income, Board Members Hunter, Stockdale, Stone and StoneWolff were last elected to the Fund’s Board as Class III Board Members at the annual meeting of shareholders held on August 7, 2013.2019.

Class II Board Members: For Municipal Income, Board Members EvansElected by Holders of Preferred Shares: ForAMT-Free Credit Income,AMT-Free Quality Income, Credit Income, Municipal High Income, New YorkAMT-Free, New York Quality Income and Schneider were last elected to the Fund’s Board as Class IIQuality Income. Board Members at the annual meeting of shareholders held on August 5, 2015. For AMT-Free Value, Build America, Build America Opportunity, California Select, Enhanced Value, Municipal Value, New York Select, Select Maturities, Select Tax-Free, Select Tax-Free 2Hunter and Select Tax-Free 3, Board Members Adams, Kundert, Nelson and TothMoschner were lastlasted elected to each Fund’s Board as Class II Board Members at the annual meeting of shareholders held on August 5, 2014. For Enhanced AMT-Free, Enhanced Municipal Credit and Municipal High Income, Board Members Adams, Kundert, Nelson and Toth were last elected to each Fund’s Board as Class II Board Members August 5, 2014.

Class I Board Members: For Municipal Income, Board Members Adams, Kundert, Nelson and Toth were last elected to the Fund’s Board as Class I Board Members at the annual meeting of shareholders held on August 5, 2014. For AMT-Free Value, Build America, Build America Opportunity, California Select, Enhanced Value, Municipal Value, New York Select, Select Maturities, Select Tax-Free, Select Tax-Free 2 and Select Tax-Free 3, Board Members Hunter, Stockdale and Stone were last elected to each Fund’s Board as Class I Board Members at the annual meeting of shareholders held on August 7, 2013. For Enhanced AMT-Free and Enhanced Municipal Credit, Board Members Stockdale and Stone were last elected to each Fund’s Board as Class I Board Members at the annual meeting of shareholders held on August 7, 2013. For Municipal High Income, Board Members Stockdale and Stone were last elected to the Fund’s Board as Class I Board Members at the annual meeting of shareholders held on May 16, 2013.

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Board Member Appointments/Initial Elections: For 2018 Target Term, each of the Board Members except Board Members Cook, Moschner and Wolff was appointed by the initial shareholder of the Fund on November 10, 2015. Board Members Hunter, Stockdale and Stone were designated as Class I Board Members. Board Members Adams, Kundert, Nelson and Toth were designated as Class II Board Members. Board Members Evans and Schneider were designated as Class III Board Members.2019.

On February 4, 2016, Ms. Wolff was appointed as a Board Member and designated as a Class III Board Member for Municipal Income and a Class I Board Member for Municipal Value and each Massachusetts Fund, effective February 15, 2016.

On June 22, 2016, Ms. Cook and Mr. Moschner were appointed as Board Members and designated as Class II Board Members for Municipal Income and Class III Board Members for Municipal Value and each Massachusetts Fund, effective July 1, 2016.

Other than Board Members Adams and Cook, allAll Board Member nominees and current and continuing Board Members are not “interested persons,” as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), of the Funds or the Adviser, Nuveen Fund Advisors, LLC (“Adviser”(the “Adviser”), and have never been an employee or director of Nuveen, LLC (“Nuveen”), the Adviser’s parent company, or any affiliate. Accordingly, such Board Members are deemed “Independent Board Members.” Each Board currently has one vacancy due to the resignation of Margo L. Cook on February 27, 2020, who was considered an “interested person” of the Funds by reason of her position with Nuveen and/or certain of its subsidiaries.

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The Board unanimously recommends that shareholders vote FOR the election of the nominees.

Board Nominees/Board Members

79

810

911

1012

1113

12

13

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Board Member Investments in the Funds

In order to create an appropriate identity of interests between Board Members and shareholders, the Boards of Directors/Trustees of the Nuveen funds have adopted a governance principle pursuant to which each Board Member is expected to invest, either directly or on a deferred basis, at least the equivalent of one year of compensation in the funds in the Nuveen fund complex.

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The dollar range of equity securities beneficially owned by each Board Member in each Fund and all Nuveen funds overseen by the Board Member as of DecemberMay 31, 20152020 is set forth in

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Appendix A. A. The number of shares of each Fund beneficially owned by each Board Member and by the Board Members and officers of the Funds as a group as of DecemberMay 31, 20152020 is also set forth inAppendix A. A. On DecemberMay 31, 2015,2020, Board Members and executive officers as a group beneficially owned approximately 1.71.13 million shares of all funds managed by the Adviser (including shares held by the Board Members through the Deferred Compensation Plan for Independent Board Members and by executive officers in Nuveen’s 401(k)/profit sharing plan). As of June 6, 2016,8, 2020, each Board Member’s individual beneficial shareholdings of each Fund constituted less than 1% of the outstanding shares of the Fund. As of June 6, 2016,8, 2020, the Board Members and executive officers as a group beneficially owned less than 1% of the outstanding shares of each Fund. As of June 6, 2016,8, 2020, no shareholder beneficially owned more than 5% of any class of shares of any Fund, except as provided inAppendix B. B.

Compensation

Prior toEffective January 1, 2016,2020, each Independent Board Member receivedreceives a $160,000$195,000 annual retainer, increased from $190,000 as of January 1, 2019, plus: (a) a fee of $5,250$6,750 per day, which was increased from $6,500 per day as of January 1, 2019, for attendance in person or by telephone at regularly scheduled meetings of the Board; (b) a fee of $3,000 per meeting for attendance in person or by telephone at special,non-regularly scheduled meetings of the Board wherein-person attendance was required and $2,000 per meeting for attendance by telephone or in person at such meetings where in-person attendance was not required; (c) a fee of $2,500 per meeting for attendance in person or by telephone at Audit Committee meetings where in-person attendance was required and $2,000 per meeting for attendance by telephone or in person at such meetings where in-person attendance was not required; (d) a fee of $2,500 per meeting for attendance in person or by telephone at Compliance, Risk Management and Regulatory Oversight Committee meetings where in-person attendance was required and $2,000 per meeting for attendance by telephone or in person at such meetings where in-person attendance was not required; (e) a fee of $1,000 per meeting for attendance in person or by telephone at Dividend Committee meetings; (f) a fee of $2,500 per meeting for attendance in person or by telephone at Closed-End Funds Committee meetings where in-person attendance was required and $2,000 per meeting for attendance by telephone or in person at such meetings where in-person attendance was not required, provided that no fees were received for meetings held on days on which regularly scheduled Board meetings were held; and (g) a fee of $500 per meeting for attendance in person or by telephone at all other committee meetings ($1,000 for shareholder meetings) where in-person attendance was required and $250 per meeting for attendance by telephone or in person at such committee meetings (excluding shareholder meetings) where in-person attendance was not required, and $100 per meeting when the Executive Committee acted as pricing committee for IPOs, plus, in each case, expenses incurred in attending such meetings, provided that no fees were received for meetings held on days on which regularly scheduled Board meetings were held. In addition to the payments described above, the Chairman of the Board received $75,000, the chairpersons of the Audit Committee, the Dividend Committee, the Compliance, Risk Management and Regulatory Oversight Committee and the Closed-End Funds Committee received $12,500 each and the chairperson of the Nominating and Governance Committee received $5,000 as additional annual retainers. Independent Board Members also received a fee of $3,000 per day for site visits to entities that provide services to the Nuveen funds on days on which no Board meeting

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was held. When ad hoc committees were organized, the Nominating and Governance Committee at the time of formation determined compensation to be paid to the members of such committees; however, in general, such fees were $1,000 per meeting for attendance in person or by telephone at ad hoc committee meetings where in-person attendance was required and $500 per meeting for attendance by telephone or in person at such meetings where in-person attendance was not required. The annual retainer, fees and expenses were allocated among the Nuveen funds on the basis of relative net assets, although management may have, in its discretion, established a minimum amount to be allocated to each fund.

Effective January 1, 2016, each Independent Board Member receives a $170,000 annual retainer plus: (a) a fee of $5,550 per day for attendance in person or by telephone at regularly scheduled meetings of the Board; (b) a fee of $3,000 per meeting for attendance in person or by telephone at special, non-regularly scheduled meetings of the Board where in-person attendance is required and $2,000 per meeting for attendance by telephone or in person at such meetings wherein-person attendance is not required; (c) a fee of $2,500 per meeting for attendance in person or by telephone at Audit Committee meetings wherein-person attendance is required and $2,000 per meeting for attendance by telephone or in person at such meetings wherein-person attendance is not required; (d) a fee of $5,000 per meeting, which was increased from $2,500 per meetingday as of January 1, 2019, for attendance in person or by telephone at Compliance, Risk Management and Regulatory Oversight Committee meetings wherein-person attendance is required and $2,000 per meeting for attendance by telephone or in person at such meetings wherein-person attendance is not required; (e) a fee of $1,000 per meeting for attendance in person or by telephone at Dividend Committee meetings; (f) a fee of $2,500 per meeting for attendance in person or by telephone atClosed-End Funds Committee meetings wherein-person attendance is required and $2,000 per meeting for attendance by telephone or in person at such meetings wherein-person attendance is not required, provided that no fees are received for meetings held on days on which regularly scheduled Board meetings are held;required; and (g) a fee of $500 per meeting for attendance in person or by telephone at all other committee meetings ($1,000 for shareholder meetings) wherein-person attendance is required and $250 per meeting for attendance by telephone or in person at such committee meetings (excluding shareholder meetings) wherein-person attendance is not required, and $100 per meeting when the Executive Committee acts as pricing committee for IPOs,IPOs; plus, in each case, expenses incurred in attending such meetings, provided that no fees are received for meetings held on days on which regularly scheduled Board meetings are held. In addition to the payments described above, the Chairman of the Board receives $80,000,$90,000, and the chairpersons of the Audit Committee,Committee; the Dividend Committee,Committee; the Compliance, Risk Management and Regulatory Oversight Committee,Committee; theClosed-End Funds CommitteeCommittee; and the Nominating and Governance Committee receive $12,500$15,000 each as additional annual retainers. Independent Board Members also receive a fee of $3,000 per day for site visits to entities that provide services to the Nuveen funds on days on which no Board meeting is held. When ad hoc committees are organized, the Nominating and Governance Committee will at the time of formation determine compensation to be paid to the members of such committee; however, in

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general, such fees will be $1,000 per meeting for attendance in person or by telephone at ad hoc committee meetings wherein-person attendance is required and $500 per meeting for attendance by telephone or in person at such meetings wherein-person attendance is not required. The annual retainer, fees and expenses are allocated among the Nuveen funds on the basis of relative net assets, although management may, in its discretion, establish a minimum amount to be allocated to each fund. In certain instances fees and expenses will be allocated only to those Nuveen funds that are discussed at a given meeting.

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The Funds do not have retirement or pension plans. Certain Nuveen funds (the “Participating Funds”) participate in a deferred compensation plan (the “Deferred Compensation Plan”) that permits an Independent Board Member to elect to defer receipt of all or a portion of his or her compensation as an Independent Board Member. The deferred compensation of a participating Independent Board Member is credited to a book reserve account of the Participating Fund when the compensation would otherwise have been paid to such Independent Board Member. The value of an Independent Board Member’s deferral account at any time is equal to the value that the account would have had if contributions to the account had been invested and reinvested in shares of one or more of the eligible Nuveen funds. At the time for commencing distributions from an Independent Board Member’s deferral account, the Independent Board Member may elect to receive distributions in a lump sum or over a period of five years. The Participating Fund will not be liable for any other fund’s obligations to make distributions under the Deferred Compensation Plan.

The Funds have no employees. The officers of the Funds and the Board Members of each Fund who are not Independent Board Members serve without any compensation from the Funds.

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The table below shows, for each Independent Board Member, the aggregate compensation paid by each Fund to the Independent Board Member/nominee for its last fiscal year.

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