UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-07751

Nuveen Multistate Trust IV

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark J. Czarniecki

Vice President and Secretary

333 West Wacker Drive,

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 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.

Bond
Funds
Mutual
Funds
Nuveen
Municipal
November
30,
2022
Semiannual
Report
Fund
Name
Class
A
Class
C
Class
I
Nuveen
Kansas
Municipal
Bond
Fund
FKSTX
FAFOX
FRKSX
Nuveen
Kentucky
Municipal
Bond
Fund
FKYTX
FKCCX
FKYRX
Nuveen
Michigan
Municipal
Bond
Fund
FMITX
FAFNX
NMMIX
Nuveen
Missouri
Municipal
Bond
Fund
FMOTX
FAFPX
FMMRX
Nuveen
Ohio
Municipal
Bond
Fund
FOHTX
FAFMX
NXOHX
Nuveen
Wisconsin
Municipal
Bond
Fund
FWIAX
FWCCX
FWIRX
Life
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Just
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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
Table
of
Contents
3
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
24
Statement
of
Assets
and
Liabilities
69
Statement
of
Operations
73
Statement
of
Changes
in
Net
Assets
75
Financial
Highlights
78
Notes
to
Financial
Statements
90
Additional
Fund
Information
105
Glossary
of
Terms
Used
in
this
Report
106
Liquidity
Risk
Management
Program
108
4
Chair’s
Letter
to
Shareholders
Dear
Shareholders,
With
more
economic
indicators
pointing
to
a
broadening
contraction
across
the
world’s
economies,
the
conversation
has
shifted
from
debating
whether
a
global
recession
would
happen
to
considering
by
how
much
and
for
how
long.
Higher
than
expected
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
pandemic-related
supply
chain
bottlenecks,
exacerbated
by
Russia’s
war
in
Ukraine
and
China’s
recurring
COVID-19
lockdowns
throughout
the
year
until
their
zero-COVID
policy
effectively
ended
in
December
2022.
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.
In
March
2022,
the
Fed
began
the
fastest
interest
rate
hiking
cycle
in
its
history,
raising
the
target
fed
funds
rate
by
4.25%
over
a
nine-
month
span
to
a
range
of
4.25%
to
4.50%
by
year-end.
While
inflation
began
to
ease
over
the
second
half
of
2022,
it
remains
far
higher
than
the
Fed’s
inflation
target.
Additional
rate
hikes
are
expected
in
2023,
as
Fed
officials
closely
monitor
inflation
data
along
with
other
economic
measures
and
will
modify
their
rate
setting
policy
based
upon
these
factors.
After
contracting
in
the
first
half
of
2022,
U.S.
gross
domestic
product
resumed
positive
growth
in
the
third
quarter,
according
to
the
government’s
estimates.
The
recent
strength
was
largely
attributed
to
a
narrowing
in
the
trade
deficit
while
consumer
and
business
activity
has
remained
slower
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
January
20,
2023
Important
Notices
5
For
Shareholders
of
Nuveen
Kansas
Municipal
Bond
Fund
Nuveen
Kentucky
Municipal
Bond
Fund
Nuveen
Michigan
Municipal
Bond
Fund
Nuveen
Missouri
Municipal
Bond
Fund
Nuveen
Ohio
Municipal
Bond
Fund
Nuveen
Wisconsin
Municipal
Bond
Fund
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
May
31,
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.
For
the
Shareholders
of
the
Nuveen
Wisconsin
Municipal
Bond
Fund
Fund
Closure
Effective
September
27,
2019,
Nuveen
Wisconsin
Municipal
Bond
Fund
closed
to
new
and
existing
investors,
except
for
dividend
reinvestment
plans
that
were
elected
on
or
before
the
Fund’s
closing
date.
The
Fund
reserves
the
right
to
reopen
at
its
discretion.
6
Risk
Considerations
and
Dividend
Information
Risk
Considerations
Mutual
fund
investing
involves
risk;
principal
loss
is
possible.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Funds,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
call
risk,
state
concentration
risk,
tax
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
Credit
risk
refers
to
an
issuers
ability
to
make
interest
and
principal
payments
when
due.
Below
investment
grade
or
high
yield
debt
securities
are
subject
to
liquidity
risk
and
heightened
credit
risk.
The
Funds’
use
of
inverse
floaters
creates
effective
leverage.
Leverage
involves
the
risk
that
the
Funds
could
lose
more
than
its
original
investment
and
also
increases
the
Funds’
exposure
to
volatility
and
interest
rate
risk.
Dividend
Information
Each
Fund
seeks
to
pay
regular
monthly
dividends
out
of
its
net
investment
income
at
a
rate
that
reflects
its
past
and
projected
net
income
performance.
To
permit
each
Fund
to
maintain
a
more
stable
monthly
dividend,
the
Fund
may
pay
dividends
at
a
rate
that
may
be
more
or
less
than
the
amount
of
net
income
actually
earned
by
the
Fund
during
the
period.
Distributions
to
shareholders
are
determined
on
a
tax
basis,
which
may
differ
from
amounts
recorded
in
the
accounting
records.
In
instances
where
the
monthly
dividend
exceeds
the
earned
net
investment
income,
the
Fund
would
report
a
negative
undistributed
net
ordinary
income.
Refer
to
Note
6
–
Income
Tax
Information
for
additional
information
regarding
the
amounts
of
undistributed
net
ordinary
income
and
undistributed
net
long-term
capital
gains
and
the
character
of
the
actual
distributions
paid
by
the
Fund
during
the
period.
All
monthly
dividends
paid
by
each
Fund
during
the
current
reporting
period
were
paid
from
net
investment
income.
If
a
portion
of
the
Fund’s
monthly
distributions
is
sourced
or
comprised
of
elements
other
than
net
investment
income,
including
capital
gains
and/
or
a
return
of
capital,
shareholders
will
be
notified
of
those
sources.
For
financial
reporting
purposes,
the
per
share
amounts
of
each
Fund’s
distributions
for
the
reporting
period
are
presented
in
this
report’s
Financial
Highlights.
For
income
tax
purposes,
distribution
information
for
each
Fund
as
of
its
most
recent
tax
year
end
is
presented
in
Note
6
–
Income
Tax
Information
within
the
Notes
to
Financial
Statements
of
this
report.
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
7
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.
Holdings
Summaries
The
Holdings
Summaries
data
relates
to
the
securities
held
in
each
Fund’s
portfolio
of
investments
as
of
the
end
of
this
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
Refer
to
the
Fund’s
Portfolio
of
Investments
for
individual
security
information. 
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
rating
given
by
one
of
the
following
national
rating
agencies:
Standard
&
Poor’s,
Moody’s
Investors
Service,
Inc.
or
Fitch,
Inc.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A
and
BBB
are
investment
grade
ratings;
BB,
B,
CCC,
CC,
C
and
D
are
below
investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
8
Nuveen
Kansas
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holding
Summaries
November
30,
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
Kansas
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
reflected
in
the
maximum
Offering
Price
total
returns
presented
for
less
than
1-Year,
when
and
where
applicable.
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
November
30,
2022
Total
Returns
as
of
November
30,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
10-Year
Class
A
Shares
at
NAV
1/09/92
(1.35)%
(6.97)%
1.26%
1.69%
0.79%
Class
A
Shares
at
maximum
Offering
Price
1/09/92
(5.45)%
(10.90)%
0.39%
1.25%
—
S&P
Municipal
Bond
Index
—
(1.43)%
(7.94)%
1.51%
2.05%
—
S&P
Municipal
Bond
Kansas
Index
—
(0.74)%
(6.10)%
1.54%
2.18%
—
Lipper
Other
States
Municipal
Debt
Funds
Classification
Average
—
(2.22)%
(9.43)%
0.64%
1.18%
—
Class
I
Shares
2/25/97
(1.32)%
(6.82)%
1.46%
1.89%
0.59%
Total
Returns
as
of
November
30,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
Class
C
Shares
at
NAV
2/10/14
(1.75)%
(7.66)%
0.47%
1.72%
1.59%
Class
C
Shares
at
maximum
Offering
Price
2/10/14
(2.73)%
(7.66)%
0.47%
1.72%
–
Effective
Leverage
Ratio
0.00%
9
Holdings
Summaries
as
of
November
30,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
96.9‌%
Common
Stocks
3.0‌%
Other
Assets
Less
Liabilities
0.1%
Net
Assets
100‌%
States
and
Territories
1
(%
of
total
municipal
bonds)
Kansas
71.8%
Guam
14.5%
Puerto
Rico
3.9%
New
York
3.2%
Ohio
2.2%
Virgin
Islands
1.5%
Virginia
0.9%
Colorado
0.7%
Iowa
0.6%
Illinois
0.4%
New
Jersey
0.1%
Florida
0.1%
California
0.1%
Pennsylvania
0.0%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/General
29.8%
Tax
Obligation/Limited
23.2%
Utilities
13.3%
Health
Care
7.0%
U.S.
Guaranteed
6.5%
Transportation
4.9%
Other
12.3%
Common
Stocks
3.0%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
6.5%
AAA
11.4%
AA
36.1%
A
14.8%
BBB
9.4%
BB
or
Lower
11.6%
N/R
(not
rated)
7.2%
N/A
(not
applicable)
3.0%
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
Kansas
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
table
above.
10
Nuveen
Kentucky
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holding
Summaries
November
30,
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
Kentucky
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
reflected
in
the
maximum
Offering
Price
total
returns
presented
for
less
than
1-Year,
when
and
where
applicable.
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
November
30,
2022
Total
Returns
as
of
November
30,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
10-Year
Class
A
Shares
at
NAV
5/04/87
(3.05)%
(10.71)%
0.72%
1.40%
0.83%
Class
A
Shares
at
maximum
Offering
Price
5/04/87
(7.16)%
(14.46)%
(0.14)%
0.96%
—
S&P
Municipal
Bond
Index
—
(1.43)%
(7.94)%
1.51%
2.05%
—
S&P
Municipal
Bond
Kentucky
Index
—
(1.42)%
(7.45)%
1.70%
2.24%
—
Lipper
Other
States
Municipal
Debt
Funds
Classification
Average
—
(2.22)%
(9.43)%
0.64%
1.18%
—
Class
I
Shares
2/07/97
(3.03)%
(10.52)%
0.92%
1.60%
0.63%
Total
Returns
as
of
November
30,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
Class
C
Shares
at
NAV
2/10/14
(3.54)%
(11.46)%
(0.09)%
1.16%
1.63%
Class
C
Shares
at
maximum
Offering
Price
2/10/14
(4.50)%
(11.46)%
(0.09)%
1.16%
–
Effective
Leverage
Ratio
7.33%
11
Holdings
Summaries
as
of
November
30,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
108.4‌%
Other
Assets
Less
Liabilities
(0.5)%
Net
Assets
Plus
Floating
Rate
Obligations
107.9‌%
Floating
Rate
Obligations
(7.9)%
Net
Assets
100‌%
States
and
Territories
1
(%
of
total
municipal
bonds)
Kentucky
97.5%
Puerto
Rico
2.5%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/Limited
29.2%
Education
and
Civic
Organizations
19.1%
Utilities
18.7%
Health
Care
15.8%
U.S.
Guaranteed
10.0%
Transportation
6.3%
Other
0.9%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
9.9%
AAA
3.5%
AA
30.2%
A
45.7%
BBB
5.5%
BB
or
Lower
0.9%
N/R
(not
rated)
4.3%
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
Kentucky
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
table
above.
12
Nuveen
Michigan
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holding
Summaries
November
30,
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
Michigan
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
reflected
in
the
maximum
Offering
Price
total
returns
presented
for
less
than
1-Year,
when
and
where
applicable.
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
November
30,
2022
Total
Returns
as
of
November
30,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
10-Year
Class
A
Shares
at
NAV
6/27/85
(2.46)%
(10.47)%
0.70%
1.70%
0.81%
Class
A
Shares
at
maximum
Offering
Price
6/27/85
(6.56)%
(14.25)%
(0.16)%
1.26%
—
S&P
Municipal
Bond
Index
—
(1.43)%
(7.94)%
1.51%
2.05%
—
S&P
Municipal
Bond
Michigan
Index
—
(1.27)%
(7.67)%
1.73%
2.43%
—
Lipper
Other
States
Municipal
Debt
Funds
Classification
Average
—
(2.22)%
(9.43)%
0.64%
1.18%
—
Class
I
Shares
2/03/97
(2.44)%
(10.29)%
0.89%
1.90%
0.61%
Total
Returns
as
of
November
30,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
Class
C
Shares
at
NAV
2/10/14
(2.87)%
(11.16)%
(0.11)%
1.47%
1.61%
Class
C
Shares
at
maximum
Offering
Price
2/10/14
(3.83)%
(11.16)%
(0.11)%
1.47%
–
Effective
Leverage
Ratio
0.00%
13
Holdings
Summaries
as
of
November
30,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
97
.1‌
%
Other
Assets
Less
Liabilities
2.9%
Net
Assets
100‌
%
States
and
Territories
1
(%
of
total
municipal
bonds)
Michigan
97.4%
Puerto
Rico
2.6%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/General
34.8%
Tax
Obligation/Limited
16.9%
Utilities
16.1%
Education
and
Civic
Organizations
13.3%
U.S.
Guaranteed
6.2%
Health
Care
6.2%
Transportation
4.9%
Other
1.6%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
2.8%
AAA
8.0%
AA
68.2%
A
16.9%
BBB
0.9%
BB
or
Lower
0.2%
N/R
(not
rated)
3.0%
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
Michigan
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
table
above.
14
Nuveen
Missouri
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holding
Summaries
November
30,
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
Missouri
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
reflected
in
the
maximum
Offering
Price
total
returns
presented
for
less
than
1-Year,
when
and
where
applicable.
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
November
30,
2022
Total
Returns
as
of
November
30,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
10-Year
Class
A
Shares
at
NAV
8/03/87
(2.26)%
(8.99)%
1.19%
1.97%
0.75%
Class
A
Shares
at
maximum
Offering
Price
8/03/87
(6.35)%
(12.80)%
0.33%
1.53%
—
S&P
Municipal
Bond
Index
—
(1.43)%
(7.94)%
1.51%
2.05%
—
S&P
Municipal
Bond
Missouri
Index
—
(1.77)%
(7.84)%
1.50%
2.15%
—
Lipper
Other
States
Municipal
Debt
Funds
Classification
Average
—
(2.22)%
(9.43)%
0.64%
1.18%
—
Class
I
Shares
2/19/97
(2.24)%
(8.80)%
1.38%
2.17%
0.55%
Total
Returns
as
of
November
30,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
Class
C
Shares
at
NAV
2/10/14
(2.66)%
(9.70)%
0.39%
1.76%
1.55%
Class
C
Shares
at
maximum
Offering
Price
2/10/14
(3.63)%
(9.70)%
0.39%
1.76%
–
Effective
Leverage
Ratio
0.00%
15
Holdings
Summaries
as
of
November
30,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
100
.0‌
%
Other
Assets
Less
Liabilities
–%
Net
Assets
100‌
%
States
and
Territories
1
(%
of
total
municipal
bonds)
Missouri
98.0%
Puerto
Rico
1.6%
Guam
0.4%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Health
Care
23.0%
Utilities
18.3%
Tax
Obligation/Limited
18.1%
Tax
Obligation/General
16.2%
Education
and
Civic
Organizations
9.5%
Transportation
5.7%
Long-Term
Care
4.0%
Other
5.2%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
2.7%
AAA
6.0%
AA
45.5%
A
28.2%
BBB
6.8%
BB
or
Lower
3.0%
N/R
(not
rated)
7.8%
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
Missouri
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
table
above.
16
Nuveen
Ohio
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holding
Summaries
November
30,
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
Ohio
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
reflected
in
the
maximum
Offering
Price
total
returns
presented
for
less
than
1-Year,
when
and
where
applicable.
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
November
30,
2022
Total
Returns
as
of
November
30,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
10-Year
Class
A
Shares
at
NAV
6/27/85
(1.17)%
(7.56)%
1.47%
2.01%
0.76%
Class
A
Shares
at
maximum
Offering
Price
6/27/85
(5.35)%
(11.47)%
0.61%
1.57%
—
S&P
Municipal
Bond
Index
—
(1.43)%
(7.94)%
1.51%
2.05%
—
S&P
Municipal
Bond
Ohio
Index
—
(1.91)%
(8.33)%
1.90%
2.63%
—
Lipper
Ohio
Municipal
Debt
Funds
Classification
Average
—
(1.90)%
(9.25)%
0.82%
1.42%
—
Class
I
Shares
2/03/97
(0.98)%
(7.31)%
1.68%
2.21%
0.56%
Total
Returns
as
of
November
30,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
Class
C
Shares
at
NAV
2/10/14
(1.49)%
(8.28)%
0.68%
1.85%
1.56%
Class
C
Shares
at
maximum
Offering
Price
2/10/14
(2.47)%
(8.28)%
0.68%
1.85%
–
Effective
Leverage
Ratio
0.00%
17
Holdings
Summaries
as
of
November
30,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
93
.0‌
%
Common
Stocks
4
.6‌
%
Other
Assets
Less
Liabilities
2.4%
Net
Assets
100‌
%
States
and
Territories
1
(%
of
total
municipal
bonds)
Ohio
98.3%
Puerto
Rico
1.7%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/Limited
18.9%
Tax
Obligation/General
18.8%
Utilities
17.6%
Education
and
Civic
Organizations
12.7%
U.S.
Guaranteed
9.3%
Health
Care
8.9%
Other
9.1%
Common
Stocks
4.7%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
6.9%
AAA
26.8%
AA
41.2%
A
10.8%
BBB
2.4%
BB
or
Lower
1.1%
N/R
(not
rated)
6.1%
N/A
(not
applicable)
4.7%
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
Ohio
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
table
above.
18
Nuveen
Wisconsin
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holding
Summaries
November
30,
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
Wisconsin
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
reflected
in
the
maximum
Offering
Price
total
returns
presented
for
less
than
1-Year,
when
and
where
applicable.
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
November
30,
2022
Total
Returns
as
of
November
30,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
10-Year
Class
A
Shares
at
NAV
6/01/94
(2.80)%
(9.60)%
1.54%
1.77%
0.89%
Class
A
Shares
at
maximum
Offering
Price
6/01/94
(6.89)%
(13.40)%
0.67%
1.34%
—
S&P
Municipal
Bond
Index
—
(1.43)%
(7.94)%
1.51%
2.05%
—
S&P
Municipal
Bond
Wisconsin
Index
—
(2.13)%
(8.71)%
1.19%
1.93%
—
Lipper
Other
States
Municipal
Debt
Funds
Classification
Average
—
(2.22)%
(9.43)%
0.64%
1.18%
—
Class
I
Shares
2/25/97
(2.68)%
(9.38)%
1.73%
1.96%
0.69%
Total
Returns
as
of
November
30,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
Class
C
Shares
at
NAV
2/10/14
(3.19)%
(10.34)%
0.73%
1.97%
1.69%
Class
C
Shares
at
maximum
Offering
Price
2/10/14
(4.14)%
(10.34)%
0.73%
1.97%
–
Effective
Leverage
Ratio
7.43%
19
Holdings
Summaries
as
of
November
30,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
98.6‌%
Common
Stocks
8.0‌%
Other
Assets
Less
Liabilities
1.4%
Net
Assets
Plus
Floating
Rate
Obligations
108.0‌%
Floating
Rate
Obligations
(8.0)%
Net
Assets
100‌%
States
and
Territories
1
(%
of
total
municipal
bonds)
Wisconsin
90.1%
Puerto
Rico
7.1%
Virgin
Islands
1.4%
Guam
0.6%
Illinois
0.4%
Minnesota
0.3%
Maryland
0.1%
Ohio
0.0%
Pennsylvania
0.0%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/Limited
23.5%
Health
Care
23.4%
Housing/Multifamily
20.7%
Long-Term
Care
11.5%
Education
and
Civic
Organizations
6.5%
Other
6.9%
Common
Stocks
7.5%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
1.6%
AAA
4.4%
AA
28.9%
A
34.4%
BBB
10.4%
BB
or
Lower
1.4%
N/R
(not
rated)
11.4%
N/A
(not
applicable)
7.5%
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
Wisconsin
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
table
above.
20
Yields
as
of
November
30,
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
Kansas
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
2
.27
%
1
.58
%
2
.60
%
SEC
30-Day
Yield
3
.07
%
2
.42
%
3
.40
%
Taxable-Equivalent
Yield
(46.5%)
2
5
.64
%
4
.44
%
6
.24
%
Nuveen
Kentucky
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
2
.54
%
1
.91
%
2
.90
%
SEC
30-Day
Yield
3
.12
%
2
.48
%
3
.45
%
Taxable-Equivalent
Yield
(45.8%)
2
5
.75
%
4
.57
%
6
.36
%
Nuveen
Michigan
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
2
.18
%
1
.48
%
2
.51
%
SEC
30-Day
Yield
2
.94
%
2
.29
%
3
.27
%
Taxable-Equivalent
Yield
(45.1%)
2
5
.34
%
4
.16
%
5
.93
%
Nuveen
Missouri
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
2
.77
%
2
.15
%
3
.13
%
SEC
30-Day
Yield
3
.31
%
2
.67
%
3
.65
%
Taxable-Equivalent
Yield
(46.1%)
2
6
.07
%
4
.89
%
6
.69
%
Nuveen
Ohio
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
2
.28
%
1
.56
%
2
.55
%
SEC
30-Day
Yield
2
.85
%
2
.20
%
3
.17
%
Taxable-Equivalent
Yield
(44.8%)
2
5
.16
%
3
.99
%
5
.74
%
21
Nuveen
Wisconsin
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
3
.17
%
2
.57
%
3
.55
%
SEC
30-Day
Yield
3
.37
%
2
.74
%
3
.71
%
Taxable-Equivalent
Yield
(48.5%)
2
6
.46
%
5
.25
%
7
.11
%
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.
22
Expense
Examples
As
a
shareholder
of
one
or
more
of
the
Funds,
you
incur
two
types
of
costs:
(1)
transaction
costs, including
up-front
and
back-end
sales
charges
(loads)
or
redemption
fees,
where
applicable;
and
(2)
ongoing
costs,
including
management
fees;
distribution
and
service
(12b-1)
fees,
where
applicable;
and
other
Fund
expenses.
The
Examples
below
are
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Funds
and
to
compare
these
costs
with
the
ongoing
costs
of investing
in
other
mutual
funds.
The
Examples
below
do
not
include
the
interest
and
related
expenses
from
inverse
floaters
that
are
reflected
in
the
financial
statements
later
within
this
report,
when
applicable.
The
Examples
below
are
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
period
ended
November
30,
2022.
The
beginning
of
the
period
is
June
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
Kansas
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
$
986.52
$
982.48
$
986.78
Expenses
Incurred
During
the
Period
$
3.93
$
7.90
$
2.94
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,021.11
$
1,017.10
$
1,022.11
Expenses
Incurred
During
the
Period
$
4.00
$
8.04
$
2.99
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
183
/365
(to
reflect
the
one-half
year
period).
Nuveen
Kentucky
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
$
969.48
$
964.58
$
969.65
Expenses
Incurred
During
the
Period
$
3.80
$
7.73
$
2.81
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,021.21
$
1,017.20
$
1,022.21
Expenses
Incurred
During
the
Period
$
3.90
$
7.94
$
2.89
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.77%,
1.57%
and
0.57%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183
/365
(to
reflect
the
one-half
year
period).
23
Nuveen
Michigan
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
$
975.39
$
971.33
$
975.56
Expenses
Incurred
During
the
Period
$
4.01
$
7.96
$
3.02
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,021.01
$
1,017.00
$
1,022.01
Expenses
Incurred
During
the
Period
$
4.10
$
8.14
$
3.09
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.81%,
1.61%
and
0.61%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183
/365
(to
reflect
the
one-half
year
period).
Nuveen
Missouri
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
$
977.44
$
973.38
$
977.62
Expenses
Incurred
During
the
Period
$
3.77
$
7.72
$
2.78
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,021.26
$
1,017.25
$
1,022.26
Expenses
Incurred
During
the
Period
$
3.85
$
7.89
$
2.84
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.76%,
1.56%
and
0.56%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183
/365
(to
reflect
the
one-half
year
period).
Nuveen
Ohio
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
$
988.29
$
985.12
$
990.21
Expenses
Incurred
During
the
Period
$
3.89
$
7.86
$
2.84
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,021.16
$
1,017.15
$
1,022.21
Expenses
Incurred
During
the
Period
$
3.95
$
7.99
$
2.89
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.78%,
1.58%
and
0.57%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183
/365
(to
reflect
the
one-half
year
period).
Nuveen
Wisconsin
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
$
972.03
$
968.11
$
973.24
Expenses
Incurred
During
the
Period
$
4.30
$
8.24
$
3.31
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,020.71
$
1,016.70
$
1,021.71
Expenses
Incurred
During
the
Period
$
4.41
$
8.44
$
3.40
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.87%,
1.67%
and
0.67%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183
/365
(to
reflect
the
one-half
year
period).
24
Nuveen
Kansas
Municipal
Bond
Fund
Portfolio
of
Investments
November
30,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
99.9%   
X
228,253,564
MUNICIPAL
BONDS
-
96.9%  
X
228,253,564
Consumer
Staples
-
4.8%
$
7,080
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1,
3.000%,
6/01/48
6/30
at
100.00
BBB+
$
5,077,493
1,535
Children's
Trust
Fund,
Puerto
Rico,
Tobacco
Settlement
Asset-Backed
Bonds,
Refunding
Series
2002,
5.500%,
5/15/39
1/23
at
100.00
BBB
1,531,162
955
Guam
Economic
Development
&
Commerce
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A,
5.250%,
6/01/32
12/22
at
100.00
N/R
911,796
620
New
York
Counties
Tobacco
Trust
VI,
New
York,
Tobacco
Settlement
Pass-
Through
Bonds,
Series
Series
2016A-1,
5.625%,
6/01/35
No
Opt.
Call
A-
632,549
625
New
York
Counties
Tobacco
Trust
VI,
New
York,
Tobacco
Settlement
Pass-
Through
Bonds,
Turbo
Term
Series
2016A.
Including
2016A-1,
2016A-
2A
and
2016A-2B,
5.000%,
6/01/51
6/26
at
100.00
N/R
577,750
320
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018B,
5.000%,
6/01/46
6/28
at
100.00
BBB-
309,689
2,510
TSASC
Inc.,
New
York,
Tobacco
Asset-Backed
Bonds,
Series
2006,
5.000%,
6/01/48
6/27
at
100.00
N/R
2,329,280
13,645
Total
Consumer
Staples
11,369,719
Education
and
Civic
Organizations
-
3.5%
Kansas
City
Kansas
Community
College,
Wyandotte
County,
Kansas,
Auxiliary
Enterprise
System
Revenue
Bonds,
Series
2021:
3,000
4.000%,
9/01/47
9/30
at
100.00
A
2,706,960
2,000
4.000%,
9/01/52
9/30
at
100.00
A
1,766,180
250
Kansas
Development
Finance
Authority,
Revenue
Bonds,
Kansas
State
University
Projects,
Refunding
Series
2016A,
4.000%,
3/01/27
3/24
at
100.00
Aa3
252,965
1,000
Topeka,
Kansas,
Economic
Development
Revenue
Bonds,
YMCA
Project,
Refunding
Series
2011A,
6.500%,
9/01/32
(4)
1/23
at
100.00
N/R
300,000
3,135
Washburn
University
of
Topeka,
Kansas,
Revenue
Bonds,
Series
2015A,
5.000%,
7/01/35
7/25
at
100.00
A1
3,263,880
9,385
Total
Education
and
Civic
Organizations
8,289,985
Health
Care
-
7.0%
385
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2,
5.000%,
8/01/39
8/29
at
100.00
A-
397,239
Hutchinson,
Kansas,
Hospital
Facilities
Revenue
Bonds,
Hutchinson
Regional
Medical
Center,
Inc.,
Series
2016:
1,075
5.000%,
12/01/36
12/26
at
100.00
Ba1
1,076,537
400
5.000%,
12/01/41
12/26
at
100.00
Ba1
393,132
875
Illinois
Finance
Authority,
Revenue
Bonds,
Ascension
Health/fkaPresence
Health
Network,
Series
2016C,
5.000%,
2/15/36
2/27
at
100.00
AA+
921,358
Kansas
Development
Finance
Authority,
Hospital
Revenue
Bonds,
Advent
Health
Obligated
Group,
Series
2021B:
740
5.000%,
11/15/54,
(Mandatory
Put
11/15/31)
No
Opt.
Call
AA
820,823
285
5.000%,
11/15/54,
(Mandatory
Put
11/15/28)
No
Opt.
Call
AA
312,314
Lawrence,
Kansas,
Hospital
Revenue
Bonds,
Lawrence
Memorial
Hospital,
Series
2018A:
305
5.000%,
7/01/43
7/28
at
100.00
A-
311,640
5,000
5.000%,
7/01/48
7/28
at
100.00
A-
5,108,100
Orange
County
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Advent
Health
Obligated
Group,
Series
2021C:
270
5.000%,
11/15/52,
(Mandatory
Put
11/15/26)
No
Opt.
Call
AA
288,706
25
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
Puerto
Rico
Industrial,
Tourist,
Educational,
Medical
and
Environmental
Control
Facilities
Financing
Authority,
Hospital
Revenue
Bonds,
(Hospital
Auxilio
Mutuo
Obligated
Group
Project,
Refunding
Series
2021:
$
920
5.000%,
7/01/27
No
Opt.
Call
BBB+
$
977,969
295
5.000%,
7/01/29
No
Opt.
Call
BBB+
318,889
2,000
University
of
Kansas
Hospital
Authority,
Health
Facilities
Revenue
Bonds,
KU
Health
System,
Refunding
&
Improvement
Series
2015,
5.000%,
9/01/45
9/25
at
100.00
AA-
2,028,020
3,500
University
of
Kansas
Hospital
Authority,
Health
Facilities
Revenue
Bonds,
University
of
Kansas
Health
System,
Series
2017A,
5.000%,
3/01/47
3/27
at
100.00
AA-
3,565,590
16,050
Total
Health
Care
16,520,317
Housing/Multifamily
-
1.2%
3,000
Wichita,
Kansas,
Multifamily
Housing
Revenue
Bonds,
Wichita
Senior
Housing,
Series
2021-IV,
0.510%,
11/01/25,
(Mandatory
Put
11/01/24)
No
Opt.
Call
Aaa
2,818,110
Industrials
-
0.6%
1,415
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Alcoa
Inc.
Project,
Series
2012,
4.750%,
8/01/42
1/23
at
100.00
BBB-
1,289,914
Long-Term
Care
-
2.2%
2,500
Kansas
Development
Finance
Authority
Revenue
Bonds,
Village
Shalom
Project,
Series
2018A,
5.250%,
11/15/53
11/23
at
103.75
N/R
1,799,150
2,715
Wichita,
Kansas,
Health
Care
Facilities
Revenue
Bonds,
Presbyterian
Manors,
Series
2013IV-A,
6.375%,
5/15/43
5/23
at
100.00
N/R
2,724,801
665
Wichita,
Kansas,
Health
Care
Facilities
Revenue
Bonds,
Presbyterian
Manors,
Series
2014IV-A,
5.625%,
5/15/44
5/24
at
100.00
N/R
645,243
5,880
Total
Long-Term
Care
5,169,194
Tax
Obligation/General
-
29.8%
Allen
County
Unified
School
District
257
Iola,
Kansas,
General
Obligation
Bonds,
School
Building
Series
2019A:
1,120
4.000%,
9/01/33
-
BAM
Insured
9/28
at
100.00
AA
1,161,418
1,150
4.000%,
9/01/34
-
BAM
Insured
9/28
at
100.00
AA
1,188,663
1,000
3.000%,
9/01/38
-
BAM
Insured
9/28
at
100.00
AA
862,280
1,000
Butler
County
Unified
School
District
490,
Kansas,
General
Obligation
Bonds,
Refunding
Series
2016A,
4.000%,
9/01/35
-
BAM
Insured
9/26
at
100.00
AA
1,020,680
3,000
Butler
County
Unified
School
District
490,
Kansas,
General
Obligation
Bonds,
School
Building
Series
2016B,
4.000%,
9/01/43
-
BAM
Insured
9/26
at
100.00
AA
2,956,770
3,000
City
of
Leawood.
Kansas,
General
Obligation
Temporary
Notes,
Series
2022-1,
3.000%,
9/01/23
No
Opt.
Call
N/R
3,005,580
100
Douglas
County
Unified
School
District
497,
Kansas,
General
Obligation
Bonds,
Series
2017A,
3.125%,
9/01/37
9/27
at
100.00
Aa3
89,017
500
Geary
County
Unified
School
District
475,
Kansas,
General
Obligation
Bonds,
Refunding
Series
2021B,
3.000%,
9/01/43
9/31
at
100.00
Aa3
390,655
5,000
Harvey
County
Unified
School
District
460,
Hesston,
Kansas,
General
Obligation
Bonds,
Series
2022,
5.000%,
9/01/52
-
BAM
Insured
9/31
at
100.00
AA
5,235,700
Johnson
County
Unified
School
District
229,
Blue
Valley,
Kansas,
General
Obligation
Bonds,
School
Series
2020A:
2,000
3.000%,
10/01/28
No
Opt.
Call
Aaa
2,012,140
2,500
2.500%,
10/01/39
10/30
at
100.00
Aaa
1,930,600
Johnson
County
Unified
School
District
229,
Blue
Valley,
Kansas,
General
Obligation
Bonds,
School
Series
2022A:
2,070
5.000%,
10/01/28
No
Opt.
Call
Aaa
2,318,586
1,610
5.000%,
10/01/31
No
Opt.
Call
Aaa
1,882,799
2,200
Johnson
County
Unified
School
District
231
Gardner
Edgerton,
Kansas,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2013A,
5.000%,
10/01/28
10/23
at
100.00
AA-
2,242,636
1,490
Johnson
County
Unified
School
District
231
Gardner
Edgerton,
Kansas,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2016A,
5.000%,
10/01/33
10/25
at
100.00
AA-
1,573,157
Nuveen
Kansas
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
26
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
10,000
Johnson
County
Unified
School
District
512,
Shawnee
Mission,
Kansas,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2021A,
3.000%,
10/01/41
10/30
at
100.00
Aaa
$
8,392,600
500
Johnson
County,
Kansas,
General
Obligation
Bonds,
General
Improvement
Series
2016A,
5.000%,
9/01/24
No
Opt.
Call
AAA
520,360
5,000
Johnson
County,
Kansas,
General
Obligation
Bonds,
Internal
Improvement
Series
2018A,
4.000%,
9/01/34
9/27
at
100.00
AAA
5,144,150
620
Johnson/Miami
County
Unified
School
District
230
Spring
Hill,
Kansas,
General
Obligation
Bonds,
Refunding
Series
2016,
5.000%,
9/01/26
No
Opt.
Call
A1
668,713
1,000
Johnson/Miami
County
Unified
School
District
230
Spring
Hill,
Kansas,
General
Obligation
Bonds,
Series
2018A,
5.000%,
9/01/34
9/27
at
100.00
A1
1,093,060
1,000
Leavenworth
County
Unified
School
District
464,
Tonganoxie,
Kansas,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2019A,
4.000%,
9/01/45
9/27
at
100.00
A1
1,000,750
500
Linn
County
Unified
School
District
362,
Kansas,
General
Obligation
Bonds,
Series
2020,
3.000%,
9/01/35
9/28
at
100.00
A+
465,720
3,550
Lyon
County
Unified
School
District
253
Emporia,
Kansas,
General
Obligation
Bonds,
Series
2019,
4.000%,
9/01/48
9/27
at
100.00
A1
3,347,756
Reno
County,
Kansas,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2021:
205
3.000%,
9/01/31
9/28
at
100.00
Aa3
197,628
200
3.000%,
9/01/34
9/28
at
100.00
Aa3
182,712
1,130
Riley
County
Unified
School
District
383,
Manhattan-Ogen,
Kansas,
General
Obligation
Bonds,
Refunding
Series
2016,
4.000%,
9/01/29
9/26
at
100.00
Aa2
1,167,731
Saline
County,
Kansas,
General
Obligation
Bonds,
Sales
Tax
Series
2021B:
3,425
3.000%,
9/01/32
9/30
at
100.00
Aa2
3,301,152
2,530
3.000%,
9/01/33
9/30
at
100.00
Aa2
2,398,010
500
2.000%,
9/01/34
9/30
at
100.00
Aa2
410,440
465
Sedgwick
County
Unified
School
District
262,
Kansas,
General
Obligation
Bonds,
Refunding
Series
2017,
4.000%,
9/01/30
-
BAM
Insured
9/26
at
100.00
AA
487,762
Sedgwick
County
Unified
School
District
266
Maize,
Harvey
County,
Kansas,
General
Obligation
Bonds,
Series
2019A:
1,325
4.000%,
9/01/30
9/27
at
100.00
AA
1,376,622
1,650
4.000%,
9/01/31
9/27
at
100.00
AA
1,707,651
500
4.000%,
9/01/32
9/27
at
100.00
AA
516,885
Wichita,
Kansas,
General
Obligation
Bonds,
Airport
Series
2015C:
2,000
5.000%,
12/01/39,
(AMT)
12/25
at
100.00
AA+
2,110,700
500
4.250%,
12/01/44,
(AMT)
12/25
at
100.00
AA+
504,060
Wyandotte
County
Unified
School
District
203,
Piper,
Kansas,
General
Obligation
Bonds,
Improvement
Series
2018A:
1,240
5.000%,
9/01/39
9/28
at
100.00
A+
1,340,527
1,000
5.000%,
9/01/40
9/28
at
100.00
A+
1,074,180
1,000
4.000%,
9/01/48
9/28
at
100.00
A+
968,600
200
Wyandotte
County/Kansas
City
Unified
Government,
Kansas,
General
Obligation
Bonds,
Improvement
Series
2015A,
3.000%,
8/01/28
8/24
at
100.00
AA
198,634
Wyandotte
County/Kansas
City
Unified
Government,
Kansas,
General
Obligation
Bonds,
Improvement
Series
2020A:
1,515
3.000%,
8/01/30
-
BAM
Insured
8/28
at
100.00
AA
1,476,549
2,395
3.000%,
8/01/31
-
BAM
Insured
8/28
at
100.00
AA
2,304,373
71,690
Total
Tax
Obligation/General
70,228,006
Tax
Obligation/Limited
-
23.2%
Dodge
City,
Kansas,
Sales
Tax
Revenue
Bonds,
Refunding
Series
2016:
500
5.000%,
6/01/28
-
AGM
Insured
6/27
at
100.00
AA
544,410
1,380
5.000%,
6/01/29
-
AGM
Insured
6/27
at
100.00
AA
1,500,446
2,295
5.000%,
6/01/30
-
AGM
Insured
6/27
at
100.00
AA
2,495,170
1,320
5.000%,
6/01/31
-
AGM
Insured
6/27
at
100.00
AA
1,434,708
27
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D:
$
1,000
5.000%,
11/15/34
11/25
at
100.00
BB
$
1,013,660
250
4.000%,
11/15/39
11/25
at
100.00
BB
223,158
2,000
5.000%,
11/15/39
11/25
at
100.00
BB
2,009,060
Guam
Government,
Limited
Obligation
Section
30
Revenue
Bonds,
Series
2016A:
1,000
5.000%,
12/01/24
No
Opt.
Call
BB
1,020,190
2,000
5.000%,
12/01/25
No
Opt.
Call
BB
2,056,900
1,000
5.000%,
12/01/30
12/26
at
100.00
BB
1,029,470
1,000
5.000%,
12/01/32
12/26
at
100.00
BB
1,025,270
2,275
5.000%,
12/01/33
12/26
at
100.00
BB
2,325,778
4,250
5.000%,
12/01/46
12/26
at
100.00
BB
4,221,822
2,630
Johnson
County
Community
College,
Kansas,
Certificates
of
Participation,
Series
2017,
4.000%,
10/01/28
10/26
at
100.00
Aa2
2,725,732
Kansas
Department
of
Transportation,
Highway
Revenue
Bonds,
Series
2015B:
1,000
5.000%,
9/01/29
9/25
at
100.00
AA
1,060,540
1,500
5.000%,
9/01/35
9/25
at
100.00
AA
1,574,130
2,240
Kansas
Department
of
Transportation,
Highway
Revenue
Bonds,
Series
2017A,
5.000%,
9/01/33
9/27
at
100.00
AA
2,439,091
Kansas
Development
Finance
Authority,
Kansas,
Revenue
Bonds,
State
of
Kansas
Projects,
Series
2021P:
1,630
4.000%,
5/01/31
5/30
at
100.00
Aa3
1,718,607
3,260
3.000%,
5/01/32
5/30
at
100.00
Aa3
3,090,838
Kansas
Development
Finance
Authority,
Kansas,
Sales
Tax
Revenue
Bonds,
K-State
Olathe
Innovation
Campus
Inc.,
Series
2019H-1:
1,170
4.000%,
9/01/30
9/27
at
100.00
Aa2
1,223,481
1,350
3.000%,
9/01/34
9/27
at
100.00
Aa2
1,272,145
7,735
Overland
Park
Development
Corporation,
Kansas,
Revenue
Bonds,
Convention
Center
Hotel,
Refunding
&
improvement
Series
2019,
5.000%,
3/01/44
3/29
at
100.00
BB-
7,244,060
Overland
Park,
Kansas,
Sales
Tax
Revenue
Bonds,
Prairiefire
Community
Improvement
District
No.
1
Project,
Series
2012B:
200
0.000%,
12/15/29
(4)
1/23
at
100.00
N/R
105,000
200
0.000%,
12/15/34
(4)
1/23
at
100.00
N/R
105,000
2,775
Overland
Park,
Kansas,
Sales
Tax
Special
Obligation
Revenue
Bonds,
Prairiefire
at
Lionsgate
Project,
Series
2012,
6.000%,
12/15/32
1/23
at
100.00
N/R
1,213,119
335
Ozawkie
Kansas,
General
Obligation
Refunding
Bonds,
Series
2020,
3.000%,
9/01/39
9/27
at
100.00
A
302,126
Puerto
Rico
Highway
and
Transportation
Authority,
Highway
Revenue
Bonds,
Series
2007N:
410
9.322%,
7/01/27
-
AMBAC
Insured
(12MTA
reference
rate
+
1.120%
spread)
(5)
No
Opt.
Call
N/R
389,349
295
5.250%,
7/01/32
-
NPFG
Insured
No
Opt.
Call
AAA
294,699
430
5.250%,
7/01/33
-
NPFG
Insured
No
Opt.
Call
AAA
428,598
1,000
5.250%,
7/01/36
-
AGC
Insured
No
Opt.
Call
AAA
991,710
2,000
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2012A,
5.000%,
10/01/32
-
AGM
Insured
1/23
at
100.00
AA
2,001,040
1,565
Wyandotte
County/Kansas
City
Unified
Government,
Kansas,
Community
Improvement
District
Sales
Tax
Revenue
Bonds,
Legends
Appartments
Garage
&
West
Lawn
Project,
Series
2018,
4.500%,
6/01/40
12/26
at
100.00
N/R
1,402,741
Wyandotte
County-Kansas
City
Unified
Government,
Kansas,
Sales
Tax
Special
Obligation
Bonds,
Kansas
International
Speedway
Corporation
Project,
Refunding
Series
2014:
1,370
5.000%,
12/01/25
12/24
at
100.00
BBB+
1,431,170
1,260
5.000%,
12/01/26
12/24
at
100.00
BBB+
1,314,760
1,175
Wyandotte
County-Kansas
City
Unified
Government,
Kansas,
Sales
Tax
Special
Obligation
Bonds,
Vacation
Village
Project
Area
1
and
2A,
Series
2015,
5.750%,
9/01/32
9/25
at
100.00
N/R
1,068,898
Nuveen
Kansas
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
28
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
395
Wyandotte
County-Kansas
City
Unified
Government,
Kansas,
Sales
Tax
Special
Obligation
Revenue
Bonds,
Kansas
International
Speedway
Corporation,
Series
1999,
0.000%,
12/01/27
No
Opt.
Call
N/R
$
319,733
56,195
Total
Tax
Obligation/Limited
54,616,609
Transportation
-
4.8%
1,120
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes
Revenue
Bonds,
Senior
Lien
Series
2017,
5.000%,
12/31/51
12/24
at
100.00
BBB
1,121,277
Guam
A.B.
Won
Pat  International
Airport
Authority,
Revenue
Bonds,
Series
2013C:
1,175
6.250%,
10/01/34,
(AMT)
10/23
at
100.00
Baa2
1,205,139
Kansas
State
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Refunding
Series
2019A:
1,065
5.000%,
9/01/31
9/29
at
100.00
Aa2
1,209,158
1,100
5.000%,
9/01/38
9/29
at
100.00
Aa2
1,220,626
1,000
Kansas
State
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Refunding
Series
2020A,
3.000%,
9/01/26
No
Opt.
Call
Aa2
1,006,780
1,515
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
5.000%,
7/01/46,
(AMT)
7/24
at
100.00
Baa2
1,504,986
2,155
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Refunding
Series
2016,
5.000%,
8/01/31,
(AMT)
12/22
at
100.00
B
2,155,021
2,000
Virginia
Small
Business
Financing
Authority,
Private
Activity
Revenue
Bonds,
Transform
66
P3
Project,
Senior
Lien
Series
2017,
5.000%,
12/31/56,
(AMT)
6/27
at
100.00
BBB
1,983,720
11,130
Total
Transportation
11,406,707
U.S.
Guaranteed
-
6.5%
(6)
Anderson
County,
Kansas,
General
Obligation
Bonds,
Refunding
and
Improvent
Series
2013A:
935
5.000%,
8/01/33,
(Pre-refunded
8/01/23)
-
AGM
Insured
8/23
at
100.00
AA
950,044
565
5.000%,
8/01/33,
(Pre-refunded
8/01/23)
-
AGM
Insured
8/23
at
100.00
AA
574,091
1,500
Coffeyville,
Kansas,
Electric
Utility
System
Revenue
Bonds,
Series
2015B,
5.000%,
6/01/42,
(Pre-refunded
6/01/25),
144A
6/25
at
100.00
Baa2
1,571,625
Guam
A.B.
Won
Pat  International
Airport
Authority,
Revenue
Bonds,
Series
2013C:
775
6.250%,
10/01/34,
(Pre-refunded
10/01/23),
(AMT)
10/23
at
100.00
Baa2
794,879
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2013:
500
5.250%,
7/01/33,
(Pre-refunded
7/01/23)
7/23
at
100.00
A-
507,825
2,000
5.500%,
7/01/43,
(Pre-refunded
7/01/23)
7/23
at
100.00
A-
2,034,160
1,250
Johnson
County
Unified
School
District
512,
Shawnee
Mission,
Kansas,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2015A,
5.000%,
10/01/34,
(Pre-refunded
10/01/25)
10/25
at
100.00
Aaa
1,332,387
Kansas
Development
Finance
Authority,
Hospital
Revenue
Bonds,
Advent
Health
Obligated
Group,
Series
2021B:
40
5.000%,
11/15/54,
(Pre-refunded
11/15/28)
No
Opt.
Call
N/R
44,452
1,500
Kansas
Municipal
Energy
Agency,
Power
Project
Revenue
Bonds,
Jameson
Energy
Center
Project,
Series
2013,
5.750%,
7/01/38,
(Pre-refunded
7/01/23)
7/23
at
100.00
A-
1,527,765
Leavenworth
County
Unified
School
District
453,
Kansas,
General
Obligation
Bonds,
Series
2018A:
365
4.000%,
9/01/37,
(Pre-refunded
9/01/26)
9/26
at
100.00
Aa3
382,370
2,155
4.000%,
9/01/38,
(Pre-refunded
9/01/26)
9/26
at
100.00
Aa3
2,257,557
Orange
County
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Advent
Health
Obligated
Group,
Series
2021C:
15
5.000%,
11/15/52,
(Pre-refunded
11/15/26)
No
Opt.
Call
N/R
16,172
2,000
Sedgwick
County
Unified
School
District
260,
Kansas,
General
Obligation
Bonds,
Refunding
&
School
Building
Series
2018B,
5.000%,
10/01/40,
(Pre-refunded
10/01/26)
10/26
at
100.00
Aa3
2,170,900
29
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
(6)
(continued)
$
1,000
Wyandotte
County
Unified
School
District
500,
Kansas,
General
Obligation
Bonds,
Improvement
Series
2016A,
4.125%,
9/01/37,
(Pre-refunded
9/01/26)
9/26
at
100.00
AA-
$
1,052,020
14,600
Total
U.S.
Guaranteed
15,216,247
Utilities
-
13.3%
1,255
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Project,
Refunding
Series
2006A,
3.500%,
4/01/41
(4)
No
Opt.
Call
N/R
1,569
130
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
Poseidon
Resources
Channelside
LP
Desalination
Project,
Series
2012,
5.000%,
11/21/45,
(AMT),
144A
7/23
at
100.00
BBB
123,364
600
Chisholm
Creek
Utility
Authority,
Kansas,
Water
and
Wastewater
Facilities
Revenue
Bonds,
Bel
Aire
&
Park
Cities,
Kansas
Project,
Refunding
Series
2017,
5.000%,
9/01/27
-
AGM
Insured
No
Opt.
Call
AA
651,870
100
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Series
2014A,
5.000%,
7/01/35
7/24
at
100.00
A-
100,892
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2013:
1,750
5.000%,
7/01/28
7/23
at
100.00
A-
1,759,870
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2016:
370
5.000%,
7/01/36
7/26
at
100.00
A-
376,434
2,580
5.000%,
1/01/46
7/26
at
100.00
A-
2,592,642
2,000
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2020A,
5.000%,
1/01/50
7/30
at
100.00
A-
2,009,340
3,750
Guam
Power
Authority,
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
10/01/40
10/27
at
100.00
BBB
3,828,675
Guam
Power
Authority,
Revenue
Bonds,
Series
2014A:
1,000
5.000%,
10/01/32
10/24
at
100.00
AA
1,036,440
1,000
5.000%,
10/01/33
10/24
at
100.00
AA
1,035,260
Kansas
Municipal
Energy
Agency,
Power
Project
Revenue
Bonds,
Dogwood
Project,
Series
2018A:
1,000
5.000%,
4/01/33
-
BAM
Insured
4/26
at
100.00
AA
1,064,090
1,000
5.000%,
4/01/34
-
BAM
Insured
4/26
at
100.00
AA
1,064,740
1,000
5.000%,
4/01/35
-
BAM
Insured
4/26
at
100.00
AA
1,064,740
1,395
Kansas
State
Power
Pool,
Electric
Utility
Revenue
Bonds,
Dogwood
Energy
Facility,
Series
2012A,
5.000%,
12/01/22
No
Opt.
Call
A3
1,395,000
1,000
Ohio
Air
Quality
Development
Authority,
Ohio,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Project,
Refunding
Series
2006A,
3.750%,
12/01/23
(4)
No
Opt.
Call
N/R
1,250
515
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
Shippingport
Project,
First
Energy
Guarantor.,
Series
2005A,
3.750%,
12/01/40
(4)
No
Opt.
Call
N/R
644
480
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2005RR,
5.000%,
7/01/28
-
AGC
Insured
1/23
at
100.00
AA
483,211
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2007VV:
2,480
5.250%,
7/01/27
-
AGM
Insured
No
Opt.
Call
AA
2,508,024
1,065
5.250%,
7/01/31
-
AGM
Insured
No
Opt.
Call
AA
1,067,130
Salina,
Kansas,
Water
and
Sewer
System
Revenue
Bonds,
Refunding
Series
2019A:
475
3.000%,
10/01/28
10/26
at
100.00
Aa3
471,689
355
3.000%,
10/01/29
10/26
at
100.00
Aa3
350,531
780
3.000%,
10/01/30
10/26
at
100.00
Aa3
759,353
580
3.000%,
10/01/31
10/26
at
100.00
Aa3
559,097
Topeka,
Kansas,
Utility
Revenue
Bonds,
Refunding
&
Improvement
Series
2021A:
1,520
4.000%,
8/01/29
-
BAM
Insured
No
Opt.
Call
AA
1,630,428
785
4.000%,
8/01/30
-
BAM
Insured
8/29
at
100.00
AA
826,385
740
4.000%,
8/01/31
-
BAM
Insured
8/29
at
100.00
AA
775,513
1,595
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Series
2007B,
5.000%,
7/01/31
1/23
at
100.00
CCC
1,474,290
Nuveen
Kansas
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
30
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
$
2,250
Wyandotte
County-Kansas
City
Unified
Government,
Kansas,
Utility
System
Revenue
Bonds,
Improvement
Series
2016A,
5.000%,
9/01/40
9/25
at
100.00
A
$
2,316,285
33,550
Total
Utilities
31,328,756
$
236,540
Total
Municipal
Bonds
(cost
$244,850,911)
228,253,564
Shares
Description
(1)
Value
X
7,118,233
COMMON
STOCKS
-
3.0%  
X
7,118,233
Independent
Power
and
Renewable
Electricity
Producers
-
3.0%
$
89,726
Energy
Harbor
Corp
(7),(8)
$
7,118,233
Total
Common
Stocks
(cost
$2,547,413)
7,118,233
Total
Long-Term
Investments
(cost
$247,398,324)
235,371,797
Other
Assets
Less
Liabilities
-
0.1%
231,609
Net
Assets
-
100%
$
235,603,406
(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)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(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)
Common
Stock
received
as
part
of
the
bankruptcy
settlements
during
February
2020
for
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Refunding
Bonds,
First
Energy
Nuclear
Generation
Project,
Series
2006A,
3.500%,
4/01/41,
Ohio
Air
Quality
Development
Authority,
Ohio,
Pollution
Control
Revenue
Bonds,
FirstEnergyGeneration
Project,
Refunding
Series
2006A,
3.750%,
12/01/23
and
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
Shippingport
Project,First
Energy
Guarantor,
Series
2005A,
3.750%,
12/01/40.
(8)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
12MTA
Federal
Reserve
U.S.
12-Month
Cumulative
Treasury
Average
1-Year
CMT.
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
See
accompanying
notes
to
financial
statements.
31
Nuveen
Kentucky
Municipal
Bond
Fund
Portfolio
of
Investments
November
30,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
108.4%   
X
310,488,917
MUNICIPAL
BONDS
-
108.4%  
X
310,488,917
Education
and
Civic
Organizations
-
20.8%
$
155
Campbellsville,
Kentucky,
Industrial
Building
Revenue
Bonds,
Campbellsville
University
Project,
Series
2017,
5.000%,
3/01/39
3/27
at
100.00
N/R
$
134,108
Kentucky
Bond
Development
Corporation,
Educational
Facilities
Revenue
Bonds,
City
of
Danville,
Centre
College
Project,
Series
2021:
4,700
4.000%,
6/01/46
6/31
at
100.00
A
4,140,371
4,200
4.000%,
6/01/51
6/31
at
100.00
A
3,610,824
Kentucky
Bond
Development
Corporation,
Educational
Facilities
Revenue
Bonds,
City
of
Stamping
Ground,
Transylvania
University
Project,
Refunding
Series
2021A:
1,040
4.000%,
3/01/46
3/30
at
100.00
A-
925,662
705
4.000%,
3/01/49
3/30
at
100.00
A-
618,151
Kentucky
Economic
Development
Finance
Authority,
Revenue
Bonds,
Next
Generation
Kentucky
Information
Highway
Project,
Senior
Series
2015A:
2,000
5.000%,
7/01/33
7/25
at
100.00
BBB+
2,029,780
795
5.000%,
7/01/40
7/25
at
100.00
BBB+
797,472
7,025
5.000%,
1/01/45
7/25
at
100.00
BBB+
6,969,362
Kentucky
Higher
Education
Student
Loan
Corporation,
Student
Loan
Revenue
Bonds,
Senior
Series
2014A:
700
5.000%,
6/01/23,
(AMT)
No
Opt.
Call
AAA
708,022
400
5.000%,
6/01/24,
(AMT)
No
Opt.
Call
A
409,984
Kentucky
Higher
Education
Student
Loan
Corporation,
Student
Loan
Revenue
Bonds,
Senior
Series
2021A-1:
500
5.000%,
6/01/31,
(AMT)
No
Opt.
Call
A
532,245
1,450
2.125%,
6/01/32,
(AMT)
6/31
at
100.00
A
1,219,885
Kentucky
Higher
Education
Student
Loan
Corporation,
Student
Loan
Revenue
Bonds,
Series
2019A:
1,000
5.000%,
6/01/28,
(AMT)
No
Opt.
Call
A
1,058,000
700
5.000%,
6/01/29,
(AMT)
No
Opt.
Call
A
746,508
Kentucky
State
University,
Certificates
of
Participation,
Series
2021:
500
4.000%,
11/01/41
-
BAM
Insured
11/31
at
100.00
AA
492,185
3,025
4.000%,
11/01/51
-
BAM
Insured
11/31
at
100.00
AA
2,781,064
2,850
4.000%,
11/01/56
-
BAM
Insured
11/31
at
100.00
AA
2,574,576
Louisville-Jefferson
County
Metro
Government,
Kentucky,
Revenue
Bonds,
Bellarmine
University
Inc
Project,
Refunding
&
Improvement
Series
2015:
1,790
5.000%,
5/01/31
5/25
at
100.00
Ba1
1,789,732
1,210
5.000%,
5/01/40
5/25
at
100.00
Ba1
1,152,912
Murray
State
University,
Kentucky,
General
Receipts
Bonds,
Series
2015A:
1,125
5.000%,
3/01/26
3/25
at
100.00
A1
1,177,369
1,075
5.000%,
3/01/27
3/25
at
100.00
A1
1,122,891
4,000
University
of
Kentucky,
General
Receipts
Bonds,
Refunding
Series
2015B,
5.000%,
10/01/27
4/25
at
100.00
AA+
4,189,960
2,000
University
of
Kentucky,
General
Receipts
Bonds,
Series
2015A,
5.000%,
4/01/29
4/25
at
100.00
AA+
2,088,520
250
University
of
Kentucky,
General
Receipts
Bonds,
Series
2016A,
5.000%,
4/01/32
4/25
at
100.00
AA+
259,523
4,535
University
of
Kentucky,
General
Receipts
Bonds,
Series
2018A,
4.000%,
10/01/32
4/26
at
100.00
AA+
4,658,942
University
of
Louisville,
Kentucky,
Revenue
Bonds,
General
Reciepts
Series
2016D:
1,155
5.000%,
3/01/31
9/26
at
100.00
A+
1,229,382
3,450
5.000%,
3/01/32
9/26
at
100.00
A+
3,666,763
Nuveen
Kentucky
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
32
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
$
2,500
University
of
Louisville,
Kentucky,
Revenue
Bonds,
Refunding
General
Reciepts
Series
2016C,
4.000%,
9/01/28
3/26
at
100.00
A+
$
2,565,450
Western
Kentucky
University,
General
Receipts
Revenue
Bonds,
Refunding
Series
2016A:
2,690
5.000%,
9/01/25
No
Opt.
Call
A1
2,826,571
2,820
5.000%,
9/01/26
9/25
at
100.00
A1
2,960,182
60,345
Total
Education
and
Civic
Organizations
59,436,396
Health
Care
-
17.1%
7,695
Ashland,
Kentucky,
Medical
Center
Revenue
Bonds,
Ashland
Hospital
Corporation
d/b/a
King's
Daughters
Medical
Center
Project,
Refunding
Series
2019,
3.000%,
2/01/40
-
AGM
Insured
2/30
at
100.00
AA
6,212,789
9,190
Hazard,
Kentucky,
Healthcare
Revenue
Bonds,
Appalachian
Regional
Healthcare
Project,
Series
2021,
4.000%,
7/01/51
7/31
at
100.00
A
7,940,711
8,000
Kentucky
Bond
Development
Corporation,
Hospital
Revenue
Bonds,
Saint
Elizabeth
Medical
Center,
Inc.,
Refunding
Series
2016,
5.000%,
5/01/39
5/26
at
100.00
AA
8,254,560
3,000
Kentucky
Economic
Development
Finance
Authority,
Hospital
Revenue
Bonds,
Baptist
Healthcare
System
Obligated
Group,
Series
2017B,
5.000%,
8/15/41
8/27
at
100.00
A1
3,085,440
500
Kentucky
Economic
Development
Finance
Authority,
Hospital
Revenue
Bonds,
Owensboro
Health,
Refunding
Series
2017A,
5.250%,
6/01/41
6/27
at
100.00
Baa2
509,355
6,385
Kentucky
Economic
Development
Finance
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-1,
5.000%,
8/01/44
8/29
at
100.00
A-
6,471,198
Kentucky
Economic
Development
Finance
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2:
100
5.000%,
8/01/37
8/29
at
100.00
A-
103,821
100
5.000%,
8/01/38
8/29
at
100.00
A-
103,542
2,500
5.000%,
8/01/44
8/29
at
100.00
A-
2,533,750
4,500
Louisville
and
Jefferson
County
Metropolitan
Government,
Kentucky,
Hospital
Revenue
Bonds,
UofL
Health
Project,
Series
2022A,
5.000%,
5/15/52
-
AGM
Insured
5/32
at
100.00
AA
4,596,615
2,000
Murray,
Kentucky,
Hospital
Facilities
Revenue
Bonds,
Murray-Calloway
County
Public
Hospital
Corporation
Project,
Refunding
Series
2016,
5.000%,
8/01/37
8/26
at
100.00
BBB
2,019,000
Warren
County,
Kentucky,
Hospital
Revenue
Bonds,
Bowling
Green-Warren
County
Community
Hospital
Corporation,
Refunding
Series
2021A:
900
5.000%,
4/01/23
No
Opt.
Call
AA-
906,741
600
5.000%,
4/01/24
No
Opt.
Call
AA-
616,536
600
5.000%,
4/01/25
No
Opt.
Call
AA-
627,660
500
5.000%,
4/01/26
No
Opt.
Call
AA-
532,045
500
5.000%,
4/01/27
No
Opt.
Call
AA-
540,590
Warren
County,
Kentucky,
Hospital
Revenue
Bonds,
Bowling
Green-Warren
County
Community
Hospital
Corporation,
Series
2012A:
1,980
5.000%,
10/01/33
1/23
at
100.00
AA-
1,981,307
2,000
5.000%,
10/01/37
1/23
at
100.00
AA-
2,000,760
51,050
Total
Health
Care
49,036,420
33
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Multifamily
-
0.3%
$
935
Kentucky
Housing
Corporation,
Conduit
Multifamily
Mortgage
Revenue
Bonds,
Florence
Homes
III
Apartments
Project,
Series
2005B,
5.000%,
6/01/35,
(AMT),
(Mandatory
Put
6/01/23)
1/23
at
100.00
N/R
$
936,505
Industrials
-
0.4%
1,180
Henderson,
Kentucky,
Facilities
Revenue
Bonds,
Pratt
Paper
LLC
Project,
Series
2022A,
4.700%,
1/01/52,
(AMT)
1/32
at
100.00
N/R
1,045,291
Tax
Obligation/General
-
0.3%
975
Ashland,
Kentucky,
General
Obligation
Bonds,
Series
2021A,
5.000%,
1/01/23
-
AGM
Insured
No
Opt.
Call
AA
976,970
Tax
Obligation/Limited
-
31.6%
Barren
County
School
District
Finance
Corporation,
Kentucky,
School
Building
Revenue
Bonds,
Series
2015:
1,250
5.000%,
8/01/24
No
Opt.
Call
A1
1,293,225
1,760
5.000%,
8/01/25
2/25
at
100.00
A1
1,840,573
3,000
Kentucky
Bond
Development
Corporation,
Kentucky,
Industrial
Building
Revenue
Bonds,
Kentucky
Communications
Network
Authority,
Series
2019,
5.000%,
9/01/49
-
BAM
Insured
3/30
at
100.00
AA
3,200,460
Kentucky
Bond
Development
Corporation,
Transient
Room
Tax
Revenue
Bonds,
Lexington
Center
Corporation
Project,
Series
2018A:
8,500
5.000%,
9/01/43
9/28
at
100.00
A2
8,939,620
10,400
5.000%,
9/01/48
9/28
at
100.00
A2
10,827,751
Kentucky
Bond
Development
Corporation,
Transient
Room
Tax
Revenue
Bonds,
Lexington
Center
Corporation
Project,
Subordinate
Series
2018B:
1,435
5.000%,
9/01/25
No
Opt.
Call
A3
1,503,607
50
5.000%,
9/01/26
No
Opt.
Call
A3
53,159
555
5.000%,
9/01/28
No
Opt.
Call
A3
606,299
Kentucky
Economic
Development
Finance
Authority,
Louisville
Arena
Project
Revenue
Bonds,
Louisville
Arena
Authority,
Inc.,
Series
2017A:
13,650
4.000%,
12/01/41
-
AGM
Insured,
(UB)
(4)
12/27
at
100.00
AA
12,832,228
1,000
4.000%,
12/01/41
-
AGM
Insured
12/27
at
100.00
AA
940,090
4,100
5.000%,
12/01/45
-
AGM
Insured
12/27
at
100.00
AA
4,165,190
4,985
Kentucky
State
Property
and
Buildings
Commission,
Revenue
Bonds,
Project
112,
Refunding
Series
2016B,
5.000%,
11/01/24
No
Opt.
Call
A1
5,194,021
Kentucky
State
Property
and
Buildings
Commission,
Revenue
Bonds,
Project
115,
Series
2017:
7,000
5.000%,
4/01/32,
(UB)
(4)
4/27
at
100.00
A1
7,511,630
6,000
5.000%,
4/01/38
4/27
at
100.00
A1
6,345,960
2,500
Kentucky
State
Property
and
Buildings
Commission,
Revenue
Bonds,
Project
119,
Series
2018,
5.000%,
5/01/30
5/28
at
100.00
A1
2,742,100
2,445
Kentucky
State
Property
and
Buildings
Commission,
Revenue
Bonds,
Project
126,
Series
2022A,
5.000%,
5/01/42
5/32
at
100.00
A1
2,643,265
Kentucky
Turnpike
Authority,
Economic
Development
Road
Revenue
Bonds,
Revitalization
Project,
Refunding
Series
2017A:
1,930
5.000%,
7/01/33,
(UB)
(4)
7/27
at
100.00
Aa3
2,084,921
550
5.000%,
7/01/36,
(UB)
(4)
7/27
at
100.00
Aa3
589,237
500
5.000%,
7/01/37,
(UB)
(4)
7/27
at
100.00
Aa3
534,250
5,000
Kentucky
Turnpike
Authority,
Economic
Development
Road
Revenue
Bonds,
Revitalization
Project,
Refunding
Series
2017B,
5.000%,
7/01/28
7/27
at
100.00
Aa3
5,437,950
1,000
Newport,
Kentucky,
Special
Obligation
Revenue
Bonds,
Newport
Clifton
Project,
Series
2020B,
5.500%,
12/01/60
12/30
at
100.00
N/R
779,950
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
6,739
4.500%,
7/01/34
7/25
at
100.00
N/R
6,361,886
89
4.550%,
7/01/40
7/28
at
100.00
N/R
82,888
1,370
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
Cofina
Project
Series
2019A-2A,
4.550%,
7/01/40
7/28
at
100.00
N/R
1,275,922
Nuveen
Kentucky
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
34
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
3,000
Union
Kentucky,
Special
Obligation
Revenue
Bonds,
Union
Promenade
Project,
Series
2022B,
5.500%,
12/01/52,
144A
12/32
at
100.00
N/R
$
2,757,390
88,808
Total
Tax
Obligation/Limited
90,543,572
Transportation
-
6.8%
Kenton
County
Airport
Board,
Kentucky,
Airport
Revenue
Bonds,
Cincinnati/Northern
Kentucky
International
Airport,
Refunding
Series
2016:
1,635
5.000%,
1/01/25
No
Opt.
Call
A1
1,710,521
1,855
5.000%,
1/01/30
1/26
at
100.00
A1
1,958,157
1,750
5.000%,
1/01/31
1/26
at
100.00
A1
1,844,010
2,730
5.000%,
1/01/33
1/26
at
100.00
A1
2,869,639
4,320
Kenton
County
Airport
Board,
Kentucky,
Airport
Revenue
Bonds,
Cincinnati/Northern
Kentucky
International
Airport,
Series
2019,
5.000%,
1/01/49
1/29
at
100.00
A1
4,473,014
Kentucky
Public
Transportation
Infrastructure
Authority,
Toll
Revenue
Bonds,
Downtown
Crossing
Project,
Capital
Appreciation
First
Tier
Series
2013B:
2,000
0.000%,
7/01/23
No
Opt.
Call
Baa2
1,959,100
700
0.000%,
7/01/32
7/28
at
76.98
Baa2
417,809
1,000
Kentucky
Public
Transportation
Infrastructure
Authority,
Toll
Revenue
Bonds,
Downtown
Crossing
Project,
Convertible
Capital
Appreciation
First
Tier
Series
2013C,
0.000%,
7/01/39
(5)
7/31
at
100.00
Baa2
1,105,500
Louisville
Regional
Airport
Authority,
Kentucky,
Airport
System
Revenue
Bonds,
Refunding
Series
2014A:
1,555
5.000%,
7/01/31,
(AMT)
7/24
at
100.00
A+
1,581,451
1,500
5.000%,
7/01/32,
(AMT)
7/24
at
100.00
A+
1,524,570
19,045
Total
Transportation
19,443,771
U.S.
Guaranteed
-
10.8%
(6)
Kentucky
Economic
Development
Finance
Authority,
Louisville
Arena
Project
Revenue
Bonds,
Louisville
Arena
Authority,
Inc.,
Series
2008-A2:
3,520
0.000%,
12/01/22
-
AGC
Insured,
(ETM)
No
Opt.
Call
A2
3,520,000
3,750
0.000%,
12/01/23
-
AGC
Insured,
(ETM)
No
Opt.
Call
A2
3,649,312
10,000
Kentucky
Economic
Development
Finance
Authority,
Revenue
Bonds,
Catholic
Health
Initiatives,
Series
2013A,
5.250%,
1/01/45,
(Pre-refunded
1/01/23)
1/23
at
100.00
A-
10,022,200
Kentucky
Public
Transportation
Infrastructure
Authority,
Toll
Revenue
Bonds,
Downtown
Crossing
Project,
First
Tier
Series
2013A:
250
5.750%,
7/01/49,
(Pre-refunded
7/01/23)
7/23
at
100.00
Baa2
253,755
10,000
6.000%,
7/01/53,
(Pre-refunded
7/01/23)
7/23
at
100.00
Baa2
10,163,300
3,250
Warren
County,
Kentucky,
Hospital
Revenue
Bonds,
Bowling
Green-
Warren
County
Community
Hospital
Corporation,
Refunding
Series
2013,
5.000%,
4/01/35,
(Pre-refunded
4/01/23)
4/23
at
100.00
AA-
3,277,268
30,770
Total
U.S.
Guaranteed
30,885,835
Utilities
-
20.3%
5,705
Bowling
Green,
Kentucky,
Water
and
Sewer
Revenue
Bonds,
Series
2019,
4.000%,
6/01/49
-
AGM
Insured
6/26
at
100.00
AA
5,466,987
6,300
Carroll
County,
Kentucky,
Environmental
Facilities
Revenue
Bonds,
Kentucky
Utilities
Company
Project,
Refunding
Series
2006B,
2.125%,
10/01/34,
(AMT)
6/31
at
100.00
A1
4,745,727
3,375
Carroll
County,
Kentucky,
Environmental
Facilities
Revenue
Bonds,
Kentucky
Utilities
Company
Project,
Refunding
Series
2018A,
3.375%,
2/01/26,
(AMT)
12/23
at
100.00
A1
3,385,597
Kentucky
Infrastructure
Authority,
Wastewater
and
Drinking
Water
Revolving
Fund
Revenue
Bonds,
Series
2018A:
4,265
5.000%,
2/01/30
2/28
at
100.00
AAA
4,736,155
5,000
5.000%,
2/01/31,
(UB)
(4)
2/28
at
100.00
AAA
5,545,850
1,500
Kentucky
Municipal
Power
Agency,
Power
System
Revenue
Bonds,
Prairie
State
Project,
Refunding
Series
2019A,
4.000%,
9/01/45
9/28
at
100.00
Baa1
1,422,225
35
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
$
3,730
Louisville
and
Jefferson
County
Metropolitan
Sewer
District,
Kentucky,
Sewer
and
Drainage
System
Revenue
Bonds,
Refunding
Series
2018A,
4.000%,
5/15/37
5/28
at
100.00
AA
$
3,773,268
1,000
Louisville
and
Jefferson
County
Metropolitan
Sewer
District,
Kentucky,
Sewer
and
Drainage
System
Revenue
Bonds,
Series
2013A,
4.000%,
5/15/36
5/23
at
100.00
AA
1,002,210
Louisville
and
Jefferson
County
Metropolitan
Sewer
District,
Kentucky,
Sewer
and
Drainage
System
Revenue
Bonds,
Series
2014A:
795
5.000%,
5/15/27
11/24
at
100.00
AA
830,052
1,785
4.000%,
5/15/40
11/24
at
100.00
AA
1,786,303
10,000
Louisville-Jefferson
County
Metropolitan
Government,
Kentucky,
Pollution
Control
Revenue
Bonds,
Louisville
Gas
and
Electric
Company
Project,
Series
2003A,
2.000%,
10/01/33
4/31
at
100.00
A1
8,008,000
2,000
Paducah,
Kentucky,
Electric
Plant
Board
Revenue
Bonds,
Refunding
Series
2016A,
5.000%,
10/01/33
-
AGM
Insured
10/26
at
100.00
AA
2,155,000
5
Paducah,
Kentucky,
Electric
Plant
Board
Revenue
Bonds,
Series
2009A,
5.250%,
10/01/35
-
AGC
Insured
12/22
at
100.00
AA
5,008
Princeton
Electric
Plant
Board,
Kentucky,
Revenue
Bonds,
Refunding
Series
2015:
1,000
5.000%,
11/01/25
-
AGM
Insured
5/25
at
100.00
AA
1,035,820
1,100
5.000%,
11/01/34
-
AGM
Insured
5/25
at
100.00
AA
1,153,482
1,635
5.000%,
11/01/37
-
AGM
Insured
5/25
at
100.00
AA
1,710,978
8,175
Public
Energy
Authority
of
Kentucky,
Gas
Supply
Revenue
Bonds,
Series
2018A,
4.000%,
4/01/48,
(Mandatory
Put
4/01/24)
1/24
at
100.37
A1
8,169,768
2,840
Public
Energy
Authority
of
Kentucky,
Gas
Supply
Revenue
Bonds,
Series
2018B,
4.000%,
1/01/49,
(Mandatory
Put
1/01/25)
10/24
at
100.24
A2
2,832,588
405
Russellville,
Kentucky,
Electric
Plant
Board
Electric
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
8/01/24
-
BAM
Insured
No
Opt.
Call
AA
419,139
60,615
Total
Utilities
58,184,157
$
313,723
Total
Long-Term
Investments
(cost
$327,493,779)
310,488,917
Floating
Rate
Obligations
-
(7.9)%  
(
22,650,000
)
Other
Assets
Less
Liabilities
-
(0.5)%
(
1,376,546
)
Net
Assets
-
100%
$
286,462,371
(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)
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.
(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.
See
accompanying
notes
to
financial
statements.
36
Nuveen
Michigan
Municipal
Bond
Fund
Portfolio
of
Investments
November
30,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
97.1%   
X
277,324,510
MUNICIPAL
BONDS
-
97.1%  
X
277,324,510
Consumer
Staples
-
0.7%
$
1,965
Michigan
Finance
Authority,
Tobacco
Settlement
Asset-
Backed
Bonds,
2006
Sold
Tobacco
Receipts
Senior
Current
Interest
Series
2020A-2,
5.000%,
6/01/40
12/30
at
100.00
BBB+
$
1,997,364
Education
and
Civic
Organizations
-
12.9%
1,480
Central
Michigan
University
Board
of
Trustees,
General
Revenue
Bonds,
Refunding
Series
2014,
5.000%,
10/01/39
10/24
at
100.00
A+
1,517,858
Central
Michigan
University
Board
of
Trustees,
General
Revenue
Bonds,
Series
2019:
1,165
5.000%,
10/01/33
10/29
at
100.00
A+
1,278,215
2,020
5.000%,
10/01/34
10/29
at
100.00
A+
2,209,476
500
Detroit
Service
Learning
Academy,
Michigan,
Public
School
Academy
Revenue
Bonds,
Refunding
Series
2021,
4.000%,
7/01/41
7/28
at
103.00
BB-
386,530
3,835
Eastern
Michigan
University,
General
Revenue
Bonds,
Series
2018A,
4.000%,
3/01/44
-
AGM
Insured
3/28
at
100.00
AA
3,567,432
Ferris
State
University,
Michigan,
General
Revenue
Bonds,
Refunding
Series
2016:
2,695
5.000%,
10/01/34
10/26
at
100.00
A+
2,853,574
2,000
5.000%,
10/01/41
10/26
at
100.00
A+
2,103,720
350
Grand
Valley
State
University,
Michigan,
General
Revenue
Bonds,
Refunding
Series
2014B,
5.000%,
12/01/28
12/24
at
100.00
A+
363,619
Grand
Valley
State
University,
Michigan,
General
Revenue
Bonds,
Series
2017:
250
5.000%,
12/01/30
12/24
at
100.00
A+
258,890
250
5.000%,
12/01/32
12/24
at
100.00
A+
258,010
200
Michigan
Finance
Authority,
Public
School
Academy
Limited
Obligation
Revenue
Bonds,
Cesar
Chavez
Academy
Project,
Refunding
Series
2019,
3.250%,
2/01/24
No
Opt.
Call
BB+
196,744
4,670
Michigan
State
University,
General
Revenue
Bonds,
Series
2015A,
5.000%,
8/15/40
8/25
at
100.00
AA
4,865,299
1,835
Michigan
State
University,
General
Revenue
Bonds,
Taxable
Series
2019A,
5.000%,
2/15/48
2/29
at
100.00
AA
1,960,147
1,800
Michigan
Technological
University,
General
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
10/01/45
10/25
at
100.00
A1
1,893,942
Northern
Michigan
University,
General
Revenue
Bonds,
Series
2018A:
500
5.000%,
12/01/32
6/28
at
100.00
A1
549,400
400
5.000%,
12/01/34
6/28
at
100.00
A1
434,676
5,480
Oakland
University,
Michigan,
General
Revenue
Bonds,
Series
2016,
5.000%,
3/01/47
3/26
at
100.00
A1
5,649,825
2,760
Oakland
University,
Michigan,
General
Revenue
Bonds,
Series
2019,
5.000%,
3/01/50
3/29
at
100.00
A1
2,867,005
515
Saginaw
Valley
State
University,
Michigan,
General
Revenue
Bonds,
Refunding
Series
2016A,
5.000%,
7/01/35
7/26
at
100.00
A1
549,685
University
of
Michigan,
Michigan,
General
Revenue
Bonds,
Series
2017A:
1,000
5.000%,
4/01/34
4/27
at
100.00
AAA
1,087,750
1,190
5.000%,
4/01/35
4/27
at
100.00
AAA
1,289,520
650
Western
Michigan
University,
General
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
11/15/45
5/25
at
100.00
Aa3
669,936
35,545
Total
Education
and
Civic
Organizations
36,811,253
37
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
-
6.0%
$
5,255
Kent
Hospital
Finance
Authority,
Michigan,
Revenue
Bonds,
Mary
Free
Bed
Rehabilitatin
Hospital,
Series
2021A,
4.000%,
4/01/41
4/31
at
100.00
A
$
4,918,733
2,335
Michigan
Finance
Authority,
Hospital
Revenue
Bonds,
Henry
Ford
Health
System,
Refunding
Series
2016,
5.000%,
11/15/41
11/26
at
100.00
A
2,385,880
3,085
Michigan
Finance
Authority,
Hospital
Revenue
Bonds,
Henry
Ford
Health
System,
Series
2019A,
4.000%,
11/15/50
11/29
at
100.00
A
2,751,820
1,250
Michigan
Finance
Authority,
Hospital
Revenue
Bonds,
Sparrow
Obligated
Group,
Refunding
Series
2015,
5.000%,
11/15/45
5/25
at
100.00
A2
1,265,500
2,955
Michigan
Finance
Authority,
Michigan,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Refunding
Series
2016MI,
5.000%,
12/01/45
6/26
at
100.00
AA-
3,000,418
3,000
Michigan
Finance
Authority,
Michigan,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Refunding
Series
2016MI-2,
4.000%,
3/01/51
3/32
at
100.00
AA-
2,793,300
17,880
Total
Health
Care
17,115,651
Housing/Multifamily
-
0.7%
Michigan
Housing
Development
Authority,
Rental
Housing
Revenue
Bonds,
Series
2021A:
320
1.050%,
10/01/27
No
Opt.
Call
AA
283,971
500
1.150%,
4/01/28
No
Opt.
Call
AA
440,665
720
1.375%,
4/01/29
No
Opt.
Call
AA
628,790
625
1.600%,
4/01/30
No
Opt.
Call
AA
543,419
2,165
Total
Housing/Multifamily
1,896,845
Long-Term
Care
-
0.2%
750
Kentwood
Economic
Development
Corporation,
Michigan,
Limited
Obligation
Revenue
Bonds,
Holland
Home
Obligated
Group,
Refunding
Series
2021,
4.000%,
11/15/45
11/28
at
103.00
BBB-
596,010
Tax
Obligation/General
-
33.7%
1,350
Ann
Arbor
Public
School
District,
Washtenaw
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2015,
5.000%,
5/01/25
No
Opt.
Call
Aa3
1,423,062
1,020
Barry
County,
Michigan,
General
Obligation
Bonds,
Thornapple
Manor
Medical
Care
Facility,
Capital
Improvement
&
Refunding
Series
2021,
4.000%,
4/01/32
4/31
at
100.00
AA
1,079,731
Battle
Creek
School
District,
Calhoun
County,
Michigan,
General
Obligation
Bonds,
Refunding
&
Site
Series
2022:
2,000
4.000%,
5/01/45
5/32
at
100.00
Aa1
1,968,020
3,000
4.000%,
5/01/47
5/32
at
100.00
Aa1
2,927,520
3,440
Bloomfield
Hills
Schools,
Oakland
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2020,
4.000%,
5/01/50
5/30
at
100.00
Aa1
3,403,295
2,590
Byron
Center
Public
Schools,
Kent
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2017I,
5.000%,
5/01/47
5/27
at
100.00
AA
2,747,705
1,000
Cadillac
Area
Public
Schools,
Counties
of
Wexford,
Osceola
and
Lake,
State
of
Michigan  School
Building
and
Site
General
Obligation
Bonds,
Refunding
2018,
5.000%,
5/01/36
5/28
at
100.00
Aa1
1,096,140
Cadillac
Area
Public
Schools,
Wexford,
Osceola
and
Lake
Counties,
Michigan,
General
Obligaiton
Bonds,
Refunding
&
School
Building
&
Site
Series
2019:
875
5.000%,
5/01/41
5/29
at
100.00
Aa1
957,539
1,310
5.000%,
5/01/43
5/29
at
100.00
Aa1
1,428,031
1,515
Caledonia
Community
Schools,
Kent,
Allegan
and
Barry
Counties,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2014,
5.000%,
5/01/39
5/24
at
100.00
AA
1,556,284
850
Chelsea
School
District,
Washtenaw
and
Jackson,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2020-I,
5.000%,
5/01/39
5/30
at
100.00
AA
938,876
1,000
Davison
Community
Schools,
Genesee
and
Lapeer
Counties,
Michigan,
General
Obligation
Bonds,
School
Building
and
Site
Series
2022-II,
5.000%,
5/01/38
5/32
at
100.00
Aa1
1,107,520
155
Detroit
City
School
District,
Wayne
County,
Michigan,
Unlimited
Tax
School
Building
and
Site
Improvement
Bonds,
Series
1998C,
5.250%,
5/01/25
No
Opt.
Call
AA+
160,313
Nuveen
Michigan
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
38
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
1,575
East
Lansing
School
District,
Ingham
and
Clinton
Counties,
Michigan,
General
Obligation
Bonds,
Building
&
Site
Series
2020II,
5.000%,
5/01/44
5/30
at
100.00
AA
$
1,677,218
2,000
East
Lansing
School
District,
Ingham
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2017,
5.000%,
5/01/39
5/27
at
100.00
AA
2,118,080
2,075
Elk
Rapids
Schools,
Antrim,
Grand
Traverse
and
Kalkaska,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2021-I,
4.000%,
5/01/50
5/31
at
100.00
AA
1,941,183
500
Forest
Hills
Public
Schools,
Kent
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2021-II,
4.000%,
5/01/30
No
Opt.
Call
Aa2
532,210
1,560
Gerald
R.
Ford
International
Airport
Authority,
Kent
County,
Michigan,
Revenue
Bonds,
Limited
Tax
General
Obligation
Series
2021,
5.000%,
1/01/39,
(AMT)
1/32
at
100.00
AAA
1,687,327
Grand
Ledge
Public
Schools,
Eaton,
Clinton
and
Ionia
Counties,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2021-II:
1,615
5.000%,
5/01/39
5/31
at
100.00
AA
1,806,103
870
5.000%,
5/01/40
5/31
at
100.00
AA
961,681
Grand
Rapids
Public
Schools,
Kent
County,
Michigan,
General
Obligation
Bonds,
Refunding
School
Building
&
Site
Series
2016:
4,325
5.000%,
5/01/29
-
AGM
Insured
5/26
at
100.00
AA
4,592,545
2,055
5.000%,
5/01/38
-
AGM
Insured
5/26
at
100.00
AA
2,168,477
Grand
Rapids
Public
Schools,
Kent
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2019:
1,500
5.000%,
11/01/35
-
AGM
Insured
5/29
at
100.00
AA
1,637,145
1,000
5.000%,
11/01/36
-
AGM
Insured
5/29
at
100.00
AA
1,088,730
2,600
5.000%,
11/01/41
-
AGM
Insured
5/29
at
100.00
AA
2,780,206
2,040
Hudsonville
Public
Schools,
Ottawa
and
Allegan
Counties,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2020-I,
4.000%,
5/01/45
5/30
at
100.00
AA
1,971,374
3,000
Jackson
Public
Schools,
Jackson
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2018,
5.000%,
5/01/42
5/28
at
100.00
Aa1
3,227,850
1,700
Jenison
Public
Schools,
Ottawa
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2020,
5.000%,
5/01/45
5/30
at
100.00
Aa1
1,867,569
Kalamazoo
County,
Michigan,
General
Obligation
Bonds,
Juvenile
Home
Facilities
Series
2017:
500
5.000%,
4/01/26
No
Opt.
Call
AA+
537,140
500
5.000%,
4/01/31
4/27
at
100.00
AA+
543,775
1,075
Kent
County,
Michigan,
General
Obligation
Bonds,
Limited
Tax
Series
2015,
5.000%,
1/01/35
1/25
at
100.00
AAA
1,116,248
Kent
County,
Michigan,
General
Obligation
Bonds,
Refunding
Limited
Tax
Series
2015:
1,500
5.000%,
1/01/31
1/25
at
100.00
AAA
1,564,185
2,000
5.000%,
1/01/37
1/25
at
100.00
AAA
2,070,500
1,750
Lakeview
School
District,
Calhoun
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2016,
5.000%,
5/01/42
5/26
at
100.00
AA
1,857,100
185
Lansing
Community
College,
Michigan,
General
Obligation
Bonds,
College
Building
&
Site,
Series
2017,
5.000%,
5/01/31
11/27
at
100.00
AA
202,492
Marquette,
Michigan,
General
Obligation
Bonds,
Refunding
&
Limited
Obligation
Series
2017:
230
4.000%,
5/01/25
No
Opt.
Call
AA
236,187
375
4.000%,
5/01/28
5/27
at
100.00
AA
390,143
550
4.000%,
5/01/29
5/27
at
100.00
AA
571,395
265
4.000%,
5/01/31
5/27
at
100.00
AA
274,463
215
4.000%,
5/01/32
5/27
at
100.00
AA
222,114
1,000
Michigan
Finance
Authority,
Distributable
State
Aid
Revenue
Bonds,
Charter
County
of
Wayne
Criminal
Justice
Center
Project,
Senior
Lien
Series
2018,
5.000%,
11/01/43
11/28
at
100.00
Aa3
1,051,470
39
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
Michigan
Finance
Authority,
Distributable
State
Aid
Revenue
Bonds,
Charter
County
of
Wayne,
Second
Lien
Refunding
Series
2020:
$
2,500
4.000%,
11/01/50
11/30
at
100.00
AA
$
2,345,975
6,000
4.000%,
11/01/55
11/30
at
100.00
AA
5,708,520
1,000
Michigan
State,
General
Obligation
Bonds,
Environmental
Program,
Refunding
Series
2011A,
5.000%,
12/01/22
12/22
at
100.00
Aa1
1,000,000
Michigan
State,
General
Obligation
Bonds,
Environmental
Program,
Series
2020A:
1,700
5.000%,
5/15/33
5/30
at
100.00
Aa1
1,944,205
1,275
4.000%,
5/15/38
5/30
at
100.00
Aa1
1,287,240
Monroe
Public
Schools,
Monroe
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2020I:
1,495
5.000%,
5/01/41
5/30
at
100.00
AA
1,642,048
2,465
5.000%,
5/01/45
5/30
at
100.00
AA
2,702,897
Muskegon
County,
Michigan,
General
Obligation
Water
Supply
System
Bonds,
Refunding
Series
2015:
550
5.000%,
11/01/33
11/25
at
100.00
AA
579,964
1,290
5.000%,
11/01/36
11/25
at
100.00
AA
1,356,229
3,120
Rockford
Public
Schools,
Kent
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2019I,
5.000%,
5/01/46
5/29
at
100.00
AA
3,307,886
1,095
Royal
Oak,
Oakland
County,
Michigan,
General
Obligation
Bonds,
Taxable
Limited
Tax
Series
2018,
5.000%,
4/01/43
4/28
at
100.00
AA+
1,180,651
1,915
South
Haven
Public
Schools,
Van
Buren
Couty,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site,
Series
2014A,
5.000%,
5/01/41
-
BAM
Insured
5/24
at
100.00
AA
1,971,224
3,270
Walled
Lake
Consolidated
School
District,
Oakland
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2019,
5.000%,
5/01/49
5/29
at
100.00
Aa1
3,500,927
4,000
West
Ottawa
Public
School
District,
Ottawa
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2019,
5.000%,
5/01/44
5/29
at
100.00
Aa2
4,346,720
395
West
Ottawa
Public
School
District,
Ottawa
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2021,
4.000%,
11/01/31
-
AGM
Insured
5/31
at
100.00
AA
417,527
1,575
Williamston
Community
School
District,
Michigan,
Unlimited
Tax
General
Obligation
QSBLF
Bonds,
Series
1996,
5.500%,
5/01/25
-
NPFG
Insured
No
Opt.
Call
Aa2
1,634,866
92,310
Total
Tax
Obligation/General
96,415,825
Tax
Obligation/Limited
-
16.4%
2,935
Detroit
Downtown
Development
Authority,
Michigan,
Tax
Increment
Revenue
Bonds,
Catalyst
Development
Project,
Series
2018A,
5.000%,
7/01/48
-
AGM
Insured
7/24
at
100.00
AA
2,948,530
1,000
Lansing
Township
Downtown
Development
Authority,
Ingham
County,
Michigan,
Tax
Increment
Bonds,
Series
2013A,
5.950%,
2/01/42
2/24
at
103.00
N/R
953,780
4,070
Michigan
Finance
Authority,
Local
Government
Loan
Program
Revenue
Bonds,
Detroit
Regional
Convention
Facility
Authority
Local
Project,
Series
2014H-1,
5.000%,
10/01/39
10/24
at
100.00
AA-
4,155,226
5,450
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2015-I,
5.000%,
4/15/38
10/25
at
100.00
Aa2
5,643,911
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2016-I:
1,540
5.000%,
4/15/36
10/26
at
100.00
Aa2
1,620,188
1,000
5.000%,
10/15/46
10/26
at
100.00
Aa2
1,032,650
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2019-I:
520
5.000%,
4/15/36
10/29
at
100.00
Aa2
565,027
1,000
4.000%,
10/15/49
10/29
at
100.00
Aa2
964,860
1,000
4.000%,
4/15/54
10/29
at
100.00
Aa2
950,840
2,000
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2020-I,
4.000%,
10/15/38
10/31
at
100.00
Aa2
2,027,880
Nuveen
Michigan
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
40
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Series
2021I:
$
2,000
4.000%,
10/15/41
10/31
at
100.00
Aa2
$
1,998,380
4,200
4.000%,
10/15/46
10/31
at
100.00
Aa2
4,101,510
1,500
Michigan
State,
Comprehensive
Transportation
Revenue
Bonds,
Refunding
Series
2015,
5.000%,
11/15/29
11/24
at
100.00
AA+
1,566,135
9,170
Michigan
State,
Trunk
Line
Fund
Bonds,
Rebuilding
Michigan
Program
Series
2020B,
4.000%,
11/15/45
11/30
at
100.00
AA+
9,007,874
1,700
Michigan
State,
Trunk
Line
Fund
Bonds,
Rebuilding
Michigan
Program,
Series
2021A,
5.000%,
11/15/33
11/31
at
100.00
AA+
1,989,629
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
5,290
4.500%,
7/01/34
7/25
at
100.00
N/R
4,993,972
1,676
4.550%,
7/01/40
7/28
at
100.00
N/R
1,560,909
750
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
Cofina
Project
Series
2019A-2A,
4.550%,
7/01/40
7/28
at
100.00
N/R
698,497
46,801
Total
Tax
Obligation/Limited
46,779,798
Transportation
-
4.8%
1,250
Wayne
County
Airport
Authority,
Michigan,
Revenue
Bonds,
Detroit
Metropolitan
Wayne
County
Airport,
Senior
Series
2017A,
5.000%,
12/01/42
12/27
at
100.00
A1
1,297,550
Wayne
County
Airport
Authority,
Michigan,
Revenue
Bonds,
Detroit
Metropolitan
Wayne
County
Airport,
Series
2012A:
2,000
5.000%,
12/01/37
1/23
at
100.00
A1
2,001,820
1,000
5.000%,
12/01/42
-
AGM
Insured
1/23
at
100.00
AA
1,000,690
1,700
Wayne
County
Airport
Authority,
Michigan,
Revenue
Bonds,
Detroit
Metropolitan
Wayne
County
Airport,
Series
2014C,
5.000%,
12/01/44,
(AMT)
12/24
at
100.00
A1
1,700,629
2,000
Wayne
County
Airport
Authority,
Michigan,
Revenue
Bonds,
Detroit
Metropolitan
Wayne
County
Airport,
Series
2018A,
5.000%,
12/01/36
12/28
at
100.00
A1
2,139,780
Wayne
County
Airport
Authority,
Michigan,
Revenue
Bonds,
Detroit
Metropolitan
Wayne
County
Airport,
Series
2021A:
1,830
5.000%,
12/01/39
12/31
at
100.00
A1
1,989,832
3,330
5.000%,
12/01/41
12/31
at
100.00
A1
3,581,448
13,110
Total
Transportation
13,711,749
U.S.
Guaranteed
-
6.0%
(4)
800
Grand
Rapids,
Michigan,
Sanitary
Sewer
System
Revenue
Bonds,
Improvement
&
Refunding
Series
2014,
5.000%,
1/01/39,
(Pre-refunded
1/01/24)
1/24
at
100.00
AA
820,816
350
Grand
Rapids,
Michigan,
Sanitary
Sewer
System
Revenue
Bonds,
Improvement
Series
2012,
5.000%,
1/01/32,
(Pre-refunded
1/01/23)
1/23
at
100.00
AA
350,721
720
Michigan
Finance
Authority,
Hospital
Revenue
Bonds,
Beaumont
Health
Credit
Group,
Refunding
Series
2015A,
5.000%,
8/01/32,
(Pre-refunded
8/01/24)
8/24
at
100.00
AA
748,354
1,875
Michigan
Finance
Authority,
Hospital
Revenue
Bonds,
MidMichigan
Health
Credit
Group,
Refunding
Series
2014,
5.000%,
6/01/39,
(Pre-refunded
6/01/24)
6/24
at
100.00
A+
1,941,825
4,000
Michigan
House
of
Representatives,
Certificates
of
Participation,
Series
1998,
0.000%,
8/15/23
-
AMBAC
Insured,
(ETM)
No
Opt.
Call
N/R
3,925,440
3,000
University
of
Michigan,
General
Revenue
Bonds,
Series
2014A,
5.000%,
4/01/44,
(Pre-refunded
4/01/24)
4/24
at
100.00
AAA
3,095,400
University
of
Michigan,
General
Revenue
Bonds,
Series
2015:
2,275
5.000%,
4/01/40,
(Pre-refunded
4/01/26)
4/26
at
100.00
AAA
2,446,239
800
5.000%,
4/01/46,
(Pre-refunded
4/01/26)
4/26
at
100.00
AAA
860,216
University
of
Michigan,
Michigan,
General
Revenue
Bonds,
Series
2017A:
2,800
5.000%,
4/01/47,
(Pre-refunded
4/01/27)
4/27
at
100.00
AAA
3,066,644
16,620
Total
U.S.
Guaranteed
17,255,655
41
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
-
15.7%
$
850
Downriver
Utility
Wastewater
Authority,
Michigan,
Sewer
System
Revenue
Bonds,
Series
2018,
5.000%,
4/01/43
-
AGM
Insured
4/28
at
100.00
AA
$
895,696
2,500
Grand
Rapids,
Kent
County,
Michigan,
Santiary
Sewer
System
Revenue
Bonds,  Improvement
&
Refunding
Series
2020,
4.000%,
1/01/50
1/30
at
100.00
AA
2,387,300
1,655
Grand
Rapids,
Michigan,
Sanitary
Sewer
System
Revenue
Bonds,
Series
2018,
5.000%,
1/01/48
1/28
at
100.00
AA
1,756,435
1,250
Grand
Rapids,
Michigan,
Water
Supply
System
Revenue
Bonds,
Refunding
&
Improvement
Series
2016,
5.000%,
1/01/41
1/26
at
100.00
AA
1,297,012
1,500
Grand
Rapids,
Michigan,
Water
Supply
System
Revenue
Bonds,
Refunding
&
Improvement
Series
2018,
5.000%,
1/01/43
1/28
at
100.00
AA
1,597,890
Grand
Rapids,
Michigan,
Water
Supply
System
Revenue
Bonds,
Refunding
Series
2015:
1,000
5.000%,
1/01/33
1/25
at
100.00
AA
1,041,030
1,000
5.000%,
1/01/35
1/25
at
100.00
AA
1,041,240
Lansing
Board
of
Water
and
Light,
Michigan,
Utility
System
Revenue
Bonds,
Refunding
Series
2017A:
1,250
5.000%,
7/01/31
7/27
at
100.00
AA-
1,367,562
1,000
5.000%,
7/01/32
7/27
at
100.00
AA-
1,092,200
Lansing
Board
of
Water
and
Light,
Michigan,
Utility
System
Revenue
Bonds,
Series
2019A:
4,800
5.000%,
7/01/44
7/29
at
100.00
AA-
5,106,576
12,435
5.000%,
7/01/48
7/29
at
100.00
AA-
13,172,893
1,000
Marquette,
Michigan,
Electric
Utility
System
Revenue
Bonds,
Refunding
Series
2016A,
5.000%,
7/01/29
7/26
at
100.00
AA-
1,065,600
Marquettte,
Michigan,
Electric
Utility
System
Revenue
Bonds,
Refunding
Series
2016A:
1,230
5.000%,
7/01/32
7/26
at
100.00
AA-
1,303,825
1,000
5.000%,
7/01/33
7/26
at
100.00
AA-
1,057,930
1,800
Michigan
Finance
Authority,
Clean
Water
Revolving
Fund
Revenue
Bonds,
Refunding
Series
2018B,
5.000%,
10/01/39
10/28
at
100.00
AAA
1,965,744
885
Michigan
Finance
Authority,
Clean
Water
Revolving
Fund
Revenue
Bonds,
Series
2020B,
5.000%,
10/01/31
10/30
at
100.00
Aaa
1,024,485
750
Michigan
Finance
Authority,
Drinking
Water
Revolving
Fund
Revenue
Bonds,
Series
2021B,
5.000%,
10/01/35
10/31
at
100.00
Aaa
857,145
Michigan
Finance
Authority,
Local
Government
Loan
Program
Revenue
Bonds,
Detroit
Water
&
Sewerage
Department
Water
Supply
System
Local
Project,
Refunding
Senior
Loan
Series
2014D-1:
1,500
5.000%,
7/01/35
-
AGM
Insured
7/24
at
100.00
AA
1,534,455
1,220
5.000%,
7/01/37
-
AGM
Insured
7/24
at
100.00
AA
1,245,388
3,000
Michigan
Finance
Authority,
Local
Government
Loan
Program
Revenue
Bonds,
Detroit
Water
&
Sewerage
Department
Water
Supply
System
Local
Project,
Series
2014D-2,
5.000%,
7/01/27
-
AGM
Insured
7/24
at
100.00
AA
3,104,040
820
Saginaw,
Michigan,
Water
Supply
System
Revenue
Bonds,
Refunding
Series
2021,
4.000%,
7/01/38
-
AGM
Insured
7/31
at
100.00
AA
829,914
42,445
Total
Utilities
44,744,360
$
269,591
Total
Long-Term
Investments
(cost
$285,146,971)
277,324,510
Other
Assets
Less
Liabilities
-
2.9%
8,325,369
Net
Assets
-
100%
$
285,649,879
(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.
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
See
accompanying
notes
to
financial
statements.
42
Nuveen
Missouri
Municipal
Bond
Fund
Portfolio
of
Investments
November
30,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
100.0%   
X
576,407,369
MUNICIPAL
BONDS
-
100.0%  
X
576,407,369
Consumer
Staples
-
2.2%
$
3,000
Cape
Girardeau
County
Industrial
Development
Authority,
Missouri,
Solid
Waste
Disposal
Revenue
Bonds,
Procter
&
Gamble
Products
Company
Project,
Series
1998,
5.300%,
5/15/28,
(AMT)
1/23
at
100.00
AA-
$
3,109,140
8,840
Missouri
Development
Finance
Board,
Solid
Waste
Disposal
Revenue
Bonds,
Procter
and
Gamble
Inc.,
Series
1999,
5.200%,
3/15/29,
(AMT)
No
Opt.
Call
AA-
9,827,251
11,840
Total
Consumer
Staples
12,936,391
Education
and
Civic
Organizations
-
9.5%
1,200
Curators
of
the
University
of
Missouri,
System
Facilities
Revenue
Bonds,
Series
2014A,
4.000%,
11/01/33
11/24
at
100.00
AA+
1,211,004
1,000
Health
and
Educational
Facilities
Authority
of
the
State
of
Missouri,
Educational
Facilities
Revenue
Bonds,
University
of
Central
Missouri,
Series
2018
A,
4.000%,
10/01/38
10/28
at
100.00
A+
1,009,550
1,055
Lincoln
University,
Missouri,
Auxiliary
System
Revenue
Bonds,
Refunding
Series
2019,
5.000%,
6/01/31
-
AGM
Insured
6/27
at
100.00
AA
1,136,077
1,025
Missouri
Health
and
Educational
Facilities
Authority,
Educational
Facilities
Revenue
Bonds,
Kansas
City
University
of
Medicine
and
Biosciences,
Series
2013A,
5.000%,
6/01/33
6/23
at
100.00
A1
1,036,203
2,000
Missouri
Health
and
Educational
Facilities
Authority,
Educational
Facilities
Revenue
Bonds,
Kansas
City
University
of
Medicine
and
Biosciences,
Series
2017A,
5.000%,
6/01/47
6/27
at
100.00
A1
2,128,260
3,000
Missouri
Health
and
Educational
Facilities
Authority,
Educational
Facilities
Revenue
Bonds,
Saint
Louis
College
of
Pharmacy,
Series
2013,
5.500%,
5/01/43
5/23
at
100.00
BBB-
3,035,670
Missouri
Health
and
Educational
Facilities
Authority,
Educational
Facilities
Revenue
Bonds,
Southeast
Missouri
State
University,
Refunding
Series
2019:
2,295
4.000%,
10/01/34
10/29
at
100.00
A
2,280,725
2,225
4.000%,
10/01/35
10/29
at
100.00
A
2,193,071
3,470
Missouri
Health
and
Educational
Facilities
Authority,
Educational
Facilities
Revenue
Bonds,
Southwest
Baptist
University
Project,
Series
2012,
5.000%,
10/01/33
1/23
at
100.00
BBB-
3,406,291
2,255
Missouri
Health
and
Educational
Facilities
Authority,
Educational
Facilities
Revenue
Bonds,
University
of
Central
Missouri,
Series
2013C-2,
5.000%,
10/01/34
10/23
at
100.00
A+
2,281,203
1,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Maryville
University
of
St.
Louis
Project,
Series
2015,
5.000%,
6/15/44
6/25
at
100.00
BBB+
1,014,230
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Saint
Louis
University,
Series
2015A:
3,700
5.000%,
10/01/38
10/25
at
100.00
AA-
3,899,282
7,920
4.000%,
10/01/42
10/25
at
100.00
AA-
7,695,706
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Saint
Louis
University,
Series
2017A:
600
4.000%,
10/01/36
4/27
at
100.00
AA-
602,490
5,690
5.000%,
10/01/47
4/27
at
100.00
AA-
5,964,998
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Saint
Louis
University,
Series
2019A:
3,390
5.000%,
10/01/46
4/29
at
100.00
AA-
3,621,130
6,665
4.000%,
10/01/48
4/29
at
100.00
AA-
6,290,894
1,150
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Webster
University,
Refunding
Series
2017,
4.000%,
4/01/34
4/27
at
100.00
Baa2
1,108,094
Missouri
State
University,
Auxiliary
Enterprise
System
Revenue
Bonds,
Series
2019A:
260
4.000%,
10/01/31
10/27
at
100.00
A+
269,425
285
4.000%,
10/01/32
10/27
at
100.00
A+
295,679
500
4.000%,
10/01/33
10/27
at
100.00
A+
516,685
400
4.000%,
10/01/34
10/27
at
100.00
A+
410,348
43
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
$
1,625
Saint
Louis
Community
College
District,
Saint
Louis
County,
Missouri,
Certificates
of
Participation,
Series
2017,
4.000%,
4/01/36
4/27
at
100.00
AA
$
1,654,396
1,100
Saline
County
Industrial
Development
Authority,
Missouri,
First
Mortgage
Revenue
Bonds,
Missouri
Valley
College,
Series
2017,
4.500%,
10/01/40
10/23
at
100.00
N/R
948,915
860
Truman
State
University,
Missouri,
Housing
System
Revenue
Bonds,
Refunding
Series
2015,
3.750%,
6/01/33
6/23
at
100.00
A2
849,998
54,670
Total
Education
and
Civic
Organizations
54,860,324
Health
Care
-
23.0%
675
Barton
County,
Missouri,
Hospital
Revenue
Bonds,
Cox
Barton
County
Hospital
Project,
Series
2017B,
3.650%,
7/01/27
7/23
at
100.00
N/R
675,857
Boone
County,
Missouri,
Hospital
Revenue
Bonds,
Boone
Hospital
Center,
Refunding
Series
2016:
1,455
5.000%,
8/01/29
8/26
at
100.00
Ba3
1,377,594
1,000
5.000%,
8/01/30
8/26
at
100.00
Ba3
937,580
2,000
Cape
Girardeau
County
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Saint
Francis
Medical
Center,
Series
2016,
5.000%,
6/01/39
6/26
at
100.00
AA
2,035,100
1,245
Cape
Girardeau
County
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Southeasthealth,
Series
2016A,
6.000%,
3/01/33
3/23
at
103.00
BBB-
1,290,318
Cape
Girardeau
County
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Southeasthealth,
Series
2017A:
1,325
5.000%,
3/01/31
3/27
at
100.00
BBB-
1,368,221
1,210
5.000%,
3/01/32
3/27
at
100.00
BBB-
1,245,054
1,645
5.000%,
3/01/36
3/27
at
100.00
BBB-
1,679,529
2,680
Cape
Girardeau
County
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Southeasthealth,
Series
2021,
4.000%,
3/01/46
3/31
at
100.00
BBB-
2,258,061
Hannibal
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Hannibal
Regional
Healthcare
System,
Series
2017:
1,170
4.000%,
10/01/31
10/27
at
100.00
A-
1,164,045
1,220
4.000%,
10/01/32
10/27
at
100.00
A-
1,208,361
485
5.000%,
10/01/42
10/27
at
100.00
A-
493,512
2,450
5.000%,
10/01/47
10/27
at
100.00
A-
2,480,380
1,560
Joplin
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Freeman
Health
System,
Series
2015,
5.000%,
2/15/35
2/24
at
100.00
A+
1,577,503
290
Joplin
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Freeman
Health
System,
Series
2020A,
5.000%,
2/15/29
No
Opt.
Call
A+
313,023
Missouri
Health
and
Education
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Saint
Luke's
Health
System,
Inc.,
Series
2016:
1,575
4.000%,
11/15/33
5/26
at
100.00
A+
1,585,978
4,200
5.000%,
11/15/34
5/26
at
100.00
A+
4,372,620
4,335
5.000%,
11/15/35
5/26
at
100.00
A+
4,509,744
1,000
Missouri
Health
and
Education
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Saint
Luke's
Health
System,
Inc.,
Series
2018A,
5.000%,
11/15/43
5/28
at
100.00
A+
1,029,130
1,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
BJC
Health
System,
Series
2014,
5.000%,
1/01/44
1/24
at
100.00
AA
1,005,910
12,725
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
BJC
Health
System,
Series
2021A,
4.000%,
7/01/46
7/31
at
100.00
AA
11,720,743
9,175
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
BJC
Health
System,
Variable
Rate
Demand
Obligation
Series
2017D,
4.000%,
1/01/58,
(Mandatory
Put
1/01/48)
1/28
at
100.00
AA
8,547,338
3,535
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Capital
Region
Medical
Center,
Series
2020,
5.000%,
11/01/40
11/30
at
100.00
Baa2
3,181,359
Nuveen
Missouri
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
44
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Series
2013A:
$
1,475
5.000%,
11/15/44
11/23
at
100.00
A2
$
1,482,124
2,980
5.000%,
11/15/48
11/23
at
100.00
A2
2,992,159
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Series
2015A:
2,200
5.000%,
11/15/32
11/25
at
100.00
A2
2,292,180
2,400
5.000%,
11/15/39
11/25
at
100.00
A2
2,463,288
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Series
2019A:
975
5.000%,
11/15/37
5/29
at
100.00
A2
1,024,140
265
5.000%,
11/15/38
5/29
at
100.00
A2
275,950
3,000
4.000%,
11/15/49
5/29
at
100.00
A2
2,806,920
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Heartland
Regional
Medical
Center,
Series
2012:
1,000
3.875%,
2/15/32
1/23
at
100.00
AA-
1,000,150
3,035
5.000%,
2/15/37
1/23
at
100.00
AA-
3,036,184
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2014F:
845
5.000%,
11/15/45
11/24
at
100.00
A+
851,227
2,355
4.250%,
11/15/48
11/24
at
100.00
A+
2,287,812
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2017C:
2,500
5.000%,
11/15/42
11/27
at
100.00
A+
2,559,425
5,000
4.000%,
11/15/47
11/27
at
100.00
A+
4,619,700
1,330
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2018A,
5.000%,
6/01/30
12/28
at
100.00
A+
1,453,889
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2020:
7,500
4.000%,
6/01/50
6/30
at
100.00
A+
6,778,050
2,410
4.000%,
6/01/53
6/30
at
100.00
A+
2,157,287
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mosaic
Health
System,
Series
2019A:
2,225
4.000%,
2/15/44
2/29
at
100.00
AA-
2,126,677
8,995
4.000%,
2/15/54
2/29
at
100.00
AA-
8,179,334
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Saint
Luke's
Episcopal
&
Presbyterian
Hospitals,
Series
2015B:
1,500
3.500%,
12/01/32
6/25
at
100.00
A+
1,480,425
2,000
5.000%,
12/01/33
6/25
at
100.00
A+
2,054,020
500
3.625%,
12/01/34
6/25
at
100.00
A+
485,375
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Saint
Luke's
Episcopal
&
Presbyterian
Hospitals,
Series
2019:
1,100
4.000%,
12/01/35
6/29
at
100.00
A+
1,094,830
2,000
4.000%,
12/01/37
6/29
at
100.00
A+
1,974,960
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
SSM
Health
Care,
Series
2018A:
1,035
4.000%,
6/01/48
6/28
at
100.00
AA-
980,124
1,500
5.000%,
6/01/48
6/28
at
100.00
AA-
1,532,055
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
SSM
Health
Care,
Series
2022A:
300
5.000%,
6/01/34
6/32
at
100.00
AA-
333,282
2,000
4.000%,
6/01/52
6/32
at
100.00
AA-
1,882,540
3,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Children's
Mercy
Hospital,
Series
2016,
4.000%,
5/15/34
5/26
at
100.00
AA-
3,021,600
2,940
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Children's
Mercy
Hospital,
Series
2017A,
4.000%,
5/15/48
5/25
at
102.00
AA-
2,701,566
2,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lake
Regional
Health
System,
Series
2021,
4.000%,
2/15/51
8/31
at
100.00
BBB+
1,699,600
45
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Ranken-Jordan
Project,
Refunding
&
Improvement
Series
2016:
$
830
5.000%,
11/15/28
11/25
at
100.00
N/R
$
842,765
2,325
4.000%,
11/15/36
11/25
at
100.00
N/R
2,137,837
4,650
5.000%,
11/15/46
11/25
at
100.00
N/R
4,518,359
1,120
Stoddard
County
Industrial
Development
Authority,
Missouri,
Health
Facility
Revenue
Bonds,
Southeasthealth,
Series
2016B,
6.000%,
3/01/37
3/23
at
103.00
BBB-
1,159,962
137,245
Total
Health
Care
132,342,756
Housing/Multifamily
-
0.2%
1,000
Missouri
Housing
Development
Commission,
Multifamily
Housing
Revenue
Bonds,
Shepard
Apartments
Project,
2013
Series
3,
5.000%,
7/01/45
7/23
at
100.00
AA+
1,005,530
Housing/Single
Family
-
0.1%
510
Missouri
Housing
Development
Commission,
Single
Family
Mortgage
Revenue
Bonds,
First
Place
Homeownership
Loan
Program,
Series
2017A-2,
3.800%,
11/01/37
11/26
at
100.00
AA+
496,026
80
Missouri
Housing
Development
Commission,
Single
Family
Mortgage
Revenue
Bonds,
Homeownership
Loan
Program,
Series
2015B-2,
3.800%,
11/01/34
5/25
at
100.00
AA+
77,808
590
Total
Housing/Single
Family
573,834
Long-Term
Care
-
4.0%
3,110
Bridgeton
Industrial
Development
Authority,
Missouri,
Senior
Housing
Revenue
Bonds,
The
Sarah
Community
Project,
Refunding
Series
2016,
4.000%,
5/01/33
5/25
at
100.00
N/R
2,530,203
900
Kirkwood
Industrial
Development
Authority,
Missouri,
Retirement
Community
Revenue
Bonds,
Aberdeen
Heights
Project,
Refunding
Series
2017A,
5.250%,
5/15/37
5/27
at
100.00
BB-
809,586
555
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Bethesda
Health
Group,
Inc.,
Series
2021,
4.000%,
8/01/41
8/31
at
100.00
BBB
460,861
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2014A:
1,000
5.000%,
2/01/35
2/24
at
100.00
BBB
999,020
1,500
5.000%,
2/01/44
2/24
at
100.00
BBB
1,439,355
5,550
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2016A,
5.000%,
2/01/46
2/26
at
100.00
BBB
5,202,403
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2019C:
475
4.000%,
2/01/32
2/29
at
100.00
BBB
432,217
1,000
5.000%,
2/01/42
2/29
at
102.00
BBB
957,130
3,580
4.000%,
2/01/48
2/29
at
100.00
BBB
2,716,790
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
of
Sunset
Hills,
Series
2012:
550
5.000%,
9/01/32
1/23
at
100.00
BB+
527,010
2,740
5.000%,
9/01/42
1/23
at
100.00
BB+
2,402,158
2,570
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
of
Sunset
Hills,
Series
2013A,
5.875%,
9/01/43
9/23
at
100.00
BB+
2,572,776
2,000
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
Saint
Louis
Obligated
Group,
Series
2017,
5.000%,
9/01/48
9/27
at
100.00
BB+
1,697,600
500
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Saint
Andrew's
Resources
for
Seniors,
Series
2015A,
5.125%,
12/01/45
12/25
at
100.00
N/R
471,960
26,030
Total
Long-Term
Care
23,219,069
Nuveen
Missouri
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
46
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
-
16.2%
$
3,745
Camdenton
Reorganized
School
District
R3,
Camden
County,
Missouri,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2015,
4.000%,
3/01/35
3/23
at
100.00
AA-
$
3,750,880
Central
Jackson
County
Fire
Protection
District,
Jackson
County,
Missouri,
General
Obligation
Bonds,
Improvement
Series
2021:
2,075
5.000%,
3/01/34
3/30
at
100.00
AA
2,360,437
2,175
5.000%,
3/01/36
3/30
at
100.00
AA
2,433,781
3,665
Clay
County
Public
School
District
53,
Liberty,
Missouri,
General
Obligation
Bonds,
Series
2018,
4.000%,
3/01/36
3/26
at
100.00
AA
3,718,766
Clay
County
Reorganized
School
District
R-II
Smithville,
Missouri,
General
Obligation
Bonds,
Refunding
Series
2015:
2,000
4.000%,
3/01/35
3/27
at
100.00
AA+
2,048,380
1,160
4.000%,
3/01/36
3/27
at
100.00
AA+
1,182,643
3,000
Columbia
School
District,
Boone
County,
Missouri,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2015,
4.000%,
3/01/35
3/25
at
100.00
Aa1
3,044,190
1,225
Columbia
School
District,
Boone
County,
Missouri,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2016,
5.000%,
3/01/36
3/26
at
100.00
Aa1
1,294,323
Fenton
Missouri
Fire
Protection
District,
Missouri,
General
Obligation
Bonds,
Series
2019:
1,075
4.000%,
3/01/30
3/27
at
100.00
AA+
1,117,785
450
4.000%,
3/01/36
3/27
at
100.00
AA+
458,784
375
4.000%,
3/01/37
3/27
at
100.00
AA+
381,098
500
4.000%,
3/01/38
3/27
at
100.00
AA+
505,815
1,505
Fort
Osage
Reorganized
School
District
R-1,
Missouri,
General
Obligation
Bonds,
School
Building
Series
2021,
5.000%,
3/01/35
9/31
at
100.00
AA+
1,718,514
Fort
Zumwalt
School
District,
Callaway
County,
Missouri,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2015:
1,500
4.000%,
3/01/31
3/24
at
100.00
AA+
1,518,855
1,000
4.000%,
3/01/32
3/24
at
100.00
AA+
1,012,040
1,800
Fort
Zumwalt
School
District,
Callaway
County,
Missouri,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2018,
5.000%,
3/01/36
3/27
at
100.00
AA+
1,923,912
2,000
Hazelwood
School
District,
St
Louis
County,
Missouri,
General
Obligation
Bonds,
Missouri
Direct
Deposit
Program,
Series
2013A,
5.000%,
3/01/33
3/23
at
100.00
AA+
2,012,280
1,950
Independence
School
District,
Jackson
County,
Missouri,
General
Obligation
Bonds,
Refunding
Series
2017B,
5.500%,
3/01/32
3/27
at
100.00
AA+
2,166,313
1,000
Jackson
County
Center
School
District
58,
Missouri,
General
Obligation
Bonds,
Refunding
&
School
Building
Series
2019A,
4.000%,
3/01/38
3/27
at
100.00
Aa1
1,014,380
1,000
Jackson
County
Consolidated
School
District
2,
Raytown,
Missouri,
General
Obligation
Bonds,
Series
2014,
5.000%,
3/01/32
3/24
at
100.00
AA+
1,028,380
Jackson
County
Consolidated
School
District
2,
Raytown,
Missouri,
General
Obligation
Bonds,
Series
2019A:
1,000
5.000%,
3/01/36
3/29
at
100.00
AA+
1,104,710
2,000
5.000%,
3/01/39
3/29
at
100.00
AA+
2,186,580
1,140
Jackson
County
Reorganized
School
District
4,
Blue
Springs,
Missouri,
General
Obligation
Bonds,
School
Building
Series
2018A,
5.500%,
3/01/37
3/29
at
100.00
AA+
1,286,467
2,000
Joplin
Schools,
Missouri,
General
Obligation
Bonds,
Refunding,
Direct
Deposit
Program
Series
2017,
4.000%,
3/01/32
3/27
at
100.00
AA+
2,062,520
Kansas
City,
Missouri,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2018A:
1,510
4.000%,
2/01/36
2/28
at
100.00
AA
1,538,992
1,000
4.000%,
2/01/37
2/28
at
100.00
AA
1,014,630
2,000
Marion
County
School
District
60
Hannibal,
Ralls
and
Marion
County,
Missouri,
General
Obligation
Bonds,
Series
2019,
5.000%,
3/01/39
3/24
at
100.00
AA+
2,047,820
1,585
Marshfield,
Missouri,
Combined
Waterworks
and
Sewerage
System
Revenue
Bones,
Series
2020B,
5.000%,
2/01/50
-
AGM
Insured
2/28
at
100.00
AA
1,661,603
47
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
Marshfield,
Missouri,
General
Obligation
Bonds,
Street
Improvement
Series
2018:
$
570
4.000%,
3/01/31
3/26
at
100.00
A+
$
585,321
325
5.000%,
3/01/34
3/26
at
100.00
A+
345,667
685
5.000%,
3/01/35
3/26
at
100.00
A+
728,121
North
Kansas
City
School
District
74,
Clay
County,
Missouri,
General
Obligation
Bonds,
Direct
Deposit
Program,
Improvement
Series
2022:
3,300
5.250%,
3/01/38
3/32
at
100.00
AA+
3,800,445
5,000
5.250%,
3/01/40
3/32
at
100.00
AA+
5,707,000
500
North
Kansas
City
School
District
74,
Clay
County,
Missouri,
General
Obligation
Bonds,
Direct
Deposit
Program,
Refunding
&
Improvement  Series
2014,
4.000%,
3/01/32
3/24
at
100.00
AA+
506,575
1,000
Osage
School
Lake
Ozark,
Missouri,
General
Obligation
Bonds,
School
Building
Series
2014B,
5.000%,
3/01/34
3/24
at
100.00
AA-
1,028,260
2,000
Osage
School
Lake
Ozark,
Missouri,
General
Obligation
Bonds,
Series
2018,
5.000%,
3/01/37
3/26
at
100.00
AA-
2,123,360
1,500
Ozark
Reorganized
School
District
6,
Christian
County,
Missouri,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2015,
4.000%,
3/01/34
3/23
at
100.00
AA+
1,503,435
1,000
Ozark
Reorganized
School
District
6,
Christian
County,
Missouri,
General
Obligation
Bonds,
Series
2021B,
4.000%,
3/01/39
3/31
at
100.00
AA+
1,020,930
2,840
Platte
County
Reorganized
School
District
R3,
Missouri,
General
Obligation
Bonds,
School
Building
Series
2021,
5.250%,
3/01/35
9/31
at
100.00
AA
3,308,657
2,000
Platte
County
School
District
Park
Hill,
Missouri,
General
Obligation
Bonds,
Missouri
Direct
Deposit
Program,
Refunding
Series
2017,
4.000%,
3/01/31
3/26
at
100.00
AA+
2,051,220
1,200
Poplar
Bluff
R-I
School
District,
Butler
County,
Missouri,
Lease
Certificates
of
Participation,
Series
2014,
5.000%,
3/01/33
-
AGM
Insured
3/24
at
100.00
AA
1,229,880
Saint
Charles
County
Francis
Howell
School
District,
Missouri,
General
Obligation
Bonds,
Series
2022:
9,000
5.000%,
3/01/41
3/31
at
100.00
AA
9,896,670
2,000
5.000%,
3/01/42
3/31
at
100.00
AA
2,196,760
1,000
Saint
Louis
County
Pattonville
School
District
R3,
Missouri,
General
Obligation
Bonds,
Refunding
Series
2018A,
5.000%,
3/01/36
3/26
at
100.00
AA
1,053,430
Springfield
School
District
R12,
Greene
County,
Missouri,
General
Obligation
Bonds,
Series
2013:
1,000
5.000%,
3/01/32
3/23
at
100.00
AA+
1,006,120
1,000
5.000%,
3/01/33
3/23
at
100.00
AA+
1,006,120
Valley
Park
Fire
Protection
District,
Missouri,
General
Obligation
Bonds,
Series
2019:
650
4.000%,
3/01/31
3/27
at
100.00
AA
670,852
705
4.000%,
3/01/33
3/27
at
100.00
AA
725,508
550
4.000%,
3/01/35
3/27
at
100.00
AA
563,057
600
4.000%,
3/01/37
3/27
at
100.00
AA
607,620
Washington
School
District,
Franklin
County,
Missouri,
General
Obligation
Bonds,
Missouri
Direct
Deposit
Program,
Series
2019:
1,500
4.000%,
3/01/34
3/27
at
100.00
AA+
1,542,285
905
4.000%,
3/01/35
3/27
at
100.00
AA+
926,892
1,135
Wright
City
School
District
R-II,
Warren
County,
Missouri,
General
Obligation
Bonds,
School
Building
Series
2022,
6.000%,
3/01/39
-
AGM
Insured
9/32
at
100.00
AA
1,365,212
87,400
Total
Tax
Obligation/General
93,094,275
Tax
Obligation/Limited
-
18.1%
240
Arnold
Retail
Corridor
Transportation
Development
District,
Missouri,
Sales
Tax
Revenue
Bonds,
Refunding
Series
2019,
3.000%,
11/01/28
11/24
at
100.00
N/R
218,580
Bi-State
Development
Agency
of
the
Missouri-Illinois
Metropolitan
District,
Mass
Transit
Sales
Tax
Appropriation
Bonds,
Refunding
Combined
Lien
Series
2019:
2,680
4.000%,
10/01/36
10/29
at
100.00
AA
2,727,436
11,020
4.000%,
10/01/48
10/29
at
100.00
AA
10,499,966
Nuveen
Missouri
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
48
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
2,125
Blue
Springs,
Missouri,
Special
Obligation
Tax
Increment
Bonds,
Adams
Farm
Project,
Special
Districts
Refunding
&
Improvement
Series
2015A,
4.750%,
6/01/30
6/24
at
100.00
N/R
$
1,925,824
1,000
Cape
Girardeau
County
Reorganized
School
District
R2,
Missouri,
Certificates
of
Participation,
Series
2020A,
4.000%,
4/01/35
-
BAM
Insured
4/28
at
100.00
AA
1,014,550
Clay
County
School
District
R-11
Smithville,
Missouri,
Certificates
of
Participation,
Series
2018:
340
4.000%,
4/01/38
4/28
at
100.00
A+
346,854
2,515
5.000%,
4/01/43
4/28
at
100.00
A+
2,690,195
900
Clay,
Jackson
&
Platte
Counties
Consolidated
Public
Library
District
3,
Missouri,
Certificates
of
Participation,
Mid-Continent
Public
Library
Project,
Series
2018,
4.000%,
3/01/35
3/26
at
100.00
Aa3
916,596
2,140
Conley
Road
Transportation
District,
Missouri,
Transportation
Sales
Tax
Revenue
Bonds,
Series
2017,
5.125%,
5/01/41
5/25
at
100.00
N/R
1,982,132
1,105
Franklin
County,
Missouri,
Certificates
of
Participation,
Series
2019A,
3.000%,
11/01/30
11/26
at
100.00
A+
1,066,237
1,630
Fulton,
Missouri,
Tax
Increment
Revenue
Bonds,
Fulton
Commons
Redevelopment
Project,
Series
2006,
5.000%,
6/01/28
(4)
1/23
at
100.00
N/R
1,075,621
750
Greene
County,
Missouri,
Certificates
of
Participation,
Capital
Projects,
Series
2018,
4.000%,
9/01/33
9/28
at
100.00
Aa2
777,735
1,000
Hanley/Eager
Road
Transportation
Development
District,
Missouri,
Revenue
Bonds,
Refunding
Series
2016A,
3.625%,
3/01/33
1/23
at
100.00
N/R
857,980
Howard
Bend
Levee
District,
Missouri,
Levee
District
Improvement
Bonds,
Series
2005:
1,470
5.750%,
3/01/23
-
SYNCORA
GTY
Insured
No
Opt.
Call
BB+
1,473,337
1,560
5.750%,
3/01/24
-
SYNCORA
GTY
Insured
No
Opt.
Call
BB+
1,575,943
1,745
5.500%,
3/01/26
-
SYNCORA
GTY
Insured
No
Opt.
Call
BB+
1,765,399
Howard
Bend
Levee
District,
St.
Louis
County,
Missouri,
Levee
District
Improvement
Bonds,
Series
2013B:
1,000
4.875%,
3/01/33
3/23
at
100.00
BB+
938,020
1,300
5.000%,
3/01/38
3/23
at
100.00
BB+
1,203,085
Jennings,
Saint
Louis
County,
Missouri,
Certificates
of
Participation,
Series
2021:
380
4.000%,
3/01/40
3/28
at
100.00
A-
374,566
1,555
4.000%,
3/01/43
3/28
at
100.00
A-
1,514,990
925
Kansas
City
Industrial
Development
Authority,
Missouri,
Downtown
Redevelpment
District
Revenue
Bonds,
Series
2011A,
5.000%,
9/01/32
1/23
at
100.00
AA-
927,053
835
Kansas
City
Industrial
Development
Authority,
Missouri,
Sales
Tax
Revenue
Bonds,
Ward
Parkway
Center
Community
Improvement
District,
Senior
Refunding
&
Improvement
Series
2016,
4.250%,
4/01/26,
144A
No
Opt.
Call
N/R
805,291
2,000
Kansas
City
Municipal
Assistance
Corporation,
Missouri,
Leasehold
Revenue
Bonds,
Improvement
Series
2004B-1,
0.000%,
4/15/27
-
AMBAC
Insured
No
Opt.
Call
AA-
1,747,920
1,750
Kansas
City,
Missouri,
Special
Obligation
Bonds,
Downtown
Redevelopment
District,
Series
2014C,
5.000%,
9/01/33
9/23
at
100.00
AA-
1,771,647
Kansas
City,
Missouri,
Special
Obligation
Bonds,
Kansas
City
Missouri
Projects,
Series
2017B:
360
4.000%,
10/01/30
10/27
at
100.00
AA-
374,209
2,500
5.000%,
9/01/31
9/27
at
100.00
AA-
2,716,725
235
3.625%,
10/01/32
10/27
at
100.00
AA-
235,393
1,585
Kansas
City,
Missouri,
Special
Obligation
Bonds,
Kansas
City
Missouri
Projects,
Series
2021A,
5.000%,
4/01/39
4/31
at
100.00
AA-
1,699,453
187
Lakeside
370
Levee
District,
Saint
Charles,
Missouri,
Subdistrict
A
Bonds,
Refunding
Series
2015A,
5.750%,
4/01/55
1/23
at
100.00
N/R
142,232
231
Lakeside
370
Levee
District,
Saint
Charles,
Missouri,
Subdistrict
B
Bonds,
Refunding
Taxable
Series
2015B,
0.000%,
4/01/55
1/23
at
100.00
N/R
207,537
Land
Clearance
for
Redevelopment
Authority
of
Kansas
City,
Missouri,
Project
Revenue
Bonds,
Convention
Center
Hotel
Project
-
TIF
Financing,
Series
2018B:
1,450
5.000%,
2/01/40,
144A
2/28
at
100.00
N/R
1,108,873
100
5.000%,
2/01/50,
144A
2/28
at
100.00
N/R
70,029
49
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
Liberty,
Missouri,
Special
Obligation
Tax
Increment
and
Special
Districts
Bonds,
Liberty
Commons
Project,
Series
2015A:
$
1,195
5.750%,
6/01/35,
144A
6/25
at
100.00
N/R
$
1,092,349
1,285
6.000%,
6/01/46,
144A
6/25
at
100.00
N/R
1,158,299
1,360
Maryland
Heights,
Missouri,
Tax
Increment
and
Special
District
Revenue
Bonds,
Westport
Plaza
Redevelopment
Area,
Series
2020,
3.625%,
11/01/31
11/29
at
100.00
N/R
1,197,194
1,000
Missouri
Development
Finance
Board,
Revenue
Bonds,
Zoo
Projects,
Series
2022,
5.750%,
5/01/52
5/32
at
100.00
AA-
1,112,420
1,000
Monarch-Chesterfield
Levee
District,
Saint
Louis
County,
Missouri,
Levee
District
Bonds,
Refunding
Series
2015,
5.000%,
3/01/40
3/24
at
100.00
A
1,025,400
Plaza
at
Noah's
Ark
Community
Improvement
District,
Saint
Charles,
Missouri,
Tax
Increment
and
Improvement
District
Revenue
Bonds,
Series
2021:
200
3.000%,
5/01/24
No
Opt.
Call
N/R
195,502
225
3.000%,
5/01/25
No
Opt.
Call
N/R
216,178
275
3.000%,
5/01/26
No
Opt.
Call
N/R
259,740
625
3.000%,
5/01/30
5/29
at
100.00
N/R
551,900
660
Poplar
Bluff
Regional
Transportation
Development
District,
Missouri,
Transportation
Sales
Tax
Revenue
Bonds,
Series
2012,
4.750%,
12/01/42
1/23
at
100.00
BBB
642,602
575
Poplar
Bluff,
Missouri,
Certificates
of
Participation,
Series
2021,
4.000%,
10/01/35
10/29
at
100.00
BBB+
560,044
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
3,000
4.500%,
7/01/34
7/25
at
100.00
N/R
2,832,120
1,000
4.550%,
7/01/40
7/28
at
100.00
N/R
931,330
1,350
0.000%,
7/01/46
7/28
at
41.38
N/R
340,227
2,140
0.000%,
7/01/51
7/28
at
30.01
N/R
402,662
1,377
4.750%,
7/01/53
7/28
at
100.00
N/R
1,258,165
1,661
5.000%,
7/01/58
7/28
at
100.00
N/R
1,575,850
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2:
2,000
4.329%,
7/01/40
7/28
at
100.00
N/R
1,811,840
18
4.536%,
7/01/53
7/28
at
100.00
N/R
15,705
Pulaski
County,
Missouri,
Certificates
of
Participation,
Series
2019:
880
4.000%,
12/01/32
12/27
at
100.00
A-
910,747
915
4.000%,
12/01/33
12/27
at
100.00
A-
937,701
Republic,
Missouri,
Special
Obligation
Bonds,
Series
2022:
1,000
4.000%,
5/01/37
5/30
at
100.00
A+
1,017,600
1,380
4.000%,
5/01/39
5/30
at
100.00
A+
1,392,600
685
4.000%,
5/01/40
5/30
at
100.00
A+
688,281
1,000
4.000%,
5/01/41
5/30
at
100.00
A+
1,002,260
490
Saint
Charles
County
Industrial
Development
Authority,
Missouri,
Sales
Tax
Revenue
Bonds,
Wentzville
Parkway
Regional
Community
Improvement
District
Project,
Series
2019B,
4.250%,
11/01/49,
144A
11/29
at
102.00
N/R
385,782
1,075
Saint
Charles,
Missouri,
Certificates
of
Participation,
Series
2017,
4.000%,
4/01/29
4/26
at
100.00
Aa3
1,106,422
250
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Sales
Tax
Revenue
Bonds,
Chesterfield
Blue
Valley
Community
Improvement
District
Project,
Series
2014A,
5.250%,
7/01/44,
144A
7/24
at
100.00
N/R
212,970
545
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Transporation
Development
Revenue
Bonds,
University
Place
Transportation
Development
District
Project,
Refunding
Series
2015,
4.000%,
3/01/32,
144A
1/23
at
100.00
N/R
476,930
2,100
Saint
Louis
Land
Clearance
for
Redevelopment
Authority,
Missouri,
Annual
Appropriation
Redevelopment
Revenue
Bonds,
National
Geospatial-
Intelligence
Agency
Offsite
Improvements,
Series
2022C,
5.125%,
6/01/46
6/30
at
100.00
Baa1
2,154,768
Nuveen
Missouri
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
50
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
Saint
Louis
Municipal
Finance
Corporation,
Missouri,
Leasehold
Revenue
Bonds,
Convention
Center,
Expansion
&
Improvement
Projects
Series
2020:
$
2,450
5.000%,
10/01/40
-
AGM
Insured
10/30
at
100.00
AA
$
2,534,795
2,500
5.000%,
10/01/45
-
AGM
Insured
10/30
at
100.00
AA
2,579,950
Saint
Louis
Municipal
Finance
Corporation,
Missouri,
Leasehold
Revenue
Bonds,
Convention
Center,
Series
2009A:
1,000
0.000%,
7/15/26
-
AGC
Insured
No
Opt.
Call
AA
878,450
1,000
0.000%,
7/15/27
-
AGC
Insured
No
Opt.
Call
AA
845,010
1,000
0.000%,
7/15/28
-
AGC
Insured
No
Opt.
Call
AA
812,820
1,000
0.000%,
7/15/29
-
AGC
Insured
No
Opt.
Call
AA
781,130
Scenic
Regional
Library
District,
Missouri,
Certificates
of
Participation,
Series
2017:
505
4.000%,
4/01/29
4/25
at
100.00
A
513,777
345
4.000%,
4/01/30
4/25
at
100.00
A
351,483
565
4.000%,
4/01/32
4/25
at
100.00
A
576,763
585
4.000%,
4/01/33
4/25
at
100.00
A
595,764
2,145
Sedalia,
Missouri,
Certificates
of
Participation,
Refunding
&
Improvement
Series
2020,
4.000%,
9/15/39
-
BAM
Insured
9/27
at
100.00
AA
2,148,153
2,600
Springfield,
Missouri,
Special
Obligation
Bonds,
Refunding
Series
2017A,
4.000%,
7/01/36
7/27
at
100.00
Aa2
2,619,656
1,630
Springfield,
Missouri,
Special
Obligation
Bonds,
Refunding
Series
2017B,
5.000%,
7/01/26,
(AMT)
No
Opt.
Call
Aa2
1,727,833
4,300
Springfield,
Missouri,
Special
Obligation
Bonds,
Sewer
System
Improvements
Project,
Series
2015,
4.000%,
4/01/35
4/25
at
100.00
Aa2
4,353,707
The
Industrial
Development
Authority
of
the
City
of
Saint
Louis,
Missouri,
Development
Financing
Revenue
Bonds,
Ballpark
Village
Development
Project,
Series
2017A:
175
3.875%,
11/15/29
11/26
at
100.00
N/R
150,960
3,350
4.375%,
11/15/35
11/26
at
100.00
N/R
2,685,293
1,525
4.750%,
11/15/47
11/26
at
100.00
N/R
1,136,796
115
Town
and
Country
Crossing
Transportation
Development
District,
Missouri,
Transporation
Sales
Tax
Revenue
Bonds,
Refunding
Series
2020A,
3.375%,
4/01/37
4/28
at
100.00
N/R
100,953
1,285
Transportation
Development
District,
Missouri,
Transportation
Sales
Tax
Revenue
Bonds,
Series
2017,
4.500%,
6/01/36
6/26
at
100.00
BBB
1,220,840
1,445
Warrenton
Tax
Increment
and
Improvement
District,
Missouri,
Revenue
Bonds,
Warrenton
West
Development
-
Redevelopment
Project
Area
1,
Series
2022,
3.625%,
3/01/40
3/29
at
100.00
N/R
1,119,745
395
Washington
Industrial
Development
Authority,
Missouri,
Sales
Tax
Revenue
Bonds,
Phoenix
Center
II
Community
Improvement
District
Project,
Refunding
Series
2021,
2.500%,
11/01/29
11/26
at
100.00
N/R
357,811
Wentzville
School
District
R-04,
Saint
Charles
County,
Missouri,
Certificates
of
Participation,
Series
2015:
1,700
3.375%,
4/01/29
4/24
at
100.00
A1
1,696,447
600
3.500%,
4/01/32
4/24
at
100.00
A1
594,510
112,094
Total
Tax
Obligation/Limited
104,599,642
Transportation
-
5.7%
Kansas
City
Industrial
Development
Authority,
Missouri,
Airport
Special
Obligation
Bonds,
Kansas
City
International
Airport
Terminal
Modernization
Project,
Series
2019A:
320
5.000%,
3/01/36,
(AMT)
3/29
at
100.00
A2
334,989
7,000
5.000%,
3/01/44,
(AMT)
3/29
at
100.00
A2
7,142,450
Kansas
City
Industrial
Development
Authority,
Missouri,
Airport
Special
Obligation
Bonds,
Kansas
City
International
Airport
Terminal
Modernization
Project,
Series
2019B:
13,940
5.000%,
3/01/46,
(AMT)
3/29
at
100.00
A2
14,149,518
7,000
5.000%,
3/01/54,
(AMT)
3/29
at
100.00
A2
7,030,940
51
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
Saint
Louis,
Missouri,
Airport
Revenue
Bonds,
Lambert-St.
Louis
International
Airport,
Series
2017D:
$
2,835
5.000%,
7/01/34
-
AGM
Insured,
(AMT)
7/27
at
100.00
AA
$
2,951,405
1,000
5.000%,
7/01/37
-
AGM
Insured,
(AMT)
7/27
at
100.00
AA
1,031,190
32,095
Total
Transportation
32,640,492
U.S.
Guaranteed
-
2.7%
(5)
Great
Rivers
Greenway
Metropolitan
Park
&
Recreation
District,
Missouri,
Sales
Tax
Appropriation
Bonds,
Gateway
Arch
Project,
Series
2014:
3,500
5.000%,
12/30/29,
(Pre-refunded
12/30/23)
12/23
at
100.00
A+
3,589,110
4,090
5.000%,
12/30/31,
(Pre-refunded
12/30/23)
12/23
at
100.00
A+
4,194,131
665
Guam
A.B.
Won
Pat  International
Airport
Authority,
Revenue
Bonds,
Series
2013B,
5.500%,
10/01/33,
(Pre-refunded
10/01/23)
-
AGM
Insured
10/23
at
100.00
AA
680,874
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
SSM
Health
Care,
Series
2014A:
10
5.000%,
6/01/26,
(Pre-refunded
6/01/24)
6/24
at
100.00
AA-
10,327
2,000
5.000%,
6/01/31,
(Pre-refunded
6/01/24)
6/24
at
100.00
AA-
2,065,320
1,165
4.000%,
6/01/32,
(Pre-refunded
6/01/24)
6/24
at
100.00
AA-
1,185,737
3,620
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
A.T.
Still
University
of
Health
Sciences,
Series
2014,
5.000%,
10/01/39,
(Pre-
refunded
10/01/23)
10/23
at
100.00
A
3,693,160
15,050
Total
U.S.
Guaranteed
15,418,659
Utilities
-
18.3%
Camden
County
Public
Water
Supply
District
4,
Missouri,
Certificates
of
Participation,
Series
2017:
670
3.500%,
1/01/32
1/25
at
100.00
A-
647,207
720
4.000%,
1/01/42
1/25
at
100.00
A-
679,557
1,430
5.000%,
1/01/47
1/25
at
100.00
A-
1,453,981
3,000
Carroll
County
Public
Water
Supply
District
1,
Missouri,
Water
System
Revenue
Bonds,
Refunding
Series
2014A,
4.000%,
3/01/35
-
BAM
Insured
3/23
at
100.00
AA
3,010,620
1,670
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2016,
5.000%,
1/01/46
7/26
at
100.00
A-
1,678,183
145
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2020A,
5.000%,
1/01/50
7/30
at
100.00
A-
145,677
Kansas
City,
Missouri,
Sanitary
Sewer
System
Revenue
Bonds,
Improvement
Series
2018A:
500
4.000%,
1/01/35
1/28
at
100.00
AA
511,770
1,865
4.000%,
1/01/37
1/28
at
100.00
AA
1,893,441
1,000
4.000%,
1/01/38
1/28
at
100.00
AA
1,011,750
1,200
Lincoln
County
Public
Water
Supply
District
1,
Missouri,
Certificates
of
Participation,
Series
2016,
4.000%,
7/01/31
1/23
at
100.00
A+
1,200,864
1,250
Lincoln
County
Public
Water
Supply
District
1,
Missouri,
Certificates
of
Participation,
Series
2019,
4.000%,
7/01/38
7/26
at
100.00
A+
1,254,387
8,000
Metropolitan
St.
Louis
Sewerage
District,
Missouri,
Wastewater
System
Revenue
Bonds,
Refunding
&
Improvement
Series
2017A,
5.000%,
5/01/47
5/27
at
100.00
AAA
8,426,880
Metropolitan
St.
Louis
Sewerage
District,
Missouri,
Wastewater
System
Revenue
Bonds,
Refunding
Improvement
Series
2022B:
5,875
5.000%,
5/01/47
5/32
at
100.00
AAA
6,492,874
3,915
5.250%,
5/01/52
5/32
at
100.00
AAA
4,365,342
2,695
Metropolitan
St.
Louis
Sewerage
District,
Missouri,
Wastewater
System
Revenue
Bonds,
Series
2019B,
5.000%,
5/01/44
5/29
at
100.00
AAA
2,906,099
4,365
Metropolitan
St.
Louis
Sewerage
District,
Missouri,
Wastewater
System
Revenue
Bonds,
Series
2020B,
5.000%,
5/01/47
5/30
at
100.00
AAA
4,727,426
Metropolitan
St.
Louis
Sewerage
District,
Missouri,
Wastewater
System
Revenue
Bonds,
Series
2022A:
1,785
5.000%,
5/01/38
5/32
at
100.00
AAA
2,024,101
5,055
5.000%,
5/01/39
5/32
at
100.00
AAA
5,700,675
Nuveen
Missouri
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
52
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
$
2,500
Missouri
Development
Finance
Board,
Infrastructure
Facilities
Revenue
Bonds,
City
of  Independence
Annual
Appropriation
Electric
System,
Refunding
Series
2022,
5.000%,
6/01/34
-
AGM
Insured
6/32
at
100.00
AA
$
2,745,700
5,100
Missouri
Environmental
Improvement
and
Energy
Resources
Authority,
Revenue
Bonds,
Union
Electric
Company
Project,
Refunding
Series
1998A,
2.900%,
9/01/33
7/27
at
102.00
A
4,759,779
1,000
Missouri
Environmental
Improvement
and
Energy
Resources
Authority,
Revenue
Bonds,
Union
Electric
Company
Project,
Series
1998B,
2.900%,
9/01/33
7/27
at
102.00
A
933,290
1,845
Missouri
Environmental
Improvement
and
Energy
Resources
Authority,
Revenue
Bonds,
Union
Electric
Company
Project,
Series
1998C,
2.750%,
9/01/33
6/27
at
102.00
A
1,689,430
1,125
Missouri
Environmental
Improvement
and
Energy
Resources
Authority,
Water
Facility
Revenue
Bonds,
Jefferson
County
Water
Authority
Project,
Series
2021A,
4.000%,
7/01/41
7/29
at
100.00
A
1,099,215
2,000
Missouri
Environmental
Improvement
and
Energy
Resources
Authority,
Water
Facility
Revenue
Bonds,
Tri-County
Water
Authority,
Series
2015,
5.000%,
1/01/40
1/25
at
100.00
Aa3
2,079,200
Missouri
Joint
Municipal
Electric
Utility
Commission,
Power
Project
Revenue
Bonds,
Iatan
2
Project,
Refunding
Series
2014A:
3,300
5.000%,
1/01/31
1/24
at
100.00
A2
3,362,106
1,755
5.000%,
1/01/32
1/24
at
100.00
A2
1,786,906
2,500
5.000%,
1/01/33
1/24
at
100.00
A2
2,544,125
Missouri
Joint
Municipal
Electric
Utility
Commission,
Power
Project
Revenue
Bonds,
Iatan
2
Project,
Refunding
Series
2015A:
1,125
5.000%,
12/01/35
6/25
at
100.00
A2
1,164,442
2,245
5.000%,
12/01/37
6/25
at
100.00
A2
2,318,816
Missouri
Joint
Municipal
Electric
Utility
Commission,
Power
Project
Revenue
Bonds,
Pairie
State
Power
Project,
Refunding
Series
2016A:
570
4.000%,
12/01/33
-
BAM
Insured
6/26
at
100.00
AA
583,042
1,415
5.000%,
12/01/34
6/26
at
100.00
A2
1,474,883
245
4.000%,
12/01/35
-
BAM
Insured
6/26
at
100.00
AA
249,547
Missouri
Joint
Municipal
Electric
Utility
Commission,
Power
Project
Revenue
Bonds,
Plum
Point
Project,
Refunding
Series
2014A:
2,885
5.000%,
1/01/32
1/25
at
100.00
A
2,965,722
1,450
5.000%,
1/01/34
1/25
at
100.00
A
1,489,107
2,500
Missouri
Joint
Municipal
Electric
Utility
Commission,
Power
Project
Revenue
Bonds,
Plum
Point
Project,
Refunding
Series
2015A,
4.000%,
1/01/35
1/26
at
100.00
A
2,533,075
1,000
Missouri
Joint
Municipal
Electric
Utility
Commission,
Power
Supply
System
Revenue
Bonds,
Gree
Bonds,
MoPEP
Facilities,
Series
2022,
5.250%,
12/01/42
(WI/DD,
Settling
12/01/22)
12/32
at
100.00
A2
1,082,510
1,500
Missouri
Joint
Municipal
Electric
Utility
Commission,
Power
Supply
System
Revenue
Bonds,
MoPEP
Facilities,
Refunding
Series
2017,
4.000%,
12/01/32
12/27
at
100.00
A2
1,555,215
Missouri
Joint
Municipal
Electric
Utility
Commission,
Power
Supply
System
Revenue
Bonds,
MoPEP
Facilities,
Series
2018:
1,330
5.000%,
12/01/37
6/27
at
100.00
A2
1,386,871
1,140
5.000%,
12/01/38
6/27
at
100.00
A2
1,186,478
1,500
5.000%,
12/01/43
6/27
at
100.00
A2
1,546,665
2,070
North
Central
Missouri
Regional
Water
Commission,
Waterworks
System
Revenue
Bonds,
Series
2006,
5.000%,
1/01/37
1/23
at
100.00
N/R
2,070,104
Saint
Charles
County
Public
Water
Supply
District
2,
Missouri,
Certificates
of
Participation,
Missouri
Project
Series
2019:
250
4.000%,
12/01/39
12/25
at
100.00
AA+
250,542
2,295
4.000%,
12/01/41
12/25
at
100.00
AA+
2,294,105
53
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
$
2,000
Saint
Charles
County
Public
Water
Supply
District
2,
Missouri,
Certificates
of
Participation,
Missouri
Project,
Series
2022,
5.000%,
12/01/44
12/30
at
100.00
AA+
$
2,128,700
Saint
Charles
County
Public
Water
Supply
District
2,
Missouri,
Certificates
of
Participation,
Refudning
Series
2016C:
285
4.000%,
12/01/31
12/25
at
100.00
AA+
292,484
1,465
5.000%,
12/01/32
12/25
at
100.00
AA+
1,536,653
4,240
Saint
Charles
County
Public
Water
Supply
District
2,
Missouri,
Certificates
of
Participation,
Series
2018,
4.000%,
12/01/39
12/25
at
100.00
AA+
4,249,201
2,000
Springfield,
Missouri,
Public
Utility
Revenue
Bonds,
Refunding
Series
2015,
4.000%,
8/01/31
8/25
at
100.00
AA+
2,053,800
2,500
Stone
County
Public
Water
Supply
District
2,
Missouri,
Certificates
of
Participation,
Series
2021B,
4.000%,
12/01/51
12/28
at
100.00
N/R
2,173,850
102,275
Total
Utilities
105,716,397
$
580,289
Total
Long-Term
Investments
(cost
$595,289,524)
576,407,369
Other
Assets
Less
Liabilities
-
0.0%
2,235
Net
Assets
-
100%
$
576,409,604
(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)
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
WI/DD
Purchased
on
a
when-issued
or
delayed
delivery
basis.
See
accompanying
notes
to
financial
statements.
54
Nuveen
Ohio
Municipal
Bond
Fund
Portfolio
of
Investments
November
30,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
97.6%   
X
562,609,058
MUNICIPAL
BONDS
-
93.0%  
X
562,609,058
Consumer
Discretionary
-
0.7%
Franklin
County
Convention
Facilities
Authority,
Ohio,
Hotel
Project
Revenue
Bonds,
Greater
Columbus
Convention
Center
Hotel
Expansion
Project,
Series
2019:
$
1,350
5.000%,
12/01/44
12/29
at
100.00
BBB-
$
1,341,103
3,160
5.000%,
12/01/51
12/29
at
100.00
BBB-
3,061,503
4,510
Total
Consumer
Discretionary
4,402,606
Consumer
Staples
-
3.1%
20,690
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Capital
Appreciation
Series
2020B-3
Class
2,
0.000%,
6/01/57
6/30
at
22.36
N/R
2,426,523
1,460
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1,
4.000%,
6/01/48
6/30
at
100.00
BBB+
1,272,084
16,110
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020B-2
Class
2,
5.000%,
6/01/55
6/30
at
100.00
N/R
14,782,858
38,260
Total
Consumer
Staples
18,481,465
Education
and
Civic
Organizations
-
12.4%
705
Allen
County
Port
Authority
Economic
Development,
Ohio,
Revenue
Bonds,  University
of
Northwestern,
Refunding
Series
2021A,
4.000%,
12/01/31
6/31
at
100.00
BBB-
691,626
2,065
Bowling
Green
State
University,
Ohio,
General
Receipts
Bonds,
Series
2016A,
5.000%,
6/01/34
12/25
at
100.00
A+
2,158,772
Hamilton
County,
Ohio,
Economic
Development
Revenue
Bonds,
King
Highland
Community
Urban
Redevelopment
Corporation
-
University
of
Cincinnati,
Lessee
Project,
Refunding
Series
2015:
1,320
5.000%,
6/01/32
-
BAM
Insured
6/25
at
100.00
AA
1,379,783
2,680
5.000%,
6/01/35
-
BAM
Insured
6/25
at
100.00
AA
2,796,124
Lake
County
Community
College
District,
Ohio,
General
Receipts
Revenue
Bonds,
Lakeland
Community
College,
Refunding
Series
2019:
2,770
5.000%,
10/01/32
10/29
at
100.00
Aa2
3,113,674
2,055
4.000%,
10/01/34
10/29
at
100.00
Aa2
2,154,647
2,465
Miami
University
of
Ohio,
General
Receipts
Bonds,
Refunding
Series
2014,
5.000%,
9/01/30
9/24
at
100.00
AA
2,546,986
880
Miami
University
of
Ohio,
General
Receipts
Bonds,
Refunding
Series
2017,
5.000%,
9/01/35
9/26
at
100.00
AA
931,436
3,695
Miami
University
of
Ohio,
General
Receipts
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
9/01/41
9/26
at
100.00
AA
3,900,294
2,420
Miami
University
of
Ohio,
General
Receipts
Revenue
Bonds,
Refunding
Series
2020A,
4.000%,
9/01/40
9/30
at
100.00
AA
2,367,873
Miami
University
of
Ohio,
General
Receipts
Revenue
Bonds,
Refunding
Series
2021A:
530
5.000%,
9/01/30
No
Opt.
Call
AA
604,380
685
5.000%,
9/01/36
9/31
at
100.00
AA
764,720
Northeast
Ohio
Medical
University,
General
Receipts
Bonds,
Refunding
Series
2021A:
100
5.000%,
12/01/26
No
Opt.
Call
Baa1
105,344
125
5.000%,
12/01/28
No
Opt.
Call
Baa1
133,819
150
5.000%,
12/01/30
No
Opt.
Call
Baa1
162,297
55
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
Northeast
Ohio
Medical
University,
General
Receipts
Bonds,
Refunding
Series
2021B:
$
700
4.000%,
12/01/35
-
BAM
Insured
12/30
at
100.00
AA
$
682,192
740
4.000%,
12/01/37
-
BAM
Insured
12/30
at
100.00
AA
707,536
570
4.000%,
12/01/38
-
BAM
Insured
12/30
at
100.00
AA
538,969
600
4.000%,
12/01/39
-
BAM
Insured
12/30
at
100.00
AA
561,738
610
4.000%,
12/01/40
-
BAM
Insured
12/30
at
100.00
AA
566,220
1,260
4.000%,
12/01/41
-
BAM
Insured
12/30
at
100.00
AA
1,164,530
1,330
Northeast
Ohio
Medical
University,
General
Receipts
Bonds,
Series
2022,
5.000%,
12/01/41
-
BAM
Insured
12/32
at
100.00
AA
1,394,784
Ohio
Higher
Education
Facilities
Commission,
Revenue
Bonds,
Denison
University
Project,
Series
2017A:
2,100
5.000%,
11/01/42
5/27
at
100.00
AA
2,216,361
1,500
5.250%,
11/01/46
5/27
at
100.00
AA
1,590,825
Ohio
Higher
Educational
Facility
Commission,
Higher
Educational
Facility
Revenue
Bonds,
John
Carroll
University
2022
Project,
Series
2022:
3,750
4.000%,
10/01/42
10/31
at
100.00
Baa1
3,360,263
3,750
4.000%,
10/01/47
10/31
at
100.00
Baa1
3,249,450
3,410
Ohio
Higher
Educational
Facility
Commission,
Revenue
Bonds,
Case
Western
Reserve
University
Project,
Refunding
Series
2021A,
4.000%,
12/01/44
12/31
at
100.00
AA-
3,297,777
3,895
Ohio
Higher
Educational
Facility
Commission,
Revenue
Bonds,
Kenyon
College,
Series
2016,
5.000%,
7/01/42
7/26
at
100.00
A
4,018,433
1,000
Ohio
Higher
Educational
Facility
Commission,
Revenue
Bonds,
Otterbein
University
2022
Project,
Series
2022A,
4.000%,
12/01/46
12/31
at
100.00
Baa1
880,500
Ohio
Higher
Educational
Facility
Commission,
Revenue
Bonds,
University
of
Dayton
Project,
Series
2020:
1,000
5.000%,
2/01/35
2/30
at
100.00
A+
1,080,020
900
4.000%,
2/01/36
2/30
at
100.00
A+
900,198
485
4.000%,
2/01/39
2/30
at
100.00
A+
470,212
Ohio
State
University,
General
Receipts
Bonds,
Series
2014A:
4,820
5.000%,
12/01/34
12/24
at
100.00
Aa1
4,982,916
5,000
5.000%,
12/01/39
12/24
at
100.00
Aa1
5,149,450
Shawnee
State
University,
Ohio,
General
Receipts
Bonds,
Series
2016:
1,120
5.000%,
6/01/28
-
BAM
Insured
6/26
at
100.00
AA
1,189,294
1,180
5.000%,
6/01/29
-
BAM
Insured
6/26
at
100.00
AA
1,251,001
1,000
Tuscarawas
County
Economic
Development
and
Finance
Alliance,
Ohio,
Higher
Education
Facilities
Revenue
Bonds,
Ashland
University,
Refunding
&
Improvement
Series
2015,
6.000%,
3/01/45
3/25
at
100.00
N/R
1,000,510
University
of
Akron,
Ohio,
General
Receipts
Bonds,
Series
2021A:
3,230
5.000%,
1/01/31
-
BAM
Insured
No
Opt.
Call
AA
3,579,098
1,780
5.000%,
1/01/33
-
BAM
Insured
No
Opt.
Call
AA
1,998,549
3,000
University
of
Cincinnati,
Ohio,
General
Receipts
Bonds,
Series
2016C,
5.000%,
6/01/46
6/26
at
100.00
AA-
3,111,000
1,000
Wright
State
University,
Ohio,
General
Reciepts
Bonds,
Refunding
Series
2021A,
5.000%,
5/01/31
-
BAM
Insured
No
Opt.
Call
AA
1,099,300
1,025
Youngstown
State
University,
Ohio,
General
Receipts
Bonds,
Series
2021,
4.000%,
12/15/30
-
AGM
Insured
No
Opt.
Call
AA
1,094,567
73,400
Total
Education
and
Civic
Organizations
74,947,468
Nuveen
Ohio
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
56
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
-
8.6%
$
2,500
Allen
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2017A,
5.000%,
8/01/42
2/28
at
100.00
AA-
$
2,615,550
3,710
Chillicothe,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Adena
Health
System
Obligated
Group
Project,
Refunding
&
Improvement
Series
2017,
5.000%,
12/01/37
12/27
at
100.00
A-
3,820,150
Cleveland
Clinic
Health
System
Obligated
Group,
Ohio,
Martin
County
Health
Facilities
Authority,
Hospital
Revenue
Bonds,
Series
2019B:
5,000
4.000%,
1/01/43
1/29
at
100.00
AA
4,943,400
6,500
4.000%,
1/01/46
1/29
at
100.00
AA
6,254,950
Fairfield
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Fairfield
Medical
Center
Project,
Series
2013:
1,600
5.000%,
6/15/43
6/23
at
100.00
Ba2
1,557,328
495
5.250%,
6/15/43
6/23
at
100.00
Ba2
483,268
Franklin
County,
Ohio,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Series
2017OH:
1,000
4.000%,
12/01/46
6/27
at
100.00
AA-
955,660
2,255
5.000%,
12/01/46
6/27
at
100.00
AA-
2,289,614
Hamilton
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Cincinnati
Children's
Hospital
Medical
Center,
Series
2019CC:
600
5.000%,
11/15/41
No
Opt.
Call
AA
674,682
3,000
5.000%,
11/15/49
No
Opt.
Call
AA
3,312,540
2,230
Miami
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Kettering
Health
Network
Obligated
Group
Project,
Refunding
Improvement
Series
2019,
5.000%,
8/01/39
8/28
at
100.00
A+
2,308,451
5,000
Muskingum
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Genesis
HealthCare
System
Obligated
Group
Project,
Series
2013,
5.000%,
2/15/44
2/23
at
100.00
BB+
4,736,850
Ohio
State,
Hospital
Revenue
Bonds,
Cleveland
Clinic
Health
System
Obligated
Group,
Refunding
Series
2017A:
1,155
5.000%,
1/01/30
1/28
at
100.00
AA
1,270,939
2,755
5.000%,
1/01/33
1/28
at
100.00
AA
3,016,752
1,425
Ohio
State,
Hospital
Revenue
Bonds,
Cleveland
Clinic
Health
System
Obligated
Group,
Refunding
Series
2021B,
5.000%,
1/01/34
1/32
at
100.00
AA
1,631,255
Ohio
State,
Hospital
Revenue
Bonds,
University
Hospitals
Health
System,
Inc.,
Fixed
Interest
Rate
Series
2020A:
2,280
4.000%,
1/15/50
1/30
at
100.00
A
1,994,316
2,725
5.000%,
1/15/50
1/30
at
100.00
A
2,779,664
Ohio
State,
Hospital
Revenue
Bonds,
University
Hospitals
Health
System,
Inc.,
Series
2013A:
1,475
5.000%,
1/15/28
1/23
at
100.00
A
1,477,345
4,390
5.000%,
1/15/29
1/23
at
100.00
A
4,396,454
1,630
Scioto
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Southern
Ohio
Medical
Center,
Refunding
Series
2016,
5.000%,
2/15/32
2/26
at
100.00
A3
1,687,669
51,725
Total
Health
Care
52,206,837
Housing/Multifamily
-
0.8%
5,000
Columbus
Metropolitan
Housing
Authority,
Ohio,
General
Revenue
Bonds,
Series
2021,
4.000%,
8/01/36
8/31
at
100.00
A+
4,936,350
Tax
Obligation/General
-
18.3%
3,150
Apollo
Career
Center
Joint
Vocational
School
District,
Allen,
Auglaize,
Hardin,
Hancock,
Putnam
&
Van
Wert
Counties,
Ohio,
General
Obligation
Bonds,
Various
Purpose
School
Improvement
Series
2017,
5.000%,
12/01/41
12/27
at
100.00
Aa2
3,373,555
1,180
Canal
Winchester
Local
School
District,
Franklin
and
Fairfield
Counties,
Ohio,
General
Obligation
Bonds,
Series
2005B,
0.000%,
12/01/33
-
NPFG
Insured
No
Opt.
Call
Aa3
789,739
380
Cincinnati
City
School
District,
Hamilton
County,
Ohio,
General
Obligation
Bonds,
Refunding
Classroom
Facilities
Construction
&
Improvement
Series
2006,
5.250%,
12/01/27
-
FGIC
Insured
No
Opt.
Call
Aa2
425,733
57
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
1,000
Columbus
City
School
District,
Franklin
County,
Ohio,
General
Obligation
Bonds,
Refunding
Series
2006,
0.000%,
12/01/28
-
AGM
Insured
No
Opt.
Call
AA
$
820,880
3,110
Columbus
City
School
District,
Franklin
County,
Ohio,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
2016B,
5.000%,
12/01/33
6/26
at
100.00
AA
3,314,109
5,530
Columbus,
Ohio,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
2017-1,
5.000%,
4/01/29
10/27
at
100.00
AAA
6,109,931
5,000
Columbus,
Ohio,
General
Obligation
Bonds,
Series
2015A,
5.000%,
7/01/25
No
Opt.
Call
AAA
5,301,000
5,000
Columbus,
Ohio,
General
Obligation
Bonds,
Various
Purpose
Series
2018A,
5.000%,
4/01/29
10/28
at
100.00
AAA
5,621,300
Columbus,
Ohio,
General
Obligation
Bonds,
Various
Purpose
Series
2021A:
5,175
5.000%,
4/01/36
10/30
at
100.00
AAA
5,813,698
2,000
5.000%,
4/01/38
10/30
at
100.00
AAA
2,221,140
1,325
5.000%,
4/01/41
10/30
at
100.00
AAA
1,453,128
490
Cuyahoga
County,
Ohio,
General
Obligation
Bonds,
Refunding
&
Capital
Improvement
Series
2020A,
4.000%,
12/01/33
6/30
at
100.00
AA
515,882
530
Dayton
Metro
Library,
Ohio,
General
Obligation
Bonds,
Taxable
Refunding
Library
Improvement
Series
2019,
4.000%,
12/01/30
12/29
at
100.00
Aa1
561,461
850
Dayton,
Ohio,
General
Obligation
Bonds,
Limited
Tax
Refunding
&
Improvement
Series
2020,
4.000%,
12/01/31
12/28
at
100.00
AA
893,614
5,000
Dublin
City
School
District,
Franklin,
Delaware
and
Union
Counties,
Ohio,
General
Obligation
Bonds,
School
Facilities
Construction
&
Improvement
Series
2019A,
4.000%,
12/01/44
12/28
at
100.00
AAA
4,985,500
Dublin,
Ohio,
General
Obligation
Bonds,
Limited
Tax
Various
Purpose
Series
2015:
1,000
5.000%,
12/01/23
No
Opt.
Call
Aaa
1,024,200
450
5.000%,
12/01/24
No
Opt.
Call
Aaa
471,348
2,500
Fairborn
City
School
District,
Greene
County,
Ohio,
General
Obligation
Bonds,
School
Facilities
Construction
&
Improvement
Series
2021A,
4.000%,
12/01/50
12/30
at
100.00
Aa3
2,395,950
4,225
Franklin
County,
Ohio,
General
Obligation
Bonds,
Refunding
Series
2015,
5.000%,
12/01/31
12/25
at
100.00
AAA
4,479,979
2,000
Gahanna-Jefferson
City
School
District,
Franklin
County,
Ohio,
General
Obligation
Bonds,
Construction
&
Improvement
Series
2018,
5.000%,
12/01/48
6/28
at
100.00
Aa3
2,142,020
Graham
Local
School
District,
Champaign
and
Shelby
Counties,
Ohio,
General
Obligation
Bonds,
School
Improvement
Series
2013:
500
0.000%,
12/01/29
No
Opt.
Call
Aa2
391,905
850
0.000%,
12/01/30
No
Opt.
Call
Aa2
640,432
Grandview
Heights
City
School
District,
Franklin
County,
Ohio,
General
Obligation
Bonds,
School
Facilities
Construction
&
Improvement
Series
2019:
1,980
4.000%,
12/01/51
6/29
at
100.00
AA+
1,910,898
1,150
5.000%,
12/01/53
6/29
at
100.00
AA+
1,240,769
2,595
Hilliard
City
School
District,
Franklin
County,
Ohio,
General
Obligation
Bonds,
School
Improvement
Series
2017,
4.000%,
12/01/46
12/26
at
100.00
AA+
2,544,735
1,095
Kenston
Local
School
District,
Geauga
County,
Ohio,
General
Obligation
Bonds,
School
improvement
Series
2012,
0.000%,
12/01/27
No
Opt.
Call
Aa1
931,057
1,560
Kettering
City
School
District,
Montgomery
County,
Ohio,
General
Obligation
Bonds,
Refunding
Series
2007,
5.250%,
12/01/31
-
AGM
Insured
No
Opt.
Call
AA
1,749,431
1,000
Little
Miami
Local
School
District,
Warren
and
Clermont
Counties,
Ohio,
General
Obligation
Bonds,
School
Improvement
Series
2018A,
5.000%,
11/01/43
11/25
at
100.00
AA
1,040,290
1,000
Mason
City
School
District,
Warren
and
Butler
Counties,
Ohio,
General
Obligation
Bonds,
Refunding
Series
2013A,
0.000%,
12/01/22
No
Opt.
Call
Aa1
1,000,000
1,000
Maumee
City
School
District,
Lucas
County,
Ohio,
General
Obligation
Bonds,
Capital
Appreciation
Refunding
Series
2012,
0.000%,
12/01/23
No
Opt.
Call
AA-
971,430
500
Medina
County,
Ohio,
General
Obligation
Bonds,
Courthouse
Facility
Improvement
Limited
Tax
Series
2021,
4.000%,
12/01/46
6/26
at
100.00
AA+
490,315
Nuveen
Ohio
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
58
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
1,000
Middletown
City
School
District,
Butler
County,
Ohio,
General
Obligation
Bonds,
Refunding
Series
2007,
5.250%,
12/01/28
-
AGM
Insured
No
Opt.
Call
A1
$
1,118,090
3,805
Oakwood
City
School
District,
Montgomery
County,
Ohio,
General
Obligation
Bonds,
Series
2019,
4.000%,
12/01/48
12/28
at
100.00
Aa2
3,669,466
Ohio
State,
General
Obligation
Bonds,
Common
Schools
Series
2017B:
4,500
5.000%,
9/15/27
No
Opt.
Call
AAA
4,970,025
5,000
5.000%,
9/01/30
No
Opt.
Call
AAA
5,761,500
6,500
Ohio
State,
General
Obligation
Bonds,
Common
Schools
Series
2019A,
5.000%,
6/15/37
6/29
at
100.00
AAA
7,171,840
2,000
Ohio
State,
General
Obligation
Bonds,
Highway
Capital
Improvement,
Series
2014R,
5.000%,
5/01/29
5/24
at
100.00
AAA
2,064,620
Ohio
State,
General
Obligation
Bonds,
Highway
Capital
Improvement,
Series
2018V:
2,500
5.000%,
5/01/33
5/28
at
100.00
AAA
2,765,975
1,250
5.000%,
5/01/34
5/28
at
100.00
AAA
1,377,275
Ohio
State,
General
Obligation
Bonds,
Highway
Capital
Improvement,
Series
2020W:
1,035
5.000%,
5/01/32
5/30
at
100.00
AAA
1,181,835
2,315
5.000%,
5/01/35
5/30
at
100.00
AAA
2,600,278
Ohio
State,
General
Obligation
Bonds,
Infrastructure
Improvement
Refunding
Series
2020B:
350
5.000%,
8/01/32
8/28
at
100.00
AAA
389,634
270
5.000%,
8/01/36
8/28
at
100.00
AAA
295,385
Olentangy
Local
School
District,
Delaware
and
Franklin
Counties,
Ohio,
General
Obligation
Bonds,
School
Facilities
Construction
&
Improvement
Series
2016:
1,000
5.000%,
12/01/38
6/26
at
100.00
AAA
1,057,790
1,875
5.000%,
12/01/41
6/26
at
100.00
AAA
1,970,681
50
Princeton
City
School
District,
Hamilton
County,
Ohio,
Certificates
of
Participation,
Series
2013,
5.000%,
12/01/33
1/23
at
100.00
AA-
50,081
2,380
Southwest
Local
School
District,
Hamilton
and
Butler
Counties,
Ohio,
General
Obligation
Bonds,
School
Improvement
Series
2018A,
4.000%,
1/15/55
1/28
at
100.00
Aa2
2,261,690
4,000
South-Western
City
School
District,
Franklin
and
Pickaway
Counties,
Ohio,
General
Obligation
Bonds,
School
Facilities
Construction
&
Improvement
Series
2019A,
4.000%,
12/01/48
12/29
at
100.00
AA
3,857,520
1,200
Toledo,
Ohio,
General
Obligation
Bonds,
Limited
Tax
Capital
Improvement
Series
2020,
4.000%,
12/01/35
12/30
at
100.00
A2
1,237,560
1,575
Wadsworth
City
School
District,
Medina
County,
Ohio,
General
Obligation
Bonds,
School
Improvement
Series
2021,
4.000%,
12/01/56
12/26
at
100.00
Aa2
1,494,691
105,730
Total
Tax
Obligation/General
110,921,365
Tax
Obligation/Limited
-
18.5%
Blue
Ash,
Ohio,
Tax
Increment
Financing
Revenue
Bonds,
Duke
Realty
Ohio,
Series
2006:
715
5.000%,
12/01/25
1/23
at
100.00
N/R
717,259
1,165
5.000%,
12/01/30
1/23
at
100.00
N/R
1,166,514
1,890
5.000%,
12/01/35
1/23
at
100.00
N/R
1,890,076
2,465
Certificates
of
Participation
(Hillsdale
Local
School
District,
Ashland
and
Wayne
Counties,
Ohio,
School
Facilities
Project),
Series
2020,
4.000%,
12/01/38
-
BAM
Insured
6/30
at
100.00
AA
2,451,788
5,500
Cleveland
Public
Library,
Cuyahoga
County,
Ohio,
Library
Facilities
Notes,
Series
2019A,
4.000%,
12/01/45
12/29
at
100.00
Aa3
5,298,700
Cleveland,
Ohio,
Income
Tax
Revenue
Bonds,
Bridges
&
Roadways
Improvements,
Subordinate
Lien
Series
2017B-2:
1,250
5.000%,
10/01/31
4/28
at
100.00
AA
1,373,000
1,000
5.000%,
10/01/32
4/28
at
100.00
AA
1,096,340
500
Columbus-Franklin
County
Finance
Authority,
Ohio,
Tax
Increment
Financing
Revenue
Bonds,
Bridge
Park
D
Block
Project,
Series
2019A-1,
5.000%,
12/01/51
6/29
at
100.00
N/R
480,745
59
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
1,145
Columbus-Franklin
County
Finance
Authority,
Ohio,
Tax
Increment
Financing
Revenue
Bonds,
Easton
Project,
Series
2020,
5.000%,
6/01/28,
144A
No
Opt.
Call
N/R
$
1,139,802
4,000
Cuyahoga
County,
Ohio,
Sales
Tax
Revenue
Bonds,
Ballpark
Improvement
Project,
Series
2022A,
4.000%,
1/01/36
1/31
at
100.00
AAA
4,099,560
Cuyahoga
County,
Ohio,
Sales
Tax
Revenue
Bonds,
Refunding
Various
Purpose
Series
2014:
1,000
5.000%,
12/01/28
12/24
at
100.00
AAA
1,044,250
2,940
Dublin,
Ohio,
Special
Obligation
Non-Tax
Revenue
Bonds,
Series
2015A,
5.000%,
12/01/38
12/25
at
100.00
Aa1
3,066,685
495
Fairborn
City
School
District,
Greene,
Clark
and
Montgomery
Counties,
Ohio,
Certificates
of
Participation,
School
Facilities
Project,
Series
2021,
4.000%,
12/01/37
-
BAM
Insured
12/28
at
100.00
AA
500,480
3,560
Franklin
County
Convention
Facilities
Authority,
Ohio,
Lease
Appropriation
Bonds,
Greater
Columbus
Convention
Center
Hotel
Expansion
Project,
Series
2019,
5.000%,
12/01/46
12/29
at
100.00
AA
3,825,291
Franklin
County,
Ohio,
Sales
Tax
Revenue
Bonds,
Various
Purpose
Series
2018:
1,000
5.000%,
6/01/37
6/28
at
100.00
AAA
1,088,350
17,000
5.000%,
6/01/43
6/28
at
100.00
AAA
18,236,240
2,695
5.000%,
6/01/48
6/28
at
100.00
AAA
2,872,520
Great
Oaks
Career
Campuses
Board
of
Education,
Brown,
Butler,
Clermont,
Clinton,
Fayette,
Greene,
Hamilton,
Highland,
Madison,
Pickaway,
Ross
and
Warren,
Ohio,
Certificates
of
Participation,
School
Improvement
Project,
Series
2021:
1,220
4.000%,
12/01/37
12/29
at
100.00
Aa1
1,255,063
1,425
4.000%,
12/01/41
12/29
at
100.00
Aa1
1,416,991
1,675
Greater
Cleveland
Regional
Transit
Authority,
Ohio,
Sales
Tax
Supported
Capital
Improvement
Bonds,
Refunding
Series
2014A,
5.000%,
12/01/25
No
Opt.
Call
AAA
1,786,521
2,180
Hamilton
County,
Ohio,
Sales
Tax
Bonds,
Refunding
Series
2016A,
5.000%,
12/01/30
12/26
at
100.00
AA-
2,333,407
Hamilton
County,
Ohio,
Sales
Tax
Bonds,
Subordinate
Series
2000B:
500
0.000%,
12/01/26
-
AMBAC
Insured
No
Opt.
Call
Aa3
438,095
1,750
0.000%,
12/01/28
-
AGM
Insured
No
Opt.
Call
AA
1,426,407
3,300
0.000%,
12/01/28
-
AMBAC
Insured
No
Opt.
Call
Aa3
2,681,877
Mayfield
City
School
District,
Ohio,
Certificates
of
Participation,
Middle
School
Project,
Series
2009B:
435
0.000%,
9/01/27
No
Opt.
Call
Aa2
371,877
855
0.000%,
9/01/28
No
Opt.
Call
Aa2
704,623
1,100
New
Albany
Community
Authority,
Ohio,
Community
Facilities
Revenue
Refunding
Bonds,
Series
2012C,
5.000%,
10/01/23
1/23
at
100.00
Aa3
1,102,255
1,045
Norwood,
Hamilton
County,
Ohio,
Special
Obligation
Development
Revenue
Bonds,
Central
Parke
Project,
Series
2017,
6.000%,
12/01/46
6/27
at
100.00
N/R
922,150
Ohio
State,
Capital
Facilities
Lease
Appropriation
Bonds,
Juvenile
Correctional
Building
Fund
Projects,
Series
2019A:
2,465
5.000%,
4/01/38
4/29
at
100.00
AA+
2,683,374
2,485
5.000%,
4/01/39
4/29
at
100.00
AA+
2,700,400
1,250
Ohio
State,
Capital
Facilities
Lease-Appropriation
Bonds,
Adult
Correctional
Building
Fund
Projects,
Series
2017A,
5.000%,
10/01/36
10/27
at
100.00
AA+
1,348,712
2,245
Ohio
State,
Capital
Facilities
Lease-Appropriation
Bonds,
Adult
Correctional
Building
Fund
Projects,
Series
2019B,
5.000%,
10/01/31
No
Opt.
Call
AA+
2,612,057
1,200
Ohio
State,
Capital
Facilities
Lease-Appropriation
Bonds,
Parks
&
Recreation
Improvement
Fund
Projects,
Series
2017A,
5.000%,
12/01/31
12/27
at
100.00
AA+
1,318,680
Ohio
State,
Capital
Facilities
Lease-Appropriation
Bonds,
Parks
&
Recreation
Improvement
Fund
Projects,
Series
2022A:
1,325
5.000%,
12/01/28
No
Opt.
Call
AA+
1,486,584
1,750
5.000%,
12/01/30
No
Opt.
Call
AA+
2,017,172
1,660
Ohio
State,
Certificates
of
Participation,
Ohio
Attorney
General
Claims
Fund
Project,
Series
2021,
4.000%,
9/01/35
9/31
at
100.00
AA
1,732,359
Nuveen
Ohio
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
60
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
1,250
Ohio
State,
Major
New
State
Infrastructure
Project
Revenue
Bonds,
Series
2019-1,
5.000%,
12/15/31
No
Opt.
Call
AA
$
1,457,613
945
Ohio
State,
Major
New
State
Infrastructure
Project
Revenue
Bonds,
Series
2021-1A,
5.000%,
12/15/32
No
Opt.
Call
AA
1,117,831
1,360
Ohio
State,
Transportation
Project
Revenue
Bonds,
Toledo-Lucas
County
Port
Authority
Seaport
and
Docks
Project,
State
Transportation
Infrastructure
GRF
Bond
Fund,
Series
2019-2,
5.000%,
11/15/39,
(AMT)
5/27
at
100.00
AA+
1,453,378
2,095
Pickaway
County,
Ohio,
Sales
Tax
Specia
Obligation
Bonds,
Series
2018,
5.000%,
12/01/44
12/28
at
100.00
AA
2,294,507
2,000
Pinnacle
Community
Infrastructure
Financing
Authority,
Grove
City,
Ohio,
Community
Facilities
Bonds,
Series
2015A,
4.000%,
12/01/31
-
AGM
Insured
12/25
at
100.00
AA
2,055,340
800
Port
of
Greater
Cincinnati
Development
Authority,
Ohio,
Public
Improvement
TOT
Revenue
Bonds,
Series
2021,
4.250%,
12/01/50,
144A
12/28
at
100.00
N/R
610,360
490
Port
of
Greater
Cincinnati
Development
Authority,
Ohio,
Special
Obligation
Development
TIF
Revenue
Bonds,
RBM
Development
-
Phase
2B
Project,
Series
2018A,
6.000%,
12/01/50
12/28
at
100.00
N/R
442,490
1,000
Port
of
Greater
Cincinnati
Development
Authority,
Ohio,
Special
Obligation
Tax
Increment
Financing
Revenue
Bonds,
Cooperative
Township
Public
Parking
Project,
Gallery
at
Kenwood,
Senior
Lien
Series
2019A,
5.000%,
11/01/51
11/30
at
100.00
N/R
770,890
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
8,320
4.500%,
7/01/34
7/25
at
100.00
N/R
7,854,413
1,257
4.550%,
7/01/40
7/28
at
100.00
N/R
1,170,682
500
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
Cofina
Project
Series
2019A-2A,
4.550%,
7/01/40
7/28
at
100.00
N/R
465,665
230
Riversouth
Authority,
Ohio,
Lazarus
Building
Redevelopment
Bonds,
Series
2007A,
5.750%,
12/01/27
1/23
at
100.00
N/R
229,979
Riversouth
Authority,
Ohio,
Riversouth
Area
Redevelopment
Bonds,
Payable
from
City
of
Columbus,
Ohio
Annual
Rental
Appropriations,
Refunding
Series
2012A:
1,400
5.000%,
12/01/23
1/23
at
100.00
AA+
1,402,758
800
5.000%,
12/01/24
1/23
at
100.00
AA+
801,528
Riversouth
Authority,
Ohio,
Scioto
Peninsula
Area
Redevelopment
Bonds,
Payable
from
City
of
Columbus,
Ohio
Annual
Rental
Appropriations,
Series
2016:
1,000
5.000%,
12/01/28
12/25
at
100.00
AA+
1,064,200
1,000
5.000%,
12/01/29
12/25
at
100.00
AA+
1,062,130
2,955
Shaker
Heights
Public
Library,
Ohio,
Certificates
of
Participation,
Series
2019,
4.000%,
12/01/44
12/24
at
100.00
Aa2
2,907,661
Triway
Local
School
District,
Ohio,
Certificates
of
Participation,
Series
2021:
2,395
4.000%,
12/01/41
-
BAM
Insured
12/28
at
100.00
AA
2,346,046
1,460
4.000%,
12/01/42
-
BAM
Insured
12/28
at
100.00
AA
1,420,624
109,442
Total
Tax
Obligation/Limited
111,614,299
Transportation
-
4.3%
750
Ohio
Higher
Educational
Facility
Commission,
Senior
Hospital
Parking
Revenue
Bonds,
University
Circle
Incorporated
2020
Project,
Series
2020,
5.000%,
1/15/50
1/30
at
100.00
A3
744,450
Ohio
State,
Private
Activity
Bonds,
Portsmouth
Gateway
Group,
LLC
-
Borrower,
Portsmouth
Bypass
Project,
Series
2015:
3,500
5.000%,
12/31/35
-
AGM
Insured,
(AMT)
6/25
at
100.00
AA
3,571,645
5,245
5.000%,
12/31/39
-
AGM
Insured,
(AMT)
6/25
at
100.00
AA
5,315,230
7,725
5.000%,
6/30/53,
(AMT)
6/25
at
100.00
A3
7,694,023
7,525
Ohio
State,
Revenue
Bonds,
Ohio
Turnpike
Commission,
Refunding
Series
1998A,
5.500%,
2/15/24
-
FGIC
Insured
No
Opt.
Call
Aa2
7,680,467
1,000
Ohio
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
2/15/30
2/27
at
100.00
Aa2
1,090,940
25,745
Total
Transportation
26,096,755
61
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
-
9.1%
(4)
$
4,310
Cincinnati,
Ohio,
Water
System
Revenue
Bonds,
Series
2016A,
5.000%,
12/01/41,
(Pre-refunded
12/01/26)
12/26
at
100.00
AAA
$
4,692,771
Cleveland,
Ohio,
Income
Tax
Revenue
Bonds,
Bridges
&
Roadways
Improvements,
Subordinate
Lien
Series
2013A-2:
990
5.000%,
10/01/27,
(Pre-refunded
10/01/23)
10/23
at
100.00
AA
1,010,008
1,150
5.000%,
10/01/30,
(Pre-refunded
10/01/23)
10/23
at
100.00
AA
1,173,242
1,205
5.000%,
10/01/31,
(Pre-refunded
10/01/23)
10/23
at
100.00
AA
1,229,353
Cleveland,
Ohio,
Income
Tax
Revenue
Bonds,
Bridges
&
Roadways
Improvements,
Subordinate
Lien
Series
2015A-2:
2,245
5.000%,
10/01/37,
(Pre-refunded
10/01/23)
10/23
at
100.00
AA+
2,290,371
755
5.000%,
10/01/37,
(Pre-refunded
10/01/23)
10/23
at
100.00
N/R
769,315
Cuyahoga
County,
Ohio,
Sales
Tax
Revenue
Bonds,
Refunding
Various
Purpose
Series
2014:
1,810
5.000%,
12/01/32,
(Pre-refunded
12/01/24)
12/24
at
100.00
AAA
1,894,780
1,585
5.000%,
12/01/33,
(Pre-refunded
12/01/24)
12/24
at
100.00
AAA
1,659,242
1,385
5.000%,
12/01/34,
(Pre-refunded
12/01/24)
12/24
at
100.00
AAA
1,449,873
1,055
5.000%,
12/01/35,
(Pre-refunded
12/01/24)
12/24
at
100.00
AAA
1,104,416
10,345
Franklin
County
Convention
Facilities
Authority,
Ohio,
Excise
Tax
and
Lease
Revenue
Bonds,
Columbus
City
&
Franklin
County
Lessees,
Refunding
Anticipation
Series
2014,
5.000%,
12/01/35,
(Pre-refunded
12/01/24)
12/24
at
100.00
Aa1
10,829,560
1,000
Gallia
County
Local
School
District,
Gallia
and
Jackson
Counties,
Ohio,
General
Obligation
Bonds,
Refunding
School
Improvement
Series
2014,
5.000%,
11/01/32,
(Pre-refunded
11/01/24)
11/24
at
100.00
Aa2
1,044,980
Greater
Cleveland
Regional
Transit
Authority,
Ohio,
Sales
Tax
Supported
Capital
Improvement
Bonds,
Refunding
Series
2015:
1,050
5.000%,
12/01/32,
(Pre-refunded
12/01/25)
12/25
at
100.00
AAA
1,121,788
1,105
5.000%,
12/01/33,
(Pre-refunded
12/01/25)
12/25
at
100.00
AAA
1,180,549
5,700
JobsOhio
Beverage
System,
Ohio,
Statewide
Liquor
Profits
Revenue
Bonds,
Senior
Lien
Series
2013A,
5.000%,
1/01/38,
(Pre-refunded
1/01/23)
1/23
at
100.00
AA+
5,711,742
8,500
Northeast
Ohio
Regional
Sewer
District,
Wastewater
Improvement
Revenue
Bonds,
Series
2013,
5.000%,
11/15/38,
(Pre-refunded
5/15/23)
5/23
at
100.00
AA+
8,597,495
1,630
Northwest
Local
School
District,
Hamilton
and
Butler
Counties,
Ohio,
General
Obligation
Bonds,
School
Improvement
Series
2015,
5.000%,
12/01/40,
(Pre-refunded
12/01/23)
12/23
at
100.00
Aa2
1,668,468
Ohio
State,
Turnpike
Revenue
Bonds,
Ohio
Turnpike
and
Infrastructutre
Commission
Infrastructure
Projects,
Junior
Lien,
Current
Interest
Series
2013A-1:
2,450
5.250%,
2/15/39,
(Pre-refunded
2/15/23)
2/23
at
100.00
Aa3
2,463,941
1,500
5.000%,
2/15/48,
(Pre-refunded
2/15/23)
2/23
at
100.00
Aa3
1,507,770
1,000
Upper
Arlington
City
School
District,
Franklin
County,
Ohio,
General
Obligation
Bonds,
School
Facilities
&
Improvement
Series
2018A,
5.000%,
12/01/48,
(Pre-refunded
12/01/27)
12/27
at
100.00
AAA
1,108,720
2,275
Willoughby-Eastlake
City
School
District,
Ohio,
General
Obligation
Bonds,
School
Improvement
Series
2016,
5.000%,
12/01/46,
(Pre-refunded
12/01/25)
12/25
at
100.00
A2
2,427,152
53,045
Total
U.S.
Guaranteed
54,935,536
Utilities
-
17.2%
3,570
American
Municipal
Power
Inc.,
Ohio,
Combined
Hydroelectric
Projects
Revenue
Bonds,
Green
Series
2016A,
5.000%,
2/15/46
2/26
at
100.00
A1
3,637,366
1,750
American
Municipal
Power
Inc.,
Ohio,
Combined
Hydroelectric
Projects
Revenue
Bonds,
Refunding
Series
2020A,
5.000%,
2/15/28
No
Opt.
Call
A1
1,920,415
1,500
American
Municipal
Power
Ohio
Inc.,
Prairie
State
Energy
Campus
Project
Revenue
Bonds,
Series
2015A,
5.000%,
2/15/42
2/24
at
100.00
A1
1,510,920
2,930
American
Municipal
Power,
Inc.,
Ohio,
Greenup
Hydroelectric
Project
Revenue
Bonds,
Refunding
Series
2016A,
5.000%,
2/15/41
2/26
at
100.00
A1
3,002,019
1,665
American
Municipal
Power,
Inc.,
Ohio,
Solar
Electricity
Prepayment
Project
Revenue
Bonds,
Green
Bonds
Series
2019A,
5.000%,
2/15/44
2/29
at
100.00
A
1,735,130
Nuveen
Ohio
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
62
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
American
Municipal
Power,
Inc.,
Ohio,
Solar
Electricity
Prepayment
Project
Revenue
Bonds,
Green
Bonds
Series
2020A:
$
250
4.000%,
2/15/40
2/29
at
100.00
A
$
236,945
1,200
4.000%,
2/15/44
2/29
at
100.00
A
1,103,904
465
Butler
County,
Ohio,
Sewer
System
Revenue
Bonds,
Refunding
Series
2005,
5.000%,
12/01/23
-
AGM
Insured
No
Opt.
Call
Aa2
470,134
Cleveland,
Ohio,
Public
Power
System
Revenue
Bonds,
Refunding
Series
2020A:
1,000
4.000%,
11/15/37
-
AGM
Insured
11/29
at
100.00
AA
996,730
2,000
4.000%,
11/15/38
-
AGM
Insured
11/29
at
100.00
AA
1,982,280
2,000
Cleveland,
Ohio,
Public
Power
System
Revenue
Bonds,
Series
2008B-1,
0.000%,
11/15/33
-
NPFG
Insured
No
Opt.
Call
A-
1,321,120
Cleveland,
Ohio,
Public
Power
System
Revenue
Bonds,
Series
2008B-2:
4,740
0.000%,
11/15/34
-
NPFG
Insured
No
Opt.
Call
A-
2,976,815
7,500
0.000%,
11/15/38
-
NPFG
Insured
No
Opt.
Call
A-
3,740,850
1,315
Cleveland,
Ohio,
Public
Power
System
Revenue
Refunding
Bonds,
Series
2018,
5.000%,
11/15/37
-
AGM
Insured
5/28
at
100.00
AA
1,423,474
2,300
Columbus,
Ohio,
Sewerage
System
Revenue
Bonds,
Refunding
Series
2014,
5.000%,
6/01/25
12/24
at
100.00
Aa1
2,406,352
Columbus,
Ohio,
Sewerage
System
Revenue
Bonds,
Refunding
Series
2015:
5,000
5.000%,
6/01/29
6/26
at
100.00
Aa1
5,338,400
6,750
5.000%,
6/01/32
6/26
at
100.00
Aa1
7,179,165
1,200
Hamilton
County,
Ohio,
Sewer
System
Revenue
Bonds,
Metropolitan
Sewer
District
of
Greater
Cincinnati,
Refunding
Series
2020A,
5.000%,
12/01/34
12/30
at
100.00
AA+
1,372,788
Hamilton,
Ohio,
Electric
System
Revenue
Bonds,
Refunding
&
Improvement
Series
2019:
865
4.000%,
10/01/37
-
BAM
Insured
10/29
at
100.00
AA
875,726
1,000
4.000%,
10/01/38
-
BAM
Insured
10/29
at
100.00
AA
1,003,820
1,015
4.000%,
10/01/39
-
BAM
Insured
10/29
at
100.00
AA
1,017,121
1,100
Lancaster
Port
Authority,
Ohio,
Gas
Supply
Revenue
Bonds,
Series
2019,
5.000%,
8/01/49,
(Mandatory
Put
2/01/25)
11/24
at
100.68
Aa1
1,126,873
1,000
Mahoning
County,
Ohio,
Sewer
System
Revenue
Bonds,
Refunding
and
Improvement
Series
2022,
5.000%,
12/01/42
,
(WI/DD,
Settling
12/08/22)
12/31
at
100.00
Aa3
1,059,380
1,000
Marysville,
Ohio,
Water
System
Mortgage
Revenue
Bonds,
Refunding
Series
2016,
4.000%,
12/01/38
12/25
at
100.00
Aa3
1,003,480
Northeast
Ohio
Regional
Sewer
District,
Wastewater
Improvement
Revenue
Bonds,
Refunding
&
Improvement
Series
2017:
5,570
5.000%,
11/15/33
5/28
at
100.00
AA+
6,125,830
4,000
4.000%,
11/15/43
5/28
at
100.00
AA+
3,981,440
820
Ohio
Air
Quality
Development
Authority,
Ohio,
Air
Quality
Development
Revenue
Bonds,
FirstEnergy
Generation
Corporation
Project,
Series
2009A,
5.700%,
8/01/23
No
Opt.
Call
N/R
1,025
10,025
Ohio
Air
Quality
Development
Authority,
Ohio,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Project,
Refunding
Series
2006A,
3.750%,
12/01/23
(5)
No
Opt.
Call
N/R
12,531
Ohio
Water
Development
Authority,
Revenue
Bonds,
Drinking
Water
Assistance
Fund,
Refunding
Series
2019B:
1,560
5.000%,
12/01/29
No
Opt.
Call
AAA
1,790,412
1,170
5.000%,
6/01/30
No
Opt.
Call
AAA
1,351,842
1,100
5.000%,
12/01/30
No
Opt.
Call
AAA
1,280,763
Ohio
Water
Development
Authority,
Revenue
Bonds,
Drinking
Water
Assistance
Fund,
Series
2016:
2,975
5.000%,
6/01/29
12/26
at
100.00
AAA
3,240,400
1,900
5.000%,
12/01/36
12/26
at
100.00
AAA
2,036,648
63
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
Ohio
Water
Development
Authority,
Revenue
Bonds,
Fresh
Water
Development,
Series
2019:
$
3,800
5.000%,
12/01/38
12/29
at
100.00
AAA
$
4,218,114
1,000
5.000%,
6/01/44
12/29
at
100.00
AAA
1,084,630
Ohio
Water
Development
Authority,
Water
Pollution
Control
Loan
Fund
Revenue
Bonds,
Kestrel
Verifiers,
Green
Series
2021A:
1,500
4.000%,
12/01/39
12/31
at
100.00
AAA
1,529,265
4,000
5.000%,
12/01/46
12/31
at
100.00
AAA
4,401,960
1,010
Ohio
Water
Development
Authority,
Water
Pollution
Control
Loan
Fund
Revenue
Bonds,
Refunding
Series
2014B,
5.000%,
12/01/22
No
Opt.
Call
AAA
1,010,000
5,000
Ohio
Water
Development
Authority,
Water
Pollution
Control
Loan
Fund
Revenue
Bonds,
Refunding
Series
2019B,
5.000%,
12/01/44
12/29
at
100.00
AAA
5,423,150
5,000
Ohio
Water
Development
Authority,
Water
Pollution
Control
Loan
Fund
Revenue
Bonds,
Series
2015A,
5.000%,
6/01/26
No
Opt.
Call
AAA
5,395,400
5,000
Ohio
Water
Development
Authority,
Water
Pollution
Control
Loan
Fund
Revenue
Bonds,
Series
2017A,
5.000%,
12/01/31
6/27
at
100.00
AAA
5,479,950
2,000
Ohio
Water
Development
Authority,
Water
Pollution
Control
Loan
Fund
Revenue
Bonds,
Series
2020A,
5.000%,
12/01/50
6/30
at
100.00
AAA
2,151,960
5,000
Ohio
Water
Development
Authority,
Water
Pollution
Control
Loan
Fund
Revenue
Bonds,
Series
2020B,
4.000%,
12/01/38
12/30
at
100.00
AAA
5,109,850
115,545
Total
Utilities
104,066,377
$
582,402
Total
Municipal
Bonds
(cost
$579,175,001)
562,609,058
Shares
Description
(1)
Value
X
27,816,847
COMMON
STOCKS
-
4.6%  
X
27,816,847
Independent
Power
And
Renewable
Electricity
Producers
-
4.6%
$
350,634
Energy
Harbor
Corp
(6),(7)
$
27,816,847
Total
Common
Stocks
(cost
$9,249,818)
27,816,847
Total
Long-Term
Investments
(cost
$588,424,819)
590,425,905
Other
Assets
Less
Liabilities
-
2.4%
14,445,460
Net
Assets
-
100%
$
604,871,365
(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.
(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)
Common
Stock
received
as
part
of
the
bankruptcy
settlements
during
February
2020
for
Ohio
Air
Quality
Development
Authority,
Ohio,
Air
Quality
Development
Revenue
Bonds,
FirstEnergy
Generation
Corporation
Project,
Series
2009A,
5.700%,
8/01/20
and
Ohio
Air
Quality
Development
Authority,
Ohio,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Project,
Refunding
Series
2006A,
3.750%,
12/01/23.
(7)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
AMT
Alternative
Minimum
Tax
WI/DD
Purchased
on
a
when-issued
or
delayed
delivery
basis.
See
accompanying
notes
to
financial
statements.
64
Nuveen
Wisconsin
Municipal
Bond
Fund
Portfolio
of
Investments
November
30,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
106.6%   
X
98,472,643
MUNICIPAL
BONDS
-
98.6%  
X
98,472,643
Consumer
Discretionary
-
0.3%
$
105
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
9/01/46
9/27
at
100.00
CCC+
$
94,758
250
International
Falls,
Minnesota,
Solid
Waste
Disposal
Revenue
Bonds,
Boise
Cascade
Corporation
Project,
Refunding
Series
1999,
6.850%,
12/01/29,
(AMT)
1/23
at
100.00
B1
251,270
355
Total
Consumer
Discretionary
346,028
Consumer
Staples
-
0.6%
640
Guam
Economic
Development
&
Commerce
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A,
5.250%,
6/01/32
12/22
at
100.00
N/R
611,046
Education
and
Civic
Organizations
-
7.0%
1,000
Milwaukee
Redevelopment
Authority,
Wisconsin,
Milwaukee
Science
Education
Consortium,
Inc
Project,
Series
2013A,
6.000%,
8/01/33
8/23
at
100.00
BBB-
1,012,430
1,530
Public
Finance
Authority,
Wisconsin,
Educational
Revenue
Bonds,
Lake
Norman
Charter
School,
Series
2018A,
4.000%,
6/15/28,
144A
6/26
at
100.00
BBB-
1,496,462
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Hmong
American
Peace
Academy,
Series
2020:
420
4.000%,
3/15/30
No
Opt.
Call
BBB
411,793
500
4.000%,
3/15/40
3/30
at
100.00
BBB
440,950
1,200
5.000%,
3/15/50
3/30
at
100.00
BBB
1,183,248
1,175
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Lawrence
University,
Series
2020,
4.000%,
2/01/45
2/30
at
100.00
Baa1
1,056,501
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Milwaukee
School
of
Engineering,
Series
2021B:
500
2.125%,
4/01/39
-
AGM
Insured
4/31
at
100.00
AA
359,530
500
2.125%,
4/01/40
-
AGM
Insured
4/31
at
100.00
AA
351,085
415
2.250%,
4/01/41
-
AGM
Insured
4/31
at
100.00
AA
293,032
500
2.250%,
4/01/42
-
AGM
Insured
4/31
at
100.00
AA
349,340
7,740
Total
Education
and
Civic
Organizations
6,954,371
Health
Care
-
24.9%
Puerto
Rico
Industrial,
Tourist,
Educational,
Medical
and
Environmental
Control
Facilities
Financing
Authority,
Hospital
Revenue
Bonds,
(Hospital
Auxilio
Mutuo
Obligated
Group
Project,
Refunding
Series
2021:
155
5.000%,
7/01/29
No
Opt.
Call
BBB+
167,552
600
5.000%,
7/01/30
No
Opt.
Call
BBB+
654,558
190
5.000%,
7/01/31
No
Opt.
Call
BBB+
208,489
5,765
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Beloit
Health
System,
Inc.,
Series
2020,
4.000%,
7/01/36
7/29
at
100.00
A
5,635,979
8,565
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Marshfield
Clinic
Health
System,
Inc.,
Series
2017C,
5.000%,
2/15/47,
(UB)
(4)
2/27
at
100.00
A-
8,616,477
2,500
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Marshfield
Clinic
Health
System,
Inc.,
Series
2017C,
5.000%,
2/15/47
2/27
at
100.00
A-
2,515,025
1,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Aspirus,
Inc.
Obligated
Group,
Series
2015A,
5.000%,
8/15/34
2/25
at
100.00
AA-
1,030,140
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Bellin
Memorial
Hospital,
Inc.,
Series
2019A:
2,000
4.000%,
12/01/44
12/29
at
100.00
A+
1,831,320
3,100
4.000%,
12/01/49
12/29
at
100.00
A+
2,786,094
250
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Bellin
Memorial
Hospital,
Series
2015,
5.000%,
12/01/23
No
Opt.
Call
A+
255,352
65
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
$
1,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Fort
Healthcare,
Series
2014,
5.000%,
5/01/29
5/24
at
100.00
A-
$
1,017,520
175
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Marshfield
Clinic
Health
System,
Inc.,
Series
2020A,
4.000%,
2/15/37
-
AGM
Insured
2/30
at
100.00
AA
172,146
25,300
Total
Health
Care
24,890,652
Housing/Multifamily
-
22.1%
2,000
Hudson
Housing
Authority,
Wisconsin,
Multifamily
Housing
Revenue
Bonds,
Cedar
Ridge
Apartments
Project,
Series
2013A,
5.125%,
6/01/30
6/23
at
100.00
N/R
1,913,000
2,000
Wisconsin
Housing
and
Economic
Development
Authority
Multi
Family
Housing
Bonds,Western
Technical
College
Student
Housing
Project,
Series
2013B,
4.700%,
4/01/38
4/23
at
100.00
A
2,004,720
475
Wisconsin
Housing
and
Economic
Development
Authority,
Housing
Revenue
Bonds,
Series
2006A,
4.550%,
5/01/27,
(AMT)
1/23
at
100.00
AA+
475,332
2,125
Wisconsin
Housing
and
Economic
Development
Authority,
Housing
Revenue
Bonds,
Series
2015A,
4.125%,
11/01/46
5/25
at
100.00
AA+
2,015,520
Wisconsin
Housing
and
Economic
Development
Authority,
Housing
Revenue
Bonds,
Series
2017A:
750
4.000%,
11/01/47
11/26
at
100.00
AA+
694,320
1,500
4.150%,
5/01/55
11/26
at
100.00
AA+
1,392,645
2,230
Wisconsin
Housing
and
Economic
Development
Authority,
Housing
Revenue
Bonds,
Series
2017B,
3.900%,
11/01/42
11/26
at
100.00
AA+
2,097,360
2,000
Wisconsin
Housing
and
Economic
Development
Authority,
Housing
Revenue
Bonds,
Series
2018A,
4.300%,
11/01/53,
(UB)
(4)
11/27
at
100.00
AA+
1,909,240
6,720
Wisconsin
Housing
and
Economic
Development
Authority,
Housing
Revenue
Bonds,
Series
2019A,
3.375%,
5/01/57
11/28
at
100.00
AA+
5,231,587
2,000
Wisconsin
Housing
and
Economic
Development
Authority,
Housing
Revenue
Bonds,
Series
2022A,
5.150%,
11/01/50
11/31
at
100.00
AA+
2,072,980
2,500
Wisconsin
Housing
and
Economic
Development
Authority,
Multifamily
Housing
Bonds,
Meadow
Village
Project
Series
2020A,
5.000%,
7/01/37,
144A
7/28
at
102.00
N/R
2,234,525
24,300
Total
Housing/Multifamily
22,041,229
Long-Term
Care
-
12.2%
500
Winnebago
County
Housing
Authority,
Illinois,
Revenue
Bonds,
Lutheran
Homes
of
Oshkosh,
Inc.
Project,
Refunding
Series
2015A,
4.450%,
3/01/30
1/23
at
100.00
N/R
425,885
150
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
PHW
Muskego,
Inc.
Project,
Series
2021,
4.000%,
10/01/61
10/28
at
102.00
N/R
104,520
2,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Clement
Manor,
Inc.,
Series
2019,
5.000%,
8/01/49
8/26
at
103.00
N/R
1,306,220
2,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Dickson
Hollow
Project.
Series
2014,
5.375%,
10/01/44
1/23
at
102.00
N/R
1,795,060
500
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
PHM
/
New
Richmond
Senior
Housing,
Inc.,
Refunding
Series
2021,
3.250%,
7/01/37
7/26
at
101.00
N/R
363,255
2,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
PHW
Oconomowoc,
Inc.
Project,
Series
2018,
5.125%,
10/01/48
10/23
at
102.00
N/R
1,731,580
1,750
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Rogers
Memorial
Hospital,
Inc.,
Series
2014B,
5.000%,
7/01/44
7/24
at
100.00
A
1,761,008
500
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Rogers
Memorial
Hospital,
Inc.,
Series
2019B,
5.000%,
7/01/38
7/26
at
100.00
A
511,810
525
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Saint
John's
Communities
Inc.,
Refunding
Series
2021B,
4.000%,
9/15/45
9/27
at
103.00
BBB-
429,870
650
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Saint
John's
Communities
Inc.,
Refunding
Series
2022.
Forward
Delivery,
4.000%,
9/15/45
9/27
at
103.00
BBB-
521,287
Nuveen
Wisconsin
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
66
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Long-Term
Care
(continued)
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Three
Pillars
Senior
Living
Communities,
Series
2021A:
$
1,000
4.000%,
8/15/51
8/31
at
100.00
BBB+
$
803,040
1,000
4.000%,
8/15/55
8/31
at
100.00
BBB+
787,340
2,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Woodland
Hills
Senior
Housing
Project,
Series
2014,
5.000%,
12/01/44
1/23
at
102.00
N/R
1,676,060
14,575
Total
Long-Term
Care
12,216,935
Tax
Obligation/Limited
-
25.1%
Ashwaubenon
Community
Development
Authority,
Wisconsin,
Lease
Revenue
Bonds,
Brown
County
Expo
Center
Project,
Series
2019:
1,790
4.000%,
6/01/36
6/29
at
100.00
AA
1,831,045
10,000
0.000%,
6/01/49
6/29
at
47.10
AA
2,874,800
Brookfield
Community
Development
and
Redevelopment
Authority,
Wisconsin,
Community
Development
Revenue
Bonds,
Series
2015A:
1,340
3.550%,
6/01/34
6/25
at
100.00
A3
1,340,496
1,530
3.600%,
6/01/35
6/25
at
100.00
A3
1,523,115
1,250
Kaukauna
Redevelopment
Authority,
Outagamie
and
Calumet
Counties,
Wisconsin,
Redevelopment
Lease
Revenue
Bonds,
Series
2015,
4.125%,
6/01/40
6/25
at
100.00
A+
1,253,575
675
Milwaukee
Redevelopment
Authority,
Wisconsin,
HSI
Industrial
I
LLC
Project
Revenue
Bonds,
Series
2008,
5.125%,
6/01/29,
(AMT)
1/23
at
100.00
A2
676,181
Milwaukee
Redevelopment
Authority,
Wisconsin,
Lease
Revenue
Bonds,
Public
Schools,
Series
2016A:
800
5.000%,
11/15/30
11/26
at
100.00
A+
858,192
500
5.000%,
11/15/31
11/26
at
100.00
A+
536,180
550
5.000%,
11/15/32
11/26
at
100.00
A+
589,375
Milwaukee
Redevelopment
Authority,
Wisconsin,
Lease
Revenue
Bonds,
Public
Schools,
Series
2017:
630
5.000%,
11/15/28
11/26
at
100.00
A+
678,510
500
5.000%,
11/15/34
11/26
at
100.00
A+
535,410
1,000
5.000%,
11/15/35
11/26
at
100.00
A+
1,069,280
500
5.000%,
11/15/36
11/26
at
100.00
A+
533,870
Puerto
Rico
Highway
and
Transportation
Authority,
Highway
Revenue
Bonds,
Series
2007N:
535
5.250%,
7/01/32
-
NPFG
Insured
No
Opt.
Call
AAA
534,454
435
5.250%,
7/01/33
-
NPFG
Insured
No
Opt.
Call
AAA
433,582
1,000
5.250%,
7/01/36
-
AGC
Insured
No
Opt.
Call
AAA
991,710
500
Puerto
Rico
Municipal
Finance
Agency,
Series
2002A,
5.000%,
8/01/27
-
AGM
Insured
1/23
at
100.00
AAA
503,345
2,085
Southeast
Wisconsin
Professional
Baseball
Park
District,
Sales
Tax
Revenue
Refunding
Bonds,
Series
1998A,
5.500%,
12/15/26
-
NPFG
Insured
No
Opt.
Call
AAA
2,234,182
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2006:
120
5.000%,
10/01/25
-
NPFG
Insured
1/23
at
100.00
Baa2
121,382
125
5.000%,
10/01/28
-
FGIC
Insured
1/23
at
100.00
Baa2
126,438
Wisconsin
Center
District,
Appropiation
Revenue
Bonds,
Milwaukee
Arena
Project,
Series
2016:
390
5.000%,
12/15/27
6/26
at
100.00
Aa3
419,507
1,000
5.000%,
12/15/30
6/26
at
100.00
Aa3
1,070,080
500
5.000%,
12/15/31
6/26
at
100.00
Aa3
535,040
Wisconsin
Center
District,
Dedicated
Tax
Revenue
Bonds,
Refunding
Junior
Series
1999:
675
5.250%,
12/15/27
No
Opt.
Call
AA
728,548
67
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
Wisconsin
Center
District,
Dedicated
Tax
Revenue
Bonds,
Refunding
Senior
Series
2003A:
$
2,035
0.000%,
12/15/28
-
AGM
Insured
No
Opt.
Call
AA
$
1,646,661
1,945
0.000%,
12/15/31
No
Opt.
Call
AA
1,385,715
32,410
Total
Tax
Obligation/Limited
25,030,673
U.S.
Guaranteed
-
1.7%
(5)
Wisconsin
Center
District,
Dedicated
Tax
Revenue
Bonds,
Refunding
Junior
Series
1999:
190
5.250%,
12/15/27,
(ETM)
No
Opt.
Call
AA
205,265
810
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Beaver
Dam
Community
Hospitals
Inc.,
Series
2013A,
5.250%,
8/15/34,
(Pre-refunded
8/15/23)
8/23
at
100.00
N/R
824,904
500
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Franciscan
Sisters
of
Christian
Charity
Sponsored
Ministry,
Series
2017A,
5.000%,
9/01/36,
(Pre-refunded
9/01/27)
9/27
at
100.00
N/R
546,000
10
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Monroe
Clinic
Inc.,
Refunding
Series
2016,
5.000%,
2/15/30,
(Pre-refunded
8/15/25)
8/25
at
100.00
N/R
10,580
130
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Three
Pillars
Senior
Living
Communities,
Refunding
Series
2013,
5.000%,
8/15/43,
(Pre-refunded
8/15/23)
8/23
at
100.00
N/R
132,213
1,640
Total
U.S.
Guaranteed
1,718,962
Utilities
-
4.7%
995
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Project,
Refunding
Series
2006A,
3.500%,
4/01/41
(6)
No
Opt.
Call
N/R
1,244
860
Ohio
Air
Quality
Development
Authority,
Ohio,
Air
Quality
Development
Revenue
Bonds,
FirstEnergy
Generation
Corporation
Project,
Series
2009A,
5.700%,
8/01/23
No
Opt.
Call
N/R
1,075
1,000
Ohio
Air
Quality
Development
Authority,
Ohio,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Project,
Refunding
Series
2006A,
3.750%,
12/01/23
(6)
No
Opt.
Call
N/R
1,250
265
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
Shippingport
Project,
First
Energy
Guarantor.,
Series
2005A,
3.750%,
12/01/40
(6)
No
Opt.
Call
N/R
331
575
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Refunding
Series
2005SS,
5.000%,
7/01/30
-
AGM
Insured
1/23
at
100.00
AA
578,847
580
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2003NN,
5.250%,
7/01/23
-
NPFG
Insured
No
Opt.
Call
Baa2
580,986
790
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2005RR,
5.000%,
7/01/28
-
AGC
Insured
1/23
at
100.00
AA
795,285
305
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2007UU,
5.000%,
7/01/24
-
AGM
Insured
1/23
at
100.00
AA
307,040
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2007VV:
675
5.250%,
7/01/24
No
Opt.
Call
Baa2
677,639
130
5.250%,
7/01/26
-
NPFG
Insured
No
Opt.
Call
Baa2
130,545
185
5.250%,
7/01/31
-
AGM
Insured
No
Opt.
Call
AA
185,370
250
5.250%,
7/01/35
-
NPFG
Insured
No
Opt.
Call
Baa2
247,895
1,200
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Refunding
Series
2007A,
5.000%,
7/01/25
1/23
at
100.00
CCC
1,155,240
7,810
Total
Utilities
4,662,747
$
114,770
Total
Municipal
Bonds
(cost
$107,769,217)
98,472,643
Nuveen
Wisconsin
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
68
Shares
Description
(1)
Value
X
8,008,190
COMMON
STOCKS
-
8.0%  
X
8,008,190
Independent
Power
And
Renewable
Electricity
Producers
-
8.0%
$
100,944
Energy
Harbor
Corp
(7),(8)
$
8,008,190
Total
Common
Stocks
(cost
$2,869,331)
8,008,190
Total
Long-Term
Investments
(cost
$110,638,548)
106,480,833
Floating
Rate
Obligations
-
(8.0)%  
(
8,020,000
)
Other
Assets
Less
Liabilities
-
1.4%
1,453,289
Net
Assets
-
100%
$
99,914,122
(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.
(6)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(7)
Common
Stock
received
as
part
of
the
bankruptcy
settlements
during
February
2020
for
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Refunding
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Series
2006A,
3.500%,
4/01/41,
Ohio
Air
Quality
Development
Authority,
Ohio,
Air
Quality
Development
Revenue
Bonds,
FirstEnergyGeneration
Corporation
Project,
Series
2009A,
5.700%,
8/01/20,
Ohio
Air
Quality
Development
Authority,
Ohio,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Project,
Refund-
ing
Series
2006A,
3.750%,
12/01/23,
and
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
Shippingport
Project,
First
Energy
Guarantor,
Series2005A,
3.750%,
12/01/40.
(8)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
See
accompanying
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
November
30,
2022
(Unaudited)
See
accompanying
notes
to
financial
statements.
69
Kansas
Kentucky
Michigan
Missouri
Ohio
Assets
Long-term
investments,
at
value
†
$
235,371,797‌
$
310,488,917‌
$
277,324,510‌
$
576,407,369‌
$
590,425,905‌
Cash
–‌
–‌
3,907,741‌
–‌
–‌
Receivable
for
interest
3,114,236‌
4,448,036‌
2,889,353‌
6,634,658‌
9,987,367‌
Receivable
for
investments
sold
5,419,764‌
1,938,532‌
–‌
3,223,509‌
13,315,000‌
Receivable
for
shares
sold
676,338‌
22,191‌
2,832,682‌
841,747‌
1,894,807‌
Other
assets
8,281‌
105,584‌
63,135‌
74,084‌
139,565‌
Total
assets
244,590,416‌
317,003,260‌
287,017,421‌
587,181,367‌
615,762,644‌
Liabilities
Cash
overdraft
6,221,656‌
6,129,835‌
–‌
5,833,288‌
6,782,231‌
Floating
rate
obligations
–‌
22,650,000‌
–‌
–‌
–‌
Payable
for
dividends
87,285‌
62,704‌
103,796‌
319,495‌
264,577‌
Payable
for
interest
–‌
619,992‌
70,440‌
–‌
–‌
Payable
for
investments
purchased
-
regular
settlement
1,667,394‌
–‌
–‌
–‌
–‌
Payable
for
investments
purchased
-
when-issued/delayed-delivery
settlement
–‌
–‌
–‌
1,067,330‌
1,036,590‌
Payable
for
shares
redeemed
781,219‌
713,005‌
878,798‌
3,025,475‌
2,188,166‌
Accrued
expenses:
Management
fees
96,420‌
116,438‌
115,284‌
235,595‌
241,960‌
Trustees
fees
6,811‌
104,231‌
58,465‌
71,622‌
139,041‌
12b-1
distribution
and
service
fees
29,603‌
39,102‌
22,182‌
60,948‌
55,109‌
Other
96,622‌
105,582‌
118,577‌
158,010‌
183,605‌
Total
liabilities
8,987,010‌
30,540,889‌
1,367,542‌
10,771,763‌
10,891,279‌
Commitments
and
contingencies
(as
disclosed
in
Note
8)
Net
assets
$
235,603,406‌
$
286,462,371‌
$
285,649,879‌
$
576,409,604‌
$
604,871,365‌
†
Long-term
investments,
cost
$
247,398,324‌
$
327,493,779‌
$
285,146,971‌
$
595,289,524‌
$
588,424,819‌
Statement
of
Assets
and
Liabilities
(Unaudited)
(continued)
See
accompanying
notes
to
financial
statements.
70
Wisconsin
Assets
Long-term
investments,
at
value
†
$
106,480,833‌
Cash
129,382‌
Receivable
for
interest
1,405,959‌
Receivable
for
investments
sold
500,000‌
Receivable
for
shares
sold
101,112‌
Other
assets
4,900‌
Total
assets
108,622,186‌
Liabilities
Floating
rate
obligations
8,020,000‌
Payable
for
dividends
27,675‌
Payable
for
interest
100,707‌
Payable
for
shares
redeemed
425,788‌
Accrued
expenses:
Management
fees
41,256‌
Trustees
fees
1,373‌
12b-1
distribution
and
service
fees
13,786‌
Other
77,479‌
Total
liabilities
8,708,064‌
Commitments
and
contingencies
(as
disclosed
in
Note
8)
Net
assets
$
99,914,122‌
†
Long-term
investments,
cost
$
110,638,548‌
Statement
of
Assets
and
Liabilities
(Unaudited)
(continued)
See
accompanying
notes
to
financial
statements.
71
Kansas
Kentucky
Michigan
Missouri
Ohio
Class
A
Shares
Net
Assets
$
138,753,401‌
$
211,791,853‌
$
102,500,776‌
$
301,305,050‌
$
274,927,378‌
Shares
outstanding
14,026,295‌
21,777,922‌
9,715,364‌
29,066,549‌
25,341,795‌
Net
asset
value
("NAV")
per
share
$
9.89‌
$
9.73‌
$
10.55‌
$
10.37‌
$
10.85‌
Maximum
sales
charge
4.20%
4.20%
4.20%
4.20%
4.20%
Offering
price
per
share
(NAV
per
share
plus
maximum
sales
charge)
$
10.32‌
$
10.16‌
$
11.01‌
$
10.82‌
$
11.33‌
Class
C
Shares
Net
Assets
$
8,234,836‌
$
5,619,021‌
$
6,965,744‌
$
14,546,363‌
$
12,515,343‌
Shares
outstanding
834,214‌
577,987‌
662,220‌
1,408,634‌
1,160,255‌
NAV
and
offering
price
per
share
$
9.87‌
$
9.72‌
$
10.52‌
$
10.33‌
$
10.79‌
Class
I
Shares
Net
Assets
$
88,615,169‌
$
69,051,497‌
$
176,183,359‌
$
260,558,191‌
$
317,428,644‌
Shares
outstanding
8,929,606‌
7,111,957‌
16,725,913‌
25,176,646‌
29,372,959‌
NAV
and
offering
price
per
share
$
9.92‌
$
9.71‌
$
10.53‌
$
10.35‌
$
10.81‌
Fund
level
net
assets
consist
of:
Capital
paid-in
$
255,568,322‌
$
316,261,331‌
$
311,293,765‌
$
622,665,784‌
$
624,747,510‌
Total
distributable
earnings
(loss)
(
19,964,916‌
)
(
29,798,960‌
)
(
25,643,886‌
)
(
46,256,180‌
)
(
19,876,145‌
)
Fund
level
net
assets
$
235,603,406‌
$
286,462,371‌
$
285,649,879‌
$
576,409,604‌
$
604,871,365‌
Authorized
shares
-
per
class
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
per
share
$
0.01
$
0.01
$
0.01
$
0.01
$
0.01
Statement
of
Assets
and
Liabilities
(Unaudited)
(continued)
See
accompanying
notes
to
financial
statements.
72
Wisconsin
Class
A
Shares
Net
Assets
$
57,198,919‌
Shares
outstanding
5,840,352‌
Net
asset
value
("NAV")
per
share
$
9.79‌
Maximum
sales
charge
4.20%
Offering
price
per
share
(NAV
per
share
plus
maximum
sales
charge)
$
10.22‌
Class
C
Shares
Net
Assets
$
5,666,801‌
Shares
outstanding
578,636‌
NAV
and
offering
price
per
share
$
9.79‌
Class
I
Shares
Net
Assets
$
37,048,402‌
Shares
outstanding
3,779,233‌
NAV
and
offering
price
per
share
$
9.80‌
Fund
level
net
assets
consist
of:
Capital
paid-in
$
111,344,155‌
Total
distributable
earnings
(loss)
(
11,430,033‌
)
Fund
level
net
assets
$
99,914,122‌
Authorized
shares
-
per
class
Unlimited
Par
value
per
share
$
0.01
Statement
of
Operations
November
30,
2022
(Unaudited)
See
accompanying
notes
to
financial
statements.
73
Kansas
Kentucky
Michigan
Missouri
Ohio
Investment
Income
Interest
$
3,991,431‌
$
5,717,862‌
$
4,711,805‌
$
11,283,803‌
$
9,803,453‌
Total
Investment
Income
3,991,431‌
5,717,862‌
4,711,805‌
11,283,803‌
9,803,453‌
Expenses
–
–
–
–
–
Management
fees
616,447‌
764,202‌
732,680‌
1,532,153‌
1,554,926‌
12b-1
service
fees
-
Class
A
Shares
146,454‌
225,492‌
109,005‌
315,680‌
291,648‌
12b-1
distribution
and
service
fees
-
Class
C
Shares
45,839‌
31,566‌
37,427‌
81,749‌
66,628‌
Shareholder
servicing
agent
fees
41,313‌
40,639‌
70,934‌
80,721‌
134,710‌
Interest
expense
4,397‌
281,101‌
118,812‌
7,461‌
14,541‌
Custodian
expenses,
net
20,390‌
20,814‌
23,031‌
44,074‌
40,816‌
Trustees
fees
4,330‌
5,390‌
5,043‌
10,689‌
11,301‌
Professional
fees
25,758‌
28,917‌
28,688‌
35,675‌
35,015‌
Shareholder
reporting
expenses
11,462‌
12,280‌
12,896‌
16,159‌
21,598‌
Federal
and
state
registration
fees
3,097‌
3,077‌
4,982‌
4,600‌
3,077‌
Other
4,103‌
4,124‌
4,290‌
7,102‌
6,590‌
Total
expenses
923,590‌
1,417,602‌
1,147,788‌
2,136,063‌
2,180,850‌
Net
investment
income
(loss)
3,067,841‌
4,300,260‌
3,564,017‌
9,147,740‌
7,622,603‌
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
from
investments
(
1,116,037‌
)
(
5,184,972‌
)
(
16,116,220‌
)
(
13,693,883‌
)
(
16,652,137‌
)
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(
5,781,328‌
)
(
9,667,249‌
)
5,088,310‌
(
11,305,475‌
)
299,816‌
Net
realized
and
unrealized
gain
(loss)
(
6,897,365‌
)
(
14,852,221‌
)
(
11,027,910‌
)
(
24,999,358‌
)
(
16,352,321‌
)
Net
increase
(decrease)
in
net
assets
from
operations
$
(
3,829,524‌
)
$
(
10,551,961‌
)
$
(
7,463,893‌
)
$
(
15,851,618‌
)
$
(
8,729,718‌
)
Statement
of
Operations
(Unaudited)
(continued)
See
accompanying
notes
to
financial
statements.
74
Wisconsin
Investment
Income
Interest
$
2,322,278‌
Total
Investment
Income
2,322,278‌
Expenses
–
Management
fees
281,665‌
12b-1
service
fees
-
Class
A
Shares
63,596‌
12b-1
distribution
and
service
fees
-
Class
C
Shares
30,376‌
Shareholder
servicing
agent
fees
22,217‌
Interest
expense
97,668‌
Custodian
expenses,
net
14,954‌
Trustees
fees
1,980‌
Professional
fees
22,869‌
Shareholder
reporting
expenses
8,633‌
Federal
and
state
registration
fees
4,657‌
Other
3,342‌
Total
expenses
551,957‌
Net
investment
income
(loss)
1,770,321‌
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
from
investments
(
1,966,915‌
)
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(
3,520,536‌
)
Net
realized
and
unrealized
gain
(loss)
(
5,487,451‌
)
Net
increase
(decrease)
in
net
assets
from
operations
$
(
3,717,130‌
)
Statement
of
Changes
in
Net
Assets
See
accompanying
notes
to
financial
statements.
75
Kansas
Kentucky
Unaudited
Six
Months
Ended
11/30/22
Year
Ended
5/31/22
Unaudited
Six
Months
Ended
11/30/22
Year
Ended
5/31/22
Operations
Net
investment
income
(loss)
$
3,067,841‌
$
6,776,710‌
$
4,300,260‌
$
9,193,078‌
Net
realized
gain
(loss)
from
investments
(
1,116,037‌
)
(
301,579‌
)
(
5,184,972‌
)
(
1,768,104‌
)
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(
5,781,328‌
)
(
20,734,413‌
)
(
9,667,249‌
)
(
35,456,305‌
)
Net
increase
(decrease)
in
net
assets
from
operations
(
3,829,524‌
)
(
14,259,282‌
)
(
10,551,961‌
)
(
28,031,331‌
)
Distributions
to
Shareholders
Dividends:
Class
A
Shares
(
1,656,243‌
)
(
3,961,204‌
)
(
2,957,963‌
)
(
6,752,136‌
)
Class
C
Shares
(
66,589‌
)
(
153,965‌
)
(
57,348‌
)
(
139,317‌
)
Class
I
Shares
(1,127,675)
(2,413,868)
(1,080,506)
(2,554,965)
Decrease
in
net
assets
from
distributions
to
shareholders
(
2,850,507‌
)
(
6,529,037‌
)
(
4,095,817‌
)
(
9,446,418‌
)
Fund
Share
Transactions
Proceeds
from
sale
of
shares
20,650,366‌
40,652,981‌
10,839,767‌
54,326,792‌
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
2,347,934‌
5,452,341‌
3,684,150‌
8,483,351‌
22,998,300‌
46,105,322‌
14,523,917‌
62,810,143‌
Cost
of
shares
redeemed
(
39,316,920‌
)
(
74,253,954‌
)
(
43,756,836‌
)
(
73,969,239‌
)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
(
16,318,620‌
)
(
28,148,632‌
)
(
29,232,919‌
)
(
11,159,096‌
)
Net
increase
(decrease)
in
net
assets
(
22,998,651‌
)
(
48,936,951‌
)
(
43,880,697‌
)
(
48,636,845‌
)
Net
assets
at
the
beginning
of
period
258,602,057‌
307,539,008‌
330,343,068‌
378,979,913‌
Net
assets
at
the
end
of
period
$
235,603,406‌
$
258,602,057‌
$
286,462,371‌
$
330,343,068‌
See
accompanying
notes
to
financial
statements.
76
Michigan
Missouri
Unaudited
Six
Months
Ended
11/30/22
Year
Ended
5/31/22
Unaudited
Six
Months
Ended
11/30/22
Year
Ended
5/31/22
Operations
Net
investment
income
(loss)
$
3,564,017‌
$
7,101,254‌
$
9,147,740‌
$
17,780,519‌
Net
realized
gain
(loss)
from
investments
(
16,116,220‌
)
(
1,402,560‌
)
(
13,693,883‌
)
(
9,423,575‌
)
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
5,088,310‌
(
34,785,075‌
)
(
11,305,475‌
)
(
56,392,033‌
)
Net
increase
(decrease)
in
net
assets
from
operations
(
7,463,893‌
)
(
29,086,381‌
)
(
15,851,618‌
)
(
48,035,089‌
)
Distributions
to
Shareholders
Dividends:
Class
A
Shares
(
1,130,558‌
)
(
2,745,571‌
)
(
4,119,049‌
)
(
8,862,121‌
)
Class
C
Shares
(
47,312‌
)
(
115,578‌
)
(
147,417‌
)
(
324,148‌
)
Class
I
Shares
(2,041,590)
(4,333,647)
(4,032,158)
(8,520,982)
Decrease
in
net
assets
from
distributions
to
shareholders
(
3,219,460‌
)
(
7,194,796‌
)
(
8,298,624‌
)
(
17,707,251‌
)
Fund
Share
Transactions
Proceeds
from
sale
of
shares
91,010,025‌
107,799,572‌
80,924,420‌
156,826,725‌
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
2,599,501‌
6,087,425‌
6,398,126‌
13,596,302‌
93,609,526‌
113,886,997‌
87,322,546‌
170,423,027‌
Cost
of
shares
redeemed
(
109,400,464‌
)
(
115,149,635‌
)
(
151,608,709‌
)
(
182,169,142‌
)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
(
15,790,938‌
)
(
1,262,638‌
)
(
64,286,163‌
)
(
11,746,115‌
)
Net
increase
(decrease)
in
net
assets
(
26,474,291‌
)
(
37,543,815‌
)
(
88,436,405‌
)
(
77,488,455‌
)
Net
assets
at
the
beginning
of
period
312,124,170‌
349,667,985‌
664,846,009‌
742,334,464‌
Net
assets
at
the
end
of
period
$
285,649,879‌
$
312,124,170‌
$
576,409,604‌
$
664,846,009‌
See
accompanying
notes
to
financial
statements.
77
Ohio
Wisconsin
Unaudited
Six
Months
Ended
11/30/22
Year
Ended
5/31/22
Unaudited
Six
Months
Ended
11/30/22
Year
Ended
5/31/22
Operations
Net
investment
income
(loss)
$
7,622,603‌
$
15,441,985‌
$
1,770,321‌
$
4,102,207‌
Net
realized
gain
(loss)
from
investments
(
16,652,137‌
)
(
4,925,877‌
)
(
1,966,915‌
)
(
354,568‌
)
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
299,816‌
(
51,235,062‌
)
(
3,520,536‌
)
(
10,115,830‌
)
Net
increase
(decrease)
in
net
assets
from
operations
(
8,729,718‌
)
(
40,718,954‌
)
(
3,717,130‌
)
(
6,368,191‌
)
Distributions
to
Shareholders
Dividends:
Class
A
Shares
(
3,182,058‌
)
(
6,868,034‌
)
(
1,043,204‌
)
(
2,340,989‌
)
Class
C
Shares
(
92,363‌
)
(
202,943‌
)
(
75,351‌
)
(
167,017‌
)
Class
I
Shares
(3,949,822)
(8,017,469)
(727,933)
(1,698,955)
Decrease
in
net
assets
from
distributions
to
shareholders
(
7,224,243‌
)
(
15,088,446‌
)
(
1,846,488‌
)
(
4,206,961‌
)
Fund
Share
Transactions
Proceeds
from
sale
of
shares
100,689,889‌
152,881,588‌
462,624‌
1,788,350‌
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
5,632,023‌
11,761,771‌
1,665,455‌
3,767,489‌
106,321,912‌
164,643,359‌
2,128,079‌
5,555,839‌
Cost
of
shares
redeemed
(
153,303,989‌
)
(
187,619,410‌
)
(
20,717,405‌
)
(
17,336,511‌
)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
(
46,982,077‌
)
(
22,976,051‌
)
(
18,589,326‌
)
(
11,780,672‌
)
Net
increase
(decrease)
in
net
assets
(
62,936,038‌
)
(
78,783,451‌
)
(
24,152,944‌
)
(
22,355,824‌
)
Net
assets
at
the
beginning
of
period
667,807,403‌
746,590,854‌
124,067,066‌
146,422,890‌
Net
assets
at
the
end
of
period
$
604,871,365‌
$
667,807,403‌
$
99,914,122‌
$
124,067,066‌
Financial
Highlights
78
Kansas
The
Fund's
fiscal
year
end
is
May
31st.
The
following
data
is
for
a
share
outstanding
for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Ending
NAV
Class
A
2023(e)
$
10.14
$
0.12
$
(
0.26
)
$
(
0.14
)
$
(
0.11
)
$
—
$
(
0.11
)
$
9.89
2022
10.87
0.24
(
0.74
)
(
0.50
)
(
0.23
)
—
(
0.23
)
10.14
2021
10.51
0.25
0.37
0.62
(
0.26
)
—
(
0.26
)
10.87
2020
10.74
0.30
(
0.21
)
0.09
(
0.32
)
—
(
0.32
)
10.51
2019
10.56
0.35
0.16
0.51
(
0.33
)
—
(
0.33
)
10.74
2018
10.75
0.36
(
0.18
)
0.18
(
0.37
)
—
(
0.37
)
10.56
Class
C
2023(e)
10.12
0.08
(
0.26
)
(
0.18
)
(
0.07
)
—
(
0.07
)
9.87
2022
10.85
0.15
(
0.74
)
(
0.59
)
(
0.14
)
—
(
0.14
)
10.12
2021
10.48
0.17
0.37
0.54
(
0.17
)
—
(
0.17
)
10.85
2020
10.72
0.21
(
0.22
)
(
0.01
)
(
0.23
)
—
(
0.23
)
10.48
2019
10.54
0.26
0.17
0.43
(
0.25
)
—
(
0.25
)
10.72
2018
10.73
0.27
(
0.18
)
0.09
(
0.28
)
—
(
0.28
)
10.54
Class
I
2023(e)
10.18
0.13
(
0.27
)
(
0.14
)
(
0.12
)
—
(
0.12
)
9.92
2022
10.91
0.26
(
0.74
)
(
0.48
)
(
0.25
)
—
(
0.25
)
10.18
2021
10.55
0.28
0.36
0.64
(
0.28
)
—
(
0.28
)
10.91
2020
10.78
0.32
(
0.21
)
0.11
(
0.34
)
—
(
0.34
)
10.55
2019
10.60
0.37
0.17
0.54
(
0.36
)
—
(
0.36
)
10.78
2018
10.79
0.38
(
0.18
)
0.20
(
0.39
)
—
(
0.39
)
10.60
(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
November
30,
2022.
(f)
Annualized.
See
accompanying
notes
to
financial
statements.
79
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)
(
1
.35‌
)
%
$
138,753
0
.79‌
%
(f)
0
.79‌
%
(f)
2
.45‌
%
(f)
9‌
%
(
4
.68‌
)
153,222
0
.79‌
0
.78‌
2
.24‌
15‌
5
.92‌
193,933
0
.79‌
0
.79‌
2
.37‌
6‌
0
.80‌
176,030
0
.82‌
0
.79‌
2
.79‌
21‌
4
.96‌
163,340
0
.89‌
0
.82‌
3
.28‌
15‌
1
.66‌
149,898
0
.87‌
0
.81‌
3
.36‌
16‌
(
1
.75‌
)
8,235
1
.59‌
(f)
1
.59‌
(f)
1
.65‌
(f)
9‌
(
5
.47‌
)
9,897
1
.59‌
1
.58‌
1
.44‌
15‌
5
.18‌
12,446
1
.59‌
1
.59‌
1
.57‌
6‌
(
0
.09‌
)
12,261
1
.62‌
1
.59‌
1
.99‌
21‌
4
.13‌
12,340
1
.69‌
1
.62‌
2
.48‌
15‌
0
.87‌
12,587
1
.67‌
1
.61‌
2
.55‌
16‌
(
1
.32‌
)
88,615
0
.59‌
(f)
0
.59‌
(f)
2
.65‌
(f)
9‌
(
4
.45‌
)
95,483
0
.59‌
0
.58‌
2
.44‌
15‌
6
.13‌
99,746
0
.59‌
0
.59‌
2
.56‌
6‌
1
.02‌
82,558
0
.62‌
0
.59‌
2
.98‌
21‌
5
.17‌
67,936
0
.69‌
0
.62‌
3
.46‌
15‌
1
.89‌
46,609
0
.67‌
0
.61‌
3
.56‌
16‌
80
Financial
Highlights
(continued)
Kentucky
The
Fund's
fiscal
year
end
is
May
31st.
The
following
data
is
for
a
share
outstanding
for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Ending
NAV
Class
A
2023(e)
$
10.17
$
0.14
$
(
0.45
)
$
(
0.31
)
$
(
0.13
)
$
—
$
(
0.13
)
$
9.73
2022
11.24
0.26
(
1.06
)
(
0.80
)
(
0.27
)
—
(
0.27
)
10.17
2021
10.91
0.30
0.32
0.62
(
0.29
)
—
(
0.29
)
11.24
2020
10.92
0.31
(
0.03
)
0.28
(
0.29
)
—
(
0.29
)
10.91
2019
10.64
0.32
0.28
0.60
(
0.32
)
—
(
0.32
)
10.92
2018
10.94
0.35
(
0.29
)
0.06
(
0.36
)
—
(
0.36
)
10.64
Class
C
2023(e)
10.17
0.10
(
0.46
)
(
0.36
)
(
0.09
)
—
(
0.09
)
9.72
2022
11.24
0.18
(
1.07
)
(
0.89
)
(
0.18
)
—
(
0.18
)
10.17
2021
10.91
0.21
0.32
0.53
(
0.20
)
—
(
0.20
)
11.24
2020
10.92
0.22
(
0.03
)
0.19
(
0.20
)
—
(
0.20
)
10.91
2019
10.64
0.23
0.28
0.51
(
0.23
)
—
(
0.23
)
10.92
2018
10.94
0.26
(
0.28
)
(
0.02
)
(
0.28
)
—
(
0.28
)
10.64
Class
I
2023(e)
10.16
0.15
(
0.46
)
(
0.31
)
(
0.14
)
—
(
0.14
)
9.71
2022
11.23
0.28
(
1.06
)
(
0.78
)
(
0.29
)
—
(
0.29
)
10.16
2021
10.90
0.32
0.32
0.64
(
0.31
)
—
(
0.31
)
11.23
2020
10.91
0.33
(
0.03
)
0.30
(
0.31
)
—
(
0.31
)
10.90
2019
10.64
0.34
0.27
0.61
(
0.34
)
—
(
0.34
)
10.91
2018
10.94
0.37
(
0.28
)
0.09
(
0.39
)
—
(
0.39
)
10.64
(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
November
30,
2022.
(f)
Annualized.
See
accompanying
notes
to
financial
statements.
81
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)
(
3
.05‌
)
%
$
211,792
0
.95‌
%
(f)
0
.77‌
%
(f)
2
.77‌
%
(f)
8‌
%
(
7
.25‌
)
242,580
0
.83‌
0
.77‌
2
.41‌
16‌
5
.73‌
279,307
0
.83‌
0
.77‌
2
.67‌
5‌
2
.55‌
261,330
0
.93‌
0
.78‌
2
.78‌
13‌
5
.74‌
270,776
0
.97‌
0
.79‌
2
.97‌
25‌
0
.57‌
272,191
0
.86‌
0
.78‌
3
.24‌
27‌
(
3
.54‌
)
5,619
1
.75‌
(f)
1
.57‌
(f)
1
.96‌
(f)
8‌
(
8
.01‌
)
7,048
1
.63‌
1
.57‌
1
.60‌
16‌
4
.88‌
8,607
1
.63‌
1
.57‌
1
.87‌
5‌
1
.73‌
7,584
1
.73‌
1
.58‌
1
.98‌
13‌
4
.91‌
7,232
1
.77‌
1
.59‌
2
.17‌
25‌
(
0
.21‌
)
7,583
1
.66‌
1
.58‌
2
.43‌
27‌
(
3
.03‌
)
69,051
0
.75‌
(f)
0
.57‌
(f)
2
.97‌
(f)
8‌
(
7
.05‌
)
80,715
0
.63‌
0
.57‌
2
.60‌
16‌
5
.94‌
90,506
0
.63‌
0
.57‌
2
.87‌
5‌
2
.77‌
72,550
0
.73‌
0
.58‌
2
.98‌
13‌
5
.89‌
56,021
0
.76‌
0
.58‌
3
.17‌
25‌
0
.80‌
44,851
0
.66‌
0
.58‌
3
.43‌
27‌
82
Financial
Highlights
(continued)
Michigan
The
Fund's
fiscal
year
end
is
May
31st.
The
following
data
is
for
a
share
outstanding
for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Ending
NAV
Class
A
2023(e)
$
10.93
$
0.12
$
(
0.39
)
$
(
0.27
)
$
(
0.11
)
$
—
$
(
0.11
)
$
10.55
2022
12.09
0.23
(
1.16
)
(
0.93
)
(
0.22
)
(
0.01
)
(
0.23
)
10.93
2021
11.92
0.26
0.18
0.44
(
0.27
)
—
(
0.27
)
12.09
2020
11.67
0.29
0.25
0.54
(
0.29
)
—
(
0.29
)
11.92
2019
11.35
0.30
0.31
0.61
(
0.29
)
—
(
0.29
)
11.67
2018
11.56
0.31
(
0.20
)
0.11
(
0.32
)
—
(
0.32
)
11.35
Class
C
2023(e)
10.90
0.08
(
0.39
)
(
0.31
)
(
0.07
)
—
(
0.07
)
10.52
2022
12.05
0.13
(
1.15
)
(
1.02
)
(
0.12
)
(
0.01
)
(
0.13
)
10.90
2021
11.88
0.17
0.17
0.34
(
0.17
)
—
(
0.17
)
12.05
2020
11.63
0.19
0.25
0.44
(
0.19
)
—
(
0.19
)
11.88
2019
11.31
0.21
0.31
0.52
(
0.20
)
—
(
0.20
)
11.63
2018
11.53
0.22
(
0.21
)
0.01
(
0.23
)
—
(
0.23
)
11.31
Class
I
2023(e)
10.92
0.13
(
0.40
)
(
0.27
)
(
0.12
)
—
(
0.12
)
10.53
2022
12.07
0.25
(
1.15
)
(
0.90
)
(
0.24
)
(
0.01
)
(
0.25
)
10.92
2021
11.90
0.29
0.17
0.46
(
0.29
)
—
(
0.29
)
12.07
2020
11.65
0.31
0.25
0.56
(
0.31
)
—
(
0.31
)
11.90
2019
11.33
0.32
0.32
0.64
(
0.32
)
—
(
0.32
)
11.65
2018
11.55
0.33
(
0.21
)
0.12
(
0.34
)
—
(
0.34
)
11.33
(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
November
30,
2022.
(f)
Annualized.
See
accompanying
notes
to
financial
statements.
83
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)
(
2
.46‌
)
%
$
102,501
0
.88‌
%
(f)
0
.80‌
%
(f)
2
.33‌
%
(f)
25‌
%
(
7
.82‌
)
117,382
0
.81‌
0
.78‌
1
.91‌
21‌
3
.72‌
148,560
0
.83‌
0
.80‌
2
.19‌
4‌
4
.66‌
120,780
0
.83‌
0
.80‌
2
.46‌
10‌
5
.49‌
116,693
0
.86‌
0
.82‌
2
.66‌
16‌
0
.94‌
112,969
0
.86‌
0
.82‌
2
.72‌
10‌
(
2
.87‌
)
6,966
1
.68‌
(f)
1
.60‌
(f)
1
.53‌
(f)
25‌
(
8
.51‌
)
8,853
1
.61‌
1
.58‌
1
.11‌
21‌
2
.90‌
10,442
1
.63‌
1
.60‌
1
.39‌
4‌
3
.84‌
10,443
1
.63‌
1
.60‌
1
.66‌
10‌
4
.67‌
10,199
1
.66‌
1
.62‌
1
.85‌
16‌
0
.06‌
11,758
1
.66‌
1
.62‌
1
.92‌
10‌
(
2
.44‌
)
176,183
0
.68‌
(f)
0
.60‌
(f)
2
.52‌
(f)
25‌
(
7
.56‌
)
185,889
0
.61‌
0
.58‌
2
.12‌
21‌
3
.93‌
190,067
0
.63‌
0
.60‌
2
.38‌
4‌
4
.88‌
148,589
0
.63‌
0
.60‌
2
.66‌
10‌
5
.72‌
123,326
0
.66‌
0
.62‌
2
.85‌
16‌
1
.06‌
93,181
0
.66‌
0
.62‌
2
.92‌
10‌
84
Financial
Highlights
(continued)
Missouri
The
Fund's
fiscal
year
end
is
May
31st.
The
following
data
is
for
a
share
outstanding
for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Ending
NAV
Class
A
2023(e)
$
10.75
$
0.15
$
(
0.39
)
$
(
0.24
)
$
(
0.14
)
$
—
$
(
0.14
)
$
10.37
2022
11.73
0.27
(
0.99
)
(
0.72
)
(
0.26
)
—
(
0.26
)
10.75
2021
11.43
0.29
0.31
0.60
(
0.30
)
—
(
0.30
)
11.73
2020
11.45
0.32
0.01
0.33
(
0.35
)
—
(
0.35
)
11.43
2019
11.19
0.36
0.27
0.63
(
0.37
)
—
(
0.37
)
11.45
2018
11.38
0.38
(
0.20
)
0.18
(
0.37
)
—
(
0.37
)
11.19
Class
C
2023(e)
10.71
0.11
(
0.40
)
(
0.29
)
(
0.09
)
—
(
0.09
)
10.33
2022
11.68
0.17
(
0.97
)
(
0.80
)
(
0.17
)
—
(
0.17
)
10.71
2021
11.38
0.20
0.30
0.50
(
0.20
)
—
(
0.20
)
11.68
2020
11.40
0.23
0.01
0.24
(
0.26
)
—
(
0.26
)
11.38
2019
11.14
0.27
0.27
0.54
(
0.28
)
—
(
0.28
)
11.40
2018
11.33
0.29
(
0.20
)
0.09
(
0.28
)
—
(
0.28
)
11.14
Class
I
2023(e)
10.74
0.16
(
0.40
)
(
0.24
)
(
0.15
)
—
(
0.15
)
10.35
2022
11.71
0.29
(
0.97
)
(
0.68
)
(
0.29
)
—
(
0.29
)
10.74
2021
11.42
0.32
0.29
0.61
(
0.32
)
—
(
0.32
)
11.71
2020
11.43
0.35
0.02
0.37
(
0.38
)
—
(
0.38
)
11.42
2019
11.18
0.39
0.26
0.65
(
0.40
)
—
(
0.40
)
11.43
2018
11.37
0.40
(
0.19
)
0.21
(
0.40
)
—
(
0.40
)
11.18
(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
November
30,
2022.
(f)
Annualized.
See
accompanying
notes
to
financial
statements.
85
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)
(
2
.26‌
)
%
$
301,305
0
.76‌
%
(f)
0
.76‌
%
(f)
2
.90‌
%
(f)
16‌
%
(
6
.21‌
)
340,019
0
.75‌
0
.75‌
2
.32‌
25‌
5
.27‌
384,737
0
.76‌
0
.76‌
2
.52‌
5‌
3
.00‌
311,195
0
.77‌
0
.77‌
2
.82‌
11‌
5
.69‌
267,631
0
.78‌
0
.78‌
3
.26‌
17‌
1
.64‌
230,518
0
.78‌
0
.78‌
3
.38‌
18‌
(
2
.66‌
)
14,546
1
.56‌
(f)
1
.56‌
(f)
2
.10‌
(f)
16‌
(
6
.94‌
)
18,127
1
.55‌
1
.55‌
1
.52‌
25‌
4
.45‌
23,454
1
.56‌
1
.56‌
1
.73‌
5‌
2
.08‌
22,911
1
.57‌
1
.57‌
2
.02‌
11‌
4
.96‌
19,534
1
.58‌
1
.58‌
2
.46‌
17‌
0
.83‌
18,629
1
.58‌
1
.58‌
2
.58‌
18‌
(
2
.24‌
)
260,558
0
.56‌
(f)
0
.56‌
(f)
3
.09‌
(f)
16‌
(
5
.94‌
)
306,700
0
.55‌
0
.55‌
2
.52‌
25‌
5
.41‌
333,691
0
.56‌
0
.56‌
2
.72‌
5‌
3
.22‌
294,393
0
.57‌
0
.57‌
3
.02‌
11‌
5
.93‌
259,964
0
.58‌
0
.58‌
3
.46‌
17‌
1
.86‌
243,589
0
.58‌
0
.58‌
3
.58‌
18‌
86
Financial
Highlights
(continued)
Ohio
The
Fund's
fiscal
year
end
is
May
31st.
The
following
data
is
for
a
share
outstanding
for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Ending
NAV
Class
A
2023(f)
$
11.10
$
0.13
$
(
0.26
)
$
(
0.13
)
$
(
0.12
)
$
—
$
(
0.12
)
$
10.85
2022
11.96
0.24
(
0.87
)
(
0.63
)
(
0.22
)
(
0.01
)
(
0.23
)
11.10
2021
11.94
0.26
0.06
0.32
(
0.26
)
(
0.04
)
(
0.30
)
11.96
2020
11.62
0.30
0.31
0.61
(
0.29
)
—
(
0.29
)
11.94
2019
11.29
0.33
0.32
0.65
(
0.32
)
—
(
0.32
)
11.62
2018
11.55
0.34
(
0.24
)
0.10
(
0.36
)
—
(
0.36
)
11.29
Class
C
2023(f)
11.03
0.08
(
0.24
)
(
0.16
)
(
0.08
)
—
(
0.08
)
10.79
2022
11.90
0.14
(
0.87
)
(
0.73
)
(
0.13
)
(
0.01
)
(
0.14
)
11.03
2021
11.87
0.16
0.08
0.24
(
0.17
)
(
0.04
)
(
0.21
)
11.90
2020
11.55
0.21
0.31
0.52
(
0.20
)
—
(
0.20
)
11.87
2019
11.22
0.23
0.33
0.56
(
0.23
)
—
(
0.23
)
11.55
2018
11.48
0.24
(
0.23
)
0.01
(
0.27
)
—
(
0.27
)
11.22
Class
I
2023(f)
11.05
0.14
(
0.25
)
(
0.11
)
(
0.13
)
—
(
0.13
)
10.81
2022
11.92
0.26
(
0.87
)
(
0.61
)
(
0.25
)
(
0.01
)
(
0.26
)
11.05
2021
11.90
0.28
0.07
0.35
(
0.29
)
(
0.04
)
(
0.33
)
11.92
2020
11.58
0.32
0.32
0.64
(
0.32
)
—
(
0.32
)
11.90
2019
11.24
0.35
0.32
0.67
(
0.33
)
—
(
0.33
)
11.58
2018
11.51
0.36
(
0.24
)
0.12
(
0.39
)
—
(
0.39
)
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
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
November
30,
2022.
(g)
Annualized.
See
accompanying
notes
to
financial
statements.
87
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)
(
1
.17‌
)
%
$
274,927
0
.77‌
%
(g)
0
.77‌
%
(g)
2
.32‌
%
(g)
20‌
%
(
5
.36‌
)
309,710
0
.76‌
0
.76‌
2
.00‌
19‌
2
.73‌
365,676
0
.77‌
0
.77‌
2
.18‌
6‌
5
.35‌
342,227
0
.78‌
0
.77‌
2
.57‌
13‌
5
.84‌
321,256
0
.79‌
0
.79‌
2
.89‌
13‌
0
.92‌
306,232
0
.78‌
0
.78‌
2
.94‌
16‌
(
1
.49‌
)
12,515
1
.57‌
(g)
1
.57‌
(g)
1
.52‌
(g)
20‌
(
6
.24‌
)
14,599
1
.56‌
1
.56‌
1
.20‌
19‌
2
.00‌
18,821
1
.57‌
1
.57‌
1
.39‌
6‌
4
.52‌
19,914
1
.58‌
1
.57‌
1
.77‌
13‌
5
.02‌
20,574
1
.59‌
1
.59‌
2
.09‌
13‌
0
.13‌
21,720
1
.58‌
1
.58‌
2
.14‌
16‌
(
0
.98‌
)
317,429
0
.57‌
(g)
0
.57‌
(g)
2
.52‌
(g)
20‌
(
5
.27‌
)
343,499
0
.56‌
0
.56‌
2
.20‌
19‌
2
.94‌
360,971
0
.57‌
0
.57‌
2
.38‌
6‌
5
.59‌
308,803
0
.58‌
0
.57‌
2
.77‌
13‌
6
.12‌
272,612
0
.59‌
0
.59‌
3
.09‌
13‌
1
.04‌
233,238
0
.58‌
0
.58‌
3
.14‌
16‌
88
Financial
Highlights
(continued)
Wisconsin
The
Fund's
fiscal
year
end
is
May
31st.
The
following
data
is
for
a
share
outstanding
for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Ending
NAV
Class
A
2023(e)
$
10.24
$
0.16
$
(
0.45
)
$
(
0.29
)
$
(
0.16
)
$
—
$
(
0.16
)
$
9.79
2022
11.07
0.32
(
0.83
)
(
0.51
)
(
0.32
)
—
(
0.32
)
10.24
2021
10.71
0.32
0.36
0.68
(
0.32
)
—
(
0.32
)
11.07
2020
10.79
0.31
(
0.10
)
0.21
(
0.29
)
—
(
0.29
)
10.71
2019
10.48
0.33
0.32
0.65
(
0.34
)
—
(
0.34
)
10.79
2018
10.60
0.34
(
0.12
)
0.22
(
0.34
)
—
(
0.34
)
10.48
Class
C
2023(e)
10.24
0.12
(
0.45
)
(
0.33
)
(
0.12
)
—
(
0.12
)
9.79
2022
11.07
0.23
(
0.82
)
(
0.59
)
(
0.24
)
—
(
0.24
)
10.24
2021
10.71
0.24
0.35
0.59
(
0.23
)
—
(
0.23
)
11.07
2020
10.79
0.22
(
0.10
)
0.12
(
0.20
)
—
(
0.20
)
10.71
2019
10.48
0.24
0.32
0.56
(
0.25
)
—
(
0.25
)
10.79
2018
10.60
0.26
(
0.13
)
0.13
(
0.25
)
—
(
0.25
)
10.48
Class
I
2023(e)
10.25
0.17
(
0.45
)
(
0.28
)
(
0.17
)
—
(
0.17
)
9.80
2022
11.09
0.34
(
0.83
)
(
0.49
)
(
0.35
)
—
(
0.35
)
10.25
2021
10.72
0.35
0.36
0.71
(
0.34
)
—
(
0.34
)
11.09
2020
10.81
0.33
(
0.11
)
0.22
(
0.31
)
—
(
0.31
)
10.72
2019
10.50
0.35
0.32
0.67
(
0.36
)
—
(
0.36
)
10.81
2018
10.63
0.37
(
0.14
)
0.23
(
0.36
)
—
(
0.36
)
10.50
(a)
Per
share
Net
Investment
Income
(Loss)
is
calculated
using
the
average
daily
shares
method.
(b)
Total
return
is
the
combination
of
changes
in
NAV
without
any
sales
charge,
reinvested
dividend
income
at
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
Total
returns
are
not
annualized.
(c)
The
expense
ratios
reflect,
among
other
things,
the
interest
expense
deemed
to
have
been
paid
by
the
Fund
on
the
floating
rate
certificates
issued
by
the
special
purpose
trusts
for
the
self-deposited
inverse
floaters
held
by
the
Fund,
where
applicable,
as
described
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives
and
the
interest
expense
and
fees
paid
on
borrowings,
as
described
in
Note
9
-
Borrowing
Arrangements.
(d)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives)
divided
by
the
average
long-term
market
value
during
the
period.
(e)
Unaudited.  For
the
six
months
ended
November
30,
2022.
(f)
Annualized.
See
accompanying
notes
to
financial
statements.
89
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)
(
2
.80‌
)
%
$
57,199
1
.03‌
%
(f)
0
.85‌
%
(f)
3
.16‌
%
(f)
2‌
%
(
4
.71‌
)
70,472
0
.89‌
0
.84‌
2
.89‌
6‌
6
.42‌
81,624
0
.89‌
0
.84‌
2
.97‌
6‌
1
.93‌
82,985
0
.93‌
0
.84‌
2
.85‌
23‌
6
.29‌
77,040
0
.93‌
0
.88‌
3
.11‌
26‌
2
.08‌
53,569
0
.88‌
0
.88‌
3
.27‌
17‌
(
3
.19‌
)
5,667
1
.83‌
(f)
1
.65‌
(f)
2
.36‌
(f)
2‌
(
5
.48‌
)
6,905
1
.69‌
1
.64‌
2
.09‌
6‌
5
.59‌
8,272
1
.69‌
1
.64‌
2
.17‌
6‌
1
.11‌
9,205
1
.73‌
1
.64‌
2
.05‌
23‌
5
.45‌
8,690
1
.73‌
1
.68‌
2
.31‌
26‌
1
.27‌
5,566
1
.68‌
1
.68‌
2
.47‌
17‌
(
2
.68‌
)
37,048
0
.83‌
(f)
0
.65‌
(f)
3
.36‌
(f)
2‌
(
4
.58‌
)
46,690
0
.69‌
0
.64‌
3
.09‌
6‌
6
.72‌
56,144
0
.69‌
0
.64‌
3
.17‌
6‌
2
.03‌
61,377
0
.73‌
0
.64‌
3
.04‌
23‌
6
.52‌
69,305
0
.73‌
0
.68‌
3
.32‌
26‌
2
.21‌
52,835
0
.68‌
0
.68‌
3
.46‌
17‌
90
Notes
to
Financial
Statements
(Unaudited)
1.
General
Information 
Trust
and
Fund
Information
The
Nuveen
Multistate
Trust
IV
(the
“Trust”),
is
an
open-end
management
investment
company
registered
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
as
amended.
The
Trust
is
comprised
of
the
Nuveen
Kansas
Municipal
Bond
Fund
(“Kansas”),
Nuveen
Kentucky
Municipal
Bond
Fund
(“Kentucky”),
Nuveen
Michigan
Municipal
Bond
Fund
(“Michigan”),
Nuveen
Missouri
Municipal
Bond
Fund
(“Missouri”),
Nuveen
Ohio
Municipal
Bond
Fund
(“Ohio”)
and
Nuveen
Wisconsin
Municipal
Bond
Fund
(“Wisconsin”)
(each
a
“Fund”
and
collectively,
the
“Funds”),
as
diversified
funds.
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
November
30,
2022,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
November
30,
2022
(the
"current
fiscal
period").
Fund
Closure
Effective
September
27,
2019,
Wisconsin
closed
to
new
and
existing
investors,
except
for
dividend
reinvestment
plans
that
were
elected
on
or
before
the
Fund’s
closing
date.
The
Fund
reserves
the
right
to
reopen
at
its
discretion.
Investment
Adviser
and
Sub-Adviser
The
Funds’
investment
adviser,
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”),
is
a
subsidiary
of
Nuveen,
LLC
(“Nuveen”).
Nuveen
is
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(TIAA).
The
Adviser
has
overall
responsibility
for
management
of
the
Funds,
oversees
the
management
of
the
Funds’
portfolios,
manages
the
Funds’
business
affairs
and
provides
certain
clerical,
bookkeeping
and
other
administrative
services,
and,
if
necessary,
asset
allocation
decisions.
The
Adviser
has
entered
into
sub-advisory
agreements
with
Nuveen
Asset
Management,
LLC,
(the
“Sub-Adviser”),
a
subsidiary
of
the
Adviser,
under
which
the
Sub-Adviser
manages
the
investment
portfolios
of
the
Funds.
Share
Classes
and
Sales
Charges
Class
A
Shares
are
generally
sold
with
an
up-front
sales
charge.
Class
A
Shares
purchases
of
$250,000
or
more
are
sold
at
net
asset
value
(“NAV”)
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(“CDSC”)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
are
sold
without
an
up-front
sales
charge
but
are
subject
to
a
CDSC
of
1%
if
redeemed
within
twelve
months
of
purchase.
Class
C
Shares
automatically
convert
to
Class
A
Shares
eight
years
after
purchase.
Class
I
Shares
are
sold
without
an
up-front
sales
charge.
2.
Significant
Accounting
Policies
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
the
use
of
estimates
made
by
management
and
the
evaluation
of
subsequent
events.
Actual
results
may
differ
from
those
estimates.
Each
Fund
is
an
investment
company
and
follows
accounting
guidance
in
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
946,
Financial
Services
—
Investment
Companies.
The
NAV
for
financial
reporting
purposes
may
differ
from
the
NAV
for
processing
security
and
shareholder
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and
shareholder
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
shareholder
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds.
Compensation
The Trust
pays
no
compensation
directly
to
those
of
its
trustees
or
to
its
officers,
all
of
whom
receive
remuneration
for
their
services
to the
Trust
from
the
Adviser
or
its
affiliates.
The
Funds'
Board
of Trustees
(the
"Board") has
adopted
a
deferred
compensation
plan
for
independent
trustees
that
enables
trustees
to
elect
to
defer
receipt
of
all
or
a
portion
of
the
annual
compensation
they
are
entitled
to
receive
from
certain
Nuveen-advised
funds.
Under
the
plan,
deferred
amounts
are
treated
as
though
equal
dollar
amounts
had
been
invested
in
shares
of
select
Nuveen-advised
funds.
Custodian
Fee
Credit
As
an
alternative
to
overnight
investments,
each
Fund
has
an
arrangement
with
its
custodian
bank,
State
Street
Bank
and
Trust
Company,
(the
“Custodian”)
whereby
certain
custodian
fees
and
expenses
are
reduced
by
net
credits
earned
on
each
Fund’s
cash
on
deposit
with
the
bank.
Credits
for
cash
balances
may
be
offset
by
charges
for
any
days
on
which
a
Fund
overdraws
its
account
at
the
Custodian.
The
amount
of
custodian
fee
credit
earned
by
a
Fund
is
recognized
on
the
Statement
of
Operations
as
a
component
of
“Custodian
expenses,
net.”
During
the
current
reporting
period,
the
custodian
fee
credit
earned
by
each
Fund
was
as
follows:
91
Distributions
to
Shareholders
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
The
amount,
character
and
timing
of
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Indemnifications
Under
the
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
In
addition,
in
the
normal
course
of
business,
the
Trust
enters
into
contracts
that
provide
general
indemnifications
to
other
parties.
The
Trust’s
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust
that
have
not
yet
occurred.
However,
the
Trust
has
not
had
prior
claims
or
losses
pursuant
to
these
contracts
and
expects
the
risk
of
loss
to
be
remote.
Investments
and
Investment
Income
Securities
transactions
are
accounted
for
as
of
the
trade
date
for
financial
reporting
purposes.
Realized
gains
and
losses
on
securities
transactions
are
based
upon
the
specific
identification
method.
Investment
income
is
comprised
of
interest
income,
which
is
recorded
on
an
accrual
basis
and
includes
accretion
of
discounts
and
amortization
of
premiums
for
financial
reporting
purposes.
Interest
income
also
reflects
payment-in-kind
(“PIK”)
interest
and
paydown
gains
and
losses,
if
any.
PIK
interest
represents
income
received
in
the
form
of
securities
in
lieu
of
cash.
Multiclass
Operations
and
Allocations
Income
and
expenses
of
the
Funds
that
are
not
directly
attributable
to
a
specific
class
of
shares
are
prorated
among
the
classes
based
on
the
relative
value
of
the
settled
shares
of
each
class.
Expenses
directly
attributable
to
a
class
of
shares
are
recorded
to
the
specific
class.
12b-1
distribution
and
service
fees
are
allocated
on
a
class-specific
basis.
Realized
and
unrealized
capital
gains
and
losses
of
the
Funds
are
prorated
among
the
classes
based
on
the
relative
net
assets
of
each
class. 
Netting
Agreements
In
the
ordinary
course
of
business,
the
Funds
may
enter
into
transactions
subject
to
enforceable
International
Swaps
and
Derivatives
Association,
Inc.
(ISDA)
master
agreements
or
other
similar
arrangements
(“netting
agreements”).
Generally,
the
right
to
offset
in
netting
agreements
allows
each
Fund
to
offset
certain
securities
and
derivatives
with
a
specific
counterparty,
when
applicable,
as
well
as
any
collateral
received
or
delivered
to
that
counterparty
based
on
the
terms
of
the
agreements.
Generally,
each
Fund
manages
its
cash
collateral
and
securities
collateral
on
a
counterparty
basis.
The
Funds’
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives.
New
Accounting
Pronouncements
and
Rule
Issuances
Reference
Rate
Reform
In
March
2020,
FASB
issued
Accounting
Standards
Update
(“ASU”)
2020-04,
Reference
Rate
Reform:
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
The
main
objective
of
the
new
guidance
is
to
provide
relief
to
companies
that
will
be
impacted
by
the
expected
change
in
benchmark
interest
rates,
when
participating
banks
will
no
longer
be
required
to
submit
London
Interbank
Offered
Rate
(LIBOR)
quotes
by
the
UK
Financial
Conduct
Authority
(FCA).
The
new
guidance
allows
companies
to,
provided
the
only
change
to
existing
contracts
are
a
change
to
an
approved
benchmark
interest
rate,
account
for
modifications
as
a
continuance
of
the
existing
contract
without
additional
analysis.
For
new
and
existing
contracts,
the
Funds
may
elect
to
apply
the
amendments
as
of
March
12,
2020
through
December
31,
2022.
In
December
2022,
FASB
deferred
ASU
2022-04
and
issued
ASU
2022-06,
Reference
Rate
Reform:
Deferral
of
the
Sunset
Date
of
Topic
848,
which
extends
the
application
of
the
amendments
through
December
31,
2024. 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.
Fund
Gross
Custodian
Fee
Credits
Kansas
$
2,105
Kentucky
4,249
Michigan
2,363
Missouri
2,322
Ohio
1,626
Wisconsin
83
92
Notes
to
Financial
Statements
(Unaudited)
(continued)
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
2(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
Adviser,
subject
to
oversight
of
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
last
reported sales
price
or
official
closing
price 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
reported sales
price
or
official
closing
price
on
the
principal
exchange
where
traded,
and
converted
to
U.S.
dollars
at
the
prevailing
rates
of
exchange
on
the valuation
date.
For
events affecting
the value
of
foreign
securities
between
the
time
when
the
exchange
on
which
they
are
traded
closes
and
the
time
when
the
Funds'
net
assets
are
calculated,
such
securities
will
be
valued
at
fair
value
in
accordance
with
procedures
adopted
by
the
Adviser,
subject
to
the
oversight
of
the
Board. To
the
extent
these
securities
are
actively
traded
and
no
valuation
adjustments
are
applied,
they
are
generally
classified
as
Level
1. When
valuation
adjustments
are
applied
to
the
most
recent
last
sales
price
or
official
closing
price, these
securities
are
generally
classified
as
Level
2.
Prices
of
fixed-income
securities
are
generally
provided
by
pricing
services
approved
by
the
Adviser,
which
is
subject
to
review
by
the
Adviser
and
oversight
of
the
Board. Pricing
services
establish
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,
pricing
services
may
consider
information
about
a
security,
its
issuer
or
market
activity
provided
by
the
Adviser.
These
securities
are
generally
classified
as
Level
2.
For
any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
Adviser
deems
the
valuations
derived
using
the
valuation
procedures
described
above
not
to
reflect
fair
value,
the
Adviser
will
determine
a
fair
value
in
good
faith
using
alternative
procedures
approved
by
the
Adviser,
subject
to
the
oversight
of
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
is
the
amount
that
the
owner
might
reasonably
expect
to
receive
for
it
in
a
current
sale.
A
variety
of
factors
may
be
considered
in
determining
the
fair
value
of
such
securities,
which
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
To
the
extent
the
inputs
are
observable
and
timely,
the
values
would
be
classified
as
Level
2;
otherwise
they
would
be
classified
as
Level
3.
93
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
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.
Kansas
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
228,253,564
$
–
$
228,253,564
Common
Stocks
–
7,118,233
–
7,118,233
Total
$
–
$
235,371,797
$
–
$
235,371,797
Kentucky
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
310,488,917
$
–
$
310,488,917
Total
$
–
$
310,488,917
$
–
$
310,488,917
Michigan
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
277,324,510
$
–
$
277,324,510
Total
$
–
$
277,324,510
$
–
$
277,324,510
Missouri
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
576,407,369
$
–
$
576,407,369
Total
$
–
$
576,407,369
$
–
$
576,407,369
Ohio
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
562,609,058
$
–
$
562,609,058
Common
Stocks
–
27,816,847
–
27,816,847
Total
$
–
$
590,425,905
$
–
$
590,425,905
Wisconsin
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
98,472,643
$
–
$
98,472,643
Common
Stocks
–
8,008,190
–
8,008,190
Total
$
–
$
106,480,833
$
–
$
106,480,833
*
Refer
to
the
Fund's
Portfolio
of
Investments
for
industry
classifications.
94
Notes
to
Financial
Statements
(Unaudited)
(continued)
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.
A 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
Kansas
$
—
$
—
$
—
Kentucky
22,650,000
—
22,650,000
Michigan
—
—
—
Missouri
—
—
—
Ohio
—
—
—
Wisconsin
8,020,000
—
8,020,000
Fund
Average
Floating
Rate
Obligations
Outstanding
Average
Annual
Interest
Rate
And
Fees
Kansas
$
—
—
%
Kentucky
28,502,795
1
.96
Michigan
13,410,137
1
.64
Missouri
—
—
Ohio
—
—
Wisconsin
8,020,000
2
.14
95
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
facility.
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, each
Fund's
maximum
exposure
to
the
Floaters
issued
by
Recourse
Trusts
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
was
as
follows:
Zero
Coupon
Securities
A
zero
coupon
security
does
not
pay
a
regular
interest
coupon
to
its
holders
during
the
life
of
the
security.
Income
to
the
holder
of
the
security
comes
from
accretion
of
the
difference
between
the
original
purchase
price
of
the
security
at
issuance
and
the
par
value
of
the
security
at
maturity
and
is
effectively
paid
at
maturity.
The
market
prices
of
zero
coupon
securities
generally
are
more
volatile
than
the
market
prices
of
securities
that
pay
interest
periodically.
Investment
Transactions
Long-term
purchases
and
sales
(including
maturities)
during
the
current fiscal
period
were
as
follows:
Fund
Maximum
Exposure
to
Recourse
Trusts:
Self-Deposited
Inverse
Floaters
Maximum
Exposure
to
Recourse
Trusts:
Externally-Deposited
Inverse
Floaters
Total
Kansas
$
—
$
—
$
—
Kentucky
22,650,000
—
22,650,000
Michigan
—
—
—
Missouri
—
—
—
Ohio
—
—
—
Wisconsin
8,020,000
—
8,020,000
Fund
Purchases
Sales
and
Maturities
Kansas
$
20,875,603
$
38,487,375
Kentucky
25,833,914
58,982,272
Michigan
72,514,840
113,676,035
Missouri
99,907,906
155,169,375
Ohio
124,002,588
174,067,730
Wisconsin
2,000,000
21,074,445
96
Notes
to
Financial
Statements
(Unaudited)
(continued)
The
Funds
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis.
Securities
purchased
on
a
when-issued
or
delayed-delivery
basis
may
have
extended
settlement
periods;
interest
income
is
not
accrued
until
settlement
date.
Any
securities
so
purchased
are
subject
to
market
fluctuation
during
this
period.
The
Funds
have
earmarked
securities
in
their
portfolios
with
a
current
value
at
least
equal
to
the
amount
of
the
when-issued/
delayed
delivery
purchase
commitments.
If
a
Fund
has
outstanding
when-issued/delayed-delivery
purchases
commitments
as
of
the
end
of
the
reporting
period,
such
amounts
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
Investments
in
Derivatives
In
addition
to
the
inverse
floating
rate
securities
in
which each
Fund
may
invest,
which
are
considered
portfolio
securities
for
financial
reporting
purposes, each
Fund
is
authorized
to
invest
in
certain
other
derivative
instruments. 
The
Funds
record
derivative
instruments
at
fair
value,
with
changes
in
fair
value
recognized
on
the
Statement
of
Operations,
where
applicable. 
Even
though
the
Funds'
investments
in
derivatives
may
represent
economic
hedges,
they
are
not
considered
to
be
hedge
transactions
for
financial
reporting
purposes.
Although
the
Funds
are
authorized
to
invest
in
derivative
instruments,
and
may
do
so
in
the
future,
they
did
not
make
any
such
investments
during
the
current
fiscal
period.
Market
and
Counterparty
Credit
Risk
In
the
normal
course
of
business
each
Fund
may
invest
in
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk)
or
failure
of
the
other
party
to
the
transaction
to
perform
(counterparty
credit
risk).
The
potential
loss
could
exceed
the
value
of
the
financial
assets
recorded
on
the
financial
statements.
Financial
assets,
which
potentially
expose
each
Fund
to
counterparty
credit
risk,
consist
principally
of
cash
due
from
counterparties
on
forward,
option
and
swap
transactions,
when
applicable.
The
extent
of
each
Fund’s
exposure
to
counterparty
credit
risk
in
respect
to
these
financial
assets
approximates
their
carrying
value
as
recorded
on
the
Statement
of
Assets
and
Liabilities.
Each
Fund
helps
manage
counterparty
credit
risk
by
entering
into
agreements
only
with
counterparties
the
Adviser
believes
have
the
financial
resources
to
honor
their
obligations
and
by
having
the
Adviser
monitor
the
financial
stability
of
the
counterparties.
Additionally,
counterparties
may
be
required
to
pledge
collateral
daily
(based
on
the
daily
valuation
of
the
financial
asset)
on
behalf
of
each
Fund
with
a
value
approximately
equal
to
the
amount
of
any
unrealized
gain
above
a
pre-determined
threshold.
Reciprocally,
when
each
Fund
has
an
unrealized
loss,
the
Funds
have
instructed
the
custodian
to
pledge
assets
of
the
Funds
as
collateral
with
a
value
approximately
equal
to
the
amount
of
the
unrealized
loss
above
a
pre-determined
threshold.
Collateral
pledges
are
monitored
and
subsequently
adjusted
if
and
when
the
valuations
fluctuate,
either
up
or
down,
by
at
least
the
predetermined
threshold
amount.
5.
Fund
Shares
Transactions
in Fund
shares
during
the
current
and
prior
fiscal
period
were
as
follows:
Six
Months
Ended
11/30/22
Year
Ended
5/31/22
Kansas
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
932,198
$9,168,423
1,381,340
$14,751,259
Class
A
-
automatic
conversion
of
Class
C
Shares
10,612
104,848
—
—
Class
A
-
automatic
conversion
of
Class
C2
Shares
(1)
—
—
130,030
1,414,733
Class
C
36,318
352,372
100,792
1,087,295
Class
I
1,118,063
11,024,723
2,182,707
23,399,694
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
146,021
1,435,003
328,973
3,501,037
Class
C
6,393
62,714
13,767
146,200
Class
I
86,238
850,217
169,243
1,805,104
2,335,843
22,998,300
4,306,852
46,105,322
Shares
redeemed:
Class
A
(2,169,816)
(21,220,229)
(4,570,894)
(47,599,210)
Class
C
(175,808)
(1,703,222)
(284,156)
(3,009,212)
Class
C
-
automatic
conversion
to
Class
A
Shares
(10,634)
(104,848)
—
—
Class
C2
-
automatic
conversion
to
Class
A
Shares
(1)
—
—
(130,150)
(1,414,733)
Class
I
(1,657,440)
(16,288,621)
(2,111,528)
(22,230,799)
(4,013,698)
(39,316,920)
(7,096,728)
(74,253,954)
Net
increase
(decrease)
(1,677,855)
$(16,318,620)
(2,789,876)
$(28,148,632)
(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.
97
Six
Months
Ended
11/30/22
Year
Ended
5/31/22
Kentucky
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
448,932
$4,421,312
2,198,558
$24,124,216
Class
A
-
automatic
conversion
of
Class
C2
Shares
(1)
—
—
49,796
560,216
Class
C
12,258
120,803
134,446
1,486,430
Class
I
642,360
6,297,652
2,577,025
28,155,930
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
279,357
2,721,051
568,443
6,190,846
Class
C
5,751
56,022
12,343
134,511
Class
I
93,254
907,077
198,429
2,157,994
1,481,912
14,523,917
5,739,040
62,810,143
Shares
redeemed:
Class
A
(2,799,494)
(27,291,544)
(3,812,223)
(40,703,998)
Class
C
(133,188)
(1,306,999)
(219,602)
(2,366,002)
Class
C2
-
automatic
conversion
to
Class
A
Shares
(1)
—
—
(49,752)
(560,216)
Class
I
(1,570,249)
(15,158,293)
(2,888,807)
(30,339,023)
(4,502,931)
(43,756,836)
(6,970,384)
(73,969,239)
Net
increase
(decrease)
(3,021,019)
$(29,232,919)
(1,231,344)
$(11,159,096)
(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
11/30/22
Year
Ended
5/31/22
Michigan
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
578,926
$6,130,321
1,205,290
$14,286,873
Class
A
-
automatic
conversion
of
Class
C
Shares
1,023
10,997
69
770
Class
A
-
automatic
conversion
of
Class
C2
Shares
(1)
—
—
49,540
599,931
Class
C
27,436
286,148
170,506
2,033,475
Class
I
8,054,627
84,582,559
7,835,124
90,878,523
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
84,696
889,387
180,615
2,116,940
Class
C
4,067
42,577
8,502
99,431
Class
I
158,929
1,667,537
331,034
3,871,054
8,909,704
93,609,526
9,780,680
113,886,997
Shares
redeemed:
Class
A
(1,686,795)
(17,763,935)
(2,984,919)
(34,345,078)
Class
C
(180,513)
(1,907,342)
(233,019)
(2,705,240)
Class
C
-
automatic
conversion
to
Class
A
Shares
(1,026)
(10,997)
(69)
(770)
Class
C2
-
automatic
conversion
to
Class
A
Shares
(1)
—
—
(49,622)
(599,931)
Class
I
(8,517,362)
(89,718,190)
(6,878,721)
(77,498,616)
(10,385,696)
(109,400,464)
(10,146,350)
(115,149,635)
Net
increase
(decrease)
(1,475,992)
$(15,790,938)
(365,670)
$(1,262,638)
(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.
98
Notes
to
Financial
Statements
(Unaudited)
(continued)
Six
Months
Ended
11/30/22
Year
Ended
5/31/22
Missouri
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
2,393,360
$24,512,821
5,183,527
$59,429,637
Class
A
-
automatic
conversion
of
Class
C
Shares
87
903
73
818
Class
A
-
automatic
conversion
of
Class
C2
Shares
(1)
—
—
38,569
452,797
Class
C
71,840
743,259
149,480
1,706,681
Class
I
5,408,733
55,667,437
8,434,401
95,236,792
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
376,584
3,887,055
733,166
8,364,928
Class
C
13,913
143,058
27,083
308,241
Class
I
229,807
2,368,013
432,225
4,923,133
8,494,324
87,322,546
14,998,524
170,423,027
Shares
redeemed:
Class
A
(5,327,214)
(55,233,467)
(7,130,962)
(79,054,935)
Class
C
(369,431)
(3,786,575)
(491,781)
(5,496,765)
Class
C
-
automatic
conversion
to
Class
A
Shares
(87)
(903)
(74)
(818)
Class
C2
-
automatic
conversion
to
Class
A
Shares
(1)
—
—
(38,700)
(452,797)
Class
I
(9,028,666)
(92,587,764)
(8,786,554)
(97,163,827)
(14,725,398)
(151,608,709)
(16,448,071)
(182,169,142)
Net
increase
(decrease)
(6,231,074)
$(64,286,163)
(1,449,547)
$(11,746,115)
(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
11/30/22
Year
Ended
5/31/22
Ohio
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
3,027,577
$32,317,056
4,635,487
$53,608,704
Class
A
-
automatic
conversion
of
Class
C
Shares
870
9,487
689
7,766
Class
A
-
automatic
conversion
of
Class
C2
Shares
(1)
—
—
93,782
1,124,456
Class
C
28,373
302,396
173,273
2,042,820
Class
I
6,314,995
68,060,950
8,295,060
96,097,842
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
249,817
2,687,752
496,244
5,808,086
Class
C
7,882
84,294
15,712
183,060
Class
I
266,884
2,859,977
495,401
5,770,625
9,896,398
106,321,912
14,205,648
164,643,359
Shares
redeemed:
Class
A
(5,850,668)
(62,489,973)
(7,875,458)
(90,440,385)
Class
C
(198,436)
(2,131,770)
(447,191)
(5,157,864)
Class
C
-
automatic
conversion
to
Class
A
Shares
(875)
(9,486)
(693)
(7,766)
Class
C2
-
automatic
conversion
to
Class
A
Shares
(1)
—
—
(94,096)
(1,124,456)
Class
I
(8,285,471)
(88,672,760)
(7,994,283)
(90,888,939)
(14,335,450)
(153,303,989)
(16,411,721)
(187,619,410)
Net
increase
(decrease)
(4,439,052)
$(46,982,077)
(2,206,073)
$(22,976,051)
(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.
99
6.
Income
Tax
Information
Each
Fund
is
a
separate
taxpayer
for
federal
income
tax
purposes.
Each
Fund
intends
to
distribute
substantially
all
of
its
net
investment
income
and
net
capital
gains
to
shareholders
and
otherwise
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies.
Therefore,
no
federal
income
tax
provision
is
required.
Each
Fund
intends
to
satisfy
conditions
that
will
enable
interest
from
municipal
securities,
which
is
exempt
from
regular
federal
and
designated
state
income
taxes,
to
retain
such
tax-exempt
status
when
distributed
to
shareholders
of
the
Funds.
Net
realized
capital
gains
and
ordinary
income
distributions
paid
by
the
Funds
are
subject
to
federal
taxation. 
Each
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund's
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
each
Fund's
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund's
financial
statements.
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
were
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:
Six
Months
Ended
11/30/22
Year
Ended
5/31/22
Wisconsin
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
24,132
$241,215
21,332
$225,235
Class
A
-
automatic
conversion
of
Class
C
Shares
6,107
57,506
—
—
Class
A
-
automatic
conversion
of
Class
C2
Shares
(1)
—
—
34,644
384,547
Class
C
10,598
104,004
1
8
Class
I
6,165
59,899
106,204
1,178,560
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
103,943
1,016,051
209,608
2,282,020
Class
C
7,641
74,637
15,208
165,572
Class
I
58,754
574,767
121,078
1,319,897
217,340
2,128,079
508,075
5,555,839
Shares
redeemed:
Class
A
(1,177,060)
(11,346,674)
(754,660)
(8,058,217)
Class
C
(107,977)
(1,070,627)
(87,906)
(950,884)
Class
C
-
automatic
conversion
to
Class
A
Shares
(6,107)
(57,506)
—
—
Class
C2
-
automatic
conversion
to
Class
A
Shares
(1)
—
—
(34,644)
(384,547)
Class
I
(840,799)
(8,242,598)
(736,443)
(7,942,863)
(2,131,943)
(20,717,405)
(1,613,653)
(17,336,511)
Net
increase
(decrease)
(1,914,603)
$(18,589,326)
(1,105,578)
$(11,780,672)
(1)
Class
C2
Shares
were
converted
to
Class
A
Shares
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Kansas
$
247,149,286
$
5,768,166
$
(
17,545,655
)
$
(
11,777,489
)
Kentucky
304,828,787
1,279,287
(
18,269,100
)
(
16,989,813
)
Michigan
285,070,633
2,194,679
(
9,940,802
)
(
7,746,123
)
Missouri
595,149,260
3,937,703
(
22,679,594
)
(
18,741,891
)
Ohio
588,361,539
23,255,106
(
21,190,740
)
2,064,366
Wisconsin
102,618,564
5,722,558
(
9,880,277
)
(
4,157,719
)
100
Notes
to
Financial
Statements
(Unaudited)
(continued)
As
of
prior
fiscal
period
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
7.
Management
Fees
and
Other
Transactions
with
Affiliates
Management
Fees
Each
Fund’s
management
fee
compensates
the
Adviser
for
the
overall
investment
advisory
and
administrative
services
and
general
office
facilities.
The
Sub-Adviser
is
compensated
for
its
services
to
the
Funds
from
the
management
fees
paid
to
the
Adviser.
Each
Fund’s
management
fee
consists
of
two
components
–
a
fund-level
fee,
based
only
on
the
amount
of
assets
within
each
individual
Fund,
and
a
complex-level
fee,
based
on
the
aggregate
amount
of
all
eligible
fund
assets
managed
by
the
Adviser.
This
pricing
structure
enables
each
Fund’s
shareholders
to
benefit
from
growth
in
the
assets
within
their
respective
Fund
as
well
as
from
growth
in
the
amount
of
complex-wide
assets
managed
by
the
Adviser.
The
annual
fund-level
fee,
payable
monthly,
for
each
Fund
is
calculated
according
to
the
following
schedule:
Fund
Undistributed
Tax-Exempt
Income
1
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Unrealized
Appreciation
(Depreciation)
Capital
Loss
Carryforwards
Late-Year
Loss
Deferrals
Other
Book-to-Tax
Differences
Total
Kansas
$
329,887
$
44,947
$
—
$
(6,036,550)
$
(7,127,726)
$
—
$
(495,443)
$
(13,284,885)
Kentucky
460,497
—
—
(7,324,074)
(7,571,273)
—
(716,332)
(15,151,182)
Michigan
247,181
—
—
(12,845,752)
(1,769,653)
—
(592,309)
(14,960,533)
Missouri
822,620
—
—
(7,416,299)
(14,173,210)
—
(1,339,049)
(22,105,938)
Ohio
931,222
—
—
1,773,956
—
(5,356,497)
(1,270,865)
(3,922,184)
Wisconsin
635,807
—
—
(636,441)
(5,531,189)
—
(334,592)
(5,866,415)
1
Undistributed
tax-exempt
income
(on
a
tax
basis)
has
not
been
reduced
for
the
dividend
declared
during
the
period
May
1,
2022
through
May
31,
2022
and
paid
on
June
1,
2022.
Fund
Short-Term
Long-Term
Total
Kansas
$
4,340,886
$
2,786,840
$
7,127,726
Kentucky
3,604,773
3,966,500
7,571,273
Michigan
955,163
814,490
1,769,653
Missouri
7,234,137
6,939,073
14,173,210
Ohio
—
—
—
Wisconsin
2,423,386
3,107,803
5,531,189
Average
Daily
Net
Assets
Kansas
Kentucky
Michigan
Missouri
Ohio
Wisconsin
For
the
first
$125
million
0.3500
%
0.3500
%
0.3500
%
0.3500
%
0.3500
%
0.3500
%
For
the
next
$125
million
0.3375
0.3375
0.3375
0.3375
0.3375
0.3375
For
the
next
$250
million
0.3250
0.3250
0.3250
0.3250
0.3250
0.3250
For
the
next
$500
million
0.3125
0.3125
0.3125
0.3125
0.3125
0.3125
For
the
next
$1
billion
0.3000
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
0.2750
For
the
next
$5
billion
0.2500
0.2500
0.2500
0.2500
0.2500
0.2500
For
net
assets
over
$10
billion
0.2375
0.2375
0.2375
0.2375
0.2375
0.2375
101
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
November
30,
2022,
the
complex-level
fee
rate
for
each
Fund
was
as
follows:
The
Adviser
has
agreed
to
waive
fees
and/or
reimburse
expenses
for
Ohio
so
that
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
0.75%
of
the
average
daily
net
assets
of
any
class
of
Fund
shares.
The
expense
limitation
may
be
terminated
or
modified
only
with
the
approval
of
shareholders
of
the
Fund.
Distribution
and
Service
Fees
Each
Fund
has
adopted
a
distribution
and
service
plan
under
rule
12b-1
under
the
1940
Act.
Class
A
Shares
incur
a
0.20%
annual
12b-1
service
fee.
Class
C
Shares
incur
a
0.75%
annual
12b-1
distribution
fee
and
a
0.25%
annual
12b-1
service
fee. Class
I
Shares
are
not
subject
to
12b-1
distribution
or
service
fees.
The
fees
under
this
plan
compensate
Nuveen
Securities,
LLC,
(the
"Distributor"),
a
wholly-owned
subsidiary
of
Nuveen,
for
services
provided
and
expenses
incurred
in
distributing
shares
of
the
Funds
and
establishing
and
maintaining
shareholder
accounts.
Other
Transactions
with
Affiliates 
Each
Fund
is
permitted
to
purchase
or
sell
securities
from
or
to
certain
other
funds
or
accounts
managed
by
the
Sub-Adviser
(“Affiliated
Entity”)
under
specified
conditions
outlined
in
procedures
adopted
by
the
Board
("cross-trade").
These
procedures
have
been
designed
to
ensure
that
any
cross-trade
of
securities
by
the
Fund
from
or
to
an
Affiliated
Entity
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
adviser),
common
officer
and/or
common
trustee
complies
with
Rule
17a-7
under
the
1940
Act.
These
transactions
are
effected
at
the
current
market
price
(as
provided
by
an
independent
pricing
service)
without
incurring
broker
commissions.
During
the
current
fiscal
period,
the
Funds
engaged
in
cross-trades
pursuant
to
these
procedures
as
follows:
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
Kansas
0
.1585%
Kentucky
0
.1585%
Michigan
0
.1585%
Missouri
0
.1685%
Ohio
0
.1622%
Wisconsin
0
.1585%
102
Notes
to
Financial
Statements
(Unaudited)
(continued)
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.
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: 
Fund
Purchases
Sales
Realized
Gain
(Loss)
Kansas
$
—
$
—
$
—
Kentucky
1,011,830
1,106,310
(
94,370
)
Michigan
28,866,324
28,911,052
(
2,815,353
)
Missouri
19,733,012
22,655,355
(
2,202,022
)
Ohio
18,283,625
18,193,811
(
2,004,271
)
Wisconsin
—
—
—
Fund
Sales
Charges
Collected
Paid
to
Financial
Intermediaries
Kansas
$
40,855
$
38,934
Kentucky
28,599
26,824
Michigan
11,978
11,317
Missouri
104,083
97,344
Ohio
74,234
71,260
Wisconsin
26
26
Fund
Commission
Advances
Kansas
$
28,355
Kentucky
16,418
Michigan
7,376
Missouri
58,586
Ohio
54,209
Wisconsin
76
Fund
12b-1
Fees
Retained
Kansas
$
1,981
Kentucky
1,836
Michigan
557
Missouri
11,624
Ohio
8,680
Wisconsin
2,295
103
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
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
the
current
period,
the
following
Funds
utilized
this
facility.
The
Funds'
maximum
outstanding
balance
during
the
utilization
period
was
as
follows:
During
each
Fund’s
utilization
period(s)
during
the
current
fiscal
period,
the
average
daily
balance
outstanding
and
average
annual
interest
rate
on
the
Borrowings
were
as
follows:
Fund
CDSC
Retained
Kansas
$
718
Kentucky
13,385
Michigan
—
Missouri
19,924
Ohio
34,951
Wisconsin
—
Fund
Maximum
Outstanding
Balance
Kansas
$
4,400,000
Kentucky
1,000,000
Michigan
13,600,000
Missouri
10,200,000
Ohio
10,200,000
Wisconsin
5,900,000
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
Kansas
17
$
4,117,647
2
.56
%
Kentucky
3
1,000,000
4
.28
Michigan
18
4,566,667
3
.36
104
Notes
to
Financial
Statements
(Unaudited)
(continued)
Borrowings
outstanding
as
of
the
end
of
the
reporting
period,
if
any,
are
recognized
as
“Borrowings”
on
the
Statement
of
Assets
and
Liabilities.
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
Missouri
14
$
3,735,714
3
.64
%
Ohio
23
7,556,522
3
.05
Wisconsin
40
2,735,000
3
.46
105
Additional
Fund
Information
(Unaudited)
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Sub-Adviser
Nuveen
Asset
Management,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Independent
Registered
Public
Accounting
Firm
PricewaterhouseCoopers
LLP
One
North
Wacker
Drive
Chicago,
IL
60606
Custodian
State
Street
Bank
&
Trust
Company
One
Lincoln
Street
Boston,
MA
02111
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Transfer
Agent
and
Shareholder
Services
DST
Asset
Manager
Solutions,
Inc.
(DST)
P.O.
Box
219140
Kansas
City,
MO
64121-9140
(800)
257-8787
Portfolio
of
Investments
Information
Each
Fund
is
required
to
file
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
You
may
obtain
this
information
on
the
SEC’s
website
at
http://www.sec.gov.
Nuveen
Funds’
Proxy
Voting
Information
You
may
obtain
(i)
information
regarding
how
each
fund
voted
proxies
relating
to
portfolio
securities
held
during
the
most
recent
twelve-month
period
ended
June
30,
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787
or
on
Nuveen’s
website
at
www.nuveen.com
and
(ii)
a
description
of
the
policies
and
procedures
that
each
fund
used
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787.
You
may
also
obtain
this
information
directly
from
the
SEC.
Visit
the
SEC
on-line
at
http://www.sec.gov.
FINRA
BrokerCheck
:
The
Financial
Industry
Regulatory
Authority
(FINRA)
provides
information
regarding
the
disciplinary
history
of
FINRA
member
firms
and
associated
investment
professionals.
This
information
as
well
as
an
investor
brochure
describing
FINRA
BrokerCheck
is
available
to
the
public
by
calling
the
FINRA
BrokerCheck
Hotline
number
at
(800)
289-9999
or
by
visiting
www.FINRA.org.
106
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
directly
through
certain
borrowings
or
indirectly
through
inverse
floaters,
divided
by
the
assets
invested,
including
those
assets
that
were
purchased
with
the
proceeds
of
the
leverage,
or
referenced
by
the
levered
instrument.
The
calculation
of
the
Effective
Leverage
Ratio
reflects
borrowings
effected
on
a
long-term
basis
for
investment
purposes,
but
excludes
borrowings
that
may
occur,
on
a
transient
basis,
in
connection
with
a
Fund’s
day-to-day
operations
primarily
in
connection
with
the
need
to
pay
cash
out
to
redeeming
shareholders
or
to
settle
portfolio
trades.
Inverse
Floating
Rate
Securities:
Inverse
floating
rate
securities
are
the
residual
interest
in
a
tender
option
bond
(TOB)
trust,
sometimes
referred
to
as
“inverse
floaters”,
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
Ohio
Municipal
Debt
Funds
Classification
Average:
Represents
the
average
annualized
total
return
for
all
reporting
funds
in
the
Lipper
Ohio
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
charge.
Lipper
Other
States
Municipal
Debt
Funds
Classification
Average:
Represents
the
average
annualized
total
return
for
all
reporting
funds
in
the
Lipper
Other
States
Municipal
Debt
Funds
Classification.
Shareholders
should
note
that
the
performance
of
the
Lipper
Other
States
Municipal
Debt
Funds
Classification
Average
represents
the
overall
average
of
returns
for
funds
from
multiple
states
with
a
wide
variety
of
municipal
market
conditions,
making
direct
comparisons
less
meaningful.
Lipper
returns
account
for
the
effects
of
management
fees
and
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charge.
Net
Assets
Value
(NAV)
per
Share:
A
fund’s
Net
Assets
is
equal
to
its
total
assets
(securities,
cash
and
accrued
earnings)
less
its
total
liabilities.
For
funds
with
multiple
classes,
Net
Assets
are
determined
separately
for
each
share
class.
NAV
per
share
is
equal
to
the
fund’s
(or
share
class’)
Net
Assets
divided
by
its
number
of
shares
outstanding.
Pre-Refunded
Bond/Pre-Refunding:
Pre-Refunded
Bond/Pre-Refunding,
also
known
as
advanced
refundings
or
refinancings,
is
a
procedure
used
by
state
and
local
governments
to
refinance
municipal
bonds
to
lower
interest
expenses.
The
issuer
sells
new
bonds
with
a
lower
yield
and
uses
the
proceeds
to
buy
U.S.
Treasury
securities,
the
interest
from
which
is
used
to
make
payments
on
the
higher
yielding
bonds.
Because
of
this
collateral,
pre-refunding
generally
raises
a
bond’s
credit
rating
and
thus
its
value.
S&P
Municipal
Bond
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
Kansas
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
Kansas
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
107
S&P
Municipal
Bond
Kentucky
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
Kentucky
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
Michigan
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
Michigan
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
Missouri
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
Missouri
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
Ohio
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
Ohio
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
Wisconsin
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
Wisconsin
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Tax
Obligation/General
Bonds:
Bonds
backed
by
the
general
revenues
of
an
issuer,
including
taxes,
where
the
issuer
has
the
ability
to
increase
taxes
by
an
unlimited
amount
to
pay
the
bonds
back.
Tax
Obligation/Limited
Bonds:
Bonds
backed
by
the
general
revenues
of
an
issuer,
including
taxes,
where
the
issuer
doesn’t
have
the
ability
to
increase
taxes
by
an
unlimited
amount
to
pay
the
bonds
back.
Total
Investment
Exposure:
Total
investment
exposure
is
a
fund’s
assets
managed
by
the
Adviser
that
are
attributable
to
financial
leverage.
For
these
purposes,
financial
leverage
includes
a
fund’s
use
of
preferred
stock
and
borrowings
and
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities.
108
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 (the
"Board") 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,
“Illiquid”,
discussed
below),
The
classification
is
based
on
a
determination
of
how
long
it
is
reasonably
expected
to
take
to
convert
the
investment
into
cash,
or
sell
or
dispose
of
the
investment,
in
current
market
conditions
without
significantly
changing
the
market
value
of
the
investment
Liquidity
classification
determinations
take
into
account
various
market,
trading,
and
investment-specific
considerations,
as
well
as
market
depth,
and
use
third-
party
vendor
data.
Any
Fund
that
does
not
primarily
hold
highly
liquid
investments
must,
among
other
things,
determine
a
minimum
percentage
of
Fund
assets
that
must
be
invested
in
highly
liquid
investments
(a
“Highly
Liquid
Investment
Minimum”).
During
the
Review
Period,
each
Fund
primarily
held
Highly
Liquid
investments
and
therefore
was
exempt
from
the
requirement
to
adopt
a
Highly
Liquid
Investment
Minimum
and
to
comply
with
the
related
requirements
under
the
Liquidity
Rule.
The
Liquidity
Rule
also
limits
a
Fund’s
investments
in
Illiquid
investments.
Specifically,
the
Liquidity
Rule
prohibits
a
Fund
from
acquiring
Illiquid
investments
if
doing
so
would
result
in
the
Fund
holding
more
than
15%
of
its
net
assets
in
illiquid
investments,
and
requires
certain
reporting
to
the
Fund
Board
and
the
Securities
and
Exchange
Commission
any
time
a
Fund’s
holdings
of
Illiquid
investments
exceeds
15%
of
net
assets.
During
the
Review
Period,
no
Fund
exceeded
the
15%
limit
on
Illiquid
investments.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
MSA-MS6-1122D
2655327-INV-B-01/24
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

ITEM 2.

CODE OF ETHICS.

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.

 

(b)   Not applicable.

 

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)).

 

  (b)   There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

 

ITEM 13.

EXHIBITS.

File the exhibits listed below as part of this Form.

 

  (a )(1)    Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
  (a )(2)    A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
  (a )(3)    Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
  (a )(4)    Change in the registrant’s independent public accountant. Not applicable.
  (b )    If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

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 IV

 

By (Signature and Title)       /s/ Mark J. Czarniecki
  Mark J. Czarniecki
  Vice President and Secretary

Date: February 3, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)       /s/ Christopher E. Stickrod
  Christopher E. Stickrod
  Chief Administrative Officer
  (principal executive officer)

Date: February 3, 2023

 

By (Signature and Title)       /s/ E. Scott Wickerham
 

E. Scott Wickerham

Vice President and Controller

(principal financial officer)

Date: February 3, 2023

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT