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 811-07755
Nuveen Multistate Trust II
(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: February 28
Date of reporting period:
August 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
California
High
Yield
Municipal
Bond
Fund
NCHAX
NAWSX
NCHRX
Nuveen
California
Municipal
Bond
Fund
NCAAX
NAKFX
NCSPX
Nuveen
Connecticut
Municipal
Bond
Fund
FCTTX
FDCDX
FCTRX
Nuveen
Massachusetts
Municipal
Bond
Fund
NMAAX
NAAGX
NBMAX
Nuveen
New
Jersey
Municipal
Bond
Fund
NNJAX
NJCCX
NMNJX
Nuveen
New
York
Municipal
Bond
Fund
NNYAX
NAJPX
NTNYX
Life
is
Complex.
Nuveen
makes
things
e-simple.
It
only
takes
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minute
to
sign
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e-Reports.
Once
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you’ll
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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
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see
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and
save
it
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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
Important
Notices
5
Risk
Considerations
and
Dividend
Information
6
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
7
Yields
20
Expense
Examples
22
Portfolios
of
Investments
25
Statement
of
Assets
and
Liabilities
108
Statement
of
Operations
110
Statement
of
Changes
in
Net
Assets
111
Statement
of
Cash
Flows
114
Financial
Highlights
115
Notes
to
Financial
Statements
127
Additional
Fund
Information
143
Glossary
of
Terms
Used
in
this
Report
144
Liquidity
Risk
Management
Program
146
Annual
Investment
Management
Agreement
Approval
Process
147
Chair’s
Letter
to
Shareholders
Dear
Shareholders,
The
question
of
whether
economies
are
moving
toward
normalization
or
recession
has
dominated
financial
markets
in
2022.
High
inflation
has
made
the
outcome
more
unpredictable,
as
it
has
dampened
consumer
sentiment,
pushed
central
banks
into
raising
interest
rates
more
aggressively
and
contributed
to
considerable
turbulence
in
the
markets
this
year.
Inflation
has
surged
partially
due
to
COVID
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
increasingly
forceful
responses
from
the
U.S.
Federal
Reserve
(Fed)
and
other
central
banks,
who
have
signaled
their
intentions
to
slow
inflation
while
tolerating
materially
slower
economic
growth
and
some
softening
in
the
labor
market.
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
more
than
two
years
ago.
Larger
increases
of
0.50%
in
May
and
0.75%
in
June,
July
and
September
2022
followed,
bringing
the
target
fed
funds
rate
to
a
range
of
3.00%
to
3.25%.
Additional
rate
hikes
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.
U.S.
gross
domestic
product
growth
has
now
contracted
for
two
consecutive
quarters,
according
to
government
estimates,
as
consumer
and
business
activity
has
slowed
in
part
due
to
higher
prices
and
borrowing
costs.
The
sharp
increase
in
the
U.S.
dollar’s
value
relative
to
other
currencies
in
2022
has
added
further
uncertainty
to
the
economic
outlook.
However,
the
still
strong
labor
market
suggests
not
all
areas
of
the
economy
are
weakening
in
unison.
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,
we
look
forward
to
continuing
to
earn
your
trust
in
the
months
and
years
ahead.
Terence
J.
Toth
Chair
of
the
Board
October 21,
2022
For
Shareholders
of
Nuveen
California
High
Yield
Municipal
Bond
Fund
Nuveen
California
Municipal
Bond
Fund
Nuveen
Connecticut
Municipal
Bond
Fund
Nuveen
Massachusetts
Municipal
Bond
Fund
Nuveen
New
Jersey
Municipal
Bond
Fund
Nuveen
New
York
Municipal
Bond
Portfolio
Manager
Commentaries
in
Semiannual
Shareholder
Reports
The
Funds
include
portfolio
manager
commentary
in
their
annual
shareholder
reports.
For
the
Funds’
most
recent
annual
portfolio
manager
discussion,
please
refer
to
the
Portfolio
Managers’
Comments
section
of
each
Fund’s
February
28,
2022
annual
shareholder
report.
For
current
information
on
your
Fund’s
investment
objectives,
portfolio
management
team
and
average
annual
total
returns
please
refer
to
the
Fund’s
website
at
www.nuveen.com.
For
changes
that
occurred
to
your
Fund
both
during
and
subsequent
to
this
reporting
period,
please
refer
to
the
Notes
to
Financial
Statements
section
of
this
report.
For
average
annual
total
returns
as
of
the
end
of
this
reporting
period,
please
refer
to
the
Performance
Overview
and
Holding
Summaries
section
within
this
report.
Soft
Closure
of
Nuveen
California
High
Yield
Municipal
Bond
Fund
After
the
close
of
business
on
September
30,
2021
(the
“Closing
Date”),
Nuveen
California
High
Yield
Municipal
Bond
Fund
(the
“Fund”)
suspended
offering
its
shares
to
new
investors
(commonly
referred
to
as
a
“soft
closure”).
Investors
in
the
Fund
as
of
the
Closing
Date
could
continue
to
purchase
Fund
shares,
including
through
the
reinvestment
of
dividends
and
capital
gains
distributions.
Shares
of
the
Fund
also
remained
available
to
clients
investing
through
mutual
fund
wrap
and
fee-based
advisory
programs
that
utilized
the
Fund
as
of
the
Closing
Date
and
the
Fund
continued
to
offer
its
shares
to
affiliated
fund
of
funds
and
model
portfolios.
Effective
June
1,
2022,
the
Fund
resumed
the
sale
of
its
shares
to
new
investors
and
all
restrictions
associated
with
the
Fund’s
soft
closure
were
rescinded.
Risk
Considerations
and
Dividend
Information
Risk
Considerations
Nuveen
California
High
Yield
Municipal
Bond
Fund
Mutual
fund
investing
involves
risk;
principal
loss
is
possible.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
call
risk,
state
concentration
risk,
tax
risk,
political
and
economic
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.
The
Fund
concentrates
in
non-investment
grade
and
unrated
bonds
with
long
maturities
and
durations
which
carry
heightened
credit
risk,
liquidity
risk,
and
potential
for
default.
In
addition,
the
Fund
oftentimes
engages
in
a
significant
amount
of
portfolio
leverage
and
in
doing
so,
assumes
a
high
level
of
risk
in
pursuit
of
its
objectives.
Leverage
involves
the
risk
that
the
Fund
could
lose
more
than
its
original
investment
and
also
increases
the
Fund’s
exposure
to
volatility,
interest
rate
risk
and
credit
risk.
Nuveen
California
Municipal
Bond
Fund
Nuveen
Connecticut
Municipal
Bond
Fund
Nuveen
Massachusetts
Municipal
Bond
Fund
Nuveen
New
Jersey
Municipal
Bond
Fund
Nuveen
New
York
Municipal
Bond
Fund
Mutual
fund
investing
involves
risk;
principal
loss
is
possible.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
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
Fund’s
use
of
inverse
floaters
creates
effective
leverage.
Leverage
involves
the
risk
that
the
Fund
could
lose
more
than
its
original
investment
and
also
increases
the
Fund’s
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
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
(except
for
Nuveen
California
High
Yield
Municipal
Bond
Fund,
which
uses
lowest
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
California
High
Yield
Municipal
Bond
Fund
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
August
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
Yield
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
August
31,
2022
Total
Returns
as
of
August
31,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
10-Year
Class
A
Shares
at
NAV
3/28/06
(13.86)%
(17.78)%
0.74%
3.46%
0.97%
Class
A
Shares
at
maximum
Offering
Price
3/28/06
(17.45)%
(21.22)%
(0.13)%
3.02%
—
S&P
Municipal
Yield
Index
—
(7.45)%
(10.41)%
3.09%
4.14%
—
Lipper
California
Municipal
Debt
Funds
Classification
Average
—
(7.34)%
(10.50)%
0.87%
2.28%
—
Class
I
Shares
3/28/06
(13.77)%
(17.55)%
0.94%
3.67%
0.77%
Total
Returns
as
of
August
31,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-month
1-Year
5-Year
Since
Inception
Class
C
Shares
2/10/14
(14.16)%
(18.41)%
(0.06)%
2.93%
1.77%
Effective
Leverage
Ratio
28.14
%
Holdings
Summaries
as
of
August
31,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
132
.1
%
Common
Stocks
0
.1
%
Other
Assets
Less
Liabilities
2.6%
Net
Assets
Plus
Floating
Rate
Obligations
and
Borrowings
134
.8
%
Borrowings
(1.9)%
Floating
Rate
Obligations
(32.9)%
Net
Assets
100
%
States
and
Territories
1
(%
of
total
municipal
bonds)
California
89.3%
Puerto
Rico
8.9%
Florida
0.9%
Guam
0.5%
Virgin
Islands
0.3%
Virginia
0.1%
Tennessee
0.0%
Illinois
0.0%
Missouri
0.0%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/Limited
27.0%
Tax
Obligation/General
17.4%
Education
and
Civic
Organizations
12.9%
Health
Care
11.8%
Housing/Multifamily
10.5%
Transportation
9.4%
Utilities
6.4%
Other
4.5%
Common
Stocks
0.1%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
1.1%
AA
20.1%
A
8.9%
BBB
5.3%
BB
or
Lower
10.0%
N/R
(not
rated)
54.5%
N/A
(not
applicable)
0.1%
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
California
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
California
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
August
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
California
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
August
31,
2022
Total
Returns
as
of
August
31,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
10-Year
Class
A
Shares
at
NAV
9/07/94
(7.44)%
(10.88)%
0.77%
2.72%
0.72%
Class
A
Shares
at
maximum
Offering
Price
9/07/94
(11.33)%
(14.60)%
(0.08)%
2.29%
—
S&P
Municipal
Bond
Index
—
(5.44)%
(8.08)%
1.33%
2.32%
—
S&P
Municipal
Bond
California
Index
—
(5.45)%
(8.33)%
1.20%
2.58%
—
Lipper
California
Municipal
Debt
Funds
Classification
Average
—
(7.34)%
(10.50)%
0.87%
2.28%
—
Class
I
Shares
7/01/86
(7.41)%
(10.68)%
0.97%
2.94%
0.52%
Total
Returns
as
of
August
31,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-month
1-Year
5-Year
Since
Inception
Class
C
Shares
2/10/14
(7.86)%
(11.59)%
(0.04)%
2.11%
1.52%
Effective
Leverage
Ratio
0.00%
Holdings
Summaries
as
of
August
31,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
99
.6
%
Other
Assets
Less
Liabilities
1.1%
Net
Assets
Plus
and
Borrowings
100
.7
%
Borrowings
(0.7)%
Net
Assets
100
%
States
and
Territories
1
(%
of
total
municipal
bonds)
California
96.3%
Puerto
Rico
3.2%
Guam
0.5%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Transportation
19.4%
Utilities
17.8%
Tax
Obligation/General
14.6%
Housing/Multifamily
13.8%
Tax
Obligation/Limited
11.1%
Health
Care
10.4%
U.S.
Guaranteed
8.3%
Other
4.6%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
8.2%
AAA
5.1%
AA
28.2%
A
10.3%
BBB
9.2%
BB
or
Lower
3.1%
N/R
(not
rated)
35.9%
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
California
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
Connecticut
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
August
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
Connecticut
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
August
31,
2022
Total
Returns
as
of
August
31,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
10-Year
Class
A
Shares
at
NAV
7/13/87
(8.06)%
(10.94)%
0.47%
1.52%
0.78%
Class
A
Shares
at
maximum
Offering
Price
7/13/87
(11.94)%
(14.70)%
(0.40)%
1.08%
—
S&P
Municipal
Bond
Index
—
(5.44)%
(8.08)%
1.33%
2.32%
—
S&P
Municipal
Bond
Connecticut
Index
—
(4.11)%
(6.55)%
1.69%
1.93%
—
Lipper
Other
States
Municipal
Debt
Funds
Classification
Average
—
(6.46)%
(9.23)%
0.56%
1.46%
—
Class
I
Shares
2/25/97
(7.93)%
(10.79)%
0.66%
1.72%
0.58%
Total
Returns
as
of
August
31,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-month
1-Year
5-Year
Since
Inception
Class
C
Shares
2/10/14
(8.37)%
(11.70)%
(0.34)%
1.14%
1.58%
Effective
Leverage
Ratio
0.66%
Holdings
Summaries
as
of
August
31,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
99
.9
%
Other
Assets
Less
Liabilities
0.8%
Net
Assets
Plus
Floating
Rate
Obligations
100
.7
%
Floating
Rate
Obligations
(0.7)%
Net
Assets
100
%
States
and
Territories
1
(%
of
total
municipal
bonds)
Connecticut
95.0%
Puerto
Rico
3.2%
Guam
1.5%
Virgin
Islands
0.3%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/General
27.1%
Tax
Obligation/Limited
18.5%
Health
Care
16.2%
Education
and
Civic
Organizations
13.9%
Utilities
9.5%
U.S.
Guaranteed
7.4%
Transportation
3.2%
Other
4.2%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
7.4%
AAA
2.7%
AA
53.4%
A
20.8%
BBB
5.4%
BB
or
Lower
1.6%
N/R
(not
rated)
8.7%
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
Connecticut
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
Massachusetts
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
August
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
Massachusetts
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
August
31,
2022
Total
Returns
as
of
August
31,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
10-Year
Class
A
Shares
at
NAV
9/07/94
(7.62)%
(10.50)%
0.63%
1.81%
0.77%
Class
A
Shares
at
maximum
Offering
Price
9/07/94
(11.52)%
(14.30)%
(0.24)%
1.37%
—
S&P
Municipal
Bond
Index
—
(5.44)%
(8.08)%
1.33%
2.32%
—
S&P
Municipal
Bond
Massachusetts
Index
—
(5.33)%
(8.08)%
1.03%
1.99%
—
Lipper
Massachusetts
Municipal
Debt
Funds
Classification
Average
—
(7.08)%
(10.13)%
0.35%
1.33%
—
Class
I
Shares
12/22/86
(7.43)%
(10.33)%
0.85%
2.03%
0.57%
Total
Returns
as
of
August
31,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-month
1-Year
5-Year
Since
Inception
Class
C
Shares
2/10/14
(7.98)%
(11.23)%
(0.16)%
1.43%
1.57%
Effective
Leverage
Ratio
0.00%
Holdings
Summaries
as
of
August
31,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
96
.5
%
Other
Assets
Less
Liabilities
3.5%
Net
Assets
100
%
States
and
Territories
1
(%
of
total
municipal
bonds)
Massachusetts
93.2%
Puerto
Rico
4.7%
Guam
1.8%
Virgin
Islands
0.3%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Education
and
Civic
Organizations
23.7%
Health
Care
19.9%
Tax
Obligation/Limited
18.7%
Tax
Obligation/General
13.9%
Utilities
7.1%
Transportation
6.7%
U.S.
Guaranteed
5.7%
Other
4.3%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
4.9%
AAA
3.6%
AA
50.1%
A
18.5%
BBB
9.2%
BB
or
Lower
1.8%
N/R
(not
rated)
11.9%
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
Massachusetts
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
New
Jersey
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
August
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
New
Jersey
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
August
31,
2022
Total
Returns
as
of
August
31,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
10-Year
Class
A
Shares
at
NAV
9/06/94
(6.98)%
(10.28)%
1.00%
2.22%
0.78%
Class
A
Shares
at
maximum
Offering
Price
9/06/94
(10.92)%
(14.04)%
0.14%
1.78%
—
S&P
Municipal
Bond
Index
—
(5.44)%
(8.08)%
1.33%
2.32%
—
S&P
Municipal
Bond
New
Jersey
Index
—
(4.81)%
(8.03)%
2.05%
2.83%
—
Lipper
New
Jersey
Municipal
Debt
Funds
Classification
Average
—
(6.51)%
(9.49)%
1.23%
1.91%
—
Class
I
Shares
2/28/92
(6.93)%
(10.13)%
1.20%
2.43%
0.58%
Total
Returns
as
of
August
31,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-month
1-Year
5-Year
Since
Inception
Class
C
Shares
2/10/14
(7.41)%
(11.00)%
0.18%
1.81%
1.58%
Effective
Leverage
Ratio
1.77%
Holdings
Summaries
as
of
August
31,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
99
.3
%
Other
Assets
Less
Liabilities
2.5%
Net
Assets
Plus
Floating
Rate
Obligations
101
.8
%
Floating
Rate
Obligations
(1.8)%
Net
Assets
100
%
States
and
Territories
1
(%
of
total
municipal
bonds)
New
Jersey
90.5%
Puerto
Rico
2.8%
New
York
2.7%
Pennsylvania
2.5%
Delaware
1.5%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/Limited
18.2%
Health
Care
14.7%
Education
and
Civic
Organizations
14.2%
Transportation
13.1%
Tax
Obligation/General
12.7%
Utilities
8.4%
Housing/Multifamily
6.3%
Other
12.4%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
4.1%
AAA
9.0%
AA
36.3%
A
16.9%
BBB
20.6%
BB
or
Lower
4.6%
N/R
(not
rated)
8.5%
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
New
Jersey
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
New
York
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
August
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
New
York
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
August
31,
2022
Total
Returns
as
of
August
31,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
10-Year
Class
A
Shares
at
NAV
9/07/94
(8.28)%
(11.28)%
0.56%
1.90%
0.73%
Class
A
Shares
at
maximum
Offering
Price
9/07/94
(12.15)%
(15.01)%
(0.31)%
1.47%
—
S&P
Municipal
Bond
Index
—
(5.44)%
(8.08)%
1.33%
2.32%
—
S&P
Municipal
Bond
New
York
Index
—
(6.00)%
(8.77)%
0.97%
2.13%
—
Lipper
New
York
Municipal
Debt
Funds
Classification
Average
—
(7.74)%
(10.79)%
0.70%
1.76%
—
Class
I
Shares
12/22/86
(8.17)%
(11.16)%
0.74%
2.10%
0.53%
Total
Returns
as
of
August
31,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-month
1-Year
5-Year
Since
Inception
Class
C
Shares
2/10/14
(8.68)%
(12.10)%
(0.27)%
1.56%
1.53%
Effective
Leverage
Ratio
0.00%
Holdings
Summaries
as
of
August
31,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
99
.6
%
Other
Assets
Less
Liabilities
0.6%
Net
Assets
Plus
and
Borrowings
100
.2
%
Borrowings
(0.2)%
Net
Assets
100
%
States
and
Territories
1
(%
of
total
municipal
bonds)
New
York
96.7%
Puerto
Rico
2.9%
Guam
0.4%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Transportation
25.0%
Tax
Obligation/Limited
24.4%
Utilities
12.2%
Education
and
Civic
Organizations
11.6%
Health
Care
10.5%
Tax
Obligation/General
6.6%
Consumer
Staples
3.2%
Other
6.5%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
3.1%
AAA
10.5%
AA
31.7%
A
13.8%
BBB
10.2%
BB
or
Lower
6.5%
N/R
(not
rated)
24.2%
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
New
York
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
August
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
California
High
Yield
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
4
.48
%
3
.89
%
4
.90
%
SEC
30-Day
Yield
3
.90
%
3
.25
%
4
.28
%
Taxable-Equivalent
Yield
(54.1%)
2
8
.31
%
6
.93
%
9
.12
%
Nuveen
California
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
2
.99
%
2
.30
%
3
.35
%
SEC
30-Day
Yield
2
.72
%
2
.03
%
3
.05
%
Taxable-Equivalent
Yield
(54.1%)
2
5
.90
%
4
.40
%
6
.61
%
Nuveen
Connecticut
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
2
.24
%
1
.58
%
2
.59
%
SEC
30-Day
Yield
2
.60
%
1
.90
%
2
.92
%
Taxable-Equivalent
Yield
(47.8%)
2
4
.97
%
3
.63
%
5
.59
%
Nuveen
Massachusetts
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
2
.22
%
1
.49
%
2
.51
%
SEC
30-Day
Yield
2
.45
%
1
.75
%
2
.76
%
Taxable-Equivalent
Yield
(45.8%)
2
4
.52
%
3
.23
%
5
.09
%
Nuveen
New
Jersey
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
2
.43
%
1
.74
%
2
.76
%
SEC
30-Day
Yield
2
.61
%
1
.91
%
2
.93
%
Taxable-Equivalent
Yield
(51.6%)
2
5
.39
%
3
.95
%
6
.05
%
Nuveen
New
York
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
3
.11
%
2
.32
%
3
.35
%
SEC
30-Day
Yield
2
.95
%
2
.26
%
3
.28
%
Taxable-Equivalent
Yield
(51.7%)
2
6
.10
%
4
.67
%
6
.78
%
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
August
31,
2022.
The
beginning
of
the
period
is
March
1,
2022.
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
California
High
Yield
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
$
861.36
$
858.40
$
862.26
Expenses
Incurred
During
the
Period
$
3.75
$
7.49
$
2.77
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,021.17
$
1,017.14
$
1,022.23
Expenses
Incurred
During
the
Period
$
4.08
$
8.13
$
3.01
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.80%,
1.60%
and
0.59%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184
/365
(to
reflect
the
one-half
year
period).
Nuveen
California
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
$
925.62
$
921.44
$
925.92
Expenses
Incurred
During
the
Period
$
3.54
$
7.46
$
2.57
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,021.53
$
1,017.44
$
1,022.53
Expenses
Incurred
During
the
Period
$
3.72
$
7.83
$
2.70
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.73%,
1.54%
and
0.53%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184
/365
(to
reflect
the
one-half
year
period).
Nuveen
Connecticut
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
$
919.44
$
916.34
$
920.72
Expenses
Incurred
During
the
Period
$
3.77
$
7.63
$
2.81
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,021.27
$
1,017.24
$
1,022.28
Expenses
Incurred
During
the
Period
$
3.97
$
8.03
$
2.96
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.78%,
1.58%
and
0.58%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184
/365
(to
reflect
the
one-half
year
period).
Nuveen
Massachusetts
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
$
923.83
$
920.22
$
925.69
Expenses
Incurred
During
the
Period
$
3.83
$
7.70
$
2.86
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,021.22
$
1,017.19
$
1,022.23
Expenses
Incurred
During
the
Period
$
4.02
$
8.08
$
3.01
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
184
/365
(to
reflect
the
one-half
year
period).
Nuveen
New
Jersey
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
$
930.19
$
925.90
$
930.66
Expenses
Incurred
During
the
Period
$
3.84
$
7.72
$
2.87
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,021.22
$
1,017.19
$
1,022.23
Expenses
Incurred
During
the
Period
$
4.02
$
8.08
$
3.01
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
184
/365
(to
reflect
the
one-half
year
period).
Expense
Examples
(continued)
Nuveen
New
York
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
$
917.20
$
913.24
$
918.28
Expenses
Incurred
During
the
Period
$
3.62
$
7.47
$
2.66
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,021.42
$
1,017.39
$
1,022.43
Expenses
Incurred
During
the
Period
$
3.82
$
7.88
$
2.80
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.75%,
1.55%
and
0.55%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184
/365
(to
reflect
the
one-half
year
period).
Nuveen
California
High
Yield
Municipal
Bond
Fund
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
132.2%
X
1,546,934,277
MUNICIPAL
BONDS
-
132.1%
X
1,546,934,277
Consumer
Staples
-
3.8%
$
27,000
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Alameda
County
Tobacco
Asset
Securitization
Corporation,
Subordinate
Series
2006A,
0.000%,
6/01/50
9/22
at
18.42
N/R
$
4,962,330
1,155
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Golden
Gate
Tobacco
Funding
Corporation,
Turbo,
Series
2007A,
5.000%,
6/01/47
9/22
at
100.00
N/R
1,113,166
5,000
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020A,
4.000%,
6/01/49
6/30
at
100.00
BBB+
4,702,050
1,870
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Merced
County
Tobacco
Funding
Corporation,
Series
2020B,
5.000%,
6/01/50
12/30
at
100.00
N/R
1,911,701
20,000
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Stanislaus
County
Tobacco
Funding
Corporation,
Series
2006A,
0.000%,
6/01/46
9/22
at
26.08
N/R
4,958,200
5,095
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Bonds,
Gold
Country
Settlement
Funding
Corporation,
Subordinate
Series
2020B-2,
0.000%,
6/01/55
12/30
at
36.29
N/R
1,050,589
111,695
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Capital
Appreciation
Series
2021B-2,
0.000%,
6/01/66
12/31
at
27.75
N/R
13,209,051
3,460
Guam
Economic
Development
&
Commerce
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A,
5.625%,
6/01/47
9/22
at
100.00
N/R
3,302,224
25,600
Inland
Empire
Tobacco
Securitization
Authority,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007C-2.
Turbo
Capital
Appreciation,
0.000%,
6/01/47
9/22
at
19.39
CCC
4,952,320
7,500
Silicon
Valley
Tobacco
Securitization
Authority,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Santa
Clara
County
Tobacco
Securitization
Corporation,
Series
2007A,
0.000%,
6/01/47
10/22
at
25.01
N/R
1,839,675
12,000
Tobacco
Securitization
Authority
of
Northern
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Refunding
Sacramento
County
Tobacco
Securitization
Corporation
Series
2021B-2
Class
2,
0.000%,
6/01/60
12/30
at
33.42
N/R
1,995,120
5,000
Tobacco
Securitization
Authority
of
Southern
California,
Tobacco
Settlement
Asset-Backed
Bonds,
San
Diego
County
Tobacco
Asset
Securitization
Corporation,
First
Subordinate
CABs,
Series
2006B,
0.000%,
6/01/46
9/22
at
23.24
CCC-
916,400
225,375
Total
Consumer
Staples
44,912,826
Education
and
Civic
Organizations
-
17.0%
California
Enterprise
Development
Authority,
Charter
School
Revenue
Bonds,
Academy
for
Academic
Excellence
Project,
Series
2020A:
700
5.000%,
7/01/50,
144A
7/27
at
100.00
Ba2
693,714
650
5.000%,
7/01/55,
144A
7/27
at
100.00
Ba2
635,590
2,000
California
Enterprise
Development
Authority,
Charter
School
Revenue
Bonds,
Norton
Science
&
Language
Academy
Project,
Series
2021,
4.000%,
7/01/61,
144A
7/27
at
100.00
N/R
1,402,580
2,240
California
Enterprise
Development
Authority,
Charter
School
Revenue
Bonds,
Norton
Science
and
Language
Academy
Project,
Series
2020,
6.250%,
7/01/58,
144A
7/27
at
102.00
N/R
2,055,536
250
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
WFCS
Portfolio
Projects,
Senior
Series
2021A-1,
5.000%,
1/01/56,
144A
1/31
at
100.00
N/R
237,930
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
California
Municipal
Finance
Authority
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
Project,
Series
2015A:
$
900
5.000%,
10/01/35
10/22
at
102.00
BB
$
900,486
1,335
5.250%,
10/01/45
10/22
at
102.00
BB
1,340,674
500
5.250%,
10/01/45
10/22
at
102.00
BB
502,125
4,255
California
Municipal
Finance
Authority
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
Project,
Series
2017A,
5.000%,
10/01/47,
144A
10/22
at
102.00
BB
4,130,499
250
California
Municipal
Finance
Authority
Charter
School
Revenue
Bonds,
River
Charter
Schools
Project,
Series
2018A,
5.500%,
6/01/53,
144A
6/26
at
100.00
BB
252,670
California
Municipal
Finance
Authority, Revenue
Bonds,
Creative
Center
of
Los
Altos
Project,
Pinewood
&
Oakwood
Schools,
Series
2016B:
500
4.000%,
11/01/36,
144A
11/26
at
100.00
N/R
434,880
2,200
4.500%,
11/01/46,
144A
11/26
at
100.00
N/R
1,865,996
820
California
Municipal
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
Bella
Mente
Montessori
Academy
Project,
Series
2018A,
5.000%,
6/01/38,
144A
6/28
at
100.00
Ba1
821,960
California
Municipal
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
Nova
Academy
Project,
Series
2016A:
825
5.000%,
6/15/36,
144A
6/26
at
100.00
BB
838,282
1,000
5.000%,
6/15/46,
144A
6/26
at
100.00
BB
1,004,020
California
Municipal
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
Santa
Rosa
Academy
Project,
Series
2015:
400
5.125%,
7/01/35,
144A
7/25
at
100.00
BB+
406,124
425
5.375%,
7/01/45,
144A
7/25
at
100.00
BB+
432,038
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
-
Lincoln
Project,
Taxable
Series
2019B:
500
5.000%,
10/01/39,
144A
10/27
at
100.00
N/R
489,855
1,000
5.000%,
10/01/57,
144A
10/27
at
100.00
N/R
919,690
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
Project,
Series
2014A:
1,400
5.000%,
10/01/34
10/22
at
102.00
BB
1,401,302
465
5.000%,
10/01/44
10/22
at
102.00
BB
456,444
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Learning
Choice
Academy
Chula
Vista,
Series
2021A:
1,605
4.000%,
7/01/51
7/31
at
100.00
BBB-
1,375,854
1,080
4.000%,
7/01/55
7/31
at
100.00
BBB-
906,131
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Palmdale
Aerospace
Academy
Project,
Series
2016A:
1,195
5.000%,
7/01/41,
144A
7/26
at
100.00
BB
1,200,282
1,145
5.000%,
7/01/46,
144A
7/26
at
100.00
BB
1,143,328
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Partnerships
to
Uplift
Communities
Project,
Series
2012A:
1,330
5.000%,
8/01/32
10/22
at
100.00
BB
1,316,633
2,130
5.250%,
8/01/42
10/22
at
100.00
BB
2,088,657
1,795
5.300%,
8/01/47
10/22
at
100.00
BB
1,753,661
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Urban
Discovery
Academy
Project,
Series
2014A:
775
5.500%,
8/01/34,
144A
8/24
at
100.00
BB-
786,323
1,650
6.000%,
8/01/44,
144A
8/24
at
100.00
BB-
1,682,076
1,715
California
Municipal
Finance
Authority,
Education
Revenue
Bonds, American
Heritage
Foundation
Project,
Series
2016A,
5.000%,
6/01/46
6/26
at
100.00
BBB-
1,735,837
1,390
California
Municipal
Finance
Authority,
Education
Revenue
Bonds,
Literacy
First
Charter
Schools
Project,
Series
2019A,
5.000%,
12/01/49
12/29
at
100.00
BBB-
1,410,767
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
California
Municipal
Finance
Authority,
Education
Revenue
Bonds,
STREAM
Charter
Schools
Project,
Series
2020A:
$
705
5.000%,
6/15/41,
144A
6/30
at
100.00
N/R
$
664,766
1,385
5.000%,
6/15/51,
144A
6/30
at
100.00
N/R
1,252,137
1,335
California
Municipal
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
OCEAA
Project,
Series
2008A,
7.000%,
10/01/39
10/22
at
100.00
N/R
1,336,428
California
Municipal
Finance
Authority,
Revenue
Bonds,
Azusa
Pacific
University
Project,
Refunding
Series
2015B:
1,435
5.000%,
4/01/35
4/25
at
100.00
Ba1
1,469,799
8,640
5.000%,
4/01/41
4/25
at
100.00
Ba1
8,802,777
7,880
California
Municipal
Finance
Authority,
Revenue
Bonds,
California
Baptist
University,
Series
2016A,
5.000%,
11/01/46,
144A
11/26
at
100.00
N/R
8,102,846
California
Municipal
Finance
Authority,
Revenue
Bonds,
Claremont
Graduate
University,
Refunding
Series
2020B:
1,000
5.000%,
10/01/49,
144A
10/30
at
100.00
N/R
982,480
1,000
5.000%,
10/01/54,
144A
10/30
at
100.00
N/R
973,460
235
California
Municipal
Finance
Authority,
Revenue
Bonds,
Emerson
College,
Series
2011,
5.000%,
1/01/28
10/22
at
100.00
Baa2
235,376
300
California
Municipal
Finance
Authority,
Revenue
Bonds,
Goodwill
Industries
of
Sacramento
Valley
&
Northern
Nevada
Project,
Series
2012A,
6.625%,
1/01/32,
144A
10/22
at
100.00
N/R
300,012
3,700
California
Municipal
Finance
Authority,
Revenue
Bonds,
Goodwill
Industries
of
Sacramento
Valley
&
Northern
Nevada
Project,
Series
2014A,
5.250%,
1/01/45
1/25
at
100.00
N/R
3,030,189
7,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Simpson
University,
Series
2020A,
6.000%,
10/01/50,
144A
10/27
at
103.00
N/R
7,379,400
California
Municipal
Finance
Authority,
Revenue
Bonds,
The
Master's
University
&
Seminary,
Series
2019:
1,000
5.000%,
8/01/34
8/29
at
100.00
BB+
1,029,980
2,000
5.000%,
8/01/48
8/29
at
100.00
BB+
2,013,840
250
California
Municipal
Finance
Authority,
Revenue
Bonds,
Touro
College
and
University
System,
Series
2014A,
5.250%,
1/01/40
7/24
at
100.00
BBB-
252,670
2,000
California
Public
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
California
Crosspoint
Academy
Project,
Series
2020A,
5.125%,
7/01/55,
144A
7/28
at
100.00
N/R
1,757,780
700
California
Public
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
Multicultural
Learning
Center
Project,
Series
2017A,
6.250%,
6/15/47
6/27
at
100.00
N/R
719,684
4,000
California
Public
Finance
Authority,
Educational
Facility
Revenue
Bonds,
Crossroads
Christian
Schools,
Series
2020,
5.000%,
1/01/56,
144A
1/26
at
100.00
N/R
3,436,120
1,075
California
School
Finance
Authority
Charter
School
Facility
Revenue
Bonds,
Grimmway
Schools-Obligated
Group,
Series
2016A,
5.000%,
7/01/46,
144A
7/26
at
100.00
BB+
1,081,622
California
School
Finance
Authority
Charter
School
Revenue
Bonds,
Bright
Star
Schools
-
Obligated
Group,
Series
2017:
1,190
5.000%,
6/01/27,
144A
No
Opt.
Call
N/R
1,209,623
755
5.000%,
6/01/37,
144A
6/27
at
100.00
N/R
764,800
1,000
5.000%,
6/01/47,
144A
6/27
at
100.00
N/R
1,002,010
3,090
5.000%,
6/01/54,
144A
6/27
at
100.00
N/R
3,079,988
945
California
School
Finance
Authority
Charter
School
Revenue
Bonds,
California,
ACE
Charter
Schools,
Obligated
Group,
Series
2016A,
5.000%,
6/01/52,
144A
6/26
at
100.00
N/R
906,803
1,000
California
School
Finance
Authority
Charter
School
Revenue
Bonds,
Ednovate
Obligated
Group,
Series
2018,
5.000%,
6/01/48,
144A
6/27
at
100.00
N/R
977,260
California
School
Finance
Authority
Charter
School
Revenue
Bonds,
Fenton
Schools
-
Obligated
Group,
Series
2020A:
750
5.000%,
7/01/50,
144A
7/27
at
100.00
BB+
752,498
1,000
5.000%,
7/01/58,
144A
7/27
at
100.00
BB+
996,600
California
School
Finance
Authority
Charter
School
Revenue
Bonds,
John
Adams
Academy
Obligated
Group,
Series
2022A:
3,175
5.000%,
7/01/52,
144A
7/30
at
102.00
N/R
3,041,968
8,125
5.125%,
7/01/62,
144A
7/30
at
102.00
N/R
7,696,731
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
$
305
California
School
Finance
Authority
School
Facility
Revenue
Bonds,
Green
Dot
Public
Schools
California
Projects,
Series
2018A,
5.000%,
8/01/48,
144A
8/28
at
100.00
BBB-
$
308,520
1,000
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Alta
Public
Schools
-
Obligated
Group,
Series
2020A,
6.000%,
6/01/59,
144A
6/28
at
102.00
N/R
946,240
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2015A:
1,045
5.000%,
8/01/40,
144A
8/25
at
100.00
BBB
1,062,190
1,100
5.000%,
8/01/45,
144A
8/25
at
100.00
BBB
1,113,354
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2016:
460
5.000%,
8/01/46,
144A
8/25
at
100.00
BBB
465,308
1,100
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Encore
Education
Obligated
Group,
Series
2016A,
5.000%,
6/01/52,
144A
6/26
at
100.00
N/R
831,688
165
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Encore
Education,
Series
2022,
8.000%,
7/01/30,
144A
10/22
at
100.00
N/R
164,975
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Girls
Athletic
Leadership
School
Los
Angeles
Project,
Series
2021A:
1,000
4.000%,
6/01/41,
144A
6/31
at
100.00
N/R
840,330
500
4.000%,
6/01/51,
144A
6/31
at
100.00
N/R
387,485
1,300
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
TEACH
Public
Schools
Obligated
Group,
Series
2016A,
5.875%,
6/01/52
6/26
at
100.00
N/R
1,345,487
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
TEACH
Public
Schools
Obligated
Group,
Series
2019A:
1,000
5.000%,
6/01/49,
144A
6/26
at
100.00
N/R
985,410
1,600
5.000%,
6/01/58,
144A
6/26
at
100.00
N/R
1,550,624
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Arts
in
Action
Charter
Schools
-
Obligated
Group,
Series
2020A:
3,700
5.000%,
6/01/50,
144A
6/27
at
100.00
N/R
3,677,726
7,200
5.000%,
6/01/59,
144A
6/27
at
100.00
N/R
7,045,272
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Aspire
Public
School
-
Obligated
Group,
Issue
No.6,
Series
2020A:
1,060
5.000%,
8/01/52,
144A
8/28
at
100.00
N/R
1,077,119
5,315
5.000%,
8/01/61,
144A
8/28
at
100.00
N/R
5,368,044
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
City
Charter
School
Obligated
Group,
Series
2016A:
2,520
5.000%,
6/01/42,
144A
6/26
at
100.00
N/R
2,521,487
2,930
5.000%,
6/01/52,
144A
6/26
at
100.00
N/R
2,871,956
805
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Classical
Academies
Project,
Series
2017A,
5.000%,
10/01/44,
144A
10/27
at
100.00
BBB-
813,010
600
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Coastal
Academy
Project,
Series
2013A,
5.000%,
10/01/42,
144A
10/22
at
100.00
BBB-
601,344
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Downtown
College
Prep
-
Obligated
Group,
Series
2016:
1,500
4.750%,
6/01/36,
144A
6/26
at
100.00
N/R
1,477,575
1,180
5.000%,
6/01/46,
144A
6/26
at
100.00
N/R
1,143,231
1,500
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Ivy
Academia,
Series
2021A,
4.000%,
6/01/51,
144A
6/28
at
103.00
N/R
1,178,595
675
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Kepler
Neighborhood
School,
Series
2017A,
5.750%,
5/01/37,
144A
5/27
at
100.00
N/R
685,955
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
$
915
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Larchmont
Charter
School
Project
,
Series
2018A,
5.000%,
6/01/43,
144A
6/27
at
100.00
N/R
$
930,381
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Lifeline
Education
Charter
School
Project,
Series
2020A:
820
5.000%,
7/01/45,
144A
7/28
at
100.00
BB+
816,622
1,240
5.000%,
7/01/55,
144A
7/28
at
100.00
BB+
1,204,858
2,500
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Rocketship
Education
Obligated
Group,
Series
2016A,
5.000%,
6/01/46,
144A
6/25
at
100.00
N/R
2,445,400
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Rocketship
Education
Obligated
Group,
Series
2017A:
950
5.125%,
6/01/47,
144A
6/26
at
100.00
N/R
943,986
1,000
5.250%,
6/01/52,
144A
6/26
at
100.00
N/R
1,000,920
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Rocketship
Public
Schools
Obligated
Group,
Series
2017G:
360
5.000%,
6/01/37,
144A
6/27
at
100.00
N/R
361,933
750
5.000%,
6/01/47,
144A
6/27
at
100.00
N/R
732,248
250
5.000%,
6/01/53,
144A
6/27
at
100.00
N/R
241,602
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Russell
Westbrook
Why
Not
Academy
Obligated
Group,
Series
2021A:
4,000
4.000%,
6/01/51,
144A
6/27
at
100.00
N/R
3,191,760
2,000
4.000%,
6/01/61,
144A
6/27
at
100.00
N/R
1,510,800
400
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Santa
Clarita
Valley
International
School
Project,
Series
2021A,
4.000%,
6/01/41
6/31
at
100.00
N/R
349,852
3,000
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Scholarship
Prep
Public
Schools
Obligated
Group,
Series
2020A,
5.000%,
6/01/60,
144A
6/28
at
100.00
N/R
2,362,380
575
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Scholarship
Prep
Public
Schools
Obligated
Group,
Series
2020B,
5.000%,
6/01/27,
144A
No
Opt.
Call
N/R
546,331
600
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Social
Bonds iLead
Lancaster
Project,
Series
2021A,
5.000%,
6/01/51,
144A
6/29
at
100.00
N/R
582,150
1,320
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Social
Bonds
iLead
Lancaster
Project,
Series
2021A,
5.000%,
6/01/61,
144A
6/29
at
100.00
N/R
1,242,648
500
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Summit
Public
Schools
Obligated
Group,
Series
2017,
5.000%,
6/01/47,
144A
6/27
at
100.00
Baa3
504,105
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Valley
International
Preparatory
High
School
Project,
Series
2022A:
1,000
5.125%,
3/01/52,
144A
3/31
at
100.00
N/R
844,580
1,000
5.250%,
3/01/62,
144A
3/31
at
100.00
N/R
830,940
California
School
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
New
Designs
Charter
School
Adams
Campus
Project,
Series
2019A:
750
5.000%,
6/01/40,
144A
6/27
at
100.00
BB+
755,295
1,060
5.000%,
6/01/50,
144A
6/27
at
100.00
BB+
1,055,188
California
School
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
New
Designs
Charter
School
Project,
Series
2014A:
1,000
5.750%,
6/01/34,
144A
6/24
at
100.00
BB+
1,026,280
1,500
6.000%,
6/01/44,
144A
6/24
at
100.00
BB+
1,544,910
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
California
School
Finance
Authority,
Educational
Facility
Revenue
Bonds,
Partnerships
to
Uplift
Communities
Valley
Project,
Series
2014:
$
1,605
6.400%,
8/01/34,
(Pre-refunded
2/01/24),
144A
2/24
at
100.00
BB
$
1,692,761
2,040
6.750%,
8/01/44,
(Pre-refunded
2/01/24),
144A
2/24
at
100.00
BB
2,159,952
California
School
Finance
Authority,
Educational
Facility
Revenue
Bonds,
River
Springs
Charter
School
Project,
Series
2017A:
3,710
5.000%,
7/01/47,
144A
7/27
at
100.00
Ba2
3,532,439
2,680
5.000%,
7/01/52,
144A
7/27
at
100.00
Ba2
2,521,773
California
School
finance
Authority,
School
Facility
Revenue
Bonds, ICEF
-
View
Park
Elementary
and
Middle
Schools,
Series
2014A:
575
5.625%,
10/01/34
10/24
at
100.00
BB
591,370
1,000
5.875%,
10/01/44
10/24
at
100.00
BB
1,029,370
520
6.000%,
10/01/49
10/24
at
100.00
BB
536,240
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2015A:
3,000
4.125%,
7/01/35,
144A
7/25
at
100.00
BBB
2,939,700
1,000
5.000%,
7/01/45,
144A
7/25
at
100.00
BBB
1,013,650
1,015
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alta
Public
Schools
Project,
Series
2014A,
6.500%,
11/01/34,
144A
11/24
at
100.00
N/R
1,043,247
680
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Granada
Hills
Charter
High
School
Obligated
Group,
Series
2021A,
4.000%,
7/01/48,
144A
7/28
at
100.00
BBB-
579,938
600
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
KIPP
LA
Projects,
Series
2014A,
5.000%,
7/01/34,
144A
7/24
at
100.00
BBB
608,778
250
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
KIPP
LA
Projects,
Series
2017A,
5.000%,
7/01/47,
144A
7/27
at
100.00
BBB
253,378
1,250
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Value
Schools,
Series
2013,
6.650%,
7/01/33
7/23
at
100.00
BB+
1,283,738
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Value
Schools,
Series
2016A:
625
5.250%,
7/01/31,
144A
7/26
at
100.00
BB+
652,225
1,355
6.000%,
7/01/51,
144A
7/26
at
100.00
BB+
1,430,555
3,500
California
State
University,
Systemwide
Revenue
Bonds,
Series
2021A,
3.000%,
11/01/52,
(UB)
(4)
11/31
at
100.00
AA-
2,644,635
1,000
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Buck
Institute
for
Research
on
Aging,
Tender
Option
Bond
Trust
2015-XF1035,
16.878%,
11/15/49,
(Pre-refunded
11/15/24)
-
AGM
Insured,
144A,
(IF)
(4)
11/24
at
100.00
AA
1,289,470
4,015
University
of
California,
General
Revenue
Bonds,
Limited
Project
Series
2018O,
4.000%,
5/15/48,
(UB)
(4)
5/28
at
100.00
AA-
3,821,035
1,250
University
of
California,
General
Revenue
Bonds,
Tender
Option
Bond
Trust
2016-XL0001,
13.740%,
5/15/39,
144A,
(IF)
(4)
5/23
at
100.00
AA
1,332,363
University
of
Puerto
Rico,
University
System
Revenue
Bonds,
Refunding
Series
2006P:
10
5.000%,
6/01/23
10/22
at
100.00
CC
9,959
1,005
5.000%,
6/01/24
10/22
at
100.00
CC
996,789
580
5.000%,
6/01/30
10/22
at
100.00
CC
565,622
University
of
Puerto
Rico,
University
System
Revenue
Bonds,
Series
2006Q:
125
5.000%,
6/01/30
10/22
at
100.00
CC
121,901
1,580
5.000%,
6/01/36
10/22
at
100.00
CC
1,533,295
207,115
Total
Education
and
Civic
Organizations
199,543,868
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
-
15.6%
Antelope
Valley
Healthcare
District,
California,
Revenue
Bonds,
Series
2016A:
$
1,195
5.000%,
3/01/26
No
Opt.
Call
Ba3
$
1,239,633
2,765
5.000%,
3/01/31
3/26
at
100.00
Ba3
2,863,185
5,160
5.250%,
3/01/36
3/26
at
100.00
Ba3
5,340,858
6,280
5.000%,
3/01/41
3/26
at
100.00
Ba3
6,347,259
10,600
5.000%,
3/01/46
3/26
at
100.00
Ba3
10,663,812
2,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B,
4.000%,
11/15/41,
(UB)
(4)
11/26
at
100.00
A
1,954,100
2,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2017A,
5.000%,
11/15/48,
(UB)
(4)
11/27
at
100.00
A
2,107,120
37,010
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Cedars-
Sinai
Health
System,
Series
2021A,
4.000%,
8/15/48,
(UB)
(4)
8/31
at
100.00
N/R
36,001,478
1,570
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
El
Camino
Hospital,
Series
2017,
5.000%,
2/01/47,
(UB)
(4)
2/27
at
100.00
A1
1,642,424
17,500
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Kaiser
Permanente
System,
Series
2017A-2,
4.000%,
11/01/44,
(UB)
(4)
11/27
at
100.00
AA-
16,690,625
3,675
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Lucile
Salter
Packard
Children's
Hospital
at
Stanford,
Series
2017A,
5.000%,
11/15/56,
(UB)
(4)
11/27
at
100.00
A+
3,875,288
7,800
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Lucile
Salter
Packard
Children's
Hospital,
Series
2016B,
5.000%,
8/15/55,
(UB)
(4)
8/26
at
100.00
A+
8,168,550
260
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Lucile
Salter
Packard
Children's
Hospital,
Tender
Option
Bond
Trust
2015-
XF0152,
13.335%,
8/15/43,
144A,
(IF)
(4)
8/24
at
100.00
A+
285,628
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Tender
Option
Bond
Trust
2015-XF0120:
35
22.077%,
10/01/38,
(Pre-refunded
10/01/24),
144A,
(IF)
(4)
10/24
at
100.00
N/R
43,091
45
22.077%,
10/01/38,
144A,
(IF)
(4)
10/24
at
100.00
AA-
55,402
795
16.831%,
10/01/44,
144A,
(IF)
(4)
10/24
at
100.00
AA-
932,718
3,600
16.887%,
10/01/44,
144A,
(IF)
(4)
10/24
at
100.00
AA-
4,226,004
California
Municipal
Finance
Authority,
Revenue
Bonds,
Clinicas
del
Camino
Real,
Inc.,
Series
2020:
2,535
4.000%,
3/01/40
3/30
at
100.00
BBB
2,325,939
5,750
4.000%,
3/01/50
3/30
at
100.00
BBB
4,907,567
California
Municipal
Finance
Authority,
Revenue
Bonds,
Community
Health
Centers
of
the
Central
Coast,
Inc.,
Series
2021A:
1,000
5.000%,
12/01/46,
144A
12/30
at
100.00
N/R
1,011,990
1,000
5.000%,
12/01/54,
144A
12/30
at
100.00
N/R
1,008,450
3,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Community
Health
System,
Series
2021A,
4.000%,
2/01/51,
(UB)
(4)
2/32
at
100.00
N/R
2,791,200
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2015:
200
5.000%,
11/01/35
11/24
at
100.00
BBB-
202,926
1,000
5.000%,
11/01/40
11/24
at
100.00
BBB-
1,008,880
1,250
5.000%,
11/01/44
11/24
at
100.00
BBB-
1,255,600
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A:
4,210
5.250%,
11/01/36
11/26
at
100.00
BBB-
4,384,336
2,955
5.250%,
11/01/41
11/26
at
100.00
BBB-
3,034,194
3,950
5.000%,
11/01/47
11/26
at
100.00
BBB-
3,969,947
2,270
5.250%,
11/01/47
11/26
at
100.00
BBB-
2,308,613
13,300
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A,
5.500%,
12/01/54
12/24
at
100.00
BB-
13,590,738
1,795
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A,
5.250%,
12/01/56,
144A
6/26
at
100.00
BB-
1,797,064
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
$
315
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2018A,
5.250%,
12/01/48,
144A
6/28
at
100.00
BB-
$
316,323
6,250
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Emanate
Health,
Series
2020A,
3.000%,
4/01/50,
(UB)
(4)
4/30
at
100.00
A
4,646,625
1,035
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Marin
General
Hospital,
Green
Series
2018A,
4.000%,
8/01/45,
(UB)
(4)
8/23
at
100.00
BBB
896,817
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A:
124
5.750%,
7/01/24
(5),(6)
1/22
at
100.00
N/R
123,858
72
5.750%,
7/01/30
(5),(6)
1/22
at
100.00
N/R
71,698
77
5.750%,
7/01/35
(5),(6)
1/22
at
100.00
N/R
77,455
324
5.500%,
7/01/39
(5),(6)
1/22
at
100.00
N/R
323,775
6
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005H,
5.750%,
7/01/25
(5),(6)
1/22
at
100.00
N/R
6,455
Palomar
Pomerado
Health
Care
District,
California,
Certificates
of
Participation,
Series
2017:
875
4.000%,
11/01/38
11/27
at
100.00
Ba1
811,982
1,500
4.000%,
11/01/47
11/27
at
100.00
Ba1
1,309,305
Palomar
Pomerado
Health
System,
California,
Revenue
Bonds,
Refunding
Series
2016:
1,085
5.000%,
11/01/36
11/26
at
100.00
Ba1
1,121,760
2,090
5.000%,
11/01/39
11/26
at
100.00
Ba1
2,149,460
24,820
University
of
California
Regents,
Medical
Center
Pooled
Revenue
Bonds,
Series
2022P,
4.000%,
5/15/53,
(UB)
(4)
5/32
at
100.00
N/R
24,036,681
200
Washington
Township
Health
Care
District,
California,
Revenue
Bonds,
Series
2017A,
5.000%,
7/01/42
7/27
at
100.00
Baa2
202,532
185,278
Total
Health
Care
182,129,345
Housing/Multifamily
-
13.9%
30,685
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Creekwood,
Series
2021A,
4.000%,
2/01/56,
144A
8/31
at
100.00
N/R
24,551,989
1,985
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Ester
Apartments,
Series
2021A-2,
4.000%,
2/01/43,
144A
8/31
at
100.00
N/R
1,643,699
4,000
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Exchange
at
Bayfront
Apartments,
Junior
Series
2021A-
2,
4.000%,
8/01/51,
144A
8/32
at
100.00
N/R
2,718,920
5,260
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Fountains
at
Emerald
Park,
Senior
Lien
Series
2021A-1,
3.000%,
8/01/56,
144A
8/31
at
100.00
N/R
3,800,192
4,980
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Glendale
Properties,
Junior
Series
2021A-2,
4.000%,
8/01/47,
144A
8/31
at
100.00
N/R
3,844,211
2,000
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
K
Street
Flats,
Series
2021A-2,
4.000%,
8/01/50,
144A
8/32
at
100.00
N/R
1,496,120
13,030
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Mira
Vista
Hills Apartments,
Series
2021A,
4.000%,
2/01/56,
144A
8/31
at
100.00
N/R
10,511,040
15,960
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A,
5.000%,
2/01/50,
144A
2/30
at
100.00
N/R
15,051,238
1,000
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Summit
at
Sausalito
Apartments,
Series
2021A-1,
3.000%,
2/01/57,
144A
8/32
at
100.00
N/R
720,780
6,600
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Summit
at
Sausalito
Apartments,
Series
2021A-2,
4.000%,
2/01/50,
144A
8/32
at
100.00
N/R
5,342,238
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Multifamily
(continued)
$
1,585
California
Housing
Finance
Agency,
Multifamily
Housing
Revenue
Bonds,
Redwood
Gardens
Apartments,
Subordinate
Lien
Series
2021N-S,
4.000%,
3/01/37,
144A
3/31
at
100.00
N/R
$
1,288,890
61
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series2019-1,
4.250%,
1/15/35
No
Opt.
Call
BBB+
61,360
240
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Caritas
Affordable
Housing
Inc
Projects,
Senior
Series
2014A,
5.250%,
8/15/49
8/24
at
100.00
A-
244,118
1,270
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Caritas
Affordable
Housing
Inc
Projects,
Series
2014B,
5.875%,
8/15/49
8/24
at
100.00
N/R
1,281,925
470
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Caritas
Projects,
Subordinate
Series
2021B,
4.000%,
8/15/51
8/31
at
100.00
N/R
404,078
2,375
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Royal
York
Estates
Projects
Series
2020A,
4.000%,
2/15/55
2/30
at
100.00
N/R
1,850,434
California
Public
Finance
Authority,
University
Housing
Revenue
Bonds,
National
Campus
Community
Development
-
Claremont
Properties
LLC
Claremont
Colleges
Project,
Series
2017A:
890
5.000%,
7/01/37,
144A
7/27
at
100.00
Caa2
696,140
1,975
5.000%,
7/01/47,
144A
7/27
at
100.00
Caa2
1,475,523
1,500
California
Statewide
Communities
Development
Authority,
4.000%,
5/15/46,
(UB)
(4)
5/31
at
100.00
AA
1,481,805
450
California
Statewide
Communities
Development
Authority,
College
Housing
Revenue
Bonds,
National
Campus
Community
Development
-
Hooper
Street
LLC
Project,
Series
2019,
5.250%,
7/01/52,
144A
7/29
at
100.00
B
412,070
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Lancer
Educational
Student
Housing
Project,
Refunding
Series
2016A:
4,600
5.000%,
6/01/36,
144A
6/26
at
100.00
N/R
4,626,128
2,090
5.000%,
6/01/46,
144A
6/26
at
100.00
N/R
2,044,354
1,000
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Subordinate
Series
2021B,
8.000%,
4/01/56,
144A
4/31
at
100.00
N/R
822,550
1,000
CMFA
Special
Finance
Agency
VII,
California,
Essential
Housing
Revenue
Bonds,
Junior
Lien
Series
2021A-2,
4.000%,
8/01/47,
144A
8/31
at
100.00
N/R
769,740
5,500
CMFA
Special
Finance
Agency
VII,
California,
Essential
Housing
Revenue
Bonds,
Senior
Lien
Series
2021A-1,
3.000%,
8/01/56,
144A
8/31
at
100.00
N/R
3,973,585
2,500
CMFA
Special
Finance
Agency
XII,
California,
Essential
Housing
Revenue
Bonds,
Allure
Apartments
Project,
Series
2022A-2,
3.250%,
2/01/57,
144A
2/32
at
100.00
N/R
1,837,000
3,350
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Latitude
33,
Senior
Series
2021A-1,
3.000%,
12/01/56,
144A
12/31
at
100.00
N/R
2,380,544
2,000
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Latitude
33,
Senior
Series
2021A-2,
4.000%,
12/01/45,
144A
12/31
at
100.00
N/R
1,599,960
4,665
CMFA
Special
Financing
Agency
VIII,
California,
Essential
Housing
Revenue
Bonds,
Elan
Huntington
Beach,
Junior
Lien
Series
2021A-2,
4.000%,
8/01/47,
144A
8/31
at
100.00
N/R
3,616,495
2,905
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
1818
Platinum
Triangle-Anaheim,
Mezzanine
Lien
Series
2021B,
4.000%,
4/01/57,
144A
4/32
at
100.00
N/R
2,141,798
4,225
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
1818
Platinum
Triangle-Anaheim,
Social
Bond
Series
2021A-2,
3.250%,
4/01/57,
144A
4/32
at
100.00
N/R
3,159,582
2,250
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-1,
3.600%,
5/01/47,
144A
5/32
at
100.00
N/R
1,887,840
2,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Mezzanine
Lien
Series
2021B,
4.000%,
10/01/46,
144A
10/31
at
100.00
N/R
1,531,600
3,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Center
City
Anaheim,
Series
2020A,
5.000%,
1/01/54,
144A
1/31
at
100.00
N/R
2,815,110
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Multifamily
(continued)
$
1,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Dublin
Mezzanine
Lien
Series
2021B,
4.000%,
2/01/57,
144A
2/32
at
100.00
N/R
$
735,330
2,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Jefferson-Anaheim
Series
2021A-2,
3.125%,
8/01/56,
144A
8/31
at
100.00
N/R
1,479,260
6,215
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Link-Glendale,
Series
2021A-2,
4.000%,
7/01/56,
144A
7/31
at
100.00
N/R
4,877,097
2,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Millennium
South
Bay-Hawthorne,
Series
2021A-1
and
A-2,
3.250%,
7/01/56,
144A
7/32
at
100.00
N/R
1,454,760
1,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-1,
3.400%,
10/01/46,
144A
10/31
at
100.00
N/R
812,490
9,215
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-2,
4.000%,
10/01/56,
144A
10/31
at
100.00
N/R
7,445,351
2,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Series
2021B,
4.000%,
7/01/58,
144A
7/32
at
100.00
N/R
1,389,120
3,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Oceanaire-Long
Beach,
Social
Series
2021A-2,
4.000%,
9/01/56,
144A
9/31
at
100.00
N/R
2,461,890
1,500
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Orange
City
Portfolio,
Mezzanine
Lien
Series
2021B,
4.000%,
3/01/57,
144A
3/32
at
100.00
N/R
1,127,850
1,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Mezzanine
Senior
Series
2021B,
4.000%,
12/01/56,
144A
12/31
at
100.00
N/R
785,060
6,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Series
2021A-2,
3.000%,
12/01/56
12/31
at
100.00
N/R
4,344,840
3,525
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Renaissance
at
City
Center,
Series
2020A,
5.000%,
7/01/51,
144A
7/31
at
100.00
N/R
3,329,609
2,625
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Vineyard
Gardens
Apartments,
Senior
Lien
Series
2021A,
3.250%,
10/01/58,
144A
4/32
at
100.00
N/R
1,926,803
3,690
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Waterscape
Apartments,
Mezzanine
Lien
Series
2021B,
4.000%,
9/01/46,
144A
9/31
at
100.00
N/R
2,871,078
2,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Mezzanine
Lien
Series
2021B,
4.000%,
6/01/57,
144A
6/31
at
100.00
N/R
1,507,360
2,200
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-2,
3.125%,
6/01/57,
144A
6/31
at
100.00
N/R
1,548,338
5,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Mezzanine
Lien
Series
2021A-2,
4.000%,
12/01/58
6/32
at
100.00
N/R
4,004,750
2,145
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Mezzanine
Lien
Series
2021B,
4.000%,
12/01/59
6/32
at
100.00
N/R
1,548,197
3,430
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
12/01/49
6/32
at
100.00
N/R
2,403,127
1,000
Independent
Cities
Finance
Authority,
California,
Mobile
Home
Park
Revenue
Bonds,
Palomar
Estates
West,
Refunding
Series
2015,
5.000%,
9/15/36
9/25
at
100.00
N/R
998,970
315
La
Verne,
California,
Mobile
Home
Park
Revenue
Bonds,
Copacabana
Mobile
Home
Park,
Refunding
Series
2014,
5.000%,
6/15/49
6/24
at
100.00
A+
325,376
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Multifamily
(continued)
$
2,110
Palmdale
Housing
Authority,
California,
Multifamily
Housing
Revenue
Bonds,
Impression,
La
Quinta,
Park
Vista
&
Summerwood
Apartments,
Series
2015,
5.250%,
6/01/45
6/25
at
100.00
N/R
$
2,052,481
420
Santa
Clara
County
Housing
Authority,
California,
Multifamily
Housing
Revenue
Bonds,
Blossom
River
Project,
Series
1998A,
6.500%,
9/01/39,
(AMT)
10/22
at
100.00
N/R
420,038
455
Wilson
County
Health
and
Educational
Facilities
Board,
Tennessee,
Senior
Living
Revenue
Bonds,
Rutland
Place
Inc.
Project,
Series
2015A,
5.500%,
1/01/46,
144A
10/22
at
100.00
N/R
331,053
201,246
Total
Housing/Multifamily
162,263,284
Industrials
-
0.0%
2,830
California
Pollution
Control
Financing
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Aemerge
Redpak
Services,
LLC.,
Series
2016,
7.000%,
12/01/27,
(AMT),
144A
(5)
12/23
at
102.00
N/R
283,000
Long-Term
Care
-
0.5%
2,575
California
Municipal
Finance
Authority,
Revenue
Bonds,
HealthRIGHT
360,
Social
Bond
Series
2019A,
5.000%,
11/01/49,
144A
11/29
at
100.00
N/R
2,488,480
3,700
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
899
Charleston
Project,
Refunding
Series
2014A,
5.250%,
11/01/44,
144A
11/24
at
100.00
N/R
3,469,527
6,275
Total
Long-Term
Care
5,958,007
Tax
Obligation/General
-
23.0%
6,050
Allan
Hancock
Joint
Community
College
District,
California,
General
Obligation
Bonds,
Election
2006
Series
2012C,
0.000%,
8/01/42,
(UB)
(4)
8/35
at
100.00
AA
4,625,346
1,000
Aromas-San
Juan
Unified
School
District,
San
Benito,
Santa
Cruz
and
Monterey
Counties,
California,
General
Obligation
Bonds,
Series
2013B,
5.250%,
8/01/52
-
AGM
Insured
8/37
at
100.00
AA
693,030
Bakersfield
City
School
District,
Kern
County,
California,
General
Obligation
Bonds,
Series
2012C:
1,700
5.750%,
5/01/37
No
Opt.
Call
A+
1,156,051
6,925
5.800%,
5/01/42
5/40
at
100.00
A+
4,847,500
5,500
5.900%,
5/01/47
5/40
at
100.00
A+
3,796,375
1,250
California
State,
General
Obligation
Bonds,
Tender
Option
Bond
Trust
2015-XF1039,
14.013%,
10/01/44,
144A,
(IF)
(4)
10/24
at
100.00
AA-
1,470,962
1,500
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2015,
5.000%,
3/01/45,
(UB)
(4)
3/25
at
100.00
AA-
1,571,700
5,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2017,
5.000%,
8/01/46,
(UB)
(4)
8/26
at
100.00
AA-
5,320,700
California
State,
General
Obligation
Bonds,
Various
Purpose,
Tender
Option
Bond
Trust
2015-XF1041:
1,005
10.080%,
11/01/44,
144A,
(IF)
(4)
11/24
at
100.00
AA-
1,008,598
1,250
10.090%,
11/01/44,
144A,
(IF)
(4)
11/24
at
100.00
AA-
1,254,487
750
10.090%,
11/01/44,
(Pre-refunded
11/01/24),
144A,
(IF)
(4)
11/24
at
100.00
AA-
752,692
545
10.090%,
11/01/44,
144A,
(IF)
(4)
11/24
at
100.00
AA-
546,957
3,000
Carlsbad
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Election
of
2018
Series
2021B,
3.000%,
8/01/46,
(UB)
(4)
8/31
at
100.00
AA
2,295,150
3,800
Central
Unified
School
District,
Fresno
County,
California,
General
Obligation
Bonds,
2016
Election
Series
2018B.,
4.000%,
8/01/48,
(UB)
(4)
8/26
at
100.00
Aa3
3,643,098
3,840
College
of
the
Sequoias
Community
College
District,
King
and
Tulare
Counties,
California,
General
Obligation
Bonds,
College
of
the
Sequoias
Tulare
Area
Improvement
District
3,
Election
of
2008,
Series
2021E,
3.000%,
8/01/51,
(UB)
(4)
8/29
at
100.00
Aa3
2,922,394
1,115
Denair
Unified
School
District,
Stanislaus
County,
California,
General
Obligation
Bonds,
Series
2002A,
0.000%,
8/01/26
-
FGIC
Insured
No
Opt.
Call
Baa2
990,622
2,640
Elk
Grove
Unified
School
District,
Sacramento
County,
California,
General
Obligation
Bonds,
Election
of
2016,
Series
2017,
4.000%,
8/01/46,
(UB)
(4)
8/26
at
100.00
Aa2
2,560,166
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
5,500
Fontana
Unified
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
Election
2006
Series
2020,
2.375%,
8/01/44
-
AGM
Insured,
(UB)
(4)
8/28
at
100.00
Aa3
$
3,824,920
5,000
Fresno
Unified
School
District,
Fresno
County,
California,
General
Obligation
Bonds,
Crossover
Refunding
Series
2016B,
4.000%,
8/01/46,
(UB)
(4)
8/26
at
100.00
Aa3
4,819,550
5,000
Gilroy
Unified
School
District,
Santa
Clara
County,
California,
General
Obligation
Bonds,
Election
of
2008
&
2016,
Series
2019,
4.000%,
8/01/48,
(UB)
(4)
8/27
at
100.00
Aa3
4,793,550
4,560
Hartnell
Community
College
District,
Monterey
County,
California,
General
Obligation
Bonds,
Election
2016
Series
2017A,
4.000%,
8/01/47,
(UB)
(4)
8/27
at
100.00
AA
4,383,346
1,205
Jamul
Dulzura
Union
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Election
1995
Series
2004A,
0.000%,
11/01/28
-
NPFG
Insured
No
Opt.
Call
Baa2
991,185
9,175
Lake
Tahoe
Unified
School
District,
El
Dorado
County,
California,
General
Obligation
Bonds,
Series
2010,
0.000%,
8/01/45
-
AGM
Insured
(7)
No
Opt.
Call
A1
7,108,148
3,660
Lodi
Unified
School
District,
San
Joaquin
County,
California,
General
Obligation
Bonds,
Election
2016
Series
2021,
3.000%,
8/01/46,
(UB)
(4)
8/30
at
100.00
Aa2
2,835,402
12,000
Long
Beach
Community
College
District,
California,
General
Obligation
Bonds,
Refunding
2008
Election
Series
2012B,
0.000%,
8/01/49,
(UB)
(4)
8/42
at
100.00
AA
8,565,720
3,725
Lynwood
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2012
Series
2021E,
3.000%,
8/01/48
-
BAM
Insured,
(UB)
(4)
8/31
at
100.00
AA
2,904,122
10,900
Marin
Healthcare
District,
Marin
County,
California,
General
Obligation
Bonds,
2013
Election,
Series
2017A,
4.000%,
8/01/47,
(UB)
(4)
8/27
at
100.00
Aa2
10,301,481
5,000
Montebello
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2016
Series
2016A,
4.000%,
8/01/46,
(UB)
(4)
8/26
at
100.00
A1
4,751,300
7,000
Mount
San
Antonio
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2018,
Series
2019A,
4.000%,
8/01/49,
(UB)
(4)
8/29
at
100.00
AA
6,905,850
6,060
New
Haven
Unified
School
District,
Alameda
County,
California,
General
Obligation
Bonds,
Election
of
2014,
Series
2020C,
3.000%,
8/01/49,
(UB)
(4)
8/28
at
100.00
Aa3
4,623,962
650
Newman-Crows
Landing
Unified
School
District,
Stanislaus
County,
California,
General
Obligation
Bonds,
2008
Election,
Series
2010B,
6.600%,
8/01/49
-
AGM
Insured
No
Opt.
Call
Aa3
534,371
2,000
Northern
Inyo
County
Local
Hospital
District,
California,
General
Obligation
Bonds,
Election
2005
Series
2009,
0.000%,
11/01/38
-
AGC
Insured
No
Opt.
Call
AA
937,680
9,365
Norwalk
La
Mirada
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2014
Series
2019D,
3.000%,
8/01/43,
(UB)
(4)
8/29
at
100.00
Aa3
7,523,935
6,750
Norwalk
La
Mirada
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2014
Series
2021E,
3.000%,
8/01/50,
(UB)
(4)
8/31
at
100.00
Aa3
5,088,353
2,250
Orland
Joint
Unified
School
District,
Glenn
and
Tehama
Counties,
California,
General
Obligation
Bonds,
2008
Election,
Series
2012B,
0.000%,
8/01/51
(7)
8/37
at
100.00
AA
1,629,765
14,000
Pajaro
Valley
Unified
School
District,
Santa
Cruz
County,
California,
General
Obligation
Bonds,
Refunding
Election
2012
Series
2013A,
4.250%,
8/01/47,
(UB)
(4)
8/23
at
100.00
N/R
14,001,540
1,350
Paso
Robles
Joint
Unified
School
District,
San
Luis
Obispo
and
Monteray
Counties,
California,
General
Obligation
Bonds,
Election
2006
Series
2010A,
0.000%,
9/01/34
No
Opt.
Call
Aa3
850,446
5,000
Pittsburg
Unified
School
District,
Contra
Costa
County,
California,
General
Obligation
Bonds,
Refunding
Series
2016,
4.000%,
8/01/40,
(UB)
(4)
8/26
at
100.00
A1
4,910,150
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1:
$
584
5.625%,
7/01/27
No
Opt.
Call
N/R
$
619,741
7,070
0.000%,
7/01/33
7/31
at
89.94
N/R
4,023,517
7,781
4.000%,
7/01/37
7/31
at
103.00
N/R
6,972,442
14,187
4.000%,
7/01/41
7/31
at
103.00
N/R
12,389,853
15,317
4.000%,
7/01/46
7/31
at
103.00
N/R
13,007,095
18,519
Puerto
Rico,
General
Obligation
Bonds,
Vintage
CW
NT
Claims
Taxable
Series
2022,
0.000%,
11/01/43
No
Opt.
Call
N/R
9,560,515
4,725
River
Delta
Unified
School
District,
Sacramento
and
Solano
Counties,
California,
General
Obligation
Bonds,
School
Facilities
Improvement
District
2,
Election
2004
Series
2008,
0.000%,
4/01/48
-
AGM
Insured
No
Opt.
Call
AA
1,440,605
5,000
San
Bernardino
County,
California,
City
Unified
School
District
General
Obligation
&
Refunding
Bonds
$35,000,000
(Election
of
2012
GO
Bonds,
Sereis
F
(Tax
Exempt))
$18,280,000
(Election
of
2012
GO
Bonds,
Series
G
(Federally
Taxable)),
3.000%,
8/01/44
-
AGM
Insured
8/30
at
100.00
N/R
3,919,050
4,400
San
Diego
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Dedicated
Unlimited
Ad
Valorem
Property
Tax,
2018
Election
Series
2019C-2,
3.000%,
7/01/44,
(UB)
(4)
7/29
at
100.00
Aa2
3,494,392
10,000
San
Diego
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Election
of
2012
Series
2017I,
4.000%,
7/01/47,
(UB)
(4)
7/27
at
100.00
Aa2
9,556,700
1,990
San
Diego
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Refunding
Series
2012R-2,
6.625%,
7/01/41
7/40
at
100.00
AA-
1,757,886
15,000
San
Diego
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Refunding
Series
2012R-2,
6.625%,
7/01/41,
(UB)
(4)
7/40
at
100.00
AA-
13,250,400
1,980
San
Diego
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Tender
Option
Bond
2016-XF2355,
Formerly
Tender
Option
Bond
Trust
Series
3330,
9.881%,
7/01/38,
144A,
(IF)
7/23
at
100.00
AA-
2,092,543
5,500
Sanger
Unified
School
District,
Fresno
County,
California,
General
Obligation
Bonds,
Election
of
2018,
Series
2020B,
3.000%,
8/01/48,
(UB)
(4)
8/29
at
100.00
AA
4,193,145
2,500
Santa
Barbara
Secondary
High
School
District,
Santa
Barbara
County,
California,
General
Obligation
Bonds,
Election
2010
Series
2011A,
0.000%,
8/01/40,
(UB)
(4)
No
Opt.
Call
AA
1,142,500
7,655
Savanna
Elementary
School
District,
Orange
County,
California,
General
Obligation
Bonds,
Election
2008
Series
2012B,
6.750%,
2/01/52
-
AGM
Insured
No
Opt.
Call
A2
5,914,789
4,955
Selma
Unified
School
District,
Fresno
County,
California,
General
Obligation
Bonds,
Election
2016
Series
2020C,
3.000%,
8/01/49,
(UB)
(4)
8/30
at
100.00
AA
3,683,002
Southwestern
Community
College
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Election
of
2008,
Series
2011C:
1,500
0.000%,
8/01/41
No
Opt.
Call
AA-
690,420
5,730
0.000%,
8/01/46
No
Opt.
Call
AA-
1,906,428
13,000
0.000%,
8/01/46,
(UB)
(4)
No
Opt.
Call
AA-
4,325,230
10,000
Sunnyvale
School
District,
Santa
Clara
County,
California,
General
Obligation
Bonds,
Election
2013
Series
2019C,
3.000%,
9/01/44,
(UB)
(4)
9/27
at
100.00
Aa1
8,302,200
10,100
West
Contra
Costa
Unified
School
District,
Contra
Costa
County,
California,
General
Obligation
Bonds,
Election
2012,
Series
2015B,
4.000%,
8/01/54,
(UB)
(4)
8/25
at
100.00
N/R
9,401,181
2,250
West
Hills
Community
College
District,
California,
General
Obligation
Bonds,
School
Facilities
Improvement
District
3,
2008
Election
Series
2011,
0.000%,
8/01/38
-
AGM
Insured
(7)
8/31
at
100.00
A2
2,293,920
5,155
Yosemite
Community
College
District,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2004,
Series
2010D,
0.000%,
8/01/42,
(UB)
(4),(7)
No
Opt.
Call
AA-
3,963,061
341,918
Total
Tax
Obligation/General
269,641,219
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
-
35.8%
$
1,000
Adelanto
Community
Facilities
District
Number
2006-2,
San
Bernadino
County,
California,
Special
Tax
Bonds,
Series
2015A,
5.000%,
9/01/45
9/25
at
100.00
N/R
$
1,025,170
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C:
330
0.000%,
9/01/28
-
AGM
Insured
No
Opt.
Call
A2
274,827
240
0.000%,
9/01/30
-
AGM
Insured
No
Opt.
Call
A2
185,175
4,475
0.000%,
9/01/34
-
AGM
Insured
No
Opt.
Call
A2
2,859,167
1,985
0.000%,
9/01/35
-
AGM
Insured
No
Opt.
Call
AA
1,208,210
2,590
Beaumont
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Improvement
Area
7A-1,
Series
2015A,
5.000%,
9/01/45
9/25
at
100.00
N/R
2,655,190
Beaumont,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-1
Fairway
Canyon,
Series
2019:
300
5.000%,
9/01/44
9/25
at
103.00
N/R
317,121
400
5.000%,
9/01/49
9/25
at
103.00
N/R
420,212
Beaumont,
California,
Special
Tax
Bonds,
Community
Facilities
District
93-1
Improvement
Area
17C,
Series
2018:
750
5.000%,
9/01/43
9/25
at
103.00
N/R
787,290
1,115
5.000%,
9/01/48
9/25
at
103.00
N/R
1,164,684
1,035
Beaumont,
California,
Special
Tax
Bonds,
Community
Facilities
District
93-1
Improvement
Area
8D,
Series
2018A,
5.000%,
9/01/48
9/25
at
103.00
N/R
1,081,679
1,900
Blythe
Redevelopment
Agency
Successor
Agency,
California,
Tax
Allocation
Bonds,
Redevelopment
Project
1,
Refunding
Series
2015,
5.000%,
5/01/38
11/25
at
100.00
N/R
1,969,464
Brea
Redevelopment
Agency,
Orange
County,
California,
Tax
Allocation
Bonds,
Project
Area
AB,
Series
2003:
1,500
0.000%,
8/01/28
-
AMBAC
Insured
No
Opt.
Call
AA-
1,238,175
2,300
0.000%,
8/01/29
-
AMBAC
Insured
No
Opt.
Call
AA-
1,826,752
6,710
0.000%,
8/01/30
-
AMBAC
Insured
No
Opt.
Call
AA-
5,113,490
1,700
Brentwood
Infrastructure
Financing
Authority,
California,
Infrastructure
Revenue
Bonds,
Refunding
Subordinated
Series
2014B,
5.000%,
9/02/36
9/24
at
100.00
N/R
1,747,226
5,090
California
Community
College
Financing
Authority,
Lease
Revenue
Bonds,
Refunding
Series
2003,
0.000%,
6/01/33
-
AMBAC
Insured
No
Opt.
Call
AA+
3,251,441
1,450
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2020A,
4.000%,
9/01/45
9/26
at
103.00
N/R
1,310,350
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2020B:
1,070
4.000%,
9/01/43
9/27
at
103.00
N/R
981,779
3,150
4.000%,
9/01/50
9/27
at
103.00
N/R
2,793,640
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2021A:
660
4.000%,
9/01/41
9/28
at
103.00
N/R
613,001
2,190
4.000%,
9/01/46
9/28
at
103.00
N/R
1,967,627
3,005
4.000%,
9/01/51
9/28
at
103.00
N/R
2,642,297
2,160
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2020-6,
County
of
Placer-PV400,
Series
2022,
5.250%,
9/01/52
9/29
at
103.00
N/R
2,171,124
375
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2007-1
Orinda
Wilder
Project,
Refunding
Series
2015,
5.000%,
9/01/37
9/25
at
100.00
N/R
388,616
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2012-02,
Manteca
Lifestyle
Center,
Series
2013A:
1,000
5.000%,
9/01/33
9/23
at
100.00
N/R
1,013,860
2,000
5.125%,
9/01/42
9/23
at
100.00
N/R
2,021,340
2,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2015-01
Improvement
Area
2
University
District,
Series
2017,
5.000%,
9/01/47
9/27
at
100.00
N/R
2,075,760
2,500
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2015-2
Rio
Bravo,
Series
2015A,
5.625%,
9/01/45
9/25
at
100.00
N/R
2,597,275
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
3,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2016-02
Delta
Coves,
Series
2019,
5.000%,
9/01/49
9/29
at
100.00
N/R
$
3,151,110
5,250
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2017-01
Horse
Creek,
Series
2018,
5.000%,
9/01/48
9/28
at
100.00
N/R
5,483,940
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2018-01,
Wagon
Wheel,
Series
2020:
600
4.000%,
9/01/40
9/30
at
100.00
N/R
553,428
1,300
4.000%,
9/01/50
9/30
at
100.00
N/R
1,129,323
340
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2020-02
Improvement
Area
2
Atwell,
Series
2022,
5.250%,
9/01/52
9/32
at
100.00
N/R
343,869
4,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2021-01
Meadowlands,
Series
2021-01,
4.000%,
9/01/51
9/31
at
100.00
N/R
3,494,480
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Refunding
Series
2015R-1:
3,510
5.000%,
9/02/35
9/25
at
100.00
N/R
3,638,747
1,120
5.000%,
9/02/40
9/25
at
100.00
N/R
1,152,928
490
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2011A,
8.000%,
9/02/41
9/22
at
100.00
N/R
473,595
2,275
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2014A,
5.000%,
9/02/43
10/22
at
100.00
N/R
2,276,570
2,060
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2014B,
5.000%,
9/02/44
9/24
at
100.00
N/R
2,094,608
2,240
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2016A,
5.000%,
9/02/45
9/26
at
100.00
N/R
2,309,597
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2016B:
1,690
5.000%,
9/02/36
9/26
at
100.00
N/R
1,769,160
3,310
5.000%,
9/02/46
9/26
at
100.00
N/R
3,412,610
480
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2017A,
5.000%,
9/02/46
9/27
at
100.00
N/R
496,699
375
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2017B,
5.000%,
9/02/47
9/27
at
100.00
N/R
389,385
3,550
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2017C,
5.000%,
9/02/47
9/27
at
100.00
N/R
3,669,990
3,745
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2018A,
5.000%,
9/02/47
9/28
at
100.00
N/R
3,914,012
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2019B:
3,300
5.000%,
9/02/44
9/29
at
100.00
N/R
3,449,259
3,370
5.000%,
9/02/49
9/29
at
100.00
N/R
3,508,675
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2019C:
725
5.000%,
9/02/44
9/29
at
100.00
N/R
760,474
2,310
5.000%,
9/02/49
9/29
at
100.00
N/R
2,412,148
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2020A:
$
850
4.000%,
9/02/50
9/30
at
100.00
N/R
$
729,283
805
5.000%,
9/02/50
9/30
at
100.00
N/R
822,380
1,995
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2021A,
4.000%,
9/02/41
9/31
at
100.00
N/R
1,776,767
5,000
California
Statewide
Communities
Development
Authority,
Statewide
Infrastructure
Program
Revenue
Bonds,
Series
2020C,
4.000%,
9/02/50
9/30
at
100.00
N/R
4,285,050
1,000
California
Statewide
Communities
Development
Authority,
Statewide
Infrastructure
Program
Revenue
Bonds,
Series
2021C,
4.000%,
9/02/51
9/31
at
100.00
N/R
856,900
1,000
California,
San
Francisco
City
and
County
Infrastructure
and
Revitalization,
Financing
District
Number
1,
Treasure
Island,
Tax
Increment
Revenue
Bonds,
Series
2022A,
5.000%,
9/01/52,
144A
,(WI/DD,
Settling
9/08/22)
9/32
at
100.00
N/R
979,710
1,540
Chino,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-3,
Series
2017,
5.000%,
9/01/47
9/24
at
103.00
N/R
1,599,044
Chula
Vista,
California,
Special
Tax
Bonds,
Community
Facilities
District
16-I
Millenia
Improvement
Area
1,
Series
2018:
895
5.000%,
9/01/43
9/25
at
103.00
N/R
939,992
1,115
5.000%,
9/01/48
9/25
at
103.00
N/R
1,164,082
320
City
of
Dublin,
California,
Community
Facilities
District
No.
2015-1,
Dublin
Crossing,
Improvement
Area
No.
1,
Special
Tax
Bonds,
Series
2017,
5.000%,
9/01/47
9/27
at
100.00
N/R
332,707
Compton
Public
Finance
Authority,
California,
Lease
Revenue
Bonds,
Refunding
&
Various
Capital
Projects,
Series
2008:
500
5.250%,
9/01/27
-
AMBAC
Insured
10/22
at
100.00
N/R
500,510
210
5.000%,
9/01/32
-
AMBAC
Insured
10/22
at
100.00
N/R
210,101
670
Corona,
California,
Special
Tax
Bonds,
Community
Facilities
District
2002-
1
Dos
Lagos
Improvement
Area
1,
Refunding
Series
2017,
5.000%,
9/01/37
9/24
at
103.00
N/R
704,914
Corona,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-1
Bedford,
Series
2018A:
2,155
5.000%,
9/01/43
9/24
at
103.00
N/R
2,247,019
1,250
5.000%,
9/01/48
9/24
at
103.00
N/R
1,297,912
345
Corona,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-2
Sierra
Bella,
Series
2022A,
5.000%,
9/01/51
9/29
at
103.00
N/R
348,164
1,000
Corona-Norco
Unified
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
05-1,
Series
2016,
4.000%,
9/01/45
9/26
at
100.00
N/R
903,690
Del
Mar
Union
School
District,
San
Diego
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
99-1,
Refunding
Facilities
Financing
Series
2019:
2,400
4.000%,
9/01/44,
(UB)
(4)
9/29
at
100.00
AA
2,321,664
4,245
4.000%,
9/01/49,
(UB)
(4)
9/29
at
100.00
AA
4,039,287
2,000
Dixon,
California,
Special
Tax
Bonds,
Community
Facilities
District
2019-1
Homestead,
Improvement
Area
1,
Series
2019,
4.000%,
9/01/50
9/30
at
100.00
N/R
1,765,260
Dublin,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-1
Improvement
Area
2
Dublin
Crossing,
Series
2019:
2,800
5.000%,
9/01/44
9/26
at
103.00
N/R
2,956,072
4,100
5.000%,
9/01/49
9/26
at
103.00
N/R
4,309,059
Eastern
Municipal
Water
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2012-61
Autumn
Winds,
Series
2020:
575
3.000%,
9/01/44
9/27
at
103.00
N/R
413,787
350
4.000%,
9/01/50
9/27
at
103.00
N/R
304,528
465
Eastern
Municipal
Water
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-72
Hidden
Hills,
Series
2020,
3.000%,
9/01/45
9/27
at
103.00
N/R
343,984
250
El
Dorado
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2005-2,
Series
2006,
5.100%,
9/01/36
3/23
at
100.00
N/R
251,745
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
Elsinore
Valley
Municipal
Water
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2020-1
Horsethief
Area
1A,
Series
2021A:
$
1,685
4.000%,
9/01/41,
144A
9/28
at
103.00
N/R
$
1,515,388
1,245
4.000%,
9/01/51,
144A
9/28
at
103.00
N/R
1,051,602
Elsinore
Valley
Municipal
Water
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2020-1
Horsethief
Improvement
Area
2A,
Series
2021A:
1,565
4.000%,
9/01/41,
144A
9/28
at
103.00
N/R
1,407,467
2,325
4.000%,
9/01/51,
144A
9/28
at
103.00
N/R
1,966,973
430
Fairfield,
California,
Special
Tax
Bonds,
Community
Facilities
District
2007-
1
Fairfield
Commons
Project,
Series
2008,
6.875%,
9/01/38
3/23
at
100.00
N/R
439,654
2,530
Fillmore,
California,
Special
Tax
Bonds,
Community
Facilities
District
5,
Improvement
Area,
Series
2015A,
5.000%,
9/01/45
9/23
at
102.00
N/R
2,592,972
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
19
Mangini
Ranch,
Series
2019:
1,140
5.000%,
9/01/44
9/26
at
103.00
N/R
1,203,544
1,000
5.000%,
9/01/49
9/26
at
103.00
N/R
1,050,370
1,000
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
21
White
Rock
Springs
Ranch,
Series
2019,
5.000%,
9/01/49
9/26
at
103.00
N/R
1,050,990
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
23
Folsom
Ranch
Improvement
Area
1,
Series
2020:
2,150
4.000%,
9/01/45
9/27
at
103.00
N/R
1,948,567
1,145
4.000%,
9/01/50
9/27
at
103.00
N/R
1,015,466
4,000
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
23
Folsom
Ranch
Improvement
Area
1,
Series
2022,
5.000%,
9/01/52
9/29
at
103.00
N/R
4,061,880
2,785
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Series
2017,
5.000%,
9/01/47
9/27
at
100.00
N/R
2,895,592
1,515
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Series
2022,
5.000%,
9/01/52
9/29
at
103.00
N/R
1,520,530
Folsom,
California,
Special
Tax
Bonds,
Community
Facilities
District
16
Islands
at
Parkshore
Improvement
Area
1,
Series
2018:
500
4.000%,
9/01/43
10/22
at
103.00
N/R
457,515
1,545
4.000%,
9/01/48
10/22
at
103.00
N/R
1,376,672
Fontana,
California, Special
Tax
Bonds,
Community
Facilities
District
106,
Mountain
View,
Series
2022:
375
4.250%,
9/01/38
9/29
at
103.00
N/R
365,993
500
4.500%,
9/01/43
9/29
at
103.00
N/R
488,865
1,000
4.625%,
9/01/52
9/29
at
103.00
N/R
968,740
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Tender
Option
Bond
Trust
2015-XF1038:
3,750
13.359%,
6/01/45,
144A,
(IF)
(4)
6/25
at
100.00
A+
4,802,737
1,030
Imperial,
California,
Special
Tax
Bonds,
Community
Facilities
District
2005-
1
Springfield,
Series
2015A,
5.000%,
9/01/36
9/25
at
100.00
N/R
1,068,295
155
Indio
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Merged
Area
Redevelopment
Project,
Subordinate
Lien
Refunding
Series
2008A,
5.250%,
8/15/28
10/22
at
100.00
A
155,415
500
Irvine,
California,
Special
Tax
Bonds,
Community
Facilities
District
2013-
3
Great
Park,
Improvement
Area
1,
Refunding
Series
2014,
5.000%,
9/01/39
9/24
at
100.00
N/R
512,540
3,380
Jurupa
Unified
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
9,
Series
2015A,
5.000%,
9/01/45
9/25
at
100.00
N/R
3,465,075
1,220
Lake
Elsinore
Unified
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2004-2,
Series
2005,
5.350%,
9/01/35
3/23
at
100.00
N/R
1,230,199
1,000
Lake
Elsinore
Unified
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-2
Improvement
Area
B,
Series
2018,
4.000%,
9/01/48
9/24
at
100.00
N/R
891,050
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
Lake
Elsinore
Unified
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2013-1,
Series
2017:
$
800
4.000%,
9/01/42
9/24
at
103.00
N/R
$
737,448
1,000
4.000%,
9/01/47
9/24
at
103.00
N/R
894,620
475
Lake
Elsinore,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-1
Summerly
Improvement
Area
KK,
Series
2021,
4.000%,
9/01/42
9/28
at
103.00
N/R
416,205
4,170
Lathrop,
California,
Limited
Obligation
Improvement
Bonds,
Crossroads
Assessment
District,
Series
2015,
5.000%,
9/02/40
9/25
at
100.00
N/R
4,293,807
Lathrop,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-1
Central
Lathrop
Specific
Plan
Improvement
Areas
5,
Series
2019:
605
5.650%,
9/01/38
9/26
at
103.00
N/R
577,333
970
5.750%,
9/01/43
9/26
at
103.00
N/R
922,674
Lee
Lake
Public
Financing
Authority,
California,
Junior
Lien
Revenue
Bonds,
Series
2013B:
785
5.125%,
9/01/28
9/23
at
100.00
N/R
800,457
395
5.250%,
9/01/32
9/23
at
100.00
N/R
401,924
Lincoln,
California,
Special
Tax
Bonds,
Community
Facilities
District
2005-1
Sorrento
Project,
Series
2014A:
925
5.000%,
9/01/39
9/24
at
100.00
N/R
946,229
1,815
5.000%,
9/01/43
9/24
at
100.00
N/R
1,847,833
2,615
Los
Alamitos
Unified
School
District,
Orange
County,
California,
Certificates
of
Participation,
Series
2012,
6.050%,
8/01/42
8/29
at
100.00
Aa3
2,641,987
1,750
Los
Angeles
County
Community
Facilities
District
2021-01,
California,
Special
Tax
Bond,
Valencia-Facilities
Improvement
Area
1,
Series
2022,
5.000%,
9/01/47
9/29
at
103.00
N/R
1,774,378
1,675
Lower
Magnolia
Green
Community
Development
Authority,
Virginia,
Special
Assessment
Bonds,
Series
2015,
5.000%,
3/01/45,
144A
3/25
at
100.00
N/R
1,646,123
1,275
Lynwood
Redevelopment
Agency,
California,
Tax
Allocation
Revenue
Bonds,
Project
Area
A,
Subordinate
Lien
Series
2011A,
7.250%,
9/01/38
10/22
at
100.00
A
1,279,424
2,022
Manteca
Unified
School
District,
San
Joaquin
County,
California,
Certificates
of
Participation,
Series
2004,
0.000%,
9/15/33
-
NPFG
Insured
No
Opt.
Call
Baa2
1,328,070
450
Marina
Redevelopment
Agency
Successor
Agency,
California,
Housing
Tax
Allocation
Bonds,
Series
2018B,
5.000%,
9/01/38
9/25
at
103.00
N/R
477,860
Menifee
Union
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-1,
Series
2014:
500
4.125%,
9/01/39
3/23
at
102.00
N/R
479,850
500
4.250%,
9/01/44
3/23
at
102.00
N/R
470,910
Menifee
Union
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2011-1,
Improvement
Area
1,
Series
2015:
2,000
5.000%,
9/01/39
9/24
at
100.00
N/R
2,045,900
500
4.250%,
9/01/44
9/24
at
100.00
N/R
471,565
1,000
5.000%,
9/01/44
9/24
at
100.00
N/R
1,017,540
500
Menifee
Union
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2011-1,
Improvement
Area
6,
Series
2021,
4.000%,
9/01/50
9/28
at
103.00
N/R
435,040
1,000
Menifee
Union
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2014-2,
Series
2017,
5.000%,
9/01/47
9/24
at
103.00
N/R
1,038,340
1,000
Menifee
Union
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-1,
Improvement
Area
B,
Series
2022,
4.625%,
9/01/52
9/29
at
103.00
N/R
961,080
1,055
Merced
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Merced
Redevelopment
Project
2,
Series
2003A,
0.000%,
12/01/23
-
AMBAC
Insured
No
Opt.
Call
N/R
1,015,881
835
Moorpark,
California,
Special
Tax
Bonds,
Community
Facilities
District
2004-1,
Refunding
Junior
Lien
Series
2014B,
5.000%,
9/01/33
9/24
at
100.00
N/R
858,263
970
Moreno
Valley
Unified
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-2,
Series
2019,
5.000%,
9/01/48
9/25
at
103.00
N/R
1,013,223
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
1,085
Moreno
Valley
Unified
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-3,
Series
2019,
4.000%,
9/01/44
9/25
at
103.00
N/R
$
986,243
825
Murrieta,
California,
Special
Tax
Bonds,
Community
Facilities
District
2005-
5
Golden
City
Improvement
Area
A,
Series
2017,
5.000%,
9/01/46
9/27
at
100.00
N/R
858,586
Northstar
Community
Services
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
1,
Refunding
Series
2005:
980
2.000%,
9/01/28
2005
1
(5)
3/23
at
100.00
N/R
480,435
2,927
2.000%,
9/01/36
2005
1
(5)
3/23
at
100.00
N/R
1,434,028
1,250
Oceanside,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-1,
Pacific
Coast
Business
Park,
Series
2017,
5.000%,
9/01/38
9/25
at
102.00
N/R
1,315,475
880
Ontario,
California,
Special
Tax
Bonds,
Community
Facilities
District
26
Park
Place
Facilities
III,
Series
2019,
5.000%,
9/01/47
9/26
at
103.00
N/R
924,871
1,200
Ontario,
California,
Special
Tax
Bonds,
Community
Facilities
District
28
New
Haven
Facilities
-
Area
A,
Series
2017,
5.000%,
9/01/47
9/24
at
103.00
N/R
1,246,008
825
Ontario,
California,
Special
Tax
Bonds,
Community
Facilities
District
54
Esperanza
Facilities,
Series
2022,
4.500%,
9/01/52
9/29
at
103.00
N/R
782,942
4,000
Orange
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2021-1
Rienda,
Series
2022A,
5.000%,
8/15/52
,(WI/DD,
Settling
9/08/22)
8/29
at
103.00
N/R
4,112,440
Palm
Desert,
California,
Special
Tax
Bonds,
Community
Facilities
District
2021-1
University
Park,
Series
2021:
315
3.000%,
9/01/31
9/28
at
103.00
N/R
281,484
375
4.000%,
9/01/41
9/28
at
103.00
N/R
348,296
1,340
4.000%,
9/01/51
9/28
at
103.00
N/R
1,178,262
1,230
Palmdale
Community
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Merged
Redevelopment
Project
Areas,
Series
2002,
0.000%,
12/01/30
-
AMBAC
Insured
No
Opt.
Call
AA-
925,292
970
Patterson
Public
Finance
Authority,
California,
Revenue
Bonds,
Community
Facilities
District
2001-1,
Senior
Series
2013A,
5.750%,
9/01/39
9/23
at
100.00
N/R
988,372
1,050
Perris
Joint
Powers
Authority,
California,
Local
Agency
Revenue
Bonds,
Community
Facilities
District
2006-1,
Meritage
Homes,
Refunding
Series
2014B,
5.000%,
9/01/38
9/23
at
100.00
N/R
1,062,506
1,140
Perris
Joint
Powers
Authority,
California,
Local
Agency
Revenue
Bonds,
Community
Facilities
District
2007-2,
Pacific
Heritage,
Series
2020,
4.000%,
9/01/48
9/27
at
103.00
N/R
986,260
Pittsburg
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Los
Medanos
Community
Development
Project,
Series
1999:
2,990
0.000%,
8/01/27
-
AMBAC
Insured
No
Opt.
Call
A
2,576,094
2,500
0.000%,
8/01/28
-
AMBAC
Insured
No
Opt.
Call
A
2,080,525
2,750
Puerto
Rico
Highway
and
Transportation
Authority,
Highway
Revenue
Bonds,
Series
2005L,
5.250%,
7/01/38
-
AMBAC
Insured
No
Opt.
Call
N/R
2,747,333
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
50,954
0.000%,
7/01/46
7/28
at
41.38
N/R
14,592,716
23,600
0.000%,
7/01/51
7/28
at
30.01
N/R
5,032,936
1,000
5.000%,
7/01/58
7/28
at
100.00
N/R
970,100
2,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
Cofina
Project
Series
2018B-1,
4.750%,
7/01/53
7/28
at
100.00
N/R
1,912,600
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2:
3,000
4.329%,
7/01/40
7/28
at
100.00
N/R
2,919,780
12,605
4.329%,
7/01/40
7/28
at
100.00
N/R
12,267,942
1,000
4.784%,
7/01/58
7/28
at
100.00
N/R
935,100
Rancho
Cardova,
California,
Special
Tax
Bonds,
Community
Facilities
District
2005-1
Sunridge
North
Douglas
Series
2015:
1,200
5.000%,
9/01/40
9/25
at
100.00
N/R
1,235,592
1,250
5.000%,
9/01/45
9/25
at
100.00
N/R
1,281,113
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
1,190
Rancho
Cardova,
California,
Special
Tax
Bonds,
Community
Facilities
District
2005-1
Sunridge
North
Douglas
Series
2018,
4.000%,
9/01/42
9/24
at
103.00
N/R
$
1,096,954
Rancho
Cordova,
California,
Special
Tax
Bonds,
Communities
Facilities
District
2014-1
Montelena,
Series
2022:
1,590
5.000%,
9/01/42
9/28
at
103.00
N/R
1,625,568
1,340
5.000%,
9/01/51
9/28
at
103.00
N/R
1,359,095
Rancho
Cordova,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-1
Grantline
208,
Series
2019:
410
5.000%,
9/01/44
9/26
at
103.00
N/R
432,853
530
5.000%,
9/01/49
9/26
at
103.00
N/R
558,016
Redwood
City
Public
Facilities
and
Infrastructure
Authority,
San
Mateo,
California,
Lease
Revenue
Bonds,
Veterans
Memorial
Building/Senior
Center,
Series
2021:
4,000
3.000%,
6/01/46,
(UB)
(4)
6/31
at
100.00
AA+
3,180,600
2,500
3.000%,
6/01/51,
(UB)
(4)
6/31
at
100.00
AA+
1,926,550
Redwood
City
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Project
Area
2,
Series
2003A:
1,755
0.000%,
7/15/29
-
AMBAC
Insured
No
Opt.
Call
A
1,402,824
1,260
0.000%,
7/15/31
-
AMBAC
Insured
No
Opt.
Call
A
924,046
1,185
Rio
Vista,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-
1
Liberty
Community,
Series
2018-1,
5.000%,
9/01/48
9/25
at
103.00
N/R
1,252,403
1,185
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Refunding
Series
2022A-1,
4.250%,
9/01/47
-
AGM
Insured
9/29
at
103.00
N/R
1,164,345
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Subordinate
Series
2022B-2:
1,000
5.000%,
9/01/42
9/29
at
103.00
N/R
984,800
2,525
5.250%,
9/01/47
9/29
at
103.00
N/R
2,561,739
2,015
5.000%,
9/01/52
9/29
at
103.00
N/R
1,977,158
1,250
Riverside
County
Asset
Leasing
Corporation,
California,
Lease
Revenue
Bonds,
Capital
Project,
Tender
Option
Bond
Trust
2015-XF1020,
14.879%,
11/01/45,
144A,
(IF)
(4)
11/25
at
100.00
A+
1,697,700
1,295
Riverside
County
Asset
Leasing
Corporation,
California,
Leasehold
Revenue
Bonds,
Riverside
County
Hospital
Project,
Series
1997,
0.000%,
6/01/26
-
NPFG
Insured
No
Opt.
Call
A1
1,156,409
2,115
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
03-1
Newport
Road,
Series
2014,
5.000%,
9/01/30
9/24
at
100.00
N/R
2,183,970
870
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
04-2
Lake
Hill
Crest,
Series
2012,
5.000%,
9/01/35
3/23
at
100.00
N/R
875,786
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
05-8
Scott
Road,
Series
2013:
660
5.000%,
9/01/32
10/22
at
100.00
N/R
660,779
3,410
5.000%,
9/01/42
10/22
at
100.00
N/R
3,412,489
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
07-2
Clinton
Keith,
Series
2017:
1,000
5.000%,
9/01/42
9/27
at
100.00
N/R
1,044,320
535
5.000%,
9/01/45
9/27
at
100.00
N/R
556,587
415
Riverside
Unified
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
32,
Series
2020,
4.000%,
9/01/45
9/27
at
103.00
N/R
367,155
Rocklin
Unified
School
District,
Placer
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2,
Series
2007:
1,010
0.000%,
9/01/34
-
NPFG
Insured
No
Opt.
Call
Baa2
633,270
1,155
0.000%,
9/01/35
-
NPFG
Insured
No
Opt.
Call
Baa2
688,819
815
Rocklin,
Placer
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
10
Whitney
Ranch,
Series
2015,
5.000%,
9/01/39
9/25
at
100.00
N/R
842,319
935
Rohnert
Park
Community
Development
Agency,
California,
Tax
Allocation
Bonds,
Series
1999,
0.000%,
8/01/33
No
Opt.
Call
Baa2
620,232
3,775
Romoland
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2004-1
Heritage
Lake
Improvement
Area
3,
Series
2013,
5.000%,
9/01/43
9/23
at
100.00
N/R
3,809,768
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
1,120
Romoland
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-1,
Series
2017,
5.000%,
9/01/44
9/27
at
100.00
N/R
$
1,165,830
820
Romoland
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
91-1,
Series
2017,
5.000%,
9/01/41
9/27
at
100.00
N/R
857,392
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Hewlett
Parkard
Campus
Oaks,
Series
2016:
845
5.000%,
9/01/36
9/26
at
100.00
N/R
887,765
2,360
5.500%,
9/01/46
9/26
at
100.00
N/R
2,487,700
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Sierra
Vista
Villages,
Series
2020:
490
4.000%,
9/01/45
9/27
at
103.00
N/R
446,027
1,300
4.000%,
9/01/50
9/27
at
103.00
N/R
1,156,623
625
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Villages
at
Sierra
Vista,
Series
2022,
4.500%,
9/01/52
9/29
at
103.00
N/R
592,194
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Westbrook,
Series
2014:
1,100
5.000%,
9/01/34
9/24
at
100.00
N/R
1,129,436
1,395
5.000%,
9/01/44
9/24
at
100.00
N/R
1,422,147
5,500
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
5
Fiddyment
Ranch
Public
Facilities,
Series
2017,
5.000%,
9/01/47,
144A
9/27
at
100.00
N/R
5,728,470
Roseville,
California,
Special
Tax
Bonds,
SVSP
Westpark-
Federico
Community
Facilities
District
1,
Series
2019:
500
5.000%,
9/01/44
9/26
at
103.00
N/R
530,060
700
5.000%,
9/01/49
9/26
at
103.00
N/R
738,304
2,755
Roseville,
California,
Special
Tax
Bonds,
SVSP
Westpark-Federico
Community
Facilities
District
1,
Series
2022,
5.000%,
9/01/52
9/29
at
103.00
N/R
2,795,443
230
Sabal
Palm
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Series
2016,
5.500%,
11/01/46
11/26
at
100.00
N/R
234,108
1,510
Sacramento
City
Financing
Authority
California,
Lease
Revenue
Bonds,
Master
Lease
Program
Facilities
Projects,
Tender
Option
Bond
Trust
2016-XG0100,
15.197%,
12/01/33
-
AMBAC
Insured,
144A,
(IF)
(4)
No
Opt.
Call
AA-
2,671,371
Sacramento
City
Financing
Authority,
California,
Tax
Allocation
Revenue
Bonds,
Merged
Downtown
Sacramento
and
Oak
Park
Projects,
Series
2005A:
4,295
0.000%,
12/01/31
-
FGIC
Insured
No
Opt.
Call
Baa2
3,083,724
4,435
0.000%,
12/01/32
-
FGIC
Insured
No
Opt.
Call
Baa2
3,035,225
1,950
Sacramento
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-2
Florin
Vineyard
1,
Series
2018,
4.000%,
9/01/48
9/25
at
103.00
N/R
1,737,547
275
Sacramento,
California,
Special
Tax
Bonds,
Community
Facilities
District
05-1
College
Square,
Series
2007,
5.900%,
9/01/37
3/23
at
100.00
N/R
278,036
Sacramento,
California,
Special
Tax
Bonds,
North
Natomas
Community
Facilities
District
7,
Series
2017-01:
710
5.000%,
9/01/37,
144A
9/24
at
103.00
N/R
748,276
1,900
5.000%,
9/01/47,
144A
9/24
at
103.00
N/R
1,986,792
428
Saint
Louis,
Missouri,
Tax
Increment
Financing
Revenue
Bonds,
Grace
Lofts
Redevelopment
Projects,
Series
2007A,
3.300%,
12/31/26
(5)
No
Opt.
Call
N/R
51,360
1,485
San
Bernardino
Community
Facilities
District
Number
2020-1,
California,
Special
Tax
Bonds,
Series
2022,
4.500%,
9/01/52
9/29
at
103.00
N/R
1,387,020
390
San
Bernardino
County
Financing
Authority,
California,
Revenue
Bonds,
Courthouse
Facilities
Project,
Series
2007,
5.500%,
6/01/37
-
NPFG
Insured
No
Opt.
Call
Baa2
398,135
550
San
Bernardino
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-1
Lytle
Creek
North
Improvement
Area
1,
Series
2015,
5.000%,
9/01/40
9/25
at
100.00
N/R
566,159
870
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Special
Tax
Bonds,
Community
Facilities
District
7,
Hunters
Point
Shipyard
Phase
One
Improvements,
Refunding
Series
2014,
5.000%,
8/01/39
8/24
at
100.00
N/R
887,356
1,250
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Tax
Allocation
Bonds,
Mission
Bay
South
Redevelopment
Project,
Series
2014A,
5.000%,
8/01/43
8/24
at
100.00
A-
1,296,663
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
12,610
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Tax
Allocation
Bonds,
Mission
Bay
South
Redevelopment
Project,
Subordinate
Series
2016D,
0.000%,
8/01/43,
144A
10/22
at
35.75
N/R
$
4,547,670
11,755
San
Francisco
City
and
County,
California,
Certificates
of
Participation,
49
South
Van
Ness
Avenue
Project,
Green
Series
2019A,
4.000%,
4/01/45,
(UB)
(4)
4/27
at
100.00
N/R
11,299,611
850
San
Francisco
City
and
County,
California,
Development
Special
Tax
Bonds,
Mission
Rock
Facilities
&
Services
Special
Tax
District
2020-1,
Series
2021A,
4.000%,
9/01/41,
144A
9/28
at
103.00
N/R
783,369
San
Francisco
City
and
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-1
Treasure
Island
Improvement
Area
1,
Series
2020:
1,550
4.000%,
9/01/42
9/27
at
103.00
N/R
1,428,805
4,350
4.000%,
9/01/50
9/27
at
103.00
N/R
3,845,574
1,000
San
Jacinto
Unified
School
District,
California,
Community
Facilities
District
2003-1
Infrastructure
Projects,
Series
2016,
3.375%,
9/01/46
3/23
at
103.00
N/R
787,860
935
San
Mateo
County
Joint
Powers
Financing
Authority,
California,
Lease
Revenue
Bonds,
Cordilleras
Mental
Health
Center,
Series
2021A-1,
2.500%,
6/15/55,
(UB)
(4)
6/31
at
100.00
AA+
589,779
Santa
Ana
Financing
Authority,
California,
Lease
Revenue
Bonds,
Police
Administration
and
Housing
Facility,
Series
1994A:
110
6.250%,
7/01/24
No
Opt.
Call
Baa2
115,458
1,000
South
Tahoe
Joint
Powers
Financing
Authority,
California,
Revenue
Bonds,
South
Tahoe
Redevelopment
Project
Area
1,
Series
2014A,
4.000%,
10/01/34
-
AGM
Insured
10/24
at
100.00
AA
1,013,830
5,000
Stockton,
California,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
19-1,
Cannery
Park
II,
Series
2022,
5.000%,
9/01/52
9/29
at
103.00
N/R
4,846,500
1,335
Sulphur
Springs
Union
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-1,
Series
2018,
5.000%,
9/01/43
9/24
at
103.00
N/R
1,390,776
5,400
Sulphur
Springs
Union
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2014-1,
Series
2022,
4.500%,
9/01/52
9/29
at
103.00
N/R
5,067,792
4,000
Tejon
Ranch
Public
Facilities
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2008-1
Tejon
Industrial
Complex
East
2012B,
5.250%,
9/01/42
3/23
at
100.00
N/R
4,024,120
2,000
Tejon
Ranch
Public
Facilities
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2008-1,
Tejon
Industrial
Complex
Public
Improvements-East,
Series
2015A,
5.000%,
9/01/45
9/25
at
100.00
N/R
2,050,340
3,250
Tejon
Ranch
Public
Facilities
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2008-1,
Tejon
Industrial
Complex
Public
Improvements-East,
Series
2020,
4.000%,
9/01/50
9/27
at
103.00
N/R
2,873,130
1,045
Temecula
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
16-01,
Series
2017,
6.250%,
9/01/47,
144A
9/27
at
100.00
N/R
1,086,100
400
Temecula
Valley
Unified
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2011-1,
Series
2014,
4.250%,
9/01/44
3/23
at
102.00
N/R
377,252
1,285
Tracy,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-1
Tracy
Hills, Improvement
Area
1,
Series
2019,
5.000%,
9/01/44
9/25
at
103.00
N/R
1,333,046
700
Victor
Valley
Union
High
School
District,
San
Bernardino
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2007-1,
Series
2013,
5.000%,
9/01/43
9/23
at
100.00
N/R
706,447
1,000
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2014C,
5.000%,
10/01/39,
144A
10/24
at
100.00
N/R
940,880
West
Patterson
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-1
Arambel-
KDN,
Refunding
Series
2015:
350
5.250%,
9/01/35
9/25
at
100.00
N/R
364,987
785
5.250%,
9/01/45
9/25
at
100.00
N/R
810,238
3,540
West
Sacramento
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Series
2014,
5.500%,
9/01/31
3/23
at
101.50
N/R
3,645,988
2,805
West
Sacramento,
California,
Special
Tax
Bonds,
Community
Facilities
District
27
Bridge
District,
Refunding
Series
2016,
5.000%,
9/01/40
9/26
at
100.00
N/R
2,913,862
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
7,760
West
Sacramento,
California,
Special
Tax
Bonds,
Community
Facilities
District
27
Bridge
District,
Series
2017,
5.000%,
9/01/47
9/27
at
100.00
N/R
$
8,057,518
2,155
Western
Placer
Unified
School
District,
Placer
County,
California,
Certificates
of
Participation,
Refinancing
Project,
Series
2017,
4.000%,
8/01/49
-
AGM
Insured,
(UB)
(4)
8/27
at
100.00
AA
1,952,646
Westside
Union
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-1
Improvement
Area
1,
Series
2021:
365
4.000%,
9/01/46
9/28
at
103.00
N/R
322,612
490
4.000%,
9/01/51
9/28
at
103.00
N/R
423,571
1,445
William
S.
Hart
Union
High
School
District,
Los
Angeles
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-1,
Series
2017,
5.000%,
9/01/47
9/26
at
100.00
N/R
1,490,734
1,860
Woodland,
California,
Special
Tax
Bonds,
Community
Facilities
District
2004-1
Spring
Lake,
Refunding
&
Capital
Projects
Series
2016,
4.000%,
9/01/45
9/26
at
100.00
N/R
1,685,737
290
Yorkville
United
City
Business
District,
Illinois,
Storm
Water
and
Water
Improvement
Project
Revenue
Bonds,
Series
2007,
4.800%,
1/01/27
(5)
9/22
at
100.00
N/R
118,900
501,086
Total
Tax
Obligation/Limited
418,942,395
Transportation
-
12.4%
Alameda
Corridor
Transportation
Authority,
California,
Revenue
Bonds,
Refunding
Second
Subordinate
Lien
Series
2022C:
9,400
5.400%,
10/01/49
-
AGM
Insured,
(UB)
10/37
at
100.00
N/R
4,852,656
34,890
5.450%,
10/01/52
-
AGM
Insured,
(UB)
10/37
at
100.00
N/R
17,851,469
Alameda
Corridor
Transportation
Authority,
California,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2022A:
4,000
5.300%,
10/01/47,
(UB)
(4)
10/37
at
100.00
N/R
2,025,760
8,405
5.350%,
10/01/48,
(UB)
(4)
10/37
at
100.00
N/R
4,250,240
5,185
5.375%,
10/01/49,
(UB)
10/37
at
100.00
N/R
2,618,166
7,080
5.400%,
10/01/50,
(UB)
(4)
10/37
at
100.00
N/R
3,558,904
7,410
0.000%,
10/01/51
-
AGM
Insured,
(UB)
(7)
10/37
at
100.00
N/R
3,797,106
4,000
Bay
Area
Toll
Authority,
California,
Revenue
Bonds,
San
Francisco
Bay
Area
Toll
Bridge,
Subordinate
Fixed
Rate
Series
2017S-7,
4.000%,
4/01/49,
(UB)
(4)
4/27
at
100.00
A1
3,853,160
7,465
Bay
Area
Toll
Authority,
California,
Revenue
Bonds,
San
Francisco
Bay
Area
Toll
Bridge,
Subordinate
Series
2019S-8,
3.000%,
4/01/54,
(UB)
(4)
10/29
at
100.00
A1
5,573,966
7,000
California
Municipal
Finance
Authority,
Special
Facility
Revenue
Bonds,
United
Airlines,
Inc.
Los
Angeles
International
Airport
Project,
Series
2019,
4.000%,
7/15/29,
(AMT)
No
Opt.
Call
B+
6,937,350
10,000
Florida
Development
Finance
Corporation,
Florida,
Surface
Transportation
Facility
Revenue
Bonds,
Brightline
Passenger
Rail
Project,
Green
Series
2019B,
7.375%,
1/01/49,
(AMT),
144A
1/24
at
107.00
N/R
9,539,300
5,000
Florida
Development
Finance
Corporation,
Florida,
Surface
Transportation
Facility
Revenue
Bonds,
Virgin
Trains
USA
Passenger
Rail
Project,
Series
2019A,
6.375%,
1/01/49,
(AMT),
(Mandatory
Put
1/01/26),
144A
10/22
at
103.00
N/R
4,721,350
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015A:
2,255
0.000%,
1/15/33
No
Opt.
Call
Baa2
1,454,317
3,000
0.000%,
1/15/35
-
AGM
Insured
No
Opt.
Call
BBB
1,826,280
10,845
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021A,
4.000%,
1/15/46,
(UB)
(4)
1/31
at
100.00
Baa2
10,244,187
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
2013A:
5,000
0.000%,
1/15/37
-
AGM
Insured
No
Opt.
Call
BBB
2,752,050
1,775
5.000%,
1/15/42
-
AGM
Insured
1/24
at
100.00
BBB
1,826,013
6,095
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Term
Rate
Series
2013B-2,
3.500%,
1/15/53
-
AGM
Insured,
(UB)
(4)
7/29
at
100.00
A2
5,269,310
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
$
6,505
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Term
Rate
Sub-Series
2013B-1,
3.950%,
1/15/53
7/27
at
100.00
Baa2
$
5,912,264
Guam
A.B.
Won
Pat International
Airport
Authority,
Revenue
Bonds,
Series
2013C:
450
6.250%,
10/01/34,
(AMT)
10/23
at
100.00
Baa2
462,595
90
6.125%,
10/01/43
-
AGM
Insured,
(AMT)
10/23
at
100.00
Baa2
92,521
Guam
Port
Authority,
Port
Revenue
Bonds,
Private
Activity
Series
2018B:
250
5.000%,
7/01/36,
(AMT)
7/28
at
100.00
Baa2
264,033
400
5.000%,
7/01/37,
(AMT)
7/28
at
100.00
Baa2
421,264
3,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
Subordinate
Series
2022G,
4.000%,
5/15/47,
(AMT)
11/31
at
100.00
N/R
2,806,170
10,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2018A,
5.000%,
5/15/44,
(AMT),
(UB)
(4)
5/28
at
100.00
A+
10,367,300
4,210
Riverside
County
Transportation
Commission,
California,
Toll
Revenue
Senior
Lien
Bonds,
RCTC
91
Express
Lanes,
Refunding
Series
2021B-1,
3.000%,
6/01/49
6/31
at
100.00
N/R
3,073,637
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2019A:
4,500
4.000%,
5/01/49,
(AMT),
(UB)
(4)
5/29
at
100.00
A
4,117,995
7,590
5.000%,
5/01/49,
(AMT)
,(WI/DD,
Settling
9/08/22)
5/29
at
100.00
A
7,866,656
8,600
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2019E,
4.000%,
5/01/50,
(AMT),
(UB)
(4)
5/29
at
100.00
A
7,867,796
1,290
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Tender
Option
Bond
Trust
Series
2015-
XF1032,
13.454%,
5/01/44,
144A,
(IF)
(4)
5/24
at
100.00
A
1,422,406
200
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2014B,
5.250%,
1/15/49
1/25
at
100.00
BBB-
204,484
50
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
1997A,
0.000%,
1/15/31
-
NPFG
Insured
No
Opt.
Call
Baa2
35,273
6,650
San
Jose,
California,
Airport
Revenue
Bonds,
Refunding
Series
2017A,
4.000%,
3/01/42
-
BAM
Insured,
(AMT),
(UB)
(4)
3/27
at
100.00
N/R
6,318,963
1,200
West
Indian
Company
Limited,
Virgin
Islands,
Port
Facilities
Revenue
Bonds,
WICO
Financing,
Series
2022B,
6.500%,
4/01/52,
(AMT),
144A
10/29
at
104.00
N/R
1,173,396
193,790
Total
Transportation
145,358,337
U.S.
Guaranteed
-
1.6%
(8)
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C:
2,320
0.000%,
9/01/35
-
AGM
Insured,
(ETM)
No
Opt.
Call
AA
1,480,392
1,030
Beaumont
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Improvement
Area
17A,
Series
2013B,
5.000%,
9/01/34,
(Pre-refunded
9/01/23)
9/23
at
100.00
N/R
1,056,739
5,750
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2016A,
5.000%,
11/15/46,
(Pre-refunded
11/15/25),
(UB)
(4)
11/25
at
100.00
A
6,217,533
1,985
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Windsor
Mobile
Country
Club,
Subordinate
Series
2013B,
7.000%,
11/15/48,
(Pre-refunded
11/15/23)
11/23
at
100.00
N/R
2,087,704
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2016:
40
5.000%,
8/01/46,
(Pre-refunded
8/01/25),
144A
8/25
at
100.00
N/R
42,914
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
(8)
(continued)
$
1,625
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Henry
Mayo
Newhall
Memorial
Hospital,
Series
2014,
5.250%,
10/01/43,
(Pre-refunded
10/01/24)
-
AGM
Insured
10/24
at
100.00
A2
$
1,718,827
1,000
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Terraces
San
Joaquin
Gardens,
Series
2012A,
5.625%,
10/01/32,
(Pre-refunded
10/01/22)
10/22
at
100.00
N/R
1,002,700
1,250
Dana
Point,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-1
Series
2014,
5.000%,
9/01/45,
(Pre-refunded
9/01/23)
9/23
at
100.00
N/R
1,281,825
Guam
A.B.
Won
Pat International
Airport
Authority,
Revenue
Bonds,
Series
2013C:
295
6.250%,
10/01/34,
(Pre-refunded
10/01/23),
(AMT)
10/23
at
100.00
Baa2
306,505
410
6.125%,
10/01/43,
(Pre-refunded
10/01/23)
-
AGM
Insured,
(AMT)
10/23
at
100.00
Baa2
425,449
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2013:
500
5.250%,
7/01/33,
(Pre-refunded
7/01/23)
7/23
at
100.00
Baa2
511,835
1,000
5.500%,
7/01/43,
(Pre-refunded
7/01/23)
7/23
at
100.00
Baa2
1,025,720
Santa
Ana
Financing
Authority,
California,
Lease
Revenue
Bonds,
Police
Administration
and
Housing
Facility,
Series
1994A:
110
6.250%,
7/01/24,
(ETM)
No
Opt.
Call
Baa2
115,567
1,250
Stockton
Public
Financing
Authority,
California,
Water
Revenue
Bonds,
Delta
Water
Supply
Project,
Series
2010A,
6.250%,
10/01/40,
(Pre-
refunded
10/01/23)
10/23
at
100.00
A
1,302,712
18,565
Total
U.S.
Guaranteed
18,576,422
Utilities
-
8.5%
200
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
Poseidon
Resources
Channelside
LP
Desalination
Project,
Series
2012,
5.000%,
7/01/37,
(AMT),
144A
1/23
at
100.00
Baa3
200,472
2,000
Compton,
California,
Sewer
Revenue
Bonds,
Series
2009,
6.000%,
9/01/39
10/22
at
100.00
N/R
2,002,500
1,725
Gilroy
Public
Facilities
Financing
Authority,
California,
Wastewater
Revenue
Bonds,
Series
2021A,
3.000%,
8/01/51,
(UB)
(4)
8/31
at
100.00
AA
1,282,710
500
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2016,
5.000%,
1/01/46
7/26
at
100.00
Baa2
514,685
25
Long
Beach
Bond
Finance
Authority,
California,
Natural
Gas
Purchase
Revenue
Bonds,
Series
2007A,
5.500%,
11/15/28
No
Opt.
Call
A-
27,477
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2017A:
7,565
5.000%,
7/01/42,
(UB)
(4)
1/27
at
100.00
AA-
8,100,980
25,000
5.000%,
7/01/47,
(UB)
(4)
1/27
at
100.00
AA-
26,646,000
2,000
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2017A,
4.000%,
7/01/47,
(UB)
(4)
1/27
at
100.00
Aa2
1,986,920
2,000
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Tender
Option
Bond
Trust
2015-XF2053,
16.235%,
1/01/24,
144A,
(IF)
(4)
7/24
at
100.00
Aa2
2,398,720
50
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009A,
6.500%,
11/01/39
No
Opt.
Call
BBB+
60,413
480
Pico
Rivera
Water
Authority,
California,
Revenue
Bonds,
Refunding
Water
System
Project,
Series
1999A,
5.500%,
5/01/29
-
NPFG
Insured
No
Opt.
Call
Baa2
516,950
500
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Forward
Delivery
Series
2022A,
4.000%,
7/01/47,
144A
7/32
at
100.00
N/R
429,310
3,000
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A,
5.000%,
7/01/47,
144A
7/30
at
100.00
N/R
3,009,420
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B:
2,440
5.000%,
7/01/37,
144A
7/31
at
100.00
N/R
2,481,455
2,000
4.000%,
7/01/42,
144A
7/31
at
100.00
N/R
1,768,540
1,745
4.000%,
7/01/47,
144A
7/31
at
100.00
N/R
1,498,292
8,000
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Federally
Taxable
Build
America
Bonds,
Series
2010YY,
4.050%,
7/01/40
(5)
10/22
at
100.00
D
6,480,000
25
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Refunding
Series
2005SS,
3.926%,
7/01/30
(5)
10/22
at
100.00
D
20,219
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Refunding
Series
2010DDD:
$
1,000
3.375%,
7/01/21
(5)
7/20
at
100.00
D
$
807,500
1,030
3.844%,
7/01/21
(5)
7/20
at
100.00
D
781,513
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Refunding
Series
2012A:
1,415
3.941%,
7/01/29
(5)
10/22
at
100.00
D
1,144,381
5,385
3.957%,
7/01/42
(5)
10/22
at
100.00
D
4,375,313
2,925
3.961%,
7/01/42
(5)
10/22
at
100.00
D
2,369,250
85
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2003NN,
3.999%,
7/01/20
(5)
No
Opt.
Call
D
68,956
1,950
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2007TT,
3.957%,
7/01/32
(5)
10/22
at
100.00
D
1,584,375
1,140
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2007VV,
5.250%,
7/01/34
-
NPFG
Insured
No
Opt.
Call
D
1,152,893
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010AAA:
500
3.978%,
7/01/24
(5)
10/22
at
100.00
D
406,250
275
3.978%,
7/01/25
(5)
10/22
at
100.00
D
223,438
3,000
3.978%,
7/01/27
(5)
10/22
at
100.00
D
2,437,500
1,020
3.978%,
7/01/31
(5)
10/22
at
100.00
D
828,750
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010CCC:
135
3.957%,
7/01/24
(5)
10/22
at
100.00
D
109,688
200
3.941%,
7/01/27
(5)
10/22
at
100.00
N/R
161,750
2,000
3.990%,
7/01/28
(5)
10/22
at
100.00
D
1,620,000
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010XX:
1,445
3.926%,
7/01/25
(5)
10/22
at
100.00
D
1,168,644
95
3.978%,
7/01/26
(5)
10/22
at
100.00
D
77,187
1,000
3.978%,
7/01/35
(5)
10/22
at
100.00
D
812,500
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010ZZ:
165
3.957%,
7/01/21
(5)
7/20
at
100.00
D
133,237
1,695
3.957%,
7/01/23
(5)
No
Opt.
Call
N/R
1,368,713
1,000
3.978%,
7/01/26
(5)
10/22
at
100.00
D
812,500
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2013A:
220
4.143%,
7/01/30
(5)
7/23
at
100.00
N/R
187,000
4,430
4.102%,
7/01/36
(5)
7/23
at
100.00
D
3,743,350
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
WW:
915
3.988%,
7/01/24
(5)
10/22
at
100.00
N/R
744,581
1,000
3.978%,
7/01/33
(5)
10/22
at
100.00
D
812,500
295
3.999%,
7/01/38
(5)
10/22
at
100.00
D
240,794
2,380
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Taxable
Build
America
Bond
Series
2010EE,
4.036%,
7/01/30
(5)
10/22
at
100.00
D
1,927,800
San
Joaquin
County,
California,
Revenue
Bonds,
CSA
County
Service
Area
31,
Refunding
Series
2018A:
1,250
5.000%,
8/01/38
8/28
at
100.00
N/R
1,296,425
1,500
5.000%,
8/01/42
8/28
at
100.00
N/R
1,543,020
5,000
South
Coast
Water
District
Financing
Authority,
California,
Revenue
Bonds,
Series
2020A,
2.500%,
2/01/50,
(UB)
(4)
2/29
at
100.00
AA+
3,337,150
Southern
California
Public
Power
Authority,
Natural
Gas
Project
1
Revenue
Bonds,
Series
2007A:
1,000
5.000%,
11/01/29
No
Opt.
Call
BBB+
1,078,670
220
5.000%,
11/01/33
No
Opt.
Call
BBB+
236,485
2,190
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Bond
Anticipation
Notes,
Taxable
Series
2022A,
7.750%,
7/01/24
No
Opt.
Call
N/R
2,158,683
Investments
in
Derivatives
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
$
150
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Bond
Anticipation
Notes,
Taxable
Series
2022B,
10.000%,
7/01/24
No
Opt.
Call
N/R
$
149,715
107,265
Total
Utilities
99,325,574
$
1,990,744
Total
Municipal
Bonds
(cost
$1,648,094,949)
1,546,934,277
Shares
Description
(1)
Value
X
1,221,840
COMMON
STOCKS
-
0.1%
X
1,221,840
Airlines
-
0.1%
$
94,060
American
Airlines
Group
Inc
(9),(10)
$
1,221,840
Total
Common
Stocks
(cost
$2,851,418)
1,221,840
Total
Long-Term
Investments
(cost
$1,650,946,367)
1,548,156,117
Borrowings
-
(1.9)%
(11),(12)
(
21,800,000
)
Floating
Rate
Obligations
-
(32.9)%
(
384,776,000
)
Other
Assets
Less
Liabilities
-
2.6%(13)
29,379,347
Net
Assets
-
100%
$
1,170,959,464
Futures
Contracts
-
Short
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S.
Treasury
5-Year
Note
(771)
12/22
$
(
85,808,411
)
$
(
85,442,462
)
$
365,949
U.S.
Treasury
10-Year
Note
(481)
12/22
(
56,488,583
)
(
56,231,906
)
256,677
Total
$(142,296,994)
$(141,674,368)
$622,626
(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.
(3)
The
ratings
disclosed
are
the
lowest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
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.
(4)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(5)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(6)
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.
(7)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(8)
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.
(9)
On
November
28,
2011,
AMR
Corp.
("AMR"),
the
parent
company
of
American
Airlines
Group,
Inc.
("AAL")
filed
for
federal
bankruptcy
protection.
On
December
9,
2013,
AMR
emerged
from
federal
bankruptcy
with
the
acceptance
of
its
reorganization
plan
by
the
bankruptcy
court.
Under
the
settlement
agreement
to
meet
AMR's
unsecured
bond
obligations,
the
bondholders
including
the
Fund,
received
a
distribution
of
AAL
preferred
stock
which
was
converted
to
AAL
common
stock
over
a
120-day
period.
Every
30
days,
a
quarter
of
the
preferred
stock
was
converted
to
AAL
common
stock
based
on
the
5-day
volume-weighted
average
price
and
the
amount
of
preferred
shares
tendered
during
the
optional
preferred
conversion
period.
(10)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(11)
Borrowings
as
a
percentage
of
Total
Investments
is
1.4%.
(12)
The
Fund
may
pledge
up
to
100%
of
its
eligible
investments
(excluding
any
investments
separately
pledged
as
collateral
for
specific
investments
in
derivatives
or
inverse
floating
rate
transactions,
when
applicable)
in
the
Portfolio
of
Investments
as
collateral
for
borrowings.
(13)
Other
assets
less
liabilities
includes
the
unrealized
appreciation
(depreciation)
of
certain
over-the-counter
(“OTC”)
derivatives
as
presented
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
The
unrealized
appreciation
(depreciation)
of
OTC
cleared
and
exchange-traded
derivatives
is
recognized
as
part
of
the
cash
collateral
at
brokers
and/or
the
receivable
or
payable
for
variation
margin
as
presented
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
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
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.
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
WI/DD
Purchased
on
a
when-issued
or
delayed
delivery
basis.
Nuveen
California
Municipal
Bond
Fund
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
99.6%
X
2,034,767,611
MUNICIPAL
BONDS
-
99.6%
X
2,034,767,611
Consumer
Staples
-
0.0%
$
370
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020A,
4.000%,
6/01/49
6/30
at
100.00
BBB+
$
347,952
Education
and
Civic
Organizations
-
4.3%
5,000
California
Educational
Facilities
Authority,
Revenue
Bonds,
Chapman
University,
Series
2015,
5.000%,
4/01/40
4/25
at
100.00
A2
5,175,750
3,000
California
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
the
Pacific,
Refunding
Series
2015,
5.000%,
11/01/36
11/25
at
100.00
A2
3,141,300
6,675
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
California
Science
Center
Phase
III
Project,
Green
Series
2021B,
4.000%,
5/01/46
11/31
at
100.00
N/R
6,262,618
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
The
Walt
Disney
Family
Museum,
Refunding
Series
2016:
250
5.000%,
2/01/30
2/26
at
100.00
A+
269,337
250
5.000%,
2/01/31
2/26
at
100.00
A+
268,825
4,250
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Partnerships
to
Uplift
Communities
Project,
Series
2012A,
5.250%,
8/01/42
10/22
at
100.00
BB
4,167,508
California
Municipal
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
OCEAA
Project,
Series
2008A:
560
6.750%,
10/01/28
10/22
at
100.00
N/R
560,773
1,500
7.000%,
10/01/39
10/22
at
100.00
N/R
1,501,605
1,275
California
Municipal
Finance
Authority,
Revenue
Bonds,
Goodwill
Industries
of
Sacramento
Valley
&
Northern
Nevada
Project,
Series
2014A,
5.000%,
1/01/35
1/25
at
100.00
N/R
1,114,363
California
Municipal
Finance
Authority,
Revenue
Bonds,
Linxs
APM
Project,
Senior
Lien
Series
2018A:
8,825
5.000%,
12/31/43,
(AMT)
6/28
at
100.00
BBB-
8,995,146
8,595
4.000%,
12/31/47,
(AMT)
6/28
at
100.00
A2
7,682,555
1,245
California
Municipal
Finance
Authority,
Revenue
Bonds,
Touro
College
and
University
System,
Series
2014A,
5.250%,
1/01/34
7/24
at
100.00
BBB-
1,261,695
1,040
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2015A,
5.000%,
8/01/40,
144A
8/25
at
100.00
BBB
1,057,108
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2016:
460
5.000%,
8/01/46,
144A
8/25
at
100.00
BBB
465,308
815
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Aspire
Public
School
-
Obligated
Group,
Issue
No.6,
Series
2020A,
5.000%,
8/01/52,
144A
8/28
at
100.00
N/R
828,162
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Downtown
College
Prep
-
Obligated
Group,
Series
2016:
410
5.000%,
6/01/46,
144A
6/26
at
100.00
N/R
397,224
500
5.000%,
6/01/51,
144A
6/26
at
100.00
N/R
478,655
375
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Kepler
Neighborhood
School,
Series
2017A,
5.750%,
5/01/37,
144A
5/27
at
100.00
N/R
381,086
285
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Rocketship
Education
Obligated
Group,
Series
2016A,
5.000%,
6/01/36,
144A
6/25
at
100.00
N/R
286,283
500
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Summit
Public
Schools
Obligated
Group,
Series
2017,
5.000%,
6/01/47,
144A
6/27
at
100.00
Baa3
504,105
Nuveen
California
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
$
750
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2015A,
5.000%,
7/01/45,
144A
7/25
at
100.00
BBB
$
760,238
830
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016A,
5.000%,
7/01/46,
144A
7/25
at
100.00
BBB
840,840
5,235
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016C,
5.250%,
7/01/52,
144A
7/25
at
101.00
BBB
5,359,698
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Value
Schools,
Series
2013:
2,000
6.900%,
7/01/43
7/23
at
100.00
BB+
2,052,880
4,040
7.000%,
7/01/48
7/23
at
100.00
BB+
4,148,434
2,650
California
State
University,
Systemwide
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
11/01/35
11/25
at
100.00
Aa2
2,844,218
3,100
California
State
University,
Systemwide
Revenue
Bonds,
Series
2019A,
5.000%,
11/01/44
11/29
at
100.00
Aa2
3,405,381
7,100
California
State
University,
Systemwide
Revenue
Bonds,
Series
2020C,
3.000%,
11/01/39
11/30
at
100.00
Aa2
6,056,726
1,115
San
Diego
County,
California,
Limited
Revenue
Obligations,
Sanford
Burnham
Prebys
Medical
Discovery
Institute,
Series
2015A,
5.000%,
11/01/28
11/25
at
100.00
A1
1,202,282
14,740
University
of
California,
General
Revenue
Bonds,
Series
2018AZ,
5.000%,
5/15/48
5/28
at
100.00
AA
15,926,423
87,370
Total
Education
and
Civic
Organizations
87,396,526
Financials
-
0.0%
7
Cofina
Class
2
Trust
Tax-Exempt
Class
2047,
Puerto
Rico.
Unit
Exchanged
From
Cusip
74529JAN5,
0.000%,
8/01/47
No
Opt.
Call
N/R
2,441
Health
Care
-
10.3%
10,065
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2017A,
5.000%,
11/15/48
11/27
at
100.00
A1
10,604,081
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2018A:
1,500
5.000%,
11/15/35
11/27
at
100.00
A1
1,613,985
22,055
5.000%,
11/15/48
11/27
at
100.00
A1
23,236,266
455
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Cedars-
Sinai
Medical
Center,
Refunding
Series
2015,
5.000%,
11/15/32
11/25
at
100.00
Aa3
488,010
1,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Children's
Hospital
Los
Angeles,
Series
2012A,
5.000%,
11/15/29
11/22
at
100.00
BBB+
1,002,970
3,850
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Children's
Hospital
Los
Angeles,
Series
2017A,
5.000%,
8/15/42
8/27
at
100.00
BBB+
3,982,440
6,100
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2012A,
4.000%,
11/15/39
11/22
at
100.00
N/R
5,925,174
7,350
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2019,
4.000%,
11/15/45
11/29
at
100.00
A+
6,977,355
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health, Series
2020A:
10,750
4.000%,
4/01/40
4/30
at
100.00
N/R
10,340,640
3,175
4.000%,
4/01/45
4/30
at
100.00
BBB+
2,964,625
36,320
4.000%,
4/01/49
4/30
at
100.00
BBB+
33,400,235
3,940
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
El
Camino
Hospital,
Refunding
Series
2015A,
5.000%,
2/01/40
2/25
at
100.00
AA
4,091,178
830
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Lucile
Salter
Packard
Children's
Hospital,
Series
2014A,
5.000%,
8/15/43
8/24
at
100.00
AA-
850,485
6,255
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
PIH
Health,
Series
2020A,
4.000%,
6/01/50
6/30
at
100.00
A
5,722,887
1,825
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014B,
5.000%,
10/01/44
10/24
at
100.00
AA-
1,888,455
17,055
California
Municipal
Finance
Authority,
Revenue
Bonds,
Community
Health
System,
Series
2021A,
4.000%,
2/01/51
-
AGM
Insured
2/32
at
100.00
N/R
16,374,164
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
$
250
California
Municipal
Finance
Authority,
Revenue
Bonds,
Eisenhower
Medical
Center,
Refunding
Series
2017A,
5.000%,
7/01/42
7/27
at
100.00
Baa2
$
256,860
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A:
1,810
5.250%,
11/01/36
11/26
at
100.00
BBB-
1,884,952
11,750
5.000%,
11/01/47
11/26
at
100.00
BBB-
11,809,338
10,310
5.250%,
11/01/47
11/26
at
100.00
BBB-
10,485,373
2,000
California
Public
Finance
Authority,
Revenue
Bonds,
Henry
Mayo
Newhall
Hospital,
Series
2017,
5.000%,
10/15/47
10/26
at
100.00
BBB-
2,043,700
2,500
California
Statewide
Communities
Development
Authority,
California,
Redlands
Community
Hospital,
Revenue
Bonds,
Series
2016,
5.000%,
10/01/46
10/26
at
100.00
A-
2,582,625
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A:
5,295
5.250%,
12/01/34
12/24
at
100.00
BB
5,421,974
6,000
5.250%,
12/01/44
12/24
at
100.00
BB
6,099,060
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A:
2,400
5.000%,
12/01/41,
144A
6/26
at
100.00
BB
2,386,752
8,000
5.000%,
12/01/46,
144A
6/26
at
100.00
BB
7,800,880
9,250
5.250%,
12/01/56,
144A
6/26
at
100.00
BB
9,260,638
8,400
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2018A,
5.500%,
12/01/58,
144A
6/28
at
100.00
BB
8,500,884
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Adventist
Health
System/West,
Series
2015A:
1,305
5.000%,
3/01/35
3/26
at
100.00
A+
1,362,002
1,000
5.000%,
3/01/45
3/26
at
100.00
A+
1,023,520
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
John
Muir
Health,
Series
2016A:
100
5.000%,
8/15/46
8/26
at
100.00
A+
104,025
235
5.000%,
8/15/51
8/26
at
100.00
A+
242,788
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A:
72
5.750%,
7/01/24
(4),(5)
1/22
at
100.00
N/R
72,222
83
5.750%,
7/01/30
(4),(5)
1/22
at
100.00
N/R
83,037
5
5.750%,
7/01/35
(4),(5)
1/22
at
100.00
N/R
5,408
78
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005G,
5.500%,
7/01/22
(4),(5)
1/22
at
100.00
N/R
78,152
3,390
Kaweah
Delta
Health
Care
District,
California,
Revenue
Bonds,
Series
2015B,
5.000%,
6/01/40
6/25
at
100.00
A3
3,483,293
5,000
Palomar
Pomerado
Health
System,
California,
Revenue
Bonds,
Refunding
Series
2016,
5.000%,
11/01/39
11/26
at
100.00
BBB
5,142,250
1,630
Upland,
California,
Certificates
of
Participation,
San
Antonio
Regional
Hospital,
Series
2017,
5.000%,
1/01/47
1/28
at
100.00
BBB
1,664,067
213,389
Total
Health
Care
211,256,750
Housing/Multifamily
-
13.8%
19,170
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Creekwood,
Series
2021A,
4.000%,
2/01/56,
144A
8/31
at
100.00
N/R
15,338,492
15,920
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Glendale
Properties,
Junior
Series
2021A-2,
4.000%,
8/01/47,
144A
8/31
at
100.00
N/R
12,289,126
26,675
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A,
5.000%,
2/01/50,
144A
2/30
at
100.00
N/R
25,156,126
Nuveen
California
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Multifamily
(continued)
$
1,950
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Stoneridge
Apartments,
Series
2021A,
4.000%,
2/01/56,
144A
2/31
at
100.00
N/R
$
1,570,647
560
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Summit
at
Sausalito
Apartments,
Series
2021A-2,
4.000%,
2/01/50,
144A
8/32
at
100.00
N/R
453,281
2,850
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Verdant
at
Green
Valley
Apartments,
Series
2019A,
5.000%,
8/01/49,
144A
8/29
at
100.00
N/R
2,689,060
21,320
California
Community
Housing
Agency,
Workforce
Housing
Revenue
Bonds,
Annadel
Apartments,
Series
2019A,
5.000%,
4/01/49,
144A
4/29
at
100.00
N/R
19,838,900
11,333
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2019-2,
4.000%,
3/20/33
2033
2033
No
Opt.
Call
BBB+
11,240,427
12,625
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2021-1,
3.500%,
11/20/35
No
Opt.
Call
BBB+
11,767,622
1,548
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series2019-1,
4.250%,
1/15/35
No
Opt.
Call
BBB+
1,553,167
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Caritas
Affordable
Housing
Inc
Projects,
Senior
Series
2014A:
170
5.250%,
8/15/39
8/24
at
100.00
A-
173,738
455
5.250%,
8/15/49
8/24
at
100.00
A-
462,808
3,325
California
Statewide
Community
Development
Authority,
Multifamily
Housing
Revenue
Senior
Bonds,
Westgate
Courtyards
Apartments,
Series
2001X-1,
5.420%,
12/01/34
-
AMBAC
Insured,
(AMT)
10/22
at
100.00
N/R
3,324,767
20,705
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Series
2021A-2,
4.000%,
4/01/56,
144A
4/31
at
100.00
N/R
16,890,725
6,125
CMFA
Special
Finance
Agency
VII,
California,
Essential
Housing
Revenue
Bonds,
Senior
Lien
Series
2021A-1,
3.000%,
8/01/56,
144A
8/31
at
100.00
N/R
4,425,129
5,675
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Enclave
Apartments,
Senior
Series
2022A-1,
4.000%,
8/01/58,
144A
2/32
at
100.00
N/R
4,765,411
4,550
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Latitude
33,
Senior
Series
2021A-1,
3.000%,
12/01/56,
144A
12/31
at
100.00
N/R
3,233,275
920
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-1,
3.600%,
5/01/47,
144A
5/32
at
100.00
N/R
771,917
8,660
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-2,
3.250%,
5/01/57,
144A
5/32
at
100.00
N/R
6,450,314
1,255
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Mezzanine
Lien
Series
2021B,
4.000%,
10/01/46,
144A
10/31
at
100.00
N/R
961,079
5,230
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Senior
Lien
Series
2021A,
4.000%,
10/01/56,
144A
10/31
at
100.00
N/R
4,667,723
26,965
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Altana
Glendale,
Series
2021A-2,
4.000%,
10/01/56,
144A
10/31
at
100.00
N/R
21,679,860
14,755
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Center
City
Anaheim,
Series
2020A,
5.000%,
1/01/54,
144A
1/31
at
100.00
N/R
13,845,649
2,915
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Jefferson-Anaheim
Series
2021A-1,
2.875%,
8/01/41,
144A
8/31
at
100.00
N/R
2,532,027
8,640
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Jefferson-Anaheim
Series
2021A-2,
3.125%,
8/01/56,
144A
8/31
at
100.00
N/R
6,390,403
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Millennium
South
Bay-
Hawthorne,
Series
2021A-1
and
A-2:
4,355
3.375%,
7/01/43,
144A
7/32
at
100.00
N/R
3,639,604
11,190
3.250%,
7/01/56,
144A
7/32
at
100.00
N/R
8,139,382
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Multifamily
(continued)
$
15,800
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-2,
4.000%,
10/01/56,
144A
10/31
at
100.00
N/R
$
12,765,768
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-1:
1,615
3.000%,
7/01/43,
144A
7/32
at
100.00
N/R
1,260,007
6,750
3.125%,
7/01/56,
144A
7/32
at
100.00
N/R
4,771,305
395
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Orange
City
Portfolio,
Mezzanine
Lien
Series
2021B,
4.000%,
3/01/57,
144A
3/32
at
100.00
N/R
297,001
16,430
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Parallel-Anaheim
Series
2021A,
4.000%,
8/01/56,
144A
8/31
at
100.00
N/R
13,485,087
5,280
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Mezzanine
Senior
Series
2021B,
4.000%,
12/01/56,
144A
12/31
at
100.00
N/R
4,145,117
5,280
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Series
2021A-2,
3.000%,
12/01/56
12/31
at
100.00
N/R
3,823,459
440
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Renaissance
at
City
Center,
Series
2020A,
5.000%,
7/01/51,
144A
7/31
at
100.00
N/R
415,611
5,730
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Union
South
Bay,
Series
2021A-2,
4.000%,
7/01/56,
144A
7/31
at
100.00
N/R
4,437,828
7,475
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Vineyard
Gardens
Apartments,
Senior
Lien
Series
2021A,
3.250%,
10/01/58,
144A
4/32
at
100.00
N/R
5,486,799
2,100
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Waterscape
Apartments,
Mezzanine
Lien
Series
2021B,
4.000%,
9/01/46,
144A
9/31
at
100.00
N/R
1,633,947
3,995
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
6/01/47,
144A
6/31
at
100.00
N/R
3,041,394
16,280
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-2,
3.125%,
6/01/57,
144A
6/31
at
100.00
N/R
11,457,701
3,100
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Mezzanine
Lien
Series
2021A-2,
4.000%,
12/01/58
6/32
at
100.00
N/R
2,482,945
10,045
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
12/01/49
6/32
at
100.00
N/R
7,037,728
765
Independent
Cities
Finance
Authority,
California,
Mobile
Home
Park
Revenue
Bonds,
Palomar
Estates
West,
Refunding
Series
2015,
5.000%,
9/15/25
No
Opt.
Call
N/R
779,183
115
San
Jose,
California,
Multifamily
Housing
Senior
Lien
Revenue
Bonds,
Fallen
Leaves
Apartments,
Series
2002J1,
4.950%,
12/01/22
-
AMBAC
Insured,
(AMT)
10/22
at
100.00
N/R
115,114
341,436
Total
Housing/Multifamily
281,686,653
Long-Term
Care
-
0.3%
1,275
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Northern
California
Presbyterian
Homes
&
Services
Inc.,
Refunding
Series
2015,
5.000%,
7/01/44
7/25
at
100.00
AA
1,343,429
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Front
Porch
Communities
&
Services,
Series
2021A:
1,000
4.000%,
4/01/41
4/31
at
100.00
N/R
941,730
4,750
4.000%,
4/01/51
4/31
at
100.00
N/R
4,311,148
7,025
Total
Long-Term
Care
6,596,307
Nuveen
California
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
-
14.6%
$
1,000
Acalanes
Union
High
School
District,
Contra
Costa
County,
California,
General
Obligation
Bonds,
Refunding
Series
2010A,
0.000%,
8/01/26
No
Opt.
Call
Aa1
$
897,050
4,000
Alum
Rock
Union
Elementary
School
District,
Santa
Clara
County,
California,
General
Obligation
Bonds,
Refunding
Series
2013A,
6.000%,
8/01/39
8/23
at
100.00
A1
4,113,080
5,570
Bakersfield
City
School
District,
Kern
County,
California,
General
Obligation
Bonds,
Series
2012C,
5.800%,
5/01/42
5/40
at
100.00
Aa3
3,899,000
3,565
California
State,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
2016,
5.000%,
9/01/32
9/26
at
100.00
Aa2
3,894,014
California
State,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
2020:
3,055
5.000%,
11/01/32
11/30
at
100.00
N/R
3,547,436
5,000
5.000%,
3/01/33
3/30
at
100.00
Aa2
5,715,800
5,650
5.000%,
3/01/35
3/30
at
100.00
N/R
6,384,274
3,725
California
State,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
2021,
5.000%,
10/01/30
No
Opt.
Call
N/R
4,382,574
1,205
California
State,
General
Obligation
Bonds,
Various
Purpose
Refunding
Series
2014,
5.000%,
8/01/33
8/24
at
100.00
Aa2
1,258,791
21,830
California
State,
General
Obligation
Bonds,
Various
Purpose
Refunding
Series
2015,
5.000%,
8/01/33
2/25
at
100.00
Aa2
23,038,945
5,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Refunding
Series
2016,
5.000%,
9/01/34
9/26
at
100.00
Aa2
5,417,350
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2013:
5,860
5.000%,
2/01/38
2/23
at
100.00
Aa2
5,918,600
1,430
5.000%,
2/01/43
2/23
at
100.00
Aa2
1,444,071
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2014:
1,940
5.000%,
10/01/37
10/24
at
100.00
Aa2
2,031,743
2,470
5.000%,
5/01/44
5/24
at
100.00
Aa2
2,558,006
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2015:
3,000
5.000%,
3/01/45
3/25
at
100.00
Aa2
3,143,400
3,000
5.000%,
8/01/45
8/25
at
100.00
Aa2
3,166,230
4,375
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2016,
5.000%,
9/01/46
9/26
at
100.00
Aa2
4,661,344
7,200
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2017,
5.000%,
8/01/46
8/26
at
100.00
Aa2
7,661,808
18,340
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2018,
5.000%,
10/01/47
4/26
at
100.00
Aa2
19,414,357
5,230
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2018.
Bid
Group
A/B,
5.000%,
10/01/48
10/28
at
100.00
Aa2
5,673,190
1,770
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2020,
4.000%,
11/01/45
11/25
at
100.00
Aa2
1,770,814
5,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2022,
4.000%,
4/01/49
4/32
at
100.00
N/R
4,913,750
2,880
Claremont
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2016,
Series
2018,
5.000%,
8/01/48
8/28
at
100.00
Aa2
3,106,829
345
Golden
West
Schools
Financing
Authority,
California,
General
Obligation
Revenue
Refunding
Bonds,
School
District
Program,
Series
1999A,
5.800%,
8/01/23
-
NPFG
Insured
No
Opt.
Call
Baa2
355,150
14,500
Grossmont
Healthcare
District,
California,
General
Obligation
Bonds,
Refunding
Series
2015D,
4.000%,
7/15/40
7/25
at
100.00
N/R
14,309,470
7,000
Hacienda
La
Puente
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
2016
Election,
Series
2017A,
4.000%,
8/01/47
8/27
at
100.00
AAA
6,728,820
30
Long
Beach
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2008,
Series
2009A,
5.500%,
8/01/29
10/22
at
100.00
Aa2
30,074
5,000
Los
Angeles
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2008
Series
2018B-1,
5.000%,
7/01/38
1/28
at
100.00
AA+
5,483,450
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
6,225
Manteca
Unified
School
District,
San
Joaquin
County,
California,
General
Obligation
Bonds,
Election
2014
Series
2017B,
4.000%,
8/01/42
8/27
at
100.00
Aa2
$
6,135,049
10,000
Marin
Healthcare
District,
Marin
County,
California,
General
Obligation
Bonds,
2013
Election,
Series
2015A,
4.000%,
8/01/40
8/25
at
100.00
N/R
9,864,700
4,040
Morgan
Hill
Unified
School
District,
Santa
Clara
County,
California,
General
Obligation
Bonds,
Election
2012
Series
2017B,
4.000%,
8/01/47
8/27
at
100.00
Aa1
4,000,448
1,740
Pajaro
Valley
Unified
School
District,
Santa
Cruz
County,
California,
General
Obligation
Bonds,
Refunding
Election
2012
Series
2013A,
4.250%,
8/01/47
8/23
at
100.00
N/R
1,740,191
2,745
Palomar
Community
College
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Election
2006
Series
2017D,
4.000%,
8/01/46
8/27
at
100.00
AA
2,645,933
9,440
Paramount
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2006
Series
2011,
0.000%,
8/01/45
(6)
2/33
at
100.00
Aa3
11,099,363
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1:
5,150
4.000%,
7/01/37
7/31
at
103.00
N/R
4,614,864
5,110
4.000%,
7/01/41
7/31
at
103.00
N/R
4,462,614
3,863
4.000%,
7/01/46
7/31
at
103.00
N/R
3,280,151
1,935
San
Benito
High
School
District,
San
Benito
and
Santa
Clara
Counties,
California,
General
Obligation
Bonds,
2016
Election
Series
2017,
5.250%,
8/01/42
8/27
at
100.00
Aa3
2,101,855
40,000
San
Diego
Community
College
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Election
of
2006,
Series
2013,
0.000%,
8/01/41
(6)
8/23
at
57.57
N/R
22,332,000
35,295
San
Francisco
Bay
Area
Rapid
Transit
District,
California,
General
Obligation
Bonds,
Election
of
2016,
Green
Series
2020C-1,
4.000%,
8/01/45
8/29
at
100.00
N/R
35,195,115
1,535
San
Leandro
Unified
School
District,
Alameda
County,
California,
General
Obligation
Bonds,
Election
2006
Series
2010C,
0.000%,
8/01/39
-
AGC
Insured
(6)
8/28
at
100.00
AA
1,403,543
10,280
San
Mateo
County
Community
College
District,
California,
General
Obligation
Bonds,
Election
2014
Series
2018B,
5.000%,
9/01/45
9/28
at
100.00
AAA
11,183,715
2,065
Saugus
Union
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
School
Facilities
Improvement
District
2014-1,
Series
2020C,
3.000%,
8/01/37
8/30
at
100.00
N/R
1,829,301
2,345
Temecula
Valley
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Election
2012
Series
2018C,
5.250%,
8/01/44
2/26
at
100.00
Aa1
2,491,703
2,000
Victor
Valley
Union
High
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
Series
2009A,
5.750%,
8/01/31
-
AGC
Insured
8/26
at
100.00
AA
2,231,300
645
Washington
Township
Health
Care
District,
Alameda
County,
California,
General
Obligation
Bonds,
2012
Election
Series
2013A,
5.500%,
8/01/40
8/24
at
100.00
A1
670,103
11,720
Washington
Township
Health
Care
District,
Alameda
County,
California,
General
Obligation
Bonds,
2012
Election
Series
2015B,
4.000%,
8/01/45
8/25
at
100.00
N/R
11,130,367
1,100
West
Contra
Costa
Unified
School
District,
Contra
Costa
County,
California,
General
Obligation
Bonds,
Series
2008B,
6.000%,
8/01/24
No
Opt.
Call
AA-
1,171,632
3,500
Yosemite
Community
College
District,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2004,
Series
2010D,
0.000%,
8/01/42
(6)
No
Opt.
Call
Aa2
2,690,730
309,703
Total
Tax
Obligation/General
297,194,097
Tax
Obligation/Limited
-
11.0%
995
Beaumont
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Improvement
Area
19A,
Series
2015B,
5.000%,
9/01/35
9/25
at
100.00
N/R
1,033,188
1,655
Bell
Community
Housing
Authority,
California,
Lease
Revenue
Bonds,
Series
2005,
5.000%,
10/01/36
-
AMBAC
Insured
10/22
at
100.00
N/R
1,662,911
1,335
Brea
and
Olinda
Unified
School
District,
Orange
County,
California,
Certificates
of
Participation
Refunding,
Series
2002A,
5.125%,
8/01/26
-
AGM
Insured
10/22
at
100.00
AA
1,337,443
Nuveen
California
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
2,480
California
Community
College
Financing
Authority,
Lease
Revenue
Bonds,
Refunding
Series
2003,
0.000%,
6/01/33
-
AMBAC
Insured
No
Opt.
Call
AA+
$
1,584,199
California
Infrastructure
and
Economic
Development
Bank,
Lease
Revenue
Bonds,
California
State
Teachers
Retirement
System
Headquarters
Expansion,
Green
Bond-
Climate
Bond
Certified
Series
2019:
1,300
5.000%,
8/01/34
8/29
at
100.00
AA
1,441,219
2,250
5.000%,
8/01/36
8/29
at
100.00
AA
2,469,262
1,960
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
North
County
Center
for
Self-Sufficiency
Corporation,
Series
2004,
5.000%,
12/01/25
-
AMBAC
Insured
10/22
at
100.00
AA+
1,964,312
2,000
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Department
of
Corrections
&
Rehabilitation,
Various
Correctional
Facilities
Series
2014A,
5.000%,
9/01/39
9/24
at
100.00
Aa3
2,086,200
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Judicial
Council
of
California,
New
Stockton
Courthouse,
Series
2014B:
5,120
5.000%,
10/01/32
10/24
at
100.00
Aa3
5,378,048
2,600
5.000%,
10/01/33
10/24
at
100.00
Aa3
2,727,816
3,820
5.000%,
10/01/34
10/24
at
100.00
Aa3
4,003,818
2,000
5.000%,
10/01/39
10/24
at
100.00
Aa3
2,089,620
1,000
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Judicial
Council
of
California,
Various
Projects
Series
2013A,
5.000%,
3/01/30
3/23
at
100.00
Aa3
1,013,090
365
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2011A,
8.000%,
9/02/41
9/22
at
100.00
N/R
352,780
Chula
Vista
Municipal
Finance
Authority,
California,
Special
Tax
Revenue
Bonds,
Refunding
Series
2013:
1,915
5.500%,
9/01/27
9/23
at
100.00
AA-
1,971,493
2,165
5.500%,
9/01/29
9/23
at
100.00
AA-
2,228,456
1,520
5.500%,
9/01/30
9/23
at
100.00
AA-
1,562,514
3,200
Dublin,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-1
Improvement
Area
2
Dublin
Crossing,
Series
2019,
5.000%,
9/01/44
9/26
at
103.00
N/R
3,378,368
1,500
Elk
Grove
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Series
2015,
5.000%,
9/01/38
-
BAM
Insured
9/25
at
100.00
AA
1,583,535
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D:
6,375
5.000%,
11/15/29
11/25
at
100.00
BB
6,611,003
3,725
5.000%,
11/15/39
11/25
at
100.00
BB
3,780,167
1,000
Huntington
Beach,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Huntington
Center,
Refunding
Series
2013,
5.375%,
9/01/33
9/23
at
100.00
N/R
1,017,790
570
Indio,
California,
Special
Tax
Bonds,
Community
Facilities
District
2004-3
Terra
Lago,
Improvement
Area
1,
Series
2015,
5.000%,
9/01/35
9/25
at
100.00
N/R
591,711
1,090
Irvine,
California,
Limited
Obligation
Improvement
Bonds,
Reassessment
District
15-2,
Series
2015,
5.000%,
9/02/42
9/25
at
100.00
N/R
1,125,741
Irvine,
California,
Special
Tax
Bonds,
Community
Facilities
District
2013-3
Great
Park,
Improvement
Area
1,
Refunding
Series
2014:
500
5.000%,
9/01/39
9/24
at
100.00
N/R
512,540
750
5.000%,
9/01/44
9/24
at
100.00
N/R
766,193
3,260
Jurupa
Community
Services
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
33
Eastvale
Area,
Series
2014,
5.000%,
9/01/43
9/24
at
100.00
N/R
3,318,973
150
Jurupa
Public
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Series
2015A,
5.000%,
9/01/23
No
Opt.
Call
A+
153,581
790
Lake
Elsinore
Public
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Canyon
Hills
Improvement
Area
A
&
C,
Series
2014C,
5.000%,
9/01/40
9/24
at
100.00
N/R
805,761
1,620
Lake
Elsinore
Public
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Refunding
Series
2015,
5.000%,
9/01/40
9/25
at
100.00
N/R
1,668,049
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
Lammersville
Joint
Unified
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District 2007-1
Mountain
House
-
Shea
Homes
Improvement
Area
1,
Series
2013:
$
1,000
6.000%,
9/01/38
9/23
at
100.00
N/R
$
1,021,310
1,750
6.000%,
9/01/43
9/23
at
100.00
N/R
1,782,708
985
Lancaster
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Combined
Area
Sheriff's
Facilities
Projects,
Refunding
Series
2004,
5.000%,
12/01/23
-
SYNCORA
GTY
Insured
10/22
at
100.00
AA
986,960
765
Lancaster
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Combined
Fire
Protection
Facilities
Project,
Refunding
Series
2004,
5.000%,
12/01/23
-
SYNCORA
GTY
Insured
10/22
at
100.00
AA
766,522
1,000
Lathrop,
California,
Limited
Obligation
Improvement
Bonds,
Crossroads
Assessment
District,
Series
2015,
5.000%,
9/02/40
9/25
at
100.00
N/R
1,029,690
1,875
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Measure
R
Sales
Tax
Revenue
Bonds,
Senior
Series
2016A,
5.000%,
6/01/36
6/26
at
100.00
AAA
2,031,094
10,000
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Proposition
A
First
Tier
Senior
Sales
Tax
Revenue
Bonds,
Green
Series
2017A,
5.000%,
7/01/42
7/27
at
100.00
AAA
10,877,500
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Proposition
C
Sales
Tax
Revenue
Bonds,
Senior
Lien
Series
2017A:
15,075
5.000%,
7/01/39
7/27
at
100.00
AAA
16,473,357
5,075
5.000%,
7/01/42
7/27
at
100.00
AAA
5,520,331
11,495
Los
Angeles
County
Public
Works
Financing
Authority,
California,
Lease
Revenue
Bonds,
Series
2019E-1,
5.000%,
12/01/49
12/29
at
100.00
AA+
12,618,521
Menifee
Union
School
District
Public
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Series
2016A:
435
5.000%,
9/01/23
No
Opt.
Call
N/R
442,752
760
5.000%,
9/01/33
-
BAM
Insured
9/25
at
100.00
AA
807,234
1,600
5.000%,
9/01/35
-
BAM
Insured
9/25
at
100.00
AA
1,694,528
115
5.000%,
9/01/36
-
BAM
Insured
9/25
at
100.00
AA
121,687
1,455
Modesto,
California,
Special
Tax
Bonds,
Community
Facilities
District
2004-1
Village
One
2,
Refunding
Series
2014,
5.000%,
9/01/28
9/24
at
100.00
BBB+
1,514,626
Oakland
Redevelopment
Successor
Agency,
California,
Tax
Allocation
Bonds,
Refunding
Subordinated
Series
2015-TE:
3,250
5.000%,
9/01/35
-
AGM
Insured
9/25
at
100.00
AA
3,454,490
3,215
5.000%,
9/01/36
-
AGM
Insured
9/25
at
100.00
AA
3,414,298
255
Orange
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-1
Esencia
Village,
Series
2015A,
5.250%,
8/15/45
8/25
at
100.00
N/R
263,652
Patterson
Public
Finance
Authority,
California,
Revenue
Bonds,
Community
Facilities
District
2001-1,
Senior
Series
2013A:
2,630
5.250%,
9/01/30
9/23
at
100.00
N/R
2,679,654
2,350
5.750%,
9/01/39
9/23
at
100.00
N/R
2,394,509
375
Patterson
Public
Finance
Authority,
California,
Revenue
Bonds,
Community
Facilities
District
2001-1,
Subordinate
Lien
Series
2013B,
5.875%,
9/01/39
9/23
at
100.00
N/R
382,556
7,700
Peninsula
Corridor
Joint
Powers
Board,
California,
Measure
RR
Sales
Tax
Revenue
Bonds,
Green
Bonds-Climate
Bond
Certified,
Series
2022A,
5.000%,
6/01/51
6/31
at
100.00
N/R
8,518,818
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
6,940
0.000%,
7/01/33
7/28
at
86.06
N/R
4,331,532
36,031
5.000%,
7/01/58
7/28
at
100.00
N/R
34,953,673
Rancho
Cucamonga
Redevelopment
Agency
Successor
Agency,
California,
Tax
Allocation
Bonds,
Rancho
Redevelopment
Project,
Series
2014:
1,600
5.000%,
9/01/30
9/24
at
100.00
AA+
1,679,392
2,800
5.000%,
9/01/31
9/24
at
100.00
AA+
2,933,392
2,400
5.000%,
9/01/32
9/24
at
100.00
AA+
2,512,512
Nuveen
California
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
4,180
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Refunding
Series
2022A-1,
5.250%,
9/01/52
-
AGM
Insured
9/29
at
103.00
N/R
$
4,566,065
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Westpark,
Refunding
Series
2015:
1,000
5.000%,
9/01/28
9/25
at
100.00
N/R
1,055,330
1,000
5.000%,
9/01/29
9/25
at
100.00
N/R
1,053,250
1,000
5.000%,
9/01/30
9/25
at
100.00
N/R
1,051,070
6,960
Sacramento
Area
Flood
Control
Agency,
California,
Consolidated
Capital
Assessment
District
2
Bonds,
Series
2016A,
5.000%,
10/01/41
10/26
at
100.00
AA
7,423,258
200
San
Clemente,
California,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2006-1
Marblehead
Coastal,
Series
2015,
5.000%,
9/01/40
9/25
at
100.00
N/R
205,932
395
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Special
Tax
Bonds,
Community
Facilities
District
7,
Hunters
Point
Shipyard
Phase
One
Improvements,
Refunding
Series
2014,
5.000%,
8/01/39
8/24
at
100.00
N/R
402,880
1,955
San
Francisco
City
and
County
Redevelopment
Agency,
California,
Hotel
Occupancy
Tax
Revenue
Bonds,
Refunding
Series
2011,
5.000%,
6/01/25
-
AGM
Insured
10/22
at
100.00
AA
1,958,910
145
Signal
Hill
Redevelopment
Agency,
California,
Project
1
Tax
Allocation
Bonds,
Series
2011,
7.000%,
10/01/26
10/22
at
100.00
N/R
145,454
2,235
Stockton
Public
Financing
Authority,
California,
Revenue
Bonds,
Arch
Road
East
Community
Facility
District
99-02,
Series
2018A,
5.000%,
9/01/43
9/25
at
103.00
N/R
2,344,917
105
Temecula
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
16-01,
Series
2017,
6.125%,
9/01/37,
144A
9/27
at
100.00
N/R
109,795
3,120
Transbay
Joint
Powers
Authority,
California,
Tax
Allocation
Bonds,
Senior
Green
Series
2020A,
5.000%,
10/01/49
4/30
at
100.00
A-
3,284,081
395
Tustin,
California,
Special
Tax
Bonds,
Community
Facilities
District
06-1
Tustin
Legacy/Columbus
Villages,
Refunding
Series
2015A,
5.000%,
9/01/37
9/25
at
100.00
A-
410,820
Tustin,
California,
Special
Tax
Bonds,
Community
Facilities
District
14-1
Tustin
Legacy/Standard
Pacific,
Refunding
Series
2015A:
50
5.000%,
9/01/40
9/25
at
100.00
N/R
51,483
100
5.000%,
9/01/45
9/25
at
100.00
N/R
102,517
Vista
Community
Development
Commission
Taxable
Non-
Housing
Tax
Allocation
Revenue
Bonds,
California,
Vista
Redevelopment
Project,
Series
2011:
7,600
6.000%,
9/01/33
10/22
at
100.00
AA
7,619,152
7,920
6.125%,
9/01/37
10/22
at
100.00
AA
7,940,513
220,301
Total
Tax
Obligation/Limited
225,152,506
Transportation
-
19.3%
50
Alameda
Corridor
Transportation
Authority,
California,
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2016A,
5.000%,
10/01/25
No
Opt.
Call
BBB+
52,833
39,750
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
Brightline
West
Passenger
Rail
Project,
Series
2020A,
0.850%,
1/01/50,
(AMT),
(Mandatory
Put
1/26/23),
144A
10/22
at
100.00
N/R
39,298,042
California
Municipal
Finance
Authority,
Revenue
Bonds,
Linxs
APM
Project,
Senior
Lien
Series
2018A:
2,000
5.000%,
12/31/47,
(AMT)
6/28
at
100.00
BBB-
2,029,880
2,120
California
Municipal
Finance
Authority,
Special
Facility
Revenue
Bonds,
United
Airlines,
Inc.
Los
Angeles
International
Airport
Project,
Series
2019,
4.000%,
7/15/29,
(AMT)
No
Opt.
Call
B+
2,101,026
18,840
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021A,
4.000%,
1/15/46
1/31
at
100.00
A-
17,796,264
Long
Beach,
California,
Harbor
Revenue
Bonds,
Series
2015D:
1,000
5.000%,
5/15/33
5/25
at
100.00
AA
1,065,710
2,785
5.000%,
5/15/34
5/25
at
100.00
AA
2,962,767
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
Long
Beach,
California,
Harbor
Revenue
Bonds,
Series
2019A:
$
1,370
5.000%,
5/15/44
5/29
at
100.00
Aa2
$
1,500,657
4,625
5.000%,
5/15/49
5/29
at
100.00
Aa2
5,038,151
6,995
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Private
Activity/AMT
Subordinate
Series
2019A,
5.000%,
5/15/49,
(AMT)
5/29
at
100.00
Aa3
7,259,481
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
&
Subordinate
Series
2022C:
1,350
4.000%,
5/15/37,
(AMT)
5/32
at
100.00
N/R
1,312,065
1,250
4.000%,
5/15/38,
(AMT)
5/32
at
100.00
N/R
1,207,212
1,275
4.000%,
5/15/39,
(AMT)
5/32
at
100.00
N/R
1,224,421
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
Subordinate
Lien
Series
2021A.
Private
Activity:
3,665
5.000%,
5/15/36,
(AMT)
5/31
at
100.00
Aa3
3,940,571
4,920
5.000%,
5/15/38,
(AMT)
5/31
at
100.00
N/R
5,251,608
3,135
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Senior
Lien
Series
2015D,
5.000%,
5/15/35,
(AMT)
5/25
at
100.00
Aa2
3,253,816
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Senior
Lien
Series
2015E:
250
5.000%,
5/15/32
5/25
at
100.00
Aa2
264,838
600
5.000%,
5/15/33
5/25
at
100.00
Aa2
634,422
1,305
5.000%,
5/15/35
5/25
at
100.00
Aa2
1,375,848
355
5.000%,
5/15/41
5/25
at
100.00
Aa2
370,048
30,220
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2017A,
5.000%,
5/15/47,
(AMT)
5/27
at
100.00
Aa3
31,145,639
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2018C:
1,935
5.000%,
5/15/36,
(AMT)
11/27
at
100.00
Aa3
2,043,670
1,800
5.000%,
5/15/38,
(AMT)
11/27
at
100.00
Aa3
1,891,314
5,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2018D,
5.000%,
5/15/48,
(AMT)
5/29
at
100.00
Aa3
5,191,950
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2019D:
2,685
5.000%,
5/15/31,
(AMT)
11/28
at
100.00
N/R
2,904,230
2,500
5.000%,
5/15/36,
(AMT)
11/28
at
100.00
Aa3
2,651,625
3,275
5.000%,
5/15/37,
(AMT)
11/28
at
100.00
N/R
3,464,426
5,595
5.000%,
5/15/38,
(AMT)
11/28
at
100.00
N/R
5,905,075
7,660
5.000%,
5/15/49,
(AMT)
11/28
at
100.00
N/R
7,930,705
2,950
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2019F,
5.000%,
5/15/44,
(AMT)
5/29
at
100.00
Aa3
3,074,844
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2021D:
3,585
5.000%,
5/15/34,
(AMT)
11/31
at
100.00
N/R
3,904,746
7,000
3.000%,
5/15/40,
(AMT)
11/31
at
100.00
N/R
5,794,950
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2022A:
2,255
5.000%,
5/15/45,
(AMT)
5/32
at
100.00
N/R
2,379,228
1,000
4.000%,
5/15/49,
(AMT)
5/32
at
100.00
N/R
922,310
16,305
Riverside
County
Transportation
Commission,
California,
Toll
Revenue
Second
Lien
Bonds,
RCTC
91
Express
Lanes,
Refunding
Series
2021C,
4.000%,
6/01/47
6/31
at
100.00
N/R
14,727,491
Nuveen
California
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
Riverside
County
Transportation
Commission,
California,
Toll
Revenue
Senior
Lien
Bonds,
RCTC
91
Express
Lanes,
Refunding
Series
2021B-1:
$
3,085
4.000%,
6/01/40
6/31
at
100.00
N/R
$
2,937,260
10,815
4.000%,
6/01/46
6/31
at
100.00
N/R
9,925,466
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2017A:
2,625
5.000%,
7/01/47
7/27
at
100.00
A+
2,750,554
2,000
5.000%,
7/01/47,
(AMT)
7/27
at
100.00
A+
2,048,720
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021A:
10,750
4.000%,
7/01/51
7/31
at
100.00
N/R
10,129,725
3,005
5.000%,
7/01/51
7/31
at
100.00
N/R
3,212,014
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021B:
11,150
4.000%,
7/01/51,
(AMT)
7/31
at
100.00
N/R
10,181,734
2,500
5.000%,
7/01/51,
(AMT)
7/31
at
100.00
N/R
2,595,100
11,400
5.000%,
7/01/56,
(AMT)
7/31
at
100.00
N/R
11,791,362
8,800
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Governmental
Purpose
Second
Series
2017B,
5.000%,
5/01/47
5/27
at
100.00
A1
9,361,968
4,295
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2014A,
5.000%,
5/01/40,
(AMT)
5/24
at
100.00
N/R
4,376,347
10,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2016B,
5.000%,
5/01/46,
(AMT)
5/26
at
100.00
A1
10,288,700
16,690
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2018D,
5.250%,
5/01/48,
(AMT)
5/28
at
100.00
A1
17,433,373
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2019A:
2,500
5.000%,
5/01/44,
(AMT)
5/29
at
100.00
A1
2,603,800
29,300
5.000%,
5/01/49,
(AMT)
5/29
at
100.00
A1
30,367,985
19,025
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2019E,
5.000%,
5/01/45,
(AMT)
5/29
at
100.00
A1
19,778,580
5,320
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2019F,
5.000%,
5/01/50
5/29
at
100.00
N/R
5,649,521
16,460
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Refunding
Senior
Lien
Toll
Road
Revenue
Bonds,
Series
2021A,
4.000%,
1/15/50
1/32
at
100.00
N/R
15,042,136
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2014B:
4,000
5.250%,
1/15/44
1/25
at
100.00
BBB+
4,098,440
6,000
5.250%,
1/15/49
1/25
at
100.00
BBB+
6,134,520
23,160
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
1997A,
0.000%,
1/15/25
-
NPFG
Insured
No
Opt.
Call
Baa2
21,346,572
394,285
Total
Transportation
393,925,740
U.S.
Guaranteed
-
8.3%
(7)
8,310
Antelope
Valley
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2016
Series
2017A,
5.250%,
8/01/42,
(Pre-refunded
2/15/27)
2/27
at
100.00
AA
9,334,290
8,000
Bay
Area
Toll
Authority,
California,
Revenue
Bonds,
San
Francisco
Bay
Area
Toll
Bridge,
Subordinate
Series
2019S-H,
5.000%,
4/01/44,
(Pre-
refunded
4/01/29)
4/29
at
100.00
AA-
9,254,000
3,915
California
Educational
Facilities
Authority,
Revenue
Bonds,
Pepperdine
University,
Series
2015,
5.000%,
9/01/40,
(Pre-refunded
9/01/25)
9/25
at
100.00
AA-
4,219,783
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
(7)
(continued)
$
2,430
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2015A,
5.000%,
8/15/43,
(Pre-refunded
8/15/25)
8/25
at
100.00
A1
$
2,609,310
5,360
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B,
5.000%,
11/15/46,
(Pre-refunded
11/15/26)
11/26
at
100.00
N/R
5,932,448
10,845
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2016A,
5.000%,
11/15/41,
(Pre-refunded
11/15/25)
11/25
at
100.00
A1
11,726,807
5,500
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Saint
Joseph
Health
System,
Series
2013A,
5.000%,
7/01/33,
(Pre-refunded
7/01/23)
7/23
at
100.00
AA-
5,619,900
1,500
California
Municipal
Finance
Authority
Charter
School
Revenue
Bonds,
Albert
Einstein
Academies
Project,
Series
2013A,
6.750%,
8/01/33,
(Pre-
refunded
8/01/23)
8/23
at
100.00
BB
1,559,145
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2016:
40
5.000%,
8/01/46,
(Pre-refunded
8/01/25),
144A
8/25
at
100.00
N/R
42,914
500
Corona-Norco
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2006
Refunding
Series
2009C,
6.800%,
8/01/39,
(Pre-refunded
8/01/27)
-
AGM
Insured
8/27
at
100.00
AA
600,740
3,780
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2013C,
6.500%,
1/15/43,
(Pre-refunded
1/15/24)
1/24
at
100.00
BBB+
3,964,577
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
2013A:
8,335
5.750%,
1/15/46,
(Pre-refunded
1/15/24)
1/24
at
100.00
A-
8,719,494
8,415
6.000%,
1/15/53,
(Pre-refunded
1/15/24)
1/24
at
100.00
A-
8,827,924
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Series
2015A:
21,090
5.000%,
6/01/40,
(Pre-refunded
6/01/25)
6/25
at
100.00
N/R
22,570,940
17,210
5.000%,
6/01/40,
(Pre-refunded
6/01/25)
6/25
at
100.00
AA-
18,394,736
22,330
5.000%,
6/01/45,
(Pre-refunded
6/01/25)
6/25
at
100.00
Aa3
23,898,013
1,115
Rio
Elementary
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
1,
Series
2013,
5.500%,
9/01/39,
(Pre-refunded
9/01/23)
9/23
at
100.00
N/R
1,149,966
6,470
Riverside
County
Transportation
Commission,
California,
Sales
Tax
Revenue
Bonds,
Limited
Tax
Series
2013A,
5.250%,
6/01/39,
(Pre-
refunded
6/01/23)
6/23
at
100.00
AA+
6,611,822
Riverside
County
Transportation
Commission,
California,
Toll
Revenue
Senior
Lien
Bonds,
Series
2013A:
3,500
5.750%,
6/01/44,
(Pre-refunded
6/01/23)
6/23
at
100.00
A
3,590,895
8,250
5.750%,
6/01/48,
(Pre-refunded
6/01/23)
6/23
at
100.00
A
8,464,252
3,125
Rosemead
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2008
Series
2013B,
5.850%,
8/01/43,
(Pre-
refunded
8/01/23)
-
AGM
Insured
8/23
at
100.00
AA
3,224,969
2,000
San
Diego
Community
College
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Refunding
Series
2016,
5.000%,
8/01/41,
(Pre-refunded
8/01/26)
8/26
at
100.00
AAA
2,202,940
2,000
San
Diego
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Series
2009-1,
6.000%,
7/01/33,
(Pre-refunded
7/01/24)
7/24
at
100.00
Aa2
2,131,480
2,060
San
Mateo
Union
High
School
District,
San
Mateo
County,
California,
General
Obligation
Bonds,
Election
of
2006,
Series
2013A,
0.000%,
9/01/37,
(Pre-refunded
9/01/23)
9/23
at
48.21
N/R
969,477
Victor
Valley
Union
High
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
20008
Election Series
2013B:
300
0.000%,
8/01/42,
(Pre-refunded
8/01/23)
8/23
at
34.44
N/R
101,040
200
0.000%,
8/01/46,
(Pre-refunded
8/01/23)
8/23
at
26.97
N/R
52,746
790
0.000%,
8/01/52,
(Pre-refunded
8/01/23)
8/23
at
18.52
N/R
143,093
Nuveen
California
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
(7)
(continued)
$
1,395
Walnut
Valley
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2007
Measure
S,
Series
2014C,
5.000%,
8/01/39,
(Pre-refunded
8/01/24)
8/24
at
100.00
Aa1
$
1,465,559
1,700
Yosemite
Community
College
District,
California,
General
Obligation
Bonds,
Refunding
Series
2015,
5.000%,
8/01/32,
(Pre-refunded
8/01/25)
8/25
at
100.00
Aa2
1,828,809
160,465
Total
U.S.
Guaranteed
169,212,069
Utilities
-
17.7%
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
Poseidon
Resources
Channelside
LP
Desalination
Project,
Series
2012:
5,000
5.000%,
7/01/37,
(AMT),
144A
1/23
at
100.00
BBB
5,011,800
18,060
5.000%,
11/21/45,
(AMT),
144A
1/23
at
100.00
BBB
18,085,284
5,565
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
San
Diego
County
Water
Authority
Desalination
Project
Pipeline,
Refunding
Series
2019,
5.000%,
11/21/45,
144A
1/29
at
100.00
BBB
5,504,230
2,750
California
Statewide
Communities
Development
Authority,
Pollution
Control
Revenue
Bonds,
Southern
California
Edison
Company,
Refunding
Series
2006D,
2.625%,
11/01/33,
(Mandatory
Put
12/01/23)
No
Opt.
Call
A-
2,719,420
10,725
California
Statewide
Communities
Development
Authority,
Pollution
Control
Revenue
Bonds,
Southern
California
Edison
Company,
Series
2006C,
2.625%,
11/01/33,
(Mandatory
Put
12/01/23)
No
Opt.
Call
A-
10,605,738
80
California
Statewide
Community
Development
Authority,
Water
and
Wastewater
Revenue
Bonds,
Pooled
Financing
Program,
Series
2003A,
5.250%,
10/01/23
-
AGM
Insured
10/22
at
100.00
AA
80,192
275
Compton,
California,
Sewer
Revenue
Bonds,
Refunding
Series
1998,
5.375%,
9/01/23
-
NPFG
Insured
9/22
at
100.00
Baa2
275,674
7,500
Contra
Costa
Water
District,
Contra
Costa
County,
California,
Water
Revenue
Bonds,
Refunding
Series
2019V,
5.000%,
10/01/44
10/29
at
100.00
N/R
8,261,025
East
Bay
Municipal
Utility
District,
Alameda
and
Contra
Costa
Counties,
California,
Water
System
Revenue
Bonds,
Green
Series
2017A:
8,750
5.000%,
6/01/42
6/27
at
100.00
AAA
9,537,850
8,300
5.000%,
6/01/45
6/27
at
100.00
AAA
9,014,132
5,695
East
Bay
Municipal
Utility
District,
Alameda
and
Contra
Costa
Counties,
California,
Water
System
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
6/01/37
6/25
at
100.00
AAA
6,062,897
1,500
Eastern
Municipal
Water
District
Financing
Authority,
California,
Water
and
Wastewater
Revenue
Bonds,
Series
2015B,
5.000%,
7/01/40
7/25
at
100.00
AA+
1,578,645
6,000
Irvine
Ranch
Water
District,
California,
Certificates
of
Participation,
Irvine
Ranch
Water
District
Series
2016,
5.000%,
3/01/41
9/26
at
100.00
AAA
6,459,480
4,000
Livermore
Valley
Water
Financing
Authority,
California,
Water
Revenue
Bonds,
Series
2018A,
5.000%,
7/01/47
7/27
at
100.00
AA+
4,273,000
1,985
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2014D,
5.000%,
7/01/44
7/24
at
100.00
Aa2
2,062,713
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2016A:
3,300
5.000%,
7/01/40
1/26
at
100.00
Aa2
3,502,092
6,445
5.000%,
7/01/46
1/26
at
100.00
Aa2
6,801,989
4,165
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2016B,
5.000%,
7/01/37
1/26
at
100.00
Aa2
4,435,309
29,905
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2017A,
5.000%,
7/01/42
1/27
at
100.00
Aa2
32,023,769
35,800
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2017C,
5.000%,
7/01/47
7/27
at
100.00
Aa2
38,408,030
7,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2018A,
5.000%,
7/01/38
1/28
at
100.00
Aa2
7,658,770
15,435
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2018D,
5.000%,
7/01/38
7/28
at
100.00
Aa2
17,012,148
5,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2019A,
5.250%,
7/01/49
1/29
at
100.00
Aa2
5,486,000
5,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2019D,
5.000%,
7/01/44
7/29
at
100.00
Aa2
5,481,750
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2021B:
$
3,800
5.000%,
7/01/48
1/31
at
100.00
Aa2
$
4,141,848
8,000
5.000%,
7/01/51
1/31
at
100.00
Aa2
8,665,920
9,345
Los
Angeles
Department
of
Water
and
Power,
California,
Water
System
Revenue
Bonds,
Series
2022C,
5.000%,
7/01/52
7/32
at
100.00
N/R
10,262,679
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Refunding
Series
2016B:
3,460
5.000%,
7/01/33
1/26
at
100.00
AA+
3,719,708
4,955
5.000%,
7/01/35
1/26
at
100.00
AA+
5,295,854
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2017A:
10,545
5.000%,
7/01/44
1/27
at
100.00
AA+
11,281,568
5,000
5.250%,
7/01/44
1/27
at
100.00
AA+
5,399,350
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2020C:
4,000
5.000%,
7/01/37
7/30
at
100.00
Aa2
4,498,400
7,000
5.000%,
7/01/40
7/30
at
100.00
Aa2
7,778,750
9,990
5.000%,
7/01/41
7/30
at
100.00
Aa2
11,069,819
3,370
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2021B,
5.000%,
7/01/51
1/31
at
100.00
N/R
3,660,561
10,000
Los
Angeles,
California,
Wastewater
System
Revenue
Bonds,
Green
Series
2015C,
5.000%,
6/01/45
6/25
at
100.00
AA+
10,450,800
Los
Angeles,
California,
Wastewater
System
Revenue
Bonds,
Refunding
Green
Series
2015A:
5,000
5.000%,
6/01/31
6/25
at
100.00
AA+
5,338,450
5,000
5.000%,
6/01/32
6/25
at
100.00
AA+
5,329,800
2,600
Los
Angeles,
California,
Wastewater
System
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2013A,
5.000%,
6/01/35
6/23
at
100.00
AA
2,646,930
16,665
Metropolitan
Water
District
of
Southern
California,
Water
Revenue
Bonds,
Series
2020A,
5.000%,
10/01/45
10/29
at
100.00
AAA
18,497,150
500
Northern
California
Energy
Authority,
California,
Commodity
Supply
Revenue
Bonds,
Series
2018A,
4.000%,
7/01/49,
(Mandatory
Put
7/01/24)
4/24
at
100.24
A2
507,905
3,595
Pico
Rivera
Water
Authority,
California,
Revenue
Bonds,
Refunding
Water
System
Project,
Series
1999A,
5.500%,
5/01/29
-
NPFG
Insured
No
Opt.
Call
Baa2
3,871,743
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A:
3,205
5.000%,
7/01/30,
144A
No
Opt.
Call
N/R
3,356,372
2,180
5.000%,
7/01/47,
144A
7/30
at
100.00
N/R
2,186,845
250
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021A,
4.000%,
7/01/42,
144A
7/31
at
100.00
N/R
221,068
8,110
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B,
4.000%,
7/01/42,
144A
7/31
at
100.00
N/R
7,171,430
San
Diego
Public
Facilities
Financing
Authority,
California,
Water
Utility
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2016B:
7,330
5.000%,
8/01/32
8/26
at
100.00
Aa3
8,003,114
2,000
5.000%,
8/01/39
8/26
at
100.00
Aa3
2,157,680
3,715
San
Francisco
City
and
County
Public
Utilities
Commission,
California,
Water
Revenue
Bonds,
Refunding
Series
2016A,
4.000%,
11/01/36
11/26
at
100.00
N/R
3,782,204
2,145
Santa
Clara
Valley
Water
District,
California,
Water
System
Revenue
Bonds,
Refunding Series
2020A,
5.000%,
6/01/45
6/30
at
100.00
Aa1
2,358,685
339,995
Total
Utilities
361,996,570
$
2,074,346
Total
Long-Term
Investments
(cost
$2,084,184,342)
2,034,767,611
Borrowings
-
(0.7)%
(8),(9)
(
14,500,000
)
Other
Assets
Less
Liabilities
-
1.1%
22,683,386
Net
Assets
-
100%
$
2,042,950,997
Nuveen
California
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
(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.
(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.
(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)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(7)
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.
(8)
Borrowings
as
a
percentage
of
Total
Investments
is
0.7%.
(9)
The
Fund
may
pledge
up
to
100%
of
its
eligible
investments
(excluding
any
investments
separately
pledged
as
collateral
for
specific
investments
in
derivatives
or
inverse
floating
rate
transactions,
when
applicable)
in
the
Portfolio
of
Investments
as
collateral
for
borrowings.
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
Nuveen
Connecticut
Municipal
Bond
Fund
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
99.9%
X
236,189,319
MUNICIPAL
BONDS
-
99.9%
X
236,189,319
Education
and
Civic
Organizations
-
13.9%
$
1,220
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Avon
Old
Farms
School,
Series
2021D-1,
4.000%,
7/01/41
7/31
at
100.00
N/R
$
1,176,934
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Choate
Rosemary
Hall,
Series
2020F:
380
4.000%,
7/01/39
7/30
at
100.00
Aa2
385,077
1,100
4.000%,
7/01/42
7/30
at
100.00
Aa2
1,083,258
1,250
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Connecticut
College,
Series
2022M,
4.000%,
7/01/52
7/32
at
100.00
N/R
1,120,287
1,885
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Fairfield
University,
Series
2016Q-1,
5.000%,
7/01/46
7/26
at
100.00
A-
1,958,628
750
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Fairfield
University,
Series
2017R,
4.000%,
7/01/47
7/27
at
100.00
A-
680,768
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Greenwich
Academy,
Series
2021G:
1,500
4.000%,
3/01/41
3/31
at
100.00
A1
1,500,795
1,000
4.000%,
3/01/46
3/31
at
100.00
A1
965,030
5,095
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Quinnipiac
University,
Refunding
Series
2015L,
5.000%,
7/01/45
7/25
at
100.00
A-
5,193,028
1,750
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Quinnipiac
University,
Series
2016M,
5.000%,
7/01/35
7/26
at
100.00
A-
1,827,893
4,410
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Sacred
Heart
University,
Series
2017I-1,
5.000%,
7/01/42
7/27
at
100.00
A
4,595,352
1,100
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Sacred
Heart
University,
Series
2020K,
4.000%,
7/01/45
7/30
at
100.00
A
1,041,711
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
The
Taft
School
Isue,
Series
2021L:
790
3.000%,
7/01/41
7/31
at
100.00
Aa3
642,159
2,210
3.000%,
7/01/46
7/31
at
100.00
Aa3
1,686,341
3,220
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Trinity
College,
Series
2020R,
4.000%,
6/01/45
6/30
at
100.00
A+
3,049,694
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Trinity
College,
Series
2021S:
2,000
4.000%,
6/01/46
12/31
at
100.00
A+
1,885,320
2,025
4.000%,
6/01/51
12/31
at
100.00
A+
1,867,556
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
New
Haven,
Series
2018K-1:
2,000
5.000%,
7/01/37
7/28
at
100.00
BBB-
2,012,040
250
5.000%,
7/01/38
7/28
at
100.00
BBB-
250,965
33,935
Total
Education
and
Civic
Organizations
32,922,836
Health
Care
-
16.1%
4,600
Connecticut
Health
and
Educational
Facilities
Authority
Revenue
Bonds,
Hartford
HealthCare,
Series
2015F,
5.000%,
7/01/45
7/25
at
100.00
A+
4,723,050
695
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Griffin
Hospital,
Series
2020G-1,
5.000%,
7/01/39,
144A
7/29
at
100.00
BB+
709,630
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Hartford
HealthCare
Issue,
Series
2020A:
2,700
4.000%,
7/01/38
1/30
at
100.00
A+
2,610,063
1,685
4.000%,
7/01/40
1/30
at
100.00
A+
1,610,085
3,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Hartford
HealthCare
Issue,
Series
2021A,
4.000%,
7/01/51
7/31
at
100.00
N/R
2,735,010
1,900
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Hartford
HealthCare
Issue,
Series
2022P,
5.375%,
7/01/52
7/32
at
100.00
N/R
1,907,296
500
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Hartford
HealthCare,
Series
2014E,
5.000%,
7/01/42
7/24
at
100.00
A+
510,020
1,995
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Middlesex
Hospital,
Series
2015O,
5.000%,
7/01/36
7/25
at
100.00
A3
2,043,858
Nuveen
Connecticut
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Nuvance
Health
Series
2019A:
$
2,455
4.000%,
7/01/34
7/29
at
100.00
A-
$
2,328,174
2,235
4.000%,
7/01/36
7/29
at
100.00
A-
2,072,024
6,020
4.000%,
7/01/49
7/29
at
100.00
A-
5,093,823
1,885
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Stamford
Hospital,
Series
2016K,
4.000%,
7/01/46
7/26
at
100.00
BBB+
1,647,697
200
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Stamford
Hospital,
Series
2021L-1,
4.000%,
7/01/29
No
Opt.
Call
BBB+
201,840
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Series
2016CT:
2,350
5.000%,
12/01/41
6/26
at
100.00
AA-
2,468,910
1,495
5.000%,
12/01/45
6/26
at
100.00
AA-
1,563,994
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Yale-New
Haven
Health
Issue,
Series
2014E:
2,400
5.000%,
7/01/32
7/24
at
100.00
AA-
2,485,872
2,520
5.000%,
7/01/33
7/24
at
100.00
AA-
2,605,806
830
5.000%,
7/01/34
7/24
at
100.00
AA-
856,950
39,465
Total
Health
Care
38,174,102
Housing/Multifamily
-
0.8%
1,985
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Series
2019B-1,
3.300%,
11/15/39
11/28
at
100.00
AAA
1,891,010
Housing/Single
Family
-
1.0%
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Green
Series
2021B-3:
1,440
2.150%,
11/15/41
11/30
at
100.00
AAA
1,023,667
1,560
2.300%,
11/15/46
11/30
at
100.00
AAA
1,049,787
200
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Series
2020E-3,
1.850%,
5/15/38
5/30
at
100.00
AAA
148,430
3,200
Total
Housing/Single
Family
2,221,884
Long-Term
Care
-
2.5%
1,100
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Duncaster,
Inc.,
Series
2014A,
5.000%,
8/01/44
8/24
at
100.00
BBB
1,111,341
1,200
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Healthcare
Facility
Expansion
Church
Home
of
Hartford
Inc.
Project,
Series
2016A,
5.000%,
9/01/46,
144A
9/26
at
100.00
BB
1,170,516
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Mary
Wade
Home
Issue,
Series
2019A-1:
1,000
5.000%,
10/01/39,
144A
10/24
at
104.00
BB
1,010,390
200
5.000%,
10/01/54,
144A
10/24
at
104.00
BB
198,096
650
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
McLean
Affiliates,
Series
2020A,
5.000%,
1/01/45,
144A
1/26
at
102.00
BB+
653,575
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
The
Jerome
Home
Issue,
Series
2021E:
730
4.000%,
7/01/41
7/28
at
103.00
N/R
664,512
1,250
4.000%,
7/01/51
7/28
at
103.00
N/R
1,069,462
6,130
Total
Long-Term
Care
5,877,892
Tax
Obligation/General
-
27.1%
Bridgeport,
Connecticut,
General
Obligation
Bonds,
Series
2014A:
600
5.000%,
7/01/32
-
AGM
Insured
7/24
at
100.00
AA
622,986
1,000
5.000%,
7/01/33
-
AGM
Insured
7/24
at
100.00
AA
1,036,050
1,065
5.000%,
7/01/34
-
AGM
Insured
7/24
at
100.00
AA
1,102,073
2,000
Bridgeport,
Connecticut,
General
Obligation
Bonds,
Series
2016D,
5.000%,
8/15/41
-
AGM
Insured
8/26
at
100.00
AA
2,121,600
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
Bridgeport,
Connecticut,
General
Obligation
Bonds,
Series
2021A:
$
765
4.000%,
8/01/41
8/31
at
100.00
A
$
709,101
375
4.000%,
8/01/46
8/31
at
100.00
A
337,928
2,425
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Connecticut
State
University
System,
Series
2016P-1,
5.000%,
11/01/28
11/26
at
100.00
Aa3
2,646,427
Connecticut
Housing
Finance
Authority,
State
Supported
Special
Obligation
Bonds,
Series
2021-27:
1,000
2.400%,
6/15/41
6/31
at
100.00
Aa3
746,670
1,000
2.550%,
6/15/46
6/31
at
100.00
Aa3
712,210
1,000
Connecticut
Housing
Finance
Authority,
State
Supported
Special
Obligation
Bonds,
Series
2021-28,
2.375%,
6/15/40
6/31
at
100.00
Aa3
750,840
2,400
Connecticut
State,
General
Obligation
Bonds,
Series
2014A,
5.000%,
3/01/31
3/24
at
100.00
Aa3
2,484,624
3,000
Connecticut
State,
General
Obligation
Bonds,
Series
2014F,
5.000%,
11/15/34
11/24
at
100.00
Aa3
3,145,350
2,370
Connecticut
State,
General
Obligation
Bonds,
Series
2015F,
5.000%,
11/15/34
11/25
at
100.00
Aa3
2,525,804
Connecticut
State,
General
Obligation
Bonds,
Series
2017A:
1,000
5.000%,
4/15/34
4/27
at
100.00
Aa3
1,084,100
3,270
5.000%,
4/15/35
4/27
at
100.00
Aa3
3,533,529
1,510
Connecticut
State,
General
Obligation
Bonds,
Series
2018A,
5.000%,
4/15/37
4/28
at
100.00
Aa3
1,648,829
1,325
Connecticut
State,
General
Obligation
Bonds,
Series
2018C,
5.000%,
6/15/38
6/28
at
100.00
Aa3
1,446,953
Connecticut
State,
General
Obligation
Bonds,
Series
2019A:
1,150
5.000%,
4/15/36
4/29
at
100.00
Aa3
1,267,771
1,450
4.000%,
4/15/37,
(UB)
(4)
4/29
at
100.00
Aa3
1,455,148
650
5.000%,
4/15/39,
(UB)
(4)
4/29
at
100.00
Aa3
709,716
Connecticut
State,
General
Obligation
Bonds,
Series
2020A:
2,000
4.000%,
1/15/37
1/30
at
100.00
Aa3
2,006,680
2,250
5.000%,
1/15/40
1/30
at
100.00
Aa3
2,452,073
750
Connecticut
State,
General
Obligation
Bonds,
Series
2020C,
5.000%,
6/01/40
6/30
at
100.00
Aa3
820,350
2,000
Connecticut
State,
General
Obligation
Bonds,
Series
2021A,
3.000%,
1/15/40
1/31
at
100.00
Aa3
1,685,860
East
Haddam,
Connecticut,
General
Obligation
Bonds,
Series
2020A:
300
3.000%,
12/01/37
12/28
at
100.00
AA+
271,845
250
3.000%,
12/01/40
12/28
at
100.00
AA+
212,180
East
Lyme,
Connecticut,
General
Obligation
Bonds,
Series
2020:
880
3.000%,
7/15/38
7/28
at
100.00
AA
759,581
500
3.000%,
7/15/39
7/28
at
100.00
AA
425,115
325
3.000%,
7/15/40
7/28
at
100.00
AA
272,057
500
Hamden,
Connecticut,
General
Obligation
Bonds,
Series
2016,
5.000%,
8/15/33
-
BAM
Insured
8/24
at
100.00
AA
512,130
Hartford
County
Metropolitan
District,
Connecticut,
General
Obligation
Bonds,
Refunding
Series
2019C:
925
4.000%,
7/15/38
7/29
at
100.00
AA
926,073
1,000
4.000%,
7/15/40
7/29
at
100.00
AA
975,710
1,035
Hartford
County
Metropolitan
District,
Connecticut,
General
Obligation
Bonds,
Series
2018,
5.000%,
7/15/35
7/28
at
100.00
AA
1,140,228
Hartford
County
Metropolitan
District,
Connecticut,
General
Obligation
Bonds,
Series
2019A:
1,000
4.000%,
7/15/38
7/29
at
100.00
AA
1,001,160
1,075
4.000%,
7/15/39
7/29
at
100.00
AA
1,062,164
Hartford
County
Metropolitan
District,
Connecticut,
General
Obligation
Bonds,
Series
2021A:
2,500
4.000%,
9/01/40
9/31
at
100.00
AA
2,433,275
2,500
4.000%,
9/01/41
9/31
at
100.00
AA
2,418,575
Nuveen
Connecticut
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
1,000
New
Haven,
Connecticut,
General
Obligation
Bonds,
Refunding
Series
2016A,
5.000%,
8/15/36
-
AGM
Insured
8/26
at
100.00
AA
$
1,064,140
New
Haven,
Connecticut,
General
Obligation
Bonds,
Series
2015:
795
5.000%,
9/01/32
-
AGM
Insured
9/25
at
100.00
AA
841,507
1,620
5.000%,
9/01/33
-
AGM
Insured
9/25
at
100.00
AA
1,708,744
500
5.000%,
9/01/35
-
AGM
Insured
9/25
at
100.00
AA
524,410
485
North
Haven,
Connecticut,
General
Obligation
Bonds,
Series
2006,
5.000%,
7/15/24
No
Opt.
Call
Aa1
507,713
1,035
Oxford,
Connecticut,
General
Obligation
Bonds,
Series
2019A,
4.000%,
8/01/39
8/29
at
100.00
Aa2
1,036,635
2,370
Stratford,
Connecticut,
General
Obligation
Bonds,
Series
2017,
4.000%,
1/01/39
-
BAM
Insured
1/27
at
100.00
AA
2,356,254
Stratford,
Connecticut,
General
Obligation
Bonds,
Series
2020A:
365
4.000%,
7/01/38
-
BAM
Insured
7/30
at
100.00
AA
361,142
330
4.000%,
7/01/40
-
BAM
Insured
7/30
at
100.00
AA
317,625
Waterbury,
Connecticut,
General
Obligation
Bonds,
Lot
A
Series
2015:
555
5.000%,
8/01/30
-
BAM
Insured
8/25
at
100.00
AA
589,194
485
5.000%,
8/01/31
-
BAM
Insured
8/25
at
100.00
AA
513,654
765
5.000%,
8/01/32
-
BAM
Insured
8/25
at
100.00
AA
808,666
555
5.000%,
8/01/33
-
BAM
Insured
8/25
at
100.00
AA
585,475
555
5.000%,
8/01/34
-
BAM
Insured
8/25
at
100.00
AA
584,409
2,000
West
Haven,
Connecticut,
General
Obligation
Bonds,
Series
2012,
5.000%,
8/01/24
-
AGM
Insured
10/22
at
100.00
AA
2,003,760
750
West
Haven,
Connecticut,
General
Obligation
Bonds,
Series
2020,
4.000%,
3/15/40
-
BAM
Insured
3/30
at
100.00
AA
740,198
63,310
Total
Tax
Obligation/General
64,006,291
Tax
Obligation/Limited
-
18.4%
Connecticut
Higher
Education
Supplemental
Loan
Authority,
Revenue
Bonds,
CHELSA
Loan
Program,
Series
2021B:
750
5.000%,
11/15/27,
(AMT)
No
Opt.
Call
Aa3
824,910
545
5.000%,
11/15/28,
(AMT)
No
Opt.
Call
Aa3
605,707
560
5.000%,
11/15/29,
(AMT)
No
Opt.
Call
Aa3
627,021
500
5.000%,
11/15/30,
(AMT)
No
Opt.
Call
Aa3
562,235
2,000
Connecticut
Higher
Education
Supplemental
Loan
Authority,
State
Supported
Revenue
Bonds,
CHESLA
Loan
Program,
Series
2020B,
3.250%,
11/15/36,
(AMT)
11/29
at
100.00
Aa3
1,740,260
2,500
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes
Series
2013A,
5.000%,
10/01/33
10/23
at
100.00
AA-
2,564,050
1,390
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes
Series
2015A,
5.000%,
8/01/33
8/25
at
100.00
AA-
1,476,708
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes
Series
2016A:
1,000
5.000%,
9/01/32
9/26
at
100.00
AA-
1,079,260
3,500
5.000%,
9/01/33
9/26
at
100.00
AA-
3,766,910
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes
Series
2018A:
2,000
5.000%,
1/01/37
1/28
at
100.00
AA-
2,178,260
2,000
5.000%,
1/01/38
1/28
at
100.00
AA-
2,173,860
100
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes,
Series
2020A,
4.000%,
5/01/39
5/30
at
100.00
AA-
99,051
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes,
Series
2021A:
3,500
4.000%,
5/01/37
5/31
at
100.00
AA-
3,500,910
1,445
5.000%,
5/01/41
5/31
at
100.00
AA-
1,589,326
500
Great
Pond
Improvement
District,
Connecticut,
Special
Obligation
Revenue
Bonds,
Great
Pond
Phase
1
Project,
Series
20019,
4.750%,
10/01/48,
144A
10/26
at
102.00
N/R
464,685
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
2,720
Harbor
Point
Infrastructure
Improvement
District,
Connecticut,
Special
Obligation
Revenue
Bonds,
Harbor
Point
Project,
Refunding
Series
2017,
5.000%,
4/01/39,
144A
4/27
at
100.00
N/R
$
2,818,682
635
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A,
5.000%,
10/01/39
10/32
at
100.00
N/R
659,225
1,900
Naugatuck,
Connecticut,
Certificates
of
Participation,
Incineration
Facilities
Project,
Series
2021A,
4.000%,
8/15/41,
(AMT)
8/29
at
100.00
AA-
1,792,878
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
2,950
4.550%,
7/01/40
7/28
at
100.00
N/R
2,949,971
1,860
0.000%,
7/01/46
7/28
at
41.38
N/R
532,685
1,300
4.750%,
7/01/53
7/28
at
100.00
N/R
1,243,190
100
Steel
Point
Infrastructure
Improvement
District,
Connecticut,
Special
Obligation
Revenue
Bonds,
Steelpointe
Harbor
Project,
Series
2021,
4.000%,
4/01/51
4/30
at
100.00
N/R
85,007
2,500
University
of
Connecticut,
General
Obligation
Bonds,
Series
2013A,
5.000%,
8/15/32
8/23
at
100.00
Aa3
2,537,725
740
University
of
Connecticut,
General
Obligation
Bonds,
Series
2014A,
5.000%,
2/15/31
2/24
at
100.00
Aa3
763,954
1,590
University
of
Connecticut,
General
Obligation
Bonds,
Series
2015A,
5.000%,
2/15/34
2/25
at
100.00
Aa3
1,665,732
3,000
University
of
Connecticut,
General
Obligation
Bonds,
Series
2017A,
5.000%,
1/15/36
1/27
at
100.00
Aa3
3,232,620
University
of
Connecticut,
General
Obligation
Bonds,
Series
2019A:
1,000
5.000%,
11/01/36
11/28
at
100.00
Aa3
1,101,390
1,000
4.000%,
11/01/38
11/28
at
100.00
Aa3
980,110
43,585
Total
Tax
Obligation/Limited
43,616,322
Transportation
-
3.2%
Connecticut
Airport
Authority,
Connecticut,
Customer
Facility
Charge
Revenue
Bonds,
Ground
Transportation
Center
Project,
Series
2019A:
1,500
4.000%,
7/01/49,
(AMT)
7/29
at
100.00
BBB
1,275,195
6,250
5.000%,
7/01/49,
(AMT)
7/29
at
100.00
BBB
6,277,313
7,750
Total
Transportation
7,552,508
U.S.
Guaranteed
-
7.4%
(5)
1,050
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Norwich
Free
Academy,
Series
2013B,
4.000%,
7/01/34,
(Pre-refunded
7/01/23)
7/23
at
100.00
Aa3
1,063,870
950
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Westminster
School,
Series
2014H,
3.250%,
7/01/32,
(Pre-refunded
7/01/24)
7/24
at
100.00
A
963,176
Connecticut
Municipal
Electric
Energy
Cooperative,
Power
Supply
System
Revenue
Bonds,
Series
2013A:
200
5.000%,
1/01/38,
(Pre-refunded
1/01/23)
1/23
at
100.00
N/R
201,736
Greater
New
Haven
Water
Pollution
Control
Authority,
Connecticut,
Regional
Wastewater
System
Revenue
Bonds,
Refunding
Series
2014B:
500
5.000%,
8/15/30,
(Pre-refunded
8/15/24)
8/24
at
100.00
AA+
525,010
1,000
5.000%,
8/15/32,
(Pre-refunded
8/15/24)
8/24
at
100.00
AA+
1,050,020
Hartford
County
Metropolitan
District,
Connecticut,
Clean
Water
Project
Revenue
Bonds,
Refunding
Green
Bond
Series
2014A:
2,250
5.000%,
11/01/35,
(Pre-refunded
11/01/24)
11/24
at
100.00
Aa2
2,374,110
4,885
5.000%,
11/01/42,
(Pre-refunded
11/01/24)
11/24
at
100.00
Aa2
5,154,457
New
Haven,
Connecticut,
General
Obligation
Bonds,
Series
2014A:
810
5.000%,
8/01/30,
(Pre-refunded
8/01/24)
-
AGM
Insured
8/24
at
100.00
AA
848,945
700
5.000%,
8/01/31,
(Pre-refunded
8/01/24)
-
AGM
Insured
8/24
at
100.00
AA
733,656
850
5.000%,
8/01/32,
(Pre-refunded
8/01/24)
-
AGM
Insured
8/24
at
100.00
AA
890,868
850
5.000%,
8/01/34,
(Pre-refunded
8/01/24)
-
AGM
Insured
8/24
at
100.00
AA
890,868
Nuveen
Connecticut
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
(5)
(continued)
South
Central
Connecticut
Regional
Water
Authority
Water
System
Revenue
Bonds,
Thirtieth
Series
2014A:
$
1,010
5.000%,
8/01/39,
(Pre-refunded
8/01/24)
8/24
at
100.00
AA-
$
1,059,531
1,055
5.000%,
8/01/44,
(Pre-refunded
8/01/24)
8/24
at
100.00
AA-
1,106,737
600
Stratford,
Connecticut,
General
Obligation
Bonds,
Series
2014,
5.000%,
12/15/34,
(Pre-refunded
12/15/22)
12/22
at
100.00
AA-
604,632
16,710
Total
U.S.
Guaranteed
17,467,616
Utilities
-
9.5%
Connecticut
Municipal
Electric
Energy
Cooperative,
Power
Supply
System
Revenue
Bonds,
Series
2013A:
215
5.000%,
1/01/38
1/23
at
100.00
N/R
216,288
2,000
Connecticut,
State
Revolving
Fund
General
Revenue
Bonds,
Green
Series
2019A,
5.000%,
2/01/39
2/29
at
100.00
AAA
2,205,260
60
Greater
New
Haven
Water
Pollution
Control
Authority,
Connecticut,
Regional
Wastewater
System
Revenue
Bonds,
Series
2005A,
5.000%,
8/15/35
-
NPFG
Insured
10/22
at
100.00
AA+
60,078
2,040
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
7/01/40
7/27
at
100.00
A-
2,124,966
295
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2020A,
5.000%,
1/01/50
7/30
at
100.00
A-
307,127
1,000
Guam
Power
Authority,
Revenue
Bonds,
Series
2014A,
5.000%,
10/01/39
10/24
at
100.00
AA
1,035,190
1,500
Hartford
County
Metropolitan
District,
Connecticut,
Clean
Water
Project
Revenue
Bonds,
Series
2020A,
5.000%,
10/01/45
10/30
at
100.00
Aa2
1,657,260
Mattabassett
District,
Cromwell,
Connecticut,
Revenue
Bonds,
Refunding
Series
2021:
700
4.000%,
8/01/32
-
BAM
Insured
8/31
at
100.00
AA
749,973
1,580
4.000%,
8/01/33
-
BAM
Insured
8/31
at
100.00
AA
1,678,592
1,010
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A,
5.000%,
7/01/30,
144A
No
Opt.
Call
N/R
1,057,702
1,700
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B,
5.000%,
7/01/29,
144A
No
Opt.
Call
N/R
1,780,631
3,000
South
Central
Connecticut
Regional
Water
Authority,
Water
System
Revenue
Bonds,
Refunding
Thirty-third
Series
2017B-1,
5.000%,
8/01/41
8/28
at
100.00
AA-
3,250,980
2,915
South
Central
Connecticut
Regional
Water
Authority,
Water
System
Revenue
Bonds,
Thirty-Fourth
Series
2019C,
5.000%,
8/01/44
8/29
at
100.00
AA-
3,176,446
500
Stamford,
Connecticut,
Water
Pollution
Control
System
and
Facility
Revenue
Bonds,
Series
2013A,
5.250%,
8/15/43
8/23
at
100.00
AA+
509,605
750
Stamford,
Connecticut,
Water
Pollution
Control
System
and
Facility
Revenue
Bonds,
Series
2019,
4.000%,
4/01/44
4/29
at
100.00
AA+
729,218
Stamford,
Connecticut,
Water
Pollution
Control
System
and
Facility
Revenue
Bonds,
Series
2020A:
300
3.000%,
11/15/32
11/30
at
100.00
AA+
289,248
395
3.000%,
11/15/33
11/30
at
100.00
AA+
374,065
1,300
4.000%,
11/15/45
11/30
at
100.00
AA+
1,256,229
21,260
Total
Utilities
22,458,858
$
237,330
Total
Long-Term
Investments
(cost
$252,167,245)
236,189,319
Floating
Rate
Obligations
-
(0.7)%
(
1,570,000
)
Other
Assets
Less
Liabilities
-
0.8%
1,921,306
Net
Assets
-
100%
$
236,540,625
(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.
(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.
(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
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
Nuveen
Massachusetts
Municipal
Bond
Fund
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
96.5%
X
524,288,628
MUNICIPAL
BONDS
-
96.5%
X
524,288,628
Education
and
Civic
Organizations
-
22.9%
$
1,315
Lowell,
Massachusetts,
Collegiate
Charter
School
Revenue
Bonds,
Series
2019,
5.000%,
6/15/39
6/26
at
100.00
N/R
$
1,317,591
650
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Babson
College,
Refunding
Series
2022,
4.000%,
10/01/44
4/32
at
100.00
N/R
601,484
1,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Bentley
College
Issue,
Series
2021A,
4.000%,
7/01/40
7/31
at
100.00
A2
938,530
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Berklee
College
of
Music,
Series
2016:
1,260
5.000%,
10/01/39
10/26
at
100.00
A
1,336,369
5,165
5.000%,
10/01/46
10/26
at
100.00
A
5,428,776
3,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
College,
Series
2013S,
5.000%,
7/01/32
7/23
at
100.00
AA-
3,054,930
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
College,
Series
2017T:
2,350
5.000%,
7/01/39
7/27
at
100.00
AA-
2,513,278
1,020
5.000%,
7/01/42
7/27
at
100.00
AA-
1,085,892
7,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
University,
Series
2013X,
5.000%,
10/01/48
10/23
at
100.00
AA-
7,097,930
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Brandeis
University
Issue,
Series
2018R:
1,195
5.000%,
10/01/37
10/28
at
100.00
A+
1,295,870
840
5.000%,
10/01/38
10/28
at
100.00
A+
908,846
1,000
5.000%,
10/01/39
10/28
at
100.00
A+
1,080,020
3,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2015,
5.000%,
1/01/35
1/25
at
100.00
BBB+
3,084,690
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2016A:
1,510
5.250%,
1/01/42
1/27
at
100.00
BBB+
1,568,920
1,500
5.000%,
1/01/47
1/27
at
100.00
BBB+
1,536,660
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2017A:
1,600
5.000%,
1/01/37
1/28
at
100.00
BBB+
1,670,672
6,020
5.000%,
1/01/40
1/28
at
100.00
BBB+
6,253,094
2,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2018,
5.000%,
1/01/43
1/28
at
100.00
BBB+
2,067,140
2,500
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emmanuel
College,
Series
2016A,
5.000%,
10/01/43
10/26
at
100.00
Baa2
2,544,400
2,055
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Lesley
University,
Series
2016,
5.000%,
7/01/36
7/26
at
100.00
A-
2,138,823
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
MCPHS
University
Issue,
Series
2015H:
550
3.500%,
7/01/35
7/25
at
100.00
AA
543,235
235
5.000%,
7/01/37
7/25
at
100.00
AA
247,662
700
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Merrimack
College,
Series
2017,
5.000%,
7/01/37
7/26
at
100.00
BBB-
721,112
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Northeastern
University,
Series
2014A:
1,125
5.000%,
3/01/39
3/24
at
100.00
A1
1,140,638
2,065
5.000%,
3/01/44
3/24
at
100.00
A1
2,091,907
1,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Northeastern
University,
Series
2020A,
5.000%,
10/01/35
10/30
at
100.00
A1
1,117,490
1,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Simmons
College,
Series
2013J,
5.250%,
10/01/39
10/23
at
100.00
BBB+
1,015,000
1,680
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Simmons
University
Issue,
Series
2020M,
5.000%,
10/01/39
10/30
at
100.00
BBB+
1,771,711
2,750
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Springfield
College,
Green
Series
2021B,
4.000%,
6/01/41
6/30
at
100.00
N/R
2,572,158
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
$
2,495
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Sterling
and
Francine
Clark
Art
Institute,
Series
2015,
5.000%,
7/01/33
7/25
at
100.00
AA
$
2,646,072
2,415
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Sterling
and
Francine
Clark
Art
Institute,
Series
2016,
4.000%,
7/01/41
1/27
at
100.00
AA
2,372,665
610
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Suffolk
University,
Refunding
Series
2019,
5.000%,
7/01/37
7/29
at
100.00
Baa2
640,951
5,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Suffolk
University,
Refunding
Series
2020A,
4.000%,
7/01/45
7/30
at
100.00
Baa2
4,579,250
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Suffolk
University,
Series
2021:
570
4.000%,
7/01/46
7/31
at
100.00
Baa2
519,167
1,470
4.000%,
7/01/51
7/31
at
100.00
Baa2
1,318,414
1,500
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
The
Broad
Institute,
Series
2017,
5.000%,
4/01/36
10/27
at
100.00
AA-
1,621,620
875
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Tufts
University,
Series
2015Q,
5.000%,
8/15/38
8/25
at
100.00
AA-
916,344
1,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Wheaton
College,
Series
2017H,
5.000%,
1/01/37
1/28
at
100.00
Baa1
1,035,440
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Williams
College,
Refunding
Series
2021T:
345
5.000%,
7/01/34
7/31
at
100.00
AA+
397,357
440
5.000%,
7/01/35
7/31
at
100.00
AA+
505,217
360
5.000%,
7/01/36
7/31
at
100.00
AA+
412,380
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Woods
Hole
Oceanographic
Institution,
Series
2018:
1,000
5.000%,
6/01/37
6/28
at
100.00
AA-
1,088,350
1,000
5.000%,
6/01/38
6/28
at
100.00
AA-
1,086,010
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Worcester
Polytechnic
Institute,
Series
2017B:
5,000
5.000%,
9/01/42
9/27
at
100.00
A
5,198,650
5,000
5.000%,
9/01/45
9/27
at
100.00
A
5,176,600
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Worcester
Polytechnic
Institute,
Series
2019:
745
5.000%,
9/01/33
9/29
at
100.00
A
803,617
1,000
4.000%,
9/01/44
9/29
at
100.00
A
901,530
3,500
5.000%,
9/01/49
9/29
at
100.00
A
3,633,245
Massachusetts
Development
Finance
Authority,
Revenue
Bonds,
Suffolk
University,
Refunding
Series
2017:
700
5.000%,
7/01/35
7/27
at
100.00
Baa2
730,107
500
5.000%,
7/01/36
7/27
at
100.00
Baa2
520,780
2,345
Massachusetts
Development
Finance
Authority,
Revenue
Bonds,
WGBH
Educational
Foundation,
Refunding
Series
2016,
5.000%,
1/01/36
7/26
at
100.00
AA-
2,501,412
2,100
Massachusetts
Development
Finance
Authority,
Revenue
Bonds,
WGBH
Educational
Foundation,
Series
2002A,
5.750%,
1/01/42
-
AMBAC
Insured
No
Opt.
Call
AA-
2,627,058
1,655
Massachusetts
Educational
Financing
Authority,
Education
Loan
Revenue
Bonds,
Issue
J,
Series
2016,
5.000%,
7/01/24,
(AMT)
No
Opt.
Call
AA
1,714,977
Massachusetts
Educational
Financing
Authority,
Education
Loan
Revenue
Bonds,
Issue
K,
Series
2017A:
1,480
5.000%,
7/01/24,
(AMT)
No
Opt.
Call
AA
1,533,635
1,150
5.000%,
7/01/26,
(AMT)
No
Opt.
Call
AA
1,228,971
Massachusetts
Educational
Financing
Authority,
Education
Loan
Revenue
Bonds,
Issue
L,
Senior
Series
2020B:
850
5.000%,
7/01/29,
(AMT)
No
Opt.
Call
AA
933,606
1,000
5.000%,
7/01/30,
(AMT)
No
Opt.
Call
AA
1,103,580
1,000
Massachusetts
Educational
Financing
Authority,
Student
Loan
Revenue
Bonds,
Issue
I
Series
2014,
5.000%,
1/01/27,
(AMT)
1/25
at
100.00
AA
1,034,600
2,500
University
of
Massachusetts
Building
Authority,
Project
Revenue
Bonds,
Senior
Series
2015-1,
5.000%,
11/01/40
11/25
at
100.00
Aa2
2,651,225
Nuveen
Massachusetts
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
University
of
Massachusetts
Building
Authority,
Project
Revenue
Bonds,
Senior
Series
2020-1:
$
4,000
5.000%,
11/01/37
11/29
at
100.00
Aa2
$
4,455,160
1,545
5.000%,
11/01/39
11/29
at
100.00
Aa2
1,708,600
2,870
5.000%,
11/01/45
11/29
at
100.00
Aa2
3,127,496
University
of
Massachusetts
Building
Authority,
Revenue
Bonds,
Refunding
Senior
Series
2019-1:
1,000
5.000%,
5/01/38
5/29
at
100.00
Aa2
1,102,690
2,000
5.000%,
5/01/39
5/29
at
100.00
Aa2
2,198,560
1,400
University
of
Massachusetts
Building
Authority,
Revenue
Bonds,
Refunding
Senior
Series
2021-1,
5.000%,
11/01/29
No
Opt.
Call
Aa2
1,622,516
119,505
Total
Education
and
Civic
Organizations
124,392,680
Health
Care
-
19.2%
2,160
Massachusetts
Development
Finance
Agency
Revenue
Bonds,
South
Shore
Hospital,
Series
2016I,
5.000%,
7/01/41
7/26
at
100.00
BBB+
2,220,847
3,200
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Baystate
Medical
Center
Issue,
Series
2014N,
5.000%,
7/01/44
7/24
at
100.00
A+
3,282,720
1,455
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Berkshire
Health
Systems
Issue,
Refunding
Series
2021-I,
5.000%,
10/01/29
No
Opt.
Call
AA-
1,636,278
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Beth
Israel
Lahey
Health
Issue,
Series
2019K:
1,250
5.000%,
7/01/36
7/29
at
100.00
A
1,343,875
2,650
5.000%,
7/01/37
7/29
at
100.00
A
2,838,150
1,400
5.000%,
7/01/38
7/29
at
100.00
A
1,493,940
275
5.000%,
7/01/39
7/29
at
100.00
A
292,531
250
5.000%,
7/01/41
7/29
at
100.00
A
264,118
3,905
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Green
Bonds,
Series
2015D,
5.000%,
7/01/44
7/25
at
100.00
BBB
3,971,033
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Series
2016E:
2,000
5.000%,
7/01/32
7/26
at
100.00
BBB
2,100,360
1,625
5.000%,
7/01/36
7/26
at
100.00
BBB
1,688,944
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Refunding
Series
2016-I:
1,675
5.000%,
7/01/30
7/26
at
100.00
A
1,790,491
1,500
5.000%,
7/01/37
7/26
at
100.00
A
1,572,870
1,935
5.000%,
7/01/38
7/26
at
100.00
A
2,025,964
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Series
2015H-1:
900
5.000%,
7/01/30
7/25
at
100.00
A
949,041
1,000
5.000%,
7/01/32
7/25
at
100.00
A
1,045,120
500
5.000%,
7/01/33
7/25
at
100.00
A
521,530
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Series
2018J-2:
5,000
5.000%,
7/01/43
7/28
at
100.00
A
5,239,550
4,100
5.000%,
7/01/48
7/28
at
100.00
A
4,265,066
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Dana-Farber
Cancer
Institute
Issue,
Series
2016N:
1,925
5.000%,
12/01/41
12/26
at
100.00
A1
2,036,015
6,100
5.000%,
12/01/46
12/26
at
100.00
A1
6,403,536
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Lahey
Health
System
Obligated
Group
Issue,
Series
2015F:
2,645
5.000%,
8/15/35
8/25
at
100.00
A
2,754,953
5,325
5.000%,
8/15/45
8/25
at
100.00
A
5,460,042
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Mass
General
Brigham,
Series
2020A-2:
3,000
5.000%,
7/01/37
1/30
at
100.00
AA-
3,319,500
3,535
4.000%,
7/01/40
1/30
at
100.00
AA-
3,450,690
1,490
4.000%,
7/01/41
1/30
at
100.00
AA-
1,446,775
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
$
1,545
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Milford
Regional
Medical
Center
Issue,
Series
2014F,
5.750%,
7/15/43
7/23
at
100.00
BB+
$
1,564,251
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Milford
Regional
Medical
Center
Issue,
Series
2020G:
100
5.000%,
7/15/30,
144A
No
Opt.
Call
BB+
108,446
100
5.000%,
7/15/37,
144A
7/30
at
100.00
BB+
100,974
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Partners
HealthCare
System
Issue,
Series
2016Q:
1,250
4.000%,
7/01/41
7/26
at
100.00
AA-
1,212,163
2,250
5.000%,
7/01/41
7/26
at
100.00
AA-
2,366,212
6,710
5.000%,
7/01/47
7/26
at
100.00
AA-
7,017,855
6,330
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Partners
HealthCare
System
Issue,
Series
2017S-1,
4.000%,
7/01/41
1/28
at
100.00
AA-
6,146,367
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Southcoast
Health
System
Obligated
Group
Issue,
Series
2013F:
1,750
5.000%,
7/01/27
7/23
at
100.00
N/R
1,774,745
1,000
5.000%,
7/01/37
7/23
at
100.00
BBB+
1,009,270
365
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Southcoast
Health
System
Obligated
Group
Issue,
Series
2021G,
4.000%,
7/01/46
7/31
at
100.00
A-
327,011
3,800
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
The
Lowell
General
Hospital,
Series
2013G,
5.000%,
7/01/44
7/23
at
100.00
BBB+
3,827,550
890
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
UMass
Memorial
Health
Care
Obligated
Group
Issue,
Series
2017K,
5.000%,
7/01/38
1/27
at
100.00
A-
930,361
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
UMass
Memorial
Health
Care
Obligated
Group
Issue,
Series
2017L:
400
3.625%,
7/01/37
7/27
at
100.00
A-
356,988
6,855
5.000%,
7/01/44
7/27
at
100.00
A-
7,120,563
555
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
UMass
Memorial
Health
Care,
Series
2016I,
5.000%,
7/01/36
7/26
at
100.00
A-
579,653
500
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Wellforce
Issue,
Series
2019A,
5.000%,
7/01/44
1/29
at
100.00
BBB+
519,575
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Wellforce
Issue,
Series
2020C:
3,355
3.000%,
10/01/45
-
AGM
Insured
10/30
at
100.00
AA
2,630,018
3,400
4.000%,
10/01/45
-
AGM
Insured
10/30
at
100.00
AA
3,214,020
101,955
Total
Health
Care
104,219,961
Housing/Multifamily
-
2.1%
5,000
Massachusetts
Development
Finance
Agency,
Multifamily
Housing
Revenue
Bonds,
Salem
Heights
II
Preservation
Associates
LP,
Social
Series
2021A,
2.300%,
1/01/42
No
Opt.
Call
AA+
3,844,250
2,200
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Series
2019B-1,
3.100%,
12/01/44
12/28
at
100.00
AA
1,770,780
2,000
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Series
2020A-1,
3.000%,
12/01/45
12/28
at
100.00
AA
1,590,220
1,800
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Sustainability
Green
Series
2020C-1,
2.450%,
12/01/45
12/29
at
100.00
AA
1,288,278
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Sustainability
Green
Series
2020D-1:
1,500
2.200%,
12/01/40
6/30
at
100.00
AA
1,094,955
1,100
2.375%,
12/01/45
6/30
at
100.00
AA
762,773
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Sustainability
Green
Series
2021A-1:
500
2.000%,
12/01/36
6/30
at
100.00
AA
400,790
410
2.375%,
12/01/46
6/30
at
100.00
AA
280,260
325
2.450%,
12/01/51
6/30
at
100.00
AA
217,503
14,835
Total
Housing/Multifamily
11,249,809
Nuveen
Massachusetts
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Single
Family
-
1.0%
$
1,500
Massachusetts
Housing
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2020-218,
2.400%,
6/01/44
12/29
at
100.00
N/R
$
1,066,530
1,500
Massachusetts
Housing
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2021-221,
2.300%,
6/01/44
6/30
at
100.00
AA+
1,045,845
Massachusetts
Housing
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2021-223:
1,200
1.950%,
6/01/32
12/30
at
100.00
N/R
1,017,960
750
2.000%,
12/01/32
12/30
at
100.00
N/R
632,527
1,380
2.050%,
6/01/33
12/30
at
100.00
N/R
1,155,005
500
2.100%,
12/01/33
12/30
at
100.00
N/R
416,260
6,830
Total
Housing/Single
Family
5,334,127
Long-Term
Care
-
1.1%
Massachusetts
Development
Finance
Agency
Revenue
Refunding
Bonds,
NewBridge
on
the
Charles,
Inc.
Issue,
Series
2017:
1,910
4.125%,
10/01/42,
144A
10/22
at
105.00
BB+
1,938,383
275
5.000%,
10/01/47,
144A
10/22
at
105.00
BB+
288,945
560
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Berkshire
Retirement
Community
Lennox,
Series
2015,
5.000%,
7/01/31
7/25
at
100.00
A+
576,576
525
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Carleton-
Willard
Village,
Series
2019,
5.000%,
12/01/42
12/25
at
103.00
A-
539,627
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Loomis
Communities,
Series
2013A:
240
5.250%,
1/01/26
1/23
at
100.00
BBB
242,328
790
5.750%,
1/01/28
1/23
at
100.00
BBB
798,951
550
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Loomis
Communities,
Series
2021,
4.000%,
1/01/51
1/27
at
103.00
N/R
486,876
400
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Orchard
Cove,
Inc.,
Refunding
Series
2019,
5.000%,
10/01/39
10/24
at
104.00
BBB
416,348
1,020
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Salem
Community
Corporation,
Refunding
Series
2022,
5.125%,
1/01/40
1/32
at
100.00
N/R
995,326
6,270
Total
Long-Term
Care
6,283,360
Tax
Obligation/General
-
13.3%
825
Andover,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2022,
4.000%,
7/15/42
7/31
at
100.00
N/R
819,118
Central
Berkshire
Regional
School
District,
Dalton,
Massachusetts,
General
Obligation
Bonds,
State
Qualified
Series
2019:
1,400
3.000%,
6/01/38
6/28
at
100.00
AA
1,230,642
1,440
3.000%,
6/01/39
6/28
at
100.00
AA
1,239,235
1,490
3.000%,
6/01/40
6/28
at
100.00
AA
1,268,333
Fall
River,
Massachusetts,
General
Obligation
Bonds,
State
Qualified
Municipal
Purpose
Loan
Series
2021:
1,655
4.000%,
12/01/32
12/29
at
100.00
Aa2
1,741,325
1,610
4.000%,
12/01/33
12/29
at
100.00
Aa2
1,686,732
1,615
Higham,
Massachusetts,
General
Obligation
Bonds,
Water
Series
2020,
3.000%,
2/15/38
8/28
at
100.00
AAA
1,438,900
1,740
Hudson,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2011,
5.000%,
2/15/32
10/22
at
100.00
AA
1,743,411
2,000
Massachusetts
Development
Finance
Agency,
Special
Obligation
Bonds,
Commonwealth
Contract Assistance,
Series
2015A,
4.000%,
5/01/45
5/25
at
100.00
N/R
1,945,000
3,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2015C,
5.000%,
7/01/45
7/25
at
100.00
Aa1
3,139,170
1,190
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2016A,
5.000%,
3/01/46
3/24
at
100.00
Aa1
1,219,476
3,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2017A,
5.000%,
4/01/42
4/27
at
100.00
Aa1
3,210,810
5,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2017F,
5.000%,
11/01/46
11/27
at
100.00
Aa1
5,353,500
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2018A:
$
3,750
5.000%,
1/01/42
1/28
at
100.00
Aa1
$
4,016,963
2,490
5.000%,
1/01/45
1/28
at
100.00
Aa1
2,655,236
950
5.000%,
1/01/46
1/28
at
100.00
Aa1
1,011,997
11,110
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2019A,
5.250%,
1/01/44
1/29
at
100.00
Aa1
12,148,007
10,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2019C,
5.000%,
5/01/42
5/29
at
100.00
Aa1
10,870,400
1,250
Massachusetts
State,
General
Obligation
Bonds,
Refunding
Series
2020D,
4.000%,
11/01/40
11/30
at
100.00
Aa1
1,241,825
1,000
North
Reading,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2012,
5.000%,
5/15/35
10/22
at
100.00
Aa2
1,001,790
5,000
Northeast
Metropolitan
Regional
Vocational
Technical
School
District,
Massachusetts,
General
Obligation
Bonds,
School
Series
2022,
4.000%,
4/15/47
4/31
at
100.00
N/R
4,793,400
2,010
Pentucket
Regional
School
District,
Massachusetts,
General
Obligation
Bonds,
Series
2019,
3.000%,
9/01/43
9/27
at
100.00
Aa2
1,652,863
3,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1,
4.000%,
7/01/46
7/31
at
103.00
N/R
2,547,630
2,170
Tisbury,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2022,
4.000%,
8/15/42
8/30
at
100.00
N/R
2,128,293
2,615
Waltham,
Massachusetts,
General
Obligation
Bonds,
School
Series
2020,
3.000%,
10/15/33
10/29
at
100.00
AA+
2,503,340
71,310
Total
Tax
Obligation/General
72,607,396
Tax
Obligation/Limited
-
18.1%
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D:
1,355
5.000%,
11/15/27
11/25
at
100.00
BB
1,413,238
1,000
5.000%,
11/15/39
11/25
at
100.00
BB
1,014,810
Guam
Government,
Limited
Obligation
Section
30
Revenue
Bonds,
Series
2016A:
1,160
5.000%,
12/01/31
12/26
at
100.00
BB
1,204,590
2,000
5.000%,
12/01/46
12/26
at
100.00
BB
2,029,560
1,010
Martha's
Vineyard
Land
Bank,
Massachusetts,
Revenue
Bonds,
Refunding
Green
Series
2014,
5.000%,
5/01/33
-
BAM
Insured
11/24
at
100.00
AA
1,057,440
500
Martha's
Vineyard
Land
Bank,
Massachusetts,
Revenue
Bonds,
Refunding
Green
Series
2017,
5.000%,
5/01/36
5/27
at
100.00
AA
537,615
2,500
Massachusetts
Bay
Transportation
Authority,
Sales
Tax
Revenue
Bonds,
Senior
Lien
Series
2015A,
5.000%,
7/01/45
7/25
at
100.00
AA
2,622,900
10,000
Massachusetts
Bay
Transportation
Authority,
Sales
Tax
Revenue
Bonds,
Subordinated
Series
2020B-1,
5.000%,
7/01/45
7/28
at
100.00
AA
10,818,000
Massachusetts
Bay
Transportation
Authority,
Sales
Tax
Revenue
Bonds,
Subordinated
Series
2021A-1:
2,165
4.000%,
7/01/39
7/31
at
100.00
AA
2,184,831
2,500
4.000%,
7/01/40
7/31
at
100.00
AA
2,483,850
5,570
Massachusetts
Bay
Transportation
Authority,
Sales
Tax
Revenue
Bonds,
Subordinated
Sustainability
Series
2017A-1,
5.000%,
7/01/41
7/27
at
100.00
AA
6,021,783
1,125
Massachusetts
College
Building
Authority,
Project
Revenue
Bonds,
Refunding
Series
2003B,
5.375%,
5/01/23
-
SYNCORA
GTY
Insured
No
Opt.
Call
AA
1,148,085
500
Massachusetts
College
Building
Authority,
Project
Revenue
Bonds,
Refunding
Series
2022A,
4.000%,
5/01/42
5/32
at
100.00
N/R
485,740
1,310
Massachusetts
College
Building
Authority,
Revenue
Bonds,
Refunding
Series
2011A,
5.000%,
5/01/24
No
Opt.
Call
Aa2
1,365,151
1,650
Massachusetts
School
Building
Authority,
Dedicated
Sales
Tax
Revenue
Bonds,
Refunding
Senior
Series
2015C,
5.000%,
8/15/37
8/25
at
100.00
AAA
1,747,416
5,000
Massachusetts
School
Building
Authority,
Dedicated
Sales
Tax
Revenue
Bonds,
Senior
Social
Series
2020A,
4.000%,
8/15/45
8/30
at
100.00
AAA
4,883,200
7,000
Massachusetts
School
Building
Authority,
Dedicated
Sales
Tax
Revenue
Bonds,
Subordinated
Series
2018A,
5.250%,
2/15/48
2/28
at
100.00
AA+
7,609,350
9,960
Massachusetts
School
Building
Authority,
Dedicated
Sales
Tax
Revenue
Bonds,
Subordinated
Series
2019A,
5.000%,
2/15/44
2/29
at
100.00
AA+
10,866,360
Nuveen
Massachusetts
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
2,800
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
&
Accelerated
Bridge
Program,
Series
2016A,
5.000%,
6/01/41
6/26
at
100.00
AA+
$
2,961,840
1,270
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
&
Accelerated
Bridge
Programs,
Series
2017A,
5.000%,
6/01/42
6/27
at
100.00
AA+
1,353,591
4,000
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
&
Accelerated
Bridge
Programs,
Series
2018A,
5.250%,
6/01/43
6/28
at
100.00
AA+
4,351,040
3,500
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
Program,
Series
2015A,
5.000%,
6/01/45
6/25
at
100.00
AA+
3,662,470
4,805
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
6/01/43
12/27
at
100.00
AA+
5,143,320
5,000
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Refunding
Series
2021A,
5.000%,
6/01/43
6/31
at
100.00
AA+
5,525,950
1,510
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A,
5.000%,
10/01/39
10/32
at
100.00
N/R
1,567,607
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
3,177
4.550%,
7/01/40
7/28
at
100.00
N/R
3,176,968
4,510
0.000%,
7/01/46
7/28
at
41.38
N/R
1,291,619
4,300
4.750%,
7/01/53
7/28
at
100.00
N/R
4,112,090
5,708
5.000%,
7/01/58
7/28
at
100.00
N/R
5,537,331
96,885
Total
Tax
Obligation/Limited
98,177,745
Transportation
-
6.4%
1,250
Massachusetts
Department
of
Transportation,
Metropolitan
Highway
System
Revenue
Bonds,
Refunding
Senior
Lien
Series
2019A,
5.000%,
1/01/37
1/29
at
100.00
A+
1,374,300
1,500
Massachusetts
Port
Authority,
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
7/01/42,
(AMT)
7/27
at
100.00
Aa2
1,567,740
1,250
Massachusetts
Port
Authority,
Revenue
Bonds,
Refunding
Series
2021A,
5.000%,
7/01/39
7/31
at
100.00
Aa2
1,403,850
Massachusetts
Port
Authority,
Revenue
Bonds,
Refunding
Series
2021B:
1,200
5.000%,
7/01/40,
(AMT)
7/31
at
100.00
Aa2
1,288,392
5,750
5.000%,
7/01/44,
(AMT)
7/24
at
100.00
N/R
5,886,332
1,780
Massachusetts
Port
Authority,
Revenue
Bonds,
Series
2014A,
5.000%,
7/01/34
7/24
at
100.00
Aa2
1,851,663
Massachusetts
Port
Authority,
Revenue
Bonds,
Series
2015A:
1,425
5.000%,
7/01/40
7/25
at
100.00
Aa2
1,499,314
2,000
5.000%,
7/01/45
7/25
at
100.00
Aa2
2,095,540
10,000
Massachusetts
Port
Authority,
Revenue
Bonds,
Series
2019C,
5.000%,
7/01/49,
(AMT)
7/29
at
100.00
Aa2
10,456,500
2,500
Massachusetts
Port
Authority,
Revenue
Bonds,
Series
2021E,
5.000%,
7/01/51,
(AMT)
7/31
at
100.00
Aa2
2,636,150
4,675
Massachusetts
Port
Authority,
Special
Facilities
Revenue
Bonds,
BOSFUEL
Corporation,
Series
2019A,
5.000%,
7/01/49,
(AMT)
7/29
at
100.00
A1
4,832,314
33,330
Total
Transportation
34,892,095
U.S.
Guaranteed
-
5.5%
(4)
1,045
Boston,
Massachusetts,
General
Obligation
Bonds,
Series
2013A,
4.000%,
3/01/25,
(Pre-refunded
3/01/23)
3/23
at
100.00
AAA
1,053,851
1,890
Massachusetts
College
Building
Authority,
Project
Revenue
Bonds,
Green
Series
2014B,
5.000%,
5/01/44,
(Pre-refunded
5/01/24)
5/24
at
100.00
Aa2
1,971,478
5,915
Massachusetts
Development
Finance
Agency
Revenue
Bonds,
Childrens
Hospital
Issue,
Series
2014P,
5.000%,
10/01/46,
(Pre-refunded
10/01/24)
10/24
at
100.00
AA
6,224,236
2,340
Massachusetts
Development
Finance
Agency,
Hospital
Revenue
Bonds,
Cape
Cod
Healthcare
Obligated
Group,
Series
2013,
5.250%,
11/15/41,
(Pre-refunded
11/15/23)
11/23
at
100.00
A
2,420,824
6,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Atrius
Health
Issue,
Series
2019A,
5.000%,
6/01/39,
(Pre-refunded
6/01/29)
6/29
at
100.00
BBB
6,905,820
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
(4)
(continued)
$
732
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
North
Hill
Communities
Issue,
Series
2013A,
6.250%,
11/15/28,
(Pre-refunded
11/15/23),
144A
11/23
at
100.00
N/R
$
759,501
2,500
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Partners
HealthCare
System,
Series
2014M-4,
5.000%,
7/01/44,
(Pre-refunded
7/01/23)
7/23
at
100.00
AA-
2,554,300
1,550
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Phillips
Academy
,
Series
2014A,
5.000%,
9/01/43,
(Pre-refunded
9/01/23)
9/23
at
100.00
AAA
1,590,858
Massachusetts
School
Building
Authority,
Dedicated
Sales
Tax
Revenue
Bonds,
Senior
Series
2013A:
1,475
5.000%,
5/15/38,
(Pre-refunded
5/15/23)
5/23
at
100.00
AAA
1,502,877
1,650
5.000%,
5/15/38,
(Pre-refunded
5/15/23)
5/23
at
100.00
N/R
1,681,185
1,820
Massachusetts
Water
Resources
Authority,
General
Revenue
Bonds,
Refunding
Green
Series
2016C,
5.000%,
8/01/40,
(Pre-refunded
8/01/26)
8/26
at
100.00
AA+
1,996,795
1,000
Massachusetts
Water
Resources
Authority,
General
Revenue
Bonds,
Refunding
Series
2016B,
5.000%,
8/01/40,
(Pre-refunded
8/01/26)
8/26
at
100.00
AA+
1,097,140
27,917
Total
U.S.
Guaranteed
29,758,865
Utilities
-
6.9%
4,000
Boston
Water
and
Sewer
Commission,
Massachusetts,
General
Revenue
Bonds,
Senior
Series
2018A,
4.000%,
11/01/40
5/26
at
100.00
AAA
4,018,640
2,805
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
7/01/40
7/27
at
100.00
A-
2,921,828
670
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2016,
5.000%,
1/01/46
7/26
at
100.00
A-
689,678
2,700
Massachusetts
Clean
Water
Trust,
State
Revolving
Fund
Bonds,
Green
18
Series
2015,
5.000%,
2/01/45
2/24
at
100.00
AAA
2,784,780
Massachusetts
Municipal
Wholesale
Electric
Company,
MMWEC,
Revenue
Bonds,
Project
2015A,
Series
2021A:
1,000
4.000%,
7/01/39
1/32
at
100.00
N/R
990,780
1,310
4.000%,
7/01/40
1/32
at
100.00
N/R
1,283,590
1,400
4.000%,
7/01/41
1/32
at
100.00
N/R
1,355,844
4,750
4.000%,
7/01/51
1/32
at
100.00
N/R
4,348,578
Massachusetts
Water
Resources
Authority,
General
Revenue
Bonds,
Series
2017B:
1,000
5.000%,
8/01/39
8/27
at
100.00
AA+
1,087,100
1,870
5.000%,
8/01/42
8/27
at
100.00
AA+
2,023,433
5,330
Massachusetts
Water
Resources
Authority,
General
Revenue
Bonds,
Series
2020B,
5.000%,
8/01/45
8/30
at
100.00
AA+
5,909,851
4,945
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A,
5.000%,
7/01/30,
144A
No
Opt.
Call
N/R
5,178,552
3,000
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B,
5.000%,
7/01/37,
144A
7/31
at
100.00
N/R
3,050,970
1,010
Springfield
Water
and
Sewer
Commission,
Massachusetts,
General
Revenue
Bonds,
Series
2017C,
5.000%,
4/15/33
4/27
at
100.00
AA
1,097,678
625
Springfield
Water
and
Sewer
Commission,
Massachusetts,
General
Revenue
Bonds,
Series
2019E,
4.000%,
4/15/39
4/29
at
100.00
AA
631,288
36,415
Total
Utilities
37,372,590
$
515,252
Total
Long-Term
Investments
(cost
$552,003,255)
524,288,628
Other
Assets
Less
Liabilities
-
3.5%
18,852,689
Net
Assets
-
100%
$
543,141,317
(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.
(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.
(4)
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.
Nuveen
Massachusetts
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
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
Nuveen
New
Jersey
Municipal
Bond
Fund
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
99.3%
X
418,482,136
MUNICIPAL
BONDS
-
99.3%
X
418,482,136
Consumer
Discretionary
-
0.2%
Middlesex
County
Improvement
Authority,
New
Jersey,
Senior
Revenue
Bonds,
Heldrich
Center
Hotel/Conference
Center
Project,
Series
2005A:
$
935
5.000%,
1/01/32
(4)
10/22
at
100.00
Caa3
$
631,593
240
5.125%,
1/01/37
(4)
10/22
at
100.00
Caa3
146,203
1,175
Total
Consumer
Discretionary
777,796
Consumer
Staples
-
3.5%
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A:
4,435
4.000%,
6/01/37
6/28
at
100.00
A-
4,420,764
325
5.000%,
6/01/46
6/28
at
100.00
BBB+
335,783
3,935
5.250%,
6/01/46
6/28
at
100.00
BBB+
4,119,197
5,915
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018B,
5.000%,
6/01/46
6/28
at
100.00
BB+
5,961,492
14,610
Total
Consumer
Staples
14,837,236
Education
and
Civic
Organizations
-
14.1%
Atlantic
County
Improvement
Authority,
New
Jersey,
General
Obligation
Lease
Revenue
Bonds,
Stockton
University
Atlantic
City
Campus
Phase
II,
Series
2021A:
1,000
4.000%,
7/01/47
-
AGM
Insured
7/31
at
100.00
AA
942,390
2,240
4.000%,
7/01/53
-
AGM
Insured
7/31
at
100.00
AA
2,091,891
1,250
Essex
County
Improvement
Authority,
New
Jersey,
General
Obligation
Lease
Revenue
Bonds,
Institute
of
Technology
CHF-Newark,
LLC-NJIT
Student
Housing
Project,
Series
2021A,
4.000%,
8/01/60
-
BAM
Insured
8/31
at
100.00
AA
1,148,312
1,000
Gloucester
County
Improvement
Authority,
New
Jersey,
Revenue
Bonds,
Rowan
University
Fossil
Park
&
Student
Center
Projects,
Series
2021,
4.000%,
7/01/46
-
BAM
Insured
7/30
at
100.00
AA
943,970
Gloucester
County
Improvement
Authority,
New
Jersey,
Revenue
Bonds,
Rowan
University
Project,
County
Guaranteed
Loan,
Series
2019:
3,050
5.000%,
7/01/44
7/29
at
100.00
Aa1
3,297,507
4,000
4.000%,
7/01/48
7/29
at
100.00
Aa1
3,878,840
225
New
Jersey
Economic
Development
Authority,
Charter
School
Revenue
Bonds,
Foundation
Academy
Charter
School,
Series
2018A,
5.000%,
7/01/38
1/28
at
100.00
BBB-
228,330
New
Jersey
Economic
Development
Authority,
Charter
School
Revenue
Bonds,
North
Star
Academy
Charter
School
of
Newark,
Series
2017:
2,805
4.000%,
7/15/37
7/27
at
100.00
BBB-
2,596,869
100
5.000%,
7/15/47
7/27
at
100.00
BBB-
100,885
100
New
Jersey
Economic
Development
Authority,
Charter
School
Revenue
Bonds,
Teaneck
Community
Charter
School,
Series
2017A,
5.125%,
9/01/52,
144A
9/27
at
100.00
BB
99,016
945
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
The
Seeing
Eye
Inc.,
Refunding
Series
2015,
5.000%,
3/01/25
No
Opt.
Call
A
991,267
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
The
Seeing
Eye
Inc.,
Refunding
Series
2017:
355
3.000%,
6/01/32
12/27
at
100.00
A
334,137
195
5.000%,
6/01/32
12/27
at
100.00
A
206,509
1,145
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
College
of
New
Jersey,
Refunding
Series
2016F,
3.000%,
7/01/40
7/26
at
100.00
A
902,569
1,800
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Kean
University,
Refunding
Series
2015H,
4.000%,
7/01/39
-
AGM
Insured
7/25
at
100.00
AA
1,796,454
Nuveen
New
Jersey
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Montclair
State
University,
Refunding
Series
2015D:
$
2,000
5.000%,
7/01/31
7/25
at
100.00
A+
$
2,104,160
1,055
3.750%,
7/01/33
7/25
at
100.00
A+
1,026,198
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Rider
University,
Series
2017F:
360
3.750%,
7/01/37
7/27
at
100.00
BB+
296,982
1,370
4.000%,
7/01/42
7/27
at
100.00
BB+
1,110,810
2,265
5.000%,
7/01/47
7/27
at
100.00
BB+
2,129,870
1,225
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Refunding
Series
2015C,
5.000%,
7/01/32
7/25
at
100.00
BBB+
1,276,278
710
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2013D,
5.000%,
7/01/38
7/23
at
100.00
BBB+
717,867
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2016C:
1,870
3.000%,
7/01/41
7/26
at
100.00
BBB+
1,510,231
2,430
3.000%,
7/01/46
7/26
at
100.00
BBB+
1,848,720
1,085
4.000%,
7/01/46
7/26
at
100.00
BBB+
1,008,507
1,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2020C,
3.250%,
7/01/49
-
AGM
Insured
7/30
at
100.00
AA
794,680
4,500
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Stevens
Institute
of
Technology
Issue,
Green
Series
2020A,
4.000%,
7/01/50
7/30
at
100.00
BBB+
4,109,085
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Stevens
Institute
of
Technology,
Series
2017A:
1,000
5.000%,
7/01/42
7/27
at
100.00
BBB+
1,038,920
500
4.000%,
7/01/47
7/27
at
100.00
BBB+
461,225
1,310
5.000%,
7/01/47
7/27
at
100.00
BBB+
1,354,003
1,375
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
William
Paterson
University,
Series
2017B,
5.000%,
7/01/47
-
AGM
Insured
7/27
at
100.00
AA
1,451,299
835
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Senior
Series
2021B,
2.500%,
12/01/40,
(AMT)
12/29
at
100.00
AA
750,715
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Series
2018A:
1,900
3.750%,
12/01/31,
(AMT)
6/28
at
100.00
Aaa
1,876,041
430
4.000%,
12/01/35,
(AMT)
6/28
at
100.00
Aaa
432,012
770
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Subordinate
Series
2021C,
3.250%,
12/01/51,
(AMT)
12/29
at
100.00
BBB
555,332
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Senior
Lien
Series
2016-1A:
950
3.500%,
12/01/32,
(AMT)
12/25
at
100.00
Aaa
883,358
215
4.000%,
12/01/39,
(AMT)
12/25
at
100.00
Aaa
215,533
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Senior
Lien
Series
2017-1A:
575
3.750%,
12/01/33,
(AMT)
12/26
at
100.00
Aaa
572,165
70
4.000%,
12/01/40,
(AMT)
12/26
at
100.00
Aaa
70,028
1,470
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Senior
Series
2019B,
3.250%,
12/01/39,
(AMT)
6/28
at
100.00
Aa1
1,330,115
735
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Senior
Series
2020B,
3.500%,
12/01/39,
(AMT)
12/28
at
100.00
Aa1
727,407
335
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Series
2012-1A,
4.375%,
12/01/26,
(AMT)
12/22
at
100.00
Aaa
335,951
500
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Series
2012-1B,
5.750%,
12/01/39,
(AMT)
12/22
at
100.00
Aaa
502,780
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Series
2013-1A:
355
3.625%,
12/01/25,
(AMT)
12/22
at
100.00
Aaa
355,082
575
4.000%,
12/01/28,
(AMT)
12/22
at
100.00
Aaa
575,253
285
4.000%,
12/01/31,
(AMT)
12/22
at
100.00
Aaa
281,187
295
4.125%,
12/01/35,
(AMT)
12/22
at
100.00
Aaa
286,197
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Series
2014-1A-1:
$
455
4.250%,
12/01/32,
(AMT)
12/23
at
100.00
Aaa
$
456,502
440
4.500%,
12/01/36,
(AMT)
12/23
at
100.00
Aaa
441,443
995
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Series
2015-1A,
4.000%,
12/01/30,
(AMT)
12/24
at
100.00
Aaa
999,985
1,815
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Subordinate
Series
2017-C,
4.250%,
12/01/47,
(AMT)
12/26
at
100.00
Aaa
1,821,480
1,460
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Subordinate
Series
2019C,
3.625%,
12/01/49,
(AMT)
6/28
at
100.00
A2
1,205,960
3,005
New
Jersey
Institute
of
Technology,
New
Jersey,
General
Obligation
Bonds,
Series
2015A,
5.000%,
7/01/45
7/25
at
100.00
A1
3,111,738
62,730
Total
Education
and
Civic
Organizations
59,584,045
Financials
-
0.1%
481
New
Jersey
Economic
Development
Authority,
Revenue
Refunding
Bonds,
Kapkowski
Road
Landfill
Project,
Series
2002,
6.500%,
4/01/28
No
Opt.
Call
Ba2
486,602
Health
Care
-
14.6%
Camden
County
Improvement
Authority,
New
Jersey,
Health
Care
Redevelopment
Revenue
Bonds,
Cooper
Health
System
Obligated
Group
Issue,
Refunding
Series
2014A:
1,720
5.000%,
2/15/25
2/24
at
100.00
BBB+
1,766,010
800
5.000%,
2/15/28
2/24
at
100.00
BBB+
818,568
2,000
5.000%,
2/15/33
2/24
at
100.00
BBB+
2,032,100
800
Camden
County
Improvement
Authority,
New
Jersey,
Health
Care
Redevelopment
Revenue
Bonds,
Cooper
Health
System
Obligated
Group
Issue,
Series
2013A,
5.750%,
2/15/42
2/23
at
100.00
BBB+
807,576
New
Jersey
Health
Care
Facilities
Authority,
Revenue
Bonds,
Atlanticare
Health
System
Obligated
Group
Issue,
Series
2021:
1,800
2.375%,
7/01/46
7/31
at
100.00
AA-
1,187,514
1,800
3.000%,
7/01/46
7/31
at
100.00
AA-
1,366,182
1,000
3.000%,
7/01/51
7/31
at
100.00
AA-
734,210
195
New
Jersey
Health
Care
Facilities
Finance
Authority,
Revenue
Bonds,
AHS
Hospital
Corporation,
Series
2008A,
5.000%,
7/01/27
10/22
at
100.00
AA-
195,462
New
Jersey
Health
Care
Facilities
Financing
Authority,
New
Jersey,
Revenue
Bonds,
Saint
Peters
University
Hospital,
Refunding
Series
2011:
670
6.000%,
7/01/26
10/22
at
100.00
BB+
671,112
700
6.250%,
7/01/35
10/22
at
100.00
BB+
701,281
1,515
New
Jersey
Health
Care
Facilities
Financing
Authority,
New
Jersey,
Revenue
Bonds,
Saint
Peters
University
Hospital,
Series
2007,
5.750%,
7/01/37
10/22
at
100.00
BB+
1,516,727
2,080
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
AHS
Hospital
Corporation,
Refunding
Series
2016,
4.000%,
7/01/41
1/27
at
100.00
AA-
2,024,943
2,130
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Barnabas
Health,
Refunding
Series
2014A,
5.000%,
7/01/44
7/24
at
100.00
AA-
2,188,106
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Hackensack
Meridian
Health
Obligated
Group,
Refunding
Series
2017A:
3,230
5.000%,
7/01/28
7/27
at
100.00
AA-
3,564,822
2,040
5.000%,
7/01/57
7/27
at
100.00
AA-
2,112,971
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Hunterdon
Medical
Center,
Refunding
Series
2014A:
1,000
4.000%,
7/01/45
7/24
at
100.00
A+
922,510
4,480
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Inspira
Health
Obligated
Group
Issue,
Refunding
Series
2016A,
4.000%,
7/01/41
7/26
at
100.00
AA-
4,361,415
4,970
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Inspira
Health
Obligated
Group
Issue,
Series
2017A,
5.000%,
7/01/42
7/27
at
100.00
AA-
5,163,432
Nuveen
New
Jersey
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
$
570
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Meridian
Health
System
Obligated
Group,
Refunding
Series
2013A,
5.000%,
7/01/32
7/23
at
100.00
AA-
$
579,633
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Princeton
HealthCare
System,
Series
2016A:
465
5.000%,
7/01/32
7/26
at
100.00
AA
494,328
575
5.000%,
7/01/33
7/26
at
100.00
AA
609,448
600
5.000%,
7/01/34
7/26
at
100.00
AA
634,224
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Robert
Wood
Johnson
University
Hospital
Issue,
Series
2014A:
2,060
5.000%,
7/01/39
7/24
at
100.00
AA-
2,126,579
630
5.000%,
7/01/43
7/24
at
100.00
AA-
647,514
2,955
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
RWJ
Barnabas
Health
Obligated
Group,
Refunding
Series
2016A,
5.000%,
7/01/43
7/26
at
100.00
AA-
3,094,358
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
RWJ
Barnabas
Health
Obligated
Group,
Series
2021A:
3,145
3.000%,
7/01/51
7/31
at
100.00
N/R
2,344,660
3,100
4.000%,
7/01/51
7/31
at
100.00
N/R
2,896,950
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Saint
Joseph's
Healthcare
System
Obligated
Group
Issue,
Refunding
Series
2016:
2,710
3.000%,
7/01/32
7/26
at
100.00
BBB-
2,440,138
360
4.000%,
7/01/34
7/26
at
100.00
BBB-
350,114
3,085
5.000%,
7/01/41
7/26
at
100.00
BBB-
3,119,645
2,685
4.000%,
7/01/48
7/26
at
100.00
BBB-
2,404,015
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
University
Hospital
Issue,
Refunding
Series
2015A:
1,500
4.125%,
7/01/38
-
AGM
Insured
7/25
at
100.00
AA
1,500,885
1,400
5.000%,
7/01/46
-
AGM
Insured
7/25
at
100.00
AA
1,432,452
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Valley
Health
System
Obligated
Group,
Series
2019:
2,945
4.000%,
7/01/44
7/29
at
100.00
A+
2,790,063
2,695
3.000%,
7/01/49
7/29
at
100.00
A+
1,891,513
64,410
Total
Health
Care
61,491,460
Housing/Multifamily
-
6.3%
600
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
Provident
Group
-
Kean
Properties
LLC
-
Kean
University
Student
Housing
Project,
Series
2017A,
5.000%,
7/01/47
1/27
at
100.00
B
565,782
2,440
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
West
Campus
Housing
LLC
-
New
Jersey
City
University
Student
Housing
Project,
Series
2015,
5.000%,
7/01/47
7/25
at
100.00
BB-
2,202,393
1,487
New
Jersey
Housing
&
Mortgage
Finance
Agency,
Multifamily
Conduit
Revenue
Bonds,
Cherry
Garden
Apartments
Project,
Series
2021B,
2.375%,
1/01/39
No
Opt.
Call
N/R
1,170,509
2,355
New
Jersey
Housing
&
Mortgage
Finance
Agency,
Multifamily
Conduit
Revenue
Bonds,
Riverside
Village
Family
Apartments
Phase
1
Project,
Series
2019F,
1.350%,
12/01/22
No
Opt.
Call
Aaa
2,348,688
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Housing
Revenue
Bonds,
Series
2013-2:
1,770
4.350%,
11/01/33,
(AMT)
11/22
at
100.00
AA
1,771,469
1,015
4.600%,
11/01/38,
(AMT)
11/22
at
100.00
AA
1,015,903
1,010
4.750%,
11/01/46,
(AMT)
11/22
at
100.00
AA
1,010,717
1,560
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2015A,
4.000%,
11/01/45
11/24
at
100.00
AA-
1,444,435
1,135
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2016A,
3.750%,
11/01/45
11/25
at
100.00
AA-
1,017,970
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Multifamily
(continued)
$
2,145
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2016B,
3.600%,
11/01/40
11/25
at
100.00
AA-
$
1,992,619
875
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2017D,
3.900%,
11/01/32,
(AMT)
5/26
at
100.00
AA-
867,064
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2018A:
1,935
3.600%,
11/01/33
11/27
at
100.00
AA-
1,877,027
1,865
3.875%,
11/01/38
11/27
at
100.00
AA-
1,796,088
1,045
3.950%,
11/01/43
11/27
at
100.00
AA-
978,225
650
4.000%,
11/01/48
11/27
at
100.00
AA-
594,419
500
4.100%,
11/01/53
11/27
at
100.00
AA-
454,705
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2019A:
1,750
2.900%,
11/01/39
11/28
at
100.00
AA-
1,507,468
530
3.000%,
11/01/44
11/28
at
100.00
AA-
425,860
870
3.050%,
11/01/49
11/28
at
100.00
AA-
670,744
490
3.150%,
5/01/53
11/28
at
100.00
AA-
376,942
600
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2020A,
2.450%,
11/01/45
11/29
at
100.00
AA-
419,448
2,470
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2021A,
2.450%,
11/01/41
11/30
at
100.00
N/R
1,868,160
29,097
Total
Housing/Multifamily
26,376,635
Housing/Single
Family
-
3.7%
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2018A:
1,785
3.600%,
4/01/33
10/27
at
100.00
AA
1,779,966
1,170
3.750%,
10/01/35
10/27
at
100.00
AA
1,139,089
2,210
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2018B,
3.800%,
10/01/32,
(AMT)
10/27
at
100.00
AA
2,192,342
2,710
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2019C,
4.000%,
4/01/49
4/28
at
100.00
AA
2,496,073
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2020E:
1,650
2.250%,
10/01/40
4/29
at
100.00
AA
1,260,946
1,700
3.500%,
4/01/51
4/29
at
102.44
AA
1,691,806
7,255
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2021H,
2.300%,
10/01/46
4/30
at
100.00
AA
5,057,461
18,480
Total
Housing/Single
Family
15,617,683
Long-Term
Care
-
0.7%
530
New
Jersey
Economic
Development
Authority,
Fixed
Rate
Revenue
Bonds,
Lions
Gate
Project,
Series
2014,
5.250%,
1/01/44
1/24
at
100.00
N/R
508,938
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
United
Methodist
Homes
of
New
Jersey
Obligated
Group
Issue,
Refunding
Series
2014A:
165
3.750%,
7/01/24,
(ETM)
No
Opt.
Call
BB+
167,249
2,170
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
White
Horse
HMT
Urban
Renewal
LLC
Project,
Series
2020,
5.000%,
1/01/40,
144A
1/28
at
102.00
N/R
1,762,322
495
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Village
Drive
Healthcare
Urban
Renewal
LLC,
Series
2018,
5.750%,
10/01/38,
144A
10/26
at
102.00
N/R
398,999
3,360
Total
Long-Term
Care
2,837,508
Nuveen
New
Jersey
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
-
12.6%
$
735
Cumberland
County
Improvement
Authority,
New
Jersey,
General
Obligation
Lease
Revenue
Bonds,
Vineland
Public
Safety
Building
Project,
Series
2017,
3.250%,
12/15/37
12/27
at
100.00
AA
$
673,098
1,470
Cumberland
County,
New
Jersey,
General
Obligation
Bonds,
Series
2021,
2.000%,
5/15/29
5/28
at
100.00
AA-
1,340,243
Essex
County
Improvement
Authority,
New
Jersey,
Project
Consolidation
Revenue
Bonds,
Refunding
Series
2007:
840
5.250%,
12/15/22
-
AMBAC
Insured
No
Opt.
Call
Aaa
846,888
1,000
Essex
County,
New
Jersey,
General
Obligation
Bonds,
County
Vocational
School
Series
2022,
4.000%,
8/15/32
8/30
at
100.00
N/R
1,084,760
15
Flemington-Raritan
Regional
School
District,
Hunterdon
County,
New
Jersey,
General
Obligation
Bonds,
Series
2019,
2.375%,
9/01/34
9/26
at
100.00
AA
12,562
Gloucester
Township,
New
Jersey,
General
Obligation
Bonds,
Series
2019:
1,000
2.000%,
2/01/28
-
BAM
Insured
No
Opt.
Call
AA
921,020
1,500
2.250%,
2/01/29
-
BAM
Insured
No
Opt.
Call
AA
1,379,580
180
Hamilton
Township,
Mercer
County
Board
of
Education,
New
Jersey,
General
Obligation
Bonds,
Series
2017,
3.250%,
12/15/38
12/27
at
100.00
AA
161,696
1,040
Harrison,
New
Jersey,
General
Obligation
Bonds,
Parking
Utility
Series
2018,
3.375%,
3/01/34
-
BAM
Insured
3/28
at
100.00
AA
1,024,130
Hudson
County
Improvement
Authority,
New
Jersey,
County
Guaranteed
Governmental
Loan
Revenue
Bonds,
Guttenberg
General
Obligation
Bond
Project,
Series
2018:
125
3.250%,
8/01/34
8/25
at
100.00
AA
119,932
340
5.000%,
8/01/42
8/25
at
100.00
AA
353,692
Hudson
County
Improvement
Authority,
New
Jersey,
County
Secured
Lease
Revenue
Bonds,
Hudson
County
Vocational
Technical
Schools
Project,
Series
2016:
6,490
5.000%,
5/01/46,
(UB)
(5)
5/26
at
100.00
AA
6,766,993
1,000
5.250%,
5/01/51
5/26
at
100.00
AA
1,049,350
2,295
Jersey
City,
New
Jersey,
General
Obligation
Bonds,
General
Improvement
Series
2022A,
3.000%,
2/15/37
2/29
at
100.00
N/R
2,022,010
1,675
Monmouth
County
Improvement
Authority,
New
Jersey,
Governmental
Pooled
Loan
Revenue
Bonds,
Series
2021A,
3.000%,
3/01/35
3/31
at
100.00
AAA
1,543,998
Montclair
Township,
Essex
County,
New
Jersey,
General
Obligation
Bonds,
Refunding
Parking
Utility
Series
2014A:
330
3.750%,
1/01/33
1/24
at
100.00
AAA
331,382
220
5.000%,
1/01/37
1/24
at
100.00
AAA
225,641
610
New
Brunswick
Parking
Authority,
Middlesex
County,
New
Jersey,
Guaranteed
Parking
Revenue
Bonds,
Refunding
Series
2012,
5.000%,
9/01/30
10/22
at
100.00
A+
611,068
New
Brunswick
Parking
Authority,
Middlesex
County,
New
Jersey,
Guaranteed
Parking
Revenue
Bonds,
Refunding
Series
2016A:
1,900
5.000%,
9/01/32
-
BAM
Insured
9/26
at
100.00
AA
2,035,014
1,340
5.000%,
9/01/39
-
BAM
Insured
9/26
at
100.00
AA
1,418,162
1,000
New
Brunswick,
New
Jersey,
General
Obligation
Bonds,
Cultural
Center
Project,
Series
2017,
4.000%,
9/15/44
-
AGM
Insured
9/27
at
100.00
AA
957,400
New
Jersey
State,
General
Obligation
Bonds,
Covid-19
Emergency
Series
2020A:
1,000
4.000%,
6/01/31
No
Opt.
Call
A3
1,067,970
2,090
3.000%,
6/01/32
No
Opt.
Call
A3
2,000,276
2,655
4.000%,
6/01/32
No
Opt.
Call
A3
2,836,310
Newark
Board
of
Education,
Essex
County,
New
Jersey,
General
Obligation
Bonds,
School
Energy
Savings
Series
2021:
600
4.000%,
7/15/35
-
BAM
Insured
7/31
at
100.00
AA
608,130
600
4.000%,
7/15/36
-
BAM
Insured
7/31
at
100.00
AA
604,128
1,500
Ocean
City,
New
Jersey,
General
Obligation
Bonds,
General
Improvement
Series
2019,
2.250%,
9/15/33
9/26
at
100.00
AA
1,267,725
2,625
Passaic
County,
New
Jersey,
General
Obligation
Bonds,
General
Improvement
Series
2019A,
1.000%,
12/01/34
12/27
at
100.00
Aa1
1,860,206
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1:
$
1,054
5.625%,
7/01/29
No
Opt.
Call
N/R
$
1,135,179
2,339
4.000%,
7/01/33
7/31
at
103.00
N/R
2,191,666
1,145
Somers
Point,
New
Jersey,
General
Obligation
Bonds,
Improvement
Sewer
Utility
Series
2019,
2.000%,
10/01/31
10/26
at
100.00
AA-
996,345
2,460
South
Orange
&
Maplewood
School
District,
Essex
County,
New
Jersey,
General
Obligation
Bonds,
Series
2021,
2.375%,
8/15/46
8/29
at
100.00
N/R
1,630,045
625
South
Orange
Village
Township,
New
Jersey,
General
Obligation
Bonds,
Refunding
Series
2020,
4.000%,
1/15/24
No
Opt.
Call
AA-
638,394
3,820
Union
County
Utilities
Authority,
New
Jersey,
Resource
Recovery
Facility
Lease
Revenue
Bonds,
Covantan
Union
Inc.
Lessee,
Refunding
Series
2011B,
5.250%,
12/01/31,
(AMT)
10/22
at
100.00
AA+
3,826,418
2,515
Union
County
Utilities
Authority,
New
Jersey,
Solid
Waste
System
County
Deficiency
Revenue
Bonds,
Series
2011A,
5.000%,
6/15/41
10/22
at
100.00
Aaa
2,518,295
4,000
Union
County,
New
Jersey,
General
Obligation
Bonds,
Series
2018,
3.000%,
3/01/27
9/25
at
100.00
Aaa
4,052,680
1,280
Verona
Township
Board
of
Education,
Essex
County,
New
Jersey,
General
Obligation
Bonds,
Refunding
Series
2020,
2.250%,
3/01/39
3/27
at
100.00
AA-
955,354
55,413
Total
Tax
Obligation/General
53,067,740
Tax
Obligation/Limited
-
18.1%
2,100
Bergen
County
Improvement
Authority,
New
Jersey,
County
Guaranteed
Revenue
Bonds,
Bergen
New
Bridge
Medical
Center
Project,
Series
2022,
5.000%,
8/01/47
8/32
at
100.00
N/R
2,339,043
650
Bergen
County
Improvement
Authority,
New
Jersey,
Guaranteed
Lease
Revenue
Bonds,
County
Administration
Complex
Project,
Series
2005,
5.000%,
11/15/26
No
Opt.
Call
Aaa
718,309
3,655
Camden
County
Improvement
Authority,
New
Jersey,
County
Guaranteed
Loan
Revenue
Bonds,
City
Hall
Project,
Series
2018,
3.250%,
12/01/37
12/28
at
100.00
Aa1
3,369,325
1,795
Garden
State
Preservation
Trust,
New
Jersey,
Open
Space
and
Farmland
Preservation
Bonds,
Series
2005A,
5.750%,
11/01/28
-
AGM
Insured
No
Opt.
Call
AA
2,006,810
2,985
New
Jersey
Economic
Development
Authority,
New
Jersey,
Transit
Transportation
Project
Revenue
Bonds,
Series
2020A,
4.000%,
11/01/39
11/29
at
100.00
Baa1
2,871,361
2,445
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
Motor
Vehicle
Surcharge,
Refunding
Subordinate
Series
2017A,
3.375%,
7/01/30
7/27
at
100.00
Baa3
2,359,449
2,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
New
Jersey
Transit
Corporation
Projects
Sublease,
Refunding
Series
2017B,
5.000%,
11/01/25
No
Opt.
Call
Baa1
2,125,700
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2015WW:
4,110
5.250%,
6/15/40
6/25
at
100.00
Baa1
4,243,575
1,460
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Social
Series
2021QQQ,
5.000%,
6/15/33
12/30
at
100.00
Baa1
1,586,786
1,625
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Financing
Program
Bonds,
Refunding
Series
2014PP,
5.000%,
6/15/26
6/24
at
100.00
Baa1
1,683,809
New
Jersey
Transportation
Trust
Fund
Authority,
Federal
Highway
Reimbursement
Revenue
Notes,
Series
2016A-1:
255
5.000%,
6/15/29
6/26
at
100.00
A+
274,038
175
5.000%,
6/15/30
6/26
at
100.00
A+
187,600
2,870
New
Jersey
Transportation
Trust
Fund
Authority,
Federal
Highway
Reimbursement
Revenue
Notes,
Series
2018A,
5.000%,
6/15/31
6/26
at
100.00
A+
3,067,513
695
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2022BB,
4.000%,
6/15/46
12/31
at
100.00
N/R
637,391
14,360
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A,
0.000%,
12/15/30
No
Opt.
Call
Baa1
10,464,994
1,930
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006A,
5.500%,
12/15/22
No
Opt.
Call
Baa1
1,947,370
Nuveen
New
Jersey
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C:
$
6,925
0.000%,
12/15/32
-
AGM
Insured
No
Opt.
Call
AA
$
4,711,978
4,765
0.000%,
12/15/33
-
AGM
Insured
No
Opt.
Call
AA
3,080,715
1,045
0.000%,
12/15/34
-
AGM
Insured
No
Opt.
Call
AA
641,609
1,550
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2010D,
5.000%,
12/15/24
No
Opt.
Call
Baa1
1,621,440
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2013AA:
135
5.000%,
6/15/36
6/23
at
100.00
Baa1
136,663
1,305
5.000%,
6/15/44
6/23
at
100.00
Baa1
1,318,181
575
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2015AA,
5.000%,
6/15/45
6/25
at
100.00
Baa1
587,064
1,035
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019A,
4.000%,
12/15/39
12/29
at
100.00
Baa1
995,411
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019BB:
2,375
3.500%,
6/15/46
12/28
at
100.00
Baa1
1,911,566
1,000
4.000%,
6/15/50
12/28
at
100.00
Baa1
905,010
1,550
5.000%,
6/15/50
12/28
at
100.00
Baa1
1,597,833
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2020AA:
1,000
5.000%,
6/15/45
12/30
at
100.00
Baa1
1,038,550
1,040
4.000%,
6/15/50
12/30
at
100.00
Baa1
941,210
3,475
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2021A,
4.000%,
6/15/34
6/31
at
100.00
Baa1
3,425,864
1,140
Passaic
County
Improvement
Authority,
New
Jersey,
Lease
Revenue
Bonds,
Preakness
Healthcare
Center
Expansion
Project,
Refunding
Series
2015,
3.750%,
5/01/36
5/25
at
100.00
AA
1,137,207
1,725
Passaic
County
Improvement
Authority,
New
Jersey,
Lease
Revenue
Bonds,
Preakness
Healthcare
Center
Expansion
Project,
Series
2012,
3.500%,
5/01/35
10/22
at
100.00
Aa1
1,705,094
1,690
Puerto
Rico
Public
Finance
Corporation,
Commonwealth
Appropriation
Bonds,
Series
1998A,
5.125%,
6/01/24
-
AMBAC
Insured
No
Opt.
Call
Aaa
1,735,579
2,805
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1,
5.000%,
7/01/58
7/28
at
100.00
N/R
2,721,131
2,634
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2,
4.329%,
7/01/40
7/28
at
100.00
N/R
2,563,567
3,000
Union
County
Improvement
Authority,
New
Jersey,
Lease
Revenue
Bonds,
Plainfield
-
Park
Madison
Redevelopment
Project,
Refunding
Series
2013A,
5.000%,
3/01/34,
(UB)
(5)
No
Opt.
Call
AA+
3,404,940
83,879
Total
Tax
Obligation/Limited
76,063,685
Transportation
-
13.0%
1,100
Delaware
River
and
Bay
Authority,
Delaware
and
New
Jersey,
Revenue
Bonds,
Series
2012A,
5.000%,
1/01/42
1/23
at
100.00
A1
1,107,711
Delaware
River
and
Bay
Authority,
Delaware
and
New
Jersey,
Revenue
Bonds,
Series
2014A:
360
5.000%,
1/01/34
1/24
at
100.00
A1
370,469
1,520
4.125%,
1/01/39
1/24
at
100.00
A1
1,525,867
2,000
5.000%,
1/01/44
1/24
at
100.00
A1
2,049,180
1,100
Delaware
River
and
Bay
Authority,
Delaware
and
New
Jersey,
Revenue
Bonds,
Series
2019,
4.000%,
1/01/44
1/29
at
100.00
A1
1,066,560
1,635
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Refunding
Series
2015,
4.000%,
7/01/35
-
BAM
Insured
7/25
at
100.00
AA
1,670,381
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Series
2017:
1,000
5.000%,
7/01/42
7/27
at
100.00
A1
1,070,110
3,865
5.000%,
7/01/47
7/27
at
100.00
A1
4,098,755
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Series
2019A:
$
1,105
5.000%,
7/01/30
7/29
at
100.00
A1
$
1,256,109
1,285
5.000%,
7/01/31
7/29
at
100.00
A1
1,453,335
1,000
3.000%,
7/01/49
7/29
at
100.00
A1
764,300
1,760
Delaware
River
Port
Authority,
New
Jersey
and
Pennsylvania,
Revenue
Bonds, Series
2013,
5.000%,
1/01/40
1/24
at
100.00
A+
1,781,314
Delaware
River
Port
Authority,
Pennsylvania
and
New
Jersey,
Revenue
Refunding
Bonds,
Port
District
Project,
Series
2012:
1,000
5.000%,
1/01/24
1/23
at
100.00
A
1,009,000
1,095
5.000%,
1/01/26
1/23
at
100.00
A
1,103,891
1,070
5.000%,
1/01/27
1/23
at
100.00
A
1,078,475
New
Jersey
Economic
Development
Authority,
Private
Activity
Bonds,
The
Goethals
Bridge
Replacement
Project,
Series
2013:
1,260
5.000%,
7/01/23,
(AMT)
No
Opt.
Call
A2
1,284,368
1,705
5.000%,
1/01/31
-
AGM
Insured,
(AMT)
1/24
at
100.00
AA
1,741,436
1,445
5.625%,
1/01/52,
(AMT)
1/24
at
100.00
BBB+
1,472,224
New
Jersey
Economic
Development
Authority,
Special
Facilities
Revenue
Bonds,
Continental
Airlines
Inc.,
Series
1999:
110
5.125%,
9/15/23,
(AMT)
10/22
at
101.00
Ba3
111,212
2,025
5.250%,
9/15/29,
(AMT)
10/22
at
101.00
Ba3
2,047,457
380
New
Jersey
Economic
Development
Authority,
Special
Facilities
Revenue
Bonds,
Continental
Airlines
Inc.,
Series
2000A
&
2000B,
5.625%,
11/15/30,
(AMT)
3/24
at
101.00
Ba3
390,822
New
Jersey
Economic
Development
Authority,
Special
Facility
Revenue
Bonds,
Port
Newark
Container
Terminal
LLC
Project,
Refunding
Series
2017:
3,085
5.000%,
10/01/37,
(AMT)
10/27
at
100.00
Baa3
3,202,446
2,810
5.000%,
10/01/47,
(AMT)
10/27
at
100.00
Baa3
2,878,170
1,315
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Series
2005A,
5.250%,
1/01/29
-
AGM
Insured
No
Opt.
Call
AA
1,504,413
1,575
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2021A,
4.000%,
1/01/51
1/31
at
100.00
A+
1,480,138
2,500
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2022A,
4.000%,
1/01/43
7/32
at
100.00
N/R
2,392,175
1,810
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
One
Hundred
Seventy
Ninth
Series
2013,
5.000%,
12/01/43
12/23
at
100.00
Aa3
1,856,101
5,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Thirty
Series
2022,
3.000%,
12/01/31
No
Opt.
Call
N/R
4,755,600
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Twelfth
Series
2019:
2,000
4.000%,
9/01/38
9/29
at
100.00
Aa3
1,971,740
2,875
4.000%,
9/01/39
9/29
at
100.00
Aa3
2,825,435
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Refunding
Series
2019A:
1,770
5.000%,
11/01/31
-
AGM
Insured
11/29
at
100.00
AA
1,955,815
1,000
5.000%,
11/01/33
-
AGM
Insured
11/29
at
100.00
AA
1,094,020
520
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Series
2020A,
5.000%,
11/01/45
11/30
at
100.00
BBB+
544,487
54,080
Total
Transportation
54,913,516
U.S.
Guaranteed
-
4.1%
(6)
1,945
Cumberland
County
Improvement
Authority,
New
Jersey,
County
General
Obligation
Revenue
Bonds,
Technical
High
School
Project,
Series
2014,
5.000%,
9/01/39,
(Pre-refunded
9/01/24)
-
AGM
Insured
9/24
at
100.00
AA
2,044,331
Essex
County
Improvement
Authority,
New
Jersey,
Project
Consolidation
Revenue
Bonds,
Refunding
Series
2007:
5
5.250%,
12/15/22
-
AMBAC
Insured,
(ETM)
No
Opt.
Call
Aaa
5,043
Nuveen
New
Jersey
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
(6)
(continued)
$
1,215
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
United
Methodist
Homes
of
New
Jersey
Obligated
Group
Issue,
Refunding
Series
2013,
5.000%,
7/01/34,
(Pre-refunded
7/01/23)
7/23
at
100.00
BB+
$
1,238,753
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
United
Methodist
Homes
of
New
Jersey
Obligated
Group
Issue,
Refunding
Series
2014A:
405
5.000%,
7/01/29,
(Pre-refunded
7/01/24)
7/24
at
100.00
BB+
422,553
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2015WW:
250
5.250%,
6/15/40,
(Pre-refunded
6/15/25)
6/25
at
100.00
N/R
268,910
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Financing
Program
Bonds,
Refunding
Series
2013NN:
2,055
5.000%,
3/01/30,
(Pre-refunded
3/01/23)
3/23
at
100.00
Baa1
2,081,694
1,225
5.000%,
3/01/31,
(Pre-refunded
3/01/23)
3/23
at
100.00
Baa1
1,240,913
New
Jersey
Economic
Development
Authority,
Water
Facilities
Revenue
Bonds,
Middlesex
Water
Company,
Series
2012C:
2,175
4.250%,
10/01/47,
(Pre-refunded
10/01/22),
(AMT)
10/22
at
100.00
A+
2,178,088
New
Jersey
Education
Facilities
Authority
Revenue
Bonds,
The
College
of
New
Jersey
Issue,
Series
2013A:
770
5.000%,
7/01/38,
(Pre-refunded
7/01/23)
7/23
at
100.00
A
786,655
1,015
5.000%,
7/01/43,
(Pre-refunded
7/01/23)
7/23
at
100.00
A
1,036,955
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Hunterdon
Medical
Center,
Refunding
Series
2014A:
655
5.000%,
7/01/45,
(Pre-refunded
7/01/24)
7/24
at
100.00
A+
684,586
280
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Kennedy
Health
System
Obligated
Group
Issue,
Refunding
Series
2012,
3.750%,
7/01/27,
(ETM)
No
Opt.
Call
N/R
288,266
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Palisades
Medical
Center
Obligated
Group
Issue,
Refunding
Series
2013:
665
5.250%,
7/01/31,
(Pre-refunded
7/01/23)
7/23
at
100.00
N/R
680,741
145
5.250%,
7/01/31,
(Pre-refunded
7/01/23)
7/23
at
100.00
N/R
148,191
360
5.500%,
7/01/43,
(Pre-refunded
7/01/23)
7/23
at
100.00
N/R
369,259
80
5.500%,
7/01/43,
(Pre-refunded
7/01/23)
7/23
at
100.00
N/R
81,924
480
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Saint
Luke's
Warren
Hospital
Obligated
Group,
Series
2013,
4.000%,
8/15/37,
(Pre-refunded
8/15/23)
8/23
at
100.00
A-
487,003
1,500
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Series
2012B,
5.000%,
1/01/28,
(Pre-refunded
1/01/23)
1/23
at
100.00
A+
1,513,515
1,415
Rutgers
State
University,
New
Jersey,
Revenue
Bonds,
Refunding
Series
2013L,
5.000%,
5/01/43,
(Pre-refunded
5/01/23)
5/23
at
100.00
Aa3
1,440,187
300
Salem
County
Pollution
Control
Financing
Authority,
New
Jersey,
Pollution
Control
Revenue
Bonds,
Chambers
Project,
Refunding
Series
2014A,
5.000%,
12/01/23,
(AMT),
(ETM)
No
Opt.
Call
BBB
305,556
16,940
Total
U.S.
Guaranteed
17,303,123
Utilities
-
8.3%
New
Jersey
Economic
Development
Authority,
Energy
Facilities
Revenue
Bonds,
UMM
Energy
Partners,
LLC
Project,
Series
2012A:
500
5.000%,
6/15/37,
(AMT)
10/22
at
100.00
Baa2
500,425
1,000
5.125%,
6/15/43,
(AMT)
10/22
at
100.00
Baa2
1,000,730
1,975
New
Jersey
Economic
Development
Authority,
Natural
Gas
Facilities
Revenue
Bonds,
New
Jersey
Natural
Gas
Company
Project,
Refunding
Series
2011A,
2.750%,
8/01/39
8/24
at
100.00
A1
1,601,370
New
Jersey
Economic
Development
Authority,
Water
Facilities
Revenue
Bonds,
Middlesex
Water
Company,
Series
2012C:
1,045
5.000%,
10/01/23
No
Opt.
Call
A+
1,073,403
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
$
4,195
New
Jersey
Economic
Development
Authority,
Water
Facilities
Revenue
Bonds,
Middlesex
Water
Company,
Series
2019,
4.000%,
8/01/59,
(AMT)
8/29
at
100.00
A+
$
3,734,850
5,000
New
Jersey
Economic
Development
Authority,
Water
Facilities
Revenue
Bonds,
New
Jersey-American
Water
Company
Inc.
Project,
Refunding
Series
2019A,
2.200%,
10/01/39,
(AMT),
(Mandatory
Put
12/03/29)
12/29
at
100.00
A+
4,390,250
3,150
New
Jersey
Economic
Development
Authority,
Water
Facilities
Revenue
Bonds,
New
Jersey-American
Water
Company
Inc.
Project,
Refunding
Series
2020B,
1.200%,
11/01/34,
(AMT),
(Mandatory
Put
6/01/23)
No
Opt.
Call
A+
3,107,916
New
Jersey
Infrastructure
Bank,
Environmental
Infrastructure
Bonds,
Green
Series
2021A-1:
3,520
3.000%,
9/01/31
9/30
at
100.00
AAA
3,484,870
4,935
3.000%,
9/01/32
9/30
at
100.00
AAA
4,790,405
5,085
3.000%,
9/01/33
9/30
at
100.00
AAA
4,798,104
695
Passaic
County
Utilities
Authority,
New
Jersey,
Solid
Waste
Disposal
Revenue
Bonds,
Refunding
Series
2018,
5.000%,
3/01/37
No
Opt.
Call
AA
800,174
1,260
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A,
5.000%,
7/01/30,
144A
No
Opt.
Call
N/R
1,319,510
5,000
Salem
County
Pollution
Control
Financing
Authority,
New
Jersey,
Revenue
Bonds,
Atlantic
City
Electric
Company
Project,
Refunding
Series
2020,
2.250%,
6/01/29
No
Opt.
Call
A
4,523,100
37,360
Total
Utilities
35,125,107
$
442,015
Total
Long-Term
Investments
(cost
$442,249,626)
418,482,136
Floating
Rate
Obligations
-
(1.8)%
(
7,590,000
)
Other
Assets
Less
Liabilities
-
2.5%
10,561,392
Net
Assets
-
100%
$
421,453,528
(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.
(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.
(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,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(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.
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.
Nuveen
New
York
Municipal
Bond
Fund
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
99.6%
X
1,185,185,287
MUNICIPAL
BONDS
-
99.6%
X
1,185,185,287
Consumer
Staples
-
3.2%
$
15,110
Erie
County
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2005A,
5.000%,
6/01/38
10/22
at
100.00
B-
$
15,109,698
76,105
Erie
County
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2005C,
0.000%,
6/01/50,
144A
10/22
at
17.62
N/R
7,926,335
New
York
Counties
Tobacco
Trust
VI,
New
York,
Tobacco
Settlement
Pass-Through
Bonds,
Series
2016A-1:
1,310
5.625%,
6/01/35
No
Opt.
Call
BBB
1,351,750
6,885
5.750%,
6/01/43
No
Opt.
Call
BB+
7,426,987
1,565
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
1,534,592
10,000
Suffolk
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2021B-2,
0.000%,
6/01/66
6/31
at
27.72
N/R
1,208,100
3,000
TSASC
Inc.,
New
York,
Tobacco
Asset-Backed
Bonds,
Series
2006,
5.000%,
6/01/48
6/27
at
100.00
N/R
2,910,990
113,975
Total
Consumer
Staples
37,468,452
Education
and
Civic
Organizations
-
11.5%
2,095
Buffalo
and
Erie
County
Industrial
Land
Development
Corporation,
New
York,
Revenue
Bonds,
Enterprise
Charter
School
Project,
Series
2011A,
7.500%,
12/01/40
10/22
at
100.00
CCC
1,960,019
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
Bronx
Charter
School
for
Excellence,
Series
2013A:
1,630
5.000%,
4/01/33
4/23
at
100.00
BBB-
1,639,747
1,250
5.500%,
4/01/43
4/23
at
100.00
BBB-
1,257,550
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
Children's
Aid
Society
Project,
Series
2015:
2,500
5.000%,
7/01/40
7/25
at
100.00
A+
2,587,075
2,500
5.000%,
7/01/45
7/25
at
100.00
A+
2,582,450
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
City
University
of
New
York
-
Queens
College,
Q
Student
Residences,
LLC
Project,
Refunding
Series
2014A:
1,000
5.000%,
6/01/38
6/24
at
100.00
Aa2
1,029,180
4,050
5.000%,
6/01/43
6/24
at
100.00
Aa2
4,160,524
500
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
Global
Community
Charter
School
Project,
Series
2022A,
5.000%,
6/15/42
6/32
at
100.00
N/R
508,870
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
Metropolitan
College
of
New
York,
Series
2014:
2,240
5.000%,
11/01/39
11/24
at
100.00
BB
2,248,490
2,200
5.500%,
11/01/44
11/24
at
100.00
BB
2,223,914
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
South
Bronx
Charter
School
for
International
Cultures
and
the
Arts
Project,
Series
2013A:
1,050
5.000%,
4/15/33,
144A
4/23
at
100.00
BB+
1,053,560
1,875
5.000%,
4/15/43,
144A
4/23
at
100.00
BB+
1,876,687
2,395
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Family
Life
Academy
Charter
School,
Series
2020C-1,
5.000%,
6/01/55,
144A
12/30
at
100.00
N/R
1,973,887
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Richmond
Preparatory
Charter
School
Project,
Social
Impact
Project
Series
2021A:
$
500
5.000%,
6/01/41,
144A
6/29
at
100.00
N/R
$
502,520
2,620
5.000%,
6/01/56,
144A
6/29
at
100.00
N/R
2,545,382
595
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Saint
Johns
University,
Series
2015A,
5.000%,
7/01/37
7/25
at
100.00
A-
611,725
3,835
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Yeshiva
University,
Series
2022A,
5.000%,
7/15/42
7/32
at
100.00
N/R
3,933,214
Dormitory
Authority
of
the
State
of
New
York,
Housing
Revenue
Bonds,
Fashion
Institute
of
Technology,
Series
2007:
1,670
5.250%,
7/01/29
-
FGIC
Insured
No
Opt.
Call
Baa2
1,757,408
735
5.250%,
7/01/34
-
FGIC
Insured
No
Opt.
Call
Baa2
760,938
Dormitory
Authority
of
the
State
of
New
York,
Insured
Revenue
Bonds,
Touro
College
and
University
System,
Series
2014A:
2,930
5.500%,
1/01/39
7/24
at
100.00
BBB-
2,975,796
3,065
5.500%,
1/01/44
7/24
at
100.00
BBB-
3,104,814
1,600
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Barnard
College,
Refunding
Series
2015A,
5.000%,
7/01/43
7/25
at
100.00
A2
1,640,704
9,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Fordham
University,
Series
2020,
4.000%,
7/01/46
7/29
at
100.00
A
8,268,300
2,760
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Icahn
School
of
Medicine
at
Mount
Sinai,
Refunding
Series
2015A,
5.000%,
7/01/40
7/25
at
100.00
A-
2,834,437
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
School
University,
Series
2015A:
4,270
5.000%,
7/01/45
7/25
at
100.00
N/R
4,337,338
3,760
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
School
University,
Series
2016A,
5.000%,
7/01/46
1/27
at
100.00
A3
3,835,802
2,605
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
School
University,
Series
2022A,
4.000%,
7/01/47
7/32
at
100.00
N/R
2,282,241
1,055
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
York
University,
Series
2001-1,
5.500%,
7/01/40
-
AMBAC
Insured
No
Opt.
Call
Aa2
1,272,056
3,450
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
York
University,
Series
2015A,
5.000%,
7/01/35
7/25
at
100.00
Aa2
3,637,162
1,215
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
York
University,
Series
2016A,
4.000%,
7/01/43
7/26
at
100.00
Aa2
1,170,762
1,500
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
York
University,
Series
2018A,
5.000%,
7/01/48
7/28
at
100.00
Aa2
1,620,720
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
York
University,
Series
2019A:
1,700
5.000%,
7/01/42
7/29
at
100.00
Aa2
1,849,090
10,000
4.000%,
7/01/45
7/29
at
100.00
N/R
9,463,300
4,250
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Rockefeller
University,
Series
2020A,
5.000%,
7/01/53
7/30
at
100.00
Aa1
4,573,553
8,665
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Rockefeller
University,
Series
2022A,
4.000%,
7/01/42
7/32
at
100.00
N/R
8,173,694
100
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Saint
Joseph's
College,
Series
2021,
5.000%,
7/01/51
7/30
at
100.00
BBB-
102,977
3,450
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Vaughn
College
of
Aeronautics
&
Technology,
Series
2016A,
5.500%,
12/01/36,
144A
12/26
at
100.00
BB-
3,499,163
9,175
Dutchess
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Marist
College
Project,
Series
2022,
5.000%,
7/01/52
7/32
at
100.00
N/R
9,781,009
7,500
Glen
Cove
Local
Economic
Assistance
Corporation,
New
York,
Revenue
Bonds,
Garvies
Point
Public
Improvement
Project,
Capital
Appreciation
Series
2016B,
0.010%,
1/01/45
No
Opt.
Call
N/R
1,960,275
3,040
Glen
Cove
Local
Economic
Assistance
Corporation,
New
York,
Revenue
Bonds,
Garvies
Point
Public
Improvement
Project,
Capital
Appreciation
Series
2016C,
0.000%,
1/01/55
(4)
1/34
at
100.00
N/R
2,650,181
Nuveen
New
York
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
$
760
New
Rochelle
Corporation,
New
York,
Local
Development
Revenue
Bonds,
Iona
College
Project,
Series
2015A,
5.000%,
7/01/45
7/25
at
100.00
BBB
$
774,212
2,095
New
York
City
Industrial
Development
Agency,
New
York,
PILOT
Payment
in
Lieu
of
Taxes
Revenue
Bonds,
Queens
Baseball
Stadium
Project,
Refunding
Series
2021A,
3.000%,
1/01/37
-
AGM
Insured
1/31
at
100.00
AA
1,777,817
2,620
New
York
City
Industrial
Development
Agency,
New
York,
PILOT
Payment
in
Lieu
of
Taxes
Revenue
Bonds,
Yankee
Stadium
Project,
Series
2020A,
4.000%,
3/01/45
-
AGM
Insured
9/30
at
100.00
N/R
2,430,967
3,740
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
Bank
of
America
Tower
at
One
Bryant
Park
Project,
Second
Priority
Refunding
Series
2019
Class
2,
2.625%,
9/15/69
3/29
at
100.00
A2
3,351,825
2,810
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
Bank
of
America
Tower
at
One
Bryant
Park
Project,
Second
Priority
Refunding
Series
2019
Class
3,
2.800%,
9/15/69
3/29
at
100.00
Baa2
2,527,230
750
Oneida
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Utica
College
Project,
Series
2019,
4.000%,
7/01/39
7/29
at
100.00
BBB-
666,398
10,000
Onondaga
County
Trust
For
Cultural
Resources,
New
York,
Revenue
Bonds,
Syracuse
University
Project,
Series
2019,
5.000%,
12/01/43
12/29
at
100.00
AA-
11,014,500
Yonkers
Economic
Development
Corporation,
New
York,
Educational
Revenue
Bonds,
Lamartine/Warburton
LLC-
Charter
School
of
Educational
Excellence
Project,
Series
2019A:
200
4.000%,
10/15/29
No
Opt.
Call
N/R
192,070
205
5.000%,
10/15/39
10/29
at
100.00
N/R
203,590
143,510
Total
Education
and
Civic
Organizations
137,185,123
Financials
-
0.9%
5,710
Liberty
Development
Corporation,
New
York,
Goldman
Sachs
Headquarter
Revenue
Bonds,
Series
2005,
5.250%,
10/01/35
No
Opt.
Call
A2
6,388,462
3,475
Liberty
Development
Corporation,
New
York,
Goldman
Sachs
Headquarters
Revenue
Bonds
Series
2007,
5.500%,
10/01/37
No
Opt.
Call
A2
3,988,953
9,185
Total
Financials
10,377,415
Health
Care
-
10.5%
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Northwell
Health
Obligated
Group,
Series
2022A:
15,600
4.000%,
5/01/45
5/32
at
100.00
N/R
14,521,572
18,290
4.250%,
5/01/52
5/32
at
100.00
N/R
17,192,966
9,255
5.000%,
5/01/52
5/32
at
100.00
N/R
9,626,218
3,250
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Montefiore
Obligated
Group,
Series
2018A,
5.000%,
8/01/35
8/28
at
100.00
BBB-
3,295,760
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Montefiore
Obligated
Group,
Series
2020A:
1,200
5.000%,
9/01/30
3/30
at
100.00
N/R
1,252,620
2,680
5.000%,
9/01/34
3/30
at
100.00
N/R
2,737,271
2,620
5.000%,
9/01/35
3/30
at
100.00
N/R
2,664,776
11,400
4.000%,
9/01/50
3/30
at
100.00
BBB-
9,360,198
2,300
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
North
Shore
Long
Island
Jewish
Obligated
Group,
Series
2015A,
5.000%,
5/01/43
5/25
at
100.00
A-
2,362,261
29,985
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
NYU
Langone
Hospitals
Obligated
Group,
Series
2020A,
4.000%,
7/01/53
7/30
at
100.00
A
27,388,299
1,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2015,
5.000%,
12/01/29,
144A
6/25
at
100.00
BBB-
1,023,520
200
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2017,
5.000%,
12/01/36,
144A
6/27
at
100.00
BBB-
201,426
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
Dutchess
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Health
Quest
Systems,
Inc.
Project,
Series
2016B:
$
11,800
4.000%,
7/01/41
7/26
at
100.00
A-
$
10,576,576
1,325
5.000%,
7/01/46
7/26
at
100.00
A-
1,345,153
5,375
Genesee
County
Funding
Corporation,
New
York,
Revenue
Bonds,
Rochester
Regional
Health
Project,
Series
2022A,
5.250%,
12/01/52
12/32
at
100.00
N/R
5,527,650
1,395
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
Rochester
General
Hospital
Project,
Series
2013A,
5.000%,
12/01/42
12/22
at
100.00
BBB+
1,397,567
2,600
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
Rochester
Regional
Health
Project,
Series
2020A,
4.000%,
12/01/46
12/30
at
100.00
BBB+
2,225,938
375
Monroe
County
Industrial
Development
Corporation,
New
York,
Tax-
Exempt
Revenue
Bonds,
Highland
Hospital
of
Rochester
Project,
Series
2015,
5.000%,
7/01/34
7/25
at
100.00
A
389,726
2,000
New
York
City
Health
and
Hospitals
Corporation,
New
York,
Health
System
Revenue
Bonds,
Series
2020A,
4.000%,
2/15/45
2/31
at
100.00
Aa3
1,914,440
9,905
Westchester
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Westchester
Medical
Center
Obligated
Group
Project,
Refunding
Series
2016,
5.000%,
11/01/46
11/25
at
100.00
Baa2
9,820,808
132,555
Total
Health
Care
124,824,745
Housing/Multifamily
-
0.1%
1,355
New
York
State
Housing
Finance
Agency,
Multifamily
Housing
Revenue
Bonds,
Cannon
Street
Senior
Housing
Project,
Series
2007A,
5.300%,
2/15/39,
(AMT)
10/22
at
100.00
Aa1
1,356,287
Industrials
-
2.0%
17,020
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
16,464,637
7,550
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
2
Series
2014,
5.150%,
11/15/34,
144A
11/24
at
100.00
N/R
7,630,785
80
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
7
World
Trade
Center
Project,
Refunding
Green
Series
2022A-
CL2,
3.500%,
9/15/52
3/30
at
100.00
N/R
62,399
24,650
Total
Industrials
24,157,821
Long-Term
Care
-
0.2%
650
Dormitory
Authority
of
the
State
of
New
York,
Non-State
Supported
Debt,
Ozanam
Hall
of
Queens
Nursing
Home
Revenue
Bonds,
Series
2006,
5.000%,
11/01/31
10/22
at
100.00
A2
654,732
550
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
Saint
Ann's
Community
Project,
Series
2019,
5.000%,
1/01/40
1/26
at
103.00
N/R
493,928
New
York
City
Industrial
Development
Agency,
New
York,
Civic
Facility
Revenue
Bonds,
Special
Needs
Facilities
Pooled
Program,
Series
2008A-1:
155
5.800%,
7/01/23,
144A
10/22
at
100.00
N/R
150,667
395
6.100%,
7/01/28,
144A
10/22
at
100.00
N/R
334,972
210
6.200%,
7/01/33,
144A
10/22
at
100.00
N/R
161,635
1,960
Total
Long-Term
Care
1,795,934
Materials
-
0.2%
Build
New
York
City
Resource
Corporation,
New
York,
Solid
Waste
Disposal
Revenue
Bonds,
Pratt
Paper
NY,
Inc.
Project,
Series
2014:
555
4.500%,
1/01/25,
(AMT),
144A
No
Opt.
Call
N/R
565,761
2,145
5.000%,
1/01/35,
(AMT),
144A
1/25
at
100.00
N/R
2,194,550
2,700
Total
Materials
2,760,311
Nuveen
New
York
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
-
6.6%
$
3,190
Nassau
County,
New
York,
General
Obligation
Bonds,
General
Improvement
Bonds
Series
2019B,
5.000%,
4/01/35
-
AGM
Insured
4/30
at
100.00
N/R
$
3,546,259
Nassau
County,
New
York,
General
Obligation
Bonds,
General
Improvement
Series
2016C:
2,000
5.000%,
4/01/39
-
BAM
Insured
4/26
at
100.00
AA
2,134,640
1,000
5.000%,
4/01/40
-
BAM
Insured
4/26
at
100.00
AA
1,065,920
1,955
Nassau
County,
New
York,
General
Obligation
Bonds,
General
Improvement
Series
2019A,
5.000%,
4/01/37
-
AGM
Insured
4/29
at
100.00
AA
2,132,123
2,070
Nassau
County,
New
York,
General
Obligation
Bonds,
General
Improvement
Series
2021A,
4.000%,
4/01/44
-
AGM
Insured
4/31
at
100.00
N/R
1,992,458
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2013
Series
F-1:
35
5.000%,
3/01/37
3/23
at
100.00
AA
35,409
2,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2014
Series
D-1,
5.000%,
8/01/30
8/23
at
100.00
AA
2,044,840
2,500
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2015
Series
A,
5.000%,
8/01/32
8/24
at
100.00
AA
2,607,775
1,650
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2017
Series
B-1,
5.000%,
12/01/41
12/26
at
100.00
AA
1,761,689
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2018
Series
E-1:
1,620
5.000%,
3/01/39
3/28
at
100.00
AA
1,732,541
11,000
5.000%,
3/01/40
3/28
at
100.00
AA
11,744,370
12,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2018
Series
F-1,
5.000%,
4/01/40
4/28
at
100.00
AA
12,822,840
5,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2020
Series
B-1,
4.000%,
10/01/40
10/29
at
100.00
AA
4,881,500
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2021
Series
C:
8,800
4.000%,
8/01/37
8/30
at
100.00
AA
8,789,352
6,400
5.000%,
8/01/42
8/30
at
100.00
AA
6,892,160
5,870
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2022
Series
A-1,
5.000%,
8/01/47
8/31
at
100.00
AA
6,295,986
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1:
910
4.000%,
7/01/37
7/31
at
103.00
N/R
815,442
2,770
4.000%,
7/01/41
7/31
at
103.00
N/R
2,419,069
5,633
4.000%,
7/01/46
7/31
at
103.00
N/R
4,783,600
76,403
Total
Tax
Obligation/General
78,497,973
Tax
Obligation/Limited
-
24.3%
2,000
Dormitory
Authority
of
the
State
of
New
York,
Master
Boces
Program,
Lease
Revenue
Bonds,
St
Lawrence-Lewis
Issue,
Series
2020B,
4.000%,
8/15/40
-
BAM
Insured
8/28
at
100.00
N/R
1,915,660
945
Dormitory
Authority
of
the
State
of
New
York,
Master
BOCES
Program,
Revenue
Bonds,
Onondaga,
Cortland
and
Madison
Issue,
Series
2020,
4.000%,
8/15/41
8/28
at
100.00
Aa3
908,542
Dormitory
Authority
of
the
State
of
New
York,
Residential
Institutions
for
Children
Revenue
Bonds,
Series
2008-A1:
1,585
5.000%,
6/01/33
10/22
at
100.00
Aa1
1,588,614
1,985
5.000%,
6/01/38
10/22
at
100.00
Aa1
1,989,526
20
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
School
Districts
Financing
Program,
Series
2009C,
5.125%,
10/01/36
-
AGC
Insured
10/22
at
100.00
AA
20,048
3,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Series
2014C.
Group
C,
5.000%,
3/15/44
3/24
at
100.00
AA+
3,089,580
6,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Series
2015A,
5.000%,
3/15/31
3/25
at
100.00
AA+
6,325,080
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Series
2015B
Group
B:
2,830
5.000%,
2/15/32
2/25
at
100.00
AA+
2,975,745
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
1,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Series
2015B
Group
C,
5.000%,
2/15/38
2/25
at
100.00
AA+
$
1,041,840
7,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2017A,
5.000%,
2/15/37
2/27
at
100.00
AA+
7,495,320
3,850
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2019A.
Bidding
Group
1,2,3,4,
5.000%,
3/15/40
3/29
at
100.00
AA+
4,144,910
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2019D:
8,865
4.000%,
2/15/38
2/30
at
100.00
AA+
8,712,611
7,305
4.000%,
2/15/47
2/30
at
100.00
AA+
6,919,515
2,825
Dormitory
Authority
of
the
State
of
New
York,
State
Sales
Tax
Revenue
Bonds,
Series
2015B.
Group
A,B&C,
5.000%,
3/15/35
9/25
at
100.00
AA+
3,010,829
2,710
Dormitory
Authority
of
the
State
of
New
York,
State
Sales
Tax
Revenue
Bonds,
Series
2017A,
5.000%,
3/15/37
3/27
at
100.00
AA+
2,914,551
10,000
Dormitory
Authority
of
the
State
of
New
York,
State
Sales
Tax
Revenue
Bonds,
Series
2018A,
5.000%,
3/15/45
3/28
at
100.00
AA+
10,635,500
15,000
Dormitory
Authority
of
the
State
of
New
York,
State
Sales
Tax
Revenue
Bonds,
Series
2018C,
4.000%,
3/15/45
3/28
at
100.00
AA+
14,336,100
9,000
Dormitory
Authority
of
the
State
of
New
York,
State
Sales
Tax
Revenue
Bonds,
Series
2018E
Group
4,
5.000%,
3/15/45
9/28
at
100.00
AA+
9,618,120
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D:
2,000
5.000%,
11/15/28
11/25
at
100.00
BB
2,081,000
2,000
5.000%,
11/15/32
11/25
at
100.00
BB
2,059,920
2,170
Hudson
Yards
Infrastructure
Corporation,
New
York,
Revenue
Bonds,
Green
Fiscal
2022
Series
A,
4.000%,
2/15/37
2/32
at
100.00
N/R
2,222,297
Hudson
Yards
Infrastructure
Corporation,
New
York,
Revenue
Bonds,
Second
Indenture
Fiscal
2017
Series
A:
5,000
5.000%,
2/15/39
2/27
at
100.00
Aa3
5,335,150
5,710
5.000%,
2/15/42
2/27
at
100.00
Aa3
6,037,925
8,335
Metropolitan
Transportation
Authority,
New
York,
Dedicated
Tax
Fund
Bonds,
Climate
Bond
Certified,
Green
Series
2017A,
5.000%,
11/15/42
5/27
at
100.00
AA
8,904,531
5,450
Metropolitan
Transportation
Authority,
New
York,
Dedicated
Tax
Fund
Bonds,
Series
2022A,
5.000%,
11/15/47
5/32
at
100.00
N/R
5,966,987
4,000
Monroe
County
Industrial
Development
Agency,
New
York,
School
Facility
Revenue
Bonds,
Rochester
Schools
Modernization
Project,
Series
2013,
5.000%,
5/01/28
5/23
at
100.00
AA
4,066,120
New
York
City
Transitional
Finance
Authority,
New
York,
Building
Aid
Revenue
Bonds,
Fiscal
2018
Series
Subseries
S-4A:
4,000
5.250%,
7/15/35
7/28
at
100.00
AA
4,430,560
4,200
5.250%,
7/15/36
7/28
at
100.00
AA
4,625,544
3,000
New
York
City
Transitional
Finance
Authority,
New
York,
Building
Aid
Revenue
Bonds,
Fiscal
2019
Subseries
S-1,
5.000%,
7/15/45
7/28
at
100.00
AA
3,202,500
2,780
New
York
City
Transitional
Finance
Authority,
New
York,
Building
Aid
Revenue
Bonds,
Fiscal
2019
Subseries
S-3A,
5.000%,
7/15/36
7/28
at
100.00
AA
3,023,361
New
York
City
Transitional
Finance
Authority,
New
York,
Building
Aid
Revenue
Bonds,
Fiscal
2020
Subseries
S-1B:
5,620
4.000%,
7/15/42
7/29
at
100.00
N/R
5,385,421
9,335
4.000%,
7/15/43
7/29
at
100.00
N/R
8,894,015
8,500
New
York
City
Transitional
Finance
Authority,
New
York,
Building
Aid
Revenue
Bonds,
Fiscal
Series
2015S-2,
5.000%,
7/15/40
7/25
at
100.00
AA
8,916,925
3,950
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2013
Series
I,
5.000%,
5/01/38
5/23
at
100.00
AAA
4,007,946
2,480
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2014
Series
B-1,
5.000%,
11/01/36
5/24
at
100.00
AAA
2,567,544
5,715
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2014
Series
D-1,
5.000%,
2/01/35
2/24
at
100.00
AAA
5,885,593
10,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2015
Series
E-1,
5.000%,
2/01/41
2/25
at
100.00
AAA
10,421,500
Nuveen
New
York
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
5,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2017
Series
B-1,
5.000%,
8/01/36
8/26
at
100.00
AAA
$
5,335,100
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2019
Series
A-1:
1,375
5.000%,
8/01/38
8/28
at
100.00
AAA
1,493,332
10,000
5.000%,
8/01/40
8/28
at
100.00
AAA
10,822,000
4,020
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2020
Subseries
B-1,
4.000%,
11/01/47
11/29
at
100.00
AAA
3,792,548
5,715
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2020
Subseries
C-1,
4.000%,
5/01/45
11/30
at
100.00
AAA
5,429,250
850
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2022
Subseries
C-1,
4.000%,
2/01/42
2/32
at
100.00
N/R
818,550
4,000
New
York
State
Thruway
Authority,
State
Personal
Income
Tax
Revenue
Bonds,
Bidding
Group
1
Series
2022A,
4.000%,
3/15/44
9/32
at
100.00
N/R
3,834,560
5,380
New
York
State
Urban
Development
Corporation,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Group
1,
Series
2019A,
4.000%,
3/15/48
9/28
at
100.00
N/R
5,057,415
3,700
New
York
State
Urban
Development
Corporation,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2020C,
5.000%,
3/15/35
9/30
at
100.00
AA+
4,091,460
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
1,044
0.000%,
7/01/33
7/28
at
86.06
N/R
651,602
27,103
5.000%,
7/01/58
7/28
at
100.00
N/R
26,292,620
2,000
Suffolk
County
Judicial
Facilities
Agency,
New
York,
Lease
Revenue
Bonds,
H.
Lee
Dennison
Building,
Series
2013,
5.000%,
11/01/33
11/23
at
100.00
BBB
2,046,540
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A:
5,750
5.000%,
1/01/29,
(AMT)
1/26
at
100.00
Caa1
4,962,997
1,930
5.000%,
1/01/32,
(AMT)
1/26
at
100.00
Caa1
1,553,168
1,250
5.000%,
1/01/34,
(AMT)
1/26
at
100.00
Caa1
964,775
5,430
5.000%,
1/01/36,
(AMT)
1/26
at
100.00
Caa1
4,058,545
2,340
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
Senior
Lien
Series
2021B-1,
4.000%,
5/15/56
5/31
at
100.00
N/R
2,163,377
9,500
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
Senior
Lien
Series
2022
A,
4.000%,
5/15/51
5/32
at
100.00
N/R
8,908,625
2,255
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Senior
Lien
Bonds,
Series
2022C,
4.125%,
5/15/52
5/32
at
100.00
N/R
2,155,058
10,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Sales
Tax
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
TBTA
Capital
Lockbox-City
Sales
Tax,
Series
2022A,
4.000%,
5/15/52
11/32
at
100.00
N/R
9,366,300
288,807
Total
Tax
Obligation/Limited
289,474,752
Transportation
-
24.9%
1,500
Buffalo
and
Fort
Erie
Public
Bridge
Authority,
New
York,
Toll
Bridge
System
Revenue
Bonds,
Series
2017,
5.000%,
1/01/47
1/27
at
100.00
A+
1,610,025
9,250
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020A-1,
4.000%,
11/15/45
5/30
at
100.00
A3
8,314,363
3,600
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020C-1,
4.750%,
11/15/45
5/30
at
100.00
A3
3,544,992
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Series
2012H:
960
5.000%,
11/15/31
11/22
at
100.00
A3
964,819
7,500
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Series
2015D-1,
5.000%,
11/15/30
11/25
at
100.00
A3
7,843,125
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Series
2017D:
6,655
4.000%,
11/15/42
5/28
at
100.00
A3
6,102,635
4,000
4.000%,
11/15/46
5/28
at
100.00
A3
3,579,520
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
$
2,500
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Series
2013D,
5.000%,
11/15/38
11/23
at
100.00
A3
$
2,527,725
2,500
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Series
2013E,
5.000%,
11/15/32
11/23
at
100.00
A3
2,537,800
1,800
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Series
2014D-1,
5.000%,
11/15/39
11/24
at
100.00
A3
1,833,084
8,450
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Series
2015C-1,
5.250%,
11/15/30
11/25
at
100.00
A3
8,904,188
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Series
2016C-1:
2,500
5.000%,
11/15/34
11/26
at
100.00
A3
2,603,200
2,700
5.000%,
11/15/56
11/26
at
100.00
A3
2,752,002
New
York
City
Industrial
Development
Agency,
New
York,
Civic
Facility
Revenue
Bonds,
Bronx
Parking
Development
Company,
LLC
Project,
Series
2007:
2,800
0.000%,
10/01/37
(5)
10/22
at
100.00
N/R
2,240,000
2,000
0.000%,
10/01/46
(5)
10/22
at
100.00
N/R
1,600,000
9,500
New
York
City,
Industrial
Development
Agency,
Senior
Airport
Facilities
Revenue
Refunding
Bonds,
TrIPs
Obligated
Group,
Series
2012A,
5.000%,
7/01/28,
(AMT)
10/22
at
100.00
BBB+
9,512,635
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
Secured
by
Port
Authority
Consolidated
Bonds,
Refunding
Series
1WTC-2021:
1,755
3.000%,
2/15/42
-
AGM
Insured
2/30
at
100.00
N/R
1,486,222
2,695
4.000%,
2/15/43
-
BAM
Insured
2/30
at
100.00
N/R
2,584,154
New
York
State
Thruway
Authority,
General
Revenue
Bonds,
Series
2020N:
5,000
4.000%,
1/01/42
1/30
at
100.00
A1
4,799,350
3,000
4.000%,
1/01/43
1/30
at
100.00
A1
2,867,550
New
York
State
Thruway
Authority,
General
Revenue
Junior
Indebtedness
Obligations,
Series
2016A:
2,225
5.000%,
1/01/36
1/26
at
100.00
A2
2,354,095
8,515
5.000%,
1/01/46
1/26
at
100.00
A2
8,882,848
New
York
Transportation
Development
Corporation,
New
York,
Facility
Revenue
Bonds,
Thruway
Service
Areas
Project,
Series
2021:
3,720
4.000%,
10/31/46,
(AMT)
10/31
at
100.00
BBB-
3,243,468
16,355
4.000%,
4/30/53,
(AMT)
10/31
at
100.00
BBB-
13,863,316
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A:
500
4.000%,
7/01/31,
(AMT)
7/24
at
100.00
BBB
495,815
7,000
4.000%,
7/01/41,
(AMT)
7/24
at
100.00
BBB
6,537,580
13,685
5.250%,
1/01/50,
(AMT)
7/24
at
100.00
BBB
14,070,233
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Refunding
Series
2016:
8,545
5.000%,
8/01/26,
(AMT)
9/22
at
100.00
B
8,589,348
12,610
5.000%,
8/01/31,
(AMT)
9/22
at
100.00
B
12,675,446
1,745
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Series
2020,
5.375%,
8/01/36,
(AMT)
8/30
at
100.00
B
1,880,552
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2020A:
215
4.000%,
12/01/38,
(AMT)
12/30
at
100.00
Baa1
198,905
120
4.000%,
12/01/39,
(AMT)
12/30
at
100.00
Baa1
110,196
Nuveen
New
York
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2020C:
$
950
5.000%,
12/01/34
12/30
at
100.00
N/R
$
1,017,611
1,745
5.000%,
12/01/35
12/30
at
100.00
N/R
1,864,620
2,000
5.000%,
12/01/38
12/30
at
100.00
Baa1
2,120,200
12,010
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2022,
5.000%,
12/01/38,
(AMT)
12/32
at
100.00
N/R
12,586,600
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2018:
1,300
5.000%,
1/01/27,
(AMT)
No
Opt.
Call
Baa3
1,363,154
10,200
5.000%,
1/01/28,
(AMT)
No
Opt.
Call
Baa3
10,754,778
10,035
5.000%,
1/01/31,
(AMT)
1/28
at
100.00
Baa3
10,435,999
1,300
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2020,
4.375%,
10/01/45,
(AMT)
10/30
at
100.00
Baa3
1,206,270
Niagara
Frontier
Transportation
Authority,
New
York,
Airport
Revenue
Bonds,
Buffalo
International
Airport,
Series
2014A:
2,000
5.000%,
4/01/25,
(AMT)
4/24
at
100.00
A3
2,055,540
3,775
5.000%,
4/01/26,
(AMT)
4/24
at
100.00
A3
3,882,210
3,330
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
One
Hundred
Eighty-Forth
Series
2014,
5.000%,
9/01/39
9/24
at
100.00
Aa3
3,458,372
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
One
Hundred
Eighty-Ninth
Series
2015:
2,520
5.000%,
5/01/40
5/25
at
100.00
Aa3
2,654,392
480
5.000%,
5/01/45
5/25
at
100.00
Aa3
501,201
5,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
One
Hundred
Eighty-Sixth
Series
2014,
5.000%,
10/15/44,
(AMT)
10/24
at
100.00
N/R
5,118,000
3,675
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
One
Hundred
Ninety-Fifth
Series
2016,
5.000%,
10/01/35,
(AMT)
10/26
at
100.00
Aa3
3,836,369
10,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
One
Hundred
Ninety-Fourth
Series
2015,
5.250%,
10/15/55
10/25
at
100.00
Aa3
10,507,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Eleventh
Series
2018:
4,225
4.000%,
9/01/43
9/28
at
100.00
Aa3
4,102,095
10,230
5.000%,
9/01/48
9/28
at
100.00
Aa3
10,791,422
5,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Series
2017,
5.250%,
10/15/57
4/27
at
100.00
Aa3
5,367,100
1,200
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Thirty
One
Series
2022,
5.500%,
8/01/40,
(AMT)
8/32
at
100.00
N/R
1,338,696
4,800
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Twentieth
Series
2019,
4.000%,
11/01/59,
(AMT)
11/29
at
100.00
Aa3
4,216,656
2,500
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Twenty-Six
Series
2021,
5.000%,
10/15/39,
(AMT)
10/31
at
100.00
N/R
2,631,550
8,385
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Twenty-Third
Series
2021,
5.000%,
7/15/56,
(AMT)
7/31
at
100.00
Aa3
8,636,885
1,365
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Purpose
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
Refunding
Series
2017B,
5.000%,
11/15/38
5/27
at
100.00
AA-
1,477,517
3,905
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Purpose
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
Series
2014A,
5.000%,
11/15/39
5/24
at
100.00
AA-
4,028,710
19,500
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Purpose
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
Series
2017C-2,
5.000%,
11/15/42
11/27
at
100.00
AA-
21,089,055
8,825
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
Series
2020A,
4.000%,
11/15/54
11/30
at
100.00
AA-
8,070,021
296,155
Total
Transportation
296,221,214
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
-
3.0%
(6)
$
1,500
Dormitory
Authority
of
the
State
of
New
York,
Lease
Revenue
Bonds,
State
University
Dormitory
Facilities,
Refunding
Series
2013A,
5.000%,
7/01/27,
(Pre-refunded
7/01/23)
7/23
at
100.00
Aa3
$
1,533,330
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
School
University,
Series
2015A:
320
5.000%,
7/01/45,
(Pre-refunded
7/01/25)
7/25
at
100.00
N/R
342,125
5,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Pratt
Institute,
Series
2015A,
5.000%,
7/01/44,
(Pre-refunded
7/01/24)
7/24
at
100.00
N/R
5,218,550
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Series
2015B
Group
B:
5
5.000%,
2/15/32,
(Pre-refunded
2/15/25)
2/25
at
100.00
N/R
5,308
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Series
2012H:
1,165
5.000%,
11/15/31,
(Pre-refunded
11/15/22)
11/22
at
100.00
N/R
1,171,559
3,520
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Series
2013A,
5.000%,
11/15/31,
(Pre-refunded
5/15/23)
5/23
at
100.00
A3
3,583,078
1,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Series
2013C,
5.000%,
11/15/32,
(Pre-refunded
5/15/23)
5/23
at
100.00
A3
1,018,970
5,375
New
York
City
Trust
for
Cultural
Resources,
New
York,
Revenue
Bonds,
Wildlife
Conservation
Society,
Series
2013A,
5.000%,
8/01/33,
(Pre-
refunded
8/01/23)
8/23
at
100.00
A+
5,505,881
New
York
City
Trust
for
Cultural
Resources,
New
York,
Revenue
Bonds,
Wildlife
Conservation
Society,
Series
2014A:
3,800
5.000%,
8/01/38,
(Pre-refunded
8/01/23)
8/23
at
100.00
A+
3,892,530
10,000
5.000%,
8/01/43,
(Pre-refunded
8/01/23)
8/23
at
100.00
A+
10,243,500
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2013
Series
F-1:
1,810
5.000%,
3/01/32,
(Pre-refunded
3/01/23)
3/23
at
100.00
AA
1,834,598
Western
Nassau
County
Water
Authority,
New
York,
Water
System
Revenue
Bonds,
Series
2015A:
675
5.000%,
4/01/40,
(Pre-refunded
4/01/25)
4/25
at
100.00
AA-
719,469
1,050
5.000%,
4/01/45,
(Pre-refunded
4/01/25)
4/25
at
100.00
AA-
1,119,174
35,220
Total
U.S.
Guaranteed
36,188,072
Utilities
-
12.2%
420
Guam
Power
Authority,
Revenue
Bonds,
Series
2012A,
5.000%,
10/01/34
10/22
at
100.00
BBB
420,848
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2000A:
2,000
0.000%,
6/01/24
-
AGM
Insured
No
Opt.
Call
AA
1,905,960
2,000
0.000%,
6/01/25
-
AGM
Insured
No
Opt.
Call
AA
1,849,180
2,980
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2014A,
5.000%,
9/01/44
9/24
at
100.00
A
3,085,492
2,910
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2017,
5.000%,
9/01/47
9/27
at
100.00
A
3,120,568
10,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2013
Series
DD,
5.000%,
6/15/35
6/23
at
100.00
AA+
10,195,000
4,465
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2017
Series
CC-1,
5.000%,
6/15/46
6/26
at
100.00
AA+
4,715,933
5,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2017
Series
DD,
5.000%,
6/15/47
12/26
at
100.00
AA+
5,289,950
3,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2018
Series
CC-1,
5.000%,
6/15/48
6/27
at
100.00
AA+
3,171,780
10,905
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2018
Series
EE,
5.000%,
6/15/40
12/27
at
100.00
AA+
11,719,822
Nuveen
New
York
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
August
31,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
$
9,885
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2019
Series
DD-1,
4.000%,
6/15/49
6/28
at
100.00
N/R
$
9,426,632
1,265
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2020
Series
EE,
4.000%,
6/15/42
6/30
at
100.00
AA+
1,230,782
500
New
York
State
Environmental
Facilities
Corporation,
State
Clean
Water
and
Drinking
Water
Revolving
Funds
Revenue
Bonds,
New
York
City
Municipal
Water
Finance
Authority
Projects,
Second
Resolution
Subordinated
Series
2014A,
5.000%,
6/15/30
6/24
at
100.00
AAA
521,530
6,675
New
York
State
Environmental
Facilities
Corporation,
State
Clean
Water
and
Drinking
Water
Revolving
Funds
Revenue
Bonds,
New
York
City
Municipal
Water
Finance
Authority
Projects,
Second
Resolution
Subordinated
SRF
Series
2015A,
5.000%,
6/15/34
6/25
at
100.00
AAA
7,079,505
6,810
New
York
State
Environmental
Facilities
Corporation,
State
Clean
Water
and
Drinking
Water
Revolving
Funds
Revenue
Bonds,
New
York
City
Municipal
Water
Finance
Authority
Projects-Second
Resolution
Bonds,
Series
2016A,
5.000%,
6/15/41
6/26
at
100.00
AAA
7,328,105
New
York
State
Environmental
Facilities
Corporation,
State
Clean
Water
and
Drinking
Water
Revolving
Funds
Revenue
Bonds,
New
York
City
Municipal
Water
Finance
Authority
Projects-Second
Resolution
Bonds,
Subordinated
SRF
Series
2017A:
2,000
5.000%,
6/15/42
6/27
at
100.00
AAA
2,144,500
2,000
5.000%,
6/15/46
6/27
at
100.00
AAA
2,134,600
New
York
State
Environmental
Facilities
Corporation,
State
Clean
Water
and
Drinking
Water
Revolving
Funds
Revenue
Bonds,
New
York
City
Municipal
Water
Finance
Authority
Projects-Second
Resolution
Bonds,
Subordinated
SRF
Series
2017E:
1,710
5.000%,
6/15/38
6/27
at
100.00
AAA
1,844,577
8,800
5.000%,
6/15/47
6/27
at
100.00
AAA
9,387,488
1,000
New
York
State
Environmental
Facilities
Corporation,
State
Clean
Water
and
Drinking
Water
Revolving
Funds
Revenue
Bonds,
New
York
City
Municipal
Water
Finance
Authority
Projects-Second
Resolution
Bonds,
Subordinated
SRF
Series
2018B,
5.000%,
6/15/43
6/28
at
100.00
AAA
1,087,860
3,065
New
York
State
Environmental
Facilities
Corporation,
State
Revolving
Funds
Revenue
Bonds,
2010
Master
Financing
Program,
Green
Series
2017C,
5.000%,
8/15/47
8/27
at
100.00
AAA
3,276,270
10,480
New
York
State
Power
Authority,
General
Revenue
Bonds,
Series
2020A,
4.000%,
11/15/55
5/30
at
100.00
AA
9,655,853
2,430
Niagara
Area
Development
Corporation,
New
York,
Solid
Waste
Disposal
Facility
Revenue
Refunding
Bonds,
Covanta
Energy
Project,
Series
2018A,
4.750%,
11/01/42,
(AMT),
144A
7/23
at
100.00
B1
2,347,234
1,565
Suffolk
County
Industrial
Development
Agency,
New
York,
Revenue
Bonds,
Nissequogue
Cogeneration
Partners
Facility,
Series
1998,
5.500%,
1/01/23,
(AMT)
10/22
at
100.00
N/R
1,566,440
10,000
Utility
Debt
Securitization
Authority,
New
York,
Restructuring
Bonds,
Refunding
Series
2015,
5.000%,
12/15/36
12/25
at
100.00
AAA
10,598,600
1,795
Utility
Debt
Securitization
Authority,
New
York,
Restructuring
Bonds,
Series
2013TE,
5.000%,
12/15/41
12/23
at
100.00
AAA
1,845,529
Utility
Debt
Securitization
Authority,
New
York,
Restructuring
Bonds,
Series
2017:
15,500
5.000%,
12/15/38
12/27
at
100.00
AAA
17,002,880
3,000
5.000%,
12/15/39
12/27
at
100.00
AAA
3,281,040
7,000
5.000%,
12/15/40
12/27
at
100.00
AAA
7,643,230
139,160
Total
Utilities
144,877,188
$
1,265,635
Total
Long-Term
Investments
(cost
$1,207,712,720)
1,185,185,287
Borrowings
-
(0.2)%
(7),(8)
(
2,400,000
)
Other
Assets
Less
Liabilities
-
0.6%
6,656,150
Net
Assets
-
100%
$
1,189,441,437
(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.
(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.
(4)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(5)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(6)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(7)
Borrowings
as
a
percentage
of
Total
Investments
is
0.2%.
(8)
The
Fund
may
pledge
up
to
100%
of
its
eligible
investments
(excluding
any
investments
separately
pledged
as
collateral
for
specific
investments
in
derivatives
or
inverse
floating
rate
transactions,
when
applicable)
in
the
Portfolio
of
Investments
as
collateral
for
borrowings.
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
Statement
of
Assets
and
Liabilities
August
31,
2022
(Unaudited)
See
accompanying
notes
to
financial
statements.
California
High
Yield
California
Connecticut
Massachusetts
New
Jersey
New
York
Assets
Long-term
investments,
at
value
†
$
1,548,156,117
$
2,034,767,611
$
236,189,319
$
524,288,628
$
418,482,136
$
1,185,185,287
Cash
–
–
–
15,309,778
6,807,675
–
Cash
collateral
at
brokers
for
investments
in
futures
contracts
(1)
2,014,851
–
–
–
–
–
Receivable
for
interest
24,846,349
22,950,635
2,362,324
5,420,160
4,325,866
13,324,807
Receivable
for
investments
sold
33,405,429
7,460,600
–
2,415,134
513,530
–
Receivable
for
shares
sold
1,539,639
4,855,475
108,308
585,582
1,246,982
5,455,360
Receivable
for
variation
margin
on
futures
contracts
82,672
–
–
–
–
–
Other
assets
100,982
162,948
62,452
22,960
27,092
173,291
Total
assets
1,610,146,039
2,070,197,269
238,722,403
548,042,242
431,403,281
1,204,138,745
Liabilities
Borrowings
21,800,000
14,500,000
–
–
–
2,400,000
Cash
overdraft
2,264,219
2,218,054
2,558
–
–
2,402,431
Floating
rate
obligations
384,776,000
–
1,570,000
–
7,590,000
–
Payable
for
dividends
601,136
1,005,414
83,130
151,136
127,741
490,749
Payable
for
interest
2,596,631
—
14,851
—
72,156
—
Payable
for
investments
purchased
-
regular
settlement
5,724,530
—
—
—
—
3,148,988
Payable
for
investments
purchased
-
when-issued/
delayed-delivery
settlement
13,113,439
—
—
—
—
—
Payable
for
shares
redeemed
5,277,850
7,790,570
231,342
4,230,980
1,749,235
5,139,618
Accrued
expenses:
Management
fees
581,085
834,005
103,153
231,712
179,948
491,117
Trustees
fees
60,207
159,879
60,368
19,836
25,717
171,696
12b-1
distribution
and
service
fees
144,122
203,675
27,916
32,844
47,871
122,791
Other
2,247,356
534,675
88,460
234,417
157,085
329,918
Total
liabilities
439,186,575
27,246,272
2,181,778
4,900,925
9,949,753
14,697,308
Commitments
and
contingencies
(as
disclosed
in
Note
8)
Net
assets
$
1,170,959,464
$
2,042,950,997
$
236,540,625
$
543,141,317
$
421,453,528
$
1,189,441,437
†
Long-term
investments,
cost
$
1,650,946,367
$
2,084,184,342
$
252,167,245
$
552,003,255
$
442,249,626
$
1,207,712,720
Statement
of
Assets
and
Liabilities
(Unaudited)
(continued)
See
accompanying
notes
to
financial
statements.
California
High
Yield
California
Connecticut
Massachusetts
New
Jersey
New
York
Class
A
Shares
Net
Assets
$
561,225,647
$
949,603,901
$
136,465,856
$
152,727,989
$
217,452,434
$
561,433,833
Shares
outstanding
67,346,095
93,143,181
14,374,559
16,361,741
20,913,473
57,024,191
Net
asset
value
("NAV")
per
share
$
8.33
$
10.20
$
9.49
$
9.33
$
10.40
$
9.85
Maximum
sales
charge
4.20%
4.20%
4.20%
4.20%
4.20%
4.20%
Offering
price
per
share
(NAV
per
share
plus
maximum
sales
charge)
$
8.70
$
10.65
$
9.91
$
9.74
$
10.86
$
10.28
Class
C
Shares
Net
Assets
$
45,815,380
$
42,897,946
$
4,743,495
$
7,180,137
$
11,826,593
$
28,911,269
Shares
outstanding
5,499,158
4,224,027
500,712
775,361
1,142,634
2,940,260
NAV
and
offering
price
per
share
$
8.33
$
10.16
$
9.47
$
9.26
$
10.35
$
9.83
Class
I
Shares
Net
Assets
$
563,918,437
$
1,050,449,151
$
95,331,274
$
383,233,191
$
192,174,501
$
599,096,335
Shares
outstanding
67,696,104
102,927,665
10,020,951
41,039,150
18,414,305
60,820,911
NAV
and
offering
price
per
share
$
8.33
$
10.21
$
9.51
$
9.34
$
10.44
$
9.85
Fund
level
net
assets
consist
of:
Capital
paid-in
$
1,380,916,274
$
2,214,933,257
$
260,717,996
$
598,980,898
$
445,874,891
$
1,300,715,193
Total
distributable
earnings
(loss)
(
209,956,810
)
(
171,982,260
)
(
24,177,371
)
(
55,839,581
)
(
24,421,363
)
(
111,273,756
)
Fund
level
net
assets
$
1,170,959,464
$
2,042,950,997
$
236,540,625
$
543,141,317
$
421,453,528
$
1,189,441,437
Authorized
shares
-
per
class
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
per
share
$
0.01
$
0.01
$
0.01
$
0.01
$
0.01
$
0.01
(1)
Cash
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
derivatives.
Statement
of
Operations
August
31,
2022
(Unaudited)
See
accompanying
notes
to
financial
statements.
California
High
Yield
California
Connecticut
Massachusetts
New
Jersey
New
York
Investment
Income
Interest
$
35,856,867
$
39,693,762
$
3,977,916
$
8,719,277
$
7,215,067
$
22,798,804
Securities
lending
income,
net
133
—
—
—
—
—
Total
Investment
Income
35,857,000
39,693,762
3,977,916
8,719,277
7,215,067
22,798,804
Expenses
–
–
–
–
–
–
Management
fees
3,357,335
5,032,251
640,152
1,429,743
1,045,774
2,873,531
12b-1
service
fees
-
Class
A
Shares
614,924
939,331
146,198
186,689
206,321
535,698
12b-1
distribution
and
service
fees
-
Class
C
Shares
261,349
247,628
25,220
40,610
65,282
167,341
Shareholder
servicing
agent
fees
204,877
465,159
43,152
193,653
120,605
259,059
Interest
expense
2,904,147
132,500
12,519
88,859
53,494
29,684
Custodian
expenses,
net
90,938
118,863
21,287
27,549
31,972
63,192
Trustees
fees
18,076
32,405
3,863
8,046
6,522
18,221
Professional
fees
100,407
57,893
24,328
33,667
28,019
46,940
Shareholder
reporting
expenses
26,116
39,349
9,722
20,343
14,445
24,422
Federal
and
state
registration
fees
19,895
—
3,544
1,948
3,750
6,186
Other
10,679
11,504
3,545
5,259
4,716
7,376
Total
expenses
7,608,743
7,076,883
933,530
2,036,366
1,580,900
4,031,650
Net
investment
income
(loss)
28,248,257
32,616,879
3,044,386
6,682,911
5,634,167
18,767,154
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
from
investments
(
84,302,925
)
(
77,288,265
)
(
3,388,672
)
(
15,834,708
)
(
814,165
)
(
48,383,748
)
Net
realized
gain
(loss)
from
futures
contracts
9,438,367
—
—
—
414,605
—
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(
155,353,725
)
(
128,110,183
)
(
21,885,959
)
(
42,513,357
)
(
35,820,079
)
(
75,135,309
)
Change
in
net
unrealized
appreciation
(depreciation)
of
futures
contracts
1,555,688
—
—
—
41,111
—
Net
realized
and
unrealized
gain
(loss)
(
228,662,595
)
(
205,398,448
)
(
25,274,631
)
(
58,348,065
)
(
36,178,528
)
(
123,519,057
)
Net
increase
(decrease)
in
net
assets
from
operations
$
(
200,414,338
)
$
(
172,781,569
)
$
(
22,230,245
)
$
(
51,665,154
)
$
(
30,544,361
)
$
(
104,751,903
)
Statement
of
Changes
in
Net
Assets
See
accompanying
notes
to
financial
statements.
California
High
Yield
California
Unaudited
Six
Months
Ended
8/31/22
Year
Ended
2/28/22
Unaudited
Six
Months
Ended
8/31/22
Year
Ended
2/28/22
Operations
Net
investment
income
(loss)
$
28,248,257
$
57,497,577
$
32,616,879
$
58,036,036
Net
realized
gain
(loss)
from
investments
(84,302,925)
6,099,718
(77,288,265)
(11,390,263)
Net
realized
gain
(loss)
from
futures
contracts
9,438,367
4,382,926
—
—
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(155,353,725)
(58,727,819)
(128,110,183)
(61,549,866)
Change
in
net
unrealized
appreciation
(depreciation)
of
futures
contracts
1,555,688
(1,914,860)
–
–
Net
increase
(decrease)
in
net
assets
from
operations
(200,414,338)
7,337,542
(172,781,569)
(14,904,093)
Distributions
to
Shareholders
Dividends:
Class
A
Shares
(13,512,636)
(28,002,953)
(12,628,418)
(21,567,674)
Class
C
Shares
(918,896)
(2,107,343)
(452,004)
(936,313)
Class
C2
Shares
(1)
–
(18,236)
–
(16,190)
Class
I
Shares
(14,074,480)
(28,508,451)
(16,757,278)
(35,057,373)
Decrease
in
net
assets
from
distributions
to
shareholders
(28,506,012)
(58,636,983)
(29,837,700)
(57,577,550)
Fund
Share
Transactions
Proceeds
from
sale
of
shares
561,388,465
637,100,525
1,165,581,056
643,385,826
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
24,748,388
50,908,959
23,937,944
44,511,861
586,136,853
688,009,484
1,189,519,000
687,897,687
Cost
of
shares
redeemed
(670,664,500)
(475,572,761)
(1,259,874,389)
(670,941,833)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
(84,527,647)
212,436,723
(70,355,389)
16,955,854
Net
increase
(decrease)
in
net
assets
(313,447,997)
161,137,282
(272,974,658)
(55,525,789)
Net
assets
at
the
beginning
of
period
1,484,407,461
1,323,270,179
2,315,925,655
2,371,451,444
Net
assets
at
the
end
of
period
$
1,170,959,464
$
1,484,407,461
$
2,042,950,997
$
2,315,925,655
See
accompanying
notes
to
financial
statements.
Connecticut
Massachusetts
Unaudited
Six
Months
Ended
8/31/22
Year
Ended
2/28/22
Unaudited
Six
Months
Ended
8/31/22
Year
Ended
2/28/22
Operations
Net
investment
income
(loss)
$
3,044,386
$
6,424,688
$
6,682,911
$
13,867,405
Net
realized
gain
(loss)
from
investments
(3,388,672)
(6,519)
(15,834,708)
(785,513)
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(21,885,959)
(7,936,702)
(42,513,357)
(16,131,315)
Net
increase
(decrease)
in
net
assets
from
operations
(22,230,245)
(1,518,533)
(51,665,154)
(3,049,423)
Distributions
to
Shareholders
Dividends:
Class
A
Shares
(1,646,864)
(3,704,845)
(1,798,821)
(5,194,971)
Class
C
Shares
(36,110)
(91,622)
(45,010)
(90,996)
Class
C2
Shares
(1)
–
(4,832)
–
(1,856)
Class
I
Shares
(1,307,831)
(2,801,293)
(4,191,910)
(8,205,693)
Decrease
in
net
assets
from
distributions
to
shareholders
(2,990,805)
(6,602,592)
(6,035,741)
(13,493,516)
Fund
Share
Transactions
Proceeds
from
sale
of
shares
26,308,118
57,292,889
296,103,590
212,974,888
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
2,485,889
5,482,886
5,226,379
12,129,074
28,794,007
62,775,775
301,329,969
225,103,962
Cost
of
shares
redeemed
(51,124,487)
(42,884,364)
(417,566,297)
(167,973,397)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
(22,330,480)
19,891,411
(116,236,328)
57,130,565
Net
increase
(decrease)
in
net
assets
(47,551,530)
11,770,286
(173,937,223)
40,587,626
Net
assets
at
the
beginning
of
period
284,092,155
272,321,869
717,078,540
676,490,914
Net
assets
at
the
end
of
period
$
236,540,625
$
284,092,155
$
543,141,317
$
717,078,540
See
accompanying
notes
to
financial
statements.
New
Jersey
New
York
Unaudited
Six
Months
Ended
8/31/22
Year
Ended
2/28/22
Unaudited
Six
Months
Ended
8/31/22
Year
Ended
2/28/22
Operations
Net
investment
income
(loss)
$
5,634,167
$
10,862,349
$
18,767,154
$
33,793,890
Net
realized
gain
(loss)
from
investments
(814,165)
45,439
(48,383,748)
(3,875,539)
Net
realized
gain
(loss)
from
futures
contracts
414,605
76,263
—
—
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(35,820,079)
(14,029,407)
(75,135,309)
(29,785,485)
Change
in
net
unrealized
appreciation
(depreciation)
of
futures
contracts
41,111
(86,372)
–
–
Net
increase
(decrease)
in
net
assets
from
operations
(30,544,361)
(3,131,728)
(104,751,903)
132,866
Distributions
to
Shareholders
Dividends:
Class
A
Shares
(2,524,516)
(4,842,466)
(7,397,006)
(13,548,720)
Class
C
Shares
(105,372)
(217,789)
(321,041)
(740,707)
Class
C2
Shares
(1)
–
(5,603)
–
(6,127)
Class
I
Shares
(2,734,807)
(5,554,488)
(9,522,026)
(19,785,505)
Decrease
in
net
assets
from
distributions
to
shareholders
(5,364,695)
(10,620,346)
(17,240,073)
(34,081,059)
Fund
Share
Transactions
Proceeds
from
sale
of
shares
174,795,259
87,366,596
455,929,416
232,452,984
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
4,604,961
9,239,804
14,328,632
26,951,131
179,400,220
96,606,400
470,258,048
259,404,115
Cost
of
shares
redeemed
(156,715,745)
(76,964,348)
(418,672,266)
(197,875,304)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
22,684,475
19,642,052
51,585,782
61,528,811
Net
increase
(decrease)
in
net
assets
(13,224,581)
5,889,978
(70,406,194)
27,580,618
Net
assets
at
the
beginning
of
period
434,678,110
428,788,132
1,259,847,631
1,232,267,013
Net
assets
at
the
end
of
period
$
421,453,529
$
434,678,110
$
1,189,441,437
$
1,259,847,631
(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
Cash
Flows
August
31,
2022
(Unaudited)
See
accompanying
notes
to
financial
statements.
The
following
table
provides
a
reconciliation
of
cash
and
cash
collateral
at
brokers
to
the
statement
of
assets
and
liabilities:
California
High
Yield
Cash
Flows
from
Operating
Activities
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
$
(
200,414,338
)
Adjustments
to
reconcile
the
net
increase
(decrease)
in
net
assets
from
operations
to
net
cash
provided
by
(used
in)
operating
activities:
Purchases
of
investments
(
503,562,518
)
Proceeds
from
sale
and
maturities
of
investments
675,129,500
Amortization
(Accretion)
of
premiums
and
discounts,
net
(
1,196,759
)
(Increase)
Decrease
in:
Receivable
for
interest
974,868
Receivable
for
investments
sold
(
30,508,618
)
Receivable
for
variation
margin
on
futures
contracts
(
82,672
)
Other
assets
(
4,104
)
Increase
(Decrease)
in:
Payable
for
interest
2,063,523
Payable
for
investments
purchased
-
regular
settlement
5,724,530
Payable
for
investments
purchased
-
when-issued/delayed-delivery
settlement
11,599,545
Payable
for
variation
margin
on
futures
contracts
(
1,347,047
)
Accrued
management
fees
(
25,522
)
Accrued
12b-1
distribution
and
service
fees
(
20,229
)
Accrued
Trustees
fees
(
12,370
)
Accrued
other
expenses
1,787,588
Net
realized
(gain)
loss
from
investments
84,302,925
Net
realized
(gain)
loss
from
paydowns
260,677
Change
in
net
unrealized
(appreciation)
depreciation
of
investments
155,353,725
Net
cash
from
operating
activities
200,022,704
Cash
Flows
from
Financing
Activities
Proceeds
from
borrowings
(
212,900,000
)
(Repayments)
of
borrowings
194,500,000
(Repayments
of)
floating
rate
obligations
(
72,178,000
)
Increase
(Decrease)
in
cash
overdraft
1,714,517
Cash
distributions
paid
to
common
shareholders
(
3,816,920
)
Proceeds
from
sales
of
shares
561,424,745
Cost
of
shares
redeemed
(
668,531,546
)
Net
cash
provided
by
(used
in)
financing
activities
(
199,787,204
)
Net
Increase
(Decrease)
in
Cash
and
Cash
Collateral
at
Brokers
235,500
Cash
and
cash
collateral
at
brokers
at
the
beginning
of
period
1,779,351
Cash
and
cash
collateral
at
brokers
at
the
end
of
period
$
2,014,851
Supplemental
Disclosure
of
Cash
Flow
Information
California
High
Yield
Cash
paid
for
interest
$
840,624
Non-cash
financing
activities
not
included
herein
consists
of
reinvestments
of
share
distributions
24,748,388
California
High
Yield
Cash
collateral
at
brokers
for
investments
in
futures
contracts
$
2,014,851
Total
cash
collateral
at
brokers
$
2,014,851
California
High
Yield
The
Fund's
fiscal
year
end
is
February
28th/29th.
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
2023(f)
$
9.89
$
0.19
$
(
1.55
)
$
(
1.36
)
$
(
0.20
)
$
—
$
(
0.20
)
$
8.33
2022
10.17
0.38
(
0.27
)
0.11
(
0.39
)
—
(
0.39
)
9.89
2021
10.62
0.40
(
0.47
)
(
0.07
)
(
0.38
)
—
(
0.38
)
10.17
2020
9.51
0.37
1.11
1.48
(
0.37
)
—
(
0.37
)
10.62
2019
9.58
0.38
(
0.08
)
0.30
(
0.37
)
—
(
0.37
)
9.51
2018
9.35
0.39
0.21
0.60
(
0.37
)
—
(
0.37
)
9.58
Class
C
2023(f)
9.88
0.16
(
1.55
)
(
1.39
)
(
0.16
)
—
(
0.16
)
8.33
2022
10.16
0.30
(
0.27
)
0.03
(
0.31
)
—
(
0.31
)
9.88
2021
10.61
0.32
(
0.47
)
(
0.15
)
(
0.30
)
—
(
0.30
)
10.16
2020
9.50
0.29
1.11
1.40
(
0.29
)
—
(
0.29
)
10.61
2019
9.58
0.30
(
0.09
)
0.21
(
0.29
)
—
(
0.29
)
9.50
2018
9.35
0.31
0.21
0.52
(
0.29
)
—
(
0.29
)
9.58
Class
I
2023(f)
9.89
0.20
(
1.56
)
(
1.36
)
(
0.20
)
—
(
0.20
)
8.33
2022
10.17
0.40
(
0.27
)
0.13
(
0.41
)
—
(
0.41
)
9.89
2021
10.61
0.42
(
0.46
)
(
0.04
)
(
0.40
)
—
(
0.40
)
10.17
2020
9.50
0.39
1.11
1.50
(
0.39
)
—
(
0.39
)
10.61
2019
9.57
0.40
(
0.09
)
0.31
(
0.38
)
—
(
0.38
)
9.50
2018
9.34
0.40
0.22
0.62
(
0.39
)
—
(
0.39
)
9.57
(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
Fund
has
a
contractual
fee
waiver/expense
reimbursement
agreement
with
the
Adviser,
but
did
not
receive
a
fee
waiver/expense
reimbursement
during
the
periods
presented
herein.
See
Note
7
-
Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
(d)
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.
(e)
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.
(f)
Unaudited. For
the
six
months
ended
August
31,
2022.
(g)
Annualized.
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),(d)
Expenses
Excluding
Interest(c)
NII
(Loss)(c)
Portfolio
Turnover
Rate(e)
(
13
.86
)
%
$
561,226
1
.25
%
(g)
0
.80
%
(g)
4
.35
%
(g)
37
%
0
.97
730,028
0
.97
0
.78
3
.66
13
(
0
.53
)
635,387
1
.09
0
.80
4
.00
22
15
.84
659,621
1
.21
0
.80
3
.64
2
3
.15
417,134
1
.17
0
.83
3
.99
20
6
.46
402,777
1
.01
0
.81
4
.00
5
(
14
.16
)
45,815
2
.05
(g)
1
.60
(g)
3
.57
(g)
37
0
.15
64,538
1
.77
1
.58
2
.86
13
(
1
.33
)
71,002
1
.89
1
.60
3
.20
22
14
.94
86,897
2
.01
1
.60
2
.85
2
2
.20
66,758
1
.97
1
.63
3
.19
20
5
.61
71,740
1
.85
1
.65
3
.17
5
(
13
.77
)
563,918
1
.04
(g)
0
.59
(g)
4
.54
(g)
37
1
.14
689,842
0
.77
0
.58
3
.85
13
(
0
.26
)
607,992
0
.89
0
.60
4
.19
22
16
.06
695,396
1
.01
0
.60
3
.84
2
3
.35
415,991
0
.96
0
.62
4
.19
20
6
.66
430,330
0
.85
0
.65
4
.16
5
Financial
Highlights
(continued)
California
The
Fund's
fiscal
year
end
is
February
28th/29th.
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
2023(f)
$
11.17
$
0.16
$
(
0.99
)
$
(
0.83
)
$
(
0.14
)
$
—
$
(
0.14
)
$
10.20
2022
11.49
0.26
(
0.32
)
(
0.06
)
(
0.26
)
—
(
0.26
)
11.17
2021
11.81
0.29
(
0.33
)
(
0.04
)
(
0.28
)
—
(
0.28
)
11.49
2020
10.96
0.32
0.87
1.19
(
0.34
)
—
(
0.34
)
11.81
2019
11.02
0.35
(
0.05
)
0.30
(
0.36
)
—
(
0.36
)
10.96
2018
11.00
0.37
0.01
0.38
(
0.36
)
—
(
0.36
)
11.02
Class
C
2023(f)
11.13
0.11
(
0.98
)
(
0.87
)
(
0.10
)
—
(
0.10
)
10.16
2022
11.45
0.17
(
0.33
)
(
0.16
)
(
0.16
)
—
(
0.16
)
11.13
2021
11.76
0.20
(
0.32
)
(
0.12
)
(
0.19
)
—
(
0.19
)
11.45
2020
10.92
0.23
0.86
1.09
(
0.25
)
—
(
0.25
)
11.76
2019
10.98
0.26
(
0.05
)
0.21
(
0.27
)
—
(
0.27
)
10.92
2018
10.96
0.28
0.01
0.29
(
0.27
)
—
(
0.27
)
10.98
Class
I
2023(f)
11.19
0.16
(
0.99
)
(
0.83
)
(
0.15
)
—
(
0.15
)
10.21
2022
11.51
0.28
(
0.32
)
(
0.04
)
(
0.28
)
—
(
0.28
)
11.19
2021
11.82
0.31
(
0.31
)
—
(
0.31
)
—
(
0.31
)
11.51
2020
10.97
0.35
0.86
1.21
(
0.36
)
—
(
0.36
)
11.82
2019
11.03
0.37
(
0.05
)
0.32
(
0.38
)
—
(
0.38
)
10.97
2018
11.01
0.39
0.01
0.40
(
0.38
)
—
(
0.38
)
11.03
(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
Fund
has
a
contractual
fee
waiver/expense
reimbursement
agreement
with
the
Adviser,
but
did
not
receive
a
fee
waiver/expense
reimbursement
during
the
periods
presented
herein.
See
Note
7
-
Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
(d)
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.
(e)
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.
(f)
Unaudited. For
the
six
months
ended
August
31,
2022.
(g)
Annualized.
(h)
Rounds
to
less
than
0.01%.
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),(d)
Expenses
Excluding
Interest(c)
NII
(Loss)(c)
Portfolio
Turnover
Rate(e)
(
7
.44
)
%
$
949,604
0
.74
%
(g)
0
.73
%
(g)
2
.95
%
(g)
51
%
(
0
.61
)
860,807
0
.72
0
.72
2
.22
27
(
0
.29
)
921,120
0
.73
0
.73
2
.51
25
11
.00
743,072
0
.74
0
.74
2
.84
13
2
.77
506,038
0
.76
0
.75
3
.20
56
3
.46
460,166
0
.75
0
.74
3
.28
16
(
7
.86
)
42,898
1
.55
(g)
1
.54
(g)
2
.13
(g)
51
(
1
.42
)
58,842
1
.52
1
.52
1
.43
27
(
0
.99
)
70,693
1
.53
1
.53
1
.73
25
10
.06
80,258
1
.54
1
.54
2
.05
13
1
.94
66,305
1
.56
1
.55
2
.40
56
2
.64
75,799
1
.55
1
.55
2
.48
16
(
7
.41
)
1,050,449
0
.54
(g)
0
.53
(g)
3
.12
(g)
51
(
0
.40
)
1,396,276
0
.52
0
.52
2
.43
27
0
.00
(h)
1,370,713
0
.53
0
.53
2
.72
25
11
.20
1,146,758
0
.54
0
.54
3
.05
13
2
.93
821,588
0
.56
0
.55
3
.40
56
3
.62
817,770
0
.55
0
.55
3
.48
16
Financial
Highlights
(continued)
Connecticut
The
Fund's
fiscal
year
end
is
February
28th/29th.
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
2023(e)
$
10.44
$
0.11
$
(
0.95
)
$
(
0.84
)
$
(
0.11
)
$
—
$
(
0.11
)
$
9.49
2022
10.72
0.23
(
0.27
)
(
0.04
)
(
0.24
)
—
(
0.24
)
10.44
2021
10.99
0.28
(
0.25
)
0.03
(
0.30
)
—
(
0.30
)
10.72
2020
10.39
0.31
0.60
0.91
(
0.31
)
—
(
0.31
)
10.99
2019
10.39
0.33
(
0.01
)
0.32
(
0.32
)
—
(
0.32
)
10.39
2018
10.51
0.33
(
0.11
)
0.22
(
0.34
)
—
(
0.34
)
10.39
Class
C
2023(e)
10.41
0.07
(
0.94
)
(
0.87
)
(
0.07
)
—
(
0.07
)
9.47
2022
10.69
0.15
(
0.28
)
(
0.13
)
(
0.15
)
—
(
0.15
)
10.41
2021
10.97
0.20
(
0.26
)
(
0.06
)
(
0.22
)
—
(
0.22
)
10.69
2020
10.37
0.22
0.61
0.83
(
0.23
)
—
(
0.23
)
10.97
2019
10.37
0.24
(
0.01
)
0.23
(
0.23
)
—
(
0.23
)
10.37
2018
10.49
0.25
(
0.12
)
0.13
(
0.25
)
—
(
0.25
)
10.37
Class
I
2023(e)
10.46
0.12
(
0.95
)
(
0.83
)
(
0.12
)
—
(
0.12
)
9.51
2022
10.74
0.25
(
0.27
)
(
0.02
)
(
0.26
)
—
(
0.26
)
10.46
2021
11.02
0.30
(
0.25
)
0.05
(
0.33
)
—
(
0.33
)
10.74
2020
10.42
0.33
0.61
0.94
(
0.34
)
—
(
0.34
)
11.02
2019
10.42
0.35
(
0.01
)
0.34
(
0.34
)
—
(
0.34
)
10.42
2018
10.54
0.35
(
0.11
)
0.24
(
0.36
)
—
(
0.36
)
10.42
(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.
(e)
Unaudited. For
the
six
months
ended
August
31,
2022.
(f)
Annualized.
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
.06
)
%
$
136,466
0
.79
%
(f)
0
.78
%
(f)
2
.31
%
(f)
7
%
(
0
.43
)
158,274
0
.78
0
.78
2
.16
17
0
.34
160,706
0
.80
0
.79
2
.63
9
8
.90
159,680
0
.81
0
.80
2
.87
11
3
.09
138,188
0
.80
0
.80
3
.15
7
2
.07
139,320
0
.81
0
.81
3
.12
12
(
8
.37
)
4,743
1
.59
(f)
1
.58
(f)
1
.51
(f)
7
(
1
.25
)
5,790
1
.58
1
.58
1
.36
17
(
0
.54
)
7,002
1
.60
1
.59
1
.83
9
8
.07
6,529
1
.60
1
.59
2
.05
11
2
.26
4,914
1
.60
1
.60
2
.34
7
1
.26
4,994
1
.61
1
.61
2
.33
12
(
7
.93
)
95,331
0
.59
(f)
0
.58
(f)
2
.50
(f)
7
(
0
.21
)
120,028
0
.58
0
.58
2
.35
17
0
.47
102,331
0
.60
0
.59
2
.83
9
9
.12
90,739
0
.60
0
.59
3
.06
11
3
.32
65,660
0
.60
0
.60
3
.34
7
2
.29
67,824
0
.61
0
.61
3
.32
12
Financial
Highlights
(continued)
Massachusetts
The
Fund's
fiscal
year
end
is
February
28th/29th.
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
2023(f)
$
10.20
$
0.10
$
(
0.88
)
$
(
0.78
)
$
(
0.09
)
$
—
$
(
0.09
)
$
9.33
2022
10.41
0.19
(
0.22
)
(
0.03
)
(
0.18
)
—
(
0.18
)
10.20
2021
10.66
0.23
(
0.25
)
(
0.02
)
(
0.23
)
—
(
0.23
)
10.41
2020
9.93
0.25
0.75
1.00
(
0.27
)
—
(
0.27
)
10.66
2019
9.96
0.28
(
0.02
)
0.26
(
0.29
)
—
(
0.29
)
9.93
2018
10.01
0.29
(
0.05
)
0.24
(
0.29
)
—
(
0.29
)
9.96
Class
C
2023(f)
10.12
0.07
(
0.88
)
(
0.81
)
(
0.05
)
—
(
0.05
)
9.26
2022
10.32
0.10
(
0.20
)
(
0.10
)
(
0.10
)
—
(
0.10
)
10.12
2021
10.58
0.14
(
0.25
)
(
0.11
)
(
0.15
)
—
(
0.15
)
10.32
2020
9.85
0.17
0.75
0.92
(
0.19
)
—
(
0.19
)
10.58
2019
9.88
0.20
(
0.03
)
0.17
(
0.20
)
—
(
0.20
)
9.85
2018
9.92
0.21
(
0.05
)
0.16
(
0.20
)
—
(
0.20
)
9.88
Class
I
2023(f)
10.20
0.11
(
0.87
)
(
0.76
)
(
0.10
)
—
(
0.10
)
9.34
2022
10.41
0.21
(
0.22
)
(
0.01
)
(
0.20
)
—
(
0.20
)
10.20
2021
10.66
0.25
(
0.25
)
—
(
0.25
)
—
(
0.25
)
10.41
2020
9.92
0.27
0.76
1.03
(
0.29
)
—
(
0.29
)
10.66
2019
9.95
0.30
(
0.02
)
0.28
(
0.31
)
—
(
0.31
)
9.92
2018
10.00
0.31
(
0.05
)
0.26
(
0.31
)
—
(
0.31
)
9.95
(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
Fund
has
a
contractual
fee
waiver/expense
reimbursement
agreement
with
the
Adviser,
but
did
not
receive
a
fee
waiver/expense
reimbursement
during
the
periods
presented
herein.
See
Note
7
-
Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
(d)
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.
(e)
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.
(f)
Unaudited. For
the
six
months
ended
August
31,
2022.
(g)
Annualized.
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),(d)
Expenses
Excluding
Interest(c)
NII
(Loss)(c)
Portfolio
Turnover
Rate(e)
(
7
.62
)
%
$
152,728
0
.82
%
(g)
0
.79
%
(g)
2
.14
%
(g)
10
%
(
0
.30
)
260,770
0
.77
0
.77
1
.76
13
(
0
.11
)
280,258
0
.78
0
.78
2
.18
11
10
.19
206,362
0
.79
0
.79
2
.45
7
2
.64
149,468
0
.80
0
.80
2
.86
24
2
.38
149,056
0
.81
0
.81
2
.91
10
(
7
.98
)
7,180
1
.62
(g)
1
.59
(g)
1
.37
(g)
10
(
1
.00
)
9,182
1
.57
1
.57
0
.97
13
(
1
.02
)
9,569
1
.58
1
.58
1
.39
11
9
.38
8,538
1
.59
1
.59
1
.65
7
1
.79
6,792
1
.60
1
.60
2
.07
24
1
.65
8,661
1
.61
1
.61
2
.11
10
(
7
.43
)
383,233
0
.62
(g)
0
.59
(g)
2
.36
(g)
10
(
0
.13
)
447,127
0
.57
0
.57
1
.97
13
0
.06
384,795
0
.58
0
.58
2
.39
11
10
.50
346,995
0
.59
0
.59
2
.65
7
2
.83
227,690
0
.60
0
.60
3
.08
24
2
.56
213,372
0
.61
0
.61
3
.11
10
Financial
Highlights
(continued)
New
Jersey
The
Fund's
fiscal
year
end
is
February
28th/29th.
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
2023(e)
$
11.32
$
0.14
$
(
0.93
)
$
(
0.79
)
$
(
0.13
)
$
—
$
(
0.13
)
$
10.40
2022
11.67
0.28
(
0.36
)
(
0.08
)
(
0.27
)
—
(
0.27
)
11.32
2021
11.99
0.30
(
0.32
)
(
0.02
)
(
0.30
)
—
(
0.30
)
11.67
2020
11.20
0.32
0.81
1.13
(
0.34
)
—
(
0.34
)
11.99
2019
11.20
0.35
0.08
0.43
(
0.35
)
(
0.08
)
(
0.43
)
11.20
2018
11.19
0.35
0.07
0.42
(
0.37
)
(
0.04
)
(
0.41
)
11.20
Class
C
2023(e)
11.27
0.10
(
0.93
)
(
0.83
)
(
0.09
)
—
(
0.09
)
10.35
2022
11.62
0.18
(
0.35
)
(
0.17
)
(
0.18
)
—
(
0.18
)
11.27
2021
11.93
0.20
(
0.30
)
(
0.10
)
(
0.21
)
—
(
0.21
)
11.62
2020
11.14
0.23
0.81
1.04
(
0.25
)
—
(
0.25
)
11.93
2019
11.15
0.26
0.07
0.33
(
0.26
)
(
0.08
)
(
0.34
)
11.14
2018
11.14
0.26
0.07
0.33
(
0.28
)
(
0.04
)
(
0.32
)
11.15
Class
I
2023(e)
11.37
0.15
(
0.94
)
(
0.79
)
(
0.14
)
—
(
0.14
)
10.44
2022
11.71
0.30
(
0.34
)
(
0.04
)
(
0.30
)
—
(
0.30
)
11.37
2021
12.03
0.32
(
0.31
)
0.01
(
0.33
)
—
(
0.33
)
11.71
2020
11.24
0.35
0.80
1.15
(
0.36
)
—
(
0.36
)
12.03
2019
11.24
0.37
0.08
0.45
(
0.37
)
(
0.08
)
(
0.45
)
11.24
2018
11.22
0.38
0.07
0.45
(
0.39
)
(
0.04
)
(
0.43
)
11.24
(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.
(e)
Unaudited. For
the
six
months
ended
August
31,
2022.
(f)
Annualized.
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)
(
6
.98
)
%
$
217,452
0
.82
%
(f)
0
.79
%
(f)
2
.58
%
(f)
9
%
(
0
.73
)
201,268
0
.78
0
.77
2
.36
10
(
0
.09
)
203,304
0
.81
0
.79
2
.56
14
10
.22
213,869
0
.83
0
.79
2
.78
13
3
.92
173,965
0
.82
0
.81
3
.13
22
3
.77
174,582
0
.81
0
.81
3
.12
11
(
7
.41
)
11,827
1
.62
(f)
1
.59
(f)
1
.79
(f)
9
(
1
.55
)
13,918
1
.58
1
.57
1
.55
10
(
0
.81
)
14,867
1
.61
1
.59
1
.76
14
9
.39
17,094
1
.63
1
.59
1
.98
13
3
.01
14,536
1
.62
1
.61
2
.34
22
2
.96
16,282
1
.61
1
.61
2
.32
11
(
6
.93
)
192,175
0
.62
(f)
0
.59
(f)
2
.78
(f)
9
(
0
.44
)
219,492
0
.58
0
.57
2
.56
10
0
.12
206,403
0
.61
0
.59
2
.76
14
10
.41
197,104
0
.63
0
.59
2
.97
13
4
.12
122,168
0
.62
0
.61
3
.33
22
4
.06
117,074
0
.61
0
.61
3
.32
11
Financial
Highlights
(continued)
New
York
The
Fund's
fiscal
year
end
is
February
28th/29th.
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
2023(f)
$
10.89
$
0.15
$
(1.05)
$
(0.90)
$
(0.14)
$
—
$
(0.14)
$
9.85
2022
11.16
0.28
(0.26)
0.02
(0.29)
—
(0.29)
10.89
2021
11.54
0.31
(0.38)
(0.07)
(0.31)
—
(0.31)
11.16
2020
10.80
0.32
0.75
1.07
(0.33)
—
(0.33)
11.54
2019
10.79
0.35
(0.01)
0.34
(0.33)
—
(0.33)
10.80
2018
10.85
0.36
(0.05)
0.31
(0.37)
—
(0.37)
10.79
Class
C
2023(f)
10.87
0.11
(1.05)
(0.94)
(0.10)
—
(0.10)
9.83
2022
11.15
0.19
(0.27)
(0.08)
(0.20)
—
(0.20)
10.87
2021
11.52
0.22
(0.37)
(0.15)
(0.22)
—
(0.22)
11.15
2020
10.78
0.23
0.75
0.98
(0.24)
—
(0.24)
11.52
2019
10.78
0.26
(0.01)
0.25
(0.25)
—
(0.25)
10.78
2018
10.83
0.27
(0.04)
0.23
(0.28)
—
(0.28)
10.78
Class
I
2023(f)
10.89
0.16
(1.05)
(0.89)
(0.15)
—
(0.15)
9.85
2022
11.17
0.31
(0.28)
0.03
(0.31)
—
(0.31)
10.89
2021
11.55
0.34
(0.38)
(0.04)
(0.34)
—
(0.34)
11.17
2020
10.81
0.34
0.75
1.09
(0.35)
—
(0.35)
11.55
2019
10.80
0.37
—(h)
0.37
(0.36)
—
(0.36)
10.81
2018
10.86
0.39
(0.05)
0.34
(0.40)
—
(0.40)
10.80
(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
Fund
has
a
contractual
fee
waiver/expense
reimbursement
agreement
with
the
Adviser,
but
did
not
receive
a
fee
waiver/expense
reimbursement
during
the
periods
presented
herein.
See
Note
7
-
Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
(d)
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.
(e)
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.
(f)
Unaudited. For
the
six
months
ended
August
31,
2022.
(g)
Annualized.
(h)
Value
rounded
to
zero.
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),(d)
Expenses
Excluding
Interest(c)
NII
(Loss)(c)
Portfolio
Turnover
Rate(e)
(8.28)
%
$
561,434
0.75
%
(g)
0.75
%
(g)
3.03
%
(g)
48
%
0.09
509,874
0.73
0.73
2.51
12
(0.52)
516,697
0.76
0.75
2.83
31
10.03
534,311
0.76
0.75
2.85
7
3.25
432,791
0.78
0.77
3.25
37
2.87
383,306
0.79
0.77
3.30
16
(8.68)
28,911
1.55
(g)
1.55
(g)
2.21
(g)
48
(0.80)
40,015
1.53
1.53
1.71
12
(1.24)
43,211
1.56
1.55
2.04
31
9.19
50,740
1.56
1.55
2.04
7
2.32
37,515
1.58
1.57
2.45
37
2.13
41,221
1.59
1.57
2.50
16
(8.17)
599,096
0.55
(g)
0.55
(g)
3.21
(g)
48
0.21
709,958
0.53
0.53
2.71
12
(0.31)
666,168
0.56
0.55
3.03
31
10.26
661,362
0.56
0.55
3.04
7
3.47
447,980
0.58
0.57
3.45
37
3.09
412,823
0.59
0.57
3.50
16
Notes
to
Financial
Statements
(Unaudited)
1.
General
Information
Trust
and
Fund
Information
The
Nuveen
Multistate
Trust
II
(the
“Trust”)
is
an
open-end
management
investment
company
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”).
The
Trust
is
comprised
of
Nuveen
California
High
Yield
Municipal
Bond
Fund
(“California
High
Yield”),
Nuveen
California
Municipal
Bond
Fund
(“California”),
Nuveen
Connecticut
Municipal
Bond
Fund
(“Connecticut”),
Nuveen
Massachusetts
Municipal
Bond
Fund
(“Massachusetts”),
Nuveen
New
Jersey
Municipal
Bond
Fund
(“New
Jersey”),
and
Nuveen
New
York
Municipal
Bond
Fund
(“New
York”)
(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
August
31,
2022,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
August
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.
Soft
Closure
After
the
close
of
business
on
September
30,
2021
(the
“Closing
Date”),
Nuveen
California
High
Yield
Municipal
Bond
Fund
(the
“Fund”)
suspended
offering
its
shares
to
new
investors
(commonly
referred
to
as
a
“soft
closure”).
Investors
in
the
Fund
as
of
the
Closing
Date
could
continue
to
purchase
Fund
shares,
including
through
the
reinvestment
of
dividends
and
capital
gains
distributions.
Shares
of
the
Fund
also
remained
available
to
clients
investing
through
mutual
fund
wrap
and
fee-based
advisory
programs
that
utilized
the
Fund
as
of
the
Closing
Date
and
the
Fund
continued
to
offer
its
shares
to
affiliated
fund
of
funds
and
model
portfolios.
Effective
June
1,
2022,
the
Fund
resumed
the
sale
of
its
shares
to
new
investors
and
all
restrictions
associated
with
the
Fund’s
soft
closure
were
rescinded.
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.
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.
Notes
to
Financial
Statements
(Unaudited)
(continued)
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:
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.
Investment
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.
Securities
lending
income
is
comprised
of
fees
earned
from
borrowers
and
income
earned
on
cash
collateral
investments.
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
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
Fund
Gross
Custodian
Fee
Credits
California
High
Yield
$
15,993
California
9,354
Connecticut
3,294
Massachusetts
23,454
New
Jersey
1,624
New
York
3,512
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.
New
Rules
to
Modernize
Fund
Valuation
Framework
Take
Effect
A
new
rule
adopted
by
the
Securities
and
Exchange
Commission
(the
"SEC")
governing
fund
valuation
practices,
Rule
2a-5
under
the
1940
Act,
has
established
requirements
for
determining
fair
value
in
good
faith
for
purposes
of
the
1940
Act.
Rule
2a-5
permits
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
29(a)(41)
of
the
1940
Act,
which
requires
a
fund
to
fair
value
a
security
when
market
quotations
are
not
readily
available.
Separately,
new
SEC
Rule
31a-4
under
the
1940
Act
sets
forth
the
recordkeeping
requirements
associated
with
fair
value
determinations.
The
Funds
adopted
a
valuation
policy
conforming
to
the
new
rules,
effective
September
1,
2022,
and
there
was
no
material
impact
to
the
Funds.
FASB
issues
ASU
2022-03-Fair
Value
Measurement
(Topic
820),
Fair
Value
Measurement
of
Equity
Securities
to
Contractual
Sale
Restrictions
("ASU
2022-03")
In
June
2022,
the
FASB
issued
ASU
2022-03
to
clarify
the
guidance
in
Topic
820,
Fair
Value
Measurement
("Topic
820").
The
amendments
in
ASU
2022-03
affect
all
entities
that
have
investments
in
equity
securities
measured
at
fair
value
that
are
subject
to
a
contractual
sale
restriction.
ASU
2022-
03
(1)
clarifies
the
guidance
in
Topic
820,
when
measuring
the
fair
value
of
an
equity
security
subject
to
contractual
restrictions
that
prohibit
the
sale
of
equity
security,
(2)
amends
a
related
illustrative
example,
and
(3)
introduces
new
disclosure
requirements
for
equity
securities
subject
to
contractual
sale
restrictions
that
are
measured
at
fair
value
in
accordance
with
Topic
820.
For
public
business
entities,
the
amendments
in
ASU
2022-03
are
effective
for
fiscal
years
beginning
after
December
15,
2023,
and
interim
periods
within
those
fiscal
years.
For
all
other
entities,
the
amendments
are
effective
for
fiscal
years
beginning
after
December
15,
2024,
and
interim
periods
within
those
fiscal
years.
Early
adoption
is
permitted
for
both
interim
and
annual
financial
statements
that
have
not
yet
been
issued
or
made
available
for
issuance.
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.
Futures
contracts
are
valued
using
the
closing
settlement
price
or,
in
the
absence
of
such
a
price,
the
last
traded
price
and
are
generally
classified
as
Level
1.
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
Notes
to
Financial
Statements
(Unaudited)
(continued)
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:
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
California
High
Yield
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
1,546,331,036
$
603,241**
$
1,546,934,277
Common
Stocks
1,221,840
–
–
1,221,840
Investments
in
Derivatives:
Futures
Contracts***
622,626
–
–
622,626
Total
$
1,844,466
$
1,546,331,036
$
603,241
$
1,548,778,743
California
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
2,034,528,792
$
238,819**
$
2,034,767,611
Total
$
–
$
2,034,528,792
$
238,819
$
2,034,767,611
Connecticut
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
236,189,319
$
–
$
236,189,319
Total
$
–
$
236,189,319
$
–
$
236,189,319
Massachusetts
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
524,288,628
$
–
$
524,288,628
Total
$
–
$
524,288,628
$
–
$
524,288,628
New
Jersey
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
418,482,136
$
–
$
418,482,136
Total
$
–
$
418,482,136
$
–
$
418,482,136
New
York
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
1,185,185,287
$
–
$
1,185,185,287
Total
$
–
$
1,185,185,287
$
–
$
1,185,185,287
*
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.
***
Represents
net
unrealized
appreciation
(depreciation).
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
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:
Fund
Floating
Rate
Obligations:
Self-
Deposited
Inverse
Floaters
Floating
Rate
Obligations:
Externally-Deposited
Inverse
Floaters
Total
California
High
Yield
$
384,776,000
$
73,830,000
$
458,606,000
California
—
—
—
Connecticut
1,570,000
—
1,570,000
Massachusetts
—
—
—
New
Jersey
7,590,000
—
7,590,000
New
York
—
—
—
Notes
to
Financial
Statements
(Unaudited)
(continued)
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.
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.
Fund
Average
Floating
Rate
Obligations
Outstanding
Average
Annual
Interest
Rate
And
Fees
California
High
Yield
$
428,302,430
0.35
%
California
—
—
Connecticut
1,570,000
0.46
Massachusetts
—
—
New
Jersey
7,590,000
0.46
New
York
—
—
Fund
Maximum
Exposure
to
Recourse
Trusts:
Self-Deposited
Inverse
Floaters
Maximum
Exposure
to
Recourse
Trusts:
Externally-Deposited
Inverse
Floaters
Total
California
High
Yield
$
384,776,000
$
73,830,000
$
458,606,000
California
—
—
—
Connecticut
1,570,000
—
1,570,000
Massachusetts
—
—
—
New
Jersey
7,590,000
—
7,590,000
New
York
—
—
—
Securities
Lending
Each
Fund
may
lend
securities
representing
up
to
one-third
of
the
value
of
its
total
assets
to
broker-dealers,
banks,
and
other
institutions
in
order
to
generate
additional
income.
When
loaning
securities,
the
Fund
retains
the
benefits
of
owning
the
securities,
including
the
economic
equivalent
of
dividends
or
interest
generated
by
the
security.
The
loans
are
continuous,
can
be
recalled
at
any
time,
and
have
no
set
maturity.
The
Funds’
custodian,
State
Street
Bank
and
Trust
Company,
serves
as
the
securities
lending
agent
(the
“Agent”).
When
a
Fund
loans
its
portfolio
securities,
it
will
receive,
at
the
inception
of
each
loan,
cash
collateral
equal
to
an
amount
not
less
than
100%
of
the
market
value
of
the
loaned
securities.
The
actual
percentage
of
the
cash
collateral
will
vary
depending
upon
the
asset
type
of
the
loaned
securities.
Collateral
for
the
loaned
securities
is
invested
in
a
government
money
market
vehicle
maintained
by
the
Agent,
which
is
subject
to
the
requirements
of
Rule
2a-7
under
the
1940
Act.
The
value
of
the
loaned
securities
and
the
liability
to
return
the
cash
collateral
received
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
If
the
market
value
of
the
loaned
securities
increases,
the
borrower
must
furnish
additional
collateral
to
the
Fund,
which
is
also
recognized
on
the
Statement
of
Assets
and
Liabilities.
Securities
out
on
loan
are
subject
to
termination
at
any
time
at
the
option
of
the
borrower
or
the
Fund.
Upon
termination,
the
borrower
is
required
to
return
to
the
Fund
securities
identical
to
the
securities
loaned.
During
the
term
of
the
loan,
the
Fund
bears
the
market
risk
with
respect
to
the
investment
of
collateral
and
the
risk
that
the
Agent
may
default
on
its
contractual
obligations
to
the
Fund.
The
Agent
bears
the
risk
that
the
borrower
may
default
on
its
obligation
to
return
the
loaned
securities
as
the
Agent
is
contractually
obligated
to
indemnify
the
Fund
if
at
the
time
of
a
default
by
a
borrower
some
or
all
of
the
loan
securities
have
not
been
returned.
Securities
lending
income
recognized
by
a
Fund
consists
of
earnings
on
invested
collateral
and
lending
fees,
net
of
any
rebates
to
the
borrower
and
compensation
to
the
Agent.
Such
income
is
recognized
on
the
Statement
of
Operations.
As
of
the
end
of
the
reporting
period,
none
of
the
Funds
had
outstanding
loaned
securities.
Investment
Transactions
Long-term
purchases
and
sales
(including
maturities
but
excluding
derivative
transactions,
where
applicable)
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.
Futures
Contracts
Upon
execution
of
a
futures
contract,
a
Fund
is
obligated
to
deposit
cash
or
eligible
securities,
also
known
as
“initial
margin,”
into
an
account
at
its
clearing
broker
equal
to
a
specified
percentage
of
the
contract
amount.
Cash
held
by
the
broker
to
cover
initial
margin
requirements
on
open
futures
contracts,
if
any,
is
recognized
as
“Cash
collateral
at
brokers
for
investments
in
futures
contracts”
on
the
Statement
of
Assets
and
Liabilities.
Investments
in
futures
contracts
obligate
a
Fund
and
the
clearing
broker
to
settle
monies
on
a
daily
basis
representing
changes
in
the
prior
days
“mark-to-market”
of
the
open
contracts.
If
a
Fund
has
unrealized
appreciation
the
clearing
broker
would
credit
the
Fund’s
account
with
an
amount
equal
to
appreciation
and
conversely
if
a
Fund
has
unrealized
depreciation
the
clearing
broker
would
debit
the
Fund’s
account
with
an
amount
equal
to
depreciation.
These
daily
cash
settlements
are
also
known
as
“variation
margin.”
Variation
margin
is
recognized
as
a
receivable
and/or
payable
for
“Variation
margin
on
futures
contracts”
on
the
Statement
of
Assets
and
Liabilities.
During
the
period
the
futures
contract
is
open,
changes
in
the
value
of
the
contract
are
recognized
as
an
unrealized
gain
or
loss
by
“marking-to-
market”
on
a
daily
basis
to
reflect
the
changes
in
market
value
of
the
contract,
which
is
recognized
as
a
component
of
“Change
in
net
unrealized
appreciation
(depreciation)
of
futures
contracts”
on
the
Statement
of
Operations.
When
the
contract
is
closed
or
expired,
a
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
contract
on
the
closing
date
and
value
of
the
contract
when
originally
entered
into,
which
is
recognized
as
a
component
of
“Net
realized
gain
(loss)
from
futures
contracts”
on
the
Statement
of
Operations.
Fund
Purchases
Sales
and
Maturities
California
High
Yield
$
503,562,518
$
675,129,500
California
1,091,045,400
1,155,933,623
Connecticut
16,961,040
35,424,146
Massachusetts
55,916,100
173,758,339
New
Jersey
55,149,763
37,589,461
New
York
626,125,784
566,865,187
Notes
to
Financial
Statements
(Unaudited)
(continued)
Risks
of
investments
in
futures
contracts
include
the
possible
adverse
movement
in
the
price
of
the
securities
or
indices
underlying
the
contracts,
the
possibility
that
there
may
not
be
a
liquid
secondary
market
for
the
contracts
and/or
that
a
change
in
the
value
of
the
contract
may
not
correlate
with
a
change
in
the
value
of
the
underlying
securities
or
indices.
During
the
current
fiscal
period,
California
High
Yield
and
New
Jersey
used
U.S.
Treasury
futures
as
part
of
an
overall
portfolio
construction
strategy
to
manage
portfolio
duration
and
yield
curve
exposure.
The
average
notional
amount
of
futures
contracts
outstanding
during
the
current
fiscal
period
was
as
follows:
The
following
table
presents
the
fair
value
of
all
futures
contracts
held
by
the
Funds
as
of
the
end
of
the
reporting
period,
the
location
of
these
instruments
of
the
Statement
of
Assets
and
Liabilities
and
the
primary
underlying
risk
exposure.
The
following
table
presents
the
amount
of
net
realized
gain
(loss)
and
change
in
net
unrealized
appreciation
(depreciation)
recognized
on
futures
contracts
on
the
Statement
of
Operations
during
the
current
fiscal
period,
and
the
primary
underlying
risk
exposure.
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
Average
Notional
Amount
of
Futures
Contracts
Outstanding*
California
High
Yield
$151,878,329
New
Jersey
$
2,365,864
*
The
average
notional
amount
is
calculated
based
on
the
absolute
aggregate
notional
amount
of
contracts
outstanding
at
the
beginning
of
the
current
fiscal
period
and
at
the
end
of
each
fiscal
quarter
within
the
current
fiscal
period.
Location
on
the
Statement
of
Assets
and
Liabilities
Underlying
Derivative
Asset
Derivatives
(Liability)
Derivatives
Risk
Exposure
Instrument
Location
Value
Location
Value
California
High
Yield
Interest
rate
Futures
contracts
Receivable
for
variation
margin
on
futures
contracts*
$622,626
-
-
*
Value
represents
the
cumulative
unrealized
appreciation
(depreciation)
of
futures
contracts
as
reported
in
the
Fund’s
Portfolio
of
Investments
and
not
the
asset
and/or
liability
derivatives
location
as
described
in
the
table
above.
Fund
Underlying
Risk
Exposure
Derivative
Instrument
Net
Realized
Gain
(Loss)
from
Futures
Contracts
Change
in
Net
Unrealized
Appreciation
(Depreciation)
of
Futures
Contracts
California
High
Yield
Interest
rate
Future
contracts
$9,438,367
$1,555,688
New
Jersey
Interest
rate
Future
contracts
$414,605
$41,111
5.
Fund
Shares
Transactions
in Fund
shares
during
the
current
and
prior
fiscal
period
were
as
follows:
Six
Months
Ended
8/31/22
Year
Ended
2/28/22
California
High
Yield
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
16,822,495
$144,952,146
26,449,587
$276,579,887
Class
A
-
automatic
conversion
of
Class
C2
Shares
—
—
17,291
177,753
Class
C
317,557
2,751,138
908,078
9,475,810
Class
I
47,515,680
413,685,181
33,750,325
350,867,075
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
1,381,403
12,000,938
2,408,250
24,979,637
Class
C
97,056
842,874
184,194
1,910,060
Class
C2
(1)
—
—
1,670
17,251
Class
I
1,373,100
11,904,576
2,314,890
24,002,011
67,507,291
586,136,853
66,034,285
688,009,484
Shares
redeemed:
Class
A
(24,670,842)
(215,696,247)
(17,529,564)
(182,186,532)
Class
C
(1,444,961)
(12,662,277)
(1,547,921)
(16,067,920)
Class
C2
(1)
—
—
(859,723)
(8,815,028)
Class
C2
-
automatic
conversion
to
Class
A
Shares
—
—
(17,291)
(177,753)
Class
I
(50,959,117)
(442,305,976)
(26,102,307)
(268,325,528)
(77,074,920)
(670,664,500)
(46,056,806)
(475,572,761)
Net
increase
(decrease)
(9,567,629)
$(84,527,647)
19,977,479
$212,436,723
(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.
Six
Months
Ended
8/31/22
Year
Ended
2/28/22
California
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
77,330,998
$805,339,267
25,579,428
$296,215,636
Class
A
-
automatic
conversion
of
Class
C2
Shares
—
—
43,517
508,429
Class
C
227,472
2,340,998
378,468
4,386,579
Class
C2
(1)
—
—
—
1
Class
I
34,465,529
357,900,791
29,427,092
342,275,181
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
1,093,433
11,350,267
1,643,892
19,051,576
Class
C
41,479
429,494
76,128
878,962
Class
C2
(1)
—
—
1,341
15,559
Class
I
1,167,860
12,158,183
2,117,688
24,565,764
114,326,771
1,189,519,000
59,267,554
687,897,687
Shares
redeemed:
Class
A
(62,331,508)
(647,344,143)
(30,351,457)
(348,242,547)
Class
C
(1,332,973)
(13,798,891)
(1,341,956)
(15,511,060)
Class
C2
(1)
—
—
(735,687)
(8,512,592)
Class
C2
-
automatic
conversion
to
Class
A
Shares
—
—
(43,627)
(508,429)
Class
I
(57,540,305)
(598,731,355)
(25,813,815)
(298,167,205)
(121,204,786)
(1,259,874,389)
(58,286,542)
(670,941,833)
Net
increase
(decrease)
(6,878,015)
$(70,355,389)
981,012
$16,955,854
(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
(Unaudited)
(continued)
Six
Months
Ended
8/31/22
Year
Ended
2/28/22
Connecticut
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
623,802
$6,166,304
2,084,955
$22,588,863
Class
A
-
automatic
conversion
of
Class
C
Shares
2,740
26,364
—
—
Class
A
-
automatic
conversion
of
Class
C2
Shares
—
—
29,628
318,798
Class
C
22,411
219,666
74,029
802,476
Class
I
2,037,101
19,895,784
3,098,084
33,582,752
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
134,034
1,302,745
275,068
2,966,481
Class
C
2,968
28,768
6,895
74,223
Class
C2
(1)
—
—
348
3,755
Class
I
118,472
1,154,376
225,686
2,438,427
2,941,528
28,794,007
5,794,693
62,775,775
Shares
redeemed:
Class
A
(1,551,879)
(15,143,076)
(2,218,225)
(23,871,438)
Class
C
(77,945)
(776,994)
(179,777)
(1,938,394)
Class
C
-
automatic
conversion
to
Class
A
Shares
(2,746)
(26,364)
—
—
Class
C2
(1)
—
—
(183,807)
(1,983,397)
Class
C2
-
automatic
conversion
to
Class
A
Shares
—
—
(29,654)
(318,798)
Class
I
(3,609,866)
(35,178,053)
(1,373,107)
(14,772,337)
(5,242,436)
(51,124,487)
(3,984,570)
(42,884,364)
Net
increase
(decrease)
(2,300,908)
$(22,330,480)
1,810,123
$19,891,411
(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.
Six
Months
Ended
8/31/22
Year
Ended
2/28/22
Massachusetts
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
11,570,243
$111,386,596
7,343,514
$77,126,696
Class
A
-
automatic
conversion
of
Class
C
Shares
248
2,405
42
435
Class
A
-
automatic
conversion
of
Class
C2
Shares
—
—
3,615
37,857
Class
C
57,453
555,716
115,049
1,202,493
Class
I
19,458,027
184,158,873
12,770,549
134,607,407
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
167,609
1,597,361
458,460
4,823,252
Class
C
3,972
37,482
7,267
75,809
Class
C2
(1)
—
—
172
1,799
Class
I
377,114
3,591,536
687,391
7,228,214
31,634,666
301,329,969
21,386,059
225,103,962
Shares
redeemed:
Class
A
(20,944,850)
(201,559,826)
(9,161,978)
(95,609,282)
Class
C
(193,504)
(1,827,111)
(141,432)
(1,474,751)
Class
C
-
automatic
conversion
to
Class
A
Shares
(251)
(2,405)
(43)
(435)
Class
C2
(1)
—
—
(177,274)
(1,845,559)
Class
C2
-
automatic
conversion
to
Class
A
Shares
—
—
(3,636)
(37,857)
Class
I
(22,619,923)
(214,176,955)
(6,598,478)
(69,005,513)
(43,758,528)
(417,566,297)
(16,082,841)
(167,973,397)
Net
increase
(decrease)
(12,123,862)
$(116,236,328)
5,303,218
$57,130,565
(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.
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.
Six
Months
Ended
8/31/22
Year
Ended
2/28/22
New
Jersey
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
11,071,780
$117,619,540
2,701,639
$31,790,602
Class
A
-
automatic
conversion
of
Class
C
Shares
3,647
41,175
—
—
Class
A
-
automatic
conversion
of
Class
C2
Shares
—
—
21,218
249,101
Class
C
105,377
1,115,766
188,828
2,209,000
Class
I
5,232,642
56,018,778
4,494,304
53,117,893
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
214,693
2,281,395
369,466
4,337,456
Class
C
8,988
95,112
16,674
194,837
Class
C2
(1)
—
—
413
4,851
Class
I
208,736
2,228,454
399,111
4,702,660
16,845,863
179,400,220
8,191,653
96,606,400
Shares
redeemed:
Class
A
(8,150,428)
(86,581,936)
(2,737,773)
(32,098,562)
Class
C
(202,984)
(2,137,270)
(250,545)
(2,937,936)
Class
C
-
automatic
conversion
to
Class
A
Shares
(3,667)
(41,175)
—
—
Class
C2
(1)
—
—
(341,482)
(3,994,290)
Class
C2
-
automatic
conversion
to
Class
A
Shares
—
—
(21,291)
(249,101)
Class
I
(6,337,960)
(67,955,364)
(3,201,997)
(37,684,459)
(14,695,039)
(156,715,745)
(6,553,088)
(76,964,348)
Net
increase
(decrease)
2,150,824
$22,684,475
1,638,565
$19,642,052
(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.
Six
Months
Ended
8/31/22
Year
Ended
2/28/22
New
York
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
29,961,533
$301,593,078
6,515,721
$73,597,494
Class
A
-
automatic
conversion
of
Class
C
Shares
8,530
85,631
—
—
Class
A
-
automatic
conversion
of
Class
C2
Shares
—
—
40,276
451,904
Class
C
134,192
1,356,686
347,369
3,925,724
Class
C2
(1)
—
—
27
303
Class
I
15,073,130
152,894,021
13,676,715
154,477,559
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
624,067
6,294,120
974,412
10,977,777
Class
C
26,429
266,650
53,735
604,798
Class
C2
(1)
—
—
483
5,426
Class
I
768,777
7,767,862
1,362,764
15,363,130
46,596,658
470,258,048
22,971,502
259,404,115
Shares
redeemed:
Class
A
(20,401,470)
(205,206,183)
(6,978,998)
(78,332,161)
Class
C
(892,213)
(8,988,757)
(596,176)
(6,730,222)
Class
C
-
automatic
conversion
to
Class
A
Shares
(8,539)
(85,631)
—
—
Class
C2
(1)
—
—
(515,181)
(5,768,382)
Class
C2
-
automatic
conversion
to
Class
A
Shares
—
—
(40,312)
(451,904)
Class
I
(20,189,702)
(204,391,695)
(9,495,142)
(106,592,635)
(41,491,924)
(418,672,266)
(17,625,809)
(197,875,304)
Net
increase
(decrease)
5,104,734
$51,585,782
5,345,693
$61,528,811
(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
(Unaudited)
(continued)
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.
As
of
the
end
of
the
reporting
period,
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
prior
fiscal
period
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
As
of
prior
fiscal
period
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
California
High
Yield
$
1,262,985,268
$
20,654,443
$
(121,537,483)
$
(100,883,040)
California
2,085,241,477
22,282,776
(72,756,642)
(50,473,866)
Connecticut
250,662,248
1,238,473
(17,281,403)
(16,042,930)
Massachusetts
552,205,314
2,341,583
(30,258,269)
(27,916,686)
New
Jersey
434,363,700
4,573,899
(28,045,395)
(23,471,496)
New
York
1,207,936,335
10,797,891
(33,548,939)
(22,751,048)
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
California
High
Yield
$
5,824,218
$
111,311
$
—
$
54,939,937
$
(36,927,483)
$
—
$
(5,007,772)
$
18,940,211
California
4,597,299
7,821
—
77,489,155
(46,814,146)
—
(4,643,120)
30,637,009
Connecticut
327,022
—
—
5,842,514
(4,596,196)
—
(529,661)
1,043,679
Massachusetts
735,571
—
—
14,591,276
(12,330,889)
—
(1,134,644)
1,861,314
New
Jersey
607,146
101
—
12,328,546
(575,585)
—
(872,514)
11,487,694
New
York
1,393,465
157,422
—
52,282,136
(40,390,628)
—
(2,724,175)
10,718,220
1
Undistributed
tax-exempt
income
(on
a
tax
basis)
has
not
been
reduced
for
the
dividend
declared
during
the
period
February
1,
2022
through
February
28,
2022
and
paid
on
March
1,
2022.
Fund
Short-Term
Long-Term
Total
California
High
Yield
$
36,754,748
$
172,735
$
36,927,483
California
45,431,448
1,382,698
46,814,146
Connecticut
4,596,196
—
4,596,196
Massachusetts
5,824,201
6,506,688
12,330,889
New
Jersey
307,204
268,381
575,585
New
York
36,060,981
4,329,647
40,390,628
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
was
calculated
according
to
the
following
schedule:
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
August
31,
2022,
the
complex-level
fee
rate
for
each
Fund
was
as
follows:
Average
Daily
Net
Assets
California
High
Yield
California
Connecticut
Massachusetts
New
Jersey
New
York
For
the
first
$125
million
0.4000
%
0.3500
%
0.3500
%
0.3500
%
0.3500
%
0.3500
%
For
the
next
$125
million
0.3875
0.3375
0.3375
0.3375
0.3375
0.3375
For
the
next
$250
million
0.3750
0.3250
0.3250
0.3250
0.3250
0.3250
For
the
next
$500
million
0.3625
0.3125
0.3125
0.3125
0.3125
0.3125
For
the
next
$1
billion
0.3500
0.3000
0.3000
0.3000
0.3000
0.3000
For
the
next
$3
billion
-
0.2750
0.2750
0.2750
0.2750
0.2750
For
the
next
$8
billion
0.3250
-
-
-
-
-
For
the
next
$5
billion
0.3150
0.2500
0.2500
0.2500
0.2500
0.2500
For
the
next
$5
billion
0.3000
-
-
-
-
-
For
net
assets
over
$10
billion
-
0.2375
0.2375
0.2375
0.2375
0.2375
For
net
assets
over
$20
billion
0.2875
-
-
-
-
-
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
California
High
Yield
0
.1567%
California
0
.1585%
Connecticut
0
.1567%
Notes
to
Financial
Statements
(Unaudited)
(continued)
The
Adviser
has
agreed
to
waive
fees
and/or
reimburse
expenses
(“Expense
Cap”)
of
the
following
Funds
so
that
the
total
annual
Fund
operating
expenses
(excluding
12b-1
distribution
and/or
service
fees,
interest
expenses,
taxes,
acquired
fund
fees
and
expenses,
fees
incurred
in
acquiring
and
disposing
of
portfolio
securities
and
extraordinary
expenses)
do
not
exceed
the
average
daily
net
assets
of
any
class
of
Fund
shares
in
the
amounts
and
for
the
time
periods
stated
in
the
following
table:
Distribution
and
Service
Fees
The
Fund
has
adopted
a
distribution
and
service
plan
under
rule
12b-1
under
the
1940
Act.
Class
A
Shares
incur
a
0.25%
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
Fund
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
engaged
in
cross-trades
pursuant
to
these
procedures
as
follows:
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.
Fund
Complex-Level
Fee
Massachusetts
0
.1567%
New
Jersey
0
.1567%
New
York
0
.1567%
Fund
Temporary
Expense
Cap
Temporary
Expense
Cap
Expiration
Date
Permanent
Expense
Cap
California
High
Yield
N/A
N/A
1.00%
California
N/A
N/A
0.75%
Massachusetts
N/A
N/A
0.75%
New
York
N/A
N/A
0.75%
N/A
-
Not
Applicable.
Fund
Purchases
Sales
Realized
Gain
(Loss)
California
High
Yield
$
12,164,823
$
19,853,763
$
(4,342,910)
California
42,165,764
41,948,567
(4,252,713)
Connecticut
—
—
—
Massachusetts
7,142,817
16,485,679
(2,377,164)
New
Jersey
—
—
—
New
York
10,951,500
10,904,800
(401,149)
Fund
Sales
Charges
Collected
Paid
to
Financial
Intermediaries
California
High
Yield
$
441,928
$
436,881
California
329,638
324,891
Connecticut
41,476
39,881
Massachusetts
67,337
66,909
New
Jersey
62,181
60,690
New
York
109,491
106,988
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
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,
$2.700
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
Fund
Commission
Advances
California
High
Yield
$
418,165
California
304,836
Connecticut
29,738
Massachusetts
66,935
New
Jersey
54,883
New
York
95,973
Fund
12b-1
Fees
Retained
California
High
Yield
$
36,742
California
15,603
Connecticut
1,699
Massachusetts
5,643
New
Jersey
9,090
New
York
20,256
Fund
CDSC
Retained
California
High
Yield
$
110,756
California
36,631
Connecticut
18,267
Massachusetts
2,365
New
Jersey
15,134
New
York
43,123
Notes
to
Financial
Statements
(Unaudited)
(continued)
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
2023
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.
The
Participating
Funds
also
incurred
a
0.05%
upfront
fee
on
the
increased
commitments
from
select
lenders.
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
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
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.
Fund
Maximum
Outstanding
Balance
California
High
Yield
$
54,900,000
California
48,000,000
Connecticut
—
Massachusetts
73,700,000
New
Jersey
—
New
York
10,200,000
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
California
High
Yield
83
$
21,354,217
1.96
%
California
83
19,318,072
2.45
Connecticut
—
—
—
Massachusetts
38
29,868,421
2.33
New
Jersey
—
—
—
New
York
16
7,900,000
2.26
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
KPMG
LLP
200
East
Randolph
Street
Chicago,
IL
60601
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.
Effective
Leverage
(Effective
Leverage
Ratio):
Effective
leverage
is
investment
exposure
created
either
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.
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.
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.
Leverage:
Leverage
is
created
whenever
a
fund
has
investment
exposure
(both
reward
and/or
risk)
equivalent
to
more
than
100%
of
the
investment
capital.
Lipper
California
Municipal
Debt
Funds
Classification
Average:
Represents
the
average
annualized
total
return
for
all
reporting
funds
in
the
Lipper
California
Municipal
Debt
Funds
Classification.
Lipper
returns
account
for
the
effects
of
management
fees
and
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges.
Lipper
Massachusetts
Municipal
Debt
Funds
Classification
Average:
Represents
the
average
annualized
total
return
for
all
reporting
funds
in
the
Lipper
Massachusetts
Municipal
Debt
Funds
Classification.
Lipper
returns
account
for
the
effects
of
management
fees
and
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges.
Lipper
New
Jersey
Municipal
Debt
Funds
Classification
Average:
Represents
the
average
annualized
total
return
for
all
reporting
funds
in
the
Lipper
New
Jersey
Municipal
Debt
Funds
Classification.
Lipper
returns
account
for
the
effects
of
management
fees
and
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges.
Lipper
New
York
Municipal
Debt
Funds
Classification
Average:
Represents
the
average
annualized
total
return
for
all
reporting
funds
in
the
Lipper
New
York
Municipal
Debt
Funds
Classification.
Lipper
returns
account
for
the
effects
of
management
fees
and
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges.
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
Classification
represents
the
overall
average
of
returns
for
funds
from
ten
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
charges.
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.
S&P
Municipal
Bond
California
Index:
A
index
designed
to
measure
the
performance
of
the
tax-exempt
California
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
Connecticut
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
Connecticut
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.
S&P
Municipal
Bond
Massachusetts
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
Massachusetts
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
New
Jersey
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
New
Jersey
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
New
York
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
New
York
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Yield
Index:
An
index
that
is
structured
so
that
70%
of
the
index
consists
of
bonds
that
are
either
not
rated
or
are
rated
below
investment
grade,
20%
are
rated
BBB/Baa,
and
10%
are
rated
single
A.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
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,
California
High
Yield
Municipal
Bond
Fund
determined
that
it
would
hold
a
minimum
of
25%
of
its
assets
in
highly
liquid
investments,
and
it
maintained
at
least
that
amount
during
the
Review
Period.
All
of
the
other
Funds
in
this
Report
primarily
held
highly
liquid
investments
and
therefore
were
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.
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
California
High
Yield
Municipal
Bond
Fund
(the
“California
High
Yield
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December 31,
2021,
the
Fund
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
such
periods.
Further,
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-
year
period
ended
March 31,
2022,
the
Fund
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
three-
and
five-year
periods
ended
March 31,
2022.
In
its
review,
the
Board
recognized
that
the
Performance
Peer
Group
was
classified
as
low
for
relevancy.
Based
on
its
review,
the
Board
was
generally
satisfied
with
the
Fund’s
overall
performance.
For
Nuveen
California
Municipal
Bond
Fund
(the
“California
Fund”),
the
Board
noted
that
although
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
December 31,
2021,
the
Fund
ranked
in
the
third
quartile
for
the
three-
and
five-year
periods
ended
December 31,
2021
and
outperformed
its
benchmark
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
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-year
period
ended
March
31,
2022,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
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
Connecticut
Municipal
Bond
Fund
(the
“Connecticut
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
three-
and
five-year
periods
ended
December 31,
2021,
the
Fund
outperformed
its
benchmark
for
the
one-
year
period
ended
December 31,
2021
and
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
ended
December 31,
2021
and
the
second
quartile
of
its
Performance
Peer
Group
for
the
five-year
period
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,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-
and
five-year
periods
ended
March 31,
2022
and
the
second
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
Massachusetts
Municipal
Bond
Fund
(the
“Massachusetts
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
second
quartile
of
its
Performance
Peer
Group
for
the
one-
year
period
ended
December 31,
2021
and
the
first
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-
and
five-year
periods
ended
March 31,
2022,
the
Fund
outperformed
its
benchmark
for
the
three-year
period
ended
March 31,
2022
and
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-
and
five-year
periods
ended
March 31,
2022
and
the
first
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
New
Jersey
Municipal
Bond
Fund
(the
“New
Jersey
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December 31,
2021,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
ended
December 31,
2021
and
the
second
quartile
for
the
five-year
period
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.
For
Nuveen
New
York
Municipal
Bond
Fund
(the
“New
York
Fund”),
the
Board
noted
that
the
Fund
outperformed
its
benchmark
and
ranked
in
the
second
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
one-,
three-
and
five-year
periods
ended
March 31,
2022,
the
Fund
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-
and
five-year
periods
ended
March 31,
2022
and
the
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.
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
California
High
Yield
Fund
had
a
net
management
fee
that
was
slightly
higher
than
the
peer
average,
but
a
net
expense
ratio
that
was
in
line
with
the
peer
average;
(b)
the
California
Fund
and
the
Massachusetts
Fund
each
had
a
net
management
fee
that
was
in
line
with
the
respective
peer
average
and
a
net
expense
ratio
that
was
below
the
respective
peer
average;
(c)
the
Connecticut
Fund
had
a
net
management
fee
that
was
higher
than
the
peer
average,
but
a
net
expense
ratio
that
was
below
the
peer
average;
(d)
the
New
Jersey
Fund
had
a
net
management
fee
that
was
slightly
higher
than
the
peer
average,
but
a
net
expense
ratio
that
was
below
the
peer
average;
and
(e)
the
New
York
Fund
had
a
net
management
fee
and
a
net
expense
ratio
that
were
in
line
with
the
respective
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.
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
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.
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),
including
the
permanent
expense
caps
applicable
to
the
California
High
Yield
Fund,
the
California
Fund,
the
Massachusetts
Fund
and
the
New
York
Fund.
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.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
MSA-MS3-0822D
2452037-INV-B-10/23
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
Not applicable to this filing.
| ITEM 3. |
AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable to this filing.
| ITEM 4. |
PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable to this filing.
| 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 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)). |
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(b) |
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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.
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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 II
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| By (Signature and Title) |
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/s/ Mark J. Czarniecki |
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Mark J. Czarniecki |
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Vice President and Secretary |
Date: November 4, 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.
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| By (Signature and Title) |
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/s/ Christopher E. Stickrod |
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Christopher E. Stickrod |
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Chief Administrative Officer |
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(principal executive officer) |
Date: November 4, 2022
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| By (Signature and Title) |
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/s/ E. Scott Wickerham |
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E. Scott Wickerham
Vice President and Controller (principal financial
officer) |
Date: November 4, 2022