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 811-07747

Nuveen Multistate Trust I

(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
Arizona
Municipal
Bond
Fund
FAZTX
FZCCX
NMARX
Nuveen
Colorado
Municipal
Bond
Fund
FCOTX
FAFKX
FCORX
Nuveen
Maryland
Municipal
Bond
Fund
NMDAX
NACCX
NMMDX
Nuveen
New
Mexico
Municipal
Bond
Fund
FNMTX
FNCCX
FNMRX
Nuveen
Pennsylvania
Municipal
Bond
Fund
FPNTX
FPCCX
NBPAX
Nuveen
Virginia
Municipal
Bond
Fund
FVATX
FVCCX
NMVAX
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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
Ratios
and
Holdings
Summaries
7
Yields
20
Expense
Examples
22
Portfolios
of
Investments
24
Statement
of
Assets
and
Liabilities
85
Statement
of
Operations
86
Statement
of
Changes
in
Net
Assets
88
Financial
Highlights
91
Notes
to
Financial
Statements
103
Additional
Fund
Information
119
Glossary
of
Terms
Used
in
this
Report
120
Liquidity
Risk
Management
Program
122
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
Arizona
Municipal
Bond
Fund
Nuveen
Colorado
Municipal
Bond
Fund
Nuveen
Maryland
Municipal
Bond
Fund
Nuveen
New
Mexico
Municipal
Bond
Fund
Nuveen
Pennsylvania
Municipal
Bond
Fund
Nuveen
Virginia
Municipal
Bond
Fund
Portfolio
Manager
Commentaries
in
Semiannual
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.
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
the
Fund’s
distributions
for
the
reporting
period
are
presented
in
this
report’s
Financial
Highlights.
For
income
tax
purposes,
distribution
information
for
the
Fund
as
of
its
most
recent
tax
year
end
is
presented
in
Note
6
–
Income
Tax
Information
within
the
Notes
to
Financial
Statements
of
this
report.
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
7
The
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holding
Summaries
for
each
Fund
are
shown
within
this
section
of
the
report.
Fund
Performance
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Investment
returns
and
principal
value
will
fluctuate
so
that
when
shares
are
redeemed,
they
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
shown.
Total
returns
for
a
period
of
less
than
one
year
are
not
annualized
(i.e.
cumulative
returns).
Since
inception
returns
are
shown
for
share
classes
that
have
less
than
10-years
of
performance.
Returns
at
net
asset
value
(NAV)
would
be
lower
if
the
sales
charge
were
included.
Returns
assume
reinvestment
of
dividends
and
capital
gains.
For
performance,
current
to
the
most
recent
month-end
visit
Nuveen.com
or
call
(800)
257-8787.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Income
is
generally
exempt
from
regular
federal
income
taxes.
Some
income
may
be
subject
to
state
and
local
income
taxes
and
to
the
federal
alternative
minimum
tax.
Capital
gains,
if
any,
are
subject
to
tax.
Returns
may
reflect
fee
waivers
and/or
expense
reimbursements
by
the
investment
adviser
during
the
periods
presented.
If
any
such
waivers
and/or
reimbursements
had
not
been
in
place,
returns
would
have
been
reduced.
See
Notes
to
Financial
Statements,
Note
7—Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
Returns
reflect
differences
in
sales
charges
and
expenses,
which
are
primarily
differences
in
distribution
and
service
fees,
and
assume
reinvestment
of
dividends
and
capital
gains.
Comparative
index
and
Lipper
return
information
is
provided
for
Class
A
Shares
at
NAV
only.
Expense
Ratios
The
expense
ratios
shown
are
as
of
the
Fund’s
most
recent
prospectus.
The
expense
ratios
shown
reflect
total
operating
expenses
(before
fee
waivers
and/or
expense
reimbursements,
if
any).
The
expense
ratios
include
management
fees
and
other
fees
and
expenses.
Refer
to
the
Financial
Highlights
later
in
this
report
for
the
Fund’s
expense
ratios
as
of
the
end
of
the
reporting
period.
Effective
Leverage
Ratios
Leverage
is
created
whenever
a
Fund
has
investment
exposure
(both
reward
and/or
risk)
equivalent
to
more
than
100%
of
its
investment
capital.
The
effective
leverage
ratio
shown
for
each
Fund
is
the
amount
of
investment
exposure
created
either
directly
through
borrowings
or
indirectly
through
inverse
floaters,
divided
by
the
assets
invested,
including
those
assets
that
were
purchased
with
the
proceeds
of
the
leverage,
or
referenced
by
the
levered
instrument.
A
Fund
may
also
from
time
to
time
borrow
on
a
typically
transient
basis
in
connection
with
its
day-to-day
operations,
primarily
in
connection
with
the
need
to
pay
cash
out
to
redeeming
shareholders
or
to
settle
portfolio
trades.
Such
incidental
borrowings,
described
generally
in
Notes
to
Financial
Statements,
Note
9—Borrowing
Arrangements,
are
excluded
from
the
calculation
of
a
Fund’s
effective
leverage
ratio.
Holding
Summaries
The
Holdings
Summaries
data
relates
to
the
securities
held
in
each
Fund’s
portfolio
of
investments
as
of
the
end
of
this
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
Refer
to
the
Fund’s
Portfolio
of
Investments
for
individual
security
information.
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
rating
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
Arizona
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
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
Arizona
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
10/29/86
(2.23)%
(10.31)%
0.92%
1.68%
0.81%
Class
A
Shares
at
maximum
Offering
Price
10/29/86
(6.32)%
(14.09)%
0.06%
1.24%
—
S&P
Municipal
Bond
Index
—
(1.43)%
(7.94)%
1.51%
2.05%
—
S&P
Municipal
Bond
Arizona
Index
—
(1.59)%
(7.65)%
1.40%
2.00%
—
Lipper
Other
States
Municipal
Debt
Funds
Classification
Average
—
(2.22)%
(9.43)%
0.64%
1.18%
—
Class
I
Shares
2/03/97
(2.21)%
(10.17)%
1.12%
1.87%
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
(2.72)%
(11.05)%
0.12%
1.55%
1.61%
Class
C
Shares
at
maximum
Offering
Price
2/10/14
(3.68)%
(11.05)%
0.12%
1.55%
–
Effective
Leverage
Ratio
0.00%
9
Holdings
Summaries
as
of
November
30,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
98
.7‌
%
Other
Assets
Less
Liabilities
1.3%
Net
Assets
100‌
%
States
and
Territories
1
(%
of
total
municipal
bonds)
Arizona
93.9%
Puerto
Rico
3.6%
Guam
1.6%
Virgin
Islands
0.9%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Education
and
Civic
Organizations
23.8%
Tax
Obligation/Limited
22.7%
Utilities
15.0%
Tax
Obligation/General
15.0%
Health
Care
12.2%
Transportation
5.4%
U.S.
Guaranteed
3.1%
Other
2.8%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
1.2%
AAA
9.5%
AA
55.9%
A
16.2%
BBB
4.4%
BB
or
Lower
3.9%
N/R
(not
rated)
8.9%
Total
100‌
%
1
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
Arizona
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
Colorado
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
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
Colorado
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
(2.28)%
(9.98)%
1.08%
2.08%
0.77%
Class
A
Shares
at
maximum
Offering
Price
5/04/87
(6.36)%
(13.79)%
0.22%
1.65%
—
S&P
Municipal
Bond
Index
—
(1.43)%
(7.94)%
1.51%
2.05%
—
S&P
Municipal
Bond
Colorado
Index
—
(1.72)%
(8.60)%
1.66%
2.51%
—
Lipper
Other
States
Municipal
Debt
Funds
Classification
Average
—
(2.22)%
(9.43)%
0.64%
1.18%
—
Class
I
Shares
2/25/97
(2.09)%
(9.71)%
1.30%
2.30%
0.57%
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
(2.69)%
(10.66)%
0.28%
1.87%
1.57%
Class
C
Shares
at
maximum
Offering
Price
2/10/14
(3.65)%
(10.66)%
0.28%
1.87%
–
Effective
Leverage
Ratio
0.00%
11
Holdings
Summaries
as
of
November
30,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
98
.6‌
%
Other
Assets
Less
Liabilities
1.4%
Net
Assets
100‌
%
States
and
Territories
1
(%
of
total
municipal
bonds)
Colorado
98.8%
Puerto
Rico
0.8%
California
0.4%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/Limited
33.5%
Health
Care
16.2%
Utilities
13.7%
Tax
Obligation/General
9.7%
Education
and
Civic
Organizations
8.5%
U.S.
Guaranteed
8.1%
Transportation
7.2%
Other
3.1%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
8.1%
AAA
3.0%
AA
56.3%
A
15.0%
BBB
6.5%
BB
or
Lower
2.0%
N/R
(not
rated)
9.1%
Total
100‌
%
1
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
Colorado
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
Maryland
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
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
Maryland
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
9/07/94
(2.75)%
(10.52)%
0.72%
1.49%
0.78%
Class
A
Shares
at
maximum
Offering
Price
9/07/94
(6.81)%
(14.30)%
(0.15)%
1.06%
—
S&P
Municipal
Bond
Index
—
(1.43)%
(7.94)%
1.51%
2.05%
—
S&P
Municipal
Bond
Maryland
Index
—
(0.93)%
(7.17)%
1.26%
1.70%
—
Lipper
Maryland
Municipal
Debt
Funds
Classification
Average
—
(1.88)%
(8.99)%
0.76%
1.13%
—
Class
I
Shares
2/28/92
(2.65)%
(10.32)%
0.92%
1.70%
0.58%
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
(3.08)%
(11.23)%
(0.08)%
1.42%
1.58%
Class
C
Shares
at
maximum
Offering
Price
2/10/14
(4.04)%
(11.23)%
(0.08)%
1.42%
–
Effective
Leverage
Ratio
0.00%
13
Holdings
Summaries
as
of
November
30,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
97.1‌%
Common
Stocks
0.1‌%
Other
Assets
Less
Liabilities
2.8%
Net
Assets
100‌%
States
and
Territories
1
(%
of
total
municipal
bonds)
Maryland
81.6%
Puerto
Rico
5.4%
Guam
2.8%
District
of
Columbia
2.6%
California
2.3%
New
York
1.2%
Virgin
Islands
1.1%
Pennsylvania
0.9%
Texas
0.9%
New
Jersey
0.4%
Virginia
0.4%
Ohio
0.4%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/Limited
19.6%
Health
Care
15.1%
Housing/Multifamily
10.7%
Transportation
10.5%
Tax
Obligation/General
9.9%
Education
and
Civic
Organizations
7.2%
U.S.
Guaranteed
6.7%
Utilities
5.6%
Other
14.6%
Common
Stocks
0.1%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
6.6%
AAA
9.6%
AA
26.5%
A
23.1%
BBB
14.7%
BB
or
Lower
6.5%
N/R
(not
rated)
12.9%
N/A
(not
applicable)
0.1%
Total
100‌%
1
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
Maryland
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
New
Mexico
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
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
New
Mexico
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
9/16/92
(2.37)%
(9.11)%
0.95%
1.37%
0.84%
Class
A
Shares
at
maximum
Offering
Price
9/16/92
(6.45)%
(12.94)%
0.09%
0.94%
—
S&P
Municipal
Bond
Index
—
(1.43)%
(7.94)%
1.51%
2.05%
—
S&P
Municipal
Bond
New
Mexico
Index
—
(0.98)%
(6.02)%
1.29%
1.66%
—
Lipper
Other
States
Municipal
Debt
Funds
Classification
Average
—
(2.22)%
(9.43)%
0.64%
1.18%
—
Class
I
Shares
2/24/97
(2.34)%
(9.03)%
1.14%
1.56%
0.64%
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
(2.86)%
(9.92)%
0.12%
1.33%
1.64%
Class
C
Shares
at
maximum
Offering
Price
2/10/14
(3.82)%
(9.92)%
0.12%
1.33%
–
Effective
Leverage
Ratio
0.00%
15
Holdings
Summaries
as
of
November
30,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
99
.2‌
%
Other
Assets
Less
Liabilities
0.8%
Net
Assets
100‌
%
States
and
Territories
1
(%
of
total
municipal
bonds)
New
Mexico
86.4%
Guam
4.0%
Puerto
Rico
3.9%
Virgin
Islands
2.9%
Minnesota
1.3%
Washington
0.8%
California
0.6%
Ohio
0.1%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/Limited
37.8%
Utilities
26.8%
Health
Care
10.2%
Tax
Obligation/General
8.9%
U.S.
Guaranteed
4.8%
Education
and
Civic
Organizations
4.5%
Housing/Single
Family
4.1%
Other
2.9%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
4.8%
AAA
25.1%
AA
41.6%
A
10.4%
BBB
4.2%
BB
or
Lower
3.2%
N/R
(not
rated)
10.7%
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
New
Mexico
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
Pennsylvania
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
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
Pennsylvania
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
10/29/86
(3.01)%
(10.42)%
1.21%
1.99%
0.76%
Class
A
Shares
at
maximum
Offering
Price
10/29/86
(7.06)%
(14.22)%
0.34%
1.55%
—
S&P
Municipal
Bond
Index
—
(1.43)%
(7.94)%
1.51%
2.05%
—
S&P
Municipal
Bond
Pennsylvania
Index
—
(1.68)%
(8.32)%
1.57%
2.29%
—
Lipper
Pennsylvania
Municipal
Debt
Funds
Classification
Average
—
(2.66)%
(10.22)%
0.96%
1.51%
—
Class
I
Shares
2/03/97
(2.90)%
(10.24)%
1.41%
2.19%
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
(3.41)%
(11.11)%
0.41%
1.80%
1.56%
Class
C
Shares
at
maximum
Offering
Price
2/10/14
(4.37)%
(11.11)%
0.41%
1.80%
–
Effective
Leverage
Ratio
0.00%
17
Holdings
Summaries
as
of
November
30,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
92
.8‌
%
Common
Stocks
5
.4‌
%
Other
Assets
Less
Liabilities
1.8%
Net
Assets
100‌
%
States
and
Territories
1
(%
of
total
municipal
bonds)
Pennsylvania
98.2%
Puerto
Rico
0.9%
New
Jersey
0.9%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/General
18.9%
Health
Care
18.6%
Education
and
Civic
Organizations
12.5%
Housing/Single
Family
10.2%
Utilities
8.6%
Transportation
8.1%
Long-Term
Care
6.6%
Other
11.0%
Common
Stocks
5.5%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
5.7%
AAA
1.9%
AA
42.7%
A
29.1%
BBB
6.5%
BB
or
Lower
3.5%
N/R
(not
rated)
5.1%
N/A
(not
applicable)
5.5%
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
Pennsylvania
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
Virginia
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
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
Virginia
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
3/27/86
(2.47)%
(10.38)%
0.77%
1.54%
0.76%
Class
A
Shares
at
maximum
Offering
Price
3/27/86
(6.55)%
(14.15)%
(0.10)%
1.11%
—
S&P
Municipal
Bond
Index
—
(1.43)%
(7.94)%
1.51%
2.05%
—
S&P
Municipal
Bond
Virginia
Index
—
(1.24)%
(7.29)%
1.38%
1.90%
—
Lipper
Virginia
Municipal
Debt
Funds
Classification
Average
—
(2.36)%
(9.89)%
0.60%
1.09%
—
Class
I
Shares
2/03/97
(2.28)%
(10.21)%
0.96%
1.74%
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
(2.87)%
(11.12)%
(0.04)%
1.51%
1.56%
Class
C
Shares
at
maximum
Offering
Price
2/10/14
(3.84)%
(11.12)%
(0.04)%
1.51%
–
Effective
Leverage
Ratio
0.00%
19
Holdings
Summaries
as
of
November
30,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
99
.2‌
%
Common
Stocks
0
.1‌
%
Other
Assets
Less
Liabilities
0.7%
Net
Assets
100‌
%
States
and
Territories
1
(%
of
total
municipal
bonds)
Virginia
73.0%
District
of
Columbia
13.1%
Puerto
Rico
6.4%
Guam
3.0%
Virgin
Islands
1.4%
California
1.2%
Pennsylvania
0.9%
Texas
0.6%
Colorado
0.3%
New
York
0.1%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Transportation
23.2%
Tax
Obligation/Limited
18.7%
Health
Care
14.5%
Education
and
Civic
Organizations
10.8%
Utilities
9.3%
U.S.
Guaranteed
8.3%
Tax
Obligation/General
5.0%
Other
10.1%
Common
Stocks
0.1%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
8.3%
AAA
9.9%
AA
40.5%
A
15.8%
BBB
9.8%
BB
or
Lower
6.1%
N/R
(not
rated)
9.5%
N/A
(not
applicable)
0.1%
Total
100‌
%
1
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
Virginia
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
Arizona
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
2
.54
%
1
.87
%
2
.83
%
SEC
30-Day
Yield
3
.21
%
2
.57
%
3
.55
%
Taxable-Equivalent
Yield
(45.3%)
2
5
.87
%
4
.70
%
6
.49
%
Nuveen
Colorado
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
2
.71
%
2
.05
%
3
.01
%
SEC
30-Day
Yield
3
.27
%
2
.64
%
3
.61
%
Taxable-Equivalent
Yield
(45.4%)
2
5
.99
%
4
.84
%
6
.61
%
Nuveen
Maryland
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
2
.73
%
2
.05
%
3
.03
%
SEC
30-Day
Yield
3
.38
%
2
.75
%
3
.72
%
Taxable-Equivalent
Yield
(46.6%)
2
6
.27
%
5
.10
%
6
.90
%
Nuveen
New
Mexico
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
2
.54
%
1
.89
%
2
.89
%
SEC
30-Day
Yield
3
.04
%
2
.40
%
3
.38
%
Taxable-Equivalent
Yield
(46.7%)
2
5
.68
%
4
.48
%
6
.32
%
Nuveen
Pennsylvania
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
2
.39
%
1
.67
%
2
.68
%
SEC
30-Day
Yield
2
.99
%
2
.34
%
3
.32
%
Taxable-Equivalent
Yield
(43.9%)
2
5
.33
%
4
.17
%
5
.91
%
21
Nuveen
Virginia
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
2
.66
%
2
.01
%
3
.02
%
SEC
30-Day
Yield
3
.22
%
2
.59
%
3
.56
%
Taxable-Equivalent
Yield
(46.6%)
2
6
.01
%
4
.83
%
6
.65
%
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
Arizona
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
$977.71
$972.81
$977.91
Expenses
Incurred
During
the
Period
$4.07
$8.01
$3.02
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$1,020.96
$1,016.95
$1,022.01
Expenses
Incurred
During
the
Period
$4.15
$8.19
$3.09
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.82%,
1.62%
and
0.62%
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
Colorado
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
$977.23
$973.11
$979.12
Expenses
Incurred
During
the
Period
$3.87
$7.82
$2.88
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
$1,022.16
Expenses
Incurred
During
the
Period
$3.95
$7.99
$2.94
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.78%,
1.58%
and
0.58%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183
/365
(to
reflect
the
one-half
year
period).
23
Nuveen
Maryland
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
$972.52
$969.23
$973.52
Expenses
Incurred
During
the
Period
$3.96
$7.90
$2.97
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$1,021.06
$1,017.05
$1,022.06
Expenses
Incurred
During
the
Period
$4.05
$8.09
$3.04
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.80%,
1.60%
and
0.60%
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
New
Mexico
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
$976.31
$971.41
$976.65
Expenses
Incurred
During
the
Period
$4.26
$8.20
$3.27
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$1,020.76
$1,016.75
$1,021.76
Expenses
Incurred
During
the
Period
$4.36
$8.39
$3.35
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.86%,
1.66%
and
0.66%
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
Pennsylvania
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
$969.95
$965.93
$971.00
Expenses
Incurred
During
the
Period
$3.90
$7.84
$2.92
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
Virginia
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
$975.32
$971.25
$977.17
Expenses
Incurred
During
the
Period
$3.86
$7.81
$2.83
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
0.58%
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
Arizona
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
-
98.7%   
X
162,928,750
MUNICIPAL
BONDS
-
98.7%  
X
162,928,750
Education
and
Civic
Organizations
-
23.5%
$
1,000
Arizona
Board
of
Regents,
Arizona
State
University
System
Revenue
Bonds,
Green
Series
2016B,
5.000%,
7/01/47
7/26
at
100.00
AA
$
1,041,440
500
Arizona
Board
of
Regents,
Arizona
State
University
System
Revenue
Bonds,
Refunding
Green
Series
2015A,
5.000%,
7/01/41
7/25
at
100.00
AA
518,425
1,620
Arizona
Board
of
Regents,
Arizona
State
University
System
Revenue
Bonds,
Refunding
Series
2017B,
5.000%,
7/01/42
7/27
at
100.00
AA
1,721,315
Arizona
Board
of
Regents,
Arizona
State
University
System
Revenue
Bonds,
Series
2021C:
300
5.000%,
7/01/43
7/31
at
100.00
AA
326,991
225
4.000%,
7/01/44
7/31
at
100.00
AA
221,288
300
4.000%,
7/01/45
7/31
at
100.00
AA
293,496
250
4.000%,
7/01/46
7/31
at
100.00
AA
243,380
940
Arizona
Board
of
Regents,
Univeristy
of
Arizona,
SPEED
Revenue
Bonds,
Stimulus
Plan
for
Economic
and
Educational
Development,
Series
2014,
5.000%,
8/01/44
8/24
at
100.00
Aa3
960,793
635
Arizona
Board
of
Regents,
University
of
Arizona,
Speed
Revenue
Bonds,
Stimulus
Plan
for
Economic
and
Educational
Development,
Refunding
Series
2020A,
4.000%,
8/01/44
8/30
at
100.00
Aa3
608,381
1,500
Arizona
Board
of
Regents,
University
of
Arizona,
System
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
6/01/40
6/25
at
100.00
Aa2
1,551,855
1,250
Arizona
Board
of
Regents,
University
of
Arizona,
System
Revenue
Bonds,
Refunding
Series
2016,
5.000%,
6/01/38
6/26
at
100.00
Aa2
1,313,787
1,000
Arizona
Board
of
Regents,
University
of
Arizona,
System
Revenue
Bonds,
Refunding
Series
2021A,
5.000%,
6/01/42
6/31
at
100.00
Aa2
1,102,530
500
Arizona
Board
of
Regents,
University
of
Arizona,
System
Revenue
Bonds,
Series
2019A,
5.000%,
6/01/38
6/29
at
100.00
Aa2
548,105
215
Arizona
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Basis
Schools,
Inc.
Projects,
Series
2017A,
5.125%,
7/01/37,
144A
7/26
at
100.00
BB
214,662
220
Arizona
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Basis
Schools,
Inc.
Projects,
Series
2017C,
5.000%,
7/01/47
7/27
at
100.00
AA-
224,787
25
Arizona
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Basis
Schools,
Inc.
Projects,
Series
2017D,
5.000%,
7/01/37,
144A
7/27
at
100.00
BB
24,643
Arizona
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Basis
Schools,
Inc.
Projects,
Series
2017F:
300
5.000%,
7/01/37
7/27
at
100.00
AA-
311,760
705
5.000%,
7/01/47
7/27
at
100.00
AA-
720,341
150
Arizona
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Basis
Schools,
Inc.
Projects,
Series
2017G,
5.000%,
7/01/47,
144A
7/27
at
100.00
BB
138,432
230
Arizona
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Montessori
Academy
Projects,
Refunding
Series
2017A,
6.000%,
11/01/37,
144A
11/27
at
100.00
N/R
199,509
565
Arizona
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Somerset
Academy
of
Las
Vegas
Aliante
and
Skye
Canyon
Campus
Projects,
Series
2021A,
4.000%,
12/15/51,
144A
12/29
at
100.00
BB
424,897
775
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,  Arizona
Agribusiness
and
Equine
Center,
Inc.
Project,
Series
2017A,
5.000%,
3/01/48
9/27
at
100.00
AA-
799,831
1,150
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Academies
of
Math
&
Science
Projects,
Series
2017A,
5.000%,
7/01/47
7/27
at
100.00
AA-
1,158,912
25
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
$
95
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Academies
of
Math
&
Science
Projects,
Series
2017B,
4.250%,
7/01/27,
144A
No
Opt.
Call
BB+
$
93,215
135
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Academies
of
Math
&
Science
Projects,
Series
2018A,
5.000%,
7/01/38
1/28
at
100.00
AA-
138,336
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
GreatHearts
Arizona
Projects,
Series
2021A:
125
5.000%,
7/01/28
No
Opt.
Call
AA-
133,763
125
5.000%,
7/01/29
No
Opt.
Call
AA-
134,819
130
5.000%,
7/01/30
No
Opt.
Call
AA-
141,102
125
5.000%,
7/01/31
No
Opt.
Call
AA-
136,012
500
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Pinecrest
Academy
of
Nevada
Horizon,
Inspirada
and
St.
Rose
Campus
Projects,
Series
2018A,
5.750%,
7/15/38,
144A
7/26
at
100.00
BB+
511,245
500
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Pinecrest
Academy
of
Nevada
Sloan
Canyon
Campus
Project,
Series
2020A-2,
6.000%,
9/15/38,
144A
9/23
at
105.00
BB+
523,275
95
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Social
Bonds
Pensar
Academy
Project,
Series
2020,
4.000%,
7/01/30,
144A
7/28
at
100.00
BB-
87,089
2,950
Arizona
Industrial
Development
Authority,
Arizona,
Lease
Revenue
Bonds,
University
of
Indianapolis
-
Health
Pavilion
Project,
Series
2019A,
5.000%,
10/01/45
10/29
at
100.00
BBB
3,007,968
1,160
Industrial
Development
Authority,
Pima
County,
Arizona,
Education
Revenue
Bonds,
Center
for
Academic
Success
Project,
Refunding
Series
2019,
5.000%,
7/01/37
7/29
at
100.00
BBB
1,187,190
735
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Arizona
Autism
Charter
Schools
Project,
Social
Series
2021A,
4.000%,
7/01/41,
144A
7/29
at
100.00
BB
587,853
145
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Great
Hearts
Academies
Projects,
Series
2017A,
5.000%,
7/01/37
7/27
at
100.00
AA-
150,623
210
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Great
Hearts
Academies
Projects,
Series
2017C,
5.000%,
7/01/48
7/27
at
100.00
AA-
215,729
1,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Highland
Prep
Project,
Series
2019,
5.000%,
1/01/37
1/30
at
100.00
AA-
1,050,230
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Legacy
Traditional
Schools
Projects,
Series
2019A:
750
5.000%,
7/01/39
7/29
at
100.00
AA-
780,983
335
5.000%,
7/01/49
7/29
at
100.00
AA-
344,621
570
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Legacy
Traditional
Schools
Projects,
Series
2021A,
4.000%,
7/01/41,
144A
7/31
at
100.00
BB+
466,055
380
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Paradise
Schools
Projects,
Series
2016,
5.000%,
7/01/47,
144A
7/26
at
100.00
BB+
353,571
825
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Reid
Traditional
School
Projects,
Series
2016,
5.000%,
7/01/36
7/26
at
100.00
Baa3
837,705
3,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Educational
Facilities
Revenue
Bonds,
Creighton
University
Projects,
Series
2020,
4.000%,
7/01/50
1/30
at
100.00
A2
2,706,000
775
McAllister
Academic
Village
LLC,
Arizona,
Revenue
Bonds,
Arizona
State
University
Hassayampa
Academic
Village
Project,
Refunding
Series
2016,
5.000%,
7/01/37
7/26
at
100.00
AA-
812,905
Northern
Arizona
University,
System
Revenue
Bonds,
Refunding
Series
2014:
695
5.000%,
6/01/40
6/24
at
100.00
A+
708,872
Nuveen
Arizona
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
26
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
$
800
Northern
Arizona
University,
System
Revenue
Bonds,
Refunding
Series
2015,
5.000%,
6/01/35
-
BAM
Insured
6/25
at
100.00
AA
$
831,936
1,000
Northern
Arizona
University,
System
Revenue
Bonds,
Refunding
Series
2020B,
5.000%,
6/01/39
-
BAM
Insured
6/30
at
100.00
AA
1,093,160
25
Phoenix
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Basis
Schools,
Inc.
Projects,
Series
2016A,
5.000%,
7/01/46,
144A
7/25
at
100.00
BB
23,172
690
Phoenix
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Eagle
College
Prep
Project,
Series
2013A,
5.000%,
7/01/43
1/23
at
100.00
BB
646,157
400
Phoenix
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Great
Hearts
Academies
Project,
Series
2016A,
5.000%,
7/01/41
7/25
at
100.00
BBB-
402,840
220
Phoenix
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Legacy
Traditional
Schools
Projects,
Series
2015,
5.000%,
7/01/35,
144A
7/25
at
100.00
BB+
218,570
350
Phoenix
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Legacy
Traditional
Schools
Projects,
Series
2016A,
5.000%,
7/01/41,
144A
7/26
at
100.00
BB+
332,115
1,000
Phoenix
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Northwest
Christian
School
Project,
Series
2020A,
5.000%,
9/01/45,
144A
9/30
at
100.00
Ba2
847,520
Phoenix
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Villa
Montessori,
Inc.
Projects,
Series
2015:
60
3.250%,
7/01/25
No
Opt.
Call
BBB-
58,959
750
5.000%,
7/01/35
7/25
at
100.00
BBB-
765,480
800
Phoenix
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Vista
College
Preparatory
Project,
Series
2018A,
5.000%,
7/01/43
7/28
at
100.00
AA-
833,824
1,000
Phoenix
Industrial
Development
Authority,
Arizona,
Lease
Revenue
Bonds,
Eastern
Kentucky
University
Project,
Series
2016,
5.000%,
10/01/36
10/26
at
100.00
A3
1,037,970
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Champion
Schools
Project,
Series
2017:
100
6.000%,
6/15/37,
144A
6/26
at
100.00
N/R
85,124
320
6.125%,
6/15/47,
144A
6/26
at
100.00
N/R
258,246
100
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Edkey
Charter
Schools
Project,
Series
2016,
5.250%,
7/01/36
7/26
at
100.00
BB-
97,182
25
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
San
Tan
Montessori
School
Project,
Series
2016,
6.500%,
2/01/48,
144A
2/24
at
100.00
N/R
25,164
75
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
San
Tan
Montessori
School
Project,
Series
2017,
6.125%,
2/01/28,
144A
No
Opt.
Call
N/R
78,609
250
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Noah
Webster
Schools
Mesa
Project,
Series
2015A,
5.000%,
12/15/34,
144A
6/25
at
100.00
BB
242,950
145
Pinal
County
Community
College
District,
Arizona,
Revenue
Bonds,
Central
Arizona
College,
Series
2017,
5.000%,
7/01/34
-
BAM
Insured
7/26
at
100.00
AA
153,803
470
Student
and
Academic
Services
LLC,
Arizona,
Lease
Revenue
Bonds,
Northern
Arizona
University
Project,
Series
2014,
5.000%,
6/01/39
-
BAM
Insured
6/24
at
100.00
AA
481,938
500
Yavapai
County
Industrial
Development
Authority,  Arizona,
Education
Revenue
Bonds,
Arizona
Agribusiness
and
Equine
Center
Inc
Project,
Refunding
Series
2015A,
5.000%,
9/01/34,
144A
3/25
at
100.00
BB+
486,540
38,795
Total
Education
and
Civic
Organizations
38,779,980
27
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
-
12.1%
$
1,510
Arizona
Health
Facilities
Authority,
Revenue
Bonds,
Scottsdale
Lincoln
Hospitals
Project,
Refunding
Series
2014A,
5.000%,
12/01/42
12/24
at
100.00
A+
$
1,528,588
Arizona
Industrial
Development
Authority,
Arizona,
Lease
Revenue
Bonds,
Children's
National
Prince
County
Regional
Medical
Center,
Series
2020A:
105
4.000%,
9/01/36
9/30
at
100.00
A1
104,371
890
4.000%,
9/01/38
9/30
at
100.00
A1
873,588
405
4.000%,
9/01/39
9/30
at
100.00
A1
395,665
250
4.000%,
9/01/46
9/30
at
100.00
A1
236,828
Arizona
Industrial
Development
Authority,
Hospital
Revenue
Bonds,
Phoenix
Children's
Hospital,
Series
2020A:
1,100
3.000%,
2/01/39
2/30
at
100.00
AA-
912,120
1,400
5.000%,
2/01/40
2/30
at
100.00
AA-
1,465,044
Arizona
Industrial
Development
Authority,
Hospital
Revenue
Bonds,
Phoenix
Children's
Hospital,
Series
2021A:
1,560
4.000%,
2/01/39
2/32
at
100.00
AA-
1,530,313
1,000
4.000%,
2/01/40
2/32
at
100.00
AA-
970,870
600
Maricopa
County
Industrial
Development
Authority,
Arizona,
Hospital
Revenue
Bonds,
HonorHealth,
Series
2019A,
5.000%,
9/01/36
9/28
at
100.00
A+
626,214
Maricopa
County
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Banner
Health,
Refunding
Series
2016A:
1,750
5.000%,
1/01/32
1/27
at
100.00
AA-
1,873,760
2,000
5.000%,
1/01/35
1/27
at
100.00
AA-
2,112,280
1,145
5.000%,
1/01/38
1/27
at
100.00
AA-
1,192,907
1,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Banner
Health,
Variable
Rate
Demand
Series
2019F,
4.000%,
1/01/45
7/30
at
100.00
AA-
954,770
Pima
County
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Tucson
Medical
Center,
Series
2021A:
565
4.000%,
4/01/39
4/31
at
100.00
A
545,072
1,350
4.000%,
4/01/46
4/31
at
100.00
A
1,193,535
295
Yavapai
County
Industrial
Development
Authority,
Arizona,
Hospital
Revenue
Bonds,
Yavapai
Regional
Medical
Center,
Refunding
Series
2016,
5.000%,
8/01/36
8/26
at
100.00
A+
304,921
750
Yavapai
County
Industrial
Development
Authority,
Arizona,
Hospital
Revenue
Bonds,
Yavapai
Regional
Medical
Center,
Series
2013A,
5.250%,
8/01/33
8/23
at
100.00
A+
758,820
Yavapai
County
Industrial
Development
Authority,
Arizona,
Hospital
Revenue
Bonds,
Yavapai
Regional
Medical
Center,
Series
2019:
815
5.000%,
8/01/39
8/29
at
100.00
A+
844,715
1,060
4.000%,
8/01/43
8/29
at
100.00
A+
1,019,094
500
Yuma
Industrial
Development
Authority,
Arizona,
Hospital
Revenue
Bonds,
Yuma
Regional
Medical
Center,
Series
2014A,
5.250%,
8/01/32
8/24
at
100.00
A
511,945
20,050
Total
Health
Care
19,955,420
Housing/Multifamily
-
0.6%
500
Arizona
Industrial
Development
Authority,
Student
Housing
Revenue
Bonds,
Provident
Group
-
NCCU
Properties
LLC-
North
Carolina
Central
University,
Series
2019A,
5.000%,
6/01/38
-
BAM
Insured
6/29
at
100.00
AA
534,840
250
Sierra
Vista
Industrial
Development
Authority,
Arizona,
Economic
Development
Revenue
Bonds,
Convertible
Capital
Appreciation
Revenue
Bonds,
Series
2021A,
5.375%,
10/01/56
10/29
at
103.00
N/R
154,640
500
Sierra
Vista
Industrial
Development
Authority,
Arizona,
Economic
Development
Revenue
Bonds,
Convertible
Capital
Appreciation
Revenue
Bonds,
Series
2022A,
7.000%,
10/01/56
10/29
at
103.00
N/R
389,680
1,250
Total
Housing/Multifamily
1,079,160
Nuveen
Arizona
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
28
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Long-Term
Care
-
2.0%
$
120
Arizona
Industrial
Development
Authority,
Multifamily
Housing
Revenue
Bonds,
Bridgewater
Avondale
Project,
Series
2017,
5.375%,
1/01/38
7/25
at
101.00
N/R
$
90,953
1,115
Glendale
Industrial
Development
Authority,
Arizona,
Senior
Living
Revenue
Bonds,
Royal
Oaks
Royal
Oaks
-
Inspirata
Pointe
Project,
Series
2020A,
5.000%,
5/15/56
5/26
at
103.00
BBB-
982,393
915
Phoenix
Industrial
Development
Authority,
Arizona,
Multi-Family
Housing
Revenue
Bonds,
3rd
and
Indian
Road
Assisted
Living
Project,
Series
2016,
5.400%,
10/01/36
10/25
at
101.00
N/R
725,147
1,495
Tempe
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Friendship
Village
of
Tempe
Project,
Refunding
Series
2021A,
4.000%,
12/01/46
12/29
at
102.00
N/R
1,068,043
530
Tempe
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Mirabella
at
ASU
Project,
Series
2017A,
6.000%,
10/01/37,
144A
10/27
at
100.00
N/R
484,706
4,175
Total
Long-Term
Care
3,351,242
Tax
Obligation/General
-
14.8%
550
Buckeye
Union
High
School
District
201,
Maricopa
County,
Arizona,
General
Obligation
Bonds,
School
Improvement
Project,
Refunding
Series
2017,
5.000%,
7/01/34
-
BAM
Insured
7/27
at
100.00
AA
591,888
765
Dysart
Unified
School
District
Number
89,
Maricopa
County,
Arizona,
General
Obligation
Bonds,
Refunding
Series
2014,
5.000%,
7/01/27
7/24
at
100.00
AAA
791,171
425
Kyrene
Elementary
School
District
28,
Maricopa
County,
Arizona,
School
Improvement
Bonds,
Project
2010,
Series
2013B,
5.500%,
7/01/30
7/23
at
100.00
Aaa
432,382
1,000
Kyrene
Elementary
School
District
28,
Maricopa
County,
Arizona,
School
Improvement
Bonds,
Project
2010,
Series
2015C,
5.000%,
7/01/34
7/25
at
100.00
Aaa
1,047,930
1,500
Marana
Unified
School
District
No.
6
of
Pima
County,
Arizona,
School
Improvement
Bonds,
Project
of
2014,
Series
2018D,
5.000%,
7/01/38
-
AGM
Insured
7/27
at
100.00
AA
1,606,965
810
Maricopa
County
Elementary
School
District
68,
Alhambra,
Arizona,
General
Obligation
Bonds,
Project
of
2017,
Series
2019B,
4.000%,
7/01/39
7/28
at
100.00
AA
814,350
675
Maricopa
County
Elementary
School
District
83
Cartwright,
Arizona,
General
Obligation
Bonds,
School
Improvement,
Project
2020,
Series
202A,
4.000%,
7/01/38
-
AGM
Insured
7/30
at
100.00
AA
684,112
1,170
Maricopa
County
School
District
14
Creighton
Elementary,
Arizona,
General
Obligation
Bonds,
School
Improvement
Series
2021C,
4.000%,
7/01/35
7/31
at
100.00
Aa3
1,221,293
1,065
Maricopa
County
School
District
214
Tolleson
Union
High,
Arizona,
General
Obligation
Bonds,
School
Improvement
Project
1990,
Series
1990A,
5.000%,
7/01/38
7/28
at
100.00
Aaa
1,157,666
370
Maricopa
County
School
District
214
Tolleson
Union
High,
Arizona,
General
Obligation
Bonds,
School
Improvement
Project
2017,
Series
2018A,
5.000%,
7/01/37
7/27
at
100.00
Aaa
398,016
600
Maricopa
County
School
District
28
Kyrene
Elementary,
Arizona,
General
Obligation
Bonds,
School
Improvement,
Project
2017
Series
2020B,
4.000%,
7/01/40
7/29
at
100.00
Aaa
604,812
1,050
Maricopa
County
Special
Health
Care
District,
Arizona,
General
Obligation
Bonds,
Series
2018C,
5.000%,
7/01/35
7/28
at
100.00
Aa3
1,142,683
1,000
Maricopa
County
Unified
School
District
11,
Peoria,
Arizona,
General
Obligation
Bonds,
School
Improvement,
Series
2018,
5.000%,
7/01/34
-
BAM
Insured
7/27
at
100.00
AA
1,076,600
265
Maricopa
County
Unified
School
District
69
Paradise
Valley,
Arizona,
General
Obligation
Bonds,
Improvement
Second
Series
2020,
4.000%,
7/01/40
7/29
at
100.00
AAA
266,359
Maricopa
County
Unified
School
District
69
Paradise
Valley,
Arizona,
General
Obligation
Bonds,
School
Improvement
Project
of
2015,
Series
2021E:
375
3.000%,
7/01/39
7/30
at
100.00
AAA
326,696
275
3.000%,
7/01/40
7/30
at
100.00
AAA
236,577
1,000
Maricopa
County
Unified
School
District
95
Queen
Creek,
Arizona,
General
Obligation
Bonds,
School
Improvement
Series
2020,
4.000%,
7/01/38
7/29
at
100.00
Aa1
1,012,660
29
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
860
Maricopa
County
Union
High
School
District
210
Phoenix,
Arizona,
General
Obligation
Bonds,
School
Improvement
&
Project
of
2011
Series
2017E,
5.000%,
7/01/35
7/27
at
100.00
AAA
$
923,219
2,000
Maricopa
County
Union
High
School
District
210
Phoenix,
Arizona,
General
Obligation
Bonds,
School
Improvement
Project
2011
and
2017,
Series
2018,
5.000%,
7/01/37
7/27
at
100.00
AAA
2,147,020
750
Mohave
County
Union
High
School
District
2
Colorado
River,
Arizona,
General
Obligation
Bonds,
School
Improvement
Series
2017,
5.000%,
7/01/35
7/27
at
100.00
A1
806,460
690
Northwest
Fire
District
of
Pima
County,
Arizona,
General
Obligation
Bonds,
Series
2017,
5.000%,
7/01/36
7/27
at
100.00
AA-
741,025
1,125
Pima
County
Unified
School
District
12
Sunnyside,
Arizona,
General
Obligation
Bonds,
School
Improvement
Project
2011,
Series
2014D,
5.000%,
7/01/34
-
AGM
Insured
7/24
at
100.00
AA
1,158,019
500
Pima
County
Unified
School
District
12
Sunnyside,
Arizona,
General
Obligation
Bonds,
School
Improvement
Project
of
2011,
Series
2013B,
5.000%,
7/01/32
-
BAM
Insured
7/23
at
100.00
AA
505,980
750
Pima
County
Unified
School
District
20
Vail,
Arizona,
General
Obligation
Bonds,
Refunding
School
Improvement
Series
2015,
5.000%,
7/01/33
-
AGM
Insured
7/25
at
100.00
AA
784,433
750
Pima
County
Unified
School
District
6
Marana,
Arizona,
General
Obligation
Bonds,
School
Improvement,
Project
of
2014,
Series
2019E,
4.000%,
7/01/39
-
AGM
Insured
7/29
at
100.00
AA
754,665
800
Pinal
County
School
District
4
Casa
Grande
Elementary,
Arizona,
General
Obligation
Bonds,
School
improvement
Project
2016,
Series
2017A,
5.000%,
7/01/36
-
BAM
Insured
7/27
at
100.00
AA
856,352
950
Tempe,
Arizona,
General
Obligation
Bonds,
Series
2021,
5.000%,
7/01/39
7/31
at
100.00
AAA
1,065,093
500
Tucson,
Arizona,
General
Obligation
Bonds,
2018-A
Series
2020,
4.000%,
7/01/33
7/29
at
100.00
AA+
529,490
Western
Maricopa
Education
Center
District
402,
Maricopa
County,
Arizona,
General
Obligation
Bonds,
School
Improvement
Project
2012,
Series2014B:
360
4.500%,
7/01/33
7/24
at
100.00
AA-
366,358
335
4.500%,
7/01/34
7/24
at
100.00
AA-
339,934
23,265
Total
Tax
Obligation/General
24,390,208
Tax
Obligation/Limited
-
22.4%
100
Arizona
Industrial
Development
Authority,
Arizona,
Economic
Development
Revenue
Bonds,
Linder
Village
Project
in
Meridian,
Ada
County,
Idaho,
Series
2020,
5.000%,
6/01/31,
144A
No
Opt.
Call
N/R
99,213
120
Buckeye,
Arizona,
Excise
Tax
Revenue
Obligations,
Refunding
Series
2016,
4.000%,
7/01/36
7/26
at
100.00
AA
123,060
1,000
Buckeye,
Arizona,
Excise
Tax
Revenue
Obligations,
Series
2015,
5.000%,
7/01/37
7/25
at
100.00
AA
1,043,630
475
Cadence
Community
Facilities
District,
Mesa,
Arizona,
Special
Assessment
Revenue
Bonds,
Assessment
District
1,
Series
2019,
4.500%,
7/01/43
7/29
at
100.00
N/R
415,297
675
Cadence
Community
Facilities
District,
Mesa,
Arizona,
Special
Assessment
Revenue
Bonds,
Assessment
District
3,
Series
2020,
4.000%,
7/01/45
7/30
at
100.00
N/R
571,259
95
Cahava
Springs
Revitalization
District,
Cave
Creek,
Arizona,
Special
Assessment
Bonds,
Series
2017A,
7.000%,
7/01/41,
144A
2021
960240
(4)
7/27
at
100.00
N/R
72,767
500
Cottonwood,
Arizona,
Pledged
Revenue
Bonds,
Series
2015,
5.000%,
7/01/30
-
RAAI
Insured
7/25
at
100.00
AA
527,020
450
Eastmark
Community
Facilities
District
1,
Mesa,
Arizona,
General
Obligation
Bonds,
Series
2015,
5.000%,
7/15/39,
144A
7/25
at
100.00
N/R
450,603
500
Eastmark
Community
Facilities
District
1,
Mesa,
Arizona,
General
Obligation
Bonds,
Series
2017,
5.000%,
7/15/42
-
AGM
Insured
7/27
at
100.00
AA
531,290
1,000
Eastmark
Community
Facilities
District
1,
Mesa,
Arizona,
General
Obligation
Bonds,
Series
2018,
5.000%,
7/15/38
-
BAM
Insured
7/27
at
100.00
AA
1,063,040
1,300
Eastmark
Community
Facilities
District
1,
Mesa,
Arizona,
General
Obligation
Bonds,
Series
2019,
4.000%,
7/15/39
-
BAM
Insured
7/29
at
100.00
AA
1,307,774
650
Eastmark
Community
Facilities
District
1,
Mesa,
Arizona,
General
Obligation
Bonds,
Series
2021,
4.000%,
7/15/41
-
BAM
Insured
7/31
at
100.00
AA
650,241
Nuveen
Arizona
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
30
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
143
Eastmark
Community
Facilities
District
1,
Mesa,
Arizona,
Special
Assessment
Revenue
Bonds,
Assessment
District
1,
Series
2013,
5.250%,
7/01/38
7/23
at
100.00
N/R
$
136,978
299
Eastmark
Community
Facilities
District
1,
Mesa,
Arizona,
Special
Assessment
Revenue
Bonds,
Assessment
District
1,
Series
2019,
5.200%,
7/01/43
7/27
at
100.00
N/R
271,958
500
Eastmark
Community
Facilities
District
1,
Mesa,
Arizona,
Special
Assessment
Revenue
Bonds,
Assessment
District
12,
Series
2021,
3.250%,
7/01/35
7/30
at
100.00
N/R
396,400
Eastmark
Community
Facilities
District
2,
Mesa,
Arizona,
General
Obligation
Bonds,
Series
2020:
315
4.000%,
7/15/30
No
Opt.
Call
N/R
317,007
480
4.000%,
7/15/35
7/30
at
100.00
N/R
439,560
Estrella
Mountain
Ranch
Community
Facilities
District,
Goodyear,
Arizona,
General
Obligation
Bonds,
Refunding
Series
2017:
45
5.000%,
7/15/32
-
AGM
Insured
7/27
at
100.00
AA
48,453
345
Festival
Ranch
Community
Facilities
District,
Buckeye,
Arizona,
General
Obligation
Bonds,
Series
2012,
5.000%,
7/15/27
-
BAM
Insured
1/23
at
100.00
AA
345,621
750
Festival
Ranch
Community
Facilities
District,
Buckeye,
Arizona,
General
Obligation
Bonds,
Series
2016,
4.000%,
7/15/36
-
BAM
Insured
7/26
at
100.00
AA
763,380
260
Festival
Ranch
Community
Facilities
District,
Buckeye,
Arizona,
General
Obligation
Bonds,
Series
2018,
5.000%,
7/15/38
-
BAM
Insured
7/27
at
100.00
AA
273,315
1,500
Festival
Ranch
Community
Facilities
District,
Buckeye,
Arizona,
General
Obligation
Bonds,
Series
2020,
4.000%,
7/15/40
-
BAM
Insured
7/30
at
100.00
AA
1,470,135
230
Festival
Ranch
Community
Facilities
District,
Buckeye,
Arizona,
Special
Assessment
Revenue
Bonds,  Assessment
District
11,
Series
2017,
5.200%,
7/01/37
7/27
at
100.00
N/R
216,747
1,000
Glendale
Municipal
Property
Corporation,
Arizona,
Excise
Tax
Revenue
Bonds,
Subordinate
Series
2012C,
4.000%,
7/01/38
1/23
at
100.00
AA+
1,000,080
Goodyear
Community
Facilities
Utilities
District
1,
Arizona,
General
Obligation
Bonds,
Refunding
Series
2016:
1,170
4.000%,
7/15/32
7/26
at
100.00
A1
1,201,555
470
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A,
5.000%,
10/01/39
10/32
at
100.00
N/R
473,957
165
Merrill
Ranch
Community
Facilities
District
2,
Florence,
Arizona,
General
Obligation
Bonds,
Series
2017,
5.000%,
7/15/42
-
BAM
Insured
7/27
at
100.00
AA
174,318
Mesa,
Arizona,
Excise
Tax
Revenue
Obligations,
Series
2020:
190
3.000%,
7/01/39
7/30
at
100.00
AA+
162,993
115
4.000%,
7/01/40
7/30
at
100.00
AA+
115,267
810
Phoenix
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
JMF-Higley
2012
LLC
Project,
Series
2012,
5.000%,
12/01/36
1/23
at
100.00
A+
810,915
500
Pinal
County,
Arizona,
Pledged
Revenue
Obligations,
Series
2014,
5.000%,
8/01/33
8/24
at
100.00
AA
516,300
1,500
Pinal
County,
Arizona,
Pledged
Revenue
Obligations,
Series
2019,
4.000%,
8/01/38
8/28
at
100.00
AA
1,515,480
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
1,250
4.550%,
7/01/40
7/28
at
100.00
N/R
1,164,163
1,000
0.000%,
7/01/46
7/28
at
41.38
N/R
252,020
1,350
4.750%,
7/01/53
7/28
at
100.00
N/R
1,233,495
1,372
5.000%,
7/01/58
7/28
at
100.00
N/R
1,301,767
Queen
Creek,
Arizona,
Excise
Tax
&
State
Shared
Revenue
Obligation
Bonds,
Refunding
Series
2016:
520
4.000%,
8/01/33
8/26
at
100.00
AA+
538,236
560
4.000%,
8/01/35
8/26
at
100.00
AA+
572,186
760
Queen
Creek,
Arizona,
Excise
Tax
&
State
Shared
Revenue
Obligation
Bonds,
Series
2018A,
5.000%,
8/01/42
8/28
at
100.00
AA+
816,080
Queen
Creek,
Arizona,
Excise
Tax
&
State
Shared
Revenue
Obligation
Bonds,
Series
2020:
1,915
4.000%,
8/01/38
8/30
at
100.00
AA+
1,943,802
2,400
4.000%,
8/01/50
8/30
at
100.00
AA+
2,287,416
31
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
San
Luis,
Arizona,
Pledged
Excise
Tax
Revenue
Bonds,
Refunding
Series2014A:
$
600
5.000%,
7/01/34
-
BAM
Insured
7/24
at
100.00
AA
$
617,514
900
5.000%,
7/01/38
-
BAM
Insured
7/24
at
100.00
AA
924,588
805
Surprise,
Arizona,
Pledged
Revenue
Bonds,
Refunding
Series
2015,
5.000%,
7/01/30
7/25
at
100.00
AAA
848,502
1,150
Tartesso
West
Community
Facility
District,
Buckeye,
Arizona,
Limited
Tax
General
Obligation
Bonds,
Series
2021,
4.000%,
7/15/41
-
AGM
Insured
7/31
at
100.00
AA
1,173,299
600
Tempe,
Arizona,
Excise
Tax
Revenue
Bonds,
Refunding
Series
2016,
5.000%,
7/01/31
7/26
at
100.00
AAA
642,096
1,005
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
1,005,523
1,090
Vistancia
West
Community
Facilities
District,
Peoria,
Arizona,
General
Obligation
Bonds,
Series
2016,
5.000%,
7/15/29,
144A
1/23
at
100.00
N/R
1,092,071
2,260
Yavapai
County
Jail
District,
Arizona,
Pleged
Revenue
Obligation
Bonds,
Series
2020,
4.000%,
7/01/40
-
BAM
Insured
7/29
at
100.00
AA
2,265,921
840
Yuma
County,
Arizona,
Pledge
Revenue
Obligations,
Series
2022,
4.250%,
7/15/42
-
BAM
Insured
7/32
at
100.00
AA
843,234
38,029
Total
Tax
Obligation/Limited
37,027,526
Transportation
-
5.4%
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Junior
Lien
Series
2015A:
670
5.000%,
7/01/40
7/25
at
100.00
A+
687,735
1,315
5.000%,
7/01/45
7/25
at
100.00
A+
1,335,606
1,500
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Junior
Lien
Series
2019B,
5.000%,
7/01/49,
(AMT)
7/29
at
100.00
A+
1,522,575
1,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Refunding
Senior
Lien
Series
2013,
5.000%,
7/01/30,
(AMT)
7/23
at
100.00
AA-
1,008,180
2,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Senior
Lien
Series
2017A,
5.000%,
7/01/47,
(AMT)
7/27
at
100.00
AA-
2,032,760
Phoenix
Civic
Improvement
Corporation,
Arizona,
Rental
Car
Facility
Charge
Revenue
Bonds,
Series
2019A:
1,000
5.000%,
7/01/32
7/29
at
100.00
A
1,091,840
1,090
5.000%,
7/01/39
7/29
at
100.00
A
1,156,850
8,575
Total
Transportation
8,835,546
U.S.
Guaranteed
-
3.1%
(5)
590
Arizona
Health
Facilities
Authority,
Hospital
Revenue
Bonds,
Banner
Health
Systems,
Series
2014A,
5.000%,
1/01/44,
(Pre-refunded
1/01/24)
1/24
at
100.00
AA-
605,352
Estrella
Mountain
Ranch
Community
Facilities
District,
Goodyear,
Arizona,
General
Obligation
Bonds,
Refunding
Series
2017:
250
5.000%,
7/15/32,
(Pre-refunded
7/15/27)
-
AGM
Insured
7/27
at
100.00
AA
274,140
Goodyear
Community
Facilities
Utilities
District
1,
Arizona,
General
Obligation
Bonds,
Refunding
Series
2016:
110
4.000%,
7/15/32,
(Pre-refunded
7/15/26)
7/26
at
100.00
N/R
114,698
500
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2013,
5.250%,
7/01/33,
(Pre-refunded
7/01/23)
7/23
at
100.00
A-
507,825
Northern
Arizona
University,
System
Revenue
Bonds,
Refunding
Series
2014:
430
5.000%,
6/01/40,
(Pre-refunded
6/01/24)
6/24
at
100.00
N/R
445,325
1,040
Phoenix
Civic
Improvement
Corporation,
Arizona,
Water
System
Revenue
Bonds,
Junior
Lien
Series
2014A,
5.000%,
7/01/39,
(Pre-refunded
7/01/24)
7/24
at
100.00
AAA
1,079,010
1,000
Scottsdale
Municipal
Property
Corporation,
Arizona,
Excise
Tax
Revenue
Bonds,
Refunding
Series
2015,
5.000%,
7/01/35,
(Pre-refunded
7/01/25)
7/25
at
100.00
AAA
1,059,420
880
Scottsdale
Municipal
Property
Corporation,
Arizona,
Excise
Tax
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
7/01/36,
(Pre-refunded
7/01/27)
7/27
at
100.00
AAA
964,304
4,800
Total
U.S.
Guaranteed
5,050,074
Nuveen
Arizona
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
32
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
-
14.8%
$
1,000
Carefree
Utilities
Community
Facilities
District,
Arizona,
Water
System
Revenue
Bonds,
Series
2021,
4.000%,
7/01/51
7/31
at
100.00
A+
$
938,030
1,285
Central
Arizona
Water
Conservation
District,
Arizona,
Water
Delivery
O&M
Revenue
Bonds,
Series
2016,
5.000%,
1/01/35
1/26
at
100.00
AA+
1,352,463
1,500
City
of
Mesa,
Arizona,
Utility
System
Revenue
Bonds,
Series
2022C,
5.000%,
7/01/36
No
Opt.
Call
Aa3
1,738,350
1,805
Glendale,
Arizona,
Water
and
Sewer
Revenue
Bonds,
Senior
Lien
Series
2022A,
5.000%,
7/01/41
7/32
at
100.00
AA
2,012,413
790
Goodyear,
Arizona,
Water
and
Sewer
Revenue
Obligations,
Refunding
Subordinate
Lien
Series
2016,
5.000%,
7/01/45
-
AGM
Insured
7/26
at
100.00
AA
826,245
1,500
Goodyear,
Arizona,
Water
and
Sewer
Revenue
Obligations,
Subordinate
Lien
Series
2020,
4.000%,
7/01/45
-
AGM
Insured
7/29
at
100.00
AA
1,478,310
500
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
7/01/40
7/27
at
100.00
A-
507,945
735
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2016,
5.000%,
7/01/36
7/26
at
100.00
A-
747,782
760
Guam
Power
Authority,
Revenue
Bonds,
Series
2014A,
5.000%,
10/01/39
10/24
at
100.00
AA
782,283
450
Lake
Havasu
City,
Arizona,
Wastewater
System
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015A,
5.000%,
7/01/36
-
AGM
Insured
7/25
at
100.00
AA
469,179
800
Mesa,
Arizona,
Utility
System
Revenue
Bonds,
Series
2019A,
5.000%,
7/01/43
7/29
at
100.00
Aa2
863,480
Mesa,
Arizona,
Utility
System
Revenue
Bonds,
Series
2020:
510
4.000%,
7/01/42
7/30
at
100.00
Aa2
510,046
500
4.000%,
7/01/43
7/30
at
100.00
Aa2
497,475
1,000
3.000%,
7/01/44
7/30
at
100.00
Aa2
793,500
585
Phoenix
Civic
Improvement
Corporation,
Arizona,
Wastewater
System
Revenue
Bonds,
Refunding
Junior
Lien
Series
2014,
5.000%,
7/01/29
7/24
at
100.00
AA+
603,632
1,325
Phoenix
Civic
Improvement
Corporation,
Arizona,
Water
System
Revenue
Bonds,
Junior
Lien
Sustainability
Series
2020A,
5.000%,
7/01/44
7/30
at
100.00
AAA
1,440,659
305
Pinal
County
Electrical
District
3,
Arizona,
Electric
System
Revenue
Bonds,
Refunding  Series
2016,
5.000%,
7/01/35
7/26
at
100.00
A+
322,882
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B:
1,000
5.000%,
7/01/29,
144A
No
Opt.
Call
N/R
1,011,580
1,000
5.000%,
7/01/37,
144A
7/31
at
100.00
N/R
985,310
Salt
River
Project
Agricultural
Improvement
and
Power
District,
Arizona,
Electric
System
Revenue
Bonds,
Refunding
Series
2015A:
500
5.000%,
12/01/36
6/25
at
100.00
AA+
523,015
1,000
5.000%,
12/01/45
6/25
at
100.00
AA+
1,047,750
1,000
Salt
River
Project
Agricultural
Improvement
and
Power
District,
Arizona,
Electric
System
Revenue
Bonds,
Refunding
Series
2016A,
5.000%,
1/01/38
1/27
at
100.00
AA+
1,064,980
1,000
Salt
River
Project
Agricultural
Improvement
and
Power
District,
Arizona,
Electric
System
Revenue
Bonds,
Series
2019A,
4.000%,
1/01/39
1/30
at
100.00
AA+
1,022,110
1,805
Salt
Verde
Financial
Corporation,
Arizona,
Senior
Gas
Revenue
Bonds,
Citigroup
Energy
Inc
Prepay
Contract
Obligations,
Series
2007,
5.000%,
12/01/37
No
Opt.
Call
A3
1,868,175
1,000
Yuma
Municipal
Property
Corporation,
Arizona,
Utility
System
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015,
5.000%,
7/01/28
7/25
at
100.00
AA-
1,052,000
23,655
Total
Utilities
24,459,594
$
162,594
Total
Long-Term
Investments
(cost
$171,418,360)
162,928,750
Other
Assets
Less
Liabilities
-
1.3%
2,084,402
Net
Assets
-
100%
$
165,013,152
(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.
33
(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
See
accompanying
notes
to
financial
statements.
34
Nuveen
Colorado
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
-
98.6%   
X
439,934,049
MUNICIPAL
BONDS
-
98.6%  
X
439,934,049
Consumer
Discretionary
-
0.8%
Denver
Convention
Center
Hotel
Authority,
Colorado,
Revenue
Bonds,
Convention
Center
Hotel,
Refunding
Senior
Lien
Series
2016:
$
500
5.000%,
12/01/29
12/26
at
100.00
Baa2
$
512,695
1,000
5.000%,
12/01/32
12/26
at
100.00
Baa2
1,017,190
2,000
5.000%,
12/01/35
12/26
at
100.00
Baa2
2,014,620
3,500
Total
Consumer
Discretionary
3,544,505
Education
and
Civic
Organizations
-
8.4%
Colorado
Educational
and
Cultural
Facilities
Authority
Charter
School
Revenue
Bonds,
Monument
Academy
Charter
School
Project,
Refunding
Series
2014:
290
4.000%,
10/01/24
No
Opt.
Call
A+
293,866
720
3.625%,
10/01/29
10/24
at
100.00
A+
708,221
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Aspen
Ridge
School
Project,
Series
2015A:
500
5.000%,
7/01/36,
144A
7/25
at
100.00
BB
486,525
500
5.250%,
7/01/46,
144A
7/25
at
100.00
BB
474,715
505
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Community
Leadership
Academy,
Inc.
Second
Campus
Project,
Series
2013,
7.350%,
8/01/43
8/23
at
100.00
BB+
513,630
500
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Douglas
County
School
District
RE-1
-
DCS
Montessori
School,
Refunding
&
Improvement
Series
2012,
4.000%,
7/15/27
1/23
at
100.00
A+
500,185
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Liberty
Common
Charter
School,
Series
2014A:
315
5.000%,
1/15/29
1/24
at
100.00
A+
320,024
500
5.000%,
1/15/44
1/24
at
100.00
A+
503,705
450
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Littleton
Preparatory
Charter
School,
Series
2013,
5.000%,
12/01/33
1/23
at
100.00
BB+
449,622
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
New
Summit
Charter
Academy
Project,
Series
2021A:
100
4.000%,
7/01/41,
144A
7/31
at
100.00
N/R
81,064
100
4.000%,
7/01/51,
144A
7/31
at
100.00
N/R
74,457
1,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Skyview
Academy
Project,
Series
2014,
5.125%,
7/01/34,
144A
7/24
at
100.00
BB
1,000,630
1,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
The
Classical
Academy
Project,
Refunding
Series
2015A,
5.000%,
12/01/38
12/24
at
100.00
A+
1,015,350
835
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Twin
Peaks
Charter
Academy,
Series
2011B,
7.500%,
3/15/35
1/23
at
100.00
BB
837,129
600
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Union
Colony
School
Project,
Series
2018,
5.000%,
4/01/38
4/28
at
100.00
Aa3
619,482
1,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
University
of
Northern
Colorado
Lab
School,
Refunding
&
Improvement
Series
2015,
5.000%,
12/15/45,
144A
12/25
at
100.00
BBB-
1,012,050
500
Colorado
Educational
and
Cultural
Facilities
Authority,
Independent
School
Revenue
Bonds,
Kent
Denver
School
Project,
Series
2016,
5.000%,
10/01/36
10/26
at
100.00
A
524,830
35
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
Colorado
Educational
and
Cultural
Facilities
Authority,
Revenue
Bonds,
Aspen
View
Academy
Project,
Series
2021:
$
265
4.000%,
5/01/51
5/28
at
103.00
Baa3
$
212,398
750
4.000%,
5/01/61
5/28
at
103.00
Baa3
573,240
2,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Revenue
Bonds,
Pinnacle
Charter
School,
Refunding
&
Improvement
Series
2021A,
4.000%,
12/01/50
12/30
at
100.00
A+
1,773,360
Colorado
Educational
and
Cultural
Facilities
Authority,
Revenue
Bonds,
Rocky
Mountain
Classical
Academy
Project,
Refunding
Series
2019:
255
5.000%,
10/01/49,
144A
10/27
at
100.00
Ba1
230,918
1,000
5.000%,
10/01/59,
144A
10/27
at
100.00
Ba1
880,140
Colorado
Educational
and
Cultural
Facilities
Authority,
Revenue
Bonds,
University
of
Denver,
Series
2017A:
370
4.000%,
3/01/34
3/27
at
100.00
AA-
376,864
1,000
4.000%,
3/01/35
3/27
at
100.00
AA-
1,013,640
400
Colorado
Educational
and
Cultural
Facilities
Authority,
Revenue
Bonds,
West
Ridge
Academy
Charter
School,
Refunding
&
Improvement
Series
2019,
5.000%,
6/01/49
6/24
at
100.00
Aa3
402,516
1,000
Colorado
Mesa
University,
Colorado,
Enterprise
Revenue
Bonds,
Series
2019B,
5.000%,
5/15/44
5/29
at
100.00
Aa2
1,077,570
3,000
Colorado
School
of
Mines
Board
of
Trustees,
Golden,
Colorado,
Institutional
Enterprise
Revenue
Bonds,
Series
2017B,
5.000%,
12/01/42
12/27
at
100.00
A+
3,182,160
Colorado
State
Board
of
Governors,
Colorado
State
University
Auxiliary
Enterprise
System
Revenue
Bonds,
Refunding
Series
2017A:
1,335
4.000%,
3/01/34
9/27
at
100.00
AA
1,378,174
1,450
4.000%,
3/01/40
9/27
at
100.00
AA
1,448,782
2,740
Colorado
State
Board
of
Governors,
Colorado
State
University
Auxiliary
Enterprise
System
Revenue
Bonds,
Refunding
Series
2017E,
4.000%,
3/01/43
3/28
at
100.00
AA
2,701,804
2,510
Colorado
State
Board
of
Governors,
Colorado
State
University
Auxiliary
Enterprise
System
Revenue
Bonds,
Refunding
Series
2019A,
5.000%,
3/01/49
3/30
at
100.00
AA
2,718,882
2,000
Colorado
State
Board
of
Governors,
Colorado
State
University
Auxiliary
Enterprise
System
Revenue
Bonds,
Series
2015A,
4.000%,
3/01/35
3/25
at
100.00
Aa3
2,008,700
1,000
Falcon
Area
Water
and
Wastewater
Authority
(El
Paso
County,
Colorado),
Tap
Fee
Revenue
Bonds,
Series
2022A,
6.750%,
12/01/34,
144A
9/27
at
103.00
N/R
978,780
5,330
University
of
Colorado,
Enterprise
System
Revenue
Bonds,
Refunding
Series
2021C-4,
4.000%,
6/01/51
6/31
at
100.00
Aa1
5,162,851
2,000
University
of
Northern
Colorado
at
Greeley,
Institutional
Enterprise
System
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
6/01/40
6/25
at
100.00
Aa2
2,068,660
37,820
Total
Education
and
Civic
Organizations
37,604,924
Health
Care
-
15.9%
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
AdventHealth
Obligated
Group,
Series
2019A:
1,760
5.000%,
11/15/37
11/29
at
100.00
AA
1,904,408
1,000
4.000%,
11/15/43
11/29
at
100.00
AA
974,620
1,350
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Adventist
Health
System/Sunbelt
Obligated
Group,
Series
2016A,
4.000%,
11/15/46
5/26
at
100.00
AA
1,272,820
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Adventist
Health
System/Sunbelt
Obligated
Group,
Series
2016B:
110
5.000%,
11/15/28
5/26
at
100.00
AA
117,433
225
5.000%,
11/15/29
5/26
at
100.00
AA
239,872
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Adventist
Health
System/Sunbelt
Obligated
Group,
Series
2018A:
2,230
4.000%,
11/15/48
5/28
at
100.00
AA
2,065,760
5,285
5.000%,
11/15/48
5/28
at
100.00
AA
5,464,003
Nuveen
Colorado
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
36
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Boulder
Community
Health
Project,
Series
2020:
$
1,300
5.000%,
10/01/29
No
Opt.
Call
A-
$
1,408,498
700
5.000%,
10/01/30
No
Opt.
Call
A-
764,337
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Children's
Hospital
Colorado
Project,
Series
2016A:
2,195
5.000%,
12/01/41
6/26
at
100.00
A+
2,240,634
2,200
5.000%,
12/01/44
6/26
at
100.00
A+
2,236,652
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-1:
150
5.000%,
8/01/25
No
Opt.
Call
A-
156,620
5,250
4.000%,
8/01/44
8/29
at
100.00
A-
4,559,940
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2:
2,000
5.000%,
8/01/44
8/29
at
100.00
A-
2,027,000
4,000
4.000%,
8/01/49
8/29
at
100.00
A-
3,341,640
1,505
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019B-2,
5.000%,
8/01/49,
(Mandatory
Put
8/01/26)
2/26
at
100.00
A-
1,567,458
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2022A:
500
5.250%,
11/01/38
11/32
at
100.00
A-
533,400
1,365
5.500%,
11/01/47
11/32
at
100.00
A-
1,459,813
3,900
5.250%,
11/01/52
11/32
at
100.00
A-
4,016,649
2,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Intermountain
Healthcare,
Series
2022A,
5.000%,
5/15/52
5/32
at
100.00
AA+
2,130,880
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Parkview
Medical
Center
Inc.
Project,
Refunding
Series
2017:
265
5.000%,
9/01/24
No
Opt.
Call
Baa1
272,081
235
5.000%,
9/01/26
No
Opt.
Call
Baa1
246,202
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Parkview
Medical
Center,
Refunding
Series
2015B:
3,530
5.000%,
9/01/31
9/25
at
100.00
Baa1
3,634,205
1,315
4.000%,
9/01/34
9/25
at
100.00
Baa1
1,282,730
1,250
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Parkview
Medical
Center,
Series
2020A,
4.000%,
9/01/50
9/30
at
100.00
Baa1
1,023,788
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Sanford
Health,
Series
2019A:
545
5.000%,
11/01/32
11/29
at
100.00
AA-
588,491
535
5.000%,
11/01/33
11/29
at
100.00
AA-
573,729
2,500
4.000%,
11/01/39
11/29
at
100.00
AA-
2,406,800
3,950
5.000%,
11/01/49
11/29
at
100.00
AA-
3,972,673
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
SCL
Health
System,
Refunding
Series
2019A:
470
5.000%,
1/01/25
No
Opt.
Call
AA+
492,391
1,245
5.000%,
1/01/31
1/30
at
100.00
AA+
1,403,999
3,500
4.000%,
1/01/35
1/30
at
100.00
AA+
3,577,840
5,500
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
SCL
Health
System,
Refunding
Series
2019B,
4.000%,
1/01/40
1/30
at
100.00
AA+
5,439,225
2,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Valley
View
Hospital
Association,
Series
2015,
5.000%,
5/15/45
5/25
at
100.00
A
2,010,940
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Valley
View
Hospital
Association,
Series
2017A:
225
4.000%,
5/15/33
5/27
at
100.00
A
226,118
1,920
4.000%,
5/15/34
5/27
at
100.00
A
1,928,909
1,050
4.000%,
5/15/35
5/27
at
100.00
A
1,049,213
1,050
Colorado
Health
Facilities
Authority,
Revenue
Bonds,
Vail
Valley
Medical
Center,
Series
2015,
5.000%,
1/15/35
1/26
at
100.00
A+
1,072,312
37
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
Delta
County
Memorial
Hospital
District,
Colorado,
Enterprise
Revenue
Bonds,
Refunding
Series
2010:
$
515
5.500%,
9/01/25
1/23
at
100.00
N/R
$
494,333
600
5.500%,
9/01/30
1/23
at
100.00
N/R
564,240
475
Denver
Health
and
Hospitals
Authority,
Colorado,
Healthcare
Revenue
Bonds,
Series
2014A,
5.000%,
12/01/39
12/23
at
100.00
BBB
476,173
71,700
Total
Health
Care
71,218,829
Housing/Multifamily
-
0.1%
280
Denver
City
&
County
Housing
Authority,
Colorado,
Capital
Fund
Program
Revenue
Bonds,
Three
Tower
Rehabilitation,
Series
2007,
5.200%,
11/01/27
-
AGM
Insured,
(AMT)
1/23
at
100.00
A1
280,582
Long-Term
Care
-
2.1%
500
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
American
Baptist
Homes
Project,
Series
2016,
6.125%,
2/01/46,
144A
2/26
at
100.00
N/R
425,405
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Christian
Living
Neighborhoods
Project,
Refunding
Series
2016:
1,315
5.000%,
1/01/31
1/24
at
102.00
N/R
1,260,914
3,000
5.000%,
1/01/37
1/24
at
102.00
N/R
2,712,030
2,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Christian
Living
Neighborhoods
Project,
Refunding
Series
2021,
4.000%,
1/01/42
1/28
at
103.00
N/R
1,495,140
1,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Covenant
Retirement
Communities
Inc.,
Refunding
Series
2015A,
5.000%,
12/01/35
6/25
at
100.00
A-
1,012,700
1,200
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Frasier
Meadows
Project,
Refunding
&
Improvement
Series
2017A,
5.250%,
5/15/47
5/27
at
100.00
BBB-
1,115,760
1,430
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Frasier
Meadows
Project,
Refunding
&
Improvement
Series
2017B,
5.000%,
5/15/48
5/23
at
100.00
BBB-
1,444,772
10,445
Total
Long-Term
Care
9,466,721
Tax
Obligation/General
-
9.6%
250
Adams
and
Weld
Counties
School
District
27J,
Brighton,
Colorado,
General
Obligation
Bonds,
Series
2015,
5.000%,
12/01/40
12/25
at
100.00
AA
260,773
1,000
Arapahoe
County
School
District
6,
Littleton,
Colorado,
General
Obligation
Bonds,
Series
2019A,
5.500%,
12/01/38
12/28
at
100.00
Aa1
1,122,840
Aspen
Fire
Protection
District,
Pitkin
County,
Colorado,
Certificates
of
Participation,
Series
2019:
500
4.000%,
12/01/31
12/29
at
100.00
AA-
523,395
200
4.000%,
12/01/32
12/29
at
100.00
AA-
209,628
350
4.000%,
12/01/36
12/29
at
100.00
AA-
360,339
150
Boulder
Larimer
&
Weld
Counties
School
District
RE-1J
Saint
Vrain
Valley,
Colorado,
General
Obligation
Bonds,
Series
2016C,
4.000%,
12/15/34
12/26
at
100.00
AA+
153,951
Boulder
Valley
School
District
RE2,
Boulder
County,
Colorado,
General
Obligation
Bonds,
Series
2019A:
2,475
5.000%,
12/01/33
6/29
at
100.00
AA+
2,756,729
1,000
4.000%,
12/01/44
6/29
at
100.00
AA+
1,000,570
1,050
Delta,Colorado,
Sales
and
Use
Tax
Revenue
Bonds,
Refunding
Series
2019,
4.000%,
12/01/36
-
BAM
Insured
12/29
at
100.00
AA
1,084,314
2,375
Denver
School
District
1,
Colorado,
General
Obligation
Bonds,
Series
2022A,
5.000%,
12/01/45
6/32
at
100.00
AA+
2,630,455
2,040
Eagle
River
Fire
Protection
District,
Eagle
County,
Colorado,
General
Obligation
Bonds,
Series
2016,
4.000%,
12/01/46
-
AGM
Insured
12/26
at
100.00
AA
1,961,032
Eagle
River
Water
and
Sanitation
District,
Eagle
County,
Colorado,
General
Obligation
Bonds,
Series
2016:
780
4.500%,
12/01/36
12/26
at
100.00
AA-
817,705
2,500
5.000%,
12/01/45
12/26
at
100.00
AA-
2,625,975
1,345
El
Paso
County
School
District
20,
Academy,
Colorado,
General
Obligation
Bonds,
Series
2017,
4.000%,
12/15/40
12/26
at
100.00
Aa1
1,349,439
Nuveen
Colorado
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)
Foothills
Park
and
Recreation
District,
Subdistrict
A,
Jefferson
County,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2015:
$
600
3.250%,
12/01/29
-
AGM
Insured
12/25
at
100.00
AA
$
605,724
440
5.000%,
12/01/30
-
AGM
Insured
12/25
at
100.00
AA
466,426
1,275
5.000%,
12/01/31
-
AGM
Insured
12/25
at
100.00
AA
1,351,194
1,300
Fruita,
Colorado,
Sales
and
Use
Tax
Revenue
Bonds,
Refunding
&
improvement,
Series
2019,
4.000%,
10/01/37
10/27
at
100.00
AA-
1,318,356
3,000
Grand
County
School
District
2
East
Grand,
Colorado,
General
Obligation
Bonds,
Series
2022,
4.000%,
12/01/46
12/31
at
100.00
Aa2
2,932,410
Grand
River
Hospital
District,
Garfield
and
Mesa
Counties,
Colorado,
General
Obligation
Bonds,
Series
2018:
655
5.250%,
12/01/34
-
AGM
Insured
12/28
at
100.00
AA
695,964
1,750
5.250%,
12/01/37
-
AGM
Insured
12/28
at
100.00
AA
1,833,982
1,315
Jefferson
County
School
District
R1,
Colorado,
General
Obligation
Bonds,
Series
2020A,
4.000%,
12/15/33
12/30
at
100.00
Aa1
1,396,727
2,000
Larimer
and
Weld
Counties
School
District
Re-5J,
Colorado,
General
Obligation
Bonds,
Series
2021,
4.000%,
12/01/40
12/30
at
100.00
Aa2
2,002,620
750
Louisville,
Boulder
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax,
Series
2017,
4.000%,
12/01/35
12/26
at
100.00
AA+
767,055
2,000
Pueblo
County
School
District
60,
Pueblo,
Colorado,
General
Obligation
Bonds,
Series
2020,
5.000%,
12/15/38
12/29
at
100.00
AA
2,181,680
1,500
Pueblo
County
School
District
70,
Pueblo
Rural,
Colorado,
General
Obligation
Bonds,
Improvement
Series
2021A,
4.000%,
12/01/33
12/30
at
100.00
AA
1,593,675
450
South
Suburban
Park
and
Recreation
District,
Arapahoe,
Douglas,
and
Jefferson
Counties,
Colorado,
General
Obligation
Bonds,
Series
2019,
4.000%,
12/15/37
12/29
at
100.00
AA
453,348
Weld
County
School
District
6,
Greeley,
Colorado,
General
Obligation
Bonds,
Series
2020:
2,000
5.000%,
12/01/32
12/29
at
100.00
AA
2,266,300
2,500
5.000%,
12/01/40
12/29
at
100.00
AA
2,737,400
1,125
Weld
County
School
District
6,
Greeley,
Colorado,
General
Obligation
Bonds,
Series
2021,
4.000%,
12/01/45
6/31
at
100.00
AA
1,108,192
2,000
Westminster
Public
Schools,
Adams
County,
Colorado,
Certificates
of
Participation,
Series
2019,
5.000%,
12/01/43
-
AGM
Insured
12/28
at
100.00
AA
2,138,360
40,675
Total
Tax
Obligation/General
42,706,558
Tax
Obligation/Limited
-
33.1%
295
Aerotropolis
Regional
Transportation
Authority,
Colorado,
Special
Revenue
Bonds,
Series
2019,
5.000%,
12/01/51
12/24
at
102.00
N/R
251,116
850
Aerotropolis
Regional
Transportation
Authority,
Colorado,
Special
Revenue
Bonds,
Series
2021,
4.250%,
12/01/41
12/26
at
103.00
N/R
675,920
480
Alpine
Mountain
Ranch
Metropolitan
District,
Routt
County,
Colorado,
Special
Assessment
Revenue
Bonds,
Special
Improvement
District
1,
Refunding
Series
2021,
4.000%,
12/01/40
9/26
at
103.00
N/R
364,797
1,650
Anthem
West
Metropolitan
District,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2015,
5.000%,
12/01/35
-
BAM
Insured
12/25
at
100.00
AA
1,736,972
500
Arista
Metropolitan
District,
Broomfield
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
&
Improvement
Convertible
to
Unlimited
Tax
Series
2018A,
5.125%,
12/01/48
12/23
at
103.00
N/R
456,950
600
Aurora
Crossroads
Metropolitan
District
2,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A,
5.000%,
12/01/40
9/25
at
103.00
N/R
550,830
500
Aviation
Station
North
Metropolitan
District
2,
Denver
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2019A,
5.000%,
12/01/48
9/24
at
103.00
N/R
435,470
1,050
Brighton
Crossing
Metropolitan
District
4,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Convertible
to
Unlimited
Tax,
Series
2017A,
5.000%,
12/01/37
1/23
at
103.00
N/R
1,019,792
515
Brighton
Crossing
Metropolitan
District
6,
Brighton,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A-3,
5.000%,
12/01/40
12/25
at
103.00
N/R
466,142
600
Broadway
Park
North
Metropolitan
District
2,
Denver,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2020,
3.375%,
12/01/26,
144A
12/25
at
103.00
N/R
555,924
39
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
Buffalo
Ridge
Metropolitan
District
(In
the
City
of
Commerce
City),
Adams
County,
Colorado,
General
Obligation
Refunding
and
Improvement
Bonds,
Series
2018A:
$
1,020
5.000%,
12/01/34
-
BAM
Insured
12/28
at
100.00
AA
$
1,124,468
1,805
4.000%,
12/01/47
-
BAM
Insured
12/28
at
100.00
AA
1,728,035
1,145
Centerra
Metropolitan
District
1,
Loveland,
Colorado,
Special
Revenue
Bonds,
Refunding
&
Improvement
Series
2017,
5.000%,
12/01/47,
144A
1/23
at
103.00
N/R
1,031,725
500
Centerra
Metropolitan
District
1,
Loveland,
Colorado,
Special
Revenue
Improvement
Bonds,
Series
2022,
6.500%,
12/01/53
12/27
at
103.00
N/R
500,305
480
Cherry
Creek
Corporate
Center
Metropolitan
District,
Arapahoe
County,
Colorado,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015A,
5.000%,
6/01/37
12/25
at
100.00
N/R
456,691
495
Cherrylane
Metropolitan
District,
Adams
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Convertible
to
Unlimited
Tax
Series
2018A,
5.250%,
12/01/47
12/23
at
103.00
N/R
458,687
1,725
Colorado
International
Center
Metropolitan
District
14,
Denver,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2018,
5.875%,
12/01/46
12/23
at
103.00
N/R
1,625,743
2,000
Colorado
State,
Building
Excellent
Schools
Today,
Certificates
of
Participation,
Series
2017J,
5.250%,
3/15/42
3/27
at
100.00
Aa2
2,125,280
1,000
Colorado
State,
Building
Excellent
Schools
Today,
Certificates
of
Participation,
Series
2019O,
4.000%,
3/15/44
3/29
at
100.00
Aa2
975,410
1,000
Colorado
State,
Building
Excellent
Schools
Today,
Certificates
of
Participation,
Series
2021S,
4.000%,
3/15/41
3/31
at
100.00
Aa2
994,090
1,780
Colorado
State,
Certificates
of
Participation,
Lease
Purchase
Agreement
Department
of
Transportation
Second
Amended
&
Restated
Headquaters
Facilities,
Refunding
Series
2020,
4.000%,
6/15/38
6/30
at
100.00
Aa2
1,799,776
1,000
Colorado
State,
Certificates
of
Participation,
Rural
Series
2020A,
4.000%,
12/15/34
12/30
at
100.00
Aa2
1,035,240
2,000
Commerce
City,
Colorado,
Sales
and
Use
Tax
Revenue
Bonds,
Refunding
Series
2015,
5.000%,
8/01/36
-
BAM
Insured
8/25
at
100.00
AA
2,076,860
2,295
Copperleaf
Metropolitan
District
2,
Arapahoe
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Convertible
to
Unlimited
Tax
Series
2020,
4.000%,
12/01/45
-
BAM
Insured
12/30
at
100.00
AA
2,221,560
900
Cottonwood
Highlands
Metropolitan
District
1,
Parker,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Convertible
to
Unlimited
Tax
Series
2019A,
5.000%,
12/01/49
6/24
at
103.00
N/R
797,796
1,000
Cross
Creek
Metropolitan
District
2,
Aurora,
Colorado,
Unlimited
Tax
General
Obligation
Bonds,
Refunding
Series
2018,
4.000%,
12/01/45
-
AGM
Insured
12/28
at
100.00
AA
956,320
949
Cumberland
Green
Metropolitan
District,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
&
Improvement
Series
2015,
5.250%,
12/01/45
12/25
at
100.00
N/R
885,816
1,185
Denver
City
and
County
School
District
1,
Colorado,
Lease
Purchase
Program
Certificates
of
Participation,
Series
2015B,
5.000%,
12/15/45
12/25
at
100.00
Aa3
1,233,514
2,155
Denver
City
and
County,
Colorado,
Dedicated
Tax
Revenue
Bonds,
Current
Interest
Series
2018A-1,
5.000%,
8/01/48
8/26
at
100.00
AA-
2,237,774
Denver
City
and
County,
Colorado,
Dedicated
Tax
Revenue
Bonds,
Series
2021A:
1,000
4.000%,
8/01/35
8/31
at
100.00
AA-
1,043,330
1,785
4.000%,
8/01/40
8/31
at
100.00
AA-
1,802,743
130
Denver
Urban
Renewal
Authority,
Colorado,
Tax
Increment
Revenue
Bonds,
9th
and
Colorado
Urban
Redevelopement
Area,
Series
2018A,
5.250%,
12/01/39,
144A
12/23
at
103.00
N/R
130,836
500
Denver
West
Promenade
Metropolitan
District,
Lakewood,
Colorado,
General
Obligtion
Bonds,
Limited
Tax
Convertible
to
Unlimited
Tax
Series
2013,
5.375%,
12/01/42
6/23
at
100.00
N/R
480,175
1,000
Denver,
Colorado,
Certificates
of
Participation,
Convention
Center
Expansion
Project,
Series
2018A,
4.000%,
6/01/48
6/26
at
100.00
AA+
945,180
1,225
Douglas
County
School
District
RE1,
Douglas
and
Elbert
Counties,
Colorado,
General
Obligation
Bonds,
Series
2019,
5.000%,
12/15/38
12/28
at
100.00
Aa1
1,335,287
Nuveen
Colorado
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)
Dove
Valley
Metropolitan
District,
Arapahoe
County,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2019:
$
500
4.000%,
12/01/35
12/29
at
100.00
AA
$
518,475
700
4.000%,
12/01/36
12/29
at
100.00
AA
723,317
750
4.000%,
12/01/37
12/29
at
100.00
AA
772,950
1,000
4.000%,
12/01/38
12/29
at
100.00
AA
1,005,100
1,000
4.000%,
12/01/39
12/29
at
100.00
AA
1,001,310
5,500
Ebert
Metropolitan
District,
Denver
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Series
2018A-1,
5.000%,
12/01/43
-
BAM
Insured
12/28
at
100.00
AA
5,847,050
2,000
El
Paso
County
School
District
49
Falcon,
Colorado,
Certificates
of
Participation,
Series
2017B,
5.000%,
12/15/42
12/26
at
100.00
Aa3
2,065,220
Erie
Farm
Metropolitan
District,
Erie,
Boulder
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
&
Improvement,
Series
2021:
700
5.000%,
12/01/46
-
AGM
Insured
12/31
at
100.00
AA
753,662
1,010
4.000%,
12/01/51
-
AGM
Insured
12/31
at
100.00
AA
938,179
1,570
Erie,
Colorado,
Certificates
of
Participation,
Series
2010,
5.000%,
11/01/37
11/24
at
100.00
AA
1,623,333
First
Creek
Village
Metropolitan
District,
Denver,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Convertible
to
Unlimited
Tax
Series
2019A:
500
3.000%,
12/01/29
9/24
at
103.00
Ba1
432,895
595
5.000%,
12/01/39
9/24
at
103.00
Ba1
578,185
600
Flying
Horse
Metropolitan
District
2,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
&
Improvement
Series
2020A,
4.000%,
12/01/39
-
AGM
Insured
12/30
at
100.00
AA
601,674
500
Foothills
Metropolitan
District,
Fort
Collins,
Colorado,
Special
Revenue
Bonds,
Series
2014,
6.000%,
12/01/38
12/24
at
100.00
N/R
459,530
1,525
Foothills
Park
and
Recreation
District,
Jefferson
County,
Colorado,
Lease
Revenue
Bonds,
Certificates
of
Participation,
Series
2021,
4.000%,
12/01/33
12/31
at
100.00
AA-
1,608,509
890
Four
Corners
Business
Improvement
District,
Erie,
Boulder
County,
Colorado,
Limited
Tax
Supported
Revenue
Bonds,
Series
2022,
6.000%,
12/01/52
9/27
at
103.00
N/R
794,708
120
Fronterra
Village
Metropolitan
District
2,
Commerce
City,
Adams
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Series
2019,
4.000%,
12/01/22
-
BAM
Insured
No
Opt.
Call
AA
120,000
500
Future
Legends
Sports
Park
Business
Improvement
District,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2022A
and
Subordinate
Limited
Tax
General
Obligation
Bonds,
Series
2022B,
6.000%,
12/01/52
9/27
at
103.00
N/R
472,835
800
Glen
Metropolitan
District
1,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2016A,
4.500%,
12/01/45
-
BAM
Insured
12/25
at
100.00
AA
816,864
600
Gold
Hill
Mesa
Metropolitan
District
2,
Colorado
Springs,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Refunding
&
Improvement
Series
2022A,
5.500%,
12/01/47
-
BAM
Insured
6/32
at
100.00
AA
650,862
Grand
Junction,
Colorado,
Certificates
of
Participation,
Series
2019:
475
4.000%,
12/01/35
12/29
at
100.00
AA-
494,351
670
4.000%,
12/01/37
12/29
at
100.00
AA-
683,407
635
Gunnison
County,
Colorado,
Certificates
of
Participation,
Series
2020A,
5.000%,
12/01/31
12/29
at
100.00
Aa3
706,317
335
Harvest
Junction
Metropolitan
District,
Longmont,
Colorado,
General
Obligation
Bonds,
Refunding
and
Improvement
Series
2012,
5.200%,
12/01/32
1/23
at
100.00
N/R
335,107
350
Heritage
Ridge
Metropolitan
District,
Berthoud,
Colorado,
Senior
Limited
Tax
General
Obligation
Bonds,
Refunding
Series
2021A,
4.000%,
12/01/42
-
AGM
Insured
12/26
at
103.00
AA
339,637
1,000
Heritage
Todd
Creek
Metropolitan
District,
Colorado,
General
Obligation
Bonds
Limited
Tax,
Refunding
&
Improvement
Series
2015,
6.125%,
12/01/44
12/24
at
100.00
N/R
1,001,940
41
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
1,125
High
Plains
Metropolitan
District,
Arapahoe
County,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2017,
5.000%,
12/01/35
-
NPFG
Insured
12/27
at
100.00
A2
$
1,211,265
380
Jefferson
Center
Metropolitan
District
1,
Arvada,
Jefferson
County,
Colorado,
Special
Revenue
Bonds,
Series
2020-A2,
4.125%,
12/01/40
12/23
at
103.00
Ba2
317,330
375
Lambertson
Farms
Metropolitan
District
1,
Colorado,
Revenue
Bonds,
Refunding
&
Improvement
Series
2015,
5.000%,
12/15/25
12/23
at
100.00
N/R
336,435
2,875
Larimer,
Weld
and
Boulder
Counties
School
District
R2-J,
Thompson,
Colorado,
General
Obligation
Bonds,
Series
2019,
5.000%,
12/15/31
12/28
at
100.00
AA
3,226,095
1,000
Lewis
Pointe
Metropolitan
District,
Thornton,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Series
2021,
4.000%,
12/01/47
-
BAM
Insured
12/31
at
100.00
AA
922,500
Lincoln
Park
Metropolitan
District,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
and
Improvement
Bonds,
Refunding
Series
2018:
460
5.000%,
12/01/42
-
AGM
Insured
12/27
at
100.00
AA
490,254
2,000
5.000%,
12/01/46
-
AGM
Insured
12/27
at
100.00
AA
2,117,440
1,660
Longmont,
Colorado,
Sales
and
Use
Tax
Revenue
Bonds,
Series
2019,
3.000%,
11/15/33
11/28
at
100.00
AA+
1,599,410
Lorson
Ranch
Metropolitan
District
2,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2016:
825
5.000%,
12/01/36
12/26
at
100.00
BBB+
847,828
1,805
5.000%,
12/01/41
12/26
at
100.00
BBB+
1,842,796
650
Meridian
Metropolitan
District,
Douglas
County,
Colorado,
General
Obligation
Refunding
Bonds,
Series
2017,
5.000%,
12/01/42
-
AGM
Insured
12/27
at
100.00
AA
692,750
1,580
Moffat
County,
Colorado,
Certificates
of
Participation,
Series
2021,
4.000%,
3/01/51
3/31
at
100.00
A+
1,478,959
1,135
Montrose
County,
Colorado,
Certificates
of
Participation,
Series
2014,
5.000%,
12/01/34
12/24
at
100.00
BBB+
1,147,780
1,000
Monument,
El
Paso
County,  Colorado,
Certificate
of
Participation,
Series
2020,
4.000%,
12/01/45
-
AGM
Insured
12/28
at
100.00
AA
967,680
500
Mountain
Shadows
Metropolitan
District,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
Series
2016,
5.000%,
12/01/46
12/25
at
100.00
N/R
452,715
494
Mountain
Shadows
Metropolitan
District,
Weld
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2015,
5.500%,
12/01/44
12/25
at
100.00
N/R
470,792
570
Nexus
North
at
DIA
Metropolitan
District,
Adams
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021,
5.000%,
12/01/51
3/26
at
103.00
N/R
482,488
725
North
Range
Metropolitan
District
2,
Adams
County,
Colorado
,
Limited
Tax
General
Obligation
Bonds,
Refunding
Special
Revenue
&
Improvement
Series
2017A,
5.625%,
12/01/37
1/23
at
103.00
N/R
727,016
Northern
Colorado
Water
Conservancy
District,
Certificates
of
Participation,
Series
2022:
2,325
5.000%,
7/01/42
7/31
at
100.00
AA+
2,536,598
3,100
5.250%,
7/01/52
7/31
at
100.00
AA+
3,384,766
Northglenn
Urban
Renewal
Authority,
Northglenn,
Colorado,
Tax
Increment
Revenue
Bonds,
Urban
Renewal
Plan
2,
Series
2019:
235
4.000%,
12/01/27
No
Opt.
Call
BBB-
237,420
305
4.000%,
12/01/28
No
Opt.
Call
BBB-
307,617
755
Painted
Prairie
Public
Improvement
Authority,
Aurora,
Colorado,
Special
Revenue
Bonds,
Series
2019,
5.000%,
12/01/49
12/24
at
103.00
N/R
668,424
1,000
Palisade
Park
North
Metropolitan
District
1,
Broomfield
City
and
County,
Colorado,
General
Obligation
Limited
Tax
Convertible
to
Unlimited
Tax,
Refunding
Series
2021A,
4.000%,
12/01/51
-
BAM
Insured
9/31
at
100.00
AA
973,270
Park
70
Metropolitan
District,
Aurora,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Refunding
&
Improvement
Series
2016:
125
5.000%,
12/01/24
No
Opt.
Call
Baa3
127,959
1,500
5.000%,
12/01/36
12/26
at
100.00
Baa3
1,529,340
Nuveen
Colorado
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
42
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
Park
Creek
Metropolitan
District,
Colorado,
Senior
Limited
Property
Tax
Supported
Revenue
Bonds,
Refunding
Series
2015A:
$
1,055
5.000%,
12/01/33
-
NPFG
Insured
12/25
at
100.00
A
$
1,094,678
235
5.000%,
12/01/45
12/25
at
100.00
A
241,284
2,250
Park
Creek
Metropolitan
District,
Colorado,
Senior
Limited
Property
Tax
Supported
Revenue
Bonds,
Series
2017A,
5.000%,
12/01/46
12/25
at
100.00
A
2,337,210
1,225
Park
Creek
Metropolitan
District,
Colorado,
Senior
Limited
Property
Tax
Supported
Revenue
Bonds,
Series
2018A,
4.000%,
12/01/51
12/28
at
100.00
A
1,137,890
2,235
Park
Creek
Metropolitan
District,
Colorado,
Senior
Limited
Property
Tax
Supported
Revenue
Bonds,
Series
2019A,
4.000%,
12/01/38
-
AGM
Insured
12/29
at
100.00
AA
2,253,215
1,500
Plaza
Metropolitan
District
1,
Lakewood,
Colorado,
Tax
Increment
Revenue
Bonds,
Refunding
Series
2013,
5.000%,
12/01/40,
144A
1/23
at
100.00
N/R
1,415,145
Prairiestar
Metropolitan
District
2,
Larimer
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2021A:
500
5.000%,
12/01/41
-
BAM
Insured
12/31
at
100.00
AA
542,480
500
5.000%,
12/01/46
-
BAM
Insured
12/31
at
100.00
AA
538,330
Pueblo
County,
Colorado,
Certificates
of
Participation,
Community
Improvement
Projects,
Series
2019:
1,150
4.000%,
12/01/31
12/27
at
100.00
Aa3
1,203,705
1,235
4.000%,
12/01/32
12/27
at
100.00
Aa3
1,290,983
235
Pueblo
Urban
Renewal
Authority,
Colorado,
Tax
Increment
Revenue
Bonds,
EVRAZ
Project,
Series
2021A,
4.750%,
12/01/45,
144A
12/30
at
100.00
N/R
190,091
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
2,516
4.500%,
7/01/34
7/25
at
100.00
N/R
2,375,205
1,000
4.750%,
7/01/53
7/28
at
100.00
N/R
913,700
2,500
Rampart
Range
Metropolitan
District
1,
Lone
Tree,
Colorado,
Limited
Tax
Supported
and
Special
Revenue
Bonds,
Refunding
&
Improvement
Series
2017,
5.000%,
12/01/42
12/27
at
100.00
AA
2,656,175
400
Red
Sky
Ranch
Metropolitan
District,
Eagle
County,
Colorado,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2015,
5.000%,
12/01/44
12/24
at
100.00
N/R
361,432
2,500
Regional
Transportation
District,
Colorado,
Sales
Tax
Revenue
Bonds,
Fastracks
Project,
Series
2016A,
5.000%,
11/01/46
11/26
at
100.00
AA+
2,591,350
2,385
Regional
Transportation
District,
Colorado,
Sales
Tax
Revenue
Bonds,
Fastracks
Project,
Series
2017B,
4.000%,
11/01/35
11/27
at
100.00
AA+
2,451,351
490
Reserve
Metropolitan
District
2,
Mount
Crested
Butte,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Series
2016A,
5.000%,
12/01/45
12/26
at
100.00
N/R
443,440
555
Riverview
Metropolitan
District,
Steamboat
Springs,
Routt
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Convertible
to
Unlimited
Tax
Refunding
Series
2021,
5.000%,
12/01/41
6/26
at
103.00
N/R
485,181
1,000
Roaring
Fork
Transporation
Authority,
Colorado,
Sales
and
Use
Tax
Revenue
Bonds,
Refunding
&
improvement
Series
2019,
4.000%,
12/01/44
12/29
at
100.00
AA
968,490
190
Sand
Creek
Metropolitan
District,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
Series
2015A,
4.000%,
12/01/28
12/25
at
100.00
A
195,415
1,995
Sierra
Ridge
Metropolitan
District
2,
Douglas
County,
Colorado,
General
Obligation
Bonds,
Subordinate
Series
2022,
4.000%,
12/01/46
-
AGM
Insured
12/31
at
100.00
AA
1,892,517
565
Silver
Peaks
Metropolitan
District
3,
Colorado,
Limited
Tax
Obligation
Bonds,
Senior
Lien
Series
2020A,
5.000%,
12/01/50
12/25
at
103.00
N/R
480,256
200
Southlands
Metropolitan
District
1,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2017A-1,
5.000%,
12/01/37
12/27
at
100.00
Ba1
193,870
350
Southlands
Metropolitan
District
1,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2017A-2,
5.000%,
12/01/47
12/27
at
100.00
Ba1
321,485
495
Southwest
Timnath
Metropolitan
District
4,
Timnath,
Larimer
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2017A,
5.375%,
12/01/47
1/23
at
103.00
N/R
461,083
43
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
1,000
STC
Metropolitan
District
2,
Superior,
Boulder
County,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Refunding
&
improvement
Series
2019A,
5.000%,
12/01/49
12/24
at
103.00
N/R
$
902,850
750
Sterling
Hills
West
Metropolitan
District,
Arapahoe
County,
Colorado,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2007,
5.000%,
12/01/39
12/27
at
100.00
A3
788,085
415
Sterling
Ranch
Community
Authority
Board,
Douglas
County,
Colorado,
Limited
Tax
Supported
District
2,
Refunding
&
Improvement
Senior
Series
2020A,
3.375%,
12/01/30
12/25
at
102.00
N/R
360,266
595
Sterling
Ranch
Metropolitan
District
2,
El
Paso
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Convertible
Capital
Appreciation
Series
22,
5.500%,
12/01/42
6/30
at
102.00
N/R
562,650
150
Stoneridge
Metropolitan
District,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Refunding
&
Improvement
Series
2016,
4.250%,
12/01/28
-
BAM
Insured
12/26
at
100.00
AA
157,252
Tallyn's
Reach
Metropolitan
District
3,
Aurora,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2019:
200
4.000%,
12/01/27
-
BAM
Insured
No
Opt.
Call
AA
209,010
150
4.000%,
12/01/28
-
BAM
Insured
No
Opt.
Call
AA
157,854
225
5.000%,
12/01/29
-
BAM
Insured
No
Opt.
Call
AA
252,432
435
5.000%,
12/01/30
-
BAM
Insured
12/29
at
100.00
AA
487,170
460
5.000%,
12/01/31
-
BAM
Insured
12/29
at
100.00
AA
514,418
250
5.000%,
12/01/32
-
BAM
Insured
12/29
at
100.00
AA
278,428
250
5.000%,
12/01/33
-
BAM
Insured
12/29
at
100.00
AA
277,432
750
Thompson
Crossing
Metropolitan
District
2,
Johnstown,
Larimer
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Convertible
to
Unlimited
Tax,
Series
2016B,
5.000%,
12/01/46
-
AGM
Insured
12/26
at
100.00
AA
787,222
1,640
Thompson
Crossing
Metropolitan
District
6,
Larimer
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
&
Improvement
Convertible
to
Unlimited
Tax
Series
2020,
5.000%,
12/01/40,
144A
12/30
at
100.00
Ba2
1,550,751
770
Thornton
Development
Authority,
Colorado,
Tax
Increment
Revenue
Bonds,
North
Washington
Street
Corridor
Project,
Refunding
Series
2015,
3.250%,
12/01/28
12/24
at
100.00
A+
771,532
5,000
Thornton,
Colorado,
Certificates
of
Participation,
Series
2018,
4.000%,
12/01/39
12/28
at
100.00
Aa2
4,862,650
2,000
Triview
Metropolitan
District
4,
El
Paso
County,
California,
General
Obligation
Bonds,
Limited
Tax
Series
2018,
5.750%,
12/01/48,
144A
12/23
at
103.00
N/R
1,942,060
Vauxmont
Metropolitan
District,
Arvada,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Convertible
to
Unlimited
Tax
Refunding
Subordinate
Series
2019:
135
5.000%,
12/15/26
-
AGM
Insured
12/24
at
103.00
AA
144,612
250
5.000%,
12/15/27
-
AGM
Insured
12/24
at
103.00
AA
268,018
225
5.000%,
12/15/29
-
AGM
Insured
12/24
at
103.00
AA
241,310
Vista
Ridge
Metropolitan
District,
In
the
Town
of
Erie,
Weld
County,
Colorado,
General
Obligation
Refunding
Bonds,
Series
2016A:
525
5.000%,
12/01/28
-
BAM
Insured
12/26
at
100.00
AA
564,601
1,250
5.000%,
12/01/31
-
BAM
Insured
12/26
at
100.00
AA
1,335,537
500
4.000%,
12/01/36
-
BAM
Insured
12/26
at
100.00
AA
509,810
Water
Valley
Metropolitan
District
1,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2016:
105
3.250%,
12/01/24
No
Opt.
Call
N/R
100,733
1,000
4.000%,
12/01/33
12/26
at
100.00
N/R
885,960
300
5.000%,
12/01/35
12/26
at
100.00
N/R
290,799
645
5.250%,
12/01/40
12/26
at
100.00
N/R
624,573
130
Water
Valley
Metropolitan
District
2,
Windsor,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2016,
3.000%,
12/01/22
No
Opt.
Call
N/R
130,000
500
Waterview
II
Metropolitan
District,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2022A,
5.000%,
12/01/41
3/27
at
103.00
N/R
447,180
1,000
West
Globeville
Metropolitan
District
1,
Denver,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022,
6.750%,
12/01/52
12/29
at
103.00
N/R
915,390
Nuveen
Colorado
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
44
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
600
Westerly
Metropolitan
District
4,
Weld
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2021A-1,
4.125%,
12/01/31
3/26
at
103.00
N/R
$
521,898
Westminster,
Colorado,
Certificates
of
Participation,
Series
2015A:
1,500
5.000%,
12/01/35
12/25
at
100.00
AA
1,579,065
1,000
4.000%,
12/01/38
12/25
at
100.00
AA
1,000,950
Wheatlands
Metropolitan
District
2,
Aurora,
Arapahoe
County,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2015:
1,000
5.000%,
12/01/30
-
BAM
Insured
12/25
at
100.00
AA
1,059,760
1,595
4.000%,
12/01/38
-
BAM
Insured
12/25
at
100.00
AA
1,598,748
500
Wildgrass
Metropolitan
District,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2014A,
4.000%,
12/01/34
-
BAM
Insured
12/24
at
100.00
AA
513,195
147,504
Total
Tax
Obligation/Limited
147,589,060
Transportation
-
7.1%
1,000
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes
Revenue
Bonds,
Senior
Lien
Series
2017,
5.000%,
12/31/56
12/24
at
100.00
BBB
1,000,170
500
Colorado
High
Performance
Transportation
Enterprise,
US
36
and
I-25
Managed
Lanes
Revenue
Bonds,
Senior
Lien
Series
2014,
5.750%,
1/01/44,
(AMT)
1/23
at
100.00
BBB-
500,465
1,750
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2017A,
5.000%,
11/15/29,
(AMT)
11/27
at
100.00
AA-
1,864,188
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022A:
1,995
5.000%,
11/15/39,
(AMT)
11/32
at
100.00
AA-
2,108,296
3,340
5.000%,
11/15/41,
(AMT)
11/32
at
100.00
AA-
3,493,840
500
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022B,
5.000%,
11/15/47
11/32
at
100.00
AA-
540,780
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022D:
500
5.750%,
11/15/45,
(AMT)
11/32
at
100.00
AA-
553,930
1,000
5.000%,
11/15/53,
(AMT)
11/32
at
100.00
AA-
1,022,360
1,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2013B,
5.250%,
11/15/33
11/23
at
100.00
A+
1,019,520
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2018A:
2,055
5.000%,
12/01/27,
(AMT)
No
Opt.
Call
A+
2,199,877
1,000
5.000%,
12/01/30,
(AMT)
No
Opt.
Call
A+
1,091,350
8,305
5.000%,
12/01/43,
(AMT)
12/28
at
100.00
A+
8,480,485
1,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2018B,
5.000%,
12/01/37
12/28
at
100.00
A+
1,073,090
500
Denver
City
and
County,
Colorado,
Special
Facilities
Airport
Revenue
Bonds,
United
Airlines,
Inc.
Project,
Refunding
Series
2017,
5.000%,
10/01/32,
(AMT)
10/23
at
100.00
B
496,410
750
Eagle
County
Air
Terminal
Corporation,
Colorado,
Airport
Terminal
Project
Revenue
Bonds,
Refunding
Series
2011A,
6.000%,
5/01/27,
(AMT)
1/23
at
100.00
Baa2
697,500
Grand
Junction
Regional
Airport
Authority,
Colorado,
General
Airport
Revenue
Bonds,
Refunding
Series
2016A:
680
5.000%,
12/01/25
-
NPFG
Insured
No
Opt.
Call
Baa2
716,639
965
5.000%,
12/01/27
-
NPFG
Insured
12/26
at
100.00
Baa2
1,031,855
1,215
5.000%,
12/01/32
12/26
at
100.00
Baa2
1,274,802
1,275
5.000%,
12/01/33
12/26
at
100.00
Baa2
1,332,923
1,000
5.000%,
12/01/34
12/26
at
100.00
Baa2
1,041,680
30,330
Total
Transportation
31,540,160
45
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
-
8.0%
(4)
$
500
Central
Platte
Valley
Metropolitan
District,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2013A,
5.625%,
12/01/38,
(Pre-refunded
12/01/23)
12/23
at
100.00
BBB
$
514,105
130
Central
Platte
Valley
Metropolitan
District,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2014,
5.000%,
12/01/43,
(Pre-refunded
12/01/23)
12/23
at
100.00
BB+
132,616
500
Colorado
Educational
and
Cultural
Facilities
Authority,
Revenue
Bonds,
Johnson
&
Wales
University
Project,
Series
2013A,
5.250%,
4/01/43,
(Pre-refunded
4/01/23)
4/23
at
100.00
N/R
504,350
Colorado
Health
Facilities
Authority,
Colorado,
Health
Facilities
Revenue
Bonds,
The
Evangelical
Lutheran
Good
Samaritan
Society
Project,
Refunding
Series
2017:
50
5.000%,
6/01/37,
(Pre-refunded
6/01/27)
6/27
at
100.00
N/R
54,380
1,585
5.000%,
6/01/42,
(Pre-refunded
6/01/27)
6/27
at
100.00
N/R
1,723,830
3,535
Colorado
Health
Facilities
Authority,
Colorado,
Hospital
Revenue
Bonds,
NCMC
Inc.,
Series
2016,
4.000%,
5/15/32,
(Pre-refunded
5/15/26)
5/26
at
100.00
N/R
3,674,067
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Adventist
Health
System/Sunbelt
Obligated
Group,
Series
2016B:
65
5.000%,
11/15/29,
(Pre-refunded
5/15/26)
5/26
at
100.00
N/R
69,505
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Catholic
Health
Initiatives,
Series
2013A:
1,510
5.250%,
1/01/40,
(Pre-refunded
1/01/23)
1/23
at
100.00
A-
1,513,231
2,000
5.250%,
1/01/45,
(Pre-refunded
1/01/23)
1/23
at
100.00
A-
2,004,280
1,085
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Evangelical
Lutheran
Good
Samaritan
Society
Project,
Series
2013,
5.625%,
6/01/43,
(Pre-refunded
6/01/23)
6/23
at
100.00
N/R
1,100,331
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Evangelical
Lutheran
Good
Samaritan
Society
Project,
Series
2013A:
450
5.000%,
6/01/35,
(Pre-refunded
6/01/25)
6/25
at
100.00
N/R
475,380
3,000
5.000%,
6/01/45,
(Pre-refunded
6/01/25)
6/25
at
100.00
N/R
3,169,200
575
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Sisters
of
Charity
of
Leavenworth
Health
Services
Corporation,
Series
2013A,
5.000%,
1/01/44,
(Pre-refunded
1/01/24)
1/24
at
100.00
AA+
589,346
Colorado
State
Board
of
Governors,
Colorado
State
University
Auxiliary
Enterprise
System
Revenue
Bonds,
Refunding
Series
2016B:
500
5.000%,
3/01/34,
(Pre-refunded
3/01/27)
3/27
at
100.00
Aa3
546,760
500
5.000%,
3/01/41,
(Pre-refunded
3/01/27)
3/27
at
100.00
Aa3
546,760
Colorado
State
Board
of
Governors,
Colorado
State
University
Auxiliary
Enterprise
System
Revenue
Bonds,
Series
2013C:
675
5.000%,
3/01/44,
(Pre-refunded
3/01/23)
3/23
at
100.00
N/R
679,165
625
5.000%,
3/01/44,
(Pre-refunded
3/01/23)
3/23
at
100.00
N/R
628,856
1,000
Commerce
City,
Colorado,
Sales
and
Use
Tax
Revenue
Bonds,
Series
2014,
5.000%,
8/01/44,
(Pre-refunded
8/01/24)
-
AGM
Insured
8/24
at
100.00
AA
1,037,720
Commerce
City,
Colorado,
Sales
and
Use
Tax
Revenue
Bonds,
Series
2016:
1,200
5.000%,
8/01/41,
(Pre-refunded
8/01/26)
8/26
at
100.00
AA
1,294,152
6,000
5.000%,
8/01/46,
(Pre-refunded
8/01/26)
8/26
at
100.00
AA
6,470,760
Gunnison
Watershed
School
District
RE1J,
Gunnison
and
Saguache
Counties,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2014A:
1,000
4.000%,
12/01/32,
(Pre-refunded
12/01/24)
12/24
at
100.00
Aa1
1,027,100
1,000
4.000%,
12/01/33,
(Pre-refunded
12/01/24)
12/24
at
100.00
Aa1
1,027,100
1,000
Metropolitan
State
University
of
Denver,
Colorado,
Institutional
Enterprise
Revenue
Bonds,
Aerospace
and
Engineering
Sciences
Building
Project,
Series
2016,
4.000%,
12/01/40,
(Pre-refunded
12/01/25)
12/25
at
100.00
Aa2
1,034,750
500
Powhaton
Road
Metropolitan
District
2,
Arapahoe
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Convertible
to
Unlimited
Tax
Series
2019A,
5.625%,
12/01/48,
(Pre-refunded
12/01/23)
12/23
at
103.00
N/R
528,450
Nuveen
Colorado
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
46
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
(4)
(continued)
$
1,033
Tallyn's
Reach
Metropolitan
District
3,
Aurora,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Convertible
to
Unlimited
Tax,
Refunding
&
Improvement
Series
2013,
5.000%,
12/01/33,
(Pre-refunded
12/01/23),
144A
12/23
at
100.00
N/R
$
1,053,350
645
University
of
Colorado,
Enterprise
System
Revenue
Bonds,
Refunding
Series
2014B-1,
4.000%,
6/01/34,
(Pre-refunded
6/01/24)
6/24
at
100.00
Aa1
658,384
3,410
University
of
Colorado,
Enterprise
System
Revenue
Bonds,
Refunding
Series
2017A-2,
4.000%,
6/01/36,
(Pre-refunded
6/01/28)
6/28
at
100.00
Aa1
3,627,865
34,073
Total
U.S.
Guaranteed
35,685,793
Utilities
-
13.5%
Arapahoe
County
Water
and
Wastewater
Authority,
Colorado,
Revenue
Bonds,
Refunding
Series
2019:
1,000
4.000%,
12/01/37
No
Opt.
Call
AA
1,010,168
1,845
4.000%,
12/01/38
12/29
at
100.00
AA
1,858,911
1,000
Castle
Rock,
Colorado,
Water
and
Sewer
Enterprise
Revenue
Bonds,
Series
2022,
4.000%,
12/01/42
12/32
at
100.00
AA+
997,370
3,940
Centennial
Water
and
Sanitation
District,
Douglas
County,
Colorado,
Water
and
Wastewater
Revenue
Bonds,
Series
2019,
5.000%,
12/01/43
12/28
at
100.00
AAA
4,260,992
500
Cherokee
Metropolitan
District,
Colorado,
Water
and
Wastewater
Revenue
Bonds,
Series
2020,
4.000%,
8/01/50
-
BAM
Insured
8/30
at
100.00
AA
478,285
4,435
City
of
Colorado
Springs,
Colorado,
Utilities
System
Revenue
Bonds,
Improvement
Series
2022B,
5.250%,
11/15/52
11/32
at
100.00
AA+
4,965,426
500
Colorado
Springs,
Colorado,
Utilities
System
Revenue
Bonds,
Refunding
Series
2015A,
4.000%,
11/15/35
11/25
at
100.00
AA+
507,875
765
Colorado
Water
Resources
and
Power
Development
Authority,
Water
Resources
Revenue
Bonds,
City
of
Fountain,
Electric,
Water
&
Wastewater
Utility
Enterprise
Project,
Series
2014A,
4.000%,
9/01/32
-
BAM
Insured
9/24
at
100.00
AA
779,130
1,000
Colorado
Water
Resources
and
Power
Development
Authority,
Water
Resources
Revenue
Bonds,
Steamboat
Springs
Utilities
Fund,
Series
2011B,
4.125%,
8/01/26
1/23
at
100.00
Aa3
1,002,370
1,090
Colorado
Water
Resources
and
Power
Development
Authority,
Water
Resources
Revenue
Bonds,
Telluride
Town
Project,
Series
2020A,
4.000%,
6/01/35
-
AGM
Insured
6/30
at
100.00
AA
1,117,337
1,250
Denver
City
and
County
Board
of
Water
Commissioners,
Colorado,
Water
Revenue
Bonds,
Green
Series
2017A,
4.000%,
9/15/42
9/27
at
100.00
AAA
1,260,825
7,000
Denver
City
and
County
Board
of
Water
Commissioners,
Colorado,
Water
Revenue
Bonds,
Series
2022A,
5.000%,
12/15/52
12/32
at
100.00
AAA
7,759,780
4,655
Eagle
River
Water
and
Sanitation
District,
Eagle
County,
Colorado,
Enterprise
Wastewater
Revenue
Bonds,
Improvement
Series
2020A,
4.000%,
12/01/49
-
AGM
Insured
12/29
at
100.00
AA
4,361,456
1,000
East
Cherry
Creek
Valley
Water
and
Sanitation
District,
Arapahoe
County,
Colorado,
Water
Revenue
Bonds,
Improvement
Series
2019A,
4.000%,
11/15/38
11/29
at
100.00
AA-
1,008,400
East
Cherry
Creek
Valley
Water
and
Sanitation
District,
Arapahoe
County,
Colorado,
Water
Revenue
Bonds,
Refunding
Series
2015:
650
5.000%,
11/15/32
11/25
at
100.00
AA-
685,100
1,815
4.000%,
11/15/35
11/25
at
100.00
AA-
1,857,834
220
East
Cherry
Creek
Valley
Water
and
Sanitation
District,
Arapahoe
County,
Colorado,
Water
Revenue
Bonds,
Refunding
Series
2020,
4.000%,
11/15/35
5/30
at
100.00
AA-
229,266
Erie,
Boulder
and
Weld
Counties,
Colorado,
Water
Enterprise
Revenue
Bonds,
Refunding
Series
2015:
500
3.000%,
12/01/29
12/25
at
100.00
AA
501,205
570
4.000%,
12/01/31
12/25
at
100.00
AA
590,913
105
Firestone,
Colorado,
Water
Enterprise
Revenue
Bones,
Series
2020,
4.000%,
12/01/40
-
BAM
Insured
12/30
at
100.00
AA
104,760
Fort
Lupton,
Colorado,
Water
System
Revenue
Bonds,
Refunding
&
Improvement
Series
2017:
1,140
4.000%,
12/01/42
-
AGM
Insured
12/27
at
100.00
AA
1,119,856
2,430
5.000%,
12/01/47
-
AGM
Insured
12/27
at
100.00
AA
2,576,116
47
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
Fountain,
El
Paso
County,
Colorado,
Acting
by
and
through
the
City
of
Fountain
Electric,
Water
and
Wastewater
Utility
Enterprise,
Water
and
Electric
Revenue
Bonds,
Series
2019:
$
320
4.000%,
12/01/35
-
AGM
Insured
12/26
at
100.00
AA
$
327,693
525
4.000%,
12/01/37
-
AGM
Insured
12/26
at
100.00
AA
534,655
1,180
Johnstown,
Colorado,
Wastewater
Revenue
Bonds,
Series
2021,
4.000%,
12/01/51
-
AGM
Insured
12/31
at
100.00
AA
1,096,090
2,000
Loveland,
Colorado,
Electric
and
Communications
Enterprise
Revenue
Bonds,
Series
2019A,
5.000%,
12/01/44
12/28
at
100.00
A+
2,081,900
1,000
Morgan
County
Quality
Water
District,
Morgan
and
Washington
Counties,
Colorado,
Water
Revenue
Bonds,
Series
2020,
4.000%,
12/01/50
-
AGM
Insured
12/30
at
100.00
AA
955,590
1,115
North
Weld
County
Water
District,
Colorado,
Water
Enterprise
Revenue
Bonds,  Series
2019,
4.000%,
11/01/30
11/27
at
100.00
AA
1,176,771
Parker
Water
and
Sanitation
District,
Douglas
County,
Colorado,
Water
and
Sewer
Enterprise
Revenue
Bonds,
Refunding
&
Improvement
Series
2020:
745
4.000%,
11/01/38
11/29
at
100.00
AA+
752,592
300
4.000%,
11/01/40
11/29
at
100.00
AA+
301,608
Parker
Water
and
Sanitation
District,
Douglas
County,
Colorado,
Water
and
Sewer
Enterprise
Revenue
Bonds,
Refunding
&
Improvement
Series
2022:
1,000
4.000%,
11/01/38
11/32
at
100.00
AA+
1,013,860
8,805
4.000%,
11/01/47
11/32
at
100.00
AA+
8,738,434
1,295
Public
Authority
for
Colorado
Energy,
Natural
Gas
Purchase
Revenue
Bonds,  Colorado
Springs
Utilities,
Series
2008,
6.250%,
11/15/28
No
Opt.
Call
AA-
1,385,689
1,000
Triview
Metropolitan
District,
El
Paso
County,
Colorado,
Water
and
Wastewater
Enterprise
Revenue
Bonds,
Green
Series
2020,
4.000%,
12/01/40
-
BAM
Insured
12/28
at
100.00
AA
1,003,140
2,000
Upper
Eagle
Regional
Water
Authority,
Eagle
County,
Colorado,
Water
Revenue
Bonds,
Refunding
&
Improvement
Series
2020,
4.000%,
12/01/50
-
AGM
Insured
12/30
at
100.00
AA
1,895,520
58,695
Total
Utilities
60,296,917
$
435,022
Total
Long-Term
Investments
(cost
$453,734,108)
439,934,049
Other
Assets
Less
Liabilities
-
1.4%
6,395,519
Net
Assets
-
100%
$
446,329,568
(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.
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.
48
Nuveen
Maryland
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
-
97.2%   
X
235,984,806
MUNICIPAL
BONDS
-
97.1%  
X
235,984,806
Consumer
Discretionary
-
1.8%
$
4,000
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
9/01/39
9/27
at
100.00
CCC+
$
3,690,920
1,000
Maryland
Economic
Development
Corporation,
Revenue
Bonds,
Chesapeake
Bay
Hyatt
Conference
Center,
Series
2006A,
5.000%,
12/01/31
(4)
1/23
at
100.00
N/R
600,000
5,000
Total
Consumer
Discretionary
4,290,920
Consumer
Staples
-
2.4%
900
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
825,858
545
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
543,637
1,070
Guam
Economic
Development
&
Commerce
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A,
5.250%,
6/01/32
12/22
at
100.00
N/R
1,021,593
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
1,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A,
5.000%,
6/01/46
6/28
at
100.00
BBB+
981,020
20
Tobacco
Settlement
Financing
Corporation,
Virgin
Islands,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2001,
5.000%,
5/15/31
1/23
at
100.00
Aa3
20,021
1,900
TSASC
Inc.,
New
York,
Tobacco
Asset-Backed
Bonds,
Series
2006,
5.000%,
6/01/48
6/27
at
100.00
N/R
1,763,200
6,055
Total
Consumer
Staples
5,787,878
Education
and
Civic
Organizations
-
7.0%
Baltimore
County,
Maryland,
Economic
Development
Revenue
Bonds,
McDonogh
School
Facility,
Series
2021:
665
4.000%,
9/01/32
9/31
at
100.00
A+
696,222
450
4.000%,
9/01/35
9/31
at
100.00
A+
454,324
1,000
Chestertown,
Maryland,
Economic
Development
Project
Revenue
Bonds,
Washington
College,
Refunding
Series
2021A,
4.000%,
3/01/36
3/31
at
100.00
BBB
986,770
1,500
Frederick
County,
Maryland,
Educational
Facilities
Revenue
Bonds,
Mount
Saint
Mary's
University
Inc.,
Series
2017A,
5.000%,
9/01/45,
144A
9/27
at
100.00
BB+
1,377,675
500
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Goucher
College,
Series
2017A,
5.000%,
7/01/37
7/27
at
100.00
BBB+
519,180
645
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Imagine
Andrews
Public
Charter
School,
Series
2022A,
5.500%,
5/01/52,
144A
5/30
at
100.00
N/R
594,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Johns
Hopkins
University,
Series
2013B:
500
5.000%,
7/01/38
7/23
at
100.00
AA+
503,445
2,625
4.250%,
7/01/41
7/23
at
100.00
AA+
2,629,384
500
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Loyola
University
Maryland,
Series
2014,
4.000%,
10/01/39
10/24
at
100.00
A
481,415
1,210
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Loyola
University
Maryland,
Series
2019A,
5.000%,
10/01/49
10/29
at
100.00
A
1,283,084
2,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Maryland
Institute
College
of
Art,
Series
2012,
5.000%,
6/01/29
12/22
at
100.00
Baa1
2,001,720
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Maryland
Institute
College
of
Art,
Series
2016:
385
5.000%,
6/01/29
6/26
at
100.00
Baa1
402,756
700
5.000%,
6/01/33
6/26
at
100.00
Baa1
727,496
49
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Maryland
Institute
College
of
Art,
Series
2017:
$
315
5.000%,
6/01/36
6/26
at
100.00
Baa1
$
325,045
235
5.000%,
6/01/42
6/26
at
100.00
Baa1
240,753
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Stevenson
University,
Series
2021A:
1,000
4.000%,
6/01/38
6/31
at
100.00
BBB-
915,260
2,010
4.000%,
6/01/46
6/31
at
100.00
BBB-
1,739,474
1,100
Maryland
Industrial
Development
Financing
Authority,
Economic
Development
Revenue
Bonds,
McDonogh
School
Inc.,
Sereis
2019,
4.000%,
9/01/43
3/29
at
100.00
A+
1,051,611
17,340
Total
Education
and
Civic
Organizations
16,929,614
Energy
-
1.3%
3,260
Maryland
Economic
Development
Corporation,
Port
Facilities
Revenue
Bonds,
CNX
Marine
Terminals
Inc.
Port
of
Baltimore
Facility,
Refunding
Series
2010,
5.750%,
9/01/25
1/23
at
100.00
BB
3,260,620
Health
Care
-
14.7%
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Maryland,
Revenue
Bonds,
Meritus
Medical
Center,
Series
2015:
660
4.000%,
7/01/32
7/25
at
100.00
A
652,806
1,650
4.250%,
7/01/35
7/25
at
100.00
A
1,598,817
1,000
5.000%,
7/01/40
7/25
at
100.00
A
1,009,100
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds
Doctors
Community
Hospital,
Series
2017B:
750
5.000%,
7/01/34
7/27
at
100.00
A3
772,882
500
5.000%,
7/01/38
7/27
at
100.00
A3
507,115
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,  Mercy
Medical
Center,
Series
2016A:
90
5.000%,
7/01/36
7/26
at
100.00
BBB+
92,073
1,250
5.000%,
7/01/38
7/26
at
100.00
BBB+
1,269,562
440
4.000%,
7/01/42
7/26
at
100.00
BBB+
386,685
1,750
Maryland
Health
and
HIgher
Educational
Facilities
Authority,
Revenue
Bonds,
Adventist
Healthcare
Inc.,
Series
2021,
5.000%,
1/01/36
1/32
at
100.00
Baa3
1,818,373
1,680
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Adventist
HealthCare
Issue,
Series
2021B,
4.000%,
1/01/51
1/32
at
100.00
BBB
1,435,476
2,020
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Adventist
Healthcare,
Series
2016A,
5.500%,
1/01/46
1/27
at
100.00
Baa3
2,053,189
Maryland
Health
and
HIgher
Educational
Facilities
Authority,
Revenue
Bonds,
Frederick
Health
System
Issue;
Series
2020:
740
3.250%,
7/01/39
7/30
at
100.00
A-
592,710
50
4.000%,
7/01/40
7/30
at
100.00
A-
46,578
520
4.000%,
7/01/45
7/30
at
100.00
A-
472,384
Maryland
Health
and
HIgher
Educational
Facilities
Authority,
Revenue
Bonds,
Greater
Baltimore
Medical
Center,
Series
2021A:
2,250
4.000%,
7/01/40
7/31
at
100.00
A+
2,169,878
165
3.000%,
7/01/46
7/31
at
100.00
A+
121,448
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
LifeBridge
Health
Issue,
Series
2016:
1,000
4.000%,
7/01/41
7/26
at
100.00
A+
974,020
500
5.000%,
7/01/47
7/26
at
100.00
A+
505,720
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
LifeBridge
Health
Issue,
Series
2017:
575
5.000%,
7/01/33
7/27
at
100.00
A+
608,551
500
4.000%,
7/01/42
7/27
at
100.00
A+
486,775
Nuveen
Maryland
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
50
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
LifeBridge
Health
System,
Series
2015:
$
955
4.125%,
7/01/47
7/25
at
100.00
A+
$
913,228
1,020
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Medstar
Health
Issue,
Series
2013B,
5.000%,
8/15/38
8/23
at
100.00
A
1,026,559
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
MedStar
Health
Issue,
Series
2017A:
2,000
5.000%,
5/15/42
5/27
at
100.00
A
2,056,200
1,500
5.000%,
5/15/45
5/27
at
100.00
A
1,532,970
1,560
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Peninsula
Regional
Medical
Center
Issue,
Series
2020A,
5.000%,
7/01/34
7/30
at
100.00
A
1,653,881
2,075
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Series
2017MD,
5.000%,
12/01/46
6/27
at
100.00
AA-
2,114,446
2,500
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
Maryland
Medical
System
Issue,
Series
2017B,
5.000%,
7/01/39
7/27
at
100.00
A
2,569,600
2,500
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
Pittsburgh
Medical
Center,
Series
2020B,
4.000%,
4/15/45
4/30
at
100.00
A
2,295,100
Montgomery
County,
Maryland,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Series
2015:
3,000
4.000%,
12/01/44
6/25
at
100.00
AA-
2,893,530
1,000
5.000%,
12/01/44
6/25
at
100.00
AA-
1,017,110
36,200
Total
Health
Care
35,646,766
Housing/Multifamily
-
10.4%
2,000
Howard
County
Housing
Commission,
Maryland,
Revenue
Bonds,
Columbia
Commons
Apartments,
Series
2014A,
5.000%,
6/01/44
6/24
at
100.00
A+
2,042,200
2,000
Howard
County
Housing
Commission,
Maryland,
Revenue
Bonds,
Columbia
Landing
Project,
Refunding
Series
2021A,
1.600%,
6/01/29
6/26
at
100.00
A+
1,793,340
640
Howard
County
Housing
Commission,
Maryland,
Revenue
Bonds,
Gateway
Village
Apartments,
Series
2016,
4.000%,
6/01/46
6/26
at
100.00
A+
587,091
1,660
Howard
County
Housing
Commission,
Maryland,
Revenue
Bonds,
The
Verona
at
Oakland
Mills
Project,
Series
2013,
5.000%,
10/01/28
10/23
at
100.00
A+
1,684,269
1,310
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Housing
Revenue
Bonds,
Green
Series
2021A,
2.200%,
7/01/41
1/31
at
100.00
AA+
950,471
1,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Housing
Revenue
Bonds,
Green
Series
2021B,
2.100%,
1/01/41
7/31
at
100.00
AA+
712,940
1,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Housing
Revenue
Bonds,
Green
Series
2021C,
2.600%,
1/01/42
7/31
at
100.00
AA+
735,320
935
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Housing
Revenue
Bonds,
Series
2000A,
2.600%,
7/01/40
7/29
at
100.00
AA+
719,763
1,430
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Housing
Revenue
Bonds,
Series
2014D,
4.000%,
7/01/45
1/24
at
100.00
AA+
1,300,928
235
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Housing
Revenue
Bonds,
Series
2017C,
3.550%,
7/01/42
1/27
at
100.00
AA+
218,632
1,480
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Housing
Revenue
Bonds,
Series
2018A,
3.950%,
7/01/43
1/28
at
100.00
AA+
1,444,687
1,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Housing
Revenue
Bonds,
Series
2020E,
2.150%,
7/01/40
1/30
at
100.00
AA+
700,980
1,750
Maryland
Community
Development
Administration,
Department
of
Housing
and
Community
Development,
Multifamily
Development
Revenue
Bonds,
Marlborough
Apartments,
Series
2014I,
3.450%,
12/15/31
12/24
at
100.00
Aaa
1,761,375
51
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Multifamily
(continued)
$
575
Maryland
Economic
Development
Corporation,
Senior
Student
Housing
Revenue
Bonds,
Towson
University
Project,
Refunding
Series
2017,
5.000%,
7/01/32
7/27
at
100.00
BB+
$
575,437
1,000
Maryland
Economic
Development
Corporation,
Student
Housing
Revenue
Bonds,
Morgan
State
University
Project,
Senior
Series
2022,
6.000%,
7/01/58
7/32
at
100.00
BBB-
1,068,270
Maryland
Economic
Development
Corporation,
Student
Housing
Revenue
Bonds,
Morgan
State
University
Project,
Series
2020:
200
4.000%,
7/01/40
7/30
at
100.00
BBB-
180,256
1,150
5.000%,
7/01/50
7/30
at
100.00
BBB-
1,134,694
500
Maryland
Economic
Development
Corporation,
Student
Housing
Revenue
Bonds,
Salisbury
University
Project,
Refunding
Series
2013,
5.000%,
6/01/34
6/23
at
100.00
Baa3
496,115
1,000
Maryland
Economic
Development
Corporation,
Student
Housing
Revenue
Bonds,
Sheppard
Pratt
University
Village,
Series
2012,
5.000%,
7/01/27
1/23
at
100.00
BBB-
1,000,310
Maryland
Economic
Development
Corporation,
Student
Housing
Revenue
Bonds,
University
of
Maryland
-
Baltimore
Project,
Refunding
Senior
Lien
Series
2015:
255
5.000%,
7/01/31
7/25
at
100.00
BB+
256,520
475
5.000%,
7/01/35
7/25
at
100.00
BB+
474,098
1,140
Maryland
Economic
Development
Corporation,
Student
Housing
Revenue
Bonds,
University
of
Maryland,
Baltimore
County
Project,
Refunding
Series
2016,
3.600%,
7/01/35
-
AGM
Insured
1/23
at
100.00
AA
1,139,202
Maryland
Economic
Development
Corporation,
Student
Housing
Revenue
Bonds,
University
of
Maryland,
College
Park
Project,
Refunding
Series
2016:
1,145
5.000%,
6/01/31
-
AGM
Insured
6/26
at
100.00
AA
1,198,242
520
5.000%,
6/01/43
-
AGM
Insured
6/26
at
100.00
AA
529,116
1,250
Montgomery
County
Housing
Opportunities
Commission,
Maryland,
Multifamily
Housing
Development
Bonds,
Series
2014A,
3.650%,
7/01/34
7/24
at
100.00
Aaa
1,241,925
750
Montgomery
County
Housing
Opportunities
Commission,
Maryland,
Multifamily
Housing
Development
Bonds,
Series
2021B,
2.250%,
7/01/41
7/30
at
100.00
Aaa
548,895
1,000
Montgomery
County
Housing
Opportunities
Commission,
Maryland,
Multifamily
Housing
Development
Bonds,
Series
2021C,
2.200%,
7/01/36
7/30
at
100.00
Aaa
788,510
27,400
Total
Housing/Multifamily
25,283,586
Housing/Single
Family
-
4.4%
2,500
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Series
2014C,
3.200%,
9/01/28
3/24
at
100.00
Aa1
2,458,075
2,500
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Series
2019B,
3.200%,
9/01/39
9/28
at
100.00
Aa1
2,211,775
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Series
2019C:
550
5.000%,
9/01/28
No
Opt.
Call
Aa1
603,862
800
5.000%,
3/01/30
3/29
at
100.00
Aa1
878,816
725
3.000%,
3/01/42
3/29
at
100.00
Aa1
606,709
1,430
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Series
2021A,
2.000%,
9/01/43
3/30
at
100.00
Aa1
889,088
500
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Series
2021B,
2.100%,
9/01/41
3/30
at
100.00
Aa1
340,500
2,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Series
2021C,
2.450%,
9/01/41
9/30
at
100.00
Aa1
1,479,680
Nuveen
Maryland
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
52
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Single
Family
(continued)
$
1,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Taxable
Series
2019D,
3.200%,
7/01/44
7/29
at
100.00
AA+
$
853,880
420
Montgomery
County
Housing
Opportunities
Commission,
Maryland,
Program
Revenue
Bonds,
Series
2019C,
3.300%,
7/01/39,
(AMT)
1/28
at
100.00
Aa2
373,199
12,425
Total
Housing/Single
Family
10,695,584
Long-Term
Care
-
4.3%
1,000
Baltimore
County,
Maryland,
Revenue
Bonds,
Oak
Crest
Village,
Series
2016,
5.000%,
1/01/37
1/26
at
100.00
A
1,025,680
1,750
Baltimore
County,
Maryland,
Revenue
Bonds,
Oak
Crest
Village,
Series
2020,
4.000%,
1/01/45
1/27
at
103.00
A
1,556,310
2,000
Baltimore
County,
Maryland,
Revenue
Bonds,
Riderwood
Village
Inc
Facility,
Series
2020,
4.000%,
1/01/50
1/27
at
103.00
A
1,909,200
1,200
Gaithersburg,
Maryland,
Economic
Development
Revenue
Bonds,
Asbury
Methodist
Obligated
Group
Project,
Refunding
Series
2018A,
5.000%,
1/01/33
1/24
at
104.00
BBB
1,210,656
1,250
Howard
County,
Maryland,
Retirement
Community
Revenue
Bonds,
Vantage
House,
Refunding
Series
2017,
5.000%,
4/01/44
4/27
at
100.00
N/R
1,055,388
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Charlestown
Community
Issue,
Series
2016A:
700
5.000%,
1/01/36
7/26
at
100.00
A-
731,633
835
5.000%,
1/01/45
7/26
at
100.00
A-
863,707
Rockville
Mayor
and
Council,
Maryland,
Economic
Development
Revenue
Bonds,
Ingleside
King
Farm
Project,
Series
2017A-1:
575
5.000%,
11/01/30
11/24
at
103.00
B-
557,439
950
5.000%,
11/01/32
11/24
at
103.00
B-
908,428
100
5.000%,
11/01/37
11/24
at
103.00
B-
92,457
Rockville
Mayor
and
Council,
Maryland,
Economic
Development
Revenue
Bonds,
Series
2017B:
500
5.000%,
11/01/42
11/24
at
103.00
B-
446,045
100
5.000%,
11/01/47
11/24
at
103.00
B-
86,570
10,960
Total
Long-Term
Care
10,443,513
Tax
Obligation/General
-
9.6%
2,040
Corona-Norco
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2006
Refunding
Series
2009C,
0.000%,
8/01/32
No
Opt.
Call
AA
1,401,256
1,000
Howard
County,
Maryland,
General
Obligation
Bonds,
Consolidated
Public
Improvement
Project,
Series
2020A,
4.000%,
8/15/39
8/30
at
100.00
AAA
1,021,750
Maryland
State,
General
Obligation
Bonds,
State
and
Local
Facilities
Loan,
First
Series
2017A:
1,000
5.000%,
3/15/23
No
Opt.
Call
AAA
1,007,440
1,000
5.000%,
3/15/31
3/27
at
100.00
AAA
1,097,370
1,000
Maryland
State,
General
Obligation
Bonds,
State
and
Local
Facilities
Loan,
First
Series
2018A,
5.000%,
3/15/29
3/28
at
100.00
AAA
1,116,620
5,645
Murrieta
Valley
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Election
2006
Series
2008,
0.000%,
9/01/32
-
AGM
Insured
No
Opt.
Call
AA
3,977,241
3,000
Prince
George's
County,
Maryland,
General
Obligation
Consolidated
Public
Improvement
Bonds,
Series
2019A,
5.000%,
7/15/30
7/29
at
100.00
AAA
3,427,770
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1:
2,000
0.000%,
7/01/33
7/31
at
89.94
N/R
1,097,840
1,000
4.000%,
7/01/46
7/31
at
103.00
N/R
772,340
Washington
Suburban
Sanitary
District,
Montgomery
and
Prince
George's
Counties,
Maryland,
General
Obligation
Bonds,
Consolidated
Public
Improvement,
Second
Series
2016:
2,575
5.000%,
6/01/27
6/26
at
100.00
AAA
2,780,485
1,300
5.000%,
6/01/35
6/26
at
100.00
AAA
1,387,906
53
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
2,500
Washington
Suburban
Sanitary
District,
Montgomery
and
Prince
George's
Counties,
Maryland,
General
Obligation
Bonds,
Consolidated
Public
Improvement,
Series
2018,
4.000%,
6/01/39
6/28
at
100.00
AAA
$
2,540,400
Wylie
Independent
School
District,
Collin
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2015B:
6,220
0.000%,
8/15/49
8/25
at
37.14
Aaa
1,784,829
30,280
Total
Tax
Obligation/General
23,413,247
Tax
Obligation/Limited
-
19.1%
1,800
Anne
Arundel
County,
Maryland,
General
Obligation
Bonds,
Consolidated
General
Improvement,
Series
2017,
5.000%,
10/01/27
10/26
at
100.00
AAA
1,956,438
1,000
Baltimore,
Maryland,
Special
Obligation
Bonds,
Center/West
Development
Project,
Series
2017A,
5.375%,
6/01/36
6/26
at
100.00
N/R
1,004,010
Baltimore,
Maryland,
Special
Obligation
Bonds,
East
Baltimore
Research
Park
Project,
Series
2017A:
460
4.500%,
9/01/33
9/27
at
100.00
N/R
445,814
120
5.000%,
9/01/38
9/27
at
100.00
N/R
120,073
755
Baltimore,
Maryland,
Special
Obligation
Bonds,
Harbor
Point
Project,
Refunding
Series
2016,
5.000%,
6/01/36
6/26
at
100.00
N/R
756,925
1,300
Baltimore,
Maryland,
Special
Obligation
Bonds,
Harbor
Point
Project,
Refunding
Series
2019A,
3.500%,
6/01/39,
144A
6/29
at
100.00
N/R
1,036,373
250
Baltimore,
Maryland,
Special
Obligation
Bonds,
Harbor
Point
Project,
Refunding
Series
2019B,
3.700%,
6/01/39,
144A
6/23
at
100.00
N/R
202,920
1,550
Baltimore,
Maryland,
Special
Obligation
Bonds,
Harbor
Point
Project,
Refunding
Series
2022,
5.000%,
6/01/51,
144A
6/31
at
100.00
N/R
1,460,534
Brunswick,
Frederick
County,
Maryland,
Special
Obligation
Bonds,
Brunswick
Crossing
Special
Taxing
District,
Refunding
Series
2019:
380
4.000%,
7/01/29
1/29
at
100.00
N/R
368,638
334
5.000%,
7/01/36
1/29
at
100.00
N/R
336,084
96
Frederick
County,
Maryland,
Special
Obligation
Bonds,
Lake
Linganore
Village
Community
Development
Series
2001A,
5.700%,
7/01/29
-
RAAI
Insured
1/23
at
100.00
AA
96,222
Frederick
County,
Maryland,
Special
Obligation
Bonds,
Urbana
Community
Development
Authority,
Refunding
Series
2020A:
1,000
4.000%,
7/01/34
7/30
at
100.00
A-
1,008,510
1,250
4.000%,
7/01/35
7/30
at
100.00
A-
1,255,925
360
Frederick
County,
Maryland,
Special
Obligation
Bonds,
Urbana
Community
Development
Authority,
Refunding
Series
2020B,
4.000%,
7/01/40
7/30
at
100.00
N/R
317,434
55
Frederick
County,
Maryland,
Special
Obligation
Bonds,
Urbana
Community
Development
Authority,
Refunding
Series
2020C,
4.000%,
7/01/50,
144A
7/30
at
100.00
N/R
45,950
170
Frederick
County,
Maryland,
Tax
Increment
and
Special
Tax
B
Limited
Obligation
Bonds,
Oakdale-Lake
Linganore
Project,
Series
2019,
3.750%,
7/01/39
7/29
at
100.00
N/R
141,666
100
Frederick
County,
Maryland,
Tax
Increment
and
Special
Tax
Limited
Obligation
Bonds,
Jefferson
Technology
Park
Project,
Refunding
Series
2020B,
4.625%,
7/01/43,
144A
7/30
at
102.00
N/R
94,097
Guam
Government,
Limited
Obligation
Section
30
Revenue
Bonds,
Series
2016A:
1,000
5.000%,
12/01/23
No
Opt.
Call
BB
1,010,970
1,015
5.000%,
12/01/33
12/26
at
100.00
BB
1,037,655
500
5.000%,
12/01/46
12/26
at
100.00
BB
496,685
Harford
County,
Maryland,
Special
Obligation
Bonds,
Beechtree
Estates
Project,
Refunding
Series
2021:
750
4.000%,
7/01/36
7/30
at
100.00
A
752,025
675
4.000%,
7/01/40
7/30
at
100.00
A
649,350
725
Howard
County,
Maryland,
Special
Obligation
Bonds,
Annapolis
Junction
Town
Center
Project,
Series
2014,
5.800%,
2/15/34
2/24
at
100.00
N/R
706,882
Nuveen
Maryland
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
54
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
Howard
County,
Maryland,
Special
Obligation
Bonds,
Downtown
Columbia
Project,
Series
2017A:
$
600
4.125%,
2/15/34,
144A
2/26
at
100.00
N/R
$
554,856
550
4.375%,
2/15/39,
144A
2/26
at
100.00
N/R
502,375
1,285
Hyattsville,
Maryland,
Special
Obligation
Bonds,
University
Town
Center
Project,
Series
2016,
5.000%,
7/01/34
7/25
at
100.00
N/R
1,211,177
1,000
Maryland
Community
Development
Administration,
Local
Government
Infrastructure
Bonds,
Subordinate
Obligation
Series
2019B-2,
4.000%,
6/01/49
6/29
at
100.00
Aa3
965,040
185
Maryland
Economic
Development
Corporation,
Special
Obligation
Bonds,
Metro
Centre
Owings
Mills
Project,
Series
2017,
4.500%,
7/01/44
1/27
at
100.00
N/R
166,136
2,000
Maryland
Economic
Development
Corporation,
Special
Obligation
Bonds,
Port
Covington
Project,
Series
2020,
4.000%,
9/01/50
9/30
at
100.00
N/R
1,585,020
2,000
Maryland
Stadium
Authority,
Lease
Revenue
Bonds,
Built
To
Learn,
Series
2021,
4.000%,
6/01/46
6/31
at
100.00
AA
1,906,700
1,965
Maryland
Stadium
Authority,
Lease
Revenue
Bonds,
Built
To
Learn,
Series
2022A,
5.000%,
6/01/34
6/32
at
100.00
AA
2,242,379
Maryland
Stadium
Authority,
Revenue
Bonds,
Baltimore
City
Public
Schools
Construction
&
Revitalization
Program,
Series
2016:
1,000
5.000%,
5/01/32
5/26
at
100.00
AA
1,055,680
1,250
5.000%,
5/01/33
5/26
at
100.00
AA
1,317,462
2,000
Maryland
Stadium
Authority,
Revenue
Bonds,
Baltimore
City
Public
Schools
Construction
&
Revitalization
Program,
Series
2018A,
5.000%,
5/01/36
5/28
at
100.00
AA
2,145,800
Maryland
Stadium
Authority,
Revenue
Bonds,
Baltimore
City
Public
Schools
Construction
&
Revitalization
Program,
Taxable
Refunding
Series
2022C:
1,500
0.000%,
5/01/51
No
Opt.
Call
AA
418,965
1,500
0.000%,
5/01/52
No
Opt.
Call
AA
396,450
575
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A,
5.000%,
10/01/30
No
Opt.
Call
N/R
593,291
25
Prince
George's
County
Revenue
Authority,
Maryland,
Special
Obligation
Bonds,
Suitland-Naylor
Road
Project,
Series
2016,
5.000%,
7/01/46,
144A
1/26
at
100.00
N/R
25,033
2,000
Prince
George's
County,
Maryland,
Certificates
of
Participation,
University
of
Maryland
Capital
Region
Medical
Center,
Series
2018,
5.000%,
10/01/38
10/28
at
100.00
AA+
2,153,560
356
Prince
George's
County,
Maryland,
Special
Tax
District
Bonds,
Victoria
Falls
Project,
Series
2005,
5.250%,
7/01/35
1/23
at
100.00
N/R
356,171
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
22
0.000%,
7/01/24
No
Opt.
Call
N/R
20,455
55
0.000%,
7/01/27
No
Opt.
Call
N/R
44,329
54
0.000%,
7/01/29
7/28
at
98.64
N/R
39,285
70
0.000%,
7/01/31
7/28
at
91.88
N/R
45,461
78
0.000%,
7/01/33
7/28
at
86.06
N/R
45,051
2,610
0.000%,
7/01/51
7/28
at
30.01
N/R
491,097
1,000
4.750%,
7/01/53
7/28
at
100.00
N/R
913,700
5,465
5.000%,
7/01/58
7/28
at
100.00
N/R
5,185,247
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2:
500
4.329%,
7/01/40
7/28
at
100.00
N/R
452,960
3
4.536%,
7/01/53
7/28
at
100.00
N/R
2,617
47
4.784%,
7/01/58
7/28
at
100.00
N/R
42,963
1,000
Puerto
Rico,
Highway
Revenue
Bonds,
Highway
and
Transportation
Authority,
Refunding
Series
2007CC,
5.500%,
7/01/30
-
AGM
Insured
No
Opt.
Call
AA
1,023,580
1,000
Virgin
Islands
Public
Finance
Authority,
Federal
Highway
Grant
Anticipation
Loan
Note
Revenue
Bonds,
Series
2015,
5.000%,
9/01/33,
144A
9/25
at
100.00
A
1,018,210
1,000
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2006,
5.000%,
10/01/28
-
FGIC
Insured
1/23
at
100.00
Baa2
1,011,500
55
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
3,250
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Dedicated
Revenue
Bonds,
Green
Series
2021A,
4.000%,
7/15/46
7/31
at
100.00
AA
$
3,130,173
51,590
Total
Tax
Obligation/Limited
46,363,903
Transportation
-
10.2%
Guam
Port
Authority,
Port
Revenue
Bonds,
Private
Activity
Series
2018B:
120
5.000%,
7/01/33,
(AMT)
7/28
at
100.00
A
125,910
425
5.000%,
7/01/34,
(AMT)
7/28
at
100.00
A
444,563
Maryland
Department
of
Transportation,
Special
Transportation
Project
Revenue
Bonds,
Baltimore/
Washington
International
Thurgood
Marshall
Airport,
Series
2021B:
5,150
5.000%,
8/01/46,
(AMT)
8/31
at
100.00
A1
5,288,844
2,410
4.000%,
8/01/51,
(AMT)
8/31
at
100.00
A1
2,152,853
300
Maryland
Economic
Development
Corporation
Economic
Development
Revenue
Bonds,
Terminal
Project,  Series
2019A,
5.000%,
6/01/44,
(AMT)
6/29
at
100.00
Baa2
304,485
1,940
Maryland
Economic
Development
Corporation
Economic
Development
Revenue
Bonds,
Transportation
Facilities
Project,
Refunding
Series
2017A,
5.000%,
6/01/35
6/28
at
100.00
Baa2
2,017,348
1,500
Maryland
Economic
Development
Corporation
Senior
Economic
Development
Revenue
Bonds
(Annapolis
Mobility
and
Resilience
Project)
Series
2022A,
5.250%,
12/31/47
6/32
at
100.00
N/R
1,564,350
1,600
Maryland
Economic
Development
Corporation,
Air
Cargo
Obligated
Group
Revenue
Bonds,
AFCO
Airport
Real
Estate
Group,
Series
2019,
4.000%,
7/01/39,
(AMT)
7/29
at
100.00
BBB
1,442,400
Maryland
Economic
Development
Corporation,
Parking
Facilities
Revenue
Bonds
Baltimore
City
Project,
Subordinate
Parking
Facilities
Revenue
Bonds,
Series
2018C:
500
4.000%,
6/01/38
6/28
at
100.00
BB+
417,840
305
4.000%,
6/01/58
6/28
at
100.00
BB+
216,824
1,275
Maryland
Economic
Development
Corporation,
Parking
Facilities
Revenue
Bonds,
Baltimore
City
Project,
Senior
Parking
Facilities
Revenue
Bonds,
Series
2018A,
5.000%,
6/01/58
6/28
at
100.00
BBB-
1,181,568
2,915
Maryland
Economic
Development
Corporation,
Private
Activity
Revenue
Bonds,
Purple
Line
Light
Rail
Project,
Green
Series
2022B,
5.250%,
6/30/52,
(AMT)
6/32
at
100.00
BBB
3,027,023
1,000
Maryland
Transportation
Authority,
Passenger
Facility
Charge
Revenue
Bonds,
Baltimore/Washington
Internatonal
Thurgood
Marshall
Airport
Project,
Series
2019,
5.000%,
6/01/32,
(AMT)
6/29
at
100.00
A+
1,066,410
1,000
Maryland
Transportation
Authority,
Revenue
Bonds,
Transportation
Facilities
Projects,
Series
2021A,
5.000%,
7/01/39
7/31
at
100.00
Aa2
1,117,980
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Refunding
Series
2016:
70
5.000%,
8/01/26,
(AMT)
12/22
at
100.00
B
70,004
340
5.000%,
8/01/31,
(AMT)
12/22
at
100.00
B
340,004
1,260
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
Elizabeth
River
Crossing
OPCO,
LLC
Project,
Refunding
Senior
Lien
Series
2022,
3.000%,
1/01/41,
(AMT)
1/32
at
100.00
BBB
965,790
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Gross
Revenue
Bonds,
Series
2017B:
1,500
5.000%,
7/01/30
7/27
at
100.00
AA
1,641,765
1,390
5.000%,
7/01/37
7/27
at
100.00
AA
1,476,722
25,000
Total
Transportation
24,862,683
Nuveen
Maryland
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
56
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
-
6.5%
(5)
$
565
Baltimore,
Maryland,
Revenue
Bonds,
Water
Projects,
Refunding
Series
1998A,
5.000%,
7/01/28
-
FGIC
Insured,
(ETM)
8/21
at
100.00
N/R
$
597,663
1,065
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Helix
Health,
Series
1997,
5.000%,
7/01/27
-
AMBAC
Insured,
(ETM)
8/21
at
100.00
N/R
1,124,842
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
LifeBridge
Health
System,
Series
2015:
1,000
4.000%,
7/01/35,
(Pre-refunded
7/01/25)
7/25
at
100.00
A+
1,034,120
750
5.000%,
7/01/40,
(Pre-refunded
7/01/25)
7/25
at
100.00
A+
794,565
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Peninsula
Regional
Medical
Center
Issue,
Refunding
Series
2015:
1,340
5.000%,
7/01/33,
(Pre-refunded
7/01/24)
7/24
at
100.00
A
1,388,159
1,250
5.000%,
7/01/45,
(Pre-refunded
7/01/24)
7/24
at
100.00
A
1,294,925
3,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Western
Maryland
Health,
Series
2014,
5.250%,
7/01/26,
(Pre-
refunded
7/01/24)
7/24
at
100.00
N/R
3,121,710
Maryland
Stadium
Authority,
Revenue
Bonds,
Baltimore
City
Public
Schools
Construction
&
Revitalization
Program,
Series
2016:
1,000
5.000%,
5/01/35,
(Pre-refunded
5/01/26)
5/26
at
100.00
AA
1,077,000
3,250
5.000%,
5/01/41,
(Pre-refunded
5/01/26)
5/26
at
100.00
AA
3,500,250
1,500
Washington
County
County
Commissioners,
Maryland,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2019B,
5.000%,
1/01/30,
(Pre-refunded
1/01/29)
1/29
at
100.00
BBB+
1,676,220
Wylie
Independent
School
District,
Collin
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2015B:
780
0.000%,
8/15/49,
(Pre-refunded
8/15/25)
8/25
at
37.14
Aaa
266,464
15,500
Total
U.S.
Guaranteed
15,875,918
Utilities
-
5.4%
2,000
Baltimore,
Maryland,
Revenue
Bonds,
Wastewater
Projects,
Refunding
Series
2022A,
5.250%,
7/01/47
7/32
at
100.00
Aa2
2,214,340
2,000
Baltimore,
Maryland,
Revenue
Bonds,
Wastewater
Projects,
Series
2019A,
5.000%,
7/01/49
7/29
at
100.00
Aa2
2,122,920
2,000
Baltimore,
Maryland,
Revenue
Bonds,
Water
Projects,
Subordinate
Series
2017A,
5.000%,
7/01/41
1/27
at
100.00
Aa3
2,099,680
2,150
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Project,
Refunding
Series
2006A,
4.375%,
1/01/35,
(Mandatory
Put
7/01/33)
No
Opt.
Call
BBB-
2,148,903
415
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
7/01/40
7/27
at
100.00
A-
421,594
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2016:
500
5.000%,
7/01/27
7/26
at
100.00
A-
516,025
500
5.000%,
1/01/46
7/26
at
100.00
A-
502,450
Guam
Power
Authority,
Revenue
Bonds,
Refunding
Series
2017A:
825
5.000%,
10/01/33
10/27
at
100.00
BBB
856,705
200
5.000%,
10/01/38
10/27
at
100.00
BBB
205,156
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A:
1,000
5.000%,
7/01/30,
144A
No
Opt.
Call
N/R
1,011,270
1,000
5.000%,
7/01/47,
144A
7/30
at
100.00
N/R
960,120
70
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Senior
Lien
Series
2008A,
6.125%,
7/01/24
No
Opt.
Call
CCC
71,411
12,660
Total
Utilities
13,130,574
$
253,670
Total
Municipal
Bonds
(cost
$249,932,010)
235,984,806
57
Shares
Description
(1)
Value
X
204,617
COMMON
STOCKS
-
0.1%  
X
204,617
Airlines
-
0.1%
$
14,180
American
Airlines
Group
Inc
(6),(7)
$
204,617
Total
Common
Stocks
(cost
$425,978)
204,617
Total
Long-Term
Investments
(cost
$250,357,988)
236,189,423
Other
Assets
Less
Liabilities
-
2.8%
6,785,436
Net
Assets
-
100%
$
242,974,859
(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.
(6)
On
November
28,
2011,
AMR
Corp.
("AMR"),
the
parent
company
of
American
Airlines
Group,
Inc.
("AAL")
filed
for
federal
bankruptcy
protection.
On
December
9,
2013,
AMR
emerged
from
federal
bankruptcy
with
the
acceptance
of
its
reorganization
plan
by
the
bankruptcy
court.
Under
the
settlement
agreement
to
meet
AMR's
unsecured
bond
obligations,
the
bondholders
including
the
Fund,
received
a
distribution
of
AAL
preferred
stock
which
was
converted
to
AAL
common
stock
over
a
120-day
period.
Every
30
days,
a
quarter
of
the
preferred
stock
was
converted
to
AAL
common
stock
based
on
the
5-day
volume-weighted
average
price
and
the
amount
of
preferred
shares
tendered
during
the
optional
preferred
conversion
period.
(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
ETM
Escrowed
to
maturity
See
accompanying
notes
to
financial
statements.
58
Nuveen
New
Mexico
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
-
99.2%   
X
76,814,348
MUNICIPAL
BONDS
-
99.2%  
X
76,814,348
Consumer
Staples
-
0.1%
$
65
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+
$
56,634
Education
and
Civic
Organizations
-
4.4%
2,235
Los
Ranchos
de
Albuquerque,
New
Mexico,
Educational
Facilities
Revenue
Bonds,
Albuquerque
Acadamy
Project,
Refunding
Series
2020,
4.000%,
9/01/40
9/30
at
100.00
A-
2,176,421
685
New
Mexico
Institute
of
Mining
and
Technology,
Revenue
Bonds,
Series
2019,
4.000%,
12/01/37
-
AGM
Insured
12/29
at
100.00
AA
668,923
535
New
Mexico
State
University,
Revenue
Bonds,
Refunding
&
Improvement
Series
2017A,
5.000%,
4/01/42
4/27
at
100.00
A+
565,436
3,455
Total
Education
and
Civic
Organizations
3,410,780
Health
Care
-
10.2%
500
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2019,
4.000%,
11/15/45
11/29
at
100.00
A+
455,770
New
Mexico
Hospital
Equipment
Loan
Council,
Hospital
Revenue
Bonds,
Presbyterian
Healthcare
Services,
Series
2017A:
1,000
4.000%,
8/01/36
11/27
at
100.00
AA
1,002,960
1,000
4.000%,
8/01/46
11/27
at
100.00
AA
960,280
1,010
5.000%,
8/01/46
11/27
at
100.00
AA
1,049,683
New
Mexico
Hospital
Equipment
Loan
Council,
Hospital
Revenue
Bonds,
Presbyterian
Healthcare
Services,
Series
2019A:
1,250
5.000%,
8/01/39
8/29
at
100.00
AA
1,322,975
240
5.000%,
8/01/44
8/29
at
100.00
AA
251,472
New
Mexico
Hospital
Equipment
Loan
Council,
Hospital
Revenue
Bonds,
San
Juan
Regional
Medical
Center,
Refunding
&
Improvement
Series
2020:
1,500
4.000%,
6/01/34
6/30
at
100.00
BBB+
1,431,885
785
4.000%,
6/01/35
6/30
at
100.00
BBB+
733,959
750
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-1,
4.000%,
8/01/44
8/29
at
100.00
A-
651,420
8,035
Total
Health
Care
7,860,404
Housing/Multifamily
-
1.3%
1,000
New
Mexico
Mortgage
Finance
Authority,
Multifamily
Housing
Revenue
Bonds,
St
Anthony,
Series
2007A,
5.250%,
9/01/42,
(AMT)
12/22
at
100.00
N/R
1,002,410
Housing/Single
Family
-
4.0%
295
New
Mexico
Mortgage
Finance
Authority,
Single
Family
Mortgage
Program
Bonds,
Class
1
Series
2018C,
3.875%,
7/01/43
1/28
at
100.00
Aaa
278,164
1,405
New
Mexico
Mortgage
Finance
Authority,
Single
Family
Mortgage
Program
Bonds,
Class
1
Series
2019C,
3.600%,
7/01/44
7/28
at
100.00
Aaa
1,322,990
745
New
Mexico
Mortgage
Finance
Authority,
Single
Family
Mortgage
Program
Bonds,
Class
1
Series
2021A,
2.300%,
7/01/46
7/30
at
100.00
Aaa
523,087
115
New
Mexico
Mortgage
Finance
Authority,
Single
Family
Mortgage
Program
Bonds,
Class
1
Series
2021C,
2.250%,
7/01/46
7/30
at
100.00
Aaa
79,233
1,235
New
Mexico
Mortgage
Finance
Authority,
Single
Family
Mortgage
Program
Bonds,
Class
1
Series
2022A,
2.550%,
9/01/42
3/31
at
100.00
Aaa
928,856
3,795
Total
Housing/Single
Family
3,132,330
59
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Long-Term
Care
-
1.5%
$
1,365
Santa
Fe,
New
Mexico,
Retirement
Facilities
Revenue
Bonds,
EL
Castillo
Retirement
Residences
Project,
Series
2012,
5.000%,
5/15/42
1/23
at
100.00
BB+
$
1,175,784
Tax
Obligation/General
-
8.8%
1,295
Albuquerque
Municipal
School
District
12,
Bernalillo
and
Sandoval
Counties,
New
Mexico,
General
Obligation
Bonds,
School
Building
Series
2014A,
4.000%,
8/01/28
8/23
at
100.00
AA
1,305,774
1,000
Albuquerque
Municipal
School
District
12,
Bernalillo
and
Sandoval
Counties,
New
Mexico,
General
Obligation
Bonds,
School
Building
Series
2018,
5.000%,
8/01/36
8/28
at
100.00
AA
1,088,610
1,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1,
4.000%,
7/01/46
7/31
at
103.00
N/R
772,340
1,250
Santa
Fe
Public
School
District,
Santa
Fe
County,
New
Mexico,
General
Obligation
School
Building
Bonds,
Series
2022,
5.000%,
8/01/32
8/30
at
100.00
AA-
1,413,412
515
Silver
City
Consolidated
School
District
1,
Grant
County,
New
Mexico,
General
Obligation
Bonds,
School
Building
Series
2017,
4.000%,
8/01/37
8/25
at
100.00
Aa3
521,046
675
Silver
Consolidated
School
District
1,
Grant
County,
New
Mexico,
General
Obligation
Bonds,  School
Building
Series
2019,
4.000%,
8/01/37
8/28
at
100.00
Aa3
689,297
1,000
Taos
Municipal
School
District,
Taos
County,
New
Mexico,
General
Obligation
Bonds,
Refunding
Series
2014,
5.000%,
9/01/27
9/24
at
100.00
Aa3
1,039,160
6,735
Total
Tax
Obligation/General
6,829,639
Tax
Obligation/Limited
-
37.5%
Albuquerque,
New
Mexico,
Gross
Receipts
Tax
Revenue
Bonds,
Improvement
Series
2015A:
250
4.000%,
7/01/35
7/25
at
100.00
AAA
254,090
1,195
5.000%,
7/01/37
7/25
at
100.00
AAA
1,249,552
500
Albuquerque,
New
Mexico,
Gross
Receipts
Tax
Revenue
Bonds,
Improvement
Series
2016C,
4.000%,
7/01/34
7/26
at
100.00
AAA
512,280
755
Albuquerque,
New
Mexico,
Gross
Receipts
Tax
Revenue
Bonds,
Improvement
Series
2022B,
5.000%,
7/01/41
7/32
at
100.00
AAA
838,526
Artesia,
New
Mexico,
Gross
Receipts
Tax
Revenue
Bonds,
Refunding
Series
2019:
1,130
4.000%,
6/01/28
6/26
at
100.00
AA-
1,170,386
570
4.000%,
6/01/29
6/26
at
100.00
AA-
590,075
1,230
Bernalillo
County,
New
Mexico,
Gross
Receipts
Tax
Revenue
Bonds,
Series
1996B,
5.700%,
4/01/27
-
NPFG
Insured
No
Opt.
Call
AAA
1,313,099
1,240
Bernalillo
County,
New
Mexico,
Gross
Receipts
Tax
Revenue
Bonds,
Series
2017A,
4.000%,
6/15/34
6/27
at
100.00
AAA
1,278,874
435
Boulders
Public
Improvement
District,
Albuquerque,
New
Mexico,
Special
Levy
Revenue
Bonds,
Series
2013,
7.250%,
10/01/43
10/23
at
100.00
N/R
435,352
200
Boulders
Public
Improvement
District,
Albuquerque,
New
Mexico,
Special
Levy
Revenue
Bonds,
Series
2015,
5.750%,
10/01/44
10/25
at
100.00
N/R
180,890
1,000
Clayton,
New
Mexico,
Jail
Project
Revenue
Bonds,
Refunding
&
Improvement
Series
2015,
5.000%,
11/01/29
11/25
at
100.00
BBB+
1,033,870
600
Colfax
County,
New
Mexico,
Gross
Receipts
Tax
Revenue
Bonds,
Improvement
Series
2015,
4.000%,
8/01/35
-
BAM
Insured
8/24
at
100.00
AA
609,030
1,000
Curry
County,
New
Mexico,
Gross
Receipts
Tax
Improvement
Revenue
Bonds,
Series
2014,
5.000%,
12/01/36
-
BAM
Insured
12/24
at
100.00
AA
1,035,960
500
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D,
5.000%,
11/15/39
11/25
at
100.00
BB
502,265
780
Guam
Government,
Limited
Obligation
Section
30
Revenue
Bonds,
Series
2016A,
5.000%,
12/01/46
12/26
at
100.00
BB
774,829
125
Los
Lunas,
Valencia
County,
New
Mexico,
Gross
Receipts
Tax
Revenue
Bonds,
Improvment
Series
2016,
3.000%,
4/01/41
4/26
at
100.00
AA
104,879
500
Lower
Petroglyphs
Public
Improvements
District,
Albuquerque,
New
Mexico,
Special
Levy
Revenue
Bonds,
Refunding
Series
2018,
5.000%,
10/01/38
10/27
at
100.00
N/R
466,120
230
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A,
5.000%,
10/01/39
10/32
at
100.00
N/R
231,937
810
Mesa
Del
Sol
Public
Improvement
District
1,
Albuquerque,
New
Mexico,
Special
Levy
Revenue
Bonds,
Series
2013,
7.000%,
10/01/33
10/23
at
100.00
N/R
797,242
Nuveen
New
Mexico
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)
$
1,000
Montecito
Estates
Public
Improvement
District,
Albuquerque,
New
Mexico,
Special
Levy
Revenue
Bonds,
Refunding
Series
2016,
4.000%,
10/01/37
10/26
at
100.00
AA
$
1,016,560
1,320
New
Mexico
Finance
Authority,
State
Transportation
Revenue
Bonds,
State
Transportation
Commission
Series
2014A,
5.000%,
6/15/32
6/24
at
100.00
AA
1,361,342
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
1,100
4.550%,
7/01/40
7/28
at
100.00
N/R
1,024,463
725
4.750%,
7/01/53
7/28
at
100.00
N/R
662,432
770
Roswell,
New
Mexico,
Gross
Receipts
Tax
Improvement
Revenue
Bonds,
Series
2017,
4.000%,
8/01/34
8/27
at
100.00
AA
799,884
970
Saltillo
Public
Improvement
District,
Albuquerque,
New
Mexico,
Special
Levy
Revenue
Bonds,
Refunding
Series
2018,
4.000%,
10/01/37
-
BAM
Insured
10/28
at
100.00
AA
993,658
1,015
San
Juan
County,
New
Mexico,
Gross
Receipts
Tax
Revenue
Bonds,
Improvement
Series
2015B,
5.000%,
6/15/33
6/24
at
100.00
A+
1,042,314
2,480
Santa
Fe
County,
New
Mexico,
Correctional
System
Gross
Receipts
Tax
Revenue
Bonds,
Series
1997,
6.000%,
2/01/27
-
AGM
Insured
No
Opt.
Call
AA
2,636,736
Santa
Fe,
Minnesota,
Gross
Receipts
Tax
Revenue
Bonds,
Improvement
Senior
Lien
Series
2018A:
500
5.000%,
6/01/36
6/28
at
100.00
AA+
546,000
400
5.000%,
6/01/37
6/28
at
100.00
AA+
434,292
555
Trails
Public
Improvement
District,
Albuquerque,
New
Mexico,
Special
Levy
Revenue
Bonds,
Series
2008,
7.750%,
10/01/38
1/23
at
100.00
N/R
554,978
1,000
Ventana
West
Public
Improvement
District,
New
Mexico,
Special
Levy
Revenue
Bonds,
Refunding
Series
2015,
4.000%,
8/01/33
-
BAM
Insured
8/25
at
100.00
AA
1,018,140
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
500
Volterra
Public
Improvement
District,
Albuquerque,
New
Mexico,
Special
Levy
Revenue
Bonds,
Series
2014,
6.750%,
10/01/33
10/24
at
100.00
N/R
480,670
Winrock
Town
Center
Tax
Increment
Development
District
1,
Albuquerque,
New
Mexico,
Gross
Receipts
Tax
Increment
Bonds,
Senior
Lien
Series
2022:
5
3.750%,
5/01/28,
144A
No
Opt.
Call
N/R
4,659
500
4.000%,
5/01/33,
144A
5/29
at
103.00
N/R
434,115
760
Winrock
Town
Center
Tax
Increment
Development
District
1,
Albuquerque,
New
Mexico,
Gross
Receipts
Tax
Increment
Bonds,
Subordinate
Lien
Series
2020,
8.000%,
5/01/40,
144A
11/23
at
103.00
N/R
671,574
28,650
Total
Tax
Obligation/Limited
29,062,113
U.S.
Guaranteed
-
4.8%
(4)
1,000
Hobbs
Municipal
School
District
33,
Lea
County,
New
Mexico,
General
Obligation
Bonds,
School
Series
2014A,
5.000%,
9/15/28,
(Pre-refunded
9/15/24)
9/24
at
100.00
Aa3
1,040,360
1,550
New
Mexico
Hospital
Equipment
Loan
Council,
Hospital
Revenue
Bonds,
Presbyterian
Healthcare
Services,
Series
2015A,
5.000%,
8/01/44,
(Pre-
refunded
8/01/25)
8/25
at
100.00
AA
1,636,676
1,000
University
of
New
Mexico,
Revenue
Bonds,
Refunding
Subordinate
Lien
System
Series
2014C,
5.000%,
6/01/35,
(Pre-refunded
6/01/24)
6/24
at
100.00
AA-
1,035,640
3,550
Total
U.S.
Guaranteed
3,712,676
Utilities
-
26.6%
Albuquerque
Benralillo
County
Water
Utility
Authority,
New
Mexico,
Joint
Water
and
Sewer
System
Revenue
Bonds,
Refunding
&
Improvement
Senior
Lien
Series
2015:
1,000
5.000%,
7/01/32
7/25
at
100.00
AA+
1,051,240
1,000
4.000%,
7/01/33
7/25
at
100.00
AA+
1,023,990
1,000
Albuquerque
Benralillo
County
Water
Utility
Authority,
New
Mexico,
Joint
Water
and
Sewer
System
Revenue
Bonds,
Refunding
&
Improvement
Senior
Lien
Series
2017,
5.000%,
7/01/32
7/27
at
100.00
AA+
1,081,920
1,970
Albuquerque,
New
Mexico,
Refuse
Removal
and
Disposal
Revenue
Bonds,
Series
2020,
4.000%,
7/01/43
7/30
at
100.00
AA
1,906,467
61
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
$
1,500
Farmington,
New
Mexico,
Pollution
Control
Revenue
Bonds,
Southern
California
Edison
Company
-
Four
Corners
Project,
Refunding
Series
2005A,
1.800%,
4/01/29
No
Opt.
Call
A-
$
1,272,075
750
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
7/01/37
7/27
at
100.00
A-
763,387
1,015
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2016,
5.000%,
7/01/36
7/26
at
100.00
A-
1,032,651
1,125
New
Mexico
Finance
Authority,
Public
Project
Revolving
Fund
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015A,
5.000%,
6/15/31
6/25
at
100.00
AAA
1,184,265
1,000
New
Mexico
Finance
Authority,
Public
Project
Revolving
Fund
Revenue
Bonds,
Senior
Lien
Series
2016F,
5.000%,
6/01/41
6/26
at
100.00
AAA
1,049,680
250
New
Mexico
Finance
Authority,
Public
Project
Revolving
Fund
Revenue
Bonds,
Senior
Lien
Series
2017E,
5.000%,
6/01/38
6/27
at
100.00
AAA
267,758
450
New
Mexico
Finance
Authority,
Public
Project
Revolving
Fund
Revenue
Bonds,
Senior
Lien
Series
2018D,
5.000%,
6/01/37
6/28
at
100.00
AAA
488,579
845
New
Mexico
Finance
Authority,
Public
Project
Revolving
Fund
Revenue
Bonds,
Senior
Lien
Series
2019D,
5.000%,
6/01/40
6/29
at
100.00
AAA
917,560
New
Mexico
Finance
Authority,
Public
Project
Revolving
Fund
Revenue
Bonds,
Senior
Lien
Series
2020B:
1,000
3.000%,
6/01/39
6/30
at
100.00
AAA
871,580
1,000
3.000%,
6/01/40
6/30
at
100.00
AAA
860,670
1,000
New
Mexico
Finance
Authority,
Public
Project
Revolving
Fund
Revenue
Bonds,
Senior
Lien
Series
2022C,
5.000%,
6/01/42
6/32
at
100.00
AAA
1,107,590
New
Mexico
Finance
Authority,
Public
Project
Revolving
Fund
Revenue
Bonds,
Subordinate
Lien
Series
2019A:
915
5.000%,
6/15/35
6/28
at
100.00
AAA
1,002,620
265
5.000%,
6/15/36
6/28
at
100.00
AAA
288,800
1,040
New
Mexico
Finance
Authority,
Public
Project
Revolving
Fund
Revenue
Bonds,
Subordinate
Lien
Series
2019C-1,
5.000%,
6/15/39
6/29
at
100.00
AAA
1,134,068
500
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B,
5.000%,
7/01/29,
144A
No
Opt.
Call
N/R
505,790
705
Roswell,
New
Mexico,
Joint
Water
and
Sewerage
Revenue
Bonds,
Improvement
Series
2017,
5.000%,
6/01/37
-
BAM
Insured
6/26
at
100.00
AA
745,263
500
Santa
Fe,
New
Mexico,
Net
Wastewater
Utility
System
Environmental
Services
Gross
Receipts
Tax
Improvement
Revenue
Bonds,
Climate
Certified
Green
Series
2019,
4.000%,
6/01/37
6/28
at
100.00
AA+
512,835
1,500
Santa
Fe,
New
Mexico,
Water
Utility
System
Revenue
Bonds,
Refunding
Series
2016,
4.000%,
6/01/39
6/26
at
100.00
AAA
1,502,790
20,330
Total
Utilities
20,571,578
$
76,980
Total
Long-Term
Investments
(cost
$80,341,836)
76,814,348
Other
Assets
Less
Liabilities
-
0.8%
634,896
Net
Assets
-
100%
$
77,449,244
(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.
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.
62
Nuveen
Pennsylvania
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
-
98.2%   
X
438,147,937
MUNICIPAL
BONDS
-
92.8%  
X
438,147,937
Consumer
Staples
-
0.3%
$
1,345
Pennsylvania
Economic
Development
Financing
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Procter
&
Gamble
Paper
Project,
Series
2001,
5.375%,
3/01/31,
(AMT)
No
Opt.
Call
AA-
$
1,528,095
Education
and
Civic
Organizations
-
12.3%
2,500
Allegheny
County
Higher
Education
Building
Authority,
Pennsylvania,
Revenue
Bonds,
Carnegie
Mellon
University,
Series
2020A,
5.000%,
2/01/30
No
Opt.
Call
AA
2,854,100
1,205
Allegheny
County
Higher
Education
Building
Authority,
Pennsylvania,
Revenue
Bonds,
Robert
Morris
University,
Series
2016,
5.000%,
10/15/34
10/26
at
100.00
Baa3
1,212,893
480
Allegheny
County
Higher
Education
Building
Authority,
Pennsylvania,
Revenue
Bonds,
Robert
Morris
University,
Series
2017,
5.000%,
10/15/37
10/27
at
100.00
Baa3
480,120
295
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,  Alvernia
University
Project,
Series
2020,
5.000%,
10/01/39
10/29
at
100.00
BB+
270,721
2,600
Bucks
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
George
School
Project,
Series
2019,
3.000%,
9/15/49
9/29
at
100.00
AA-
1,944,046
1,205
Bucks
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
School
Lane
Charter
School
Project,
Series
2016,
5.125%,
3/15/36
3/27
at
100.00
BBB-
1,240,017
305
Chester
County
Industrial
Development
Authority,
Pennsylvania,
Avon
Grove
Charter
School
Revenue
Bonds,
Series
2017A,
5.000%,
12/15/47
12/27
at
100.00
BBB-
305,284
785
Crawford
County
Industrial
Development
Authority,
Pennsylvania,
College
Revenue
Bonds,
Allegheny
College,
Series
2016,
3.000%,
5/01/34
5/26
at
100.00
A-
711,296
330
Dallas
Area
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Misericordia
University,
Series
2014,
5.000%,
5/01/37
5/24
at
100.00
Baa3
324,245
3,500
Delaware
County
Authority,
Pennsylvania,
Revenue
Bonds,
Villanova
University,
Series
2015,
5.000%,
8/01/45
8/25
at
100.00
AA-
3,628,170
1,430
Erie
Higher
Education
Building
Authority,
Pennsylvania,
Revenue
Bonds,
Gannon
University,
Series
2016,
4.000%,
5/01/46
11/26
at
100.00
BBB+
1,179,249
Huntingdon
County
General
Authority,
Pennsylvania,
Revenue
Bonds,
Juniata
College,
Series
2016OO2:
290
3.125%,
5/01/34
5/26
at
100.00
BBB
254,449
210
3.250%,
5/01/36
5/26
at
100.00
BBB
180,915
355
3.500%,
5/01/41
5/26
at
100.00
BBB
294,675
1,095
Lackawanna
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
University
of
Scranton,
Series
2017,
4.000%,
11/01/40
11/27
at
100.00
A-
997,808
Lancaster
Higher
Education
Authority,
Pennsylvania,
College
Revenue
Bonds,
Harrisburg
Area
Community
College
Project,
Series
2021:
1,000
5.000%,
10/01/27
-
BAM
Insured
No
Opt.
Call
AA
1,088,780
1,000
5.000%,
10/01/28
-
BAM
Insured
No
Opt.
Call
AA
1,101,960
1,800
Lycoming
County
Authority,
Pennsylvania,
Revenue
Bonds,
Pennsylvania
College
of
Technology,
Series
2016,
3.000%,
10/01/37
10/26
at
100.00
A
1,539,702
1,250
McCandless
IDA,
Pennsylvania,
University
Revenue
Bonds,
Series
A
and
B
of
2022,
La
Roche
University,
6.750%,
12/01/46
12/32
at
100.00
N/R
1,242,650
1,000
Montgomery
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Germantown
Academy
Project,
Series
2021A,
4.000%,
10/01/41
10/26
at
100.00
BBB+
859,900
1,060
Northampton
County
General
Purpose
Authority,
Pennsylvania,
Revenue
Bonds,
Lafayette
College,
Refunding
Series
2018,
4.000%,
11/01/38
11/28
at
100.00
Aa3
1,054,340
4,105
Pennsylvania
Higher
Education
Assistance
Agency,
Education
Loan
Revenue
Bonds,
Senior
Series
2020A,
2.450%,
6/01/41,
(AMT)
6/29
at
100.00
Aa2
3,395,040
1,515
Pennsylvania
Higher
Education
Assistance
Agency,
Education
Loan
Revenue
Bonds,
Senior
Series
2021A,
2.625%,
6/01/42,
(AMT)
6/30
at
100.00
Aa2
1,257,041
63
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
AICUP
Financing
Program-Mount
Aloysius
College,
Series
2016-004:
$
630
2.625%,
11/01/31
5/26
at
100.00
BBB+
$
540,994
690
3.000%,
11/01/42
5/26
at
100.00
BBB+
501,747
1,110
5.000%,
11/01/46
5/26
at
100.00
BBB+
1,123,897
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Bryn
Mawr
College,
Refunding
Series
2014:
815
5.000%,
12/01/38
12/24
at
100.00
AA+
837,926
670
5.000%,
12/01/44
12/24
at
100.00
AA+
687,025
1,025
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Bryn
Mawr
College,
Series
2019,
4.000%,
12/01/48
6/29
at
100.00
AA+
987,096
1,000
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Drexel
University,
Refunding
Series
2016,
4.000%,
5/01/36
5/26
at
100.00
A-
978,710
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
LaSalle
University,
Series
2012:
300
4.000%,
5/01/32
1/23
at
100.00
BB+
258,282
1,060
5.000%,
5/01/42
1/23
at
100.00
BB+
882,906
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
the
Sciences
in
Philadelphia,
Series
2012:
185
4.000%,
11/01/39
1/23
at
100.00
N/R
171,993
1,200
5.000%,
11/01/42
1/23
at
100.00
N/R
1,200,228
1,380
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
the
Sciences
in
Philadelphia,
Series
2015A,
5.000%,
11/01/36
11/25
at
100.00
N/R
1,415,797
2,350
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Widener
University,
Series
2021A,
4.000%,
7/15/51
7/31
at
100.00
A-
2,003,939
275
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Charter
School
Revenue
Bonds,
Philadelphia
Performing
Arts:
A
String
Theory
Charter
School,
Series
2020,
5.000%,
6/15/50,
144A
6/28
at
100.00
BB+
243,166
1,225
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
La
Salle
University,
Series
2017,
5.000%,
5/01/37
11/27
at
100.00
BB+
1,080,830
2,020
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
Saint
Josephs
University
Project,
Refunding
Series
2020A,
4.000%,
11/01/45
11/29
at
100.00
A-
1,810,587
2,000
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
Saint
Josephs
University
Project,
Series
2022,
5.500%,
11/01/60
11/32
at
100.00
A-
2,078,040
2,455
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
Temple
University,
First
Series
2015,
5.000%,
4/01/45
4/25
at
100.00
Aa3
2,504,198
910
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
University
of
the
Arts,
Series
2017,
5.000%,
3/15/45,
144A
3/28
at
100.00
BB
822,658
835
Scranton-Lackawanna
Health
and
Welfare
Authority,
Pennsylvania,
Revenue
Bonds,
University
of
Scranton,
Series
2016,
5.000%,
11/01/37
5/26
at
100.00
A-
860,760
1,895
Scranton-Lackawanna
Health
and
Welfare
Authority,
Pennsylvania,
University
Revenue
Bonds,
Marywood
University,
Series
2016,
5.000%,
6/01/46
6/26
at
100.00
BB+
1,697,351
5,010
University
of
Pittsburgh
of
the
Commonwealth
System
of
Higher
Education,
Pennsylvania,
Pitt
Asset
Notes,
Series
2021,
4.000%,
4/15/26
2/26
at
100.00
AA+
5,202,935
2,090
Washington
County
Industrial
Development
Authority,
Pennsylvania,
College
Revenue
Bonds,
AICUP
Financing
Program-Washington
and
Jefferson
College
Project,
Series
2017-PP5,
3.375%,
11/01/36
11/27
at
100.00
BBB+
1,821,978
Wilkes-Barre
Finance
Authority,
Pennsylvania,
Revenue
Bonds,
University
of
Scranton,
Series
2015A:
665
5.000%,
11/01/32
11/25
at
100.00
A-
692,351
260
5.000%,
11/01/33
11/25
at
100.00
A-
270,200
61,370
Total
Education
and
Civic
Organizations
58,092,995
Nuveen
Pennsylvania
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
64
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
-
18.3%
$
10,040
Allegheny
County
Hospital
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Allegheny
Health
Network
Obligated
Group
Issue,
Series
2018A,
4.000%,
4/01/44
4/28
at
100.00
A
$
9,138,609
Allegheny
County
Hospital
Development
Authority,
Pennsylvania,
Revenue
Bonds,
University
of
Pittsburgh
Medical
Center,
Series
2019A:
1,080
4.000%,
7/15/36
7/29
at
100.00
A
1,073,228
1,000
4.000%,
7/15/39
7/29
at
100.00
A
960,860
Berks
County
Industrial
Development
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Tower
Health
Project,
Series
2017:
3,705
3.750%,
11/01/42
11/27
at
100.00
BB-
2,115,221
1,740
4.000%,
11/01/47
11/27
at
100.00
BB-
983,796
3,000
5.000%,
11/01/47
11/27
at
100.00
BB-
2,039,760
755
5.000%,
11/01/50
11/27
at
100.00
BB-
502,619
1,090
Bucks
County
Industrial
Development
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Saint
Luke's
University
Health
Network
Project,
Series
2019,
4.000%,
8/15/50
8/28
at
100.00
A-
949,074
5,715
Bucks
County
Industrial
Development
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Saint
Luke's
University
Health
Network
Project,
Series
2021,
3.000%,
8/15/53
8/30
at
100.00
A-
3,892,944
2,150
Butler
County
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Butler
Health
System
Project,
Series
2015A,
5.000%,
7/01/39
7/25
at
100.00
A
2,139,723
4,000
Central
Bradford
Progress
Authority,
Pennsylvania,
Revenue
Bonds,
Guthrie
Health,
Series
2021B,
4.000%,
12/01/51
12/31
at
100.00
A+
3,553,080
Chester
County
Health
and
Education
Facilities
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Main
Line
Health
System,
Series
2017A:
1,000
4.000%,
10/01/36
10/27
at
100.00
AA
1,002,510
1,000
4.000%,
10/01/37
10/27
at
100.00
AA
997,440
4,875
Chester
County
Health
and
Education
Facilities
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Main
Line
Health
System,
Series
2020A,
4.000%,
9/01/50
9/30
at
100.00
AA
4,491,338
1,690
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Penn
State
Health,
Series
2019,
4.000%,
11/01/44
11/29
at
100.00
A+
1,575,621
Dauphin
County
General
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Pinnacle
Health
System
Project,
Refunding
Series
2016A:
605
3.000%,
6/01/33
6/26
at
100.00
A
555,771
585
5.000%,
6/01/35
6/26
at
100.00
A
604,288
500
Doylestown
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Series
2013A,
5.000%,
7/01/28
7/23
at
100.00
BB
502,305
1,025
Doylestown
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Series
2019A,
5.000%,
7/01/49
7/29
at
100.00
BB
856,285
2,320
Dubois
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Penn
Highlands
Healthcare,
Series
2018,
5.000%,
7/15/48
1/28
at
100.00
A-
2,366,446
1,485
Geisinger
Authority,
Montour
County,
Pennsylvania,
Health
System
Revenue
Bonds,
Geisinger
Health
System,
Series
2014A,
5.000%,
6/01/41
6/24
at
100.00
AA-
1,499,211
1,000
Geisinger
Authority,
Montour
County,
Pennsylvania,
Health
System
Revenue
Bonds,
Geisinger
Health
System,
Series
2017A-1,
5.000%,
2/15/45
2/27
at
100.00
AA-
1,015,070
4,510
Geisinger
Authority,
Montour
County,
Pennsylvania,
Health
System
Revenue
Bonds,
Geisinger
Health
System,
Series
2020A,
4.000%,
4/01/50
4/30
at
100.00
AA-
4,098,282
1,000
Lancaster
County
Hospital
Authority,
Pennsylvania,
Revenue
Bonds,
Penn
State
Health,
Series
2021,
5.000%,
11/01/51
11/29
at
100.00
A+
1,018,700
2,750
Lancaster
County
Hospital
Authority,
Revenue
Bonds,
University
of
Pennsylvania
Health
System,
Refunding
Series
2016B,
5.000%,
8/15/46
8/26
at
100.00
AA
2,838,055
2,195
Lancaster
County
Hospital
Authority,
Revenue
Bonds,
University
of
Pennsylvania
Health
System,
Series
2016A,
5.000%,
8/15/42
8/26
at
100.00
AA
2,273,603
65
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
$
3,385
Lehigh
County
General
Purpose
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Lehigh
Valley
Health
Network,
Refunding
Series
2016A,
4.000%,
7/01/35
7/26
at
100.00
A+
$
3,389,739
1,295
Lehigh
County
General
Purpose
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Lehigh
Valley
Health
Network,
Series
2019A,
4.000%,
7/01/49
7/29
at
100.00
A+
1,166,614
Lehigh
County
General
Purpose
Authority,
Pennsylvania,
Revenue
Bonds,
Good
Shepherd
Group,
Refunding
Series
2016:
405
3.000%,
11/01/36
5/26
at
100.00
A-
335,028
3,435
4.000%,
11/01/46
5/26
at
100.00
A-
2,959,321
2,000
Lehigh
County
General
Purpose
Authority,
Pennsylvania,
Revenue
Bonds,
Good
Shepherd
Group,
Series
2021A,
4.000%,
11/01/41
11/31
at
100.00
A-
1,811,620
1,050
Monroe
County
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Pocono
Medical
Center,
Series
2016,
5.000%,
7/01/41
7/26
at
100.00
A+
1,060,132
1,000
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2018A,
5.000%,
9/01/48
9/28
at
100.00
A
1,005,570
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2019:
3,755
4.000%,
9/01/44
9/29
at
100.00
A
3,461,998
245
4.000%,
9/01/49
9/29
at
100.00
A
216,467
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2022B:
1,910
4.000%,
5/01/52
5/32
at
100.00
A
1,663,705
1,000
5.000%,
5/01/57
5/32
at
100.00
A
1,001,030
535
Pennsylvania
Economic
Development
Financing
Authority,
Revenue
Bonds,
University
of
Pittsburgh
Medical
Center,
Series
2022A,
5.000%,
2/15/47
2/32
at
100.00
A
554,597
2,195
Pennsylvania
HIgher
Educational
Facilities
Authority,
Revenue
Bonds,
Thomas
Jefferson
University,
Refunding
Series
2015A,
5.250%,
9/01/50
3/25
at
100.00
A
2,221,933
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Hospital
Revenue
Bonds,
The
Children's
Hospital
of
Philadelphia,
Series
2021A:
2,500
5.000%,
7/01/29
No
Opt.
Call
AA
2,801,875
3,000
5.000%,
7/01/32
No
Opt.
Call
AA
3,450,840
555
Philadelphia
Hospitals
and
Higher
Education
Facilities
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Temple
University
Health
System
Obligated
Group,
Series
of
2017,
5.000%,
7/01/30
7/27
at
100.00
BBB
575,008
2,000
Pottsville
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Lehigh
Valley
Health
Network,
Series
2016B,
5.000%,
7/01/45
1/27
at
100.00
A+
2,017,560
2,995
Southcentral
Pennsylvania
General
Authority,
Revenue
Bonds,
Wellspan
Health
Obligated
Group,
Series
2019A,
5.000%,
6/01/49
6/29
at
100.00
Aa3
3,107,492
700
Westmoreland
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Excela
Health
Project,
Series
2020A,
4.000%,
7/01/37
1/31
at
100.00
Baa1
635,705
94,775
Total
Health
Care
86,480,073
Housing/Multifamily
-
0.2%
650
Clarion
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Clarion
University
Foundation
Inc.
Student
Housing
Project
at
Clarion
University,
Series
2014A,
5.000%,
7/01/45
7/24
at
100.00
A1
656,363
100
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
Properties
Inc.
Student
Housing
Project
at
East
Stroudsburg
University
of
Pennsylvania,
Series
2016A,
5.000%,
7/01/35
7/26
at
100.00
Baa3
96,642
191
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Multifamily
Housing
Revenue
Bonds,
Presbyterian
Homes
Germantown
-
Morrisville
Project,
Series
2005A,
5.625%,
7/01/35
1/23
at
100.00
Baa3
194,887
941
Total
Housing/Multifamily
947,892
Nuveen
Pennsylvania
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
66
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Single
Family
-
10.0%
$
660
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2015-117B,
3.900%,
10/01/35
10/24
at
100.00
AA+
$
642,094
1,120
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2016-119,
3.500%,
10/01/36
4/25
at
100.00
AA+
1,051,669
3,600
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2016-120,
3.200%,
4/01/40
10/25
at
100.00
AA+
3,116,556
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2016-121:
1,485
3.100%,
10/01/36
10/25
at
100.00
AA+
1,303,281
5,820
3.200%,
10/01/41
10/25
at
100.00
AA+
4,786,135
1,200
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2017-123B,
3.450%,
10/01/32
10/26
at
100.00
AA+
1,153,512
2,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2017-124B,
3.500%,
10/01/37
10/26
at
100.00
AA+
1,819,080
180
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2017-125B,
3.700%,
10/01/47
4/27
at
100.00
AA+
169,533
6,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2019-129,
3.350%,
10/01/45
10/28
at
100.00
AA+
5,021,820
4,025
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2019-130A,
3.000%,
10/01/46
10/28
at
100.00
AA+
3,109,232
6,605
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2020-133,
2.500%,
10/01/45
10/29
at
100.00
AA+
4,694,636
1,250
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2021-136,
2.550%,
10/01/51
10/30
at
100.00
AA+
804,700
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2021-134A:
5,210
1.850%,
4/01/36
10/29
at
100.00
AA+
3,791,942
3,145
2.050%,
4/01/41
10/29
at
100.00
AA+
2,121,554
2,430
2.100%,
10/01/43
10/29
at
100.00
AA+
1,588,321
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2021-135A:
3,040
2.250%,
10/01/41
10/30
at
100.00
AA+
2,124,230
3,935
2.375%,
10/01/46
10/30
at
100.00
AA+
2,641,251
4,425
2.500%,
10/01/50
10/30
at
100.00
AA+
2,899,039
2,250
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2021-137,
2.600%,
4/01/46
4/31
at
100.00
AA+
1,603,035
1,665
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2022-138A,
3.000%,
4/01/42
10/31
at
100.00
AA+
1,317,231
1,500
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2022-1394A,
4.150%,
10/01/42
4/32
at
100.00
AA+
1,437,375
61,545
Total
Housing/Single
Family
47,196,226
Industrials
-
0.9%
250
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
KDC
Agribusiness
Fairless
Hills
LLC
Project,
Series
2020A-1,
10.000%,
12/01/40,
144A
6/30
at
100.00
N/R
224,687
250
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
KDC
Agribusiness
Fairless
Hills
LLC
Project,
Series
2020A-2,
10.000%,
12/01/40,
(AMT),
144A
6/30
at
100.00
N/R
224,688
2,525
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
National
Gypsum
Company,
Refunding
Series
2014,
5.500%,
11/01/44,
(AMT)
11/24
at
100.00
N/R
2,508,966
1,000
Pennsylvania
Economic
Development
Financing
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Waste
Management
Inc.,
Project,
Series
2011,
2.150%,
7/01/41,
(AMT),
(Mandatory
Put
7/01/24)
No
Opt.
Call
A-
966,430
4,025
Total
Industrials
3,924,771
67
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Long-Term
Care
-
6.5%
$
1,510
Berks
County
Industrial
Development
Authority,
Pennsylvania,
Healthcare
Facilities
Revenue
Bonds,
Highlands
at
Wyomissing,
Series
2017A,
5.000%,
5/15/42
5/27
at
100.00
BBB
$
1,427,524
1,600
Berks
County
Industrial
Development
Authority,
Pennsylvania,
Healthcare
Facilities
Revenue
Bonds,
The
Highlands
at
Wyomissing,
Series
2018,
5.000%,
5/15/48
5/25
at
102.00
BBB
1,511,968
90
Chester
County
Health
and
Education
Facilities
Authority,
Pennsylvania,
Revenue
Bonds,
Simpson
Senior
Services
Project,
Series
2015A,
5.000%,
12/01/35
12/25
at
100.00
N/R
83,490
860
Chester
County
Health
and
Education
Facilities
Authority,
Pennsylvania,
Revenue
Bonds,
Simpson
Senior
Services
Project,
Series
2019,
5.000%,
12/01/51
12/25
at
103.00
N/R
723,896
3,440
Chester
County
Health
and
Education
Facilities
Authority,
Pennsylvania,
Revenue
Bonds,
Simpson
Senior
Services
Project,
Series
2021A,
4.000%,
12/01/44
12/28
at
103.00
N/R
2,518,114
3,490
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Asbury
Pennsylvania
Obligated
Group,  Refunding
Series
2019,
5.000%,
1/01/45
1/25
at
104.00
N/R
3,172,899
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2015:
705
4.000%,
1/01/33
1/25
at
100.00
BBB+
671,710
1,120
5.000%,
1/01/38
1/25
at
100.00
BBB+
1,129,184
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2016:
355
5.000%,
1/01/28
1/26
at
100.00
BBB+
363,733
1,000
5.000%,
1/01/29
1/26
at
100.00
BBB+
1,020,820
910
5.000%,
1/01/30
1/26
at
100.00
BBB+
927,108
135
3.250%,
1/01/36
1/26
at
100.00
BBB+
115,672
1,430
3.250%,
1/01/39
1/26
at
100.00
BBB+
1,175,102
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2019A:
285
4.125%,
1/01/38
1/29
at
100.00
BBB+
266,546
105
5.000%,
1/01/39
1/29
at
100.00
N/R
106,037
1,135
East
Hempfield
Township
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Willow
Valley
Communities
Project,
Refunding
Series
2016,
5.000%,
12/01/39
12/25
at
100.00
A
1,167,972
340
Lancaster
County
Hospital
Authority,
Pennsylvania,
Health
Center
Revenue
Bonds,
Masonic
Villages
Project,
Series
2015,
5.000%,
11/01/35
5/25
at
100.00
A
345,539
Lancaster
County
Hospital
Authority,
Pennsylvania,
Health
Center
Revenue
Bonds,
Saint
Anne's
Retirement
Community,
Inc.,
Series
2020:
610
5.000%,
3/01/45
3/27
at
102.00
BB+
516,377
245
5.000%,
3/01/50
3/27
at
102.00
BB+
201,826
Lancaster
Industrial
Development
Authority,
Pennsylvania,
Health
Center
Revenue
Bonds,
Landis
Homes
Retirement
Community
Project,
Refunding
Series
2021:
875
4.000%,
7/01/51
7/26
at
103.00
BBB-
669,384
1,400
4.000%,
7/01/56
7/26
at
103.00
BBB-
1,042,314
2,000
Montgomery
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Series
2016,
5.000%,
11/15/36
11/26
at
100.00
A-
2,002,060
2,000
Montgomery
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Meadowood
Senior
Living
Project,
Series
2018A,
5.000%,
12/01/48
12/25
at
102.00
BBB
1,960,080
1,100
Northampton
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Morningstar
Senior
Living,
Inc.,
Series
2019,
5.000%,
11/01/49
11/26
at
103.00
BB
953,953
2,300
Pennsylvania
Economic
Development
Finance
Authority
Revenue
Bonds
Presbyterian
Senior
Living
Project,
Series
2021,
4.000%,
7/01/46
7/26
at
103.00
BBB+
1,902,790
Nuveen
Pennsylvania
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
68
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Long-Term
Care
(continued)
Westmoreland
County
Industrial
Development
Authority,
Pennsylvania,
Retirement
Community
Revenue
Bonds,
Redstone
Presbyterian
SeniorCare
Obligated
Group,
Refunding
Bonds,
Series
2021:
$
2,655
4.000%,
5/15/41
5/28
at
103.00
N/R
$
2,110,141
3,345
4.000%,
5/15/47
5/28
at
103.00
N/R
2,475,367
35,040
Total
Long-Term
Care
30,561,606
Tax
Obligation/General
-
18.5%
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2014C-74:
950
5.000%,
12/01/32
12/24
at
100.00
AA-
983,411
415
5.000%,
12/01/34
12/24
at
100.00
AA-
428,131
5,660
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2018C-
77,
5.000%,
11/01/43
11/28
at
100.00
AA-
6,065,143
Allentown
City
School
District,
Lehigh
County,
Pennsylvania,
General
Obligation
Bonds,
Limited
Tax
Series
2019C:
1,000
4.000%,
2/01/35
-
BAM
Insured
8/29
at
100.00
AA
1,005,090
760
4.000%,
2/01/36
-
BAM
Insured
8/29
at
100.00
AA
760,912
1,000
Bethel
Park
School
District,
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Limited
Tax
Series
2022,
4.000%,
8/01/38
8/30
at
100.00
Aa2
994,020
Bethel
Park
School
District,
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Refunding
Series
2016:
1,235
5.000%,
8/01/28
8/26
at
100.00
Aa2
1,330,552
1,050
4.000%,
8/01/31
8/26
at
100.00
Aa2
1,082,298
1,205
4.000%,
8/01/32
8/26
at
100.00
Aa2
1,240,584
1,180
4.000%,
8/01/33
8/26
at
100.00
Aa2
1,210,845
705
Boyertown
Area
School
District,
Berks
and
Montgomery
Counties,
Pennsylvania,
General
Obligation
Bonds,
Series
2015,
5.000%,
10/01/38
4/24
at
100.00
AA-
724,430
1,000
Cambria
County,
Pennsylvania,
General
Obligation
Bonds,
Notes
Series
2020B,
4.000%,
8/01/33
-
AGM
Insured
8/27
at
100.00
AA
1,032,770
1,675
Canon-McMillan
School
District,
Washington
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2014D,
5.000%,
12/15/38
-
BAM
Insured
12/24
at
100.00
AA
1,722,285
2,720
Chambersburg
Area
School
District,
Franklin
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2019,
4.000%,
3/01/29
3/27
at
100.00
Aa3
2,852,355
3,125
Chichester
School
District,
Delaware
County,
Pennsylvania,
General
Obligation
Bonds,
Series
1999,
0.000%,
3/01/26
-
FGIC
Insured
No
Opt.
Call
Aa3
2,816,094
Coatesville
Area
School
District,
Chester
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2020A:
4,000
0.000%,
10/01/35
-
BAM
Insured
10/30
at
81.91
AA
2,217,480
1,950
0.000%,
10/01/37
-
BAM
Insured
10/30
at
75.27
AA
963,105
4,005
Colonial
School
District,
Montgomery
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2020,
5.000%,
2/15/44
2/27
at
100.00
Aaa
4,253,791
805
Connellsville
Area
School
District,
Fayette
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2019,
3.125%,
8/15/39
8/26
at
100.00
AA
702,966
2,630
Dallas
School
District,
Luzerne
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2019,
5.000%,
10/15/33
-
AGM
Insured
10/29
at
100.00
AA
2,988,153
2,050
Delaware
Valley
Regional
Finance
Authority,
Pennsylvania,
Local
Government
Revenue
Bonds,
Series
2020B,
5.000%,
11/01/24
No
Opt.
Call
A+
2,135,956
845
Fayette
County,
Pennsylvania,
General
Obligation
Bonds,
Notes
Series
2021A,
2.000%,
11/15/43
-
AGM
Insured
11/30
at
100.00
AA
544,678
580
Gateway
School
District,
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2021,
3.000%,
10/15/35
-
BAM
Insured
10/31
at
100.00
AA
517,198
1,635
Girard
School
District,
Erie
County,
Pennsylvania,
General
Obligation
Bonds,
Series
1999B,
0.000%,
11/15/28
-
FGIC
Insured
No
Opt.
Call
Baa2
1,311,532
2,240
Lehighton
Area
School
District,
Carbon
County,
Pennsylvania,
General
Obligation
Bonds,
Limited
Tax
Series
2015A,
5.000%,
11/15/43
-
BAM
Insured
11/23
at
100.00
AA
2,287,802
4,875
McKeesport
Area
School
District,
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Series
1997D,
0.000%,
10/01/24
-
NPFG
Insured
No
Opt.
Call
A2
4,566,607
3,000
Montgomery
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2022,
5.000%,
7/01/36
7/32
at
100.00
Aaa
3,477,930
69
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
Norristown
Area
School
District,
Montgomery
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2016:
$
1,025
4.000%,
9/01/31
-
AGM
Insured
9/26
at
100.00
AA
$
1,059,194
1,020
4.000%,
9/01/33
-
AGM
Insured
9/26
at
100.00
AA
1,050,457
North
Allegheny
School
District,
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Limited
Tax
Series
2019:
1,020
4.000%,
5/01/34
5/29
at
100.00
AA
1,058,393
1,030
4.000%,
5/01/44
5/29
at
100.00
AA
1,013,973
Penn
Manor
School
District,
Lancaster
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2019A:
1,500
4.000%,
3/01/33
9/27
at
100.00
AA
1,557,105
1,860
4.000%,
3/01/34
9/27
at
100.00
AA
1,925,119
1,350
Pennsylvania
Economic
Development
Financing
Authority,
Parking
System
Revenue
Bonds,
Capitol
Region
Parking
System,
Junior
Insured
Series
2013C,
5.500%,
1/01/30
-
AGM
Insured
1/24
at
100.00
AA
1,386,153
3,440
Philadelphia
School
District,
Pennsylvania,
General
Obligation
Bonds,
Series
2007A,
5.000%,
6/01/34
-
NPFG
Insured
No
Opt.
Call
A1
3,935,566
5,150
Philadelphia
School
District,
Pennsylvania,
General
Obligation
Bonds,
Series
2021A,
4.000%,
9/01/46
9/31
at
100.00
A1
4,707,100
2,500
Philadelphia,
Pennsylvania,
General
Obligation
Bonds,
Series
2021A,
4.000%,
5/01/42
5/31
at
100.00
A
2,469,100
3,545
Pittsburgh,
Pennsylvania,
General
Obligation
Bonds,
Series
2022,
5.000%,
9/01/40
9/30
at
100.00
AA-
3,818,036
760
Rostraver
Township,
Westmoreland
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2018,
3.500%,
9/01/34
-
AGM
Insured
9/25
at
100.00
AA
760,046
1,285
Scranton,
Lackawanna
County,
Pennsylvania,
General
Obligation
Notes,
Series
2016,
5.000%,
11/15/32
5/24
at
100.00
BB+
1,293,661
2,000
State
College
Area
School
District,
Centre
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2015,
5.000%,
3/15/40
3/25
at
100.00
Aa1
2,068,120
60
The
Redevelopment
Authority
of
the
City
of
Scranton,
Lackawanna
county,
Pennsylvania,
Guaranteed
Lease
Revenue
Bonds,
Series
2016A,
5.000%,
11/15/28
5/24
at
100.00
BB+
57,349
1,000
Township
of
Upper
Marion,
Pennsylvania,
General
Obligation
Bonds,
Series
of
2022,
4.000%,
12/01/47
12/27
at
100.00
Aaa
992,450
1,000
Upper
Dublin
School
District,
Montgomery
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2021A,
4.000%,
9/15/37
3/29
at
100.00
Aa3
1,004,170
200
Upper
Merion
Area
School
District,
Montgomery
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2020,
2.000%,
9/01/26
No
Opt.
Call
Aaa
189,498
1,365
Upper
Saint
Clair
Township
School
District,
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2018,
5.000%,
10/01/41
10/24
at
100.00
AA
1,417,375
Upper
Saint
Clair
Township
School
District,
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2020:
1,125
3.000%,
10/01/28
No
Opt.
Call
AA
1,129,084
1,090
3.000%,
10/01/29
10/28
at
100.00
AA
1,090,774
1,100
3.000%,
10/01/30
10/28
at
100.00
AA
1,089,275
1,315
West
Allegheny
School
District,
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2021B,
2.000%,
9/01/26
No
Opt.
Call
Aa2
1,258,981
1,000
West
Mifflin
Area
School
District,
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Limited
Tax
Series
2019,
3.000%,
4/01/34
-
BAM
Insured
10/29
at
100.00
AA
927,800
89,035
Total
Tax
Obligation/General
87,474,897
Nuveen
Pennsylvania
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
70
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
-
3.8%
$
115
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
615
Waterfront
Project,
Senior
Series
2021,
6.000%,
5/01/42,
144A
5/31
at
100.00
N/R
$
114,998
100
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
City
Center
Project,
Series
2018,
5.000%,
5/01/33,
144A
5/28
at
100.00
Ba3
96,588
1,000
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
City
Center
Project,
Subordinate
Series
2022,
5.250%,
5/01/42,
144A
5/32
at
100.00
N/R
929,000
505
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
City
Center
Refunding
Project,
Series
2017,
5.000%,
5/01/42,
144A
5/27
at
100.00
Ba3
458,540
100
Chester
County
Industrial
Development
Authority,
Pennsylvania,
Special
Obligation
Bonds,
Woodlands
at
Greystone
Project,
Series
2018,
5.000%,
3/01/38,
144A
3/28
at
100.00
N/R
96,982
1,080
Commonwealth
Financing
Authority,
Pennsylvania,
Revenue
Bonds,
Refunding
Series
2019B,
5.000%,
6/01/30
No
Opt.
Call
A1
1,218,910
Commonwealth
Financing
Authority,
Pennsylvania,
State
Appropriation
Lease
Bonds,
Master
Settlement,
Series
2018:
500
5.000%,
6/01/31
6/28
at
100.00
A1
545,730
3,770
4.000%,
6/01/39
-
AGM
Insured
6/28
at
100.00
AA
3,780,594
528
Monroe
County
Industrial
Development
Authority,
Pennsylvania,
Special
Obligation
Revenue
Bonds,
Tobyhanna
Township
Project,
Series
2014,
6.875%,
7/01/33,
144A
7/24
at
100.00
N/R
516,959
Pennsylvania
Turnpike
Commission,
Motor
License
Fund-
Enhanced
Turnpike
Special
Revenue
Bonds,
Subordinate
Series
2014A:
1,500
0.000%,
12/01/37
(4)
12/26
at
100.00
AA-
1,544,925
1,000
4.900%,
12/01/44
12/26
at
100.00
AA-
1,022,920
2,080
Pennsylvania
Turnpike
Commission,
Oil
Franchise
Tax
Revenue
Bonds,
Subordinate
Series
2018B,
5.000%,
12/01/48
12/28
at
100.00
A+
2,154,464
2,060
Philadelphia
Authority
For
Industrial
Development,
Pennsylvania,
City
Agreement
Revenue
Bonds,
Cultural
and
Commercial
Corridors
Program,
Refunding
Series
2016A,
5.000%,
12/01/30
12/25
at
100.00
A
2,165,554
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
171
0.000%,
7/01/51
7/28
at
30.01
N/R
32,175
412
4.750%,
7/01/53
7/28
at
100.00
N/R
376,445
2,022
5.000%,
7/01/58
7/28
at
100.00
N/R
1,918,494
659
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2,
4.784%,
7/01/58
7/28
at
100.00
N/R
602,392
530
Washington
County
Redevelopment
Authority,
Pennsylvania,
Tanger
Outlet
Victory
Center
Tax
Increment
Bonds,
Series
2018,
5.000%,
7/01/35
1/28
at
100.00
BB
514,561
18,132
Total
Tax
Obligation/Limited
18,090,231
Transportation
-
8.0%
4,810
Allegheny
County
Airport
Authority,
Pennsylvania,
Airport
Revenue
Bonds,
Pittsburgh
International
Airport,
Series
2021A,
5.000%,
1/01/56,
(AMT)
1/31
at
100.00
A2
4,878,254
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Refunding
Series
2015:
1,040
4.000%,
7/01/34
-
BAM
Insured
7/25
at
100.00
AA
1,064,138
2,455
4.000%,
7/01/35
-
BAM
Insured
7/25
at
100.00
AA
2,507,979
1,070
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Series
2017,
5.000%,
7/01/47
7/27
at
100.00
A1
1,106,722
2,710
Delaware
River
Port
Authority,
New
Jersey
and
Pennsylvania,
Revenue
Bonds,
Series
2018A,
5.000%,
1/01/38
1/29
at
100.00
A+
2,923,060
1,000
Delaware
River
Port
Authority,
Pennsylvania
and
New
Jersey,
Revenue
Refunding
Bonds,
Port
District
Project,
Series
2012,
5.000%,
1/01/25
1/23
at
100.00
A
1,001,980
71
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
$
1,850
Pennsylvania
Economic
Development
Financing
Authority,
Parking
System
Revenue
Bonds,
Capitol
Region
Parking
System,
Series
2013A,
5.250%,
1/01/44
-
AGM
Insured
1/24
at
100.00
AA
$
1,883,966
2,675
Pennsylvania
Economic
Development
Financing
Authority,
Private
Activity
Revenue
Bonds,
Pennsylvania
Rapid
Bridge
Replacement
Project,
Series
2015,
5.000%,
6/30/42,
(AMT)
6/26
at
100.00
BBB
2,681,901
4,865
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Capital
Appreciation
Series
2009E,
6.375%,
12/01/38
12/27
at
100.00
A
5,532,089
1,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Refunding
Subordinate
Second
Series
2016B-2,
5.000%,
6/01/39
6/26
at
100.00
A
1,028,960
1,680
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2014C,
5.000%,
12/01/44
12/24
at
100.00
AA-
1,708,375
5,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2015B,
5.000%,
12/01/45
12/25
at
100.00
AA-
5,131,400
2,645
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2009C,
6.250%,
6/01/33
-
AGM
Insured
6/26
at
100.00
AA
2,947,932
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2017B-1:
585
5.000%,
6/01/31
6/27
at
100.00
A
626,407
620
5.000%,
6/01/33
6/27
at
100.00
A
657,857
1,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2021A,
4.000%,
12/01/50
12/30
at
100.00
A
885,680
70
Philadelphia,
Pennsylvania,
Airport
Revenue
Bonds,
Refunding
Series
2017A,
3.000%,
7/01/34
-
AGM
Insured
7/27
at
100.00
AA
65,831
1,000
Philadelphia,
Pennsylvania,
Airport
Revenue
Bonds,
Refunding
Series
2020A,
4.000%,
7/01/35
7/30
at
100.00
A2
1,002,780
36,075
Total
Transportation
37,635,311
U.S.
Guaranteed
-
5.6%
(5)
1,025
Bristol
Township
School
District,
Bucks
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2013,
5.250%,
6/01/43,
(Pre-refunded
6/01/23)
6/23
at
100.00
A1
1,038,612
Centre
County
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Mount
Nittany
Medical
Center
Project,
Series
2016A:
295
5.000%,
11/15/41,
(Pre-refunded
11/15/25)
11/25
at
100.00
AA-
314,895
680
5.000%,
11/15/46,
(Pre-refunded
11/15/25)
11/25
at
100.00
AA-
725,859
2,030
Cheltenham
Township
School
District,
Montgomery
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2016B,
5.000%,
2/15/37,
(Pre-
refunded
8/15/24)
8/24
at
100.00
AA-
2,111,768
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2015:
960
4.000%,
1/01/33,
(Pre-refunded
1/01/25)
1/25
at
100.00
N/R
984,855
335
4.000%,
1/01/33,
(Pre-refunded
1/01/25)
1/25
at
100.00
N/R
343,673
915
5.000%,
1/01/38,
(Pre-refunded
1/01/25)
1/25
at
100.00
N/R
957,456
220
5.000%,
1/01/38,
(Pre-refunded
1/01/25)
1/25
at
100.00
N/R
230,208
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2016:
625
3.250%,
1/01/39,
(Pre-refunded
1/01/26)
1/26
at
100.00
N/R
632,756
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2019A:
570
5.000%,
1/01/39,
(Pre-refunded
1/01/29)
1/29
at
100.00
N/R
636,963
70
5.000%,
1/01/39,
(Pre-refunded
1/01/29)
1/29
at
100.00
N/R
78,224
485
East
Hempfield
Township
Industrial
Development
Authority,
Pennsylvania,
Student
Services
Inc
-
Student
Housing
Project
at
Millersville
University,
Series
2014,
5.000%,
7/01/46,
(Pre-refunded
7/01/24)
7/24
at
100.00
N/R
501,665
255
Indiana
County
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Indiana
Regional
Medical
Center,
Series
2014A,
6.000%,
6/01/39,
(Pre-
refunded
6/01/23)
6/23
at
100.00
N/R
259,108
Nuveen
Pennsylvania
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
72
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
(5)
(continued)
Lancaster
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Garden
Spot
Village
Project,
Series
2013:
$
280
5.375%,
5/01/28,
(Pre-refunded
5/01/23)
5/23
at
100.00
N/R
$
283,304
430
5.750%,
5/01/35,
(Pre-refunded
5/01/23)
5/23
at
100.00
N/R
435,732
Lehigh
County
Authority,
Pennsylvania,
Water
and
Sewer
Revenue
Bonds,
Allentown
Concession,
Series
2013A:
2,565
5.125%,
12/01/47,
(Pre-refunded
12/01/23)
12/23
at
100.00
N/R
2,629,946
3,230
Montgomery
County
Industrial
Development
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Albert
Einstein
Healthcare
Network
Issue,
Series
2015A,
5.250%,
1/15/45,
(Pre-refunded
1/15/25)
1/25
at
100.00
N/R
3,388,851
1,110
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Philadelphia
University,
Refunding
Series
2013,
5.000%,
6/01/32,
(Pre-
refunded
6/01/23)
6/23
at
100.00
N/R
1,122,832
485
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Widener
University,
Series
2013A,
5.500%,
7/15/38,
(Pre-refunded
7/15/23)
7/23
at
100.00
N/R
493,682
1,660
Philadelphia,
Pennsylvania,
General
Obligation
Bonds,
Refunding
Series
2014A,
5.000%,
7/15/38,
(Pre-refunded
1/15/24)
1/24
at
100.00
A
1,704,720
5,140
Philadelphia,
Pennsylvania,
Water
and
Wastewater
Revenue
Bonds,
Series
2015A,
5.000%,
7/01/45,
(Pre-refunded
7/01/24)
7/24
at
100.00
A+
5,332,801
2,270
Southcentral
Pennsylvania
General
Authority,
Revenue
Bonds,
WellSpan
Health
Obligated
Group,
Series
2014A,
5.000%,
6/01/44,
(Pre-refunded
6/01/24)
6/24
at
100.00
Aa3
2,350,903
25,635
Total
U.S.
Guaranteed
26,558,813
Utilities
-
8.4%
Allegheny
County
Sanitary
Authority,
Pennsylvania,
Sewer
Revenue
Bonds,
Refunding
Series
2015:
1,840
5.000%,
12/01/40
12/25
at
100.00
AA-
1,919,819
1,365
5.000%,
12/01/45
12/25
at
100.00
AA-
1,422,644
835
Allegheny
County
Sanitary
Authority,
Pennsylvania,
Sewer
Revenue
Bonds,
Series
2022,
5.000%,
6/01/53
6/32
at
100.00
AA-
887,171
50
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Project,
Refunding
Series
2006A,
4.375%,
1/01/35,
(Mandatory
Put
7/01/33)
No
Opt.
Call
BBB-
49,974
3,475
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Refunding
Series
2005A,
4.000%,
1/01/35
(6)
No
Opt.
Call
N/R
4,344
2,270
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Series
2006B,
3.500%,
12/01/35
(6)
No
Opt.
Call
N/R
2,838
605
Bucks
County
Water
and
Sewer
Authority,
Pennsylvania,
Water
System
Revenue
Bonds,
Series
2021,
2.250%,
12/01/44
-
AGM
Insured
12/30
at
100.00
AA
404,630
410
Delaware
County
Regional
Water
Quality
Control
Authority,
Pennsylvania,
Sewer
Revenue
Bonds,
Series
2015,
5.000%,
5/01/40
5/25
at
100.00
Aa3
424,981
Lehigh
County
Authority,
Pennsylvania,
Water
and
Sewer
Revenue
Bonds,
Allentown
Concession,
Series
2013A:
1,875
5.125%,
12/01/47
12/23
at
100.00
A
1,881,450
1,325
Luzerne
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Pennsylvania-American
Water
Company
Project,
Refunding
Series
2019,
2.450%,
12/01/39,
(AMT),
(Mandatory
Put
12/03/29)
12/29
at
100.00
A+
1,193,030
4,305
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
Shippingport
Project,
First
Energy
Guarantor.,
Series
2006A,
2.550%,
11/01/41
(6)
No
Opt.
Call
N/R
5,381
2,265
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
York
Water
Company
Project,
Refunding
Series
2019A,
3.000%,
10/01/36,
(AMT)
10/29
at
100.00
A-
1,947,741
4,060
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
York
Water
Company
Project,
Refunding
Series
2019B,
3.100%,
11/01/38,
(AMT)
11/29
at
100.00
A-
3,461,191
10,450
Pennsylvania
Economic
Development
Financing
Authority,
Revenue
Bonds,
Pennsylvania-American
Water
Company,
Refunding
Series
2019,
3.000%,
4/01/39
10/29
at
100.00
A+
8,661,587
73
Investments
in
Derivatives
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
$
2,000
Philadelphia
Gas
Works,
Pennsylvania,
Revenue
Bonds,
1998
General
Ordinance,
Fifteenth
Series
2017,
5.000%,
8/01/47
8/27
at
100.00
A
$
2,064,580
3,165
Philadelphia
Gas
Works,
Pennsylvania,
Revenue
Bonds,
1998
General
Ordinance,
Sixteenth
Series
2020A,
5.000%,
8/01/50
-
AGM
Insured
8/30
at
100.00
AA
3,351,672
2,215
Philadelphia
Gas
Works,
Pennsylvania,
Revenue
Bonds,
Refunding
Thirteenth
Series
2015,
5.000%,
8/01/30
8/25
at
100.00
A
2,312,748
2,100
Philadelphia,
Pennsylvania,
Water
and
Wastewater
Revenue
Bonds,
Series
2019B,
5.000%,
11/01/54
11/29
at
100.00
A+
2,195,277
1,500
Pittsburgh
Water
and
Sewer
Authority,
Pennsylvania,
Water
and
Sewer
System
Revenue
Bonds,
Refunding
First
Lien
Series
2017C,
2.550%,
9/01/40
-
AGM
Insured,
(Mandatory
Put
12/01/23)
(SIFMA
reference
rate
+
0.650%
spread)
(7)
6/23
at
100.00
AA
1,498,500
965
Pittsburgh
Water
and
Sewer
Authority,
Pennsylvania,
Water
and
Sewer
System
Revenue
Bonds,
Refunding
Subordinate
Series
2019B,
4.000%,
9/01/34
-
AGM
Insured
9/29
at
100.00
AA
1,001,303
1,000
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A,
5.000%,
7/01/30,
144A
No
Opt.
Call
N/R
1,011,270
565
University
Area
Joint
Authority,
Centre
County,
Pennsylvania,
Sewer
Revenue
Bonds,
Series
2021,
3.000%,
11/01/35
-
BAM
Insured
11/26
at
100.00
AA
511,325
1,000
Upper
Allegheny
Joint
Sanitary
Authority,
Allegheny
County,
Pennsylvania,
Sewer
Revenue
Bonds,
Refunding
Series
2019A,
3.000%,
9/01/44
-
AGM
Insured
9/29
at
100.00
AA
785,760
Williamsport
Sanitary
Authority,
Lycoming
County,
Pennsylvania,
Sewer
Revenue
Bonds,
Series
2021.:
1,000
5.000%,
1/01/23
-
BAM
Insured
No
Opt.
Call
AA
1,002,000
1,615
5.000%,
1/01/24
-
BAM
Insured
No
Opt.
Call
AA
1,655,811
52,255
Total
Utilities
39,657,027
$
480,173
Total
Municipal
Bonds
(cost
$486,338,804)
438,147,937
Shares
Description
(1)
Value
X
25,712,936
COMMON
STOCKS
-
5.4%  
X
25,712,936
Independent
Power
And
Renewable
Electricity
Producers
-
5.4%
$
324,114
Energy
Harbor
Corp
(8),(9)
$
25,712,936
Total
Common
Stocks
(cost
$9,068,453)
25,712,936
Total
Long-Term
Investments
(cost
$495,407,257)
463,860,873
Other
Assets
Less
Liabilities
-
1.8%(10)
8,328,378
Net
Assets
-
100%
$
472,189,251
Futures
Contracts
-
Short
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S.
Treasury
10-Year
Note
(31)
3/23
$
(
3,514,563
)
$
(
3,518,500
)
$
(
3,937
)
U.S.
Treasury
Long
Bond
(24)
3/23
(
3,067,043
)
(
3,048,000
)
19,043
Total
$(6,581,606)
$(6,566,500)
$15,106
(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.
Nuveen
Pennsylvania
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
74
(4)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(5)
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)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(8)
Common
Stock
received
as
part
of
the
bankruptcy
settlements
during
February
2020
for
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Refunding
Series
2005A,
4.000%,
1/01/35,
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Refunding
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Series
2006B,
3.500%,
12/01/35,
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
Shipping
port
Project,
First
Energy
Guarantor,
Series
2006A,
2.550%,
11/01/41.
(9)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(10)
Other
assets
less
liabilities
includes
the
unrealized
appreciation
(depreciation)
of
certain
over-the-counter
(“OTC”)
derivatives
as
presented
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
The
unrealized
appreciation
(depreciation)
of
OTC
cleared
and
exchange-traded
derivatives
is
recognized
as
part
of
the
cash
collateral
at
brokers
and/or
the
receivable
or
payable
for
variation
margin
as
presented
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
AMT
Alternative
Minimum
Tax
SIFMA
Securities
Industry
and
Financial
Market
Association
See
accompanying
notes
to
financial
statements.
75
Nuveen
Virginia
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
-
99.3%   
X
487,199,838
MUNICIPAL
BONDS
-
99.2%  
X
487,199,838
Consumer
Staples
-
2.6%
Guam
Economic
Development
&
Commerce
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A:
$
255
5.250%,
6/01/32
12/22
at
100.00
N/R
$
243,464
600
5.625%,
6/01/47
12/22
at
100.00
N/R
547,032
7,655
Tobacco
Settlement
Financing
Corporation
of
Virginia,
Tobacco
Settlement
Asset
Backed
Bonds,
Series
2007B1,
5.000%,
6/01/47
12/22
at
100.00
B-
7,143,263
4,910
Tobacco
Settlement
Financing
Corporation
of
Virginia,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007B2,
5.200%,
6/01/46
12/22
at
100.00
B-
4,773,748
13,420
Total
Consumer
Staples
12,707,507
Education
and
Civic
Organizations
-
10.7%
1,000
Alexandria
Industrial
Development
Authority,
Virginia,
Educational
Facilities
Revenue
Bonds,
Episcopal
High
School,
Refunding
Series
2021C,
4.000%,
1/01/46
1/31
at
100.00
A1
973,330
1,685
Alexandria
Industrial
Development
Authority,
Virginia,
Educational
Facilities
Revenue
Bonds,
Episcopal
High
School,
Series
2017,
4.000%,
1/01/40
1/27
at
100.00
A1
1,686,955
College
of
William
and
Mary,
Virginia,
General
Pledge
Revenue
Bonds,
Series
2020A:
375
5.000%,
2/15/32
2/30
at
100.00
AA
425,212
370
5.000%,
2/15/33
2/30
at
100.00
AA
418,374
375
4.000%,
2/15/34
2/30
at
100.00
AA
391,433
1,500
Farmville
Industrial
Development
Authority,
Virginia,
Educational
Facilities
Revenue
Bonds,
Convocation
Center
Project,
Series
2021,
5.375%,
7/01/53
-
AGM
Insured,
(Mandatory
Put
7/01/43)
7/28
at
103.00
AA
1,576,650
1,455
Industrial
Development
Authority
of
the
City
of
Lexington,
Virginia,
Washington
and
Lee
University,
Educational
Facility
Revenue
Bonds,
Refunding
Series
2018A,
5.000%,
1/01/48
1/28
at
100.00
AA
1,556,006
1,500
Loudoun
County
Industrial
Development
Authority,
Virginia,
Multi-Modal
Revenue
Bonds,
Howard
Hughes
Medical
Institute,
Series
2022A,
4.000%,
10/01/52
10/32
at
100.00
AAA
1,440,405
2,000
Madison
County
Industrial
Development
Authority,
Virginia,
Educational
Facilities
Revenue
Bonds,
Woodberry
Forest
School,
Series
2021,
3.000%,
10/01/50
10/30
at
100.00
Aa1
1,561,340
500
Montgomery
County
Economic
Development
Authority,
Virginia,
Revenue
Bonds,
Virginia
Tech
Foundation,
Refunding
Series
2017A,
4.000%,
6/01/37
6/27
at
100.00
Aa2
506,440
3,250
Montgomery
County
Economic
Development
Authority,
Virginia,
Revenue
Bonds,
Virginia
Tech
Foundation,
Refunding
Series
2019A,
4.000%,
6/01/34
6/29
at
100.00
Aa2
3,367,650
750
Roanoke
Economic
Development
Authority,
Virginia,
Educational
Facilities
Revenue
Bonds,
Lynchburg
College,
Series
2018A,
5.000%,
9/01/43
9/28
at
100.00
BBB+
765,217
2,500
The
Rector
and
Visitors
of
the
University
of
Virginia,
General
Pledge
Revenue
Bonds,
Green
Series
2015A-2,
5.000%,
4/01/45
4/25
at
100.00
AAA
2,599,775
8,855
The
Rector
and
Visitors
of
the
University
of
Virginia,
General
Pledge
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
4/01/39
4/27
at
100.00
AAA
9,504,603
5,000
The
Rector
and
Visitors
of
the
University
of
Virginia,
General
Pledge
Revenue
Bonds,
Refunding
Series
2017B,
5.000%,
4/01/46
4/27
at
100.00
AAA
5,323,950
5,000
The
Rector
and
Visitors
of
the
University
of
Virginia,
General
Pledge
Revenue
Bonds,
Series
2019B,
5.000%,
9/01/49
9/29
at
100.00
AAA
5,459,400
1,000
Virginia
College
Building
Authority,
Educational
Facilities
Revenue
Bonds,
Marymount
University
Project,
Green
Series
2015B,
5.000%,
7/01/45,
144A
7/25
at
100.00
BB+
965,110
Nuveen
Virginia
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
76
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
Virginia
College
Building
Authority,
Educational
Facilities
Revenue
Bonds,
Marymount
University
Project,
Refunding
Series
2015A:
$
3,000
5.000%,
7/01/35
7/25
at
100.00
BB+
$
3,015,000
4,465
5.000%,
7/01/45,
144A
7/25
at
100.00
BB+
4,308,993
1,575
Virginia
College
Building
Authority,
Educational
Facilities
Revenue
Bonds,
Washington
and
Lee
University,
Series
1998,
5.250%,
1/01/31
-
NPFG
Insured
No
Opt.
Call
AAA
1,726,499
525
Virginia
Commonwealth
University,
General
Pledge
Revenue
Bonds,
Refunding
Series
2018A,
5.000%,
11/01/38
11/28
at
100.00
AA-
573,158
3,975
Virginia
Commonwealth
University,
General
Pledge
Revenue
Bonds,
Refunding
Series
2020A,
5.000%,
11/01/33
11/30
at
100.00
AA-
4,498,627
50,655
Total
Education
and
Civic
Organizations
52,644,127
Health
Care
-
14.4%
Arlington
County
Industrial
Development
Authority,
Virginia,
Hospital
Facility
Revenue
Bonds,
Virginia
Hospital
Center,
Series
2020:
1,200
5.000%,
7/01/31
7/30
at
100.00
AA-
1,325,856
1,050
5.000%,
7/01/32
7/30
at
100.00
AA-
1,156,344
1,165
5.000%,
7/01/33
7/30
at
100.00
AA-
1,278,343
325
5.000%,
7/01/37
7/30
at
100.00
AA-
349,742
1,195
4.000%,
7/01/38
7/30
at
100.00
AA-
1,199,601
1,075
4.000%,
7/01/45
7/30
at
100.00
AA-
1,031,720
Chesapeake
Hospital
Authority,
Virginia,
Hospital
Facility
Revenue
Bonds,
Chesapeake
Regional
Medical
Center,
Series
2019:
4,030
5.000%,
7/01/30
7/29
at
100.00
A
4,412,850
560
4.000%,
7/01/35
7/29
at
100.00
A
561,053
1,000
4.000%,
7/01/39
7/29
at
100.00
A
971,310
1,920
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-1,
4.000%,
8/01/44
8/29
at
100.00
A-
1,667,635
3,000
Fairfax
County
Industrial
Development
Authority,
Virginia,
Healthcare
Revenue
Bonds,
Inova
Health
System,
Refunding
Series
2022,
4.000%,
5/15/44
5/32
at
100.00
AA+
2,944,830
2,000
Fairfax
County
Industrial
Development
Authority,
Virginia,
Healthcare
Revenue
Bonds,
Inova
Health
System,
Series
2018A,
4.000%,
5/15/48
5/28
at
100.00
AA+
1,908,860
110
Fairfax
County
Industrial
Development
Authority,
Virginia,
Hospital
Revenue
Refunding
Bonds,
Inova
Health
System,
Series
1993A,
5.000%,
8/15/23
No
Opt.
Call
AA+
111,827
2,000
Front
Royal
and
Warren
County
Industrial
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Valley
Health
System
Obligated
Group,
Series
2018,
4.000%,
1/01/50
1/25
at
103.00
A+
1,881,700
3,500
Industrial
Development
Authority
of
the
City
of
Newport
News,
Virginia,
Health
System
Revenue
Bonds,
Riverside
Health
System,
Series
2015A,
5.330%,
7/01/45,
144A
7/25
at
100.00
N/R
3,537,625
Lynchburg
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Centra
Health
Obligated
Group,
Refunding
Series
2017A:
180
5.000%,
1/01/32
1/27
at
100.00
A-
189,065
2,000
5.000%,
1/01/47
1/27
at
100.00
A-
2,012,500
Lynchburg
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Centra
Health
Obligated
Group,
Refunding
Series
2021:
2,850
4.000%,
1/01/47
1/32
at
100.00
A-
2,566,140
3,000
3.000%,
1/01/51
1/32
at
100.00
A-
2,080,170
1,000
Norfolk
Economic
Development
Authority,
Virginia,
Hospital
Facility
Revenue
Bonds,
Sentara
Healthcare
Systems,
Refunding
Series
2018B,
4.000%,
11/01/48
11/28
at
100.00
AA
956,980
5,000
Roanoke
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Carilion
Clinic
Obligated
Group,
Series
2020A,
4.000%,
7/01/51
7/30
at
100.00
AA-
4,684,400
77
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
Stafford
County
Economic
Development
Authority,
Virginia,
Hospital
Facilities
Revenue
Bonds,
Mary
Washington
Healthcare
Obligated
Group,
Refunding
Series
2016:
$
1,000
5.000%,
6/15/32
6/26
at
100.00
A
$
1,035,750
1,800
5.000%,
6/15/35
6/26
at
100.00
A
1,847,790
1,600
5.000%,
6/15/36
6/26
at
100.00
A
1,638,160
1,360
4.000%,
6/15/37
6/26
at
100.00
A
1,295,169
3,300
Virginia
Commonwealth
University
Health
System
Authority,
General
Revenue
Bonds,
Series
2017B,
5.000%,
7/01/46
7/27
at
100.00
AA-
3,367,749
9,160
Virginia
Small
Business
Finance
Authority,
Healthcare
Facilities
Revenue
Bonds,
Bon
Secours
Mercy
Health,
Inc.,
Series
2020A,
4.000%,
12/01/49
6/30
at
100.00
AA-
8,378,835
5,000
Virginia
Small
Business
Finance
Authority,
Healthcare
Facilities
Revenue
Bonds,
Bon
Secours
Mercy
Health,
Inc.,
Series
2022A,
5.000%,
10/01/41
10/32
at
100.00
AA-
5,334,650
Virginia
Small
Business
Finance
Authority,
Healthcare
Facilities
Revenue
Bonds,
Sentara
Healthcare,
Refunding
Series
2020:
4,000
4.000%,
11/01/38
11/29
at
100.00
AA
4,023,840
1,150
4.000%,
11/01/39
11/29
at
100.00
AA
1,153,933
Winchester
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Valley
Health
System
Obligated
Group,
Refunding
Series
2015:
1,250
5.000%,
1/01/32
1/26
at
100.00
A+
1,306,900
1,230
5.000%,
1/01/34
1/26
at
100.00
A+
1,278,142
2,000
4.000%,
1/01/37
1/26
at
100.00
A+
1,997,240
1,215
5.000%,
1/01/44
1/26
at
100.00
A+
1,220,103
72,225
Total
Health
Care
70,706,812
Housing/Multifamily
-
4.0%
620
Fairfax
County
Redevelopment
and
Housing
Authority,
Virginia,
FHA-
Insured
Elderly
Housing
Mortgage
Revenue
Refunding
Bonds,
Little
River
Glen,
Series
1996,
6.100%,
9/01/26
1/23
at
100.00
AA
621,457
690
Richmond
Redevelopment
and
Housing
Authority,
Virginia,
Multi-Family
Housing
Revenue
Bonds,
American
Tobacco
Apartments,
Series
2017,
5.550%,
1/01/37,
144A
1/27
at
100.00
N/R
622,421
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2015A:
1,510
3.500%,
3/01/35
3/24
at
100.00
AA+
1,439,845
1,790
3.625%,
3/01/39
3/24
at
100.00
AA+
1,651,168
1,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2015C,
4.000%,
8/01/45
8/24
at
100.00
AA+
970,950
2,585
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2015E,
3.750%,
12/01/40
12/24
at
100.00
AA+
2,374,504
1,500
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2016B,
3.350%,
5/01/36
5/25
at
100.00
AA+
1,390,785
1,710
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2017A,
3.875%,
3/01/47
3/26
at
100.00
AA+
1,496,199
3,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2019A,
3.600%,
9/01/39
3/28
at
100.00
AA+
2,713,410
1,250
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2020E,
2.300%,
7/01/40
7/29
at
100.00
AA+
923,325
1,745
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2020G,
2.200%,
9/01/40
9/29
at
100.00
AA+
1,264,863
2,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2021B,
2.400%,
3/01/46
3/30
at
100.00
AA+
1,403,340
2,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2021K,
2.375%,
12/01/41
12/30
at
100.00
AA+
1,513,960
1,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2022F,
5.000%,
10/01/52
10/31
at
100.00
AA+
1,041,550
22,400
Total
Housing/Multifamily
19,427,777
Nuveen
Virginia
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
78
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Industrials
-
0.4%
$
2,300
Amelia
County
Industrial
Development
Authority,
Virginia,
Solid
Waste
Disposal
Revenue
Bonds,
Waste
Management
Inc.,
Series
2002,
1.450%,
4/01/27,
(AMT)
No
Opt.
Call
A-
$
2,020,872
Long-Term
Care
-
3.1%
2,800
Albemarle
County,
Virginia,
Residential
Care
Facility
Revenue
Bonds,  Westminster-Canterbury
of
the
Blue
Ridge,
Refunding
Series
2022A,
4.000%,
6/01/49
6/29
at
103.00
BBB+
2,316,132
Henrico
County
Economic
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Westminster
Canterbury
of
Richmond,
Refunding
Series
2020:
1,650
4.000%,
10/01/31
10/26
at
103.00
A-
1,634,358
700
4.000%,
10/01/45
10/26
at
103.00
A-
636,405
1,000
James
City
County
Economic
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Williamsburg
Landing
Inc.,
Refunding
Series
2021A,
4.000%,
12/01/50
12/27
at
103.00
N/R
730,350
625
James
City
County
Economic
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
WindsorMeade,
Series
2021A,
4.000%,
6/01/41
6/27
at
103.00
N/R
485,875
1,000
Lexington
Industrial
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Kendal
at
Lexington
Retirement
Community
Inc.,
Refunding
Series
2016,
4.000%,
1/01/37
1/25
at
102.00
BBB-
846,390
1,120
Lexington
Industrial
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Kendal
at
Lexington
Retirement
Community
Inc.,
Refunding
Series
2022.
Forward
Delivery,
4.000%,
1/01/42
1/29
at
103.00
BBB-
895,753
3,300
Norfolk
Redevelopment
and
Housing
Authority,
Virginia,
Fort
Norfolk
Retirement
Community,
Inc.,
Harbor's
Edge
Project,
Series
2019A,
5.250%,
1/01/54
1/24
at
104.00
N/R
3,026,529
1,500
Prince
William
County
Industrial
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Westminster
at
Lake
Ridge,
Refunding
Series
2016,
5.000%,
1/01/46
1/25
at
102.00
BB
1,243,740
Suffolk
Economic
Development
Authority,
Virginia,
Retirement
Facilities
First
Mortgage
Revenue
Bonds,
Lake
Prince
Center,
Inc./United
Church
Homes
and
Services
Obligated
Group,
Refunding
Series
2016:
1,110
5.000%,
9/01/26
9/24
at
102.00
N/R
1,101,320
1,500
5.000%,
9/01/31
9/24
at
102.00
N/R
1,435,290
1,025
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
National
Senior
Campuses
Inc
Obligated
Group,
Series
2020A,
4.000%,
1/01/45
7/27
at
103.00
A
911,553
17,330
Total
Long-Term
Care
15,263,695
Tax
Obligation/General
-
4.9%
4,600
Corona-Norco
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2006
Refunding
Series
2009C,
0.000%,
8/01/32
No
Opt.
Call
AA
3,159,694
3,465
Loudoun
County,
Virginia,
General
Obligation
Bonds,
Public
Improvement
Series
2017A,
5.000%,
12/01/25
No
Opt.
Call
AAA
3,710,183
1,250
Norfolk,
Virginia,
General
Obligation
Bonds,
Capital
Improvement
Series
2016A,
5.000%,
10/01/28
10/26
at
100.00
AAA
1,351,588
6,715
Patterson
Joint
Unified
School
District,
Stanislaus
County,
California,
General
Obligation
Bonds,
2008
Election
Series
2009B,
0.000%,
8/01/45
-
AGM
Insured
No
Opt.
Call
AA
2,460,309
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1:
2,920
5.625%,
7/01/29
No
Opt.
Call
N/R
2,992,707
4,500
0.000%,
7/01/33
7/31
at
89.94
N/R
2,470,140
1,000
4.000%,
7/01/33
7/31
at
103.00
N/R
871,340
2,000
4.000%,
7/01/41
7/31
at
103.00
N/R
1,607,440
370
Richmond,
Virginia,
General
Obligation
Bonds,
Refunding
&
Public
Improvement
Series
2017D,
5.000%,
3/01/32
No
Opt.
Call
AA+
435,712
2,710
Virginia
State,
General
Obligation
Bonds,
Series
2020A,
4.000%,
6/01/30
No
Opt.
Call
AAA
2,934,930
79
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
Wylie
Independent
School
District,
Collin
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2015B:
$
7,110
0.000%,
8/15/48
8/25
at
38.79
Aaa
$
2,145,585
36,640
Total
Tax
Obligation/General
24,139,628
Tax
Obligation/Limited
-
18.6%
Arlington
County
Industrial
Development
Authority,
Virginia,
Revenue
Bonds,
Refunding
County
Projects,
Series
2017:
1,485
5.000%,
2/15/34
8/27
at
100.00
Aa1
1,627,396
1,000
5.000%,
2/15/35
8/27
at
100.00
Aa1
1,091,210
925
5.000%,
2/15/36
8/27
at
100.00
Aa1
1,006,465
1,000
Dulles
Town
Center
Community
Development
Authority,
Loudon
County,
Virginia
Special
Assessment
Refunding
Bonds,
Dulles
Town
Center
Project,
Series
2012,
4.250%,
3/01/26
1/23
at
100.00
N/R
966,090
1,000
Fairfax
County
Economic
Development
Authority,
Virginia,
Revenue
Bonds,
Metrorail
Parking
System
Project,
Series
2017,
5.000%,
4/01/37
4/27
at
100.00
AA+
1,068,750
1,830
Farms
of
New
Kent
Community
Development
Authority,
Virginia,
Special
Assessment
Bonds,
Refunding
Series
2021A,
3.750%,
3/01/36,
144A
3/31
at
100.00
N/R
1,735,975
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D:
3,000
5.000%,
11/15/33
11/25
at
100.00
BB
3,050,760
1,000
5.000%,
11/15/35
11/25
at
100.00
BB
1,011,340
620
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2021F.
Forward
Delivery,
4.000%,
1/01/36
1/31
at
100.00
Ba1
573,847
Guam
Government,
Limited
Obligation
Section
30
Revenue
Bonds,
Series
2016A:
1,000
5.000%,
12/01/30
12/26
at
100.00
BB
1,029,470
1,000
5.000%,
12/01/34
12/26
at
100.00
BB
1,017,940
Hampton
Roads
Transportation
Accountability
Commision,
Virginia,
Revenue
Bonds,
Hampton
Roads
Transportation
Fund,
Senior
Lien
Series
2020A:
1,000
5.000%,
7/01/45
7/30
at
100.00
AA
1,085,930
5,000
5.250%,
7/01/60
7/30
at
100.00
AA
5,471,550
Hampton
Roads
Transportation
Accountability
Commission,
Virginia,
Hampton
Roads
Transportation
Fund
Revenue
Bonds,
Senior
Lien
Series
2018A:
4,350
5.000%,
7/01/48
1/28
at
100.00
AA+
4,616,612
3,000
Hampton
Roads
Transportation
Accountability
Commission,
Virginia,
Revenue
Bonds,
Hampton
Roads
Transportation
Fund,
Senior
Lien
Series
2022A,
4.000%,
7/01/52
7/32
at
100.00
AA
2,889,120
3,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A,
0.000%,
11/15/51
-
AGM
Insured
11/31
at
37.76
AA
710,070
960
Lower
Magnolia
Green
Community
Development
Authority,
Virginia,
Special
Assessment
Bonds,
Series
2015,
5.000%,
3/01/45,
144A
3/25
at
100.00
N/R
892,925
765
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A,
5.000%,
10/01/30
No
Opt.
Call
N/R
789,335
Peninsula
Town
Center
Community
Development
Authority,
Virginia,
Special
Obligation
Bonds,
Refunding
Series
2018:
365
4.500%,
9/01/28,
144A
9/27
at
100.00
N/R
342,567
800
5.000%,
9/01/37,
144A
9/27
at
100.00
N/R
746,160
2,185
5.000%,
9/01/45,
144A
9/27
at
100.00
N/R
1,971,110
4,305
Puerto
Rico
Highway
and
Transportation
Authority,
Highway
Revenue
Bonds,
Series
2007N,
5.250%,
7/01/31
-
AMBAC
Insured
No
Opt.
Call
AAA
4,258,162
Nuveen
Virginia
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
80
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
$
33
0.000%,
7/01/24
No
Opt.
Call
N/R
$
30,682
81
0.000%,
7/01/27
No
Opt.
Call
N/R
65,284
317
0.000%,
7/01/29
7/28
at
98.64
N/R
230,618
210
0.000%,
7/01/31
7/28
at
91.88
N/R
136,382
432
0.000%,
7/01/33
7/28
at
86.06
N/R
249,515
3,247
0.000%,
7/01/51
7/28
at
30.01
N/R
610,956
2,000
4.750%,
7/01/53
7/28
at
100.00
N/R
1,827,400
10,615
5.000%,
7/01/58
7/28
at
100.00
N/R
10,071,618
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2:
2,180
4.329%,
7/01/40
7/28
at
100.00
N/R
1,974,906
61
4.536%,
7/01/53
7/28
at
100.00
N/R
53,221
31
4.784%,
7/01/58
7/28
at
100.00
N/R
28,337
Virgin
Islands
Public
Finance
Authority,
Federal
Highway
Grant
Anticipation
Loan
Note
Revenue
Bonds,
Series
2015:
500
5.000%,
9/01/23,
144A
No
Opt.
Call
A
505,555
1,000
5.000%,
9/01/30,
144A
9/25
at
100.00
A
1,017,910
1,000
5.000%,
9/01/33,
144A
9/25
at
100.00
A
1,018,210
1,000
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2006,
5.000%,
10/01/28
-
FGIC
Insured
1/23
at
100.00
Baa2
1,011,500
2,240
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Working
Capital
Series
2014A,
5.000%,
10/01/34
-
AGM
Insured,
144A
10/24
at
100.00
AA
2,271,270
Virginia
College
Building
Authority,
Educational
Facilities
Revenue
Bonds,
21st
Century
College
&
Equipment
Programs,
Refunding
Series
2017E:
1,000
5.000%,
2/01/30
2/28
at
100.00
AA+
1,107,930
2,000
5.000%,
2/01/32
2/28
at
100.00
AA+
2,209,860
3,500
Virginia
Commonwealth
Transportation
Board,
Federal
Transportation
Grant
Anticipation
Revenue
Notes,
Series
2016,
5.000%,
9/15/30
9/26
at
100.00
AA+
3,773,630
2,900
Virginia
Commonwealth
Transportation
Board,
Federal
Transportation
Grant
Anticipation
Revenue
Notes,
Series
2020,
5.000%,
3/15/33
9/30
at
100.00
AA+
3,342,279
2,000
Virginia
Public
Building
Authority,
Public
Facilities
Revenue
Bonds,
Series
2019B,
4.000%,
8/01/38,
(AMT)
8/29
at
100.00
AA+
2,035,020
5,000
Virginia
Public
Building
Authority,
Public
Facilities
Revenue
Bonds,
Series
2020A,
5.000%,
8/01/37
8/30
at
100.00
AA+
5,602,600
2,000
Virginia
Public
School
Authority,
School
Financing
Bonds,
1997
Resolution,
Series
2015A,
5.000%,
8/01/26
8/25
at
100.00
AA+
2,120,820
25
Virginia
Resources
Authority,
Infrastructure
Revenue
Bonds,
Pooled
Financing
Program,
Series
2012A,
5.000%,
11/01/42
1/23
at
100.00
AAA
25,040
275
Virginia
Resources
Authority,
Infrastructure
Revenue
Bonds,
Pooled
Loan
Bond
Program,
Series
2015D,
5.000%,
11/01/40
11/25
at
100.00
AAA
289,825
345
Virginia
Small
Business
Financing
Authority,
Tourism
Development
Financing
Program
Revenue
Bonds,
Virginia
Beach
Oceanfront
South
Hotel
Project,
Senior
Series
2020A-1,
8.000%,
10/01/43,
144A
10/30
at
120.40
N/R
355,854
3,000
Virginia
Transportation
Board,
Transportation
Revenue
Bonds,
Capital
Projects,
Series
2017,
4.000%,
5/15/42
5/27
at
100.00
AA+
3,003,660
3,000
Virginia
Transportation
Board,
Transportation
Revenue
Bonds,
Capital
Projects,
Series
2019,
5.000%,
5/15/32
5/29
at
100.00
AA+
3,393,960
4,000
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Dedicated
Revenue
Bonds,
Green
Series
2021A,
4.000%,
7/15/43
7/31
at
100.00
AA
3,956,680
1,000
Western
Virginia
Regional
Jail
Authority,
Virginia,
Facility
Revenue
Bonds,
Refunding
Series
2016,
5.000%,
12/01/37
12/26
at
100.00
Aa2
1,060,710
94,582
Total
Tax
Obligation/Limited
91,334,016
Transportation
-
23.0%
Capital
Region
Airport
Commission,
Virginia,
Airport
Revenue
Bonds,
Refunding
Series
2016A:
350
4.000%,
7/01/36
7/26
at
100.00
A2
349,338
770
4.000%,
7/01/38
7/26
at
100.00
A2
758,527
81
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
Chesapeake
Bay
Bridge
and
Tunnel
District,
Virginia,
General
Resolution
Revenue
Bonds,
First
Tier
Series
2016:
$
4,580
5.000%,
7/01/41
-
AGM
Insured
7/26
at
100.00
AA
$
4,715,385
4,830
5.000%,
7/01/46
7/26
at
100.00
BBB
4,880,522
Chesapeake,
Virginia,
Transportation
System
Senior
Toll
Road
Revenue
Bonds,
Capital
Appreciation
Series
2012B:
3,000
0.000%,
7/15/32
(4)
7/28
at
100.00
A-
3,065,790
1,755
0.000%,
7/15/40
-
AGM
Insured
(4)
7/28
at
100.00
AA
1,723,533
1,620
Chesapeake,
Virginia,
Transportation
System
Senior
Toll
Road
Revenue
Bonds,
Series
2012A,
5.000%,
7/15/47
1/23
at
100.00
A-
1,620,389
305
Metropolitan
Washington
Airports
Authority,
D.C.,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Refunding
&
Subordinate
Lien
Series
2019B,
4.000%,
10/01/38
10/29
at
100.00
A-
288,832
2,500
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Refunding
&
Subordinate
Lien
Series
2019B,
4.000%,
10/01/53
-
AGM
Insured
10/29
at
100.00
AA
2,236,475
2,000
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
Improvement
Projects,
Refunding
First
Senior
Lien
Series
2019A,
5.000%,
10/01/36
10/28
at
100.00
A
2,139,320
2,000
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
Improvement
Projects,
Refunding
Second
Senior
Lien
Series
2022A,
4.000%,
10/01/52
-
AGM
Insured
10/31
at
100.00
AA
1,817,160
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Second
Senior
Lien
Series
2009B:
4,200
0.000%,
10/01/26
-
AGC
Insured
No
Opt.
Call
AA
3,691,296
5,850
0.000%,
10/01/34
-
AGC
Insured
No
Opt.
Call
AA
3,637,705
13,000
0.000%,
10/01/36
-
AGC
Insured
No
Opt.
Call
AA
7,265,440
3,300
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
Capital
Appreciation,
Second
Senior
Lien
Series
2010B,
6.500%,
10/01/44
10/28
at
100.00
A-
3,688,674
1,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Forward
Delivery
Refunding
Series
2020A,
5.000%,
10/01/32,
(AMT)
10/30
at
100.00
AA-
1,089,160
5,200
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2016A,
5.000%,
10/01/35,
(AMT)
10/26
at
100.00
AA-
5,378,048
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2017:
625
5.000%,
10/01/34,
(AMT)
10/27
at
100.00
AA-
653,675
3,000
5.000%,
10/01/42,
(AMT)
10/27
at
100.00
AA-
3,070,920
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2018A:
3,000
5.000%,
10/01/32,
(AMT)
10/28
at
100.00
AA-
3,206,220
3,345
5.000%,
10/01/37,
(AMT)
10/28
at
100.00
AA-
3,484,955
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2019A:
1,000
5.000%,
10/01/36,
(AMT)
10/29
at
100.00
AA-
1,054,230
4,000
5.000%,
10/01/38,
(AMT)
10/29
at
100.00
AA-
4,180,720
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Refunding
Series
2016:
125
5.000%,
8/01/26,
(AMT)
12/22
at
100.00
B
125,007
595
5.000%,
8/01/31,
(AMT)
12/22
at
100.00
B
595,006
Norfolk
Airport
Authority,
Virginia,
Airport
Revenue
Bonds,
Series
2019:
875
5.000%,
7/01/39
7/29
at
100.00
A
911,654
5,625
5.000%,
7/01/43
7/29
at
100.00
A
5,818,106
3,000
Virginia
Port
Authority,
Port
Facilities
Revenue
Bonds,
Refunding
Series
2016B,
5.000%,
7/01/41,
(AMT)
7/26
at
100.00
A1
3,123,150
Nuveen
Virginia
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
82
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
Virginia
Small
Business
Financing
Authority,
Private
Activity
Revenue
Bonds,
Transform
66
P3
Project,
Senior
Lien
Series
2017:
$
6,975
5.000%,
12/31/49,
(AMT)
6/27
at
100.00
BBB
$
6,983,719
3,575
5.000%,
12/31/52,
(AMT)
6/27
at
100.00
BBB
3,569,315
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
95
Express
Lanes
LLC
Project,
Refunding
Senior
Lien
Series
2022:
2,500
5.000%,
1/01/36,
(AMT)
1/32
at
100.00
BBB
2,592,000
1,000
5.000%,
1/01/38,
(AMT)
1/32
at
100.00
BBB
1,026,360
1,000
5.000%,
7/01/38,
(AMT)
1/32
at
100.00
BBB
1,026,360
2,000
5.000%,
12/31/47,
(AMT)
12/32
at
100.00
Baa1
2,065,780
2,260
4.000%,
1/01/48,
(AMT)
1/32
at
100.00
BBB
1,888,953
1,340
5.000%,
12/31/52,
(AMT)
12/32
at
100.00
Baa1
1,376,743
1,000
5.000%,
12/31/57,
(AMT)
12/32
at
100.00
Baa1
1,023,380
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
Elizabeth
River
Crossing
OPCO,
LLC
Project,
Refunding
Senior
Lien
Series
2022:
2,365
4.000%,
1/01/33,
(AMT)
1/32
at
100.00
BBB
2,333,877
1,000
4.000%,
1/01/38,
(AMT)
1/32
at
100.00
BBB
936,230
2,500
4.000%,
1/01/40,
(AMT)
1/32
at
100.00
BBB
2,290,375
6,000
3.000%,
1/01/41,
(AMT)
1/32
at
100.00
BBB
4,599,000
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Gross
Revenue
Bonds,
Series
2017B:
2,000
5.000%,
7/01/30
7/27
at
100.00
AA
2,189,020
1,400
5.000%,
7/01/37
7/27
at
100.00
AA
1,487,346
2,000
5.000%,
7/01/42
7/27
at
100.00
AA
2,097,460
1,000
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Gross
Revenue
Bonds,
Series
2018,
5.000%,
7/01/37
7/27
at
100.00
AA-
1,062,390
121,365
Total
Transportation
113,117,545
U.S.
Guaranteed
-
8.3%
(5)
275
Bristol,
Virginia,
General
Obligation
Utility
System
Revenue
Bonds,
Series
2002,
5.000%,
11/01/24
-
AGM
Insured,
(ETM)
No
Opt.
Call
AA
282,953
100
Embrey
Mill
Community
Development
Authority,
Virginia,
Special
Assessment
Revenue
Bonds,
Series
2015,
5.600%,
3/01/45,
(Pre-
refunded
3/01/25)
3/25
at
100.00
N/R
105,728
1,000
Fairfax
County
Economic
Development
Authority,
Virginia,
County
Facilities
Revenue
Bonds,
Refunding
Series
2017B,
5.000%,
10/01/34,
(Pre-refunded
10/01/27)
10/27
at
100.00
AA+
1,105,350
Fairfax
County
Economic
Development
Authority,
Virginia,
Residential
Care
Facilities
Mortgage
Revenue
Bonds,
Goodwin
House,
Inc.,
Series
2016A:
700
4.000%,
10/01/42,
(Pre-refunded
10/01/24)
10/24
at
102.00
N/R
728,917
4,725
5.000%,
10/01/42,
(Pre-refunded
10/01/24)
10/24
at
102.00
N/R
5,005,712
Fairfax
County
Economic
Development
Authority,
Virginia,
Residential
Care
Facilities
Revenue
Bonds,
Vinson
Hall
LLC,
Series
2013A:
1,000
5.000%,
12/01/42,
(Pre-refunded
12/01/23)
12/23
at
100.00
N/R
1,023,100
1,000
5.000%,
12/01/47,
(Pre-refunded
12/01/23)
12/23
at
100.00
N/R
1,023,100
1,220
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2013,
5.500%,
7/01/43,
(Pre-refunded
7/01/23)
7/23
at
100.00
A-
1,240,838
Hampton
Roads
Sanitation
District,
Virginia,
Wastewater
Revenue
Bonds,
Subordinate
Series
2018A:
1,400
5.000%,
10/01/40,
(Pre-refunded
10/01/27)
10/27
at
100.00
AA+
1,540,826
2,100
5.000%,
10/01/42,
(Pre-refunded
10/01/27)
10/27
at
100.00
AA+
2,311,239
1,770
5.000%,
10/01/43,
(Pre-refunded
10/01/27)
10/27
at
100.00
AA+
1,948,044
Hampton
Roads
Transportation
Accountability
Commission,
Virginia,
Hampton
Roads
Transportation
Fund
Revenue
Bonds,
Senior
Lien
Series
2018A:
1,650
5.000%,
7/01/48,
(Pre-refunded
1/01/28)
1/28
at
100.00
N/R
1,835,361
1,000
5.000%,
7/01/52,
(Pre-refunded
1/01/28)
1/28
at
100.00
AA
1,112,340
9,760
5.500%,
7/01/57,
(Pre-refunded
1/01/28)
1/28
at
100.00
AA
11,087,067
83
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
(5)
(continued)
$
5,250
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Second
Senior
Lien
Series
2009C,
6.500%,
10/01/41,
(Pre-
refunded
10/01/26)
-
AGC
Insured
10/26
at
100.00
AA
$
5,954,970
2,190
Virginia
College
Building
Authority,
Educational
Facilities
Revenue
Bonds,
Washington
and
Lee
University,
Series
2015A,
5.000%,
1/01/40,
(Pre-
refunded
1/01/25)
1/25
at
100.00
AA
2,296,149
1,665
Winchester
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Valley
Health
System
Obligated
Group,
Refunding
Series
2014A,
5.000%,
1/01/44,
(Pre-refunded
1/01/24)
1/24
at
100.00
A+
1,706,542
Wylie
Independent
School
District,
Collin
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2015B:
890
0.000%,
8/15/48,
(Pre-refunded
8/15/25)
8/25
at
38.79
Aaa
317,561
37,695
Total
U.S.
Guaranteed
40,625,797
Utilities
-
9.2%
4,300
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Project,
Refunding
Series
2006A,
4.375%,
1/01/35,
(Mandatory
Put
7/01/33)
No
Opt.
Call
BBB-
4,297,807
3,660
Chesapeake
Industrial
Development
Authority,
Virginia,
Pollution
Control
Revenue
Bonds,
Virginia
Electric
and
Power
Company
Project,
Refunding
Series
2008A,
1.900%,
2/01/32,
(Mandatory
Put
6/01/23)
No
Opt.
Call
A2
3,622,265
2,500
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Series
2014A,
5.000%,
7/01/35
7/24
at
100.00
A-
2,522,300
1,000
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
7/01/33
7/27
at
100.00
A-
1,031,900
1,735
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2020A,
5.000%,
1/01/50
7/30
at
100.00
A-
1,743,102
825
Guam
Power
Authority,
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
10/01/33
10/27
at
100.00
BBB
856,705
3,765
Loudoun
County
Sanitation
Authority,
Virginia,
Water
and
Sewer
System
Revenue
Bonds,
Refunding
Series
2021,
4.000%,
1/01/33
1/31
at
100.00
AAA
3,988,679
3,085
Louisa
Industrial
Development
Authority,
Virginia,
Pollution
Control
Revenue
Bonds,
Virginia
Electric
and
Power
Company,
Refunding
Series
2008A,
1.900%,
11/01/35,
(Mandatory
Put
6/01/23)
No
Opt.
Call
A2
3,053,194
2,000
Louisa
Industrial
Development
Authority,
Virginia,
Pollution
Control
Revenue
Bonds,
Virginia
Electric
and
Power
Company,
Refunding
Series
2008B,
0.750%,
11/01/35,
(Mandatory
Put
9/02/25)
No
Opt.
Call
A2
1,819,740
2,000
Louisa
Industrial
Development
Authority,
Virginia,
Pollution
Control
Revenue
Bonds,
Virginia
Electric
and
Power
Company,
Refunding
Series
2008C,
1.650%,
11/01/35,
(Mandatory
Put
5/31/24)
No
Opt.
Call
A2
1,927,900
2,975
Newport
News,
Virginia,
Water
Revenue
Bonds,
Series
2021,
5.000%,
7/15/30
No
Opt.
Call
AAA
3,446,032
4,000
Norfolk,
Virginia,
Water
Revenue
Bonds,
Series
2015A,
5.250%,
11/01/44
11/24
at
100.00
AA+
4,193,880
1,715
Norfolk,
Virginia,
Water
Revenue
Bonds,
Series
2017,
5.000%,
11/01/42
11/27
at
100.00
AA+
1,843,848
2,000
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A,
5.000%,
7/01/47,
144A
7/30
at
100.00
N/R
1,920,240
2,000
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B,
4.000%,
7/01/42,
144A
7/31
at
100.00
N/R
1,695,480
5,000
Richmond,
Virginia,
Public
Utility
Revenue
Bonds,
Refunding
Series
2016A,
5.000%,
1/15/32
1/26
at
100.00
Aa1
5,331,300
1,000
Virginia
Small
Business
Financing
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Covanta
Project,
Series
2018,
5.000%,
1/01/48,
(AMT),
(Mandatory
Put
7/01/38),
144A
7/23
at
100.00
B
960,200
1,000
Wise
County
Industrial
Development
Authority,
Virginia,
Solid
Waste
and
Sewage
Disposal
Revenue
Bonds,
Virginia
Electric
and
Power
Company,
Series
2010A,
1.200%,
11/01/40,
(Mandatory
Put
5/31/24)
No
Opt.
Call
A2
957,490
44,560
Total
Utilities
45,212,062
$
513,172
Total
Municipal
Bonds
(cost
$498,678,763)
487,199,838
Nuveen
Virginia
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
84
Shares
Description
(1)
Value
X
463,751
COMMON
STOCKS
-
0.1%  
X
463,751
Airlines
-
0.1%
$
32,138
American
Airlines
Group
Inc
(6),(7)
$
463,751
Total
Common
Stocks
(cost
$905,444)
463,751
Total
Long-Term
Investments
(cost
$499,584,207)
487,663,589
Other
Assets
Less
Liabilities
-
0.7%
3,465,429
Net
Assets
-
100%
$
491,129,018
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
(3)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
(4)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(5)
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)
On
November
28,
2011,
AMR
Corp.
("AMR"),
the
parent
company
of
American
Airlines
Group,
Inc.
("AAL")
filed
for
federal
bankruptcy
protection.
On
December
9,
2013,
AMR
emerged
from
federal
bankruptcy
with
the
acceptance
of
its
reorganization
plan
by
the
bankruptcy
court.
Under
the
settlement
agreement
to
meet
AMR's
unsecured
bond
obligations,
the
bondholders
including
the
Fund,
received
a
distribution
of
AAL
preferred
stock
which
was
converted
to
AAL
common
stock
over
a
120-day
period.
Every
30
days,
a
quarter
of
the
preferred
stock
was
converted
to
AAL
common
stock
based
on
the
5-day
volume-weighted
average
price
and
the
amount
of
preferred
shares
tendered
during
the
optional
preferred
conversion
period.
(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
ETM
Escrowed
to
maturity
See
accompanying
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
November
30,
2022
(Unaudited)
See
accompanying
notes
to
financial
statements.
85
Arizona
Colorado
Maryland
New
Mexico
Pennsylvania
Virginia
Assets
Long-term
investments,
at
value
†
$
162,928,750‌
$
439,934,049‌
$
236,189,423‌
$
76,814,348‌
$
463,860,873‌
$
487,663,589‌
Cash
67,682‌
–‌
3,225,668‌
–‌
–‌
–‌
Cash
collateral
at
brokers
for
investments
in
futures
contracts
(1)
–‌
–‌
–‌
–‌
175,508‌
–‌
Receivable
for
interest
2,944,436‌
7,478,881‌
3,767,722‌
1,220,656‌
5,654,204‌
6,855,477‌
Receivable
for
investments
sold
2,467,108‌
5,554,852‌
5,000‌
–‌
7,449,906‌
6,371,029‌
Receivable
for
shares
sold
125,674‌
2,021,187‌
776,766‌
32,769‌
603,618‌
1,339,022‌
Other
assets
7,963‌
15,094‌
9,312‌
3,174‌
37,332‌
72,743‌
Total
assets
168,541,613‌
455,004,063‌
243,973,891‌
78,070,947‌
477,781,441‌
502,301,860‌
Liabilities
Cash
overdraft
–‌
2,105,068‌
–‌
424,134‌
2,120,762‌
8,899,025‌
Payable
for
dividends
104,686‌
153,444‌
153,908‌
35,624‌
258,140‌
298,579‌
Payable
for
interest
17,582‌
–‌
–‌
–‌
–‌
–‌
Payable
for
investments
purchased
-
regular
settlement
2,315,696‌
2,865,025‌
–‌
–‌
1,772,706‌
–‌
Payable
for
shares
redeemed
916,381‌
3,158,645‌
617,731‌
58,621‌
975,251‌
1,478,185‌
Payable
for
variation
margin
on
futures
contracts
–‌
–‌
–‌
–‌
24,234‌
–‌
Accrued
expenses:
Management
fees
67,909‌
179,238‌
97,177‌
31,724‌
188,799‌
201,219‌
Trustees
fees
2,013‌
13,186‌
4,691‌
986‌
35,510‌
70,710‌
12b-1
distribution
and
service
fees
13,974‌
36,454‌
19,027‌
8,910‌
40,959‌
41,872‌
Other
90,220‌
163,435‌
106,498‌
61,704‌
175,829‌
183,252‌
Total
liabilities
3,528,461‌
8,674,495‌
999,032‌
621,703‌
5,592,190‌
11,172,842‌
Commitments
and
contingencies
(as
disclosed
in
Note
8)
Net
assets
$
165,013,152‌
$
446,329,568‌
$
242,974,859‌
$
77,449,244‌
$
472,189,251‌
$
491,129,018‌
†
Long-term
investments,
cost
$
171,418,360‌
$
453,734,108‌
$
250,357,988‌
$
80,341,836‌
$
495,407,257‌
$
499,584,207‌
Arizona
Colorado
Maryland
New
Mexico
Pennsylvania
Virginia
Class
A
Shares
Net
Assets
$
69,194,247‌
$
160,393,381‌
$
88,218,367‌
$
47,783,601‌
$
182,817,841‌
$
188,993,757‌
Shares
outstanding
6,949,994‌
16,080,668‌
9,100,285‌
5,031,511‌
18,104,233‌
18,620,514‌
Net
asset
value
("NAV")
per
share
$
9.96‌
$
9.97‌
$
9.69‌
$
9.50‌
$
10.10‌
$
10.15‌
Maximum
sales
charge
4.20%
4.20%
4.20%
4.20%
4.20%
4.20%
Offering
price
per
share
(NAV
per
share
plus
maximum
sales
charge)
$
10.40‌
$
10.41‌
$
10.11‌
$
9.92‌
$
10.54‌
$
10.59‌
Class
C
Shares
Net
Assets
$
3,489,767‌
$
12,830,747‌
$
6,107,041‌
$
1,610,241‌
$
14,515,714‌
$
14,067,066‌
Shares
outstanding
350,766‌
1,288,944‌
632,327‌
169,259‌
1,443,477‌
1,387,115‌
NAV
and
offering
price
per
share
$
9.95‌
$
9.95‌
$
9.66‌
$
9.51‌
$
10.06‌
$
10.14‌
Class
I
Shares
Net
Assets
$
92,329,138‌
$
273,105,440‌
$
148,649,451‌
$
28,055,402‌
$
274,855,696‌
$
288,068,195‌
Shares
outstanding
9,257,912‌
27,405,421‌
15,340,261‌
2,940,621‌
27,275,103‌
28,446,618‌
NAV
and
offering
price
per
share
$
9.97‌
$
9.97‌
$
9.69‌
$
9.54‌
$
10.08‌
$
10.13‌
Fund
level
net
assets
consist
of:
Capital
paid-in
$
182,293,377‌
$
488,819,345‌
$
270,969,773‌
$
85,180,337‌
$
507,338,615‌
$
544,764,671‌
Total
distributable
earnings
(loss)
(
17,280,225‌
)
(
42,489,777‌
)
(
27,994,914‌
)
(
7,731,093‌
)
(
35,149,364‌
)
(
53,635,653‌
)
Fund
level
net
assets
$
165,013,152‌
$
446,329,568‌
$
242,974,859‌
$
77,449,244‌
$
472,189,251‌
$
491,129,018‌
Authorized
shares
-
per
class
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
per
share
$
0.01
$
0.01
$
0.01
$
0.01
$
0.01
$
0.01
(1)
Cash
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
derivatives.
Statement
of
Operations
Six
Months
Ended
November
30,
2022
(Unaudited)
See
accompanying
notes
to
financial
statements.
86
Arizona
Colorado
Maryland
New
Mexico
Pennsylvania
Investment
Income
Interest
$
2,784,825‌
$
8,143,037‌
$
4,601,256‌
$
1,422,271‌
$
8,085,816‌
Total
Investment
Income
2,784,825‌
8,143,037‌
4,601,256‌
1,422,271‌
8,085,816‌
Expenses
–
–
–
–
–
Management
fees
421,407‌
1,177,552‌
634,723‌
205,937‌
1,214,339‌
12b-1
service
fees
-
Class
A
Shares
67,448‌
168,985‌
90,504‌
50,787‌
187,050‌
12b-1
distribution
and
service
fees
-
Class
C
Shares
18,745‌
72,975‌
33,707‌
8,541‌
76,068‌
Shareholder
servicing
agent
fees
27,775‌
86,326‌
45,041‌
12,131‌
117,549‌
Interest
expense
1,020‌
3,766‌
3,430‌
442‌
7,358‌
Custodian
expenses,
net
18,259‌
40,078‌
23,801‌
12,061‌
43,192‌
Trustees
fees
2,849‌
8,382‌
4,632‌
1,414‌
8,991‌
Professional
fees
25,781‌
33,548‌
27,202‌
22,619‌
33,527‌
Shareholder
reporting
expenses
7,236‌
8,629‌
10,458‌
6,414‌
17,235‌
Federal
and
state
registration
fees
6,293‌
3,139‌
5,484‌
3,282‌
3,286‌
Other
4,183‌
6,621‌
4,452‌
3,058‌
6,014‌
Total
expenses
600,996‌
1,610,001‌
883,434‌
326,686‌
1,714,609‌
Net
investment
income
(loss)
2,183,829‌
6,533,036‌
3,717,822‌
1,095,585‌
6,371,207‌
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
from
investments
(3,522,340‌)
(16,533,390‌)
(3,784,900‌)
(1,062,498‌)
(3,548,172‌)
Net
realized
gain
(loss)
from
futures
contracts
—‌
—‌
—‌
—‌
541,891‌
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(2,472,900‌)
(2,273,980‌)
(7,618,973‌)
(2,065,224‌)
(19,494,876‌)
Change
in
n
et
unrealized
appreciation
(depreciation)
of
futures
contracts
—‌
—‌
—‌
—‌
(42,374‌)
Net
realized
and
unrealized
gain
(loss)
(5,995,240‌)
(18,807,370‌)
(11,403,873‌)
(3,127,722‌)
(22,543,531‌)
Net
increase
(decrease)
in
net
assets
from
operations
$
(3,811,411‌)
$
(12,274,334‌)
$
(7,686,051‌)
$
(2,032,137‌)
$
(16,172,324‌)
Statement
of
Operations
(Unaudited)
(continued)
See
accompanying
notes
to
financial
statements.
87
Virginia
Investment
Income
Interest
$
9,579,905‌
Total
Investment
Income
9,579,905‌
Expenses
–
Management
fees
1,326,005‌
12b-1
service
fees
-
Class
A
Shares
196,180‌
12b-1
distribution
and
service
fees
-
Class
C
Shares
75,852‌
Shareholder
servicing
agent
fees
115,426‌
Interest
expense
7,295‌
Custodian
expenses,
net
36,319‌
Trustees
fees
10,007‌
Professional
fees
34,864‌
Shareholder
reporting
expenses
17,131‌
Federal
and
state
registration
fees
3,719‌
Other
6,095‌
Total
expenses
1,828,893‌
Net
investment
income
(loss)
7,751,012‌
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
from
investments
(13,464,476‌)
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(10,261,762‌)
Net
realized
and
unrealized
gain
(loss)
(23,726,238‌)
Net
increase
(decrease)
in
net
assets
from
operations
$
(15,975,226‌)
Statement
of
Changes
in
Net
Assets
See
accompanying
notes
to
financial
statements.
88
Arizona
Colorado
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)
$
2,183,829‌
$
4,434,310‌
$
6,533,036‌
$
11,740,677‌
Net
realized
gain
(loss)
from
investments
(
3,522,340‌
)
(
1,996,900‌
)
(
16,533,390‌
)
(
7,364,605‌
)
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(
2,472,900‌
)
(
18,493,584‌
)
(
2,273,980‌
)
(
46,776,652‌
)
Net
increase
(decrease)
in
net
assets
from
operations
(
3,811,411‌
)
(
16,056,174‌
)
(
12,274,334‌
)
(
42,400,580‌
)
Distributions
to
Shareholders
Dividends:
Class
A
Shares
(
802,980‌
)
(
1,699,150‌
)
(
2,079,322‌
)
(
3,889,966‌
)
Class
C
Shares
(
29,480‌
)
(
60,288‌
)
(
118,989‌
)
(
184,355‌
)
Class
I
Shares
(1,247,530)
(2,539,837)
(3,841,698)
(6,591,185)
Decrease
in
net
assets
from
distributions
to
shareholders
(
2,079,990‌
)
(
4,299,275‌
)
(
6,040,009‌
)
(
10,665,506‌
)
Fund
Share
Transactions
Proceeds
from
sale
of
shares
32,467,912‌
60,985,822‌
121,060,491‌
183,056,304‌
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
1,477,316‌
2,914,697‌
5,149,214‌
8,936,585‌
33,945,228‌
63,900,519‌
126,209,705‌
191,992,889‌
Cost
of
shares
redeemed
(
39,317,009‌
)
(
73,735,396‌
)
(
157,070,262‌
)
(
214,555,244‌
)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
(
5,371,781‌
)
(
9,834,877‌
)
(
30,860,557‌
)
(
22,562,355‌
)
Net
increase
(decrease)
in
net
assets
(
11,263,182‌
)
(
30,190,326‌
)
(
49,174,900‌
)
(
75,628,441‌
)
Net
assets
at
the
beginning
of
period
176,276,334‌
206,466,660‌
495,504,468‌
571,132,909‌
Net
assets
at
the
end
of
period
$
165,013,152‌
$
176,276,334‌
$
446,329,568‌
$
495,504,468‌
See
accompanying
notes
to
financial
statements.
89
Maryland
New
Mexico
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)
$
3,717,822‌
$
6,979,205‌
$
1,095,585‌
$
2,235,573‌
Net
realized
gain
(loss)
from
investments
(
3,784,900‌
)
(
1,962,153‌
)
(
1,062,498‌
)
(
937,199‌
)
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(
7,618,973‌
)
(
26,540,879‌
)
(
2,065,224‌
)
(
7,818,682‌
)
Net
increase
(decrease)
in
net
assets
from
operations
(
7,686,051‌
)
(
21,523,827‌
)
(
2,032,137‌
)
(
6,520,308‌
)
Distributions
to
Shareholders
Dividends:
Class
A
Shares
(
1,214,777‌
)
(
2,489,685‌
)
(
613,834‌
)
(
1,343,697‌
)
Class
C
Shares
(
61,684‌
)
(
123,471‌
)
(
13,787‌
)
(
32,645‌
)
Class
I
Shares
(2,252,049)
(4,121,292)
(381,860)
(826,485)
Decrease
in
net
assets
from
distributions
to
shareholders
(
3,528,510‌
)
(
6,734,448‌
)
(
1,009,481‌
)
(
2,202,827‌
)
Fund
Share
Transactions
Proceeds
from
sale
of
shares
65,907,322‌
92,639,368‌
7,948,566‌
20,222,674‌
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
2,518,303‌
4,855,596‌
801,519‌
1,675,247‌
68,425,625‌
97,494,964‌
8,750,085‌
21,897,921‌
Cost
of
shares
redeemed
(
85,488,637‌
)
(
101,341,060‌
)
(
17,768,982‌
)
(
21,877,269‌
)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
(
17,063,012‌
)
(
3,846,096‌
)
(
9,018,897‌
)
20,652‌
Net
increase
(decrease)
in
net
assets
(
28,277,573‌
)
(
32,104,371‌
)
(
12,060,515‌
)
(
8,702,483‌
)
Net
assets
at
the
beginning
of
period
271,252,432‌
303,356,803‌
89,509,759‌
98,212,242‌
Net
assets
at
the
end
of
period
$
242,974,859‌
$
271,252,432‌
$
77,449,244‌
$
89,509,759‌
See
accompanying
notes
to
financial
statements.
90
Pennsylvania
Virginia
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)
$
6,371,207‌
$
12,565,105‌
$
7,751,012‌
$
14,560,714‌
Net
realized
gain
(loss)
from
investments
(
3,548,172‌
)
(
924,467‌
)
(
13,464,476‌
)
(
10,675,181‌
)
Net
realized
gain
(loss)
from
futures
contracts
541,891‌
680,148‌
—‌
—‌
Net
realized
gain
(loss)
from
swaps
–‌
(
562,500‌
)
–‌
–‌
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(
19,494,876‌
)
(
47,979,758‌
)
(
10,261,762‌
)
(
55,671,881‌
)
Change
in
net
unrealized
appreciation
(depreciation)
of
futures
contracts
(
42,374‌
)
70,355‌
–‌
–‌
Change
in
net
unrealized
appreciation
(depreciation)
of
swaps
–‌
292,882‌
–‌
–‌
Net
increase
(decrease)
in
net
assets
from
operations
(
16,172,324‌
)
(
35,858,235‌
)
(
15,975,226‌
)
(
51,786,348‌
)
Distributions
to
Shareholders
Dividends:
Class
A
Shares
(
2,245,290‌
)
(
4,103,714‌
)
(
2,469,214‌
)
(
5,163,119‌
)
Class
C
Shares
(
122,466‌
)
(
238,789‌
)
(
128,334‌
)
(
245,381‌
)
Class
I
Shares
(3,837,862)
(7,497,408)
(4,469,304)
(8,655,817)
Decrease
in
net
assets
from
distributions
to
shareholders
(
6,205,618‌
)
(
11,839,911‌
)
(
7,066,852‌
)
(
14,064,317‌
)
Fund
Share
Transactions
Proceeds
from
sale
of
shares
120,848,371‌
183,056,403‌
163,162,519‌
241,869,944‌
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
4,574,582‌
8,534,891‌
5,254,839‌
10,442,707‌
125,422,953‌
191,591,294‌
168,417,358‌
252,312,651‌
Cost
of
shares
redeemed
(
159,290,082‌
)
(
166,568,753‌
)
(
234,113,044‌
)
(
275,116,498‌
)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
(
33,867,129‌
)
25,022,541‌
(
65,695,686‌
)
(
22,803,847‌
)
Net
increase
(decrease)
in
net
assets
(
56,245,071‌
)
(
22,675,605‌
)
(
88,737,764‌
)
(
88,654,512‌
)
Net
assets
at
the
beginning
of
period
528,434,322‌
551,109,927‌
579,866,782‌
668,521,294‌
Net
assets
at
the
end
of
period
$
472,189,251‌
$
528,434,322‌
$
491,129,018‌
$
579,866,782‌
Financial
Highlights
91
Arizona
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)
$
10.31
$
0.13
$
(
0.36
)
$
(
0.23
)
$
(
0.12
)
$
—
$
(
0.12
)
$
9.96
2022
11.36
0.22
(
1.05
)
(
0.83
)
(
0.22
)
—
(
0.22
)
10.31
2021
11.03
0.25
0.35
0.60
(
0.27
)
—
(
0.27
)
11.36
2020
10.98
0.28
0.06
0.34
(
0.29
)
—
(
0.29
)
11.03
2019
10.68
0.30
0.29
0.59
(
0.29
)
—
(
0.29
)
10.98
2018
10.82
0.31
(
0.15
)
0.16
(
0.30
)
—
(
0.30
)
10.68
Class
C
2023(e)
10.31
0.09
(
0.37
)
(
0.28
)
(
0.08
)
—
(
0.08
)
9.95
2022
11.35
0.13
(
1.04
)
(
0.91
)
(
0.13
)
—
(
0.13
)
10.31
2021
11.03
0.16
0.34
0.50
(
0.18
)
—
(
0.18
)
11.35
2020
10.98
0.19
0.07
0.26
(
0.21
)
—
(
0.21
)
11.03
2019
10.68
0.21
0.30
0.51
(
0.21
)
—
(
0.21
)
10.98
2018
10.82
0.23
(
0.15
)
0.08
(
0.22
)
—
(
0.22
)
10.68
Class
I
2023(e)
10.33
0.14
(
0.37
)
(
0.23
)
(
0.13
)
—
(
0.13
)
9.97
2022
11.38
0.24
(
1.05
)
(
0.81
)
(
0.24
)
—
(
0.24
)
10.33
2021
11.06
0.28
0.33
0.61
(
0.29
)
—
(
0.29
)
11.38
2020
11.01
0.30
0.07
0.37
(
0.32
)
—
(
0.32
)
11.06
2019
10.71
0.32
0.30
0.62
(
0.32
)
—
(
0.32
)
11.01
2018
10.85
0.33
(
0.14
)
0.19
(
0.33
)
—
(
0.33
)
10.71
(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.
92
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
.23‌
)
%
$
69,194
0
.82‌
%
(f)
0
.82‌
%
(f)
2
.52‌
%
(f)
13‌
%
(
7
.46‌
)
71,380
0
.81‌
0
.80‌
2
.00‌
16‌
5
.44‌
87,105
0
.82‌
0
.81‌
2
.24‌
4‌
3
.15‌
61,110
0
.84‌
0
.83‌
2
.54‌
13‌
5
.67‌
57,476
0
.86‌
0
.86‌
2
.78‌
6‌
1
.54‌
52,106
0
.88‌
0
.87‌
2
.90‌
14‌
(
2
.72‌
)
3,490
1
.62‌
(f)
1
.62‌
(f)
1
.71‌
(f)
13‌
(
8
.12‌
)
4,362
1
.61‌
1
.60‌
1
.20‌
16‌
4
.52‌
5,474
1
.62‌
1
.61‌
1
.45‌
4‌
2
.35‌
4,909
1
.64‌
1
.63‌
1
.74‌
13‌
4
.85‌
4,209
1
.66‌
1
.66‌
1
.99‌
6‌
0
.75‌
4,162
1
.68‌
1
.67‌
2
.10‌
14‌
(
2
.21‌
)
92,329
0
.62‌
(f)
0
.62‌
(f)
2
.71‌
(f)
13‌
(
7
.25‌
)
100,535
0
.61‌
0
.60‌
2
.20‌
16‌
5
.56‌
113,625
0
.62‌
0
.61‌
2
.44‌
4‌
3
.37‌
79,716
0
.64‌
0
.63‌
2
.74‌
13‌
5
.90‌
64,435
0
.66‌
0
.66‌
2
.98‌
6‌
1
.76‌
53,601
0
.68‌
0
.67‌
3
.09‌
14‌
93
Financial
Highlights
(continued)
Colorado
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)
$
10.33
$
0.13
$
(
0.37
)
$
(
0.24
)
$
(
0.12
)
$
—
$
(
0.12
)
$
9.97
2022
11.34
0.22
(
1.03
)
(
0.81
)
(
0.20
)
—
(
0.20
)
10.33
2021
11.03
0.23
0.31
0.54
(
0.23
)
—
(
0.23
)
11.34
2020
10.89
0.27
0.16
0.43
(
0.29
)
—
(
0.29
)
11.03
2019
10.63
0.33
0.28
0.61
(
0.35
)
—
(
0.35
)
10.89
2018
10.77
0.35
(
0.14
)
0.21
(
0.35
)
—
(
0.35
)
10.63
Class
C
2023(e)
10.31
0.09
(
0.37
)
(
0.28
)
(
0.08
)
—
(
0.08
)
9.95
2022
11.32
0.13
(
1.03
)
(
0.90
)
(
0.11
)
—
(
0.11
)
10.31
2021
11.01
0.14
0.31
0.45
(
0.14
)
—
(
0.14
)
11.32
2020
10.87
0.18
0.17
0.35
(
0.21
)
—
(
0.21
)
11.01
2019
10.61
0.25
0.27
0.52
(
0.26
)
—
(
0.26
)
10.87
2018
10.74
0.26
(
0.13
)
0.13
(
0.26
)
—
(
0.26
)
10.61
Class
I
2023(e)
10.32
0.14
(
0.36
)
(
0.22
)
(
0.13
)
—
(
0.13
)
9.97
2022
11.33
0.24
(
1.03
)
(
0.79
)
(
0.22
)
—
(
0.22
)
10.32
2021
11.02
0.25
0.31
0.56
(
0.25
)
—
(
0.25
)
11.33
2020
10.89
0.29
0.16
0.45
(
0.32
)
—
(
0.32
)
11.02
2019
10.63
0.35
0.27
0.62
(
0.36
)
—
(
0.36
)
10.89
2018
10.76
0.37
(
0.14
)
0.23
(
0.36
)
—
(
0.36
)
10.63
(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.
94
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
.28‌
)
%
$
160,393
0
.78‌
%
(f)
0
.78‌
%
(f)
2
.66‌
%
(f)
26‌
%
(
7
.26‌
)
179,414
0
.77‌
0
.77‌
1
.97‌
18‌
4
.94‌
229,010
0
.77‌
0
.77‌
2
.03‌
4‌
4
.02‌
185,700
0
.78‌
0
.78‌
2
.47‌
20‌
5
.84‌
131,996
0
.82‌
0
.82‌
3
.15‌
19‌
1
.94‌
104,759
0
.83‌
0
.83‌
3
.23‌
10‌
(
2
.69‌
)
12,831
1
.58‌
(f)
1
.58‌
(f)
1
.86‌
(f)
26‌
(
8
.03‌
)
15,955
1
.57‌
1
.57‌
1
.17‌
18‌
4
.12‌
20,174
1
.57‌
1
.57‌
1
.23‌
4‌
3
.21‌
17,392
1
.58‌
1
.58‌
1
.68‌
20‌
4
.96‌
13,538
1
.62‌
1
.62‌
2
.36‌
19‌
1
.19‌
12,844
1
.63‌
1
.63‌
2
.44‌
10‌
(
2
.09‌
)
273,105
0
.58‌
(f)
0
.58‌
(f)
2
.86‌
(f)
26‌
(
7
.07‌
)
300,135
0
.57‌
0
.57‌
2
.18‌
18‌
5
.16‌
321,648
0
.57‌
0
.57‌
2
.22‌
4‌
4
.14‌
248,133
0
.58‌
0
.58‌
2
.67‌
20‌
6
.02‌
172,702
0
.62‌
0
.62‌
3
.35‌
19‌
2
.21‌
119,682
0
.63‌
0
.63‌
3
.44‌
10‌
95
Financial
Highlights
(continued)
Maryland
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)
$
10.10
$
0.14
$
(
0.42
)
$
(
0.28
)
$
(
0.13
)
$
—
$
(
0.13
)
$
9.69
2022
11.13
0.24
(
1.04
)
(
0.80
)
(
0.23
)
—
(
0.23
)
10.10
2021
10.68
0.26
0.45
0.71
(
0.26
)
—
(
0.26
)
11.13
2020
10.78
0.28
(
0.09
)
0.19
(
0.29
)
—
(
0.29
)
10.68
2019
10.59
0.32
0.19
0.51
(
0.32
)
—
(
0.32
)
10.78
2018
10.75
0.33
(
0.17
)
0.16
(
0.32
)
—
(
0.32
)
10.59
Class
C
2023(e)
10.06
0.10
(
0.41
)
(
0.31
)
(
0.09
)
—
(
0.09
)
9.66
2022
11.08
0.16
(
1.04
)
(
0.88
)
(
0.14
)
—
(
0.14
)
10.06
2021
10.63
0.18
0.44
0.62
(
0.17
)
—
(
0.17
)
11.08
2020
10.74
0.19
(
0.09
)
0.10
(
0.21
)
—
(
0.21
)
10.63
2019
10.54
0.24
0.19
0.43
(
0.23
)
—
(
0.23
)
10.74
2018
10.71
0.24
(
0.18
)
0.06
(
0.23
)
—
(
0.23
)
10.54
Class
I
2023(e)
10.10
0.15
(
0.42
)
(
0.27
)
(
0.14
)
—
(
0.14
)
9.69
2022
11.13
0.27
(
1.04
)
(
0.77
)
(
0.26
)
—
(
0.26
)
10.10
2021
10.68
0.29
0.44
0.73
(
0.28
)
—
(
0.28
)
11.13
2020
10.78
0.30
(
0.08
)
0.22
(
0.32
)
—
(
0.32
)
10.68
2019
10.59
0.34
0.19
0.53
(
0.34
)
—
(
0.34
)
10.78
2018
10.76
0.35
(
0.18
)
0.17
(
0.34
)
—
(
0.34
)
10.59
(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.
96
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
.75‌
)
%
$
88,218
0
.80‌
%
(f)
0
.80‌
%
(f)
2
.83‌
%
(f)
11‌
%
(
7
.27‌
)
96,337
0
.78‌
0
.78‌
2
.25‌
22‌
6
.72‌
116,909
0
.80‌
0
.80‌
2
.40‌
9‌
1
.79‌
97,106
0
.81‌
0
.81‌
2
.59‌
18‌
4
.90‌
83,241
0
.84‌
0
.84‌
3
.06‌
17‌
1
.50‌
67,550
0
.83‌
0
.83‌
3
.05‌
23‌
(
3
.08‌
)
6,107
1
.60‌
(f)
1
.60‌
(f)
2
.03‌
(f)
11‌
(
7
.98‌
)
7,861
1
.58‌
1
.58‌
1
.45‌
22‌
5
.88‌
10,445
1
.60‌
1
.60‌
1
.61‌
9‌
0
.98‌
12,507
1
.61‌
1
.61‌
1
.79‌
18‌
4
.09‌
11,164
1
.63‌
1
.63‌
2
.26‌
17‌
0
.61‌
13,027
1
.63‌
1
.63‌
2
.26‌
23‌
(
2
.65‌
)
148,649
0
.60‌
(f)
0
.60‌
(f)
3
.03‌
(f)
11‌
(
7
.06‌
)
167,055
0
.58‌
0
.58‌
2
.45‌
22‌
6
.93‌
175,495
0
.60‌
0
.60‌
2
.59‌
9‌
2
.01‌
130,951
0
.61‌
0
.61‌
2
.79‌
18‌
5
.14‌
123,900
0
.64‌
0
.64‌
3
.26‌
17‌
1
.63‌
86,059
0
.63‌
0
.63‌
3
.25‌
23‌
97
Financial
Highlights
(continued)
New
Mexico
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)
$
9.85
$
0.13
$
(
0.36
)
$
(
0.23
)
$
(
0.12
)
$
—
$
(
0.12
)
$
9.50
2022
10.75
0.23
(
0.90
)
(
0.67
)
(
0.23
)
—
(
0.23
)
9.85
2021
10.53
0.25
0.22
0.47
(
0.25
)
—
(
0.25
)
10.75
2020
10.42
0.28
0.13
0.41
(
0.30
)
—
(
0.30
)
10.53
2019
10.23
0.30
0.20
0.50
(
0.31
)
—
(
0.31
)
10.42
2018
10.43
0.31
(
0.20
)
0.11
(
0.31
)
—
(
0.31
)
10.23
Class
C
2023(e)
9.87
0.09
(
0.37
)
(
0.28
)
(
0.08
)
—
(
0.08
)
9.51
2022
10.77
0.15
(
0.91
)
(
0.76
)
(
0.14
)
—
(
0.14
)
9.87
2021
10.55
0.17
0.21
0.38
(
0.16
)
—
(
0.16
)
10.77
2020
10.44
0.20
0.12
0.32
(
0.21
)
—
(
0.21
)
10.55
2019
10.24
0.22
0.20
0.42
(
0.22
)
—
(
0.22
)
10.44
2018
10.44
0.23
(
0.21
)
0.02
(
0.22
)
—
(
0.22
)
10.24
Class
I
2023(e)
9.90
0.14
(
0.37
)
(
0.23
)
(
0.13
)
—
(
0.13
)
9.54
2022
10.81
0.25
(
0.91
)
(
0.66
)
(
0.25
)
—
(
0.25
)
9.90
2021
10.58
0.27
0.23
0.50
(
0.27
)
—
(
0.27
)
10.81
2020
10.47
0.30
0.13
0.43
(
0.32
)
—
(
0.32
)
10.58
2019
10.28
0.32
0.20
0.52
(
0.33
)
—
(
0.33
)
10.47
2018
10.49
0.33
(
0.21
)
0.12
(
0.33
)
—
(
0.33
)
10.28
(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.
98
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
.37‌
)
%
$
47,784
0
.86‌
%
(f)
0
.86‌
%
(f)
2
.64‌
%
(f)
4‌
%
(
6
.35‌
)
57,918
0
.84‌
0
.84‌
2
.21‌
15‌
4
.48‌
62,010
0
.85‌
0
.85‌
2
.36‌
10‌
3
.94‌
57,402
0
.86‌
0
.86‌
2
.68‌
5‌
4
.95‌
48,950
0
.88‌
0
.88‌
2
.97‌
15‌
1
.03‌
46,368
0
.88‌
0
.88‌
2
.98‌
8‌
(
2
.86‌
)
1,610
1
.66‌
(f)
1
.66‌
(f)
1
.85‌
(f)
4‌
(
7
.08‌
)
1,915
1
.64‌
1
.64‌
1
.41‌
15‌
3
.66‌
2,592
1
.65‌
1
.65‌
1
.56‌
10‌
3
.11‌
2,814
1
.66‌
1
.66‌
1
.89‌
5‌
4
.19‌
2,469
1
.68‌
1
.68‌
2
.17‌
15‌
0
.21‌
2,109
1
.67‌
1
.67‌
2
.17‌
8‌
(
2
.34‌
)
28,055
0
.66‌
(f)
0
.66‌
(f)
2
.85‌
(f)
4‌
(
6
.20‌
)
29,677
0
.64‌
0
.64‌
2
.41‌
15‌
4
.79‌
33,372
0
.65‌
0
.65‌
2
.56‌
10‌
4
.15‌
28,740
0
.66‌
0
.66‌
2
.88‌
5‌
5
.17‌
24,647
0
.68‌
0
.68‌
3
.17‌
15‌
1
.16‌
20,653
0
.68‌
0
.68‌
3
.18‌
8‌
99
Financial
Highlights
(continued)
Pennsylvania
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)
$
10.54
$
0.13
$
(
0.45
)
$
(
0.32
)
$
(
0.12
)
$
—
$
(
0.12
)
$
10.10
2022
11.44
0.24
(
0.92
)
(
0.68
)
(
0.22
)
—
(
0.22
)
10.54
2021
11.19
0.25
0.31
0.56
(
0.26
)
(
0.05
)
(
0.31
)
11.44
2020
11.15
0.29
0.04
0.33
(
0.29
)
(
—
)
(g)
(
0.29
)
11.19
2019
10.80
0.33
0.40
0.73
(
0.34
)
(
0.04
)
(
0.38
)
11.15
2018
10.96
0.35
(
0.15
)
0.20
(
0.36
)
—
(
0.36
)
10.80
Class
C
2023(e)
10.50
0.09
(
0.45
)
(
0.36
)
(
0.08
)
—
(
0.08
)
10.06
2022
11.39
0.15
(
0.91
)
(
0.76
)
(
0.13
)
—
(
0.13
)
10.50
2021
11.14
0.16
0.31
0.47
(
0.17
)
(
0.05
)
(
0.22
)
11.39
2020
11.11
0.20
0.03
0.23
(
0.20
)
(
—
)
(g)
(
0.20
)
11.14
2019
10.76
0.24
0.40
0.64
(
0.25
)
(
0.04
)
(
0.29
)
11.11
2018
10.92
0.26
(
0.15
)
0.11
(
0.27
)
—
(
0.27
)
10.76
Class
I
2023(e)
10.52
0.14
(
0.45
)
(
0.31
)
(
0.13
)
—
(
0.13
)
10.08
2022
11.42
0.26
(
0.91
)
(
0.65
)
(
0.25
)
—
(
0.25
)
10.52
2021
11.17
0.27
0.31
0.58
(
0.28
)
(
0.05
)
(
0.33
)
11.42
2020
11.13
0.31
0.05
0.36
(
0.32
)
(
—
)
(g)
(
0.32
)
11.17
2019
10.79
0.35
0.38
0.73
(
0.35
)
(
0.04
)
(
0.39
)
11.13
2018
10.94
0.37
(
0.14
)
0.23
(
0.38
)
—
(
0.38
)
10.79
(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.
(g)
Value
rounded
to
zero.
See
accompanying
notes
to
financial
statements.
100
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
.01‌
)
%
$
182,818
0
.79‌
%
(f)
0
.79‌
%
(f)
2
.49‌
%
(f)
3‌
%
(
6
.02‌
)
200,786
0
.76‌
0
.76‌
2
.12‌
17‌
5
.07‌
199,228
0
.77‌
0
.77‌
2
.23‌
16‌
3
.02‌
175,578
0
.78‌
0
.78‌
2
.60‌
12‌
6
.91‌
152,034
0
.80‌
0
.80‌
3
.03‌
14‌
1
.85‌
122,968
0
.81‌
0
.81‌
3
.22‌
12‌
(
3
.41‌
)
14,516
1
.59‌
(f)
1
.59‌
(f)
1
.69‌
(f)
3‌
(
6
.71‌
)
17,063
1
.56‌
1
.56‌
1
.31‌
17‌
4
.26‌
20,858
1
.57‌
1
.57‌
1
.43‌
16‌
2
.12‌
19,708
1
.58‌
1
.58‌
1
.80‌
12‌
6
.05‌
18,812
1
.60‌
1
.60‌
2
.24‌
14‌
1
.02‌
20,561
1
.61‌
1
.61‌
2
.42‌
12‌
(
2
.90‌
)
274,856
0
.59‌
(f)
0
.59‌
(f)
2
.69‌
(f)
3‌
(
5
.83‌
)
310,585
0
.56‌
0
.56‌
2
.32‌
17‌
5
.30‌
329,936
0
.57‌
0
.57‌
2
.43‌
16‌
3
.24‌
280,596
0
.58‌
0
.58‌
2
.80‌
12‌
7
.00‌
243,370
0
.60‌
0
.60‌
3
.23‌
14‌
2
.11‌
188,492
0
.61‌
0
.61‌
3
.41‌
12‌
101
Financial
Highlights
(continued)
Virginia
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)
$
10.54
$
0.14
$
(
0.40
)
$
(
0.26
)
$
(
0.13
)
$
—
$
(
0.13
)
$
10.15
2022
11.65
0.24
(
1.12
)
(
0.88
)
(
0.23
)
—
(
0.23
)
10.54
2021
11.28
0.25
0.38
0.63
(
0.26
)
—
(
0.26
)
11.65
2020
11.25
0.28
0.05
0.33
(
0.30
)
—
(
0.30
)
11.28
2019
11.00
0.32
0.25
0.57
(
0.32
)
—
(
0.32
)
11.25
2018
11.18
0.33
(
0.18
)
0.15
(
0.33
)
—
(
0.33
)
11.00
Class
C
2023(e)
10.53
0.10
(
0.40
)
(
0.30
)
(
0.09
)
—
(
0.09
)
10.14
2022
11.64
0.15
(
1.12
)
(
0.97
)
(
0.14
)
—
(
0.14
)
10.53
2021
11.27
0.16
0.38
0.54
(
0.17
)
—
(
0.17
)
11.64
2020
11.24
0.19
0.05
0.24
(
0.21
)
—
(
0.21
)
11.27
2019
10.99
0.23
0.25
0.48
(
0.23
)
—
(
0.23
)
11.24
2018
11.17
0.24
(
0.18
)
0.06
(
0.24
)
—
(
0.24
)
10.99
Class
I
2023(e)
10.51
0.15
(
0.39
)
(
0.24
)
(
0.14
)
—
(
0.14
)
10.13
2022
11.62
0.26
(
1.12
)
(
0.86
)
(
0.25
)
—
(
0.25
)
10.51
2021
11.25
0.27
0.38
0.65
(
0.28
)
—
(
0.28
)
11.62
2020
11.23
0.30
0.04
0.34
(
0.32
)
—
(
0.32
)
11.25
2019
10.97
0.34
0.26
0.60
(
0.34
)
—
(
0.34
)
11.23
2018
11.15
0.35
(
0.18
)
0.17
(
0.35
)
—
(
0.35
)
10.97
(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.
102
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
.47‌
)
%
$
188,994
0
.78‌
%
(f)
0
.78‌
%
(f)
2
.77‌
%
(f)
13‌
%
(
7
.68‌
)
211,228
0
.76‌
0
.76‌
2
.09‌
27‌
5
.63‌
266,280
0
.77‌
0
.77‌
2
.18‌
6‌
2
.94‌
228,436
0
.78‌
0
.78‌
2
.49‌
10‌
5
.34‌
202,986
0
.80‌
0
.80‌
2
.93‌
29‌
1
.38‌
180,675
0
.80‌
0
.80‌
3
.01‌
26‌
(
2
.87‌
)
14,067
1
.58‌
(f)
1
.58‌
(f)
1
.97‌
(f)
13‌
(
8
.42‌
)
16,787
1
.56‌
1
.56‌
1
.29‌
27‌
4
.82‌
21,904
1
.57‌
1
.57‌
1
.38‌
6‌
2
.13‌
21,219
1
.58‌
1
.58‌
1
.69‌
10‌
4
.48‌
18,999
1
.60‌
1
.60‌
2
.13‌
29‌
0
.56‌
19,949
1
.60‌
1
.60‌
2
.21‌
26‌
(
2
.28‌
)
288,068
0
.58‌
(f)
0
.58‌
(f)
2
.96‌
(f)
13‌
(
7
.50‌
)
351,852
0
.56‌
0
.56‌
2
.29‌
27‌
5
.86‌
379,172
0
.57‌
0
.57‌
2
.37‌
6‌
3
.06‌
306,442
0
.58‌
0
.58‌
2
.69‌
10‌
5
.62‌
226,267
0
.60‌
0
.60‌
3
.12‌
29‌
1
.55‌
192,830
0
.60‌
0
.60‌
3
.21‌
26‌
Notes
to
Financial
Statements
(Unaudited)
103
1.
General
Information 
Trust
and
Fund
Information
The
Nuveen
Multistate
Trust
I
(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
Arizona
Municipal
Bond
Fund
(“Arizona”),
Nuveen
Colorado
Municipal
Bond
Fund
(“Colorado”),
Nuveen
Maryland
Municipal
Bond
Fund
(“Maryland”),
Nuveen
New
Mexico
Municipal
Bond
Fund
(“New
Mexico”),
Nuveen
Pennsylvania
Municipal
Bond
Fund
(“Pennsylvania”)
and
Nuveen
Virginia
Municipal
Bond
Fund
(“Virginia”)
(each
a
“Fund”
and
collectively,
the
“Funds”),
as
diversified
funds
among
others.
The
Trust
was
organized
as
a
Massachusetts
business
trust
on
July
1,
1996.
The
Funds
were
each
organized
as
a
series
of
predecessor
trusts
or
corporations
prior
to
that
date.
Current
Fiscal
Period 
The
end
of
the
reporting
period
for
the
Funds
is
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").
Investment
Adviser
and
Sub-Adviser
The
Funds’
investment
adviser
is
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”),
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:
104
Notes
to
Financial
Statements
(Unaudited)
(continued)
Distributions
to
Shareholders
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
The
amount,
character
and
timing
of
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Indemnifications
Under
the
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
In
addition,
in
the
normal
course
of
business,
the
Trust
enters
into
contracts
that
provide
general
indemnifications
to
other
parties.
The
Trust’s
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust
that
have
not
yet
occurred.
However,
the
Trust
has
not
had
prior
claims
or
losses
pursuant
to
these
contracts
and
expects
the
risk
of
loss
to
be
remote.
Investments
and
Investment
Income
Securities
transactions
are
accounted
for
as
of
the
trade
date
for
financial
reporting
purposes.
Realized
gains
and
losses
on
securities
transactions
are
based
upon
the
specific
identification
method.
Investment
income
is
comprised
of
interest
income,
which
is
recorded
on
an
accrual
basis
and
includes
accretion
of
discounts
and
amortization
of
premiums
for
financial
reporting
purposes.
Interest
income
also
reflects
payment-in-kind
(“PIK”)
interest
and
paydown
gains
and
losses,
if
any.
PIK
interest
represents
income
received
in
the
form
of
securities
in
lieu
of
cash.
Multiclass
Operations
and
Allocations 
Income
and
expenses
of
the
Funds
that
are
not
directly
attributable
to
a
specific
class
of
shares
are
prorated
among
the
classes
based
on
the
relative
value
of
the
settled
shares of
each
class.
Expenses
directly
attributable
to
a
class
of
shares
are
recorded
to
the
specific
class.
12b-1
distribution
and
service
fees
are
allocated
on
a
class-specific
basis.
Realized
and
unrealized
capital
gains
and
losses
of
the
Funds
are
prorated
among
the
classes
based
on
the
relative
net
assets
of
each
class. 
Netting
Agreements
In
the
ordinary
course
of
business,
the
Funds
may
enter
into
transactions
subject
to
enforceable
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
Arizona
$
4,315
Colorado
1,405
Maryland
1,641
New
Mexico
960
Pennsylvania
2,426
Virginia
4,588
105
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.
Futures
contracts
are
valued
using
the
closing
settlement
price
or,
in
the
absence
of
such
a
price,
the
last
traded
price
and
are
generally
classified
as
Level
1. 
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
106
Notes
to
Financial
Statements
(Unaudited)
(continued)
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.
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”),
Arizona
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
162,928,750
$
–
$
162,928,750
Total
$
–
$
162,928,750
$
–
$
162,928,750
Colorado
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
439,934,049
$
–
$
439,934,049
Total
$
–
$
439,934,049
$
–
$
439,934,049
Maryland
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
235,984,806
$
–
$
235,984,806
Common
Stocks
204,617
–
–
204,617
Total
$
204,617
$
235,984,806
$
–
$
236,189,423
New
Mexico
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
76,814,348
$
–
$
76,814,348
Total
$
–
$
76,814,348
$
–
$
76,814,348
Pennsylvania
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
438,147,937
$
–
$
438,147,937
Common
Stocks
–
25,712,936
–
25,712,936
Investments
in
Derivatives:
Futures
Contracts**
15,106
–
–
15,106
Total
$
15,106
$
463,860,873
$
–
$
463,875,979
Virginia
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
487,199,838
$
–
$
487,199,838
Common
Stocks
463,751
–
–
463,751
Total
$
463,751
$
487,199,838
$
–
$
487,663,589
*
Refer
to
the
Fund's
Portfolio
of
Investments
for
industry
classifications.
**
Represents
net
unrealized
appreciation
(depreciation)
as
reported
in
the
Fund's
Portfolio
of
Investments.
107
in
face
amounts
equal
to
some
fraction
of
the
Underlying
Bond’s
par
amount
or
market
value,
and
(b)
an
inverse
floating
rate
certificate
(referred
to
as
an
“Inverse
Floater”)
that
represents
all
remaining
or
residual
interest
in
the
TOB
Trust.
Floaters
typically
pay
short-term
tax-exempt
interest
rates
to
third
parties
who
are
also
provided
a
right
to
tender
their
certificate
and
receive
its
par
value,
which
may
be
paid
from
the
proceeds
of
a
remarketing
of
the
Floaters,
by
a
loan
to
the
TOB
Trust
from
a
third
party
liquidity
provider
(“Liquidity
Provider”),
or
by
the
sale
of
assets
from
the
TOB
Trust.
The
Inverse
Floater
is
issued
to
a
long
term
investor,
such
as
one
or
more
Funds.
The
income
received
by
the
Inverse
Floater
holder
varies
inversely
with
the
short-term
rate
paid
to
holders
of
the
Floaters,
and
in
most
circumstances
the
Inverse
Floater
holder
bears
substantially
all
of
the
Underlying
Bond’s
downside
investment
risk
and
also
benefits
disproportionately
from
any
potential
appreciation
of
the
Underlying
Bond’s
value.
The
value
of
an
Inverse
Floater
will
be
more
volatile
than
that
of
the
Underlying
Bond
because
the
interest
rate
is
dependent
on
not
only
the
fixed
coupon
rate
of
the
Underlying
Bond
but
also
on
the
short-term
interest
paid
on
the
Floaters,
and
because
the
Inverse
Floater
essentially
bears
the
risk
of
loss
(and
possible
gain)
of
the
greater
face
value
of
the
Underlying
Bond.
The
Inverse
Floater
held
by
a
Fund
gives
the
Fund
the
right
to
(a)
cause
the
holders
of
the
Floaters
to
tender
their
certificates
at
par
(or
slightly
more
than
par
in
certain
circumstances),
and
(b)
have
the
trustee
of
the
TOB
Trust
(the
“Trustee”)
transfer
the
Underlying
Bond
held
by
the
TOB
Trust
to
the
Fund,
thereby
collapsing
the
TOB
Trust.
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
Arizona
$
—
$
—
$
—
Colorado
—
—
—
Maryland
—
—
—
New
Mexico
—
—
—
Pennsylvania
—
—
—
Virginia
—
—
—
108
Notes
to
Financial
Statements
(Unaudited)
(continued)
TOB
Trusts
are
supported
by
a
liquidity
facility
provided
by
a
Liquidity
Provider
pursuant
to
which
the
Liquidity
Provider
agrees,
in
the
event
that
Floaters
are
(a)
tendered
to
the
Trustee
for
remarketing
and
the
remarketing
does
not
occur,
or
(b)
subject
to
mandatory
tender
pursuant
to
the
terms
of
the
TOB
Trust
agreement,
to
either
purchase
Floaters
or
to
provide
the
Trustee
with
an
advance
from
a
loan
facility
to
fund
the
purchase
of
Floaters
by
the
TOB
Trust.
In
certain
circumstances,
the
Liquidity
Provider
may
otherwise
elect
to
have
the
Trustee
sell
the
Underlying
Bond
to
retire
the
Floaters
that
were
tendered
and
not
remarketed
prior
to
providing
such
a
loan.
In
these
circumstances,
the
Liquidity
Provider
remains
obligated
to
provide
a
loan
to
the
extent
that
the
proceeds
of
the
sale
of
the
Underlying
Bond
are
not
sufficient
to
pay
the
purchase
price
of
the
Floaters.
The
size
of
the
commitment
under
the
loan
facility
for
a
given
TOB
Trust
is
at
least
equal
to
the
balance
of
that
TOB
Trust’s
outstanding
Floaters
plus
any
accrued
interest.
In
consideration
of
the
loan
facility,
fee
schedules
are
in
place
and
are
charged
by
the
Liquidity
Provider(s).
Any
loans
made
by
the
Liquidity
Provider
will
be
secured
by
the
purchased
Floaters
held
by
the
TOB
Trust.
Interest
paid
on
any
outstanding
loan
balances
will
be
effectively
borne
by
the
Fund
that
owns
the
Inverse
Floaters
of
the
TOB
Trust
that
has
incurred
the
borrowing
and
may
be
at
a
rate
that
is
greater
than
the
rate
that
would
have
been
paid
had
the
Floaters
been
successfully
remarketed.
As
described
above,
any
amounts
outstanding
under
a
liquidity
facility
are
recognized
as
a
component
of
“Floating
rate
obligations”
on
the
Statement
of
Assets
and
Liabilities
by
the
Fund
holding
the
corresponding
Inverse
Floaters
issued
by
the
borrowing
TOB
Trust.
As
of
the
end
of
the
reporting
period,
there
were
no
loans
outstanding
under
any such
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.
Fund
Average
Floating
Rate
Obligations
Outstanding
Average
Annual
Interest
Rate
And
Fees
Arizona
$
—
—
%
Colorado
—
—
Maryland
—
—
New
Mexico
—
—
Pennsylvania
—
—
Virginia
—
—
Fund
Maximum
Exposure
to
Recourse
Trusts:
Self-Deposited
Inverse
Floaters
Maximum
Exposure
to
Recourse
Trusts:
Externally-Deposited
Inverse
Floaters
Total
Arizona
$
—
$
—
$
—
Colorado
—
—
—
Maryland
—
—
—
New
Mexico
—
—
—
Pennsylvania
—
—
—
Virginia
—
—
—
109
Investment
Transactions
Long-term
purchases
and
sales
(including
maturities
but
excluding
investments
in
derivatives,
where
applicable)
during
the
current fiscal
period
were
as
follows:
The
Funds
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis.
Securities
purchased
on
a
when-issued
or
delayed-delivery
basis
may
have
extended
settlement
periods;
interest
income
is
not
accrued
until
settlement
date.
Any
securities
so
purchased
are
subject
to
market
fluctuation
during
this
period.
The
Funds
have
earmarked
securities
in
their
portfolios
with
a
current
value
at
least
equal
to
the
amount
of
the
when-issued/
delayed
delivery
purchase
commitments.
If
a
Fund
has
outstanding
when-issued/delayed-delivery
purchases
commitments
as
of
the
end
of
the
reporting
period,
such
amounts
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
Investments
in
Derivatives
In
addition
to
the
inverse
floating
rate
securities
in
which each
Fund
may
invest,
which
are
considered
portfolio
securities
for
financial
reporting
purposes, each
Fund
is
authorized
to
invest
in
certain
other
derivative
instruments. 
The
Funds
record
derivative
instruments
at
fair
value,
with
changes
in
fair
value
recognized
on
the
Statement
of
Operations,
where
applicable. 
Even
though
the
Funds'
investments
in
derivatives
may
represent
economic
hedges,
they
are
not
considered
to
be
hedge
transactions
for
financial
reporting
purposes.
Futures
Contracts
Upon
execution
of
a
futures
contract,
a
Fund
is
obligated
to
deposit
cash
or
eligible
securities,
also
known
as
“initial
margin,”
into
an
account
at
its
clearing
broker
equal
to
a
specified
percentage
of
the
contract
amount.
Cash
held
by
the
broker
to
cover
initial
margin
requirements
on
open
futures
contracts,
if
any,
is
recognized
as
“Cash
collateral
at
brokers
for
investments
in
futures
contracts”
on
the
Statement
of
Assets
and
Liabilities.
Investments
in
futures
contracts
obligate
a
Fund
and
the
clearing
broker
to
settle
monies
on
a
daily
basis
representing
changes
in
the
prior
days
“mark-to-market”
of
the
open
contracts.
If
a
Fund
has
unrealized
appreciation
the
clearing
broker
would
credit
the
Fund’s
account
with
an
amount
equal
to
appreciation
and
conversely
if
a
Fund
has
unrealized
depreciation
the
clearing
broker
would
debit
the
Fund’s
account
with
an
amount
equal
to
depreciation.
These
daily
cash
settlements
are
also
known
as
“variation
margin.”
Variation
margin
is
recognized
as
a
receivable
and/or
payable
for
“Variation
margin
on
futures
contracts”
on
the
Statement
of
Assets
and
Liabilities.
During
the
period
the
futures
contract
is
open,
changes
in
the
value
of
the
contract
are
recognized
as
an
unrealized
gain
or
loss
by
“marking-to-
market”
on
a
daily
basis
to
reflect
the
changes
in
market
value
of
the
contract,
which
is
recognized
as
a
component
of
“Change
in
net
unrealized
appreciation
(depreciation)
of
futures
contracts”
on
the
Statement
of
Operations.
When
the
contract
is
closed
or
expired,
a
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
contract
on
the
closing
date
and
value
of
the
contract
when
originally
entered
into,
which
is
recognized
as
a
component
of
“Net
realized
gain
(loss)
from
futures
contracts”
on
the
Statement
of
Operations.
Risks
of
investments
in
futures
contracts
include
the
possible
adverse
movement
in
the
price
of
the
securities
or
indices
underlying
the
contracts,
the
possibility
that
there
may
not
be
a
liquid
secondary
market
for
the
contracts
and/or
that
a
change
in
the
value
of
the
contract
may
not
correlate
with
a
change
in
the
value
of
the
underlying
securities
or
indices.
During
the
current
fiscal
period,
Pennsylvania
used
futures
to
manage
the
duration
and
yield
curve
exposure
of
its
portfolio
by
shorting
interest
rate
futures
contracts.
The
average
notional
amount
of
futures
contracts
outstanding
during
the
current
fiscal
period
was
as
follows:
The
following
table
presents
the
fair
value
of
all
futures
contracts
held
by
the
Fund
as
of
the
end
of
the
reporting
period,
the
location
of
these
instruments
on
the
Statement
of
Assets
and
Liabilities
and
the
primary
underlying
risk
exposure.
Fund
Purchases
Sales
and
Maturities
Arizona
$
20,899,415
$
26,975,304
Colorado
119,502,891
144,391,301
Maryland
28,144,393
45,549,432
New
Mexico
3,581,990
10,772,397
Pennsylvania
16,155,133
51,707,997
Virginia
71,013,004
155,875,960
Fund
Average
Notional
Amount
of
Futures
Contracts
Outstanding*
Pennsylvania
$7,123,700
*
The
average
notional
amount
is
calculated
based
on
the
absolute
aggregate
notional
amount
of
contracts
outstanding
at
the
beginning
of
the
current
fiscal
period
and
at
the
end
of
each
fiscal
quarter
within
the
current
fiscal
period.
110
Notes
to
Financial
Statements
(Unaudited)
(continued)
The
following
table
presents
the
amount
of
net
realized
gain
(loss)
and
change
in
net
unrealized
appreciation
(depreciation)
recognized
on
futures
contracts
on
the
Statement
of
Operations
during
the
current
fiscal
period,
and
the
primary
underlying
risk
exposure.
MMD
Rate
Locks
Each
Fund
may
purchase
and
sell
MMD
Rate
Locks.
An
MMD
Rate
Lock
permits
a
Fund
to
lock
in
a
specified
municipal
interest
rate
for
a
portion
of
its
portfolio
to
preserve
a
return
on
a
particular
investment
or
a
portion
of
its
portfolio
as
a
duration
management
technique
or
to
protect
against
any
increase
in
the
price
of
securities
to
be
purchased
at
a
later
date.
By
using
an
MMD
Rate
Lock,
a
Fund
can
create
a
synthetic
long
or
short
position,
allowing
the
Fund
to
select
what
the
Sub-Adviser
believes
is
an
attractive
part
of
the
yield
curve.
A
Fund
will
ordinarily
use
these
transactions
as
a
hedge
or
for
duration
or
risk
management
although
it
is
permitted
to
enter
into
them
to
enhance
income
or
gain
or
to
increase
the
Fund’s
yield,
for
example,
during
periods
of
steep
interest
rate
yield
curves
(i.e.,
wide
differences
between
short
term
and
long
term
interest
rates).
An
MMD
Rate
Lock
is
a
contract
between
a
Fund
and
a
counterparty
pursuant
to
which
the
parties
agree
to
make
payments
to
each
other
on
a
notional
amount,
contingent
upon
whether
the
Municipal
Market
Data
AAA
General
Obligation
Scale
is
above
or
below
a
specified
level
on
the
expiration
date
of
the
contract.
For
example,
if
a
Fund
buys
an
MMD
Rate
Lock
and
the
Municipal
Market
Data
AAA
General
Obligation
Scale
is
below
the
specified
level
on
the
expiration
date,
the
counterparty
to
the
contract
will
make
a
payment
to
a
Fund
equal
to
the
specified
level
minus
the
actual
level,
multiplied
by
the
notional
amount
of
the
contract.
If
the
Municipal
Market
Data
AAA
General
Obligation
Scale
is
above
the
specified
level
on
the
expiration
date,
a
Fund
will
make
a
payment
to
the
counterparty
equal
to
the
actual
level
minus
the
specified
level,
multiplied
by
the
notional
amount
of
the
contract.
In
connection
with
investments
in
MMD
Rate
Locks,
there
is
a
risk
that
municipal
yields
will
move
in
the
opposite
direction
than
anticipated
by
a
Fund,
which
would
cause
the
Fund
to
make
payments
to
its
counterparty
in
the
transaction
that
could
adversely
affect
the
Fund’s
performance.
Changes
in
the
value
of
an
MMD
Rate
Lock
during
the
fiscal
period
are
reflected
as
a
change
in
unrealized
appreciation
(depreciation)
of
swaps
on
the
Statements
of
Operations.
The
value
of
an
MMD
Rate
Lock
as
of
the
end
of
the
reporting
period
is
reflected
as
unrealized
appreciation
(depreciation)
on
swaps
on
the
Statement
of
Assets
and
Liabilities.
Payments
received
or
made
by
the
Fund,
if
any,
are
recognized
as
net
realized
gain
(loss)
from
swaps
on
the
Statement
of
Operations.
During
the
current
fiscal
period,
none
of
the
Funds
were
invested
in
MMD
Rate
Locks.
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.
Location
on
the
Statement
of
Assets
and
Liabilities
Underlying
Derivative
Asset
Derivatives
(Liability)
Derivatives
Risk
Exposure
Instrument
Location
Value
Location
Value
Pennsylvania
Interest
rate
Futures
contracts
-
-
Payable
for
variation
margin
on
futures
contracts*
$15,106
*
Value
represents
the
cumulative
unrealized
appreciation
(depreciation)
of
futures
contracts
as
reported
in
the
Fund’s
Portfolio
of
Investments
and
not
the
daily
asset
and/or
liability
derivatives
location
as
described
in
the
table
above.
Fund
Underlying
Risk
Exposure
Derivative
Instrument
Net
Realized
Gain
(Loss)
from
Futures
Contracts
Change
in
Net
Unrealized
Appreciation
(Depreciation)
of
Futures
Contracts
Pennsylvania
Interest
Rate
Future
contracts
$541,891
$(42,374)
111
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
Arizona
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
1,080,120
$10,658,719
2,072,770
$23,261,282
Class
A
-
automatic
conversion
of
Class
C2
Shares
(1)
—
—
23,101
262,895
Class
C
10,808
103,782
63,569
708,170
Class
I
2,189,470
21,705,411
3,319,665
36,753,475
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
63,380
628,083
119,384
1,318,681
Class
C
2,509
24,856
4,362
48,178
Class
I
83,069
824,377
139,953
1,547,838
3,429,356
33,945,228
5,742,804
63,900,519
Shares
redeemed:
Class
A
(1,114,790)
(11,168,059)
(2,961,586)
(32,035,123)
Class
C
(85,812)
(866,130)
(126,907)
(1,380,640)
Class
C2
-
automatic
conversion
to
Class
A
Shares
(1)
—
—
(23,104)
(262,924)
Class
I
(2,745,124)
(27,282,820)
(3,711,652)
(40,056,709)
(3,945,726)
(39,317,009)
(6,823,249)
(73,735,396)
Net
increase
(decrease)
(516,370)
$(5,371,781)
(1,080,445)
$(9,834,877)
(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
Colorado
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
1,931,018
$19,185,245
2,943,050
$32,469,646
Class
A
-
automatic
conversion
of
Class
C2
Shares
(1)
—
—
26,536
301,447
Class
C
46,521
467,412
176,485
1,963,466
Class
I
10,225,402
101,407,834
13,604,067
148,321,745
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
201,861
2,003,067
339,956
3,746,463
Class
C
11,450
113,403
16,062
176,390
Class
I
305,865
3,032,744
456,245
5,013,732
12,722,117
126,209,705
17,562,401
191,992,889
Shares
redeemed:
Class
A
(3,416,982)
(33,830,182)
(6,134,300)
(66,223,266)
Class
C
(316,472)
(3,129,179)
(427,522)
(4,655,310)
Class
C2
-
automatic
conversion
to
Class
A
Shares
(1)
—
—
(26,631)
(301,469)
Class
I
(12,200,807)
(120,110,901)
(13,362,386)
(143,375,199)
(15,934,261)
(157,070,262)
(19,950,839)
(214,555,244)
Net
increase
(decrease)
(3,212,144)
$(30,860,557)
(2,388,438)
$(22,562,355)
(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.
112
Notes
to
Financial
Statements
(Unaudited)
(continued)
Six
Months
Ended
11/30/22
Year
Ended
5/31/22
Maryland
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
894,679
$8,759,212
1,667,834
$18,304,361
Class
A
-
automatic
conversion
of
Class
C
Shares
2,607
25,575
1,504
15,559
Class
A
-
automatic
conversion
of
Class
C2
Shares
(1)
—
—
45,679
508,861
Class
C
58,771
562,176
80,738
883,421
Class
I
5,881,852
56,560,359
6,998,820
72,927,166
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
93,579
902,872
176,548
1,908,567
Class
C
4,903
47,094
8,342
89,805
Class
I
162,691
1,568,337
264,847
2,857,224
7,099,082
68,425,625
9,244,312
97,494,964
Shares
redeemed:
Class
A
(1,429,296)
(13,898,993)
(2,858,181)
(30,325,258)
Class
C
(210,156)
(2,021,306)
(248,672)
(2,691,879)
Class
C
-
automatic
conversion
to
Class
A
Shares
(2,617)
(25,575)
(1,511)
(15,559)
Class
C2
-
automatic
conversion
to
Class
A
Shares
(1)
—
—
(45,802)
(508,866)
Class
I
(7,251,534)
(69,542,763)
(6,488,495)
(67,799,498)
(8,893,603)
(85,488,637)
(9,642,661)
(101,341,060)
Net
increase
(decrease)
(1,794,521)
$(17,063,012)
(398,349)
$(3,846,096)
(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
New
Mexico
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
398,590
$3,703,150
799,025
$8,444,462
Class
A
-
automatic
conversion
of
Class
C2
Shares
(1)
—
—
22,189
238,749
Class
C
356
3,401
28,936
309,814
Class
I
444,997
4,242,015
1,060,505
11,229,649
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
54,124
513,950
104,098
1,086,989
Class
C
1,318
12,526
2,891
30,311
Class
I
28,853
275,043
53,168
557,947
928,238
8,750,085
2,070,812
21,897,921
Shares
redeemed:
Class
A
(1,302,082)
(12,447,834)
(812,059)
(8,443,863)
Class
C
(26,508)
(253,107)
(78,376)
(817,825)
Class
C2
-
automatic
conversion
to
Class
A
Shares
(1)
—
—
(22,192)
(238,782)
Class
I
(532,030)
(5,068,041)
(1,203,306)
(12,376,799)
(1,860,620)
(17,768,982)
(2,115,933)
(21,877,269)
Net
increase
(decrease)
(932,382)
$(9,018,897)
(45,121)
$20,652
(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.
113
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.
Six
Months
Ended
11/30/22
Year
Ended
5/31/22
Pennsylvania
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
5,690,611
$56,602,239
7,382,134
$80,610,513
Class
A
-
automatic
conversion
of
Class
C
Shares
5,882
59,019
—
—
Class
A
-
automatic
conversion
of
Class
C2
Shares
(1)
—
—
95,082
1,090,586
Class
C
109,737
1,064,743
232,891
2,640,845
Class
I
6,304,391
63,122,370
8,925,918
98,714,459
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
197,592
1,986,088
325,290
3,639,088
Class
C
11,734
117,423
20,352
227,177
Class
I
246,328
2,471,071
417,890
4,668,626
12,566,275
125,422,953
17,399,557
191,591,294
Shares
redeemed:
Class
A
(6,838,555)
(68,132,928)
(6,169,345)
(66,339,963)
Class
C
(297,569)
(2,991,934)
(458,399)
(5,055,994)
Class
C
-
automatic
conversion
to
Class
A
Shares
(5,908)
(59,019)
—
—
Class
C2
-
automatic
conversion
to
Class
A
Shares
(1)
—
—
(95,422)
(1,090,674)
Class
I
(8,797,055)
(88,106,201)
(8,713,782)
(94,082,122)
(15,939,087)
(159,290,082)
(15,436,948)
(166,568,753)
Net
increase
(decrease)
(3,372,812)
$(33,867,129)
1,962,609
$25,022,541
(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
Virginia
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
3,402,544
$34,071,088
4,544,538
$50,359,802
Class
A
-
automatic
conversion
of
Class
C2
Shares
(1)
—
—
100,007
1,167,081
Class
C
46,552
473,863
194,662
2,201,243
Class
I
12,803,473
128,617,568
17,257,773
188,141,818
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
204,996
2,069,607
388,582
4,383,034
Class
C
11,808
119,137
19,867
224,065
Class
I
304,332
3,066,095
519,332
5,835,608
16,773,705
168,417,358
23,024,761
252,312,651
Shares
redeemed:
Class
A
(5,032,441)
(50,587,339)
(7,847,897)
(85,287,609)
Class
C
(265,777)
(2,681,749)
(502,110)
(5,659,384)
Class
C2
-
automatic
conversion
to
Class
A
Shares
(1)
—
—
(100,181)
(1,167,115)
Class
I
(18,126,969)
(180,843,956)
(16,931,503)
(183,002,390)
(23,425,187)
(234,113,044)
(25,381,691)
(275,116,498)
Net
increase
(decrease)
(6,651,482)
$(65,695,686)
(2,356,930)
$(22,803,847)
(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.
114
Notes
to
Financial
Statements
(Unaudited)
(continued)
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:
As
of
prior
fiscal
period
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Arizona
$
171,406,411
$
686,943
$
(9,164,604)
$
(8,477,661)
Colorado
453,804,676
3,120,769
(16,991,396)
(13,870,627)
Maryland
250,369,883
1,395,946
(15,576,406)
(14,180,460)
New
Mexico
80,340,831
329,158
(3,855,641)
(3,526,483)
Pennsylvania
495,438,256
19,318,812
(50,881,089)
(31,562,277)
Virginia
499,156,864
10,607,819
(22,101,094)
(11,493,275)
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
Arizona
$
305,763
$
—
$
—
$
(6,000,114)
$
(5,353,975)
$
—
$
(340,498)
$
(11,388,824)
Colorado
1,139,512
—
—
(11,601,668)
(12,800,628)
—
(912,650)
(24,175,434)
Maryland
367,060
173
—
(6,322,958)
(10,289,211)
—
(535,417)
(16,780,353)
New
Mexico
106,422
—
—
(1,462,027)
(3,156,309)
—
(177,561)
(4,689,475)
Pennsylvania
1,013,629
51,388
—
(12,080,073)
(747,539)
—
(1,008,827)
(12,771,422)
Virginia
925,913
24,262
—
(1,261,762)
(29,120,592)
—
(1,161,396)
(30,593,575)
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
Arizona
$
2,342,652
$
3,011,323
$
5,353,975
Colorado
7,411,585
5,389,043
12,800,628
Maryland
5,335,866
4,953,345
10,289,211
New
Mexico
1,102,074
2,054,235
3,156,309
Pennsylvania
747,539
—
747,539
Virginia
12,529,596
16,590,996
29,120,592
115
7.
Management
Fees
and
Other
Transactions
with
Affiliates
Management
Fees
Each
Fund’s
management
fee
compensates
the
Adviser
for
the
overall
investment
advisory
and
administrative
services
and
general
office
facilities.
The
Sub-Adviser
is
compensated
for
its
services
to
the
Funds
from
the
management
fees
paid
to
the
Adviser.
Each
Fund’s
management
fee
consists
of
two
components
–
a
fund-level
fee,
based
only
on
the
amount
of
assets
within
each
individual
Fund,
and
a
complex-level
fee,
based
on
the
aggregate
amount
of
all
eligible
fund
assets
managed
by
the
Adviser.
This
pricing
structure
enables
each
Fund’s
shareholders
to
benefit
from
growth
in
the
assets
within
their
respective
Fund
as
well
as
from
growth
in
the
amount
of
complex-wide
assets
managed
by
the
Adviser.
The
annual
fund-level
fee,
payable
monthly,
for
each
Fund
was
calculated
according
to
the
following
schedule:
The
annual
complex-level
fee,
payable
monthly,
for
each
Fund
is
calculated
according
to
the
following
schedule:
*
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
“eligible
assets”
of
all
Nuveen
open-end
and
closed-end
funds.
Eligible
assets
do
not
include
assets
attributable
to
investments
in
other
Nuveen
funds
or
assets
in
excess
of
a
determined
amount
(originally
$2
billion)
added
to
the
Nuveen
fund
complex
in
connection
with
the
Adviser’s
assumption
of
the
management
of
the
former
First
American
Funds
effective
January
1,
2011,
but
do
include
certain
assets
of
certain
Nuveen
funds
that
were
reorganized
into
funds
advised
by
an
affiliate
of
the
Adviser
during
the
2019
calendar
year.
Eligible
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
certain
types
of
leverage.
For
these
purposes,
leverage
includes
the
closed-end
funds’
use
of
preferred
stock
and
borrowings
and
certain
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities,
subject
to
an
agreement
by
the
Adviser
as
to
certain
funds
to
limit
the
amount
of
such
assets
for
determining
eligible
assets
in
certain
circumstances.
As
of
November
30,
2022,
the
complex-level
fee
rate
for
each
Fund
was
as
follows:
Average
Daily
Net
Assets
Arizona
Colorado
Maryland
New
Mexico
Pennsylvania
Virginia
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
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
Arizona
0.1585%
Colorado
0.1635%
Maryland
0.1585%
New
Mexico
0.1585%
Pennsylvania
0.1585%
Virginia
0.1585%
116
Notes
to
Financial
Statements
(Unaudited)
(continued)
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:
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:
Fund
Purchases
Sales
Realized
Gain
(Loss)
Arizona
$
13,243,213
$
13,103,555
$
(838,818)
Colorado
27,252,760
31,114,520
(2,515,721)
Maryland
918,590
—
—
New
Mexico
—
1,004,790
—
Pennsylvania
—
—
—
Virginia
22,100,817
27,432,158
(1,872,773)
Fund
Sales
Charges
Collected
Paid
to
Financial
Intermediaries
Arizona
$
56,163
$
55,027
Colorado
113,944
108,491
Maryland
32,170
30,830
New
Mexico
6,046
5,814
Pennsylvania
26,443
25,706
Virginia
38,544
37,510
Fund
Commission
Advances
Arizona
$
48,543
Colorado
77,578
Maryland
23,881
New
Mexico
4,278
Pennsylvania
25,612
Virginia
33,889
117
The
remaining
12b-1
fees
charged
to
each
Fund
were
paid
to
compensate
financial
intermediaries
for
providing
services
to
shareholders
relating
to
their
investments.
The
Distributor
also
collected
and
retained
CDSC
on
share
redemptions
during
the
current
fiscal
period,
as
follows: 
8.
Commitments
and
Contingencies
In
the
normal
course
of
business,
each
Fund
enters
into
a
variety
of
agreements
that
may
expose
the
Funds
to
some
risk
of
loss.
These
could
include
recourse
arrangements
for
certain
TOB
Trusts,
which
are
described
elsewhere
in
these
Notes
to
Financial
Statements.
The
risk
of
future
loss
arising
from
such
agreements,
while
not
quantifiable,
is
expected
to
be
remote.
As
of
the
end
of
the
reporting
period,
the
Funds
did
not
have
any
unfunded
commitments.
From
time
to
time,
the
Funds
may
be
a
party
to
certain
legal
proceedings
in
the
ordinary
course
of
business,
including
proceedings
relating
to
the
enforcement
of
the
Funds’
rights
under
contracts.
As
of
the
end
of
the
reporting
period,
the
Funds
are
not
subject
to
any
material
legal
proceedings.
9.
Borrowing
Arrangements
Committed
Line
of
Credit
The
Funds,
along
with
certain
other
funds
managed
by
the
Adviser
(“Participating
Funds”),
have
established
a
364-day,
$2.700
billion
standby
credit
facility
with
a
group
of
lenders,
under
which
the
Participating
Funds
may
borrow
for
temporary
purposes
(other
than
on-going
leveraging
for
investment
purposes).
Each
Participating
Fund
is
allocated
a
designated
proportion
of
the
facility’s
capacity
(and
its
associated
costs,
as
described
below)
based
upon
a
multi-factor
assessment
of
the
likelihood
and
frequency
of
its
need
to
draw
on
the
facility,
the
size
of
the
Fund
and
its
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
fiscal
period,
the
following
Funds
utilized
this
facility.
The
Funds’
maximum
outstanding
balance
during
the
utilization
period
was
as
follows:
Fund
12b-1
Fees
Retained
Arizona
$
—
Colorado
7,966
Maryland
5,204
New
Mexico
—
Pennsylvania
9,525
Virginia
7,228
Fund
CDSC
Retained
Arizona
$
8,209
Colorado
13,846
Maryland
12,295
New
Mexico
7,871
Pennsylvania
19,993
Virginia
3,181
118
Notes
to
Financial
Statements
(Unaudited)
(continued)
During
each
Fund’s
utilization
period(s)
during
the
current
fiscal
period,
the
average
daily
balance
outstanding
and
average
annual
interest
rate
on
the
Borrowings
were
as
follows:
Borrowings
outstanding
as
of
the
end
of
the
reporting
period,
if
any,
are
recognized
as
“Borrowings”
on
the
Statement
of
Assets
and
Liabilities.
Fund
Maximum
Outstanding
Balance
Arizona
$
—
Colorado
2,600,000
Maryland
4,000,000
New
Mexico
—
Pennsylvania
3,200,000
Virginia
8,400,000
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
Arizona
—
$
—
—
%
Colorado
4
2,600,000
4.28
Maryland
8
3,500,000
4.28
New
Mexico
—
—
—
Pennsylvania
19
1,989,474
4.28
Virginia
12
5,325,000
3.16
119
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.
120
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
Maryland
Municipal
Debt
Funds
Classification
Average:
Represents
the
average
annualized
total
return
for
all
reporting
funds
in
the
Lipper
Maryland
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
dividends,
but
do
not
reflect
any
applicable
sales
charge.
Lipper
Pennsylvania
Municipal
Debt
Funds
Classification
Average:
Represents
the
average
annualized
total
return
for
all
reporting
funds
in
the
Lipper
Pennsylvania
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
Virginia
Municipal
Debt
Funds
Classification
Average:
Represents
the
average
annualized
total
return
for
all
reporting
funds
in
the
Lipper
Virginia
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.
Net
Asset
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.
121
S&P
Municipal
Bond
Arizona
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
Arizona
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
Colorado
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
Colorado
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
Maryland
Index:
An
index
designed
to
measure
the
performance
of
the
tax
exempt
Maryland
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
New
Mexico
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
New
Mexico
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
Pennsylvania
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
Pennsylvania
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
Virginia
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
Virginia
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
U.S.
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees
Tax
Obligation/General
Bonds:
Bonds
backed
by
the
general
revenues
of
an
issuer,
including
taxes,
where
the
issuer
has
the
ability
to
increase
taxes
by
an
unlimited
amount
to
pay
the
bonds
back.
Tax
Obligation/Limited
Bonds:
Bonds
backed
by
the
general
revenues
of
an
issuer,
including
taxes,
where
the
issuer
doesn’t
have
the
ability
to
increase
taxes
by
an
unlimited
amount
to
pay
the
bonds
back.
Total
Investment
Exposure:
Total
investment
exposure
is
a
fund’s
assets
managed
by
the
Adviser
that
are
attributable
to
financial
leverage.
For
these
purposes,
financial
leverage
includes
a
fund’s
use
of
preferred
stock
and
borrowings
and
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities.
122
Liquidity
Risk
Management
Program
(Unaudited)
Discussion
of
the
operation
and
effectiveness
of
the
Funds’
liquidity
risk
management
program
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
each
Fund
covered
in
this
Report
the
“Funds”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”),
which
is
designed
to
manage
the
Fund’s
liquidity
risk.
The
Program
consists
of
various
protocols
for
assessing
and
managing
each
Fund’s
liquidity
risk.
The
Funds’
Board
of
Trustees
previously
designated
Nuveen
Fund
Advisors,
LLC,
the
Funds’
investment
adviser,
as
the
Administrator
of
the
Program.
The
adviser’s
Liquidity
Monitoring
and
Analysis
Team
(“LMAT”)
carries
out
day-to-day
Program
management
with
oversight
by
the
adviser’s
Liquidity
Oversight
Sub-Committee
(the
LOSC”).
The
LOSC
is
composed
of
personnel
from
the
adviser
and
Teachers
Advisors,
LLC,
an
affiliate
of
the
adviser.
At
a
May
23-25,
2022
meeting
of
the
Board,
the
Administrator
provided
the
Board
with
a
written
report
addressing
the
Program’s
operation,
adequacy
and
effectiveness
of
implementation
for
calendar
year
2021
(the
“Review
Period”),
as
required
under
the
Liquidity
Rule.
The
report
noted
that
the
Program
has
been
and
continues
to
be
adequately
and
effectively
implemented
to
monitor
and
(as
applicable)
respond
to
each
Fund’s
liquidity
developments.
In
accordance
with
the
Program,
the
LMAT
assesses
each
Fund’s
liquidity
risk
no
less
frequently
than
annually
based
on
various
factors,
such
as
(1)
the
Fund’s
investment
strategy
and
the
liquidity
of
portfolio
investments,
(ii)
cash
flow
projections,
and
(ii)
holdings
of
cash
and
cash
equivalents,
borrowing
arrangements,
and
other
funding
sources.
Certain
factors
are
considered
under
both
normal
and
reasonably
foreseeable
stressed
conditions.
Each
Fund
portfolio
investment
is
classified
into
one
of
four
liquidity
categories
(including
the
most
liquid,
“Highly
Liquid”,
and
the
least
liquid,
“lliquid”,
discussed
below),
The
classification
is
based
on
a
determination
of
how
long
it
is
reasonably
expected
to
take
to
convert
the
investment
into
cash,
or
sell
or
dispose
of
the
investment,
in
current
market
conditions
without
significantly
changing
the
market
value
of
the
investment
Liquidity
classification
determinations
take
into
account
various
market,
trading,
and
investment-specific
considerations,
as
well
as
market
depth,
and
use
third-
party
vendor
data.
Any
Fund
that
does
not
primarily
hold
highly
liquid
investments
must,
among
other
things,
determine
a
minimum
percentage
of
Fund
assets
that
must
be
invested
in
highly
liquid
investments
(a
“Highly
Liquid
Investment
Minimum”).
During
the
Review
Period,
each
Fund
primarily
held
Highly
Liquid
investments
and
therefore
was
exempt
from
the
requirement
to
adopt
a
Highly
Liquid
Investment
Minimum
and
to
comply
with
the
related
requirements
under
the
Liquidity
Rule.
The
Liquidity
Rule
also
limits
a
Fund’s
investments
in
Illiquid
investments.
Specifically,
the
Liquidity
Rule
prohibits
a
Fund
from
acquiring
Illiquid
investments
if
doing
so
would
result
in
the
Fund
holding
more
than
15%
of
its
net
assets
in
illiquid
investments,
and
requires
certain
reporting
to
the
Fund
Board
and
the
Securities
and
Exchange
Commission
any
time
a
Fund’s
holdings
of
Illiquid
investments
exceeds
15%
of
net
assets.
During
the
Review
Period,
no
Fund
exceeded
the
15%
limit
on
Illiquid
investments.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
MSA-MS2-1122D
2655319-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 I

 

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