N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-07751

Nuveen Multistate Trust IV

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark J. Czarniecki

Vice President and Secretary

333 West Wacker Drive,

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2022

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

Bond

Funds

Mutual

Funds

Nuveen

Municipal

November

30,

2022

Semiannual

Report

Fund

Name

Class

A

Class

C

Class

I

Nuveen

Kansas

Municipal

Bond

Fund

FKSTX

FAFOX

FRKSX

Nuveen

Kentucky

Municipal

Bond

Fund

FKYTX

FKCCX

FKYRX

Nuveen

Michigan

Municipal

Bond

Fund

FMITX

FAFNX

NMMIX

Nuveen

Missouri

Municipal

Bond

Fund

FMOTX

FAFPX

FMMRX

Nuveen

Ohio

Municipal

Bond

Fund

FOHTX

FAFMX

NXOHX

Nuveen

Wisconsin

Municipal

Bond

Fund

FWIAX

FWCCX

FWIRX

Life

is

Complex.

Nuveen

makes

things

e-simple.

It

only

takes

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minute

to

sign

up

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e-Reports.

Once

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you’ll

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as

soon

as

your

Nuveen

Fund

information

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ready.

No

more

waiting

for

delivery

by

regular

mail.

Just

click

on

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link

within

the

e-mail

to

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report

and

save

it

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your

computer

if

you

wish.

Free

e-Reports

right

to

your

email!

www.investordelivery.com

If

you

receive

your

Nuveen

Fund

distributions

and

statements

from

your

financial

advisor

or

brokerage

account.

or

www.nuveen.com/client-access

If

you

receive

your

Nuveen

Fund

distributions

and

statements

directly

from

Nuveen.

Must

be

preceded

by

or

accompanied

by

a

prospectus.

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

Table

of

Contents

3

Chair’s

Letter

to

Shareholders

4

Important

Notices

5

Risk

Considerations

and

Dividend

Information

6

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

7

Yields

20

Expense

Examples

22

Portfolios

of

Investments

24

Statement

of

Assets

and

Liabilities

69

Statement

of

Operations

73

Statement

of

Changes

in

Net

Assets

75

Financial

Highlights

78

Notes

to

Financial

Statements

90

Additional

Fund

Information

105

Glossary

of

Terms

Used

in

this

Report

106

Liquidity

Risk

Management

Program

108

4

Chair’s

Letter

to

Shareholders

Dear

Shareholders,

With

more

economic

indicators

pointing

to

a

broadening

contraction

across

the

world’s

economies,

the

conversation

has

shifted

from

debating

whether

a

global

recession

would

happen

to

considering

by

how

much

and

for

how

long.

Higher

than

expected

inflation

has

made

the

outcome

more

unpredictable,

as

it

has

dampened

consumer

sentiment,

pushed

central

banks

into

raising

interest

rates

more

aggressively

and

contributed

to

considerable

turbulence

in

the

markets

this

year.

Inflation

has

surged

partially

due

to

pandemic-related

supply

chain

bottlenecks,

exacerbated

by

Russia’s

war

in

Ukraine

and

China’s

recurring

COVID-19

lockdowns

throughout

the

year

until

their

zero-COVID

policy

effectively

ended

in

December

2022.

This

has

necessitated

increasingly

forceful

responses

from

the

U.S.

Federal

Reserve

(Fed)

and

other

central

banks,

who

have

signaled

their

intentions

to

slow

inflation

while

tolerating

materially

slower

economic

growth

and

some

softening

in

the

labor

market.

In

March

2022,

the

Fed

began

the

fastest

interest

rate

hiking

cycle

in

its

history,

raising

the

target

fed

funds

rate

by

4.25%

over

a

nine-

month

span

to

a

range

of

4.25%

to

4.50%

by

year-end.

While

inflation

began

to

ease

over

the

second

half

of

2022,

it

remains

far

higher

than

the

Fed’s

inflation

target.

Additional

rate

hikes

are

expected

in

2023,

as

Fed

officials

closely

monitor

inflation

data

along

with

other

economic

measures

and

will

modify

their

rate

setting

policy

based

upon

these

factors.

After

contracting

in

the

first

half

of

2022,

U.S.

gross

domestic

product

resumed

positive

growth

in

the

third

quarter,

according

to

the

government’s

estimates.

The

recent

strength

was

largely

attributed

to

a

narrowing

in

the

trade

deficit

while

consumer

and

business

activity

has

remained

slower

in

part

due

to

higher

prices

and

borrowing

costs.

The

sharp

increase

in

the

U.S.

dollar’s

value

relative

to

other

currencies

in

2022

has

added

further

uncertainty

to

the

economic

outlook.

However,

the

still

strong

labor

market

suggests

not

all

areas

of

the

economy

are

weakening

in

unison.

While

markets

will

likely

continue

fluctuating

with

the

daily

headlines,

we

encourage

investors

to

keep

a

long-term

perspective.

To

learn

more

about

how

well

your

portfolio

is

aligned

to

your

time

horizon,

risk

tolerance

and

investment

goals,

consider

reviewing

it

with

your

financial

professional.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Chair

of

the

Board

January

20,

2023

Important

Notices

5

For

Shareholders

of

Nuveen

Kansas

Municipal

Bond

Fund

Nuveen

Kentucky

Municipal

Bond

Fund

Nuveen

Michigan

Municipal

Bond

Fund

Nuveen

Missouri

Municipal

Bond

Fund

Nuveen

Ohio

Municipal

Bond

Fund

Nuveen

Wisconsin

Municipal

Bond

Fund

Portfolio

Manager

Commentaries

in

Semiannual

Shareholder

Reports

The

Funds

include

portfolio

manager

commentary

in

their

annual

shareholder

reports.

For

the

Funds’

most

recent

annual

portfolio

manager

discussion,

please

refer

to

the

Portfolio

Managers’

Comments

section

of

each

Fund’s

May

31,

2022

annual

shareholder

report.

For

current

information

on

your

Fund’s

investment

objectives,

portfolio

management

team

and

average

annual

total

returns

please

refer

to

the

Fund’s

website

at

www.nuveen.com.

For

changes

that

occurred

to

your

Fund

both

during

and

subsequent

to

this

reporting

period,

please

refer

to

the

Notes

to

Financial

Statements

section

of

this

report.

For

average

annual

total

returns

as

of

the

end

of

this

reporting

period,

please

refer

to

the

Performance

Overview

and

Holding

Summaries

section

within

this

report.

For

the

Shareholders

of

the

Nuveen

Wisconsin

Municipal

Bond

Fund

Fund

Closure

Effective

September

27,

2019,

Nuveen

Wisconsin

Municipal

Bond

Fund

closed

to

new

and

existing

investors,

except

for

dividend

reinvestment

plans

that

were

elected

on

or

before

the

Fund’s

closing

date.

The

Fund

reserves

the

right

to

reopen

at

its

discretion.

6

Risk

Considerations

and

Dividend

Information

Risk

Considerations

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Funds,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

call

risk,

state

concentration

risk,

tax

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

Credit

risk

refers

to

an

issuers

ability

to

make

interest

and

principal

payments

when

due.

Below

investment

grade

or

high

yield

debt

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

The

Funds’

use

of

inverse

floaters

creates

effective

leverage.

Leverage

involves

the

risk

that

the

Funds

could

lose

more

than

its

original

investment

and

also

increases

the

Funds’

exposure

to

volatility

and

interest

rate

risk.

Dividend

Information

Each

Fund

seeks

to

pay

regular

monthly

dividends

out

of

its

net

investment

income

at

a

rate

that

reflects

its

past

and

projected

net

income

performance.

To

permit

each

Fund

to

maintain

a

more

stable

monthly

dividend,

the

Fund

may

pay

dividends

at

a

rate

that

may

be

more

or

less

than

the

amount

of

net

income

actually

earned

by

the

Fund

during

the

period.

Distributions

to

shareholders

are

determined

on

a

tax

basis,

which

may

differ

from

amounts

recorded

in

the

accounting

records.

In

instances

where

the

monthly

dividend

exceeds

the

earned

net

investment

income,

the

Fund

would

report

a

negative

undistributed

net

ordinary

income.

Refer

to

Note

6

–

Income

Tax

Information

for

additional

information

regarding

the

amounts

of

undistributed

net

ordinary

income

and

undistributed

net

long-term

capital

gains

and

the

character

of

the

actual

distributions

paid

by

the

Fund

during

the

period.

All

monthly

dividends

paid

by

each

Fund

during

the

current

reporting

period

were

paid

from

net

investment

income.

If

a

portion

of

the

Fund’s

monthly

distributions

is

sourced

or

comprised

of

elements

other

than

net

investment

income,

including

capital

gains

and/

or

a

return

of

capital,

shareholders

will

be

notified

of

those

sources.

For

financial

reporting

purposes,

the

per

share

amounts

of

each

Fund’s

distributions

for

the

reporting

period

are

presented

in

this

report’s

Financial

Highlights.

For

income

tax

purposes,

distribution

information

for

each

Fund

as

of

its

most

recent

tax

year

end

is

presented

in

Note

6

–

Income

Tax

Information

within

the

Notes

to

Financial

Statements

of

this

report.

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

7

The

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summaries

for

each

Fund

are

shown

within

this

section

of

the

report.

Fund

Performance

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Investment

returns

and

principal

value

will

fluctuate

so

that

when

shares

are

redeemed,

they

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

shown.

Total

returns

for

a

period

of

less

than

one

year

are

not

annualized

(i.e.

cumulative

returns).

Since

inception

returns

are

shown

for

share

classes

that

have

less

than

10-years

of

performance.

Returns

at

net

asset

value

(NAV)

would

be

lower

if

the

sales

charge

were

included.

Returns

assume

reinvestment

of

dividends

and

capital

gains.

For

performance,

current

to

the

most

recent

month-end

visit

Nuveen.com

or

call

(800)

257-8787.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares,

Income

is

generally

exempt

from

regular

federal

income

taxes.

Some

income

may

be

subject

to

state

and

local

income

taxes

and

to

the

federal

alternative

minimum

tax.

Capital

gains,

if

any,

are

subject

to

tax.

Returns

may

reflect

fee

waivers

and/or

expense

reimbursements

by

the

investment

adviser

during

the

periods

presented.

If

any

such

waivers

and/or

reimbursements

had

not

been

in

place,

returns

would

have

been

reduced.

See

Notes

to

Financial

Statements,

Note

7—Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

Returns

reflect

differences

in

sales

charges

and

expenses,

which

are

primarily

differences

in

distribution

and

service

fees,

and

assume

reinvestment

of

dividends

and

capital

gains.

Comparative

index

and

Lipper

return

information

is

provided

for

Class

A

Shares

at

NAV

only.

Expense

Ratios

The

expense

ratios

shown

are

as

of

the

Fund’s

most

recent

prospectus.

The

expense

ratios

shown

reflect

total

operating

expenses

(before

fee

waivers

and/or

expense

reimbursements,

if

any).

The

expense

ratios

include

management

fees

and

other

fees

and

expenses.

Refer

to

the

Financial

Highlights

later

in

this

report

for

the

Fund’s

expense

ratios

as

of

the

end

of

the

reporting

period.

Effective

Leverage

Ratios

Leverage

is

created

whenever

a

Fund

has

investment

exposure

(both

reward

and/or

risk)

equivalent

to

more

than

100%

of

its

investment

capital.

The

effective

leverage

ratio

shown

for

each

Fund

is

the

amount

of

investment

exposure

created

either

directly

through

borrowings

or

indirectly

through

inverse

floaters,

divided

by

the

assets

invested,

including

those

assets

that

were

purchased

with

the

proceeds

of

the

leverage,

or

referenced

by

the

levered

instrument.

A

Fund

may

also

from

time

to

time

borrow

on

a

typically

transient

basis

in

connection

with

its

day-to-day

operations,

primarily

in

connection

with

the

need

to

pay

cash

out

to

redeeming

shareholders

or

to

settle

portfolio

trades.

Such

incidental

borrowings,

described

generally

in

Notes

to

Financial

Statements,

Note

9—Borrowing

Arrangements,

are

excluded

from

the

calculation

of

a

Fund’s

effective

leverage

ratio.

Holdings

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

each

Fund’s

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund’s

Portfolio

of

Investments

for

individual

security

information. 

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below

investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

8

Nuveen

Kansas

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holding

Summaries

November

30,

2022

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summa-

ries section

for

further

explanation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Kansas

Index.

**

Class

A

Shares

have

a

maximum

4.20%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Effective

Leverage

Ratio

as

of

November

30,

2022

Total

Returns

as

of

November

30,

2022**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

Shares

at

NAV

1/09/92

(1.35)%

(6.97)%

1.26%

1.69%

0.79%

Class

A

Shares

at

maximum

Offering

Price

1/09/92

(5.45)%

(10.90)%

0.39%

1.25%

—

S&P

Municipal

Bond

Index

—

(1.43)%

(7.94)%

1.51%

2.05%

—

S&P

Municipal

Bond

Kansas

Index

—

(0.74)%

(6.10)%

1.54%

2.18%

—

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average

—

(2.22)%

(9.43)%

0.64%

1.18%

—

Class

I

Shares

2/25/97

(1.32)%

(6.82)%

1.46%

1.89%

0.59%

Total

Returns

as

of

November

30,

2022**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Class

C

Shares

at

NAV

2/10/14

(1.75)%

(7.66)%

0.47%

1.72%

1.59%

Class

C

Shares

at

maximum

Offering

Price

2/10/14

(2.73)%

(7.66)%

0.47%

1.72%

–

Effective

Leverage

Ratio

0.00%

9

Holdings

Summaries

as

of

November

30,

2022

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

96.9‌%

Common

Stocks

3.0‌%

Other

Assets

Less

Liabilities

0.1%

Net

Assets

100‌%

States

and

Territories

1

(%

of

total

municipal

bonds)

Kansas

71.8%

Guam

14.5%

Puerto

Rico

3.9%

New

York

3.2%

Ohio

2.2%

Virgin

Islands

1.5%

Virginia

0.9%

Colorado

0.7%

Iowa

0.6%

Illinois

0.4%

New

Jersey

0.1%

Florida

0.1%

California

0.1%

Pennsylvania

0.0%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Tax

Obligation/General

29.8%

Tax

Obligation/Limited

23.2%

Utilities

13.3%

Health

Care

7.0%

U.S.

Guaranteed

6.5%

Transportation

4.9%

Other

12.3%

Common

Stocks

3.0%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

6.5%

AAA

11.4%

AA

36.1%

A

14.8%

BBB

9.4%

BB

or

Lower

11.6%

N/R

(not

rated)

7.2%

N/A

(not

applicable)

3.0%

Total

100‌%

1

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Kansas

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

2

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

10

Nuveen

Kentucky

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holding

Summaries

November

30,

2022

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summa-

ries section

for

further

explanation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Kentucky

Index.

**

Class

A

Shares

have

a

maximum

4.20%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Effective

Leverage

Ratio

as

of

November

30,

2022

Total

Returns

as

of

November

30,

2022**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

Shares

at

NAV

5/04/87

(3.05)%

(10.71)%

0.72%

1.40%

0.83%

Class

A

Shares

at

maximum

Offering

Price

5/04/87

(7.16)%

(14.46)%

(0.14)%

0.96%

—

S&P

Municipal

Bond

Index

—

(1.43)%

(7.94)%

1.51%

2.05%

—

S&P

Municipal

Bond

Kentucky

Index

—

(1.42)%

(7.45)%

1.70%

2.24%

—

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average

—

(2.22)%

(9.43)%

0.64%

1.18%

—

Class

I

Shares

2/07/97

(3.03)%

(10.52)%

0.92%

1.60%

0.63%

Total

Returns

as

of

November

30,

2022**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Class

C

Shares

at

NAV

2/10/14

(3.54)%

(11.46)%

(0.09)%

1.16%

1.63%

Class

C

Shares

at

maximum

Offering

Price

2/10/14

(4.50)%

(11.46)%

(0.09)%

1.16%

–

Effective

Leverage

Ratio

7.33%

11

Holdings

Summaries

as

of

November

30,

2022

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

108.4‌%

Other

Assets

Less

Liabilities

(0.5)%

Net

Assets

Plus

Floating

Rate

Obligations

107.9‌%

Floating

Rate

Obligations

(7.9)%

Net

Assets

100‌%

States

and

Territories

1

(%

of

total

municipal

bonds)

Kentucky

97.5%

Puerto

Rico

2.5%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Tax

Obligation/Limited

29.2%

Education

and

Civic

Organizations

19.1%

Utilities

18.7%

Health

Care

15.8%

U.S.

Guaranteed

10.0%

Transportation

6.3%

Other

0.9%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

9.9%

AAA

3.5%

AA

30.2%

A

45.7%

BBB

5.5%

BB

or

Lower

0.9%

N/R

(not

rated)

4.3%

Total

100‌%

1

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Kentucky

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

2

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

12

Nuveen

Michigan

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holding

Summaries

November

30,

2022

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summa-

ries section

for

further

explanation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Michigan

Index.

**

Class

A

Shares

have

a

maximum

4.20%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Effective

Leverage

Ratio

as

of

November

30,

2022

Total

Returns

as

of

November

30,

2022**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

Shares

at

NAV

6/27/85

(2.46)%

(10.47)%

0.70%

1.70%

0.81%

Class

A

Shares

at

maximum

Offering

Price

6/27/85

(6.56)%

(14.25)%

(0.16)%

1.26%

—

S&P

Municipal

Bond

Index

—

(1.43)%

(7.94)%

1.51%

2.05%

—

S&P

Municipal

Bond

Michigan

Index

—

(1.27)%

(7.67)%

1.73%

2.43%

—

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average

—

(2.22)%

(9.43)%

0.64%

1.18%

—

Class

I

Shares

2/03/97

(2.44)%

(10.29)%

0.89%

1.90%

0.61%

Total

Returns

as

of

November

30,

2022**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Class

C

Shares

at

NAV

2/10/14

(2.87)%

(11.16)%

(0.11)%

1.47%

1.61%

Class

C

Shares

at

maximum

Offering

Price

2/10/14

(3.83)%

(11.16)%

(0.11)%

1.47%

–

Effective

Leverage

Ratio

0.00%

13

Holdings

Summaries

as

of

November

30,

2022

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

97

.1‌

%

Other

Assets

Less

Liabilities

2.9%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

Michigan

97.4%

Puerto

Rico

2.6%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Tax

Obligation/General

34.8%

Tax

Obligation/Limited

16.9%

Utilities

16.1%

Education

and

Civic

Organizations

13.3%

U.S.

Guaranteed

6.2%

Health

Care

6.2%

Transportation

4.9%

Other

1.6%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

2.8%

AAA

8.0%

AA

68.2%

A

16.9%

BBB

0.9%

BB

or

Lower

0.2%

N/R

(not

rated)

3.0%

Total

100‌

%

1

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Michigan

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

2

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

14

Nuveen

Missouri

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holding

Summaries

November

30,

2022

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summa-

ries section

for

further

explanation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Missouri

Index.

**

Class

A

Shares

have

a

maximum

4.20%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Effective

Leverage

Ratio

as

of

November

30,

2022

Total

Returns

as

of

November

30,

2022**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

Shares

at

NAV

8/03/87

(2.26)%

(8.99)%

1.19%

1.97%

0.75%

Class

A

Shares

at

maximum

Offering

Price

8/03/87

(6.35)%

(12.80)%

0.33%

1.53%

—

S&P

Municipal

Bond

Index

—

(1.43)%

(7.94)%

1.51%

2.05%

—

S&P

Municipal

Bond

Missouri

Index

—

(1.77)%

(7.84)%

1.50%

2.15%

—

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average

—

(2.22)%

(9.43)%

0.64%

1.18%

—

Class

I

Shares

2/19/97

(2.24)%

(8.80)%

1.38%

2.17%

0.55%

Total

Returns

as

of

November

30,

2022**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Class

C

Shares

at

NAV

2/10/14

(2.66)%

(9.70)%

0.39%

1.76%

1.55%

Class

C

Shares

at

maximum

Offering

Price

2/10/14

(3.63)%

(9.70)%

0.39%

1.76%

–

Effective

Leverage

Ratio

0.00%

15

Holdings

Summaries

as

of

November

30,

2022

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

100

.0‌

%

Other

Assets

Less

Liabilities

–%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

Missouri

98.0%

Puerto

Rico

1.6%

Guam

0.4%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Health

Care

23.0%

Utilities

18.3%

Tax

Obligation/Limited

18.1%

Tax

Obligation/General

16.2%

Education

and

Civic

Organizations

9.5%

Transportation

5.7%

Long-Term

Care

4.0%

Other

5.2%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

2.7%

AAA

6.0%

AA

45.5%

A

28.2%

BBB

6.8%

BB

or

Lower

3.0%

N/R

(not

rated)

7.8%

Total

100‌

%

1

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Missouri

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

2

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

16

Nuveen

Ohio

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holding

Summaries

November

30,

2022

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summa-

ries section

for

further

explanation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Ohio

Index.

**

Class

A

Shares

have

a

maximum

4.20%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Effective

Leverage

Ratio

as

of

November

30,

2022

Total

Returns

as

of

November

30,

2022**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

Shares

at

NAV

6/27/85

(1.17)%

(7.56)%

1.47%

2.01%

0.76%

Class

A

Shares

at

maximum

Offering

Price

6/27/85

(5.35)%

(11.47)%

0.61%

1.57%

—

S&P

Municipal

Bond

Index

—

(1.43)%

(7.94)%

1.51%

2.05%

—

S&P

Municipal

Bond

Ohio

Index

—

(1.91)%

(8.33)%

1.90%

2.63%

—

Lipper

Ohio

Municipal

Debt

Funds

Classification

Average

—

(1.90)%

(9.25)%

0.82%

1.42%

—

Class

I

Shares

2/03/97

(0.98)%

(7.31)%

1.68%

2.21%

0.56%

Total

Returns

as

of

November

30,

2022**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Class

C

Shares

at

NAV

2/10/14

(1.49)%

(8.28)%

0.68%

1.85%

1.56%

Class

C

Shares

at

maximum

Offering

Price

2/10/14

(2.47)%

(8.28)%

0.68%

1.85%

–

Effective

Leverage

Ratio

0.00%

17

Holdings

Summaries

as

of

November

30,

2022

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

93

.0‌

%

Common

Stocks

4

.6‌

%

Other

Assets

Less

Liabilities

2.4%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

Ohio

98.3%

Puerto

Rico

1.7%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Tax

Obligation/Limited

18.9%

Tax

Obligation/General

18.8%

Utilities

17.6%

Education

and

Civic

Organizations

12.7%

U.S.

Guaranteed

9.3%

Health

Care

8.9%

Other

9.1%

Common

Stocks

4.7%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

6.9%

AAA

26.8%

AA

41.2%

A

10.8%

BBB

2.4%

BB

or

Lower

1.1%

N/R

(not

rated)

6.1%

N/A

(not

applicable)

4.7%

Total

100‌

%

1

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Ohio

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

2

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

18

Nuveen

Wisconsin

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holding

Summaries

November

30,

2022

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summa-

ries section

for

further

explanation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Wisconsin

Index.

**

Class

A

Shares

have

a

maximum

4.20%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Effective

Leverage

Ratio

as

of

November

30,

2022

Total

Returns

as

of

November

30,

2022**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

Shares

at

NAV

6/01/94

(2.80)%

(9.60)%

1.54%

1.77%

0.89%

Class

A

Shares

at

maximum

Offering

Price

6/01/94

(6.89)%

(13.40)%

0.67%

1.34%

—

S&P

Municipal

Bond

Index

—

(1.43)%

(7.94)%

1.51%

2.05%

—

S&P

Municipal

Bond

Wisconsin

Index

—

(2.13)%

(8.71)%

1.19%

1.93%

—

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average

—

(2.22)%

(9.43)%

0.64%

1.18%

—

Class

I

Shares

2/25/97

(2.68)%

(9.38)%

1.73%

1.96%

0.69%

Total

Returns

as

of

November

30,

2022**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Class

C

Shares

at

NAV

2/10/14

(3.19)%

(10.34)%

0.73%

1.97%

1.69%

Class

C

Shares

at

maximum

Offering

Price

2/10/14

(4.14)%

(10.34)%

0.73%

1.97%

–

Effective

Leverage

Ratio

7.43%

19

Holdings

Summaries

as

of

November

30,

2022

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

98.6‌%

Common

Stocks

8.0‌%

Other

Assets

Less

Liabilities

1.4%

Net

Assets

Plus

Floating

Rate

Obligations

108.0‌%

Floating

Rate

Obligations

(8.0)%

Net

Assets

100‌%

States

and

Territories

1

(%

of

total

municipal

bonds)

Wisconsin

90.1%

Puerto

Rico

7.1%

Virgin

Islands

1.4%

Guam

0.6%

Illinois

0.4%

Minnesota

0.3%

Maryland

0.1%

Ohio

0.0%

Pennsylvania

0.0%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Tax

Obligation/Limited

23.5%

Health

Care

23.4%

Housing/Multifamily

20.7%

Long-Term

Care

11.5%

Education

and

Civic

Organizations

6.5%

Other

6.9%

Common

Stocks

7.5%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

1.6%

AAA

4.4%

AA

28.9%

A

34.4%

BBB

10.4%

BB

or

Lower

1.4%

N/R

(not

rated)

11.4%

N/A

(not

applicable)

7.5%

Total

100‌%

1

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Wisconsin

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

2

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

20

Yields

as

of

November

30,

2022

Dividend

Yield

is

the

most

recent

dividend

per

share

(annualized)

divided

by

the

offering

price

per

share.

The

SEC

30-Day

Yield

is

a

standardized

measure

of

a

fund’s

yield

that

accounts

for

the

future

amortization

of

premiums

or

discounts

of

bonds

held

in

the

fund’s

portfolio.

The

SEC

30-Day

Yield

is

computed

under

an

SEC

standardized

formula

and

is

based

on

the

maximum

offer

price

per

share. 

Dividend

Yield

may

differ

from

the

SEC

30-Day

Yield

because

the

fund

may

be

paying

out

more

or

less

than

it

is

earning

and

it

may

not

include

the

effect

of

amortization

of

bond

premium

or

discounts.

The

Taxable-Equivalent

Yield

represents

the

yield

that

must

be

earned

on

a

fully

taxable

investment

in

order

to

equal

the

yield

of

the

Fund

on

an

after-tax

basis

at

an

assumed

tax

rate.

Your

actual

combined

federal

and

state

income

tax

rates

may

differ

from

the

assumed

rate.

Taxable-Equivalent

Yield

also

takes

into

account

the

percentage

of

the

Fund’s

income

generated

and

paid

by

the

Fund

(based

on

payments

made

during

the

previous

calendar

year)

that

was

either

exempt

from

federal

income

tax

but

not

from

state

income

tax

(e.g.,

income

from

an

out-of-state

municipal

bond),

or

was

exempt

from

neither

federal

nor

state

income

tax.

Separately,

if

the

comparison

were

instead

to

investments

that

generate

qualified

dividend

income,

which

is

taxable

at

a

rate

lower

than

an

individual’s

ordinary

graduated

tax

rate,

the

fund’s

Taxable-Equivalent

Yield

would

be

lower.

Nuveen

Kansas

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

2

.27

%

1

.58

%

2

.60

%

SEC

30-Day

Yield

3

.07

%

2

.42

%

3

.40

%

Taxable-Equivalent

Yield

(46.5%)

2

5

.64

%

4

.44

%

6

.24

%

Nuveen

Kentucky

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

2

.54

%

1

.91

%

2

.90

%

SEC

30-Day

Yield

3

.12

%

2

.48

%

3

.45

%

Taxable-Equivalent

Yield

(45.8%)

2

5

.75

%

4

.57

%

6

.36

%

Nuveen

Michigan

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

2

.18

%

1

.48

%

2

.51

%

SEC

30-Day

Yield

2

.94

%

2

.29

%

3

.27

%

Taxable-Equivalent

Yield

(45.1%)

2

5

.34

%

4

.16

%

5

.93

%

Nuveen

Missouri

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

2

.77

%

2

.15

%

3

.13

%

SEC

30-Day

Yield

3

.31

%

2

.67

%

3

.65

%

Taxable-Equivalent

Yield

(46.1%)

2

6

.07

%

4

.89

%

6

.69

%

Nuveen

Ohio

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

2

.28

%

1

.56

%

2

.55

%

SEC

30-Day

Yield

2

.85

%

2

.20

%

3

.17

%

Taxable-Equivalent

Yield

(44.8%)

2

5

.16

%

3

.99

%

5

.74

%

21

Nuveen

Wisconsin

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

3

.17

%

2

.57

%

3

.55

%

SEC

30-Day

Yield

3

.37

%

2

.74

%

3

.71

%

Taxable-Equivalent

Yield

(48.5%)

2

6

.46

%

5

.25

%

7

.11

%

1

The

SEC

Yield

for

Class

A

shares

quoted

in

the

table

reflects

the

maximum

sales

load.

Investors

paying

a

reduced

load

because

of

volume

discounts,

investors

paying

no

load

because

they

qualify

for

one

of

the

several

exclusions

from

the

load

and

existing

shareholders

who

previously

paid

a

load

but

would

like

to

know

the

SEC

Yield

applicable

to

their

shares

on

a

going-forward

basis,

should

understand

the

SEC

Yield

effectively

applicable

to

them

would

be

higher

than

the

figure

quoted

in

the

table.

2

The

Taxable-Equivalent

Yield

is

based

on

the

Fund's

SEC

30-Day

Yield

on

the

indicated

date

and

a

combined

federal

and

state

income

tax

rate

shown

in

the

respective

table

above.

22

Expense

Examples

As

a

shareholder

of

one

or

more

of

the

Funds,

you

incur

two

types

of

costs:

(1)

transaction

costs, including

up-front

and

back-end

sales

charges

(loads)

or

redemption

fees,

where

applicable;

and

(2)

ongoing

costs,

including

management

fees;

distribution

and

service

(12b-1)

fees,

where

applicable;

and

other

Fund

expenses.

The

Examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Funds

and

to

compare

these

costs

with

the

ongoing

costs

of investing

in

other

mutual

funds.

The

Examples

below

do

not

include

the

interest

and

related

expenses

from

inverse

floaters

that

are

reflected

in

the

financial

statements

later

within

this

report,

when

applicable.

The

Examples

below

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

period

ended

November

30,

2022.

The

beginning

of

the

period

is

June

1,

2022.

The

information

under

“Actual

Performance,”

together

with

the

amount

you

invested,

allows

you

to

estimate

actual

expenses

incurred

over

the

reporting

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.60)

and

multiply

the

result

by

the

cost

shown

for

your

share

class,

in

the

row

entitled

“Expenses

Incurred

During

Period”

to

estimate

the

expenses

incurred

on

your

account

during

this

period.

The

information

under

“Hypothetical

Performance,”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

each

Fund’s

actual

expense

ratios

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expense

you

incurred

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

following

tables

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs.

Therefore,

the

hypothetical

information

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds

or

share

classes.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Nuveen

Kansas

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

986.52

$

982.48

$

986.78

Expenses

Incurred

During

the

Period

$

3.93

$

7.90

$

2.94

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,021.11

$

1,017.10

$

1,022.11

Expenses

Incurred

During

the

Period

$

4.00

$

8.04

$

2.99

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.79%,

1.59%

and

0.59%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183

/365

(to

reflect

the

one-half

year

period).

Nuveen

Kentucky

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

969.48

$

964.58

$

969.65

Expenses

Incurred

During

the

Period

$

3.80

$

7.73

$

2.81

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,021.21

$

1,017.20

$

1,022.21

Expenses

Incurred

During

the

Period

$

3.90

$

7.94

$

2.89

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.77%,

1.57%

and

0.57%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183

/365

(to

reflect

the

one-half

year

period).

23

Nuveen

Michigan

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

975.39

$

971.33

$

975.56

Expenses

Incurred

During

the

Period

$

4.01

$

7.96

$

3.02

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,021.01

$

1,017.00

$

1,022.01

Expenses

Incurred

During

the

Period

$

4.10

$

8.14

$

3.09

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.81%,

1.61%

and

0.61%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183

/365

(to

reflect

the

one-half

year

period).

Nuveen

Missouri

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

977.44

$

973.38

$

977.62

Expenses

Incurred

During

the

Period

$

3.77

$

7.72

$

2.78

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,021.26

$

1,017.25

$

1,022.26

Expenses

Incurred

During

the

Period

$

3.85

$

7.89

$

2.84

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.76%,

1.56%

and

0.56%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183

/365

(to

reflect

the

one-half

year

period).

Nuveen

Ohio

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

988.29

$

985.12

$

990.21

Expenses

Incurred

During

the

Period

$

3.89

$

7.86

$

2.84

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,021.16

$

1,017.15

$

1,022.21

Expenses

Incurred

During

the

Period

$

3.95

$

7.99

$

2.89

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.78%,

1.58%

and

0.57%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183

/365

(to

reflect

the

one-half

year

period).

Nuveen

Wisconsin

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

972.03

$

968.11

$

973.24

Expenses

Incurred

During

the

Period

$

4.30

$

8.24

$

3.31

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,020.71

$

1,016.70

$

1,021.71

Expenses

Incurred

During

the

Period

$

4.41

$

8.44

$

3.40

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.87%,

1.67%

and

0.67%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183

/365

(to

reflect

the

one-half

year

period).

24

Nuveen

Kansas

Municipal

Bond

Fund

Portfolio

of

Investments

November

30,

2022

(Unaudited)

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

LONG-TERM

INVESTMENTS

-

99.9%   

X

228,253,564

MUNICIPAL

BONDS

-

96.9%  

X

228,253,564

Consumer

Staples

-

4.8%

$

7,080

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A-2

Class

1,

3.000%,

6/01/48

6/30

at

100.00

BBB+

$

5,077,493

1,535

Children's

Trust

Fund,

Puerto

Rico,

Tobacco

Settlement

Asset-Backed

Bonds,

Refunding

Series

2002,

5.500%,

5/15/39

1/23

at

100.00

BBB

1,531,162

955

Guam

Economic

Development

&

Commerce

Authority,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007A,

5.250%,

6/01/32

12/22

at

100.00

N/R

911,796

620

New

York

Counties

Tobacco

Trust

VI,

New

York,

Tobacco

Settlement

Pass-

Through

Bonds,

Series

Series

2016A-1,

5.625%,

6/01/35

No

Opt.

Call

A-

632,549

625

New

York

Counties

Tobacco

Trust

VI,

New

York,

Tobacco

Settlement

Pass-

Through

Bonds,

Turbo

Term

Series

2016A.

Including

2016A-1,

2016A-

2A

and

2016A-2B,

5.000%,

6/01/51

6/26

at

100.00

N/R

577,750

320

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018B,

5.000%,

6/01/46

6/28

at

100.00

BBB-

309,689

2,510

TSASC

Inc.,

New

York,

Tobacco

Asset-Backed

Bonds,

Series

2006,

5.000%,

6/01/48

6/27

at

100.00

N/R

2,329,280

13,645

Total

Consumer

Staples

11,369,719

Education

and

Civic

Organizations

-

3.5%

Kansas

City

Kansas

Community

College,

Wyandotte

County,

Kansas,

Auxiliary

Enterprise

System

Revenue

Bonds,

Series

2021:

3,000

4.000%,

9/01/47

9/30

at

100.00

A

2,706,960

2,000

4.000%,

9/01/52

9/30

at

100.00

A

1,766,180

250

Kansas

Development

Finance

Authority,

Revenue

Bonds,

Kansas

State

University

Projects,

Refunding

Series

2016A,

4.000%,

3/01/27

3/24

at

100.00

Aa3

252,965

1,000

Topeka,

Kansas,

Economic

Development

Revenue

Bonds,

YMCA

Project,

Refunding

Series

2011A,

6.500%,

9/01/32

(4)

1/23

at

100.00

N/R

300,000

3,135

Washburn

University

of

Topeka,

Kansas,

Revenue

Bonds,

Series

2015A,

5.000%,

7/01/35

7/25

at

100.00

A1

3,263,880

9,385

Total

Education

and

Civic

Organizations

8,289,985

Health

Care

-

7.0%

385

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2,

5.000%,

8/01/39

8/29

at

100.00

A-

397,239

Hutchinson,

Kansas,

Hospital

Facilities

Revenue

Bonds,

Hutchinson

Regional

Medical

Center,

Inc.,

Series

2016:

1,075

5.000%,

12/01/36

12/26

at

100.00

Ba1

1,076,537

400

5.000%,

12/01/41

12/26

at

100.00

Ba1

393,132

875

Illinois

Finance

Authority,

Revenue

Bonds,

Ascension

Health/fkaPresence

Health

Network,

Series

2016C,

5.000%,

2/15/36

2/27

at

100.00

AA+

921,358

Kansas

Development

Finance

Authority,

Hospital

Revenue

Bonds,

Advent

Health

Obligated

Group,

Series

2021B:

740

5.000%,

11/15/54,

(Mandatory

Put

11/15/31)

No

Opt.

Call

AA

820,823

285

5.000%,

11/15/54,

(Mandatory

Put

11/15/28)

No

Opt.

Call

AA

312,314

Lawrence,

Kansas,

Hospital

Revenue

Bonds,

Lawrence

Memorial

Hospital,

Series

2018A:

305

5.000%,

7/01/43

7/28

at

100.00

A-

311,640

5,000

5.000%,

7/01/48

7/28

at

100.00

A-

5,108,100

Orange

County

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Advent

Health

Obligated

Group,

Series

2021C:

270

5.000%,

11/15/52,

(Mandatory

Put

11/15/26)

No

Opt.

Call

AA

288,706

25

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Health

Care

(continued)

Puerto

Rico

Industrial,

Tourist,

Educational,

Medical

and

Environmental

Control

Facilities

Financing

Authority,

Hospital

Revenue

Bonds,

(Hospital

Auxilio

Mutuo

Obligated

Group

Project,

Refunding

Series

2021:

$

920

5.000%,

7/01/27

No

Opt.

Call

BBB+

$

977,969

295

5.000%,

7/01/29

No

Opt.

Call

BBB+

318,889

2,000

University

of

Kansas

Hospital

Authority,

Health

Facilities

Revenue

Bonds,

KU

Health

System,

Refunding

&

Improvement

Series

2015,

5.000%,

9/01/45

9/25

at

100.00

AA-

2,028,020

3,500

University

of

Kansas

Hospital

Authority,

Health

Facilities

Revenue

Bonds,

University

of

Kansas

Health

System,

Series

2017A,

5.000%,

3/01/47

3/27

at

100.00

AA-

3,565,590

16,050

Total

Health

Care

16,520,317

Housing/Multifamily

-

1.2%

3,000

Wichita,

Kansas,

Multifamily

Housing

Revenue

Bonds,

Wichita

Senior

Housing,

Series

2021-IV,

0.510%,

11/01/25,

(Mandatory

Put

11/01/24)

No

Opt.

Call

Aaa

2,818,110

Industrials

-

0.6%

1,415

Iowa

Finance

Authority,

Iowa,

Midwestern

Disaster

Area

Revenue

Bonds,

Alcoa

Inc.

Project,

Series

2012,

4.750%,

8/01/42

1/23

at

100.00

BBB-

1,289,914

Long-Term

Care

-

2.2%

2,500

Kansas

Development

Finance

Authority

Revenue

Bonds,

Village

Shalom

Project,

Series

2018A,

5.250%,

11/15/53

11/23

at

103.75

N/R

1,799,150

2,715

Wichita,

Kansas,

Health

Care

Facilities

Revenue

Bonds,

Presbyterian

Manors,

Series

2013IV-A,

6.375%,

5/15/43

5/23

at

100.00

N/R

2,724,801

665

Wichita,

Kansas,

Health

Care

Facilities

Revenue

Bonds,

Presbyterian

Manors,

Series

2014IV-A,

5.625%,

5/15/44

5/24

at

100.00

N/R

645,243

5,880

Total

Long-Term

Care

5,169,194

Tax

Obligation/General

-

29.8%

Allen

County

Unified

School

District

257

Iola,

Kansas,

General

Obligation

Bonds,

School

Building

Series

2019A:

1,120

4.000%,

9/01/33

-

BAM

Insured

9/28

at

100.00

AA

1,161,418

1,150

4.000%,

9/01/34

-

BAM

Insured

9/28

at

100.00

AA

1,188,663

1,000

3.000%,

9/01/38

-

BAM

Insured

9/28

at

100.00

AA

862,280

1,000

Butler

County

Unified

School

District

490,

Kansas,

General

Obligation

Bonds,

Refunding

Series

2016A,

4.000%,

9/01/35

-

BAM

Insured

9/26

at

100.00

AA

1,020,680

3,000

Butler

County

Unified

School

District

490,

Kansas,

General

Obligation

Bonds,

School

Building

Series

2016B,

4.000%,

9/01/43

-

BAM

Insured

9/26

at

100.00

AA

2,956,770

3,000

City

of

Leawood.

Kansas,

General

Obligation

Temporary

Notes,

Series

2022-1,

3.000%,

9/01/23

No

Opt.

Call

N/R

3,005,580

100

Douglas

County

Unified

School

District

497,

Kansas,

General

Obligation

Bonds,

Series

2017A,

3.125%,

9/01/37

9/27

at

100.00

Aa3

89,017

500

Geary

County

Unified

School

District

475,

Kansas,

General

Obligation

Bonds,

Refunding

Series

2021B,

3.000%,

9/01/43

9/31

at

100.00

Aa3

390,655

5,000

Harvey

County

Unified

School

District

460,

Hesston,

Kansas,

General

Obligation

Bonds,

Series

2022,

5.000%,

9/01/52

-

BAM

Insured

9/31

at

100.00

AA

5,235,700

Johnson

County

Unified

School

District

229,

Blue

Valley,

Kansas,

General

Obligation

Bonds,

School

Series

2020A:

2,000

3.000%,

10/01/28

No

Opt.

Call

Aaa

2,012,140

2,500

2.500%,

10/01/39

10/30

at

100.00

Aaa

1,930,600

Johnson

County

Unified

School

District

229,

Blue

Valley,

Kansas,

General

Obligation

Bonds,

School

Series

2022A:

2,070

5.000%,

10/01/28

No

Opt.

Call

Aaa

2,318,586

1,610

5.000%,

10/01/31

No

Opt.

Call

Aaa

1,882,799

2,200

Johnson

County

Unified

School

District

231

Gardner

Edgerton,

Kansas,

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2013A,

5.000%,

10/01/28

10/23

at

100.00

AA-

2,242,636

1,490

Johnson

County

Unified

School

District

231

Gardner

Edgerton,

Kansas,

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2016A,

5.000%,

10/01/33

10/25

at

100.00

AA-

1,573,157

Nuveen

Kansas

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

26

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/General

(continued)

$

10,000

Johnson

County

Unified

School

District

512,

Shawnee

Mission,

Kansas,

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2021A,

3.000%,

10/01/41

10/30

at

100.00

Aaa

$

8,392,600

500

Johnson

County,

Kansas,

General

Obligation

Bonds,

General

Improvement

Series

2016A,

5.000%,

9/01/24

No

Opt.

Call

AAA

520,360

5,000

Johnson

County,

Kansas,

General

Obligation

Bonds,

Internal

Improvement

Series

2018A,

4.000%,

9/01/34

9/27

at

100.00

AAA

5,144,150

620

Johnson/Miami

County

Unified

School

District

230

Spring

Hill,

Kansas,

General

Obligation

Bonds,

Refunding

Series

2016,

5.000%,

9/01/26

No

Opt.

Call

A1

668,713

1,000

Johnson/Miami

County

Unified

School

District

230

Spring

Hill,

Kansas,

General

Obligation

Bonds,

Series

2018A,

5.000%,

9/01/34

9/27

at

100.00

A1

1,093,060

1,000

Leavenworth

County

Unified

School

District

464,

Tonganoxie,

Kansas,

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2019A,

4.000%,

9/01/45

9/27

at

100.00

A1

1,000,750

500

Linn

County

Unified

School

District

362,

Kansas,

General

Obligation

Bonds,

Series

2020,

3.000%,

9/01/35

9/28

at

100.00

A+

465,720

3,550

Lyon

County

Unified

School

District

253

Emporia,

Kansas,

General

Obligation

Bonds,

Series

2019,

4.000%,

9/01/48

9/27

at

100.00

A1

3,347,756

Reno

County,

Kansas,

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2021:

205

3.000%,

9/01/31

9/28

at

100.00

Aa3

197,628

200

3.000%,

9/01/34

9/28

at

100.00

Aa3

182,712

1,130

Riley

County

Unified

School

District

383,

Manhattan-Ogen,

Kansas,

General

Obligation

Bonds,

Refunding

Series

2016,

4.000%,

9/01/29

9/26

at

100.00

Aa2

1,167,731

Saline

County,

Kansas,

General

Obligation

Bonds,

Sales

Tax

Series

2021B:

3,425

3.000%,

9/01/32

9/30

at

100.00

Aa2

3,301,152

2,530

3.000%,

9/01/33

9/30

at

100.00

Aa2

2,398,010

500

2.000%,

9/01/34

9/30

at

100.00

Aa2

410,440

465

Sedgwick

County

Unified

School

District

262,

Kansas,

General

Obligation

Bonds,

Refunding

Series

2017,

4.000%,

9/01/30

-

BAM

Insured

9/26

at

100.00

AA

487,762

Sedgwick

County

Unified

School

District

266

Maize,

Harvey

County,

Kansas,

General

Obligation

Bonds,

Series

2019A:

1,325

4.000%,

9/01/30

9/27

at

100.00

AA

1,376,622

1,650

4.000%,

9/01/31

9/27

at

100.00

AA

1,707,651

500

4.000%,

9/01/32

9/27

at

100.00

AA

516,885

Wichita,

Kansas,

General

Obligation

Bonds,

Airport

Series

2015C:

2,000

5.000%,

12/01/39,

(AMT)

12/25

at

100.00

AA+

2,110,700

500

4.250%,

12/01/44,

(AMT)

12/25

at

100.00

AA+

504,060

Wyandotte

County

Unified

School

District

203,

Piper,

Kansas,

General

Obligation

Bonds,

Improvement

Series

2018A:

1,240

5.000%,

9/01/39

9/28

at

100.00

A+

1,340,527

1,000

5.000%,

9/01/40

9/28

at

100.00

A+

1,074,180

1,000

4.000%,

9/01/48

9/28

at

100.00

A+

968,600

200

Wyandotte

County/Kansas

City

Unified

Government,

Kansas,

General

Obligation

Bonds,

Improvement

Series

2015A,

3.000%,

8/01/28

8/24

at

100.00

AA

198,634

Wyandotte

County/Kansas

City

Unified

Government,

Kansas,

General

Obligation

Bonds,

Improvement

Series

2020A:

1,515

3.000%,

8/01/30

-

BAM

Insured

8/28

at

100.00

AA

1,476,549

2,395

3.000%,

8/01/31

-

BAM

Insured

8/28

at

100.00

AA

2,304,373

71,690

Total

Tax

Obligation/General

70,228,006

Tax

Obligation/Limited

-

23.2%

Dodge

City,

Kansas,

Sales

Tax

Revenue

Bonds,

Refunding

Series

2016:

500

5.000%,

6/01/28

-

AGM

Insured

6/27

at

100.00

AA

544,410

1,380

5.000%,

6/01/29

-

AGM

Insured

6/27

at

100.00

AA

1,500,446

2,295

5.000%,

6/01/30

-

AGM

Insured

6/27

at

100.00

AA

2,495,170

1,320

5.000%,

6/01/31

-

AGM

Insured

6/27

at

100.00

AA

1,434,708

27

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/Limited

(continued)

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D:

$

1,000

5.000%,

11/15/34

11/25

at

100.00

BB

$

1,013,660

250

4.000%,

11/15/39

11/25

at

100.00

BB

223,158

2,000

5.000%,

11/15/39

11/25

at

100.00

BB

2,009,060

Guam

Government,

Limited

Obligation

Section

30

Revenue

Bonds,

Series

2016A:

1,000

5.000%,

12/01/24

No

Opt.

Call

BB

1,020,190

2,000

5.000%,

12/01/25

No

Opt.

Call

BB

2,056,900

1,000

5.000%,

12/01/30

12/26

at

100.00

BB

1,029,470

1,000

5.000%,

12/01/32

12/26

at

100.00

BB

1,025,270

2,275

5.000%,

12/01/33

12/26

at

100.00

BB

2,325,778

4,250

5.000%,

12/01/46

12/26

at

100.00

BB

4,221,822

2,630

Johnson

County

Community

College,

Kansas,

Certificates

of

Participation,

Series

2017,

4.000%,

10/01/28

10/26

at

100.00

Aa2

2,725,732

Kansas

Department

of

Transportation,

Highway

Revenue

Bonds,

Series

2015B:

1,000

5.000%,

9/01/29

9/25

at

100.00

AA

1,060,540

1,500

5.000%,

9/01/35

9/25

at

100.00

AA

1,574,130

2,240

Kansas

Department

of

Transportation,

Highway

Revenue

Bonds,

Series

2017A,

5.000%,

9/01/33

9/27

at

100.00

AA

2,439,091

Kansas

Development

Finance

Authority,

Kansas,

Revenue

Bonds,

State

of

Kansas

Projects,

Series

2021P:

1,630

4.000%,

5/01/31

5/30

at

100.00

Aa3

1,718,607

3,260

3.000%,

5/01/32

5/30

at

100.00

Aa3

3,090,838

Kansas

Development

Finance

Authority,

Kansas,

Sales

Tax

Revenue

Bonds,

K-State

Olathe

Innovation

Campus

Inc.,

Series

2019H-1:

1,170

4.000%,

9/01/30

9/27

at

100.00

Aa2

1,223,481

1,350

3.000%,

9/01/34

9/27

at

100.00

Aa2

1,272,145

7,735

Overland

Park

Development

Corporation,

Kansas,

Revenue

Bonds,

Convention

Center

Hotel,

Refunding

&

improvement

Series

2019,

5.000%,

3/01/44

3/29

at

100.00

BB-

7,244,060

Overland

Park,

Kansas,

Sales

Tax

Revenue

Bonds,

Prairiefire

Community

Improvement

District

No.

1

Project,

Series

2012B:

200

0.000%,

12/15/29

(4)

1/23

at

100.00

N/R

105,000

200

0.000%,

12/15/34

(4)

1/23

at

100.00

N/R

105,000

2,775

Overland

Park,

Kansas,

Sales

Tax

Special

Obligation

Revenue

Bonds,

Prairiefire

at

Lionsgate

Project,

Series

2012,

6.000%,

12/15/32

1/23

at

100.00

N/R

1,213,119

335

Ozawkie

Kansas,

General

Obligation

Refunding

Bonds,

Series

2020,

3.000%,

9/01/39

9/27

at

100.00

A

302,126

Puerto

Rico

Highway

and

Transportation

Authority,

Highway

Revenue

Bonds,

Series

2007N:

410

9.322%,

7/01/27

-

AMBAC

Insured

(12MTA

reference

rate

+

1.120%

spread)

(5)

No

Opt.

Call

N/R

389,349

295

5.250%,

7/01/32

-

NPFG

Insured

No

Opt.

Call

AAA

294,699

430

5.250%,

7/01/33

-

NPFG

Insured

No

Opt.

Call

AAA

428,598

1,000

5.250%,

7/01/36

-

AGC

Insured

No

Opt.

Call

AAA

991,710

2,000

Virgin

Islands

Public

Finance

Authority,

Gross

Receipts

Taxes

Loan

Note,

Refunding

Series

2012A,

5.000%,

10/01/32

-

AGM

Insured

1/23

at

100.00

AA

2,001,040

1,565

Wyandotte

County/Kansas

City

Unified

Government,

Kansas,

Community

Improvement

District

Sales

Tax

Revenue

Bonds,

Legends

Appartments

Garage

&

West

Lawn

Project,

Series

2018,

4.500%,

6/01/40

12/26

at

100.00

N/R

1,402,741

Wyandotte

County-Kansas

City

Unified

Government,

Kansas,

Sales

Tax

Special

Obligation

Bonds,

Kansas

International

Speedway

Corporation

Project,

Refunding

Series

2014:

1,370

5.000%,

12/01/25

12/24

at

100.00

BBB+

1,431,170

1,260

5.000%,

12/01/26

12/24

at

100.00

BBB+

1,314,760

1,175

Wyandotte

County-Kansas

City

Unified

Government,

Kansas,

Sales

Tax

Special

Obligation

Bonds,

Vacation

Village

Project

Area

1

and

2A,

Series

2015,

5.750%,

9/01/32

9/25

at

100.00

N/R

1,068,898

Nuveen

Kansas

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

28

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/Limited

(continued)

$

395

Wyandotte

County-Kansas

City

Unified

Government,

Kansas,

Sales

Tax

Special

Obligation

Revenue

Bonds,

Kansas

International

Speedway

Corporation,

Series

1999,

0.000%,

12/01/27

No

Opt.

Call

N/R

$

319,733

56,195

Total

Tax

Obligation/Limited

54,616,609

Transportation

-

4.8%

1,120

Colorado

High

Performance

Transportation

Enterprise,

C-470

Express

Lanes

Revenue

Bonds,

Senior

Lien

Series

2017,

5.000%,

12/31/51

12/24

at

100.00

BBB

1,121,277

Guam

A.B.

Won

Pat  International

Airport

Authority,

Revenue

Bonds,

Series

2013C:

1,175

6.250%,

10/01/34,

(AMT)

10/23

at

100.00

Baa2

1,205,139

Kansas

State

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Refunding

Series

2019A:

1,065

5.000%,

9/01/31

9/29

at

100.00

Aa2

1,209,158

1,100

5.000%,

9/01/38

9/29

at

100.00

Aa2

1,220,626

1,000

Kansas

State

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Refunding

Series

2020A,

3.000%,

9/01/26

No

Opt.

Call

Aa2

1,006,780

1,515

New

York

Transportation

Development

Corporation,

New

York,

Special

Facilities

Bonds,

LaGuardia

Airport

Terminal

B

Redevelopment

Project,

Series

2016A,

5.000%,

7/01/46,

(AMT)

7/24

at

100.00

Baa2

1,504,986

2,155

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

American

Airlines,

Inc.

John

F

Kennedy

International

Airport

Project,

Refunding

Series

2016,

5.000%,

8/01/31,

(AMT)

12/22

at

100.00

B

2,155,021

2,000

Virginia

Small

Business

Financing

Authority,

Private

Activity

Revenue

Bonds,

Transform

66

P3

Project,

Senior

Lien

Series

2017,

5.000%,

12/31/56,

(AMT)

6/27

at

100.00

BBB

1,983,720

11,130

Total

Transportation

11,406,707

U.S.

Guaranteed

-

6.5%

(6)

Anderson

County,

Kansas,

General

Obligation

Bonds,

Refunding

and

Improvent

Series

2013A:

935

5.000%,

8/01/33,

(Pre-refunded

8/01/23)

-

AGM

Insured

8/23

at

100.00

AA

950,044

565

5.000%,

8/01/33,

(Pre-refunded

8/01/23)

-

AGM

Insured

8/23

at

100.00

AA

574,091

1,500

Coffeyville,

Kansas,

Electric

Utility

System

Revenue

Bonds,

Series

2015B,

5.000%,

6/01/42,

(Pre-refunded

6/01/25),

144A

6/25

at

100.00

Baa2

1,571,625

Guam

A.B.

Won

Pat  International

Airport

Authority,

Revenue

Bonds,

Series

2013C:

775

6.250%,

10/01/34,

(Pre-refunded

10/01/23),

(AMT)

10/23

at

100.00

Baa2

794,879

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2013:

500

5.250%,

7/01/33,

(Pre-refunded

7/01/23)

7/23

at

100.00

A-

507,825

2,000

5.500%,

7/01/43,

(Pre-refunded

7/01/23)

7/23

at

100.00

A-

2,034,160

1,250

Johnson

County

Unified

School

District

512,

Shawnee

Mission,

Kansas,

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2015A,

5.000%,

10/01/34,

(Pre-refunded

10/01/25)

10/25

at

100.00

Aaa

1,332,387

Kansas

Development

Finance

Authority,

Hospital

Revenue

Bonds,

Advent

Health

Obligated

Group,

Series

2021B:

40

5.000%,

11/15/54,

(Pre-refunded

11/15/28)

No

Opt.

Call

N/R

44,452

1,500

Kansas

Municipal

Energy

Agency,

Power

Project

Revenue

Bonds,

Jameson

Energy

Center

Project,

Series

2013,

5.750%,

7/01/38,

(Pre-refunded

7/01/23)

7/23

at

100.00

A-

1,527,765

Leavenworth

County

Unified

School

District

453,

Kansas,

General

Obligation

Bonds,

Series

2018A:

365

4.000%,

9/01/37,

(Pre-refunded

9/01/26)

9/26

at

100.00

Aa3

382,370

2,155

4.000%,

9/01/38,

(Pre-refunded

9/01/26)

9/26

at

100.00

Aa3

2,257,557

Orange

County

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Advent

Health

Obligated

Group,

Series

2021C:

15

5.000%,

11/15/52,

(Pre-refunded

11/15/26)

No

Opt.

Call

N/R

16,172

2,000

Sedgwick

County

Unified

School

District

260,

Kansas,

General

Obligation

Bonds,

Refunding

&

School

Building

Series

2018B,

5.000%,

10/01/40,

(Pre-refunded

10/01/26)

10/26

at

100.00

Aa3

2,170,900

29

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

U.S.

Guaranteed

(6)

(continued)

$

1,000

Wyandotte

County

Unified

School

District

500,

Kansas,

General

Obligation

Bonds,

Improvement

Series

2016A,

4.125%,

9/01/37,

(Pre-refunded

9/01/26)

9/26

at

100.00

AA-

$

1,052,020

14,600

Total

U.S.

Guaranteed

15,216,247

Utilities

-

13.3%

1,255

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Generation

Project,

Refunding

Series

2006A,

3.500%,

4/01/41

(4)

No

Opt.

Call

N/R

1,569

130

California

Pollution

Control

Financing

Authority,

Water

Furnishing

Revenue

Bonds,

Poseidon

Resources

Channelside

LP

Desalination

Project,

Series

2012,

5.000%,

11/21/45,

(AMT),

144A

7/23

at

100.00

BBB

123,364

600

Chisholm

Creek

Utility

Authority,

Kansas,

Water

and

Wastewater

Facilities

Revenue

Bonds,

Bel

Aire

&

Park

Cities,

Kansas

Project,

Refunding

Series

2017,

5.000%,

9/01/27

-

AGM

Insured

No

Opt.

Call

AA

651,870

100

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Series

2014A,

5.000%,

7/01/35

7/24

at

100.00

A-

100,892

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2013:

1,750

5.000%,

7/01/28

7/23

at

100.00

A-

1,759,870

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2016:

370

5.000%,

7/01/36

7/26

at

100.00

A-

376,434

2,580

5.000%,

1/01/46

7/26

at

100.00

A-

2,592,642

2,000

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2020A,

5.000%,

1/01/50

7/30

at

100.00

A-

2,009,340

3,750

Guam

Power

Authority,

Revenue

Bonds,

Refunding

Series

2017A,

5.000%,

10/01/40

10/27

at

100.00

BBB

3,828,675

Guam

Power

Authority,

Revenue

Bonds,

Series

2014A:

1,000

5.000%,

10/01/32

10/24

at

100.00

AA

1,036,440

1,000

5.000%,

10/01/33

10/24

at

100.00

AA

1,035,260

Kansas

Municipal

Energy

Agency,

Power

Project

Revenue

Bonds,

Dogwood

Project,

Series

2018A:

1,000

5.000%,

4/01/33

-

BAM

Insured

4/26

at

100.00

AA

1,064,090

1,000

5.000%,

4/01/34

-

BAM

Insured

4/26

at

100.00

AA

1,064,740

1,000

5.000%,

4/01/35

-

BAM

Insured

4/26

at

100.00

AA

1,064,740

1,395

Kansas

State

Power

Pool,

Electric

Utility

Revenue

Bonds,

Dogwood

Energy

Facility,

Series

2012A,

5.000%,

12/01/22

No

Opt.

Call

A3

1,395,000

1,000

Ohio

Air

Quality

Development

Authority,

Ohio,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Generation

Project,

Refunding

Series

2006A,

3.750%,

12/01/23

(4)

No

Opt.

Call

N/R

1,250

515

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

Shippingport

Project,

First

Energy

Guarantor.,

Series

2005A,

3.750%,

12/01/40

(4)

No

Opt.

Call

N/R

644

480

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2005RR,

5.000%,

7/01/28

-

AGC

Insured

1/23

at

100.00

AA

483,211

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2007VV:

2,480

5.250%,

7/01/27

-

AGM

Insured

No

Opt.

Call

AA

2,508,024

1,065

5.250%,

7/01/31

-

AGM

Insured

No

Opt.

Call

AA

1,067,130

Salina,

Kansas,

Water

and

Sewer

System

Revenue

Bonds,

Refunding

Series

2019A:

475

3.000%,

10/01/28

10/26

at

100.00

Aa3

471,689

355

3.000%,

10/01/29

10/26

at

100.00

Aa3

350,531

780

3.000%,

10/01/30

10/26

at

100.00

Aa3

759,353

580

3.000%,

10/01/31

10/26

at

100.00

Aa3

559,097

Topeka,

Kansas,

Utility

Revenue

Bonds,

Refunding

&

Improvement

Series

2021A:

1,520

4.000%,

8/01/29

-

BAM

Insured

No

Opt.

Call

AA

1,630,428

785

4.000%,

8/01/30

-

BAM

Insured

8/29

at

100.00

AA

826,385

740

4.000%,

8/01/31

-

BAM

Insured

8/29

at

100.00

AA

775,513

1,595

Virgin

Islands

Water

and

Power

Authority,

Electric

System

Revenue

Bonds,

Series

2007B,

5.000%,

7/01/31

1/23

at

100.00

CCC

1,474,290

Nuveen

Kansas

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

30

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Utilities

(continued)

$

2,250

Wyandotte

County-Kansas

City

Unified

Government,

Kansas,

Utility

System

Revenue

Bonds,

Improvement

Series

2016A,

5.000%,

9/01/40

9/25

at

100.00

A

$

2,316,285

33,550

Total

Utilities

31,328,756

$

236,540

Total

Municipal

Bonds

(cost

$244,850,911)

228,253,564

Shares

Description

(1)

Value

X

7,118,233

COMMON

STOCKS

-

3.0%  

X

7,118,233

Independent

Power

and

Renewable

Electricity

Producers

-

3.0%

$

89,726

Energy

Harbor

Corp

(7),(8)

$

7,118,233

Total

Common

Stocks

(cost

$2,547,413)

7,118,233

Total

Long-Term

Investments

(cost

$247,398,324)

235,371,797

Other

Assets

Less

Liabilities

-

0.1%

231,609

Net

Assets

-

100%

$

235,603,406

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

(3)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

(4)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(5)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(6)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

(7)

Common

Stock

received

as

part

of

the

bankruptcy

settlements

during

February

2020

for

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Refunding

Bonds,

First

Energy

Nuclear

Generation

Project,

Series

2006A,

3.500%,

4/01/41,

Ohio

Air

Quality

Development

Authority,

Ohio,

Pollution

Control

Revenue

Bonds,

FirstEnergyGeneration

Project,

Refunding

Series

2006A,

3.750%,

12/01/23

and

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

Shippingport

Project,First

Energy

Guarantor,

Series

2005A,

3.750%,

12/01/40.

(8)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

12MTA

Federal

Reserve

U.S.

12-Month

Cumulative

Treasury

Average

1-Year

CMT.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

See

accompanying

notes

to

financial

statements.

31

Nuveen

Kentucky

Municipal

Bond

Fund

Portfolio

of

Investments

November

30,

2022

(Unaudited)

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

LONG-TERM

INVESTMENTS

-

108.4%   

X

310,488,917

MUNICIPAL

BONDS

-

108.4%  

X

310,488,917

Education

and

Civic

Organizations

-

20.8%

$

155

Campbellsville,

Kentucky,

Industrial

Building

Revenue

Bonds,

Campbellsville

University

Project,

Series

2017,

5.000%,

3/01/39

3/27

at

100.00

N/R

$

134,108

Kentucky

Bond

Development

Corporation,

Educational

Facilities

Revenue

Bonds,

City

of

Danville,

Centre

College

Project,

Series

2021:

4,700

4.000%,

6/01/46

6/31

at

100.00

A

4,140,371

4,200

4.000%,

6/01/51

6/31

at

100.00

A

3,610,824

Kentucky

Bond

Development

Corporation,

Educational

Facilities

Revenue

Bonds,

City

of

Stamping

Ground,

Transylvania

University

Project,

Refunding

Series

2021A:

1,040

4.000%,

3/01/46

3/30

at

100.00

A-

925,662

705

4.000%,

3/01/49

3/30

at

100.00

A-

618,151

Kentucky

Economic

Development

Finance

Authority,

Revenue

Bonds,

Next

Generation

Kentucky

Information

Highway

Project,

Senior

Series

2015A:

2,000

5.000%,

7/01/33

7/25

at

100.00

BBB+

2,029,780

795

5.000%,

7/01/40

7/25

at

100.00

BBB+

797,472

7,025

5.000%,

1/01/45

7/25

at

100.00

BBB+

6,969,362

Kentucky

Higher

Education

Student

Loan

Corporation,

Student

Loan

Revenue

Bonds,

Senior

Series

2014A:

700

5.000%,

6/01/23,

(AMT)

No

Opt.

Call

AAA

708,022

400

5.000%,

6/01/24,

(AMT)

No

Opt.

Call

A

409,984

Kentucky

Higher

Education

Student

Loan

Corporation,

Student

Loan

Revenue

Bonds,

Senior

Series

2021A-1:

500

5.000%,

6/01/31,

(AMT)

No

Opt.

Call

A

532,245

1,450

2.125%,

6/01/32,

(AMT)

6/31

at

100.00

A

1,219,885

Kentucky

Higher

Education

Student

Loan

Corporation,

Student

Loan

Revenue

Bonds,

Series

2019A:

1,000

5.000%,

6/01/28,

(AMT)

No

Opt.

Call

A

1,058,000

700

5.000%,

6/01/29,

(AMT)

No

Opt.

Call

A

746,508

Kentucky

State

University,

Certificates

of

Participation,

Series

2021:

500

4.000%,

11/01/41

-

BAM

Insured

11/31

at

100.00

AA

492,185

3,025

4.000%,

11/01/51

-

BAM

Insured

11/31

at

100.00

AA

2,781,064

2,850

4.000%,

11/01/56

-

BAM

Insured

11/31

at

100.00

AA

2,574,576

Louisville-Jefferson

County

Metro

Government,

Kentucky,

Revenue

Bonds,

Bellarmine

University

Inc

Project,

Refunding

&

Improvement

Series

2015:

1,790

5.000%,

5/01/31

5/25

at

100.00

Ba1

1,789,732

1,210

5.000%,

5/01/40

5/25

at

100.00

Ba1

1,152,912

Murray

State

University,

Kentucky,

General

Receipts

Bonds,

Series

2015A:

1,125

5.000%,

3/01/26

3/25

at

100.00

A1

1,177,369

1,075

5.000%,

3/01/27

3/25

at

100.00

A1

1,122,891

4,000

University

of

Kentucky,

General

Receipts

Bonds,

Refunding

Series

2015B,

5.000%,

10/01/27

4/25

at

100.00

AA+

4,189,960

2,000

University

of

Kentucky,

General

Receipts

Bonds,

Series

2015A,

5.000%,

4/01/29

4/25

at

100.00

AA+

2,088,520

250

University

of

Kentucky,

General

Receipts

Bonds,

Series

2016A,

5.000%,

4/01/32

4/25

at

100.00

AA+

259,523

4,535

University

of

Kentucky,

General

Receipts

Bonds,

Series

2018A,

4.000%,

10/01/32

4/26

at

100.00

AA+

4,658,942

University

of

Louisville,

Kentucky,

Revenue

Bonds,

General

Reciepts

Series

2016D:

1,155

5.000%,

3/01/31

9/26

at

100.00

A+

1,229,382

3,450

5.000%,

3/01/32

9/26

at

100.00

A+

3,666,763

Nuveen

Kentucky

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

32

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Education

and

Civic

Organizations

(continued)

$

2,500

University

of

Louisville,

Kentucky,

Revenue

Bonds,

Refunding

General

Reciepts

Series

2016C,

4.000%,

9/01/28

3/26

at

100.00

A+

$

2,565,450

Western

Kentucky

University,

General

Receipts

Revenue

Bonds,

Refunding

Series

2016A:

2,690

5.000%,

9/01/25

No

Opt.

Call

A1

2,826,571

2,820

5.000%,

9/01/26

9/25

at

100.00

A1

2,960,182

60,345

Total

Education

and

Civic

Organizations

59,436,396

Health

Care

-

17.1%

7,695

Ashland,

Kentucky,

Medical

Center

Revenue

Bonds,

Ashland

Hospital

Corporation

d/b/a

King's

Daughters

Medical

Center

Project,

Refunding

Series

2019,

3.000%,

2/01/40

-

AGM

Insured

2/30

at

100.00

AA

6,212,789

9,190

Hazard,

Kentucky,

Healthcare

Revenue

Bonds,

Appalachian

Regional

Healthcare

Project,

Series

2021,

4.000%,

7/01/51

7/31

at

100.00

A

7,940,711

8,000

Kentucky

Bond

Development

Corporation,

Hospital

Revenue

Bonds,

Saint

Elizabeth

Medical

Center,

Inc.,

Refunding

Series

2016,

5.000%,

5/01/39

5/26

at

100.00

AA

8,254,560

3,000

Kentucky

Economic

Development

Finance

Authority,

Hospital

Revenue

Bonds,

Baptist

Healthcare

System

Obligated

Group,

Series

2017B,

5.000%,

8/15/41

8/27

at

100.00

A1

3,085,440

500

Kentucky

Economic

Development

Finance

Authority,

Hospital

Revenue

Bonds,

Owensboro

Health,

Refunding

Series

2017A,

5.250%,

6/01/41

6/27

at

100.00

Baa2

509,355

6,385

Kentucky

Economic

Development

Finance

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-1,

5.000%,

8/01/44

8/29

at

100.00

A-

6,471,198

Kentucky

Economic

Development

Finance

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2:

100

5.000%,

8/01/37

8/29

at

100.00

A-

103,821

100

5.000%,

8/01/38

8/29

at

100.00

A-

103,542

2,500

5.000%,

8/01/44

8/29

at

100.00

A-

2,533,750

4,500

Louisville

and

Jefferson

County

Metropolitan

Government,

Kentucky,

Hospital

Revenue

Bonds,

UofL

Health

Project,

Series

2022A,

5.000%,

5/15/52

-

AGM

Insured

5/32

at

100.00

AA

4,596,615

2,000

Murray,

Kentucky,

Hospital

Facilities

Revenue

Bonds,

Murray-Calloway

County

Public

Hospital

Corporation

Project,

Refunding

Series

2016,

5.000%,

8/01/37

8/26

at

100.00

BBB

2,019,000

Warren

County,

Kentucky,

Hospital

Revenue

Bonds,

Bowling

Green-Warren

County

Community

Hospital

Corporation,

Refunding

Series

2021A:

900

5.000%,

4/01/23

No

Opt.

Call

AA-

906,741

600

5.000%,

4/01/24

No

Opt.

Call

AA-

616,536

600

5.000%,

4/01/25

No

Opt.

Call

AA-

627,660

500

5.000%,

4/01/26

No

Opt.

Call

AA-

532,045

500

5.000%,

4/01/27

No

Opt.

Call

AA-

540,590

Warren

County,

Kentucky,

Hospital

Revenue

Bonds,

Bowling

Green-Warren

County

Community

Hospital

Corporation,

Series

2012A:

1,980

5.000%,

10/01/33

1/23

at

100.00

AA-

1,981,307

2,000

5.000%,

10/01/37

1/23

at

100.00

AA-

2,000,760

51,050

Total

Health

Care

49,036,420

33

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Housing/Multifamily

-

0.3%

$

935

Kentucky

Housing

Corporation,

Conduit

Multifamily

Mortgage

Revenue

Bonds,

Florence

Homes

III

Apartments

Project,

Series

2005B,

5.000%,

6/01/35,

(AMT),

(Mandatory

Put

6/01/23)

1/23

at

100.00

N/R

$

936,505

Industrials

-

0.4%

1,180

Henderson,

Kentucky,

Facilities

Revenue

Bonds,

Pratt

Paper

LLC

Project,

Series

2022A,

4.700%,

1/01/52,

(AMT)

1/32

at

100.00

N/R

1,045,291

Tax

Obligation/General

-

0.3%

975

Ashland,

Kentucky,

General

Obligation

Bonds,

Series

2021A,

5.000%,

1/01/23

-

AGM

Insured

No

Opt.

Call

AA

976,970

Tax

Obligation/Limited

-

31.6%

Barren

County

School

District

Finance

Corporation,

Kentucky,

School

Building

Revenue

Bonds,

Series

2015:

1,250

5.000%,

8/01/24

No

Opt.

Call

A1

1,293,225

1,760

5.000%,

8/01/25

2/25

at

100.00

A1

1,840,573

3,000

Kentucky

Bond

Development

Corporation,

Kentucky,

Industrial

Building

Revenue

Bonds,

Kentucky

Communications

Network

Authority,

Series

2019,

5.000%,

9/01/49

-

BAM

Insured

3/30

at

100.00

AA

3,200,460

Kentucky

Bond

Development

Corporation,

Transient

Room

Tax

Revenue

Bonds,

Lexington

Center

Corporation

Project,

Series

2018A:

8,500

5.000%,

9/01/43

9/28

at

100.00

A2

8,939,620

10,400

5.000%,

9/01/48

9/28

at

100.00

A2

10,827,751

Kentucky

Bond

Development

Corporation,

Transient

Room

Tax

Revenue

Bonds,

Lexington

Center

Corporation

Project,

Subordinate

Series

2018B:

1,435

5.000%,

9/01/25

No

Opt.

Call

A3

1,503,607

50

5.000%,

9/01/26

No

Opt.

Call

A3

53,159

555

5.000%,

9/01/28

No

Opt.

Call

A3

606,299

Kentucky

Economic

Development

Finance

Authority,

Louisville

Arena

Project

Revenue

Bonds,

Louisville

Arena

Authority,

Inc.,

Series

2017A:

13,650

4.000%,

12/01/41

-

AGM

Insured,

(UB)

(4)

12/27

at

100.00

AA

12,832,228

1,000

4.000%,

12/01/41

-

AGM

Insured

12/27

at

100.00

AA

940,090

4,100

5.000%,

12/01/45

-

AGM

Insured

12/27

at

100.00

AA

4,165,190

4,985

Kentucky

State

Property

and

Buildings

Commission,

Revenue

Bonds,

Project

112,

Refunding

Series

2016B,

5.000%,

11/01/24

No

Opt.

Call

A1

5,194,021

Kentucky

State

Property

and

Buildings

Commission,

Revenue

Bonds,

Project

115,

Series

2017:

7,000

5.000%,

4/01/32,

(UB)

(4)

4/27

at

100.00

A1

7,511,630

6,000

5.000%,

4/01/38

4/27

at

100.00

A1

6,345,960

2,500

Kentucky

State

Property

and

Buildings

Commission,

Revenue

Bonds,

Project

119,

Series

2018,

5.000%,

5/01/30

5/28

at

100.00

A1

2,742,100

2,445

Kentucky

State

Property

and

Buildings

Commission,

Revenue

Bonds,

Project

126,

Series

2022A,

5.000%,

5/01/42

5/32

at

100.00

A1

2,643,265

Kentucky

Turnpike

Authority,

Economic

Development

Road

Revenue

Bonds,

Revitalization

Project,

Refunding

Series

2017A:

1,930

5.000%,

7/01/33,

(UB)

(4)

7/27

at

100.00

Aa3

2,084,921

550

5.000%,

7/01/36,

(UB)

(4)

7/27

at

100.00

Aa3

589,237

500

5.000%,

7/01/37,

(UB)

(4)

7/27

at

100.00

Aa3

534,250

5,000

Kentucky

Turnpike

Authority,

Economic

Development

Road

Revenue

Bonds,

Revitalization

Project,

Refunding

Series

2017B,

5.000%,

7/01/28

7/27

at

100.00

Aa3

5,437,950

1,000

Newport,

Kentucky,

Special

Obligation

Revenue

Bonds,

Newport

Clifton

Project,

Series

2020B,

5.500%,

12/01/60

12/30

at

100.00

N/R

779,950

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

6,739

4.500%,

7/01/34

7/25

at

100.00

N/R

6,361,886

89

4.550%,

7/01/40

7/28

at

100.00

N/R

82,888

1,370

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

Cofina

Project

Series

2019A-2A,

4.550%,

7/01/40

7/28

at

100.00

N/R

1,275,922

Nuveen

Kentucky

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

34

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/Limited

(continued)

$

3,000

Union

Kentucky,

Special

Obligation

Revenue

Bonds,

Union

Promenade

Project,

Series

2022B,

5.500%,

12/01/52,

144A

12/32

at

100.00

N/R

$

2,757,390

88,808

Total

Tax

Obligation/Limited

90,543,572

Transportation

-

6.8%

Kenton

County

Airport

Board,

Kentucky,

Airport

Revenue

Bonds,

Cincinnati/Northern

Kentucky

International

Airport,

Refunding

Series

2016:

1,635

5.000%,

1/01/25

No

Opt.

Call

A1

1,710,521

1,855

5.000%,

1/01/30

1/26

at

100.00

A1

1,958,157

1,750

5.000%,

1/01/31

1/26

at

100.00

A1

1,844,010

2,730

5.000%,

1/01/33

1/26

at

100.00

A1

2,869,639

4,320

Kenton

County

Airport

Board,

Kentucky,

Airport

Revenue

Bonds,

Cincinnati/Northern

Kentucky

International

Airport,

Series

2019,

5.000%,

1/01/49

1/29

at

100.00

A1

4,473,014

Kentucky

Public

Transportation

Infrastructure

Authority,

Toll

Revenue

Bonds,

Downtown

Crossing

Project,

Capital

Appreciation

First

Tier

Series

2013B:

2,000

0.000%,

7/01/23

No

Opt.

Call

Baa2

1,959,100

700

0.000%,

7/01/32

7/28

at

76.98

Baa2

417,809

1,000

Kentucky

Public

Transportation

Infrastructure

Authority,

Toll

Revenue

Bonds,

Downtown

Crossing

Project,

Convertible

Capital

Appreciation

First

Tier

Series

2013C,

0.000%,

7/01/39

(5)

7/31

at

100.00

Baa2

1,105,500

Louisville

Regional

Airport

Authority,

Kentucky,

Airport

System

Revenue

Bonds,

Refunding

Series

2014A:

1,555

5.000%,

7/01/31,

(AMT)

7/24

at

100.00

A+

1,581,451

1,500

5.000%,

7/01/32,

(AMT)

7/24

at

100.00

A+

1,524,570

19,045

Total

Transportation

19,443,771

U.S.

Guaranteed

-

10.8%

(6)

Kentucky

Economic

Development

Finance

Authority,

Louisville

Arena

Project

Revenue

Bonds,

Louisville

Arena

Authority,

Inc.,

Series

2008-A2:

3,520

0.000%,

12/01/22

-

AGC

Insured,

(ETM)

No

Opt.

Call

A2

3,520,000

3,750

0.000%,

12/01/23

-

AGC

Insured,

(ETM)

No

Opt.

Call

A2

3,649,312

10,000

Kentucky

Economic

Development

Finance

Authority,

Revenue

Bonds,

Catholic

Health

Initiatives,

Series

2013A,

5.250%,

1/01/45,

(Pre-refunded

1/01/23)

1/23

at

100.00

A-

10,022,200

Kentucky

Public

Transportation

Infrastructure

Authority,

Toll

Revenue

Bonds,

Downtown

Crossing

Project,

First

Tier

Series

2013A:

250

5.750%,

7/01/49,

(Pre-refunded

7/01/23)

7/23

at

100.00

Baa2

253,755

10,000

6.000%,

7/01/53,

(Pre-refunded

7/01/23)

7/23

at

100.00

Baa2

10,163,300

3,250

Warren

County,

Kentucky,

Hospital

Revenue

Bonds,

Bowling

Green-

Warren

County

Community

Hospital

Corporation,

Refunding

Series

2013,

5.000%,

4/01/35,

(Pre-refunded

4/01/23)

4/23

at

100.00

AA-

3,277,268

30,770

Total

U.S.

Guaranteed

30,885,835

Utilities

-

20.3%

5,705

Bowling

Green,

Kentucky,

Water

and

Sewer

Revenue

Bonds,

Series

2019,

4.000%,

6/01/49

-

AGM

Insured

6/26

at

100.00

AA

5,466,987

6,300

Carroll

County,

Kentucky,

Environmental

Facilities

Revenue

Bonds,

Kentucky

Utilities

Company

Project,

Refunding

Series

2006B,

2.125%,

10/01/34,

(AMT)

6/31

at

100.00

A1

4,745,727

3,375

Carroll

County,

Kentucky,

Environmental

Facilities

Revenue

Bonds,

Kentucky

Utilities

Company

Project,

Refunding

Series

2018A,

3.375%,

2/01/26,

(AMT)

12/23

at

100.00

A1

3,385,597

Kentucky

Infrastructure

Authority,

Wastewater

and

Drinking

Water

Revolving

Fund

Revenue

Bonds,

Series

2018A:

4,265

5.000%,

2/01/30

2/28

at

100.00

AAA

4,736,155

5,000

5.000%,

2/01/31,

(UB)

(4)

2/28

at

100.00

AAA

5,545,850

1,500

Kentucky

Municipal

Power

Agency,

Power

System

Revenue

Bonds,

Prairie

State

Project,

Refunding

Series

2019A,

4.000%,

9/01/45

9/28

at

100.00

Baa1

1,422,225

35

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Utilities

(continued)

$

3,730

Louisville

and

Jefferson

County

Metropolitan

Sewer

District,

Kentucky,

Sewer

and

Drainage

System

Revenue

Bonds,

Refunding

Series

2018A,

4.000%,

5/15/37

5/28

at

100.00

AA

$

3,773,268

1,000

Louisville

and

Jefferson

County

Metropolitan

Sewer

District,

Kentucky,

Sewer

and

Drainage

System

Revenue

Bonds,

Series

2013A,

4.000%,

5/15/36

5/23

at

100.00

AA

1,002,210

Louisville

and

Jefferson

County

Metropolitan

Sewer

District,

Kentucky,

Sewer

and

Drainage

System

Revenue

Bonds,

Series

2014A:

795

5.000%,

5/15/27

11/24

at

100.00

AA

830,052

1,785

4.000%,

5/15/40

11/24

at

100.00

AA

1,786,303

10,000

Louisville-Jefferson

County

Metropolitan

Government,

Kentucky,

Pollution

Control

Revenue

Bonds,

Louisville

Gas

and

Electric

Company

Project,

Series

2003A,

2.000%,

10/01/33

4/31

at

100.00

A1

8,008,000

2,000

Paducah,

Kentucky,

Electric

Plant

Board

Revenue

Bonds,

Refunding

Series

2016A,

5.000%,

10/01/33

-

AGM

Insured

10/26

at

100.00

AA

2,155,000

5

Paducah,

Kentucky,

Electric

Plant

Board

Revenue

Bonds,

Series

2009A,

5.250%,

10/01/35

-

AGC

Insured

12/22

at

100.00

AA

5,008

Princeton

Electric

Plant

Board,

Kentucky,

Revenue

Bonds,

Refunding

Series

2015:

1,000

5.000%,

11/01/25

-

AGM

Insured

5/25

at

100.00

AA

1,035,820

1,100

5.000%,

11/01/34

-

AGM

Insured

5/25

at

100.00

AA

1,153,482

1,635

5.000%,

11/01/37

-

AGM

Insured

5/25

at

100.00

AA

1,710,978

8,175

Public

Energy

Authority

of

Kentucky,

Gas

Supply

Revenue

Bonds,

Series

2018A,

4.000%,

4/01/48,

(Mandatory

Put

4/01/24)

1/24

at

100.37

A1

8,169,768

2,840

Public

Energy

Authority

of

Kentucky,

Gas

Supply

Revenue

Bonds,

Series

2018B,

4.000%,

1/01/49,

(Mandatory

Put

1/01/25)

10/24

at

100.24

A2

2,832,588

405

Russellville,

Kentucky,

Electric

Plant

Board

Electric

Revenue

Bonds,

Refunding

Series

2015A,

5.000%,

8/01/24

-

BAM

Insured

No

Opt.

Call

AA

419,139

60,615

Total

Utilities

58,184,157

$

313,723

Total

Long-Term

Investments

(cost

$327,493,779)

310,488,917

Floating

Rate

Obligations

-

(7.9)%  

(

22,650,000

)

Other

Assets

Less

Liabilities

-

(0.5)%

(

1,376,546

)

Net

Assets

-

100%

$

286,462,371

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

(3)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

(4)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(5)

Step-up

coupon

bond,

a

bond

with

a

coupon

that

increases

("steps

up"),

usually

at

regular

intervals,

while

the

bond

is

outstanding.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(6)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

ETM

Escrowed

to

maturity

UB

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction.

See

accompanying

notes

to

financial

statements.

36

Nuveen

Michigan

Municipal

Bond

Fund

Portfolio

of

Investments

November

30,

2022

(Unaudited)

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

LONG-TERM

INVESTMENTS

-

97.1%   

X

277,324,510

MUNICIPAL

BONDS

-

97.1%  

X

277,324,510

Consumer

Staples

-

0.7%

$

1,965

Michigan

Finance

Authority,

Tobacco

Settlement

Asset-

Backed

Bonds,

2006

Sold

Tobacco

Receipts

Senior

Current

Interest

Series

2020A-2,

5.000%,

6/01/40

12/30

at

100.00

BBB+

$

1,997,364

Education

and

Civic

Organizations

-

12.9%

1,480

Central

Michigan

University

Board

of

Trustees,

General

Revenue

Bonds,

Refunding

Series

2014,

5.000%,

10/01/39

10/24

at

100.00

A+

1,517,858

Central

Michigan

University

Board

of

Trustees,

General

Revenue

Bonds,

Series

2019:

1,165

5.000%,

10/01/33

10/29

at

100.00

A+

1,278,215

2,020

5.000%,

10/01/34

10/29

at

100.00

A+

2,209,476

500

Detroit

Service

Learning

Academy,

Michigan,

Public

School

Academy

Revenue

Bonds,

Refunding

Series

2021,

4.000%,

7/01/41

7/28

at

103.00

BB-

386,530

3,835

Eastern

Michigan

University,

General

Revenue

Bonds,

Series

2018A,

4.000%,

3/01/44

-

AGM

Insured

3/28

at

100.00

AA

3,567,432

Ferris

State

University,

Michigan,

General

Revenue

Bonds,

Refunding

Series

2016:

2,695

5.000%,

10/01/34

10/26

at

100.00

A+

2,853,574

2,000

5.000%,

10/01/41

10/26

at

100.00

A+

2,103,720

350

Grand

Valley

State

University,

Michigan,

General

Revenue

Bonds,

Refunding

Series

2014B,

5.000%,

12/01/28

12/24

at

100.00

A+

363,619

Grand

Valley

State

University,

Michigan,

General

Revenue

Bonds,

Series

2017:

250

5.000%,

12/01/30

12/24

at

100.00

A+

258,890

250

5.000%,

12/01/32

12/24

at

100.00

A+

258,010

200

Michigan

Finance

Authority,

Public

School

Academy

Limited

Obligation

Revenue

Bonds,

Cesar

Chavez

Academy

Project,

Refunding

Series

2019,

3.250%,

2/01/24

No

Opt.

Call

BB+

196,744

4,670

Michigan

State

University,

General

Revenue

Bonds,

Series

2015A,

5.000%,

8/15/40

8/25

at

100.00

AA

4,865,299

1,835

Michigan

State

University,

General

Revenue

Bonds,

Taxable

Series

2019A,

5.000%,

2/15/48

2/29

at

100.00

AA

1,960,147

1,800

Michigan

Technological

University,

General

Revenue

Bonds,

Refunding

Series

2015A,

5.000%,

10/01/45

10/25

at

100.00

A1

1,893,942

Northern

Michigan

University,

General

Revenue

Bonds,

Series

2018A:

500

5.000%,

12/01/32

6/28

at

100.00

A1

549,400

400

5.000%,

12/01/34

6/28

at

100.00

A1

434,676

5,480

Oakland

University,

Michigan,

General

Revenue

Bonds,

Series

2016,

5.000%,

3/01/47

3/26

at

100.00

A1

5,649,825

2,760

Oakland

University,

Michigan,

General

Revenue

Bonds,

Series

2019,

5.000%,

3/01/50

3/29

at

100.00

A1

2,867,005

515

Saginaw

Valley

State

University,

Michigan,

General

Revenue

Bonds,

Refunding

Series

2016A,

5.000%,

7/01/35

7/26

at

100.00

A1

549,685

University

of

Michigan,

Michigan,

General

Revenue

Bonds,

Series

2017A:

1,000

5.000%,

4/01/34

4/27

at

100.00

AAA

1,087,750

1,190

5.000%,

4/01/35

4/27

at

100.00

AAA

1,289,520

650

Western

Michigan

University,

General

Revenue

Bonds,

Refunding

Series

2015A,

5.000%,

11/15/45

5/25

at

100.00

Aa3

669,936

35,545

Total

Education

and

Civic

Organizations

36,811,253

37

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Health

Care

-

6.0%

$

5,255

Kent

Hospital

Finance

Authority,

Michigan,

Revenue

Bonds,

Mary

Free

Bed

Rehabilitatin

Hospital,

Series

2021A,

4.000%,

4/01/41

4/31

at

100.00

A

$

4,918,733

2,335

Michigan

Finance

Authority,

Hospital

Revenue

Bonds,

Henry

Ford

Health

System,

Refunding

Series

2016,

5.000%,

11/15/41

11/26

at

100.00

A

2,385,880

3,085

Michigan

Finance

Authority,

Hospital

Revenue

Bonds,

Henry

Ford

Health

System,

Series

2019A,

4.000%,

11/15/50

11/29

at

100.00

A

2,751,820

1,250

Michigan

Finance

Authority,

Hospital

Revenue

Bonds,

Sparrow

Obligated

Group,

Refunding

Series

2015,

5.000%,

11/15/45

5/25

at

100.00

A2

1,265,500

2,955

Michigan

Finance

Authority,

Michigan,

Revenue

Bonds,

Trinity

Health

Credit

Group,

Refunding

Series

2016MI,

5.000%,

12/01/45

6/26

at

100.00

AA-

3,000,418

3,000

Michigan

Finance

Authority,

Michigan,

Revenue

Bonds,

Trinity

Health

Credit

Group,

Refunding

Series

2016MI-2,

4.000%,

3/01/51

3/32

at

100.00

AA-

2,793,300

17,880

Total

Health

Care

17,115,651

Housing/Multifamily

-

0.7%

Michigan

Housing

Development

Authority,

Rental

Housing

Revenue

Bonds,

Series

2021A:

320

1.050%,

10/01/27

No

Opt.

Call

AA

283,971

500

1.150%,

4/01/28

No

Opt.

Call

AA

440,665

720

1.375%,

4/01/29

No

Opt.

Call

AA

628,790

625

1.600%,

4/01/30

No

Opt.

Call

AA

543,419

2,165

Total

Housing/Multifamily

1,896,845

Long-Term

Care

-

0.2%

750

Kentwood

Economic

Development

Corporation,

Michigan,

Limited

Obligation

Revenue

Bonds,

Holland

Home

Obligated

Group,

Refunding

Series

2021,

4.000%,

11/15/45

11/28

at

103.00

BBB-

596,010

Tax

Obligation/General

-

33.7%

1,350

Ann

Arbor

Public

School

District,

Washtenaw

County,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2015,

5.000%,

5/01/25

No

Opt.

Call

Aa3

1,423,062

1,020

Barry

County,

Michigan,

General

Obligation

Bonds,

Thornapple

Manor

Medical

Care

Facility,

Capital

Improvement

&

Refunding

Series

2021,

4.000%,

4/01/32

4/31

at

100.00

AA

1,079,731

Battle

Creek

School

District,

Calhoun

County,

Michigan,

General

Obligation

Bonds,

Refunding

&

Site

Series

2022:

2,000

4.000%,

5/01/45

5/32

at

100.00

Aa1

1,968,020

3,000

4.000%,

5/01/47

5/32

at

100.00

Aa1

2,927,520

3,440

Bloomfield

Hills

Schools,

Oakland

County,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2020,

4.000%,

5/01/50

5/30

at

100.00

Aa1

3,403,295

2,590

Byron

Center

Public

Schools,

Kent

County,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2017I,

5.000%,

5/01/47

5/27

at

100.00

AA

2,747,705

1,000

Cadillac

Area

Public

Schools,

Counties

of

Wexford,

Osceola

and

Lake,

State

of

Michigan  School

Building

and

Site

General

Obligation

Bonds,

Refunding

2018,

5.000%,

5/01/36

5/28

at

100.00

Aa1

1,096,140

Cadillac

Area

Public

Schools,

Wexford,

Osceola

and

Lake

Counties,

Michigan,

General

Obligaiton

Bonds,

Refunding

&

School

Building

&

Site

Series

2019:

875

5.000%,

5/01/41

5/29

at

100.00

Aa1

957,539

1,310

5.000%,

5/01/43

5/29

at

100.00

Aa1

1,428,031

1,515

Caledonia

Community

Schools,

Kent,

Allegan

and

Barry

Counties,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2014,

5.000%,

5/01/39

5/24

at

100.00

AA

1,556,284

850

Chelsea

School

District,

Washtenaw

and

Jackson,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2020-I,

5.000%,

5/01/39

5/30

at

100.00

AA

938,876

1,000

Davison

Community

Schools,

Genesee

and

Lapeer

Counties,

Michigan,

General

Obligation

Bonds,

School

Building

and

Site

Series

2022-II,

5.000%,

5/01/38

5/32

at

100.00

Aa1

1,107,520

155

Detroit

City

School

District,

Wayne

County,

Michigan,

Unlimited

Tax

School

Building

and

Site

Improvement

Bonds,

Series

1998C,

5.250%,

5/01/25

No

Opt.

Call

AA+

160,313

Nuveen

Michigan

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

38

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/General

(continued)

$

1,575

East

Lansing

School

District,

Ingham

and

Clinton

Counties,

Michigan,

General

Obligation

Bonds,

Building

&

Site

Series

2020II,

5.000%,

5/01/44

5/30

at

100.00

AA

$

1,677,218

2,000

East

Lansing

School

District,

Ingham

County,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2017,

5.000%,

5/01/39

5/27

at

100.00

AA

2,118,080

2,075

Elk

Rapids

Schools,

Antrim,

Grand

Traverse

and

Kalkaska,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2021-I,

4.000%,

5/01/50

5/31

at

100.00

AA

1,941,183

500

Forest

Hills

Public

Schools,

Kent

County,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2021-II,

4.000%,

5/01/30

No

Opt.

Call

Aa2

532,210

1,560

Gerald

R.

Ford

International

Airport

Authority,

Kent

County,

Michigan,

Revenue

Bonds,

Limited

Tax

General

Obligation

Series

2021,

5.000%,

1/01/39,

(AMT)

1/32

at

100.00

AAA

1,687,327

Grand

Ledge

Public

Schools,

Eaton,

Clinton

and

Ionia

Counties,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2021-II:

1,615

5.000%,

5/01/39

5/31

at

100.00

AA

1,806,103

870

5.000%,

5/01/40

5/31

at

100.00

AA

961,681

Grand

Rapids

Public

Schools,

Kent

County,

Michigan,

General

Obligation

Bonds,

Refunding

School

Building

&

Site

Series

2016:

4,325

5.000%,

5/01/29

-

AGM

Insured

5/26

at

100.00

AA

4,592,545

2,055

5.000%,

5/01/38

-

AGM

Insured

5/26

at

100.00

AA

2,168,477

Grand

Rapids

Public

Schools,

Kent

County,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2019:

1,500

5.000%,

11/01/35

-

AGM

Insured

5/29

at

100.00

AA

1,637,145

1,000

5.000%,

11/01/36

-

AGM

Insured

5/29

at

100.00

AA

1,088,730

2,600

5.000%,

11/01/41

-

AGM

Insured

5/29

at

100.00

AA

2,780,206

2,040

Hudsonville

Public

Schools,

Ottawa

and

Allegan

Counties,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2020-I,

4.000%,

5/01/45

5/30

at

100.00

AA

1,971,374

3,000

Jackson

Public

Schools,

Jackson

County,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2018,

5.000%,

5/01/42

5/28

at

100.00

Aa1

3,227,850

1,700

Jenison

Public

Schools,

Ottawa

County,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2020,

5.000%,

5/01/45

5/30

at

100.00

Aa1

1,867,569

Kalamazoo

County,

Michigan,

General

Obligation

Bonds,

Juvenile

Home

Facilities

Series

2017:

500

5.000%,

4/01/26

No

Opt.

Call

AA+

537,140

500

5.000%,

4/01/31

4/27

at

100.00

AA+

543,775

1,075

Kent

County,

Michigan,

General

Obligation

Bonds,

Limited

Tax

Series

2015,

5.000%,

1/01/35

1/25

at

100.00

AAA

1,116,248

Kent

County,

Michigan,

General

Obligation

Bonds,

Refunding

Limited

Tax

Series

2015:

1,500

5.000%,

1/01/31

1/25

at

100.00

AAA

1,564,185

2,000

5.000%,

1/01/37

1/25

at

100.00

AAA

2,070,500

1,750

Lakeview

School

District,

Calhoun

County,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2016,

5.000%,

5/01/42

5/26

at

100.00

AA

1,857,100

185

Lansing

Community

College,

Michigan,

General

Obligation

Bonds,

College

Building

&

Site,

Series

2017,

5.000%,

5/01/31

11/27

at

100.00

AA

202,492

Marquette,

Michigan,

General

Obligation

Bonds,

Refunding

&

Limited

Obligation

Series

2017:

230

4.000%,

5/01/25

No

Opt.

Call

AA

236,187

375

4.000%,

5/01/28

5/27

at

100.00

AA

390,143

550

4.000%,

5/01/29

5/27

at

100.00

AA

571,395

265

4.000%,

5/01/31

5/27

at

100.00

AA

274,463

215

4.000%,

5/01/32

5/27

at

100.00

AA

222,114

1,000

Michigan

Finance

Authority,

Distributable

State

Aid

Revenue

Bonds,

Charter

County

of

Wayne

Criminal

Justice

Center

Project,

Senior

Lien

Series

2018,

5.000%,

11/01/43

11/28

at

100.00

Aa3

1,051,470

39

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/General

(continued)

Michigan

Finance

Authority,

Distributable

State

Aid

Revenue

Bonds,

Charter

County

of

Wayne,

Second

Lien

Refunding

Series

2020:

$

2,500

4.000%,

11/01/50

11/30

at

100.00

AA

$

2,345,975

6,000

4.000%,

11/01/55

11/30

at

100.00

AA

5,708,520

1,000

Michigan

State,

General

Obligation

Bonds,

Environmental

Program,

Refunding

Series

2011A,

5.000%,

12/01/22

12/22

at

100.00

Aa1

1,000,000

Michigan

State,

General

Obligation

Bonds,

Environmental

Program,

Series

2020A:

1,700

5.000%,

5/15/33

5/30

at

100.00

Aa1

1,944,205

1,275

4.000%,

5/15/38

5/30

at

100.00

Aa1

1,287,240

Monroe

Public

Schools,

Monroe

County,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2020I:

1,495

5.000%,

5/01/41

5/30

at

100.00

AA

1,642,048

2,465

5.000%,

5/01/45

5/30

at

100.00

AA

2,702,897

Muskegon

County,

Michigan,

General

Obligation

Water

Supply

System

Bonds,

Refunding

Series

2015:

550

5.000%,

11/01/33

11/25

at

100.00

AA

579,964

1,290

5.000%,

11/01/36

11/25

at

100.00

AA

1,356,229

3,120

Rockford

Public

Schools,

Kent

County,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2019I,

5.000%,

5/01/46

5/29

at

100.00

AA

3,307,886

1,095

Royal

Oak,

Oakland

County,

Michigan,

General

Obligation

Bonds,

Taxable

Limited

Tax

Series

2018,

5.000%,

4/01/43

4/28

at

100.00

AA+

1,180,651

1,915

South

Haven

Public

Schools,

Van

Buren

Couty,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site,

Series

2014A,

5.000%,

5/01/41

-

BAM

Insured

5/24

at

100.00

AA

1,971,224

3,270

Walled

Lake

Consolidated

School

District,

Oakland

County,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2019,

5.000%,

5/01/49

5/29

at

100.00

Aa1

3,500,927

4,000

West

Ottawa

Public

School

District,

Ottawa

County,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2019,

5.000%,

5/01/44

5/29

at

100.00

Aa2

4,346,720

395

West

Ottawa

Public

School

District,

Ottawa

County,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2021,

4.000%,

11/01/31

-

AGM

Insured

5/31

at

100.00

AA

417,527

1,575

Williamston

Community

School

District,

Michigan,

Unlimited

Tax

General

Obligation

QSBLF

Bonds,

Series

1996,

5.500%,

5/01/25

-

NPFG

Insured

No

Opt.

Call

Aa2

1,634,866

92,310

Total

Tax

Obligation/General

96,415,825

Tax

Obligation/Limited

-

16.4%

2,935

Detroit

Downtown

Development

Authority,

Michigan,

Tax

Increment

Revenue

Bonds,

Catalyst

Development

Project,

Series

2018A,

5.000%,

7/01/48

-

AGM

Insured

7/24

at

100.00

AA

2,948,530

1,000

Lansing

Township

Downtown

Development

Authority,

Ingham

County,

Michigan,

Tax

Increment

Bonds,

Series

2013A,

5.950%,

2/01/42

2/24

at

103.00

N/R

953,780

4,070

Michigan

Finance

Authority,

Local

Government

Loan

Program

Revenue

Bonds,

Detroit

Regional

Convention

Facility

Authority

Local

Project,

Series

2014H-1,

5.000%,

10/01/39

10/24

at

100.00

AA-

4,155,226

5,450

Michigan

State

Building

Authority,

Revenue

Bonds,

Facilities

Program,

Refunding

Series

2015-I,

5.000%,

4/15/38

10/25

at

100.00

Aa2

5,643,911

Michigan

State

Building

Authority,

Revenue

Bonds,

Facilities

Program,

Refunding

Series

2016-I:

1,540

5.000%,

4/15/36

10/26

at

100.00

Aa2

1,620,188

1,000

5.000%,

10/15/46

10/26

at

100.00

Aa2

1,032,650

Michigan

State

Building

Authority,

Revenue

Bonds,

Facilities

Program,

Refunding

Series

2019-I:

520

5.000%,

4/15/36

10/29

at

100.00

Aa2

565,027

1,000

4.000%,

10/15/49

10/29

at

100.00

Aa2

964,860

1,000

4.000%,

4/15/54

10/29

at

100.00

Aa2

950,840

2,000

Michigan

State

Building

Authority,

Revenue

Bonds,

Facilities

Program,

Refunding

Series

2020-I,

4.000%,

10/15/38

10/31

at

100.00

Aa2

2,027,880

Nuveen

Michigan

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

40

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/Limited

(continued)

Michigan

State

Building

Authority,

Revenue

Bonds,

Facilities

Program,

Series

2021I:

$

2,000

4.000%,

10/15/41

10/31

at

100.00

Aa2

$

1,998,380

4,200

4.000%,

10/15/46

10/31

at

100.00

Aa2

4,101,510

1,500

Michigan

State,

Comprehensive

Transportation

Revenue

Bonds,

Refunding

Series

2015,

5.000%,

11/15/29

11/24

at

100.00

AA+

1,566,135

9,170

Michigan

State,

Trunk

Line

Fund

Bonds,

Rebuilding

Michigan

Program

Series

2020B,

4.000%,

11/15/45

11/30

at

100.00

AA+

9,007,874

1,700

Michigan

State,

Trunk

Line

Fund

Bonds,

Rebuilding

Michigan

Program,

Series

2021A,

5.000%,

11/15/33

11/31

at

100.00

AA+

1,989,629

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

5,290

4.500%,

7/01/34

7/25

at

100.00

N/R

4,993,972

1,676

4.550%,

7/01/40

7/28

at

100.00

N/R

1,560,909

750

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

Cofina

Project

Series

2019A-2A,

4.550%,

7/01/40

7/28

at

100.00

N/R

698,497

46,801

Total

Tax

Obligation/Limited

46,779,798

Transportation

-

4.8%

1,250

Wayne

County

Airport

Authority,

Michigan,

Revenue

Bonds,

Detroit

Metropolitan

Wayne

County

Airport,

Senior

Series

2017A,

5.000%,

12/01/42

12/27

at

100.00

A1

1,297,550

Wayne

County

Airport

Authority,

Michigan,

Revenue

Bonds,

Detroit

Metropolitan

Wayne

County

Airport,

Series

2012A:

2,000

5.000%,

12/01/37

1/23

at

100.00

A1

2,001,820

1,000

5.000%,

12/01/42

-

AGM

Insured

1/23

at

100.00

AA

1,000,690

1,700

Wayne

County

Airport

Authority,

Michigan,

Revenue

Bonds,

Detroit

Metropolitan

Wayne

County

Airport,

Series

2014C,

5.000%,

12/01/44,

(AMT)

12/24

at

100.00

A1

1,700,629

2,000

Wayne

County

Airport

Authority,

Michigan,

Revenue

Bonds,

Detroit

Metropolitan

Wayne

County

Airport,

Series

2018A,

5.000%,

12/01/36

12/28

at

100.00

A1

2,139,780

Wayne

County

Airport

Authority,

Michigan,

Revenue

Bonds,

Detroit

Metropolitan

Wayne

County

Airport,

Series

2021A:

1,830

5.000%,

12/01/39

12/31

at

100.00

A1

1,989,832

3,330

5.000%,

12/01/41

12/31

at

100.00

A1

3,581,448

13,110

Total

Transportation

13,711,749

U.S.

Guaranteed

-

6.0%

(4)

800

Grand

Rapids,

Michigan,

Sanitary

Sewer

System

Revenue

Bonds,

Improvement

&

Refunding

Series

2014,

5.000%,

1/01/39,

(Pre-refunded

1/01/24)

1/24

at

100.00

AA

820,816

350

Grand

Rapids,

Michigan,

Sanitary

Sewer

System

Revenue

Bonds,

Improvement

Series

2012,

5.000%,

1/01/32,

(Pre-refunded

1/01/23)

1/23

at

100.00

AA

350,721

720

Michigan

Finance

Authority,

Hospital

Revenue

Bonds,

Beaumont

Health

Credit

Group,

Refunding

Series

2015A,

5.000%,

8/01/32,

(Pre-refunded

8/01/24)

8/24

at

100.00

AA

748,354

1,875

Michigan

Finance

Authority,

Hospital

Revenue

Bonds,

MidMichigan

Health

Credit

Group,

Refunding

Series

2014,

5.000%,

6/01/39,

(Pre-refunded

6/01/24)

6/24

at

100.00

A+

1,941,825

4,000

Michigan

House

of

Representatives,

Certificates

of

Participation,

Series

1998,

0.000%,

8/15/23

-

AMBAC

Insured,

(ETM)

No

Opt.

Call

N/R

3,925,440

3,000

University

of

Michigan,

General

Revenue

Bonds,

Series

2014A,

5.000%,

4/01/44,

(Pre-refunded

4/01/24)

4/24

at

100.00

AAA

3,095,400

University

of

Michigan,

General

Revenue

Bonds,

Series

2015:

2,275

5.000%,

4/01/40,

(Pre-refunded

4/01/26)

4/26

at

100.00

AAA

2,446,239

800

5.000%,

4/01/46,

(Pre-refunded

4/01/26)

4/26

at

100.00

AAA

860,216

University

of

Michigan,

Michigan,

General

Revenue

Bonds,

Series

2017A:

2,800

5.000%,

4/01/47,

(Pre-refunded

4/01/27)

4/27

at

100.00

AAA

3,066,644

16,620

Total

U.S.

Guaranteed

17,255,655

41

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Utilities

-

15.7%

$

850

Downriver

Utility

Wastewater

Authority,

Michigan,

Sewer

System

Revenue

Bonds,

Series

2018,

5.000%,

4/01/43

-

AGM

Insured

4/28

at

100.00

AA

$

895,696

2,500

Grand

Rapids,

Kent

County,

Michigan,

Santiary

Sewer

System

Revenue

Bonds,  Improvement

&

Refunding

Series

2020,

4.000%,

1/01/50

1/30

at

100.00

AA

2,387,300

1,655

Grand

Rapids,

Michigan,

Sanitary

Sewer

System

Revenue

Bonds,

Series

2018,

5.000%,

1/01/48

1/28

at

100.00

AA

1,756,435

1,250

Grand

Rapids,

Michigan,

Water

Supply

System

Revenue

Bonds,

Refunding

&

Improvement

Series

2016,

5.000%,

1/01/41

1/26

at

100.00

AA

1,297,012

1,500

Grand

Rapids,

Michigan,

Water

Supply

System

Revenue

Bonds,

Refunding

&

Improvement

Series

2018,

5.000%,

1/01/43

1/28

at

100.00

AA

1,597,890

Grand

Rapids,

Michigan,

Water

Supply

System

Revenue

Bonds,

Refunding

Series

2015:

1,000

5.000%,

1/01/33

1/25

at

100.00

AA

1,041,030

1,000

5.000%,

1/01/35

1/25

at

100.00

AA

1,041,240

Lansing

Board

of

Water

and

Light,

Michigan,

Utility

System

Revenue

Bonds,

Refunding

Series

2017A:

1,250

5.000%,

7/01/31

7/27

at

100.00

AA-

1,367,562

1,000

5.000%,

7/01/32

7/27

at

100.00

AA-

1,092,200

Lansing

Board

of

Water

and

Light,

Michigan,

Utility

System

Revenue

Bonds,

Series

2019A:

4,800

5.000%,

7/01/44

7/29

at

100.00

AA-

5,106,576

12,435

5.000%,

7/01/48

7/29

at

100.00

AA-

13,172,893

1,000

Marquette,

Michigan,

Electric

Utility

System

Revenue

Bonds,

Refunding

Series

2016A,

5.000%,

7/01/29

7/26

at

100.00

AA-

1,065,600

Marquettte,

Michigan,

Electric

Utility

System

Revenue

Bonds,

Refunding

Series

2016A:

1,230

5.000%,

7/01/32

7/26

at

100.00

AA-

1,303,825

1,000

5.000%,

7/01/33

7/26

at

100.00

AA-

1,057,930

1,800

Michigan

Finance

Authority,

Clean

Water

Revolving

Fund

Revenue

Bonds,

Refunding

Series

2018B,

5.000%,

10/01/39

10/28

at

100.00

AAA

1,965,744

885

Michigan

Finance

Authority,

Clean

Water

Revolving

Fund

Revenue

Bonds,

Series

2020B,

5.000%,

10/01/31

10/30

at

100.00

Aaa

1,024,485

750

Michigan

Finance

Authority,

Drinking

Water

Revolving

Fund

Revenue

Bonds,

Series

2021B,

5.000%,

10/01/35

10/31

at

100.00

Aaa

857,145

Michigan

Finance

Authority,

Local

Government

Loan

Program

Revenue

Bonds,

Detroit

Water

&

Sewerage

Department

Water

Supply

System

Local

Project,

Refunding

Senior

Loan

Series

2014D-1:

1,500

5.000%,

7/01/35

-

AGM

Insured

7/24

at

100.00

AA

1,534,455

1,220

5.000%,

7/01/37

-

AGM

Insured

7/24

at

100.00

AA

1,245,388

3,000

Michigan

Finance

Authority,

Local

Government

Loan

Program

Revenue

Bonds,

Detroit

Water

&

Sewerage

Department

Water

Supply

System

Local

Project,

Series

2014D-2,

5.000%,

7/01/27

-

AGM

Insured

7/24

at

100.00

AA

3,104,040

820

Saginaw,

Michigan,

Water

Supply

System

Revenue

Bonds,

Refunding

Series

2021,

4.000%,

7/01/38

-

AGM

Insured

7/31

at

100.00

AA

829,914

42,445

Total

Utilities

44,744,360

$

269,591

Total

Long-Term

Investments

(cost

$285,146,971)

277,324,510

Other

Assets

Less

Liabilities

-

2.9%

8,325,369

Net

Assets

-

100%

$

285,649,879

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

(3)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

(4)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

AMT

Alternative

Minimum

Tax

ETM

Escrowed

to

maturity

See

accompanying

notes

to

financial

statements.

42

Nuveen

Missouri

Municipal

Bond

Fund

Portfolio

of

Investments

November

30,

2022

(Unaudited)

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

LONG-TERM

INVESTMENTS

-

100.0%   

X

576,407,369

MUNICIPAL

BONDS

-

100.0%  

X

576,407,369

Consumer

Staples

-

2.2%

$

3,000

Cape

Girardeau

County

Industrial

Development

Authority,

Missouri,

Solid

Waste

Disposal

Revenue

Bonds,

Procter

&

Gamble

Products

Company

Project,

Series

1998,

5.300%,

5/15/28,

(AMT)

1/23

at

100.00

AA-

$

3,109,140

8,840

Missouri

Development

Finance

Board,

Solid

Waste

Disposal

Revenue

Bonds,

Procter

and

Gamble

Inc.,

Series

1999,

5.200%,

3/15/29,

(AMT)

No

Opt.

Call

AA-

9,827,251

11,840

Total

Consumer

Staples

12,936,391

Education

and

Civic

Organizations

-

9.5%

1,200

Curators

of

the

University

of

Missouri,

System

Facilities

Revenue

Bonds,

Series

2014A,

4.000%,

11/01/33

11/24

at

100.00

AA+

1,211,004

1,000

Health

and

Educational

Facilities

Authority

of

the

State

of

Missouri,

Educational

Facilities

Revenue

Bonds,

University

of

Central

Missouri,

Series

2018

A,

4.000%,

10/01/38

10/28

at

100.00

A+

1,009,550

1,055

Lincoln

University,

Missouri,

Auxiliary

System

Revenue

Bonds,

Refunding

Series

2019,

5.000%,

6/01/31

-

AGM

Insured

6/27

at

100.00

AA

1,136,077

1,025

Missouri

Health

and

Educational

Facilities

Authority,

Educational

Facilities

Revenue

Bonds,

Kansas

City

University

of

Medicine

and

Biosciences,

Series

2013A,

5.000%,

6/01/33

6/23

at

100.00

A1

1,036,203

2,000

Missouri

Health

and

Educational

Facilities

Authority,

Educational

Facilities

Revenue

Bonds,

Kansas

City

University

of

Medicine

and

Biosciences,

Series

2017A,

5.000%,

6/01/47

6/27

at

100.00

A1

2,128,260

3,000

Missouri

Health

and

Educational

Facilities

Authority,

Educational

Facilities

Revenue

Bonds,

Saint

Louis

College

of

Pharmacy,

Series

2013,

5.500%,

5/01/43

5/23

at

100.00

BBB-

3,035,670

Missouri

Health

and

Educational

Facilities

Authority,

Educational

Facilities

Revenue

Bonds,

Southeast

Missouri

State

University,

Refunding

Series

2019:

2,295

4.000%,

10/01/34

10/29

at

100.00

A

2,280,725

2,225

4.000%,

10/01/35

10/29

at

100.00

A

2,193,071

3,470

Missouri

Health

and

Educational

Facilities

Authority,

Educational

Facilities

Revenue

Bonds,

Southwest

Baptist

University

Project,

Series

2012,

5.000%,

10/01/33

1/23

at

100.00

BBB-

3,406,291

2,255

Missouri

Health

and

Educational

Facilities

Authority,

Educational

Facilities

Revenue

Bonds,

University

of

Central

Missouri,

Series

2013C-2,

5.000%,

10/01/34

10/23

at

100.00

A+

2,281,203

1,000

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Maryville

University

of

St.

Louis

Project,

Series

2015,

5.000%,

6/15/44

6/25

at

100.00

BBB+

1,014,230

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Saint

Louis

University,

Series

2015A:

3,700

5.000%,

10/01/38

10/25

at

100.00

AA-

3,899,282

7,920

4.000%,

10/01/42

10/25

at

100.00

AA-

7,695,706

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Saint

Louis

University,

Series

2017A:

600

4.000%,

10/01/36

4/27

at

100.00

AA-

602,490

5,690

5.000%,

10/01/47

4/27

at

100.00

AA-

5,964,998

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Saint

Louis

University,

Series

2019A:

3,390

5.000%,

10/01/46

4/29

at

100.00

AA-

3,621,130

6,665

4.000%,

10/01/48

4/29

at

100.00

AA-

6,290,894

1,150

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Webster

University,

Refunding

Series

2017,

4.000%,

4/01/34

4/27

at

100.00

Baa2

1,108,094

Missouri

State

University,

Auxiliary

Enterprise

System

Revenue

Bonds,

Series

2019A:

260

4.000%,

10/01/31

10/27

at

100.00

A+

269,425

285

4.000%,

10/01/32

10/27

at

100.00

A+

295,679

500

4.000%,

10/01/33

10/27

at

100.00

A+

516,685

400

4.000%,

10/01/34

10/27

at

100.00

A+

410,348

43

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Education

and

Civic

Organizations

(continued)

$

1,625

Saint

Louis

Community

College

District,

Saint

Louis

County,

Missouri,

Certificates

of

Participation,

Series

2017,

4.000%,

4/01/36

4/27

at

100.00

AA

$

1,654,396

1,100

Saline

County

Industrial

Development

Authority,

Missouri,

First

Mortgage

Revenue

Bonds,

Missouri

Valley

College,

Series

2017,

4.500%,

10/01/40

10/23

at

100.00

N/R

948,915

860

Truman

State

University,

Missouri,

Housing

System

Revenue

Bonds,

Refunding

Series

2015,

3.750%,

6/01/33

6/23

at

100.00

A2

849,998

54,670

Total

Education

and

Civic

Organizations

54,860,324

Health

Care

-

23.0%

675

Barton

County,

Missouri,

Hospital

Revenue

Bonds,

Cox

Barton

County

Hospital

Project,

Series

2017B,

3.650%,

7/01/27

7/23

at

100.00

N/R

675,857

Boone

County,

Missouri,

Hospital

Revenue

Bonds,

Boone

Hospital

Center,

Refunding

Series

2016:

1,455

5.000%,

8/01/29

8/26

at

100.00

Ba3

1,377,594

1,000

5.000%,

8/01/30

8/26

at

100.00

Ba3

937,580

2,000

Cape

Girardeau

County

Industrial

Development

Authority,

Missouri,

Health

Facilities

Revenue

Bonds,

Saint

Francis

Medical

Center,

Series

2016,

5.000%,

6/01/39

6/26

at

100.00

AA

2,035,100

1,245

Cape

Girardeau

County

Industrial

Development

Authority,

Missouri,

Health

Facilities

Revenue

Bonds,

Southeasthealth,

Series

2016A,

6.000%,

3/01/33

3/23

at

103.00

BBB-

1,290,318

Cape

Girardeau

County

Industrial

Development

Authority,

Missouri,

Health

Facilities

Revenue

Bonds,

Southeasthealth,

Series

2017A:

1,325

5.000%,

3/01/31

3/27

at

100.00

BBB-

1,368,221

1,210

5.000%,

3/01/32

3/27

at

100.00

BBB-

1,245,054

1,645

5.000%,

3/01/36

3/27

at

100.00

BBB-

1,679,529

2,680

Cape

Girardeau

County

Industrial

Development

Authority,

Missouri,

Health

Facilities

Revenue

Bonds,

Southeasthealth,

Series

2021,

4.000%,

3/01/46

3/31

at

100.00

BBB-

2,258,061

Hannibal

Industrial

Development

Authority,

Missouri,

Health

Facilities

Revenue

Bonds,

Hannibal

Regional

Healthcare

System,

Series

2017:

1,170

4.000%,

10/01/31

10/27

at

100.00

A-

1,164,045

1,220

4.000%,

10/01/32

10/27

at

100.00

A-

1,208,361

485

5.000%,

10/01/42

10/27

at

100.00

A-

493,512

2,450

5.000%,

10/01/47

10/27

at

100.00

A-

2,480,380

1,560

Joplin

Industrial

Development

Authority,

Missouri,

Health

Facilities

Revenue

Bonds,

Freeman

Health

System,

Series

2015,

5.000%,

2/15/35

2/24

at

100.00

A+

1,577,503

290

Joplin

Industrial

Development

Authority,

Missouri,

Health

Facilities

Revenue

Bonds,

Freeman

Health

System,

Series

2020A,

5.000%,

2/15/29

No

Opt.

Call

A+

313,023

Missouri

Health

and

Education

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Saint

Luke's

Health

System,

Inc.,

Series

2016:

1,575

4.000%,

11/15/33

5/26

at

100.00

A+

1,585,978

4,200

5.000%,

11/15/34

5/26

at

100.00

A+

4,372,620

4,335

5.000%,

11/15/35

5/26

at

100.00

A+

4,509,744

1,000

Missouri

Health

and

Education

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Saint

Luke's

Health

System,

Inc.,

Series

2018A,

5.000%,

11/15/43

5/28

at

100.00

A+

1,029,130

1,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

BJC

Health

System,

Series

2014,

5.000%,

1/01/44

1/24

at

100.00

AA

1,005,910

12,725

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

BJC

Health

System,

Series

2021A,

4.000%,

7/01/46

7/31

at

100.00

AA

11,720,743

9,175

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

BJC

Health

System,

Variable

Rate

Demand

Obligation

Series

2017D,

4.000%,

1/01/58,

(Mandatory

Put

1/01/48)

1/28

at

100.00

AA

8,547,338

3,535

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Capital

Region

Medical

Center,

Series

2020,

5.000%,

11/01/40

11/30

at

100.00

Baa2

3,181,359

Nuveen

Missouri

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

44

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Health

Care

(continued)

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

CoxHealth,

Series

2013A:

$

1,475

5.000%,

11/15/44

11/23

at

100.00

A2

$

1,482,124

2,980

5.000%,

11/15/48

11/23

at

100.00

A2

2,992,159

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

CoxHealth,

Series

2015A:

2,200

5.000%,

11/15/32

11/25

at

100.00

A2

2,292,180

2,400

5.000%,

11/15/39

11/25

at

100.00

A2

2,463,288

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

CoxHealth,

Series

2019A:

975

5.000%,

11/15/37

5/29

at

100.00

A2

1,024,140

265

5.000%,

11/15/38

5/29

at

100.00

A2

275,950

3,000

4.000%,

11/15/49

5/29

at

100.00

A2

2,806,920

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Heartland

Regional

Medical

Center,

Series

2012:

1,000

3.875%,

2/15/32

1/23

at

100.00

AA-

1,000,150

3,035

5.000%,

2/15/37

1/23

at

100.00

AA-

3,036,184

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2014F:

845

5.000%,

11/15/45

11/24

at

100.00

A+

851,227

2,355

4.250%,

11/15/48

11/24

at

100.00

A+

2,287,812

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2017C:

2,500

5.000%,

11/15/42

11/27

at

100.00

A+

2,559,425

5,000

4.000%,

11/15/47

11/27

at

100.00

A+

4,619,700

1,330

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2018A,

5.000%,

6/01/30

12/28

at

100.00

A+

1,453,889

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2020:

7,500

4.000%,

6/01/50

6/30

at

100.00

A+

6,778,050

2,410

4.000%,

6/01/53

6/30

at

100.00

A+

2,157,287

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mosaic

Health

System,

Series

2019A:

2,225

4.000%,

2/15/44

2/29

at

100.00

AA-

2,126,677

8,995

4.000%,

2/15/54

2/29

at

100.00

AA-

8,179,334

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Saint

Luke's

Episcopal

&

Presbyterian

Hospitals,

Series

2015B:

1,500

3.500%,

12/01/32

6/25

at

100.00

A+

1,480,425

2,000

5.000%,

12/01/33

6/25

at

100.00

A+

2,054,020

500

3.625%,

12/01/34

6/25

at

100.00

A+

485,375

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Saint

Luke's

Episcopal

&

Presbyterian

Hospitals,

Series

2019:

1,100

4.000%,

12/01/35

6/29

at

100.00

A+

1,094,830

2,000

4.000%,

12/01/37

6/29

at

100.00

A+

1,974,960

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

SSM

Health

Care,

Series

2018A:

1,035

4.000%,

6/01/48

6/28

at

100.00

AA-

980,124

1,500

5.000%,

6/01/48

6/28

at

100.00

AA-

1,532,055

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

SSM

Health

Care,

Series

2022A:

300

5.000%,

6/01/34

6/32

at

100.00

AA-

333,282

2,000

4.000%,

6/01/52

6/32

at

100.00

AA-

1,882,540

3,000

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Children's

Mercy

Hospital,

Series

2016,

4.000%,

5/15/34

5/26

at

100.00

AA-

3,021,600

2,940

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Children's

Mercy

Hospital,

Series

2017A,

4.000%,

5/15/48

5/25

at

102.00

AA-

2,701,566

2,000

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Lake

Regional

Health

System,

Series

2021,

4.000%,

2/15/51

8/31

at

100.00

BBB+

1,699,600

45

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Health

Care

(continued)

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Health

Facilities

Revenue

Bonds,

Ranken-Jordan

Project,

Refunding

&

Improvement

Series

2016:

$

830

5.000%,

11/15/28

11/25

at

100.00

N/R

$

842,765

2,325

4.000%,

11/15/36

11/25

at

100.00

N/R

2,137,837

4,650

5.000%,

11/15/46

11/25

at

100.00

N/R

4,518,359

1,120

Stoddard

County

Industrial

Development

Authority,

Missouri,

Health

Facility

Revenue

Bonds,

Southeasthealth,

Series

2016B,

6.000%,

3/01/37

3/23

at

103.00

BBB-

1,159,962

137,245

Total

Health

Care

132,342,756

Housing/Multifamily

-

0.2%

1,000

Missouri

Housing

Development

Commission,

Multifamily

Housing

Revenue

Bonds,

Shepard

Apartments

Project,

2013

Series

3,

5.000%,

7/01/45

7/23

at

100.00

AA+

1,005,530

Housing/Single

Family

-

0.1%

510

Missouri

Housing

Development

Commission,

Single

Family

Mortgage

Revenue

Bonds,

First

Place

Homeownership

Loan

Program,

Series

2017A-2,

3.800%,

11/01/37

11/26

at

100.00

AA+

496,026

80

Missouri

Housing

Development

Commission,

Single

Family

Mortgage

Revenue

Bonds,

Homeownership

Loan

Program,

Series

2015B-2,

3.800%,

11/01/34

5/25

at

100.00

AA+

77,808

590

Total

Housing/Single

Family

573,834

Long-Term

Care

-

4.0%

3,110

Bridgeton

Industrial

Development

Authority,

Missouri,

Senior

Housing

Revenue

Bonds,

The

Sarah

Community

Project,

Refunding

Series

2016,

4.000%,

5/01/33

5/25

at

100.00

N/R

2,530,203

900

Kirkwood

Industrial

Development

Authority,

Missouri,

Retirement

Community

Revenue

Bonds,

Aberdeen

Heights

Project,

Refunding

Series

2017A,

5.250%,

5/15/37

5/27

at

100.00

BB-

809,586

555

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Bethesda

Health

Group,

Inc.,

Series

2021,

4.000%,

8/01/41

8/31

at

100.00

BBB

460,861

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Lutheran

Senior

Services

Projects,

Series

2014A:

1,000

5.000%,

2/01/35

2/24

at

100.00

BBB

999,020

1,500

5.000%,

2/01/44

2/24

at

100.00

BBB

1,439,355

5,550

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Lutheran

Senior

Services

Projects,

Series

2016A,

5.000%,

2/01/46

2/26

at

100.00

BBB

5,202,403

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Lutheran

Senior

Services

Projects,

Series

2019C:

475

4.000%,

2/01/32

2/29

at

100.00

BBB

432,217

1,000

5.000%,

2/01/42

2/29

at

102.00

BBB

957,130

3,580

4.000%,

2/01/48

2/29

at

100.00

BBB

2,716,790

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Friendship

Village

of

Sunset

Hills,

Series

2012:

550

5.000%,

9/01/32

1/23

at

100.00

BB+

527,010

2,740

5.000%,

9/01/42

1/23

at

100.00

BB+

2,402,158

2,570

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Friendship

Village

of

Sunset

Hills,

Series

2013A,

5.875%,

9/01/43

9/23

at

100.00

BB+

2,572,776

2,000

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Friendship

Village

Saint

Louis

Obligated

Group,

Series

2017,

5.000%,

9/01/48

9/27

at

100.00

BB+

1,697,600

500

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Saint

Andrew's

Resources

for

Seniors,

Series

2015A,

5.125%,

12/01/45

12/25

at

100.00

N/R

471,960

26,030

Total

Long-Term

Care

23,219,069

Nuveen

Missouri

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

46

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/General

-

16.2%

$

3,745

Camdenton

Reorganized

School

District

R3,

Camden

County,

Missouri,

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2015,

4.000%,

3/01/35

3/23

at

100.00

AA-

$

3,750,880

Central

Jackson

County

Fire

Protection

District,

Jackson

County,

Missouri,

General

Obligation

Bonds,

Improvement

Series

2021:

2,075

5.000%,

3/01/34

3/30

at

100.00

AA

2,360,437

2,175

5.000%,

3/01/36

3/30

at

100.00

AA

2,433,781

3,665

Clay

County

Public

School

District

53,

Liberty,

Missouri,

General

Obligation

Bonds,

Series

2018,

4.000%,

3/01/36

3/26

at

100.00

AA

3,718,766

Clay

County

Reorganized

School

District

R-II

Smithville,

Missouri,

General

Obligation

Bonds,

Refunding

Series

2015:

2,000

4.000%,

3/01/35

3/27

at

100.00

AA+

2,048,380

1,160

4.000%,

3/01/36

3/27

at

100.00

AA+

1,182,643

3,000

Columbia

School

District,

Boone

County,

Missouri,

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2015,

4.000%,

3/01/35

3/25

at

100.00

Aa1

3,044,190

1,225

Columbia

School

District,

Boone

County,

Missouri,

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2016,

5.000%,

3/01/36

3/26

at

100.00

Aa1

1,294,323

Fenton

Missouri

Fire

Protection

District,

Missouri,

General

Obligation

Bonds,

Series

2019:

1,075

4.000%,

3/01/30

3/27

at

100.00

AA+

1,117,785

450

4.000%,

3/01/36

3/27

at

100.00

AA+

458,784

375

4.000%,

3/01/37

3/27

at

100.00

AA+

381,098

500

4.000%,

3/01/38

3/27

at

100.00

AA+

505,815

1,505

Fort

Osage

Reorganized

School

District

R-1,

Missouri,

General

Obligation

Bonds,

School

Building

Series

2021,

5.000%,

3/01/35

9/31

at

100.00

AA+

1,718,514

Fort

Zumwalt

School

District,

Callaway

County,

Missouri,

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2015:

1,500

4.000%,

3/01/31

3/24

at

100.00

AA+

1,518,855

1,000

4.000%,

3/01/32

3/24

at

100.00

AA+

1,012,040

1,800

Fort

Zumwalt

School

District,

Callaway

County,

Missouri,

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2018,

5.000%,

3/01/36

3/27

at

100.00

AA+

1,923,912

2,000

Hazelwood

School

District,

St

Louis

County,

Missouri,

General

Obligation

Bonds,

Missouri

Direct

Deposit

Program,

Series

2013A,

5.000%,

3/01/33

3/23

at

100.00

AA+

2,012,280

1,950

Independence

School

District,

Jackson

County,

Missouri,

General

Obligation

Bonds,

Refunding

Series

2017B,

5.500%,

3/01/32

3/27

at

100.00

AA+

2,166,313

1,000

Jackson

County

Center

School

District

58,

Missouri,

General

Obligation

Bonds,

Refunding

&

School

Building

Series

2019A,

4.000%,

3/01/38

3/27

at

100.00

Aa1

1,014,380

1,000

Jackson

County

Consolidated

School

District

2,

Raytown,

Missouri,

General

Obligation

Bonds,

Series

2014,

5.000%,

3/01/32

3/24

at

100.00

AA+

1,028,380

Jackson

County

Consolidated

School

District

2,

Raytown,

Missouri,

General

Obligation

Bonds,

Series

2019A:

1,000

5.000%,

3/01/36

3/29

at

100.00

AA+

1,104,710

2,000

5.000%,

3/01/39

3/29

at

100.00

AA+

2,186,580

1,140

Jackson

County

Reorganized

School

District

4,

Blue

Springs,

Missouri,

General

Obligation

Bonds,

School

Building

Series

2018A,

5.500%,

3/01/37

3/29

at

100.00

AA+

1,286,467

2,000

Joplin

Schools,

Missouri,

General

Obligation

Bonds,

Refunding,

Direct

Deposit

Program

Series

2017,

4.000%,

3/01/32

3/27

at

100.00

AA+

2,062,520

Kansas

City,

Missouri,

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2018A:

1,510

4.000%,

2/01/36

2/28

at

100.00

AA

1,538,992

1,000

4.000%,

2/01/37

2/28

at

100.00

AA

1,014,630

2,000

Marion

County

School

District

60

Hannibal,

Ralls

and

Marion

County,

Missouri,

General

Obligation

Bonds,

Series

2019,

5.000%,

3/01/39

3/24

at

100.00

AA+

2,047,820

1,585

Marshfield,

Missouri,

Combined

Waterworks

and

Sewerage

System

Revenue

Bones,

Series

2020B,

5.000%,

2/01/50

-

AGM

Insured

2/28

at

100.00

AA

1,661,603

47

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/General

(continued)

Marshfield,

Missouri,

General

Obligation

Bonds,

Street

Improvement

Series

2018:

$

570

4.000%,

3/01/31

3/26

at

100.00

A+

$

585,321

325

5.000%,

3/01/34

3/26

at

100.00

A+

345,667

685

5.000%,

3/01/35

3/26

at

100.00

A+

728,121

North

Kansas

City

School

District

74,

Clay

County,

Missouri,

General

Obligation

Bonds,

Direct

Deposit

Program,

Improvement

Series

2022:

3,300

5.250%,

3/01/38

3/32

at

100.00

AA+

3,800,445

5,000

5.250%,

3/01/40

3/32

at

100.00

AA+

5,707,000

500

North

Kansas

City

School

District

74,

Clay

County,

Missouri,

General

Obligation

Bonds,

Direct

Deposit

Program,

Refunding

&

Improvement  Series

2014,

4.000%,

3/01/32

3/24

at

100.00

AA+

506,575

1,000

Osage

School

Lake

Ozark,

Missouri,

General

Obligation

Bonds,

School

Building

Series

2014B,

5.000%,

3/01/34

3/24

at

100.00

AA-

1,028,260

2,000

Osage

School

Lake

Ozark,

Missouri,

General

Obligation

Bonds,

Series

2018,

5.000%,

3/01/37

3/26

at

100.00

AA-

2,123,360

1,500

Ozark

Reorganized

School

District

6,

Christian

County,

Missouri,

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2015,

4.000%,

3/01/34

3/23

at

100.00

AA+

1,503,435

1,000

Ozark

Reorganized

School

District

6,

Christian

County,

Missouri,

General

Obligation

Bonds,

Series

2021B,

4.000%,

3/01/39

3/31

at

100.00

AA+

1,020,930

2,840

Platte

County

Reorganized

School

District

R3,

Missouri,

General

Obligation

Bonds,

School

Building

Series

2021,

5.250%,

3/01/35

9/31

at

100.00

AA

3,308,657

2,000

Platte

County

School

District

Park

Hill,

Missouri,

General

Obligation

Bonds,

Missouri

Direct

Deposit

Program,

Refunding

Series

2017,

4.000%,

3/01/31

3/26

at

100.00

AA+

2,051,220

1,200

Poplar

Bluff

R-I

School

District,

Butler

County,

Missouri,

Lease

Certificates

of

Participation,

Series

2014,

5.000%,

3/01/33

-

AGM

Insured

3/24

at

100.00

AA

1,229,880

Saint

Charles

County

Francis

Howell

School

District,

Missouri,

General

Obligation

Bonds,

Series

2022:

9,000

5.000%,

3/01/41

3/31

at

100.00

AA

9,896,670

2,000

5.000%,

3/01/42

3/31

at

100.00

AA

2,196,760

1,000

Saint

Louis

County

Pattonville

School

District

R3,

Missouri,

General

Obligation

Bonds,

Refunding

Series

2018A,

5.000%,

3/01/36

3/26

at

100.00

AA

1,053,430

Springfield

School

District

R12,

Greene

County,

Missouri,

General

Obligation

Bonds,

Series

2013:

1,000

5.000%,

3/01/32

3/23

at

100.00

AA+

1,006,120

1,000

5.000%,

3/01/33

3/23

at

100.00

AA+

1,006,120

Valley

Park

Fire

Protection

District,

Missouri,

General

Obligation

Bonds,

Series

2019:

650

4.000%,

3/01/31

3/27

at

100.00

AA

670,852

705

4.000%,

3/01/33

3/27

at

100.00

AA

725,508

550

4.000%,

3/01/35

3/27

at

100.00

AA

563,057

600

4.000%,

3/01/37

3/27

at

100.00

AA

607,620

Washington

School

District,

Franklin

County,

Missouri,

General

Obligation

Bonds,

Missouri

Direct

Deposit

Program,

Series

2019:

1,500

4.000%,

3/01/34

3/27

at

100.00

AA+

1,542,285

905

4.000%,

3/01/35

3/27

at

100.00

AA+

926,892

1,135

Wright

City

School

District

R-II,

Warren

County,

Missouri,

General

Obligation

Bonds,

School

Building

Series

2022,

6.000%,

3/01/39

-

AGM

Insured

9/32

at

100.00

AA

1,365,212

87,400

Total

Tax

Obligation/General

93,094,275

Tax

Obligation/Limited

-

18.1%

240

Arnold

Retail

Corridor

Transportation

Development

District,

Missouri,

Sales

Tax

Revenue

Bonds,

Refunding

Series

2019,

3.000%,

11/01/28

11/24

at

100.00

N/R

218,580

Bi-State

Development

Agency

of

the

Missouri-Illinois

Metropolitan

District,

Mass

Transit

Sales

Tax

Appropriation

Bonds,

Refunding

Combined

Lien

Series

2019:

2,680

4.000%,

10/01/36

10/29

at

100.00

AA

2,727,436

11,020

4.000%,

10/01/48

10/29

at

100.00

AA

10,499,966

Nuveen

Missouri

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

48

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/Limited

(continued)

$

2,125

Blue

Springs,

Missouri,

Special

Obligation

Tax

Increment

Bonds,

Adams

Farm

Project,

Special

Districts

Refunding

&

Improvement

Series

2015A,

4.750%,

6/01/30

6/24

at

100.00

N/R

$

1,925,824

1,000

Cape

Girardeau

County

Reorganized

School

District

R2,

Missouri,

Certificates

of

Participation,

Series

2020A,

4.000%,

4/01/35

-

BAM

Insured

4/28

at

100.00

AA

1,014,550

Clay

County

School

District

R-11

Smithville,

Missouri,

Certificates

of

Participation,

Series

2018:

340

4.000%,

4/01/38

4/28

at

100.00

A+

346,854

2,515

5.000%,

4/01/43

4/28

at

100.00

A+

2,690,195

900

Clay,

Jackson

&

Platte

Counties

Consolidated

Public

Library

District

3,

Missouri,

Certificates

of

Participation,

Mid-Continent

Public

Library

Project,

Series

2018,

4.000%,

3/01/35

3/26

at

100.00

Aa3

916,596

2,140

Conley

Road

Transportation

District,

Missouri,

Transportation

Sales

Tax

Revenue

Bonds,

Series

2017,

5.125%,

5/01/41

5/25

at

100.00

N/R

1,982,132

1,105

Franklin

County,

Missouri,

Certificates

of

Participation,

Series

2019A,

3.000%,

11/01/30

11/26

at

100.00

A+

1,066,237

1,630

Fulton,

Missouri,

Tax

Increment

Revenue

Bonds,

Fulton

Commons

Redevelopment

Project,

Series

2006,

5.000%,

6/01/28

(4)

1/23

at

100.00

N/R

1,075,621

750

Greene

County,

Missouri,

Certificates

of

Participation,

Capital

Projects,

Series

2018,

4.000%,

9/01/33

9/28

at

100.00

Aa2

777,735

1,000

Hanley/Eager

Road

Transportation

Development

District,

Missouri,

Revenue

Bonds,

Refunding

Series

2016A,

3.625%,

3/01/33

1/23

at

100.00

N/R

857,980

Howard

Bend

Levee

District,

Missouri,

Levee

District

Improvement

Bonds,

Series

2005:

1,470

5.750%,

3/01/23

-

SYNCORA

GTY

Insured

No

Opt.

Call

BB+

1,473,337

1,560

5.750%,

3/01/24

-

SYNCORA

GTY

Insured

No

Opt.

Call

BB+

1,575,943

1,745

5.500%,

3/01/26

-

SYNCORA

GTY

Insured

No

Opt.

Call

BB+

1,765,399

Howard

Bend

Levee

District,

St.

Louis

County,

Missouri,

Levee

District

Improvement

Bonds,

Series

2013B:

1,000

4.875%,

3/01/33

3/23

at

100.00

BB+

938,020

1,300

5.000%,

3/01/38

3/23

at

100.00

BB+

1,203,085

Jennings,

Saint

Louis

County,

Missouri,

Certificates

of

Participation,

Series

2021:

380

4.000%,

3/01/40

3/28

at

100.00

A-

374,566

1,555

4.000%,

3/01/43

3/28

at

100.00

A-

1,514,990

925

Kansas

City

Industrial

Development

Authority,

Missouri,

Downtown

Redevelpment

District

Revenue

Bonds,

Series

2011A,

5.000%,

9/01/32

1/23

at

100.00

AA-

927,053

835

Kansas

City

Industrial

Development

Authority,

Missouri,

Sales

Tax

Revenue

Bonds,

Ward

Parkway

Center

Community

Improvement

District,

Senior

Refunding

&

Improvement

Series

2016,

4.250%,

4/01/26,

144A

No

Opt.

Call

N/R

805,291

2,000

Kansas

City

Municipal

Assistance

Corporation,

Missouri,

Leasehold

Revenue

Bonds,

Improvement

Series

2004B-1,

0.000%,

4/15/27

-

AMBAC

Insured

No

Opt.

Call

AA-

1,747,920

1,750

Kansas

City,

Missouri,

Special

Obligation

Bonds,

Downtown

Redevelopment

District,

Series

2014C,

5.000%,

9/01/33

9/23

at

100.00

AA-

1,771,647

Kansas

City,

Missouri,

Special

Obligation

Bonds,

Kansas

City

Missouri

Projects,

Series

2017B:

360

4.000%,

10/01/30

10/27

at

100.00

AA-

374,209

2,500

5.000%,

9/01/31

9/27

at

100.00

AA-

2,716,725

235

3.625%,

10/01/32

10/27

at

100.00

AA-

235,393

1,585

Kansas

City,

Missouri,

Special

Obligation

Bonds,

Kansas

City

Missouri

Projects,

Series

2021A,

5.000%,

4/01/39

4/31

at

100.00

AA-

1,699,453

187

Lakeside

370

Levee

District,

Saint

Charles,

Missouri,

Subdistrict

A

Bonds,

Refunding

Series

2015A,

5.750%,

4/01/55

1/23

at

100.00

N/R

142,232

231

Lakeside

370

Levee

District,

Saint

Charles,

Missouri,

Subdistrict

B

Bonds,

Refunding

Taxable

Series

2015B,

0.000%,

4/01/55

1/23

at

100.00

N/R

207,537

Land

Clearance

for

Redevelopment

Authority

of

Kansas

City,

Missouri,

Project

Revenue

Bonds,

Convention

Center

Hotel

Project

-

TIF

Financing,

Series

2018B:

1,450

5.000%,

2/01/40,

144A

2/28

at

100.00

N/R

1,108,873

100

5.000%,

2/01/50,

144A

2/28

at

100.00

N/R

70,029

49

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/Limited

(continued)

Liberty,

Missouri,

Special

Obligation

Tax

Increment

and

Special

Districts

Bonds,

Liberty

Commons

Project,

Series

2015A:

$

1,195

5.750%,

6/01/35,

144A

6/25

at

100.00

N/R

$

1,092,349

1,285

6.000%,

6/01/46,

144A

6/25

at

100.00

N/R

1,158,299

1,360

Maryland

Heights,

Missouri,

Tax

Increment

and

Special

District

Revenue

Bonds,

Westport

Plaza

Redevelopment

Area,

Series

2020,

3.625%,

11/01/31

11/29

at

100.00

N/R

1,197,194

1,000

Missouri

Development

Finance

Board,

Revenue

Bonds,

Zoo

Projects,

Series

2022,

5.750%,

5/01/52

5/32

at

100.00

AA-

1,112,420

1,000

Monarch-Chesterfield

Levee

District,

Saint

Louis

County,

Missouri,

Levee

District

Bonds,

Refunding

Series

2015,

5.000%,

3/01/40

3/24

at

100.00

A

1,025,400

Plaza

at

Noah's

Ark

Community

Improvement

District,

Saint

Charles,

Missouri,

Tax

Increment

and

Improvement

District

Revenue

Bonds,

Series

2021:

200

3.000%,

5/01/24

No

Opt.

Call

N/R

195,502

225

3.000%,

5/01/25

No

Opt.

Call

N/R

216,178

275

3.000%,

5/01/26

No

Opt.

Call

N/R

259,740

625

3.000%,

5/01/30

5/29

at

100.00

N/R

551,900

660

Poplar

Bluff

Regional

Transportation

Development

District,

Missouri,

Transportation

Sales

Tax

Revenue

Bonds,

Series

2012,

4.750%,

12/01/42

1/23

at

100.00

BBB

642,602

575

Poplar

Bluff,

Missouri,

Certificates

of

Participation,

Series

2021,

4.000%,

10/01/35

10/29

at

100.00

BBB+

560,044

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

3,000

4.500%,

7/01/34

7/25

at

100.00

N/R

2,832,120

1,000

4.550%,

7/01/40

7/28

at

100.00

N/R

931,330

1,350

0.000%,

7/01/46

7/28

at

41.38

N/R

340,227

2,140

0.000%,

7/01/51

7/28

at

30.01

N/R

402,662

1,377

4.750%,

7/01/53

7/28

at

100.00

N/R

1,258,165

1,661

5.000%,

7/01/58

7/28

at

100.00

N/R

1,575,850

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2:

2,000

4.329%,

7/01/40

7/28

at

100.00

N/R

1,811,840

18

4.536%,

7/01/53

7/28

at

100.00

N/R

15,705

Pulaski

County,

Missouri,

Certificates

of

Participation,

Series

2019:

880

4.000%,

12/01/32

12/27

at

100.00

A-

910,747

915

4.000%,

12/01/33

12/27

at

100.00

A-

937,701

Republic,

Missouri,

Special

Obligation

Bonds,

Series

2022:

1,000

4.000%,

5/01/37

5/30

at

100.00

A+

1,017,600

1,380

4.000%,

5/01/39

5/30

at

100.00

A+

1,392,600

685

4.000%,

5/01/40

5/30

at

100.00

A+

688,281

1,000

4.000%,

5/01/41

5/30

at

100.00

A+

1,002,260

490

Saint

Charles

County

Industrial

Development

Authority,

Missouri,

Sales

Tax

Revenue

Bonds,

Wentzville

Parkway

Regional

Community

Improvement

District

Project,

Series

2019B,

4.250%,

11/01/49,

144A

11/29

at

102.00

N/R

385,782

1,075

Saint

Charles,

Missouri,

Certificates

of

Participation,

Series

2017,

4.000%,

4/01/29

4/26

at

100.00

Aa3

1,106,422

250

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Sales

Tax

Revenue

Bonds,

Chesterfield

Blue

Valley

Community

Improvement

District

Project,

Series

2014A,

5.250%,

7/01/44,

144A

7/24

at

100.00

N/R

212,970

545

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Transporation

Development

Revenue

Bonds,

University

Place

Transportation

Development

District

Project,

Refunding

Series

2015,

4.000%,

3/01/32,

144A

1/23

at

100.00

N/R

476,930

2,100

Saint

Louis

Land

Clearance

for

Redevelopment

Authority,

Missouri,

Annual

Appropriation

Redevelopment

Revenue

Bonds,

National

Geospatial-

Intelligence

Agency

Offsite

Improvements,

Series

2022C,

5.125%,

6/01/46

6/30

at

100.00

Baa1

2,154,768

Nuveen

Missouri

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

50

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/Limited

(continued)

Saint

Louis

Municipal

Finance

Corporation,

Missouri,

Leasehold

Revenue

Bonds,

Convention

Center,

Expansion

&

Improvement

Projects

Series

2020:

$

2,450

5.000%,

10/01/40

-

AGM

Insured

10/30

at

100.00

AA

$

2,534,795

2,500

5.000%,

10/01/45

-

AGM

Insured

10/30

at

100.00

AA

2,579,950

Saint

Louis

Municipal

Finance

Corporation,

Missouri,

Leasehold

Revenue

Bonds,

Convention

Center,

Series

2009A:

1,000

0.000%,

7/15/26

-

AGC

Insured

No

Opt.

Call

AA

878,450

1,000

0.000%,

7/15/27

-

AGC

Insured

No

Opt.

Call

AA

845,010

1,000

0.000%,

7/15/28

-

AGC

Insured

No

Opt.

Call

AA

812,820

1,000

0.000%,

7/15/29

-

AGC

Insured

No

Opt.

Call

AA

781,130

Scenic

Regional

Library

District,

Missouri,

Certificates

of

Participation,

Series

2017:

505

4.000%,

4/01/29

4/25

at

100.00

A

513,777

345

4.000%,

4/01/30

4/25

at

100.00

A

351,483

565

4.000%,

4/01/32

4/25

at

100.00

A

576,763

585

4.000%,

4/01/33

4/25

at

100.00

A

595,764

2,145

Sedalia,

Missouri,

Certificates

of

Participation,

Refunding

&

Improvement

Series

2020,

4.000%,

9/15/39

-

BAM

Insured

9/27

at

100.00

AA

2,148,153

2,600

Springfield,

Missouri,

Special

Obligation

Bonds,

Refunding

Series

2017A,

4.000%,

7/01/36

7/27

at

100.00

Aa2

2,619,656

1,630

Springfield,

Missouri,

Special

Obligation

Bonds,

Refunding

Series

2017B,

5.000%,

7/01/26,

(AMT)

No

Opt.

Call

Aa2

1,727,833

4,300

Springfield,

Missouri,

Special

Obligation

Bonds,

Sewer

System

Improvements

Project,

Series

2015,

4.000%,

4/01/35

4/25

at

100.00

Aa2

4,353,707

The

Industrial

Development

Authority

of

the

City

of

Saint

Louis,

Missouri,

Development

Financing

Revenue

Bonds,

Ballpark

Village

Development

Project,

Series

2017A:

175

3.875%,

11/15/29

11/26

at

100.00

N/R

150,960

3,350

4.375%,

11/15/35

11/26

at

100.00

N/R

2,685,293

1,525

4.750%,

11/15/47

11/26

at

100.00

N/R

1,136,796

115

Town

and

Country

Crossing

Transportation

Development

District,

Missouri,

Transporation

Sales

Tax

Revenue

Bonds,

Refunding

Series

2020A,

3.375%,

4/01/37

4/28

at

100.00

N/R

100,953

1,285

Transportation

Development

District,

Missouri,

Transportation

Sales

Tax

Revenue

Bonds,

Series

2017,

4.500%,

6/01/36

6/26

at

100.00

BBB

1,220,840

1,445

Warrenton

Tax

Increment

and

Improvement

District,

Missouri,

Revenue

Bonds,

Warrenton

West

Development

-

Redevelopment

Project

Area

1,

Series

2022,

3.625%,

3/01/40

3/29

at

100.00

N/R

1,119,745

395

Washington

Industrial

Development

Authority,

Missouri,

Sales

Tax

Revenue

Bonds,

Phoenix

Center

II

Community

Improvement

District

Project,

Refunding

Series

2021,

2.500%,

11/01/29

11/26

at

100.00

N/R

357,811

Wentzville

School

District

R-04,

Saint

Charles

County,

Missouri,

Certificates

of

Participation,

Series

2015:

1,700

3.375%,

4/01/29

4/24

at

100.00

A1

1,696,447

600

3.500%,

4/01/32

4/24

at

100.00

A1

594,510

112,094

Total

Tax

Obligation/Limited

104,599,642

Transportation

-

5.7%

Kansas

City

Industrial

Development

Authority,

Missouri,

Airport

Special

Obligation

Bonds,

Kansas

City

International

Airport

Terminal

Modernization

Project,

Series

2019A:

320

5.000%,

3/01/36,

(AMT)

3/29

at

100.00

A2

334,989

7,000

5.000%,

3/01/44,

(AMT)

3/29

at

100.00

A2

7,142,450

Kansas

City

Industrial

Development

Authority,

Missouri,

Airport

Special

Obligation

Bonds,

Kansas

City

International

Airport

Terminal

Modernization

Project,

Series

2019B:

13,940

5.000%,

3/01/46,

(AMT)

3/29

at

100.00

A2

14,149,518

7,000

5.000%,

3/01/54,

(AMT)

3/29

at

100.00

A2

7,030,940

51

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Transportation

(continued)

Saint

Louis,

Missouri,

Airport

Revenue

Bonds,

Lambert-St.

Louis

International

Airport,

Series

2017D:

$

2,835

5.000%,

7/01/34

-

AGM

Insured,

(AMT)

7/27

at

100.00

AA

$

2,951,405

1,000

5.000%,

7/01/37

-

AGM

Insured,

(AMT)

7/27

at

100.00

AA

1,031,190

32,095

Total

Transportation

32,640,492

U.S.

Guaranteed

-

2.7%

(5)

Great

Rivers

Greenway

Metropolitan

Park

&

Recreation

District,

Missouri,

Sales

Tax

Appropriation

Bonds,

Gateway

Arch

Project,

Series

2014:

3,500

5.000%,

12/30/29,

(Pre-refunded

12/30/23)

12/23

at

100.00

A+

3,589,110

4,090

5.000%,

12/30/31,

(Pre-refunded

12/30/23)

12/23

at

100.00

A+

4,194,131

665

Guam

A.B.

Won

Pat  International

Airport

Authority,

Revenue

Bonds,

Series

2013B,

5.500%,

10/01/33,

(Pre-refunded

10/01/23)

-

AGM

Insured

10/23

at

100.00

AA

680,874

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

SSM

Health

Care,

Series

2014A:

10

5.000%,

6/01/26,

(Pre-refunded

6/01/24)

6/24

at

100.00

AA-

10,327

2,000

5.000%,

6/01/31,

(Pre-refunded

6/01/24)

6/24

at

100.00

AA-

2,065,320

1,165

4.000%,

6/01/32,

(Pre-refunded

6/01/24)

6/24

at

100.00

AA-

1,185,737

3,620

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

A.T.

Still

University

of

Health

Sciences,

Series

2014,

5.000%,

10/01/39,

(Pre-

refunded

10/01/23)

10/23

at

100.00

A

3,693,160

15,050

Total

U.S.

Guaranteed

15,418,659

Utilities

-

18.3%

Camden

County

Public

Water

Supply

District

4,

Missouri,

Certificates

of

Participation,

Series

2017:

670

3.500%,

1/01/32

1/25

at

100.00

A-

647,207

720

4.000%,

1/01/42

1/25

at

100.00

A-

679,557

1,430

5.000%,

1/01/47

1/25

at

100.00

A-

1,453,981

3,000

Carroll

County

Public

Water

Supply

District

1,

Missouri,

Water

System

Revenue

Bonds,

Refunding

Series

2014A,

4.000%,

3/01/35

-

BAM

Insured

3/23

at

100.00

AA

3,010,620

1,670

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2016,

5.000%,

1/01/46

7/26

at

100.00

A-

1,678,183

145

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2020A,

5.000%,

1/01/50

7/30

at

100.00

A-

145,677

Kansas

City,

Missouri,

Sanitary

Sewer

System

Revenue

Bonds,

Improvement

Series

2018A:

500

4.000%,

1/01/35

1/28

at

100.00

AA

511,770

1,865

4.000%,

1/01/37

1/28

at

100.00

AA

1,893,441

1,000

4.000%,

1/01/38

1/28

at

100.00

AA

1,011,750

1,200

Lincoln

County

Public

Water

Supply

District

1,

Missouri,

Certificates

of

Participation,

Series

2016,

4.000%,

7/01/31

1/23

at

100.00

A+

1,200,864

1,250

Lincoln

County

Public

Water

Supply

District

1,

Missouri,

Certificates

of

Participation,

Series

2019,

4.000%,

7/01/38

7/26

at

100.00

A+

1,254,387

8,000

Metropolitan

St.

Louis

Sewerage

District,

Missouri,

Wastewater

System

Revenue

Bonds,

Refunding

&

Improvement

Series

2017A,

5.000%,

5/01/47

5/27

at

100.00

AAA

8,426,880

Metropolitan

St.

Louis

Sewerage

District,

Missouri,

Wastewater

System

Revenue

Bonds,

Refunding

Improvement

Series

2022B:

5,875

5.000%,

5/01/47

5/32

at

100.00

AAA

6,492,874

3,915

5.250%,

5/01/52

5/32

at

100.00

AAA

4,365,342

2,695

Metropolitan

St.

Louis

Sewerage

District,

Missouri,

Wastewater

System

Revenue

Bonds,

Series

2019B,

5.000%,

5/01/44

5/29

at

100.00

AAA

2,906,099

4,365

Metropolitan

St.

Louis

Sewerage

District,

Missouri,

Wastewater

System

Revenue

Bonds,

Series

2020B,

5.000%,

5/01/47

5/30

at

100.00

AAA

4,727,426

Metropolitan

St.

Louis

Sewerage

District,

Missouri,

Wastewater

System

Revenue

Bonds,

Series

2022A:

1,785

5.000%,

5/01/38

5/32

at

100.00

AAA

2,024,101

5,055

5.000%,

5/01/39

5/32

at

100.00

AAA

5,700,675

Nuveen

Missouri

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

52

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Utilities

(continued)

$

2,500

Missouri

Development

Finance

Board,

Infrastructure

Facilities

Revenue

Bonds,

City

of  Independence

Annual

Appropriation

Electric

System,

Refunding

Series

2022,

5.000%,

6/01/34

-

AGM

Insured

6/32

at

100.00

AA

$

2,745,700

5,100

Missouri

Environmental

Improvement

and

Energy

Resources

Authority,

Revenue

Bonds,

Union

Electric

Company

Project,

Refunding

Series

1998A,

2.900%,

9/01/33

7/27

at

102.00

A

4,759,779

1,000

Missouri

Environmental

Improvement

and

Energy

Resources

Authority,

Revenue

Bonds,

Union

Electric

Company

Project,

Series

1998B,

2.900%,

9/01/33

7/27

at

102.00

A

933,290

1,845

Missouri

Environmental

Improvement

and

Energy

Resources

Authority,

Revenue

Bonds,

Union

Electric

Company

Project,

Series

1998C,

2.750%,

9/01/33

6/27

at

102.00

A

1,689,430

1,125

Missouri

Environmental

Improvement

and

Energy

Resources

Authority,

Water

Facility

Revenue

Bonds,

Jefferson

County

Water

Authority

Project,

Series

2021A,

4.000%,

7/01/41

7/29

at

100.00

A

1,099,215

2,000

Missouri

Environmental

Improvement

and

Energy

Resources

Authority,

Water

Facility

Revenue

Bonds,

Tri-County

Water

Authority,

Series

2015,

5.000%,

1/01/40

1/25

at

100.00

Aa3

2,079,200

Missouri

Joint

Municipal

Electric

Utility

Commission,

Power

Project

Revenue

Bonds,

Iatan

2

Project,

Refunding

Series

2014A:

3,300

5.000%,

1/01/31

1/24

at

100.00

A2

3,362,106

1,755

5.000%,

1/01/32

1/24

at

100.00

A2

1,786,906

2,500

5.000%,

1/01/33

1/24

at

100.00

A2

2,544,125

Missouri

Joint

Municipal

Electric

Utility

Commission,

Power

Project

Revenue

Bonds,

Iatan

2

Project,

Refunding

Series

2015A:

1,125

5.000%,

12/01/35

6/25

at

100.00

A2

1,164,442

2,245

5.000%,

12/01/37

6/25

at

100.00

A2

2,318,816

Missouri

Joint

Municipal

Electric

Utility

Commission,

Power

Project

Revenue

Bonds,

Pairie

State

Power

Project,

Refunding

Series

2016A:

570

4.000%,

12/01/33

-

BAM

Insured

6/26

at

100.00

AA

583,042

1,415

5.000%,

12/01/34

6/26

at

100.00

A2

1,474,883

245

4.000%,

12/01/35

-

BAM

Insured

6/26

at

100.00

AA

249,547

Missouri

Joint

Municipal

Electric

Utility

Commission,

Power

Project

Revenue

Bonds,

Plum

Point

Project,

Refunding

Series

2014A:

2,885

5.000%,

1/01/32

1/25

at

100.00

A

2,965,722

1,450

5.000%,

1/01/34

1/25

at

100.00

A

1,489,107

2,500

Missouri

Joint

Municipal

Electric

Utility

Commission,

Power

Project

Revenue

Bonds,

Plum

Point

Project,

Refunding

Series

2015A,

4.000%,

1/01/35

1/26

at

100.00

A

2,533,075

1,000

Missouri

Joint

Municipal

Electric

Utility

Commission,

Power

Supply

System

Revenue

Bonds,

Gree

Bonds,

MoPEP

Facilities,

Series

2022,

5.250%,

12/01/42

(WI/DD,

Settling

12/01/22)

12/32

at

100.00

A2

1,082,510

1,500

Missouri

Joint

Municipal

Electric

Utility

Commission,

Power

Supply

System

Revenue

Bonds,

MoPEP

Facilities,

Refunding

Series

2017,

4.000%,

12/01/32

12/27

at

100.00

A2

1,555,215

Missouri

Joint

Municipal

Electric

Utility

Commission,

Power

Supply

System

Revenue

Bonds,

MoPEP

Facilities,

Series

2018:

1,330

5.000%,

12/01/37

6/27

at

100.00

A2

1,386,871

1,140

5.000%,

12/01/38

6/27

at

100.00

A2

1,186,478

1,500

5.000%,

12/01/43

6/27

at

100.00

A2

1,546,665

2,070

North

Central

Missouri

Regional

Water

Commission,

Waterworks

System

Revenue

Bonds,

Series

2006,

5.000%,

1/01/37

1/23

at

100.00

N/R

2,070,104

Saint

Charles

County

Public

Water

Supply

District

2,

Missouri,

Certificates

of

Participation,

Missouri

Project

Series

2019:

250

4.000%,

12/01/39

12/25

at

100.00

AA+

250,542

2,295

4.000%,

12/01/41

12/25

at

100.00

AA+

2,294,105

53

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Utilities

(continued)

$

2,000

Saint

Charles

County

Public

Water

Supply

District

2,

Missouri,

Certificates

of

Participation,

Missouri

Project,

Series

2022,

5.000%,

12/01/44

12/30

at

100.00

AA+

$

2,128,700

Saint

Charles

County

Public

Water

Supply

District

2,

Missouri,

Certificates

of

Participation,

Refudning

Series

2016C:

285

4.000%,

12/01/31

12/25

at

100.00

AA+

292,484

1,465

5.000%,

12/01/32

12/25

at

100.00

AA+

1,536,653

4,240

Saint

Charles

County

Public

Water

Supply

District

2,

Missouri,

Certificates

of

Participation,

Series

2018,

4.000%,

12/01/39

12/25

at

100.00

AA+

4,249,201

2,000

Springfield,

Missouri,

Public

Utility

Revenue

Bonds,

Refunding

Series

2015,

4.000%,

8/01/31

8/25

at

100.00

AA+

2,053,800

2,500

Stone

County

Public

Water

Supply

District

2,

Missouri,

Certificates

of

Participation,

Series

2021B,

4.000%,

12/01/51

12/28

at

100.00

N/R

2,173,850

102,275

Total

Utilities

105,716,397

$

580,289

Total

Long-Term

Investments

(cost

$595,289,524)

576,407,369

Other

Assets

Less

Liabilities

-

0.0%

2,235

Net

Assets

-

100%

$

576,409,604

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

(3)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

(4)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(5)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

WI/DD

Purchased

on

a

when-issued

or

delayed

delivery

basis.

See

accompanying

notes

to

financial

statements.

54

Nuveen

Ohio

Municipal

Bond

Fund

Portfolio

of

Investments

November

30,

2022

(Unaudited)

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

LONG-TERM

INVESTMENTS

-

97.6%   

X

562,609,058

MUNICIPAL

BONDS

-

93.0%  

X

562,609,058

Consumer

Discretionary

-

0.7%

Franklin

County

Convention

Facilities

Authority,

Ohio,

Hotel

Project

Revenue

Bonds,

Greater

Columbus

Convention

Center

Hotel

Expansion

Project,

Series

2019:

$

1,350

5.000%,

12/01/44

12/29

at

100.00

BBB-

$

1,341,103

3,160

5.000%,

12/01/51

12/29

at

100.00

BBB-

3,061,503

4,510

Total

Consumer

Discretionary

4,402,606

Consumer

Staples

-

3.1%

20,690

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Capital

Appreciation

Series

2020B-3

Class

2,

0.000%,

6/01/57

6/30

at

22.36

N/R

2,426,523

1,460

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A-2

Class

1,

4.000%,

6/01/48

6/30

at

100.00

BBB+

1,272,084

16,110

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020B-2

Class

2,

5.000%,

6/01/55

6/30

at

100.00

N/R

14,782,858

38,260

Total

Consumer

Staples

18,481,465

Education

and

Civic

Organizations

-

12.4%

705

Allen

County

Port

Authority

Economic

Development,

Ohio,

Revenue

Bonds,  University

of

Northwestern,

Refunding

Series

2021A,

4.000%,

12/01/31

6/31

at

100.00

BBB-

691,626

2,065

Bowling

Green

State

University,

Ohio,

General

Receipts

Bonds,

Series

2016A,

5.000%,

6/01/34

12/25

at

100.00

A+

2,158,772

Hamilton

County,

Ohio,

Economic

Development

Revenue

Bonds,

King

Highland

Community

Urban

Redevelopment

Corporation

-

University

of

Cincinnati,

Lessee

Project,

Refunding

Series

2015:

1,320

5.000%,

6/01/32

-

BAM

Insured

6/25

at

100.00

AA

1,379,783

2,680

5.000%,

6/01/35

-

BAM

Insured

6/25

at

100.00

AA

2,796,124

Lake

County

Community

College

District,

Ohio,

General

Receipts

Revenue

Bonds,

Lakeland

Community

College,

Refunding

Series

2019:

2,770

5.000%,

10/01/32

10/29

at

100.00

Aa2

3,113,674

2,055

4.000%,

10/01/34

10/29

at

100.00

Aa2

2,154,647

2,465

Miami

University

of

Ohio,

General

Receipts

Bonds,

Refunding

Series

2014,

5.000%,

9/01/30

9/24

at

100.00

AA

2,546,986

880

Miami

University

of

Ohio,

General

Receipts

Bonds,

Refunding

Series

2017,

5.000%,

9/01/35

9/26

at

100.00

AA

931,436

3,695

Miami

University

of

Ohio,

General

Receipts

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

9/01/41

9/26

at

100.00

AA

3,900,294

2,420

Miami

University

of

Ohio,

General

Receipts

Revenue

Bonds,

Refunding

Series

2020A,

4.000%,

9/01/40

9/30

at

100.00

AA

2,367,873

Miami

University

of

Ohio,

General

Receipts

Revenue

Bonds,

Refunding

Series

2021A:

530

5.000%,

9/01/30

No

Opt.

Call

AA

604,380

685

5.000%,

9/01/36

9/31

at

100.00

AA

764,720

Northeast

Ohio

Medical

University,

General

Receipts

Bonds,

Refunding

Series

2021A:

100

5.000%,

12/01/26

No

Opt.

Call

Baa1

105,344

125

5.000%,

12/01/28

No

Opt.

Call

Baa1

133,819

150

5.000%,

12/01/30

No

Opt.

Call

Baa1

162,297

55

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Education

and

Civic

Organizations

(continued)

Northeast

Ohio

Medical

University,

General

Receipts

Bonds,

Refunding

Series

2021B:

$

700

4.000%,

12/01/35

-

BAM

Insured

12/30

at

100.00

AA

$

682,192

740

4.000%,

12/01/37

-

BAM

Insured

12/30

at

100.00

AA

707,536

570

4.000%,

12/01/38

-

BAM

Insured

12/30

at

100.00

AA

538,969

600

4.000%,

12/01/39

-

BAM

Insured

12/30

at

100.00

AA

561,738

610

4.000%,

12/01/40

-

BAM

Insured

12/30

at

100.00

AA

566,220

1,260

4.000%,

12/01/41

-

BAM

Insured

12/30

at

100.00

AA

1,164,530

1,330

Northeast

Ohio

Medical

University,

General

Receipts

Bonds,

Series

2022,

5.000%,

12/01/41

-

BAM

Insured

12/32

at

100.00

AA

1,394,784

Ohio

Higher

Education

Facilities

Commission,

Revenue

Bonds,

Denison

University

Project,

Series

2017A:

2,100

5.000%,

11/01/42

5/27

at

100.00

AA

2,216,361

1,500

5.250%,

11/01/46

5/27

at

100.00

AA

1,590,825

Ohio

Higher

Educational

Facility

Commission,

Higher

Educational

Facility

Revenue

Bonds,

John

Carroll

University

2022

Project,

Series

2022:

3,750

4.000%,

10/01/42

10/31

at

100.00

Baa1

3,360,263

3,750

4.000%,

10/01/47

10/31

at

100.00

Baa1

3,249,450

3,410

Ohio

Higher

Educational

Facility

Commission,

Revenue

Bonds,

Case

Western

Reserve

University

Project,

Refunding

Series

2021A,

4.000%,

12/01/44

12/31

at

100.00

AA-

3,297,777

3,895

Ohio

Higher

Educational

Facility

Commission,

Revenue

Bonds,

Kenyon

College,

Series

2016,

5.000%,

7/01/42

7/26

at

100.00

A

4,018,433

1,000

Ohio

Higher

Educational

Facility

Commission,

Revenue

Bonds,

Otterbein

University

2022

Project,

Series

2022A,

4.000%,

12/01/46

12/31

at

100.00

Baa1

880,500

Ohio

Higher

Educational

Facility

Commission,

Revenue

Bonds,

University

of

Dayton

Project,

Series

2020:

1,000

5.000%,

2/01/35

2/30

at

100.00

A+

1,080,020

900

4.000%,

2/01/36

2/30

at

100.00

A+

900,198

485

4.000%,

2/01/39

2/30

at

100.00

A+

470,212

Ohio

State

University,

General

Receipts

Bonds,

Series

2014A:

4,820

5.000%,

12/01/34

12/24

at

100.00

Aa1

4,982,916

5,000

5.000%,

12/01/39

12/24

at

100.00

Aa1

5,149,450

Shawnee

State

University,

Ohio,

General

Receipts

Bonds,

Series

2016:

1,120

5.000%,

6/01/28

-

BAM

Insured

6/26

at

100.00

AA

1,189,294

1,180

5.000%,

6/01/29

-

BAM

Insured

6/26

at

100.00

AA

1,251,001

1,000

Tuscarawas

County

Economic

Development

and

Finance

Alliance,

Ohio,

Higher

Education

Facilities

Revenue

Bonds,

Ashland

University,

Refunding

&

Improvement

Series

2015,

6.000%,

3/01/45

3/25

at

100.00

N/R

1,000,510

University

of

Akron,

Ohio,

General

Receipts

Bonds,

Series

2021A:

3,230

5.000%,

1/01/31

-

BAM

Insured

No

Opt.

Call

AA

3,579,098

1,780

5.000%,

1/01/33

-

BAM

Insured

No

Opt.

Call

AA

1,998,549

3,000

University

of

Cincinnati,

Ohio,

General

Receipts

Bonds,

Series

2016C,

5.000%,

6/01/46

6/26

at

100.00

AA-

3,111,000

1,000

Wright

State

University,

Ohio,

General

Reciepts

Bonds,

Refunding

Series

2021A,

5.000%,

5/01/31

-

BAM

Insured

No

Opt.

Call

AA

1,099,300

1,025

Youngstown

State

University,

Ohio,

General

Receipts

Bonds,

Series

2021,

4.000%,

12/15/30

-

AGM

Insured

No

Opt.

Call

AA

1,094,567

73,400

Total

Education

and

Civic

Organizations

74,947,468

Nuveen

Ohio

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

56

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Health

Care

-

8.6%

$

2,500

Allen

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2017A,

5.000%,

8/01/42

2/28

at

100.00

AA-

$

2,615,550

3,710

Chillicothe,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Adena

Health

System

Obligated

Group

Project,

Refunding

&

Improvement

Series

2017,

5.000%,

12/01/37

12/27

at

100.00

A-

3,820,150

Cleveland

Clinic

Health

System

Obligated

Group,

Ohio,

Martin

County

Health

Facilities

Authority,

Hospital

Revenue

Bonds,

Series

2019B:

5,000

4.000%,

1/01/43

1/29

at

100.00

AA

4,943,400

6,500

4.000%,

1/01/46

1/29

at

100.00

AA

6,254,950

Fairfield

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Fairfield

Medical

Center

Project,

Series

2013:

1,600

5.000%,

6/15/43

6/23

at

100.00

Ba2

1,557,328

495

5.250%,

6/15/43

6/23

at

100.00

Ba2

483,268

Franklin

County,

Ohio,

Revenue

Bonds,

Trinity

Health

Credit

Group,

Series

2017OH:

1,000

4.000%,

12/01/46

6/27

at

100.00

AA-

955,660

2,255

5.000%,

12/01/46

6/27

at

100.00

AA-

2,289,614

Hamilton

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Cincinnati

Children's

Hospital

Medical

Center,

Series

2019CC:

600

5.000%,

11/15/41

No

Opt.

Call

AA

674,682

3,000

5.000%,

11/15/49

No

Opt.

Call

AA

3,312,540

2,230

Miami

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Kettering

Health

Network

Obligated

Group

Project,

Refunding

Improvement

Series

2019,

5.000%,

8/01/39

8/28

at

100.00

A+

2,308,451

5,000

Muskingum

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Genesis

HealthCare

System

Obligated

Group

Project,

Series

2013,

5.000%,

2/15/44

2/23

at

100.00

BB+

4,736,850

Ohio

State,

Hospital

Revenue

Bonds,

Cleveland

Clinic

Health

System

Obligated

Group,

Refunding

Series

2017A:

1,155

5.000%,

1/01/30

1/28

at

100.00

AA

1,270,939

2,755

5.000%,

1/01/33

1/28

at

100.00

AA

3,016,752

1,425

Ohio

State,

Hospital

Revenue

Bonds,

Cleveland

Clinic

Health

System

Obligated

Group,

Refunding

Series

2021B,

5.000%,

1/01/34

1/32

at

100.00

AA

1,631,255

Ohio

State,

Hospital

Revenue

Bonds,

University

Hospitals

Health

System,

Inc.,

Fixed

Interest

Rate

Series

2020A:

2,280

4.000%,

1/15/50

1/30

at

100.00

A

1,994,316

2,725

5.000%,

1/15/50

1/30

at

100.00

A

2,779,664

Ohio

State,

Hospital

Revenue

Bonds,

University

Hospitals

Health

System,

Inc.,

Series

2013A:

1,475

5.000%,

1/15/28

1/23

at

100.00

A

1,477,345

4,390

5.000%,

1/15/29

1/23

at

100.00

A

4,396,454

1,630

Scioto

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Southern

Ohio

Medical

Center,

Refunding

Series

2016,

5.000%,

2/15/32

2/26

at

100.00

A3

1,687,669

51,725

Total

Health

Care

52,206,837

Housing/Multifamily

-

0.8%

5,000

Columbus

Metropolitan

Housing

Authority,

Ohio,

General

Revenue

Bonds,

Series

2021,

4.000%,

8/01/36

8/31

at

100.00

A+

4,936,350

Tax

Obligation/General

-

18.3%

3,150

Apollo

Career

Center

Joint

Vocational

School

District,

Allen,

Auglaize,

Hardin,

Hancock,

Putnam

&

Van

Wert

Counties,

Ohio,

General

Obligation

Bonds,

Various

Purpose

School

Improvement

Series

2017,

5.000%,

12/01/41

12/27

at

100.00

Aa2

3,373,555

1,180

Canal

Winchester

Local

School

District,

Franklin

and

Fairfield

Counties,

Ohio,

General

Obligation

Bonds,

Series

2005B,

0.000%,

12/01/33

-

NPFG

Insured

No

Opt.

Call

Aa3

789,739

380

Cincinnati

City

School

District,

Hamilton

County,

Ohio,

General

Obligation

Bonds,

Refunding

Classroom

Facilities

Construction

&

Improvement

Series

2006,

5.250%,

12/01/27

-

FGIC

Insured

No

Opt.

Call

Aa2

425,733

57

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/General

(continued)

$

1,000

Columbus

City

School

District,

Franklin

County,

Ohio,

General

Obligation

Bonds,

Refunding

Series

2006,

0.000%,

12/01/28

-

AGM

Insured

No

Opt.

Call

AA

$

820,880

3,110

Columbus

City

School

District,

Franklin

County,

Ohio,

General

Obligation

Bonds,

Refunding

Various

Purpose

Series

2016B,

5.000%,

12/01/33

6/26

at

100.00

AA

3,314,109

5,530

Columbus,

Ohio,

General

Obligation

Bonds,

Refunding

Various

Purpose

Series

2017-1,

5.000%,

4/01/29

10/27

at

100.00

AAA

6,109,931

5,000

Columbus,

Ohio,

General

Obligation

Bonds,

Series

2015A,

5.000%,

7/01/25

No

Opt.

Call

AAA

5,301,000

5,000

Columbus,

Ohio,

General

Obligation

Bonds,

Various

Purpose

Series

2018A,

5.000%,

4/01/29

10/28

at

100.00

AAA

5,621,300

Columbus,

Ohio,

General

Obligation

Bonds,

Various

Purpose

Series

2021A:

5,175

5.000%,

4/01/36

10/30

at

100.00

AAA

5,813,698

2,000

5.000%,

4/01/38

10/30

at

100.00

AAA

2,221,140

1,325

5.000%,

4/01/41

10/30

at

100.00

AAA

1,453,128

490

Cuyahoga

County,

Ohio,

General

Obligation

Bonds,

Refunding

&

Capital

Improvement

Series

2020A,

4.000%,

12/01/33

6/30

at

100.00

AA

515,882

530

Dayton

Metro

Library,

Ohio,

General

Obligation

Bonds,

Taxable

Refunding

Library

Improvement

Series

2019,

4.000%,

12/01/30

12/29

at

100.00

Aa1

561,461

850

Dayton,

Ohio,

General

Obligation

Bonds,

Limited

Tax

Refunding

&

Improvement

Series

2020,

4.000%,

12/01/31

12/28

at

100.00

AA

893,614

5,000

Dublin

City

School

District,

Franklin,

Delaware

and

Union

Counties,

Ohio,

General

Obligation

Bonds,

School

Facilities

Construction

&

Improvement

Series

2019A,

4.000%,

12/01/44

12/28

at

100.00

AAA

4,985,500

Dublin,

Ohio,

General

Obligation

Bonds,

Limited

Tax

Various

Purpose

Series

2015:

1,000

5.000%,

12/01/23

No

Opt.

Call

Aaa

1,024,200

450

5.000%,

12/01/24

No

Opt.

Call

Aaa

471,348

2,500

Fairborn

City

School

District,

Greene

County,

Ohio,

General

Obligation

Bonds,

School

Facilities

Construction

&

Improvement

Series

2021A,

4.000%,

12/01/50

12/30

at

100.00

Aa3

2,395,950

4,225

Franklin

County,

Ohio,

General

Obligation

Bonds,

Refunding

Series

2015,

5.000%,

12/01/31

12/25

at

100.00

AAA

4,479,979

2,000

Gahanna-Jefferson

City

School

District,

Franklin

County,

Ohio,

General

Obligation

Bonds,

Construction

&

Improvement

Series

2018,

5.000%,

12/01/48

6/28

at

100.00

Aa3

2,142,020

Graham

Local

School

District,

Champaign

and

Shelby

Counties,

Ohio,

General

Obligation

Bonds,

School

Improvement

Series

2013:

500

0.000%,

12/01/29

No

Opt.

Call

Aa2

391,905

850

0.000%,

12/01/30

No

Opt.

Call

Aa2

640,432

Grandview

Heights

City

School

District,

Franklin

County,

Ohio,

General

Obligation

Bonds,

School

Facilities

Construction

&

Improvement

Series

2019:

1,980

4.000%,

12/01/51

6/29

at

100.00

AA+

1,910,898

1,150

5.000%,

12/01/53

6/29

at

100.00

AA+

1,240,769

2,595

Hilliard

City

School

District,

Franklin

County,

Ohio,

General

Obligation

Bonds,

School

Improvement

Series

2017,

4.000%,

12/01/46

12/26

at

100.00

AA+

2,544,735

1,095

Kenston

Local

School

District,

Geauga

County,

Ohio,

General

Obligation

Bonds,

School

improvement

Series

2012,

0.000%,

12/01/27

No

Opt.

Call

Aa1

931,057

1,560

Kettering

City

School

District,

Montgomery

County,

Ohio,

General

Obligation

Bonds,

Refunding

Series

2007,

5.250%,

12/01/31

-

AGM

Insured

No

Opt.

Call

AA

1,749,431

1,000

Little

Miami

Local

School

District,

Warren

and

Clermont

Counties,

Ohio,

General

Obligation

Bonds,

School

Improvement

Series

2018A,

5.000%,

11/01/43

11/25

at

100.00

AA

1,040,290

1,000

Mason

City

School

District,

Warren

and

Butler

Counties,

Ohio,

General

Obligation

Bonds,

Refunding

Series

2013A,

0.000%,

12/01/22

No

Opt.

Call

Aa1

1,000,000

1,000

Maumee

City

School

District,

Lucas

County,

Ohio,

General

Obligation

Bonds,

Capital

Appreciation

Refunding

Series

2012,

0.000%,

12/01/23

No

Opt.

Call

AA-

971,430

500

Medina

County,

Ohio,

General

Obligation

Bonds,

Courthouse

Facility

Improvement

Limited

Tax

Series

2021,

4.000%,

12/01/46

6/26

at

100.00

AA+

490,315

Nuveen

Ohio

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

58

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/General

(continued)

$

1,000

Middletown

City

School

District,

Butler

County,

Ohio,

General

Obligation

Bonds,

Refunding

Series

2007,

5.250%,

12/01/28

-

AGM

Insured

No

Opt.

Call

A1

$

1,118,090

3,805

Oakwood

City

School

District,

Montgomery

County,

Ohio,

General

Obligation

Bonds,

Series

2019,

4.000%,

12/01/48

12/28

at

100.00

Aa2

3,669,466

Ohio

State,

General

Obligation

Bonds,

Common

Schools

Series

2017B:

4,500

5.000%,

9/15/27

No

Opt.

Call

AAA

4,970,025

5,000

5.000%,

9/01/30

No

Opt.

Call

AAA

5,761,500

6,500

Ohio

State,

General

Obligation

Bonds,

Common

Schools

Series

2019A,

5.000%,

6/15/37

6/29

at

100.00

AAA

7,171,840

2,000

Ohio

State,

General

Obligation

Bonds,

Highway

Capital

Improvement,

Series

2014R,

5.000%,

5/01/29

5/24

at

100.00

AAA

2,064,620

Ohio

State,

General

Obligation

Bonds,

Highway

Capital

Improvement,

Series

2018V:

2,500

5.000%,

5/01/33

5/28

at

100.00

AAA

2,765,975

1,250

5.000%,

5/01/34

5/28

at

100.00

AAA

1,377,275

Ohio

State,

General

Obligation

Bonds,

Highway

Capital

Improvement,

Series

2020W:

1,035

5.000%,

5/01/32

5/30

at

100.00

AAA

1,181,835

2,315

5.000%,

5/01/35

5/30

at

100.00

AAA

2,600,278

Ohio

State,

General

Obligation

Bonds,

Infrastructure

Improvement

Refunding

Series

2020B:

350

5.000%,

8/01/32

8/28

at

100.00

AAA

389,634

270

5.000%,

8/01/36

8/28

at

100.00

AAA

295,385

Olentangy

Local

School

District,

Delaware

and

Franklin

Counties,

Ohio,

General

Obligation

Bonds,

School

Facilities

Construction

&

Improvement

Series

2016:

1,000

5.000%,

12/01/38

6/26

at

100.00

AAA

1,057,790

1,875

5.000%,

12/01/41

6/26

at

100.00

AAA

1,970,681

50

Princeton

City

School

District,

Hamilton

County,

Ohio,

Certificates

of

Participation,

Series

2013,

5.000%,

12/01/33

1/23

at

100.00

AA-

50,081

2,380

Southwest

Local

School

District,

Hamilton

and

Butler

Counties,

Ohio,

General

Obligation

Bonds,

School

Improvement

Series

2018A,

4.000%,

1/15/55

1/28

at

100.00

Aa2

2,261,690

4,000

South-Western

City

School

District,

Franklin

and

Pickaway

Counties,

Ohio,

General

Obligation

Bonds,

School

Facilities

Construction

&

Improvement

Series

2019A,

4.000%,

12/01/48

12/29

at

100.00

AA

3,857,520

1,200

Toledo,

Ohio,

General

Obligation

Bonds,

Limited

Tax

Capital

Improvement

Series

2020,

4.000%,

12/01/35

12/30

at

100.00

A2

1,237,560

1,575

Wadsworth

City

School

District,

Medina

County,

Ohio,

General

Obligation

Bonds,

School

Improvement

Series

2021,

4.000%,

12/01/56

12/26

at

100.00

Aa2

1,494,691

105,730

Total

Tax

Obligation/General

110,921,365

Tax

Obligation/Limited

-

18.5%

Blue

Ash,

Ohio,

Tax

Increment

Financing

Revenue

Bonds,

Duke

Realty

Ohio,

Series

2006:

715

5.000%,

12/01/25

1/23

at

100.00

N/R

717,259

1,165

5.000%,

12/01/30

1/23

at

100.00

N/R

1,166,514

1,890

5.000%,

12/01/35

1/23

at

100.00

N/R

1,890,076

2,465

Certificates

of

Participation

(Hillsdale

Local

School

District,

Ashland

and

Wayne

Counties,

Ohio,

School

Facilities

Project),

Series

2020,

4.000%,

12/01/38

-

BAM

Insured

6/30

at

100.00

AA

2,451,788

5,500

Cleveland

Public

Library,

Cuyahoga

County,

Ohio,

Library

Facilities

Notes,

Series

2019A,

4.000%,

12/01/45

12/29

at

100.00

Aa3

5,298,700

Cleveland,

Ohio,

Income

Tax

Revenue

Bonds,

Bridges

&

Roadways

Improvements,

Subordinate

Lien

Series

2017B-2:

1,250

5.000%,

10/01/31

4/28

at

100.00

AA

1,373,000

1,000

5.000%,

10/01/32

4/28

at

100.00

AA

1,096,340

500

Columbus-Franklin

County

Finance

Authority,

Ohio,

Tax

Increment

Financing

Revenue

Bonds,

Bridge

Park

D

Block

Project,

Series

2019A-1,

5.000%,

12/01/51

6/29

at

100.00

N/R

480,745

59

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/Limited

(continued)

$

1,145

Columbus-Franklin

County

Finance

Authority,

Ohio,

Tax

Increment

Financing

Revenue

Bonds,

Easton

Project,

Series

2020,

5.000%,

6/01/28,

144A

No

Opt.

Call

N/R

$

1,139,802

4,000

Cuyahoga

County,

Ohio,

Sales

Tax

Revenue

Bonds,

Ballpark

Improvement

Project,

Series

2022A,

4.000%,

1/01/36

1/31

at

100.00

AAA

4,099,560

Cuyahoga

County,

Ohio,

Sales

Tax

Revenue

Bonds,

Refunding

Various

Purpose

Series

2014:

1,000

5.000%,

12/01/28

12/24

at

100.00

AAA

1,044,250

2,940

Dublin,

Ohio,

Special

Obligation

Non-Tax

Revenue

Bonds,

Series

2015A,

5.000%,

12/01/38

12/25

at

100.00

Aa1

3,066,685

495

Fairborn

City

School

District,

Greene,

Clark

and

Montgomery

Counties,

Ohio,

Certificates

of

Participation,

School

Facilities

Project,

Series

2021,

4.000%,

12/01/37

-

BAM

Insured

12/28

at

100.00

AA

500,480

3,560

Franklin

County

Convention

Facilities

Authority,

Ohio,

Lease

Appropriation

Bonds,

Greater

Columbus

Convention

Center

Hotel

Expansion

Project,

Series

2019,

5.000%,

12/01/46

12/29

at

100.00

AA

3,825,291

Franklin

County,

Ohio,

Sales

Tax

Revenue

Bonds,

Various

Purpose

Series

2018:

1,000

5.000%,

6/01/37

6/28

at

100.00

AAA

1,088,350

17,000

5.000%,

6/01/43

6/28

at

100.00

AAA

18,236,240

2,695

5.000%,

6/01/48

6/28

at

100.00

AAA

2,872,520

Great

Oaks

Career

Campuses

Board

of

Education,

Brown,

Butler,

Clermont,

Clinton,

Fayette,

Greene,

Hamilton,

Highland,

Madison,

Pickaway,

Ross

and

Warren,

Ohio,

Certificates

of

Participation,

School

Improvement

Project,

Series

2021:

1,220

4.000%,

12/01/37

12/29

at

100.00

Aa1

1,255,063

1,425

4.000%,

12/01/41

12/29

at

100.00

Aa1

1,416,991

1,675

Greater

Cleveland

Regional

Transit

Authority,

Ohio,

Sales

Tax

Supported

Capital

Improvement

Bonds,

Refunding

Series

2014A,

5.000%,

12/01/25

No

Opt.

Call

AAA

1,786,521

2,180

Hamilton

County,

Ohio,

Sales

Tax

Bonds,

Refunding

Series

2016A,

5.000%,

12/01/30

12/26

at

100.00

AA-

2,333,407

Hamilton

County,

Ohio,

Sales

Tax

Bonds,

Subordinate

Series

2000B:

500

0.000%,

12/01/26

-

AMBAC

Insured

No

Opt.

Call

Aa3

438,095

1,750

0.000%,

12/01/28

-

AGM

Insured

No

Opt.

Call

AA

1,426,407

3,300

0.000%,

12/01/28

-

AMBAC

Insured

No

Opt.

Call

Aa3

2,681,877

Mayfield

City

School

District,

Ohio,

Certificates

of

Participation,

Middle

School

Project,

Series

2009B:

435

0.000%,

9/01/27

No

Opt.

Call

Aa2

371,877

855

0.000%,

9/01/28

No

Opt.

Call

Aa2

704,623

1,100

New

Albany

Community

Authority,

Ohio,

Community

Facilities

Revenue

Refunding

Bonds,

Series

2012C,

5.000%,

10/01/23

1/23

at

100.00

Aa3

1,102,255

1,045

Norwood,

Hamilton

County,

Ohio,

Special

Obligation

Development

Revenue

Bonds,

Central

Parke

Project,

Series

2017,

6.000%,

12/01/46

6/27

at

100.00

N/R

922,150

Ohio

State,

Capital

Facilities

Lease

Appropriation

Bonds,

Juvenile

Correctional

Building

Fund

Projects,

Series

2019A:

2,465

5.000%,

4/01/38

4/29

at

100.00

AA+

2,683,374

2,485

5.000%,

4/01/39

4/29

at

100.00

AA+

2,700,400

1,250

Ohio

State,

Capital

Facilities

Lease-Appropriation

Bonds,

Adult

Correctional

Building

Fund

Projects,

Series

2017A,

5.000%,

10/01/36

10/27

at

100.00

AA+

1,348,712

2,245

Ohio

State,

Capital

Facilities

Lease-Appropriation

Bonds,

Adult

Correctional

Building

Fund

Projects,

Series

2019B,

5.000%,

10/01/31

No

Opt.

Call

AA+

2,612,057

1,200

Ohio

State,

Capital

Facilities

Lease-Appropriation

Bonds,

Parks

&

Recreation

Improvement

Fund

Projects,

Series

2017A,

5.000%,

12/01/31

12/27

at

100.00

AA+

1,318,680

Ohio

State,

Capital

Facilities

Lease-Appropriation

Bonds,

Parks

&

Recreation

Improvement

Fund

Projects,

Series

2022A:

1,325

5.000%,

12/01/28

No

Opt.

Call

AA+

1,486,584

1,750

5.000%,

12/01/30

No

Opt.

Call

AA+

2,017,172

1,660

Ohio

State,

Certificates

of

Participation,

Ohio

Attorney

General

Claims

Fund

Project,

Series

2021,

4.000%,

9/01/35

9/31

at

100.00

AA

1,732,359

Nuveen

Ohio

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

60

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/Limited

(continued)

$

1,250

Ohio

State,

Major

New

State

Infrastructure

Project

Revenue

Bonds,

Series

2019-1,

5.000%,

12/15/31

No

Opt.

Call

AA

$

1,457,613

945

Ohio

State,

Major

New

State

Infrastructure

Project

Revenue

Bonds,

Series

2021-1A,

5.000%,

12/15/32

No

Opt.

Call

AA

1,117,831

1,360

Ohio

State,

Transportation

Project

Revenue

Bonds,

Toledo-Lucas

County

Port

Authority

Seaport

and

Docks

Project,

State

Transportation

Infrastructure

GRF

Bond

Fund,

Series

2019-2,

5.000%,

11/15/39,

(AMT)

5/27

at

100.00

AA+

1,453,378

2,095

Pickaway

County,

Ohio,

Sales

Tax

Specia

Obligation

Bonds,

Series

2018,

5.000%,

12/01/44

12/28

at

100.00

AA

2,294,507

2,000

Pinnacle

Community

Infrastructure

Financing

Authority,

Grove

City,

Ohio,

Community

Facilities

Bonds,

Series

2015A,

4.000%,

12/01/31

-

AGM

Insured

12/25

at

100.00

AA

2,055,340

800

Port

of

Greater

Cincinnati

Development

Authority,

Ohio,

Public

Improvement

TOT

Revenue

Bonds,

Series

2021,

4.250%,

12/01/50,

144A

12/28

at

100.00

N/R

610,360

490

Port

of

Greater

Cincinnati

Development

Authority,

Ohio,

Special

Obligation

Development

TIF

Revenue

Bonds,

RBM

Development

-

Phase

2B

Project,

Series

2018A,

6.000%,

12/01/50

12/28

at

100.00

N/R

442,490

1,000

Port

of

Greater

Cincinnati

Development

Authority,

Ohio,

Special

Obligation

Tax

Increment

Financing

Revenue

Bonds,

Cooperative

Township

Public

Parking

Project,

Gallery

at

Kenwood,

Senior

Lien

Series

2019A,

5.000%,

11/01/51

11/30

at

100.00

N/R

770,890

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

8,320

4.500%,

7/01/34

7/25

at

100.00

N/R

7,854,413

1,257

4.550%,

7/01/40

7/28

at

100.00

N/R

1,170,682

500

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

Cofina

Project

Series

2019A-2A,

4.550%,

7/01/40

7/28

at

100.00

N/R

465,665

230

Riversouth

Authority,

Ohio,

Lazarus

Building

Redevelopment

Bonds,

Series

2007A,

5.750%,

12/01/27

1/23

at

100.00

N/R

229,979

Riversouth

Authority,

Ohio,

Riversouth

Area

Redevelopment

Bonds,

Payable

from

City

of

Columbus,

Ohio

Annual

Rental

Appropriations,

Refunding

Series

2012A:

1,400

5.000%,

12/01/23

1/23

at

100.00

AA+

1,402,758

800

5.000%,

12/01/24

1/23

at

100.00

AA+

801,528

Riversouth

Authority,

Ohio,

Scioto

Peninsula

Area

Redevelopment

Bonds,

Payable

from

City

of

Columbus,

Ohio

Annual

Rental

Appropriations,

Series

2016:

1,000

5.000%,

12/01/28

12/25

at

100.00

AA+

1,064,200

1,000

5.000%,

12/01/29

12/25

at

100.00

AA+

1,062,130

2,955

Shaker

Heights

Public

Library,

Ohio,

Certificates

of

Participation,

Series

2019,

4.000%,

12/01/44

12/24

at

100.00

Aa2

2,907,661

Triway

Local

School

District,

Ohio,

Certificates

of

Participation,

Series

2021:

2,395

4.000%,

12/01/41

-

BAM

Insured

12/28

at

100.00

AA

2,346,046

1,460

4.000%,

12/01/42

-

BAM

Insured

12/28

at

100.00

AA

1,420,624

109,442

Total

Tax

Obligation/Limited

111,614,299

Transportation

-

4.3%

750

Ohio

Higher

Educational

Facility

Commission,

Senior

Hospital

Parking

Revenue

Bonds,

University

Circle

Incorporated

2020

Project,

Series

2020,

5.000%,

1/15/50

1/30

at

100.00

A3

744,450

Ohio

State,

Private

Activity

Bonds,

Portsmouth

Gateway

Group,

LLC

-

Borrower,

Portsmouth

Bypass

Project,

Series

2015:

3,500

5.000%,

12/31/35

-

AGM

Insured,

(AMT)

6/25

at

100.00

AA

3,571,645

5,245

5.000%,

12/31/39

-

AGM

Insured,

(AMT)

6/25

at

100.00

AA

5,315,230

7,725

5.000%,

6/30/53,

(AMT)

6/25

at

100.00

A3

7,694,023

7,525

Ohio

State,

Revenue

Bonds,

Ohio

Turnpike

Commission,

Refunding

Series

1998A,

5.500%,

2/15/24

-

FGIC

Insured

No

Opt.

Call

Aa2

7,680,467

1,000

Ohio

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Refunding

Series

2017A,

5.000%,

2/15/30

2/27

at

100.00

Aa2

1,090,940

25,745

Total

Transportation

26,096,755

61

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

U.S.

Guaranteed

-

9.1%

(4)

$

4,310

Cincinnati,

Ohio,

Water

System

Revenue

Bonds,

Series

2016A,

5.000%,

12/01/41,

(Pre-refunded

12/01/26)

12/26

at

100.00

AAA

$

4,692,771

Cleveland,

Ohio,

Income

Tax

Revenue

Bonds,

Bridges

&

Roadways

Improvements,

Subordinate

Lien

Series

2013A-2:

990

5.000%,

10/01/27,

(Pre-refunded

10/01/23)

10/23

at

100.00

AA

1,010,008

1,150

5.000%,

10/01/30,

(Pre-refunded

10/01/23)

10/23

at

100.00

AA

1,173,242

1,205

5.000%,

10/01/31,

(Pre-refunded

10/01/23)

10/23

at

100.00

AA

1,229,353

Cleveland,

Ohio,

Income

Tax

Revenue

Bonds,

Bridges

&

Roadways

Improvements,

Subordinate

Lien

Series

2015A-2:

2,245

5.000%,

10/01/37,

(Pre-refunded

10/01/23)

10/23

at

100.00

AA+

2,290,371

755

5.000%,

10/01/37,

(Pre-refunded

10/01/23)

10/23

at

100.00

N/R

769,315

Cuyahoga

County,

Ohio,

Sales

Tax

Revenue

Bonds,

Refunding

Various

Purpose

Series

2014:

1,810

5.000%,

12/01/32,

(Pre-refunded

12/01/24)

12/24

at

100.00

AAA

1,894,780

1,585

5.000%,

12/01/33,

(Pre-refunded

12/01/24)

12/24

at

100.00

AAA

1,659,242

1,385

5.000%,

12/01/34,

(Pre-refunded

12/01/24)

12/24

at

100.00

AAA

1,449,873

1,055

5.000%,

12/01/35,

(Pre-refunded

12/01/24)

12/24

at

100.00

AAA

1,104,416

10,345

Franklin

County

Convention

Facilities

Authority,

Ohio,

Excise

Tax

and

Lease

Revenue

Bonds,

Columbus

City

&

Franklin

County

Lessees,

Refunding

Anticipation

Series

2014,

5.000%,

12/01/35,

(Pre-refunded

12/01/24)

12/24

at

100.00

Aa1

10,829,560

1,000

Gallia

County

Local

School

District,

Gallia

and

Jackson

Counties,

Ohio,

General

Obligation

Bonds,

Refunding

School

Improvement

Series

2014,

5.000%,

11/01/32,

(Pre-refunded

11/01/24)

11/24

at

100.00

Aa2

1,044,980

Greater

Cleveland

Regional

Transit

Authority,

Ohio,

Sales

Tax

Supported

Capital

Improvement

Bonds,

Refunding

Series

2015:

1,050

5.000%,

12/01/32,

(Pre-refunded

12/01/25)

12/25

at

100.00

AAA

1,121,788

1,105

5.000%,

12/01/33,

(Pre-refunded

12/01/25)

12/25

at

100.00

AAA

1,180,549

5,700

JobsOhio

Beverage

System,

Ohio,

Statewide

Liquor

Profits

Revenue

Bonds,

Senior

Lien

Series

2013A,

5.000%,

1/01/38,

(Pre-refunded

1/01/23)

1/23

at

100.00

AA+

5,711,742

8,500

Northeast

Ohio

Regional

Sewer

District,

Wastewater

Improvement

Revenue

Bonds,

Series

2013,

5.000%,

11/15/38,

(Pre-refunded

5/15/23)

5/23

at

100.00

AA+

8,597,495

1,630

Northwest

Local

School

District,

Hamilton

and

Butler

Counties,

Ohio,

General

Obligation

Bonds,

School

Improvement

Series

2015,

5.000%,

12/01/40,

(Pre-refunded

12/01/23)

12/23

at

100.00

Aa2

1,668,468

Ohio

State,

Turnpike

Revenue

Bonds,

Ohio

Turnpike

and

Infrastructutre

Commission

Infrastructure

Projects,

Junior

Lien,

Current

Interest

Series

2013A-1:

2,450

5.250%,

2/15/39,

(Pre-refunded

2/15/23)

2/23

at

100.00

Aa3

2,463,941

1,500

5.000%,

2/15/48,

(Pre-refunded

2/15/23)

2/23

at

100.00

Aa3

1,507,770

1,000

Upper

Arlington

City

School

District,

Franklin

County,

Ohio,

General

Obligation

Bonds,

School

Facilities

&

Improvement

Series

2018A,

5.000%,

12/01/48,

(Pre-refunded

12/01/27)

12/27

at

100.00

AAA

1,108,720

2,275

Willoughby-Eastlake

City

School

District,

Ohio,

General

Obligation

Bonds,

School

Improvement

Series

2016,

5.000%,

12/01/46,

(Pre-refunded

12/01/25)

12/25

at

100.00

A2

2,427,152

53,045

Total

U.S.

Guaranteed

54,935,536

Utilities

-

17.2%

3,570

American

Municipal

Power

Inc.,

Ohio,

Combined

Hydroelectric

Projects

Revenue

Bonds,

Green

Series

2016A,

5.000%,

2/15/46

2/26

at

100.00

A1

3,637,366

1,750

American

Municipal

Power

Inc.,

Ohio,

Combined

Hydroelectric

Projects

Revenue

Bonds,

Refunding

Series

2020A,

5.000%,

2/15/28

No

Opt.

Call

A1

1,920,415

1,500

American

Municipal

Power

Ohio

Inc.,

Prairie

State

Energy

Campus

Project

Revenue

Bonds,

Series

2015A,

5.000%,

2/15/42

2/24

at

100.00

A1

1,510,920

2,930

American

Municipal

Power,

Inc.,

Ohio,

Greenup

Hydroelectric

Project

Revenue

Bonds,

Refunding

Series

2016A,

5.000%,

2/15/41

2/26

at

100.00

A1

3,002,019

1,665

American

Municipal

Power,

Inc.,

Ohio,

Solar

Electricity

Prepayment

Project

Revenue

Bonds,

Green

Bonds

Series

2019A,

5.000%,

2/15/44

2/29

at

100.00

A

1,735,130

Nuveen

Ohio

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

62

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Utilities

(continued)

American

Municipal

Power,

Inc.,

Ohio,

Solar

Electricity

Prepayment

Project

Revenue

Bonds,

Green

Bonds

Series

2020A:

$

250

4.000%,

2/15/40

2/29

at

100.00

A

$

236,945

1,200

4.000%,

2/15/44

2/29

at

100.00

A

1,103,904

465

Butler

County,

Ohio,

Sewer

System

Revenue

Bonds,

Refunding

Series

2005,

5.000%,

12/01/23

-

AGM

Insured

No

Opt.

Call

Aa2

470,134

Cleveland,

Ohio,

Public

Power

System

Revenue

Bonds,

Refunding

Series

2020A:

1,000

4.000%,

11/15/37

-

AGM

Insured

11/29

at

100.00

AA

996,730

2,000

4.000%,

11/15/38

-

AGM

Insured

11/29

at

100.00

AA

1,982,280

2,000

Cleveland,

Ohio,

Public

Power

System

Revenue

Bonds,

Series

2008B-1,

0.000%,

11/15/33

-

NPFG

Insured

No

Opt.

Call

A-

1,321,120

Cleveland,

Ohio,

Public

Power

System

Revenue

Bonds,

Series

2008B-2:

4,740

0.000%,

11/15/34

-

NPFG

Insured

No

Opt.

Call

A-

2,976,815

7,500

0.000%,

11/15/38

-

NPFG

Insured

No

Opt.

Call

A-

3,740,850

1,315

Cleveland,

Ohio,

Public

Power

System

Revenue

Refunding

Bonds,

Series

2018,

5.000%,

11/15/37

-

AGM

Insured

5/28

at

100.00

AA

1,423,474

2,300

Columbus,

Ohio,

Sewerage

System

Revenue

Bonds,

Refunding

Series

2014,

5.000%,

6/01/25

12/24

at

100.00

Aa1

2,406,352

Columbus,

Ohio,

Sewerage

System

Revenue

Bonds,

Refunding

Series

2015:

5,000

5.000%,

6/01/29

6/26

at

100.00

Aa1

5,338,400

6,750

5.000%,

6/01/32

6/26

at

100.00

Aa1

7,179,165

1,200

Hamilton

County,

Ohio,

Sewer

System

Revenue

Bonds,

Metropolitan

Sewer

District

of

Greater

Cincinnati,

Refunding

Series

2020A,

5.000%,

12/01/34

12/30

at

100.00

AA+

1,372,788

Hamilton,

Ohio,

Electric

System

Revenue

Bonds,

Refunding

&

Improvement

Series

2019:

865

4.000%,

10/01/37

-

BAM

Insured

10/29

at

100.00

AA

875,726

1,000

4.000%,

10/01/38

-

BAM

Insured

10/29

at

100.00

AA

1,003,820

1,015

4.000%,

10/01/39

-

BAM

Insured

10/29

at

100.00

AA

1,017,121

1,100

Lancaster

Port

Authority,

Ohio,

Gas

Supply

Revenue

Bonds,

Series

2019,

5.000%,

8/01/49,

(Mandatory

Put

2/01/25)

11/24

at

100.68

Aa1

1,126,873

1,000

Mahoning

County,

Ohio,

Sewer

System

Revenue

Bonds,

Refunding

and

Improvement

Series

2022,

5.000%,

12/01/42

,

(WI/DD,

Settling

12/08/22)

12/31

at

100.00

Aa3

1,059,380

1,000

Marysville,

Ohio,

Water

System

Mortgage

Revenue

Bonds,

Refunding

Series

2016,

4.000%,

12/01/38

12/25

at

100.00

Aa3

1,003,480

Northeast

Ohio

Regional

Sewer

District,

Wastewater

Improvement

Revenue

Bonds,

Refunding

&

Improvement

Series

2017:

5,570

5.000%,

11/15/33

5/28

at

100.00

AA+

6,125,830

4,000

4.000%,

11/15/43

5/28

at

100.00

AA+

3,981,440

820

Ohio

Air

Quality

Development

Authority,

Ohio,

Air

Quality

Development

Revenue

Bonds,

FirstEnergy

Generation

Corporation

Project,

Series

2009A,

5.700%,

8/01/23

No

Opt.

Call

N/R

1,025

10,025

Ohio

Air

Quality

Development

Authority,

Ohio,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Generation

Project,

Refunding

Series

2006A,

3.750%,

12/01/23

(5)

No

Opt.

Call

N/R

12,531

Ohio

Water

Development

Authority,

Revenue

Bonds,

Drinking

Water

Assistance

Fund,

Refunding

Series

2019B:

1,560

5.000%,

12/01/29

No

Opt.

Call

AAA

1,790,412

1,170

5.000%,

6/01/30

No

Opt.

Call

AAA

1,351,842

1,100

5.000%,

12/01/30

No

Opt.

Call

AAA

1,280,763

Ohio

Water

Development

Authority,

Revenue

Bonds,

Drinking

Water

Assistance

Fund,

Series

2016:

2,975

5.000%,

6/01/29

12/26

at

100.00

AAA

3,240,400

1,900

5.000%,

12/01/36

12/26

at

100.00

AAA

2,036,648

63

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Utilities

(continued)

Ohio

Water

Development

Authority,

Revenue

Bonds,

Fresh

Water

Development,

Series

2019:

$

3,800

5.000%,

12/01/38

12/29

at

100.00

AAA

$

4,218,114

1,000

5.000%,

6/01/44

12/29

at

100.00

AAA

1,084,630

Ohio

Water

Development

Authority,

Water

Pollution

Control

Loan

Fund

Revenue

Bonds,

Kestrel

Verifiers,

Green

Series

2021A:

1,500

4.000%,

12/01/39

12/31

at

100.00

AAA

1,529,265

4,000

5.000%,

12/01/46

12/31

at

100.00

AAA

4,401,960

1,010

Ohio

Water

Development

Authority,

Water

Pollution

Control

Loan

Fund

Revenue

Bonds,

Refunding

Series

2014B,

5.000%,

12/01/22

No

Opt.

Call

AAA

1,010,000

5,000

Ohio

Water

Development

Authority,

Water

Pollution

Control

Loan

Fund

Revenue

Bonds,

Refunding

Series

2019B,

5.000%,

12/01/44

12/29

at

100.00

AAA

5,423,150

5,000

Ohio

Water

Development

Authority,

Water

Pollution

Control

Loan

Fund

Revenue

Bonds,

Series

2015A,

5.000%,

6/01/26

No

Opt.

Call

AAA

5,395,400

5,000

Ohio

Water

Development

Authority,

Water

Pollution

Control

Loan

Fund

Revenue

Bonds,

Series

2017A,

5.000%,

12/01/31

6/27

at

100.00

AAA

5,479,950

2,000

Ohio

Water

Development

Authority,

Water

Pollution

Control

Loan

Fund

Revenue

Bonds,

Series

2020A,

5.000%,

12/01/50

6/30

at

100.00

AAA

2,151,960

5,000

Ohio

Water

Development

Authority,

Water

Pollution

Control

Loan

Fund

Revenue

Bonds,

Series

2020B,

4.000%,

12/01/38

12/30

at

100.00

AAA

5,109,850

115,545

Total

Utilities

104,066,377

$

582,402

Total

Municipal

Bonds

(cost

$579,175,001)

562,609,058

Shares

Description

(1)

Value

X

27,816,847

COMMON

STOCKS

-

4.6%  

X

27,816,847

Independent

Power

And

Renewable

Electricity

Producers

-

4.6%

$

350,634

Energy

Harbor

Corp

(6),(7)

$

27,816,847

Total

Common

Stocks

(cost

$9,249,818)

27,816,847

Total

Long-Term

Investments

(cost

$588,424,819)

590,425,905

Other

Assets

Less

Liabilities

-

2.4%

14,445,460

Net

Assets

-

100%

$

604,871,365

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

(3)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

(4)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

(5)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(6)

Common

Stock

received

as

part

of

the

bankruptcy

settlements

during

February

2020

for

Ohio

Air

Quality

Development

Authority,

Ohio,

Air

Quality

Development

Revenue

Bonds,

FirstEnergy

Generation

Corporation

Project,

Series

2009A,

5.700%,

8/01/20

and

Ohio

Air

Quality

Development

Authority,

Ohio,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Generation

Project,

Refunding

Series

2006A,

3.750%,

12/01/23.

(7)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

WI/DD

Purchased

on

a

when-issued

or

delayed

delivery

basis.

See

accompanying

notes

to

financial

statements.

64

Nuveen

Wisconsin

Municipal

Bond

Fund

Portfolio

of

Investments

November

30,

2022

(Unaudited)

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

LONG-TERM

INVESTMENTS

-

106.6%   

X

98,472,643

MUNICIPAL

BONDS

-

98.6%  

X

98,472,643

Consumer

Discretionary

-

0.3%

$

105

Baltimore,

Maryland,

Convention

Center

Hotel

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

9/01/46

9/27

at

100.00

CCC+

$

94,758

250

International

Falls,

Minnesota,

Solid

Waste

Disposal

Revenue

Bonds,

Boise

Cascade

Corporation

Project,

Refunding

Series

1999,

6.850%,

12/01/29,

(AMT)

1/23

at

100.00

B1

251,270

355

Total

Consumer

Discretionary

346,028

Consumer

Staples

-

0.6%

640

Guam

Economic

Development

&

Commerce

Authority,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007A,

5.250%,

6/01/32

12/22

at

100.00

N/R

611,046

Education

and

Civic

Organizations

-

7.0%

1,000

Milwaukee

Redevelopment

Authority,

Wisconsin,

Milwaukee

Science

Education

Consortium,

Inc

Project,

Series

2013A,

6.000%,

8/01/33

8/23

at

100.00

BBB-

1,012,430

1,530

Public

Finance

Authority,

Wisconsin,

Educational

Revenue

Bonds,

Lake

Norman

Charter

School,

Series

2018A,

4.000%,

6/15/28,

144A

6/26

at

100.00

BBB-

1,496,462

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Hmong

American

Peace

Academy,

Series

2020:

420

4.000%,

3/15/30

No

Opt.

Call

BBB

411,793

500

4.000%,

3/15/40

3/30

at

100.00

BBB

440,950

1,200

5.000%,

3/15/50

3/30

at

100.00

BBB

1,183,248

1,175

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Lawrence

University,

Series

2020,

4.000%,

2/01/45

2/30

at

100.00

Baa1

1,056,501

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Milwaukee

School

of

Engineering,

Series

2021B:

500

2.125%,

4/01/39

-

AGM

Insured

4/31

at

100.00

AA

359,530

500

2.125%,

4/01/40

-

AGM

Insured

4/31

at

100.00

AA

351,085

415

2.250%,

4/01/41

-

AGM

Insured

4/31

at

100.00

AA

293,032

500

2.250%,

4/01/42

-

AGM

Insured

4/31

at

100.00

AA

349,340

7,740

Total

Education

and

Civic

Organizations

6,954,371

Health

Care

-

24.9%

Puerto

Rico

Industrial,

Tourist,

Educational,

Medical

and

Environmental

Control

Facilities

Financing

Authority,

Hospital

Revenue

Bonds,

(Hospital

Auxilio

Mutuo

Obligated

Group

Project,

Refunding

Series

2021:

155

5.000%,

7/01/29

No

Opt.

Call

BBB+

167,552

600

5.000%,

7/01/30

No

Opt.

Call

BBB+

654,558

190

5.000%,

7/01/31

No

Opt.

Call

BBB+

208,489

5,765

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Beloit

Health

System,

Inc.,

Series

2020,

4.000%,

7/01/36

7/29

at

100.00

A

5,635,979

8,565

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Marshfield

Clinic

Health

System,

Inc.,

Series

2017C,

5.000%,

2/15/47,

(UB)

(4)

2/27

at

100.00

A-

8,616,477

2,500

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Marshfield

Clinic

Health

System,

Inc.,

Series

2017C,

5.000%,

2/15/47

2/27

at

100.00

A-

2,515,025

1,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Aspirus,

Inc.

Obligated

Group,

Series

2015A,

5.000%,

8/15/34

2/25

at

100.00

AA-

1,030,140

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Bellin

Memorial

Hospital,

Inc.,

Series

2019A:

2,000

4.000%,

12/01/44

12/29

at

100.00

A+

1,831,320

3,100

4.000%,

12/01/49

12/29

at

100.00

A+

2,786,094

250

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Bellin

Memorial

Hospital,

Series

2015,

5.000%,

12/01/23

No

Opt.

Call

A+

255,352

65

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Health

Care

(continued)

$

1,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Fort

Healthcare,

Series

2014,

5.000%,

5/01/29

5/24

at

100.00

A-

$

1,017,520

175

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Marshfield

Clinic

Health

System,

Inc.,

Series

2020A,

4.000%,

2/15/37

-

AGM

Insured

2/30

at

100.00

AA

172,146

25,300

Total

Health

Care

24,890,652

Housing/Multifamily

-

22.1%

2,000

Hudson

Housing

Authority,

Wisconsin,

Multifamily

Housing

Revenue

Bonds,

Cedar

Ridge

Apartments

Project,

Series

2013A,

5.125%,

6/01/30

6/23

at

100.00

N/R

1,913,000

2,000

Wisconsin

Housing

and

Economic

Development

Authority

Multi

Family

Housing

Bonds,Western

Technical

College

Student

Housing

Project,

Series

2013B,

4.700%,

4/01/38

4/23

at

100.00

A

2,004,720

475

Wisconsin

Housing

and

Economic

Development

Authority,

Housing

Revenue

Bonds,

Series

2006A,

4.550%,

5/01/27,

(AMT)

1/23

at

100.00

AA+

475,332

2,125

Wisconsin

Housing

and

Economic

Development

Authority,

Housing

Revenue

Bonds,

Series

2015A,

4.125%,

11/01/46

5/25

at

100.00

AA+

2,015,520

Wisconsin

Housing

and

Economic

Development

Authority,

Housing

Revenue

Bonds,

Series

2017A:

750

4.000%,

11/01/47

11/26

at

100.00

AA+

694,320

1,500

4.150%,

5/01/55

11/26

at

100.00

AA+

1,392,645

2,230

Wisconsin

Housing

and

Economic

Development

Authority,

Housing

Revenue

Bonds,

Series

2017B,

3.900%,

11/01/42

11/26

at

100.00

AA+

2,097,360

2,000

Wisconsin

Housing

and

Economic

Development

Authority,

Housing

Revenue

Bonds,

Series

2018A,

4.300%,

11/01/53,

(UB)

(4)

11/27

at

100.00

AA+

1,909,240

6,720

Wisconsin

Housing

and

Economic

Development

Authority,

Housing

Revenue

Bonds,

Series

2019A,

3.375%,

5/01/57

11/28

at

100.00

AA+

5,231,587

2,000

Wisconsin

Housing

and

Economic

Development

Authority,

Housing

Revenue

Bonds,

Series

2022A,

5.150%,

11/01/50

11/31

at

100.00

AA+

2,072,980

2,500

Wisconsin

Housing

and

Economic

Development

Authority,

Multifamily

Housing

Bonds,

Meadow

Village

Project

Series

2020A,

5.000%,

7/01/37,

144A

7/28

at

102.00

N/R

2,234,525

24,300

Total

Housing/Multifamily

22,041,229

Long-Term

Care

-

12.2%

500

Winnebago

County

Housing

Authority,

Illinois,

Revenue

Bonds,

Lutheran

Homes

of

Oshkosh,

Inc.

Project,

Refunding

Series

2015A,

4.450%,

3/01/30

1/23

at

100.00

N/R

425,885

150

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

PHW

Muskego,

Inc.

Project,

Series

2021,

4.000%,

10/01/61

10/28

at

102.00

N/R

104,520

2,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Clement

Manor,

Inc.,

Series

2019,

5.000%,

8/01/49

8/26

at

103.00

N/R

1,306,220

2,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Dickson

Hollow

Project.

Series

2014,

5.375%,

10/01/44

1/23

at

102.00

N/R

1,795,060

500

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

PHM

/

New

Richmond

Senior

Housing,

Inc.,

Refunding

Series

2021,

3.250%,

7/01/37

7/26

at

101.00

N/R

363,255

2,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

PHW

Oconomowoc,

Inc.

Project,

Series

2018,

5.125%,

10/01/48

10/23

at

102.00

N/R

1,731,580

1,750

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Rogers

Memorial

Hospital,

Inc.,

Series

2014B,

5.000%,

7/01/44

7/24

at

100.00

A

1,761,008

500

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Rogers

Memorial

Hospital,

Inc.,

Series

2019B,

5.000%,

7/01/38

7/26

at

100.00

A

511,810

525

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Saint

John's

Communities

Inc.,

Refunding

Series

2021B,

4.000%,

9/15/45

9/27

at

103.00

BBB-

429,870

650

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Saint

John's

Communities

Inc.,

Refunding

Series

2022.

Forward

Delivery,

4.000%,

9/15/45

9/27

at

103.00

BBB-

521,287

Nuveen

Wisconsin

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

66

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Long-Term

Care

(continued)

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Three

Pillars

Senior

Living

Communities,

Series

2021A:

$

1,000

4.000%,

8/15/51

8/31

at

100.00

BBB+

$

803,040

1,000

4.000%,

8/15/55

8/31

at

100.00

BBB+

787,340

2,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Woodland

Hills

Senior

Housing

Project,

Series

2014,

5.000%,

12/01/44

1/23

at

102.00

N/R

1,676,060

14,575

Total

Long-Term

Care

12,216,935

Tax

Obligation/Limited

-

25.1%

Ashwaubenon

Community

Development

Authority,

Wisconsin,

Lease

Revenue

Bonds,

Brown

County

Expo

Center

Project,

Series

2019:

1,790

4.000%,

6/01/36

6/29

at

100.00

AA

1,831,045

10,000

0.000%,

6/01/49

6/29

at

47.10

AA

2,874,800

Brookfield

Community

Development

and

Redevelopment

Authority,

Wisconsin,

Community

Development

Revenue

Bonds,

Series

2015A:

1,340

3.550%,

6/01/34

6/25

at

100.00

A3

1,340,496

1,530

3.600%,

6/01/35

6/25

at

100.00

A3

1,523,115

1,250

Kaukauna

Redevelopment

Authority,

Outagamie

and

Calumet

Counties,

Wisconsin,

Redevelopment

Lease

Revenue

Bonds,

Series

2015,

4.125%,

6/01/40

6/25

at

100.00

A+

1,253,575

675

Milwaukee

Redevelopment

Authority,

Wisconsin,

HSI

Industrial

I

LLC

Project

Revenue

Bonds,

Series

2008,

5.125%,

6/01/29,

(AMT)

1/23

at

100.00

A2

676,181

Milwaukee

Redevelopment

Authority,

Wisconsin,

Lease

Revenue

Bonds,

Public

Schools,

Series

2016A:

800

5.000%,

11/15/30

11/26

at

100.00

A+

858,192

500

5.000%,

11/15/31

11/26

at

100.00

A+

536,180

550

5.000%,

11/15/32

11/26

at

100.00

A+

589,375

Milwaukee

Redevelopment

Authority,

Wisconsin,

Lease

Revenue

Bonds,

Public

Schools,

Series

2017:

630

5.000%,

11/15/28

11/26

at

100.00

A+

678,510

500

5.000%,

11/15/34

11/26

at

100.00

A+

535,410

1,000

5.000%,

11/15/35

11/26

at

100.00

A+

1,069,280

500

5.000%,

11/15/36

11/26

at

100.00

A+

533,870

Puerto

Rico

Highway

and

Transportation

Authority,

Highway

Revenue

Bonds,

Series

2007N:

535

5.250%,

7/01/32

-

NPFG

Insured

No

Opt.

Call

AAA

534,454

435

5.250%,

7/01/33

-

NPFG

Insured

No

Opt.

Call

AAA

433,582

1,000

5.250%,

7/01/36

-

AGC

Insured

No

Opt.

Call

AAA

991,710

500

Puerto

Rico

Municipal

Finance

Agency,

Series

2002A,

5.000%,

8/01/27

-

AGM

Insured

1/23

at

100.00

AAA

503,345

2,085

Southeast

Wisconsin

Professional

Baseball

Park

District,

Sales

Tax

Revenue

Refunding

Bonds,

Series

1998A,

5.500%,

12/15/26

-

NPFG

Insured

No

Opt.

Call

AAA

2,234,182

Virgin

Islands

Public

Finance

Authority,

Gross

Receipts

Taxes

Loan

Note,

Refunding

Series

2006:

120

5.000%,

10/01/25

-

NPFG

Insured

1/23

at

100.00

Baa2

121,382

125

5.000%,

10/01/28

-

FGIC

Insured

1/23

at

100.00

Baa2

126,438

Wisconsin

Center

District,

Appropiation

Revenue

Bonds,

Milwaukee

Arena

Project,

Series

2016:

390

5.000%,

12/15/27

6/26

at

100.00

Aa3

419,507

1,000

5.000%,

12/15/30

6/26

at

100.00

Aa3

1,070,080

500

5.000%,

12/15/31

6/26

at

100.00

Aa3

535,040

Wisconsin

Center

District,

Dedicated

Tax

Revenue

Bonds,

Refunding

Junior

Series

1999:

675

5.250%,

12/15/27

No

Opt.

Call

AA

728,548

67

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/Limited

(continued)

Wisconsin

Center

District,

Dedicated

Tax

Revenue

Bonds,

Refunding

Senior

Series

2003A:

$

2,035

0.000%,

12/15/28

-

AGM

Insured

No

Opt.

Call

AA

$

1,646,661

1,945

0.000%,

12/15/31

No

Opt.

Call

AA

1,385,715

32,410

Total

Tax

Obligation/Limited

25,030,673

U.S.

Guaranteed

-

1.7%

(5)

Wisconsin

Center

District,

Dedicated

Tax

Revenue

Bonds,

Refunding

Junior

Series

1999:

190

5.250%,

12/15/27,

(ETM)

No

Opt.

Call

AA

205,265

810

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Beaver

Dam

Community

Hospitals

Inc.,

Series

2013A,

5.250%,

8/15/34,

(Pre-refunded

8/15/23)

8/23

at

100.00

N/R

824,904

500

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Franciscan

Sisters

of

Christian

Charity

Sponsored

Ministry,

Series

2017A,

5.000%,

9/01/36,

(Pre-refunded

9/01/27)

9/27

at

100.00

N/R

546,000

10

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Monroe

Clinic

Inc.,

Refunding

Series

2016,

5.000%,

2/15/30,

(Pre-refunded

8/15/25)

8/25

at

100.00

N/R

10,580

130

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Three

Pillars

Senior

Living

Communities,

Refunding

Series

2013,

5.000%,

8/15/43,

(Pre-refunded

8/15/23)

8/23

at

100.00

N/R

132,213

1,640

Total

U.S.

Guaranteed

1,718,962

Utilities

-

4.7%

995

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Generation

Project,

Refunding

Series

2006A,

3.500%,

4/01/41

(6)

No

Opt.

Call

N/R

1,244

860

Ohio

Air

Quality

Development

Authority,

Ohio,

Air

Quality

Development

Revenue

Bonds,

FirstEnergy

Generation

Corporation

Project,

Series

2009A,

5.700%,

8/01/23

No

Opt.

Call

N/R

1,075

1,000

Ohio

Air

Quality

Development

Authority,

Ohio,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Generation

Project,

Refunding

Series

2006A,

3.750%,

12/01/23

(6)

No

Opt.

Call

N/R

1,250

265

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

Shippingport

Project,

First

Energy

Guarantor.,

Series

2005A,

3.750%,

12/01/40

(6)

No

Opt.

Call

N/R

331

575

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Refunding

Series

2005SS,

5.000%,

7/01/30

-

AGM

Insured

1/23

at

100.00

AA

578,847

580

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2003NN,

5.250%,

7/01/23

-

NPFG

Insured

No

Opt.

Call

Baa2

580,986

790

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2005RR,

5.000%,

7/01/28

-

AGC

Insured

1/23

at

100.00

AA

795,285

305

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2007UU,

5.000%,

7/01/24

-

AGM

Insured

1/23

at

100.00

AA

307,040

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2007VV:

675

5.250%,

7/01/24

No

Opt.

Call

Baa2

677,639

130

5.250%,

7/01/26

-

NPFG

Insured

No

Opt.

Call

Baa2

130,545

185

5.250%,

7/01/31

-

AGM

Insured

No

Opt.

Call

AA

185,370

250

5.250%,

7/01/35

-

NPFG

Insured

No

Opt.

Call

Baa2

247,895

1,200

Virgin

Islands

Water

and

Power

Authority,

Electric

System

Revenue

Bonds,

Refunding

Series

2007A,

5.000%,

7/01/25

1/23

at

100.00

CCC

1,155,240

7,810

Total

Utilities

4,662,747

$

114,770

Total

Municipal

Bonds

(cost

$107,769,217)

98,472,643

Nuveen

Wisconsin

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

68

Shares

Description

(1)

Value

X

8,008,190

COMMON

STOCKS

-

8.0%  

X

8,008,190

Independent

Power

And

Renewable

Electricity

Producers

-

8.0%

$

100,944

Energy

Harbor

Corp

(7),(8)

$

8,008,190

Total

Common

Stocks

(cost

$2,869,331)

8,008,190

Total

Long-Term

Investments

(cost

$110,638,548)

106,480,833

Floating

Rate

Obligations

-

(8.0)%  

(

8,020,000

)

Other

Assets

Less

Liabilities

-

1.4%

1,453,289

Net

Assets

-

100%

$

99,914,122

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

(3)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

(4)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(5)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

(6)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(7)

Common

Stock

received

as

part

of

the

bankruptcy

settlements

during

February

2020

for

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Refunding

Bonds,

FirstEnergy

Nuclear

Generation

Project,

Series

2006A,

3.500%,

4/01/41,

Ohio

Air

Quality

Development

Authority,

Ohio,

Air

Quality

Development

Revenue

Bonds,

FirstEnergyGeneration

Corporation

Project,

Series

2009A,

5.700%,

8/01/20,

Ohio

Air

Quality

Development

Authority,

Ohio,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Generation

Project,

Refund-

ing

Series

2006A,

3.750%,

12/01/23,

and

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

Shippingport

Project,

First

Energy

Guarantor,

Series2005A,

3.750%,

12/01/40.

(8)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

ETM

Escrowed

to

maturity

UB

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction.

See

accompanying

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

November

30,

2022

(Unaudited)

See

accompanying

notes

to

financial

statements.

69

Kansas

Kentucky

Michigan

Missouri

Ohio

Assets

Long-term

investments,

at

value

†

$

235,371,797‌

$

310,488,917‌

$

277,324,510‌

$

576,407,369‌

$

590,425,905‌

Cash

–‌

–‌

3,907,741‌

–‌

–‌

Receivable

for

interest

3,114,236‌

4,448,036‌

2,889,353‌

6,634,658‌

9,987,367‌

Receivable

for

investments

sold

5,419,764‌

1,938,532‌

–‌

3,223,509‌

13,315,000‌

Receivable

for

shares

sold

676,338‌

22,191‌

2,832,682‌

841,747‌

1,894,807‌

Other

assets

8,281‌

105,584‌

63,135‌

74,084‌

139,565‌

Total

assets

244,590,416‌

317,003,260‌

287,017,421‌

587,181,367‌

615,762,644‌

Liabilities

Cash

overdraft

6,221,656‌

6,129,835‌

–‌

5,833,288‌

6,782,231‌

Floating

rate

obligations

–‌

22,650,000‌

–‌

–‌

–‌

Payable

for

dividends

87,285‌

62,704‌

103,796‌

319,495‌

264,577‌

Payable

for

interest

–‌

619,992‌

70,440‌

–‌

–‌

Payable

for

investments

purchased

-

regular

settlement

1,667,394‌

–‌

–‌

–‌

–‌

Payable

for

investments

purchased

-

when-issued/delayed-delivery

settlement

–‌

–‌

–‌

1,067,330‌

1,036,590‌

Payable

for

shares

redeemed

781,219‌

713,005‌

878,798‌

3,025,475‌

2,188,166‌

Accrued

expenses:

Management

fees

96,420‌

116,438‌

115,284‌

235,595‌

241,960‌

Trustees

fees

6,811‌

104,231‌

58,465‌

71,622‌

139,041‌

12b-1

distribution

and

service

fees

29,603‌

39,102‌

22,182‌

60,948‌

55,109‌

Other

96,622‌

105,582‌

118,577‌

158,010‌

183,605‌

Total

liabilities

8,987,010‌

30,540,889‌

1,367,542‌

10,771,763‌

10,891,279‌

Commitments

and

contingencies

(as

disclosed

in

Note

8)

Net

assets

$

235,603,406‌

$

286,462,371‌

$

285,649,879‌

$

576,409,604‌

$

604,871,365‌

†

Long-term

investments,

cost

$

247,398,324‌

$

327,493,779‌

$

285,146,971‌

$

595,289,524‌

$

588,424,819‌

Statement

of

Assets

and

Liabilities

(Unaudited)

(continued)

See

accompanying

notes

to

financial

statements.

70

Wisconsin

Assets

Long-term

investments,

at

value

†

$

106,480,833‌

Cash

129,382‌

Receivable

for

interest

1,405,959‌

Receivable

for

investments

sold

500,000‌

Receivable

for

shares

sold

101,112‌

Other

assets

4,900‌

Total

assets

108,622,186‌

Liabilities

Floating

rate

obligations

8,020,000‌

Payable

for

dividends

27,675‌

Payable

for

interest

100,707‌

Payable

for

shares

redeemed

425,788‌

Accrued

expenses:

Management

fees

41,256‌

Trustees

fees

1,373‌

12b-1

distribution

and

service

fees

13,786‌

Other

77,479‌

Total

liabilities

8,708,064‌

Commitments

and

contingencies

(as

disclosed

in

Note

8)

Net

assets

$

99,914,122‌

†

Long-term

investments,

cost

$

110,638,548‌

Statement

of

Assets

and

Liabilities

(Unaudited)

(continued)

See

accompanying

notes

to

financial

statements.

71

Kansas

Kentucky

Michigan

Missouri

Ohio

Class

A

Shares

Net

Assets

$

138,753,401‌

$

211,791,853‌

$

102,500,776‌

$

301,305,050‌

$

274,927,378‌

Shares

outstanding

14,026,295‌

21,777,922‌

9,715,364‌

29,066,549‌

25,341,795‌

Net

asset

value

("NAV")

per

share

$

9.89‌

$

9.73‌

$

10.55‌

$

10.37‌

$

10.85‌

Maximum

sales

charge

4.20%

4.20%

4.20%

4.20%

4.20%

Offering

price

per

share

(NAV

per

share

plus

maximum

sales

charge)

$

10.32‌

$

10.16‌

$

11.01‌

$

10.82‌

$

11.33‌

Class

C

Shares

Net

Assets

$

8,234,836‌

$

5,619,021‌

$

6,965,744‌

$

14,546,363‌

$

12,515,343‌

Shares

outstanding

834,214‌

577,987‌

662,220‌

1,408,634‌

1,160,255‌

NAV

and

offering

price

per

share

$

9.87‌

$

9.72‌

$

10.52‌

$

10.33‌

$

10.79‌

Class

I

Shares

Net

Assets

$

88,615,169‌

$

69,051,497‌

$

176,183,359‌

$

260,558,191‌

$

317,428,644‌

Shares

outstanding

8,929,606‌

7,111,957‌

16,725,913‌

25,176,646‌

29,372,959‌

NAV

and

offering

price

per

share

$

9.92‌

$

9.71‌

$

10.53‌

$

10.35‌

$

10.81‌

Fund

level

net

assets

consist

of:

Capital

paid-in

$

255,568,322‌

$

316,261,331‌

$

311,293,765‌

$

622,665,784‌

$

624,747,510‌

Total

distributable

earnings

(loss)

(

19,964,916‌

)

(

29,798,960‌

)

(

25,643,886‌

)

(

46,256,180‌

)

(

19,876,145‌

)

Fund

level

net

assets

$

235,603,406‌

$

286,462,371‌

$

285,649,879‌

$

576,409,604‌

$

604,871,365‌

Authorized

shares

-

per

class

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

per

share

$

0.01

$

0.01

$

0.01

$

0.01

$

0.01

Statement

of

Assets

and

Liabilities

(Unaudited)

(continued)

See

accompanying

notes

to

financial

statements.

72

Wisconsin

Class

A

Shares

Net

Assets

$

57,198,919‌

Shares

outstanding

5,840,352‌

Net

asset

value

("NAV")

per

share

$

9.79‌

Maximum

sales

charge

4.20%

Offering

price

per

share

(NAV

per

share

plus

maximum

sales

charge)

$

10.22‌

Class

C

Shares

Net

Assets

$

5,666,801‌

Shares

outstanding

578,636‌

NAV

and

offering

price

per

share

$

9.79‌

Class

I

Shares

Net

Assets

$

37,048,402‌

Shares

outstanding

3,779,233‌

NAV

and

offering

price

per

share

$

9.80‌

Fund

level

net

assets

consist

of:

Capital

paid-in

$

111,344,155‌

Total

distributable

earnings

(loss)

(

11,430,033‌

)

Fund

level

net

assets

$

99,914,122‌

Authorized

shares

-

per

class

Unlimited

Par

value

per

share

$

0.01

Statement

of

Operations

November

30,

2022

(Unaudited)

See

accompanying

notes

to

financial

statements.

73

Kansas

Kentucky

Michigan

Missouri

Ohio

Investment

Income

Interest

$

3,991,431‌

$

5,717,862‌

$

4,711,805‌

$

11,283,803‌

$

9,803,453‌

Total

Investment

Income

3,991,431‌

5,717,862‌

4,711,805‌

11,283,803‌

9,803,453‌

Expenses

–

–

–

–

–

Management

fees

616,447‌

764,202‌

732,680‌

1,532,153‌

1,554,926‌

12b-1

service

fees

-

Class

A

Shares

146,454‌

225,492‌

109,005‌

315,680‌

291,648‌

12b-1

distribution

and

service

fees

-

Class

C

Shares

45,839‌

31,566‌

37,427‌

81,749‌

66,628‌

Shareholder

servicing

agent

fees

41,313‌

40,639‌

70,934‌

80,721‌

134,710‌

Interest

expense

4,397‌

281,101‌

118,812‌

7,461‌

14,541‌

Custodian

expenses,

net

20,390‌

20,814‌

23,031‌

44,074‌

40,816‌

Trustees

fees

4,330‌

5,390‌

5,043‌

10,689‌

11,301‌

Professional

fees

25,758‌

28,917‌

28,688‌

35,675‌

35,015‌

Shareholder

reporting

expenses

11,462‌

12,280‌

12,896‌

16,159‌

21,598‌

Federal

and

state

registration

fees

3,097‌

3,077‌

4,982‌

4,600‌

3,077‌

Other

4,103‌

4,124‌

4,290‌

7,102‌

6,590‌

Total

expenses

923,590‌

1,417,602‌

1,147,788‌

2,136,063‌

2,180,850‌

Net

investment

income

(loss)

3,067,841‌

4,300,260‌

3,564,017‌

9,147,740‌

7,622,603‌

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from

investments

(

1,116,037‌

)

(

5,184,972‌

)

(

16,116,220‌

)

(

13,693,883‌

)

(

16,652,137‌

)

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

(

5,781,328‌

)

(

9,667,249‌

)

5,088,310‌

(

11,305,475‌

)

299,816‌

Net

realized

and

unrealized

gain

(loss)

(

6,897,365‌

)

(

14,852,221‌

)

(

11,027,910‌

)

(

24,999,358‌

)

(

16,352,321‌

)

Net

increase

(decrease)

in

net

assets

from

operations

$

(

3,829,524‌

)

$

(

10,551,961‌

)

$

(

7,463,893‌

)

$

(

15,851,618‌

)

$

(

8,729,718‌

)

Statement

of

Operations

(Unaudited)

(continued)

See

accompanying

notes

to

financial

statements.

74

Wisconsin

Investment

Income

Interest

$

2,322,278‌

Total

Investment

Income

2,322,278‌

Expenses

–

Management

fees

281,665‌

12b-1

service

fees

-

Class

A

Shares

63,596‌

12b-1

distribution

and

service

fees

-

Class

C

Shares

30,376‌

Shareholder

servicing

agent

fees

22,217‌

Interest

expense

97,668‌

Custodian

expenses,

net

14,954‌

Trustees

fees

1,980‌

Professional

fees

22,869‌

Shareholder

reporting

expenses

8,633‌

Federal

and

state

registration

fees

4,657‌

Other

3,342‌

Total

expenses

551,957‌

Net

investment

income

(loss)

1,770,321‌

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from

investments

(

1,966,915‌

)

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

(

3,520,536‌

)

Net

realized

and

unrealized

gain

(loss)

(

5,487,451‌

)

Net

increase

(decrease)

in

net

assets

from

operations

$

(

3,717,130‌

)

Statement

of

Changes

in

Net

Assets

See

accompanying

notes

to

financial

statements.

75

Kansas

Kentucky

Unaudited

Six

Months

Ended

11/30/22

Year

Ended

5/31/22

Unaudited

Six

Months

Ended

11/30/22

Year

Ended

5/31/22

Operations

Net

investment

income

(loss)

$

3,067,841‌

$

6,776,710‌

$

4,300,260‌

$

9,193,078‌

Net

realized

gain

(loss)

from

investments

(

1,116,037‌

)

(

301,579‌

)

(

5,184,972‌

)

(

1,768,104‌

)

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

(

5,781,328‌

)

(

20,734,413‌

)

(

9,667,249‌

)

(

35,456,305‌

)

Net

increase

(decrease)

in

net

assets

from

operations

(

3,829,524‌

)

(

14,259,282‌

)

(

10,551,961‌

)

(

28,031,331‌

)

Distributions

to

Shareholders

Dividends:

Class

A

Shares

(

1,656,243‌

)

(

3,961,204‌

)

(

2,957,963‌

)

(

6,752,136‌

)

Class

C

Shares

(

66,589‌

)

(

153,965‌

)

(

57,348‌

)

(

139,317‌

)

Class

I

Shares

(1,127,675)

(2,413,868)

(1,080,506)

(2,554,965)

Decrease

in

net

assets

from

distributions

to

shareholders

(

2,850,507‌

)

(

6,529,037‌

)

(

4,095,817‌

)

(

9,446,418‌

)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

20,650,366‌

40,652,981‌

10,839,767‌

54,326,792‌

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

2,347,934‌

5,452,341‌

3,684,150‌

8,483,351‌

22,998,300‌

46,105,322‌

14,523,917‌

62,810,143‌

Cost

of

shares

redeemed

(

39,316,920‌

)

(

74,253,954‌

)

(

43,756,836‌

)

(

73,969,239‌

)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

(

16,318,620‌

)

(

28,148,632‌

)

(

29,232,919‌

)

(

11,159,096‌

)

Net

increase

(decrease)

in

net

assets

(

22,998,651‌

)

(

48,936,951‌

)

(

43,880,697‌

)

(

48,636,845‌

)

Net

assets

at

the

beginning

of

period

258,602,057‌

307,539,008‌

330,343,068‌

378,979,913‌

Net

assets

at

the

end

of

period

$

235,603,406‌

$

258,602,057‌

$

286,462,371‌

$

330,343,068‌

See

accompanying

notes

to

financial

statements.

76

Michigan

Missouri

Unaudited

Six

Months

Ended

11/30/22

Year

Ended

5/31/22

Unaudited

Six

Months

Ended

11/30/22

Year

Ended

5/31/22

Operations

Net

investment

income

(loss)

$

3,564,017‌

$

7,101,254‌

$

9,147,740‌

$

17,780,519‌

Net

realized

gain

(loss)

from

investments

(

16,116,220‌

)

(

1,402,560‌

)

(

13,693,883‌

)

(

9,423,575‌

)

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

5,088,310‌

(

34,785,075‌

)

(

11,305,475‌

)

(

56,392,033‌

)

Net

increase

(decrease)

in

net

assets

from

operations

(

7,463,893‌

)

(

29,086,381‌

)

(

15,851,618‌

)

(

48,035,089‌

)

Distributions

to

Shareholders

Dividends:

Class

A

Shares

(

1,130,558‌

)

(

2,745,571‌

)

(

4,119,049‌

)

(

8,862,121‌

)

Class

C

Shares

(

47,312‌

)

(

115,578‌

)

(

147,417‌

)

(

324,148‌

)

Class

I

Shares

(2,041,590)

(4,333,647)

(4,032,158)

(8,520,982)

Decrease

in

net

assets

from

distributions

to

shareholders

(

3,219,460‌

)

(

7,194,796‌

)

(

8,298,624‌

)

(

17,707,251‌

)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

91,010,025‌

107,799,572‌

80,924,420‌

156,826,725‌

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

2,599,501‌

6,087,425‌

6,398,126‌

13,596,302‌

93,609,526‌

113,886,997‌

87,322,546‌

170,423,027‌

Cost

of

shares

redeemed

(

109,400,464‌

)

(

115,149,635‌

)

(

151,608,709‌

)

(

182,169,142‌

)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

(

15,790,938‌

)

(

1,262,638‌

)

(

64,286,163‌

)

(

11,746,115‌

)

Net

increase

(decrease)

in

net

assets

(

26,474,291‌

)

(

37,543,815‌

)

(

88,436,405‌

)

(

77,488,455‌

)

Net

assets

at

the

beginning

of

period

312,124,170‌

349,667,985‌

664,846,009‌

742,334,464‌

Net

assets

at

the

end

of

period

$

285,649,879‌

$

312,124,170‌

$

576,409,604‌

$

664,846,009‌

See

accompanying

notes

to

financial

statements.

77

Ohio

Wisconsin

Unaudited

Six

Months

Ended

11/30/22

Year

Ended

5/31/22

Unaudited

Six

Months

Ended

11/30/22

Year

Ended

5/31/22

Operations

Net

investment

income

(loss)

$

7,622,603‌

$

15,441,985‌

$

1,770,321‌

$

4,102,207‌

Net

realized

gain

(loss)

from

investments

(

16,652,137‌

)

(

4,925,877‌

)

(

1,966,915‌

)

(

354,568‌

)

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

299,816‌

(

51,235,062‌

)

(

3,520,536‌

)

(

10,115,830‌

)

Net

increase

(decrease)

in

net

assets

from

operations

(

8,729,718‌

)

(

40,718,954‌

)

(

3,717,130‌

)

(

6,368,191‌

)

Distributions

to

Shareholders

Dividends:

Class

A

Shares

(

3,182,058‌

)

(

6,868,034‌

)

(

1,043,204‌

)

(

2,340,989‌

)

Class

C

Shares

(

92,363‌

)

(

202,943‌

)

(

75,351‌

)

(

167,017‌

)

Class

I

Shares

(3,949,822)

(8,017,469)

(727,933)

(1,698,955)

Decrease

in

net

assets

from

distributions

to

shareholders

(

7,224,243‌

)

(

15,088,446‌

)

(

1,846,488‌

)

(

4,206,961‌

)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

100,689,889‌

152,881,588‌

462,624‌

1,788,350‌

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

5,632,023‌

11,761,771‌

1,665,455‌

3,767,489‌

106,321,912‌

164,643,359‌

2,128,079‌

5,555,839‌

Cost

of

shares

redeemed

(

153,303,989‌

)

(

187,619,410‌

)

(

20,717,405‌

)

(

17,336,511‌

)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

(

46,982,077‌

)

(

22,976,051‌

)

(

18,589,326‌

)

(

11,780,672‌

)

Net

increase

(decrease)

in

net

assets

(

62,936,038‌

)

(

78,783,451‌

)

(

24,152,944‌

)

(

22,355,824‌

)

Net

assets

at

the

beginning

of

period

667,807,403‌

746,590,854‌

124,067,066‌

146,422,890‌

Net

assets

at

the

end

of

period

$

604,871,365‌

$

667,807,403‌

$

99,914,122‌

$

124,067,066‌

Financial

Highlights

78

Kansas

The

Fund's

fiscal

year

end

is

May

31st.

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

Class

A

2023(e)

$

10.14

$

0.12

$

(

0.26

)

$

(

0.14

)

$

(

0.11

)

$

—

$

(

0.11

)

$

9.89

2022

10.87

0.24

(

0.74

)

(

0.50

)

(

0.23

)

—

(

0.23

)

10.14

2021

10.51

0.25

0.37

0.62

(

0.26

)

—

(

0.26

)

10.87

2020

10.74

0.30

(

0.21

)

0.09

(

0.32

)

—

(

0.32

)

10.51

2019

10.56

0.35

0.16

0.51

(

0.33

)

—

(

0.33

)

10.74

2018

10.75

0.36

(

0.18

)

0.18

(

0.37

)

—

(

0.37

)

10.56

Class

C

2023(e)

10.12

0.08

(

0.26

)

(

0.18

)

(

0.07

)

—

(

0.07

)

9.87

2022

10.85

0.15

(

0.74

)

(

0.59

)

(

0.14

)

—

(

0.14

)

10.12

2021

10.48

0.17

0.37

0.54

(

0.17

)

—

(

0.17

)

10.85

2020

10.72

0.21

(

0.22

)

(

0.01

)

(

0.23

)

—

(

0.23

)

10.48

2019

10.54

0.26

0.17

0.43

(

0.25

)

—

(

0.25

)

10.72

2018

10.73

0.27

(

0.18

)

0.09

(

0.28

)

—

(

0.28

)

10.54

Class

I

2023(e)

10.18

0.13

(

0.27

)

(

0.14

)

(

0.12

)

—

(

0.12

)

9.92

2022

10.91

0.26

(

0.74

)

(

0.48

)

(

0.25

)

—

(

0.25

)

10.18

2021

10.55

0.28

0.36

0.64

(

0.28

)

—

(

0.28

)

10.91

2020

10.78

0.32

(

0.21

)

0.11

(

0.34

)

—

(

0.34

)

10.55

2019

10.60

0.37

0.17

0.54

(

0.36

)

—

(

0.36

)

10.78

2018

10.79

0.38

(

0.18

)

0.20

(

0.39

)

—

(

0.39

)

10.60

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

daily

shares

method.

(b)

Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c)

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Note

9

-

Borrowing

Arrangements.

(d)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(e)

Unaudited.  For

the

six

months

ended

November

30,

2022.

(f)

Annualized.

See

accompanying

notes

to

financial

statements.

79

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Expenses

Including

Interest(c)

Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate(d)

(

1

.35‌

)

%

$

138,753

0

.79‌

%

(f)

0

.79‌

%

(f)

2

.45‌

%

(f)

9‌

%

(

4

.68‌

)

153,222

0

.79‌

0

.78‌

2

.24‌

15‌

5

.92‌

193,933

0

.79‌

0

.79‌

2

.37‌

6‌

0

.80‌

176,030

0

.82‌

0

.79‌

2

.79‌

21‌

4

.96‌

163,340

0

.89‌

0

.82‌

3

.28‌

15‌

1

.66‌

149,898

0

.87‌

0

.81‌

3

.36‌

16‌

(

1

.75‌

)

8,235

1

.59‌

(f)

1

.59‌

(f)

1

.65‌

(f)

9‌

(

5

.47‌

)

9,897

1

.59‌

1

.58‌

1

.44‌

15‌

5

.18‌

12,446

1

.59‌

1

.59‌

1

.57‌

6‌

(

0

.09‌

)

12,261

1

.62‌

1

.59‌

1

.99‌

21‌

4

.13‌

12,340

1

.69‌

1

.62‌

2

.48‌

15‌

0

.87‌

12,587

1

.67‌

1

.61‌

2

.55‌

16‌

(

1

.32‌

)

88,615

0

.59‌

(f)

0

.59‌

(f)

2

.65‌

(f)

9‌

(

4

.45‌

)

95,483

0

.59‌

0

.58‌

2

.44‌

15‌

6

.13‌

99,746

0

.59‌

0

.59‌

2

.56‌

6‌

1

.02‌

82,558

0

.62‌

0

.59‌

2

.98‌

21‌

5

.17‌

67,936

0

.69‌

0

.62‌

3

.46‌

15‌

1

.89‌

46,609

0

.67‌

0

.61‌

3

.56‌

16‌

80

Financial

Highlights

(continued)

Kentucky

The

Fund's

fiscal

year

end

is

May

31st.

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

Class

A

2023(e)

$

10.17

$

0.14

$

(

0.45

)

$

(

0.31

)

$

(

0.13

)

$

—

$

(

0.13

)

$

9.73

2022

11.24

0.26

(

1.06

)

(

0.80

)

(

0.27

)

—

(

0.27

)

10.17

2021

10.91

0.30

0.32

0.62

(

0.29

)

—

(

0.29

)

11.24

2020

10.92

0.31

(

0.03

)

0.28

(

0.29

)

—

(

0.29

)

10.91

2019

10.64

0.32

0.28

0.60

(

0.32

)

—

(

0.32

)

10.92

2018

10.94

0.35

(

0.29

)

0.06

(

0.36

)

—

(

0.36

)

10.64

Class

C

2023(e)

10.17

0.10

(

0.46

)

(

0.36

)

(

0.09

)

—

(

0.09

)

9.72

2022

11.24

0.18

(

1.07

)

(

0.89

)

(

0.18

)

—

(

0.18

)

10.17

2021

10.91

0.21

0.32

0.53

(

0.20

)

—

(

0.20

)

11.24

2020

10.92

0.22

(

0.03

)

0.19

(

0.20

)

—

(

0.20

)

10.91

2019

10.64

0.23

0.28

0.51

(

0.23

)

—

(

0.23

)

10.92

2018

10.94

0.26

(

0.28

)

(

0.02

)

(

0.28

)

—

(

0.28

)

10.64

Class

I

2023(e)

10.16

0.15

(

0.46

)

(

0.31

)

(

0.14

)

—

(

0.14

)

9.71

2022

11.23

0.28

(

1.06

)

(

0.78

)

(

0.29

)

—

(

0.29

)

10.16

2021

10.90

0.32

0.32

0.64

(

0.31

)

—

(

0.31

)

11.23

2020

10.91

0.33

(

0.03

)

0.30

(

0.31

)

—

(

0.31

)

10.90

2019

10.64

0.34

0.27

0.61

(

0.34

)

—

(

0.34

)

10.91

2018

10.94

0.37

(

0.28

)

0.09

(

0.39

)

—

(

0.39

)

10.64

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

daily

shares

method.

(b)

Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c)

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Note

9

-

Borrowing

Arrangements.

(d)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(e)

Unaudited.  For

the

six

months

ended

November

30,

2022.

(f)

Annualized.

See

accompanying

notes

to

financial

statements.

81

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Expenses

Including

Interest(c)

Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate(d)

(

3

.05‌

)

%

$

211,792

0

.95‌

%

(f)

0

.77‌

%

(f)

2

.77‌

%

(f)

8‌

%

(

7

.25‌

)

242,580

0

.83‌

0

.77‌

2

.41‌

16‌

5

.73‌

279,307

0

.83‌

0

.77‌

2

.67‌

5‌

2

.55‌

261,330

0

.93‌

0

.78‌

2

.78‌

13‌

5

.74‌

270,776

0

.97‌

0

.79‌

2

.97‌

25‌

0

.57‌

272,191

0

.86‌

0

.78‌

3

.24‌

27‌

(

3

.54‌

)

5,619

1

.75‌

(f)

1

.57‌

(f)

1

.96‌

(f)

8‌

(

8

.01‌

)

7,048

1

.63‌

1

.57‌

1

.60‌

16‌

4

.88‌

8,607

1

.63‌

1

.57‌

1

.87‌

5‌

1

.73‌

7,584

1

.73‌

1

.58‌

1

.98‌

13‌

4

.91‌

7,232

1

.77‌

1

.59‌

2

.17‌

25‌

(

0

.21‌

)

7,583

1

.66‌

1

.58‌

2

.43‌

27‌

(

3

.03‌

)

69,051

0

.75‌

(f)

0

.57‌

(f)

2

.97‌

(f)

8‌

(

7

.05‌

)

80,715

0

.63‌

0

.57‌

2

.60‌

16‌

5

.94‌

90,506

0

.63‌

0

.57‌

2

.87‌

5‌

2

.77‌

72,550

0

.73‌

0

.58‌

2

.98‌

13‌

5

.89‌

56,021

0

.76‌

0

.58‌

3

.17‌

25‌

0

.80‌

44,851

0

.66‌

0

.58‌

3

.43‌

27‌

82

Financial

Highlights

(continued)

Michigan

The

Fund's

fiscal

year

end

is

May

31st.

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

Class

A

2023(e)

$

10.93

$

0.12

$

(

0.39

)

$

(

0.27

)

$

(

0.11

)

$

—

$

(

0.11

)

$

10.55

2022

12.09

0.23

(

1.16

)

(

0.93

)

(

0.22

)

(

0.01

)

(

0.23

)

10.93

2021

11.92

0.26

0.18

0.44

(

0.27

)

—

(

0.27

)

12.09

2020

11.67

0.29

0.25

0.54

(

0.29

)

—

(

0.29

)

11.92

2019

11.35

0.30

0.31

0.61

(

0.29

)

—

(

0.29

)

11.67

2018

11.56

0.31

(

0.20

)

0.11

(

0.32

)

—

(

0.32

)

11.35

Class

C

2023(e)

10.90

0.08

(

0.39

)

(

0.31

)

(

0.07

)

—

(

0.07

)

10.52

2022

12.05

0.13

(

1.15

)

(

1.02

)

(

0.12

)

(

0.01

)

(

0.13

)

10.90

2021

11.88

0.17

0.17

0.34

(

0.17

)

—

(

0.17

)

12.05

2020

11.63

0.19

0.25

0.44

(

0.19

)

—

(

0.19

)

11.88

2019

11.31

0.21

0.31

0.52

(

0.20

)

—

(

0.20

)

11.63

2018

11.53

0.22

(

0.21

)

0.01

(

0.23

)

—

(

0.23

)

11.31

Class

I

2023(e)

10.92

0.13

(

0.40

)

(

0.27

)

(

0.12

)

—

(

0.12

)

10.53

2022

12.07

0.25

(

1.15

)

(

0.90

)

(

0.24

)

(

0.01

)

(

0.25

)

10.92

2021

11.90

0.29

0.17

0.46

(

0.29

)

—

(

0.29

)

12.07

2020

11.65

0.31

0.25

0.56

(

0.31

)

—

(

0.31

)

11.90

2019

11.33

0.32

0.32

0.64

(

0.32

)

—

(

0.32

)

11.65

2018

11.55

0.33

(

0.21

)

0.12

(

0.34

)

—

(

0.34

)

11.33

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

daily

shares

method.

(b)

Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c)

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Note

9

-

Borrowing

Arrangements.

(d)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(e)

Unaudited.  For

the

six

months

ended

November

30,

2022.

(f)

Annualized.

See

accompanying

notes

to

financial

statements.

83

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Expenses

Including

Interest(c)

Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate(d)

(

2

.46‌

)

%

$

102,501

0

.88‌

%

(f)

0

.80‌

%

(f)

2

.33‌

%

(f)

25‌

%

(

7

.82‌

)

117,382

0

.81‌

0

.78‌

1

.91‌

21‌

3

.72‌

148,560

0

.83‌

0

.80‌

2

.19‌

4‌

4

.66‌

120,780

0

.83‌

0

.80‌

2

.46‌

10‌

5

.49‌

116,693

0

.86‌

0

.82‌

2

.66‌

16‌

0

.94‌

112,969

0

.86‌

0

.82‌

2

.72‌

10‌

(

2

.87‌

)

6,966

1

.68‌

(f)

1

.60‌

(f)

1

.53‌

(f)

25‌

(

8

.51‌

)

8,853

1

.61‌

1

.58‌

1

.11‌

21‌

2

.90‌

10,442

1

.63‌

1

.60‌

1

.39‌

4‌

3

.84‌

10,443

1

.63‌

1

.60‌

1

.66‌

10‌

4

.67‌

10,199

1

.66‌

1

.62‌

1

.85‌

16‌

0

.06‌

11,758

1

.66‌

1

.62‌

1

.92‌

10‌

(

2

.44‌

)

176,183

0

.68‌

(f)

0

.60‌

(f)

2

.52‌

(f)

25‌

(

7

.56‌

)

185,889

0

.61‌

0

.58‌

2

.12‌

21‌

3

.93‌

190,067

0

.63‌

0

.60‌

2

.38‌

4‌

4

.88‌

148,589

0

.63‌

0

.60‌

2

.66‌

10‌

5

.72‌

123,326

0

.66‌

0

.62‌

2

.85‌

16‌

1

.06‌

93,181

0

.66‌

0

.62‌

2

.92‌

10‌

84

Financial

Highlights

(continued)

Missouri

The

Fund's

fiscal

year

end

is

May

31st.

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

Class

A

2023(e)

$

10.75

$

0.15

$

(

0.39

)

$

(

0.24

)

$

(

0.14

)

$

—

$

(

0.14

)

$

10.37

2022

11.73

0.27

(

0.99

)

(

0.72

)

(

0.26

)

—

(

0.26

)

10.75

2021

11.43

0.29

0.31

0.60

(

0.30

)

—

(

0.30

)

11.73

2020

11.45

0.32

0.01

0.33

(

0.35

)

—

(

0.35

)

11.43

2019

11.19

0.36

0.27

0.63

(

0.37

)

—

(

0.37

)

11.45

2018

11.38

0.38

(

0.20

)

0.18

(

0.37

)

—

(

0.37

)

11.19

Class

C

2023(e)

10.71

0.11

(

0.40

)

(

0.29

)

(

0.09

)

—

(

0.09

)

10.33

2022

11.68

0.17

(

0.97

)

(

0.80

)

(

0.17

)

—

(

0.17

)

10.71

2021

11.38

0.20

0.30

0.50

(

0.20

)

—

(

0.20

)

11.68

2020

11.40

0.23

0.01

0.24

(

0.26

)

—

(

0.26

)

11.38

2019

11.14

0.27

0.27

0.54

(

0.28

)

—

(

0.28

)

11.40

2018

11.33

0.29

(

0.20

)

0.09

(

0.28

)

—

(

0.28

)

11.14

Class

I

2023(e)

10.74

0.16

(

0.40

)

(

0.24

)

(

0.15

)

—

(

0.15

)

10.35

2022

11.71

0.29

(

0.97

)

(

0.68

)

(

0.29

)

—

(

0.29

)

10.74

2021

11.42

0.32

0.29

0.61

(

0.32

)

—

(

0.32

)

11.71

2020

11.43

0.35

0.02

0.37

(

0.38

)

—

(

0.38

)

11.42

2019

11.18

0.39

0.26

0.65

(

0.40

)

—

(

0.40

)

11.43

2018

11.37

0.40

(

0.19

)

0.21

(

0.40

)

—

(

0.40

)

11.18

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

daily

shares

method.

(b)

Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c)

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Note

9

-

Borrowing

Arrangements.

(d)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(e)

Unaudited.  For

the

six

months

ended

November

30,

2022.

(f)

Annualized.

See

accompanying

notes

to

financial

statements.

85

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Expenses

Including

Interest(c)

Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate(d)

(

2

.26‌

)

%

$

301,305

0

.76‌

%

(f)

0

.76‌

%

(f)

2

.90‌

%

(f)

16‌

%

(

6

.21‌

)

340,019

0

.75‌

0

.75‌

2

.32‌

25‌

5

.27‌

384,737

0

.76‌

0

.76‌

2

.52‌

5‌

3

.00‌

311,195

0

.77‌

0

.77‌

2

.82‌

11‌

5

.69‌

267,631

0

.78‌

0

.78‌

3

.26‌

17‌

1

.64‌

230,518

0

.78‌

0

.78‌

3

.38‌

18‌

(

2

.66‌

)

14,546

1

.56‌

(f)

1

.56‌

(f)

2

.10‌

(f)

16‌

(

6

.94‌

)

18,127

1

.55‌

1

.55‌

1

.52‌

25‌

4

.45‌

23,454

1

.56‌

1

.56‌

1

.73‌

5‌

2

.08‌

22,911

1

.57‌

1

.57‌

2

.02‌

11‌

4

.96‌

19,534

1

.58‌

1

.58‌

2

.46‌

17‌

0

.83‌

18,629

1

.58‌

1

.58‌

2

.58‌

18‌

(

2

.24‌

)

260,558

0

.56‌

(f)

0

.56‌

(f)

3

.09‌

(f)

16‌

(

5

.94‌

)

306,700

0

.55‌

0

.55‌

2

.52‌

25‌

5

.41‌

333,691

0

.56‌

0

.56‌

2

.72‌

5‌

3

.22‌

294,393

0

.57‌

0

.57‌

3

.02‌

11‌

5

.93‌

259,964

0

.58‌

0

.58‌

3

.46‌

17‌

1

.86‌

243,589

0

.58‌

0

.58‌

3

.58‌

18‌

86

Financial

Highlights

(continued)

Ohio

The

Fund's

fiscal

year

end

is

May

31st.

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

Class

A

2023(f)

$

11.10

$

0.13

$

(

0.26

)

$

(

0.13

)

$

(

0.12

)

$

—

$

(

0.12

)

$

10.85

2022

11.96

0.24

(

0.87

)

(

0.63

)

(

0.22

)

(

0.01

)

(

0.23

)

11.10

2021

11.94

0.26

0.06

0.32

(

0.26

)

(

0.04

)

(

0.30

)

11.96

2020

11.62

0.30

0.31

0.61

(

0.29

)

—

(

0.29

)

11.94

2019

11.29

0.33

0.32

0.65

(

0.32

)

—

(

0.32

)

11.62

2018

11.55

0.34

(

0.24

)

0.10

(

0.36

)

—

(

0.36

)

11.29

Class

C

2023(f)

11.03

0.08

(

0.24

)

(

0.16

)

(

0.08

)

—

(

0.08

)

10.79

2022

11.90

0.14

(

0.87

)

(

0.73

)

(

0.13

)

(

0.01

)

(

0.14

)

11.03

2021

11.87

0.16

0.08

0.24

(

0.17

)

(

0.04

)

(

0.21

)

11.90

2020

11.55

0.21

0.31

0.52

(

0.20

)

—

(

0.20

)

11.87

2019

11.22

0.23

0.33

0.56

(

0.23

)

—

(

0.23

)

11.55

2018

11.48

0.24

(

0.23

)

0.01

(

0.27

)

—

(

0.27

)

11.22

Class

I

2023(f)

11.05

0.14

(

0.25

)

(

0.11

)

(

0.13

)

—

(

0.13

)

10.81

2022

11.92

0.26

(

0.87

)

(

0.61

)

(

0.25

)

(

0.01

)

(

0.26

)

11.05

2021

11.90

0.28

0.07

0.35

(

0.29

)

(

0.04

)

(

0.33

)

11.92

2020

11.58

0.32

0.32

0.64

(

0.32

)

—

(

0.32

)

11.90

2019

11.24

0.35

0.32

0.67

(

0.33

)

—

(

0.33

)

11.58

2018

11.51

0.36

(

0.24

)

0.12

(

0.39

)

—

(

0.39

)

11.24

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

daily

shares

method.

(b)

Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c)

The

Fund

has

a

contractual

fee

waiver/expense

reimbursement

agreement

with

the

Adviser,

but

did

not

receive

a

fee

waiver/expense

reimbursement

during

the

periods

presented

herein.

See

Note

7

-

Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

(d)

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Note

9

-

Borrowing

Arrangements.

(e)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(f)

Unaudited.  For

the

six

months

ended

November

30,

2022.

(g)

Annualized.

See

accompanying

notes

to

financial

statements.

87

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Expenses

Including

Interest(c),(d)

Expenses

Excluding

Interest(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate(e)

(

1

.17‌

)

%

$

274,927

0

.77‌

%

(g)

0

.77‌

%

(g)

2

.32‌

%

(g)

20‌

%

(

5

.36‌

)

309,710

0

.76‌

0

.76‌

2

.00‌

19‌

2

.73‌

365,676

0

.77‌

0

.77‌

2

.18‌

6‌

5

.35‌

342,227

0

.78‌

0

.77‌

2

.57‌

13‌

5

.84‌

321,256

0

.79‌

0

.79‌

2

.89‌

13‌

0

.92‌

306,232

0

.78‌

0

.78‌

2

.94‌

16‌

(

1

.49‌

)

12,515

1

.57‌

(g)

1

.57‌

(g)

1

.52‌

(g)

20‌

(

6

.24‌

)

14,599

1

.56‌

1

.56‌

1

.20‌

19‌

2

.00‌

18,821

1

.57‌

1

.57‌

1

.39‌

6‌

4

.52‌

19,914

1

.58‌

1

.57‌

1

.77‌

13‌

5

.02‌

20,574

1

.59‌

1

.59‌

2

.09‌

13‌

0

.13‌

21,720

1

.58‌

1

.58‌

2

.14‌

16‌

(

0

.98‌

)

317,429

0

.57‌

(g)

0

.57‌

(g)

2

.52‌

(g)

20‌

(

5

.27‌

)

343,499

0

.56‌

0

.56‌

2

.20‌

19‌

2

.94‌

360,971

0

.57‌

0

.57‌

2

.38‌

6‌

5

.59‌

308,803

0

.58‌

0

.57‌

2

.77‌

13‌

6

.12‌

272,612

0

.59‌

0

.59‌

3

.09‌

13‌

1

.04‌

233,238

0

.58‌

0

.58‌

3

.14‌

16‌

88

Financial

Highlights

(continued)

Wisconsin

The

Fund's

fiscal

year

end

is

May

31st.

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

Class

A

2023(e)

$

10.24

$

0.16

$

(

0.45

)

$

(

0.29

)

$

(

0.16

)

$

—

$

(

0.16

)

$

9.79

2022

11.07

0.32

(

0.83

)

(

0.51

)

(

0.32

)

—

(

0.32

)

10.24

2021

10.71

0.32

0.36

0.68

(

0.32

)

—

(

0.32

)

11.07

2020

10.79

0.31

(

0.10

)

0.21

(

0.29

)

—

(

0.29

)

10.71

2019

10.48

0.33

0.32

0.65

(

0.34

)

—

(

0.34

)

10.79

2018

10.60

0.34

(

0.12

)

0.22

(

0.34

)

—

(

0.34

)

10.48

Class

C

2023(e)

10.24

0.12

(

0.45

)

(

0.33

)

(

0.12

)

—

(

0.12

)

9.79

2022

11.07

0.23

(

0.82

)

(

0.59

)

(

0.24

)

—

(

0.24

)

10.24

2021

10.71

0.24

0.35

0.59

(

0.23

)

—

(

0.23

)

11.07

2020

10.79

0.22

(

0.10

)

0.12

(

0.20

)

—

(

0.20

)

10.71

2019

10.48

0.24

0.32

0.56

(

0.25

)

—

(

0.25

)

10.79

2018

10.60

0.26

(

0.13

)

0.13

(

0.25

)

—

(

0.25

)

10.48

Class

I

2023(e)

10.25

0.17

(

0.45

)

(

0.28

)

(

0.17

)

—

(

0.17

)

9.80

2022

11.09

0.34

(

0.83

)

(

0.49

)

(

0.35

)

—

(

0.35

)

10.25

2021

10.72

0.35

0.36

0.71

(

0.34

)

—

(

0.34

)

11.09

2020

10.81

0.33

(

0.11

)

0.22

(

0.31

)

—

(

0.31

)

10.72

2019

10.50

0.35

0.32

0.67

(

0.36

)

—

(

0.36

)

10.81

2018

10.63

0.37

(

0.14

)

0.23

(

0.36

)

—

(

0.36

)

10.50

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

daily

shares

method.

(b)

Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c)

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Note

9

-

Borrowing

Arrangements.

(d)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(e)

Unaudited.  For

the

six

months

ended

November

30,

2022.

(f)

Annualized.

See

accompanying

notes

to

financial

statements.

89

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Expenses

Including

Interest(c)

Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate(d)

(

2

.80‌

)

%

$

57,199

1

.03‌

%

(f)

0

.85‌

%

(f)

3

.16‌

%

(f)

2‌

%

(

4

.71‌

)

70,472

0

.89‌

0

.84‌

2

.89‌

6‌

6

.42‌

81,624

0

.89‌

0

.84‌

2

.97‌

6‌

1

.93‌

82,985

0

.93‌

0

.84‌

2

.85‌

23‌

6

.29‌

77,040

0

.93‌

0

.88‌

3

.11‌

26‌

2

.08‌

53,569

0

.88‌

0

.88‌

3

.27‌

17‌

(

3

.19‌

)

5,667

1

.83‌

(f)

1

.65‌

(f)

2

.36‌

(f)

2‌

(

5

.48‌

)

6,905

1

.69‌

1

.64‌

2

.09‌

6‌

5

.59‌

8,272

1

.69‌

1

.64‌

2

.17‌

6‌

1

.11‌

9,205

1

.73‌

1

.64‌

2

.05‌

23‌

5

.45‌

8,690

1

.73‌

1

.68‌

2

.31‌

26‌

1

.27‌

5,566

1

.68‌

1

.68‌

2

.47‌

17‌

(

2

.68‌

)

37,048

0

.83‌

(f)

0

.65‌

(f)

3

.36‌

(f)

2‌

(

4

.58‌

)

46,690

0

.69‌

0

.64‌

3

.09‌

6‌

6

.72‌

56,144

0

.69‌

0

.64‌

3

.17‌

6‌

2

.03‌

61,377

0

.73‌

0

.64‌

3

.04‌

23‌

6

.52‌

69,305

0

.73‌

0

.68‌

3

.32‌

26‌

2

.21‌

52,835

0

.68‌

0

.68‌

3

.46‌

17‌

90

Notes

to

Financial

Statements

(Unaudited)

1.

General

Information 

Trust

and

Fund

Information

The

Nuveen

Multistate

Trust

IV

(the

“Trust”),

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended.

The

Trust

is

comprised

of

the

Nuveen

Kansas

Municipal

Bond

Fund

(“Kansas”),

Nuveen

Kentucky

Municipal

Bond

Fund

(“Kentucky”),

Nuveen

Michigan

Municipal

Bond

Fund

(“Michigan”),

Nuveen

Missouri

Municipal

Bond

Fund

(“Missouri”),

Nuveen

Ohio

Municipal

Bond

Fund

(“Ohio”)

and

Nuveen

Wisconsin

Municipal

Bond

Fund

(“Wisconsin”)

(each

a

“Fund”

and

collectively,

the

“Funds”),

as

diversified

funds.

The

Trust

was

organized

as

a

Massachusetts

business

trust

on

July

1,

1996.

The

Funds

were

each

organized

as

a

series

of

predecessor

trusts

or

corporations

prior

to

that

date.

Current

Fiscal

Period 

The

end

of

the

reporting

period

for

the

Funds

is

November

30,

2022,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

November

30,

2022

(the

"current

fiscal

period").

Fund

Closure

Effective

September

27,

2019,

Wisconsin

closed

to

new

and

existing

investors,

except

for

dividend

reinvestment

plans

that

were

elected

on

or

before

the

Fund’s

closing

date.

The

Fund

reserves

the

right

to

reopen

at

its

discretion.

Investment

Adviser

and

Sub-Adviser

The

Funds’

investment

adviser,

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

is

a

subsidiary

of

Nuveen,

LLC

(“Nuveen”).

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(TIAA).

The

Adviser

has

overall

responsibility

for

management

of

the

Funds,

oversees

the

management

of

the

Funds’

portfolios,

manages

the

Funds’

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

The

Adviser

has

entered

into

sub-advisory

agreements

with

Nuveen

Asset

Management,

LLC,

(the

“Sub-Adviser”),

a

subsidiary

of

the

Adviser,

under

which

the

Sub-Adviser

manages

the

investment

portfolios

of

the

Funds.

Share

Classes

and

Sales

Charges

Class

A

Shares

are

generally

sold

with

an

up-front

sales

charge.

Class

A

Shares

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

(“NAV”)

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(“CDSC”)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

are

sold

without

an

up-front

sales

charge

but

are

subject

to

a

CDSC

of

1%

if

redeemed

within

twelve

months

of

purchase.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Class

I

Shares

are

sold

without

an

up-front

sales

charge.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies.

The

NAV

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

shareholder

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

shareholder

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation

The Trust

pays

no

compensation

directly

to

those

of

its

trustees

or

to

its

officers,

all

of

whom

receive

remuneration

for

their

services

to the

Trust

from

the

Adviser

or

its

affiliates.

The

Funds'

Board

of Trustees

(the

"Board") has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Custodian

Fee

Credit

As

an

alternative

to

overnight

investments,

each

Fund

has

an

arrangement

with

its

custodian

bank,

State

Street

Bank

and

Trust

Company,

(the

“Custodian”)

whereby

certain

custodian

fees

and

expenses

are

reduced

by

net

credits

earned

on

each

Fund’s

cash

on

deposit

with

the

bank.

Credits

for

cash

balances

may

be

offset

by

charges

for

any

days

on

which

a

Fund

overdraws

its

account

at

the

Custodian.

The

amount

of

custodian

fee

credit

earned

by

a

Fund

is

recognized

on

the

Statement

of

Operations

as

a

component

of

“Custodian

expenses,

net.”

During

the

current

reporting

period,

the

custodian

fee

credit

earned

by

each

Fund

was

as

follows:

91

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Trust’s

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

However,

the

Trust

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Investment

income

is

comprised

of

interest

income,

which

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums

for

financial

reporting

purposes.

Interest

income

also

reflects

payment-in-kind

(“PIK”)

interest

and

paydown

gains

and

losses,

if

any.

PIK

interest

represents

income

received

in

the

form

of

securities

in

lieu

of

cash.

Multiclass

Operations

and

Allocations

Income

and

expenses

of

the

Funds

that

are

not

directly

attributable

to

a

specific

class

of

shares

are

prorated

among

the

classes

based

on

the

relative

value

of

the

settled

shares

of

each

class.

Expenses

directly

attributable

to

a

class

of

shares

are

recorded

to

the

specific

class.

12b-1

distribution

and

service

fees

are

allocated

on

a

class-specific

basis.

Realized

and

unrealized

capital

gains

and

losses

of

the

Funds

are

prorated

among

the

classes

based

on

the

relative

net

assets

of

each

class. 

Netting

Agreements

In

the

ordinary

course

of

business,

the

Funds

may

enter

into

transactions

subject

to

enforceable

International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives.

New

Accounting

Pronouncements

and

Rule

Issuances

Reference

Rate

Reform

In

March

2020,

FASB

issued

Accounting

Standards

Update

(“ASU”)

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

change

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Funds

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

In

December

2022,

FASB

deferred

ASU

2022-04

and

issued

ASU

2022-06,

Reference

Rate

Reform:

Deferral

of

the

Sunset

Date

of

Topic

848,

which

extends

the

application

of

the

amendments

through

December

31,

2024. Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Funds’

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the

Funds’

financial

statements

and

various

filings.

Fund

Gross

Custodian

Fee

Credits

Kansas

$

2,105

Kentucky

4,249

Michigan

2,363

Missouri

2,322

Ohio

1,626

Wisconsin

83

92

Notes

to

Financial

Statements

(Unaudited)

(continued)

New

Rules

to

Modernize

Fund

Valuation

Framework

Take

Effect

A

new

rule

adopted

by

the

Securities

and

Exchange

Commission

(the

"SEC")

governing

fund

valuation

practices,

Rule

2a-5

under

the

1940

Act,

has

established

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

"readily

available"

for

purposes

of

Section

2(a)(41)

of

the

1940

Act,

which

requires

a

fund

to

fair

value

a

security

when

market

quotations

are

not

readily

available.

Separately,

new

SEC

Rule

31a-4

under

the

1940

Act

sets

forth

the

recordkeeping

requirements

associated

with

fair

value

determinations.

The

Funds

adopted

a

valuation

policy

conforming

to

the

new

rules,

effective

September

1,

2022,

and

there

was

no

material

impact

to

the

Funds.

FASB

issues

ASU

2022-03-Fair

Value

Measurement

(Topic

820),

Fair

Value

Measurement

of

Equity

Securities

to

Contractual

Sale

Restrictions

("ASU

2022-03")

In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

("Topic

820").

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-

03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

Management

is

currently

assessing

the

impact

of

these

provisions

on

the

Funds'

financial

statements.

3.

Investment

Valuation

and

Fair

Value

Measurements 

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported sales

price

or

official

closing

price of such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the valuation

date.

For

events affecting

the value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Funds'

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board. To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1. When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price, these

securities

are

generally

classified

as

Level

2.

Prices

of

fixed-income

securities

are

generally

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser

and

oversight

of

the

Board. Pricing

services

establish

a

security’s

fair

value

using

methods

that

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2;

otherwise

they

would

be

classified

as

Level

3.

93

The

following

table

summarizes

the

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

The

Funds

hold

liabilities

in

floating

rate

obligations,

where

applicable,

which

are

not

reflected

in

the

tables

above.

The

fair

values

of

the

Funds'

liabilities

for

floating

rate

obligations

approximate

their

liquidation

values.

Floating

rate

obligations

are

generally

classified

as

Level

2

and

further

described

in

Note

4

–

Portfolio

Securities

and

Investments

in

Derivatives.

4.

Portfolio

Securities

and

Investments

in

Derivatives

Portfolio

Securities

Inverse

Floating

Rate

Securities

Each

Fund

is

authorized

to

invest

in

inverse

floating

rate

securities.

An

inverse

floating

rate

security

is

created

by

depositing

a

municipal

bond

(referred

to

as

an

“Underlying

Bond”),

typically

with

a

fixed

interest

rate,

into

a

special

purpose

tender

option

bond

(“TOB”)

trust

(referred

to

as

the

“TOB

Trust”)

created

by

or

at

the

direction

of

one

or

more

Funds.

In

turn,

the

TOB

Trust

issues

(a)

floating

rate

certificates

(referred

to

as

“Floaters”),

in

face

amounts

equal

to

some

fraction

of

the

Underlying

Bond’s

par

amount

or

market

value,

and

(b)

an

inverse

floating

rate

certificate

(referred

to

as

an

“Inverse

Floater”)

that

represents

all

remaining

or

residual

interest

in

the

TOB

Trust.

Floaters

typically

pay

short-term

tax-exempt

interest

rates

to

third

parties

who

are

also

provided

a

right

to

tender

their

certificate

and

receive

its

par

value,

which

may

be

paid

from

the

proceeds

of

a

remarketing

of

the

Floaters,

by

a

loan

to

the

TOB

Trust

from

a

third

party

liquidity

provider

(“Liquidity

Provider”),

or

by

the

sale

of

assets

from

the

TOB

Trust.

The

Inverse

Floater

is

issued

to

a

long

term

investor,

such

as

one

or

more

Funds.

The

income

received

by

the

Inverse

Floater

holder

varies

inversely

with

the

short-term

rate

paid

to

holders

of

the

Floaters,

and

in

most

circumstances

the

Inverse

Floater

holder

bears

substantially

all

of

the

Underlying

Bond’s

downside

investment

risk

and

also

benefits

disproportionately

from

any

potential

appreciation

of

the

Underlying

Bond’s

value.

Kansas

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Municipal

Bonds

$

–

$

228,253,564

$

–

$

228,253,564

Common

Stocks

–

7,118,233

–

7,118,233

Total

$

–

$

235,371,797

$

–

$

235,371,797

Kentucky

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Municipal

Bonds

$

–

$

310,488,917

$

–

$

310,488,917

Total

$

–

$

310,488,917

$

–

$

310,488,917

Michigan

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Municipal

Bonds

$

–

$

277,324,510

$

–

$

277,324,510

Total

$

–

$

277,324,510

$

–

$

277,324,510

Missouri

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Municipal

Bonds

$

–

$

576,407,369

$

–

$

576,407,369

Total

$

–

$

576,407,369

$

–

$

576,407,369

Ohio

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Municipal

Bonds

$

–

$

562,609,058

$

–

$

562,609,058

Common

Stocks

–

27,816,847

–

27,816,847

Total

$

–

$

590,425,905

$

–

$

590,425,905

Wisconsin

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Municipal

Bonds

$

–

$

98,472,643

$

–

$

98,472,643

Common

Stocks

–

8,008,190

–

8,008,190

Total

$

–

$

106,480,833

$

–

$

106,480,833

*

Refer

to

the

Fund's

Portfolio

of

Investments

for

industry

classifications.

94

Notes

to

Financial

Statements

(Unaudited)

(continued)

The

value

of

an

Inverse

Floater

will

be

more

volatile

than

that

of

the

Underlying

Bond

because

the

interest

rate

is

dependent

on

not

only

the

fixed

coupon

rate

of

the

Underlying

Bond

but

also

on

the

short-term

interest

paid

on

the

Floaters,

and

because

the

Inverse

Floater

essentially

bears

the

risk

of

loss

(and

possible

gain)

of

the

greater

face

value

of

the

Underlying

Bond.

The

Inverse

Floater

held

by

a

Fund

gives

the

Fund

the

right

to

(a)

cause

the

holders

of

the

Floaters

to

tender

their

certificates

at

par

(or

slightly

more

than

par

in

certain

circumstances),

and

(b)

have

the

trustee

of

the

TOB

Trust

(the

“Trustee”)

transfer

the

Underlying

Bond

held

by

the

TOB

Trust

to

the

Fund,

thereby

collapsing

the

TOB

Trust.

A Fund

may

acquire

an

Inverse

Floater

in

a

transaction

where

it

(a)

transfers

an

Underlying

Bond

that

it

owns

to

a

TOB

Trust

created

by

a

third

party

or

(b)

transfers

an

Underlying

Bond

that

it

owns,

or

that

it

has

purchased

in

a

secondary

market

transaction

for

the

purpose

of

creating

an

Inverse

Floater,

to

a

TOB

Trust

created

at

its

direction,

and

in

return

receives

the

Inverse

Floater

of

the

TOB

Trust

(referred

to

as

a

“self-deposited

Inverse

Floater”).

A

Fund

may

also

purchase

an

Inverse

Floater

in

a

secondary

market

transaction

from

a

third

party

creator

of

the

TOB

Trust

without

first

owning

the

Underlying

Bond

(referred

to

as

an

“externally-deposited

Inverse

Floater”).

An

investment

in

a

self-deposited

Inverse

Floater

is

accounted

for

as

a

“financing”

transaction

(i.e.,

a

secured

borrowing).

For

a

self-deposited

Inverse

Floater,

the

Underlying

Bond

deposited

into

the

TOB

Trust

is

identified

in

the

Fund’s

Portfolio

of

Investments

as

“(UB)

–

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction,”

with

the

Fund

recognizing

as

liabilities,

labeled

“Floating

rate

obligations”

on

the

Statement

of

Assets

and

Liabilities,

(a)

the

liquidation

value

of

Floaters

issued

by

the

TOB

Trust,

and

(b)

the

amount

of

any

borrowings

by

the

TOB

Trust

from

a

Liquidity

Provider

to

enable

the

TOB

Trust

to

purchase

outstanding

Floaters

in

lieu

of

a

remarketing.

In

addition,

the

Fund

recognizes

in

“Investment

Income”

the

entire

earnings

of

the

Underlying

Bond,

and

recognizes

(a)

the

interest

paid

to

the

holders

of

the

Floaters

or

on

the

TOB

Trust’s

borrowings,

and

(b)

other

expenses

related

to

remarketing,

administration,

trustee,

liquidity

and

other

services

to

a

TOB

Trust,

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations.

Earnings

due

from

the

Underlying

Bond

and

interest

due

to

the

holders

of

the

Floaters

as

of

the

end

of

the

reporting

period

are

recognized

as

components

of

“Receivable

for

interest”

and

“Payable

for

interest”

on

the

Statement

of

Assets

and

Liabilities,

respectively.

In

contrast,

an

investment

in

an

externally-deposited

Inverse

Floater

is

accounted

for

as

a

purchase

of

the

Inverse

Floater

and

is

identified

in

the

Fund’s

Portfolio

of

Investments

as

“(IF)

–

Inverse

floating

rate

investment.”

For

an

externally-deposited

Inverse

Floater,

a

Fund’s

Statement

of

Assets

and

Liabilities

recognizes

the

Inverse

Floater

and

not

the

Underlying

Bond

as

an

asset,

and

the

Fund

does

not

recognize

the

Floaters,

or

any

related

borrowings

from

a

Liquidity

Provider,

as

a

liability.

Additionally,

the

Fund

reflects

in

“Investment

Income”

only

the

net

amount

of

earnings

on

the

Inverse

Floater

(net

of

the

interest

paid

to

the

holders

of

the

Floaters

or

the

Liquidity

Provider

as

lender,

and

the

expenses

of

the

Trust),

and

does

not

show

the

amount

of

that

interest

paid

or

the

expenses

of

the

TOB

Trust

as

described

above

as

interest

expense

on

the

Statement

of

Operations.

Fees

paid

upon

the

creation

of

a

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

are

recognized

as

part

of

the

cost

basis

of

the

Inverse

Floater

and

are

capitalized

over

the

term

of

the

TOB

Trust.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

Floaters

issued

by

each

Fund’s

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

During

the

current

fiscal

period,

the

average

amount

of

Floaters

(including

any

borrowings

from

a

Liquidity

Provider)

outstanding,

and

the

average

annual

interest

rates

and

fees

related

to

self-deposited

Inverse

Floaters,

were

as

follows:

Fund

Floating

Rate

Obligations:

Self-

Deposited

Inverse

Floaters

Floating

Rate

Obligations:

Externally-Deposited

Inverse

Floaters

Total

Kansas

$

—

$

—

$

—

Kentucky

22,650,000

—

22,650,000

Michigan

—

—

—

Missouri

—

—

—

Ohio

—

—

—

Wisconsin

8,020,000

—

8,020,000

Fund

Average

Floating

Rate

Obligations

Outstanding

Average

Annual

Interest

Rate

And

Fees

Kansas

$

—

—

%

Kentucky

28,502,795

1

.96

Michigan

13,410,137

1

.64

Missouri

—

—

Ohio

—

—

Wisconsin

8,020,000

2

.14

95

TOB

Trusts

are

supported

by

a

liquidity

facility

provided

by

a

Liquidity

Provider

pursuant

to

which

the

Liquidity

Provider

agrees,

in

the

event

that

Floaters

are

(a)

tendered

to

the

Trustee

for

remarketing

and

the

remarketing

does

not

occur,

or

(b)

subject

to

mandatory

tender

pursuant

to

the

terms

of

the

TOB

Trust

agreement,

to

either

purchase

Floaters

or

to

provide

the

Trustee

with

an

advance

from

a

loan

facility

to

fund

the

purchase

of

Floaters

by

the

TOB

Trust.

In

certain

circumstances,

the

Liquidity

Provider

may

otherwise

elect

to

have

the

Trustee

sell

the

Underlying

Bond

to

retire

the

Floaters

that

were

tendered

and

not

remarketed

prior

to

providing

such

a

loan.

In

these

circumstances,

the

Liquidity

Provider

remains

obligated

to

provide

a

loan

to

the

extent

that

the

proceeds

of

the

sale

of

the

Underlying

Bond

are

not

sufficient

to

pay

the

purchase

price

of

the

Floaters.

The

size

of

the

commitment

under

the

loan

facility

for

a

given

TOB

Trust

is

at

least

equal

to

the

balance

of

that

TOB

Trust’s

outstanding

Floaters

plus

any

accrued

interest.

In

consideration

of

the

loan

facility,

fee

schedules

are

in

place

and

are

charged

by

the

Liquidity

Provider(s).

Any

loans

made

by

the

Liquidity

Provider

will

be

secured

by

the

purchased

Floaters

held

by

the

TOB

Trust.

Interest

paid

on

any

outstanding

loan

balances

will

be

effectively

borne

by

the

Fund

that

owns

the

Inverse

Floaters

of

the

TOB

Trust

that

has

incurred

the

borrowing

and

may

be

at

a

rate

that

is

greater

than

the

rate

that

would

have

been

paid

had

the

Floaters

been

successfully

remarketed.

As

described

above,

any

amounts

outstanding

under

a

liquidity

facility

are

recognized

as

a

component

of

“Floating

rate

obligations”

on

the

Statement

of

Assets

and

Liabilities

by

the

Fund

holding

the

corresponding

Inverse

Floaters

issued

by

the

borrowing

TOB

Trust.

As

of

the

end

of

the

reporting

period,

there

were

no

loans

outstanding

under

any such

facility.

Each

Fund

may

also

enter

into

shortfall

and

forbearance

agreements

(sometimes

referred

to

as

a

“recourse

arrangement”)

(TOB

Trusts

involving

such

agreements

are

referred

to

herein

as

“Recourse

Trusts”),

under

which

a

Fund

agrees

to

reimburse

the

Liquidity

Provider

for

the

Trust’s

Floaters,

in

certain

circumstances,

for

the

amount

(if

any)

by

which

the

liquidation

value

of

the

Underlying

Bond

held

by

the

TOB

Trust

may

fall

short

of

the

sum

of

the

liquidation

value

of

the

Floaters

issued

by

the

TOB

Trust

plus

any

amounts

borrowed

by

the

TOB

Trust

from

the

Liquidity

Provider,

plus

any

shortfalls

in

interest

cash

flows.

Under

these

agreements,

a

Fund’s

potential

exposure

to

losses

related

to

or

on

an

Inverse

Floater

may

increase

beyond

the

value

of

the

Inverse

Floater

as

a

Fund

may

potentially

be

liable

to

fulfill

all

amounts

owed

to

holders

of

the

Floaters

or

the

Liquidity

Provider.

Any

such

shortfall

amount

in

the

aggregate

is

recognized

as

“Unrealized

depreciation

on

Recourse

Trusts”

on

the

Statement

of

Assets

and

Liabilities.

As

of

the

end

of

the

reporting

period, each

Fund's

maximum

exposure

to

the

Floaters

issued

by

Recourse

Trusts

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

Zero

Coupon

Securities

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Investment

Transactions

Long-term

purchases

and

sales

(including

maturities)

during

the

current fiscal

period

were

as

follows:

Fund

Maximum

Exposure

to

Recourse

Trusts:

Self-Deposited

Inverse

Floaters

Maximum

Exposure

to

Recourse

Trusts:

Externally-Deposited

Inverse

Floaters

Total

Kansas

$

—

$

—

$

—

Kentucky

22,650,000

—

22,650,000

Michigan

—

—

—

Missouri

—

—

—

Ohio

—

—

—

Wisconsin

8,020,000

—

8,020,000

Fund

Purchases

Sales

and

Maturities

Kansas

$

20,875,603

$

38,487,375

Kentucky

25,833,914

58,982,272

Michigan

72,514,840

113,676,035

Missouri

99,907,906

155,169,375

Ohio

124,002,588

174,067,730

Wisconsin

2,000,000

21,074,445

96

Notes

to

Financial

Statements

(Unaudited)

(continued)

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period.

The

Funds

have

earmarked

securities

in

their

portfolios

with

a

current

value

at

least

equal

to

the

amount

of

the

when-issued/

delayed

delivery

purchase

commitments.

If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

Investments

in

Derivatives

In

addition

to

the

inverse

floating

rate

securities

in

which each

Fund

may

invest,

which

are

considered

portfolio

securities

for

financial

reporting

purposes, each

Fund

is

authorized

to

invest

in

certain

other

derivative

instruments. 

The

Funds

record

derivative

instruments

at

fair

value,

with

changes

in

fair

value

recognized

on

the

Statement

of

Operations,

where

applicable. 

Even

though

the

Funds'

investments

in

derivatives

may

represent

economic

hedges,

they

are

not

considered

to

be

hedge

transactions

for

financial

reporting

purposes.

Although

the

Funds

are

authorized

to

invest

in

derivative

instruments,

and

may

do

so

in

the

future,

they

did

not

make

any

such

investments

during

the

current

fiscal

period.

Market

and

Counterparty

Credit

Risk

In

the

normal

course

of

business

each

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose

each

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

Each

Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of

each

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

predetermined

threshold

amount.

5.

Fund

Shares

Transactions

in Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

Six

Months

Ended

11/30/22

Year

Ended

5/31/22

Kansas

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

932,198

$9,168,423

1,381,340

$14,751,259

Class

A

-

automatic

conversion

of

Class

C

Shares

10,612

104,848

—

—

Class

A

-

automatic

conversion

of

Class

C2

Shares

(1)

—

—

130,030

1,414,733

Class

C

36,318

352,372

100,792

1,087,295

Class

I

1,118,063

11,024,723

2,182,707

23,399,694

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

146,021

1,435,003

328,973

3,501,037

Class

C

6,393

62,714

13,767

146,200

Class

I

86,238

850,217

169,243

1,805,104

2,335,843

22,998,300

4,306,852

46,105,322

Shares

redeemed:

Class

A

(2,169,816)

(21,220,229)

(4,570,894)

(47,599,210)

Class

C

(175,808)

(1,703,222)

(284,156)

(3,009,212)

Class

C

-

automatic

conversion

to

Class

A

Shares

(10,634)

(104,848)

—

—

Class

C2

-

automatic

conversion

to

Class

A

Shares

(1)

—

—

(130,150)

(1,414,733)

Class

I

(1,657,440)

(16,288,621)

(2,111,528)

(22,230,799)

(4,013,698)

(39,316,920)

(7,096,728)

(74,253,954)

Net

increase

(decrease)

(1,677,855)

$(16,318,620)

(2,789,876)

$(28,148,632)

(1)

Class

C2

Shares

were

converted

to

Class

A

Shares

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

97

Six

Months

Ended

11/30/22

Year

Ended

5/31/22

Kentucky

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

448,932

$4,421,312

2,198,558

$24,124,216

Class

A

-

automatic

conversion

of

Class

C2

Shares

(1)

—

—

49,796

560,216

Class

C

12,258

120,803

134,446

1,486,430

Class

I

642,360

6,297,652

2,577,025

28,155,930

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

279,357

2,721,051

568,443

6,190,846

Class

C

5,751

56,022

12,343

134,511

Class

I

93,254

907,077

198,429

2,157,994

1,481,912

14,523,917

5,739,040

62,810,143

Shares

redeemed:

Class

A

(2,799,494)

(27,291,544)

(3,812,223)

(40,703,998)

Class

C

(133,188)

(1,306,999)

(219,602)

(2,366,002)

Class

C2

-

automatic

conversion

to

Class

A

Shares

(1)

—

—

(49,752)

(560,216)

Class

I

(1,570,249)

(15,158,293)

(2,888,807)

(30,339,023)

(4,502,931)

(43,756,836)

(6,970,384)

(73,969,239)

Net

increase

(decrease)

(3,021,019)

$(29,232,919)

(1,231,344)

$(11,159,096)

(1)

Class

C2

Shares

were

converted

to

Class

A

Shares

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

Six

Months

Ended

11/30/22

Year

Ended

5/31/22

Michigan

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

578,926

$6,130,321

1,205,290

$14,286,873

Class

A

-

automatic

conversion

of

Class

C

Shares

1,023

10,997

69

770

Class

A

-

automatic

conversion

of

Class

C2

Shares

(1)

—

—

49,540

599,931

Class

C

27,436

286,148

170,506

2,033,475

Class

I

8,054,627

84,582,559

7,835,124

90,878,523

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

84,696

889,387

180,615

2,116,940

Class

C

4,067

42,577

8,502

99,431

Class

I

158,929

1,667,537

331,034

3,871,054

8,909,704

93,609,526

9,780,680

113,886,997

Shares

redeemed:

Class

A

(1,686,795)

(17,763,935)

(2,984,919)

(34,345,078)

Class

C

(180,513)

(1,907,342)

(233,019)

(2,705,240)

Class

C

-

automatic

conversion

to

Class

A

Shares

(1,026)

(10,997)

(69)

(770)

Class

C2

-

automatic

conversion

to

Class

A

Shares

(1)

—

—

(49,622)

(599,931)

Class

I

(8,517,362)

(89,718,190)

(6,878,721)

(77,498,616)

(10,385,696)

(109,400,464)

(10,146,350)

(115,149,635)

Net

increase

(decrease)

(1,475,992)

$(15,790,938)

(365,670)

$(1,262,638)

(1)

Class

C2

Shares

were

converted

to

Class

A

Shares

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

98

Notes

to

Financial

Statements

(Unaudited)

(continued)

Six

Months

Ended

11/30/22

Year

Ended

5/31/22

Missouri

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

2,393,360

$24,512,821

5,183,527

$59,429,637

Class

A

-

automatic

conversion

of

Class

C

Shares

87

903

73

818

Class

A

-

automatic

conversion

of

Class

C2

Shares

(1)

—

—

38,569

452,797

Class

C

71,840

743,259

149,480

1,706,681

Class

I

5,408,733

55,667,437

8,434,401

95,236,792

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

376,584

3,887,055

733,166

8,364,928

Class

C

13,913

143,058

27,083

308,241

Class

I

229,807

2,368,013

432,225

4,923,133

8,494,324

87,322,546

14,998,524

170,423,027

Shares

redeemed:

Class

A

(5,327,214)

(55,233,467)

(7,130,962)

(79,054,935)

Class

C

(369,431)

(3,786,575)

(491,781)

(5,496,765)

Class

C

-

automatic

conversion

to

Class

A

Shares

(87)

(903)

(74)

(818)

Class

C2

-

automatic

conversion

to

Class

A

Shares

(1)

—

—

(38,700)

(452,797)

Class

I

(9,028,666)

(92,587,764)

(8,786,554)

(97,163,827)

(14,725,398)

(151,608,709)

(16,448,071)

(182,169,142)

Net

increase

(decrease)

(6,231,074)

$(64,286,163)

(1,449,547)

$(11,746,115)

(1)

Class

C2

Shares

were

converted

to

Class

A

Shares

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

Six

Months

Ended

11/30/22

Year

Ended

5/31/22

Ohio

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

3,027,577

$32,317,056

4,635,487

$53,608,704

Class

A

-

automatic

conversion

of

Class

C

Shares

870

9,487

689

7,766

Class

A

-

automatic

conversion

of

Class

C2

Shares

(1)

—

—

93,782

1,124,456

Class

C

28,373

302,396

173,273

2,042,820

Class

I

6,314,995

68,060,950

8,295,060

96,097,842

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

249,817

2,687,752

496,244

5,808,086

Class

C

7,882

84,294

15,712

183,060

Class

I

266,884

2,859,977

495,401

5,770,625

9,896,398

106,321,912

14,205,648

164,643,359

Shares

redeemed:

Class

A

(5,850,668)

(62,489,973)

(7,875,458)

(90,440,385)

Class

C

(198,436)

(2,131,770)

(447,191)

(5,157,864)

Class

C

-

automatic

conversion

to

Class

A

Shares

(875)

(9,486)

(693)

(7,766)

Class

C2

-

automatic

conversion

to

Class

A

Shares

(1)

—

—

(94,096)

(1,124,456)

Class

I

(8,285,471)

(88,672,760)

(7,994,283)

(90,888,939)

(14,335,450)

(153,303,989)

(16,411,721)

(187,619,410)

Net

increase

(decrease)

(4,439,052)

$(46,982,077)

(2,206,073)

$(22,976,051)

(1)

Class

C2

Shares

were

converted

to

Class

A

Shares

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

99

6.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

intends

to

satisfy

conditions

that

will

enable

interest

from

municipal

securities,

which

is

exempt

from

regular

federal

and

designated

state

income

taxes,

to

retain

such

tax-exempt

status

when

distributed

to

shareholders

of

the

Funds.

Net

realized

capital

gains

and

ordinary

income

distributions

paid

by

the

Funds

are

subject

to

federal

taxation. 

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

As

of

the

end

of

the

reporting

period,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

prior

fiscal

period

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

Six

Months

Ended

11/30/22

Year

Ended

5/31/22

Wisconsin

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

24,132

$241,215

21,332

$225,235

Class

A

-

automatic

conversion

of

Class

C

Shares

6,107

57,506

—

—

Class

A

-

automatic

conversion

of

Class

C2

Shares

(1)

—

—

34,644

384,547

Class

C

10,598

104,004

1

8

Class

I

6,165

59,899

106,204

1,178,560

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

103,943

1,016,051

209,608

2,282,020

Class

C

7,641

74,637

15,208

165,572

Class

I

58,754

574,767

121,078

1,319,897

217,340

2,128,079

508,075

5,555,839

Shares

redeemed:

Class

A

(1,177,060)

(11,346,674)

(754,660)

(8,058,217)

Class

C

(107,977)

(1,070,627)

(87,906)

(950,884)

Class

C

-

automatic

conversion

to

Class

A

Shares

(6,107)

(57,506)

—

—

Class

C2

-

automatic

conversion

to

Class

A

Shares

(1)

—

—

(34,644)

(384,547)

Class

I

(840,799)

(8,242,598)

(736,443)

(7,942,863)

(2,131,943)

(20,717,405)

(1,613,653)

(17,336,511)

Net

increase

(decrease)

(1,914,603)

$(18,589,326)

(1,105,578)

$(11,780,672)

(1)

Class

C2

Shares

were

converted

to

Class

A

Shares

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Kansas

$

247,149,286

$

5,768,166

$

(

17,545,655

)

$

(

11,777,489

)

Kentucky

304,828,787

1,279,287

(

18,269,100

)

(

16,989,813

)

Michigan

285,070,633

2,194,679

(

9,940,802

)

(

7,746,123

)

Missouri

595,149,260

3,937,703

(

22,679,594

)

(

18,741,891

)

Ohio

588,361,539

23,255,106

(

21,190,740

)

2,064,366

Wisconsin

102,618,564

5,722,558

(

9,880,277

)

(

4,157,719

)

100

Notes

to

Financial

Statements

(Unaudited)

(continued)

As

of

prior

fiscal

period

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

7.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees

Each

Fund’s

management

fee

compensates

the

Adviser

for

the

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

The

Sub-Adviser

is

compensated

for

its

services

to

the

Funds

from

the

management

fees

paid

to

the

Adviser.

Each

Fund’s

management

fee

consists

of

two

components

–

a

fund-level

fee,

based

only

on

the

amount

of

assets

within

each

individual

Fund,

and

a

complex-level

fee,

based

on

the

aggregate

amount

of

all

eligible

fund

assets

managed

by

the

Adviser.

This

pricing

structure

enables

each

Fund’s

shareholders

to

benefit

from

growth

in

the

assets

within

their

respective

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

The

annual

fund-level

fee,

payable

monthly,

for

each

Fund

is

calculated

according

to

the

following

schedule:

Fund

Undistributed

Tax-Exempt

Income

1

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

Kansas

$

329,887

$

44,947

$

—

$

(6,036,550)

$

(7,127,726)

$

—

$

(495,443)

$

(13,284,885)

Kentucky

460,497

—

—

(7,324,074)

(7,571,273)

—

(716,332)

(15,151,182)

Michigan

247,181

—

—

(12,845,752)

(1,769,653)

—

(592,309)

(14,960,533)

Missouri

822,620

—

—

(7,416,299)

(14,173,210)

—

(1,339,049)

(22,105,938)

Ohio

931,222

—

—

1,773,956

—

(5,356,497)

(1,270,865)

(3,922,184)

Wisconsin

635,807

—

—

(636,441)

(5,531,189)

—

(334,592)

(5,866,415)

1

Undistributed

tax-exempt

income

(on

a

tax

basis)

has

not

been

reduced

for

the

dividend

declared

during

the

period

May

1,

2022

through

May

31,

2022

and

paid

on

June

1,

2022.

Fund

Short-Term

Long-Term

Total

Kansas

$

4,340,886

$

2,786,840

$

7,127,726

Kentucky

3,604,773

3,966,500

7,571,273

Michigan

955,163

814,490

1,769,653

Missouri

7,234,137

6,939,073

14,173,210

Ohio

—

—

—

Wisconsin

2,423,386

3,107,803

5,531,189

Average

Daily

Net

Assets

Kansas

Kentucky

Michigan

Missouri

Ohio

Wisconsin

For

the

first

$125

million

0.3500

%

0.3500

%

0.3500

%

0.3500

%

0.3500

%

0.3500

%

For

the

next

$125

million

0.3375

0.3375

0.3375

0.3375

0.3375

0.3375

For

the

next

$250

million

0.3250

0.3250

0.3250

0.3250

0.3250

0.3250

For

the

next

$500

million

0.3125

0.3125

0.3125

0.3125

0.3125

0.3125

For

the

next

$1

billion

0.3000

0.3000

0.3000

0.3000

0.3000

0.3000

For

the

next

$3

billion

0.2750

0.2750

0.2750

0.2750

0.2750

0.2750

For

the

next

$5

billion

0.2500

0.2500

0.2500

0.2500

0.2500

0.2500

For

net

assets

over

$10

billion

0.2375

0.2375

0.2375

0.2375

0.2375

0.2375

101

The

annual

complex-level

fee,

payable

monthly,

for

each

Fund

is

calculated

according

to

the

following

schedule:

*

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

“eligible

assets”

of

all

Nuveen

open-end

and

closed-end

funds.

Eligible

assets

do

not

include

assets

attributable

to

investments

in

other

Nuveen

funds

or

assets

in

excess

of

a

determined

amount

(originally

$2

billion)

added

to

the

Nuveen

fund

complex

in

connection

with

the

Adviser’s

assumption

of

the

management

of

the

former

First

American

Funds

effective

January

1,

2011,

but

do

include

certain

assets

of

certain

Nuveen

funds

that

were

reorganized

into

funds

advised

by

an

affiliate

of

the

Adviser

during

the

2019

calendar

year.

Eligible

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

certain

types

of

leverage.

For

these

purposes,

leverage

includes

the

closed-end

funds’

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

eligible

assets

in

certain

circumstances.

As

of

November

30,

2022,

the

complex-level

fee

rate

for

each

Fund

was

as

follows:

The

Adviser

has

agreed

to

waive

fees

and/or

reimburse

expenses

for

Ohio

so

that

total

annual

Fund

operating

expenses,

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

0.75%

of

the

average

daily

net

assets

of

any

class

of

Fund

shares.

The

expense

limitation

may

be

terminated

or

modified

only

with

the

approval

of

shareholders

of

the

Fund.

Distribution

and

Service

Fees

Each

Fund

has

adopted

a

distribution

and

service

plan

under

rule

12b-1

under

the

1940

Act.

Class

A

Shares

incur

a

0.20%

annual

12b-1

service

fee.

Class

C

Shares

incur

a

0.75%

annual

12b-1

distribution

fee

and

a

0.25%

annual

12b-1

service

fee. Class

I

Shares

are

not

subject

to

12b-1

distribution

or

service

fees.

The

fees

under

this

plan

compensate

Nuveen

Securities,

LLC,

(the

"Distributor"),

a

wholly-owned

subsidiary

of

Nuveen,

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Funds

and

establishing

and

maintaining

shareholder

accounts.

Other

Transactions

with

Affiliates 

Each

Fund

is

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Sub-Adviser

(“Affiliated

Entity”)

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board

("cross-trade").

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

an

Affiliated

Entity

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

adviser),

common

officer

and/or

common

trustee

complies

with

Rule

17a-7

under

the

1940

Act.

These

transactions

are

effected

at

the

current

market

price

(as

provided

by

an

independent

pricing

service)

without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Funds

engaged

in

cross-trades

pursuant

to

these

procedures

as

follows:

Complex-Level

Eligible

Asset

Breakpoint

Level*

Effective

Complex-Level

Fee

Rate

at

Breakpoint

Level

$55

billion

0.2000

%

$56

billion

0.1996

$57

billion

0.1989

$60

billion

0.1961

$63

billion

0.1931

$66

billion

0.1900

$71

billion

0.1851

$76

billion

0.1806

$80

billion

0.1773

$91

billion

0.1691

$125

billion

0.1599

$200

billion

0.1505

$250

billion

0.1469

$300

billion

0.1445

Fund

Complex-Level

Fee

Kansas

0

.1585%

Kentucky

0

.1585%

Michigan

0

.1585%

Missouri

0

.1685%

Ohio

0

.1622%

Wisconsin

0

.1585%

102

Notes

to

Financial

Statements

(Unaudited)

(continued)

During

the

current

fiscal

period,

the

Distributor,

collected

sales

charges

on

purchases

of

Class

A

Shares,

the

majority

of

which

were

paid

out

as

concessions

to

financial

intermediaries

as

follows:

The

Distributor

also

received

12b-1

service

fees

on

Class

A

Shares,

substantially

all

of

which

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

During

the

current

fiscal

period,

the

Distributor

compensated

financial

intermediaries

directly

with

commission

advances

at

the

time

of

purchase

as

follows:

To

compensate

for

commissions

advanced

to

financial

intermediaries,

all

12b-1

service

and

distribution

fees

collected

on

Class

C

Shares

during

the

first

year

following

a

purchase

are

retained

by

the

Distributor.

During

the

current

fiscal

period,

the

Distributor

retained

such

12b-1

fees

as

follows:

The

remaining

12b-1

fees

charged

to

each

Fund

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

The

Distributor

also

collected

and

retained

CDSC

on

share

redemptions

during

the

current

fiscal

period,

as

follows: 

Fund

Purchases

Sales

Realized

Gain

(Loss)

Kansas

$

—

$

—

$

—

Kentucky

1,011,830

1,106,310

(

94,370

)

Michigan

28,866,324

28,911,052

(

2,815,353

)

Missouri

19,733,012

22,655,355

(

2,202,022

)

Ohio

18,283,625

18,193,811

(

2,004,271

)

Wisconsin

—

—

—

Fund

Sales

Charges

Collected

Paid

to

Financial

Intermediaries

Kansas

$

40,855

$

38,934

Kentucky

28,599

26,824

Michigan

11,978

11,317

Missouri

104,083

97,344

Ohio

74,234

71,260

Wisconsin

26

26

Fund

Commission

Advances

Kansas

$

28,355

Kentucky

16,418

Michigan

7,376

Missouri

58,586

Ohio

54,209

Wisconsin

76

Fund

12b-1

Fees

Retained

Kansas

$

1,981

Kentucky

1,836

Michigan

557

Missouri

11,624

Ohio

8,680

Wisconsin

2,295

103

8.

Commitments

and

Contingencies

In

the

normal

course

of

business,

each

Fund

enters

into

a

variety

of

agreements

that

may

expose

the

Funds

to

some

risk

of

loss.

These

could

include

recourse

arrangements

for

certain

TOB

Trusts,

which

are

described

elsewhere

in

these

Notes

to

Financial

Statements.

The

risk

of

future

loss

arising

from

such

agreements,

while

not

quantifiable,

is

expected

to

be

remote.

As

of

the

end

of

the

reporting

period,

the

Funds

did

not

have

any

unfunded

commitments.

From

time

to

time,

the

Funds

may

be

a

party

to

certain

legal

proceedings

in

the

ordinary

course

of

business,

including

proceedings

relating

to

the

enforcement

of

the

Funds’

rights

under

contracts.

As

of

the

end

of

the

reporting

period,

the

Funds

are

not

subject

to

any

material

legal

proceedings.

9.

Borrowing

Arrangements

Committed

Line

of

Credit

The

Funds,

along

with

certain

other

funds

managed

by

the

Adviser

(“Participating

Funds”),

have

established

a

364-day,

$2.700

billion

standby

credit

facility

with

a

group

of

lenders,

under

which

the

Participating

Funds

may

borrow

for

temporary

purposes

(other

than

on-going

leveraging

for

investment

purposes).

Each

Participating

Fund

is

allocated

a

designated

proportion

of

the

facility’s

capacity

(and

its

associated

costs,

as

described

below)

based

upon

a

multi-factor

assessment

of

the

likelihood

and

frequency

of

its

need

to

draw

on

the

facility,

the

size

of

the

Fund

and

its

anticipated

draws,

and

the

potential

importance

of

such

draws

to

the

operations

and

well-being

of

the

Fund,

relative

to

those

of

the

other

Funds.

A

Fund

may

effect

draws

on

the

facility

in

excess

of

its

designated

capacity

if

and

to

the

extent

that

other

Participating

Funds

have

undrawn

capacity.

The

credit

facility

expires

in

June

2023

unless

extended

or

renewed.

The

credit

facility

has

the

following

terms:

0.15%

per

annum

on

unused

commitment

amounts

and

a

drawn

interest

rate

equal

to

the

higher

of

(a)

OBFR

(Overnight

Bank

Funding

Rate)

plus

1.20%

per

annum

or

(b)

the

Fed

Funds

Effective

Rate

plus

1.20%

per

annum

on

amounts

borrowed.

The

Participating

Funds

also

incurred

a

0.05%

upfront

fee

on

the

increased

commitments

from

select

lenders.

Interest

expense

incurred

by

the

Participating

Funds,

when

applicable,

is

recognized

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations.

Participating

Funds

paid

administration,

legal

and

arrangement

fees,

which

are

recognized

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations,

and

along

with

commitment

fees,

have

been

allocated

among

such

Participating

Funds

based

upon

the

relative

proportions

of

the

facility’s

aggregate

capacity

reserved

for

them

and

other

factors

deemed

relevant

by

the

Adviser

and

the

Board

of

each

Participating

Fund.

During

the

current

period,

the

following

Funds

utilized

this

facility.

The

Funds'

maximum

outstanding

balance

during

the

utilization

period

was

as

follows:

During

each

Fund’s

utilization

period(s)

during

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Borrowings

were

as

follows:

Fund

CDSC

Retained

Kansas

$

718

Kentucky

13,385

Michigan

—

Missouri

19,924

Ohio

34,951

Wisconsin

—

Fund

Maximum

Outstanding

Balance

Kansas

$

4,400,000

Kentucky

1,000,000

Michigan

13,600,000

Missouri

10,200,000

Ohio

10,200,000

Wisconsin

5,900,000

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

Kansas

17

$

4,117,647

2

.56

%

Kentucky

3

1,000,000

4

.28

Michigan

18

4,566,667

3

.36

104

Notes

to

Financial

Statements

(Unaudited)

(continued)

Borrowings

outstanding

as

of

the

end

of

the

reporting

period,

if

any,

are

recognized

as

“Borrowings”

on

the

Statement

of

Assets

and

Liabilities.

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

Missouri

14

$

3,735,714

3

.64

%

Ohio

23

7,556,522

3

.05

Wisconsin

40

2,735,000

3

.46

105

Additional

Fund

Information

(Unaudited)

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Sub-Adviser

Nuveen

Asset

Management,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

One

North

Wacker

Drive

Chicago,

IL

60606

Custodian

State

Street

Bank

&

Trust

Company

One

Lincoln

Street

Boston,

MA

02111

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Transfer

Agent

and

Shareholder

Services

DST

Asset

Manager

Solutions,

Inc.

(DST)

P.O.

Box

219140

Kansas

City,

MO

64121-9140

(800)

257-8787

Portfolio

of

Investments

Information

Each

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

FINRA

BrokerCheck

:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

106

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

Average

Annual

Total

Return:

This

is

a

commonly

used

method

to

express

an

investment’s

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment’s

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Effective

Leverage

(Effective

Leverage

Ratio):

Effective

leverage

is

investment

exposure

created

either

directly

through

certain

borrowings

or

indirectly

through

inverse

floaters,

divided

by

the

assets

invested,

including

those

assets

that

were

purchased

with

the

proceeds

of

the

leverage,

or

referenced

by

the

levered

instrument.

The

calculation

of

the

Effective

Leverage

Ratio

reflects

borrowings

effected

on

a

long-term

basis

for

investment

purposes,

but

excludes

borrowings

that

may

occur,

on

a

transient

basis,

in

connection

with

a

Fund’s

day-to-day

operations

primarily

in

connection

with

the

need

to

pay

cash

out

to

redeeming

shareholders

or

to

settle

portfolio

trades.

Inverse

Floating

Rate

Securities:

Inverse

floating

rate

securities

are

the

residual

interest

in

a

tender

option

bond

(TOB)

trust,

sometimes

referred

to

as

“inverse

floaters”,

are

created

by

depositing

a

municipal

bond,

typically

with

a

fixed

interest

rate,

into

a

special

purpose

trust.

This

trust,

in

turn,

(a)

issues

floating

rate

certificates

typically

paying

short-term

tax-exempt

interest

rates

to

third

parties

in

amounts

equal

to

some

fraction

of

the

deposited

bond’s

par

amount

or

market

value,

and

(b)

issues

an

inverse

floating

rate

certificate

(sometimes

referred

to

as

an

“inverse

floater”)

to

an

investor

(such

as

a

fund)

interested

in

gaining

investment

exposure

to

a

long-term

municipal

bond.

The

income

received

by

the

holder

of

the

inverse

floater

varies

inversely

with

the

short-term

rate

paid

to

the

floating

rate

certificates’

holders,

and

in

most

circumstances

the

holder

of

the

inverse

floater

bears

substantially

all

of

the

underlying

bond’s

downside

investment

risk.

The

holder

of

the

inverse

floater

typically

also

benefits

disproportionately

from

any

potential

appreciation

of

the

underlying

bond’s

value.

Hence,

an

inverse

floater

essentially

represents

an

investment

in

the

underlying

bond

on

a

leveraged

basis.

Leverage:

Leverage

is

created

whenever

a

fund

has

investment

exposure

(both

reward

and/or

risk)

equivalent

to

more

than

100%

of

the

investment

capital.

Lipper

Ohio

Municipal

Debt

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

Ohio

Municipal

Debt

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charge.

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

Other

States

Municipal

Debt

Funds

Classification.

Shareholders

should

note

that

the

performance

of

the

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average

represents

the

overall

average

of

returns

for

funds

from

multiple

states

with

a

wide

variety

of

municipal

market

conditions,

making

direct

comparisons

less

meaningful.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charge.

Net

Assets

Value

(NAV)

per

Share:

A

fund’s

Net

Assets

is

equal

to

its

total

assets

(securities,

cash

and

accrued

earnings)

less

its

total

liabilities.

For

funds

with

multiple

classes,

Net

Assets

are

determined

separately

for

each

share

class.

NAV

per

share

is

equal

to

the

fund’s

(or

share

class’)

Net

Assets

divided

by

its

number

of

shares

outstanding.

Pre-Refunded

Bond/Pre-Refunding:

Pre-Refunded

Bond/Pre-Refunding,

also

known

as

advanced

refundings

or

refinancings,

is

a

procedure

used

by

state

and

local

governments

to

refinance

municipal

bonds

to

lower

interest

expenses.

The

issuer

sells

new

bonds

with

a

lower

yield

and

uses

the

proceeds

to

buy

U.S.

Treasury

securities,

the

interest

from

which

is

used

to

make

payments

on

the

higher

yielding

bonds.

Because

of

this

collateral,

pre-refunding

generally

raises

a

bond’s

credit

rating

and

thus

its

value.

S&P

Municipal

Bond

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt,

U.S.

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Kansas

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Kansas

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

107

S&P

Municipal

Bond

Kentucky

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Kentucky

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Michigan

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Michigan

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Missouri

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Missouri

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Ohio

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Ohio

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Wisconsin

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Wisconsin

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Tax

Obligation/General

Bonds:

Bonds

backed

by

the

general

revenues

of

an

issuer,

including

taxes,

where

the

issuer

has

the

ability

to

increase

taxes

by

an

unlimited

amount

to

pay

the

bonds

back.

Tax

Obligation/Limited

Bonds:

Bonds

backed

by

the

general

revenues

of

an

issuer,

including

taxes,

where

the

issuer

doesn’t

have

the

ability

to

increase

taxes

by

an

unlimited

amount

to

pay

the

bonds

back.

Total

Investment

Exposure:

Total

investment

exposure

is

a

fund’s

assets

managed

by

the

Adviser

that

are

attributable

to

financial

leverage.

For

these

purposes,

financial

leverage

includes

a

fund’s

use

of

preferred

stock

and

borrowings

and

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities.

108

Liquidity

Risk

Management

Program

(Unaudited)

Discussion

of

the

operation

and

effectiveness

of

the

Funds’

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

each

Fund

covered

in

this

Report

(the

“Funds”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

designed

to

manage

the

Fund’s

liquidity

risk.

The

Program

consists

of

various

protocols

for

assessing

and

managing

each

Fund’s

liquidity

risk.

The

Funds’

Board

of

Trustees (the

"Board") previously

designated

Nuveen

Fund

Advisors,

LLC,

the

Funds’

investment

adviser,

as

the

Administrator

of

the

Program.

The

adviser’s

Liquidity

Monitoring

and

Analysis

Team

(“LMAT”)

carries

out

day-to-day

Program

management

with

oversight

by

the

adviser’s

Liquidity

Oversight

Sub-Committee

(the

LOSC”).

The

LOSC

is

composed

of

personnel

from

the

adviser

and

Teachers

Advisors,

LLC,

an

affiliate

of

the

adviser.

At

a

May

23-25,

2022

meeting

of

the

Board,

the

Administrator

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy

and

effectiveness

of

implementation

for

calendar

year

2021

(the

“Review

Period”),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

each

Fund’s

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

each

Fund’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(1)

the

Fund’s

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii)

cash

flow

projections,

and

(ii)

holdings

of

cash

and

cash

equivalents,

borrowing

arrangements,

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Each

Fund

portfolio

investment

is

classified

into

one

of

four

liquidity

categories

(including

the

most

liquid,

“Highly

Liquid”,

and

the

least

liquid,

“Illiquid”,

discussed

below),

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-specific

considerations,

as

well

as

market

depth,

and

use

third-

party

vendor

data.

Any

Fund

that

does

not

primarily

hold

highly

liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

Fund

assets

that

must

be

invested

in

highly

liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period,

each

Fund

primarily

held

Highly

Liquid

investments

and

therefore

was

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

a

Fund’s

investments

in

Illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

a

Fund

from

acquiring

Illiquid

investments

if

doing

so

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

illiquid

investments,

and

requires

certain

reporting

to

the

Fund

Board

and

the

Securities

and

Exchange

Commission

any

time

a

Fund’s

holdings

of

Illiquid

investments

exceeds

15%

of

net

assets.

During

the

Review

Period,

no

Fund

exceeded

the

15%

limit

on

Illiquid

investments.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

MSA-MS6-1122D

2655327-INV-B-01/24

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800)

257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

333

W.

Wacker

Dr.,

Chicago,

IL

60606.

Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/mutual-funds

ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this registrant.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to this registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

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

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Multistate Trust IV

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

Date: February 3, 2023

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

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

Date: February 3, 2023

By (Signature and Title)	/s/ E. Scott Wickerham
	E. Scott Wickerham Vice President and Controller (principal financial officer)

Date: February 3, 2023

EX-99.CERT

EX-99.CERT

CERTIFICATIONS

I, Christopher E. Stickrod, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Multistate Trust IV;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting 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; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 3, 2023

/s/ Christopher E. Stickrod

Christopher E. Stickrod

Chief Administrative Officer

(principal executive officer)

I, E. Scott Wickerham, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Multistate Trust IV;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting 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; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 3, 2023

/s/ E. Scott Wickerham

E. Scott Wickerham

Vice President and Controller

(principal financial officer)

EX-99.906CERT

EX-99.906CERT

Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officer’s knowledge and belief.

The undersigned officers of Nuveen Multistate Trust IV (the “Registrant”), certify that, to the best of each such officer’s knowledge and belief:

1. The Form N-CSR of the Registrant for the period ended November 30, 2022 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: February 3, 2023

/s/ Christopher E. Stickrod

Christopher E. Stickrod

Chief Administrative Officer

(principal executive officer)

/s/ E. Scott Wickerham

E. Scott Wickerham

Vice President and Controller

(principal financial officer)