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 811-07943

Nuveen Multistate Trust III

(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 Georgia Municipal Bond Fund   FGATX FGCCX FGACX FGARX
Nuveen Louisiana Municipal Bond Fund   FTLAX FAFLX FTLCX FTLRX
Nuveen North Carolina Municipal Bond Fund   FLNCX FDCCX FCNCX FCNRX
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 12
Fund Performance, Expense Ratios and Effective Leverage Ratios 13
Yields 17
Holding Summaries 18
Expense Examples 21
Report of Independent Registered Public Accounting Firm 24
Portfolios of Investments 25
Statement of Assets and Liabilities 56
Statement of Operations 57
Statement of Changes in Net Assets 58
Financial Highlights 60
Notes to Financial Statements 66
Additional Fund Information 77
Glossary of Terms Used in this Report 78
Annual Investment Management Agreement Approval Process 80
Liquidity Risk Management Program 88
Trustees and Officers 89
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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 Georgia Municipal Bond Fund
Nuveen Louisiana Municipal Bond Fund
Nuveen North Carolina Municipal Bond Fund
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen, LLC, the Funds’ investment adviser. Portfolio managers Daniel J. Close, CFA, and Steven M. Hlavin review economic and market conditions, key investment strategies, and the Funds’ performance during the twelve-month period ended May 31, 2021. Dan has managed the Nuveen Georgia Municipal Bond Fund and Nuveen North Carolina Municipal Bond Fund since 2007, and Steven has managed the Nuveen Louisiana Municipal Bond 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 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.

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)
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 bond 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 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.
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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 bond 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 bond 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 Georgia, Louisiana and North Carolina during the twelve-month reporting period ended May 31, 2021?
Georgia is the eighth largest state, with a population of 10.7 million. Population growth has been around 1% annually for more than a decade. Georgia's GDP totaled $619 billion in 2020, ranking eighth among states. Georgia’s economic growth has been robust since 2014, outpacing that of the nation, but has slowed a bit in recent years. As of May 2021, the unemployment rate was 4.1%, compared to the nation at 5.8%. The state’s primary economic engine is the Atlanta metropolitan area, which prior to the COVID-19 crisis had been adding jobs and attracting businesses in a diverse range of industries with construction, education and health services sectors being among the fastest growing in the state’s economy. Per capita personal income is below average for the state of Georgia and was 91.2% of the U.S. average in 2020, but is growing at faster rate than the nation. Home prices in the Atlanta region rose 12.3% year-over-year, as of April 2021 (most recent data available at the time this report was prepared), just below the national average of 14.6%, according to the S&P CoreLogic Case-Shiller Index. Before the COVID-19 crisis, strong economic growth drove robust revenue growth for Georgia, though growth slowed in Fiscal Year 2020, it remained positive. Tax revenue collections of $23.8 billion for Fiscal Year 2019 were 4.8% higher than for Fiscal Year 2018, while tax revenue collections of $24 billion for Fiscal Year 2020 increased 1.4%. Overall, general fund revenue increased at a higher rate in Fiscal Year 2020 (3.7%) than in Fiscal Year 2019 (2.4%), in part due to strong growth in intergovernmental revenues. Recent years of solid revenue growth allowed the state to build up its rainy day fund, or Revenue Shortfall Reserve (RSR), which totals $2.7 billion in 2020, or 10% of own-source revenue. This provides the state with a substantial buffer to help weather the current downturn, along with expenditure cuts. The state’s $27.2 billion Fiscal Year 2022 budget restores most cuts made last year due to the COVID-19 crisis with the assistance of federal relief funds to plug budgetary holes. Georgia has $10.6 billion of net tax-supported debt outstanding, which represents 1.9% of personal income. The Moody’s 50-state median for 2020 is also 1.9% of personal income. Georgia’s pension liabilities are below average, so the state’s combined net debt and net pension liabilities are lower than the majority of states. As of June 2021, Georgia’s general obligation debt continued to be rated Aaa/AAA/AAA with stable outlooks from Moody’s, S&P and Fitch, respectively.
As an energy dependent state, Louisiana’s economy is vulnerable to that sector’s volatility. Collapsing oil prices, along with the COVID-19 crisis, brought Louisiana’s economic momentum to a halt in 2020. The state’s total GDP fell by $14.9 billion in 2020, or a 5.8% decline over the prior year, to a total of $242.0 billion. The state Fiscal Year 2021 budget reflected a baseline oil price assumption of $32.17 per barrel. As the nation looks to reopen, oil prices have steadily climbed from approximately $50 per barrel to begin the year and are above $70 per barrel as of June 2021. Each $1 difference in price up or down accounts for about $12 million in the state budget. As of May 25th, Governor Edwards rescinded most of the COVID-19 crisis related restrictions, with masks required only in health care facilities, prisons and on public transit. As of May 2021, Louisiana's unemployment rate was 7.1%, compared to the nation at 5.8%. Per capita income has trended down and was 84% of the national level in 2020. The state had the second highest poverty rate in the country in 2019 at 19.2% (behind only Mississippi at 20.3%). Louisiana is also vulnerable to extreme weather events, such as severe storms and flooding. Sea level rise and coastal erosion are additional, and costly, threats. The state has improved financially after relying on non-recurring revenues to close budget gaps. Previously, Louisiana struggled with large and recurring structural budget gaps due to low oil prices starting in 2016. Conservative budgeting practices have led to modest surpluses since Fiscal Year 2018 and the state has been able to add to its rainy day fund. The state generated a modest budget surplus in Fiscal Year 2020. The rainy day fund at the end of Fiscal Year 2020 totaled $568 million, or 3.5% of general fund revenues. Revenues have performed better than originally expected by the state’s Revenue Estimating Conference (REC). After projecting Fiscal Year 2021 General Fund revenues to decline $353 million, the REC now estimates a modest $22 million increase. Louisiana has about $7.2 billion in net tax-supported
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Portfolio Managers’ Comments (continued)
debt outstanding. Based on Moody’s 2020 debt medians, Louisiana’s net tax-supported debt was 3.2% of personal income, placing it 16th highest among the states, and above the national median of 1.9%. Louisiana’s adjusted net pension liabilities are moderate when compared with other states. The State of Louisiana’s general obligation debt is rated Aa3/improving by Moody’s and AA-/stable by S&P as of June 2021.
In 2020, North Carolina’s gross state product declined by -0.9% compared to 4.3% growth the prior year, ranking 8th among all states. As the state’s economy continues transitioning away from old-line manufacturing into sectors oriented toward research, technology and services, the roles of the state’s high quality universities and research triangle will continue to become more important. While booming investment in and around the research triangle and ongoing strength in the banking sector will be the predominate drivers of economic growth over the near-term, the federal government continues to be one of the largest employers in the state; Fort Bragg and Camp Lejeune alone employ more than 110,500 workers. North Carolina continues to benefit from a consistently growing population as evidenced by annual population growth in each of the past ten years. The state’s unemployment rate of 4.8% was below the national average of 5.8% as of May 2021. According to the S&P/Case-Shiller Index of 20 major metropolitan areas, housing prices in Charlotte rose 15.0% during the twelve months ended April 2021 (most recent data available at the time this report was prepared). North Carolina’s constitution constrains the amount of general obligation debt the State can issue in any biennium to two-thirds of the amount of general obligation debt paid down during the preceding biennium. Additionally, voters must approve any bond authorization above the two-thirds limit. This has resulted in a relatively low debt burden when compared to many of its peers. Moody’s June 2021 state debt median report notes that North Carolina ranked 35th for net tax-supported debt per capita and 32nd as a percent of personal income. Strong financial performance continued in Fiscal Year 2020 with the state posting (after transfers) a $473 million general fund surplus, which increased the general fund balance to $6.4B, or 14.3% of expenditures. The state’s operating revenues are primarily derived from personal and corporate income taxes, as well as sales tax collections. The state’s revised revenue forecast released in June 2021 increased Fiscal Year 2021 projected revenues by $1.9 billion and Fiscal Year 2022-2023 revenues by $6.5 billion from February 2021’s prior forecast. The revised revenue forecast was attributed to increased individual and corporate tax collections as well as proceeds expected to be received from American Rescue Plan funding (approximately $5.2 billion). Moody’s, S&P and Fitch maintain ratings on North Carolina general obligation debt at Aaa/AAA/AAA with stable outlooks.
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 Georgia and Louisiana Funds outperformed the S&P Municipal Bond Index, while the Class A Shares at NAV of the North Carolina Fund underperformed this performance measure. All three Funds outperformed their Lipper classification average. 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?
Each Fund’s investment objective is to provide as high a level of current interest 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 Georgia Municipal Bond Fund
The Class A Shares of the Nuveen Georgia Municipal Bond Fund slightly outperformed the S&P Municipal Bond Index for the twelve-month reporting period ended May 31, 2021.
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Individual security selection was the leading driver of the Fund's outperformance and 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 this reporting period.
Duration (interest rate) and yield curve positioning also added value relative to the index. The portfolio was underweight bonds with shorter effective durations (zero to four years), which was helpful because these less rate sensitive securities lagged. A related overweight in bonds with longer effective durations (ten to twelve years) was also beneficial because these securities, with their heightened interest rate sensitivity, were among the best performing securities across the yield curve.
The Fund’s underweight credit quality positioning in bonds in the highest credit quality tier (rated AAA) was advantageous, since these securities trailed the index amid robust investor demand for lower quality, higher yielding bonds. However, the performance benefit of this high quality underweight was offset by the Fund’s underweight in the lowest quality (B rated) and non-rated credit tiers, both of which outperformed the index.
Sector positioning was the primary detractor from the Fund’s results relative to the index. The portfolio’s exposure to public power bonds was a performance headwind as these securities underperformed, primarily because of their high credit quality. Additionally, the Fund’s lack of exposure to certain exceptionally strong performing non-Georgia transportation bonds found in the index hurt performance compared to the benchmark.
Throughout the reporting period, the Fund received significant new investments from shareholders and, to a lesser degree, proceeds from bond calls and maturities. To keep the portfolio invested, management actively deployed these proceeds. Bond purchases were focused on Georgia bonds across a range of sectors, which included the utility, higher education, health care, water/sewer, local tax appropriation and general obligation (GO), and industrial development revenue segments. Purchases generally entailed bonds with intermediate to long durations and relatively high credit ratings.
Nuveen Louisiana Municipal Bond Fund
The Class A Shares of the Nuveen Louisiana 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.
From both a credit weighting and sector allocation perspective, the Fund was well positioned to benefit from these trends. Compared to the index, the Louisiana municipal bond market features a higher percentage of lower rated debt, which helped bolster the Fund’s result given the outperformance of bonds in these credit rating tiers. An overweighting in lower quality securities (including BBB rated bonds, below investment grade securities and non-rated debt) also bolstered the Fund’s performance relative to the index; 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 four key sectors that outpaced the index: higher education, hospital, industrial development revenue and tobacco. An underweight in local and state general obligation (GO) bonds, typically higher quality securities that lagged the index this reporting period, also contributed to performance.
The Fund's security selection was another source of relative outperformance and included holdings in Ohio and New York tobacco securitization bonds, among the municipal bond market’s best performers for the reporting period. These out-of-state positions provided attractive valuations and better yields relative to comparable Louisiana tobacco debt. Portfolio holdings issued by the Archdiocese of New Orleans also generated better than average gains and contributed to the Fund’s relative performance. Although this issuer filed for bankruptcy protection in early May 2020, the bonds strongly bounced back amid improved investor sentiment toward the issuer and investors’ increased appetite for higher yielding municipal bonds.
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Portfolio Managers’ Comments (continued)
Fund performance was further boosted by holdings in bonds issued under the Gulf of Mexico Security Act, known as GOMESA bonds. The GOMESA legislation created a revenue sharing model for Louisiana and other oil and gas producing states in the U.S. Gulf region. In recent years, investors have seen an increase in issuance of GOMESA bonds from parishes throughout Louisiana, securitizing their future allocation to GOMESA revenues. After performing poorly in early 2020 on lower oil prices, GOMESA bonds strongly recovered during the reporting period as the price of oil rebounded.
Duration (interest rate positioning) modestly contributed to the Fund’s relative outperformance. The Fund’s duration was slightly longer than that of the index, which allowed it to benefit as municipal bond interest rates declined overall.
During the reporting period, the Fund maintained its strategy of attempting to add to bonds or sectors that had lagged relative to other market areas. When adding bonds to the portfolio, management favored securities providing attractive credit spreads that had the potential to benefit the Fund disproportionately from the economic recovery. In the first half of the reporting period, key purchases included the Fund’s tobacco bond exposure (particularly Ohio tobacco bonds) and sales tax bonds from Puerto Rico, known as COFINAs. In both these cases, the bonds were seen as more attractively valued than available Louisiana alternatives. Like all debt issued by U.S. territories, Puerto Rico bonds may include exemption from most federal, state and local taxes.
Among Louisiana additions to the Fund's portfolio, notable purchases included dedicated tax, higher education and hospital sectors. Purchases were funded by proceeds from bond maturities and bond calls, as well as moderate shareholder inflows to the Fund. The Fund's limited sales activity was concentrated in the first half of the reporting period, when the Fund sold securities approaching their call dates.
Nuveen North Carolina Municipal Bond Fund
The Class A Shares of the Nuveen North Carolina 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. Reflecting the high quality nature of the North Carolina municipal bond marketplace relative to the national index, the Fund was overweight in the AA rated category, and these bonds lagged as investors more often favored lower quality, higher yielding alternatives. A corresponding underweight in non-investment grade (rated BB and below) and non-rated bonds also detracted from performance, given that securities in these rating categories were among the market’s best performers.
Duration (interest rate) positioning, sector allocation and security selection, however, each added value relative to the index. In terms of duration, the Fund benefited from being overweight bonds with effective durations of twelve years and longer, a segment that outperformed as interest rates declined throughout much of this reporting period. An accompanying underweight in securities with effective durations of zero to four years was also helpful, reflecting the underperformance of bonds in this duration range.
The Fund’s overweight sector exposure in the airport and health care segments added value. Both were among the best performing segments in the index, helped by strong investor demand for higher yielding municipal bonds and investors’ reduced concern about the financial effects of the COVID-19 crisis on these sectors. One sector related negative for relative performance, however, was the Fund’s overweight in pre-refunded bonds. These high quality, short duration securities lagged the index and detracted from performance.
From a security selection standpoint, the Fund’s top individual contributors included lower quality, longer duration bonds. Given the comparatively strong performance of securities with these characteristics, the Fund’s overweight was a positive performance factor. Holdings in tender option bonds (TOBs) also bolstered the Fund’s relative performance. As interest rates declined throughout much of the reporting period, these longer dated, floating rate securities generally outperformed the index.
During the reporting period, the Fund received significant shareholder inflows, which, along with proceeds from bond calls and maturities, provided ample funds for additions to the portfolio. These funds came amid an ample supply of North Carolina bonds, which provided a broad range of purchase opportunities. New additions to the portfolio were made in both the primary and, to a lesser extent,
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the secondary municipal bond markets. Limited sales during the reporting period were made to maintain the Fund’s duration at its desired level. The Fund's purchases occurred across a broad range of sectors, including the local appropriation and general obligation (GO), state appropriation and state GO, water/sewer, health care, higher education, dedicated tax, housing, utility and materials segments. The Fund also added several limited obligation bonds.
As available, additions to the Fund were focused on bonds with higher credit quality, as well as intermediate and longer-dated securities. Increasingly, additions were tilted toward intermediate-duration bonds that offered more relative value, particularly in the second half of the reporting period.
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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 the Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for the 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 Georgia 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 3/27/86 5.01% 2.77% 4.00% 0.83%
Class A Shares at maximum Offering Price 3/27/86 0.59% 1.89% 3.55%  —
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 1/04/94 4.46% 2.22% 3.54% 1.38%
Class I Shares 2/14/97 5.23% 2.97% 4.20% 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 4.18% 1.95% 2.71% 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 eight years (ten years prior to March 1, 2021) 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 2.53%
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 Louisiana 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 9/12/89 7.08% 3.25% 4.63% 0.82%
Class A Shares at maximum Offering Price 9/12/89 2.58% 2.37% 4.18%  —
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 6.40% 2.66% 4.17% 1.37%
Class I Shares 2/25/97 7.29% 3.46% 4.83% 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 6.25% 2.43% 3.60% 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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Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)
Nuveen North Carolina 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 3/27/86 4.36% 2.90% 4.03% 0.80%
Class A Shares at maximum Offering Price 3/27/86 (0.04)% 2.03% 3.58%  —
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 3.69% 2.33% 3.57% 1.35%
Class I Shares 2/05/97 4.56% 3.11% 4.23% 0.60%
    
  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 3.53% 2.10% 2.93% 1.60%
*       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 1.17%
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 Georgia Municipal Bond Fund
  Share Class
  Class A1 Class C Class C2 Class I
Dividend Yield 1.84% 1.13% 1.40% 2.14%
SEC 30-Day Yield 0.47% (0.30)% (0.13)% 0.69%
Taxable-Equivalent Yield(46.6%)2 0.88% (0.56)% (0.24)% 1.29%
Nuveen Louisiana Municipal Bond Fund
  Share Class
  Class A1 Class C Class C2 Class I
Dividend Yield 2.32% 1.61% 1.87% 2.62%
SEC 30-Day Yield 0.90% 0.15% 0.45% 1.13%
Taxable-Equivalent Yield(44.4%)2 1.61% 0.27% 0.80% 2.02%
Nuveen North Carolina Municipal Bond Fund
  Share Class
  Class A1 Class C Class C2 Class I
Dividend Yield 1.66% 0.95% 1.16% 1.94%
SEC 30-Day Yield 0.59% (0.16)% 0.15% 0.82%
Taxable-Equivalent Yield(46.1%)2 1.09% (0.30)% 0.28% 1.52%
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 Georgia Municipal Bond Fund
Fund Allocation
(% of net assets)
 
Long-Term Municipal Bonds 98.1%
Short-Term Municipal Bonds 0.2%
Other Assets Less Liabilities 1.7%
Net Assets 100%
    
States and Territories
(% of total municipal bonds)
 
Georgia 99.2%
Puerto Rico 0.8%
Total 100%
Portfolio Composition
(% of total investments)
 
Utilities 36.4%
Tax Obligation/General 13.4%
Tax Obligation/Limited 13.1%
Education and Civic Organizations 12.0%
Health Care 10.5%
U.S. Guaranteed 8.0%
Other 6.6%
Total 100%
Bond Credit Quality
(% of total investment
exposure)
 
U.S. Guaranteed 8.2%
AAA 4.5%
AA 54.1%
A 23.6%
BBB 8.5%
N/R (not rated) 1.1%
Total 100%
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Nuveen Louisiana Municipal Bond Fund
Fund Allocation
(% of net assets)
 
Long-Term Municipal Bonds 92.3%
Common Stocks 1.5%
Short-Term Municipal Bonds 0.1%
Other Assets Less Liabilities 6.1%
Net Assets 100%
    
States and Territories
(% of total municipal bonds)
 
Louisiana 82.7%
Guam 5.0%
Puerto Rico 3.4%
Ohio 3.2%
New York 1.3%
Iowa 0.9%
Colorado 0.6%
Virginia 0.6%
Texas 0.5%
Missouri 0.5%
Minnesota 0.3%
Illinois 0.3%
California 0.2%
Virgin Islands 0.2%
Wisconsin 0.2%
New Jersey 0.1%
Total 100%
Portfolio Composition
(% of total investments)
 
Tax Obligation/Limited 19.4%
Education and Civic Organizations 18.4%
Utilities 12.4%
Health Care 11.8%
Transportation 11.0%
U.S. Guaranteed 8.6%
Consumer Staples 5.2%
Other 13.2%
Total 100%
Bond Credit Quality
(% of total investment
exposure)
 
U.S. Guaranteed 8.6%
AAA 1.2%
AA 26.4%
A 31.1%
BBB 11.0%
BB or Lower 8.6%
N/R (not rated) 11.5%
N/A (not applicable) 1.6%
Total 100%
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Holding Summaries    as of May 31, 2021 (continued)
Nuveen North Carolina Municipal Bond Fund
Fund Allocation
(% of net assets)
 
Long-Term Municipal Bonds 99.2%
Other Assets Less Liabilities 2.0%
Net Assets Plus Floating Rate Obligations 101.2%
Floating Rate Obligations (1.2)%
Net Assets 100%
    
States and Territories
(% of total municipal bonds)
 
North Carolina 98.0%
Puerto Rico 2.0%
Total 100%
Portfolio Composition
(% of total investments)
 
Tax Obligation/Limited 23.5%
Transportation 15.8%
Education and Civic Organizations 14.5%
Tax Obligation/General 13.2%
Health Care 12.2%
Utilities 10.4%
U.S. Guaranteed 8.1%
Other 2.3%
Total 100%
Bond Credit Quality
(% of total investment
exposure)
 
U.S. Guaranteed 6.8%
AAA 16.3%
AA 61.0%
A 7.6%
BBB 5.1%
N/R (not rated) 3.2%
Total 100%
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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 Georgia 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 $1,013.09 $1,009.06 $1,010.42 $1,014.21
Expenses Incurred During the Period $ 4.12 $ 8.11 $ 6.87 $ 3.11
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 $1,020.84 $1,016.85 $1,018.10 $1,021.84
Expenses Incurred During the Period $ 4.13 $ 8.15 $ 6.89 $ 3.13
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.82%, 1.62%, 1.37% and 0.62% 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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Expense Examples    (continued)
Nuveen Louisiana 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 $1,033.23 $1,028.28 $1,028.62 $1,033.33
Expenses Incurred During the Period $ 4.06 $ 8.14 $ 6.88 $ 3.04
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 $1,016.90 $1,018.15 $1,021.94
Expenses Incurred During the Period $ 4.03 $ 8.10 $ 6.84 $ 3.02
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.80%, 1.61%, 1.36% 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 North Carolina 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 $1,014.44 $1,010.42 $1,010.70 $1,015.45
Expenses Incurred During the Period $ 3.92 $ 7.82 $ 6.57 $ 2.81
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 $1,021.04 $1,017.15 $1,018.40 $1,022.14
Expenses Incurred During the Period $ 3.93 $ 7.85 $ 6.59 $ 2.82
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.78%, 1.56%, 1.31% and 0.56% 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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Report of Independent Registered Public Accounting Firm    
To the Board of Trustees of Nuveen Multistate Trust III and Shareholders of
Nuveen Georgia Municipal Bond Fund,
Nuveen Louisiana Municipal Bond Fund and
Nuveen North Carolina 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 Georgia Municipal Bond Fund, Nuveen Louisiana Municipal Bond Fund and Nuveen North Carolina Municipal Bond Fund (three of the funds constituting Nuveen Multistate Trust III, 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; when replies were not received from brokers, we performed other auditing procedures. 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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Nuveen Georgia Municipal Bond Fund
Portfolio of Investments    May 31, 2021
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 98.1%        
    MUNICIPAL BONDS – 98.1%        
    Education and Civic Organizations – 11.8%        
$ 1,000   Fulton County Development Authority, Georgia, General Revenue Bonds, Spelman College, Refunding Series 2015, 5.000%, 6/01/32   6/25 at 100.00 A1 $1,157,630
2,000   Fulton County Development Authority, Georgia, Revenue Bonds, Robert W Woodruff Arts Center, Inc Project, Refunding Series 2015A, 5.000%, 3/15/36   3/26 at 100.00 A2 2,325,600
2,000   Fulton County Development Authority, Georgia, Revenue Bonds, Robert W Woodruff Arts Center, Inc Project, Series 2019A, 5.000%, 3/15/44   3/29 at 100.00 A2 2,414,140
2,750   Gwinnett County Development Authority, Georgia, Revenue Bonds, Georgia Gwinnett College Student Housing Project, Refunding Series 2017B, 5.000%, 7/01/40   7/27 at 100.00 A+ 3,306,572
3,000   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Green Series 2019B, 5.000%, 9/01/48   9/29 at 100.00 AA 3,773,160
4,000   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Refunding Series 2016A, 5.000%, 10/01/46   10/26 at 100.00 AA 4,827,680
1,500   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Series 2019A, 5.000%, 9/01/39   9/29 at 100.00 AA 1,915,995
75   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Refunding Series 2012C, 5.250%, 10/01/27   10/22 at 100.00 Baa1 78,719
3,400   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2012A, 5.000%, 10/01/32   10/21 at 100.00 Baa1 3,437,570
605   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2012B, 5.000%, 10/01/24   No Opt. Call Baa1 680,365
2,000   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Savannah College of Art & Design Projects, Series 2014, 5.000%, 4/01/44   4/24 at 100.00 A+ 2,194,760
22,330   Total Education and Civic Organizations       26,112,191
    Health Care – 10.2%        
3,270   Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center, Series 1998, 5.375%, 12/01/28 (4), (5)   6/21 at 100.00 N/R 269,121
    Brookhaven Development Authority, Georgia, Revenue Bonds, Children's Healthcare of Atlanta, Inc Project, Series 2019A:        
2,590   4.000%, 7/01/44   7/29 at 100.00 AA+ 3,048,327
3,000   4.000%, 7/01/49   7/29 at 100.00 AA+ 3,496,710
715   Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, Wellstar Health System, Series 2020A, 5.000%, 4/01/50   4/30 at 100.00 A 893,621
2,355   Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc Project, Series 2016A, 5.000%, 7/01/46   7/26 at 100.00 AA- 2,769,786
2,500   Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc Project, Series 2019A, 4.000%, 7/01/49   7/29 at 100.00 AA- 2,907,800
25


Table of Contents
Nuveen Georgia Municipal Bond Fund (continued)
Portfolio of Investments    May 31, 2021
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care (continued)        
    Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc, Series 2017B:        
$ 2,000   5.500%, 2/15/42   2/27 at 100.00 AA $2,441,560
3,000   5.250%, 2/15/45   2/27 at 100.00 AA 3,614,100
2,500   Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc, Series 2020A, 4.000%, 2/15/39   2/30 at 100.00 A 2,968,100
21,930   Total Health Care       22,409,125
    Industrials – 2.0%        
    Geo L Smith II Georgia World Congress Center Authority, Georgia, Convention Center Hotel Revenue Bonds, First Tier Series 2021A:        
2,500   4.000%, 1/01/36   1/31 at 100.00 BBB- 3,002,150
1,200   4.000%, 1/01/54   1/31 at 100.00 BBB- 1,401,240
3,700   Total Industrials       4,403,390
    Tax Obligation/General – 13.2%        
500   Bleckley County School District, Georgia, General Obligation Bonds, Series 2020, 5.000%, 10/01/42   10/30 at 100.00 Aa1 650,265
450   Bryan County School District, Georgia, General Obligation Bonds, Series 2021, 5.000%, 8/01/25   No Opt. Call AA+ 535,239
880   Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, Tanner Medical Center Inc Project, Series 2020, 4.000%, 7/01/50   7/30 at 100.00 AA 1,038,664
2,000   Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, Tanner Medical Center, Inc Project, Series 2015, 5.000%, 7/01/41   7/25 at 100.00 AA 2,332,280
265   Carroll County, Georgia, General Obligation Bonds, Sales Tax Series 2021, 5.000%, 6/01/27   No Opt. Call AA 332,506
2,000   Carrollton Independent School System, Carroll County, Georgia, General Obligation Bonds, Series 2015, 5.000%, 4/01/32   4/26 at 100.00 AA+ 2,406,340
825   Cherokee County School System, Georgia, General Obligation Bonds, Series 2017, 5.000%, 2/01/28   2/27 at 100.00 AA+ 1,019,552
1,100   East Point Building Authority, Georgia, Revenue Bonds, Water & Sewer Project, Refunding Series 2017, 5.000%, 2/01/34  –  AGM Insured   2/27 at 100.00 AA 1,336,940
1,980   Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc, Series 2014A, 5.500%, 8/15/54   2/25 at 100.00 AA 2,272,426
    Gainesville School District, Georgia, General Obligation Sales Tax Bonds, Series 2020:        
1,000   4.000%, 11/01/41   11/30 at 100.00 AA+ 1,210,810
1,500   4.000%, 11/01/42   11/30 at 100.00 AA+ 1,808,595
2,000   Gwinnett County School District, Georgia, General Obligation Bonds, Series 2019, 5.000%, 2/01/41   2/29 at 100.00 AAA 2,550,760
240   Jackson County School District, Georgia, General Obligation Bonds, School Series 2019, 5.000%, 3/01/32   3/29 at 100.00 AA+ 310,970
1,360   Lawrenceville Building Authority, Georgia, Revenue Bonds, Lawrenceville Performing Arts Complex Project, Series 2019A, 4.000%, 10/01/32   10/28 at 100.00 AA 1,639,739
26


Table of Contents
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General (continued)        
    Lumpkin County School District, Georgia, General Obligation Bonds, Series 2020:        
$ 505   4.000%, 12/01/35   12/30 at 100.00 Aa1 $623,700
300   4.000%, 12/01/36   12/30 at 100.00 Aa1 369,357
1,000   Oconee County School District, Georgia, General Obligation Bonds, Series 2021, 5.000%, 3/01/30 (WI/DD, Settling 6/09/2021)   No Opt. Call AA+ 1,332,220
1,000   Sumter County School District, Georgia, General Obligation Bonds, Series 2018, 5.500%, 10/01/27   No Opt. Call Aa1 1,298,830
500   Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Anticipation Certificates, Refunding Series 2019A, 5.000%, 10/01/35   10/29 at 100.00 Aa2 641,155
2,000   Vidalia School District, Toombs County, Georgia, General Obligation Bonds, Series 2016, 5.000%, 8/01/37   2/26 at 100.00 Aa1 2,390,060
    Warner Robins Public Facilities Authority, Georgia, Revenue Bonds, Warner Robins Projects, Series 2018:        
1,090   5.000%, 7/01/31   7/28 at 100.00 Aa2 1,387,766
1,195   5.000%, 7/01/32   7/28 at 100.00 Aa2 1,517,805
23,690   Total Tax Obligation/General       29,005,979
    Tax Obligation/Limited – 12.8%        
    Atlanta and Fulton County Recreation Authority, Georgia, Revenue Bonds, Zoo Atlanta Parking Facility Project, Series 2017:        
1,000   5.000%, 12/01/31   12/27 at 100.00 AA+ 1,253,830
1,000   5.000%, 12/01/32   12/27 at 100.00 AA+ 1,254,480
1,075   5.000%, 12/01/33   12/27 at 100.00 AA+ 1,346,889
1,500   Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Second Lien Series 2015B, 5.000%, 7/01/44   7/25 at 100.00 A 1,702,470
2,500   Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1, 5.250%, 7/01/44   7/25 at 100.00 A+ 2,877,025
425   Atlanta, Georgia, Tax Allocation Bonds Atlanta Station Project, Refunding Series 2017, 5.000%, 12/01/24   No Opt. Call A3 484,921
1,055   Atlanta, Georgia, Tax Allocation Bonds, Beltline Project, Series 2016D, 5.000%, 1/01/30   1/27 at 100.00 A2 1,271,750
595   Atlanta, Georgia, Tax Allocation Bonds, Perry Bolton Project Series 2014, 5.000%, 7/01/34   7/23 at 100.00 A- 649,901
205   Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding Series 1993, 5.625%, 10/01/26  –  NPFG Insured   No Opt. Call Baa2 231,361
175   Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding Series 2005, 5.500%, 10/01/26  –  NPFG Insured   No Opt. Call AA- 198,466
1,120   Downtown Savannah Authority, Georgia, Revenue Bonds, Chatham County Judical Complex Project, Series 2020, 5.000%, 6/01/30   6/26 at 100.00 AA+ 1,353,016
2,260   Downtown Smyrna Development Authority, Georgia, General Obligation Bonds, Series 2005, 5.250%, 2/01/28   No Opt. Call AAA 2,661,444
280   East Point, Georgia, Tax Allocation Revenue Bonds, Camp Creek Tad Project, Series 2015, 5.000%, 8/01/21   No Opt. Call BBB+ 282,058
1,671   Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, Series 1998A, 4.750%, 6/01/28  –  NPFG Insured   No Opt. Call Baa2 1,877,820
27


Table of Contents
Nuveen Georgia 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)        
    Jefferson Public Building Authority, Georgia, Revenue Bonds, Jackson County Project, Series 2021:        
$ 340   4.000%, 3/01/26   No Opt. Call Aa2 $395,603
610   4.000%, 3/01/27   No Opt. Call Aa2 725,784
655   4.000%, 3/01/28   No Opt. Call Aa2 794,292
2,000   Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third Indenture, Series 2015A, 5.000%, 7/01/42   7/25 at 100.00 AA+ 2,347,620
    Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third Indenture, Series 2015B:        
2,000   5.000%, 7/01/41   7/26 at 100.00 AA+ 2,418,620
2,000   5.000%, 7/01/42   7/26 at 100.00 AA+ 2,419,120
1,585   Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1, 4.500%, 7/01/34   7/25 at 100.00 N/R 1,744,736
24,051   Total Tax Obligation/Limited       28,291,206
    Transportation – 4.5%        
2,000   Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/31   1/22 at 100.00 Aa3 2,055,260
2,000   Atlanta, Georgia, Airport General Revenue Bonds, Series 2019B, 4.000%, 7/01/49 (AMT)   7/29 at 100.00 Aa3 2,298,680
    Atlanta, Georgia, Airport Passenger Facilities Charge and General Revenue Bonds, Refunding Subordinate Lien Series 2014A:        
2,425   5.000%, 1/01/32   1/24 at 100.00 Aa3 2,705,281
2,000   5.000%, 1/01/33   1/24 at 100.00 Aa3 2,231,160
    Augusta, Georgia, Airport Revenue Bonds, Refunding General Series 2015A:        
160   5.000%, 1/01/32   1/25 at 100.00 Baa2 174,741
170   5.000%, 1/01/33   1/25 at 100.00 Baa2 185,409
100   5.000%, 1/01/34   1/25 at 100.00 Baa2 108,915
150   5.000%, 1/01/35   1/25 at 100.00 Baa2 163,214
9,005   Total Transportation       9,922,660
    U.S. Guaranteed – 7.9% (6)        
1,430   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Tender Option Trust 2015-XF0234, 22.619%, 3/01/23 (Pre-refunded 5/01/25), 144A (IF) (7)   5/25 at 0.00 Aa2 2,715,127
1,000   Chatham County Hospital Authority, Georgia, Seven Mill Tax Pledge Revenue Bonds, Memorial Health University Medical Center, Inc, Refunding & Improvement Series 2012A, 5.000%, 1/01/31 (Pre-refunded 1/01/22)   1/22 at 100.00 N/R 1,028,070
1,400   Clarke County Hospital Authority, Georgia, Hospital Revenue Certificates, Athens Regional Medical Center, Series 2012, 5.000%, 1/01/32 (Pre-refunded 1/01/22)   1/22 at 100.00 AA 1,440,124
500   Columbus, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2014A, 5.000%, 5/01/31 (Pre-refunded 5/01/24)   5/24 at 100.00 AA+ 569,380
1,375   Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Foundation Technology Square Project, Refunding Series 2012A, 5.000%, 11/01/31 (Pre-refunded 5/01/22)   5/22 at 100.00 AA+ 1,436,916
1,380   Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic Health East Issue, Series 2012, 5.000%, 11/15/37 (Pre-refunded 11/15/22)   11/22 at 100.00 AA- 1,477,290
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Table of Contents
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    U.S. Guaranteed (6) (continued)        
$ 1,000   Habersham County Hospital Authority, Georgia, Revenue Anticipation Certificates, Series 2014B, 5.000%, 2/01/37 (Pre-refunded 2/01/24)   2/24 at 100.00 Aa3 $1,127,170
    Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2014:        
101   5.500%, 7/15/23 (Pre-refunded 7/15/21)   7/21 at 100.00 N/R 102,067
374   5.500%, 7/15/30 (Pre-refunded 7/15/21)   7/21 at 100.00 N/R 376,035
410   5.500%, 1/15/36 (Pre-refunded 7/15/21)   7/21 at 100.00 N/R 412,696
4,000   Sandy Springs Public Facilities Authority, Georgia, Revenue Bonds, Sandy Springs City Center Project, Series 2015, 5.000%, 5/01/47 (Pre-refunded 5/01/26)   5/26 at 100.00 Aaa 4,870,440
810   Tift County Hospital Authority, Georgia, Revenue Anticipation Certificates Series 2012, 5.000%, 12/01/38 (Pre-refunded 12/01/22)   12/22 at 100.00 Aa2 869,487
1,000   Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41 (Pre-refunded 10/01/21)   10/21 at 100.00 Aa2 1,016,320
14,780   Total U.S. Guaranteed       17,441,122
    Utilities – 35.7%        
500   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015, 5.000%, 11/01/40   5/25 at 100.00 Aa2 582,315
1,000   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2017A, 5.000%, 11/01/37   11/27 at 100.00 Aa2 1,246,070
1,635   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2018B, 5.000%, 11/01/47   11/27 at 100.00 Aa2 2,036,425
1,370   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22  –  FGIC Insured   No Opt. Call Aa2 1,438,569
2,635   Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Transmission Corporation Vogtle Project, Series 2012, 2.750%, 1/01/52   5/31 at 100.00 AA- 2,657,397
1,250   Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017C, 4.125%, 11/01/45   2/28 at 100.00 BBB+ 1,402,738
2,010   Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017D, 4.125%, 11/01/45   2/28 at 100.00 BBB+ 2,255,602
2,000   Cartersville, Georgia, Water and Sewer Revenue Bonds, Series 2018, 5.000%, 6/01/48   6/28 at 100.00 AA- 2,525,360
1,900   Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2017, 5.000%, 3/01/31   3/27 at 100.00 A2 2,308,443
    Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2020:        
500   5.000%, 3/01/30   No Opt. Call A2 654,750
1,000   4.000%, 3/01/34   3/30 at 100.00 A2 1,203,900
1,250   4.000%, 3/01/35   3/30 at 100.00 A2 1,501,863
1,000   4.000%, 3/01/40   3/30 at 100.00 A2 1,178,590
3,410   DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2006B, 5.250%, 10/01/32  –  AGM Insured   10/26 at 100.00 AA 4,225,570
2,500   DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series 2011A, 5.250%, 10/01/41   10/21 at 100.00 Aa3 2,540,475
    Etowah Water and Sewer Authority, Georgia, Revenue Bonds, Series 2019:        
605   5.000%, 3/01/31  –  BAM Insured   3/29 at 100.00 AA 773,232
2,000   5.000%, 3/01/32  –  BAM Insured   3/29 at 100.00 AA 2,548,680
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Table of Contents
Nuveen Georgia Municipal Bond Fund (continued)
Portfolio of Investments    May 31, 2021
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Utilities (continued)        
$ 1,000   Fulton County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2013, 5.000%, 1/01/33   1/23 at 100.00 AA $1,072,310
2,000   Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 2012GG, 5.000%, 1/01/43   1/23 at 100.00 A1 2,127,800
1,500   Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project M Bonds, Series 2019A, 5.000%, 1/01/56   7/28 at 100.00 A 1,806,465
3,000   Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project P Bonds, Series 2019B, 5.000%, 1/01/48   7/28 at 100.00 BBB+ 3,614,310
1,200   Griffin, Georgia, Combined Public Utility Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/28  –  AGM Insured   1/23 at 100.00 AA 1,287,708
550   Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2021, 5.000%, 2/01/25   No Opt. Call Aa2 642,202
2,000   Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2012, 5.000%, 2/01/29   2/22 at 100.00 Aa2 2,061,960
320   Macon Water Authority, Georgia, Water and Sewer Revenue Bonds, Series 2020B, 4.000%, 10/01/39   10/30 at 100.00 Aa1 389,853
2,315   Main Street Natural Gas Inc, Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22   No Opt. Call A+ 2,400,099
    Main Street Natural Gas Inc, Georgia, Gas Project Revenue Bonds, Series 2007A:        
360   5.500%, 9/15/23   No Opt. Call A+ 401,594
2,630   5.500%, 9/15/27   No Opt. Call A+ 3,320,796
2,750   Main Street Natural Gas Inc, Georgia, Gas Supply Revenue Bonds, Series 2019A, 5.000%, 5/15/49   No Opt. Call A3 4,147,110
1,525   Main Street Natural Gas Inc, Georgia, Gas Supply Revenue Bonds, Series 2019B, 4.000%, 8/01/49 (Mandatory Put 12/02/24)   9/24 at 100.43 Aa1 1,704,111
2,000   Main Street Natural Gas Inc, Georgia, Gas Supply Revenue Bonds, Variable Rate Demand Bonds Series 2018A, 4.000%, 4/01/48 (Mandatory Put 9/01/23)   6/23 at 100.40 Aa2 2,156,000
1,000   Monroe County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company - Scherer Plant, First Series 1995, 2.250%, 7/01/25   6/24 at 100.00 A- 1,029,380
3,325   Monroe, Georgia, Combined Utilities Revenue Bonds, Series 2020, 4.000%, 12/01/45  –  AGM Insured   12/30 at 100.00 AA 3,945,611
2,000   Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2019A, 5.000%, 1/01/49   7/28 at 100.00 A 2,414,620
3,500   Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2015A, 0.000%, 1/01/32   No Opt. Call A2 2,689,855
2,435   Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2020A, 5.000%, 1/01/45   1/31 at 100.00 A2 3,084,122
500   Rockdale County, Georgia, Water and Sewerage Revenue Bonds, Series 2020, 5.000%, 7/01/31   7/30 at 100.00 Aa2 668,345
1,500   Sinclair Water Authority, Georgia, Revenue Bonds, Refunding Series 2019, 4.000%, 4/01/44   4/29 at 100.00 AA 1,737,165
1,000   South Fulton Municipal Regional Water and Sewer Authority, Georgia, Revenue Bonds, Refunding Series 2014, 5.000%, 1/01/31   1/24 at 100.00 AA 1,114,510
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Table of Contents
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Utilities (continued)        
    Walton County Water and Sewerage Authority, Georgia, Revenue Bonds, Walton-Hard Labor Creek Reservoir Project, Refunding Series 2016A:        
$ 540   5.000%, 2/01/36   2/26 at 100.00 Aa2 $642,519
800   5.000%, 2/01/37   2/26 at 100.00 Aa2 951,912
2,000   Warner Robins, Georgia, Water and Sewerage Revenue Bonds, Refunding & Improvement Series 2020, 4.000%, 7/01/50   7/30 at 100.00 Aa3 2,342,340
68,315   Total Utilities       78,832,676
$ 187,801   Total Long-Term Investments (cost $204,647,118)       216,418,349
    
Principal Amount (000)   Description (1)   Optional Call
Provisions (2)
Ratings (3) Value
    SHORT-TERM INVESTMENTS – 0.2%        
    MUNICIPAL BONDS – 0.2%        
    Health Care – 0.2%        
$ 302   Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center, Variable Rate Demand Obligations, Series 2016, 6.500%, 10/01/21 (4), (5)   No Opt. Call N/R $ 324,890
$ 302   Total Short-Term Investments (cost $301,472)       324,890
    Total Investments (cost $204,948,590) – 98.3%       216,743,239
    Other Assets Less Liabilities – 1.7%       3,809,448
    Net Assets – 100%       $ 220,552,687
(1) All percentages shown in the Portfolio of Investments are based on net assets.  
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm.  
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.  
(4) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 3 - Investment Valuation and Fair Value Measurements for more information.  
(5) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.  
(6) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.  
(7) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.  
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.  
AMT Alternative Minimum Tax  
IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.  
WI/DD Purchased on a when-issued or delayed delivery basis.  
See accompanying notes to financial statements.
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Table of Contents
Nuveen Louisiana Municipal Bond Fund
Portfolio of Investments    May 31, 2021
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 93.8%        
    MUNICIPAL BONDS – 92.3%        
    Consumer Discretionary  – 0.2%        
$ 435   International Falls, Minnesota, Pollution Control Revenue Bonds, Boise Cascade Corporation Project, Refunding Series 1997, 5.650%, 12/01/22   6/21 at 100.00 N/R $ 435,596
    Consumer Staples  – 4.9%        
5,320   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+ 5,590,522
500   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37   6/22 at 100.00 B- 521,205
665   Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 5.250%, 6/01/32   6/21 at 100.00 N/R 665,279
315   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 336,190
2,665   Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2013A, 5.250%, 5/15/35   5/23 at 100.00 A- 2,887,261
200   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B, 5.000%, 6/01/46   6/28 at 100.00 BB+ 235,140
1,160   TSASC Inc, New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48   6/27 at 100.00 N/R 1,267,822
10,825   Total Consumer Staples       11,503,419
    Education and Civic Organizations – 17.3%        
1,000   Calcasieu Parish Public Trust Authority, Louisiana, Student Lease Revenue Bonds, McNeese State Univeristy Student Housing-Cowboy Facilities, Inc Project, Refunding Series 2011, 5.000%, 5/01/29  –  AGM Insured   5/22 at 100.00 A2 1,041,260
1,025   Jefferson Parish Economic Development and Port District, Louisiana, Kenner Discovery Health Sciences Academy Project, Series 2018A, 5.500%, 6/15/38, 144A   6/28 at 100.00 N/R 1,173,851
815   Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin' Cajun Facilities Inc Project, Refunding Series 2012, 5.000%, 10/01/27  –  AGM Insured   10/22 at 100.00 AA 865,359
3,000   Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Ragin' Cajun Facilities Inc- Student Housing & Parking Project, Series 2018, 5.000%, 10/01/48  –  AGM Insured   10/27 at 100.00 AA 3,634,500
1,000   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Louisiana Tech University Student Housing & Recreational Facilities/Innovative Student Facilities, 5.000%, 10/01/34  –  AGM Insured   10/25 at 100.00 AA 1,178,370
2,000   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Louisiana Tech University Student Housing/Innovative Student Facilities Inc Project, Refunding Series, 5.000%, 7/01/33   7/23 at 100.00 A3 2,159,260
32


Table of Contents
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
$ 1,220   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, McNeese State University Student Parking - Cowboy Faciliites, Inc Project, Series 2011, 4.875%, 3/01/42  –  AGM Insured   3/22 at 100.00 A2 $1,257,478
2,385   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Nicholls State University Student Recreation Center/NSU Facilities Corporation Project, Refunding, 4.000%, 10/01/38   10/30 at 100.00 BBB 2,640,052
2,000   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Ragin' Cajun Facilities Inc- Student Housing & Parking Project, Series 2017, 5.000%, 10/01/39  –  AGM Insured   10/27 at 100.00 AA 2,466,640
1,500   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southeastern Louisiana University student Housing/University Facilities Project, Series 2017, 5.000%, 8/01/42  –  AGM Insured   8/27 at 100.00 AA 1,812,240
1,300   Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Lake Charles College Prep Project, Series 2019A, 5.000%, 6/01/39, 144A   6/27 at 100.00 N/R 1,379,378
220   Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Tulane University, Refunding Series 2017A, 5.000%, 12/15/30   12/27 at 100.00 A 274,542
2,000   Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Tulane University, Refunding Series 2020A, 4.000%, 4/01/40   4/30 at 100.00 A 2,333,320
1,680   Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Young Audiences Charter School, Series 2019A, 5.000%, 4/01/39, 144A   4/27 at 100.00 N/R 1,765,613
    Louisiana Public Facilities Authority, Lease Revenue Bonds, Provident Group-Flagship Properties LLC - Louisiana State University GreenHouse District Phase II Project, Series 2017:        
200   5.000%, 7/01/42   7/27 at 100.00 A 237,970
1,500   5.000%, 7/01/47   7/27 at 100.00 A 1,774,305
2,595   Louisiana Public Facilities Authority, Lease Revenue Bonds, Provident Group-Flagship Properties LLC - Louisiana State University GreenHouse District Phase III Project, Series 2019A, 5.000%, 7/01/59   7/29 at 100.00 A 3,188,269
    Louisiana Public Facilities Authority, Lease Revenue Bonds, Provident Group-Flagship Properties LLC - Louisiana State University Nicolson Gateway Project, Series 2016A:        
1,500   5.000%, 7/01/46   7/26 at 100.00 A 1,732,020
1,910   5.000%, 7/01/56   7/26 at 100.00 A 2,195,430
1,000   Louisiana Public Facilities Authority, Revenue Bonds, Archdiocese of New Orleans, Refunding Series 2017, 5.000%, 7/01/37 (4)   7/27 at 100.00 Caa1 950,000
1,035   Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy Foundation Project, Series 2011A, 8.000%, 12/15/41   12/21 at 100.00 N/R 1,060,554
3,000   Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding Series 2011, 5.000%, 10/01/41   10/21 at 100.00 Baa1 3,018,600
1,500   Louisiana Public Facilities Authority, Revenue Bonds, Southwest Louisiana Charter Academy Foundation Project, Series 2013A, 8.375%, 12/15/43   12/23 at 100.00 N/R 1,594,170
800   Louisiana Public Facilities Authority, Revenue Bonds, University of New Orleans Research and Technology Foundation, Inc- Student Housing Project, Refunding Series 2014, 5.000%, 9/01/31  –  AGM Insured   9/24 at 100.00 AA 902,224
36,185   Total Education and Civic Organizations       40,635,405
33


Table of Contents
Nuveen Louisiana Municipal Bond Fund (continued)
Portfolio of Investments    May 31, 2021
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Energy – 0.6%        
$ 1,210   Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, Series 2010, 4.000%, 12/01/40 (Mandatory Put 6/01/22)   No Opt. Call BBB $1,253,257
175   Saint John the Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation Project, Refunding Series 2017A-1, 2.000%, 6/01/37 (Mandatory Put 4/01/23)   No Opt. Call BBB- 178,936
1,385   Total Energy       1,432,193
    Health Care – 11.1%        
    Calcasieu Parish Memorial Hospital Service District, Louisiana, Revenue Bonds, Lake Charles Memorial Hospital, Refunding Series 2019:        
715   5.000%, 12/01/34   12/29 at 100.00 BB+ 794,108
2,750   5.000%, 12/01/39   12/29 at 100.00 BB+ 2,998,242
390   Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2, 5.000%, 8/01/39   8/29 at 100.00 BBB+ 487,309
505   Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network, Series 2016C, 5.000%, 2/15/36   2/27 at 100.00 AA+ 611,641
3,000   Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Womans Hospital Foundation Project, Refunding Series 2017A, 5.000%, 10/01/41   10/27 at 100.00 A 3,618,150
2,000   Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Christus Health, Refunding Series 2019A, 5.000%, 7/01/48   1/29 at 100.00 A+ 2,438,580
1,610   Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017, 5.000%, 5/15/46   5/27 at 100.00 A 1,927,234
1,515   Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 1998A, 5.750%, 7/01/25   No Opt. Call A2 1,681,605
1,000   Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 2017A, 5.000%, 7/01/47   7/27 at 100.00 A 1,200,110
3,000   Louisiana Public Facilities Authority, Hospital Revenue Bonds, Louisiana Children's Medical Center Hospital, Series 2015A-1 Fixed Rate Mode, 5.000%, 6/01/45   6/28 at 100.00 A+ 3,602,070
300   Louisiana Public Facilities Authority, Hospital Revenue Bonds, Louisiana Children's Medical Center Hospital, Series 2020A, 4.000%, 6/01/50   6/30 at 100.00 A+ 343,485
200   Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2015, 5.000%, 5/15/47   5/25 at 100.00 A 227,636
    Saint Tammany Parish Hospital Service District 1, Louisiana, Hospital Revenue Bonds, St Tammany Parish Hospital Project, Refunding Series 2018A:        
1,715   5.000%, 7/01/36   7/28 at 100.00 A+ 2,109,519
1,400   5.000%, 7/01/37   7/28 at 100.00 A+ 1,717,926
1,000   4.000%, 7/01/43   7/28 at 100.00 A+ 1,132,710
1,085   Terrebonne Parish Hospital Service District 1, Louisiana, Hospital Revenue Bonds, Terrebonne General Medical Center, Refunding Series 2013, 4.000%, 4/01/33   4/23 at 100.00 A 1,126,653
22,185   Total Health Care       26,016,978
    Housing/Multifamily – 1.3%        
1,870   Louisiana Housing Finance Agency, Multifamily Housing Revenue Bonds, Mallard Crossings Apartments, Series 2011, 4.750%, 10/01/29   10/21 at 100.00 AA+ 1,888,868
34


Table of Contents
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Housing/Multifamily (continued)        
$ 1,000   Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Provident Group - HSC Properties Inc - LSU Health Foundation, New Orleans Project, Senior Lien Series 2020A-1, 5.500%, 1/01/50, 144A   1/30 at 100.00 N/R $ 1,149,500
2,870   Total Housing/Multifamily       3,038,368
    Housing/Single Family – 1.0%        
2,100   Louisiana Housing Corporation Single Family Mortgage Revenue Bonds, Home Ownership Series 2020B, 3.500%, 6/01/50   6/29 at 101.21 Aaa 2,327,871
    Industrials – 3.2%        
835   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- 862,238
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
40   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- 43,411
250   Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Cameron Parish GOMESA Project, Green Series 2018, 5.650%, 11/01/37, 144A   11/28 at 100.00 N/R 295,377
285   Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Jefferson Parish GOMESA Project, Series 2019, 4.000%, 11/01/44, 144A   11/29 at 100.00 N/R 302,342
100   Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Saint John the Baptist Parish GOMESA Project, Series 2019, 3.900%, 11/01/44, 144A   11/29 at 100.00 N/R 105,352
110   Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Saint Martin Parish GOMESA Project, Series 2019, 4.400%, 11/01/44, 144A   11/28 at 100.00 N/R 119,252
2,000   Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Saint Tammany Parish GOMESA Project, Series 2020, 3.875%, 11/01/45, 144A   11/29 at 100.00 N/R 2,101,100
    Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Terrebonne Parish GOMESA Project, Series 2018:        
100   5.375%, 11/01/38, 144A   11/28 at 100.00 N/R 116,040
100   5.500%, 11/01/39, 144A   11/28 at 100.00 N/R 113,059
1,000   Louisiana Public Facilities Authority, Solid Waste Disposal Facility Revenue Bonds, Lousiana Pellets Inc Project, Series 2015, 7.000%, 7/01/24 (AMT), 144A (4)   No Opt. Call N/R 10
200   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 221,330
300   Ohio Water Development Authority, Ohio, Environmental Improvement Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.600%, 5/01/29   11/21 at 100.00 B 305,901
1,000   Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, LP Project, Series 2010A, 6.350%, 10/01/40, 144A   6/30 at 100.00 BB- 1,303,780
205   Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, LP Project, Series 2010B, 6.100%, 12/01/40 (Mandatory Put 3/01/30), 144A   No Opt. Call BB- 263,179
35


Table of Contents
Nuveen Louisiana Municipal Bond Fund (continued)
Portfolio of Investments    May 31, 2021
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Industrials (continued)        
$ 250   Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (AMT), 144A   10/22 at 100.00 BBB- $ 255,963
7,775   Total Industrials       7,503,524
    Long-Term Care – 1.3%        
2,800   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, The Glen Retirement System Project, Series 2019A, 5.000%, 1/01/49   1/26 at 103.00 N/R 2,714,320
400   Saint Tammany Public Trust Financing Authority, Louisiana, Revenue Bonds, Christwood Project, Refunding Series 2015, 5.250%, 11/15/37   11/24 at 100.00 N/R 432,032
3,200   Total Long-Term Care       3,146,352
    Materials – 1.2%        
2,570   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Refunding Series 2017, 3.500%, 11/01/32   11/27 at 100.00 Baa2 2,859,870
    Tax Obligation/General – 3.6%        
    Calcasieu Parish School District 23, Louisiana, General Obligation Bonds, Public School Improvement Series 2019:        
1,055   4.000%, 9/01/37  –  BAM Insured   9/29 at 100.00 AA 1,240,912
1,600   4.000%, 9/01/38  –  BAM Insured   9/29 at 100.00 AA 1,870,912
    Cameron Parish School District 15, Louisiana, General Obligtion Bonds, Series 2021:        
265   4.000%, 10/01/37   10/30 at 100.00 BBB 289,051
350   4.000%, 10/01/39   10/30 at 100.00 BBB 379,901
425   4.000%, 10/01/40   10/30 at 100.00 BBB 459,969
735   New Orleans, Louisiana, General Obligation Bonds, Refunding Series 1998, 5.500%, 12/01/21  –  FGIC Insured   No Opt. Call AA 754,375
    New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2015:        
125   5.000%, 12/01/27   12/25 at 100.00 AA- 149,119
525   5.000%, 12/01/29   12/25 at 100.00 AA- 624,897
350   New Orleans, Louisiana, General Obligation Bonds, Series 1998, 5.500%, 12/01/21  –  FGIC Insured   No Opt. Call A2 359,226
2,220   Puerto Rico, General Obligation Bonds, Refunding Public Improvement Series 2012A, 5.000%, 7/01/35  –  AGM Insured   7/22 at 100.00 AA 2,297,522
7,650   Total Tax Obligation/General       8,425,884
    Tax Obligation/Limited – 18.1%        
1,260   Broussard, Louisiana, Sales & Use Tax Revenue Bonds, Recreational Facility Series 2012, 5.000%, 5/01/32   5/22 at 100.00 A- 1,313,210
    Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D:        
130   5.000%, 11/15/33   11/25 at 100.00 BB 148,311
1,040   5.000%, 11/15/34   11/25 at 100.00 BB 1,184,966
1,000   5.000%, 11/15/39   11/25 at 100.00 BB 1,133,180
170   4.000%, 11/15/39   11/25 at 100.00 BB 183,671
36


Table of Contents
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:        
$ 1,250   5.000%, 1/01/26   1/22 at 100.00 BB $1,284,337
1,000   5.125%, 1/01/42   1/22 at 100.00 BB 1,028,200
30   Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42   1/22 at 100.00 BB 30,824
    Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A:        
1,000   5.000%, 12/01/26   No Opt. Call BB 1,200,230
1,000   5.000%, 12/01/34   12/26 at 100.00 BB 1,165,380
3,000   Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Bonds, Series 2017B, 5.000%, 12/01/42  –  AGM Insured   12/27 at 100.00 AA 3,732,660
    Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Bonds, Series 2019B:        
2,000   4.000%, 12/01/38  –  AGM Insured   12/29 at 100.00 AA 2,411,440
5,000   4.000%, 12/01/42  –  AGM Insured   12/29 at 100.00 AA 5,978,100
505   Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Refunding Series 2016A, 5.000%, 6/01/26   No Opt. Call A1 603,904
    Louisiana Local Government Environmental Facilities and Community Development Authority Revenue Bonds, LCTCS Act 360 Project, Series 2014:        
2,000   5.000%, 10/01/35   10/24 at 100.00 A+ 2,272,820
2,000   5.000%, 10/01/37   10/24 at 100.00 A+ 2,267,500
3,000   5.000%, 10/01/39   10/24 at 100.00 A+ 3,394,650
1,435   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Bossier City Projects, Series 2015, 5.000%, 6/01/30   6/25 at 100.00 AA 1,683,370
500   Louisiana Stadium and Exposition District, Revenue Bonds, Bond Anticipation Notes Series 2020, 5.000%, 7/03/23   1/23 at 100.00 AA- 535,660
675   Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/36   7/23 at 100.00 AA- 737,843
    Louisiana State Correctional Facilities Corporation, Lease Revenue Bonds, Office of Juvenile Justice Project, Series 2021:        
1,435   4.000%, 10/01/38   10/30 at 100.00 A+ 1,720,594
1,490   4.000%, 10/01/39   10/30 at 100.00 A+ 1,782,278
365   Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017, 5.000%, 12/01/27, 144A   No Opt. Call N/R 393,273
1,000   Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/36  –  AGC Insured   No Opt. Call AA 1,090,450
    Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:        
2,720   0.000%, 7/01/31   7/28 at 91.88 N/R 2,144,285
344   0.000%, 7/01/46   7/28 at 41.38 N/R 111,996
    Saint Charles Parish School Board, Louisiana, Sales & Use Tax Bonds, Series 2019:        
750   4.000%, 8/01/37   8/29 at 100.00 AA 925,432
680   4.000%, 8/01/39   8/29 at 100.00 AA 819,318
37


Table of Contents
Nuveen Louisiana 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)        
$ 1,000   The Industrial Development Authority of the City of Saint Louis, Missouri, Development Financing Revenue Bonds, Ballpark Village Development Project, Series 2017A, 4.750%, 11/15/47   11/26 at 100.00 N/R $1,025,310
110   West Trace Community Development District, Westlake, Louisiana, Special Assessment Revenue Bonds, Series 2018, 6.875%, 12/01/46   No Opt. Call N/R 117,189
37,889   Total Tax Obligation/Limited       42,420,381
    Transportation – 10.3%        
1,475   Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36   7/23 at 100.00 N/R 1,567,556
785   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 902,852
805   Greater New Orleans Expressway Commission, Louisiana, Revenue Bonds, Refunding Series 2013, 5.000%, 11/01/23  –  AGM Insured   No Opt. Call AA 892,431
1,000   Greater New Orleans Expressway Commission, Louisiana, Toll Revenue Bonds, Subordinate Lien Series 2017, 5.000%, 11/01/47  –  AGM Insured   11/25 at 100.00 AA 1,165,520
500   Guam International Airport Authority, Revenue Bonds, Series 2019A, 5.000%, 10/01/22 (AMT)   No Opt. Call Baa2