Important information on risk

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Allocation Risk. The Fund's ability to achieve its investment objective depends upon the Fund's sub-adviser, Nuveen Asset Management's skill in determining the Fund's allocation to differen tsub-advisers and strategies. There is the riskthat that Nuveen Asset Management's evaluations and assumptions used in making such allocations may be incorrect. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. Common stocks have experienced significantly more volatility in returns and may significantly underperform relative to debt securities during certain periods. Preferred securities are subordinated to bonds and other debt instruments in a company's capital structure, and therefore are subject to greater credit risk. Issuers of debt instruments in which the Fund may invest may default on their obligations to pay principalor interest when due. The Fund is subject to interest rate risk; as interest ratesrise, bond prices fall. Investments of below investment grade quality are regarded as having speculative characteristics with respect to the issuer's capacity to pay dividends or interest and repay principal, and may be subject to higher price volatility and default risk than investment grade investments of comparable terms and duration. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Investments in non-U.S. securities involve special risks not typically associated with domestic investments including currency risk, if not hedged - the risk that changes in exchange rates will affect the value of the fund's investments, as well as adverse political, social and economic developments. These risks often are magnified in emerging markets. These and other risk considerations such as foreign currency risk are described in more detail in the Shareholder Update section of the Fund's annual report at nuveen.com/NMAI-annual-report.

An investment in this fund presents a number of risks and is not suitable for all investors. Investors should carefully review and consider potential risks before investing.

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Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. NAV returns are net of fund expenses, and assume reinvestment of distributions.

Nuveen Asset Management LLC, Teachers Advisors, LLC, and Winslow Capital Management, LLC are subadvisers to the Fund and affiliates of Nuveen, LLC.

Nuveen Securities, LLC, member FINRA and SIPC.

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