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, 2022
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. |
Fund
Name
Class
A
Class
C
Class
I
Nuveen
Georgia
Municipal
Bond
Fund
FGATX
FGCCX
FGARX
Nuveen
Louisiana
Municipal
Bond
Fund
FTLAX
FAFLX
FTLRX
Nuveen
North
Carolina
Municipal
Bond
Fund
FLNCX
FDCCX
FCNRX
Life
is
Complex.
Nuveen
makes
things
e-simple.
It
only
takes
a
minute
to
sign
up
for
e-Reports.
Once
enrolled,
you’ll
receive
an
e-mail
as
soon
as
your
Nuveen
Fund
information
is
ready.
No
more
waiting
for
delivery
by
regular
mail.
Just
click
on
the
link
within
the
e-mail
to
see
the
report
and
save
it
on
your
computer
if
you
wish.
Free
e-Reports
right
to
your
email!
www.investordelivery.com
If
you
receive
your
Nuveen
Fund
distributions
and
statements
from
your
financial
advisor
or
brokerage
account.
or
www.nuveen.com/client-access
If
you
receive
your
Nuveen
Fund
distributions
and
statements
directly
from
Nuveen.
Must
be
preceded
by
or
accompanied
by
a
prospectus.
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE
Chair’s
Letter
to
Shareholders
4
Portfolio
Managers’
Comments
5
Risk
Considerations
and
Dividend
Information
9
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
10
Yields
20
Expense
Examples
21
Report
of
Independent
Registered
Public
Accounting
Firm
23
Portfolios
of
Investments
24
Statement
of
Assets
and
Liabilities
49
Statement
of
Operations
50
Statement
of
Changes
in
Net
Assets
51
Financial
Highlights
53
Notes
to
Financial
Statements
59
Important
Tax
Information
71
Additional
Fund
Information
72
Glossary
of
Terms
Used
in
this
Report
73
Annual
Investment
Management
Agreement
Approval
Process
75
Liquidity
Risk
Management
Program
82
Trustees
and
Officers
83
Chair’s
Letter
to
Shareholders
Dear
Shareholders,
The
first
half
of
2022
has
been
challenging
for
financial
markets.
While
global
economic
activity
began
to
slow
from
post-pandemic
peaks
as
pent-up
demand
waned
and
crisis-era
monetary
and
fiscal
support
programs
were
phased
out,
persistently
high
inflation
and
central
banks’
response
have
contributed
to
heightened
uncertainty
about
financial
and
economic
conditions.
Inflation
has
surged
partially
due
to
supply
chain
bottlenecks
and
exacerbated
by
Russia’s
war
in
Ukraine
and
recent
lockdowns
across
China
to
contain
a
large-scale
COVID-19
outbreak.
This
has
necessitated
more
forceful
responses
from
the
U.S.
Federal
Reserve
(Fed)
and
other
central
banks,
who
now
face
an
even
more
difficult
task
of
slowing
inflation
without
pulling
their
respective
economies
into
recession.
As
anticipated,
the
Fed
began
the
rate
hiking
cycle
in
March
2022,
raising
its
short-term
rate
by
0.25%
from
near
zero
for
the
first
time
since
the
pandemic
was
declared
two
years
ago.
Larger
increases
of
0.50%
in
May
and
0.75%
in
June
2022
followed,
bringing
the
target
fed
funds
rate
to
a
range
of
1.50%
to
1.75%.
Additional
rate
hikes
of
these
larger
magnitudes
are
expected
in
the
remainder
of
this
year,
although
Fed
officials
will
closely
monitor
inflation
data
along
with
other
economic
measures
and
modify
their
rate
setting
policy
based
upon
these
factors.
With
inflation
lingering
at
a
40-year
high
and
consumer
sentiment
indicators
slumping,
markets
are
pricing
increased
recession
risks.
In
the
meantime,
while
markets
will
likely
continue
fluctuating
with
the
daily
headlines,
we
encourage
investors
to
keep
a
long-term
perspective.
To
learn
more
about
how
well
your
portfolio
is
aligned
to
your
time
horizon,
risk
tolerance
and
investment
goals,
consider
reviewing
it
with
your
financial
professional.
On
behalf
of
the
other
members
of
the
Nuveen
Fund
Board,
I
look
forward
to
continuing
to
earn
your
trust
in
the
months
and
years
ahead.
Terence
J.
Toth
Chairman
of
the
Board
July 22,
2022
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
Fund
Advisors,
LLC,
the
Funds’
investment
adviser.
Portfolio
managers
include
Daniel
J.
Close,
CFA,
for
the
Nuveen
Georgia
Municipal
Bond
Fund
and
Nuveen
North
Carolina
Municipal
Bond
Fund
and
Steven
M.
Hlavin
for
the
Nuveen
Louisiana
Municipal
Bond
Fund.
Here
the
Funds’
portfolio
managers
review
U.S.
economic
and
municipal
market
conditions,
key
investment
strategies
and
the
performance
of
the
Funds
for
the
twelve-month
reporting
period
ended
May
31,
2022.
For
more
information
on
the
Funds’
investment
objectives
and
policies,
please
refer
to
the
prospectus.
What
factors
affected
the
U.S.
economy
and
the
municipal
bond
market
during
the
twelve-month
annual
reporting
period
ended
May
31,
2022?
After
making
a
full
recovery
from
the
pandemic
in
2021,
the
U.S.
economy
unexpectedly
weakened
at
the
start
of
2022.
Overall,
2021
gross
domestic
product
(GDP)
grew
by
5.7%
as
the
economy
reopened
with
the
help
of
$5.3
trillion
in
crisis-related
aid
from
the
federal
government,
low
borrowing
rates
for
businesses
and
individuals,
an
increase
in
COVID-19
vaccinations
and
improved
treatments
for
COVID-19.
In
the
first
quarter
of
2022,
strong
domestic
consumer
demand
was
offset
by
two
factors:
China’s
lockdown
to
contain
a
domestic
COVID-19
outbreak,
and
lingering
supply
chain
disruptions
that
were
exacerbated
by
the
Russia-
Ukraine
war.
This
reduced
U.S.
GDP
by
1.5%
on
an
annualized
basis,
according
to
the
second
estimate
from
the
U.S.
Bureau
of
Economic
Analysis.
The
return
of
consumer
demand
in
early
2022
put
upward
pressure
on
inflation.
However,
as
supply
chains
remained
under
stress
and
labor
shortages
continued,
inflation
appeared
to
be
more
durable
than
initially
expected.
The
U.S.
Federal
Reserve
(Fed)
responded
by
reducing
its
pandemic-era
support
programs
and
beginning
a
more
aggressive
interest
rate
hiking
cycle.
Starting
with
a
0.25%
hike
in
March
2022,
the
Fed
followed
with
larger
target
rate
increases
of
0.50%
in
May
2022
and
(after
the
close
of
this
reporting
period)
0.75%
in
June
2022.
Interest
rate
and
stock
price
volatility
increased
as
markets
considered
whether
the
Fed
could
cool
inflation
without
pulling
the
economy
into
a
recession.
While
some
pandemic-related
risks
appeared
to
be
receding,
Russia’s
invasion
of
Ukraine
in
late
February
2022
caused
significant
economic
consequences.
Anticipated
supply
disruptions
in
energy,
metals
and
grains
caused
inflationary
pressures
to
rise.
Downside
risks
to
global
economic
growth
increased,
and
economic
sanctions
from
Western
countries
sought
to
block
Russia’s
access
to
the
global
financial
system.
A
more
uncertain
outlook
for
inflation
and
economic
growth
also
made
the
path
toward
monetary
policy
normalization
more
uncertain
for
the
Fed
and
other
central
banks,
contributing
to
elevated
market
volatility
toward
the
end
of
the
reporting
period.
The
broad
municipal
bond
market
declined
over
the
twelve-month
reporting
period,
driven
primarily
by
higher
interest
rates
and
economic
uncertainty
in
the
second
half
of
the
reporting
period.
Municipal
yields
rose
across
the
maturity
spectrum,
with
a
greater
increase
at
the
shorter
end
of
the
curve
as
markets
priced
in
a
more
aggressive
pace
of
monetary
tightening.
The
yield
curve
flattened
overall
and
shorter
maturities
outperformed
longer
maturities.
Demand
for
municipal
debt
remained
remarkably
strong
throughout
2021,
but
at
the
beginning
of
2022,
the
municipal
bond
market
experienced
outflows.
In
response
to
the
rising
interest
rate
environment
and
heightened
market
volatility,
dealers
reduced
their
inventories
and
investors
increased
redemptions
from
traditional
municipal
bond
mutual
funds.
For
much
of
the
reporting
period,
credit
spreads
were
generally
stable
given
relatively
strong
municipal
fundamentals,
but
widening
began
in
the
later
months
of
the
period
as
the
market
sold
off.
How
were
the
economic
and
market
environments
in
Georgia,
Louisiana
and
North
Carolina
during
the
twelve-month
reporting
period
ended
May
31,
2022?
Georgia’s
economic
growth
has
been
robust
since
2014,
outpacing
that
of
the
nation,
but
has
slowed
somewhat
since
the
COVID-19
crisis.
As
of
May
2022,
the
state’s
unemployment
rate
was
3.0%,
compared
to
the
national
unemployment
rate
of
3.6%.
Overall,
general
fund
revenue
increased
at
19.2%
in
fiscal
year
2021
(July
1,
2020
to
June
30,
2021),
which
was
higher
than
the
3.7%
revenue
increase
in
fiscal
year
2020
(July
1,
2019
to
June
30,
2020).
Notably,
the
state
received
$4.1
billion
in
state
and
local
funding
under
the
CARES
Act
and
$8.4
billion
in
state
and
local
funding
under
the
American
Rescue
Plan
Act
of
2021.
As
of
May
2022,
Georgia’s
general
obligation
debt
remained
rated
Aaa/AAA/AAA
with
stable
outlooks
from
Moody’s,
S&P
and
Fitch,
respectively.
Georgia
municipal
bond
new
issuance
totaled
$10.9
billion
for
the
twelve-month
period
ended
May
31,
2022,
a
37.2%
increase
from
the
same
period
a
year
earlier.
Portfolio
Managers’
Comments
(continued)
Soaring
oil
prices
and
a
quicker-than-expected
reopening
following
the
COVID-19
crisis
have
buoyed
Louisiana’s
finances
and
improved
the
state’s
economic
profile
since
2020.
As
of
May
2022,
Louisiana’s
unemployment
rate
was
4.0%,
compared
to
the
national
rate
of
3.6%.
Per
capita
income
has
been
steadily
below
the
national
average,
and
the
state
remains
vulnerable
to
costly
natural
hazards
including
extreme
weather
events,
sea
level
rise
and
coastal
erosion.
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
sizable
$699
million
surplus
in
fiscal
year
2021
(July
1,
2020
to
June
30,
2021).
Notably,
the
state
received
$1.8
billion
in
state
and
local
funding
under
the
CARES
Act
and
$4.8
billion
in
state
and
local
funding
under
the
American
Rescue
Plan
Act
of
2021.
Louisiana’s
general
obligation
debt
is
rated
AA-/stable
by
S&P
as
of
May
2022
and
Moody’s
upgraded
its
rating
to
Aa2/stable
in
May
2022.
Louisiana
municipal
bond
new
issuance
totaled
$7.5
billion
for
the
twelve-month
period
ended
May
31,
2022,
a
13.3%
increase
from
the
same
period
a
year
earlier.
North
Carolina’s
economic
growth
in
2021
showed
a
powerful
turnaround
from
the
pandemic-related
contraction
experienced
in
2020.
As
of
May
2022,
the
state’s
unemployment
rate
of
3.4%
was
below
the
national
average
of
3.6%.
The
state
was
able
to
post
a
general
fund
surplus
as
a
result
of
strong
financial
performance
in
fiscal
year
2021
(July
1,
2020
to
June
30,
2021),
driven
by
higher
income
levels,
consumer
spending,
and
rising
stock
and
housing
prices.
Notably,
the
state
received
$4.1
billion
in
state
and
local
funding
under
the
CARES
Act
and
$8.8
billion
in
state
and
local
funding
under
the
American
Rescue
Plan
Act
of
2021.
As
of
May
2022,
Moody’s,
S&P
and
Fitch
maintain
ratings
on
North
Carolina
general
obligation
debt
at
Aaa/AAA/AAA
with
stable
outlooks.
North
Carolina
municipal
bond
new
issuance
totaled
$5.9
billion
for
the
twelve-month
period
ended
May
31,
2022,
a
28.7%
decrease
from
the
same
period
a
year
earlier.
Nuveen
Georgia
Municipal
Bond
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
May
31,
2022?
The
Fund
invests
primarily
in
investment
grade
municipal
bonds
and
is
designed
to
provide
as
high
a
level
of
current
interest
income
exempt
from
regular
federal,
Georgia
state,
and
in
some
cases,
local
income
taxes
as
is
consistent
with
preservation
of
capital.
During
the
first
half
of
the
reporting
period,
the
Fund
received
new
investment
inflows.
With
these
funds,
as
well
as
proceeds
from
bond
calls
and
maturities,
the
Fund
purchased
higher
rated,
longer-duration
bonds
across
various
sectors.
These
purchases
took
place
in
both
the
primary
and
secondary
municipal
bond
marketplaces.
When
market
conditions
began
to
weaken
in
late
2021
and
early
2022,
the
Fund
experienced
shareholder
outflows
and
trading
activity
shifted
more
toward
selling
bonds
and
engaging
in
tax-
loss
swaps.
Tax-loss
swapping
is
a
strategy
to
support
the
Fund’s
income
earnings
and
capture
tax
efficiencies
by
selling
depreciated
bonds
with
lower
embedded
yields
to
buy
similar
bonds
with
higher
embedded
yields.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
May
31,
2022?
The
Class
A
Shares
of
the
Nuveen
Georgia
Municipal
Bond
Fund
underperformed
the
S&P
Municipal
Bond
Georgia
Index
for
the
twelve-month
reporting
period
ended
May
31,
2022.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Bond
Georgia
Index.
The
primary
detractor
to
relative
performance
was
the
Fund’s
underweight
to
shorter-duration
securities,
particularly
those
with
durations
ranging
from
zero
to
four
years,
which
was
the
best-performing
market
segment.
The
Fund
was
also
overweight
to
bonds
with
durations
of
12
years
and
longer,
which
lagged
the
index.
These
longer-duration
bonds
detracted
because
they
generally
are
more
sensitive
to
rising
interest
rates.
The
Fund’s
primary
individual
detractors
during
the
reporting
period
included
longer-duration,
lower-coupon
bonds
because
this
combination
performed
particularly
poorly
as
interest
rates
rose.
The
Fund’s
underweight
to
AAA
rated
bonds
also
detracted,
given
the
relative
outperformance
of
this
rating
category.
Partially
offsetting
the
Fund’s
relative
detractors
was
favorable
sector
positioning.
Specifically,
the
Fund
was
underweight
to
industrial
development
bonds
which
underperformed
the
Georgia
index
during
the
reporting
period.
The
Fund’s
A
rated
securities
also
aided
performance,
given
that
this
rating
category
generally
lagged,
as
investors
tended
to
become
more
risk-averse,
favoring
higher-quality
bonds.
As
a
result,
the
Fund
benefitted
from
having
a
lesser
allocation.
Nuveen
Louisiana
Municipal
Bond
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
May
31,
2022?
The
Fund
invests
primarily
in
investment
grade
municipal
bonds
and
is
designed
to
provide
as
high
a
level
of
current
interest
income
exempt
from
regular
federal,
Louisiana
state,
and
in
some
cases,
local
income
taxes
as
is
consistent
with
preservation
of
capital.
During
the
reporting
period,
trading
activity
was
largely
driven
by
the
reinvestment
of
proceeds
from
bonds
that
were
called
or
had
matured.
The
municipal
investment
team
remained
highly
selective
with
purchases,
favoring
newly
issued
health
care,
higher
education,
and
industrial
development
bonds
that
offered
attractive
levels
of
income
relative
to
the
overall
market.
The
investment
team
also
made
purchases
in
the
intermediate-term
range
to
help
keep
the
Fund’s
duration
position
stable.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
May
31,
2022?
The
Class
A
Shares
of
the
Nuveen
Louisiana
Municipal
Bond
Fund
underperformed
the
S&P
Municipal
Bond
Louisiana
Index
for
the
twelve-month
reporting
period
ended
May
31,
2022.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Bond
Louisiana
Index.
The
Fund’s
underperformance
was
primarily
attributable
to
its
credit
quality
positioning
and
sector
allocation.
From
a
credit
quality
perspective,
an
overweight
to
BBB
rated
bonds
detracted
from
relative
performance,
given
that
this
credit
quality
tier
underperformed.
The
Fund’s
overweight
to
the
hospital
and
higher
education
sectors,
along
with
tobacco
bonds,
detracted
from
relative
performance,
as
all
three
categories
were
underperformers
during
the
reporting
period,
despite
their
contribution
to
income.
Leading
individual
detractors
included
overweight
positions
in
Buckeye
Tobacco
(Ohio)
bonds,
as
well
as
newly
issued
securities
from
Loyola
University
New
Orleans
and
McNeese
State
University,
both
of
which
were
purchased
during
the
reporting
period.
While
experiencing
some
near-term
volatility,
the
Fund
continues
to
hold
these
three
positions
given
their
long
term-
attractiveness.
Partially
offsetting
the
relative
detractors
were
the
Fund’s
overweight
positions
in
below
investment
grade
bonds,
including
industrial
development
and
charter
school
bonds.
Individually,
the
largest
relative
contributor
to
the
Fund’s
performance
was
its
position
in
the
stock
of
Energy
Harbor.
This
equity
position
came
into
the
portfolio
in
2020
as
part
of
the
bankruptcy
restructuring
of
FirstEnergy
Solutions,
the
predecessor
of
Energy
Harbor
and
a
former
Fund
holding.
Energy
Harbor’s
shares
rose
meaningfully
during
the
reporting
period
given
the
strong
demand
for
energy
generation
as
the
economy
reopened.
The
Fund
continues
to
maintain
an
equity
position
in
Energy
Harbor.
Other
industrial
development
bond
holdings,
including
Valero
Energy
and
Iowa
Fertilizer,
also
contributed
to
performance.
The
Iowa
Fertilizer
bonds
were
called
in
May
2022
and
the
Valero
Energy
bonds
were
sold
in
May
2022.
Nuveen
North
Carolina
Municipal
Bond
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
May
31,
2022?
The
Fund
invests
primarily
in
investment
grade
municipal
bonds
and
is
designed
to
provide
as
high
a
level
of
current
interest
income
exempt
from
regular
federal,
North
Carolina
state,
and
in
some
cases,
local
income
taxes
as
is
consistent
with
preservation
of
capital.
During
the
first
half
of
the
reporting
period,
the
Fund
received
new
investment
inflows.
With
these
funds,
as
well
as
proceeds
from
bond
calls
and
maturities,
the
Fund
purchased
higher
rated,
longer-duration
bonds
across
various
sectors.
These
purchases
took
place
in
both
the
primary
and
secondary
municipal
bond
marketplaces.
When
market
conditions
began
to
weaken
in
late
2021
and
early
2022,
the
Fund
experienced
shareholder
outflows,
and
the
Fund’s
trading
activity
shifted
more
toward
selling
bonds
and
engaging
in
tax-loss
swaps.
This
strategy
involves
selling
depreciated
bonds
with
lower
embedded
yields
to
reinvest
in
similarly
structured,
higher
income-producing
bonds
to
support
the
Fund’s
earnings
and
provide
tax
efficiencies.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
May
31,
2022?
The
Class
A
Shares
of
the
Nuveen
North
Carolina
Municipal
Bond
Fund
underperformed
the
S&P
Municipal
Bond
North
Carolina
Index
for
the
twelve-month
reporting
period
ended
May
31,
2022.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Bond
North
Carolina
Index.
Portfolio
Managers’
Comments
(continued)
The
Fund’s
underperformance
was
mainly
attributable
to
disadvantageous
duration
positioning.
The
Fund
had
an
overall
duration
longer
than
that
of
the
index,
with
an
underweight
to
shorter-duration
bonds,
specifically
those
with
durations
of
zero
to
four
years,
and
an
overweight
to
bonds
with
durations
of
12
years
and
longer.
The
Fund’s
longer
duration
meant
it
was
more
sensitive
to
the
rise
in
interest
rates.
The
Fund’s
leading
individual
detractors
included
zero-coupon
bonds
with
long
maturities,
as
these
were
some
of
the
longest-duration
municipal
bonds
available
in
the
marketplace.
This
was
most
evident
in
the
Fund’s
overweight
to
the
Tollroad
sector,
which
detracted
from
relative
performance
and
consisted
predominately
of
longer-duration,
zero-coupon
bonds
issued
by
the
North
Carolina
Turnpike
Authority.
Partially
offsetting
the
relative
detractors
was
the
Fund’s
favorable
credit
quality
positioning.
Specifically,
the
Fund’s
allocation
to
AAA
rated
and
non-rated
bonds
contributed
to
its
relative
performance.
In
terms
of
sector
allocation,
the
Fund’s
overweight
to
state
appropriation
bonds
was
beneficial
given
this
category’s
relative
outperformance.
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.
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.
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
The
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holdings
Summaries
for
each
Fund
are
shown
within
this
section
of
the
report.
Fund
Performance
Past
performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
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
also
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.
Holding
Summaries
The
Holdings
Summaries
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.
Refer
to
the
Fund’s
Portfolio
of
Investments
for
individual
security
information.
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.
Nuveen
Georgia
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
May
31,
2022
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holdings
Summa-
ries section
for
further
explanation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
Georgia
Index.
**
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
Shares
have
a
1%
CDSC
for
redemptions
within
less
than
twelve
months,
which
is
not
reflected
in
the
total
returns.
Class
C
Shares
automatically
convert
to
Class
A
Shares
eight
years
after
purchase.
Returns
for
periods
longer
than
eight
years
for
Class
C
Shares
reflect
the
performance
of
Class
A
Shares
after
the
deemed
eight-year
conversion
to
Class
A
Shares
within
such
periods.
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,
2022
Total
Returns
as
of
May
31,
2022**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
10-Year
Class
A
Shares
at
NAV
3/27/86
(8.66)%
1.04%
2.00%
0.82%
Class
A
Shares
at
maximum
Offering
Price
3/27/86
(12.48)%
0.18%
1.56%
—
S&P
Municipal
Bond
Index
—
(5.97)%
1.89%
2.65%
—
S&P
Municipal
Bond
Georgia
Index
—
(6.23)%
1.49%
2.29%
—
Lipper
Other
States
Municipal
Debt
Funds
Classification
Average
—
(6.91)%
1.10%
1.82%
—
Class
I
Shares
2/14/97
(8.48)%
1.24%
2.20%
0.62%
Total
Returns
as
of
May
31,
2022**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
Since
Inception
Class
C
Shares
2/10/14
(9.35)%
0.25%
1.19%
1.62%
Effective
Leverage
Ratio
2.88%
Growth
of
an
Assumed
$10,000
Investment
as
of May
31,
2022
-
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
redemption
of
Fund
Shares.
Holdings
Summaries
as
of
May
31,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
95
.0
%
Other
Assets
Less
Liabilities
5.0%
Net
Assets
100
%
States
and
Territories
1
(%
of
total
municipal
bonds)
Georgia
99.1%
Puerto
Rico
0.9%
Total
100%
Portfolio
Composition
(%
of
total
investments)
Utilities
37.2%
Tax
Obligation/General
13.0%
Tax
Obligation/Limited
12.5%
Health
Care
11.1%
Education
and
Civic
Organizations
9.6%
U.S.
Guaranteed
7.2%
Transportation
6.7%
Consumer
Discretionary
2.7%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
7.6%
AAA
4.7%
AA
42.6%
A
24.7%
BBB
10.0%
N/R
(not
rated)
10.4%
Total
100
%
1
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
Georgia
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
Nuveen
Louisiana
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
May
31,
2022
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holdings
Summa-
ries section
for
further
explanation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
Louisiana
Index.
**
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
Shares
have
a
1%
CDSC
for
redemptions
within
less
than
twelve
months,
which
is
not
reflected
in
the
total
returns.
Class
C
Shares
automatically
convert
to
Class
A
Shares
eight
years
after
purchase.
Returns
for
periods
longer
than
eight
years
for
Class
C
Shares
reflect
the
performance
of
Class
A
Shares
after
the
deemed
eight-year
conversion
to
Class
A
Shares
within
such
periods.
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,
2022
Total
Returns
as
of
May
31,
2022**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
10-Year
Class
A
Shares
at
NAV
9/12/89
(5.61)%
2.13%
2.81%
0.80%
Class
A
Shares
at
maximum
Offering
Price
9/12/89
(9.57)%
1.26%
2.37%
—
S&P
Municipal
Bond
Index
—
(5.97)%
1.89%
2.65%
—
S&P
Municipal
Bond
Louisiana
Index
—
(4.76)%
2.15%
2.89%
—
Lipper
Other
States
Municipal
Debt
Funds
Classification
Average
—
(6.91)%
1.10%
1.82%
—
Class
I
Shares
2/25/97
(5.31)%
2.35%
3.02%
0.60%
Total
Returns
as
of
May
31,
2022**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
Since
Inception
Class
C
Shares
2/10/14
(6.34)%
1.33%
2.38%
1.60%
Effective
Leverage
Ratio
0.00%
Growth
of
an
Assumed
$10,000
Investment
as
of May
31,
2022
-
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
redemption
of
Fund
Shares.
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
May
31,
2022
(continued)
Holdings
Summaries
as
of
May
31,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
96
.0
%
Common
Stocks
3
.2
%
Other
Assets
Less
Liabilities
0.8%
Net
Assets
100
%
States
and
Territories
1
(%
of
total
municipal
bonds)
Louisiana
86.2%
Puerto
Rico
3.6%
Guam
3.6%
Ohio
2.4%
New
York
1.2%
Colorado
0.5%
Virginia
0.5%
Texas
0.5%
Missouri
0.4%
Iowa
0.4%
Illinois
0.2%
Virgin
Islands
0.2%
Wisconsin
0.1%
Minnesota
0.1%
New
Jersey
0.1%
Pennsylvania
0.0%
California
0.0%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Education
and
Civic
Organizations
21.8%
Health
Care
12.6%
Tax
Obligation/Limited
12.4%
Utilities
10.5%
Transportation
9.4%
U.S.
Guaranteed
8.7%
Tax
Obligation/General
7.8%
Other
13.6%
Common
Stocks
3.2%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
8.7%
AAA
0.9%
AA
24.6%
A
22.0%
BBB
11.1%
BB
or
Lower
6.1%
N/R
(not
rated)
23.4%
N/A
(not
applicable)
3.2%
Total
100
%
1
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
Louisiana
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
2
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
Portfolio
Composition
above.
Nuveen
North
Carolina
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
May
31,
2022
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holdings
Summa-
ries section
for
further
explanation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
North
Carolina
Index.
**
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
Shares
have
a
1%
CDSC
for
redemptions
within
less
than
twelve
months,
which
is
not
reflected
in
the
total
returns.
Class
C
Shares
automatically
convert
to
Class
A
Shares
eight
years
after
purchase.
Returns
for
periods
longer
than
eight
years
for
Class
C
Shares
reflect
the
performance
of
Class
A
Shares
after
the
deemed
eight-year
conversion
to
Class
A
Shares
within
such
periods.
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,
2022
Total
Returns
as
of
May
31,
2022**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
10-Year
Class
A
Shares
at
NAV
3/27/86
(8.56)%
0.99%
2.02%
0.77%
Class
A
Shares
at
maximum
Offering
Price
3/27/86
(12.40)%
0.13%
1.58%
—
S&P
Municipal
Bond
Index
—
(5.97)%
1.89%
2.65%
—
S&P
Municipal
Bond
North
Carolina
Index
—
(6.05)%
1.42%
2.14%
—
Lipper
Other
States
Municipal
Debt
Funds
Classification
Average
—
(6.91)%
1.10%
1.82%
—
Class
I
Shares
2/05/97
(8.32)%
1.22%
2.24%
0.57%
Total
Returns
as
of
May
31,
2022**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
Since
Inception
Class
C
Shares
2/10/14
(9.20)%
0.21%
1.40%
1.57%
Effective
Leverage
Ratio
1.46%
Growth
of
an
Assumed
$10,000
Investment
as
of May
31,
2022
-
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
redemption
of
Fund
Shares.
Holdings
Summaries
as
of
May
31,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
99
.6
%
Other
Assets
Less
Liabilities
1.9%
Net
Assets
Plus
Floating
Rate
Obligations
101
.5
%
Floating
Rate
Obligations
(1.5)%
Net
Assets
100
%
States
and
Territories
1
(%
of
total
municipal
bonds)
North
Carolina
97.7%
Puerto
Rico
2.3%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/Limited
24.0%
Transportation
17.0%
Education
and
Civic
Organizations
16.8%
Health
Care
12.8%
Utilities
11.3%
Tax
Obligation/General
10.3%
U.S.
Guaranteed
6.2%
Other
1.6%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
5.6%
AAA
11.6%
AA
60.7%
A
7.1%
BBB
5.3%
N/R
(not
rated)
9.7%
Total
100
%
1
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
North
Carolina
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
2
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
Portfolio
Composition
above.
Yields
as
of
May
31,
2022
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
or
discounts.
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
A
1
Class
C
Class
I
Dividend
Yield
1
.94
%
1
.20
%
2
.28
%
SEC
30-Day
Yield
2
.34
%
1
.68
%
2
.66
%
Taxable-Equivalent
Yield
(46.6%)
2
4
.37
%
3
.13
%
4
.96
%
Nuveen
Louisiana
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
2
.19
%
1
.46
%
2
.50
%
SEC
30-Day
Yield
2
.68
%
2
.01
%
2
.99
%
Taxable-Equivalent
Yield
(45.1%)
2
4
.85
%
3
.63
%
5
.41
%
Nuveen
North
Carolina
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
1
.62
%
0
.88
%
1
.92
%
SEC
30-Day
Yield
2
.44
%
1
.78
%
2
.75
%
Taxable-Equivalent
Yield
(45.8%)
2
4
.50
%
3
.28
%
5
.07
%
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
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.
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,
2022.
The
beginning
of
the
period
is
December
1,
2021.
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
I
Actual
Performance
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
909.51
$
905.41
$
909.49
Expenses
Incurred
During
the
Period
$
4.00
$
7.79
$
3.05
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,020.74
$
1,016.75
$
1,021.74
Expenses
Incurred
During
the
Period
$
4.23
$
8.25
$
3.23
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.84%,
1.64%
and
0.64%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182
/365
(to
reflect
the
one-half
year
period).
Nuveen
Louisiana
Municipal
Bond
Fund
Share
Class
Class
A
Class
C
Class
I
Actual
Performance
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
929.39
$
925.91
$
931.36
Expenses
Incurred
During
the
Period
$
3.80
$
7.63
$
2.84
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,020.99
$
1,017.00
$
1,021.99
Expenses
Incurred
During
the
Period
$
3.98
$
8.00
$
2.97
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.79%,
1.59%
and
0.59%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182
/365
(to
reflect
the
one-half
year
period).
Expense
Examples
(continued)
Nuveen
North
Carolina
Municipal
Bond
Fund
Share
Class
Class
A
Class
C
Class
I
Actual
Performance
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
911.11
$
908.28
$
912.52
Expenses
Incurred
During
the
Period
$
3.67
$
7.47
$
2.72
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,021.09
$
1,017.10
$
1,022.09
Expenses
Incurred
During
the
Period
$
3.88
$
7.90
$
2.87
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.77%,
1.57%
and
0.57%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182
/365
(to
reflect
the
one-half
year
period).
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,
2022,
the
related
statements
of
operations
for
the
year
ended
May
31,
2022,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
May
31,
2022,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
May
31,
2022
(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,
2022,
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,
2022
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
May
31,
2022
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,
2022
by
correspondence
with
the
custodian
and
brokers.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/
PricewaterhouseCoopers
LLP
Chicago,
Illinois
July 28,
2022
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
Nuveen
Funds
since
2002.
Nuveen
Georgia
Municipal
Bond
Fund
Portfolio
of
Investments
May
31,
2022
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
95.0%
MUNICIPAL
BONDS
-
95.0%
Consumer
Discretionary
-
2.5%
Geo.
L.
Smith
II
Georgia
World
Congress
Center
Authority,
Georgia,
Convention
Center
Hotel
Revenue
Bonds, First
Tier
Series
2021A:
$
3,000
4.000%,
1/01/36
1/31
at
100.00
BBB-
$
2,883,720
2,200
4.000%,
1/01/54
1/31
at
100.00
BBB-
2,002,748
5,200
Total
Consumer
Discretionary
4,886,468
Education
and
Civic
Organizations
-
9.2%
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
1,066,070
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
2,129,160
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
2,176,300
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+
3,011,305
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
4,269,000
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
75,663
605
Private
Colleges
and
Universities
Authority,
Georgia,
Revenue
Bonds,
Mercer
University,
Series
2012B,
5.000%,
10/01/24
No
Opt.
Call
Baa1
639,358
830
Private
Colleges
and
Universities
Authority,
Georgia,
Revenue
Bonds,
Mercer
University,
Series
2021,
4.000%,
10/01/50
10/31
at
100.00
Baa1
805,108
2,000
Savannah
Economic
Development
Authority,
Georgia,
Revenue
Bonds,
Savannah
State
University
Projects,
Refunding
&
Improvement
Series
2021B,
4.000%,
6/15/44
6/31
at
100.00
N/R
2,049,260
1,395
Savannah
Economic
Development
Authority,
Georgia,
Revenue
Bonds,
Savannah
State
University
Projects,
Refunding
Series
2021,
4.000%,
6/15/40
6/31
at
100.00
A+
1,441,984
16,655
Total
Education
and
Civic
Organizations
17,663,208
Health
Care
-
10.6%
3,270
Baldwin
County
Hospital
Authority,
Georgia,
Revenue
Bonds,
Oconee
Regional
Medical
Center,
Series
1998,
5.375%,
12/01/28
(4),(5)
7/22
at
100.00
N/R
230,731
301
Baldwin
County
Hospital
Authority,
Georgia,
Revenue
Bonds,
Oconee
Regional
Medical
Center,
Series
2016,
6.500%,
10/01/22
(4),(5)
No
Opt.
Call
N/R
350,657
5,590
Brookhaven
Development
Authority,
Georgia,
Revenue
Bonds,
Children's
Healthcare
of
Atlanta,
Inc.
Project,
Series
2019A,
4.000%,
7/01/44
7/29
at
100.00
AA+
5,673,626
550
Cobb
County
Kennestone
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Wellstar
Health
System,
Inc.
Project,
Series
2022A,
4.000%,
4/01/52
4/32
at
100.00
N/R
550,116
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
780,630
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-
2,462,553
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-
2,515,525
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
2,156,780
3,000
5.250%,
2/15/45
2/27
at
100.00
AA
3,191,550
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
$
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
$
2,531,625
22,781
Total
Health
Care
20,443,793
Tax
Obligation/General
-
12.3%
500
Bleckley
County
School
District,
Georgia,
General
Obligation
Bonds,
Series
2020,
5.000%,
10/01/42
10/30
at
100.00
Aa1
576,450
450
Bryan
County
School
District,
Georgia,
General
Obligation
Bonds,
Series
2021,
5.000%,
8/01/25
No
Opt.
Call
AA+
490,306
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
876,832
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
2,084,380
265
Carroll
County,
Georgia,
General
Obligation
Bonds,
Sales
Tax
Series
2021,
5.000%,
6/01/27
No
Opt.
Call
AA
299,368
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+
2,187,380
825
Cherokee
County
School
System,
Georgia,
General
Obligation
Bonds,
Series
2017,
5.000%,
2/01/28
2/27
at
100.00
AA+
924,206
1,815
Crisp
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Crisp
County
Hospital
Project,
Series
2021,
4.000%,
7/01/51
7/31
at
100.00
A1
1,774,054
4,490
Douglasville
Convention
and
Conference
Center
Authority,
Georgia,
Revenue
Bonds,
Series
2021,
2.250%,
2/01/47
2/31
at
100.00
N/R
3,174,385
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
1,200,980
800
Effingham
County
School
District,
Georgia,
General
Obligation
Bonds,
Series
2022,
4.000%,
9/01/47
9/32
at
100.00
N/R
822,744
500
Franklin
County
School
District,
Georgia,
General
Obligation
Bonds,
Series
2022,
5.000%,
3/01/28
No
Opt.
Call
N/R
572,935
2,000
Gwinnett
County
School
District,
Georgia,
General
Obligation
Bonds,
Series
2019,
5.000%,
2/01/41
2/29
at
100.00
AAA
2,289,080
240
Jackson
County
School
District,
Georgia,
General
Obligation
Bonds,
School
Series
2019,
5.000%,
3/01/32
3/29
at
100.00
AA+
275,904
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
1,454,887
Lumpkin
County
School
District,
Georgia,
General
Obligation
Bonds,
Series
2020:
505
4.000%,
12/01/35
12/30
at
100.00
Aa1
541,845
300
4.000%,
12/01/36
12/30
at
100.00
Aa1
321,465
1,000
Sumter
County
School
District,
Georgia,
General
Obligation
Bonds,
Series
2018,
5.500%,
10/01/27
No
Opt.
Call
Aa1
1,163,460
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
572,520
2,000
Vidalia
School
District,
Toombs
County,
Georgia,
General
Obligation
Bonds,
Series
2016,
5.000%,
8/01/37
2/26
at
100.00
Aa1
2,170,440
23,530
Total
Tax
Obligation/General
23,773,621
Tax
Obligation/Limited
-
11.9%
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+
1,132,510
1,000
5.000%,
12/01/32
12/27
at
100.00
AA+
1,130,680
1,075
5.000%,
12/01/33
12/27
at
100.00
AA+
1,213,632
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
A2
1,566,150
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
A1
2,647,100
425
Atlanta,
Georgia,
Tax
Allocation
Bonds
Atlanta
Station
Project,
Refunding
Series
2017,
5.000%,
12/01/24
No
Opt.
Call
A3
452,540
Nuveen
Georgia
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
1,055
Atlanta,
Georgia,
Tax
Allocation
Bonds,
Beltline
Project,
Series
2016D,
5.000%,
1/01/30
1/27
at
100.00
A2
$
1,155,890
595
Atlanta,
Georgia,
Tax
Allocation
Bonds,
Perry
Bolton
Project
Series
2014,
5.000%,
7/01/34
7/23
at
100.00
A-
606,948
175
Cobb-Marietta
Coliseum
and
Exhibit
Hall
Authority,
Georgia,
Revenue
Bonds,
Refunding
Series
1993,
5.625%,
10/01/26
-
NPFG
Insured
No
Opt.
Call
Baa2
186,676
150
Cobb-Marietta
Coliseum
and
Exhibit
Hall
Authority,
Georgia,
Revenue
Bonds,
Refunding
Series
2005,
5.500%,
10/01/26
-
NPFG
Insured
No
Opt.
Call
AA-
160,768
850
Coweta
County
Public
Facilities
Authority,
Georgia,
Revenue
Bonds,
Coweta
County
Project,
Series
2022,
5.000%,
9/01/42
9/32
at
100.00
N/R
1,005,686
2,010
Downtown
Smyrna
Development
Authority,
Georgia,
General
Obligation
Bonds,
Series
2005,
5.250%,
2/01/28
No
Opt.
Call
AAA
2,200,246
1,671
Georgia
Local
Governments,
Certificates
of
Participation,
Georgia
Municipal
Association,
Series
1998A,
4.750%,
6/01/28
-
NPFG
Insured
No
Opt.
Call
Baa2
1,787,268
Jefferson
Public
Building
Authority,
Georgia,
Revenue
Bonds,
Jackson
County
Project,
Series
2021:
340
4.000%,
3/01/26
No
Opt.
Call
Aa2
362,355
610
4.000%,
3/01/27
No
Opt.
Call
Aa2
658,483
655
4.000%,
3/01/28
No
Opt.
Call
Aa2
711,769
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+
2,181,300
2,000
5.000%,
7/01/42
7/26
at
100.00
AA+
2,179,100
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
1,622,295
21,196
Total
Tax
Obligation/Limited
22,961,396
Transportation
-
6.3%
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
2,516,229
2,000
5.000%,
1/01/33
1/24
at
100.00
Aa3
2,074,200
2,000
Atlanta,
Georgia,
Airport
Passenger
Facilities
Charge
and
General
Revenue
Bonds,
Subordinate
Lien
Series
2019D,
4.000%,
7/01/37,
(AMT)
7/29
at
100.00
N/R
2,049,820
Augusta,
Georgia,
Airport
Revenue
Bonds,
Refunding
General
Series
2015A:
160
5.000%,
1/01/32
1/25
at
100.00
Baa2
165,051
170
5.000%,
1/01/33
1/25
at
100.00
Baa2
175,227
100
5.000%,
1/01/34
1/25
at
100.00
Baa2
103,022
150
5.000%,
1/01/35
1/25
at
100.00
Baa2
154,442
4,875
Georgia
Ports
Authority,
Revenue
Bonds,
Series
2021,
4.000%,
7/01/46
7/31
at
100.00
N/R
4,994,047
11,880
Total
Transportation
12,232,038
U.S.
Guaranteed
-
6.8%
(6)
1,430
Atlanta,
Georgia,
Water
and
Wastewater
Revenue
Bonds,
Tender
Option
Trust
2015-XF0234,
20.039%,
3/01/23,
144A,
(IF)
(7)
No
Opt.
Call
Aa2
2,035,934
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+
529,465
1,980
Gainesville
and
Hall
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Northeast
Georgia
Health
Services
Inc.,
Series
2014A,
5.500%,
8/15/54,
(Pre-refunded
2/15/25)
2/25
at
100.00
AA
2,163,388
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
1,052,730
2,000
Private
Colleges
and
Universities
Authority,
Georgia,
Revenue
Bonds,
Savannah
College
of
Art
&
Design
Projects,
Series
2014,
5.000%,
4/01/44,
(Pre-refunded
4/01/24)
4/24
at
100.00
A+
2,111,960
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
4,441,160
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
(6)
(continued)
$
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
$
824,750
11,720
Total
U.S.
Guaranteed
13,159,387
Utilities
-
35.4%
Atlanta,
Georgia,
Water
and
Wastewater
Revenue
Bonds,
Refunding
Series
2015:
500
5.000%,
11/01/40
5/25
at
100.00
Aa2
531,705
1,000
Atlanta,
Georgia,
Water
and
Wastewater
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
11/01/37
11/27
at
100.00
Aa2
1,117,890
1,635
Atlanta,
Georgia,
Water
and
Wastewater
Revenue
Bonds,
Refunding
Series
2018B,
5.000%,
11/01/47
11/27
at
100.00
Aa2
1,806,332
705
Atlanta,
Georgia,
Water
and
Wastewater
Revenue
Bonds,
Series
1999A,
5.500%,
11/01/22
-
FGIC
Insured
No
Opt.
Call
Aa2
717,182
1,140
Bainbridge,
Georgia,
Combined
Utilities
Revenue
Bonds,
Series
2021,
4.000%,
12/01/51
-
BAM
Insured
12/31
at
100.00
N/R
1,158,593
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-
2,049,213
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+
1,244,412
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+
2,001,015
2,000
Cartersville,
Georgia,
Water
and
Sewer
Revenue
Bonds,
Series
2018,
5.000%,
6/01/48
6/28
at
100.00
AA-
2,205,840
1,900
Dalton,
Georgia,
Combined
Utilities
Revenue
Bonds,
Series
2017,
5.000%,
3/01/31
3/27
at
100.00
A2
2,077,365
Dalton,
Georgia,
Combined
Utilities
Revenue
Bonds,
Series
2020:
500
5.000%,
3/01/30
No
Opt.
Call
A2
577,105
1,000
4.000%,
3/01/34
3/30
at
100.00
A2
1,028,570
1,250
4.000%,
3/01/35
3/30
at
100.00
A2
1,286,337
1,000
4.000%,
3/01/40
3/30
at
100.00
A2
1,021,990
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
3,786,635
2,500
DeKalb
County,
Georgia,
Water
and
Sewerage
Revenue
Bonds,
Second
Resolution
Series
2011A,
5.250%,
10/01/41
7/22
at
100.00
Aa3
2,505,150
605
Etowah
Water
and
Sewer
Authority,
Georgia,
Revenue
Bonds,
Series
2019,
5.000%,
3/01/31
-
BAM
Insured
3/29
at
100.00
AA
689,047
1,000
Fulton
County,
Georgia,
Water
and
Sewerage
Revenue
Bonds,
Refunding
Series
2013,
5.000%,
1/01/33
1/23
at
100.00
AA
1,014,020
2,000
Georgia
Municipal
Electric
Authority,
General
Power
Revenue
Bonds,
Series
2012GG,
5.000%,
1/01/43
1/23
at
100.00
A1
2,021,040
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
1,600,485
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+
3,192,750
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
1,218,144
550
Henry
County
Water
and
Sewerage
Authority,
Georgia,
Revenue
Bonds,
Refunding
Series
2021,
5.000%,
2/01/25
No
Opt.
Call
Aa2
592,532
Jackson
County
Water
and
Sewerage
Authority,
Georgia,
Revenue
Bonds,
Series
2021:
500
4.000%,
9/01/38
-
BAM
Insured
9/31
at
100.00
N/R
527,150
500
4.000%,
9/01/41
-
BAM
Insured
9/31
at
100.00
N/R
515,940
320
Macon
Water
Authority,
Georgia,
Water
and
Sewer
Revenue
Bonds,
Series
2020B,
4.000%,
10/01/39
10/30
at
100.00
Aa1
338,621
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Project
Revenue
Bonds,
Series
2007A:
360
5.500%,
9/15/23
No
Opt.
Call
A+
373,734
2,630
5.500%,
9/15/27
No
Opt.
Call
A+
2,929,320
Nuveen
Georgia
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
$
2,750
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2019A,
5.000%,
5/15/49
No
Opt.
Call
A3
$
3,118,005
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
Aa2
1,573,373
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
2,037,640
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-
969,030
3,325
Monroe,
Georgia,
Combined
Utilities
Revenue
Bonds,
Series
2020,
4.000%,
12/01/45
-
AGM
Insured
12/30
at
100.00
AA
3,395,989
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
2,138,300
1,000
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
M
Bonds,
Series
2021A,
4.000%,
1/01/51
1/30
at
100.00
A
997,630
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
P
Bonds,
Series
2021A:
905
5.000%,
1/01/56
1/30
at
100.00
BBB+
972,413
2,405
5.000%,
1/01/63
1/30
at
100.00
BBB+
2,584,149
3,500
Municipal
Electric
Authority
of
Georgia,
Project
One
Revenue
Bonds,
Subordinate
Lien
Series
2015A,
0.000%,
1/01/32
No
Opt.
Call
A2
2,499,665
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
2,674,312
500
Rockdale
County,
Georgia,
Water
and
Sewerage
Revenue
Bonds,
Series
2020,
5.000%,
7/01/31
7/30
at
100.00
Aa2
585,065
1,500
Sinclair
Water
Authority,
Georgia,
Revenue
Bonds,
Refunding
Series
2019,
4.000%,
4/01/44
4/29
at
100.00
AA
1,528,965
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
1,034,980
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
2,030,140
66,445
Total
Utilities
68,267,773
$
179,407
Total
Long-Term
Investments
(cost
$192,446,285)
183,387,684
Other
Assets
Less
Liabilities
-
5.0%
9,568,386
Net
Assets
-
100%
$
192,956,070
(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)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(5)
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.
(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.
See
accompanying
notes
to
financial
statements.
Nuveen
Louisiana
Municipal
Bond
Fund
Portfolio
of
Investments
May
31,
2022
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
99.2%
MUNICIPAL
BONDS
-
96.0%
Consumer
Staples
-
4.0%
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1:
$
2,770
3.000%,
6/01/48
6/30
at
100.00
BBB+
$
2,154,866
2,080
4.000%,
6/01/48
6/30
at
100.00
BBB+
2,014,563
645
Guam
Economic
Development
&
Commerce
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A,
5.250%,
6/01/32
6/22
at
100.00
N/R
644,987
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
319,218
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-
2,752,972
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+
205,734
1,160
TSASC
Inc.,
New
York,
Tobacco
Asset-Backed
Bonds,
Series
2006,
5.000%,
6/01/48
6/27
at
100.00
N/R
1,177,760
9,835
Total
Consumer
Staples
9,270,100
Education
and
Civic
Organizations
-
21.6%
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
1,068,183
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
824,470
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
Ragin'
Cajun
Facilities
Inc.-
Athletic
Facilities
Project,
Refunding
Series
2021:
500
4.000%,
10/01/40
-
AGM
Insured
10/30
at
100.00
AA
518,990
720
4.000%,
10/01/42
-
AGM
Insured
10/30
at
100.00
AA
736,445
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
3,261,690
1,030
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
Ragin'
Cajun
Facilities
Inc.-
Student
Union/University
Facilities
Project,
Series
2021,
4.000%,
10/01/39
-
AGM
Insured
10/30
at
100.00
AA
1,078,410
750
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
Ragin
Cajun
Facilities,
Inc.-
Lewis
Street
Parking
Garage
Project,
Refunding
Series
2021,
4.000%,
10/01/42
-
AGM
Insured
10/30
at
100.00
AA
767,130
1,000
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Revenue
Bonds,
Louisiana
Tech
University
Student
Housing
&
Recreational
Facilities/Innovative
Student
Facilities
Inc.
Project,
Refunding
Series
2015,
5.000%,
10/01/34
-
AGM
Insured
10/25
at
100.00
AA
1,082,060
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
2013,
5.000%,
7/01/33
7/23
at
100.00
A3
2,048,320
Nuveen
Louisiana
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Revenue
Bonds,
McNeese
State
University
Student
Parking
-
Cowboy
Facilities,
Inc.
Project,
Refunding
Series
2021:
$
500
3.000%,
3/01/33
3/31
at
100.00
N/R
$
468,290
1,200
3.000%,
3/01/37
3/31
at
100.00
N/R
1,064,064
1,270
3.000%,
3/01/39
3/31
at
100.00
N/R
1,094,219
1,000
3.000%,
3/01/42
3/31
at
100.00
N/R
844,350
2,385
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Revenue
Bonds,
Nicholls
State
University
Student
Recreation
Center/NSU
Facilities
Corporation
Project,
Refunding
Series
2021,
4.000%,
10/01/38
10/30
at
100.00
BBB
2,314,404
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
2,192,700
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
1,635,075
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
1,232,933
220
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Tulane
University,
Refunding
Series
2017A,
5.000%,
12/15/30
12/27
at
100.00
A
241,703
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
1,565,710
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
213,080
1,500
5.000%,
7/01/47
7/27
at
100.00
A
1,589,505
Louisiana
Public
Facilities
Authority,
Lease
Revenue
Bonds,
Provident
Group-Flagship
Properties
LLC
-
Louisiana
State
University
GreenHouse
District
Phase
III
Project,
Series
2019A:
2,365
4.000%,
7/01/54
7/29
at
100.00
N/R
2,347,996
2,595
5.000%,
7/01/59
7/29
at
100.00
A
2,781,632
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
1,573,755
3,230
5.000%,
7/01/56
7/26
at
100.00
A
3,375,124
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Loyola
University
of
New
Orleans
Project,
Refunding
Series
2021:
1,275
4.000%,
10/01/40
10/31
at
100.00
Baa1
1,265,030
20
4.000%,
10/01/41
10/31
at
100.00
Baa1
19,783
3,350
4.000%,
10/01/51
10/31
at
100.00
Baa1
3,197,273
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Tulane
University,
Refunding
Series
2020A:
2,000
4.000%,
4/01/40
4/30
at
100.00
A
2,024,000
2,645
4.000%,
4/01/50
4/30
at
100.00
N/R
2,644,286
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
940,000
1,035
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Lake
Charles
Charter
Academy
Foundation
Project,
Series
2011A,
8.000%,
12/15/41
7/22
at
100.00
N/R
1,037,588
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
1,543,725
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
840,664
48,910
Total
Education
and
Civic
Organizations
49,432,587
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Energy
-
0.8%
$
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-
$
173,416
1,700
Saint
John
the
Baptist
Parish,
Louisiana,
Revenue
Bonds,
Marathon
Oil
Corporation
Project,
Refunding
Series
2017B-2,
2.375%,
6/01/37,
(Mandatory
Put
7/01/26)
No
Opt.
Call
BBB-
1,621,596
1,875
Total
Energy
1,795,012
Health
Care
-
12.5%
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
769,476
2,750
5.000%,
12/01/39
12/29
at
100.00
BB
2,923,277
390
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2,
5.000%,
8/01/39
8/29
at
100.00
BBB+
409,644
505
Illinois
Finance
Authority,
Revenue
Bonds,
Ascension
Health/fkaPresence
Health
Network,
Series
2016C,
5.000%,
2/15/36
2/27
at
100.00
AA+
543,829
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
3,180,810
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+
2,125,840
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
1,690,452
Louisiana
Public
Facilities
Authority,
Hospital
Revenue
Bonds,
Franciscan
Missionaries
of
Our
Lady
Health
System,
Series
1998A:
1,240
5.750%,
7/01/25
No
Opt.
Call
A2
1,303,017
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
1,050,490
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+
3,182,400
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+
294,966
200
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Series
2015,
5.000%,
5/15/47
5/25
at
100.00
A
206,108
Puerto
Rico
Industrial,
Tourist,
Educational,
Medical
and
Environmental
Control
Facilities
Financing
Authority,
Hospital
Revenue
Bonds,
(Hospital
Auxilio
Mutuo
Obligated
Group
Project,
Refunding
Series
2021:
310
5.000%,
7/01/31
No
Opt.
Call
N/R
354,786
1,000
5.000%,
7/01/32
7/31
at
100.00
N/R
1,136,500
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
AA-
1,842,116
1,400
5.000%,
7/01/37
7/28
at
100.00
AA-
1,502,354
1,000
4.000%,
7/01/43
7/28
at
100.00
AA-
1,010,680
Saint
Tammany
Parish
Hospital
Service
District
2,
Louisiana,
Hospital
Revenue
Bonds,
Series
2021:
1,305
4.000%,
3/01/38
-
BAM
Insured
3/31
at
100.00
AA
1,381,708
1,430
4.000%,
3/01/40
-
BAM
Insured
3/31
at
100.00
AA
1,486,628
1,000
Tangipahoa
Parish
Hospital
Service
District
1,
Louisiana,
Hospital
Revenue
Bonds,
North
Oaks
Health
System
Project,
Refunding
Series
2021,
4.000%,
2/01/39
2/31
at
100.00
N/R
1,002,270
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
1,089,307
26,955
Total
Health
Care
28,486,658
Nuveen
Louisiana
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Multifamily
-
1.3%
$
1,870
Louisiana
Housing
Finance
Agency,
Multifamily
Housing
Revenue
Bonds,
Mallard
Crossings
Apartments,
Series
2011,
4.750%,
10/01/29
6/22
at
100.00
AA+
$
1,872,375
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
1,026,730
2,870
Total
Housing/Multifamily
2,899,105
Housing/Single
Family
-
2.0%
1,950
Louisiana
Housing
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Home
Ownership
Program,
Series
2020B,
3.500%,
6/01/50
6/29
at
101.21
Aaa
1,975,954
2,630
Louisiana
Housing
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Home
Ownership
Program,
Series
2021D,
3.250%,
12/01/52
6/30
at
101.20
N/R
2,628,659
4,580
Total
Housing/Single
Family
4,604,613
Industrials
-
2.3%
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-
835,184
235
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
249,095
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
244,422
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
84,432
105
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
98,308
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
1,667,280
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
104,032
100
5.500%,
11/01/39,
144A
11/28
at
100.00
N/R
104,550
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
200,864
1,000
Saint
James
Parish,
Louisiana,
Revenue
Bonds,
NuStar
Logistics,
L.P.
Project,
Series
2010A,
6.350%,
10/01/40,
144A
6/30
at
100.00
BB-
1,146,220
205
Saint
James
Parish,
Louisiana,
Revenue
Bonds,
NuStar
Logistics,
L.P.
Project,
Series
2010B,
6.100%,
12/01/40,
(Mandatory
Put
6/01/30),
144A
No
Opt.
Call
BB-
234,518
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-
250,077
6,415
Total
Industrials
5,218,992
Long-Term
Care
-
1.1%
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
2,227,176
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
408,092
3,200
Total
Long-Term
Care
2,635,268
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Materials
-
2.0%
$
4,570
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
BBB
$
4,487,557
Tax
Obligation/General
-
7.8%
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
1,116,317
1,600
4.000%,
9/01/38
-
BAM
Insured
9/29
at
100.00
AA
1,679,728
Cameron
Parish
School
District
15,
Louisiana,
General
Obligtion
Bonds,
Series
2021:
265
4.000%,
10/01/37
10/30
at
100.00
BBB
266,521
350
4.000%,
10/01/39
10/30
at
100.00
BBB
338,986
425
4.000%,
10/01/40
10/30
at
100.00
BBB
409,415
Livingston
Parish
School
District
1,
Louisiana,
General
Obligation
Bonds,
Series
2021:
1,050
4.000%,
5/01/38
-
BAM
Insured
5/31
at
100.00
AA
1,112,759
545
4.000%,
5/01/39
-
BAM
Insured
5/31
at
100.00
AA
572,168
1,000
4.000%,
5/01/41
-
BAM
Insured
5/31
at
100.00
AA
1,030,920
980
Louisiana
State,
General
Obligation
Bonds,
Series
2021A,
5.000%,
3/01/41
3/31
at
100.00
N/R
1,128,852
3,130
New
Orleans,
Louisiana,
General
Obligation
Bonds,
Audubon
Commission
Projects,
Series
2021,
4.000%,
10/01/37
10/31
at
100.00
N/R
3,249,034
New
Orleans,
Louisiana,
General
Obligation
Bonds,
Public
Improvement
Series
2021A:
1,720
5.000%,
12/01/37
12/30
at
100.00
N/R
1,987,804
2,000
5.000%,
12/01/46
12/30
at
100.00
N/R
2,262,680
New
Orleans,
Louisiana,
General
Obligation
Bonds,
Refunding
Series
2015:
125
5.000%,
12/01/27
12/25
at
100.00
A+
136,327
525
5.000%,
12/01/29
12/25
at
100.00
A+
572,203
2,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1,
4.000%,
7/01/46
7/31
at
103.00
N/R
1,871,140
16,770
Total
Tax
Obligation/General
17,734,854
Tax
Obligation/Limited
-
12.3%
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D:
130
5.000%,
11/15/33
11/25
at
100.00
BB
137,830
1,040
5.000%,
11/15/34
11/25
at
100.00
BB
1,101,735
170
4.000%,
11/15/39
11/25
at
100.00
BB
171,207
1,000
5.000%,
11/15/39
11/25
at
100.00
BB
1,056,430
Guam
Government,
Limited
Obligation
Section
30
Revenue
Bonds,
Series
2016A:
1,000
5.000%,
12/01/26
No
Opt.
Call
BB
1,093,700
1,000
5.000%,
12/01/34
12/26
at
100.00
BB
1,074,340
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
3,291,060
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
2,039,900
3,000
4.000%,
12/01/39
-
AGM
Insured
12/29
at
100.00
N/R
3,037,200
2,000
4.000%,
12/01/42
-
AGM
Insured
12/29
at
100.00
AA
2,019,560
1,000
Juban
Trails
Community
Development
District,
Livingston
Parish,
Louisiana,
Special
Assessment Revenue
Bonds,
Series
2022,
4.250%,
6/01/51,
144A
6/32
at
100.00
N/R
859,250
505
Louisiana
Citizens
Property
Insurance
Corporation,
Assessment
Revenue
Bonds,
Refunding
Series
2016A,
5.000%,
6/01/26
No
Opt.
Call
A1
551,990
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
1,548,724
500
Louisiana
Stadium
and
Exposition
District,
Revenue
Bonds,
Bond
Anticipation
Notes
Series
2020,
5.000%,
7/03/23
1/23
at
100.00
BBB+
508,170
Nuveen
Louisiana
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
675
Louisiana
Stadium
and
Exposition
District,
Revenue
Refunding
Bonds,
Senior
Lien
Series
2013A,
5.000%,
7/01/36
7/23
at
100.00
A2
$
698,031
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+
1,515,848
1,490
4.000%,
10/01/39
10/30
at
100.00
A+
1,560,030
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
334,807
1,000
Puerto
Rico
Highway
and
Transportation
Authority,
Highway
Revenue
Bonds,
Series
2007N,
5.250%,
7/01/36
-
AGC
Insured
No
Opt.
Call
AA
1,063,270
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
1,870,163
344
0.000%,
7/01/46
7/28
at
41.38
N/R
104,669
Saint
Charles
Parish
School
Board,
Louisiana,
Sales
&
Use
Tax
Bonds,
Series
2019:
750
4.000%,
8/01/37
8/29
at
100.00
AA
793,147
680
4.000%,
8/01/39
8/29
at
100.00
AA
707,996
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
844,340
110
West
Trace
Community
Development
District,
Westlake,
Louisiana,
Special
Assessment
Revenue
Bonds,
Series
2018,
6.875%,
12/01/46
No
Opt.
Call
N/R
99,176
28,349
Total
Tax
Obligation/Limited
28,082,573
Transportation
-
9.3%
1,410
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
1,429,472
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
802,246
805
Greater
New
Orleans
Expressway
Commission,
Louisiana,
Revenue
Bonds,
Refunding
Series
2013,
5.000%,
11/01/23
-
AGM
Insured
No
Opt.
Call
AA
841,185
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
1,075,040
1,000
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
United
Airlines
Inc.
Terminal
Improvement
Project,
Refunding
Series
2015B-1,
5.000%,
7/15/30,
(AMT)
7/25
at
100.00
B
1,011,510
2,000
Lake
Charles
Harbor
and
Terminal
District,
Louisiana,
Revenue
Bonds,
Series
2013B,
5.000%,
1/01/34,
(AMT)
1/24
at
100.00
AA
2,080,740
1,355
Louisiana
Public
Facilities
Authority,
Dock
and
Wharf
Revenue
Bonds,
Impala
Warehousing
(US)
LLC
Project,
Series
2013,
6.500%,
7/01/36,
(AMT),
144A
7/23
at
100.00
N/R
1,382,195
New
Orleans
Aviation
Board,
Louisiana,
General
Airport
Revenue
Bonds,
Gilf
Opportunity
Zone
Project,
Refunding
Series
2019:
200
4.000%,
1/01/37
1/29
at
100.00
A2
205,260
1,000
4.000%,
1/01/38
1/29
at
100.00
A2
1,024,820
1,015
4.000%,
1/01/39
1/29
at
100.00
A2
1,038,680
2,000
New
Orleans
Aviation
Board,
Louisiana,
General
Airport
Revenue
Bonds,
North
Terminal
Project,
Series
2015B,
5.000%,
1/01/35,
(AMT)
1/25
at
100.00
A2
2,084,740
New
Orleans
Aviation
Board,
Louisiana,
Special
Facility
Revenue
Bonds,
Parking
Facilities
Corporation
Consolidated
Garage
System,
Series
2018A:
1,300
5.000%,
10/01/43
-
AGM
Insured
10/28
at
100.00
AA
1,392,183
2,000
5.000%,
10/01/48
-
AGM
Insured
10/28
at
100.00
AA
2,100,960
840
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
5.000%,
7/01/46,
(AMT)
7/24
at
100.00
BBB
868,963
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
$
2,750
Port
New
Orleans
Board
of
Commissioners,
Louisiana,
Revenue
Bonds,
Port
Facilities,
Refunding
Series
2018B,
5.000%,
4/01/45
-
AGM
Insured,
(AMT)
4/28
at
100.00
AA
$
2,939,558
1,000
Virginia
Small
Business
Financing
Authority,
Private
Activity
Revenue
Bonds,
Transform
66
P3
Project,
Senior
Lien
Series
2017,
5.000%,
12/31/56,
(AMT)
6/27
at
100.00
BBB
1,037,450
20,460
Total
Transportation
21,315,002
U.S.
Guaranteed
-
8.6%
(5)
1,000
East
Baton
Rouge
Sewerage
Commission,
Louisiana,
Revenue
Bonds,
Refunding
Series
2014B,
5.000%,
2/01/39,
(Pre-refunded
2/01/25)
2/25
at
100.00
AA-
1,078,420
500
Guam
A.B.
Won
Pat International
Airport
Authority,
Revenue
Bonds,
Series
2019A,
5.000%,
10/01/22,
(AMT),
(ETM)
No
Opt.
Call
Baa2
505,660
1,500
Louisiana
Energy
and
Power
Authority,
Power
Project
Revenue
Bonds,
LEPA
Unit
1,
Series
2013A,
5.250%,
6/01/38,
(Pre-refunded
6/01/23)
-
AGM
Insured
6/23
at
100.00
AA
1,553,220
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority
Revenue
Bonds,
LCTCS
Act
360
Project,
Series
2014:
2,000
5.000%,
10/01/35,
(Pre-refunded
10/01/24)
10/24
at
100.00
A+
2,139,900
2,000
5.000%,
10/01/37,
(Pre-refunded
10/01/24)
10/24
at
100.00
A+
2,139,900
3,000
5.000%,
10/01/39,
(Pre-refunded
10/01/24)
10/24
at
100.00
A+
3,209,850
1,500
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Revenue
Bonds,
East
Baton
Rouge
Sewerage
Commission
Projects,
Subordinate
Lien
Series
2014A,
5.000%,
2/01/39,
(Pre-refunded
2/01/24)
2/24
at
100.00
A+
1,577,835
1,575
Louisiana
Public
Facilities
Authority,
Hospital
Revenue
and
Refunding
Bonds,
Lafayette
General
Medical
Center
Project,
Series
2016A,
5.000%,
11/01/41,
(Pre-refunded
11/01/25)
11/25
at
100.00
N/R
1,715,222
Louisiana
Public
Facilities
Authority,
Hospital
Revenue
Bonds,
Franciscan
Missionaries
of
Our
Lady
Health
System,
Series
1998A:
25
5.750%,
7/01/25,
(ETM)
No
Opt.
Call
A2
27,743
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Tulane
University,
Refunding
Series
2020A:
355
4.000%,
4/01/50,
(Pre-refunded
4/01/30)
4/30
at
100.00
N/R
389,488
1,500
Louisiana
State,
Highway
Improvement
Revenue
Bonds,
Series
2014A,
5.000%,
6/15/34,
(Pre-refunded
6/15/24)
6/24
at
100.00
AA
1,593,120
1,500
New
Orleans,
Louisiana,
Sewerage
Service
Revenue
Bonds,
Refunding
Series
2014,
4.250%,
6/01/34,
(Pre-refunded
6/01/24)
6/24
at
100.00
A
1,569,420
1,315
New
Orleans,
Louisiana,
Sewerage
Service
Revenue
Bonds,
Series
2015,
5.000%,
6/01/40,
(Pre-refunded
6/01/25)
6/25
at
100.00
A
1,425,184
200
New
Orleans,
Louisiana,
Water
Revenue
Bonds,
Refunding
Series
2014,
5.000%,
12/01/34,
(Pre-refunded
12/01/24)
12/24
at
100.00
A-
214,876
500
Port
New
Orleans
Board
of
Commissioners,
Louisiana,
Revenue
Bonds,
Port
Facilities,
Refunding
Series
2013B,
5.000%,
4/01/32,
(Pre-refunded
4/01/23),
(AMT)
4/23
at
100.00
A
512,375
18,470
Total
U.S.
Guaranteed
19,652,213
Utilities
-
10.4%
1,665
East
Baton
Rouge
Sewerage
Commission,
Louisiana,
Revenue
Bonds,
Refunding
Series
2019A,
4.000%,
2/01/45
2/29
at
100.00
AA-
1,691,740
2,000
Guam
Power
Authority,
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
10/01/37
10/27
at
100.00
BBB
2,115,920
3,200
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
Entergy
Lousiana,
LLC
Project,
Refunding
Series
2021B,
2.500%,
4/01/36
4/26
at
100.00
A
2,738,240
4,750
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Cleco
Power
LLC
Project,
Series
2008,
4.250%,
12/01/38
5/23
at
100.00
A3
4,767,480
1,000
New
Orleans,
Louisiana,
Sewerage
Service
Revenue
Bonds,
Series
2020B,
4.000%,
6/01/50
6/30
at
100.00
A
1,022,590
Nuveen
Louisiana
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
$
2,130
Ohio
Air
Quality
Development
Authority,
Ohio,
Air
Quality
Development
Revenue
Bonds,
FirstEnergy
Generation
Corporation
Project,
Series
2009A,
5.700%,
8/01/22
No
Opt.
Call
N/R
$
2,663
1,000
Ohio
Air
Quality
Development
Authority,
Ohio,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Project,
Refunding
Series
2006A,
3.750%,
12/01/23
(4)
No
Opt.
Call
N/R
1,250
Ohio
Water
Development
Authority,
Pollution
Control
Revenue
Refunding
Bonds,
FirstEnergy
Nuclear
Generating
Corporation
Project,
Series
2009A:
1,000
4.375%,
6/01/33,
(Mandatory
Put
6/01/22)
,
(WI/DD,
Settling
6/01/22)
No
Opt.
Call
N/R
1,000,000
310
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
Shippingport
Project,
First
Energy
Guarantor.,
Series
2005A,
3.750%,
12/01/40
(4)
No
Opt.
Call
N/R
388
Pineville,
Louisiana,
Utility
Revenue
Bonds,
Series
2022:
1,505
4.000%,
5/01/42
-
BAM
Insured
5/32
at
100.00
N/R
1,544,837
1,000
4.000%,
5/01/47
-
BAM
Insured
5/32
at
100.00
N/R
1,025,160
1,500
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Senior
Lien
Series
2012A,
5.250%,
7/01/42
7/22
at
100.00
CCC
1,504,665
365
Shreveport,
Louisiana,
Water
and
Sewer
Revenue
Bonds,
Junior
Lien
Series
2019B,
4.000%,
12/01/49
-
AGM
Insured
12/28
at
100.00
AA
371,942
1,500
Shreveport,
Louisiana,
Water
and
Sewer
Revenue
Bonds,
Refunding
Series
2020B,
3.000%,
12/01/50
12/30
at
100.00
A-
1,281,900
1,500
Shreveport,
Louisiana,
Water
and
Sewer
Revenue
Bonds,
Series
2003A
Refunding,
5.000%,
12/01/32
-
BAM
Insured
12/28
at
100.00
AA
1,690,530
2,000
Shreveport,
Louisiana,
Water
and
Sewer
Revenue
Bonds,
Series
2016B,
5.000%,
12/01/41
-
BAM
Insured
12/26
at
100.00
AA
2,199,840
295
Tangipahoa
Water
District,
Tangipahoa,
Louisiana,
Water
Revenue
Bonds,
Series
2021,
4.000%,
12/01/38
-
BAM
Insured
12/31
at
100.00
N/R
313,626
500
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Series
2007B,
5.000%,
7/01/31
7/22
at
100.00
CCC
468,445
27,220
Total
Utilities
23,741,216
$
220,479
Total
Municipal
Bonds
(cost
$229,159,778)
219,355,750
Shares
Description
(1)
Value
COMMON
STOCKS
-
3.2%
Independent
Power
And
Renewable
Electricity
Producers
-
3.2%
111,006
Energy
Harbor
Corp
(6),(7),(8)
$
7,265,343
Total
Common
Stocks
(cost
$2,755,685)
7,265,343
Total
Long-Term
Investments
(cost
$231,915,463)
226,621,093
Other
Assets
Less
Liabilities
-
0.8%
1,895,037
Net
Assets
-
100%
$
228,516,130
(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)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(5)
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.
(6)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
2.
(7)
Common
Stock
received
as
part
of
the
bankruptcy
settlements
during
February
2020
for
Ohio
Air
Quality
Development
Authority,
Ohio,
Air
Quality
Development
Revenue
Bonds,
FirstEnergy
Generation
Corporation
Project,
Series
2009A;
Ohio
Air
Quality
Development
Authority,
Ohio,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Project,
Refunding
Series
2006A;
and
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
Shippingport
Project,
First
Energy
Guarantor,
Series
2005A.
(8)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
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
ETM
Escrowed
to
maturity
WI/DD
Purchased
on
a
when-issued
or
delayed
delivery
basis.
See
accompanying
notes
to
financial
statements.
Nuveen
North
Carolina
Municipal
Bond
Fund
Portfolio
of
Investments
May
31,
2022
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
99.6%
MUNICIPAL
BONDS
-
99.6%
Education
and
Civic
Organizations
-
16.7%
$
1,995
Appalachian
State
University,
North
Carolina,
General
Revenue
Bonds,
Millennial
Campus
End
Zone
Project,
Series
2018,
5.000%,
5/01/44
5/28
at
100.00
A1
$
2,200,924
2,000
Appalachian
State
University,
North
Carolina,
General
Revenue
Bonds,
Series
2019,
4.000%,
10/01/48
10/29
at
100.00
Aa3
2,024,560
2,000
East
Carolina
University,
North
Carolina,
General
Revenue
Bonds,
Series
2016A,
5.000%,
10/01/29
4/26
at
100.00
AA-
2,186,260
Elizabeth
City
State
University,
North
Carolina,
General
Revenue
Bonds,
Series
2019:
620
5.000%,
4/01/26
-
AGM
Insured
No
Opt.
Call
AA
676,786
645
5.000%,
4/01/27
-
AGM
Insured
No
Opt.
Call
AA
716,647
425
5.000%,
4/01/28
-
AGM
Insured
No
Opt.
Call
AA
474,555
465
5.000%,
4/01/29
-
AGM
Insured
No
Opt.
Call
AA
523,813
745
5.000%,
4/01/30
-
AGM
Insured
4/29
at
100.00
AA
835,435
1,500
5.000%,
4/01/40
-
AGM
Insured
4/29
at
100.00
AA
1,647,945
4,500
North
Carolina
Agricultural
&
Technical
State
University,
General
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
10/01/40
10/25
at
100.00
AA-
4,775,760
1,000
North
Carolina
Capital
Facilities
Finance
Agency,
Educational
Facilities
Revenue
Bonds,
Campbell
University,
Refunding
Series
2021A,
5.000%,
10/01/32
10/31
at
100.00
N/R
1,122,330
1,000
North
Carolina
Capital
Facilities
Finance
Agency,
Revenue
Bonds,
Johnson
&
Wales
University,
Series
2013A,
5.000%,
4/01/28
4/23
at
100.00
A-
1,028,100
North
Carolina
Capital
Facilities
Financing
Agency,
Educational
Facilities
Revenue
Bond,
Meredith
College,
Refunding
Series
2016:
800
4.000%,
6/01/33
6/26
at
100.00
BBB+
812,080
685
4.000%,
6/01/34
6/26
at
100.00
BBB+
694,056
5,000
North
Carolina
Capital
Facilities
Financing
Agency,
Educational
Facilities
Revenue
Bond,
Meredith
College,
Refunding
Series
2018,
5.000%,
6/01/38
6/26
at
100.00
BBB+
5,290,300
7,500
North
Carolina
Capital
Facilities
Financing
Agency,
Educational
Facility
Revenue
Bonds,
Wake
Forest
University,
Series
2018,
5.000%,
1/01/48
1/28
at
100.00
AA
8,202,450
North
Carolina
Central
University,
General
Revenue
Bonds,
Refunding
Series
2016:
3,140
5.000%,
10/01/26
4/26
at
100.00
A3
3,392,833
3,215
5.000%,
10/01/27
4/26
at
100.00
A3
3,472,521
1,035
North
Carolina
Central
University,
General
Revenue
Bonds,
Series
2019,
5.000%,
4/01/38
4/29
at
100.00
A3
1,127,042
1,745
North
Carolina
State
University
at
Raleigh,
General
Revenue
Bonds,
Series
2020A,
5.000%,
10/01/31
4/30
at
100.00
Aa1
2,039,137
960
University
of
North
Carolina
at
Chapel
Hill,
General
Revenue
Bonds,
Series
2021B,
5.000%,
12/01/38
12/31
at
100.00
AAA
1,132,176
5,000
University
of
North
Carolina,
Asheville,
General
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
6/01/42
6/26
at
100.00
A1
5,345,400
University
of
North
Carolina,
Asheville,
General
Revenue
Bonds,
Refunding
Series
2019:
1,025
5.000%,
6/01/30
6/29
at
100.00
A1
1,182,133
1,000
5.000%,
6/01/31
6/29
at
100.00
A1
1,148,890
1,125
5.000%,
6/01/32
6/29
at
100.00
A1
1,289,835
1,180
5.000%,
6/01/33
6/29
at
100.00
A1
1,347,064
1,240
5.000%,
6/01/34
6/29
at
100.00
A1
1,408,764
230
University
of
North
Carolina,
Charlotte,
General
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
10/01/31
10/27
at
100.00
Aa3
255,417
University
of
North
Carolina,
Charlotte,
General
Revenue
Bonds,
Series
2017:
7,515
5.000%,
10/01/42
10/27
at
100.00
Aa3
8,242,753
1,250
5.000%,
10/01/47
10/27
at
100.00
Aa3
1,362,975
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
$
4,415
University
of
North
Carolina,
Charlotte,
General
Revenue
Bonds,
Series
2020A,
4.000%,
10/01/45
10/29
at
100.00
Aa3
$
4,486,435
University
of
North
Carolina,
Greensboro,
General
Revenue
Bonds,
Refunding
Series
2017:
1,000
5.000%,
4/01/30
4/28
at
100.00
Aa3
1,132,540
835
5.000%,
4/01/31
4/28
at
100.00
Aa3
943,926
University
of
North
Carolina,
Greensboro,
General
Revenue
Bonds,
Series
2014:
1,085
5.000%,
4/01/32
4/24
at
100.00
Aa3
1,143,427
2,070
5.000%,
4/01/39
4/24
at
100.00
Aa3
2,181,470
6,000
University
of
North
Carolina,
Greensboro,
General
Revenue
Bonds,
Series
2018,
5.000%,
4/01/43
4/28
at
100.00
Aa3
6,636,900
University
of
North
Carolina,
Wilmington,
General
Revenue
Bonds,
Refunding
Series
2019B:
1,000
5.000%,
10/01/34
10/29
at
100.00
Aa3
1,133,640
1,275
5.000%,
10/01/35
10/29
at
100.00
Aa3
1,443,670
595
4.000%,
10/01/36
10/29
at
100.00
Aa3
616,604
2,045
4.000%,
10/01/37
10/29
at
100.00
Aa3
2,110,808
University
of
North
Carolina,
Wilmington,
General
Revenue
Bonds,
Series
2021:
750
4.000%,
10/01/41
10/29
at
100.00
Aa3
766,170
1,000
4.000%,
10/01/50
10/29
at
100.00
Aa3
1,011,280
4,500
Western
Carolina
University,
North
Carolina,
General
Revenue
Bonds,
Series
2018,
5.000%,
10/01/43
4/28
at
100.00
Aa3
4,927,275
Western
Carolina
University,
North
Carolina,
General
Revenue
Bonds,
Series
2020B:
2,910
4.000%,
4/01/45
4/30
at
100.00
Aa3
2,969,771
7,000
4.000%,
4/01/50
4/30
at
100.00
Aa3
7,107,310
97,020
Total
Education
and
Civic
Organizations
104,570,167
Health
Care
-
12.8%
Charlotte-Mecklenburg
Hospital
Authority,
North
Carolina,
Health
Care
Revenue
Bonds,
DBA
Carolinas
HealthCare
System,
Refunding
Series
2016A:
2,000
5.000%,
1/15/25
No
Opt.
Call
AA-
2,137,600
3,000
5.000%,
1/15/36
1/26
at
100.00
AA-
3,175,470
1,685
5.000%,
1/15/40
1/26
at
100.00
AA-
1,774,811
6,000
Charlotte-Mecklenburg
Hospital
Authority,
North
Carolina,
Health
Care
Revenue
Bonds,
DBA
Carolinas
HealthCare
System,
Variable
Rate
Demand
Series
2021C,
5.000%,
1/15/50,
(Mandatory
Put
12/01/28)
No
Opt.
Call
N/R
6,790,860
7,000
Charlotte-Mecklenburg
Hospital
Authority,
North
Carolina,
Health
Care
Revenue
Bonds,
DBA
Carolinas
HealthCare
System,
Variable
Rate
Demand
Series
2021D,
5.000%,
1/15/49,
(Mandatory
Put
12/01/31)
No
Opt.
Call
AA-
8,110,900
5,500
Charlotte-Mecklenburg
Hospital
Authority,
North
Carolina,
Health
Care
Revenue
Bonds,
Doing
Business
as
Atrium
Health,
Refunding
Series
2022A,
4.000%,
1/15/43
1/32
at
100.00
N/R
5,543,120
7,480
North
Carolina
Medial
Care
Commission,
Health
Care
Facilities
Revenue
Bonds,
Rex
Healthcare,
Series
2020A,
4.000%,
7/01/49
1/30
at
100.00
AA-
7,514,632
555
North
Carolina
Medical
Care
Commission,
Health
Care
Facilities
Revenue
Bonds,
Duke
University
Health
System,
Refunding
Series
2016A,
5.000%,
6/01/28
No
Opt.
Call
AA
629,997
North
Carolina
Medical
Care
Commission,
Health
Care
Facilities
Revenue
Bonds,
Novant
Health
Obligated
Group,
Series
2019A:
14,905
4.000%,
11/01/49
11/29
at
100.00
AA-
15,001,286
5,000
4.000%,
11/01/52
11/29
at
100.00
AA-
5,020,000
2,950
North
Carolina
Medical
Care
Commission,
Health
Care
Facilities
Revenue
Bonds,
Rex
Healthcare,
Series
2015A,
5.000%,
7/01/44
7/25
at
100.00
AA-
3,058,236
5,860
North
Carolina
Medical
Care
Commission,
Health
Care
Facilities
Revenue
Bonds,
Vidant
Health,
Refunding
Series
2015,
5.000%,
6/01/40
6/25
at
100.00
A+
6,070,784
2,000
North
Carolina
Medical
Care
Commission,
Health
Care
Facilities
Revenue
Bonds,
Wake
Forest
Baptist
Obligated
Group,
Series
2012A,
5.000%,
12/01/45
12/22
at
100.00
AA-
2,020,340
Nuveen
North
Carolina
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
North
Carolina
Medical
Care
Commission,
Health
Care
Facilities
Revenues
Bonds,
Wake
Forest
Baptist
Obligated
Group,
Series
2019A:
$
1,000
5.000%,
12/01/31
12/28
at
100.00
AA-
$
1,113,420
1,000
5.000%,
12/01/33
12/28
at
100.00
AA-
1,100,140
North
Carolina
Medical
Care
Commission,
Hospital
Revenue
Bonds,
CaroMont
Health
A/K/A
Gaston
Health,
Series
2021A:
760
5.000%,
2/01/28
No
Opt.
Call
AA-
856,839
330
5.000%,
2/01/51,
(Mandatory
Put
2/01/26)
2/26
at
100.00
AA-
360,901
University
of
North
Carolina,
Chapel
Hill,
Revenue
Bonds,
Hospital
System,
Series
2019:
4,010
5.000%,
2/01/45
No
Opt.
Call
AA
4,760,472
4,060
5.000%,
2/01/49
No
Opt.
Call
AA
4,873,299
75,095
Total
Health
Care
79,913,107
Long-Term
Care
-
1.3%
North
Carolina
Medical
Care
Commission,
Health
Care
Facilities
Revenue
Bonds,
Lutheran
Services
for
the
Aging,
Series
2021A:
280
4.000%,
3/01/29
3/28
at
103.00
N/R
268,293
285
4.000%,
3/01/30
3/28
at
103.00
N/R
269,314
295
4.000%,
3/01/31
3/28
at
103.00
N/R
275,279
550
4.000%,
3/01/41
3/28
at
103.00
N/R
463,331
North
Carolina
Medical
Care
Commission,
Retirement
Facilities
First
Mortgage
Revenue
Bonds,
EveryAge,
Series
2021A:
2,180
4.000%,
9/01/41
9/28
at
103.00
N/R
2,072,897
1,000
4.000%,
9/01/47
9/28
at
103.00
N/R
917,880
1,500
North
Carolina
Medical
Care
Commission,
Retirement
Facilities
First
Mortgage
Revenue
Bonds,
Sharon
Towers,
Series
2019A,
5.000%,
7/01/49
7/26
at
103.00
N/R
1,530,390
950
North
Carolina
Medical
Care
Commission,
Retirement
Facilities
First
Mortgage
Revenue
Bonds,
The
Forest
at
Duke,
Inc.,
Series
2021,
4.000%,
9/01/46
9/28
at
103.00
BBB
924,036
North
Carolina
Medical
Care
Commission,
Retirement
Facilities
First
Mortgage
Revenue
Bonds,
United
Methodist
Retirement
Homes,
Refunding
Series
2016A:
550
5.000%,
10/01/30
10/26
at
100.00
BBB
579,689
225
5.000%,
10/01/31
10/26
at
100.00
BBB
238,349
725
North
Carolina
Medical
Care
Commission,
Revenue
Bonds,
First
Mortgage
Galloway
Ridge
Project,
Refunding
Series
2019A,
5.000%,
1/01/39
1/27
at
103.00
N/R
720,121
8,540
Total
Long-Term
Care
8,259,579
Materials
-
0.3%
1,775
Columbus
County
Industrial
Facilities
and
Pollution
Control
Financing
Authority,
North
Carolina,
Recovery
Zone
Facility
Bonds,
International
Paper
Company
Project,
Refunding
Series
2020A,
1.375%,
5/01/34,
(Mandatory
Put
6/16/25)
No
Opt.
Call
BBB
1,694,841
Tax
Obligation/General
-
10.3%
Charlotte,
North
Carolina,
General
Obligation
Bonds,
Refunding
Series
2016A:
1,000
5.000%,
7/01/28
7/26
at
100.00
AAA
1,108,230
1,250
5.000%,
7/01/30
7/26
at
100.00
AAA
1,378,413
2,000
Charlotte,
North
Carolina,
General
Obligation
Bonds,
Refunding
Series
2019A,
5.000%,
6/01/34
6/29
at
100.00
AAA
2,320,340
1,000
Charlotte,
North
Carolina,
General
Obligation
Bonds,
Refunding
Series
2021A,
5.000%,
6/01/32
6/31
at
100.00
N/R
1,204,890
Davidson
County,
North
Carolina,
General
Obligation
Bonds,
Limited
Obligation
Series
2016:
1,000
5.000%,
6/01/28
6/26
at
100.00
Aa2
1,102,330
1,795
5.000%,
6/01/30
6/26
at
100.00
Aa2
1,968,971
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
Davidson
County,
North
Carolina,
General
Obligation
Bonds,
Refunding
Series
2016:
$
300
5.000%,
6/01/25
No
Opt.
Call
Aa1
$
325,593
1,150
5.000%,
6/01/26
No
Opt.
Call
Aa1
1,275,948
Durham,
North
Carolina,
General
Obligation
Bonds,
Refunding
Series
2021:
575
5.000%,
6/01/28
No
Opt.
Call
AAA
664,453
750
5.000%,
6/01/31
No
Opt.
Call
AAA
905,985
1,000
Guilford
County,
North
Carolina,
General
Obligation
Bonds,
Public
Improvement
Series
2017B,
5.000%,
5/01/26
No
Opt.
Call
AAA
1,111,480
2,160
Guilford
County,
North
Carolina,
General
Obligation
Bonds,
Public
Improvement
Series
2022A,
5.000%,
3/01/31
No
Opt.
Call
N/R
2,604,269
2,285
Guilford
County,
North
Carolina,
General
Obligation
Bonds,
Refunding
Series
2017,
5.000%,
3/01/27
No
Opt.
Call
AAA
2,585,523
Holly
Springs,
North
Carolina,
Limited
Obligation
Bonds,
Series
2021:
375
4.000%,
4/01/25
No
Opt.
Call
AA+
394,980
540
4.000%,
4/01/26
No
Opt.
Call
AA+
576,985
485
5.000%,
4/01/27
No
Opt.
Call
AA+
547,342
415
5.000%,
4/01/28
No
Opt.
Call
AA+
476,125
715
5.000%,
4/01/29
No
Opt.
Call
AA+
832,832
965
5.000%,
4/01/31
No
Opt.
Call
AA+
1,152,075
450
5.000%,
4/01/32
4/31
at
100.00
AA+
533,808
1,075
4.000%,
4/01/33
4/31
at
100.00
AA+
1,174,781
500
4.000%,
4/01/34
4/31
at
100.00
AA+
541,090
2,000
Mecklenburg
County,
North
Carolina,
General
Obligation
Bonds,
Refunding
Series
2013A,
5.000%,
12/01/26
No
Opt.
Call
AAA
2,250,440
New
Hanover
County,
North
Carolina,
General
Obligation
Bonds,
Refunding
Series
2021A:
1,165
4.000%,
8/01/28
No
Opt.
Call
AAA
1,277,015
760
4.000%,
8/01/29
No
Opt.
Call
AAA
840,400
600
4.000%,
8/01/30
No
Opt.
Call
AAA
668,448
670
North
Carolina
State,
General
Obligation
Bonds,
Connect
NC
Public
Improvement
Series
2019B,
5.000%,
6/01/28
No
Opt.
Call
AAA
774,641
4,000
North
Carolina
State,
General
Obligation
Bonds,
Refunding
Series
2014A,
5.000%,
6/01/23
No
Opt.
Call
AAA
4,138,920
11,570
North
Carolina
State,
General
Obligation
Bonds,
Series
2015A,
5.000%,
6/01/24,
(UB)
(4)
No
Opt.
Call
AAA
12,279,472
Pender
County,
North
Carolina,
Limited
General
Obligation
Bonds,
Series
2020A:
555
3.000%,
6/01/40
6/30
at
100.00
Aa3
512,193
500
3.000%,
6/01/45
6/30
at
100.00
Aa3
440,280
2,000
Raleigh,
North
Carolina,
General
Obligation
Bonds,
Refunding
Series
2016A,
5.000%,
9/01/26
No
Opt.
Call
AAA
2,239,320
1,260
Sampson
County
Water
&
Sewer
District
II,
North
Carolina,
General
Obligation
Bonds,
Refunding
Series
2015,
5.000%,
6/01/40
6/25
at
100.00
A1
1,323,567
500
Wake
County,
North
Carolina,
Limited
Obligation
Bonds,
Refunding
Series
2016A,
5.000%,
12/01/35
12/26
at
100.00
AA+
552,410
Wake
County,
North
Carolina,
Limited
Obligation
Bonds,
Series
2018A:
2,000
5.000%,
8/01/32
8/28
at
100.00
AA+
2,279,720
2,045
5.000%,
8/01/36
8/28
at
100.00
AA+
2,318,846
2,000
Wake
County,
North
Carolina,
Limited
Obligation
Bonds,
Series
2019,
5.000%,
9/01/36
9/29
at
100.00
AA+
2,303,240
3,500
Wake
County,
North
Carolina,
Limited
Obligation
Bonds,
Series
2021,
4.000%,
3/01/33
3/31
at
100.00
AA+
3,822,910
Nuveen
North
Carolina
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
Winston-Salem,
North
Carolina,
General
Obligation
Bonds,
Refunding
Series
2020D:
$
150
5.000%,
6/01/26
No
Opt.
Call
AAA
$
167,037
200
5.000%,
6/01/27
No
Opt.
Call
AAA
227,460
175
5.000%,
6/01/28
No
Opt.
Call
AAA
202,225
250
5.000%,
6/01/29
No
Opt.
Call
AAA
293,695
290
5.000%,
6/01/31
No
Opt.
Call
AAA
350,575
57,975
Total
Tax
Obligation/General
64,049,257
Tax
Obligation/Limited
-
23.9%
Asheville,
North
Carolina,
Special
Obligation
Bonds,
Series
2021:
830
5.000%,
4/01/27
No
Opt.
Call
AA
936,688
1,530
5.000%,
4/01/29
No
Opt.
Call
AA
1,777,952
650
5.000%,
4/01/30
No
Opt.
Call
AA
763,419
655
5.000%,
4/01/31
No
Opt.
Call
AA
776,286
Buncombe
County,
North
Carolina,
Limited
Obligation
Bonds,
Refunding
Series
2015:
1,250
5.000%,
6/01/33
6/25
at
100.00
AA+
1,341,162
1,375
5.000%,
6/01/35
6/25
at
100.00
AA+
1,473,189
Burke
County,
North
Carolina,
Limited
Obligation
Bonds,
Series
2018:
400
5.000%,
4/01/29
4/27
at
100.00
Aa3
447,892
100
5.000%,
4/01/31
4/27
at
100.00
Aa3
111,376
Charlotte,
North
Carolina,
Certificates
of
Participation,
Convention
Facilities
Project,
Series
2019A:
1,010
5.000%,
6/01/40
6/29
at
100.00
AA+
1,152,329
3,500
5.000%,
6/01/44
6/29
at
100.00
AA+
3,967,880
Charlotte,
North
Carolina,
Certificates
of
Participation,
Government
Facilities
&
Equipment,
Series
2021B:
990
5.000%,
12/01/29
No
Opt.
Call
N/R
1,164,408
1,060
5.000%,
12/01/30
No
Opt.
Call
N/R
1,260,181
5,345
5.000%,
12/01/31
No
Opt.
Call
N/R
6,437,572
2,000
5.000%,
12/01/32
12/31
at
100.00
N/R
2,393,300
Charlotte,
North
Carolina,
Certificates
of
Participation,
Refunding
Cultural
Arts
Facilities
Series
2019B:
4,080
5.000%,
6/01/35
6/29
at
100.00
AA+
4,685,431
1,930
5.000%,
6/01/37
6/29
at
100.00
AA+
2,211,587
2,450
4.000%,
6/01/38
6/29
at
100.00
AA+
2,584,138
2,505
Charlotte,
North
Carolina,
Storm
Water
Fee
Revenue
Bonds,
Refunding
Series
2014,
5.000%,
12/01/39
12/24
at
100.00
AAA
2,650,791
Charlotte,
North
Carolina,
Storm
Water
Fee
Revenue
Bonds,
Series
2020:
645
5.000%,
12/01/28
No
Opt.
Call
AAA
751,264
710
5.000%,
12/01/30
No
Opt.
Call
AAA
851,893
520
5.000%,
12/01/31
12/30
at
100.00
AAA
621,972
800
5.000%,
12/01/32
12/30
at
100.00
AAA
954,624
625
4.000%,
12/01/34
12/30
at
100.00
AAA
686,250
Chatham
County,
North
Carolina,
Limited
Obligation
Bonds,
Series
2021A:
275
5.000%,
11/01/31
No
Opt.
Call
AA+
330,844
325
5.000%,
11/01/33
11/31
at
100.00
AA+
387,549
575
5.000%,
11/01/34
11/31
at
100.00
AA+
684,285
Cumberland
County,
North
Carolina,
Limited
Obligation
Bonds,
Series
2021:
500
4.000%,
11/01/28
No
Opt.
Call
AA
546,240
500
4.000%,
11/01/30
No
Opt.
Call
AA
550,085
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
Dare
County,
North
Carolina,
Limited
Obligation
Bonds,
Series
2021A:
$
500
4.000%,
6/01/22
No
Opt.
Call
AA
$
500,000
500
4.000%,
6/01/24
No
Opt.
Call
AA
519,905
500
4.000%,
6/01/27
No
Opt.
Call
AA
541,335
500
4.000%,
6/01/29
No
Opt.
Call
AA
547,095
Davidson
County,
North
Carolina,
Limited
Obligation
Bonds,
Series
2020:
500
4.000%,
6/01/38
6/30
at
100.00
Aa2
527,200
500
4.000%,
6/01/39
6/30
at
100.00
Aa2
524,490
Duplin
County,
North
Carolina,
Limited
Obligation
Bonds,
County
Water
Districts,
Series
2016:
1,475
5.000%,
4/01/32
4/26
at
100.00
A+
1,585,197
1,000
5.000%,
4/01/34
4/26
at
100.00
A+
1,070,460
1,265
Durham
Capital
Financing
Corporation,
Durham
County,
North
Carolina,
Limited
Obligation
Bonds,
Refunding
Series
2016,
5.000%,
12/01/30
12/26
at
100.00
AA+
1,406,275
Henderson
County,
North
Carolina,
Limited
Obligation
Bonds,
Series
2021:
430
4.000%,
6/01/25
No
Opt.
Call
AA
453,990
160
4.000%,
6/01/26
No
Opt.
Call
AA
171,106
265
4.000%,
6/01/28
No
Opt.
Call
AA
288,468
335
4.000%,
6/01/30
No
Opt.
Call
AA
367,642
200
4.000%,
6/01/32
6/31
at
100.00
AA
219,326
420
4.000%,
6/01/33
6/31
at
100.00
AA
457,712
218
Hillsborough,
North
Carolina,
Special
Assessement
Revenue
Bonds,
Series
2013,
7.750%,
2/01/24
2/23
at
100.00
N/R
219,025
Hoke
County,
North
Carolina,
Limited
General
Obligation
Bonds,
Series
2021:
400
5.000%,
6/01/27
No
Opt.
Call
Aa3
451,272
500
5.000%,
6/01/28
No
Opt.
Call
Aa3
572,045
495
5.000%,
6/01/29
No
Opt.
Call
Aa3
574,913
695
5.000%,
6/01/30
No
Opt.
Call
Aa3
817,459
400
5.000%,
6/01/31
No
Opt.
Call
Aa3
475,008
1,820
4.000%,
6/01/32
6/31
at
100.00
Aa3
1,928,836
1,835
4.000%,
6/01/33
6/31
at
100.00
Aa3
1,925,392
1,090
4.000%,
6/01/34
6/31
at
100.00
Aa3
1,132,488
Johnston
County
Finance
Corporation,
North
Carolina,
Limited
Obligation
Bonds,
Series
2020A:
1,145
5.000%,
4/01/31
4/30
at
100.00
AA
1,335,390
800
5.000%,
4/01/32
4/30
at
100.00
AA
927,648
555
5.000%,
4/01/33
4/30
at
100.00
AA
642,174
1,000
3.000%,
4/01/38
4/30
at
100.00
AA
972,500
Moore
County,
North
Carolina,
Limited
Obligation
Bonds,
Series
2021:
480
5.000%,
6/01/31
No
Opt.
Call
AA
570,010
775
4.000%,
6/01/33
6/31
at
100.00
AA
844,587
Mooresville,
North
Carolina,
Limited
Obligation
Bonds,
Series
2020A:
350
4.000%,
10/01/27
No
Opt.
Call
AA
380,047
300
4.000%,
10/01/28
No
Opt.
Call
AA
327,510
280
4.000%,
10/01/29
No
Opt.
Call
AA
307,068
220
4.000%,
10/01/30
No
Opt.
Call
AA
241,919
125
4.000%,
10/01/32
10/30
at
100.00
AA
136,175
150
4.000%,
10/01/33
10/30
at
100.00
AA
162,462
700
3.000%,
10/01/36
10/30
at
100.00
AA
689,143
Mooresville,
North
Carolina,
Special
Assessment
Revenue
Bonds,
Series
2015:
355
4.375%,
3/01/25,
144A
No
Opt.
Call
N/R
351,681
1,600
5.375%,
3/01/40,
144A
3/25
at
100.00
N/R
1,523,136
3,375
New
Hanover
County,
North
Carolina,
Limited
Obligation
Bonds,
New
Hanover
County
Financing
Corporation,
Series
2021,
5.000%,
8/01/30
No
Opt.
Call
N/R
3,994,650
Nuveen
North
Carolina
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
4,500
North
Carolina
State,
Federal
Grant
Anticipation
Revenue,
Vehicle
Series
2021,
5.000%,
3/01/31
No
Opt.
Call
AA
$
5,308,740
5,000
North
Carolina
State,
Limited
Obligation
Bonds,
Refunding
Series
2014C,
5.000%,
5/01/25
5/24
at
100.00
AA+
5,279,100
North
Carolina
State,
Limited
Obligation
Bonds,
Refunding
Series
2017B:
4,395
5.000%,
5/01/29
5/27
at
100.00
AA+
4,956,901
8,950
5.000%,
5/01/30
5/27
at
100.00
AA+
10,095,421
North
Carolina
State,
Limited
Obligation
Bonds,
Series
2019A:
2,500
5.000%,
5/01/31
5/29
at
100.00
AA+
2,899,700
2,500
5.000%,
5/01/32
5/29
at
100.00
AA+
2,884,925
North
Carolina
State,
Limited
Obligation
Bonds,
Series
2020B:
2,000
5.000%,
5/01/32
5/30
at
100.00
AA+
2,337,260
5,775
4.000%,
5/01/35
5/30
at
100.00
AA+
6,174,803
1,785
North
Carolina
State,
Limited
Obligation
Bonds,
Series
2022A,
5.000%,
5/01/32
No
Opt.
Call
N/R
2,152,746
1,000
Onslow
County,
North
Carolina,
Limited
Obligation
Bonds,
Series
2016,
5.000%,
10/01/27
10/26
at
100.00
Aa2
1,113,710
Orange
County,
North
Carolina,
Limited
Obligation
Bonds,
Series
2021A:
500
5.000%,
11/15/25
No
Opt.
Call
AA+
548,455
375
5.000%,
11/15/26
No
Opt.
Call
AA+
420,030
700
5.000%,
11/15/27
No
Opt.
Call
AA+
798,483
500
5.000%,
11/15/28
No
Opt.
Call
AA+
579,335
11,946
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
12,227,089
2,200
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
Cofina
Project
Series
2019A-2A,
4.550%,
7/01/40
7/28
at
100.00
N/R
2,228,490
Raleigh,
North
Carolina,
Limited
Obligation
Bonds,
Series
2014A:
455
5.000%,
10/01/33
10/24
at
100.00
AA+
480,885
750
5.000%,
10/01/34
10/24
at
100.00
AA+
792,195
1,000
Raleigh,
North
Carolina,
Limited
Obligation
Bonds,
Series
2020A,
2.125%,
6/01/37
6/30
at
100.00
AA+
827,930
1,000
Rocky
Mount,
North
Carolina,
Special
Obligation
Bonds,
Series
2016,
5.000%,
5/01/29
5/26
at
100.00
AA+
1,097,830
1,970
Sampson
Area
Development
Corporation,
Sampson
County,
North
Carolina,
Installment
Payment
Revenue
Bonds,
Refunding
Series
2010,
5.250%,
6/01/24
-
AGM
Insured
No
Opt.
Call
AA
2,030,932
2,445
Sampson
County,
North
Carolina,
Limited
Obligaiton
Bonds,
Refunding
Series
2015,
5.000%,
12/01/35
12/25
at
100.00
A1
2,596,174
Sampson
County,
North
Carolina,
Limited
Obligaiton
Bonds,
Refunding
Series
2017:
300
5.000%,
9/01/29
9/27
at
100.00
A1
333,690
3,570
5.000%,
9/01/40
9/27
at
100.00
A1
3,874,271
Scotland
County,
North
Carolina,
Limited
Obligation
Bonds,
Series
2017:
500
5.000%,
12/01/30
12/27
at
100.00
A
555,215
250
5.000%,
12/01/33
12/27
at
100.00
A
274,818
Scotland
County,
North
Carolina,
Limited
Obligation
Bonds,
Series
2018:
660
5.000%,
12/01/33
12/28
at
100.00
A
736,316
690
5.000%,
12/01/35
12/28
at
100.00
A
763,616
1,000
Wilmington,
North
Carolina,
Limited
Obligation
Bonds,
Refunding
Series
2016,
5.000%,
6/01/30
6/26
at
100.00
AA+
1,100,920
550
Winston-Salem,
North
Carolina,
Limited
Obligation
Bonds,
Series
2020A,
5.000%,
6/01/25
No
Opt.
Call
AA+
596,921
135,114
Total
Tax
Obligation/Limited
149,250,227
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
-
16.9%
Charlotte,
North
Carolina,
Airport
Revenue
Bonds,
Charlotte
Douglas
International,
Refunding
Series
2014A:
$
4,000
5.000%,
7/01/32
7/24
at
100.00
Aa3
$
4,178,080
5,000
5.000%,
7/01/33
7/24
at
100.00
Aa3
5,219,300
4,935
5.000%,
7/01/34
7/24
at
100.00
Aa3
5,138,273
Charlotte,
North
Carolina,
Airport
Revenue
Bonds,
Charlotte
Douglas
International,
Refunding
Series
2017A:
1,925
5.000%,
7/01/42
7/27
at
100.00
Aa3
2,098,616
6,610
5.000%,
7/01/47
7/27
at
100.00
Aa3
7,165,504
3,500
Charlotte,
North
Carolina,
Airport
Revenue
Bonds,
Charlotte
Douglas
International,
Series
2019A,
4.000%,
7/01/44
7/29
at
100.00
Aa3
3,591,805
North
Carolina
Department
of
Transportation,
Private
Activity
Revenue
Bonds,
I-77
Hot
Lanes
Project,
Series
2015:
1,500
5.000%,
12/31/37,
(AMT)
6/25
at
100.00
BBB-
1,544,385
11,170
5.000%,
6/30/54,
(AMT)
6/25
at
100.00
BBB-
11,364,805
North
Carolina
Turnpike
Authority,
Monroe
Expressway
Toll Revenue
Bonds,
Capital
Appreciation
Series
2017C:
865
0.000%,
7/01/27
7/26
at
96.08
BBB
716,419
880
0.000%,
7/01/29
7/26
at
87.76
BBB
659,965
175
0.000%,
7/01/32
7/26
at
75.72
BBB
112,142
1,500
0.000%,
7/01/34
7/26
at
68.37
BBB
864,405
2,905
0.000%,
7/01/35
7/26
at
64.91
BBB
1,586,827
3,735
0.000%,
7/01/38
7/26
at
55.68
BBB
1,736,775
3,995
0.000%,
7/01/39
7/26
at
52.96
BBB
1,763,073
2,385
0.000%,
7/01/40
7/26
at
50.36
BBB
998,862
1,200
North
Carolina
Turnpike
Authority,
Monroe
Expressway
Toll Revenue
Bonds,
Series
2017A,
5.000%,
7/01/47
7/26
at
100.00
BBB
1,237,692
15,500
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Capital
Appreciation
Series
2019,
0.000%,
1/01/47
1/30
at
58.00
AA+
5,709,890
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Refunding
Senior
Lien
Series
2017:
1,000
5.000%,
1/01/31
-
AGM
Insured
1/27
at
100.00
AA
1,097,460
1,415
5.000%,
1/01/39
-
AGM
Insured
1/27
at
100.00
AA
1,535,346
4,625
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Refunding
Series
2018A,
4.000%,
1/01/33
1/28
at
100.00
AA+
4,910,409
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Senior
Lien
Series
2009B:
70
0.000%,
1/01/34
-
AGC
Insured
No
Opt.
Call
AA
46,472
3,760
0.000%,
1/01/35
-
AGC
Insured
No
Opt.
Call
AA
2,390,345
21,205
0.000%,
1/01/36
-
AGC
Insured
No
Opt.
Call
AA
12,903,454
20,150
0.000%,
1/01/37
-
AGC
Insured
No
Opt.
Call
AA
11,709,165
15,615
0.000%,
1/01/38
-
AGC
Insured
No
Opt.
Call
AA
8,655,707
4,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Senior
Lien
Series
2019,
5.000%,
1/01/49
-
AGM
Insured
1/30
at
100.00
AA
4,475,920
Raleigh
Durham
Airport
Authority,
North
Carolina,
Airport
Revenue
Bonds,
Refunding
Series
2015A:
1,225
5.000%,
5/01/29
5/25
at
100.00
Aa3
1,306,340
300
5.000%,
5/01/30
5/25
at
100.00
Aa3
319,335
790
Raleigh
Durham
Airport
Authority,
North
Carolina,
Airport
Revenue
Bonds,
Refunding
Series
2020A,
5.000%,
5/01/36,
(AMT)
5/30
at
100.00
Aa3
875,470
145,935
Total
Transportation
105,912,241
U.S.
Guaranteed
-
6.1%
(5)
1,215
Cape
Fear
Public
Utility
Authority,
North
Carolina,
Water
&
Sewer
System
Revenue
Bonds,
Refunding
Series
2014A,
5.000%,
6/01/40,
(Pre-
refunded
6/01/24)
6/24
at
100.00
AA+
1,289,018
Cary,
North
Carolina,
Combined
Enterprise
System
Revenue
Bonds,
Series
2017:
400
4.000%,
12/01/38,
(Pre-refunded
12/01/26)
12/26
at
100.00
AAA
432,636
1,700
5.000%,
12/01/41,
(Pre-refunded
12/01/26)
12/26
at
100.00
AAA
1,911,310
Nuveen
North
Carolina
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
(5)
(continued)
$
2,595
East
Carolina
University,
North
Carolina,
General
Revenue
Bonds,
Series
2014A,
5.000%,
10/01/41,
(Pre-refunded
10/01/23)
10/23
at
100.00
AA-
$
2,708,583
2,535
Greensboro,
North
Carolina,
Limited
Obligation
Bonds,
Coliseum
Complex
Project,
Series
2018A,
5.000%,
4/01/42,
(Pre-refunded
4/01/28)
4/28
at
100.00
AA+
2,917,354
1,000
High
Point,
North
Carolina,
Combined
Enterprise
System
Revenue
Bonds,
Series
2014,
5.000%,
11/01/39,
(Pre-refunded
11/01/24)
11/24
at
100.00
AAA
1,070,950
New
Hanover
County,
North
Carolina,
Hospital
Revenue
Bonds,
New
Hanover
Regional
Medical
Center,
Series
2017:
2,895
5.000%,
10/01/35,
(Pre-refunded
10/01/27)
10/27
at
100.00
N/R
3,281,830
2,990
5.000%,
10/01/42,
(Pre-refunded
10/01/27)
10/27
at
100.00
N/R
3,389,524
960
5.000%,
10/01/47,
(Pre-refunded
10/01/27)
10/27
at
100.00
N/R
1,088,275
6,420
North
Carolina
Capital
Facilities
Finance
Agency,
Revenue
Bonds,
Duke
University
Project,
Series
2015
A,
5.000%,
10/01/55,
(Pre-refunded
10/01/25)
10/25
at
100.00
AA+
7,033,174
310
North
Carolina
Eastern
Municipal
Power
Agency,
Power
System
Revenue
Bonds,
Refunding
Series
1993B,
6.000%,
1/01/26,
(ETM)
No
Opt.
Call
N/R
351,214
2,735
North
Carolina
Medical
Care
Commission,
Retirement
Facilities
First
Mortgage
Revenue
Bonds,
United
Methodist
Retirement
Homes,
Refunding
Series
2013A,
5.000%,
10/01/33,
(Pre-refunded
10/01/23)
10/23
at
100.00
N/R
2,849,186
2,750
North
Carolina
State
University
at
Raleigh,
General
Revenue
Bonds,
Series
2013A,
5.000%,
10/01/42,
(Pre-refunded
10/01/23)
10/23
at
100.00
Aa1
2,870,368
4,590
University
of
North
Carolina,
Charlotte,
General
Revenue
Bonds,
Refunding
Series
2015,
5.000%,
4/01/45,
(Pre-refunded
4/01/25)
4/25
at
100.00
Aa3
4,969,364
1,975
University
of
North
Carolina,
Charlotte,
General
Revenue
Bonds,
Series
2014,
5.000%,
4/01/31,
(Pre-refunded
4/01/24)
4/24
at
100.00
Aa3
2,087,397
35,070
Total
U.S.
Guaranteed
38,250,183
Utilities
-
11.3%
Brunswick
County,
North
Carolina,
Enterprise
System
Revenue
Bonds,
Series
2020:
1,350
5.000%,
4/01/31
4/30
at
100.00
AA-
1,574,478
800
5.000%,
4/01/32
4/30
at
100.00
AA-
927,648
2,115
Cape
Fear
Public
Utility
Authority,
North
Carolina, Water
and
Sewer
System
Revenue
Bonds,
Refunding
Series
2019A,
4.000%,
8/01/44
8/29
at
100.00
AA+
2,177,752
Cary,
North
Carolina,
Combined
Enterprise
System
Revenue
Bonds,
Refunding
Series
2020B:
500
5.000%,
12/01/27
No
Opt.
Call
AAA
573,545
410
5.000%,
12/01/29
No
Opt.
Call
AAA
484,694
940
Charlotte,
North
Carolina,
Water
and
Sewer
System
Revenue
Bonds,
Refunding
Series
2015,
5.000%,
7/01/32
7/25
at
100.00
AAA
1,011,224
500
Charlotte,
North
Carolina,
Water
and
Sewer
System
Revenue
Bonds,
Refunding
Series
2018,
5.000%,
7/01/44
7/28
at
100.00
AAA
563,270
1,000
Concord,
North
Carolina,
Utilities
Systems
Revenue
Bonds,
Refunding
Series
2016,
5.000%,
12/01/33
6/26
at
100.00
AA+
1,091,500
Greensboro,
North
Carolina,
Combined
Enterprise
System
Revenue
Bonds,
Refunding
Series
2017B:
1,815
5.000%,
12/01/26
No
Opt.
Call
AAA
2,043,109
1,000
5.000%,
12/01/27
No
Opt.
Call
AAA
1,145,970
2,535
5.000%,
12/01/28
12/27
at
100.00
AAA
2,892,258
5,000
Greensboro,
North
Carolina,
Combined
Enterprise
System
Revenue
Bonds,
Series
2017A,
4.000%,
6/01/47
6/27
at
100.00
AAA
5,103,500
4,500
Greensboro,
North
Carolina,
Combined
Enterprise
System
Revenue
Bonds,
Series
2020A,
4.000%,
6/01/45
6/30
at
100.00
AAA
4,654,215
Greenville
Utilities
Commission,
North
Carolina,
Combined
Enterprise
System
Revenue
Bonds,
Refunding
Series
2021A:
500
5.000%,
5/01/28
No
Opt.
Call
Aa1
574,355
550
5.000%,
5/01/30
No
Opt.
Call
Aa1
648,818
410
4.000%,
5/01/32
5/31
at
100.00
Aa1
452,792
3,330
Greenville,
North
Carolina,
Combined
Enterprise
System
Revenue
Bonds,
Series
2016,
4.000%,
4/01/46
4/26
at
100.00
Aa1
3,371,059
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
$
4,950
Greenville,
North
Carolina,
Combined
Enterprise
System
Revenue
Bonds,
Series
2019,
5.000%,
8/01/44
8/29
at
100.00
Aa1
$
5,625,774
600
Jacksonville
City,
North
Carolina,
Enterprise
System
Revenue
Bonds,
Refunding
Series
2016,
5.250%,
5/01/29
No
Opt.
Call
Aa3
707,598
Lincoln
County,
North
Carolina,
Enterprise
Systems
Revenue
Bonds,
Series
2020:
485
5.000%,
8/01/28
No
Opt.
Call
AA
558,734
320
5.000%,
8/01/29
No
Opt.
Call
AA
373,434
400
5.000%,
8/01/30
No
Opt.
Call
AA
471,820
215
5.000%,
8/01/31
8/30
at
100.00
AA
251,864
255
3.000%,
8/01/32
8/30
at
100.00
AA
257,499
235
3.000%,
8/01/33
8/30
at
100.00
AA
235,907
175
3.000%,
8/01/34
8/30
at
100.00
AA
175,061
250
3.000%,
8/01/35
8/30
at
100.00
AA
246,922
390
3.000%,
8/01/36
8/30
at
100.00
AA
379,786
245
3.000%,
8/01/37
8/30
at
100.00
AA
232,221
480
3.000%,
8/01/39
8/30
at
100.00
AA
446,314
325
3.000%,
8/01/40
8/30
at
100.00
AA
299,790
1,750
Metropolitan
Sewerage
District
of
Buncombe
County,
North
Carolina,
Sewerage
System
Revenue
Bonds,
Series
2014,
5.000%,
7/01/39
7/24
at
100.00
Aaa
1,835,277
1,430
Monroe,
North
Carolina,
Combined
Enterprise
System
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
3/01/43
3/27
at
100.00
A+
1,532,617
740
North
Carolina
Municipal
Power
Agency
1,
Catawba
Electric
Revenue
Bonds,
Refunding
Series
2016A,
5.000%,
1/01/30
7/26
at
100.00
A
803,462
Oak
Island,
North
Carolina,
Enterprise
System
Revenue
Bonds,
Refunding
Series
2015:
3,185
5.000%,
6/01/34
6/25
at
100.00
AA
3,376,482
3,345
5.000%,
6/01/35
6/25
at
100.00
AA
3,544,095
Oak
Island,
North
Carolina,
Enterprise
System
Revenue
Bonds,
Refunding
Series
2017:
1,215
5.000%,
6/01/27
No
Opt.
Call
AA
1,363,412
1,335
5.000%,
6/01/28
6/27
at
100.00
AA
1,487,190
1,000
5.000%,
6/01/33
6/27
at
100.00
AA
1,098,940
Onslow
County,
North
Carolina,
Combined
Enterprise
System
Revenue
Bonds,
Refunding
Series
2016:
600
5.000%,
12/01/25
No
Opt.
Call
Aa3
658,398
940
5.000%,
12/01/28
12/26
at
100.00
Aa3
1,046,173
2,805
Sanford,
North
Carolina,
Enterprise
Systems
Revenue
Bonds,
Refunding
Series
2019,
4.000%,
6/01/45
6/29
at
100.00
Aa3
2,855,630
Union
County,
North
Carolina,
Enterprise
System
Revenue
Bonds,
Series
2015:
1,020
5.000%,
6/01/31
12/25
at
100.00
AA+
1,108,648
500
5.000%,
6/01/32
12/25
at
100.00
AA+
542,855
Union
County,
North
Carolina,
Enterprise
System
Revenue
Bonds,
Series
2017:
400
5.000%,
6/01/24
No
Opt.
Call
AA+
424,124
400
5.000%,
6/01/28
6/27
at
100.00
AA+
450,600
1,400
Union
County,
North
Carolina,
Enterprise
System
Revenue
Bonds,
Series
2019A,
4.000%,
6/01/44
6/29
at
100.00
AA+
1,440,740
Winston-Salem,
North
Carolina,
Water
and
Sewer
System
Revenue
Bonds,
Refunding
Series
2016A:
1,150
5.000%,
6/01/25
No
Opt.
Call
AAA
1,250,556
2,800
5.000%,
6/01/26
No
Opt.
Call
AAA
3,112,340
365
5.000%,
6/01/29
6/26
at
100.00
AAA
402,825
Nuveen
North
Carolina
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
Winston-Salem,
North
Carolina,
Water
and
Sewer
System
Revenue
Bonds,
Series
2022:
$
650
5.000%,
6/01/28
No
Opt.
Call
N/R
$
749,548
500
5.000%,
6/01/29
No
Opt.
Call
N/R
585,975
525
5.000%,
6/01/30
No
Opt.
Call
N/R
624,193
680
4.000%,
6/01/34
6/32
at
100.00
N/R
748,143
65,315
Total
Utilities
70,595,134
$
621,839
Total
Long-Term
Investments
(cost
$632,368,663)
622,494,736
Floating
Rate
Obligations
-
(1.5)%
(
9,255,000
)
Other
Assets
Less
Liabilities
-
1.9%
11,807,696
Net
Assets
-
100%
$
625,047,432
(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,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(5)
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.
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
ETM
Escrowed
to
maturity
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
See
accompanying
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
May
31,
2022
See
accompanying
notes
to
financial
statements.
Georgia
Louisiana
North
Carolina
Assets
Long-term
investments,
at
value
†
$
183,387,684
$
226,621,093
$
622,494,736
Cash
5,633,062
–
–
Receivable
for
interest
2,634,017
3,080,224
8,167,225
Receivable
for
investments
sold
–
1,430,000
2,975,000
Receivable
for
shares
sold
2,521,433
891,307
14,661,725
Other
assets
3,167
3,324
74,833
Total
assets
194,179,363
232,025,948
648,373,519
Liabilities
Cash
overdraft
–
1,797,988
10,121,870
Floating
rate
obligations
–
–
9,255,000
Payable
for
dividends
56,523
71,681
213,062
Payable
for
interest
—
—
42,785
Payable
for
investments
purchased
-
when-issued/delayed-delivery
settlement
—
1,000,000
—
Payable
for
shares
redeemed
919,923
374,939
3,025,733
Accrued
expenses:
Management
fees
80,002
96,023
253,337
Trustees
fees
1,230
1,514
73,861
12b-1
distribution
and
service
fees
24,261
36,131
43,168
Other
141,354
131,542
297,271
Total
liabilities
1,223,293
3,509,818
23,326,087
Commitments
and
contingencies
(as
disclosed
in
Note
8)
Net
assets
$
192,956,070
$
228,516,130
$
625,047,432
†
Long-term
investments,
cost
$
192,446,285
$
231,915,463
$
632,368,663
Georgia
Louisiana
North
Carolina
Class
A
Shares
Net
Assets
$
124,198,933
$
156,506,164
$
201,287,204
Shares
outstanding
12,357,289
14,557,811
19,612,283
Net
asset
value
("NAV")
per
share
$
10.05
$
10.75
$
10.26
Maximum
sales
charge
4.20%
4.20%
4.20%
Offering
price
per
share
(NAV
per
share
plus
maximum
sales
charge)
$
10.49
$
11.22
$
10.71
Class
C
Shares
Net
Assets
$
4,703,753
$
11,781,828
$
11,534,830
Shares
outstanding
469,499
1,100,917
1,122,559
NAV
and
offering
price
per
share
$
10.02
$
10.70
$
10.28
Class
I
Shares
Net
Assets
$
64,053,384
$
60,228,138
$
412,225,398
Shares
outstanding
6,390,359
5,589,435
39,997,309
NAV
and
offering
price
per
share
$
10.02
$
10.78
$
10.31
Fund
level
net
assets
consist
of:
Capital
paid-in
$
206,325,412
$
238,034,511
$
655,108,117
Total
distributable
earnings
(loss)
(13,369,342)
(9,518,381)
(30,060,685)
Fund
level
net
assets
$
192,956,070
$
228,516,130
$
625,047,432
Authorized
shares
-
per
class
Unlimited
Unlimited
Unlimited
Par
value
per
share
$
0.01
$
0.01
$
0.01
Statement
of
Operations
May
31,
2022
See
accompanying
notes
to
financial
statements.
Georgia
Louisiana
North
Carolina
Investment
Income
Interest
$
6,120,558
$
7,701,997
$
18,381,598
Total
Investment
Income
6,120,558
7,701,997
18,381,598
Expenses
–
–
–
Management
fees
1,085,459
1,236,728
3,675,589
12b-1
service
fees
-
Class
A
Shares
282,707
341,044
505,385
12b-1
distribution
and
service
fees
-
Class
C
Shares
54,721
134,140
140,811
12b-1
distribution
and
service
fees
-
Class
C2
Shares
(1)
50
82
179
Shareholder
servicing
agent
fees
140,605
81,117
340,480
Interest
expense
6,357
3,335
102,283
Custodian
expenses,
net
43,977
45,053
96,750
Trustees
fees
6,556
7,552
24,166
Professional
fees
51,978
52,771
84,305
Shareholder
reporting
expenses
24,454
23,153
48,390
Federal
and
state
registration
fees
2,902
3,375
5,039
Other
11,184
12,072
11,925
Total
expenses
1,710,950
1,940,422
5,035,302
Net
investment
income
(loss)
4,409,608
5,761,575
13,346,296
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
from
investments
(
2,056,830
)
(
1,334,477
)
(
11,003,506
)
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(
20,853,250
)
(
18,826,465
)
(
69,457,429
)
Net
realized
and
unrealized
gain
(loss)
(
22,910,080
)
(
20,160,942
)
(
80,460,935
)
Net
increase
(decrease)
in
net
assets
from
operations
$
(
18,500,472
)
$
(
14,399,367
)
$
(
67,114,639
)
(1)
Class
C2
Shares
were
converted
to
Class
A
Shares
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
Statement
of
Changes
in
Net
Assets
See
accompanying
notes
to
financial
statements.
Georgia
Louisiana
Year
Ended
5/31/22
Year
Ended
5/31/21
Year
Ended
5/31/22
Year
Ended
5/31/21
Operations
Net
investment
income
(loss)
$
4,409,608
$
4,315,547
$
5,761,575
$
5,692,847
Net
realized
gain
(loss)
from
investments
(2,056,830)
(45,747)
(1,334,477)
31,726
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(20,853,250)
4,968,738
(18,826,465)
8,729,387
Net
increase
(decrease)
in
net
assets
from
operations
(18,500,472)
9,238,538
(14,399,367)
14,453,960
Distributions
to
Shareholders
Dividends:
Class
A
Shares
(2,745,773)
(2,748,479)
(3,705,606)
(3,944,489)
Class
C
Shares
(61,750)
(89,730)
(180,612)
(266,700)
Class
C2
Shares
(1)
–
(32,014)
–
(68,
450)
Class
I
Shares
(1,539,063)
(1,431,225)
(1,534,439)
(1,436,593)
Decrease
in
net
assets
from
distributions
to
shareholders
(4,346,586)
(4,301,448)
(5,420,657)
(5,716,232)
Fund
Share
Transactions
Proceeds
from
sale
of
shares
95,952,643
71,110,014
59,601,354
60,433,851
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
3,572,486
3,476,871
4,501,999
4,748,929
99,525,129
74,586,885
64,103,353
65,182,780
Cost
of
shares
redeemed
(104,274,688)
(29,995,797)
(50,538,545)
(36,620,398)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
(4,749,559)
44,591,088
13,564,808
28,562,382
Net
increase
(decrease)
in
net
assets
(27,596,617)
49,528,178
(6,255,216)
37,300,110
Net
assets
at
the
beginning
of
period
220,552,687
171,024,509
234,771,346
197,471,236
Net
assets
at
the
end
of
period
$
192,956,070
$
220,552,687
$
228,516,130
$
234,771,346
See
accompanying
notes
to
financial
statements.
North
Carolina
Year
Ended
5/31/22
Year
Ended
5/31/21
Operations
Net
investment
income
(loss)
$
13,346,296
$
14,608,602
Net
realized
gain
(loss)
from
investments
(11,003,506)
29,941
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(69,457,429)
15,734,777
Net
increase
(decrease)
in
net
assets
from
operations
(67,114,639)
30,373,320
Distributions
to
Shareholders
Dividends:
Class
A
Shares
(3,982,255)
(4,739,293)
Class
C
Shares
(108,346)
(188,485)
Class
C2
Shares
(1)
–
(80,649)
Class
I
Shares
(8,881,416)
(9,513,799)
Decrease
in
net
assets
from
distributions
to
shareholders
(12,972,017)
(14,522,226)
Fund
Share
Transactions
Proceeds
from
sale
of
shares
251,578,675
241,767,303
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
10,154,762
11,208,233
261,733,437
252,975,536
Cost
of
shares
redeemed
(337,060,346)
(114,959,879)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
(75,326,909)
138,015,657
Net
increase
(decrease)
in
net
assets
(155,413,565)
153,866,751
Net
assets
at
the
beginning
of
period
780,460,997
626,594,246
Net
assets
at
the
end
of
period
$
625,047,432
$
780,460,997
(1)
Class
C2
Shares
were
converted
to
Class
A
Shares
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
Georgia
The
Fund's
fiscal
year
end
is
May
31st.
The
following
data
is
for
a
share
outstanding for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Ending
NAV
Class
A
2022
$
11.22
$
0.22
$
(
1.18
)
$
(
0.96
)
$
(
0.21
)
$
—
$
(
0.21
)
$
10.05
2021
10.92
0.24
0.30
0.54
(
0.24
)
—
(
0.24
)
11.22
2020
10.81
0.27
0.10
0.37
(
0.26
)
—
(
0.26
)
10.92
2019
10.53
0.28
0.29
0.57
(
0.29
)
—
(
0.29
)
10.81
2018
10.79
0.31
(
0.24
)
0.07
(
0.33
)
—
(
0.33
)
10.53
Class
C
2022
11.18
0.13
(
1.17
)
(
1.04
)
(
0.12
)
—
(
0.12
)
10.02
2021
10.88
0.15
0.30
0.45
(
0.15
)
—
(
0.15
)
11.18
2020
10.77
0.18
0.10
0.28
(
0.17
)
—
(
0.17
)
10.88
2019
10.50
0.20
0.27
0.47
(
0.20
)
—
(
0.20
)
10.77
2018
10.74
0.23
(
0.23
)
—
(
0.24
)
—
(
0.24
)
10.50
Class
I
2022
11.19
0.24
(
1.17
)
(
0.93
)
(
0.24
)
—
(
0.24
)
10.02
2021
10.89
0.26
0.30
0.56
(
0.26
)
—
(
0.26
)
11.19
2020
10.78
0.29
0.10
0.39
(
0.28
)
—
(
0.28
)
10.89
2019
10.50
0.30
0.28
0.58
(
0.30
)
—
(
0.30
)
10.78
2018
10.75
0.33
(
0.24
)
0.09
(
0.34
)
—
(
0.34
)
10.50
(a)
Per
share
Net
Investment
Income
(Loss)
is
calculated
using
the
average
daily
shares
method.
(b)
Total
return
is
the
combination
of
changes
in
NAV
without
any
sales
charge,
reinvested
dividend
income
at
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
Total
returns
are
not
annualized.
(c)
The
expense
ratios
reflect,
among
other
things,
the
interest
expense
deemed
to
have
been
paid
by
the
Fund
on
the
floating
rate
certificates
issued
by
the
special
purpose
trusts
for
the
self-deposited
inverse
floaters
held
by
the
Fund,
where
applicable,
as
described
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives
and
the
interest
expense
and
fees
paid
on
borrowings,
as
described
in
Note
9
-
Borrowing
Arrangements.
(d)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives)
divided
by
the
average
long-term
market
value
during
the
period.
See
accompanying
notes
to
financial
statements.
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Ending
Net
Assets
(000)
Expenses
Including
Interest(c)
Expenses
Excluding
Interest
NII
(Loss)
Portfolio
Turnover
Rate(d)
(
8
.66
)
%
$
124,199
0
.83
%
0
.83
%
1
.98
%
19
%
5
.01
144,796
0
.82
0
.82
2
.18
2
3
.42
107,819
0
.83
0
.83
2
.43
15
5
.48
100,544
0
.84
0
.84
2
.68
19
0
.63
95,507
0
.85
0
.83
2
.96
19
(
9
.35
)
4,704
1
.63
1
.63
1
.18
19
4
.18
6,343
1
.62
1
.62
1
.39
2
2
.59
6,851
1
.63
1
.63
1
.63
15
4
.54
6,347
1
.64
1
.64
1
.88
19
0
.03
8,670
1
.65
1
.63
2
.15
19
(
8
.48
)
64,053
0
.63
0
.63
2
.19
19
5
.23
68,891
0
.62
0
.62
2
.38
2
3
.60
52,098
0
.63
0
.63
2
.63
15
5
.68
47,268
0
.64
0
.64
2
.87
19
0
.89
38,896
0
.65
0
.63
3
.14
19
Financial
Highlights
(continued)
Louisiana
The
Fund's
fiscal
year
end
is
May
31st.
The
following
data
is
for
a
share
outstanding for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Ending
NAV
Class
A
2022
$
11.64
$
0.26
$
(
0.90
)
$
(
0.64
)
$
(
0.25
)
$
—
$
(
0.25
)
$
10.75
2021
11.17
0.31
0.47
0.78
(
0.31
)
—
(
0.31
)
11.64
2020
11.32
0.34
(
0.14
)
0.20
(
0.35
)
—
(
0.35
)
11.17
2019
11.05
0.37
0.26
0.63
(
0.36
)
—
(
0.36
)
11.32
2018
11.19
0.38
(
0.14
)
0.24
(
0.38
)
—
(
0.38
)
11.05
Class
C
2022
11.58
0.17
(
0.90
)
(
0.73
)
(
0.15
)
—
(
0.15
)
10.70
2021
11.11
0.22
0.47
0.69
(
0.22
)
—
(
0.22
)
11.58
2020
11.26
0.25
(
0.15
)
0.10
(
0.25
)
—
(
0.25
)
11.11
2019
11.00
0.28
0.25
0.53
(
0.27
)
—
(
0.27
)
11.26
2018
11.13
0.29
(
0.13
)
0.16
(
0.29
)
—
(
0.29
)
11.00
Class
I
2022
11.66
0.29
(
0.90
)
(
0.61
)
(
0.27
)
—
(
0.27
)
10.78
2021
11.19
0.33
0.47
0.80
(
0.33
)
—
(
0.33
)
11.66
2020
11.34
0.36
(
0.14
)
0.22
(
0.37
)
—
(
0.37
)
11.19
2019
11.08
0.40
0.24
0.64
(
0.38
)
—
(
0.38
)
11.34
2018
11.22
0.41
(
0.15
)
0.26
(
0.40
)
—
(
0.40
)
11.08
(a)
Per
share
Net
Investment
Income
(Loss)
is
calculated
using
the
average
daily
shares
method.
(b)
Total
return
is
the
combination
of
changes
in
NAV
without
any
sales
charge,
reinvested
dividend
income
at
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
Total
returns
are
not
annualized.
(c)
The
expense
ratios
reflect,
among
other
things,
the
interest
expense
deemed
to
have
been
paid
by
the
Fund
on
the
floating
rate
certificates
issued
by
the
special
purpose
trusts
for
the
self-deposited
inverse
floaters
held
by
the
Fund,
where
applicable,
as
described
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives
and
the
interest
expense
and
fees
paid
on
borrowings,
as
described
in
Note
9
-
Borrowing
Arrangements.
(d)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives)
divided
by
the
average
long-term
market
value
during
the
period.
See
accompanying
notes
to
financial
statements.
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Ending
Net
Assets
(000)
Expenses
Including
Interest(c)
Expenses
Excluding
Interest
NII
(Loss)
Portfolio
Turnover
Rate(d)
(
5
.61
)
%
$
156,506
0
.79
%
0
.79
%
2
.31
%
18
%
7
.08
160,148
0
.80
0
.80
2
.70
8
1
.73
135,199
0
.82
0
.81
3
.00
8
5
.81
110,922
0
.85
0
.84
3
.39
14
2
.16
100,312
0
.85
0
.84
3
.45
20
(
6
.34
)
11,782
1
.59
1
.59
1
.51
18
6
.25
13,801
1
.60
1
.60
1
.90
8
0
.90
13,866
1
.62
1
.61
2
.20
8
4
.88
11,797
1
.65
1
.64
2
.58
14
1
.43
10,645
1
.65
1
.64
2
.65
20
(
5
.31
)
60,228
0
.59
0
.59
2
.51
18
7
.29
60,160
0
.60
0
.60
2
.89
8
1
.94
43,182
0
.62
0
.61
3
.20
8
5
.93
35,521
0
.65
0
.64
3
.58
14
2
.37
27,716
0
.65
0
.64
3
.65
20
Financial
Highlights
(continued)
North
Carolina
The
Fund's
fiscal
year
end
is
May
31st.
The
following
data
is
for
a
share
outstanding for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Ending
NAV
Class
A
2022
$
11.40
$
0.18
$
(
1.14
)
$
(
0.96
)
$
(
0.18
)
$
—
$
(
0.18
)
$
10.26
2021
11.14
0.22
0.26
0.48
(
0.22
)
—
(
0.22
)
11.40
2020
10.99
0.25
0.15
0.40
(
0.25
)
—
(
0.25
)
11.14
2019
10.69
0.28
0.31
0.59
(
0.29
)
—
(
0.29
)
10.99
2018
10.94
0.30
(
0.24
)
0.06
(
0.31
)
—
(
0.31
)
10.69
Class
C
2022
11.41
0.09
(
1.13
)
(
1.04
)
(
0.09
)
—
(
0.09
)
10.28
2021
11.15
0.13
0.26
0.39
(
0.13
)
—
(
0.13
)
11.41
2020
11.00
0.16
0.15
0.31
(
0.16
)
—
(
0.16
)
11.15
2019
10.69
0.19
0.32
0.51
(
0.20
)
—
(
0.20
)
11.00
2018
10.94
0.21
(
0.24
)
(
0.03
)
(
0.22
)
—
(
0.22
)
10.69
Class
I
2022
11.45
0.20
(
1.14
)
(
0.94
)
(
0.20
)
—
(
0.20
)
10.31
2021
11.19
0.25
0.26
0.51
(
0.25
)
—
(
0.25
)
11.45
2020
11.04
0.28
0.15
0.43
(
0.28
)
—
(
0.28
)
11.19
2019
10.74
0.30
0.31
0.61
(
0.31
)
—
(
0.31
)
11.04
2018
10.98
0.32
(
0.23
)
0.09
(
0.33
)
—
(
0.33
)
10.74
(a)
Per
share
Net
Investment
Income
(Loss)
is
calculated
using
the
average
daily
shares
method.
(b)
Total
return
is
the
combination
of
changes
in
NAV
without
any
sales
charge,
reinvested
dividend
income
at
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
Total
returns
are
not
annualized.
(c)
The
expense
ratios
reflect,
among
other
things,
the
interest
expense
deemed
to
have
been
paid
by
the
Fund
on
the
floating
rate
certificates
issued
by
the
special
purpose
trusts
for
the
self-deposited
inverse
floaters
held
by
the
Fund,
where
applicable,
as
described
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives
and
the
interest
expense
and
fees
paid
on
borrowings,
as
described
in
Note
9
-
Borrowing
Arrangements.
(d)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives)
divided
by
the
average
long-term
market
value
during
the
period.
See
accompanying
notes
to
financial
statements.
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Ending
Net
Assets
(000)
Expenses
Including
Interest(c)
Expenses
Excluding
Interest
NII
(Loss)
Portfolio
Turnover
Rate(d)
(
8
.56
)
%
$
201,287
0
.77
%
0
.76
%
1
.62
%
18
%
4
.36
267,521
0
.77
0
.76
1
.96
10
3
.68
212,327
0
.80
0
.77
2
.28
7
5
.59
189,556
0
.82
0
.78
2
.59
24
0
.55
174,257
0
.81
0
.78
2
.77
19
(
9
.20
)
11,535
1
.57
1
.56
0
.83
18
3
.53
15,194
1
.57
1
.56
1
.18
10
2
.85
17,209
1
.60
1
.57
1
.48
7
4
.80
17,622
1
.62
1
.58
1
.79
24
(
0
.28
)
19,364
1
.61
1
.58
1
.97
19
(
8
.32
)
412,225
0
.57
0
.56
1
.83
18
4
.56
496,334
0
.57
0
.56
2
.16
10
3
.89
388,595
0
.60
0
.57
2
.48
7
5
.77
320,072
0
.62
0
.58
2
.80
24
0
.87
291,153
0
.61
0
.58
2
.97
19
Notes
to
Financial
Statements
1.
General
Information
Trust
and
Fund
Information
The
Nuveen
Multistate
Trust
III
(the
“Trust”)
is
an
open-end
investment
company
registered
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
as
amended.
The
Trust
is
comprised
of
Nuveen
Georgia
Municipal
Bond
Fund
(“Georgia”),
Nuveen
Louisiana
Municipal
Bond
Fund
(“Louisiana”)
and
Nuveen
North
Carolina
Municipal
Bond
Fund
(“North
Carolina”)
(each
a
“Fund”
and
collectively,
the
“Funds”),
as
diversified
funds,
among
others.
The
Trust
was
organized
as
a
Massachusetts
business
trust
on
July
1,
1996.
The
Funds
were
each
organized
as
a
series
of
predecessor
trusts
or
corporations
prior
to
that
date.
Current
Fiscal
Period
The
end
of
the
reporting
period
for
the
Funds
is
May
31,
2022,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
fiscal
year
ended
May
31,
2022
(the
"current
fiscal
period").
Investment
Adviser
and
Sub-Adviser
The
Funds’
investment
adviser,
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”),
is
a
subsidiary
of
Nuveen,
LLC
(“Nuveen”).
Nuveen
is
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(TIAA).
The
Adviser
has
overall
responsibility
for
management
of
the
Funds,
oversees
the
management
of
the
Funds’
portfolios,
manages
the
Funds’
business
affairs
and
provides
certain
clerical,
bookkeeping
and
other
administrative
services,
and,
if
necessary,
asset
allocation
decisions.
The
Adviser
has
entered
into
sub-advisory
agreements
with
Nuveen
Asset
Management,
LLC,
(the
“Sub-Adviser”),
a
subsidiary
of
the
Adviser,
under
which
the
Sub-Adviser
manages
the
investment
portfolios
of
the
Funds.
Share
Classes
and
Sales
Charges
Class
A
Shares
are
generally
sold
with
an
up-front
sales
charge.
Class
A
Shares
purchases
of
$250,000
or
more
are
sold
at
net
asset
value
(“NAV”)
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
Shares
are
sold
without
an
up-front
sales
charge
but
are
subject
to
a
CDSC
of
1%
if
redeemed
within
twelve
months
of
purchase.
Class
C
Shares
automatically
convert
to
Class
A
Shares
eight
years
after
purchase.
The
Funds
issued
Class
C2
Shares
upon
the
exchange
of
Class
C2
Shares
from
another
Nuveen
mutual
fund
or
for
the
purpose
of
dividend
reinvestment
but
Class
C2
Shares
were
not
available
for
new
accounts
or
for
additional
investment
into
existing
accounts.
Class
C2
Shares
were
subject
to
a
CDSC
of
1%
if
redeemed
within
twelve
months
of
purchase.
Class
C2
Shares
converted
to
Class
A
Shares
after
the
close
of
business
on
June
4,
2021.
Class
I
Shares
are
sold
without
an
up-front
sales
charge.
Other
Matters
The
outbreak
of
the
novel
coronavirus
(“COVID-19”)
and
subsequent
global
pandemic
began
significantly
impacting
the
U.S.
and
global
financial
markets
and
economies
during
the
calendar
quarter
ended
March
31,
2020.
The
worldwide
spread
of
COVID-19
has
created
significant
uncertainty
in
the
global
economy.
The
duration
and
extent
of
COVID-19
over
the
long-term
cannot
be
reasonably
estimated
at
this
time.
The
ultimate
impact
of
COVID-19
and
the
extent
to
which
COVID-19
impacts
the
Funds’
normal
course
of
business,
results
of
operations,
investments,
and
cash
flows
will
depend
on
future
developments,
which
are
highly
uncertain
and
difficult
to
predict.
Management
continues
to
monitor
and
evaluate
this
situation.
2.
Significant
Accounting
Policies
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
the
use
of
estimates
made
by
management
and
the
evaluation
of
subsequent
events.
Actual
results
may
differ
from
those
estimates.
Each
Fund
is
an
investment
company
and
follows
accounting
guidance
in
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
946,
Financial
Services
—
Investment
Companies.
The
NAV
for
financial
reporting
purposes
may
differ
from
the
NAV
for
processing
security
and
shareholder
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and
shareholder
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
shareholder
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds.
Compensation
The Trust
pays
no
compensation
directly
to
those
of
its
trustees
or
to
its
officers,
all
of
whom
receive
remuneration
for
their
services
to the
Trust
from
the
Adviser
or
its
affiliates.
The
Funds'
Board
of Trustees
(the
"Board") has
adopted
a
deferred
compensation
plan
for
independent
trustees
that
enables
trustees
to
elect
to
defer
receipt
of
all
or
a
portion
of
the
annual
compensation
they
are
entitled
to
receive
from
certain
Nuveen-advised
funds.
Under
the
plan,
deferred
amounts
are
treated
as
though
equal
dollar
amounts
had
been
invested
in
shares
of
select
Nuveen-advised
funds.
Custodian
Fee
Credit
As
an
alternative
to
overnight
investments,
each
Fund
has
an
arrangement
with
its
custodian
bank,
State
Street
Bank
and
Trust
Company,
(the
“Custodian”)
whereby
certain
custodian
fees
and
expenses
are
reduced
by
net
credits
earned
on
each
Fund’s
cash
on
deposit
with
the
bank.
Credits
for
cash
balances
may
be
offset
by
charges
for
any
days
on
which
a
Fund
overdraws
its
account
at
the
Custodian.
The
amount
of
custodian
fee
credit
earned
by
a
Fund
is
recognized
on
the
Statement
of
Operations
as
a
component
of
“Custodian
expenses,
net.”
During
the
current
reporting
period,
the
custodian
fee
credit
earned
by
each
Fund
was
as
follows:
Notes
to
Financial
Statements
(continued)
Distributions
to
Shareholders
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
The
amount,
character
and
timing
of
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Indemnifications
Under
the
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
In
addition,
in
the
normal
course
of
business,
the
Trust
enters
into
contracts
that
provide
general
indemnifications
to
other
parties.
The
Trust’s
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust
that
have
not
yet
occurred.
However,
the
Trust
has
not
had
prior
claims
or
losses
pursuant
to
these
contracts
and
expects
the
risk
of
loss
to
be
remote.
Investments
and
Investment
Income
Securities
transactions
are
accounted
for
as
of
the
trade
date
for
financial
reporting
purposes.
Realized
gains
and
losses
on
securities
transactions
are
based
upon
the
specific
identification
method.
Investment
income
is
comprised
of
interest
income,
which
is
recorded
on
an
accrual
basis
and
includes
accretion
of
discounts
and
amortization
of
premiums
for
financial
reporting
purposes.
Interest
income
also
reflects
payment-in-kind
(“PIK”)
interest
and
paydown
gains
and
losses,
if
any.
PIK
interest
represents
income
received
in
the
form
of
securities
in
lieu
of
cash.
Multiclass
Operations
and
Allocations
Income
and
expenses
of
the
Funds
that
are
not
directly
attributable
to
a
specific
class
of
shares
are
prorated
among
the
classes
based
on
the
relative
value
of
the
settled
shares of
each
class.
Expenses
directly
attributable
to
a
class
of
shares
are
recorded
to
the
specific
class.
12b-1
distribution
and
service
fees
are
allocated
on
a
class-specific
basis.
Realized
and
unrealized
capital
gains
and
losses
of
the
Funds
are
prorated
among
the
classes
based
on
the
relative
net
assets
of
each
class.
Netting
Agreements
In
the
ordinary
course
of
business,
the
Funds
may
enter
into
transactions
subject
to
enforceable
master
repurchase
agreements,
International
Swaps
and
Derivatives
Association,
Inc.
(ISDA)
master
agreements
or
other
similar
arrangements
(“netting
agreements”).
Generally,
the
right
to
offset
in
netting
agreements
allows
each
Fund
to
offset
certain
securities
and
derivatives
with
a
specific
counterparty,
when
applicable,
as
well
as
any
collateral
received
or
delivered
to
that
counterparty
based
on
the
terms
of
the
agreements.
Generally,
each
Fund
manages
its
cash
collateral
and
securities
collateral
on
a
counterparty
basis.
The
Funds’
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives.
New
Accounting
Pronouncements
and
Rule
Issuances
Reference
Rate
Reform
In
March
2020,
FASB
issued
Accounting
Standards
Update
(“ASU”)
2020-04,
Reference
Rate
Reform:
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
The
main
objective
of
the
new
guidance
is
to
provide
relief
to
companies
that
will
be
impacted
by
the
expected
change
in
benchmark
interest
rates,
when
participating
banks
will
no
longer
be
required
to
submit
London
Interbank
Offered
Rate
(LIBOR)
quotes
by
the
UK
Financial
Conduct
Authority
(FCA).
The
new
guidance
allows
companies
to,
provided
the
only
change
to
existing
contracts
are
a
change
to
an
approved
benchmark
interest
rate,
account
for
modifications
as
a
continuance
of
the
existing
contract
without
additional
analysis.
For
new
and
existing
contracts,
the
Funds
may
elect
to
apply
the
amendments
as
of
March
12,
2020
through
December
31,
2022.
Management
has
not
yet
elected
to
apply
the
amendments,
is
continuously
evaluating
the
potential
effect
a
discontinuation
of
LIBOR
could
have
on
the
Funds’
investments
and
has
currently
determined
that
it
is
unlikely
the
ASU’s
adoption
will
have
a
significant
impact
on
the
Funds’
financial
statements
and
various
filings.
Securities
and
Exchange
Commission
(“SEC”)
Adopts
New
Rules
to
Modernize
Fund
Valuation
Framework
In
December
2020,
the
SEC
voted
to
adopt
a
new
rule
governing
fund
valuation
practices.
New
Rule
2a-5
under
the
1940
Act
establishes
requirements
for
determining
fair
value
in
good
faith
for
purposes
of
the
1940
Act.
Rule
2a-5
will
permit
fund
boards
to
designate
certain
parties
to
perform
fair
value
determinations,
subject
to
board
oversight
and
certain
other
conditions.
Rule
2a-5
also
defines
when
market
quotations
are
“readily
available”
for
purposes
of
Section
2(a)(41)
of
the
1940
Act,
which
requires
a
fund
to
fair
value
a
security
when
market
quotation
are
not
readily
available.
The
SEC
also
adopted
new
Rule
31a-4
under
the
1940
Act,
which
sets
forth
the
recordkeeping
requirements
associated
with
fair
value determinations.
Finally,
the
SEC
is
rescinding
previously
issued
guidance
on
related
issues,
including
the
role
of
a
board
in
determining
fair
Fund
Gross
Custodian
Fee
Credits
Georgia
$
1,681
Louisiana
2,284
North
Carolina
3,022
value
and
the
accounting
and
auditing
of
fund
investments.
Rule
2a-5
and
Rule
31a-4
became
effective
on
March
8,
2021,
with
a
compliance
date
of
September
8,
2022.
A
fund
may
voluntarily
comply
with
the
rules
after
the
effective
date,
and
in
advance
of
the
compliance
date,
under
certain
conditions.
Management
is
currently
assessing
the
impact
of
these
provisions
on
the
Funds’
financial
statements.
3.
Investment
Valuation
and
Fair
Value
Measurements
The
Funds’
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
A
description
of
the
valuation
techniques
applied
to
the
Funds’
major
classifications
of
assets
and
liabilities
measured
at
fair
value
follows:
Equity
securities
and
exchange-traded
funds
listed
or
traded
on
a
national
market
or
exchange
are
valued
based
on
their
sale
price
at
the
official
close
of
business
of
such
market
or
exchange
on
the
valuation
date.
Foreign
equity
securities
and
registered
investment
companies
that
trade
on
a
foreign
exchange
are
valued
at
the
last
sale
price
or
official
closing
price
reported
on
the
exchange
where
traded
and
converted
to
U.S.
dollars
at
the
prevailing
rates
of
exchange
on
the
date
of
valuation.
To
the
extent
these
securities
are
actively
traded
and
that
valuation
adjustments
are
not
applied,
they
are
generally
classified
as
Level
1.
If
there
is
no
official
close
of
business,
then
the
latest
available
sale
price
is
utilized.
If
no
sales
are
reported,
then
the
mean
of
the
latest
available
bid
and
ask
prices
is
utilized
and
these
securities
are
generally
classified
as
Level
2.
Prices
of
fixed-income
securities
are
generally
provided
by
an
independent
pricing
service
(“pricing
service”)
approved
by
the
Board.
The
pricing
service
establishes
a
security’s
fair
value
using
methods
that
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
In
pricing
certain
securities,
particularly
less
liquid
and
lower
quality
securities,
the
pricing
service
may
consider
information
about
a
security,
its
issuer
or
market
activity
provided
by
the
Adviser.
These
securities
are
generally
classified
as
Level
2.
Any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
above
valuation
procedures
are
deemed
not
to
reflect
fair
value
are
valued
at
fair
value,
as
determined
in
good
faith
using
procedures
approved
by
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
would
appear
to
be
the
amount
that
the
owner
might
reasonably
expect
to
receive
for
it
in
a
current
sale.
A
variety
of
factors
may
be
considered
in
determining
the
fair
value
of
such
securities,
which
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
To
the
extent
the
inputs
are
observable
and
timely,
the
values
would
be
classified
as
Level
2
of
the
fair
value
hierarchy;
otherwise
they
would
be
classified
as
Level
3.
The
following
table
summarizes
the
market
value
of
the
Funds’
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
Notes
to
Financial
Statements
(continued)
The
Funds
hold
liabilities
in
floating
rate
obligations,
where
applicable,
which
are
not
reflected
in
the
tables
above.
The
fair
values
of
the
Funds'
liabilities
for
floating
rate
obligations
approximate
their
liquidation
values.
Floating
rate
obligations
are
generally
classified
as
Level
2
and
further
described
in
Note
4
–
Portfolio
Securities
and
Investments
in
Derivatives.
4.
Portfolio
Securities
and
Investments
in
Derivatives
Portfolio
Securities
Inverse
Floating
Rate
Securities
Each
Fund
is
authorized
to
invest
in
inverse
floating
rate
securities.
An
inverse
floating
rate
security
is
created
by
depositing
a
municipal
bond
(referred
to
as
an
“Underlying
Bond”),
typically
with
a
fixed
interest
rate,
into
a
special
purpose
tender
option
bond
(“TOB”)
trust
(referred
to
as
the
“TOB
Trust”)
created
by
or
at
the
direction
of
one
or
more
Funds.
In
turn,
the
TOB
Trust
issues
(a)
floating
rate
certificates
(referred
to
as
“Floaters”),
in
face
amounts
equal
to
some
fraction
of
the
Underlying
Bond’s
par
amount
or
market
value,
and
(b)
an
inverse
floating
rate
certificate
(referred
to
as
an
“Inverse
Floater”)
that
represents
all
remaining
or
residual
interest
in
the
TOB
Trust.
Floaters
typically
pay
short-term
tax-exempt
interest
rates
to
third
parties
who
are
also
provided
a
right
to
tender
their
certificate
and
receive
its
par
value,
which
may
be
paid
from
the
proceeds
of
a
remarketing
of
the
Floaters,
by
a
loan
to
the
TOB
Trust
from
a
third
party
liquidity
provider
(“Liquidity
Provider”),
or
by
the
sale
of
assets
from
the
TOB
Trust.
The
Inverse
Floater
is
issued
to
a
long
term
investor,
such
as
one
or
more
Funds.
The
income
received
by
the
Inverse
Floater
holder
varies
inversely
with
the
short-term
rate
paid
to
holders
of
the
Floaters,
and
in
most
circumstances
the
Inverse
Floater
holder
bears
substantially
all
of
the
Underlying
Bond’s
downside
investment
risk
and
also
benefits
disproportionately
from
any
potential
appreciation
of
the
Underlying
Bond’s
value.
The
value
of
an
Inverse
Floater
will
be
more
volatile
than
that
of
the
Underlying
Bond
because
the
interest
rate
is
dependent
on
not
only
the
fixed
coupon
rate
of
the
Underlying
Bond
but
also
on
the
short-term
interest
paid
on
the
Floaters,
and
because
the
Inverse
Floater
essentially
bears
the
risk
of
loss
(and
possible
gain)
of
the
greater
face
value
of
the
Underlying
Bond.
The
Inverse
Floater
held
by
a
Fund
gives
the
Fund
the
right
to
(a)
cause
the
holders
of
the
Floaters
to
tender
their
certificates
at
par
(or
slightly
more
than
par
in
certain
circumstances),
and
(b)
have
the
trustee
of
the
TOB
Trust
(the
“Trustee”)
transfer
the
Underlying
Bond
held
by
the
TOB
Trust
to
the
Fund,
thereby
collapsing
the
TOB
Trust.
The
Fund
may
acquire
an
Inverse
Floater
in
a
transaction
where
it
(a)
transfers
an
Underlying
Bond
that
it
owns
to
a
TOB
Trust
created
by
a
third
party
or
(b)
transfers
an
Underlying
Bond
that
it
owns,
or
that
it
has
purchased
in
a
secondary
market
transaction
for
the
purpose
of
creating
an
Inverse
Floater,
to
a
TOB
Trust
created
at
its
direction,
and
in
return
receives
the
Inverse
Floater
of
the
TOB
Trust
(referred
to
as
a
“self-deposited
Inverse
Floater”).
A
Fund
may
also
purchase
an
Inverse
Floater
in
a
secondary
market
transaction
from
a
third
party
creator
of
the
TOB
Trust
without
first
owning
the
Underlying
Bond
(referred
to
as
an
“externally-deposited
Inverse
Floater”).
An
investment
in
a
self-deposited
Inverse
Floater
is
accounted
for
as
a
“financing”
transaction
(i.e.,
a
secured
borrowing).
For
a
self-deposited
Inverse
Floater,
the
Underlying
Bond
deposited
into
the
TOB
Trust
is
identified
in
the
Fund’s
Portfolio
of
Investments
as
“(UB)
–
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction,”
with
the
Fund
recognizing
as
liabilities,
labeled
“Floating
rate
obligations”
on
the
Statement
of
Assets
and
Liabilities,
(a)
the
liquidation
value
of
Floaters
issued
by
the
TOB
Trust,
and
(b)
the
amount
of
any
borrowings
by
the
TOB
Trust
from
a
Liquidity
Provider
to
enable
the
TOB
Trust
to
purchase
outstanding
Floaters
in
lieu
of
a
remarketing.
In
addition,
the
Fund
recognizes
in
“Investment
Income”
the
entire
earnings
of
the
Underlying
Bond,
and
recognizes
(a)
the
interest
paid
to
the
holders
of
the
Floaters
or
on
the
TOB
Trust’s
borrowings,
and
(b)
other
expenses
related
to
remarketing,
administration,
trustee,
liquidity
and
other
services
to
a
TOB
Trust,
as
a
component
Georgia
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
182,806,296
$
581,388**
$
183,387,684
Total
$
–
$
182,806,296
$
581,388
$
183,387,684
Louisiana
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
219,355,750
$
–
$
219,355,750
Common
Stocks
–
7,265,343
***
–
7,265,343
Total
$
–
$
226,621,093
$
–
$
226,621,093
North
Carolina
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
622,494,736
$
–
$
622,494,736
Total
$
–
$
622,494,736
$
–
$
622,494,736
*
Refer
to
the
Fund's
Portfolio
of
Investments
for
industry
classifications.
**
Refer
to
the
Fund’s
Portfolio
of
Investments
for
securities
classified
as
Level
3.
***
Refer
to
the
Fund’s
Portfolio
of
Investments
for
securities
classified
as
Level
2.
of
“Interest
expense”
on
the
Statement
of
Operations.
Earnings
due
from
the
Underlying
Bond
and
interest
due
to
the
holders
of
the
Floaters
as
of
the
end
of
the
reporting
period
are
recognized
as
components
of
“Receivable
for
interest”
and
“Payable
for
interest”
on
the
Statement
of
Assets
and
Liabilities,
respectively.
In
contrast,
an
investment
in
an
externally-deposited
Inverse
Floater
is
accounted
for
as
a
purchase
of
the
Inverse
Floater
and
is
identified
in
the
Fund’s
Portfolio
of
Investments
as
“(IF)
–
Inverse
floating
rate
investment.”
For
an
externally-deposited
Inverse
Floater,
a
Fund’s
Statement
of
Assets
and
Liabilities
recognizes
the
Inverse
Floater
and
not
the
Underlying
Bond
as
an
asset,
and
the
Fund
does
not
recognize
the
Floaters,
or
any
related
borrowings
from
a
Liquidity
Provider,
as
a
liability.
Additionally,
the
Fund
reflects
in
“Investment
Income”
only
the
net
amount
of
earnings
on
the
Inverse
Floater
(net
of
the
interest
paid
to
the
holders
of
the
Floaters
or
the
Liquidity
Provider
as
lender,
and
the
expenses
of
the
Trust),
and
does
not
show
the
amount
of
that
interest
paid
or
the
expenses
of
the
TOB
Trust
as
described
above
as
interest
expense
on
the
Statement
of
Operations.
Fees
paid
upon
the
creation
of
a
TOB
Trust
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
are
recognized
as
part
of
the
cost
basis
of
the
Inverse
Floater
and
are
capitalized
over
the
term
of
the
TOB
Trust.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
Floaters
issued
by
each
Fund’s
TOB
Trust
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
was
as
follows:
During
the
current
fiscal
period,
the
average
amount
of
Floaters
(including
any
borrowings
from
a
Liquidity
Provider)
outstanding,
and
the
average
annual
interest
rates
and
fees
related
to
self-deposited
Inverse
Floaters,
were
as
follows:
TOB
Trusts
are
supported
by
a
liquidity
facility
provided
by
a
Liquidity
Provider
pursuant
to
which
the
Liquidity
Provider
agrees,
in
the
event
that
Floaters
are
(a)
tendered
to
the
Trustee
for
remarketing
and
the
remarketing
does
not
occur,
or
(b)
subject
to
mandatory
tender
pursuant
to
the
terms
of
the
TOB
Trust
agreement,
to
either
purchase
Floaters
or
to
provide
the
Trustee
with
an
advance
from
a
loan
facility
to
fund
the
purchase
of
Floaters
by
the
TOB
Trust.
In
certain
circumstances,
the
Liquidity
Provider
may
otherwise
elect
to
have
the
Trustee
sell
the
Underlying
Bond
to
retire
the
Floaters
that
were
tendered
and
not
remarketed
prior
to
providing
such
a
loan.
In
these
circumstances,
the
Liquidity
Provider
remains
obligated
to
provide
a
loan
to
the
extent
that
the
proceeds
of
the
sale
of
the
Underlying
Bond
are
not
sufficient
to
pay
the
purchase
price
of
the
Floaters.
The
size
of
the
commitment
under
the
loan
facility
for
a
given
TOB
Trust
is
at
least
equal
to
the
balance
of
that
TOB
Trust’s
outstanding
Floaters
plus
any
accrued
interest.
In
consideration
of
the
loan
facility,
fee
schedules
are
in
place
and
are
charged
by
the
Liquidity
Provider(s).
Any
loans
made
by
the
Liquidity
Provider
will
be
secured
by
the
purchased
Floaters
held
by
the
TOB
Trust.
Interest
paid
on
any
outstanding
loan
balances
will
be
effectively
borne
by
the
Fund
that
owns
the
Inverse
Floaters
of
the
TOB
Trust
that
has
incurred
the
borrowing
and
may
be
at
a
rate
that
is
greater
than
the
rate
that
would
have
been
paid
had
the
Floaters
been
successfully
remarketed.
As
described
above,
any
amounts
outstanding
under
a
liquidity
facility
are
recognized
as
a
component
of
“Floating
rate
obligations”
on
the
Statement
of
Assets
and
Liabilities
by
the
Fund
holding
the
corresponding
Inverse
Floaters
issued
by
the
borrowing
TOB
Trust.
As
of
the
end
of
the
reporting
period,
there
were
no
loans
outstanding
under
any such
facilities.
Each
Fund
may
also
enter
into
shortfall
and
forbearance
agreements
(sometimes
referred
to
as
a
“recourse
arrangement”)
(TOB
Trusts
involving
such
agreements
are
referred
to
herein
as
“Recourse
Trusts”),
under
which
a
Fund
agrees
to
reimburse
the
Liquidity
Provider
for
the
Trust’s
Floaters,
in
certain
circumstances,
for
the
amount
(if
any)
by
which
the
liquidation
value
of
the
Underlying
Bond
held
by
the
TOB
Trust
may
fall
short
of
the
sum
of
the
liquidation
value
of
the
Floaters
issued
by
the
TOB
Trust
plus
any
amounts
borrowed
by
the
TOB
Trust
from
the
Liquidity
Provider,
plus
any
shortfalls
in
interest
cash
flows.
Under
these
agreements,
a
Fund’s
potential
exposure
to
losses
related
to
or
on
an
Inverse
Floater
may
increase
beyond
the
value
of
the
Inverse
Floater
as
a
Fund
may
potentially
be
liable
to
fulfill
all
amounts
owed
to
holders
of
the
Floaters
or
the
Liquidity
Provider.
Any
such
shortfall
amount
in
the
aggregate
is
recognized
as
“Unrealized
depreciation
on
Recourse
Trusts”
on
the
Statement
of
Assets
and
Liabilities.
Fund
Floating
Rate
Obligations:
Self-
Deposited
Inverse
Floaters
Floating
Rate
Obligations:
Externally-Deposited
Inverse
Floaters
Total
Georgia
$
—
$
5,720,000
$
5,720,000
Louisiana
—
—
—
North
Carolina
9,255,000
—
9,255,000
Fund
Average
Floating
Rate
Obligations
Outstanding
Average
Annual
Interest
Rate
And
Fees
Georgia
$
—
—
%
Louisiana
—
—
North
Carolina
9,255,000
0.80
Notes
to
Financial
Statements
(continued)
As
of
the
end
of
the
reporting
period,
the
Funds
maximum
exposure
to
the
Floaters
issued
by
Recourse
Trusts
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
was
as
follows:
Zero
Coupon
Securities
A
zero
coupon
security
does
not
pay
a
regular
interest
coupon
to
its
holders
during
the
life
of
the
security.
Income
to
the
holder
of
the
security
comes
from
accretion
of
the
difference
between
the
original
purchase
price
of
the
security
at
issuance
and
the
par
value
of
the
security
at
maturity
and
is
effectively
paid
at
maturity.
The
market
prices
of
zero
coupon
securities
generally
are
more
volatile
than
the
market
prices
of
securities
that
pay
interest
periodically.
Investment
Transactions
Long-term
purchases
and
sales
(including
maturities)
during
the
current fiscal
period
were
as
follows:
The
Funds
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis.
Securities
purchased
on
a
when-issued
or
delayed-delivery
basis
may
have
extended
settlement
periods;
interest
income
is
not
accrued
until
settlement
date.
Any
securities
so
purchased
are
subject
to
market
fluctuation
during
this
period.
The
Funds
have
earmarked
securities
in
their
portfolios
with
a
current
value
at
least
equal
to
the
amount
of
the
when-issued/
delayed
delivery
purchase
commitments.
If
a
Fund
has
outstanding
when-issued/delayed-delivery
purchases
commitments
as
of
the
end
of
the
reporting
period,
such
amounts
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
Investments
in
Derivatives
In
addition
to
the
inverse
floating
rate
securities
in
which each
Fund
may
invest,
which
are
considered
portfolio
securities
for
financial
reporting
purposes, each
Fund
is
authorized
to
invest
in
certain
other
derivative
instruments.
The
Funds
record
derivative
instruments
at
fair
value,
with
changes
in
fair
value
recognized
on
the
Statement
of
Operations,
where
applicable.
Even
though
the
Funds'
investments
in
derivatives
may
represent
economic
hedges,
they
are
not
considered
to
be
hedge
transactions
for
financial
reporting
purposes.
Although
the
Funds
are
authorized
to
invest
in
derivative
instruments,
and
may
do
so
in
the
future,
they
did
not
make
any
such
investments
during
the
current
fiscal
period.
Market
and
Counterparty
Credit
Risk
In
the
normal
course
of
business
each
Fund
may
invest
in
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk)
or
failure
of
the
other
party
to
the
transaction
to
perform
(counterparty
credit
risk).
The
potential
loss
could
exceed
the
value
of
the
financial
assets
recorded
on
the
financial
statements.
Financial
assets,
which
potentially
expose
each
Fund
to
counterparty
credit
risk,
consist
principally
of
cash
due
from
counterparties
on
forward,
option
and
swap
transactions,
when
applicable.
The
extent
of
each
Fund’s
exposure
to
counterparty
credit
risk
in
respect
to
these
financial
assets
approximates
their
carrying
value
as
recorded
on
the
Statement
of
Assets
and
Liabilities.
Each
Fund
helps
manage
counterparty
credit
risk
by
entering
into
agreements
only
with
counterparties
the
Adviser
believes
have
the
financial
resources
to
honor
their
obligations
and
by
having
the
Adviser
monitor
the
financial
stability
of
the
counterparties.
Additionally,
counterparties
may
be
required
to
pledge
collateral
daily
(based
on
the
daily
valuation
of
the
financial
asset)
on
behalf
of
each
Fund
with
a
value
approximately
equal
to
the
amount
of
any
unrealized
gain
above
a
pre-determined
threshold.
Reciprocally,
when
each
Fund
has
an
unrealized
loss,
the
Funds
have
instructed
the
custodian
to
pledge
assets
of
the
Funds
as
collateral
with
a
value
approximately
equal
to
the
amount
of
the
unrealized
loss
above
a
pre-determined
threshold.
Collateral
pledges
are
monitored
and
subsequently
adjusted
if
and
when
the
valuations
fluctuate,
either
up
or
down,
by
at
least
the
predetermined
threshold
amount.
Fund
Maximum
Exposure
to
Recourse
Trusts:
Self-Deposited
Inverse
Floaters
Maximum
Exposure
to
Recourse
Trusts:
Externally-Deposited
Inverse
Floaters
Total
Georgia
$
—
$
5,720,000
$
5,720,000
Louisiana
—
—
—
North
Carolina
9,255,000
—
9,255,000
Fund
Purchases
Sales
and
Maturities
Georgia
$
41,412,068
$
49,101,454
Louisiana
71,826,891
43,279,835
North
Carolina
133,167,566
194,217,756
5.
Fund
Shares
Transactions
in Fund
shares
during
the
current
and
prior
fiscal
period
were
as
follows:
Year
Ended
5/31/22
Year
Ended
5/31/21
Georgia
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
7,210,007
$75,176,802
4,337,863
$48,259,947
Class
A
-
automatic
conversion
of
Class
C2
Shares
46,535
522,593
8,409
93,397
Class
C
38,330
396,865
90,562
1,003,981
Class
C2
(1)
—
—
1,557
17,070
Class
I
1,842,037
19,856,383
1,955,998
21,735,619
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
213,621
2,318,155
203,627
2,266,138
Class
C
5,336
57,759
7,217
80,029
Class
C2
(1)
—
—
2,470
27,345
Class
I
110,875
1,196,572
99,354
1,103,359
9,466,741
99,525,129
6,707,057
74,586,885
Shares
redeemed:
Class
A
(8,023,693)
(84,075,344)
(1,512,870)
(16,811,764)
Class
C
(141,702)
(1,552,766)
(159,840)
(1,769,961)
Class
C2
(1)
—
—
(340,116)
(3,761,151)
Class
C2
-
automatic
conversion
to
Class
A
Shares
(46,703)
(522,603)
(8,433)
(93,397)
Class
I
(1,720,340)
(18,123,975)
(680,352)
(7,559,524)
(9,932,438)
(104,274,688)
(2,701,611)
(29,995,797)
Net
increase
(decrease)
(465,697)
$(4,749,559)
4,005,446
$44,591,088
(1)
Class
C2
Shares
were
converted
to
Class
A
Shares
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
Year
Ended
5/31/22
Year
Ended
5/31/21
Louisiana
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
3,001,852
$34,766,088
3,054,961
$34,942,186
Class
A
-
automatic
conversion
of
Class
C2
Shares
56,975
664,327
1,937
22,270
Class
C
168,273
1,943,075
211,714
2,402,302
Class
C2
(1)
—
—
815
9,161
Class
I
1,950,067
22,227,864
2,007,775
23,057,932
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
269,632
3,074,792
285,745
3,260,370
Class
C
14,628
166,124
20,910
237,299
Class
C2
(1)
—
—
5,682
64,303
Class
I
110,472
1,261,083
103,741
1,186,957
5,571,899
64,103,353
5,693,280
65,182,780
Shares
redeemed:
Class
A
(2,532,005)
(28,567,958)
(1,689,664)
(19,281,624)
Class
C
(273,618)
(3,078,973)
(288,771)
(3,277,542)
Class
C2
(1)
—
—
(416,914)
(4,730,303)
Class
C2
-
automatic
conversion
to
Class
A
Shares
(57,225)
(664,386)
(1,945)
(22,270)
Class
I
(1,628,568)
(18,227,228)
(812,457)
(9,308,659)
(4,491,416)
(50,538,545)
(3,209,751)
(36,620,398)
Net
increase
(decrease)
1,080,483
$13,564,808
2,483,529
$28,562,382
(1)
Class
C2
Shares
were
converted
to
Class
A
Shares
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
Notes
to
Financial
Statements
(continued)
6.
Income
Tax
Information
Each
Fund
is
a
separate
taxpayer
for
federal
income
tax
purposes.
Each
Fund
intends
to
distribute
substantially
all
of
its
net
investment
income
and
net
capital
gains
to
shareholders
and
otherwise
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies.
Therefore,
no
federal
income
tax
provision
is
required.
Each
Fund
intends
to
satisfy
conditions
that
will
enable
interest
from
municipal
securities,
which
is
exempt
from
regular
federal
and
designated
state
income
taxes,
to
retain
such
tax-exempt
status
when
distributed
to
shareholders
of
the
Funds.
Net
realized
capital
gains
and
ordinary
income
distributions
paid
by
the
Funds
are
subject
to
federal
taxation.
Each
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund's
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
each
Fund's
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund's
financial
statements.
Differences
between
amounts
for
financial
statement
and
federal
income
tax
purposes
are
primarily
due
to
timing
differences
in
recognizing
gains
and
losses
on
investment
transactions.
Temporary
differences
do
not
require
reclassification.
As
of
year
end,
permanent
differences
that
resulted
in
reclassifications
among
the
components
of
net
assets
relate
primarily
to
taxable
market
discount.
Temporary
and
permanent
differences
have
no
impact
on
a
Fund’s
net
assets.
As
of
year
end,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
was
as
follows:
For
purposes
of
this
disclosure,
tax
cost
generally
includes
the
cost
of
portfolio
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
year
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
Year
Ended
5/31/22
Year
Ended
5/31/21
North
Carolina
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
9,471,398
$100,533,823
8,197,928
$92,767,106
Class
A
-
automatic
conversion
of
Class
C2
Shares
123,860
1,414,480
146,386
1,652,976
Class
C
159,622
1,790,351
159,673
1,812,965
Class
C2
(1)
—
—
124
1,383
Class
I
13,491,064
147,840,021
12,817,328
145,532,873
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
326,797
3,614,948
375,931
4,249,448
Class
C
8,650
95,815
14,266
161,364
Class
C2
(1)
—
—
6,572
74,219
Class
I
581,729
6,443,999
592,245
6,723,202
24,163,120
261,733,437
22,310,453
252,975,536
Shares
redeemed:
Class
A
(13,770,919)
(146,605,610)
(4,318,255)
(48,784,959)
Class
C
(376,855)
(4,147,444)
(386,122)
(4,376,531)
Class
C2
(1)
—
—
(495,848)
(5,595,156)
Class
C2
-
automatic
conversion
to
Class
A
Shares
(123,864)
(1,414,528)
(146,299)
(1,652,976)
Class
I
(17,419,583)
(184,892,764)
(4,799,245)
(54,550,257)
(31,691,221)
(337,060,346)
(10,145,769)
(114,959,879)
Net
increase
(decrease)
(7,528,101)
$(75,326,909)
12,164,684
$138,015,657
(1)
Class
C2
Shares
were
converted
to
Class
A
Shares
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Georgia
$
192,425,179
$
2,423,291
$
(11,460,786)
$
(9,037,495)
Louisiana
231,602,949
7,019,237
(12,001,093)
(4,981,856)
North
Carolina
623,105,419
16,070,796
(25,936,381)
(9,865,585)
The
tax
character
of
distributions
paid
were
as
follows:
As
of
year
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
7.
Management
Fees
and
Other
Transactions
with
Affiliates
Management
Fees
Each
Fund’s
management
fee
compensates
the
Adviser
for
the
overall
investment
advisory
and
administrative
services
and
general
office
facilities.
The
Sub-Adviser
is
compensated
for
its
services
to
the
Funds
from
the
management
fees
paid
to
the
Adviser.
Each
Fund’s
management
fee
consists
of
two
components
–
a
fund-level
fee,
based
only
on
the
amount
of
assets
within
each
individual
Fund,
and
a
complex-level
fee,
based
on
the
aggregate
amount
of
all
eligible
fund
assets
managed
by
the
Adviser.
This
pricing
structure
enables
each
Fund’s
shareholders
to
benefit
from
growth
in
the
assets
within
their
respective
Fund
as
well
as
from
growth
in
the
amount
of
complex-wide
assets
managed
by
the
Adviser.
The
annual
fund-level
fee,
payable
monthly,
for
each
Fund
is
calculated
according
to
the
following
schedule:
Fund
Undistributed
Tax-Exempt
Income
1
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Unrealized
Appreciation
(Depreciation)
Capital
Loss
Carryforwards
Late-Year
Loss
Deferrals
Other
Book-to-Tax
Differences
Total
Georgia
$
238,202
$
206
$
—
$
(9,037,495)
$
(4,237,553)
$
—
$
(332,702)
$
(13,369,342)
Louisiana
434,148
14,760
—
(4,981,856)
(4,545,047)
—
(440,386)
(9,518,381)
North
Carolina
470,211
4,875
—
(9,865,585)
(19,719,268)
—
(950,918)
(30,060,685)
1
Undistributed
tax-exempt
income
(on
a
tax
basis)
has
not
been
reduced
for
the
dividend
declared
during
the
period
May
1,
2022
through
May
31,
2022
and
paid
on
June
1,
2022.
5/31/22
5/31/21
Fund
Tax-Exempt
Income
1
Ordinary
Income
Long-Term
Capital
Gains
Tax-Exempt
Income
Ordinary
Income
Long-Term
Capital
Gains
Georgia
$
4,327,733
$
18,853
$
—
$
4,300,075
$
1,373
$
—
Louisiana
5,420,516
141
—
5,711,292
4,940
—
North
Carolina
12,966,859
5,158
—
14,507,441
14,785
—
1
Each
Fund
designates
these
amounts
paid
during
the
period
as
Exempt
Interest
Dividends.
Fund
Short-Term
Long-Term
Total
Georgia
$
3,018,717
$
1,218,836
$
4,237,553
Louisiana
3,356,230
1,188,817
4,545,047
North
Carolina
12,459,842
7,259,426
19,719,268
Average
Daily
Net
Assets
Georgia
Louisiana
North
Carolina
For
the
first
$125
million
0.3500
%
0.3500
%
0.3500
%
For
the
next
$125
million
0.3375
0.3375
0.3375
For
the
next
$250
million
0.3250
0.3250
0.3250
For
the
next
$500
million
0.3125
0.3125
0.3125
For
the
next
$1
billion
0.3000
0.3000
0.3000
For
the
next
$3
billion
0.2750
0.2750
0.2750
For
the
next
$5
billion
0.2500
0.2500
0.2500
For
net
assets
over
$10
billion
0.2375
0.2375
0.2375
Notes
to
Financial
Statements
(continued)
The
annual
complex-level
fee,
payable
monthly,
for
each
Fund
is
calculated
according
to
the
following
schedule:
*
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
“eligible
assets”
of
all
Nuveen
open-end
and
closed-end
funds.
Eligible
assets
do
not
include
assets
attributable
to
investments
in
other
Nuveen
funds
or
assets
in
excess
of
a
determined
amount
(originally
$2
billion)
added
to
the
Nuveen
fund
complex
in
connection
with
the
Adviser’s
assumption
of
the
management
of
the
former
First
American
Funds
effective
January
1,
2011,
but
do
include
certain
assets
of
certain
Nuveen
funds
that
were
reorganized
into
funds
advised
by
an
affiliate
of
the
Adviser
during
the
2019
calendar
year.
Eligible
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
certain
types
of
leverage.
For
these
purposes,
leverage
includes
the
closed-end
funds’
use
of
preferred
stock
and
borrowings
and
certain
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities,
subject
to
an
agreement
by
the
Adviser
as
to
certain
funds
to
limit
the
amount
of
such
assets
for
determining
eligible
assets
in
certain
circumstances.
As
of
May
31,
2022,
the
complex-level
fee
rate
for
each
Fund
was
as
follows:
Distribution
and
Service
Fees
Each
Fund
has
adopted
a
distribution
and
service
plan
under
rule
12b-1
under
the
1940
Act.
Class
A
Shares
incur
a
0.20%
annual
12b-1
service
fee.
Class
C
Shares
incur
a
0.75%
annual
12b-1
distribution
fee
and
a
0.25%
annual
12b-1
service
fee. Class
I
Shares
are
not
subject
to
12b-1
distribution
or
service
fees.
The
fees
under
this
plan
compensate
Nuveen
Securities,
LLC,
(the
“Distributor”),
a
wholly-owned
subsidiary
of
Nuveen,
for
services
provided
and
expenses
incurred
in
distributing
shares
of
the
Funds
and
establishing
and
maintaining
shareholder
accounts.
Other
Transactions
with
Affiliates
Each
Fund
is
permitted
to
purchase
or
sell
securities
from
or
to
certain
other
funds
or
accounts
managed
by
the
Sub-Adviser
(“Affiliated
Entity”)
under
specified
conditions
outlined
in
procedures
adopted
by
the
Board
("cross-trade').
These
procedures
have
been
designed
to
ensure
that
any
cross-trade
of
securities
by
the
Fund
from
or
to
an
Affiliated
Entity
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
adviser),
common
officer
and/or
common
trustee
complies
with
Rule
17a-7
under
the
1940
Act.
These
transactions
are
effected
at
the
current
market
price
(as
provided
by
an
independent
pricing
service)
without
incurring
broker
commissions.
During
the
current
fiscal
period,
the
Funds
did
not
engage
in
cross-trades
pursuant
to
these
procedures.
During
the
current
fiscal
period,
the
Distributor,
collected
sales
charges
on
purchases
of
Class
A
Shares,
the
majority
of
which
were
paid
out
as
concessions
to
financial
intermediaries
as
follows:
The
Distributor
also
received
12b-1
service
fees
on
Class
A
Shares,
substantially
all
of
which
were
paid
to
compensate
financial
intermediaries
for
providing
services
to
shareholders
relating
to
their
investments.
Complex-Level
Eligible
Asset
Breakpoint
Level*
Effective
Complex-Level
Fee
Rate
at
Breakpoint
Level
$55
billion
0.2000
%
$56
billion
0.1996
$57
billion
0.1989
$60
billion
0.1961
$63
billion
0.1931
$66
billion
0.1900
$71
billion
0.1851
$76
billion
0.1806
$80
billion
0.1773
$91
billion
0.1691
$125
billion
0.1599
$200
billion
0.1505
$250
billion
0.1469
$300
billion
0.1445
Fund
Complex-Level
Fee
Georgia
0
.1559%
Louisiana
0
.1559%
North
Carolina
0
.1559%
Fund
Sales
Charges
Collected
(Unaudited)
Paid
to
Financial
Intermediaries
(Unaudited)
Georgia
$
93,457
$
89,825
Louisiana
344,557
332,673
North
Carolina
123,372
117,497
During
the
current
fiscal
period,
the
Distributor
compensated
financial
intermediaries
directly
with
commission
advances
at
the
time
of
purchase
as
follows:
To
compensate
for
commissions
advanced
to
financial
intermediaries,
all
12b-1
service
and
distribution
fees
collected
on
Class
C
and
Class
C2 Shares
during
the
first
year
following
a
purchase
are
retained
by
the
Distributor.
During
the
current
fiscal
period,
the
Distributor
retained
such
12b-1
fees
as
follows:
The
remaining
12b-1
fees
charged
to
each
Fund
were
paid
to
compensate
financial
intermediaries
for
providing
services
to
shareholders
relating
to
their
investments.
The
Distributor
also
collected
and
retained
CDSC
on
share
redemptions
during
the
current
fiscal
period,
as
follows:
8.
Commitments
and
Contingencies
In
the
normal
course
of
business,
each
Fund
enters
into
a
variety
of
agreements
that
may
expose
the
Funds
to
some
risk
of
loss.
These
could
include
recourse
arrangements
for
certain
TOB
Trusts,
which
are
described
elsewhere
in
these
Notes
to
Financial
Statements.
The
risk
of
future
loss
arising
from
such
agreements,
while
not
quantifiable,
is
expected
to
be
remote.
As
of
the
end
of
the
reporting
period,
the
Funds
did
not
have
any
unfunded
commitments.
From
time
to
time,
the
Funds
may
be
a
party
to
certain
legal
proceedings
in
the
ordinary
course
of
business,
including
proceedings
relating
to
the
enforcement
of
the
Funds’
rights
under
contracts.
As
of
the
end
of
the
reporting
period,
the
Funds
are
not
subject
to
any
material
legal
proceedings.
9.
Borrowing
Arrangements
Committed
Line
of
Credit
The
Funds,
along
with
certain
other
funds
managed
by
the
Adviser
(“Participating
Funds”),
have
established
a
364-day,
$2.635
billion
standby
credit
facility
with
a
group
of
lenders,
under
which
the
Participating
Funds
may
borrow
for
temporary
purposes
(other
than
on-going
leveraging
for
investment
purposes).
Each
Participating
Fund
is
allocated
a
designated
proportion
of
the
facility’s
capacity
(and
its
associated
costs,
as
described
below)
based
upon
a
multi-factor
assessment
of
the
likelihood
and
frequency
of
its
need
to
draw
on
the
facility,
the
size
of
the
Fund
and
its
anticipated
draws,
and
the
potential
importance
of
such
draws
to
the
operations
and
well-being
of
the
Fund,
relative
to
those
of
the
other
Funds.
A
Fund
may
effect
draws
on
the
facility
in
excess
of
its
designated
capacity
if
and
to
the
extent
that
other
Participating
Funds
have
undrawn
capacity.
The
credit
facility
expires
in
June
2022
unless
extended
or
renewed.
The
credit
facility
has
the
following
terms:
0.15%
per
annum
on
unused
commitment
amounts
and
a
drawn
interest
rate
equal
to
the
higher
of
(a)
OBFR
(Overnight
Bank
Funding
Rate)
plus
1.20%
per
annum
or
(b)
the
Fed
Funds
Effective
Rate
plus
1.20%
per
annum
on
amounts
borrowed.
Prior
to
June
23,
2021,
the
drawn
interest
rate
was
equal
to
the
higher
of
(a)
one-month
LIBOR
(London
Inter-Bank
Offered
Rate)
plus
1.25%
per
annum
or
(b)
the
Fed
Funds
rate
plus
1.25%
per
annum
on
amounts
borrowed. The
Participating
Funds
also
incurred
a
0.05%
upfront
fee
on
the
increase
of
the
$230
million
commitment
amount
during
the
reporting
period. Interest
expense
incurred
by
the
Participating
Funds,
when
applicable,
is
recognized
as
a
component
of
“Interest
expense”
on
the
Statement
of
Operations.
Participating
Funds
paid
administration,
legal
and
arrangement
Fund
Commission
Advances
(Unaudited)
Georgia
$
68,567
Louisiana
275,629
North
Carolina
96,858
Fund
12b-1
Fees
Retained
(Unaudited)
Georgia
$
5,836
Louisiana
24,948
North
Carolina
19,346
Fund
CDSC
Retained
(Unaudited)
Georgia
$
17,076
Louisiana
67,544
North
Carolina
42,863
Notes
to
Financial
Statements
(continued)
fees,
which
are
recognized
as
a
component
of
“Interest
expense”
on
the
Statement
of
Operations,
and
along
with
commitment
fees,
have
been
allocated
among
such
Participating
Funds
based
upon
the
relative
proportions
of
the
facility’s
aggregate
capacity
reserved
for
them
and
other
factors
deemed
relevant
by
the
Adviser
and
the
Board
of
each
Participating
Fund.
During
the
current
period,
the
following
Funds
utilized
this
facility.
The
Funds'
maximum
outstanding
balance
during
the
utilization
period
was
as
follows:
During
each
Fund’s
utilization
period(s)
during
the
current
fiscal
period,
the
average
daily
balance
outstanding
and
average
annual
interest
rate
on
the
Borrowings
were
as
follows:
Borrowings
outstanding
as
of
the
end
of
the
reporting
period,
if
any,
are
recognized
as
“Borrowings”
on
the
Statement
of
Assets
and
Liabilities.
10.
Subsequent
Events
Committed
Line
of
Credit
During
June
2022,
the
Participating
Funds
renewed
the
standby
credit
facility
through
June
2023.
In
conjunction
with
this
renewal
the
commitment
amount
increased
from
$2.635
billion
to
$2.700
billion.
The
Participating
Funds
also
incurred
a
0.05%
upfront
fee
on
the
increased
commitments
from
select
lenders.
All
other
terms
remain
unchanged.
Fund
Maximum
Outstanding
Balance
Georgia
$
3,300,000
Louisiana
—
North
Carolina
26,800,000
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
Georgia
12
$
1,900,000
1.53
%
Louisiana
—
—
—
North
Carolina
45
6,926,667
1.42
Important
Tax
Information
(Unaudited)
As
required
by
the
Internal
Revenue
Code
and
Treasury
Regulations,
certain
tax
information,
as
detailed
below,
must
be
provided
to
shareholders.
Shareholders
are
advised
to
consult
their
tax
advisor
with
respect
to
the
tax
implications
of
their
investment.
The
amounts
listed
below
may
differ
from
the
actual
amounts
reported
on
Form
1099-DIV,
which
will
be
sent
to
shareholders
shortly
after
calendar
year
end.
Long-Term
Capital
Gains
As
of
year
end,
each
Fund
designates
the
following
distribution
amounts,
or
maximum
amount
allowable,
as
being
from
net
long-term
capital
gains
pursuant
to
Section
852(b)(3)
of
the
Internal
Revenue
Code:
Fund
Net
Long-Term
Capital
Gains
Georgia
$
—
Louisiana
—
North
Carolina
—
Additional
Fund
Information
(Unaudited)
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Sub-Adviser
Nuveen
Asset
Management,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Independent
Registered
Public
Accounting
Firm
PricewaterhouseCoopers
LLP
One
North
Wacker
Drive
Chicago,
IL
60606
Custodian
State
Street
Bank
&
Trust
Company
One
Lincoln
Street
Boston,
MA
02111
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Transfer
Agent
and
Shareholder
Services
DST
Asset
Manager
Solutions,
Inc.
(DST)
P.O.
Box
219140
Kansas
City,
MO
64121-9140
(800)
257-8787
Portfolio
of
Investments
Information:
Each
Fund
is
required
to
file
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
You
may
obtain
this
information
on
the
SEC’s
website
at
http://www.sec.gov.
Nuveen
Funds’
Proxy
Voting
Information:
You
may
obtain
(i)
information
regarding
how
each
fund
voted
proxies
relating
to
portfolio
securities
held
during
the
most
recent
twelve-month
period
ended
June
30,
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787
or
on
Nuveen’s
website
at
www.nuveen.com
and
(ii)
a
description
of
the
policies
and
procedures
that
each
fund
used
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787.
You
may
also
obtain
this
information
directly
from
the
SEC.
Visit
the
SEC
on-line
at
http://www.sec.gov.
FINRA
BrokerCheck:
The
Financial
Industry
Regulatory
Authority
(FINRA)
provides
information
regarding
the
disciplinary
history
of
FINRA
member
firms
and
associated
investment
professionals.
This
information
as
well
as
an
investor
brochure
describing
FINRA
BrokerCheck
is
available
to
the
public
by
calling
the
FINRA
BrokerCheck
Hotline
number
at
(800)
289-9999
or
by
visiting
www.FINRA.org.
Glossary
of
Terms
Used
in
this
Report
(Unaudited)
Average
Annual
Total
Return:
This
is
a
commonly
used
method
to
express
an
investment’s
performance
over
a
particular,
usually
multi-year
time
period.
It
expresses
the
return
that
would
have
been
necessary
each
year
to
equal
the
investment’s
actual
cumulative
performance
(including
change
in
NAV
or
offer
price
and
reinvested
dividends
and
capital
gains
distributions,
if
any)
over
the
time
period
being
considered.
Duration:
Duration
is
a
measure
of
the
expected
period
over
which
a
bond’s
principal
and
interest
will
be
paid,
and
consequently
is
a
measure
of
the
sensitivity
of
a
bond’s
(or
bond
fund’s)
value
to
changes
when
market
interest
rates
change.
Generally,
the
longer
a
bond
or
fund’s
duration,
the
more
the
price
of
the
bond
or
fund
will
change
as
interest
rates
change.
Effective
Leverage
(Effective
Leverage
Ratio):
Effective
leverage
is
investment
exposure
created
either
directly
through
certain
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.
The
calculation
of
the
Effective
Leverage
Ratio
reflects
borrowings
effected
on
a
long-term
basis
for
investment
purposes,
but
excludes
borrowings
that
may
occur,
on
a
transient
basis,
in
connection
with
a
Fund’s
day-to-day
operations
primarily
in
connection
with
the
need
to
pay
cash
out
to
redeeming
shareholders
or
to
settle
portfolio
trades.
Gross
Domestic
Product
(GDP):
The
total
market
value
of
all
final
goods
and
services
produced
in
a
country/region
in
a
given
year,
equal
to
total
consumer,
investment
and
government
spending,
plus
the
value
of
exports,
minus
the
value
of
imports.
Inverse
Floating
Rate
Securities:
Inverse
floating
rate
securities,
also
known
as
inverse
floaters
or
tender
option
bonds
(TOBs),
are
created
by
depositing
a
municipal
bond,
typically
with
a
fixed
interest
rate,
into
a
special
purpose
trust.
This
trust,
in
turn,
(a)
issues
floating
rate
certificates
typically
paying
short-term
tax-exempt
interest
rates
to
third
parties
in
amounts
equal
to
some
fraction
of
the
deposited
bond’s
par
amount
or
market
value,
and
(b)
issues
an
inverse
floating
rate
certificate
(sometimes
referred
to
as
an
“inverse
floater”)
to
an
investor
(such
as
a
fund)
interested
in
gaining
investment
exposure
to
a
long-term
municipal
bond.
The
income
received
by
the
holder
of
the
inverse
floater
varies
inversely
with
the
short-term
rate
paid
to
the
floating
rate
certificates’
holders,
and
in
most
circumstances
the
holder
of
the
inverse
floater
bears
substantially
all
of
the
underlying
bond’s
downside
investment
risk.
The
holder
of
the
inverse
floater
typically
also
benefits
disproportionately
from
any
potential
appreciation
of
the
underlying
bond’s
value.
Hence,
an
inverse
floater
essentially
represents
an
investment
in
the
underlying
bond
on
a
leveraged
basis.
Lipper
Other
States
Municipal
Debt
Funds
Classification
Average
:
Represents
the
average
annualized
total
return
for
all
reporting
funds
in
the
Lipper
Other
States
Municipal
Debt
Funds
Classification.
Shareholders
should
note
that
the
performance
of
the
Lipper
Other
States
Municipal
Debt
Funds
Classification
Average
represents
the
overall
average
of
returns
for
funds
from
multiple
states
with
a
wide
variety
of
municipal
market
conditions,
making
direct
comparisons
less
meaningful.
Lipper
returns
account
for
the
effects
of
management
fees
and
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charge.
Net
Assets
Value
(NAV)
per
Share:
A
fund’s
Net
Assets
is
equal
to
its
total
assets
(securities,
cash
and
accrued
earnings)
less
its
total
liabilities.
For
funds
with
multiple
classes,
Net
Assets
are
determined
separately
for
each
share
class.
NAV
per
share
is
equal
to
the
fund’s
(or
share
class’)
Net
Assets
divided
by
its
number
of
shares
outstanding.
Pre-Refunded
Bond/Pre-Refunding:
Pre-Refunded
Bond/Pre-Refunding,
also
known
as
advanced
refundings
or
refinancings,
is
a
procedure
used
by
state
and
local
governments
to
refinance
municipal
bonds
to
lower
interest
expenses.
The
issuer
sells
new
bonds
with
a
lower
yield
and
uses
the
proceeds
to
buy
U.S.
Treasury
securities,
the
interest
from
which
is
used
to
make
payments
on
the
higher
yielding
bonds.
Because
of
this
collateral,
pre-refunding
generally
raises
a
bond’s
credit
rating
and
thus
its
value.
S&P
Municipal
Bond
Georgia
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
Georgia
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Glossary
of
Terms
Users
in
the
Report
(Unaudited)
(continued)
S&P
Municipal
Bond
Louisiana
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
Louisiana
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
North
Carolina
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
North
Carolina
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
U.S.
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Tax
Obligation/General
Bonds:
Bonds
backed
by
the
general
revenues
of
an
issuer,
including
taxes,
where
the
issuer
has
the
ability
to
increase
taxes
by
an
unlimited
amount
to
pay
the
bonds
back.
Tax
Obligation/Limited
Bonds:
Bonds
backed
by
the
general
revenues
of
an
issuer,
including
taxes,
where
the
issuer
doesn’t
have
the
ability
to
increase
taxes
by
an
unlimited
amount
to
pay
the
bonds
back.
Total
Investment
Exposure:
Total
investment
exposure
is
a
fund’s
assets
managed
by
the
Adviser
that
are
attributable
to
financial
leverage.
For
these
purposes,
financial
leverage
includes
a
fund’s
use
of
preferred
stock
and
borrowings
and
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities.
Zero
Coupon
Bond:
A
zero
coupon
bond
does
not
pay
a
regular
interest
coupon
to
its
holders
during
the
life
of
the
bond.
Income
to
the
holder
of
the
bond
comes
from
accretion
of
the
difference
between
the
original
purchase
price
of
the
bond
at
issuance
and
the
par
value
of
the
bond
at
maturity
and
is
effectively
paid
at
maturity.
The
market
prices
of
zero
coupon
bonds
generally
are
more
volatile
than
the
market
prices
of
bonds
that
pay
interest
periodically.
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
At
a
meeting
held
on
May
23-25,
2022
(the
“May
Meeting”),
the
Board
of
Trustees
(the
“Board”
and
each
Trustee,
a
“Board
Member”)
of
the
Funds,
which
is
comprised
entirely
of
Board
Members
who
are
not
“interested
persons”
(as
defined
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”))
(the
“Independent
Board
Members”),
approved,
for
each
Fund,
the
renewal
of
the
management
agreement
(each,
an
“Investment
Management
Agreement”)
with
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”)
pursuant
to
which
the
Adviser
serves
as
investment
adviser
to
such
Fund
and
the
sub-advisory
agreement
(each,
a
“Sub-Advisory
Agreement”)
with
Nuveen
Asset
Management,
LLC
(the
“Sub-Adviser”)
pursuant
to
which
the
Sub-Adviser
serves
as
the
sub-adviser
to
such
Fund
for
an
additional
one-year
term.
As
the
Board
is
comprised
of
all
Independent
Board
Members,
the
references
to
the
Board
and
the
Independent
Board
Members
are
interchangeable.
Following
up
to
an
initial
two-year
period,
the
Board
considers
the
renewal
of
each
Investment
Management
Agreement
and
Sub-Advisory
Agreement
on
behalf
of
the
applicable
Fund
on
an
annual
basis.
The
Investment
Management
Agreements
and
Sub-Advisory
Agreements
are
collectively
referred
to
as
the
“Advisory
Agreements,”
and
the
Adviser
and
the
Sub-Adviser
are
collectively,
the
“Fund
Advisers”
and
each,
a
“Fund
Adviser.”
The
Board
has
established
various
standing
committees
composed
of
various
Independent
Board
Members
that
are
assigned
specific
responsibilities
to
enhance
the
effectiveness
of
the
Board’s
oversight
and
decision
making.
Throughout
the
year,
the
Board
and
its
committees
meet
regularly
and,
at
these
meetings,
receive
regular
and/or
special
reports
that
cover
an
extensive
array
of
topics
and
information
that
are
relevant
to
the
Board’s
annual
consideration
of
the
renewal
of
the
advisory
agreements
for
the
Nuveen
funds.
Such
information
may
address,
among
other
things,
fund
performance
and
risk
information;
the
Adviser’s
strategic
plans;
product
initiatives
for
various
funds;
the
review
of
the
funds
and
investment
teams;
compliance,
regulatory
and
risk
management
matters;
the
trading
practices
of
the
various
sub-advisers
to
the
Nuveen
funds;
management
of
distributions;
valuation
of
securities;
fund
expenses;
payments
to
financial
intermediaries,
including
12b-1
fees
and
sub-transfer
agency
fees,
if
applicable;
securities
lending;
liquidity
management;
and
overall
market
and
regulatory
developments.
The
Board
also
seeks
to
meet
periodically
with
the
Nuveen
funds’
sub-advisers
and/or
portfolio
teams,
when
feasible.
The
Board
further
meets,
among
other
things,
to
specifically
consider
the
annual
renewal
of
the
advisory
agreements
for
the
Nuveen
funds.
In
connection
with
its
annual
consideration
of
the
advisory
agreements
for
the
Nuveen
funds,
the
Board,
through
its
independent
legal
counsel,
requested
and
received
extensive
materials
and
information
prepared
specifically
for
its
review
of
such
advisory
agreements
by
the
Adviser
and
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data.
The
materials
cover
a
wide
range
of
topics
including,
but
not
limited
to,
a
description
of
the
nature,
extent
and
quality
of
services
provided
by
the
Fund
Advisers;
a
review
of
product
actions
taken
during
2021
(such
as
mergers,
liquidations,
fund
launches,
changes
to
investment
teams,
and
changes
to
investment
policies);
a
review
of
each
sub-adviser
to
the
Nuveen
funds
and/or
the
applicable
investment
teams;
an
analysis
of
fund
performance
in
absolute
terms
and
as
compared
to
the
performance
of
certain
peer
funds
and
benchmarks
with
a
focus
on
any
performance
outliers;
an
analysis
of
the
fees
and
expense
ratios
of
the
Nuveen
funds
in
absolute
terms
and
as
compared
to
those
of
certain
peer
funds
with
a
focus
on
any
expense
outliers;
a
review
of
management
fee
schedules;
a
review
of
temporary
and
permanent
expense
caps
and
fee
waivers
for
open-end
funds
(as
applicable)
and
related
expense
savings;
a
description
of
portfolio
manager
compensation;
a
review
of
the
performance
of
various
service
providers;
a
description
of
various
initiatives
Nuveen
had
undertaken
or
continued
in
2021
and
2022
for
the
benefit
of
particular
fund(s)
and/or
the
complex;
a
description
of
the
profitability
or
financial
data
of
Nuveen
and
the
sub-advisers
to
the
Nuveen
funds;
and
a
description
of
indirect
benefits
received
by
the
Adviser
and
the
sub-advisers
as
a
result
of
their
relationships
with
the
Nuveen
funds.
The
information
prepared
specifically
for
the
annual
review
supplemented
the
information
provided
to
the
Board
and
its
committees
and
the
evaluations
of
the
Nuveen
funds
by
the
Board
and
its
committees
during
the
year.
The
Board’s
review
of
the
advisory
agreements
for
the
Nuveen
funds
is
based
on
all
the
information
provided
to
the
Board
and
its
committees
throughout
the
year
as
well
as
the
information
prepared
specifically
with
respect
to
the
annual
review
of
such
advisory
agreements.
In
continuing
its
practice,
the
Board
met
prior
to
the
May
Meeting
to
begin
its
considerations
of
the
renewal
of
the
Advisory
Agreements.
Accordingly,
on
April
13-14,
2022
(the
“April
Meeting”),
the
Board
met
to
review
and
discuss,
in
part,
the
performance
of
the
Nuveen
funds
and
the
Adviser’s
evaluation
of
each
sub-adviser
to
the
Nuveen
funds
and/or
its
investment
teams.
At
the
April
Meeting,
the
Board
Members
asked
questions
and
requested
additional
information
that
was
provided
for
the
May
Meeting.
The
Independent
Board
Members
considered
the
review
of
the
advisory
agreements
for
the
Nuveen
funds
to
be
an
ongoing
process
and
employed
the
accumulated
information,
knowledge
and
experience
the
Board
Members
had
gained
during
their
tenure
on
the
boards
governing
the
Nuveen
funds
and
working
with
the
Adviser
and
sub-advisers
in
their
review
of
the
advisory
agreements.
The
contractual
arrangements
are
a
result
of
multiple
years
of
review,
negotiation
and
information
provided
in
connection
with
the
boards’
annual
review
of
the
Nuveen
funds’
advisory
arrangements
and
oversight
of
the
Nuveen
funds.
The
Independent
Board
Members
were
advised
by
independent
legal
counsel
during
the
annual
review
process
as
well
as
throughout
the
year,
including
meeting
in
executive
sessions
with
such
counsel
at
which
no
representatives
from
the
Adviser
or
the
Sub-Adviser
were
present.
In
connection
with
their
annual
review,
the
Independent
Board
Members
also
received
a
memorandum
from
independent
legal
counsel
outlining
their
fiduciary
duties
and
legal
standards
in
reviewing
the
Advisory
Agreements,
including
guidance
from
court
cases
evaluating
advisory
fees.
The
Board’s
decision
to
renew
the
Advisory
Agreements
was
not
based
on
a
single
identified
factor,
but
rather
the
decision
reflected
the
comprehensive
consideration
of
all
the
information
provided
to
the
Board
and
its
committees
throughout
the
year
as
well
as
the
materials
prepared
specifically
in
connection
with
the
renewal
process.
Each
Board
Member
may
have
attributed
different
levels
of
importance
to
the
various
factors
and
information
considered
in
connection
with
the
approval
process
and
may
place
different
emphasis
on
the
relevant
information
year
to
year
in
light
of,
among
other
things,
changing
market
and
economic
conditions.
A
summary
of
the
principal
factors
and
information,
but
not
all
the
factors,
the
Board
considered
in
deciding
to
renew
the
Advisory
Agreements
is
set
forth
below.
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
A.
Nature,
Extent
and
Quality
of
Services
In
evaluating
the
renewal
of
the
Advisory
Agreements,
the
Independent
Board
Members
received
and
considered
information
regarding
the
nature,
extent
and
quality
of
the
applicable
Fund
Adviser’s
services
provided
to
the
respective
Fund
with
particular
focus
on
the
services
and
enhancements
to
such
services
provided
during
the
last
year.
The
Independent
Board
Members
considered
the
Investment
Management
Agreements
and
the
Sub-Advisory
Agreements
separately
in
the
course
of
their
review.
With
this
approach,
they
considered
the
respective
roles
of
the
Adviser
and
the
Sub-Adviser
in
providing
services
to
the
Funds.
The
Board
recognized
that
the
Nuveen
funds
operate
in
a
highly
regulated
industry
and,
therefore,
the
Adviser
has
provided
a
wide
array
of
management,
oversight
and
administrative
services
to
manage
and
operate
the
funds,
and
the
scope
and
complexity
of
these
services
have
expanded
over
time
as
a
result
of,
among
other
things,
regulatory,
market
and
other
developments.
The
Board
accordingly
considered
the
Adviser’s
dedication
of
extensive
resources,
time,
people
and
capital
employed
to
support
and
manage
the
Nuveen
funds
as
well
as
the
Adviser’s
continued
program
of
developing
improvements
and
innovations
for
the
benefit
of
the
funds
and
shareholders
and
to
meet
the
ever
increasing
regulatory
requirements
applicable
to
the
funds.
In
this
regard,
the
Board
received
and
reviewed
information
regarding,
among
other
things,
the
Adviser’s
investment
oversight
responsibilities,
regulatory
and
compliance
services,
administrative
duties
and
other
services.
The
Board
considered
the
Adviser’s
investment
oversight
team’s
extensive
services
in
overseeing
the
various
sub-advisers
to
the
Nuveen
funds;
evaluating
fund
performance;
and
preparing
reports
to
the
Board
addressing,
among
other
things,
fund
performance,
market
conditions,
investment
team
matters,
product
developments
and
management
proposals.
The
Board
further
recognized
the
range
of
services
the
various
teams
of
the
Adviser
provided
including,
but
not
limited
to,
overseeing
operational
and
risk
management;
managing
liquidity;
overseeing
the
daily
valuation
process
and
managing
distributions
in
seeking
to
deliver
long-term
fund
earnings
to
shareholders
consistent
with
the
respective
Nuveen
fund’s
product
design
and
positioning.
The
Board
also
considered
the
structure
of
investment
personnel
compensation
of
each
Fund
Adviser
and
whether
the
structure
provides
appropriate
incentives
to
attract
and
maintain
qualified
personnel
and
to
act
in
the
best
interests
of
the
respective
Nuveen
fund.
The
Board
further
recognized
that
the
Adviser’s
compliance
and
regulatory
functions
were
integral
to
the
investment
management
of
the
Nuveen
funds.
The
Board
recognized
such
services
included,
but
were
not
limited
to,
managing
compliance
policies;
monitoring
compliance
with
applicable
policies,
law
and
regulations;
devising
internal
compliance
programs
and
a
framework
to
review
and
assess
compliance
programs;
overseeing
sub-adviser
compliance
testing;
preparing
compliance
training
materials;
and
responding
to
regulatory
requests.
The
Board
further
considered
information
regarding
the
Adviser’s
business
continuity
and
disaster
recovery
plans
as
well
as
information
regarding
its
information
security
program,
including
presentations
of
such
program
provided
at
a
site
visit
in
2022,
to
help
identify
and
manage
information
security
risks.
In
addition
to
the
above
functions,
the
Board
considered
that
the
Adviser
also
provides,
among
other
things,
fund
administration
services
(such
as
preparing
fund
tax
returns
and
other
tax
compliance
services;
preparing
regulatory
filings;
interacting
with
the
Nuveen
funds’
independent
public
accountants
and
overseeing
other
service
providers;
and
managing
fund
budgets
and
expenses);
product
management
services
(such
as
evaluating
and
enhancing
products
and
strategies);
legal
services
(such
as
helping
to
prepare
and
file
registration
statements
and
proxy
statements;
overseeing
fund
activities
and
providing
legal
interpretations
regarding
such
activities;
maintaining
regulatory
registrations
and
negotiating
agreements
with
other
fund
service
providers;
and
monitoring
changes
in
regulatory
requirements
and
commenting
on
rule
proposals
impacting
investment
companies);
and
oversight
of
shareholder
services
and
transfer
agency
functions
(such
as
overseeing
transfer
agent
service
providers
which
include
registered
shareholder
customer
service
and
transaction
processing;
overseeing
proxy
solicitation
and
tabulation
services;
and
overseeing
the
production
and
distribution
of
financial
reports
by
service
providers).
The
Board
also
considered
the
quality
of
support
services
and
communications
the
Adviser
provided
the
Board,
including,
in
part,
organizing
and
administrating
Board
meetings
and
supporting
Board
committees;
preparing
regular
and
ad
hoc
reports
on
fund
performance,
market
conditions
and
investment
team
matters;
providing
due
diligence
reports
addressing
product
development
and
management
proposals;
and
coordinating
site
visits
of
the
Board
and
presentations
by
investment
teams
and
senior
management.
In
addition
to
the
services
provided,
the
Board
considered
the
financial
resources
of
the
Adviser
and
its
affiliates
and
their
willingness
to
make
investments
in
the
technology,
personnel
and
infrastructure
to
support
the
Nuveen
funds,
including
maintaining
a
seed
capital
budget
to
support
new
or
existing
funds
and/or
facilitate
changes
for
a
respective
fund.
Further,
the
Board
noted
the
benefits
to
shareholders
of
investing
in
a
fund
that
is
a
part
of
a
large
fund
complex
with
a
variety
of
investment
disciplines,
capabilities,
expertise
and
resources
available
to
navigate
and
support
the
Nuveen
funds
including
during
stressed
times.
The
Board
recognized
the
overall
reputation
and
capabilities
of
the
Adviser
and
its
affiliates,
the
Adviser’s
continuing
commitment
to
provide
high
quality
services,
its
willingness
to
implement
operational
or
organizational
changes
in
seeking,
among
other
things,
to
enhance
efficiencies
and
services
to
the
Nuveen
funds
and
its
responsiveness
to
the
Board’s
questions
and/or
concerns
raised
throughout
the
year
and
during
the
annual
review
of
advisory
agreements.
The
Board
also
considered
the
significant
risks
borne
by
the
Adviser
and
its
affiliates
in
connection
with
their
services
to
the
Nuveen
funds,
including
entrepreneurial
risks
in
sponsoring
new
funds
and
ongoing
risks
with
managing
the
funds
such
as
investment,
operational,
reputational,
regulatory,
compliance
and
litigation
risks.
In
evaluating
services,
the
Board
reviewed
various
highlights
of
the
initiatives
the
Adviser
and
its
affiliates
have
undertaken
or
continued
in
2021
and
2022
to
benefit
the
Nuveen
complex
and/or
particular
Nuveen
funds
and
meet
the
requirements
of
an
increasingly
complex
regulatory
environment
including,
but
not
limited
to:
Centralization
of
Functions
–
ongoing
initiatives
to
centralize
investment
leadership
and
create
a
more
cohesive
market
approach
and
centralized
shared
support
model
(including
through
the
consolidation
of
certain
affiliated
sub-advisers)
in
seeking
to
operate
more
effectively
and
enhance
the
research
capabilities
and
services
to
the
Nuveen
funds;
Fund
Improvements
and
Product
Management
Initiatives
–
continuing
to
proactively
manage
the
Nuveen
fund
complex
as
a
whole
and
at
the
individual
fund
level
with
an
aim
to
continually
improve
product
platforms
and
investment
strategies
to
better
serve
shareholders
through,
among
other
things,
rationalizing
the
product
line
and
gaining
efficiencies
through
mergers,
repositionings
and
liquidations;
launching
new
funds;
reviewing
and
updating
investment
policies
and
benchmarks;
soft
closing
certain
funds;
modifying
the
conversion
periods
on
certain
share
classes;
and
evaluating
and
adjusting
portfolio
management
teams
as
appropriate
for
various
funds;
Capital
Initiatives
–
continuing
to
invest
capital
to
support
new
Nuveen
funds
with
initial
capital
as
well
as
to
support
existing
funds;
Liquidity
Management
–
continuing
to
operate
the
liquidity
management
program
of
the
applicable
Nuveen
funds
including
monitoring
daily
their
liquidity
profile
and
assessing
annually
the
overall
liquidity
risk
of
such
funds;
Compliance
Program
Initiatives
–
continuing
efforts
to
mitigate
compliance
risk
with
a
focus
on
environmental,
social
and
governance
(“ESG”)
controls
and
processes,
increase
operating
efficiencies,
implement
enhancements
to
strengthen
ongoing
execution
of
key
compliance
program
elements,
support
international
business
growth
and
facilitate
integration
of
Nuveen’s
operating
model;
Investment
Oversight
–
preparing
reports
to
the
Board
addressing,
among
other
things,
fund
performance;
market
conditions;
investment
team
matters;
product
developments;
changes
to
mandates,
policies
and
benchmarks;
and
other
management
proposals
as
well
as
preparing
and
coordinating
investment
presentations
to
the
Board;
Risk
Management
and
Valuation
Services
–
continuing
to
oversee
and
manage
risk
including,
among
other
things,
conducting
ongoing
calculations
and
monitoring
of
risk
measures
across
the
Nuveen
funds,
instituting
investment
risk
controls,
providing
risk
reporting
throughout
Nuveen,
participating
in
internal
oversight
committees,
dedicating
the
resources
and
time
to
develop
the
processes
necessary
to
help
address
fund
compliance
with
the
new
derivatives
rule
and
continuing
to
implement
an
operational
risk
framework
that
seeks
to
provide
greater
transparency
of
operational
risk
matters
across
the
complex
as
well
as
provide
multiple
other
risk
programs
that
seek
to
provide
a
more
disciplined
and
consistent
approach
to
identifying
and
mitigating
Nuveen’s
operational
risks.
Further,
the
securities
valuation
team
continues,
among
other
things,
to
oversee
the
daily
valuation
process
of
the
portfolio
securities
of
the
funds,
maintain
the
valuation
policies
and
procedures,
facilitate
valuation
committee
meetings,
manage
relationships
with
pricing
vendors,
prepare
relevant
valuation
reports
and
design
methods
to
simplify
and
enhance
valuation
workflow
within
the
organization
and
implement
processes
and
procedures
to
help
address
compliance
with
the
new
valuation
rule
applicable
to
the
funds;
Regulatory
Matters
–
continuing
efforts
to
monitor
regulatory
trends
and
advocate
on
behalf
of
Nuveen
and/or
the
Nuveen
funds,
to
implement
and
comply
with
new
or
revised
rules
and
mandates
and
to
respond
to
regulatory
inquiries
and
exams;
Government
Relations
–
continuing
efforts
of
various
Nuveen
teams
and
Nuveen’s
affiliates
to
develop
policy
positions
on
a
broad
range
of
issues
that
may
impact
the
Nuveen
funds,
advocate
and
communicate
these
positions
to
lawmakers
and
other
regulatory
authorities
and
work
with
trade
associations
to
ensure
these
positions
are
represented;
Business
Continuity,
Disaster
Recovery
and
Information
Security
–
continuing
efforts
of
Nuveen
to
periodically
test
and
update
business
continuity
and
disaster
recovery
plans
and,
together
with
its
affiliates,
to
maintain
an
information
security
program
that
seeks
to
identify
and
manage
information
security
risks,
and
provide
reports
to
the
Board,
at
least
annually,
addressing,
among
other
things,
management’s
security
risk
assessment,
cyber
risk
profile,
potential
impact
of
new
or
revised
laws
and
regulations,
incident
tracking
and
other
relevant
information
technology
risk-related
reports;
and
Distribution
Management
Services
–
continuing
to
manage
the
distributions
among
the
varying
types
of
Nuveen
funds
within
the
Nuveen
complex
to
be
consistent
with
the
respective
fund’s
product
design
and
positioning
in
striving
to
deliver
those
earnings
to
shareholders
in
a
relatively
consistent
manner
over
time
as
well
as
assisting
in
the
development
of
new
products
or
the
restructuring
of
existing
funds.
The
Board
further
considered
the
division
of
responsibilities
between
the
Adviser
and
the
Sub-Adviser
and
recognized
that
the
Sub-Adviser
and
its
investment
personnel
generally
are
responsible
for
the
management
of
each
Fund’s
portfolio
under
the
oversight
of
the
Adviser
and
the
Board.
The
Board
considered
an
analysis
of
the
Sub-Adviser
provided
by
the
Adviser
which
included,
among
other
things,
the
assets
under
management
of
the
applicable
investment
team
and
changes
thereto,
a
summary
of
the
applicable
investment
team
and
changes
thereto,
the
investment
process
and
philosophy
of
the
applicable
investment
team,
the
performance
of
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser
over
various
periods
of
time
and
a
summary
of
any
significant
policy
and/or
other
changes
to
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser.
The
Board
further
considered
at
the
May
Meeting
or
prior
meetings
evaluations
of
the
Sub-Adviser’s
compliance
programs
and
trade
execution.
The
Board
noted
that
the
Adviser
recommended
the
renewal
of
the
Sub-Advisory
Agreements.
Based
on
its
review,
the
Board
determined,
in
the
exercise
of
its
reasonable
business
judgment,
that
it
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
to
the
respective
Funds
under
each
applicable
Advisory
Agreement.
B.
The
Investment
Performance
of
the
Funds
and
Fund
Advisers
In
evaluating
the
quality
of
the
services
provided
by
the
Fund
Advisers,
the
Board
also
received
and
considered
a
variety
of
investment
performance
data
of
the
Nuveen
funds
they
advise.
In
evaluating
performance,
the
Board
recognized
that
performance
data
may
differ
significantly
depending
on
the
ending
date
selected,
particularly
during
periods
of
market
volatility,
and
therefore
considered
the
broader
perspective
of
performance
over
a
variety
of
time
periods
that
may
include
full
market
cycles.
In
this
regard,
the
Board
reviewed,
among
other
things,
Fund
performance
over
the
quarter,
one-
,
three-
and
five-year
periods
ending
December
31,
2021
and
March
31,
2022.
The
performance
data
was
based
on
Class
A
shares;
however,
the
performance
of
other
classes
should
be
substantially
similar
as
they
invest
in
the
same
portfolio
of
securities
and
differences
in
performance
among
the
classes
would
be
principally
attributed
to
the
variations
in
the
expense
structures
of
the
classes.
The
performance
data
prepared
for
the
annual
review
of
the
advisory
agreements
for
the
Nuveen
funds
supplemented
the
fund
performance
data
that
the
Board
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
received
throughout
the
year
at
its
meetings
representing
differing
time
periods.
In
its
review,
the
Board
took
into
account
the
discussions
with
representatives
of
the
Adviser;
the
Adviser’s
analysis
regarding
fund
performance
that
occurred
at
these
Board
meetings
with
particular
focus
on
funds
that
were
considered
performance
outliers
(both
overperformance
and
underperformance);
the
factors
contributing
to
the
performance;
and
any
recommendations
or
steps
taken
to
address
performance
concerns.
Regardless
of
the
time
period
reviewed
by
the
Board,
the
Board
recognized
that
shareholders
may
evaluate
performance
based
on
their
own
holding
periods
which
may
differ
from
the
periods
reviewed
by
the
Board
and
lead
to
differing
results.
In
its
review,
the
Board
reviewed
both
absolute
and
relative
fund
performance
during
the
annual
review
over
the
various
time
periods.
With
respect
to
the
latter,
the
Board
considered
fund
performance
in
comparison
to
the
performance
of
peer
funds
(the
“Performance
Peer
Group”)
and
recognized
and/or
customized
benchmarks
(i.e.,
generally
benchmarks
derived
from
multiple
recognized
benchmarks).
For
Nuveen
funds
that
had
changes
in
portfolio
managers
or
other
significant
changes
to
their
investment
strategies
or
policies
since
March
2019,
the
Board
reviewed
certain
tracking
performance
data
comparing
the
performance
of
such
funds
before
and
after
such
changes.
In
considering
performance
data,
the
Board
is
aware
of
certain
inherent
limitations
with
such
data,
including
that
differences
between
the
objective(s),
strategies
and
other
characteristics
of
the
Nuveen
funds
compared
to
the
respective
Performance
Peer
Group
and/or
benchmark(s);
differences
in
the
composition
of
the
Performance
Peer
Group
over
time;
and
differences
in
the
types
and/or
levels
of
any
leverage
and
related
costs
with
that
of
the
Performance
Peer
Group
would
all
necessarily
contribute
to
differences
in
performance
results
and
limit
the
value
of
the
comparative
information.
Further,
the
Board
recognized
the
inherent
limitations
in
comparing
the
performance
of
an
actively
managed
fund
to
a
benchmark
index
due
to
the
fund’s
pursuit
of
an
investment
strategy
that
does
not
directly
follow
the
index.
To
assist
the
Board
in
its
review
of
the
comparability
of
the
relative
performance,
the
Adviser
has
ranked
the
relevancy
of
the
peer
group
to
the
Funds
as
low,
medium
or
high.
The
Board
also
evaluated
performance
in
light
of
various
relevant
factors
which
may
include,
among
other
things,
general
market
conditions,
issuer-
specific
information,
asset
class
information,
leverage
and
fund
cash
flows.
In
relation
to
general
market
conditions,
the
Board
had
recognized
the
recent
periods
in
2022
of
general
market
volatility
and
underperformance.
In
their
review
from
year
to
year,
the
Board
Members
consider
and
may
place
different
emphasis
on
the
relevant
information
in
light
of
changing
circumstances
in
market
and
economic
conditions.
Further,
the
Board
recognized
that
the
market
and
economic
conditions
may
significantly
impact
a
fund’s
performance,
particularly
over
shorter
periods,
and
such
performance
may
be
more
reflective
of
such
economic
or
market
events
and
not
necessarily
reflective
of
management
skill.
Accordingly,
depending
on
the
facts
and
circumstances
including
any
differences
between
the
respective
Nuveen
fund
and
its
benchmark
and/or
Performance
Peer
Group,
the
Board
may
be
satisfied
with
a
fund’s
performance
notwithstanding
that
its
performance
may
be
below
that
of
its
benchmark
or
peer
group
for
certain
periods.
However,
with
respect
to
any
Nuveen
funds
for
which
the
Board
has
identified
performance
issues,
the
Board
monitors
such
funds
closely
until
performance
improves,
discusses
with
the
Adviser
the
reasons
for
such
results,
considers
whether
any
steps
are
necessary
or
appropriate
to
address
such
issues,
and
reviews
the
results
of
any
steps
undertaken.
The
Board’s
determinations
with
respect
to
each
Fund
are
summarized
below.
For
Nuveen
Georgia
Municipal
Bond
Fund
(the
“Georgia
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
five-year
period
ended
December
31,
2021,
the
Fund
outperformed
its
benchmark
for
the
one-
and
three-year
periods
ended
December
31,
2021
and
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-
and
five-year
periods
and
first
quartile
for
the
three-year
period
ended
December
31,
2021.
In
addition,
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2022
and
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
one-
and
five-
year
periods
ended
March
31,
2022
and
third
quartile
for
the
three-year
period
ended
March
31,
2022.
Based
on
its
review,
the
Board
was
generally
satisfied
with
the
Fund’s
overall
performance.
For
Nuveen
Louisiana
Municipal
Bond
Fund
(the
“Louisiana
Fund”),
the
Board
noted
that
the
Fund
outperformed
its
benchmark
and
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2021.
Although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
three-year
period
ended
March
31,
2022,
the
Fund
outperformed
its
benchmark
for
the
one-
and
five-year
periods
ended
March
31,
2022
and
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-
year
periods
ended
March
31,
2022.
Based
on
its
review,
the
Board
was
generally
satisfied
with
the
Fund’s
overall
performance.
For
Nuveen
North
Carolina
Municipal
Bond
Fund
(the
“North
Carolina
Fund”),
the
Board
noted
that
the
Fund
outperformed
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2021
and
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-
year
period
and
second
quartile
for
the
three-
and
five-year
periods
ended
December
31,
2021.
Although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2022
and
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
ended
March
31,
2022,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
five-year
period
ended
March
31,
2022.
The
Board
considered
the
factors
that
impacted
Fund
performance
in
recent
periods.
Based
on
its
review,
the
Board
was
generally
satisfied
with
the
Fund’s
overall
performance.
C.
Fees,
Expenses
and
Profitability
1.
Fees
and
Expenses
As
part
of
its
annual
review,
the
Board
considered
the
contractual
management
fee
and
net
management
fee
(the
management
fee
after
taking
into
consideration
fee
waivers
and/or
expense
reimbursements,
if
any)
paid
by
a
Nuveen
fund
to
the
Adviser
in
light
of
the
nature,
extent
and
quality
of
the
services
provided.
The
Board
also
considered
the
total
operating
expense
ratio
of
a
fund
before
and
after
any
fee
waivers
and/or
expense
reimbursements.
More
specifically,
the
Independent
Board
Members
reviewed,
among
other
things,
each
fund’s
gross
and
net
management
fee
rates
(i.e.,
before
and
after
expense
reimbursements
and/or
fee
waivers,
if
any)
and
net
total
expense
ratio
in
relation
to
those
of
a
comparable
universe
of
funds
(the
“Peer
Universe”)
and/or
to
a
more
focused
subset
of
comparable
funds
(the
“Peer
Group”)
established
by
Broadridge
(subject
to
certain
exceptions).
The
Independent
Board
Members
reviewed
the
methodology
Broadridge
employed
to
establish
its
Peer
Universe
and
Peer
Group
and
recognized
that
differences
between
the
applicable
fund
and
its
respective
Peer
Universe
and/or
Peer
Group
as
well
as
changes
to
the
composition
of
the
Peer
Group
and/or
Peer
Universe
from
year
to
year
may
limit
some
of
the
value
of
the
comparative
data.
The
Independent
Board
Members
take
these
limitations
and
differences
into
account
when
reviewing
comparative
peer
data.
The
Independent
Board
Members
also
considered
a
fund’s
operating
expense
ratio
as
it
more
directly
reflected
the
shareholder’s
costs
in
investing
in
the
respective
fund.
In
their
review,
the
Independent
Board
Members
considered,
in
particular,
each
fund
with
a
net
expense
ratio
of
six
basis
points
or
higher
compared
to
that
of
its
peer
average
(each,
an
“Expense
Outlier
Fund”)
and
an
analysis
as
to
the
factors
contributing
to
each
such
fund’s
higher
relative
net
expense
ratio.
Accordingly,
in
reviewing
the
comparative
data
between
a
fund
and
its
peers,
the
Board
generally
considered
the
fund’s
net
expense
ratio
and
fees
to
be
higher
if
they
were
over
10
basis
points
higher,
slightly
higher
if
they
were
6
to
10
basis
points
higher,
in
line
if
they
were
within
approximately
5
basis
points
higher
than
the
peer
average
and
below
if
they
were
below
the
peer
average
of
the
Peer
Group.
The
Independent
Board
Members
also
considered,
in
relevant
part,
a
fund’s
net
management
fee
and
net
total
expense
ratio
in
light
of
its
performance
history.
In
their
review
of
the
fee
arrangements
for
the
Nuveen
funds,
the
Independent
Board
Members
considered
the
management
fee
schedules,
including
the
complex-wide
and
fund-level
breakpoint
schedules,
and
the
expense
reimbursements
and/or
fee
waivers
provided
by
Nuveen
for
each
fund,
as
applicable.
The
Board
noted
that
across
the
Nuveen
fund
complex,
the
complex-wide
fee
breakpoints
reduced
fees
by
approximately
$72.5 million
and
fund-level
breakpoints
reduced
fees
by
approximately
$89.1 million
in
2021.
Further,
fee
caps
and
waivers
for
all
applicable
Nuveen
funds
saved
approximately
an
additional
$13.6 million
in
fees
for
shareholders
in
2021.
With
respect
to
the
Sub-Adviser,
the
Board
also
considered,
among
other
things,
the
sub-advisory
fee
schedule
paid
to
the
Sub-Adviser
in
light
of
the
sub-advisory
services
provided
to
the
respective
Fund
and
comparative
data
of
the
fees
the
Sub-Adviser
charges
to
other
clients,
if
any.
In
its
review,
the
Board
recognized
that
the
compensation
paid
to
the
Sub-Adviser
is
the
responsibility
of
the
Adviser,
not
the
Funds.
The
Independent
Board
Members
noted
that
(a)
the
Georgia
Fund
and
the
Louisiana
Fund
each
had
a
net
management
fee
that
was
higher
than
the
respective
peer
average,
but
a
net
expense
ratio
that
was
in
line
with
the
respective
peer
average;
and
(b)
the
North
Carolina
Fund
had
a
net
management
fee
that
was
higher
than
its
peer
average,
but
a
net
expense
ratio
that
was
below
its
peer
average.
Based
on
its
review
of
the
information
provided,
the
Board
determined
that
each
Fund’s
management
fees
(as
applicable)
to
a
Fund
Adviser
were
reasonable
in
light
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
2.
Comparisons
with
the
Fees
of
Other
Clients
In
determining
the
appropriateness
of
fees,
the
Board
also
considered
information
regarding
the
fee
rates
the
respective
Fund
Advisers
charged
to
certain
other
types
of
clients
and
the
type
of
services
provided
to
these
other
clients.
With
respect
to
the
Adviser
and/or
the
Sub-Adviser,
such
other
clients
may
include
retail
and
institutional
managed
accounts,
exchange-traded
funds
(“ETFs”)
sub-advised
by
the
Sub-Adviser
that
are
offered
by
another
fund
complex,
municipal
managed
accounts
offered
by
an
unaffiliated
adviser
and
private
limited
partnerships
offered
by
Nuveen.
With
respect
to
the
Sub-Adviser,
the
Board
reviewed,
among
other
things,
the
fee
range
and
average
fee
of
municipal
retail
advisory
accounts
and
municipal
institutional
accounts
as
well
as
the
sub-advisory
fee
the
Sub-Adviser
received
for
serving
as
sub-adviser
to
certain
ETFs
offered
outside
the
Nuveen
family.
In
considering
the
fee
data
of
other
clients,
the
Board
recognized,
among
other
things,
that
differences
in
the
amount,
type
and
level
of
services
provided
to
the
Nuveen
funds
relative
to
other
types
of
clients
as
well
as
any
differences
in
portfolio
investment
policies,
the
types
of
assets
managed
and
related
complexities
in
managing
such
assets,
the
entrepreneurial
and
other
risks
associated
with
a
particular
strategy,
investor
profiles,
account
sizes
and
regulatory
requirements
will
contribute
to
the
variations
in
the
fee
schedules.
The
Board
recognized
the
breadth
of
services
the
Adviser
had
provided
to
the
Nuveen
funds
compared
to
these
other
types
of
clients
as
the
funds
operate
in
a
highly
regulated
industry
with
increasing
regulatory
requirements
as
well
as
the
increased
entrepreneurial,
legal
and
regulatory
risks
that
the
Adviser
incurs
in
sponsoring
and
managing
the
funds.
In
general,
higher
fee
levels
reflect
higher
levels
of
service
provided
by
the
Adviser,
increased
investment
management
complexity,
greater
product
management
requirements,
and
higher
levels
of
business
risk
or
some
combination
of
these
factors.
The
Board
further
considered
that
the
Sub-Adviser’s
fee
is
essentially
for
portfolio
management
services
and
therefore
more
comparable
to
the
fees
it
receives
for
retail
wrap
accounts
and
other
external
sub-advisory
mandates.
The
Board
concluded
the
varying
levels
of
fees
were
justified
given,
among
other
things,
the
inherent
differences
in
the
products
and
the
level
of
services
provided
to
the
Nuveen
funds
versus
other
clients,
the
differing
regulatory
requirements
and
legal
liabilities
and
the
entrepreneurial,
legal
and
regulatory
risks
incurred
in
sponsoring
and
advising
a
registered
investment
company.
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
3.
Profitability
of
Fund
Advisers
In
their
review,
the
Independent
Board
Members
considered
information
regarding
Nuveen’s
level
of
profitability
for
its
advisory
services
to
the
Nuveen
funds
for
the
calendar
years
2021
and
2020.
The
Board
reviewed,
among
other
things,
the
net
margins
(pre-tax)
for
Nuveen
Investments,
Inc.
(“Nuveen
Investments”),
the
gross
and
net
revenue
margins
(pre-
and
post-tax
and
excluding
distribution)
and
the
revenues,
expenses
and
net
income
(pre-
and
post-tax
and
before
distribution
expenses)
of
Nuveen
Investments
from
the
Nuveen
funds
only;
and
comparative
profitability
data
comparing
the
operating
margins
of
Nuveen
Investments
compared
to
the
adjusted
operating
margins
of
certain
peers
that
had
publicly
available
data
and
with
the
most
comparable
assets
under
management
(based
on
asset
size
and
asset
composition)
for
each
of
the
last
two
calendar
years.
The
Board
also
reviewed
the
revenues,
expenses
and
operating
margin
(pre-
and
post-tax)
the
Adviser
derived
from
its
ETF
product
line
for
the
2021
and
2020
calendar
years.
In
reviewing
the
profitability
data,
the
Independent
Board
Members
recognized
the
subjective
nature
of
calculating
profitability
as
the
information
is
not
audited
and
is
dependent
on
cost
allocation
methodologies
to
allocate
corporate-wide
overhead/shared
service
expenses,
TIAA
(defined
below)
corporate-wide
overhead
expenses
and
partially
fund
related
expenses
to
the
Nuveen
complex
and
its
affiliates
and
to
further
allocate
such
expenses
between
the
Nuveen
fund
and
non-fund
businesses.
The
Independent
Board
Members
reviewed
a
description
of
the
cost
allocation
methodologies
employed
to
develop
the
financial
information,
a
summary
of
the
history
of
changes
to
the
methodology
over
the
years
from
2010
to
2021,
and
the
net
revenue
margins
derived
from
the
Nuveen
funds
(pre-tax
and
including
and
excluding
distribution)
and
total
company
margins
from
Nuveen
Investments
compared
to
the
firm-wide
adjusted
operating
margins
of
the
peers
for
each
calendar
year
from
2012
to
2021.
The
Board
had
also
appointed
four
Independent
Board
Members
to
serve
as
the
Board’s
liaisons,
with
the
assistance
of
independent
counsel,
to
review
the
development
of
the
profitability
data
and
to
report
to
the
full
Board.
In
its
evaluation,
the
Board,
however,
recognized
that
other
reasonable
and
valid
allocation
methodologies
could
be
employed
and
could
lead
to
significantly
different
results.
The
Independent
Board
Members
also
reviewed
a
summary
of
the
key
drivers
that
affected
Nuveen’s
revenues
and
expenses
impacting
profitability
in
2021
versus
2020.
In
reviewing
the
comparative
peer
data
noted
above,
the
Board
considered
that
the
operating
margins
of
Nuveen
Investments
compared
favorably
to
the
peer
group
range
of
operating
margins;
however,
the
Independent
Board
Members
also
recognized
the
limitations
of
the
comparative
data
given
that
peer
data
is
not
generally
public
and
the
calculation
of
profitability
is
subjective
and
affected
by
numerous
factors
(such
as
types
of
funds
a
peer
manages,
its
business
mix,
its
cost
of
capital,
the
numerous
assumptions
underlying
the
methodology
used
to
allocate
expenses
and
other
factors)
that
can
have
a
significant
impact
on
the
results.
Aside
from
Nuveen’s
profitability,
the
Board
recognized
that
the
Adviser
is
a
subsidiary
of
Nuveen,
LLC,
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(“TIAA”).
Accordingly,
the
Board
also
reviewed
a
balance
sheet
for
TIAA
reflecting
its
assets,
liabilities
and
capital
and
contingency
reserves
for
the
2021
and
2020
calendar
years
to
consider
the
financial
strength
of
TIAA.
The
Board
recognized
the
benefit
of
an
investment
adviser
and
its
parent
with
significant
resources,
particularly
during
periods
of
market
volatility.
The
Board
also
noted
the
reinvestments
Nuveen,
its
parent
and/or
other
affiliates
made
into
its
business
through,
among
other
things,
the
investment
of
seed
capital
in
certain
Nuveen
funds
and
continued
investments
in
enhancements
to
technological
capabilities.
In
addition
to
Nuveen,
the
Independent
Board
Members
considered
the
profitability
of
the
Sub-Adviser
from
its
relationships
with
the
Nuveen
funds.
In
this
regard,
the
Independent
Board
Members
reviewed,
among
other
things,
the
Sub-Adviser’s
revenues,
expenses
and
net
revenue
margins
(pre-
and
post-tax)
for
its
advisory
activities
to
the
respective
funds
for
the
calendar
years
ended
December
31,
2021
and
December
31,
2020.
The
Independent
Board
Members
also
reviewed
a
profitability
analysis
reflecting
the
revenues,
expenses
and
revenue
margin
(pre-
and
post-tax)
by
asset
type
for
the
Sub-Adviser
for
the
calendar
years
ending
December
31,
2021
and
December
31,
2020
and
the
pre-
and
post-tax
revenue
margins
from
2021
and
2020.
In
evaluating
the
reasonableness
of
the
compensation,
the
Independent
Board
Members
also
considered
any
other
ancillary
benefits
derived
by
the
respective
Fund
Adviser
from
its
relationship
with
the
Nuveen
funds
as
discussed
in
further
detail
below.
Based
on
a
consideration
of
all
the
information
provided,
the
Board
noted
that
Nuveen’s
and
the
Sub-Adviser’s
level
of
profitability
was
acceptable
and
not
unreasonable
in
light
of
the
services
provided.
D.
Economies
of
Scale
and
Whether
Fee
Levels
Reflect
These
Economies
of
Scale
The
Board
considered
whether
there
have
been
economies
of
scale
with
respect
to
the
management
of
the
Nuveen
funds
and
whether
these
economies
of
scale
have
been
appropriately
shared
with
the
funds.
The
Board
recognized
that
although
economies
of
scale
are
difficult
to
measure
and
certain
expenses
may
not
decline
with
a
rise
in
assets,
there
are
several
methods
to
help
share
the
benefits
of
economies
of
scale,
including
breakpoints
in
the
management
fee
schedule,
fee
waivers
and/or
expense
limitations,
the
pricing
of
Nuveen
funds
at
scale
at
inception
and
investments
in
Nuveen’s
business
which
can
enhance
the
services
provided
to
the
funds
for
the
fees
paid.
The
Board
noted
that
Nuveen
generally
has
employed
these
various
methods,
and
the
Board
considered
the
extent
to
which
the
Nuveen
funds
will
benefit
from
economies
of
scale
as
their
assets
grow.
In
this
regard,
the
Board
recognized
that
the
management
fee
of
the
Adviser
is
generally
comprised
of
a
fund-level
component
and
a
complex-level
component
each
with
its
own
breakpoint
schedule,
subject
to
certain
exceptions.
The
Board
reviewed
the
fund-level
and
complex-
level
fee
schedules.
The
Board
considered
that
the
fund-level
breakpoint
schedules
are
designed
to
share
economies
of
scale
with
shareholders
if
the
particular
fund
grows,
and
the
complex-level
breakpoint
schedule
is
designed
to
deliver
the
benefits
of
economies
of
scale
to
shareholders
when
the
eligible
assets
in
the
complex
pass
certain
thresholds
even
if
the
assets
of
a
particular
fund
are
unchanged
or
have
declined.
In
addition
to
the
fund-level
and
complex-level
fee
schedules,
the
Independent
Board
Members
considered
the
temporary
and/or
permanent
expense
caps
applicable
to
certain
Nuveen
funds
(including
the
amounts
of
fees
waived
or
amounts
reimbursed
to
the
respective
funds
in
2021
and
2020).
The
Board
recognized
that
such
waivers
and
reimbursements
applicable
to
the
respective
Nuveen
funds
are
another
means
for
potential
economies
of
scale
to
be
shared
with
shareholders
of
such
funds
and
can
provide
a
protection
from
an
increase
in
expenses
if
the
assets
of
the
applicable
funds
decline.
As
noted
above,
the
Independent
Board
Members
also
recognized
the
continued
reinvestment
in
Nuveen’s
business.
Based
on
its
review,
the
Board
concluded
that
the
current
fee
arrangements
together
with
the
reinvestment
in
Nuveen’s
business
appropriately
shared
any
economies
of
scale
with
shareholders.
E.
Indirect
Benefits
The
Independent
Board
Members
received
and
considered
information
regarding
other
benefits
the
respective
Fund
Adviser
or
its
affiliates
may
receive
as
a
result
of
their
relationship
with
the
Nuveen
funds.
The
Independent
Board
Members
recognized
that
an
affiliate
of
the
Adviser
serves
as
principal
underwriter
providing
distribution
and/or
shareholder
services
to
the
open-end
funds.
The
Independent
Board
Members
further
noted
that,
subject
to
certain
exceptions,
certain
classes
of
the
Nuveen
open-end
funds
pay
12b-1
fees
and
while
a
majority
of
such
fees
were
paid
to
third
party
financial
intermediaries,
the
Board
reviewed
the
amount
retained
by
the
Adviser’s
affiliate.
In
addition,
the
Independent
Board
Members
also
noted
that
various
sub-advisers
(including
the
Sub-Adviser)
may
engage
in
soft
dollar
transactions
pursuant
to
which
they
may
receive
the
benefit
of
research
products
and
other
services
provided
by
broker-dealers
executing
portfolio
transactions
on
behalf
of
the
applicable
Nuveen
funds.
However,
the
Board
noted
that
any
benefits
for
the
Sub-Adviser
when
transacting
in
fixed-income
securities
may
be
more
limited
as
such
securities
generally
trade
on
a
principal
basis
and
therefore
do
not
generate
brokerage
commissions.
Based
on
its
review,
the
Board
concluded
that
any
indirect
benefits
received
by
a
Fund
Adviser
as
a
result
of
its
relationship
with
the
Funds
were
reasonable
and
within
acceptable
parameters.
F.
Other
Considerations
The
Board
Members
did
not
identify
any
single
factor
discussed
previously
as
all-important
or
controlling.
The
Board
Members,
including
the
Independent
Board
Members,
concluded
that
the
terms
of
each
Advisory
Agreement
were
reasonable,
that
the
respective
Fund
Adviser’s
fees
were
reasonable
in
light
of
the
services
provided
to
each
Fund
and
that
the
Advisory
Agreements
be
renewed.
Liquidity
Risk
Management
Program
(Unaudited)
Discussion
of
the
operation
and
effectiveness
of
the
Funds’
liquidity
risk
management
program
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
each
Fund
covered
in
this
Report
the
“Funds”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”),
which
is
designed
to
manage
the
Fund’s
liquidity
risk.
The
Program
consists
of
various
protocols
for
assessing
and
managing
each
Fund’s
liquidity
risk.
The
Funds’
Board
of
Trustees
previously
designated
Nuveen
Fund
Advisors,
LLC,
the
Funds’
investment
adviser,
as
the
Administrator
of
the
Program.
The
adviser’s
Liquidity
Monitoring
and
Analysis
Team
(“LMAT”)
carries
out
day-to-day
Program
management
with
oversight
by
the
adviser’s
Liquidity
Oversight
Sub-Committee
(the
LOSC”).
The
LOSC
is
composed
of
personnel
from
the
adviser
and
Teachers
Advisors,
LLC,
an
affiliate
of
the
adviser.
At
a
May
23-25,
2022
meeting
of
the
Board,
the
Administrator
provided
the
Board
with
a
written
report
addressing
the
Program’s
operation,
adequacy
and
effectiveness
of
implementation
for
calendar
year
2021
(the
“Review
Period”),
as
required
under
the
Liquidity
Rule.
The
report
noted
that
the
Program
has
been
and
continues
to
be
adequately
and
effectively
implemented
to
monitor
and
(as
applicable)
respond
to
each
Fund’s
liquidity
developments.
In
accordance
with
the
Program,
the
LMAT
assesses
each
Fund’s
liquidity
risk
no
less
frequently
than
annually
based
on
various
factors,
such
as
(1)
the
Fund’s
investment
strategy
and
the
liquidity
of
portfolio
investments,
(ii)
cash
flow
projections,
and
(ii)
holdings
of
cash
and
cash
equivalents,
borrowing
arrangements,
and
other
funding
sources.
Certain
factors
are
considered
under
both
normal
and
reasonably
foreseeable
stressed
conditions.
Each
Fund
portfolio
investment
is
classified
into
one
of
four
liquidity
categories
(including
the
most
liquid,
“Highly
Liquid”,
and
the
least
liquid,
“lliquid”,
discussed
below),
The
classification
is
based
on
a
determination
of
how
long
it
is
reasonably
expected
to
take
to
convert
the
investment
into
cash,
or
sell
or
dispose
of
the
investment,
in
current
market
conditions
without
significantly
changing
the
market
value
of
the
investment
Liquidity
classification
determinations
take
into
account
various
market,
trading,
and
investment-specific
considerations,
as
well
as
market
depth,
and
use
third-
party
vendor
data.
Any
Fund
that
does
not
primarily
hold
highly
liquid
investments
must,
among
other
things,
determine
a
minimum
percentage
of
Fund
assets
that
must
be
invested
in
highly
liquid
investments
(a
“Highly
Liquid
Investment
Minimum”).
During
the
Review
Period,
each
Fund
primarily
held
Highly
Liquid
investments
and
therefore
was
exempt
from
the
requirement
to
adopt
a
Highly
Liquid
Investment
Minimum
and
to
comply
with
the
related
requirements
under
the
Liquidity
Rule.
The
Liquidity
Rule
also
limits
a
Fund’s
investments
in
Illiquid
investments.
Specifically,
the
Liquidity
Rule
prohibits
a
Fund
from
acquiring
Illiquid
investments
if
doing
so
would
result
in
the
Fund
holding
more
than
15%
of
its
net
assets
in
illiquid
investments,
and
requires
certain
reporting
to
the
Fund
Board
and
the
Securities
and
Exchange
Commission
any
time
a
Fund’s
holdings
of
Illiquid
investments
exceeds
15%
of
net
assets.
During
the
Review
Period,
no
Fund
exceeded
the
15%
limit
on
Illiquid
investments.
Trustees
and
Officers
(Unaudited)
The
management
of
the
Funds,
including
general
supervision
of
the
duties
performed
for
the
Funds
by
the
Adviser,
is
the
responsibility
of
the
Board
of Trustees
of
the
Funds.
The
number
of
Trustees of
the
Funds
is
currently
set
at
ten.
None
of
the Trustees
who
are
not
“interested”
persons
of
the
Funds
(referred
to
herein
as
“Independent
Trustees”)
has
ever
been
a Trustee
or
employee
of,
or
consultant
to,
Nuveen
or
its
affiliates.
The
names
and
business
addresses
of
the Trustees
and
officers
of
the
Funds,
their
principal
occupations
and
other
affiliations
during
the
past
five
years,
the
number
of
portfolios
each
oversees
and
other
directorships
they
hold
are
set
forth
below.
The
Funds’
Statement
of
Additional
Information
(“SAI”)
includes
more
information
about
the
Trustees.
To
request
a
free
copy,
call
Nuveen
Investments
at
(800)
257-8787
or
visit
the
Funds’
website
at
www.nuveen.com.
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Trustee
Independent
Trustees:
Terence
J.
Toth
1959
333
W.
Wacker
Drive
Chicago,
IL
60606
Chair
and
Trustee
2008
Formerly,
a
Co-Founding
Partner,
Promus
Capital
(investment
advisory
firm)
(2008-2017);
formerly,
Director,
Quality
Control
Corporation
(manufacturing)
(2012-2021);
Chair
of
the
Board
of
the
Kehrein
Center
for
the
Arts
(philanthropy)
(since
2021);
member:
Catalyst
Schools
of
Chicago
Board
(since
2008)
and
Mather
Foundation
Board
(philanthropy)
(since
2012),
and
chair
of
its
investment
committee;
formerly,
Member,
Chicago
Fellowship
Board
(philanthropy)
2005-2016);
formerly,
Director,
Fulcrum
IT
Services
LLC
(information
technology
services
firm
to
government
entities)
(2010-2019);
formerly,
Director,
LogicMark
LLC
(health
services)
(2012-2016);
formerly,
Director,
Legal
&
General
Investment
Management
America,
Inc.
(asset
management)
(2008-
2013);
formerly,
CEO
and
President,
Northern
Trust
Global
Investments
(financial
services)
(2004-2007);
Executive
Vice
President,
Quantitative
Management
&
Securities
Lending
(2000-2004);
prior
thereto,
various
positions
with
Northern
Trust
Company
(financial
services)
(since
1994);
formerly,
Member,
Northern
Trust
Mutual
Funds
Board
(2005-2007),
Northern
Trust
Global
Investments
Board
(2004-2007),
Northern
Trust
Japan
Board
(2004-2007),
Northern
Trust
Securities
Inc.
Board
(2003-2007)
and
Northern
Trust
Hong
Kong
Board
(1997-2004).
141
Jack
B.
Evans
1948
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
1999
Chairman
(since
2019),
formerly,
President
(1996-2019),
The
Hall-Perrine
Foundation,
(private
philanthropic
corporation);
Life
Trustee
of
Coe
College;
formerly,
Member
and
President
Pro-Tem
of
the
Board
of
Regents
for
the
State
of
Iowa
University
System
(2007-
2013);
Director
and
Chairman
(2009-2021),
United
Fire
Group,
a
publicly
held
company;
Director,
Public
Member,
American
Board
of
Orthopaedic
Surgery
(2015-2020);
Director
(2000-2004),
Alliant
Energy;
Director
(1996-2015),
The
Gazette
Company
(media
and
publishing);
Director
(1997-
2003),
Federal
Reserve
Bank
of
Chicago;
President
and
Chief
Operating
Officer
(1972-1995),
SCI
Financial
Group,
Inc.,
(regional
financial
services
firm).
141
William
C.
Hunter
1948
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2003
Dean
Emeritus,
formerly,
Dean,
Tippie
College
of
Business,
University
of
Iowa
(2006-2012);
Director
of
Wellmark,
Inc.
(since
2009);
past
Director
(2005-2015),
and
past
President
(2010-
2014)
Beta
Gamma
Sigma,
Inc.,
The
International
Business
Honor
Society;
formerly,
Director
(2004-2018)
of
Xerox
Corporation;
formerly,
Dean
and
Distinguished
Professor
of
Finance,
School
of
Business
at
the
University
of
Connecticut
(2003-2006);
previously,
Senior
Vice
President
and
Director
of
Research
at
the
Federal
Reserve
Bank
of
Chicago
(1995-2003);
formerly,
Director
(1997-2007),
Credit
Research
Center
at
Georgetown
University.
141
Trustees
and
Officers
(Unaudited)
(continued)
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Trustee
Amy
B.
R.
Lancellotta
1959
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2021
Formerly,
Managing
Director,
Independent
Directors
Council
(IDC)
(supports
the
fund
independent
director
community
and
is
part
of
the
Investment
Company
Institute
(ICI),
which
represents
regulated
investment
companies)
(2006-2019);
formerly,
various
positions
with
ICI
(1989-2006);
Member
of
the
Board
of
Directors,
Jewish
Coalition
Against
Domestic
Abuse
(JCADA)
(since
2020).
141
Joanne
T.
Medero
1954
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2021
Formerly,
Managing
Director,
Government
Relations
and
Public
Policy
(2009-2020)
and
Senior
Advisor
to
the
Vice
Chairman
(2018-2020),
BlackRock,
Inc.
(global
investment
management
firm);
formerly,
Managing
Director,
Global
Head
of
Government
Relations
and
Public
Policy,
Barclays
Group
(IBIM)
(investment
banking,
investment
management
and
wealth
management
businesses)(2006-2009);
formerly,
Managing
Director,
Global
General
Counsel
and
Corporate
Secretary,
Barclays
Global
Investors
(global
investment
management
firm)
(1996-2006);
formerly,
Partner,
Orrick,
Herrington
&
Sutcliffe
LLP
(law
firm)
(1993-1995);
formerly,
General
Counsel,
Commodity
Futures
Trading
Commission
(government
agency
overseeing
U.S.
derivatives
markets)
(1989-1993);
formerly,
Deputy
Associate
Director/Associate
Director
for
Legal
and
Financial
Affairs,
Office
of
Presidential
Personnel,
The
White
House
(1986-1989);
Member
of
the
Board
of
Directors,
Baltic-American
Freedom
Foundation
(seeks
to
provide
opportunities
for
citizens
of
the
Baltic
states
to
gain
education
and
professional
development
through
exchanges
in
the
U.S.)
(since
2019).
141
Albin
F.
Moschner
1952
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2016
Founder
and
Chief
Executive
Officer,
Northcroft
Partners,
LLC,
(management
consulting)
(since
2012);
formerly,
Chairman
(2019),
and
Director
(2012-2019),
USA
Technologies,
Inc.,
(provider
of
solutions
and
services
to
facilitate
electronic
payment
transactions);
formerly,
Director,
Wintrust
Financial
Corporation
(1996-2016);
previously,
held
positions
at
Leap
Wireless
International,
Inc.
(consumer
wireless
services),
including
Consultant
(2011-2012),
Chief
Operating
Officer
(2008-2011),
and
Chief
Marketing
Officer
(2004-2008);
formerly,
President,
Verizon
Card
Services
division
of
Verizon
Communications,
Inc.
(2000-2003);
formerly,
President,
One
Point
Services
at
One
Point
Communications
(telecommunication
services)
(1999-2000);
formerly,
Vice
Chairman
of
the
Board,
Diba,
Incorporated
(internet
technology
provider)
(1996-1997);
formerly,
various
executive
positions
(1991-1996)
including
Chief
Executive
Officer
(1995-1996)
of
Zenith
Electronics
Corporation
(consumer
electronics).
141
John
K.
Nelson
1962
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2013
Member
of
Board
of
Directors
of
Core12
LLC.
(private
firm
which
develops
branding,
marketing
and
communications
strategies
for
clients)
(since
2008);
served
The
President’s
Council
of
Fordham
University
(2010-2019)
and
previously
a
Director
of
the
Curran
Center
for
Catholic
American
Studies
(2009-2018);
formerly,
senior
external
advisor
to
the
Financial
Services
practice
of
Deloitte
Consulting
LLP.
(2012-2014);
former
Chair
of
the
Board
of
Trustees
of
Marian
University
(2010-2014
as
trustee,
2011-2014
as
Chair);
formerly
Chief
Executive
Officer
of
ABN
AMRO
Bank
N.V.,
North
America,
and
Global
Head
of
the
Financial
Markets
Division
(2007-2008),
with
various
executive
leadership
roles
in
ABN
AMRO
Bank
N.V.
between
1996
and
2007.
141
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Trustee
Judith
M.
Stockdale
1947
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
1997
Board
Member,
Land
Trust
Alliance
(national
public
charity
addressing
natural
land
and
water
conservation
in
the
U.S.)
(since
2013);
formerly,
Board
Member,
U.S.
Endowment
for
Forestry
and
Communities
(national
endowment
addressing
forest
health,
sustainable
forest
production
and
markets,
and
economic
health
of
forest-reliant
communities
in
the
U.S.)
(2013-2019);
formerly,
Executive
Director
(1994-2012),
Gaylord
and
Dorothy
Donnelley
Foundation
(private
foundation
endowed
to
support
both
natural
land
conservation
and
artistic
vitality);
prior
thereto,
Executive
Director,
Great
Lakes
Protection
Fund
(endowment
created
jointly
by
seven
of
the
eight
Great
Lakes
states’
Governors
to
take
a
regional
approach
to
improving
the
health
of
the
Great
Lakes)
(1990-1994).
141
Carole
E.
Stone
1947
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2007
Former
Director,
Chicago
Board
Options
Exchange
(2006-2017),
and
C2
Options
Exchange,
Incorporated
(2009-2017);
formerly,
Director,
Cboe
Global
Markets,
Inc.,
(2010-2020)
(formerly
named
CBOE
Holdings,
Inc.);
formerly,
Commissioner,
New
York
State
Commission
on
Public
Authority
Reform
(2005-2010).
141
Matthew
Thornton
III
1958
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2020
Formerly,
Executive
Vice
President
and
Chief
Operating
Officer
(2018-2019),
FedEx
Freight
Corporation,
a
subsidiary
of
FedEx
Corporation
(FedEx)
(provider
of
transportation,
e-commerce
and
business
services
through
its
portfolio
of
companies);
formerly,
Senior
Vice
President,
U.S.
Operations
(2006-2018),
Federal
Express
Corporation,
a
subsidiary
of
FedEx;
formerly
Member
of
the
Board
of
Directors
(2012-2018),
Safe
Kids
Worldwide®
(a
non-profit
organization
dedicated
to
preventing
childhood
injuries).
Member
of
the
Board
of
Directors
(since
2014),
The
Sherwin-Williams
Company
(develops,
manufactures,
distributes
and
sells
paints,
coatings
and
related
products);
Director
(since
2020),
Crown
Castle
International
(provider
of
communications
infrastructure).
141
Margaret
L.
Wolff
1955
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2016
Formerly,
member
of
the
Board
of
Directors
(2013-2017)
of
Travelers
Insurance
Company
of
Canada
and
The
Dominion
of
Canada
General
Insurance
Company
(each,
a
part
of
Travelers
Canada,
the
Canadian
operation
of
The
Travelers
Companies,
Inc.);
formerly,
Of
Counsel,
Skadden,
Arps,
Slate,
Meagher
&
Flom
LLP
(Mergers
&
Acquisitions
Group)
(legal
services)
(2005-2014);
Member
of
the
Board
of
Trustees
of
New
York-Presbyterian
Hospital
(since
2005);
Member
(since
2004),
formerly,
Chair
(2015-2022)
of
the
Board
of
Trustees
of
The
John
A.
Hartford
Foundation
(a
philanthropy
dedicated
to
improving
the
care
of
older
adults);
formerly,
Member
(2005-2015)
and
Vice
Chair
(2011-2015)
of
the
Board
of
Trustees
of
Mt.
Holyoke
College.
141
Robert
L.
Young
1963
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2017
Formerly,
Chief
Operating
Officer
and
Director,
J.P.
Morgan
Investment
Management
Inc.
(financial
services)
(2010-2016);
formerly,
President
and
Principal
Executive
Officer
(2013-2016),
and
Senior
Vice
President
and
Chief
Operating
Officer
(2005-2010),
of
J.P.
Morgan
Funds;
formerly,
Director
and
various
officer
positions
for
J.P.
Morgan
Investment
Management
Inc.
(formerly,
JPMorgan
Funds
Management,
Inc.
and
formerly,
One
Group
Administrative
Services)
and
JPMorgan
Distribution
Services,
Inc.
(financial
services)
(formerly,
One
Group
Dealer
Services,
Inc.)
(1999-2017).
141
Trustees
and
Officers
(Unaudited)
(continued)
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(2)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Officers
of
the
Funds:
Christopher
E.
Stickrod
1976
333
W.
Wacker
Drive
Chicago,
IL
60606
Chief
Administrative
Officer
2020
Senior
Managing
Director
(since
2017)
and
Head
of
Advisory
Product
(since
2020),
formerly,
Managing
Director
(2016-2017)
and
Senior
Vice
President
(2013-
2016)
of
Nuveen;
Senior
Managing
Director
of
Nuveen
Securities,
LLC
(since
2018)
and
of
Nuveen
Fund
Advisors,
LLC
(since
2019).
Brett
E.
Black
1972
333
West
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Chief
Compliance
Officer
2022
Enterprise
Senior
Compliance
Officer
of
Nuveen
(since
2022);
formerly,
Vice
President
(2014-2022),
Chief
Compliance
Officer
(2017-2022),
Deputy
Chief
Compliance
Officer
(2014-2017)
and
Senior
Compliance
Officer
(2012-2014)
of
BMO
Funds,
Inc.;
formerly
Senior
Compliance
Officer
of
BMO
Asset
Management
Corp.
(2012-2014).
Mark
J.
Czarniecki
1979
901
Marquette
Avenue
Minneapolis,
MN
55402
Vice
President
and
Secretary
2013
Vice
President
and
Assistant
Secretary
of
Nuveen
Securities,
LLC
(since
2016);
Managing
Director
(since
2022),
formerly,
Vice
President
(2017-2022)
and
Assistant
Secretary
(since
2017)
of
Nuveen
Fund
Advisors,
LLC;
Managing
Director
and
Associate
General
Counsel
(since
January
2022),
formerly,
Vice
President
and
Associate
General
Counsel
of
Nuveen
(2013-2021);
Managing
Director
(since
2022),
formerly,
Vice
President
(2018-2022),
Assistant
Secretary
and
Associate
General
Counsel
(since
2018)
of
Nuveen
Asset
Management,
LLC.
Diana
R.
Gonzalez
1978
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2017
Vice
President
and
Assistant
Secretary
of
Nuveen
Fund
Advisors,
LLC
(since
2017);
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC
(since
2022);
Vice
President
and
Associate
General
Counsel
of
Nuveen
(since
2017);
Associate
General
Counsel
of
Jackson
National
Asset
Management,
LLC
(2012-2017).
Nathaniel
T.
Jones
1979
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Treasurer
2016
Senior
Managing
Director
(since
2021),
formerly,
Managing
Director
(2017-2021),
Senior
Vice
President
(2016-2017),
formerly,
Vice
President
(2011-
2016)
of
Nuveen;
Managing
Director
(since
2015)
of
Nuveen
Fund
Advisors,
LLC;
Chartered
Financial
Analyst.
Tina
M.
Lazar
1961
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2002
Managing
Director
(since
2017),
formerly,
Senior
Vice
President
(2014-2017)
of
Nuveen
Securities,
LLC.
Brian
J.
Lockhart
1974
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2019
Managing
Director
(since
2019)
of
Nuveen
Fund
Advisors,
LLC;
Senior
Managing
Director
(since
2021),
formerly,
Managing
Director
(2017-2021),
Vice
President
(2010-2017)
of
Nuveen;
Head
of
Investment
Oversight
(since
2017),
formerly,
Team
Leader
of
Manager
Oversight
(2015-2017);
Chartered
Financial
Analyst
and
Certified
Financial
Risk
Manager.
Jacques
M.
Longerstaey
1963
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
2019
Senior
Managing
Director,
Chief
Risk
Officer,
Nuveen,
LLC
(since
May
2019);
Senior
Managing
Director
(since
May
2019)
of
Nuveen
Fund
Advisors,
LLC;
formerly,
Chief
Investment
and
Model
Risk
Officer,
Wealth
&
Investment
Management
Division,
Wells
Fargo
Bank
(NA)
(2013-2019).
John
M.
McCann
1975
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2022
Managing
Director
and
Assistant
Secretary
of
Nuveen
Fund
Advisors,
LLC
(since
2021);
Managing
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC
(since
2021);
Managing
Director
of
TIAA
SMA
Strategies
LLC
(since
2021);
Managing
Director
(since
2019,
formerly,
Vice
President
and
Director),
Associate
General
Counsel
and
Assistant
Secretary
of
College
Retirement
Equities
Fund,
TIAA
Separate
Account
VA-1,
TIAA-CREF
Funds
and
TIAA-CREF
Life
Funds;
Managing
Director
(since
2018),
formerly,
Vice
President
and
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
Teachers
Insurance
and
Annuity
Association
of
America,
Teacher
Advisors
LLC
and
TIAA-CREF
Investment
Management,
LLC;
Vice
President
(since
2017),
Associate
General
Counsel
and
Assistant
Secretary
(since
2011)
of
Nuveen
Alternative
Advisors
LLC;
General
Counsel
and
Assistant
Secretary
of
Covariance
Capital
Management,
Inc.
(2014-2017).
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(2)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Kevin
J.
McCarthy
1966
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Assistant
Secretary
2007
Senior
Managing
Director
(since
2017)
and
Secretary
and
General
Counsel
(since
2016)
of
Nuveen
Investments,
Inc.,
formerly,
Executive
Vice
President
(2016-2017)
and
Managing
Director
and
Assistant
Secretary
(2008-2016);
Senior
Managing
Director
(since
2017)
and
Assistant
Secretary
(since
2008)
of
Nuveen
Securities,
LLC,
formerly
Executive
Vice
President
(2016-2017)
and
Managing
Director
(2008-2016);
Senior
Managing
Director
(since
2017)
and
Secretary
(since
2016)
of
Nuveen
Fund
Advisors,
LLC,
formerly,
Co-General
Counsel
(2011-2020),
Executive
Vice
President
(2016-2017),
Managing
Director
(2008-2016)
and
Assistant
Secretary
(2007-2016);
Senior
Managing
Director
(since
2017),
Secretary
(since
2016)
of
Nuveen
Asset
Management,
LLC,
formerly,
Associate
General
Counsel
(2011-2020),
Executive
Vice
President
(2016-2017)
and
Managing
Director
and
Assistant
Secretary
(2011-2016);
formerly
Vice
President
(2007-2021)
and
Secretary
(2016-2021),
of
NWQ
Investment
Management
Company,
LLC
and
Santa
Barbara
Asset
Management,
LLC;
Vice
President
and
Secretary
of
Winslow
Capital
Management,
LLC
(since
2010).
Senior
Managing
Director
(since
2017)
and
Secretary
(since
2016)
of
Nuveen
Alternative
Investments,
LLC.
Jon
Scott
Meissner
1973
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2019
Managing
Director
of
Mutual
Fund
Tax
and
Financial
Reporting
groups
at
Nuveen
(since
2017);
Managing
Director
of
Nuveen
Fund
Advisors,
LLC
(since
2019);
Senior
Director
of
Teachers
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC
(since
2016);
Senior
Director
(since
2015)
Mutual
Fund
Taxation
to
the
TIAA-CREF
Funds,
the
TIAA-CREF
Life
Funds,
the
TIAA
Separate
Account
VA-1
and
the
CREF
Accounts;
has
held
various
positions
with
TIAA
since
2004.
Deann
D.
Morgan
1969
730
Third
Avenue
New
York,
NY
10017
Vice
President
2020
President,
Nuveen
Fund
Advisors,
LLC
(since
2020);
Executive
Vice
President,
Global
Head
of
Product
at
Nuveen
(since
2019);
Co-Chief
Executive
Officer
of
Nuveen
Securities,
LLC
(since
2020);
Managing
Member
of
MDR
Collaboratory
LLC
(since
2018);
Managing
Director,
Head
of
Wealth
Management
Product
Structuring
&
COO
Multi
Asset
Investing.
The
Blackstone
Group
(2013-2017).
William
A.
Siffermann
1975
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2017
Managing
Director
(since
2017),
formerly
Senior
Vice
President
(2016-2017)
and
Vice
President
(2011-2016)
of
Nuveen.
E.
Scott
Wickerham
1973
730
Third
Avenue
New
York,
NY
10017
Vice
President
and
Controller
2019
Senior
Managing
Director,
Head
of
Public
Investment
Finance
at
Nuveen
(since
2019),
formerly,
Managing
Director;
Senior
Managing
Director
(since
2019)
of
Nuveen
Fund
Advisors,
LLC;
Principal
Financial
Officer,
Principal
Accounting
Officer
and
Treasurer
(since
2017)
of
the
TIAA-CREF
Funds,
the
TIAA-CREF
Life
Funds,
the
TIAA
Separate
Account
VA-1
and
Principal
Financial
Officer,
Principal
Accounting
Officer
(since
2020)
and
Treasurer
(since
2017)
of
the
CREF
Accounts;
formerly,
Senior
Director,
TIAA-CREF
Fund
Administration
(2014-2015);
has
held
various
positions
with
TIAA
since
2006.
Mark
L.
Winget
1968
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Assistant
Secretary
2008
Vice
President
and
Assistant
Secretary
of
Nuveen
Securities,
LLC
(since
2008),
and
Nuveen
Fund
Advisors,
LLC
(since
2019);
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC
(since
2020);
Vice
President
(since
2010)
and
Associate
General
Counsel
(since
2019),
formerly,
Assistant
General
Counsel
(2008-2016)
of
Nuveen.
Gifford
R.
Zimmerman
1956
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Assistant
Secretary
1988
Managing
Director
and
Assistant
Secretary
of
Nuveen
Securities,
LLC
(since
2022);
Managing
Director,
Assistant
Secretary
and
General
Counsel
(since
2022),
formerly,
Co-General
Counsel
(2011-2020)
of
Nuveen
Fund
Advisors,
LLC;
formerly,
Managing
Director
(2004-2020)
and
Assistant
Secretary
(1994-2020)
of
Nuveen
Investments,
Inc.;
Managing
Director,
Assistant
Secretary
and
Associate
General
Counsel
(since
2022)
of
Nuveen
Asset
Management,
LLC;
formerly,
Vice
President
and
Assistant
Secretary
of
NWQ
Investment
Management
Company,
LLC
(2002-2020),
Santa
Barbara
Asset
Management,
LLC
(2006-2020)
and
Winslow
Capital
Management,
LLC
(2010-2020);
Chartered
Financial
Analyst.
(1)
Trustees
serve
an
indefinite
term
until
his/her
successor
is
elected
or
appointed.
The
year
first
elected
or
appointed
represents
the
year
in
which
the
director
was
first
elected
or
appointed
to
any
fund
in
the
Nuveen
Fund
Complex.
(2)
Officers
serve
one
year
terms
through
August
of
each
year.
The
year
first
elected
or
appointed
represents
the
year
in
which
the
officer
was
first
elected
or
appointed
to
any
fund
in
the
Nuveen
Fund
Complex.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
MAN-MS5-0522D
2261245-INV-Y-07/23
Nuveen:
Serving
Investors
for
Generations
Since
1898,
financial
advisors
and
their
clients
have
relied
on
Nuveen
to
provide
dependable
investment
solutions
through
continued
adherence
to
proven,
long-term
investing
principles.
Today,
we
offer
a
range
of
high
quality
solutions
designed
to
be
integral
components
of
a
well-diversified
core
portfolio.
Focused
on
meeting
investor
needs.
Nuveen
is
the
investment
manager
of
TIAA.
We
have
grown
into
one
of
the
world’s
premier
global
asset
managers,
with
specialist
knowledge
across
all
major
asset
classes
and
particular
strength
in
solutions
that
provide
income
for
investors
and
that
draw
on
our
expertise
in
alternatives
and
responsible
investing.
Nuveen
is
driven
not
only
by
the
independent
investment
processes
across
the
firm,
but
also
the
insights,
risk
management,
analytics
and
other
tools
and
resources
that
a
truly
world-class
platform
provides.
As
a
global
asset
manager,
our
mission
is
to
work
in
partnership
with
our
clients
to
create
solutions
which
help
them
secure
their
financial
future.
Find
out
how
we
can
help
you.
To
learn
more
about
how
the
products
and
services
of
Nuveen
may
be
able
to
help
you
meet
your
financial
goals,
talk
to
your
financial
advisor,
or
call
us
at
(800)
257-8787.
Please
read
the
information
provided
carefully
before
you
invest.
Investors
should
consider
the
investment
objective
and
policies,
risk
considerations,
charges
and
expenses
of
any
investment
carefully.
Where
applicable,
be
sure
to
obtain
a
prospectus,
which
contains
this
and
other
relevant
information.
To
obtain
a
prospectus,
please
contact
your
securities
representative
or
Nuveen,
333
W.
Wacker
Dr.,
Chicago,
IL
60606.
Please
read
the
prospectus
carefully
before
you
invest
or
send
money.
Learn
more
about
Nuveen
Funds
at:
www.nuveen.com/mutual-funds
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal
executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has
posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)
| ITEM 3. |
AUDIT COMMITTEE FINANCIAL EXPERT. |
As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that
the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans, Albin F.
Moschner, John K. Nelson and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for
five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial
plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and
programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately
five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public
Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and
financial reporting. Ms. Stone formerly served on the Board of Directors of CBOE Global Markets, Inc. (formerly, CBOE Holdings, Inc.), the Chicago Board Options Exchange, and the C2 Options Exchange. Ms. Stone’s position on the boards of these
entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and
registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of
financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr.
Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit
committee of the Federal Reserve Bank of Chicago.
Mr. Moschner is a consultant in the wireless industry and, in July 2012, founded
Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider
of wireless services, where he was as a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International,
Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith
Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995.
Mr. Nelson is on the Board of Directors of Core12, LLC. (since 2008), a private firm which develops branding, marketing, and communications
strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank
Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency,
Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on
various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).
Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with
J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016)
and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P.
Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses, and co-led these activities for J.P. Morgan’s global retail and institutional investment management businesses. As President of
the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters,
and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed
from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.
| ITEM 4. |
PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
The following tables show the amount of fees that PricewaterhouseCoopers the Funds’ auditor, billed to the Funds’ during the
Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers provided to the Funds, except for those non-audit services that were subject to the pre-approval
exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services
if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as
non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fiscal Year Ended May 31, 2022 |
|
Audit Fees Billed
to Funds 1 |
|
|
Audit-Related Fees
Billed to Funds 2 |
|
|
Tax Fees Billed
to Funds 3 |
|
|
All Other Fees
Billed to Funds4 |
|
| Fund Name |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nuveen Georgia Municipal Bond Fund |
|
|
35,975 |
|
|
|
0 |
|
|
|
11 |
|
|
|
0 |
|
| Nuveen Louisiana Municipal Bond Fund |
|
|
35,975 |
|
|
|
0 |
|
|
|
12 |
|
|
|
0 |
|
| Nuveen North Carolina Municipal Bond Fund |
|
|
37,025 |
|
|
|
0 |
|
|
|
39 |
|
|
|
0 |
|
| Total |
|
$ |
108,975 |
|
|
$ |
0 |
|
|
$ |
11 |
|
|
$ |
0 |
|
| 1 |
|
“Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or
engagements. |
| 2 |
|
“Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under
“Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
| 3 |
|
“Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews;
capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
| 4 |
|
“All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon
Procedures” engagements pertaining to the Fund’s use of leverage. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Percentage Approved Pursuant to Pre-approval Exception |
|
| |
|
Audit Fees Billed
to Funds |
|
|
Audit-Related Fees
Billed to Funds |
|
|
Tax Fees
Billed to Funds |
|
|
All Other Fees
Billed to Funds |
|
| Fund Name |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nuveen Georgia Municipal Bond Fund |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
| Nuveen Louisiana Municipal Bond Fund |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
| Nuveen North Carolina Municipal Bond Fund |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
|
|
|
| May 31, 2021 |
|
Audit Fees Billed
to Funds1 |
|
|
Audit-Related Fees
Billed to Funds2 |
|
|
Tax Fees
Billed to Funds3 |
|
|
All Other Fees
Billed to Funds4 |
|
| Fund Name |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nuveen Georgia Municipal Bond Fund |
|
|
31,020 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
| Nuveen Louisiana Municipal Bond Fund |
|
|
31,055 |
|
|
|
0 |
|
|
|
42 |
|
|
|
0 |
|
| Nuveen North Carolina Municipal Bond Fund |
|
|
32,680 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
94,755 |
|
|
$ |
0 |
|
|
$ |
42 |
|
|
$ |
0 |
|
| 1 |
|
“Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or
engagements. |
| 2 |
|
“Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under
“Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
| 3 |
|
“Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews;
capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
| 4 |
|
“All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon
Procedures” engagements pertaining to the Fund’s use of leverage. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Percentage Approved Pursuant to Pre-approval Exception |
|
| |
|
Audit Fees Billed
to Funds |
|
|
Audit-Related Fees
Billed to Funds |
|
|
Tax Fees
Billed to Funds |
|
|
All Other Fees
Billed to Funds |
|
| Fund Name |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nuveen Georgia Municipal Bond Fund |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
| Nuveen Louisiana Municipal Bond Fund |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
| Nuveen North Carolina Municipal Bond Fund |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fiscal Year Ended May 31, 2022 |
|
Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service
Providers |
|
|
Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers |
|
|
All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers |
|
| Nuveen MultiState Trust III |
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
|
| |
|
Percentage Approved Pursuant to Pre-approval Exception |
|
| |
|
Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers |
|
|
Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers |
|
|
All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers |
|
|
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
|
|
| Fiscal Year Ended May 31, 2021 |
|
Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers |
|
|
Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers
|
|
|
All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers |
|
| Nuveen MultiState Trust III |
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
|
| |
|
Percentage Approved Pursuant to Pre-approval Exception |
|
| |
|
Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers |
|
|
Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers |
|
|
All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers |
|
|
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fiscal Year Ended May 31, 2022 |
|
Total Non-Audit Fees
Billed to Trust |
|
|
Total Non-Audit Fees
billed to Adviser and
Affiliated Fund
Service
Providers (engagements
related directly to the
operations and financial
reporting of the Trust) |
|
|
Total Non-Audit Fees
billed to Adviser and
Affiliated Fund
Service
Providers (all other
engagements) |
|
|
Total |
|
| Fund Name |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nuveen Georgia Municipal Bond Fund |
|
|
11 |
|
|
|
0 |
|
|
|
0 |
|
|
|
11 |
|
| Nuveen Louisiana Municipal Bond Fund |
|
|
12 |
|
|
|
0 |
|
|
|
0 |
|
|
|
12 |
|
| Nuveen North Carolina Municipal Bond Fund |
|
|
39 |
|
|
|
0 |
|
|
|
0 |
|
|
|
39 |
|
| Total |
|
$ |
11 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
11 |
|
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and
“All Other Fees” billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the hours expended
on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fiscal Year Ended May 31, 2021 |
|
Total Non-Audit Fees
Billed to Trust |
|
|
Total Non-Audit Fees
billed to Adviser
and
Affiliated Fund Service
Providers0 (engagements
related directly to the
operations and financial
reporting of the Trust) |
|
|
Total Non-Audit Fees
billed to Adviser and
Affiliated Fund
Service
Providers (all other
engagements) |
|
|
Total |
|
| Fund Name |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nuveen Georgia Municipal Bond Fund |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
| Nuveen Louisiana Municipal Bond Fund |
|
|
42 |
|
|
|
0 |
|
|
|
0 |
|
|
|
42 |
|
| Nuveen North Carolina Municipal Bond Fund |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
42 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
42 |
|
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and
“All Other Fees” billed to Fund in their respective amounts from the previous table.
Audit Committee Pre-Approval Policies
and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit and non-audit services to be performed by the Funds’
independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund
Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit
Committee Chair for her verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be
for an amount under $5,000.
| ITEM 5. |
AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable to this registrant.
| ITEM 6. |
SCHEDULE OF INVESTMENTS. |
| a) |
|
See Portfolio of Investments in Item 1. |
| ITEM 7. |
DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to this registrant.
| ITEM 8. |
PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
|
Not applicable to this registrant.
| ITEM 9. |
PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS. |
Not applicable to this registrant.
| ITEM 10. |
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees
implemented after the registrant last provided disclosure in response to this Item.
| ITEM 11. |
CONTROLS AND PROCEDURES. |
| |
(a) |
|
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the
disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules
13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| |
(b) |
|
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during
the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| ITEM 12. |
DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
|
Not applicable.
File the exhibits listed below as part of this Form.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Multistate Trust III
|
|
|
| By (Signature and Title) |
|
/s/ Mark J. Czarniecki |
|
|
Mark J. Czarniecki |
|
|
Vice President and Secretary |
Date: August 8, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below
by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
|
|
| By (Signature and Title) |
|
/s/ Christopher E. Stickrod |
|
|
Christopher E. Stickrod |
|
|
Chief Administrative Officer |
|
|
(principal executive officer) |
Date: August 8, 2022
|
|
|
| By (Signature and Title) |
|
/s/ E. Scott Wickerham |
|
|
E. Scott Wickerham |
|
|
Vice President and Controller |
|
|
(principal financial officer) |
Date: August 8, 2022