UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-07751

Nuveen Multistate Trust IV

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark J. Czarniecki

Vice President and Secretary

333 West Wacker Drive,

Chicago, IL 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 917-7700

Date of fiscal year end: May 31

Date of reporting period: May 31, 2021

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.


ITEM 1.

REPORTS TO STOCKHOLDERS.

 


Mutual Funds
31 May 2021
Nuveen Municipal
Bond Funds
Fund Name   Class A Class C Class C2 Class I
Nuveen Kansas Municipal Bond Fund   FKSTX FAFOX FCKSX FRKSX
Nuveen Kentucky Municipal Bond Fund   FKYTX FKCCX FKYCX FKYRX
Nuveen Michigan Municipal Bond Fund   FMITX FAFNX FLMCX NMMIX
Nuveen Missouri Municipal Bond Fund   FMOTX FAFPX FMOCX FMMRX
Nuveen Ohio Municipal Bond Fund   FOHTX FAFMX FOHCX NXOHX
Nuveen Wisconsin Municipal Bond Fund   FWIAX FWCCX FWICX FWIRX
As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds' annual and semi-annual shareholder reports will not be sent to you by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds' website (www.nuveen.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive shareholder reports and other communications from the Funds electronically at any time by contacting the financial intermediary (such as a broker-dealer or bank) through which you hold your Fund shares or, if you are a direct investor, by enrolling at www.nuveen.com/e-reports.
You may elect to receive all future shareholder reports in paper free of charge at any time by contacting your financial intermediary or, if you are a direct investor, by calling 800-257-8787 and selecting option #1. Your election to receive reports in paper will apply to all funds held in your account with your financial intermediary or, if you are a direct investor, to all your directly held Nuveen Funds and any other directly held funds within the same group of related investment companies.
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Table
of Contents
    
Chair’s Letter to Shareholders 4
Portfolio Managers’ Comments 5
Risk Considerations and Dividend Information 16
Fund Performance, Expense Ratios and Effective Leverage Ratios 17
Yields 24
Holding Summaries 26
Expense Examples 32
Report of Independent Registered Public Accounting Firm 35
Portfolios of Investments 36
Statement of Assets and Liabilities 101
Statement of Operations 102
Statement of Changes in Net Assets 103
Financial Highlights 106
Notes to Financial Statements 118
Additional Fund Information 132
Glossary of Terms Used in this Report 133
Annual Investment Management Agreement Approval Process 135
Liquidity Risk Management Program 143
Trustees and Officers 144
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Chair’s Letter to Shareholders    
Dear Shareholders,
More than a year has passed since the World Health Organization declared COVID-19 a global pandemic in March 2020, resulting in a year marked by a global economic downturn, financial market turbulence and some immeasurable losses. Although the health crisis persists, with the widespread distribution of vaccines in the U.S. and extraordinary economic interventions by governments and central banks around the world, we collectively look forward to what our “new normal” might be.
Global economic activity has continued to rebound, driving both gross domestic product growth and inflation higher, especially in the U.S. Vaccinations have enabled a further reopening of economies while governments and central banks have taken extraordinary measures to support the recoveries. To extend relief programs enacted earlier in the crisis, the U.S. government passed $900 billion in aid to individuals and businesses in late December 2020. Another $1.9 trillion relief package was signed into law in March 2021 providing extended unemployment benefits, direct payments to individuals and families, assistance to state and local municipalities, grants to education and public health, and other support. Currently, Congress is working on an infrastructure spending plan, although its final shape and whether it passes remains to be seen. The U.S. Federal Reserve (Fed) and other central banks around the world have upgraded their economic forecasts but remain committed to sustaining the recovery by maintaining accommodative monetary conditions. However, as economies have reopened, the surge in consumer demand has outpaced supply chain capacity, resulting in a jump in inflation indicators in recent months. Whether inflation persists is a subject of debate by economists and market observers, while the Fed and other central banks believe it to be more transitory.
While the markets’ longer-term outlook has brightened, we expect intermittent bouts of volatility to continue. Markets are closely monitoring central bank signals, particularly if inflation remains elevated, as a sooner-than-expected shift to monetary tightening could slow the economic recovery. Additionally, COVID-19 cases are still elevated in some regions, as more virulent strains have spread and vaccination rollouts have been uneven around the country and around the world. The recovery hinges on controlling the virus, and estimates vary considerably on when economic activity might be fully restored and what level of public inoculation would be sufficient to contain the virus spread. On the political front, the Biden administration’s full policy agenda and the potential for Congressional gridlock remain to be seen, either of which could cause investment outlooks to shift. Short-term market fluctuations can provide your Fund opportunities to invest in new ideas as well as upgrade existing positioning while providing long-term value for shareholders. For more than 120 years, the careful consideration of risk and reward has guided Nuveen’s focus on delivering long-term results to our shareholders.
If you have concerns about what’s coming next, it can be an opportune time to assess your portfolio. We encourage you to review your time horizon, risk tolerance and investment goals with your financial professional. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Terence J. Toth
Chair of the Board
July 22, 2021
 
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Portfolio Managers’
Comments    
Nuveen Kansas Municipal Bond Fund
Nuveen Kentucky Municipal Bond Fund
Nuveen Michigan Municipal Bond Fund
Nuveen Missouri Municipal Bond Fund
Nuveen Ohio Municipal Bond Fund
Nuveen Wisconsin Municipal Bond Fund
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, the Funds’ investment adviser. Portfolio managers Daniel J. Close, CFA, Steven M. Hlavin and Christopher L. Drahn, CFA, review economic and market conditions, key investment strategies, and the performance of the Nuveen Kansas Municipal Bond Fund, Nuveen Kentucky Municipal Bond Fund, Nuveen Michigan Municipal Bond Fund, Nuveen Missouri Municipal Bond Fund, Nuveen Ohio Municipal Bond Fund and Nuveen Wisconsin Municipal Bond Fund. Dan has managed the Kentucky, Michigan and Ohio Funds since 2007, Steve has managed the Kansas and Wisconsin Funds since 2011, and Chris has managed the Missouri Fund since 2011.
What factors affected the U.S. economy and the national municipal bond market during the twelve-month reporting period ended May 31, 2021?
The U.S. economy rebounded more quickly than expected from the deep downturn caused by the COVID-19 crisis and containment measures, but gross domestic product (GDP) shrank 3.5% in 2020 compared to 2019’s annual level. After falling into a deep recession in February 2020 due to the restrictions put on business and social activity to mitigate the COVID-19 spread, the economy bounced back with the help of several factors. These included: Federal government stimulus aiding individuals and businesses, accommodative monetary policy by the Fed that kept borrowing costs low and a gradual reopening of businesses with the roll-out of several FDA approved vaccines. U.S. GDP growth picked up pace in the first quarter of 2021, growing at an annualized rate of 6.4% according to the Bureau of Economic Analysis “second” estimate, an increase from 4.3% (annualized) in the fourth quarter of 2020. GDP measures the value of goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes.
Consumer spending, the largest driver of the economy, rebounded markedly from the steep declines early in the health crisis. Although the momentum slowed toward the end of 2020 amid a resurgence of COVID-19 infections, consumer demand resumed in 2021 as vaccination rates increased and lockdown restrictions eased, eligible Americans received another government stimulus check and the job market continued to improve. By May 2021, the U.S. unemployment rate had fallen to 5.8%, a significant improvement from 13.3% in May 2020 and from the pandemic peak of 14.8% in April 2020, according to the Bureau of Labor Statistics (BLS). The average hourly earnings rate increased, growing at an annualized rate of 2.0% in May 2021, despite the spike in unemployment. However, the BLS pointed out that wage growth trends have been difficult to analyze given the wide variation in average hourly earnings across industries and large fluctuations in employment since February 2020. The overall trend of inflation accelerated, largely due to

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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. Holdings designated N/R are not rated by these national ratings agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
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Portfolio Managers’ Comments (continued)
rising energy prices and the improving economy. The higher annual inflation rate in May 2021 is also the result of the comparison from a year ago, when consumer prices fell sharply as the first lockdowns were imposed in March 2020. The BLS said the Consumer Price Index (CPI) increased 5.0% over the twelve-month reporting period ended May 31, 2021, before seasonal adjustment.
With the onset of the COVID-19 crisis, the Federal Reserve (Fed) enacted an array of emergency measures in March 2020 to stabilize the financial system and support the markets, including cutting its main interest rate to near zero, offering lending programs to aid small and large companies and engaging in expanded bond purchases, known as quantitative easing. In August 2020, the Fed announced a change in its inflation targeting policy, moving from a program of absolute targeting to an average inflation targeting policy. Under this regime, the Fed will tolerate the inflation rate temporarily overshooting the target rate to offset periods of below-target inflation, so that inflation averages a 2% target rate over time. In their meetings throughout the first half of 2021, Fed officials continued to signal that accommodative policy measures will stay in place, asserting that recently higher inflation readings are transitory and the economic recovery remains far from the Fed’s goals.
The federal government also intervened with historic relief measures, starting with three aid packages in March and April 2020. These included $2 trillion allocated across direct payments to individuals, an expansion of unemployment insurance, loans to large and small businesses, funding to hospitals and health agencies and support to state and local governments, and more than $100 billion in funding to employers offering paid leave. In December 2020, the government enacted a $900 billion relief package extending some of these programs, and followed in March 2021 with another $1.9 trillion deal providing support to individuals and families, small businesses, state and local governments, education and public health/vaccination. The Biden administration has proposed another $2 trillion stimulus plan focused on infrastructure and jobs, but it is facing legislative hurdles.
By the start of this reporting period, markets had largely stabilized from the initial health crisis shock. In March 2020, equity and commodity markets sold off and safe-haven assets rallied as countries initiated quarantines, restricted travel and shuttered factories and businesses, while an ill-timed oil price war between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC member Russia amplified the volatility. In late 2020, the announcement of high efficacy rates in several COVID-19 vaccine trials, followed by regulatory authorizations and public vaccination drives across Western countries improved the outlook for 2021 and led to risk-on sentiment in the markets. Increasing vaccination rates and some surprisingly strong economic readings in the first few months of 2021 led to rising inflation concerns and an increase in long-term interest rates, but central banks reassured the markets that it was too soon to withdraw stimulus measures.
Geopolitical uncertainty remained elevated during 2020 in anticipation of the U.S. presidential election in November 2020 and the Brexit transition period set to expire in December 2020. However, political risks began to ease with the election of President Joe Biden and a final deal struck between the European Union and U.K. before the end of the transition period. Although China and the U.S. signed a “phase one” trade deal in January 2020, tensions continued to flare over other trade and technology/security issues, Hong Kong’s sovereignty and the management of the COVID-19 crisis. In 2021, geopolitical concerns in the Middle East, Russia and Belarus made news headlines, but market impacts were relatively minimal.
Municipal bonds performed well in this reporting period, reflecting a significant recovery from the COVID-19 crisis sell-off in March 2020. At the time, U.S. Treasury yields fell to historic lows and interest rate volatility increased sharply while municipal bond prices became severely dislocated from Treasury prices and credit spreads widened significantly. With ongoing monetary and fiscal interventions from the Fed and U.S. government and credit fundamentals that demonstrated more resilience than initially expected, investor sentiment improved and credit spreads narrowed significantly by the end of the reporting period. Municipal bond yields generally moved lower through the first half of the reporting period, then rose over the second half as fixed income markets priced in a stronger economic growth and inflation outlook and the prospect of more government stimulus. For the twelve-month reporting period overall, municipal yields were little changed at the short end of the yield curve, higher in the intermediate segment and lower at the longest maturities, which flattened the yield curve.
Municipal bond gross issuance nationwide remained strong in the reporting period, with deals postponed rather than canceled during the COVID-19 crisis driven sell-off. The overall low level of interest rates has encouraged issuers to continue to actively refund their outstanding debt. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have represented roughly a third of total issuance in 2021 so far. Additionally, the proportion of
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taxable issuance has risen to about one third of total gross issuance since the advent of the Tax Cut and Jobs Act of 2017, which prohibits municipal issuers from issuing new tax-exempt bonds to pre-refund existing tax-exempt bonds. Thus, the net issuance (all bonds issued less bonds redeemed) of tax exempt municipal bonds is actually much lower than the gross issuance. This lower net issuance was an overall positive technical factor on municipal bond investment performance in recent years and in this reporting period.
While municipal bond funds suffered significant outflows in March 2020, particularly from high yield municipal bond funds, fund flows rebounded strongly over the remainder of 2020 and sustained a robust pace through early 2021. Demand has been resilient even though municipal defaults, as expected, have increased somewhat during the COVID-19 crisis. However, default activity has occurred mainly in sectors with greater COVID-19 risk exposure, such as senior living, corporate-backed and real estate-backed. Moreover, while there are some pockets of municipal credit ratings stress, a wave of downgrades has not materialized. With interest rates in the U.S. and globally still near all-time lows, even after the recent increase in long-term rates, the appetite for yield has continued to drive investors toward higher after-tax yielding assets, including U.S. municipal bonds. Additionally, as taxpayers have adjusted to the 2017 tax law, which caps the state and local tax (SALT) deduction for individuals, there has been increased demand for tax-exempt municipal bonds, especially in states with high income taxes and/or property taxes.
What were the economic and market environments in Kansas, Kentucky, Michigan, Missouri, Ohio and Wisconsin during the twelve-month reporting period ended May 31, 2021?
Kansas’ economic growth lagged that of the nation over the better half of the last decade. In 2019, the state’s nominal GDP grew 2.8%, ranking it 40th for growth amongst the 50 states. However, the state was less impacted by the COVID-19 crisis than its peers and the nation with GDP declining only 1.8% (ranking 20th) in 2020. Kansas’ economy is primarily driven by the agriculture and aerospace sectors. The aerospace industry had slowed down even prior to the COVID-19 crisis and will continue to face challenges as air travel remains depressed. As of May 2021, the unemployment rate was a low 3.7% and remains well below the national unemployment rate of 5.8%. Kansas has stabilized its fiscal position over the last several years and improved reserve levels. As of Fiscal Year 2020, Kansas had $1.4 billion in available reserves (GAAP-basis), or 18.5% of General Fund expenditures. The Governor’s proposed Fiscal Year 2021 budget originally showed a $650 million gap, which the state balanced with about $682 million in cuts. Notably, better than anticipated revenue performance, including revenues coming in $500 million over projections for May 2021, is expected to propel the state to add to its fund balance in Fiscal Year 2021. In addition, the state is scheduled to receive $1.6 billion in American Rescue Plan funding, which will provide additional financial flexibility for the state over the near term. Moody’s maintains its Aa2 rating and stable outlook on the State of Kansas. S&P also maintains their AA- rating and stable outlook.
Kentucky’s economy lagged the U.S. before the COVID-19 crisis occurred, though employment recovery has benefitted from earlier reopening efforts and increased demand for goods over services. As of May 2021, unemployment had declined to 4.5% compared to 5.8% for the U.S. as a whole, and significantly below the April 2020 spike of 16.9%. Manufacturing accounts for an above average 12.8% of the state’s jobs, compared with 8.5% nationally. Manufacturing was one of the hardest hit sectors during the initial downturn last year. Since then, Kentucky’s manufacturing sector has outperformed the nation’s, with more than 80% of lost manufacturing jobs recouped. In the midst of economic uncertainty last spring, the legislature enacted a one-year budget for Fiscal Year 2021, instead of the customary biennial budget. For Fiscal Year 2021, general fund collections have grown by 14% for the first 11 months of the Fiscal Year. Sales tax receipts are up 11.5% over the prior year, through May 2021. Federal aid measures enacted in 2020 provided direct fiscal support to the state as well. Direct fiscal aid included a 6.2% increase in the Federal Medical Assistance Percentage for Medicaid and $1.6 billion through the CARES Act. Under the American Rescue Plan Act (ARPA), Kentucky’s state government is in line to receive $2.4 billion in direct aid. The enacted Fiscal Year 2022 budget at $12.1 billion holds funding relatively flat compared to the prior year’s budget but includes modest increases in K-12 and higher education spending. Kentucky’s long-term liabilities are outsized compared to other states. The Commonwealth’s $11.1 billion on net tax-supported debt ranks 5th highest among states and is more than double the 50-state median of 1.9%. The state continues to be pressured by its significantly underfunded pension system, one of the weakest in the nation. Kentucky does not have any outstanding general obligation debt but its implied general obligation rating and outlook as of May 2021 was Aa3 (stable) by Moody’s and A (stable) by S&P. The state typically issues annual appropriation debt, which is rated a notch lower at A1 and A-, by Moody’s and S&P.
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Portfolio Managers’ Comments (continued)
Michigan’s economic recovery from the COVID-19 crisis is underway as unemployment recedes, state revenues continue to outperform projections and the state’s credit profile improves. The state was better positioned going into the current downturn than it has been in past periods of economic contraction. Over the last few years, Michigan’s growth outpaced many of its Great Lakes region neighbors, driven by employment growth and continued economic diversification. However, Michigan’s economy still remains tied to the auto industry and has a higher concentration in manufacturing jobs than most states, which meant greater vulnerability through 2020. Manufacturing represented 14.2% of employment in the state, compared with 8.5% nationally in 2019. Michigan lost an estimated 1 million jobs in 2020, approximately a quarter of the state’s workforce was out of work or temporarily furloughed. COVID-19 crisis related shutdowns and social distancing impacted many manufacturing operations in the second quarter of 2020, helping to drive the state’s unemployment rate up to a high of 23.6% in April 2020. Unemployment has improved to 5.0% as of May 2021 as the economy and businesses reopen. The “Big Three” (General Motors, Ford and Chrysler) auto manufacturers continue to rank among the state’s five largest employers and several auto makers are expanding production of electric vehicles in the state. Current forecasts show 16.8% growth for 2022, though an industry shortage of microchips may slow production. Income is projected to increase by a more modest 2.5% in 2021. Total consumer spending in Michigan has fully recovered, now 9.0% higher than January 2020. Michigan's income levels still lag the national average ranking 33rd among the states in 2020 and per capita income is just 89% of the national average. Housing value appreciation has mirrored national trends. Following the peak in housing prices in mid-2006, home prices in Michigan declined dramatically and the inventory of foreclosed homes remained elevated in many of the state’s hardest-hit metropolitan areas, including Detroit, Warren and Flint. But, improvement in the state economy has brought slow, steady improvement in the housing market more recently. According to the S&P CoreLogic Case-Shiller Index of 20 major metropolitan areas, housing prices in Detroit rose 13.3% over the twelve months ended April 2021 (most recent data available at the time this report was prepared), compared with a 14.6% price increase nationally. Michigan weathered the budgetary uncertainty of 2020 well, outperforming initially bleak revenue projections. Because the state has a September 30 fiscal year-end, mid-year adjustments were necessary as the COVID-19 crisis shutdown economic activity. The state began implementing furloughs and temporary layoffs in April 2020 in anticipation of revenue declines and the delayed income tax payment date. But revenues held up well, only down 2% below Fiscal Year 2019 and the state was able to close an estimated $2.4 billion budget gap. The state’s early action, combined with enhanced federal Medicaid funding, and federal COVID-19 relief aid from the CARES Act resulted in $2.3 billion operating surplus for Fiscal Year 2020. Michigan expects to receive up to $11 billion in direct aid for state and local governments from the American Rescue Plan Act (ARPA) passed by Congress in March 2021. Of this, the state will receive $6.5 billion over several years which can be used to address public health and economic needs resulting from the COVID-19 crisis. Revenues are now projected to be $1.5 billion, or 6.2% over Fiscal Year 2020 due to strong personal income and sales tax growth. The state’s May 2021 economic forecast and consensus revenue estimate projects operating revenues will increase 1.9% in Fiscal Year 2022 over the prior year. The governor’s proposed $67.1 billion budget for Fiscal Year 2022 would increase spending by 7% but will likely be revised before the beginning of the Fiscal Year on October 1, 2021. The proposed budget increases K-12 education spending by 2%. The state’s liquidity position is stable despite a recent draw on the rainy day fund. Michigan spent down $350 million from the state’s stabilization/rainy day reserve fund in Fiscal Year 2020, but will replenish most of this draw with a deposit planned for Fiscal Year 2021. The reserve fund balance is projected to reach $1.0 billion in Fiscal Year 2021, equal to about 10% of General Fund revenues, or 4% of combined operating revenues. Michigan uses a Common Cash Fund to manage cash flow and recent growth has increased liquidity and eliminated the need for cash flow borrowing. The total balance across all funds was $11.7 billion at the end of Fiscal Year 2020, representing an over 100% increase over 2016 levels. As of June 2021, Moody’s and S&P rated Michigan general obligation (GO) debt at Aa1 and AA, respectively.
Missouri’s economic growth has kept pace with its Midwestern peers and was nearly on par with the nation through the COVID-19 crisis. After being ranked 29th among states for nominal GDP growth, Missouri’s 2020 ranking improved to 23rd. The state’s GDP declined 2.0% due to the COVID-19 crisis, compared to national GDP declining 2.3%. The state’s unemployment rate of 4.2% is lower than the national rate of 5.8% as of May 2021. The state saw growth in the finance and insurance, retail trade, and health care and social assistance sectors. Missouri’s population has grown just 2.7% since 2010 to 6.1 million, which lags the nation’s growth rate of 6.3% over the same time period. The Missouri Constitution requires that the state pass a balanced budget. Fiscal Year 2020 concluded with a $535 million surplus, which bolstered available reserves to roughly $2.1 billion. Rebounding tax revenue coupled with federal pandemic aid are attributed to the likelihood of an approximate $2.0 billion surplus for Fiscal Year 2021. In addition, the state is scheduled to receive $2.8 billion in American Rescue Plan funding from the federal government, which will provide additional financial flexibility over the near term. The Fiscal Year 2022 budget is not yet enacted, but the approved budget contains $35.6 billion in appropriations. Moody’s, S&P and Fitch rate Missouri general obligation debt at Aaa/AAA/AAA and all have stable outlooks.
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Ohio has a population of 11.7 million, making it the seventh-largest U.S. state by population. The state has a large, diverse economy that is the seventh largest among the states. After above average job losses and GDP contraction in the first few months of the COVID-19 crisis, Ohio’s initial economic recovery has been strong and compares favorably to the nation’s recovery. From February 2020 to April 2020, Ohio lost 16% of its total non-farm jobs, compared to 14.7% for the U.S. However, the state’s unemployment rate was 5.0% in May 2021, compared to 5.8% for the nation. According to the S&P CoreLogic Case-Shiller Index, housing prices in Cleveland rose 13.3% over the twelve months ended April 2021 (most recent data available at the time this report was prepared), compared with a 14.6% price increase nationally. Ohio’s real median household income in 2019 stood at $64,663, which places it 33rd in the U.S., according to the Census Bureau. Ohio operates on a biennial budget cycle. To balance the state budget in Fiscal Year 2020, due to anticipated declines in revenue and increased costs related to the state’s response to the COVID-19 crisis, Governor DeWine directed spending cuts of $775 million for the remainder of the Fiscal Year (June 30, 2020) and reduced spending by $390 million across all agencies for Fiscal Year 2021. Ohio was directly allocated a minimum of $2.49 billion of the total $4.53 billion granted to the state of Ohio by the Federal Government under the CARES Act in March 2020 to the state and its eligible local governments. The Federal Government also allocated approximately $5.6 billion directly to the state under the American Rescue Plan Act (ARPA) of 2021 out of a total $11.2 billion granted to the state and its eligible local governments. According to the latest revenue figures, Ohio’s tax revenues are $1.3 billion (8.3%) above last year through February 2021. On a year-over-year basis, February total General Revenue Fund disbursements were $289.2 million (-12.0%) lower than those of the same month in the previous Fiscal Year, with a decrease in Medicaid largely responsible for the difference. The Governor’s proposed Fiscal Year 2022-2023 budget is structurally balanced and based on conservative economic forecasts that assume slower economic recovery than the nation. The state’s conservative fiscal management has resulted in a strong financial position, with sound liquidity and reserve levels, heading into the COVID-19 crisis. Ohio prioritized the rebuilding of its budget stabilization fund after the Great Recession. The current budget stabilization fund balance of $2.7 billion is 8.0% of general fund revenues and, to date, there has been no draw on these rainy day funds. Ohio has maintained a moderate debt burden relative to other states. The state’s net tax-supported debt totaled $13.3 billion in 2020, which is 2.3% of state personal income, compared to the Moody’s 50-state median of 2.0%. As of March 2021, Moody’s and S&P rated Ohio GO debt at Aa1 and AA+, respectively, with stable outlooks.
Wisconsin’s economic expansion slightly trailed the national average in recent years, but increased diversification and a record of fiscal discipline have helped the state maintain credit quality. Strong manufacturing job growth buoyed Wisconsin’s economic progress post-recession, and the manufacturing sector’s resilience has helped the state recover from the economic shutdown last year. Wisconsin lost fewer jobs than most Midwestern states in 2020 and has made progress rebuilding the workforce. As of May 2021, total employment is up 10.4% from the low point reached last year, but the number of jobs is still 4.5% below pre-COVID-19 crisis levels. Unemployment remains low and the state’s labor participation rate is well above average, making for a tighter than average labor market. Wisconsin’s unemployment rate registered 3.9% in May 2021, below the national rate of 5.8%. Wisconsin’s economy has diversified, due to growth in education and health services, but manufacturing overall still accounts for an elevated 16.2% of employment in the State. This makes Wisconsin the second most dependent state on manufacturing nationwide, responsible for almost 20% of the state’s GDP. Notably, the composition of manufacturing jobs has shifted as industrial and machinery manufacturing have been replaced by food processing manufacturing, which has been more stable. The State’s dependence on manufacturing and comparatively weaker demographic profile are projected to constrain economic growth to just average over the long term. Wisconsin’s budgetary performance throughout the COVID-19 crisis has been stable. Unlike many states, revenues did not decline due to reduced economic activity and the state implemented modest budget cuts early in 2020 to constrain spending. General Fund tax collections in Fiscal Year 2020 were 1.1% above the prior year. Fiscal Year 2021 revenues have been revised upward and are now projected to be up 3.2% over the prior year. Wisconsin received $2 billion from the federal government for COVID-19 crisis relief efforts in 2020 and expects to receive up to $2.5 billion from the American Rescue Plan Act over the next few years. This additional federal funding will assist the state’s pandemic response efforts. The Fiscal Year 2022 proposed budget, including unspent or lapsed appropriations carried over from Fiscal Year 2020, totals $20.7 billion, a 7.3% increase over the prior year. Spending increases are driven by increased funding for K-12 education. Revenues are projected to grow 1% in Fiscal Year 2022 and a stronger 4.6% in Fiscal Year 2023. Significant contributions in recent years have increased the state’s rainy day fund, or Budget Stabilization Fund balance to $760 million, as of the end of the last Fiscal Year. State statute requires half of any revenue surplus above projections to be transferred to the reserve fund. Based on planned transfers the balance will approach $1 billion in Fiscal Year 2021, equivalent to about 5.5% of revenues and the highest amount ever in the fund’s history. Wisconsin has a solid history of balanced budgets and cutting expenditures mid-year as needed. Wisconsin’s debt levels remain above average. Wisconsin is ranked 18th among states with tax supported debt per capita at $1,477, above the national
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Portfolio Managers’ Comments (continued)
median of $1,039. Wisconsin’s high debt ratios are partially attributed to its issuance of $1.8 billion in bonds in 2003 to fund the State’s pension liability. As a result, the state has no unfunded pension liability. Wisconsin’s general obligation debt carried ratings of Aa1 from Moody’s and AA from S&P. Moody’s upgraded the state’s rating to Aa1 from Aa2 in August 2017.
How did the Funds perform during the twelve-month reporting period ended May 31, 2021?
The tables in the Fund Performance, Expense Ratios and Effective Leverage Ratios section of this report provide each Fund’s total return performance information for each share class of the Fund for the period ended May 31, 2021. The performance of each Fund’s Class A Shares at net asset value is compared with the performance of its corresponding benchmark and Lipper classification average.
During the reporting period, the Class A Shares at NAV of the Kansas, Kentucky, Missouri and Wisconsin Funds outperformed the S&P Municipal Bond Index and their respective Lipper classification average to varying degrees, while the Class A Shares at NAV of the Michigan and Ohio Funds underperformed these performance measures. For the purposes of this Performance Commentary, the references to relative performance of all the Funds is in comparison to S&P Municipal Bond Index.
What strategies were used to manage the Funds during the reporting period and how did these strategies influence performance during the twelve-month reporting period ended May 31, 2021?
The investment objective of each Fund is to provide as high a level of current income exempt from regular federal, state and in some cases, local income taxes as is consistent with preservation of capital.
Below we highlight the specific factors influencing each Fund’s investment strategy, as well as how we managed each portfolio in light of recent market conditions.
Nuveen Kansas Municipal Bond Fund
The Class A Shares of the Nuveen Kansas Municipal Bond Fund outperformed the S&P Municipal Bond Index for the twelve-month reporting period ended May 31, 2021.
The municipal bond market staged a powerful rebound from its March 2020 lows, resulting in strong performance for both the Fund and the index during the reporting period. The recovery was most pronounced among lower quality bonds and sectors hit hardest by the COVID-19 crisis. The Fund's credit rating and sector exposure was well positioned to benefit from these trends. Compared to the index, the Fund’s overweight in lower quality securities (including BBB rated bonds, below investment grade securities and non-rated debt) bolstered relative performance. These credit quality tiers outpaced higher quality categories (rated AA and above), in which the Fund had a relative underweight.
In terms of sector positioning, the Fund was overweight key sectors that outpaced the index, particularly those that benefited most from the reopening of the U.S. economy. Specifically, portfolio overweights in dedicated sales tax, senior living, tobacco and industrial development revenue bonds provided the biggest performance boost. The Fund’s positioning in the utility sector was also helpful, with advantageous security selection more than compensating for a detrimental overweight in this lagging market segment. Somewhat offsetting these favorable sector driven performance factors, however, was the Fund’s underweight in higher education bonds, which outperformed the index.
Security selection was another key driver of the Fund’s relative outperformance, due partly to the strong gains of U.S. territorial bonds. Given constrained supply of higher yielding Kansas municipal bonds, the Fund had significant exposure to non-Kansas bonds. Many of these bonds outpaced the index by a wide margin during the reporting period.
The Fund benefited from its relatively large exposure to lower investment grade, below investment grade and non-rated issuers in Guam. These bonds, like all debt issued by U.S. territories, may include exemption from most federal, state and local taxes. The Fund’s Guam holdings were diversified across seven issuers in various sectors, including business privilege (sales tax), airport, tobacco and Section 30 bonds. In this last category, the bonds are secured by a statutory lien on federal income taxes derived from military personnel and federal civil service employees who reside in Guam.
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In addition to their attractive yields relative to comparable Kansas debt, Guam bonds offered the potential to benefit from credit spread tightening and a favorable credit outlook for the island, given Guam’s essentiality as a strategic U.S. military location. As credit spreads compressed along with an increase in investors’ risk appetite, Guam bonds posted some of the biggest gains for both the municipal bond market and the Fund during this reporting period.
Among the Fund’s Kansas holdings, notable contributors included higher yielding securities that benefited from credit spread compression. Specifically, sales tax bonds for the Overland Park retail and entertainment destination Prairiefire and the Wyandotte County/Kansas athletic complex project at Vacation Village, as well as for Kansas City senior living facility Village Shalom bonds. However, the Fund’s Kansas local school district and higher education bond holdings lagged the index, detracting from relative performance.
During the reporting period, new purchases for the Fund tended to be of higher credit quality, reflecting the availability of bonds in the Kansas marketplace and longer in maturity. Key portfolio additions in the first half of the reporting period included Kansas bonds in the higher education, general obligation and local school district sectors, as well as out of state tobacco bonds (Ohio) and securities from Guam and Puerto Rico. In the second half of the reporting period, purchases were tilted more toward sectors that stood to benefit from improved state funding, including local school district bonds and securities issued by the Kansas Department of Transportation. The Fund also purchased bonds from Kansas City Kansas Community College, a new issue that offered diversification benefits for the Fund.
Purchases during the reporting period were funded by moderate shareholder inflows and proceeds from bond calls and maturities.
Nuveen Kentucky Municipal Bond Fund
The Class A Shares of the Nuveen Kentucky Municipal Bond Fund outperformed the S&P Municipal Bond Index for the twelve-month reporting period ended May 31, 2021.
Credit rating allocation was the leading driver of this outperformance. During this reporting period, lower quality, higher yielding securities outperformed their higher quality, lower yielding counterparts. Lower quality bonds benefited from investors’ appetite for riskier debt that offered added yield in a low interest rate environment and potential upside as the U.S. economy gradually reopened from the shutdown forced by the COVID-19 crisis. Accordingly, the Fund’s overweight in the lowest quality tiers of the investment grade market (bonds rated A and BBB) were relative outperformers and therefore contributed to the Fund’s relative result. The portfolio’s corresponding underweight in the highest credit quality tiers (AAA and AA rated securities) also helped performance.
Individual security selection added relative value. The Fund benefited disproportionately from its longer duration holdings that also carried lower investment grade credit ratings, as bonds with these characteristics were among the municipal bond market’s best performers during the reporting period. Fund holdings in tender option bonds (TOBs) were also notable contributors, as these longer duration floating rate securities generally outperformed as interest rates declined throughout much of this reporting period.
The primary detractor from the Fund’s relative performance was sector positioning. The portfolio’s overweight in pre-refunded bonds was a negative factor given the relative underperformance of these high quality, short duration securities. An overweight in corporate-backed municipal bonds also hindered performance. However, the Fund’s underweight in public power bonds, a high quality sector that trailed the index in an environment that more typically favored lower quality municipal bonds benefited the Fund's performance.
The Fund’s duration (interest rate) and yield curve positioning detracted from performance. The portfolio's underweight in bonds with longer effective durations (twelve years and more), which, given their heightened interest rate sensitivity, were among the best performing securities across the yield curve. A partial offset, however, was the Fund’s overweight in bonds with effective durations of ten to twelve years, another top performing area of the yield curve.
Throughout this reporting period, the Fund received significant new investments from shareholders and proceeds from bond calls and maturities. New purchases focused on Kentucky bonds across a range of sectors, including the higher education, local tax appropriation, dedicated tax, health care, utility and water/sewer segments. These purchases came from both new issue and secondary bond markets and generally entailed securities with intermediate to long durations and lower investment grade credit ratings.
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Portfolio Managers’ Comments (continued)
The Fund’s limited selling activity this reporting period focused on some pre-refunded bonds and other lower yielding securities. The sales allowed the Fund to purchase higher yielding alternatives available in the marketplace. Such sales in the first half of this reporting period allowed the Fund to harvest tax losses, enhancing the Fund’s income earning capability and seeking to make the portfolio more tax efficient.
Nuveen Michigan Municipal Bond Fund
The Class A Shares of the Nuveen Michigan Municipal Bond Fund underperformed the S&P Municipal Bond Index for the twelve-month reporting period ended May 31, 2021.
Credit quality positioning was the primary factor behind the Fund’s relative underperformance. Credit spreads generally narrowed, meaning that lower rated bonds outperformed as investors became increasingly comfortable accepting credit risk and sought out municipal bonds with higher yields. The Fund’s underweight in the lowest investment grade credit tier (rated BBB) detracted from performance as these securities outpaced the index. Additionally, the Fund’s overweight in AA rated bonds hurt performance compared to the index given the underperformance of this credit tier. One modest credit rating positive for the Fund’s performance, however, was the portfolio’s underweight in AAA rated securities.
Unfavorable sector exposure weighed on relative performance. The Fund’s overweight in relatively high quality local general obligation (GO) securities detracted from performance. Additionally, the Fund’s underweight in dedicated tax bonds was unfavorable.
Duration (interest rate) and yield curve positioning added value. The portfolio was underweight bonds with shorter effective durations (zero to four years), which was helpful because these less interest rate sensitive securities lagged. A related overweight in bonds with longer effective durations (eight to ten years) was beneficial, as these securities, with their heightened interest rate sensitivity, were among the best performing securities across the yield curve.
Individual security selection modestly contributed to performance compared to the index. The Fund benefited disproportionately from its longer duration holdings that carried lower investment grade credit ratings, as bonds with these characteristics were among the municipal bond market’s best performers. Holdings in tender option bonds (TOBs) were notable contributors. The Fund added these longer duration floating rate securities in the first half of the reporting period to help keep the portfolio’s overall duration at a desired level, and the securities outperformed as interest rates declined.
New portfolio additions during the reporting period focused on bonds with intermediate and longer durations and higher credit quality (AAA and AA). Additions to the portfolio came from a variety of sectors, including local GO, state appropriation, state GO, dedicated tax, health care, utility and water/sewer.
Proceeds for bond purchases largely came from shareholder inflows and bond calls and maturities. Sales activity was limited this reporting period, as the Fund sold only one pre-refunded bond to fund the purchase of a higher yielding utility bond.
Nuveen Missouri Municipal Bond Fund
The Class A Shares of the Nuveen Missouri Municipal Bond Fund outperformed the S&P Municipal Bond Index for the twelve-month reporting period ended May 31, 2021.
Favorable duration (interest rate) and yield curve positioning helped drive the Fund’s outperformance of the benchmark. Longer duration bonds, which benefited from falling municipal bond interest rates, generally performed well and consistently outpaced shorter duration bonds. Against this backdrop, the Fund’s relative overweight in both long and longer intermediate bonds and a corresponding underweight in shorter duration bonds added to the Fund’s result.
Credit positioning helped the Fund’s relative performance. During this reporting period, higher yielding, lower quality bonds generally outperformed their lower yielding, higher quality counterparts. Accordingly, overweights in lower credit quality tiers, especially among A and non-rated bonds, lifted the Fund’s relative performance. The Fund's underweight in the AAA and, to a lesser extent, AA credit tiers helped results, given these categories’ underperformance. Individual security selection in the AAA, AA, A and non-rated credit categories all added value.
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Sector allocation modestly detracted from performance relative to the index. One factor underlying this performance was an underweight (relative to the S&P Municipal Bond Index) in the outperforming transportation sector. Within the sector, the Fund's underweight in toll road and port bonds, as well as in such strong performing categories as passenger and commuter rail bonds, detracted from performance. An overweight in airport bonds, however, added value. Elsewhere, the Fund was overweight the utility sector, which trailed the overall market, and its underweight of the outperforming industrial development revenue bond category further detracted from performance.
The Fund benefited from holdings in higher yielding Missouri special tax and transportation development district bonds, which outperformed the more traditional general obligation (GO) and tax-backed bonds commonly found in the national index. The Fund’s lack of state GO holdings and underweight in local GO debt lifted results, as GOs tended to underperform revenue bonds during the reporting period. An overweight in appropriation-backed securities (a financing tool somewhat more commonly used in the Missouri market) further contributed to performance, as did the Fund's overweight in the hospital and senior life care sectors.
Throughout the reporting period, the Fund maintained relatively steady credit and sector allocations. With bonds from certain sectors hurt more than others during the COVID-19 crisis driven market downturn of March and April 2020, the Fund maintained consistent exposure to disproportionately struggling categories and even incrementally added exposure when the value opportunity was attractive. As credit spreads narrowed materially over the course of the reporting period, value opportunities on many credits became less pronounced. During the full reporting period, the Fund modestly increased exposure to A rated bonds.
The Fund increased its allocation to transportation bonds, primarily by adding positions in bonds for Kansas City International Airport, which in mid-October 2020 issued debt for its modernization program. The Fund had a slight increase in its allocation to the hospital sector, primarily stemming from both new issue and secondary market purchases of Mercy Health and BJC HealthCare bonds.
Nuveen Ohio Municipal Bond Fund
The Class A Shares of the Nuveen Ohio Municipal Bond Fund underperformed the S&P Municipal Bond Index for the twelve-month reporting period ended May 31, 2021.
Unfavorable security selection was the key detractor from the Fund’s performance compared to the index. The Fund's underperformance impact came from an investment in independent power producer Energy Harbor. The Fund acquired shares in Energy Harbor when its holdings of certain municipal bonds issued by FirstEnergy Solutions was converted into Energy Harbor equity as part of FirstEnergy’s emergence from bankruptcy protection. After initially appreciating strongly following its March 2020 issuance, in July the stock suffered a correction on negative news about the predecessor company and its former parent company. Although this position bounced back in the second half of the reporting period, it detracted overall for the reporting period.
The Fund’s exposure to bonds issued by the Buckeye Tobacco Settlement Financing Authority benefited the performance. Some of the agency’s debt outstanding was refinanced in late 2019, helping the issuer’s credit rating and generating significant outperformance from these bonds, which were purchased in 2020. The Fund’s investment in Franklin County Convention Facilities Authority strongly outpaced the index, as the issuer’s fundamental outlook improved along with the reopening of the Ohio economy from restrictions triggered by the COVID-19 crisis.
Credit quality exposure and sector positioning further hampered the Fund’s relative performance. Bonds with lower credit ratings outperformed their higher quality counterparts as the economy bounced back and investors’ appetite for risk increased. Against that backdrop, the Fund’s underweight in bonds with credit ratings of BBB (the lowest of the investment grade credit quality tiers) was unfavorable given these bonds’ relatively strong results. Slightly tempering this negative performance factor, however, was the Fund’s overweight in non-rated bonds, which outperformed the index and contributed to relative results.
From a sector perspective, the Fund’s overweight in pre-refunded debt detracted from performance because these securities generally underperformed due to their typically high credit quality and short duration. The Fund’s underweight in the outperforming industrial development revenue (IDR) sector hurt performance. Investors turned to IDR bonds for their higher yields and improved fundamental outlook as the recovery from the COVID-19 crisis became more realized. Modestly offsetting these negative performance factors, however, was the Fund’s overweight in dedicated tax bonds, which similarly outperformed the index.
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Portfolio Managers’ Comments (continued)
Duration (interest rate) and yield curve positioning added relative value. The Fund’s duration was longer than that of the index, allowing the portfolio to better capture the benefits of generally falling rates. Additionally, the Fund’s overweight in bonds with effective durations longer than twelve years boosted results, as these securities benefited the most from the overall drop in interest rates. Simultaneously, an underweight in shorter-term securities (zero to four years) was beneficial, as these securities lagged the index.
The Fund had substantial shareholder inflows during the reporting period along with proceeds from maturing and called debt, that allowed the Fund to actively buy bonds. Amid ample supply of Ohio bonds in both the primary and secondary municipal bond markets, a broad range of investment options was available to the Fund. New purchases occurred across a wide range of sectors including transportation, state general obligation (GOs), local appropriated, dedicated tax, local GOs, higher education and water/sewer bonds. Most of the Fund’s purchases included bonds with durations in the intermediate to long range and featured higher credit ratings.
Nuveen Wisconsin Municipal Bond Fund
The Class A Shares of the Nuveen Wisconsin Municipal Bond Fund outperformed the S&P Municipal Bond Index for the twelve-month reporting period ended May 31, 2021.
The municipal bond market rallied strongly from its lows in March 2020, fueled by investors’ robust appetite for tax exempt investments and an improved credit outlook for municipal bond issuers as the COVID-19 crisis receded and restrictions eased. This rebound disproportionately favored lower quality, higher yielding municipal bonds and those in sectors that stood to benefit most from a reopening of the economy.
The Fund’s relative outperformance of the index was driven partly by its credit quality positioning. Compared to the index, the Fund had an overweight in bonds with credit ratings of BBB, the lowest investment grade credit tier, as well as in below investment grade bonds and non-rated securities. Municipal bond debt in these categories outpaced higher quality securities, which the Fund further benefited from underweighting.
Sector allocation contributed to the Fund’s outperformance relative to the index. The portfolio’s overweight in the health care sector aided performance. Underweighting state debt and local general obligation bonds was beneficial because these sectors lagged the index. In contrast, an overweight in the sales tax backed category detracted from relative performance, given that it lagged the index.
Individual security selection contributed to the Fund's performance. Because of Wisconsin’s unique municipal tax code, relatively few Wisconsin bonds are exempt from state tax. Accordingly, the Fund was positioned with meaningful exposure to debt issued by U.S. territories Guam and Puerto Rico, which may include exemption from most federal, state and local taxes. Management maintained a favorable credit outlook for certain Puerto Rico and Guam issuers and its comparatively high yielding bonds as poised to benefit from credit spread tightening from near historic wide levels reached in March 2020. Spreads compressed during this reporting period as investors’ risk appetite improved and the value of territorial bonds increased, helping make Puerto Rico and Guam bonds some of the best performers for both the municipal bond market and the Fund. The Fund’s holdings in Puerto Rico bonds were insured, and its Guam holdings were diversified across a range of issuers.
Other individual contributors included investments in both out-of-state bonds and Wisconsin holdings. In the out-of-state category, standout contributors included tobacco bonds from New York, an industrial development revenue bond from Iowa and debt issued by the City of Baltimore for its convention center. Top contributed Wisconsin bonds included health care bonds for Marshfield Clinic Health System, Beloit Health System, Bethesda Lutheran Communities and Franciscan Sisters of Christian Charity.
The Fund benefited from maintaining its duration (interest rate sensitivity) slightly longer than that of the index. This stance generated a modest relative performance advantage for the Fund, helping it to more fully benefit as interest rates declined.
Purchase activity during the reporting period was limited and occurred primarily in the first half. New acquisitions included multifamily housing project bonds, Rogers Memorial Hospital revenue bonds and insured Puerto Rico highway debt. Another notable purchase was of long-dated zero-coupon Wisconsin Center District dedicated-tax revenue bonds, which were bought to replace similar securi-
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ties called by this issuer during the first half of the reporting period. In the second half of the reporting period, the Fund’s sole purchase entailed bonds of Three Pillars Senior Living Communities. The Fund’s purchases were typically longer in maturity, which allowed management to manage the portfolio’s duration and preserve its desired level of interest rate sensitivity.
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Risk Considerations and Dividend Information    
Risk Considerations
Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Funds, are subject to market risk, credit risk, interest rate risk, call risk, state concentration risk, tax risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. The Funds' use of inverse floaters creates effective leverage. Leverage involves the risk that the Funds could lose more than its original investment and also increases the Funds' exposure to volatility and interest rate risk.
Dividend Information
Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6  –  Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.
All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions is sourced or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of each Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6  –  Income Tax Information within the Notes to Financial Statements of this report.
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Fund Performance, Expense Ratios and Effective Leverage Ratios    
The Fund Performance, Expense Ratios and Effective Leverage Ratios for each Fund are shown within this section of the report.
Fund Performance
Returns quoted represent past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown.
Total returns for a period of less than one year are not annualized (i.e. cumulative returns). Since inception returns are shown for share classes that have less than 10-years of performance. Returns at net asset value (NAV) would be lower if the sales charge were included. Returns assume reinvestment of dividends and capital gains. For performance, current to the most recent month-end visit nuveen.com or call (800) 257-8787.
Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Income is generally exempt from regular federal income taxes. Some income may be subject to state and local income taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Returns may reflect fee waivers and/or expense reimbursements by the investment adviser during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees, and assume reinvestment of dividends and capital gains.
Comparative index and Lipper return information is provided for Class A Shares at NAV only.
Expense Ratios
The expense ratios shown are as of the Fund's most recent prospectus. The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any). The expense ratios include management fees and other fees and expenses. Refer to the Financial Highlights later in this report for the Fund's expense ratios as of the end of the reporting period.
Effective Leverage Ratios
Leverage is created whenever a Fund has investment exposure (both reward and/or risk) equivalent to more than 100% of its investment capital. The effective leverage ratio shown for each Fund is the amount of investment exposure created either directly through borrowings or indirectly through inverse floaters, divided by the assets invested, including those assets that were purchased with the proceeds of the leverage, or referenced by the levered instrument. A Fund may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to pay cash out to redeeming shareholders or to settle portfolio trades. Such incidental borrowings, described generally in Notes to Financial Statements, Note 9—Borrowing Arrangements, are excluded from the calculation of a Fund’s effective leverage ratio.
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Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)
Nuveen Kansas Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratios
  Total Returns as of May 31, 2021*  
    Average Annual  
  Inception
Date
1-Year 5-Year 10-Year Expense
Ratios
Class A Shares at NAV 1/09/92 5.92% 2.67% 4.03% 0.82%
Class A Shares at maximum Offering Price 1/09/92 1.47% 1.79% 3.59%  —
S&P Municipal Bond Index  — 4.70% 3.48% 4.35%  —
Lipper Other States Municipal Debt Funds Classification Average  — 4.25% 2.65% 3.56%  —
Class C2 Shares 2/11/97 5.33% 2.10% 3.58% 1.37%
Class I Shares 2/25/97 6.13% 2.87% 4.23% 0.62%
    
  Total Returns as of May 31, 2021*  
    Average Annual  
  Inception
Date
1-Year 5-Year Since
Inception
Expense
Ratios
Class C Shares 2/10/14 5.18% 1.86% 3.02% 1.62%
*       Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $250,000 or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C and Class C2 Shares automatically convert to Class A Shares ten years after purchase (effective March 1, 2021, eight years after purchase). Returns for periods longer than eight years for Class C and C2 Shares reflect the performance of Class A Shares after the deemed eight-year conversion to Class A Shares within such periods. All outstanding Class C2 Shares converted to Class A Shares after the close of business on June 4, 2021. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Effective Leverage Ratio as of May 31, 2021

Effective Leverage Ratio 0.00%
Growth of an Assumed $10,000 Investment as of May 31, 2021  –  Class A Shares
The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemptions of Fund shares.
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Nuveen Kentucky Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratios
  Total Returns as of May 31, 2021*  
    Average Annual  
  Inception
Date
1-Year 5-Year 10-Year Expense
Ratios
Class A Shares at NAV 5/04/87 5.73% 3.08% 3.97% 0.93%
Class A Shares at maximum Offering Price 5/04/87 1.27% 2.21% 3.52%  —
S&P Municipal Bond Index  — 4.70% 3.48% 4.35%  —
Lipper Other States Municipal Debt Funds Classification Average  — 4.25% 2.65% 3.56%  —
Class C2 Shares 10/04/93 5.26% 2.56% 3.51% 1.48%
Class I Shares 2/07/97 5.94% 3.31% 4.17% 0.73%
    
  Total Returns as of May 31, 2021*  
    Average Annual  
  Inception
Date
1-Year 5-Year Since
Inception
Expense
Ratios
Class C Shares 2/10/14 4.88% 2.28% 2.97% 1.73%
*       Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $250,000 or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C and Class C2 Shares automatically convert to Class A Shares ten years after purchase (effective March 1, 2021, eight years after purchase). Returns for periods longer than eight years for Class C and C2 Shares reflect the performance of Class A Shares after the deemed eight-year conversion to Class A Shares within such periods. All outstanding Class C2 Shares converted to Class A Shares after the close of business on June 4, 2021. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Effective Leverage Ratio as of May 31, 2021

Effective Leverage Ratio 8.90%
Growth of an Assumed $10,000 Investment as of May 31, 2021  –  Class A Shares
The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemptions of Fund shares.
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Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)
Nuveen Michigan Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratios
  Total Returns as of May 31, 2021*  
    Average Annual  
  Inception
Date
1-Year 5-Year 10-Year Expense
Ratios
Class A Shares at NAV 6/27/85 3.72% 3.12% 4.30% 0.83%
Class A Shares at maximum Offering Price 6/27/85 (0.62)% 2.24% 3.85%  —
S&P Municipal Bond Index  — 4.70% 3.48% 4.35%  —
Lipper Other States Municipal Debt Funds Classification Average  — 4.25% 2.65% 3.56%  —
Class C2 Shares 6/22/93 3.24% 2.55% 3.82% 1.38%
Class I Shares 2/03/97 3.93% 3.32% 4.49% 0.63%
    
  Total Returns as of May 31, 2021*  
    Average Annual  
  Inception
Date
1-Year 5-Year Since
Inception
Expense
Ratios
Class C Shares 2/10/14 2.90% 2.30% 3.35% 1.63%
*       Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $250,000 or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C and Class C2 Shares automatically convert to Class A Shares ten years after purchase (effective March 1, 2021, eight years after purchase). Returns for periods longer than eight years for Class C and C2 Shares reflect the performance of Class A Shares after the deemed eight-year conversion to Class A Shares within such periods. All outstanding Class C2 Shares converted to Class A Shares after the close of business on June 4, 2021. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Effective Leverage Ratio as of May 31, 2021

Effective Leverage Ratio 4.99%
Growth of an Assumed $10,000 Investment as of May 31, 2021  –  Class A Shares
The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemptions of Fund shares.
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Nuveen Missouri Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratios
  Total Returns as of May 31, 2021*  
    Average Annual  
  Inception
Date
1-Year 5-Year 10-Year Expense
Ratios
Class A Shares at NAV 8/03/87 5.27% 3.40% 4.52% 0.77%
Class A Shares at maximum Offering Price 8/03/87 0.86% 2.51% 4.07%  —
S&P Municipal Bond Index  — 4.70% 3.48% 4.35%  —
Lipper Other States Municipal Debt Funds Classification Average  — 4.25% 2.65% 3.56%  —
Class C2 Shares 2/02/94 4.72% 2.83% 4.07% 1.32%
Class I Shares 2/19/97 5.41% 3.60% 4.72% 0.57%
    
  Total Returns as of May 31, 2021*  
    Average Annual  
  Inception
Date
1-Year 5-Year Since
Inception
Expense
Ratios
Class C Shares 2/10/14 4.45% 2.56% 3.42% 1.57%
*       Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $250,000 or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C and Class C2 Shares automatically convert to Class A Shares ten years after purchase (effective March 1, 2021, eight years after purchase). Returns for periods longer than eight years for Class C and C2 Shares reflect the performance of Class A Shares after the deemed eight-year conversion to Class A Shares within such periods. All outstanding Class C2 Shares converted to Class A Shares after the close of business on June 4, 2021. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Effective Leverage Ratio as of May 31, 2021

Effective Leverage Ratio 0.00%
Growth of an Assumed $10,000 Investment as of May 31, 2021  –  Class A Shares
The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemptions of Fund shares.
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Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)
Nuveen Ohio Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratios
  Total Returns as of May 31, 2021*  
    Average Annual  
  Inception
Date
1-Year 5-Year 10-Year Expense
Ratios
Class A Shares at NAV 6/27/85 2.73% 3.03% 4.26% 0.78%
Class A Shares at maximum Offering Price 6/27/85 (1.56)% 2.15% 3.82%  —
S&P Municipal Bond Index  — 4.70% 3.48% 4.35%  —
Lipper Ohio Municipal Debt Funds Classification Average  — 3.83% 2.83% 3.78%  —
Class C2 Shares 8/03/93 2.17% 2.47% 3.80% 1.33%
Class I Shares 2/03/97 2.94% 3.22% 4.48% 0.58%
    
  Total Returns as of May 31, 2021*  
    Average Annual  
  Inception
Date
1-Year 5-Year Since
Inception
Expense
Ratios
Class C Shares 2/10/14 2.00% 2.22% 3.25% 1.58%
*       Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $250,000 or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C and Class C2 Shares automatically convert to Class A Shares ten years after purchase (effective March 1, 2021, eight years after purchase). Returns for periods longer than eight years for Class C and C2 Shares reflect the performance of Class A Shares after the deemed eight-year conversion to Class A Shares within such periods. All outstanding Class C2 Shares converted to Class A Shares after the close of business on June 4, 2021. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Effective Leverage Ratio as of May 31, 2021

Effective Leverage Ratio 1.73%
Growth of an Assumed $10,000 Investment as of May 31, 2021  –  Class A Shares
The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemptions of Fund shares.
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Nuveen Wisconsin Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratios
  Total Returns as of May 31, 2021*  
    Average Annual  
  Inception
Date
1-Year 5-Year 10-Year Expense
Ratios
Class A Shares at NAV 6/01/94 6.42% 3.20% 4.18% 0.93%
Class A Shares at maximum Offering Price 6/01/94 1.95% 2.33% 3.74%  —
S&P Municipal Bond Index  — 4.70% 3.48% 4.35%  —
Lipper Other States Municipal Debt Funds Classification Average  — 4.25% 2.65% 3.56%  —
Class C2 Shares 2/25/97 5.74% 2.61% 3.72% 1.48%
Class I Shares 2/25/97 6.72% 3.40% 4.39% 0.73%
    
  Total Returns as of May 31, 2021*  
    Average Annual  
  Inception
Date
1-Year 5-Year Since
Inception
Expense
Ratios
Class C Shares 2/10/14 5.59% 2.39% 3.53% 1.73%
*       Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $250,000 or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C and Class C2 Shares automatically convert to Class A Shares ten years after purchase (effective March 1, 2021, eight years after purchase). Returns for periods longer than eight years for Class C and C2 Shares reflect the performance of Class A Shares after the deemed eight-year conversion to Class A Shares within such periods. All outstanding Class C2 Shares converted to Class A Shares after the close of business on June 4, 2021. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Effective Leverage Ratio as of May 31, 2021

Effective Leverage Ratio 5.65%
Growth of an Assumed $10,000 Investment as of May 31, 2021  –  Class A Shares
The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemptions of Fund shares.
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Yields    as of May 31, 2021
Dividend Yield is the most recent dividend per share (annualized) divided by the offering price per share.
The SEC 30-Day Yield is a standardized measure of a fund’s yield that accounts for the future amortization of premiums or discounts of bonds held in the fund’s portfolio. The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. Dividend Yield may differ from the SEC 30-Day Yield because the fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium.
The Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis at an assumed tax rate. Your actual combined federal and state income tax rates may differ from the assumed rate. Taxable-Equivalent Yield also takes into account the percentage of the Fund’s income generated and paid by the Fund (based on payments made during the previous calendar year) that was either exempt from federal income tax but not from state income tax (e.g., income from an out-of-state municipal bond), or was exempt from neither federal nor state income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower.
Nuveen Kansas Municipal Bond Fund
  Share Class
  Class A1 Class C Class C2 Class I
Dividend Yield 2.06% 1.33% 1.60% 2.36%
SEC 30-Day Yield 0.81% 0.06% 0.28% 1.04%
Taxable-Equivalent Yield (46.5%)2 1.49% 0.11% 0.51% 1.91%
Nuveen Kentucky Municipal Bond Fund
  Share Class
  Class A1 Class C Class C2 Class I
Dividend Yield 2.51% 1.81% 2.08% 2.83%
SEC 30-Day Yield 0.46% (0.31)% 0.02% 0.68%
Taxable-Equivalent Yield (45.8%)2 0.85% (0.57)% 0.04% 1.25%
Nuveen Michigan Municipal Bond Fund
  Share Class
  Class A1 Class C Class C2 Class I
Dividend Yield 1.85% 1.15% 1.39% 2.14%
SEC 30-Day Yield 0.52% (0.24)% 0.06% 0.74%
Taxable-Equivalent Yield (45.1%)2 0.95% (0.44)% 0.11% 1.35%
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Nuveen Missouri Municipal Bond Fund
  Share Class
  Class A1 Class C Class C2 Class I
Dividend Yield 2.21% 1.49% 1.75% 2.51%
SEC 30-Day Yield 0.78% 0.03% 0.51% 1.01%
Taxable-Equivalent Yield (46.2%)2 1.45% 0.06% 0.95% 1.88%
Nuveen Ohio Municipal Bond Fund
  Share Class
  Class A1 Class C Class C2 Class I
Dividend Yield 1.78% 1.06% 1.31% 2.06%
SEC 30-Day Yield 0.51% (0.26)% 0.03% 0.73%
Taxable-Equivalent Yield (45.6%)2 0.93% (0.48)% 0.05% 1.34%
Nuveen Wisconsin Municipal Bond Fund
  Share Class
  Class A1 Class C Class C2 Class I
Dividend Yield 2.80% 2.17% 2.38% 3.14%
SEC 30-Day Yield 1.42% 0.69% 0.67% 1.68%
Taxable-Equivalent Yield (48.5%)2 2.70% 1.31% 1.28% 3.20%
1         The SEC Yield for Class A shares quoted in the table reflects the maximum sales load. Investors paying a reduced load because of volume discounts, investors paying no load because they qualify for one of the several exclusions from the load and existing shareholders who previously paid a load but would like to know the SEC Yield applicable to their shares on a going-forward basis, should understand that the SEC Yield effectively applicable to them would be higher than the figure quoted in the table.
2         The Taxable-Equivalent Yield is based on the Fund’s SEC 30-Day Yield on the indicated date and a combined federal and state income tax rate shown in the respective table above.
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Holding Summaries    as of May 31, 2021
This data relates to the securities held in each Fund's portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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. Holdings designated N/R are not rated by these national rating agencies.
Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Nuveen Kansas Municipal Bond Fund
Fund Allocation
(% of net assets)
 
Long-Term Municipal Bonds 96.8%
Common Stocks 0.9%
Other Assets Less Liabilities 2.3%
Net Assets 100%
    
States and Territories
(% of total municipal bonds)
 
Kansas 66.3%
Guam 15.4%
Puerto Rico 5.7%
New York 3.9%
Ohio 2.9%
Virgin Islands 1.2%
Texas 1.2%
Virginia 1.1%
Iowa 0.9%
Colorado 0.6%
Illinois 0.4%
California 0.3%
New Jersey 0.1%
Maryland 0.0%
Pennsylvania 0.0%
Total 100%
Portfolio Composition
(% of total investments)
 
Tax Obligation/Limited 24.5%
Tax Obligation/General 22.7%
Utilities 13.2%
U.S. Guaranteed 10.6%
Transportation 7.3%
Health Care 6.1%
Education and Civic Organizations 5.5%
Consumer Staples 5.4%
Other 4.7%
Total 100%
Bond Credit Quality
(% of total investment
exposure)
 
U.S. Guaranteed 10.1%
AAA 7.9%
AA 34.2%
A 14.6%
BBB 11.3%
BB or Lower 15.0%
N/R (not rated) 5.9%
N/A (not applicable) 1.0%
Total 100%
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Table of Contents
Nuveen Kentucky Municipal Bond Fund
Fund Allocation
(% of net assets)
 
Long-Term Municipal Bonds 107.9%
Other Assets Less Liabilities 0.0%
Net Assets Plus Floating Rate Obligations 107.9%
Floating Rate Obligations (7.9)%
Net Assets 100%
    
States and Territories
(% of total municipal bonds)
 
Kentucky 97.8%
Puerto Rico 2.2%
Total 100%
Portfolio Composition
(% of total investments)
 
Tax Obligation/Limited 26.5%
Utilities 23.0%
Education and Civic Organizations 16.5%
Health Care 12.5%
U.S. Guaranteed 11.7%
Transportation 8.5%
Other 1.3%
Total 100%
Bond Credit Quality
(% of total investment
exposure)
 
U.S. Guaranteed 10.8%
AAA 7.0%
AA 29.6%
A 38.0%
BBB 11.1%
BB or Lower 0.5%
N/R (not rated) 3.0%
Total 100%
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Table of Contents
Holding Summaries    as of May 31, 2021 (continued)
Nuveen Michigan Municipal Bond Fund
Fund Allocation
(% of net assets)
 
Long-Term Municipal Bonds 102.8%
Other Assets Less Liabilities 1.5%
Net Assets Plus Floating Rate Obligations 104.3%
Floating Rate Obligations (4.3)%
Net Assets 100%
    
States and Territories
(% of total municipal bonds)
 
Michigan 97.6%
Puerto Rico 2.4%
Total 100%
Portfolio Composition
(% of total investments)
 
Tax Obligation/General 33.9%
Education and Civic Organizations 19.8%
Utilities 17.3%
Tax Obligation/Limited 14.0%
U.S. Guaranteed 5.9%
Health Care 5.5%
Other 3.6%
Total 100%
Bond Credit Quality
(% of total investment
exposure)
 
U.S. Guaranteed 6.6%
AAA 10.8%
AA 65.0%
A 13.8%
BBB 0.7%
BB or Lower 0.4%
N/R (not rated) 2.7%
Total 100%
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Table of Contents
Nuveen Missouri Municipal Bond Fund
Fund Allocation
(% of net assets)
 
Long-Term Municipal Bonds 97.9%
Short-Term Municipal Bonds 1.4%
Other Assets Less Liabilities 0.7%
Net Assets 100%
    
States and Territories
(% of total municipal bonds)
 
Missouri 97.8%
Puerto Rico 1.5%
Guam 0.7%
Total 100%
Portfolio Composition
(% of total investments)
 
Health Care 23.1%
Tax Obligation/Limited 18.7%
Utilities 16.2%
Tax Obligation/General 13.7%
Education and Civic Organizations 11.8%
Transportation 5.4%
U.S. Guaranteed 5.0%
Other 6.1%
Total 100%
Bond Credit Quality
(% of total investment
exposure)
 
U.S. Guaranteed 4.3%
AAA 4.7%
AA 45.9%
A 30.0%
BBB 5.9%
BB or Lower 2.6%
N/R (not rated) 6.6%
Total 100%
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Table of Contents
Holding Summaries    as of May 31, 2021 (continued)
Nuveen Ohio Municipal Bond Fund
Fund Allocation
(% of net assets)
 
Long-Term Municipal Bonds 97.6%
Common Stocks 1.5%
Other Assets Less Liabilities 0.9%
Net Assets 100%
    
States and Territories
(% of total municipal bonds)
 
Ohio 98.5%
Puerto Rico 1.5%
Total 100%
Portfolio Composition
(% of total investments)
 
Tax Obligation/General 21.3%
Tax Obligation/Limited 19.1%
Utilities 17.7%
U.S. Guaranteed 16.1%
Education and Civic Organizations 9.1%
Health Care 7.6%
Other 9.1%
Total 100%
Bond Credit Quality
(% of total investment
exposure)
 
U.S. Guaranteed 15.5%
AAA 23.0%
AA 40.4%
A 11.5%
BBB 1.1%
BB or Lower 1.0%
N/R (not rated) 6.0%
N/A (not applicable) 1.5%
Total 100%
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Table of Contents
Nuveen Wisconsin Municipal Bond Fund
Fund Allocation
(% of net assets)
 
Long-Term Municipal Bonds 101.9%
Common Stocks 2.2%
Other Assets Less Liabilities 1.4%
Net Assets Plus Floating Rate Obligations 105.5%
Floating Rate Obligations (5.5)%
Net Assets 100%
    
States and Territories
(% of total municipal bonds)
 
Wisconsin 87.9%
Puerto Rico 6.9%
Virgin Islands 1.0%
Virginia 0.9%
Guam 0.9%
Iowa 0.9%
New York 0.8%
Illinois 0.4%
Minnesota 0.2%
Maryland 0.1%
Ohio 0.0%
Pennsylvania 0.0%
Total 100%
Portfolio Composition
(% of total investments)
 
Tax Obligation/Limited 30.1%
Health Care 21.5%
Housing/Multifamily 18.5%
Long-Term Care 10.7%
Utilities 5.4%
Education and Civic Organizations 5.2%
Other 8.6%
Total 100%
Bond Credit Quality
(% of total investment
exposure)
 
U.S. Guaranteed 3.8%
AA 35.0%
A 31.2%
BBB 15.2%
BB or Lower 2.1%
N/R (not rated) 10.6%
N/A (not applicable) 2.1%
Total 100%
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Table of Contents
Expense Examples    
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Examples below do not include the interest and related expenses from inverse floaters that are reflected in the financial statements later within this report, when applicable.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended May 31, 2021.
The beginning of the period is December 1, 2020.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the following tables are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.
Nuveen Kansas Municipal Bond Fund
  Share Class
  Class A Class C Class C2 Class I
Actual Performance        
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,018.63 $1,014.53 $1,015.83 $1,019.69
Expenses Incurred During the Period $ 3.98 $ 7.99 $ 6.73 $ 2.97
Hypothetical Performance
(5% annualized return before expenses)
       
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,020.99 $1,017.00 $1,018.25 $1,021.99
Expenses Incurred During the Period $ 3.98 $ 8.00 $ 6.74 $ 2.97
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.79%, 1.59%, 1.34% and 0.59% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
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Table of Contents
Nuveen Kentucky Municipal Bond Fund
  Share Class
  Class A Class C Class C2 Class I
Actual Performance        
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,020.46 $1,017.29 $1,019.55 $1,021.58
Expenses Incurred During the Period $ 3.88 $ 7.90 $ 6.65 $ 2.87
Hypothetical Performance
(5% annualized return before expenses)
       
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,021.09 $1,017.10 $1,018.35 $1,022.09
Expenses Incurred During the Period $ 3.88 $ 7.90 $ 6.64 $ 2.87
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.77%, 1.57%, 1.32% and 0.57% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
Nuveen Michigan Municipal Bond Fund
  Share Class
  Class A Class C Class C2 Class I
Actual Performance        
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,012.26 $1,007.43 $1,009.52 $1,012.45
Expenses Incurred During the Period $ 4.01 $ 8.01 $ 6.76 $ 3.01
Hypothetical Performance
(5% annualized return before expenses)
       
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,020.94 $1,016.95 $1,018.20 $1,021.94
Expenses Incurred During the Period $ 4.03 $ 8.05 $ 6.79 $ 3.02
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.80%, 1.60%, 1.35% and 0.60% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
Nuveen Missouri Municipal Bond Fund
  Share Class
  Class A Class C Class C2 Class I
Actual Performance        
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,018.36 $1,014.24 $1,016.41 $1,019.43
Expenses Incurred During the Period $ 3.77 $ 7.78 $ 6.49 $ 2.77
Hypothetical Performance
(5% annualized return before expenses)
       
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,021.19 $1,017.20 $1,018.50 $1,022.19
Expenses Incurred During the Period $ 3.78 $ 7.80 $ 6.49 $ 2.77
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.75%, 1.55%, 1.29% and 0.55% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
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Table of Contents
Expense Examples    (continued)
Nuveen Ohio Municipal Bond Fund
  Share Class
  Class A Class C Class C2 Class I
Actual Performance        
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,011.96 $1,008.79 $1,009.19 $1,013.02
Expenses Incurred During the Period $ 3.86 $ 7.86 $ 6.56 $ 2.86
Hypothetical Performance
(5% annualized return before expenses)
       
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,021.09 $1,017.10 $1,018.40 $1,022.09
Expenses Incurred During the Period $ 3.88 $ 7.90 $ 6.59 $ 2.87
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.77%, 1.57%, 1.31% and 0.57% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
Nuveen Wisconsin Municipal Bond Fund
  Share Class
  Class A Class C Class C2 Class I
Actual Performance        
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,027.82 $1,023.91 $1,024.08 $1,029.83
Expenses Incurred During the Period $ 4.35 $ 8.38 $ 7.17 $ 3.34
Hypothetical Performance
(5% annualized return before expenses)
       
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,020.64 $1,016.65 $1,017.85 $1,021.64
Expenses Incurred During the Period $ 4.33 $ 8.35 $ 7.14 $ 3.33
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.86%, 1.66%, 1.42% and 0.66% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
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Table of Contents
Report of Independent Registered Public Accounting Firm    
To the Board of Trustees of Nuveen Multistate Trust IV and Shareholders of Nuveen Kansas Municipal Bond Fund, Nuveen Kentucky Municipal Bond Fund, Nuveen Michigan Municipal Bond Fund, Nuveen Missouri Municipal Bond Fund, Nuveen Ohio Municipal Bond Fund and Nuveen Wisconsin Municipal Bond Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Kansas Municipal Bond Fund, Nuveen Kentucky Municipal Bond Fund, Nuveen Michigan Municipal Bond Fund, Nuveen Missouri Municipal Bond Fund, Nuveen Ohio Municipal Bond Fund and Nuveen Wisconsin Municipal Bond Fund (six of the funds constituting Nuveen Multistate Trust IV, hereafter collectively referred to as the "Funds") as of May 31, 2021, the related statements of operations for the year ended May 31, 2021, the statements of changes in net assets for each of the two years in the period ended May 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended May 31, 2021 and each of the financial highlights for each of the five years in the period ended May 31, 2021 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2021 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
July 28, 2021
We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.
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Table of Contents
Nuveen Kansas Municipal Bond Fund
Portfolio of Investments    May 31, 2021
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 97.7%        
    MUNICIPAL BONDS – 96.8%        
    Consumer Staples  – 5.3%        
$ 7,080   Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 3.000%, 6/01/48   6/30 at 100.00 BBB+ $7,440,018
995   Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55   6/30 at 100.00 N/R 1,153,434
1,535   Children's Trust Fund, Puerto Rico, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2002, 5.500%, 5/15/39   6/21 at 100.00 Ba1 1,571,656
500   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2017A-1, 5.000%, 6/01/29   6/27 at 100.00 BBB 611,585
985   Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 5.250%, 6/01/32   6/21 at 100.00 N/R 985,414
730   New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Series 2016A-1, 5.625%, 6/01/35   No Opt. Call BBB 793,605
625   New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Turbo Term Series 2016A Including 2016A-1, 2016A-2A and 2016A-2B, 5.000%, 6/01/51   6/26 at 100.00 N/R 667,044
320   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B, 5.000%, 6/01/46   6/28 at 100.00 BB+ 376,224
2,510   TSASC Inc, New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48   6/27 at 100.00 N/R 2,743,304
15,280   Total Consumer Staples       16,342,284
    Education and Civic Organizations – 5.3%        
    Kansas City Kansas Community College, Wyandotte County, Kansas, Auxiliary Enterprise System Revenue Bonds, Series 2021:        
3,000   4.000%, 9/01/47   9/30 at 100.00 A 3,451,770
2,000   4.000%, 9/01/52   9/30 at 100.00 A 2,289,140
1,655   Kansas Development Finance Authority, Revenue Bonds, Kansas State University Housing Project, Series 2014D-2, 4.000%, 4/01/33   4/22 at 100.00 Aa3 1,698,924
    Kansas Development Finance Authority, Revenue Bonds, Kansas State University Projects, Refunding Series 2016A:        
1,000   4.000%, 3/01/22   No Opt. Call Aa3 1,029,020
250   4.000%, 3/01/27   3/24 at 100.00 Aa3 271,680
    Kansas Development Finance Authority, Revenue Bonds, Wichita State University Union Corporation Student Housing Project, Series 2013F-1:        
1,690   5.250%, 6/01/38   6/21 at 100.00 Aa3 1,693,431
2,000   5.250%, 6/01/42   6/21 at 100.00 Aa3 2,004,060
1,000   Topeka, Kansas, Economic Development Revenue Bonds, YMCA Project, Refunding Series 2011A, 6.500%, 9/01/32 (4)   9/21 at 100.00 N/R 310,000
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Table of Contents
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
$ 3,135   Washburn University of Topeka, Kansas, Revenue Bonds, Series 2015A, 5.000%, 7/01/35   7/25 at 100.00 A1 $ 3,624,436
15,730   Total Education and Civic Organizations       16,372,461
    Financials – 0.5%        
1,020   Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35   No Opt. Call A2 1,469,463
    Health Care – 6.0%        
385   Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2, 5.000%, 8/01/39   8/29 at 100.00 BBB+ 481,062
    Hutchinson, Kansas, Hospital Facilities Revenue Bonds, Hutchinson Regional Medical Center, Inc, Series 2016:        
1,075   5.000%, 12/01/36   12/26 at 100.00 Ba1 1,218,577
400   5.000%, 12/01/41   12/26 at 100.00 Ba1 449,884
875   Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network, Series 2016C, 5.000%, 2/15/36   2/27 at 100.00 AA+ 1,059,774
2,000   Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail Health Care Inc, Series 2013J, 5.000%, 11/15/38   11/22 at 100.00 A2 2,112,600
    Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Series 2018A:        
305   5.000%, 7/01/43   7/28 at 100.00 A 366,872
5,000   5.000%, 7/01/48   7/28 at 100.00 A 5,977,550
2,000   University of Kansas Hospital Authority, Health Facilities Revenue Bonds, KU Health System, Refunding & Improvement Series 2015, 5.000%, 9/01/45   9/25 at 100.00 AA- 2,318,580
    University of Kansas Hospital Authority, Health Facilities Revenue Bonds, University of Kansas Health System, Series 2019B:        
2,205   4.000%, 3/01/37   3/30 at 100.00 AA- 2,648,734
1,490   4.000%, 3/01/38   3/30 at 100.00 AA- 1,782,591
15,735   Total Health Care       18,416,224
    Industrials – 1.1%        
1,415   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc Project, Series 2012, 4.750%, 8/01/42   8/22 at 100.00 BBB- 1,461,157
1,000   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.250%, 12/01/25   12/23 at 100.00 BB- 1,095,190
205   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2018A, 5.250%, 12/01/50 (Mandatory Put 12/01/33)   12/22 at 103.00 BB- 222,482
435   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A   11/24 at 100.00 N/R 481,393
3,055   Total Industrials       3,260,222
    Long-Term Care – 3.0%        
2,500   Kansas Development Finance Authority Revenue Bonds, Village Shalom Project, Series 2018A, 5.250%, 11/15/53   11/23 at 103.75 N/R 2,590,300
3,125   Kansas Development Finance Authority, Revenue Bonds, Lifespace Communities, Inc, Refunding Series 2010S, 5.000%, 5/15/30   6/21 at 100.00 BBB 3,133,438
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Table of Contents
Nuveen Kansas Municipal Bond Fund (continued)
Portfolio of Investments    May 31, 2021
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Long-Term Care (continued)        
$ 2,715   Wichita, Kansas, Health Care Facilities Revenue Bonds, Presbyterian Manors, Series 2013IV-A, 6.375%, 5/15/43   5/23 at 100.00 N/R $2,875,809
665   Wichita, Kansas, Health Care Facilities Revenue Bonds, Presbyterian Manors, Series 2014IV-A, 5.625%, 5/15/44   5/24 at 100.00 N/R 703,344
9,005   Total Long-Term Care       9,302,891
    Tax Obligation/General – 22.2%        
    Allen County Unified School District 257 Iola, Kansas, General Obligation Bonds, School Building Series 2019A:        
1,120   4.000%, 9/01/33  –  BAM Insured   9/28 at 100.00 AA 1,310,467
1,150   4.000%, 9/01/34  –  BAM Insured   9/28 at 100.00 AA 1,341,659
1,000   Butler County Unified School District 490, Kansas, General Obligation Bonds, Refunding Series 2016A, 4.000%, 9/01/35  –  BAM Insured   9/26 at 100.00 AA 1,151,600
2,000   Johnson County Unified School District 229, Blue Valley, Kansas, General Obligation Bonds, School Series 2020A, 3.000%, 10/01/28   No Opt. Call Aaa 2,304,920
2,250   Johnson County Unified School District 229, Blue Valley, Kansas, General Obligation Bonds, Series 2012A, 5.000%, 10/01/23  –  NPFG Insured   10/22 at 100.00 Aaa 2,395,373
2,000   Johnson County Unified School District 231 Gardner Edgerton, Kansas, General Obligation Bonds, Refunding & Improvement Series 2012A, 5.000%, 10/01/23   10/22 at 100.00 AA- 2,127,000
2,200   Johnson County Unified School District 231 Gardner Edgerton, Kansas, General Obligation Bonds, Refunding & Improvement Series 2013A, 5.000%, 10/01/28   10/23 at 100.00 AA- 2,435,004
1,490   Johnson County Unified School District 231 Gardner Edgerton, Kansas, General Obligation Bonds, Refunding & Improvement Series 2016A, 5.000%, 10/01/33   10/25 at 100.00 AA- 1,767,945
10,000   Johnson County Unified School District 512, Shawnee Mission, Kansas, General Obligation Bonds, Refunding & Improvement Series 2021A, 3.000%, 10/01/41 (WI/DD, settling 06/3/21)   10/30 at 100.00 Aaa 11,155,300
500   Johnson County, Kansas, General Obligation Bonds, General Improvement Series 2016A, 5.000%, 9/01/24   No Opt. Call AAA 576,340
5,000   Johnson County, Kansas, General Obligation Bonds, Internal Improvement Series 2018A, 4.000%, 9/01/34   9/27 at 100.00 AAA 5,923,150
620   Johnson/Miami County Unified School District 230 Spring Hill, Kansas, General Obligation Bonds, Refunding Series 2016, 5.000%, 9/01/26   No Opt. Call A1 758,049
3,000   Johnson/Miami County Unified School District 230 Spring Hill, Kansas, General Obligation Bonds, Series 2011A, 5.250%, 9/01/28   9/21 at 100.00 A1 3,038,160
1,000   Johnson/Miami County Unified School District 230 Spring Hill, Kansas, General Obligation Bonds, Series 2018A, 5.000%, 9/01/34   9/27 at 100.00 A1 1,241,040
1,000   Leavenworth County Unified School District 464, Tonganoxie, Kansas, General Obligation Bonds, Refunding & Improvement Series 2019A, 4.000%, 9/01/45   9/27 at 100.00 A1 1,132,290
2,575   Lyon County Unified School District 253 Emporia, Kansas, General Obligation Bonds, Series 2019, 4.000%, 9/01/48   9/27 at 100.00 A1 2,862,344
2,345   Puerto Rico, General Obligation Bonds, Refunding Public Improvement Series 2011A, 5.500%, 7/01/27  –  AGM Insured   7/21 at 100.00 AA 2,404,375
4,715   Puerto Rico, General Obligation Bonds, Refunding Public Improvement Series 2012A, 5.000%, 7/01/35  –  AGM Insured   7/22 at 100.00 AA 4,879,648
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Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General (continued)        
    Reno County, Kansas, General Obligation Bonds, Refunding & Improvement Series 2021:        
$ 205   3.000%, 9/01/31   9/28 at 100.00 Aa3 $227,064
200   3.000%, 9/01/34   9/28 at 100.00 Aa3 220,254
1,130   Riley County Unified School District 383, Manhattan-Ogen, Kansas, General Obligation Bonds, Refunding Series 2016, 4.000%, 9/01/29   9/26 at 100.00 Aa2 1,316,235
500   Sedgwick County Unified School District 259, Wichita, Kansas, General Obligation Bonds, Refunding Series 2017A, 3.000%, 10/01/22   No Opt. Call Aa2 519,220
465   Sedgwick County Unified School District 262, Kansas, General Obligation Bonds, Refunding Series 2017, 4.000%, 9/01/30  –  BAM Insured   9/26 at 100.00 AA 538,307
    Sedgwick County Unified School District 266 Maize, Harvey County, Kansas, General Obligation Bonds, Series 2019A:        
1,325   4.000%, 9/01/30   9/27 at 100.00 AA 1,569,039
1,650   4.000%, 9/01/31   9/27 at 100.00 AA 1,942,347
500   4.000%, 9/01/32   9/27 at 100.00 AA 588,270
    Wichita, Kansas, General Obligation Bonds, Airport Series 2015C:        
2,000   5.000%, 12/01/39 (AMT)   12/25 at 100.00 AA+ 2,366,480
500   4.250%, 12/01/44 (AMT)   12/25 at 100.00 AA+ 552,125
    Wyandotte County Unified School District 203, Piper, Kansas, General Obligation Bonds, Improvement Series 2018A:        
1,240   5.000%, 9/01/39   9/28 at 100.00 AA- 1,549,144
1,000   5.000%, 9/01/40   9/28 at 100.00 AA- 1,241,810
1,000   4.000%, 9/01/48   9/28 at 100.00 AA- 1,137,530
1,000   Wyandotte County Unified School District 500, Kansas, General Obligation Bonds, Improvement Series 2016A, 4.125%, 9/01/37   9/26 at 100.00 AA- 1,135,720
200   Wyandotte County/Kansas City Unified Government, Kansas, General Obligation Bonds, Improvement Series 2015A, 3.000%, 8/01/28   8/24 at 100.00 AA 212,100
    Wyandotte County/Kansas City Unified Government, Kansas, General Obligation Bonds, Improvement Series 2020A:        
1,515   3.000%, 8/01/30  –  BAM Insured   8/28 at 100.00 AA 1,694,952
2,395   3.000%, 8/01/31  –  BAM Insured   8/28 at 100.00 AA 2,669,515
60,790   Total Tax Obligation/General       68,284,776
    Tax Obligation/Limited – 23.9%        
    Dodge City, Kansas, Sales Tax Revenue Bonds, Refunding Series 2016:        
500   5.000%, 6/01/28  –  AGM Insured   6/27 at 100.00 AA 621,715
1,380   5.000%, 6/01/29  –  AGM Insured   6/27 at 100.00 AA 1,709,654
2,295   5.000%, 6/01/30  –  AGM Insured   6/27 at 100.00 AA 2,832,535
1,320   5.000%, 6/01/31  –  AGM Insured   6/27 at 100.00 AA 1,623,890
    Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D:        
1,000   5.000%, 11/15/34   11/25 at 100.00 BB 1,139,390
2,000   5.000%, 11/15/39   11/25 at 100.00 BB 2,266,360
250   4.000%, 11/15/39   11/25 at 100.00 BB 270,105
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Table of Contents
Nuveen Kansas Municipal Bond Fund (continued)
Portfolio of Investments    May 31, 2021
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
    Government of Guam, Business Privilege Tax Bonds, Series 2011A:        
$ 1,000   5.000%, 1/01/23   1/22 at 100.00 BB $1,027,470
500   5.000%, 1/01/31   1/22 at 100.00 BB 513,735
875   5.125%, 1/01/42   1/22 at 100.00 BB 899,675
1,910   Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42   1/22 at 100.00 BB 1,962,468
    Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A:        
1,000   5.000%, 12/01/24   No Opt. Call BB 1,140,620
2,000   5.000%, 12/01/25   No Opt. Call BB 2,348,780
1,000   5.000%, 12/01/30   12/26 at 100.00 BB 1,174,730
1,000   5.000%, 12/01/32   12/26 at 100.00 BB 1,169,530
2,275   5.000%, 12/01/33   12/26 at 100.00 BB 2,655,266
4,250   5.000%, 12/01/46   12/26 at 100.00 BB 4,867,270
2,630   Johnson County Community College, Kansas, Certificates of Participation, Series 2017, 4.000%, 10/01/28   10/26 at 100.00 Aa1 3,062,293
3,295   Kansas Department of Transportation, Highway Revenue Bonds, Refunding Series 2015A, 5.000%, 9/01/21   No Opt. Call AA 3,335,199
5,000   Kansas Department of Transportation, Highway Revenue Bonds, Series 2014A, 5.000%, 9/01/27   9/24 at 100.00 AA 5,728,900
    Kansas Department of Transportation, Highway Revenue Bonds, Series 2015B:        
1,000   5.000%, 9/01/29   9/25 at 100.00 AA 1,185,740
1,500   5.000%, 9/01/35   9/25 at 100.00 AA 1,771,860
2,240   Kansas Department of Transportation, Highway Revenue Bonds, Series 2017A, 5.000%, 9/01/33   9/27 at 100.00 AA 2,788,442
    Kansas Development Finance Authority, Kansas, Sales Tax Revenue Bonds, K-State Olathe Innovation Campus Inc, Series 2019H-1:        
1,170   4.000%, 9/01/30   9/27 at 100.00 Aa2 1,370,772
1,265   4.000%, 9/01/32   9/27 at 100.00 Aa2 1,475,003
1,350   3.000%, 9/01/34   9/27 at 100.00 Aa2 1,464,520
7,735   Overland Park Development Corporation, Kansas, Revenue Bonds, Convention Center Hotel, Refunding & improvement Series 2019, 5.000%, 3/01/44   3/29 at 100.00 BB- 8,020,267
1,325   Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak Park Mall Project, Series 2010, 5.900%, 4/01/32   6/21 at 100.00 BBB 1,325,596
    Overland Park, Kansas, Sales Tax Revenue Bonds, Prairiefire Community Improvement District No 1 Project, Series 2012B:        
200   0.000%, 12/15/29 (4)   12/22 at 100.00 N/R 100,000
200   6.100%, 12/15/34 (4)   12/22 at 100.00 N/R 100,000
2,775   Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate Project, Series 2012, 6.000%, 12/15/32   12/22 at 100.00 N/R 1,580,806
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Table of Contents
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
    Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N:        
$ 410   2.796%, 7/01/27  –  AMBAC Insured   No Opt. Call C $391,899
295   5.250%, 7/01/32  –  NPFG Insured   No Opt. Call Baa2 322,049
430   5.250%, 7/01/33  –  NPFG Insured   No Opt. Call Baa2 469,453
1,000   5.250%, 7/01/36  –  AGC Insured   No Opt. Call AA 1,090,450
1,000   Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Refunding Series 2005C, 5.500%, 7/01/27  –  AMBAC Insured   No Opt. Call C 1,096,340
2,000   Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 5.000%, 10/01/32  –  AGM Insured   10/22 at 100.00 AA 2,096,860
1,755   Wyandotte County/Kansas City Unified Government, Kansas, Community Improvement District Sales Tax Revenue Bonds, Legends Appartments Garage & West Lawn Project, Series 2018, 4.500%, 6/01/40   12/26 at 100.00 N/R 1,839,380
    Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Kansas International Speedway Corporation Project, Refunding Series 2014:        
1,370   5.000%, 12/01/25   12/24 at 100.00 A 1,575,089
1,260   5.000%, 12/01/26   12/24 at 100.00 A 1,445,774
1,175   Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Vacation Village Project Area 1 and 2A, Series 2015, 5.750%, 9/01/32   9/25 at 100.00 N/R 1,193,060
495   Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Revenue Bonds, Kansas International Speedway Corporation, Series 1999, 0.000%, 12/01/27  –  MBIA Insured   No Opt. Call N/R 425,764
67,430   Total Tax Obligation/Limited       73,478,709
    Transportation – 7.1%        
1,120   Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, Senior Lien Series 2017, 5.000%, 12/31/51   12/24 at 100.00 BBB 1,288,146
    Guam International Airport Authority, Revenue Bonds, Series 2013C:        
1,950   6.250%, 10/01/34 (AMT)   10/23 at 100.00 Baa2 2,115,808
500   6.375%, 10/01/43 (AMT)   10/23 at 100.00 Baa2 540,750
1,330   Guam International Airport Authority, Revenue Bonds, Series 2019A, 5.000%, 10/01/22 (AMT)   No Opt. Call Baa2 1,398,349
1,000   Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines Inc Terminal Improvement Project, Refunding Series 2015B-1, 5.000%, 7/15/30 (AMT)   7/25 at 100.00 B 1,124,280
2,000   Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc Airport Improvement Projects, Series 2018C, 5.000%, 7/15/28 (AMT)   No Opt. Call B 2,419,700
    Kansas State Turnpike Authority, Turnpike Revenue Bonds, Refunding Series 2019A:        
1,000   5.000%, 9/01/30   9/29 at 100.00 Aa2 1,318,130
1,100   5.000%, 9/01/38   9/29 at 100.00 Aa2 1,422,982
1,000   Kansas State Turnpike Authority, Turnpike Revenue Bonds, Refunding Series 2020A, 3.000%, 9/01/26   No Opt. Call Aa2 1,127,990
100   Maryland Economic Development Corporation, Private Activity Revenue Bonds AP, Purple Line Light Rail Project, Green Bonds, Series 2016D, 5.000%, 3/31/46 (AMT)   9/26 at 100.00 BB- 114,024
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Table of Contents
Nuveen Kansas Municipal Bond Fund (continued)
Portfolio of Investments    May 31, 2021
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Transportation (continued)        
$ 1,515   New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (AMT)   7/24 at 100.00 BBB $1,714,359
    New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc John F Kennedy International Airport Project, Refunding Series 2016:        
1,705   5.000%, 8/01/26 (AMT)   8/21 at 100.00 B 1,717,463
2,155   5.000%, 8/01/31 (AMT)   8/21 at 100.00 B 2,170,236
2,000   Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/56 (AMT)   6/27 at 100.00 BBB 2,400,000
945   Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.250%, 1/01/32 (AMT)   7/22 at 100.00 BBB 991,929
19,420   Total Transportation       21,864,146
    U.S. Guaranteed – 10.4% (5)        
2,000   Allen County, Kansas Public Building Commission Revenue Bonds, Allen County Hospital Project, Series 2012, 5.150%, 12/01/36 (Pre-refunded 12/01/22)   12/22 at 100.00 A 2,149,800
    Anderson County, Kansas, General Obligation Bonds, Refunding and Improvent Series 2013A:        
935   5.000%, 8/01/33 (Pre-refunded 8/01/23)  –  AGM Insured   8/23 at 100.00 AA 1,031,202
565   5.000%, 8/01/33 (Pre-refunded 8/01/23)  –  AGM Insured   8/23 at 100.00 AA 623,782
1,500   Coffeyville, Kansas, Electric Utility System Revenue Bonds, Series 2015B, 5.000%, 6/01/42 (Pre-refunded 6/01/25), 144A   6/25 at 100.00 Baa2 1,748,640
    Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013:        
500   5.250%, 7/01/33 (Pre-refunded 7/01/23)   7/23 at 100.00 A- 550,960
2,000   5.500%, 7/01/43 (Pre-refunded 7/01/23)   7/23 at 100.00 A- 2,214,200
1,250   Johnson County Unified School District 512, Shawnee Mission, Kansas, General Obligation Bonds, Refunding & Improvement Series 2015A, 5.000%, 10/01/34 (Pre-refunded 10/01/25)   10/25 at 100.00 Aaa 1,496,600
    Leavenworth County Unified School District 453, Kansas, General Obligation Bonds, Series 2018A:        
365   4.000%, 9/01/37 (Pre-refunded 9/01/26)   9/26 at 100.00 Aa3 430,660
2,155   4.000%, 9/01/38 (Pre-refunded 9/01/26)   9/26 at 100.00 Aa3 2,542,663
3,000   Manhattan, Kansas, Hospital Revenue Bonds, Mercy Regional Health Center, Inc, Refunding Series 2013, 5.000%, 11/15/29 (Pre-refunded 11/15/22)   11/22 at 100.00 AA- 3,209,220
2,000   Sedgwick County Unified School District 260, Kansas, General Obligation Bonds, Refunding & School Building Series 2018B, 5.000%, 10/01/40 (Pre-refunded 10/01/26)   10/26 at 100.00 Aa3 2,470,440
1,000   Sedgwick County Unified School District 260, Kansas, General Obligation Bonds, Refunding & School Improvement Series 2012, 5.000%, 10/01/30 (Pre-refunded 10/01/22)   10/22 at 100.00 AA- 1,065,270
4,000   Wichita, Kansas, Hospital Facilities Revenue Refunding and Improvement Bonds, Via Christi Health System Inc, Series 2011A-IV, 5.000%, 11/15/29 (Pre-refunded 11/15/21)   11/21 at 100.00 N/R 4,087,560
2,000   Wichita, Kansas, Water and Sewer Utility Revenue Bonds, Refunding Series 2011A, 5.000%, 10/01/28 (Pre-refunded 10/01/21)   10/21 at 100.00 AA- 2,031,620
42


Table of Contents
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    U.S. Guaranteed (5) (continued)        
$ 2,000   Wyandotte County/Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Improvement Series 2012B, 5.000%, 9/01/37 (Pre-refunded 9/01/22)   9/22 at 100.00 A $2,121,060
1,535   Wyandotte County-Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Refunding & Improvement Series 2011A, 5.000%, 9/01/28 (Pre-refunded 9/01/21)   9/21 at 100.00 A 1,553,543
2,500   Wyandotte County-Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Refunding Series 2012A, 5.000%, 9/01/32 (Pre-refunded 9/01/22)   9/22 at 100.00 A 2,651,325
29,305   Total U.S. Guaranteed       31,978,545
    Utilities – 12.0%        
1,255   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.500%, 4/01/41 (4)   No Opt. Call N/R 1,569
130   California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45 (AMT), 144A   7/22 at 100.00 BBB 137,368
600   Chisholm Creek Utility Authority, Kansas, Water and Wastewater Facilities Revenue Bonds, Bel Aire & Park Cities, Kansas Project, Refunding Series 2017, 5.000%, 9/01/27  –  AGM Insured   No Opt. Call AA 743,730
100   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2014A, 5.000%, 7/01/35   7/24 at 100.00 A- 109,581
1,750   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.000%, 7/01/28   7/23 at 100.00 A- 1,885,817
    Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016:        
370   5.000%, 7/01/36   7/26 at 100.00 A- 424,020
2,580   5.000%, 1/01/46   7/26 at 100.00 A- 2,914,910
    Guam Power Authority, Revenue Bonds, Refunding Series 2017A:        
2,650   5.000%, 10/01/33   10/27 at 100.00 BBB 3,105,535
3,750   5.000%, 10/01/40   10/27 at 100.00 BBB 4,340,137
1,375   Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/30  –  AGM Insured   10/22 at 100.00 AA 1,453,128
    Guam Power Authority, Revenue Bonds, Series 2014A:        
1,000   5.000%, 10/01/32