N-CSR 1 d473717dncsr.htm NUVEEN MULTISTATE TRUST IV Nuveen Multistate Trust IV

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: May 31, 2023

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
May
31,
2023
Annual
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
2
Table
of
Contents
Chair’s
Letter
to
Shareholders
3
Important
Notices
4
Portfolio
Managers’
Comments
5
Risk
Considerations
and
Dividend
Information
11
About
the
Funds’
Benchmarks
12
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
13
Yields
32
Expense
Examples
34
Report
of
Independent
Registered
Public
Accounting
Firm
36
Portfolios
of
Investments
37
Statement
of
Assets
and
Liabilities
83
Statement
of
Operations
87
Statement
of
Changes
in
Net
Assets
89
Financial
Highlights
92
Notes
to
Financial
Statements
104
Important
Tax
Information
118
Additional
Fund
Information
119
Glossary
of
Terms
Used
in
this
Report
120
Annual
Investment
Management
Agreement
Approval
Process
121
Liquidity
Risk
Management
Program
128
Trustees
and
Officers
129
Chair’s
Letter
to
Shareholders
3
Dear
Shareholders,
The
significant
measures
taken
by
the
U.S.
Federal
Reserve
(Fed)
and
other
global
central
banks
since
2022
to
contain
inflation
have
begun
to
take
effect.
From
March
2022
to
May
2023,
the
Fed
raised
the
target
fed
funds
rate
by
5.00%
to
a
range
of
5.00%
to
5.25%,
then
left
the
rate
unchanged
in
June
2023,
marking
the
fastest
interest
rate
hiking
cycle
in
its
history.
Inflation
rates
in
the
U.S.
and
across
most
of
the
world
have
fallen
from
their
post-pandemic
highs
but
currently
remain
well
above
the
levels
that
central
banks
consider
supportive
of
their
economies’
long-term
growth.
At
the
same
time,
the
U.S.
and
other
large
economies
have
remained
relatively
resilient,
even
as
financial
conditions
have
tightened.
Despite
contracting
in
the
first
half
of
2022,
U.S.
gross
domestic
product
grew
2.1%
in
2022
overall
compared
to
2021
and
expanded
at
a
moderate
pace
of
2.0%
in
the
first
quarter
of
2023.
A
relatively
strong
jobs
market
has
helped
support
consumer
sentiment
and
spending
despite
historically
high
inflation.
Markets
are
concerned
that
these
conditions
could
keep
upward
pressure
on
prices
and
wages,
although
the
collapse
of
three
regional
U.S.
banks
(Silicon
Valley
Bank,
Signature
Bank
and
First
Republic
Bank)
and
major
European
bank
Credit
Suisse
in
March
2023
is
likely
to
add
further
downward
pressure
to
the
economy
as
the
banking
system
slows
lending
in
response.
Fed
officials
are
closely
monitoring
inflation
data
and
other
economic
measures
to
modify
their
rate
setting
activity
based
upon
these
factors
on
a
meeting-by-meeting
basis,
including
pausing
rate
adjustments
at
the
most
recent
meeting
in
June
2023
to
assess
the
effects
of
monetary
policy
so
far
on
the
economy.
While
uncertainty
has
increased
given
the
unpredictable
outcome
of
tighter
credit
conditions
on
the
economy,
the
Fed
remains
committed
to
acting
until
it
sees
sustainable
progress
toward
its
inflation
goals.
Additionally,
market
concerns
surrounding
the
U.S.
debt
ceiling
faded
after
the
government
agreed
in
June
2023
to
suspend
the
nation’s
borrowing
limit
until
January
2025,
averting
a
near-term
default
scenario.
In
the
meantime,
markets
are
likely
to
continue
reacting
in
the
short
term
to
news
about
inflation
data,
economic
indicators
and
central
bank
policy.
We
encourage
investors
to
keep
a
long-term
perspective
amid
the
short-term
turbulence.
Your
financial
professional
can
help
you
review
how
well
your
portfolio
is
aligned
with
your
time
horizon,
risk
tolerance
and
investment
goals.
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
July 21,
2023
4
Important
Notices
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
Securities
and
Exchange
Commission
(the
“SEC”)
Adopts
Amendments
for
Tailored
Shareholder
Reports
On
October
26,
2022,
the
SEC
adopted
rule
and
form
amendments
(the
“Amendments”)
that
require
mutual
funds
and
exchange-
traded
funds
registered
on
Form
N-1A
to
provide
shareholders
with
streamlined
annual
and
semi-annual
shareholder
reports
(“Tailored
Shareholder
Reports”).
The
Amendments
require
funds
to
prepare
a
separate
Tailored
Shareholder
Report
for
each
share
class
of
each
series
of
a
fund.
As
a
result,
shareholders
will
receive
a
report
that
covers
only
the
class
of
a
multi-class
fund
in
which
the
shareholder
invests.
Tailored
Shareholder
Reports
are
meant
to
be
three
to
four
pages
in
length
and
will
highlight
key
information
such
as
a
fund’s
expenses,
performance
and
portfolio
holdings.
Other,
more
detailed
information
that
currently
appears
in
fund
shareholder
reports
will
be
made
available
online,
filed
with
the
SEC,
and
delivered
to
investors
free
of
charge
in
paper
or
electronically
upon
request.
The
first
Tailored
Shareholder
Reports
prepared
for
the
Funds
included
within
this
shareholder
report
will
be
for
the
reporting
period
ended
May
31,
2024.
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.
Portfolio
Managers’
Comments
5
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
These
Funds
feature
portfolio
management
by
Nuveen
Asset
Management,
LLC
(NAM),
an
affiliate
of
Nuveen
Fund
Advisors,
LLC,
the
Funds’
investment
adviser.
Portfolio
managers
include
Steven
M.
Hlavin
for
the
Nuveen
Kansas
Municipal
Bond
Fund
and
Nuveen
Wisconsin
Municipal
Bond
Fund,
Daniel
J
.
Close,
CFA,
for
the
Nuveen
Kentucky
Municipal
Bond
Fund,
Nuveen
Michigan
Municipal
Bond
Fund
and
Nuveen
Ohio
Municipal
Bond
Fund,
and
Christopher
L.
Drahn
,
CFA,
for
the
Nuveen
Missouri
Municipal
Bond
Fund.
Here
the
Funds’
portfolio
managers
review
U.S.
economic
and
municipal
market
conditions,
key
investment
strategies
and
the
performance
of
the
Funds
for
the
twelve-month
reporting
period
ended
May
31,
2023.
For
more
information
on
the
Funds’
investment
objectives
and
policies,
please
refer
to
the
prospectus.
What
factors
affected
the
U.S.
economy
and
the
municipal
bond
market
during
the
twelve-month
annual
reporting
period
ended
May
31,
2023?
U.S.
economic
growth
continued
to
moderate
amid
high
inflation
and
tightening
financial
conditions
during
the
twelve-month
period
ended
May
31,
2023.
In
the
first
quarter
of
2023,
the
economy
expanded
at
an
annualized
rate
of
2%,
according
to
the
U.S.
Bureau
of
Economic
Analysis,
compared
to
2.1%
in
2022
overall.
At
the
start
of
the
reporting
period,
inflation
rose
sharply
because
of
supply
chain
disruptions
and
high
food
and
energy
prices
related
to
the
pandemic,
the
Russia-Ukraine
war
and
China’s
zero-COVID
restrictions
(eventually
lifted
in
December
2022).
Inflation
during
the
reporting
period
reached
its
peak
level
in
the
U.S.
in
June
2022.
Since
then,
price
pressures
have
eased
given
normalization
in
supply
chains,
falling
energy
prices
and
aggressive
measures
by
the
U.S.
Federal
Reserve
(Fed)
and
other
global
central
banks
to
tighten
financial
conditions
and
slow
demand
in
their
economies.
Nevertheless,
inflation
levels
remained
much
higher
than
central
banks’
target
levels.
The
Fed
raised
its
target
fed
funds
rate
eight
times
during
the
reporting
period,
bringing
it
to
a
range
of
5.00%
to
5.25%
as
of
May
2023.
At
the
June
2023
meeting
(subsequent
to
the
close
of
this
reporting
period),
the
Fed
opted
to
leave
rates
unchanged.
One
of
the
Fed’s
rate
increases
occurred
in
March
2023,
a
decision
that
was
closely
watched
because
of
the
failure
of
Silicon
Valley
Bank
and
Signature
Bank
during
the
same
month
and
uncertainty
around
the
economic
impact
of
these
failures.
Additionally,
in
March
2023,
Swiss
bank
UBS
agreed
to
buy
Credit
Suisse,
which
was
considered
to
be
vulnerable
in
the
current
environment.
For
much
of
the
reporting
period,
the
Fed’s
activity
led
to
significant
volatility
in
bond
and
stock
markets.
In
addition,
it
contributed
to
an
increase
in
the
U.S.
dollar’s
value
relative
to
major
world
currencies,
which
acts
as
a
headwind
to
the
profits
of
international
companies
and
U.S.
domestic
companies
with
overseas
earnings.
Global
currency
and
bond
markets
were
further
roiled
in
September
2022
by
an
unpopular
fiscal
spending
proposal
in
the
U.K.
but
recovered
after
the
plans
were
abandoned.
During
the
reporting
period,
elevated
inflation
and
higher
borrowing
costs
weighed
on
some
segments
of
the
economy,
including
the
real
estate
market.
Consumer
spending,
however,
has
remained
more
resilient
than
expected,
in
part
because
of
a
still-strong
labor
market,
another
key
gauge
of
the
economy’s
health.
By
July
2022,
the
economy
had
recovered
the
22
million
jobs
lost
since
the
beginning
of
the
pandemic.
As
of
May
2023,
the
unemployment
rate
remained
near
its
pre-pandemic
low
of
3.7%,
although
monthly
job
growth
appeared
to
be
slowing.
The
strong
labor
market
and
wage
gains
helped
provide
a
measure
of
resilience
to
the
U.S.
economy
during
the
reporting
period,
even
as
the
Fed
sought
to
soften
job
growth
to
help
curb
inflation
pressures.
The
broad
municipal
bond
market
was
impacted
by
interest
rate
volatility
and
economic
uncertainty
during
the
reporting
period.
Municipal
yields
rose
across
the
maturity
spectrum,
but
the
move
was
uneven.
The
greatest
increase
in
yields
was
at
the
shorter
end
of
the
curve
as
markets
priced
in
a
more
aggressive
pace
of
monetary
tightening
to
combat
persistently
high
inflation.
Yields
at
the
long
end
of
the
municipal
curve
also
rose
significantly,
but
intermediate
and
intermediate-long
maturities
saw
relatively
smaller
yield
increases.
Overall,
shorter
maturities
generally
outperformed
longer
maturities
during
the
reporting
period.
In
response
to
the
rising
interest
rate
environment
and
heightened
market
volatility,
dealers
reduced
their
inventories
and
investors
increased
redemptions
from
traditional
municipal
bond
mutual
funds,
particularly
in
the
first
half
of
the
reporting
period.
Fund
flows
have
stabilized
and
began
to
improve
in
2023.
For
much
of
the
reporting
period,
credit
spreads
were
generally
stable
given
relatively
strong
municipal
fundamentals,
although
there
was
some
widening
as
the
market
sell-off
continued.
Portfolio
Managers’
Comments
(continued)
6
What
were
the
economic
and
market
environments
in
Kansas,
Kentucky
Michigan,
Missouri,
Ohio
and
Wisconsin
during
the
twelve-month
reporting
period
ended
May
31,
2023?
Kansas’
economic
growth
lagged
that
of
the
nation
over
most
of
the
last
decade.
However,
the
state
outperformed
in
nominal
terms
during
2022
because
of
its
relative
exposure
to
agriculture.
As
of
May
2023,
the
unemployment
rate
was
2.9%,
below
the
national
unemployment
rate
of
3.7%.
Kansas
has
stabilized
its
fiscal
position
over
the
last
several
years
and
has
grown
reserves
to
over
five
times
its
pre-pandemic
balance.
As
of
fiscal
year
2022,
(July
1,
2021,
to
June
30,
2022),
Kansas
reported
a
$1.3
billion
general
fund
surplus
and
$2.5
billion
in
available
reserves,
or
25.5%
of
revenue.
As
of
May
2022,
Moody’s
maintained
an
Aa2
rating
and
stable
outlook
on
the
state
of
Kansas.
S&P
also
maintained
its
AA-
rating
and
stable
outlook.
Kansas
municipal
bond
new
issuance
totaled
$1.7
billion
for
the
twelve-month
period
ended
May
31,
2023,
a
59.8%
decrease
from
the
same
period
a
year
earlier.
Kentucky’s
economy
is
relatively
diverse,
but
has
a
higher
emphasis
on
manufacturing
and
trade,
transportation,
and
utilities
relative
to
the
rest
of
the
nation.
As
of
May
2023,
the
state’s
unemployment
rate
was
3.8%,
compared
to
the
national
unemployment
rate
of
3.7%.
Kentucky
is
a
favorable
location
for
distribution
centers,
and
the
state
has
benefited
from
significant
investment
in
the
production
of
electric
vehicles
(EV)
and
EV
batteries.
A
post-pandemic
surge
in
tax
collections
led
to
the
state’s
highest
revenue
surpluses
on
record
in
2021
and
2022.
General
fund
receipts
are
on
pace
to
result
in
a
third
consecutive
year
with
a
budget
surplus
more
than
$1
billion
for
fiscal
year
2023.
Kentucky’s
enacted
2023-2024
biennial
budget
included
$14.2
billion
in
general
fund
spending
for
fiscal
year
2024,
a
0.6%
increase
over
the
prior
year.
The
budget
also
included
a
decrease
in
the
individual
income
tax
rate
from
5.0%
to
4.5%.
Kentucky
does
not
have
any
outstanding
general
obligation
debt,
but
the
implied
general
obligation
ratings
and
outlooks
for
the
state
from
Moody’s
as
of
May
2023
were
Aa3
(stable).
On
June
29,
2023
(subsequent
to
the
close
of
the
reporting
period),
S&P
upgraded
its
rating
and
outlook
from
A
(stable)
to
A+
(stable)
.
Kentucky
municipal
bond
new
issuance
totaled
$2.3
billion
for
the
twelve-month
period
ended
May
31,
2023,
a
48%
decrease
from
the
same
period
a
year
earlier.
Michigan’s
economy
and
tax
revenues
continued
to
rebound
in
2022.
Employment
growth,
a
stable
unemployment
rate,
and
strong
tax
revenue
growth
have
bolstered
the
state’s
fiscal
stability
in
the
last
few
years,
and
these
trends
are
projected
to
continue
into
2023,
though
at
a
more
modest
pace.
The
state’s
real
GDP
grew
by
1.8%
in
2022,
slightly
below
the
national
average.
Motor
vehicle
production
grew
strongly
in
2022
but
was
constrained
by
supply
disruptions.
Michigan
lost
1
million
jobs
during
the
pandemic
but
recovered
94%
of
jobs
lost
by
the
end
of
2022.
As
of
May
2023,
the
state’s
unemployment
rate
was
3.7%,
in
line
with
the
national
rate.
Wage
and
salary
employment
in
the
state
is
projected
to
increase
by
less
than
1%
annually
in
the
next
three
years.
The
state
received
$3.8
billion
in
state
and
local
funding
under
the
CARES
Act
and
$10.3
billion
in
state
and
local
funding
under
the
American
Rescue
Plan
Act
(ARPA)
of
2021.
The
state
plans
to
appropriate
all
remaining
ARPA
funding
in
fiscal
year
2024.
As
of
May
2023,
Moody’s
and
S&P
rated
Michigan
general
obligation
debt
at
Aa1
and
AA,
respectively.
Michigan
municipal
bond
new
issuance
totaled
$6.5
billion
for
the
twelve-month
period
ended
May
31,
2023,
a
47.5%
decrease
from
the
same
period
a
year
earlier.
Missouri’s
economic
and
job
growth
lagged
the
nation
and
most
of
its
Midwestern
peers
for
the
period
ending
May
31,
2023.
However,
as
of
May
2023,
the
state’s
unemployment
rate
of
2.5%
was
lower
than
the
national
rate
of
3.7%.
Fiscal
year
2022
(July
1,
2021,
to
June
30,
2022)
concluded
with
a
$4.0
billion
general
fund
surplus,
which
bolstered
available
reserves
to
roughly
$7.5
billion.
The
state
continued
to
experience
favorable
tax
revenue
growth,
with
general
tax
revenues
up
5.3%
year-to-date
through
May
2023
compared
to
May
2022.
As
of
May
2023,
Moody’s,
S&P
and
Fitch
rated
Missouri
general
obligation
debt
at
Aaa/AAA/
AAA
with
stable
outlooks.
Missouri
municipal
bond
new
issuance
totaled
$5.0
billion
for
the
twelve-month
period
ended
May
31,
2023,
a
19%
decrease
from
the
same
period
a
year
earlier.
Ohio
has
a
large
and
diverse
economy,
although
the
manufacturing
sector
accounts
for
an
outsized
12.2%
of
the
workforce,
compared
to
8.5%
for
the
nation.
As
a
result,
Ohio’s
economy
tends
to
fluctuate
with
business
cycle
swings.
Overall,
job
growth
in
the
state
has
been
slow.
As
of
May
2023,
the
Ohio
unemployment
rate
was
3.6%,
compared
to
the
national
rate
of
3.7%.
Financially,
the
state
has
robust
reserves
that
reflect
a
rise
in
income
tax
and
sales
tax
revenues
in
the
past
two
years
and
conservative
budgeting.
The
state
ended
fiscal
year
2022
(July
1,
2021,
to
June
30,
2022)
with
a
29.6%
increase
in
the
total
general
fund
balance.
Following
a
$727
million
deposit
in
January
2023,
the
state’s
budget
stabilization
fund
totals
a
record-high
$3.5
billion,
equal
to
the
statutory
target
of
8.5%
of
prior-year
general
revenue
fund
revenues.
The
governor
has
proposed
a
biennial
budget
that
is
based
on
a
conservative
forecast
and
is
structurally
balanced.
Spending
from
the
general
revenue
fund
totals
$42.3
billion
in
fiscal
year
2024,
a
3.7%
increase
over
fiscal
year
2023,
and
$44.6
billion
in
fiscal
year
2025,
a
5.4%
increase
over
fiscal
year
2024.
The
budget
assumes
a
general
revenue
ending
balance
of
$884
million
in
fiscal
year
2024
and
$549
million
in
fiscal
year
2025.
As
of
May
2023,
Moody’s
and
S&P
rated
Ohio
general
obligation
debt
Aa1
and
AA+,
respectively,
while
Fitch
upgraded
Ohio’s
rating
to
AAA
in
September
2022.
Ohio
municipal
bond
new
issuance
totaled
$5.6
billion
for
the
twelve-month
period
ended
May
31,
2023,
a
45%
decrease
from
the
same
period
a
year
earlier.
Wisconsin’s
economic
expansion
slightly
trailed
the
national
average
in
recent
years,
but
an
increase
in
diversification
and
a
record
of
fiscal
discipline
have
helped
the
state
maintain
credit
quality.
As
of
May
2023,
the
state’s
unemployment
rate
was
2.4%,
below
the
national
rate
of
3.7%.
The
state’s
labor
participation
rate
is
well
above
average,
making
for
a
labor
market
that
is
tighter
than
7
average.
Wisconsin’s
budget
has
outperformed
expectations,
requiring
multiple
revenue
revisions
and
enabling
the
state
to
implement
tax
cuts.
The
state
has
historically
maintained
modest
reserve
levels,
but
significant
contributions
in
recent
years
have
put
the
rainy
day
fund
on
a
path
to
exceed
$2
billion
by
the
end
of
fiscal
year
2024.
As
of
May
2023,
Wisconsin’s
general
obligation
debt
carried
ratings
of
Aa1
from
Moody’s
and
AA+
from
S&P.
Wisconsin
municipal
bond
new
issuance
totaled
$8.8
billion
for
the
twelve-
month
period
ended
May
31,
2023,
a
20%
decline
from
the
same
period
a
year
earlier.
Nuveen
Kansas
Municipal
Bond
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
May
31,
2023?
The
Fund
invests
primarily
in
investment
grade
municipal
bonds
and
is
designed
to
provide
as
high
a
level
of
current
interest
income
exempt
from
regular
federal,
Kansas
state,
and
in
some
cases,
local
income
taxes
as
is
consistent
with
preservation
of
capital.
During
the
reporting
period,
the
portfolio
management
team
engaged
in
tax-loss
swap
opportunities.
This
strategy
involved
selling
depreciated
bonds
with
lower
embedded
yields
and
reinvesting
in
similarly
structured,
higher
income-producing
bonds
to
support
the
Fund’s
income
earnings
and
capture
tax
efficiencies.
The
portfolio
management
team
also
reinvested
proceeds
from
bond
calls
and
maturities
into
higher-yielding
bonds
in
support
of
the
Fund’s
income.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
May
31,
2023?
The
Class
A
Shares
of
the
Nuveen
Kansas
Municipal
Bond
Fund
underperformed
the
S&P
Municipal
Bond
Kansas
Index
for
the
twelve-month
reporting
period
ended
May
31,
2023.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Bond
Kansas
Index.
The
primary
detractor
from
the
Fund’s
relative
performance
during
the
reporting
period
was
its
duration
positioning.
With
the
Fed
rapidly
raising
short-term
interest
rates
during
the
reporting
period,
the
Fund’s
overweight
to
longer-duration
bonds
made
it
more
sensitive
to
rising
interest
rates
and
detracted.
Another
detractor
from
relative
performance
was
the
Fund’s
exposure
to
lower
rated
bonds.
With
higher
rated
bonds
generally
outperforming
their
lower
rated
counterparts
during
the
reporting
period,
the
Fund’s
increased
exposure
to
bonds
rated
BBB
and
below
investment
grade
hampered
relative
performance.
Additionally,
the
Fund’s
underweight
to
local
general
obligation
bonds,
a
category
that
outperformed,
weighed
on
relative
performance.
The
Fund’s
underperformance
was
partially
offset
by
an
equity
holding
in
Energy
Harbor.
The Fund
received
Energy
Harbor
common
stock
in
2020
as
part
of
the
bankruptcy
restructuring
of
FirstEnergy
Solutions,
the
predecessor
of
Energy
Harbor
and
a
former
holding
in
the
Fund.
The
stock
price
rose
during
the
reporting
period alongside rising
energy
prices
and
greater
interest
in
low-
carbon
energy
sources.
On
March
6,
2023,
Vistra
Corp.
(NYSE:
VST),
an
integrated
retail
electricity
and
power
generation
company,
announced
it
had
executed
a
definitive
agreement
with
Energy
Harbor
to
merge
Energy
Harbor
into
a
newly
formed
subsidiary
of
Vistra.
In
connection
with
the
transaction,
Nuveen
funds
and
accounts
expect
to
receive
a
combination
of
cash
and
shares
in
a
newly
formed
entity.
Nuveen
expects
these
shares
to
be
issued
in
a
private
transaction
and
may
have
reduced
secondary
market
liquidity.
For
additional
information,
please
refer
to
footnotes
in
the
Portfolio
of
Investments
section
of
this
report.
Nuveen
Kentucky
Municipal
Bond
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
May
31,
2023?
The
Fund
invests
primarily
in
investment
grade
municipal
bonds
and
is
designed
to
provide
as
high
a
level
of
current
interest
income
exempt
from
regular
federal,
Kentucky
state,
and
in
some
cases,
local
income
taxes
as
is
consistent
with
preservation
of
capital.
During
the
reporting
period,
the
portfolio
management
team
engaged
in
tax-loss
swap
opportunities.
This
strategy
involved
selling
depreciated
bonds
with
lower
embedded
yields
and
reinvesting
in
similarly
structured,
higher
income-producing
bonds
to
support
the
Fund’s
income
earnings
and
capture
tax
efficiencies.
Additionally,
the
portfolio
management
team
bought
higher-coupon,
longer-maturity
bonds
alongside
shorter-maturity
bonds
as
part
of
a
“barbell”
strategy
to
manage
the
Fund’s
duration.
Portfolio
Managers’
Comments
(continued)
8
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
May
31,
2023?
The
Class
A
Shares
of
the
Nuveen
Kentucky
Municipal
Bond
Fund
underperformed
the
S&P
Municipal
Bond
Kentucky
Index
for
the
twelve-month
reporting
period
ended
May
31,
2023.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Bond
Kentucky
Index.
Duration
positioning
was
the
largest
detractor
from
the
Fund’s
relative
performance.
With
the
Fed
rapidly
raising
short-term
interest
rates
throughout
the
reporting
period,
the
Fund’s
overweight
to
longer-duration
securities
and
corresponding
underweight
to
shorter-duration
securities
made
it
more
sensitive
to
rising
interest
rates
and
detracted.
The
Fund’s
credit
quality
positioning
also
detracted
from
relative
performance.
With
higher
rated
bonds
generally
outperforming
their
lower
rated
counterparts
during
the
reporting
period,
the
Fund’s
overweight
in
non-rated
bonds
detracted.
The
Fund’s
sector
allocation,
especially
allocations
to
industrial
development
revenue
and
education
bonds
also
detracted.
Partially
offsetting
the
Fund’s
relative
performance
was
favorable
security
selection.
In
addition,
an
overweight
to
tax-supported
bonds,
which
outperformed,
added
value.
Nuveen
Michigan
Municipal
Bond
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
May
31,
2023?
The
Fund
invests
primarily
in
investment
grade
municipal
bonds
and
is
designed
to
provide
as
high
a
level
of
current
interest
income
exempt
from
regular
federal,
Michigan
state,
and
in
some
cases,
local
income
taxes
as
is
consistent
with
preservation
of
capital.
During
the
reporting
period,
the
portfolio
management
team
engaged
in
tax-loss
swap
opportunities.
This
strategy
involved
selling
depreciated
bonds
with
lower
embedded
yields
and
reinvesting
in
similarly
structured,
higher
income-producing
bonds
to
support
the
Fund’s
income
earnings
and
capture
tax
efficiencies.
Additionally,
the
portfolio
management
team
bought
higher-coupon,
longer-maturity
bonds.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
May
31,
2023?
The
Class
A
Shares
of
the
Nuveen
Michigan
Municipal
Bond
Fund
underperformed
the
S&P
Municipal
Bond
Michigan
Index
for
the
twelve-month
reporting
period
ended
May
31,
2023.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Bond
Michigan
Index.
Duration
positioning
was
the
largest
detractor
from
relative
performance.
With
the
Fed
rapidly
raising
short-term
interest
rates
throughout
the
reporting
period,
the
Fund’s
overweight
to
longer-duration
securities
and
corresponding
underweight
to
shorter-
duration
securities
made
it
more
sensitive
to
rising
interest
rates
and
detracted.
Another
detractor
from
relative
performance
was
the
Fund’s
allocation
to
health
care
bonds.
Partially
offsetting
the
Fund’s
relative
performance
were
favorable
security
selection
and
credit
quality
positioning.
Nuveen
Missouri
Municipal
Bond
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
May
31,
2023?
The
Fund
invests
primarily
in
investment
grade
municipal
bonds
and
is
designed
to
provide
as
high
a
level
of
current
interest
income
exempt
from
regular
federal,
Missouri
state,
and
in
some
cases,
local
income
taxes
as
is
consistent
with
preservation
of
capital.
During
the
reporting
period,
the
portfolio
management
team
engaged
in
tax-loss
swap
opportunities.
This
strategy
involved
selling
depreciated
bonds
with
lower
embedded
yields
and
reinvesting
in
similarly
structured,
higher
income-producing
bonds
to
support
the
Fund’s
income
earnings
and
capture
tax
efficiencies.
In
addition,
the
portfolio
management
team
also
focused
on
boosting
the
Fund’s
income
for
dividend
distribution.
Additionally,
the
portfolio
management
team
sold
bonds
with
near-term
call
dates
that
were
trading
close
to
their
par
value
in
order
to
improve
the
Fund’s
total
risk/return
profile.
9
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
May
31,
2023?
The
Class
A
Shares
of
the
Nuveen
Missouri
Municipal
Bond
Fund
underperformed
the
S&P
Municipal
Bond
Missouri
Index
for
the
twelve-month
reporting
period
ended
May
31,
2023.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Bond
Missouri
Index.
Duration
positioning
was
the
largest
detractor
from
the
Fund’s
relative
performance.
With
the
Fed
rapidly
raising
short-term
interest
rates
throughout
the
reporting
period,
the
Fund’s
overweight
to
longer-duration
securities
made
it
more
sensitive
to
rising
interest
rates
and
detracted.
4%
coupon
bonds
also
detracted
given
they
were
generally
also
longer
duration
and
underperformed
as
interest
rates
rose
during
the
reporting
period.
In
addition,
the
Fund’s
credit
quality
positioning
detracted
from
relative
performance.
With
higher
rated
bonds
generally
outperforming
their
lower
rated
counterparts
during
the
reporting
period,
the
Fund’s
overweights
to
bonds
with
BBB
and
BB
credit
ratings
hampered
relative
performance.
Partially
offsetting
the
Fund’s
underperformance
was
favorable
security
selection
in
the
higher
education
and
senior-living
sectors.
In
addition,
the
Fund
benefited
from
an
underweight
to
bonds
with
coupons
below
4%,
which
were
some
of
the
weakest
performers
as
interest
rate
rose.
Nuveen
Ohio
Municipal
Bond
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
May
31,
2023?
The
Fund
invests
primarily
in
investment
grade
municipal
bonds
and
is
designed
to
provide
as
high
a
level
of
current
interest
income
exempt
from
regular
federal,
Ohio
state,
and
in
some
cases,
local
income
taxes
as
is
consistent
with
preservation
of
capital.
During
the
reporting
period,
the
portfolio
management
team
engaged
in
tax-loss
swap
opportunities.
This
strategy
involved
selling
depreciated
bonds
with
lower
embedded
yields
and
reinvesting
in
similarly
structured,
higher
income-producing
bonds
to
support
the
Fund’s
income
earnings
and
capture
tax
efficiencies.
Additionally,
the
portfolio
management
team
bought
higher-coupon,
longer-maturity
bonds.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
May
31,
2023?
The
Class
A
Shares
of
the
Nuveen
Ohio
Municipal
Bond
Fund
performed
in
line
with
the
S&P
Municipal
Bond
Ohio
Index
for
the
twelve-month
reporting
period
ended
May
31,
2023.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Bond
Ohio
Index.
The
primary
detractors
from
the
Fund’s
relative
performance
were
an
underweight
to
the
outperforming
transportation
sector
and
an
underweight
to
very
short-duration
bonds,
given
that
these
securities
were
less
exposed
to
the
negative
effects
of
higher
interest
rates.
The
Fund’s
relative
performance
was
favorably
impacted
by
sector
positioning,
especially
an
overweight
in
the
outperforming
utility
bond
sector.
The
Fund’s
underweight
to
longer-duration
bonds
also
added
value,
given
these
securities’
underperformance
during
the
reporting
period.
An
equity
holding
in
Energy
Harbor
also
contributed
to
relative
performance.
The Fund
received
Energy
Harbor
common
stock
in
2020
as
part
of
the
bankruptcy
restructuring
of
FirstEnergy
Solutions,
the
predecessor
of
Energy
Harbor
and
a
former
holding
in
the
Fund.
The
stock
price
rose
during
the
reporting
period alongside rising
energy
prices
and
greater
interest
in
low-carbon
energy
sources.
On
March
6,
2023,
Vistra
Corp.
(NYSE:
VST),
an
integrated
retail
electricity
and
power
generation
company,
announced
it
had
executed
a
definitive
agreement
with
Energy
Harbor
to
merge
Energy
Harbor
into
a
newly
formed
subsidiary
of
Vistra.
In
connection
with
the
transaction,
Nuveen
funds
and
accounts
expect
to
receive
a
combination
of
cash
and
shares
in
a
newly
formed
entity.
Nuveen
expects
these
shares
to
be
issued
in
a
private
transaction
and
may
have
reduced
secondary
market
liquidity.
For
additional
information,
please
refer
to
footnotes
in
the
Portfolio
of
Investments
section
of
this
report.
Nuveen
Wisconsin
Municipal
Bond
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
May
31,
2023?
The
Fund
invests
primarily
in
investment
grade
municipal
bonds
and
is
designed
to
provide
as
high
a
level
of
current
interest
income
exempt
from
regular
federal,
Wisconsin
state,
and
in
some
cases,
local
income
taxes
as
is
consistent
with
preservation
of
capital.
Portfolio
Managers’
Comments
(continued)
10
During
the
reporting
period,
the
portfolio
management
team
engaged
in
tax-loss
swap
opportunities.
This
strategy
involved
selling
depreciated
bonds
with
lower
embedded
yields
and
reinvesting
in
similarly
structured,
higher
income-producing
bonds
to
support
the
Fund’s
income
earnings
and
capture
tax
efficiencies.
The
portfolio
management
team
also
reinvested
proceeds
from
bond
calls
and
maturities
into
higher
yielding
bonds
in
support
of
the
Fund’s
income.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
May
31,
2023?
The
Class
A
Shares
of
the
Nuveen
Wisconsin
Municipal
Bond
Fund
underperformed
the
S&P
Municipal
Bond
Wisconsin
Index
for
the
twelve-month
reporting
period
ended
May
31,
2023.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Bond
Wisconsin
Index.
The
primary
detractor
from
the
Fund’s
relative
performance
during
the
reporting
period
was
its
duration
positioning.
With
the
Fed
rapidly
raising
short-term
interest
rates
during
the
reporting
period,
the
Fund’s
duration,
which
was
longer
than
the
benchmark,
made
it
more
sensitive
to
rising
interest
rates
and
detracted.
The
Fund’s
sector
positioning
also
detracted.
Because
of
the
unique
qualities
of
the
Wisconsin
municipal
bond
market,
the
Fund
was
underweight
the
outperforming
general
obligation
bond
sector
and
overweight
the
lagging
health
care
sector.
Partially
offsetting
the
Fund’s
underperformance
was
its
equity
holding
in
Energy
Harbor
common
stock.
The Fund
received
Energy
Harbor
common
stock
in
2020
as
part
of
the
bankruptcy
restructuring
of
FirstEnergy
Solutions,
the
predecessor
of
Energy
Harbor
and
a
former
holding
in
the
Fund.
The
stock
price
rose
during
the
reporting
period alongside rising
energy
prices
and
greater
interest
in
low-carbon
energy
sources.
On
March
6,
2023,
Vistra
Corp.
(NYSE:
VST),
an
integrated
retail
electricity
and
power
generation
company,
announced
it
had
executed
a
definitive
agreement
with
Energy
Harbor
to
merge
Energy
Harbor
into
a
newly
formed
subsidiary
of
Vistra.
In
connection
with
the
transaction,
Nuveen
funds
and
accounts
expect
to
receive
a
combination
of
cash
and
shares
in
a
newly
formed
entity.
Nuveen
expects
these
shares
to
be
issued
in
a
private
transaction
and
may
have
reduced
secondary
market
liquidity.
For
additional
information,
please
refer
to
footnotes
in
the
Portfolio
of
Investments
section
of
this
report.
This
material
is
not
intended
to
be
a
recommendation
or
investment
advice,
does
not
constitute
a
solicitation
to
buy,
sell
or
hold
a
security
or
an
investment
strategy,
and
is
not
provided
in
a
fiduciary
capacity.
The
information
provided
does
not
take
into
account
the
specific
objectives
or
circumstances
of
any
particular
investor,
or
suggest
any
specific
course
of
action.
Investment
decisions
should
be
made
based
on
an
investor’s
objectives
and
circumstances
and
in
consultation
with
his
or
her
advisors.
Certain
statements
in
this
report
are
forward-looking
statements.
Discussions
of
specific
investments
are
for
illustration
only
and
are
not
intended
as
recommendations
of
individual
investments.
The
forward-looking
statements
and
other
views
expressed
herein
are
those
of
the
portfolio
managers
as
of
the
date
of
this
report.
Actual
future
results
or
occurrences
may
differ
significantly
from
those
anticipated
in
any
forward-looking
statements
and
the
views
expressed
herein
are
subject
to
change
at
any
time,
due
to
numerous
market
and
other
factors.
The
Funds
disclaim
any
obligation
to
update
publicly
or
revise
any
forward-looking
statements
or
views
expressed
herein.
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
rating
given
by
one
of
the
following
national
rating
agencies:
Standard
&
Poor’s
(S&P),
Moody’s
Investors
Service,
Inc.
(Moody’s)
or
Fitch,
Inc
(Fitch).
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A,
and
BBB
are
investment
grade
ratings;
BB,
B,
CCC,
CC,
C
and
D
are
below-investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
ratings
agencies.
Bond
insurance
guarantees
only
the
payment
of
principal
and
interest
on
the
bond
when
due,
and
not
the
value
of
the
bonds
themselves,
which
will
fluctuate
with
the
bond
market
and
the
financial
success
of
the
issuer
and
the
insurer.
Insurance
relates
specifically
to
the
bonds
in
the
portfolio
and
not
to
the
share
prices
of
a
Fund.
No
representation
is
made
as
to
the
insurers’
ability
to
meet
their
commitments.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Risk
Considerations
and
Dividend
Information
11
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.
12
About
the
Funds’
Benchmarks
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.
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.
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.
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
13
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,
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.
14
Nuveen
Kansas
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holding
Summaries
May
31,
2023
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
May
31,
2023
Total
Returns
as
of
May
31,
2023**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
10-Year
Class
A
at
NAV
1/09/92
(0.18)%
1.29%
1.99%
0.79%
Class
A
at
maximum
Offering
Price
1/09/92
(4.34)%
0.43%
1.55%
—
S&P
Municipal
Bond
Index
—
0.19%
1.68%
2.31%
—
S&P
Municipal
Bond
Kansas
Index
—
0.43%
1.65%
2.41%
—
Lipper
Other
States
Municipal
Debt
Funds
Classification
Average
—
(0.98)%
0.79%
1.47%
—
Class
I
2/25/97
(0.04)%
1.49%
2.19%
0.59%
Total
Returns
as
of
May
31,
2023**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
Since
Inception
Class
C
at
NAV
2/10/14
(1.08)%
0.46%
1.75%
1.59%
Class
C
at
maximum
Offering
Price
2/10/14
(1.08)%
0.46%
1.75%
—
Effective
Leverage
Ratio
0.00%
15
Growth
of
an
Assumed
$10,000
Investment
as
of May
31,
2023 -
Class
A 
The
graphs
do
not
reflect
the
deduction
of
taxes,
such
as
state
and
local
income
taxes
or
capital
gains
taxes that
a
shareholder
may
pay
on
Fund
distributions
or
the
redemption
of
Fund
Shares.
16
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holding
Summaries
May
31,
2023
(continued)
Holdings
Summaries
as
of
May
31,
2023
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
96
.5‌
%
Common
Stocks
3
.0‌
%
Other
Assets
&
Liabilities,
Net
0.5%
Net
Assets
100‌
%
States
and
Territories
1
(%
of
total
municipal
bonds)
Kansas
76.0%
Guam
12.9%
Puerto
Rico
3.0%
New
York
2.2%
Virgin
Islands
1.6%
Ohio
1.4%
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
31.3%
Tax
Obligation/Limited
21.3%
Utilities
13.7%
Health
Care
8.0%
U.S.
Guaranteed
6.5%
Education
and
Civic
Organizations
4.2%
Other
12.0%
Common
Stocks
3.0%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
6.0%
AAA
12.4%
AA
38.7%
A
16.5%
BBB
8.6%
BB
or
Lower
9.0%
N/R
(not
rated)
5.8%
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.
Nuveen
Kentucky
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holding
Summaries
May
31,
2023
17
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
May
31,
2023
Total
Returns
as
of
May
31,
2023**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
10-Year
Class
A
at
NAV
5/04/87
(1.45)%
0.94%
1.68%
0.83%
Class
A
at
maximum
Offering
Price
5/04/87
(5.62)%
0.07%
1.25%
—
S&P
Municipal
Bond
Index
—
0.19%
1.68%
2.31%
—
S&P
Municipal
Bond
Kentucky
Index
—
0.13%
1.88%
2.47%
—
Lipper
Other
States
Municipal
Debt
Funds
Classification
Average
—
(0.98)%
0.79%
1.47%
—
Class
I
2/07/97
(1.33)%
1.12%
1.88%
0.63%
Total
Returns
as
of
May
31,
2023**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
Since
Inception
Class
C
at
NAV
2/10/14
(2.32)%
0.12%
1.27%
1.63%
Class
C
at
maximum
Offering
Price
2/10/14
(2.32)%
0.12%
1.27%
—
Effective
Leverage
Ratio
7.87%
18
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holding
Summaries
May
31,
2023
(continued)
Growth
of
an
Assumed
$10,000
Investment
as
of May
31,
2023 -
Class
A 
The
graphs
do
not
reflect
the
deduction
of
taxes,
such
as
state
and
local
income
taxes
or
capital
gains
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
the
redemptions
of
Fund
shares.
19
Holdings
Summaries
as
of
May
31,
2023
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
107
.6‌
%
Other
Assets
&
Liabilities,
Net
0.9%
Floating
Rate
Obligations
(8.5)%
Net
Assets
100‌
%
States
and
Territories
1
(%
of
total
municipal
bonds)
Kentucky
97.1%
Puerto
Rico
2.9%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/Limited
32.5%
Education
and
Civic
Organizations
20.7%
Utilities
19.6%
Health
Care
15.1%
Transportation
6.8%
U.S.
Guaranteed
4.9%
Other
0.4%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
4.9%
AAA
3.8%
AA
35.9%
A
43.1%
BBB
6.0%
BB
or
Lower
1.0%
N/R
(not
rated)
5.3%
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.
20
Nuveen
Michigan
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holding
Summaries
May
31,
2023
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
May
31,
2023
Total
Returns
as
of
May
31,
2023**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
10-Year
Class
A
at
NAV
6/27/85
(1.36)%
0.81%
1.90%
0.81%
Class
A
at
maximum
Offering
Price
6/27/85
(5.51)%
(0.06)%
1.46%
—
S&P
Municipal
Bond
Index
—
0.19%
1.68%
2.31%
—
S&P
Municipal
Bond
Michigan
Index
—
0.06%
1.82%
2.60%
—
Lipper
Other
States
Municipal
Debt
Funds
Classification
Average
—
(0.98)%
0.79%
1.47%
—
Class
I
2/03/97
(1.13)%
1.04%
2.11%
0.61%
Total
Returns
as
of
May
31,
2023**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
Since
Inception
Class
C
at
NAV
2/10/14
(2.15)%
0.02%
1.51%
1.61%
Class
C
at
maximum
Offering
Price
2/10/14
(2.15)%
0.02%
1.51%
—
Effective
Leverage
Ratio
0.00%
21
Growth
of
an
Assumed
$10,000
Investment
as
of May
31,
2023 -
Class
A 
The
graphs
do
not
reflect
the
deduction
of
taxes,
such
as
state
and
local
income
taxes
or
capital
gains
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
the
redemptions
of
Fund
shares.
22
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holding
Summaries
May
31,
2023
(continued)
Holdings
Summaries
as
of
May
31,
2023
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
99.3‌%
Other
Assets
&
Liabilities,
Net
0.7%
Net
Assets
100‌%
States
and
Territories
1
(%
of
total
municipal
bonds)
Michigan
96.9%
Puerto
Rico
3.1%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/General
36.4%
Tax
Obligation/Limited
17.7%
Utilities
15.0%
Education
and
Civic
Organizations
13.2%
U.S.
Guaranteed
5.9%
Health
Care
5.6%
Transportation
4.7%
Other
1.5%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
2.8%
AAA
7.4%
AA
69.7%
A
15.6%
BBB
0.9%
BB
or
Lower
0.2%
N/R
(not
rated)
3.4%
Total
100‌%
1
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
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.
Nuveen
Missouri
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holding
Summaries
May
31,
2023
23
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
May
31,
2023
Total
Returns
as
of
May
31,
2023**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
10-Year
Class
A
at
NAV
8/03/87
(0.75)%
1.30%
2.19%
0.75%
Class
A
at
maximum
Offering
Price
8/03/87
(4.91)%
0.44%
1.76%
—
S&P
Municipal
Bond
Index
—
0.19%
1.68%
2.31%
—
S&P
Municipal
Bond
Missouri
Index
—
(0.19)%
1.67%
2.39%
—
Lipper
Other
States
Municipal
Debt
Funds
Classification
Average
—
(0.98)%
0.79%
1.47%
—
Class
I
2/19/97
(0.54)%
1.52%
2.41%
0.55%
Total
Returns
as
of
May
31,
2023**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
Since
Inception
Class
C
at
NAV
2/10/14
(1.54)%
0.50%
1.84%
1.55%
Class
C
at
maximum
Offering
Price
2/10/14
(1.54)%
0.50%
1.84%
—
Effective
Leverage
Ratio
0.00%
24
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holding
Summaries
May
31,
2023
(continued)
Growth
of
an
Assumed
$10,000
Investment
as
of May
31,
2023 -
Class
A 
The
graphs
do
not
reflect
the
deduction
of
taxes,
such
as
state
and
local
income
taxes
or
capital
gains
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
the
redemptions
of
Fund
shares.
25
Holdings
Summaries
as
of
May
31,
2023
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
99
.3‌
%
Other
Assets
&
Liabilities,
Net
0.7%
Net
Assets
100‌
%
States
and
Territories
1
(%
of
total
municipal
bonds)
Missouri
97.7%
Puerto
Rico
1.8%
Guam
0.5%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Health
Care
23.5%
Utilities
18.6%
Tax
Obligation/Limited
18.4%
Tax
Obligation/General
15.7%
Education
and
Civic
Organizations
8.8%
Transportation
7.3%
Long-Term
Care
3.8%
Other
3.9%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
1.2%
AAA
7.1%
AA
44.7%
A
28.6%
BBB
4.2%
BB
or
Lower
5.4%
N/R
(not
rated)
8.8%
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.
26
Nuveen
Ohio
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holding
Summaries
May
31,
2023
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
May
31,
2023
Total
Returns
as
of
May
31,
2023**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
10-Year
Class
A
at
NAV
6/27/85
(0.35)%
1.55%
2.18%
0.76%
Class
A
at
maximum
Offering
Price
6/27/85
(4.57)%
0.70%
1.75%
—
S&P
Municipal
Bond
Index
—
0.19%
1.68%
2.31%
—
S&P
Municipal
Bond
Ohio
Index
—
(0.55)%
1.92%
2.80%
—
Lipper
Ohio
Municipal
Debt
Funds
Classification
Average
—
(0.73)%
1.00%
1.72%
—
Class
I
2/03/97
(0.07)%
1.78%
2.39%
0.56%
Total
Returns
as
of
May
31,
2023**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
Since
Inception
Class
C
at
NAV
2/10/14
(1.17)%
0.74%
1.84%
1.56%
Class
C
at
maximum
Offering
Price
2/10/14
(1.17)%
0.74%
1.84%
—
Effective
Leverage
Ratio
0.00%
27
Growth
of
an
Assumed
$10,000
Investment
as
of May
31,
2023 -
Class
A 
The
graphs
do
not
reflect
the
deduction
of
taxes,
such
as
state
and
local
income
taxes
or
capital
gains
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
the
redemptions
of
Fund
shares.
28
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holding
Summaries
May
31,
2023
(continued)
Holdings
Summaries
as
of
May
31,
2023
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
93
.4‌
%
Common
Stocks
4
.5‌
%
Other
Assets
&
Liabilities,
Net
2.1%
Net
Assets
100‌
%
States
and
Territories
1
(%
of
total
municipal
bonds)
Ohio
97.2%
Puerto
Rico
2.8%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/General
22.3%
Tax
Obligation/Limited
20.1%
Utilities
17.6%
Education
and
Civic
Organizations
12.3%
Health
Care
7.5%
U.S.
Guaranteed
5.8%
Other
9.8%
Common
Stocks
4.6%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
3.7%
AAA
27.0%
AA
43.5%
A
9.8%
BBB
3.1%
BB
or
Lower
1.1%
N/R
(not
rated)
7.2%
N/A
(not
applicable)
4.6%
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.
Nuveen
Wisconsin
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holding
Summaries
May
31,
2023
29
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
May
31,
2023
Total
Returns
as
of
May
31,
2023**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
10-Year
Class
A
at
NAV
6/01/94
(2.27)%
1.44%
1.99%
0.89%
Class
A
at
maximum
Offering
Price
6/01/94
(6.38)%
0.57%
1.55%
—
S&P
Municipal
Bond
Index
—
0.19%
1.68%
2.31%
—
S&P
Municipal
Bond
Wisconsin
Index
—
(0.57)%
1.35%
2.19%
—
Lipper
Other
States
Municipal
Debt
Funds
Classification
Average
—
(0.98)%
0.79%
1.47%
—
Class
I
2/25/97
(2.05)%
1.63%
2.18%
0.69%
Total
Returns
as
of
May
31,
2023**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
Since
Inception
Class
C
at
NAV
2/10/14
(3.04)%
0.63%
1.92%
1.69%
Class
C
at
maximum
Offering
Price
2/10/14
(3.04)%
0.63%
1.92%
—
Effective
Leverage
Ratio
8.45%
30
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holding
Summaries
May
31,
2023
(continued)
Growth
of
an
Assumed
$10,000
Investment
as
of May
31,
2023 -
Class
A 
The
graphs
do
not
reflect
the
deduction
of
taxes,
such
as
state
and
local
income
taxes
or
capital
gains
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
the
redemptions
of
Fund
shares.
31
Holdings
Summaries
as
of
May
31,
2023
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
99
.7‌
%
Common
Stocks
8
.9‌
%
Other
Assets
&
Liabilities,
Net
0.6%
Floating
Rate
Obligations
(9.2)%
Net
Assets
100‌
%
States
and
Territories
1
(%
of
total
municipal
bonds)
Wisconsin
92.5%
Puerto
Rico
5.0%
Virgin
Islands
1.6%
Illinois
0.5%
Minnesota
0.3%
Maryland
0.1%
Ohio
0.0%
Pennsylvania
0.0%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/Limited
22.2%
Housing/Multifamily
21.3%
Health
Care
19.8%
Long-Term
Care
14.3%
Education
and
Civic
Organizations
7.1%
Other
7.1%
Common
Stocks
8.2%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
1.8%
AAA
2.8%
AA
28.6%
A
24.4%
BBB
20.4%
BB
or
Lower
1.6%
N/R
(not
rated)
12.2%
N/A
(not
applicable)
8.2%
Total
100‌
%
1
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
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.
32
Yields
as
of
May
31,
2023
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
2
.88
%
2
.20
%
3
.20
%
Taxable-Equivalent
Yield
(46.5%)
2
5
.27
%
4
.03
%
5
.86
%
Nuveen
Kentucky
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
2
.59
%
1
.91
%
2
.90
%
SEC
30-Day
Yield
2
.96
%
2
.26
%
3
.28
%
Taxable-Equivalent
Yield
(45.3%)
2
5
.41
%
4
.13
%
6
.00
%
Nuveen
Michigan
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
2
.56
%
1
.88
%
2
.91
%
SEC
30-Day
Yield
2
.85
%
2
.17
%
3
.17
%
Taxable-Equivalent
Yield
(45.1%)
2
5
.19
%
3
.95
%
5
.77
%
Nuveen
Missouri
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
3
.05
%
2
.38
%
3
.36
%
SEC
30-Day
Yield
3
.16
%
2
.48
%
3
.48
%
Taxable-Equivalent
Yield
(45.8%)
2
5
.82
%
4
.57
%
6
.41
%
Nuveen
Ohio
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
2
.39
%
1
.73
%
2
.73
%
SEC
30-Day
Yield
2
.68
%
2
.00
%
3
.00
%
Taxable-Equivalent
Yield
(44.8%)
2
4
.86
%
3
.62
%
5
.43
%
33
Nuveen
Wisconsin
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
3
.27
%
2
.60
%
3
.59
%
SEC
30-Day
Yield
3
.13
%
2
.46
%
3
.44
%
Taxable-Equivalent
Yield
(48.5%)
2
6
.01
%
4
.72
%
6
.61
%
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.
34
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
include
the
interest
and
related
expenses
from
inverse
floaters
that
are
reflected
in
the
financial
statements
later
within
this
report,
when
applicable.
The
Examples
below
are
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
period
ended
May
31,
2023.
The
beginning
of
the
period
is
December
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
$
1,011.80
$
1,006.85
$
1,012.98
Expenses
Incurred
During
the
Period
$
4.06
$
8.06
$
3.06
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,020.89
$
1,016.90
$
1,021.89
Expenses
Incurred
During
the
Period
$
4.08
$
8.10
$
3.07
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
182
/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
$
1,016.55
$
1,012.64
$
1,017.62
Expenses
Incurred
During
the
Period
$
4.81
$
8.82
$
3.81
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,020.16
$
1,016.17
$
1,021.15
Expenses
Incurred
During
the
Period
$
4.82
$
8.84
$
3.82
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.96%,
1.76%
and
0.76%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182
/365
(to
reflect
the
one-half
year
period).
35
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
$
1,011.31
$
1,007.34
$
1,013.44
Expenses
Incurred
During
the
Period
$
4.06
$
8.06
$
3.06
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,020.89
$
1,016.90
$
1,021.89
Expenses
Incurred
During
the
Period
$
4.08
$
8.10
$
3.07
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
182
/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
$
1,015.41
$
1,011.49
$
1,017.39
Expenses
Incurred
During
the
Period
$
3.92
$
7.92
$
2.92
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,021.04
$
1,017.05
$
1,022.04
Expenses
Incurred
During
the
Period
$
3.93
$
7.95
$
2.92
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.78%,
1.58%
and
0.58%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182
/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
$
1,008.27
$
1,003.25
$
1,009.18
Expenses
Incurred
During
the
Period
$
3.91
$
7.89
$
2.91
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,021.04
$
1,017.05
$
1,022.04
Expenses
Incurred
During
the
Period
$
3.93
$
7.95
$
2.92
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.78%,
1.58%
and
0.58%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182
/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
$
1,005.42
$
1,001.54
$
1,006.44
Expenses
Incurred
During
the
Period
$
5.18
$
9.16
$
4.23
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,019.76
$
1,015.77
$
1,020.71
Expenses
Incurred
During
the
Period
$
5.22
$
9.23
$
4.26
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
1.04%,
1.84%
and
0.85%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182
/365
(to
reflect
the
one-half
year
period).
36
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Board
of
Trustees
of
Nuveen
Multistate
Trust
IV
and
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
and
Nuveen
Wisconsin
Municipal
Bond
Fund
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
portfolios
of
investments,
of
Nuveen
Kansas
Municipal
Bond
Fund,
Nuveen
Kentucky
Municipal
Bond
Fund,
Nuveen
Michigan
Municipal
Bond
Fund,
Nuveen
Missouri
Municipal
Bond
Fund,
Nuveen
Ohio
Municipal
Bond
Fund
and
Nuveen
Wisconsin
Municipal
Bond
Fund
(six
of
the
funds
constituting
Nuveen
Multistate
Trust
IV,
hereafter
collectively
referred
to
as
the
"Funds")
as
of
May
31,
2023,
the
related
statements
of
operations
for
the
year
ended
May
31,
2023,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
May
31,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
May
31,
2023
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
May
31,
2023,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
May
31,
2023
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
May
31,
2023
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
May
31,
2023
by
correspondence
with
the
custodian
and,
brokers.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/
PricewaterhouseCoopers
LLP
Chicago,
Illinois
July
26,
2023
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
Nuveen
Funds
since
2002.
37
Nuveen
Kansas
Municipal
Bond
Fund
Portfolio
of
Investments
May
31,
2023
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
99.5%   
X
222,234,287
MUNICIPAL
BONDS
-
96.5%  
X
222,234,287
Consumer
Staples
-
3.9%
$
4,080
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+
$
3,012,631
1,350
Children's
Trust
Fund,
Puerto
Rico,
Tobacco
Settlement
Asset-Backed
Bonds,
Refunding
Series
2002,
5.500%,
5/15/39
7/23
at
100.00
BBB
1,350,054
925
Guam
Economic
Development
&
Commerce
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A,
5.250%,
6/01/32
6/23
at
100.00
N/R
884,041
510
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-
522,939
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
578,938
300
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018B,
5.000%,
6/01/46
6/28
at
100.00
BBB-
301,446
2,510
TSASC
Inc.,
New
York,
Tobacco
Asset-Backed
Bonds,
Series
2006,
5.000%,
6/01/48
6/27
at
100.00
N/R
2,324,561
Total
Consumer
Staples
8,974,610
Education
and
Civic
Organizations
-
4.2%
Kansas
City
Kansas
Community
College,
Wyandotte
County,
Kansas,
Auxiliary
Enterprise
System
Revenue
Bonds,
Series
2021:
4,500
4.000%,
9/01/47
9/30
at
100.00
A
4,098,375
2,000
4.000%,
9/01/52
9/30
at
100.00
A
1,776,860
250
Kansas
Development
Finance
Authority,
Revenue
Bonds,
Kansas
State
University
Projects,
Series
2016A,
4.000%,
3/01/27
3/24
at
100.00
Aa3
251,035
1,000
Topeka,
Kansas,
Economic
Development
Revenue
Bonds,
YMCA
Project,
Refunding
Series
2011A,
6.500%,
9/01/32
(4)
7/23
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
3,207,544
Total
Education
and
Civic
Organizations
9,633,814
Health
Care
-
7.9%
385
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2,
5.000%,
8/01/39
8/29
at
100.00
A-
399,515
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
Ba2
1,032,860
400
5.000%,
12/01/41
12/26
at
100.00
Ba2
364,048
875
Illinois
Finance
Authority,
Revenue
Bonds,
Ascension
Health/fkaPresence
Health
Network,
Series
2016C,
5.000%,
2/15/36
2/27
at
100.00
AA+
915,959
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
828,386
285
5.000%,
11/15/54,
(Mandatory
Put
11/15/28)
No
Opt.
Call
AA
308,247
Lawrence,
Kansas,
Hospital
Revenue
Bonds,
Lawrence
Memorial
Hospital,
Series
2018A:
305
5.000%,
7/01/43
7/28
at
100.00
A-
309,764
5,000
5.000%,
7/01/48
7/28
at
100.00
A-
5,039,750
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
282,860
Nuveen
Kansas
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
38
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+
$
960,839
295
5.000%,
7/01/29
No
Opt.
Call
BBB+
316,511
University
of
Kansas
Hospital
Authority,
Health
Facilities
Revenue
Bonds,
KU
Health
System,
Refunding
&
Improvement
Series
2015:
2,000
4.000%,
9/01/40
9/25
at
100.00
AA-
1,912,220
2,000
5.000%,
9/01/45
9/25
at
100.00
AA-
2,033,900
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-
3,579,065
Total
Health
Care
18,283,924
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
2,825,100
Total
Housing/Multifamily
2,825,100
Industrials
-
0.6%
1,415
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Alcoa
Inc.
Project,
Series
2012,
4.750%,
8/01/42
7/23
at
100.00
BBB-
1,351,452
Total
Industrials
1,351,452
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
1,757,725
2,715
Wichita,
Kansas,
Health
Care
Facilities
Revenue
Bonds,
Presbyterian
Manors,
Series
2013IV-A,
6.375%,
5/15/43
7/23
at
100.00
N/R
2,692,194
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
595,394
Total
Long-Term
Care
5,045,313
Tax
Obligation/General
-
31.2%
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
1,156,747
1,150
4.000%,
9/01/34
-
BAM
Insured
9/28
at
100.00
AA
1,183,304
1,000
3.000%,
9/01/38
-
BAM
Insured
9/28
at
100.00
AA
875,160
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
1,018,350
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
2,949,180
100
Douglas
County
Unified
School
District
497,
Kansas,
General
Obligation
Bonds,
Series
2017A,
3.125%,
9/01/37
9/27
at
100.00
Aa3
90,607
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
402,635
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
5,227,800
2,500
Johnson
County
Unified
School
District
229,
Blue
Valley,
Kansas,
General
Obligation
Bonds,
School
Series
2020A,
2.500%,
10/01/39
10/30
at
100.00
Aaa
1,966,475
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
2,290,828
1,610
5.000%,
10/01/31
No
Opt.
Call
Aaa
1,876,374
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-
2,210,824
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-
1,543,148
39
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
3,585
Johnson
County
Unified
School
District
512,
Shawnee
Mission,
Kansas,
General
Obligation
Bonds,
Improvement
Series
2023A,
5.000%,
10/01/40
10/33
at
100.00
Aaa
$
4,026,385
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
8,420,700
500
Johnson
County,
Kansas,
General
Obligation
Bonds,
General
Improvement
Series
2016A,
5.000%,
9/01/24
No
Opt.
Call
AAA
510,520
5,000
Johnson
County,
Kansas,
General
Obligation
Bonds,
Internal
Improvement
Series
2018A,
4.000%,
9/01/34
9/27
at
100.00
AAA
5,177,250
1,290
Johnson/Miami
County
Unified
School
District
230
Spring
Hill,
Kansas,
General
Obligation
Bonds,
Improvement
Series
2016B,
4.000%,
9/01/33
9/26
at
100.00
A1
1,316,845
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
656,388
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
1,091,600
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
940,530
500
Linn
County
Unified
School
District
362,
Kansas,
General
Obligation
Bonds,
Series
2020,
3.000%,
9/01/35
9/28
at
100.00
A+
470,955
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
3,269,834
Reno
County,
Kansas,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2021:
205
3.000%,
9/01/31
9/28
at
100.00
Aa3
200,408
200
3.000%,
9/01/34
9/28
at
100.00
Aa3
188,138
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
1,159,719
Saline
County,
Kansas,
General
Obligation
Bonds,
Sales
Tax
Series
2021B:
3,425
3.000%,
9/01/32
9/30
at
100.00
Aa2
3,371,091
2,530
3.000%,
9/01/33
9/30
at
100.00
Aa2
2,455,517
500
2.000%,
9/01/34
9/30
at
100.00
Aa2
412,880
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
481,005
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
1,367,784
1,650
4.000%,
9/01/31
9/27
at
100.00
AA
1,697,240
500
4.000%,
9/01/32
9/27
at
100.00
AA
513,790
1,250
Wabaunsee
County
Unified
School
District
330
Mission
Valley,
Kansas,
General
Obligation
Bonds,
Series
2022,
5.500%,
9/01/47
-
BAM
Insured
9/31
at
100.00
AA
1,386,238
Wichita,
Kansas,
General
Obligation
Bonds,
Airport
Series
2015C:
2,000
5.000%,
12/01/39,
(AMT)
12/25
at
100.00
AA+
2,026,760
500
4.250%,
12/01/44,
(AMT)
12/25
at
100.00
AA+
500,995
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+
1,331,078
1,000
5.000%,
9/01/40
9/28
at
100.00
A+
1,067,610
1,000
4.000%,
9/01/48
9/28
at
100.00
A+
921,080
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
197,054
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
1,494,381
2,395
3.000%,
8/01/31
-
BAM
Insured
8/28
at
100.00
AA
2,337,783
Total
Tax
Obligation/General
71,782,990
Nuveen
Kansas
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
40
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
-
21.2%
Dodge
City,
Kansas,
Sales
Tax
Revenue
Bonds,
Refunding
Series
2016:
$
500
5.000%,
6/01/28
-
AGM
Insured
6/27
at
100.00
AA
$
534,245
1,380
5.000%,
6/01/29
-
AGM
Insured
6/27
at
100.00
AA
1,476,089
2,295
5.000%,
6/01/30
-
AGM
Insured
6/27
at
100.00
AA
2,456,660
1,320
5.000%,
6/01/31
-
AGM
Insured
6/27
at
100.00
AA
1,413,232
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D:
1,000
5.000%,
11/15/34
11/25
at
100.00
BB
1,009,660
2,000
5.000%,
11/15/39
11/25
at
100.00
BB
1,978,700
Guam
Government,
Limited
Obligation
Section
30
Revenue
Bonds,
Series
2016A:
2,000
5.000%,
12/01/25
No
Opt.
Call
BB
2,037,180
1,000
5.000%,
12/01/30
12/26
at
100.00
BB
1,027,410
1,000
5.000%,
12/01/32
12/26
at
100.00
BB
1,026,460
2,275
5.000%,
12/01/33
12/26
at
100.00
BB
2,331,579
1,250
5.000%,
12/01/46
12/26
at
100.00
BB
1,205,725
2,630
Johnson
County
Community
College,
Kansas,
Certificates
of
Participation,
Series
2017,
4.000%,
10/01/28
10/26
at
100.00
Aa2
2,701,510
Kansas
Department
of
Transportation,
Highway
Revenue
Bonds,
Series
2015B:
1,000
5.000%,
9/01/29
9/25
at
100.00
AA
1,038,550
1,500
5.000%,
9/01/35
9/25
at
100.00
AA
1,547,955
2,240
Kansas
Department
of
Transportation,
Highway
Revenue
Bonds,
Series
2017A,
5.000%,
9/01/33
9/27
at
100.00
AA
2,423,232
1,000
Kansas
Development
Finance
Authority,
Kansas,
Revenue
Bonds,
State
of
Kansas
Projects,
Refunding
Series
2019F,
3.000%,
11/01/33
11/27
at
100.00
Aa3
936,490
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
1,711,565
3,260
3.000%,
5/01/32
5/30
at
100.00
Aa3
3,135,436
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
1,203,088
1,350
3.000%,
9/01/34
9/27
at
100.00
Aa2
1,296,229
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-
7,236,479
Overland
Park,
Kansas,
Sales
Tax
Revenue
Bonds,
Prairiefire
Community
Improvement
District
No.
1
Project,
Series
2012B:
200
5.250%,
12/15/29
(4)
7/23
at
100.00
N/R
100,000
200
6.100%,
12/15/34
(4)
7/23
at
100.00
N/R
100,000
2,775
Overland
Park,
Kansas,
Sales
Tax
Special
Obligation
Revenue
Bonds,
Prairiefire
at
Lionsgate
Project,
Series
2012,
6.000%,
12/15/32
7/23
at
100.00
N/R
1,231,406
335
Ozawkie
Kansas,
General
Obligation
Refunding
Bonds,
Series
2020,
3.000%,
9/01/39
9/27
at
100.00
A
295,705
2,000
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2012A,
5.000%,
10/01/32
-
AGM
Insured
7/23
at
100.00
AA
2,001,180
1,485
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
1,357,646
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+
1,403,715
1,260
5.000%,
12/01/26
12/24
at
100.00
BBB+
1,289,900
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
1,003,603
41
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
$
326,203
Total
Tax
Obligation/Limited
48,836,832
Transportation
-
4.0%
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
1,114,882
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
1,184,106
Kansas
State
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Refunding
Series
2019A:
1,065
5.000%,
9/01/31
9/29
at
100.00
Aa2
1,202,864
1,100
5.000%,
9/01/38
9/29
at
100.00
Aa2
1,207,382
1,000
Kansas
State
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Refunding
Series
2020A,
3.000%,
9/01/26
No
Opt.
Call
Aa2
991,170
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
1,475,580
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
1,967,920
Total
Transportation
9,143,904
U.S.
Guaranteed
-
6.5%
(5)
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
937,291
565
5.000%,
8/01/33,
(Pre-refunded
8/01/23)
-
AGM
Insured
8/23
at
100.00
AA
566,384
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
1,542,645
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
781,006
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-
500,650
2,000
5.500%,
7/01/43,
(Pre-refunded
7/01/23)
7/23
at
100.00
A-
2,003,000
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
1,302,575
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
44,158
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
BBB+
1,502,670
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
376,939
2,155
4.000%,
9/01/38,
(Pre-refunded
9/01/26)
9/26
at
100.00
Aa3
2,225,490
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
15,918
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
2,130,640
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-
1,034,990
Total
U.S.
Guaranteed
14,964,356
Nuveen
Kansas
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
42
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
-
13.6%
$
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
$
13
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
1/24
at
100.00
BBB
129,302
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
642,114
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-
100,751
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-
1,751,277
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2016:
370
5.000%,
7/01/36
7/26
at
100.00
A-
377,252
2,580
5.000%,
1/01/46
7/26
at
100.00
A-
2,603,736
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-
2,008,640
3,750
Guam
Power
Authority,
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
10/01/40
10/27
at
100.00
BBB
3,820,688
Guam
Power
Authority,
Revenue
Bonds,
Series
2014A:
1,000
5.000%,
10/01/32
10/24
at
100.00
AA
1,027,740
1,000
5.000%,
10/01/33
10/24
at
100.00
AA
1,027,440
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
1,044,490
1,000
5.000%,
4/01/34
-
BAM
Insured
4/26
at
100.00
AA
1,045,040
1,000
5.000%,
4/01/35
-
BAM
Insured
4/26
at
100.00
AA
1,045,040
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
10
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
5
480
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2005RR,
5.000%,
7/01/28
-
AGC
Insured
7/23
at
100.00
AA
483,230
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2007VV:
2,480
5.250%,
7/01/27
-
AGM
Insured
No
Opt.
Call
AA
2,487,093
1,065
5.250%,
7/01/31
-
AGM
Insured
No
Opt.
Call
AA
1,068,418
Salina,
Kansas,
Water
and
Sewer
System
Revenue
Bonds,
Refunding
Series
2019A:
475
3.000%,
10/01/28
10/26
at
100.00
Aa3
468,212
355
3.000%,
10/01/29
10/26
at
100.00
Aa3
351,219
780
3.000%,
10/01/30
10/26
at
100.00
Aa3
768,784
580
3.000%,
10/01/31
10/26
at
100.00
Aa3
566,921
Topeka,
Kansas,
Utility
Revenue
Bonds,
Refunding
&
Improvement
Series
2021A:
785
4.000%,
8/01/30
-
BAM
Insured
8/29
at
100.00
AA
830,412
740
4.000%,
8/01/31
-
BAM
Insured
8/29
at
100.00
AA
779,420
1,595
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Series
2007B,
5.000%,
7/01/31
7/23
at
100.00
CC
1,484,419
1,105
Wichita,
Kansas,
Water
and
Sewer
Utility
Revenue
Bonds,
Refunding
Series
2017B,
5.000%,
10/01/26
No
Opt.
Call
AA-
1,176,096
2,000
Wyandotte
County/Kansas
City
Unified
Government,
Kansas,
Utility
System
Revenue
Bonds,
Refunding
&
Improvement
Series
2014A,
5.000%,
9/01/44
9/24
at
100.00
A
2,011,120
43
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
$
2,293,110
Total
Utilities
31,391,992
Total
Municipal
Bonds
(cost
$237,244,270)
222,234,287
Shares
Description
(1)
Value
X
6,899,301
COMMON
STOCKS
-
3.0%  
X
6,899,301
Independent
Power
and
Renewable
Electricity
Producers
-
3.0%
89,726
Energy
Harbor
Corp
(6),(7)
$
6,899,301
Total
Independent
Power
and
Renewable
Electricity
Producers
6,899,301
Total
Common
Stocks
(cost
$2,547,413)
6,899,301
Total
Long-Term
Investments
(cost
$239,791,683)
229,133,588
Other
Assets
&
Liabilities,
Net
-
0.5%
1,126,228
Net
Assets
-
100%
$
230,259,816
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(3)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(4)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(5)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(6)
Energy
Harbor
Corp
(ENGH)
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.
Various
funds
and
accounts
managed
by
Nuveen,
including
the
Fund,
collectively
are
a
substantial
minority
holder
of
ENGH’s
outstanding
shares
of
common
stock,
and
possess
certain
other
rights
with
respect
to
the
corporate
governance
of
ENGH.
Due
to
these
facts,
under
the
federal
securities
laws,
the
securities
of
ENGH
held
by
Nuveen
funds
and
accounts,
including
the
Fund,
cannot
be
sold
except
under
limited
conditions
(which
are
not  currently
satisfied).
The
Fund
is
therefore
unable
to
sell
such
shares
in
ordinary
secondary
market
transactions
at
this
time.
On
March
6,
2023
Vistra
Corp.
(“Vistra”)
announced
that
it
has
executed
a
definitive
agreement
with
Energy
Harbor
Corp.,
pursuant
to
which
Energy
Harbor
will
merge
with
and
into
a
newly-
formed
subsidiary
of
Vistra.  The
companies
anticipate
closing
the
transaction
in
the
second
half
of
2023.  In
connection
with
the
transaction,
Nuveen
funds
and
accounts
expect
to
receive
a
combination
of
cash
and
shares
in
a
newly
formed
entity.
Nuveen
expects
these
shares
to
be
issued
in
a
private
transaction
and
may
have
reduced
secondary
market
liquidity.  The
transaction
is
subject
to
certain
regulatory
approvals
and
there
can
be
no
assurance
that
the
transaction
will
close.
(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
See
Notes
to
Financial
Statements
44
Nuveen
Kentucky
Municipal
Bond
Fund
Portfolio
of
Investments
May
31,
2023
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
107.6%   
X
285,379,448
MUNICIPAL
BONDS
-
107.6%  
X
285,379,448
Education
and
Civic
Organizations
-
22.2%
$
155
Campbellsville,
Kentucky,
Industrial
Building
Revenue
Bonds,
Campbellsville
University
Project,
Series
2017,
5.000%,
3/01/39
3/27
at
100.00
N/R
$
138,317
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
4,147,609
4,200
4.000%,
6/01/51
6/31
at
100.00
A
3,631,446
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-
909,418
705
4.000%,
3/01/49
3/30
at
100.00
A-
606,448
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+
2,016,200
795
5.000%,
7/01/40
7/25
at
100.00
BBB+
790,970
7,025
5.000%,
1/01/45
7/25
at
100.00
BBB+
6,844,668
Kentucky
Higher
Education
Student
Loan
Corporation,
Student
Loan
Revenue
Bonds,
Senior
Series
2014A:
700
5.000%,
6/01/23,
(AMT)
No
Opt.
Call
AAA
700,000
400
5.000%,
6/01/24,
(AMT)
No
Opt.
Call
A
403,912
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
532,970
1,450
2.125%,
6/01/32,
(AMT)
6/31
at
100.00
A
1,237,009
Kentucky
Higher
Education
Student
Loan
Corporation,
Student
Loan
Revenue
Bonds,
Series
2019A:
1,000
5.000%,
6/01/28,
(AMT)
No
Opt.
Call
A
1,046,160
700
5.000%,
6/01/29,
(AMT)
No
Opt.
Call
A
740,712
Kentucky
State
University,
Certificates
of
Participation,
Series
2021:
500
4.000%,
11/01/41
-
BAM
Insured
11/31
at
100.00
AA
486,355
3,025
4.000%,
11/01/51
-
BAM
Insured
11/31
at
100.00
AA
2,860,470
2,850
4.000%,
11/01/56
-
BAM
Insured
11/31
at
100.00
AA
2,672,046
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
1,763,347
1,210
5.000%,
5/01/40
5/25
at
100.00
Ba1
1,139,856
Murray
State
University,
Kentucky,
General
Receipts
Bonds,
Series
2015A:
1,125
5.000%,
3/01/26
3/25
at
100.00
A1
1,154,981
1,075
5.000%,
3/01/27
3/25
at
100.00
A1
1,101,993
4,000
University
of
Kentucky,
General
Receipts
Bonds,
Refunding
Series
2015B,
5.000%,
10/01/27
4/25
at
100.00
AA+
4,110,360
2,000
University
of
Kentucky,
General
Receipts
Bonds,
Series
2015A,
5.000%,
4/01/29
4/25
at
100.00
AA+
2,050,160
250
University
of
Kentucky,
General
Receipts
Bonds,
Series
2016A,
5.000%,
4/01/32
4/25
at
100.00
AA+
255,068
4,535
University
of
Kentucky,
General
Receipts
Bonds,
Series
2018A,
4.000%,
10/01/32
4/26
at
100.00
AA+
4,608,014
University
of
Louisville,
Kentucky,
Revenue
Bonds,
General
Reciepts
Series
2016D:
1,155
5.000%,
3/01/31
9/26
at
100.00
A+
1,214,991
3,450
5.000%,
3/01/32
9/26
at
100.00
A+
3,628,020
45
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+
$
2,545,175
Western
Kentucky
University,
General
Receipts
Revenue
Bonds,
Refunding
Series
2016A:
2,690
5.000%,
9/01/25
No
Opt.
Call
A1
2,774,224
2,820
5.000%,
9/01/26
9/25
at
100.00
A1
2,916,359
Total
Education
and
Civic
Organizations
59,027,258
Health
Care
-
16.3%
9,190
Hazard,
Kentucky,
Healthcare
Revenue
Bonds,
Appalachian
Regional
Healthcare
Project,
Series
2021,
4.000%,
7/01/51
7/31
at
100.00
A
7,985,926
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
8,214,080
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
3,083,400
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
510,485
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-
6,573,805
Kentucky
Economic
Development
Finance
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2:
100
5.000%,
8/01/37
8/29
at
100.00
A-
104,384
100
5.000%,
8/01/38
8/29
at
100.00
A-
104,083
2,500
5.000%,
8/01/44
8/29
at
100.00
A-
2,573,925
Louisville
and
Jefferson
County
Metropolitan
Government,
Kentucky,
Hospital
Revenue
Bonds,
UofL
Health
Project,
Series
2022A:
4,500
5.000%,
5/15/52
-
AGM
Insured
5/32
at
100.00
AA
4,655,430
1,165
5.000%,
5/15/52
5/32
at
100.00
A-
1,169,474
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
2,018,220
Warren
County,
Kentucky,
Hospital
Revenue
Bonds,
Bowling
Green-Warren
County
Community
Hospital
Corporation,
Refunding
Series
2021A:
600
5.000%,
4/01/24
No
Opt.
Call
AA-
606,726
600
5.000%,
4/01/25
No
Opt.
Call
AA-
615,906
500
5.000%,
4/01/26
No
Opt.
Call
AA-
522,245
500
5.000%,
4/01/27
No
Opt.
Call
AA-
531,795
Warren
County,
Kentucky,
Hospital
Revenue
Bonds,
Bowling
Green-Warren
County
Community
Hospital
Corporation,
Series
2012A:
1,980
5.000%,
10/01/33
7/23
at
100.00
AA-
1,979,861
2,000
5.000%,
10/01/37
7/23
at
100.00
AA-
1,999,880
Total
Health
Care
43,249,625
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
1,097,613
Total
Industrials
1,097,613
Tax
Obligation/Limited
-
35.0%
Barren
County
School
District
Finance
Corporation,
Kentucky,
School
Building
Revenue
Bonds,
Series
2015:
1,250
5.000%,
8/01/24
No
Opt.
Call
A1
1,270,662
1,760
5.000%,
8/01/25
2/25
at
100.00
A1
1,805,514
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
3,195,810
Nuveen
Kentucky
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
46
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
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
$
8,772,085
10,400
5.000%,
9/01/48
9/28
at
100.00
A2
10,722,816
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
13,407,030
1,000
4.000%,
12/01/41
-
AGM
Insured
12/27
at
100.00
AA
982,200
4,100
5.000%,
12/01/45
-
AGM
Insured
12/27
at
100.00
AA
4,192,906
4,985
Kentucky
State
Property
and
Buildings
Commission,
Revenue
Bonds,
Project
112,
Refunding
Series
2016B,
5.000%,
11/01/24
No
Opt.
Call
AA-
5,105,537
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
7,385,770
6,000
5.000%,
4/01/38
4/27
at
100.00
AA-
6,284,760
2,500
Kentucky
State
Property
and
Buildings
Commission,
Revenue
Bonds,
Project
119,
Series
2018,
5.000%,
5/01/30
5/28
at
100.00
AA-
2,710,875
2,445
Kentucky
State
Property
and
Buildings
Commission,
Revenue
Bonds,
Project
126,
Series
2022A,
5.000%,
5/01/42
5/32
at
100.00
AA-
2,640,135
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
2,083,435
550
5.000%,
7/01/36,
(UB)
(4)
7/27
at
100.00
Aa3
587,087
500
5.000%,
7/01/37,
(UB)
(4)
7/27
at
100.00
Aa3
530,440
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
5,393,900
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
806,350
2,460
Newport,
Kentucky,
Special
Obligation
Revenue
Bonds,
Newport
Skypoint
Project,
Refunding
Series
2023,
5.500%,
9/01/50
3/33
at
100.00
N/R
2,258,747
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
6,755,780
89
4.550%,
7/01/40
7/28
at
100.00
N/R
84,924
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
1,307,254
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
2,747,400
1,485
Warren
County
School
District
Finance
Corporation,
Kentucky,
School
Building
Revenue
Bonds,
Series
2022,
5.000%,
12/01/31
No
Opt.
Call
A1
1,690,168
Total
Tax
Obligation/Limited
92,721,585
Transportation
-
7.3%
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
1,677,461
1,855
5.000%,
1/01/30
1/26
at
100.00
A1
1,942,148
1,750
5.000%,
1/01/31
1/26
at
100.00
A1
1,830,500
2,730
5.000%,
1/01/33
1/26
at
100.00
A1
2,850,720
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
4,505,544
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
1,994,300
700
0.000%,
7/01/32
7/28
at
76.98
Baa2
429,142
47
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
$
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
$
1,137,240
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+
1,569,944
1,500
5.000%,
7/01/32,
(AMT)
7/24
at
100.00
A+
1,514,160
Total
Transportation
19,451,159
U.S.
Guaranteed
-
5.3%
(6)
3,750
Kentucky
Economic
Development
Finance
Authority,
Louisville
Arena
Project
Revenue
Bonds,
Louisville
Arena
Authority,
Inc.,
Series
2008-A2,
0.000%,
12/01/23
-
AGC
Insured,
(ETM)
No
Opt.
Call
A2
3,684,938
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
250,332
10,000
6.000%,
7/01/53,
(Pre-refunded
7/01/23)
7/23
at
100.00
Baa2
10,015,100
Total
U.S.
Guaranteed
13,950,370
Utilities
-
21.1%
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
5,518,560
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
4,917,465
1,375
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
1,323,369
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
4,686,297
5,000
5.000%,
2/01/31,
(UB)
(4)
2/28
at
100.00
AAA
5,493,950
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
1,335,360
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
3,768,867
1,000
Louisville
and
Jefferson
County
Metropolitan
Sewer
District,
Kentucky,
Sewer
and
Drainage
System
Revenue
Bonds,
Series
2013A,
4.000%,
5/15/36
8/23
at
100.00
AA
1,000,700
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
815,050
1,785
4.000%,
5/15/40
11/24
at
100.00
AA
1,753,869
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
7,952,200
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
2,069,500
5
Paducah,
Kentucky,
Electric
Plant
Board
Revenue
Bonds,
Series
2009A,
5.250%,
10/01/35
-
AGC
Insured
6/23
at
100.00
AA
5,005
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
1,017,990
1,100
5.000%,
11/01/34
-
AGM
Insured
5/25
at
100.00
AA
1,131,559
1,635
5.000%,
11/01/37
-
AGM
Insured
5/25
at
100.00
AA
1,677,935
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
8,164,618
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
2,837,756
Nuveen
Kentucky
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
48
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
$
405
Russellville,
Kentucky,
Electric
Plant
Board
Electric
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
8/01/24
-
BAM
Insured
No
Opt.
Call
AA
$
411,788
Total
Utilities
55,881,838
Total
Municipal
Bonds
(cost
$300,188,174)
285,379,448
Total
Long-Term
Investments
(cost
$300,188,174)
285,379,448
Floating
Rate
Obligations
-
(8.5)%  
(
22,650,000
)
Other
Assets
&
Liabilities,
Net
-
0.9%
2,557,370
Net
Assets
-
100%
$
265,286,818
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(3)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(4)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(5)
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
Notes
to
Financial
Statements
49
Nuveen
Michigan
Municipal
Bond
Fund
Portfolio
of
Investments
May
31,
2023
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
99.3%   
X
294,643,918
MUNICIPAL
BONDS
-
99.3%  
X
294,643,918
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+
$
2,039,788
Total
Consumer
Staples
2,039,788
Education
and
Civic
Organizations
-
13.1%
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+
1,495,318
Central
Michigan
University
Board
of
Trustees,
General
Revenue
Bonds,
Series
2019:
1,165
5.000%,
10/01/33
10/29
at
100.00
A+
1,279,368
2,020
5.000%,
10/01/34
10/29
at
100.00
A+
2,219,233
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
399,995
3,835
Eastern
Michigan
University,
General
Revenue
Bonds,
Series
2018A,
4.000%,
3/01/44
-
AGM
Insured
3/28
at
100.00
AA
3,578,784
Ferris
State
University,
Michigan,
General
Revenue
Bonds,
Refunding
Series
2016:
2,695
5.000%,
10/01/34
10/26
at
100.00
A+
2,808,325
2,000
5.000%,
10/01/41
10/26
at
100.00
A+
2,072,040
350
Grand
Valley
State
University,
Michigan,
General
Revenue
Bonds,
Refunding
Series
2014B,
5.000%,
12/01/28
12/24
at
100.00
A+
357,122
Grand
Valley
State
University,
Michigan,
General
Revenue
Bonds,
Series
2017:
250
5.000%,
12/01/30
12/24
at
100.00
A+
254,467
250
5.000%,
12/01/32
12/24
at
100.00
A+
253,810
90
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+
89,060
4,670
Michigan
State
University,
General
Revenue
Bonds,
Series
2015A,
5.000%,
8/15/40
8/25
at
100.00
AA
4,781,893
1,835
Michigan
State
University,
General
Revenue
Bonds,
Taxable
Series
2019A,
5.000%,
2/15/48
2/29
at
100.00
AA
1,931,374
1,800
Michigan
Technological
University,
General
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
10/01/45
10/25
at
100.00
A1
1,850,760
Michigan
Technological
University,
General
Revenue
Bonds,
Series
2023A:
1,520
5.000%,
10/01/47
-
AGM
Insured
10/31
at
100.00
AA
1,599,359
1,000
5.250%,
10/01/52
-
AGM
Insured
10/31
at
100.00
AA
1,065,430
Northern
Michigan
University,
General
Revenue
Bonds,
Series
2018A:
500
5.000%,
12/01/32
6/28
at
100.00
A1
544,415
400
5.000%,
12/01/34
6/28
at
100.00
A1
433,904
5,480
Oakland
University,
Michigan,
General
Revenue
Bonds,
Series
2016,
5.000%,
3/01/47
3/26
at
100.00
A1
5,541,157
2,760
Oakland
University,
Michigan,
General
Revenue
Bonds,
Series
2019,
5.000%,
3/01/50
3/29
at
100.00
A1
2,864,908
515
Saginaw
Valley
State
University,
Michigan,
General
Revenue
Bonds,
Refunding
Series
2016A,
5.000%,
7/01/35
7/26
at
100.00
A1
535,317
University
of
Michigan,
Michigan,
General
Revenue
Bonds,
Series
2017A:
1,000
5.000%,
4/01/34
4/27
at
100.00
AAA
1,081,150
1,190
5.000%,
4/01/35
4/27
at
100.00
AAA
1,282,368
650
Western
Michigan
University,
General
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
11/15/45
5/25
at
100.00
Aa3
657,202
Total
Education
and
Civic
Organizations
38,976,759
Nuveen
Michigan
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
50
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
-
5.5%
$
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
$
4,926,352
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
2,375,723
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
2,724,425
Michigan
Finance
Authority,
Hospital
Revenue
Bonds,
Sparrow
Obligated
Group,
Refunding
Series
2015:
560
5.000%,
11/15/45
5/25
at
100.00
A-
561,131
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-
3,003,580
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-
2,793,930
Total
Health
Care
16,385,141
Housing/Multifamily
-
0.6%
Michigan
Housing
Development
Authority,
Rental
Housing
Revenue
Bonds,
Series
2021A:
320
1.050%,
10/01/27
No
Opt.
Call
AA+
284,698
500
1.150%,
4/01/28
No
Opt.
Call
AA+
439,195
720
1.375%,
4/01/29
No
Opt.
Call
AA+
625,493
625
1.600%,
4/01/30
No
Opt.
Call
AA+
538,300
Total
Housing/Multifamily
1,887,686
Long-Term
Care
-
0.2%
750
Kentwood
Economic
Development
Corporation,
Michigan,
Limited
Obligation
Revenue
Bonds,
Holland
Home
Obligated
Group,
Refunding
Series
2022,
4.000%,
11/15/43
11/28
at
103.00
BBB-
564,458
Total
Long-Term
Care
564,458
Tax
Obligation/General
-
36.2%
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
1,396,345
825
Ann
Arbor
Public
School
District,
Washtenaw
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2022,
5.000%,
5/01/42
5/32
at
100.00
Aa3
909,100
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
1,991,720
3,000
4.000%,
5/01/47
5/32
at
100.00
Aa1
2,968,740
1,100
Birmingham
Public
Schools,
Oakland
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Refunding
Series
2023,
5.000%,
5/01/43
5/33
at
100.00
AA+
1,195,799
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
3,299,442
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
2,674,486
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
1,093,500
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
951,913
1,310
5.000%,
5/01/43
5/29
at
100.00
Aa1
1,421,376
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
1,531,953
1,030
Calhoun
County,
Michigan,
General
Obligation
Bonds,
Limited
Tax
Series
2023,
5.000%,
4/01/38
4/33
at
100.00
AA
1,142,208
1,275
Cedar
Springs
Public
School
District,
Kent
and
Newaygo
Counties,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2023-II,
5.000%,
5/01/51
5/33
at
100.00
AA
1,346,132
51
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
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
$
932,807
2,000
Clarkston
Community
Schools,
Oakland
County,
Michigan,
General
Obligation
Bonds,
School
Building
and
Site
Series
2023-I,
5.000%,
5/01/47
5/33
at
100.00
Aa1
2,150,700
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
1,102,760
110
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+
112,955
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
1,676,587
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
2,103,820
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
1,963,261
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
532,775
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
1,672,757
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
1,776,904
870
5.000%,
5/01/40
5/31
at
100.00
AA
950,423
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
4,510,975
2,055
5.000%,
5/01/38
-
AGM
Insured
5/26
at
100.00
AA
2,126,062
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
1,631,820
1,000
5.000%,
11/01/36
-
AGM
Insured
5/29
at
100.00
AA
1,080,420
2,600
5.000%,
11/01/41
-
AGM
Insured
5/29
at
100.00
AA
2,751,268
1,330
Hemlock
Public
School
District,
Saginaw
and
Midland
Counties,
Michigan,
General
Obligation
Bonds,
School
&
Building
Site
Series
2022I,
5.000%,
5/01/52
5/32
at
100.00
Aa1
1,425,135
1,000
Hudsonville
Public
Schools,
Ottawa
and
Allegan
Counties,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Refunding
Series
2023,
5.000%,
5/01/53
5/33
at
100.00
AA
1,058,560
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
1,980,575
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
3,139,410
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
1,840,318
Kalamazoo
County,
Michigan,
General
Obligation
Bonds,
Juvenile
Home
Facilities
Series
2017:
500
5.000%,
4/01/26
No
Opt.
Call
AA+
527,230
500
5.000%,
4/01/31
4/27
at
100.00
AA+
540,655
1,075
Kent
County,
Michigan,
General
Obligation
Bonds,
Limited
Tax
Series
2015,
5.000%,
1/01/35
1/25
at
100.00
AAA
1,105,670
Kent
County,
Michigan,
General
Obligation
Bonds,
Refunding
Limited
Tax
Series
2015:
1,500
5.000%,
1/01/31
1/25
at
100.00
AAA
1,545,240
2,000
5.000%,
1/01/37
1/25
at
100.00
AAA
2,048,060
Nuveen
Michigan
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
52
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
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
$
1,814,435
L'Anse
Creuse
Public
Schools,
Macomb
County,
Michigan,
General
Obligation
Bonds,
Refunding
Series
2023:
470
5.000%,
5/01/32
No
Opt.
Call
AA
546,558
400
5.000%,
5/01/33
No
Opt.
Call
AA
472,908
185
Lansing
Community
College,
Michigan,
General
Obligation
Bonds,
College
Building
&
Site,
Series
2017,
5.000%,
5/01/31
11/27
at
100.00
AA
201,561
Marquette,
Michigan,
General
Obligation
Bonds,
Refunding
&
Limited
Obligation
Series
2017:
230
4.000%,
5/01/25
No
Opt.
Call
AA
232,291
375
4.000%,
5/01/28
5/27
at
100.00
AA
386,745
550
4.000%,
5/01/29
5/27
at
100.00
AA
569,013
265
4.000%,
5/01/31
5/27
at
100.00
AA
273,745
215
4.000%,
5/01/32
5/27
at
100.00
AA
221,171
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
1,046,210
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
2,273,800
6,000
4.000%,
11/01/55
11/30
at
100.00
AA
5,552,100
Michigan
State,
General
Obligation
Bonds,
Environmental
Program,
Series
2020A:
1,700
5.000%,
5/15/33
5/30
at
100.00
Aa1
1,938,884
1,275
4.000%,
5/15/38
5/30
at
100.00
Aa1
1,293,602
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
1,606,078
2,465
5.000%,
5/01/45
5/30
at
100.00
AA
2,615,809
Muskegon
County,
Michigan,
General
Obligation
Water
Supply
System
Bonds,
Refunding
Series
2015:
550
5.000%,
11/01/33
11/25
at
100.00
AA
569,173
1,290
5.000%,
11/01/36
11/25
at
100.00
AA
1,331,641
Rockford
Public
Schools,
Kent
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2019I:
3,050
5.000%,
5/01/42
5/29
at
100.00
AA
3,287,412
3,120
5.000%,
5/01/46
5/29
at
100.00
AA
3,346,512
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+
1,174,387
1,000
South
Haven
Public
Schools,
Van
Buren
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site,
Series
2023II,
5.000%,
5/01/52
5/33
at
100.00
AA
1,058,790
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
1,937,291
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
3,454,755
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
4,327,840
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
418,435
1,050
Williamston
Community
School
District,
Michigan,
Unlimited
Tax
General
Obligation
QSBLF
Bonds,
Series
1996,
5.500%,
5/01/25
-
NPFG
Insured
No
Opt.
Call
Aa2
1,081,973
Total
Tax
Obligation/General
107,242,980
53
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
-
17.5%
$
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
$
2,943,864
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
961,790
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-
4,086,483
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
5,626,689
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
1,632,539
1,000
5.000%,
10/15/46
10/26
at
100.00
Aa2
1,030,720
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2019-I:
520
5.000%,
4/15/36
10/29
at
100.00
Aa2
570,497
1,000
4.000%,
10/15/49
10/29
at
100.00
Aa2
974,900
1,000
4.000%,
4/15/54
10/29
at
100.00
Aa2
956,160
8,200
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Series
2021I,
4.000%,
10/15/46
10/31
at
100.00
Aa2
8,014,270
1,500
Michigan
State,
Comprehensive
Transportation
Revenue
Bonds,
Refunding
Series
2015,
5.000%,
11/15/29
11/24
at
100.00
AA+
1,536,330
9,170
Michigan
State,
Trunk
Line
Fund
Bonds,
Rebuilding
Michigan
Program
Series
2020B,
4.000%,
11/15/45
11/30
at
100.00
AA+
8,959,182
Michigan
State,
Trunk
Line
Fund
Bonds,
Rebuilding
Michigan
Program,
Series
2021A:
1,700
5.000%,
11/15/33
11/31
at
100.00
AA+
1,976,216
3,725
4.000%,
11/15/46
11/31
at
100.00
AA+
3,612,058
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
6,790
4.500%,
7/01/34
7/25
at
100.00
N/R
6,806,907
1,676
4.550%,
7/01/40
7/28
at
100.00
N/R
1,599,239
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
715,650
Total
Tax
Obligation/Limited
52,003,494
Transportation
-
4.7%
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
1,297,362
Wayne
County
Airport
Authority,
Michigan,
Revenue
Bonds,
Detroit
Metropolitan
Wayne
County
Airport,
Series
2012A:
2,000
5.000%,
12/01/37
7/23
at
100.00
A1
2,001,100
1,000
5.000%,
12/01/42
-
AGM
Insured
7/23
at
100.00
AA
1,000,800
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
1,702,533
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
2,132,040
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
2,011,042
3,330
5.000%,
12/01/41
12/31
at
100.00
A1
3,633,363
Total
Transportation
13,778,240
Nuveen
Michigan
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
54
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
-
5.9%
(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
$
807,352
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
733,889
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+
1,904,737
Michigan
Finance
Authority,
Hospital
Revenue
Bonds,
Sparrow
Obligated
Group,
Refunding
Series
2015:
690
5.000%,
11/15/45,
(Pre-refunded
5/15/25)
5/25
at
100.00
N/R
711,645
4,000
Michigan
House
of
Representatives,
Certificates
of
Participation,
Series
1998,
0.000%,
8/15/23
-
AMBAC
Insured,
(ETM)
No
Opt.
Call
N/R
3,971,040
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
3,042,990
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
2,402,082
800
5.000%,
4/01/46,
(Pre-refunded
4/01/26)
4/26
at
100.00
AAA
844,688
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
3,014,704
Total
U.S.
Guaranteed
17,433,127
Utilities
-
14.9%
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
886,185
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
2,403,800
1,655
Grand
Rapids,
Michigan,
Sanitary
Sewer
System
Revenue
Bonds,
Series
2018,
5.000%,
1/01/48
1/28
at
100.00
AA
1,725,635
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
1,276,762
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
1,570,455
Grand
Rapids,
Michigan,
Water
Supply
System
Revenue
Bonds,
Refunding
Series
2015:
1,000
5.000%,
1/01/33
1/25
at
100.00
AA
1,022,090
1,000
5.000%,
1/01/35
1/25
at
100.00
AA
1,022,250
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-
1,360,425
1,000
5.000%,
7/01/32
7/27
at
100.00
AA-
1,087,710
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-
5,073,840
12,435
5.000%,
7/01/48
7/29
at
100.00
AA-
13,092,438
1,000
Marquette,
Michigan,
Electric
Utility
System
Revenue
Bonds,
Refunding
Series
2016A,
5.000%,
7/01/29
7/26
at
100.00
AA-
1,046,880
Marquettte,
Michigan,
Electric
Utility
System
Revenue
Bonds,
Refunding
Series
2016A:
1,230
5.000%,
7/01/32
7/26
at
100.00
AA-
1,281,808
1,000
5.000%,
7/01/33
7/26
at
100.00
AA-
1,040,340
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
1,945,980
885
Michigan
Finance
Authority,
Clean
Water
Revolving
Fund
Revenue
Bonds,
Series
2020B,
5.000%,
10/01/31
10/30
at
100.00
Aaa
1,015,555
750
Michigan
Finance
Authority,
Drinking
Water
Revolving
Fund
Revenue
Bonds,
Series
2021B,
5.000%,
10/01/35
10/31
at
100.00
Aaa
859,898
55
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
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
$
1,517,145
1,220
5.000%,
7/01/37
-
AGM
Insured
7/24
at
100.00
AA
1,228,674
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
3,046,380
820
Saginaw,
Michigan,
Water
Supply
System
Revenue
Bonds,
Refunding
Series
2021,
4.000%,
7/01/38
-
AGM
Insured
7/31
at
100.00
AA
827,995
Total
Utilities
44,332,245
Total
Municipal
Bonds
(cost
$301,741,892)
294,643,918
Total
Long-Term
Investments
(cost
$301,741,892)
294,643,918
Other
Assets
&
Liabilities,
Net
-
0.7%
2,028,560
Net
Assets
-
100%
$
296,672,478
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(3)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(4)
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
Notes
to
Financial
Statements
56
Nuveen
Missouri
Municipal
Bond
Fund
Portfolio
of
Investments
May
31,
2023
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
99.3%   
X
528,601,988
MUNICIPAL
BONDS
-
99.3%  
X
528,601,988
Consumer
Staples
-
2.4%
$
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)
7/23
at
100.00
AA-
$
3,005,220
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-
9,782,698
Total
Consumer
Staples
12,787,918
Education
and
Civic
Organizations
-
8.7%
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+
1,210,260
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+
1,004,670
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
1,116,485
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
1,026,066
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
2,118,000
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
2,309,940
2,225
4.000%,
10/01/35
10/29
at
100.00
A
2,226,313
3,470
Missouri
Health
and
Educational
Facilities
Authority,
Educational
Facilities
Revenue
Bonds,
Southwest
Baptist
University
Project,
Series
2012,
5.000%,
10/01/33
7/23
at
100.00
BBB-
3,414,862
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+
2,259,082
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+
1,001,600
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-
3,814,367
4,625
4.000%,
10/01/42
10/25
at
100.00
AA-
4,510,022
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-
601,854
5,690
5.000%,
10/01/47
4/27
at
100.00
AA-
5,943,660
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-
3,610,927
5,840
4.000%,
10/01/48
4/29
at
100.00
AA-
5,723,083
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
Ba1
1,042,073
Missouri
State
University,
Auxiliary
Enterprise
System
Revenue
Bonds,
Series
2019A:
500
4.000%,
10/01/33
10/27
at
100.00
A+
515,955
400
4.000%,
10/01/34
10/27
at
100.00
A+
410,576
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
1,650,057
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
939,521
Total
Education
and
Civic
Organizations
46,449,373
57
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
-
23.3%
$
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
$
675,007
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
1,319,350
1,000
5.000%,
8/01/30
8/26
at
100.00
Ba3
894,370
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
3,131,926
1,160
Cape
Girardeau
County
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Southeasthealth,
Series
2016A,
6.000%,
3/01/33
7/23
at
103.00
Ba1
1,196,273
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
Ba1
1,353,540
1,320
5.000%,
3/01/32
3/27
at
100.00
Ba1
1,345,661
1,645
5.000%,
3/01/36
3/27
at
100.00
Ba1
1,668,935
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
Ba1
2,173,105
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-
1,168,912
1,220
4.000%,
10/01/32
10/27
at
100.00
A-
1,216,474
485
5.000%,
10/01/42
10/27
at
100.00
A-
493,090
2,450
5.000%,
10/01/47
10/27
at
100.00
A-
2,481,360
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+
1,572,340
Missouri
Health
and
Education
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Saint
Luke's
Health
System,
Inc.,
Series
2016:
1,965
4.000%,
11/15/33
5/26
at
100.00
A+
1,985,947
4,030
5.000%,
11/15/34
5/26
at
100.00
A+
4,194,867
4,335
5.000%,
11/15/35
5/26
at
100.00
A+
4,499,253
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+
1,027,750
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
1,004,130
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
12,001,202
9,000
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
8,088,570
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
Ba2
3,080,823
3,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Fixed
Series
2019A,
4.000%,
11/15/49
5/29
at
100.00
A2
2,769,450
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
1,462,477
2,980
5.000%,
11/15/48
11/23
at
100.00
A2
2,958,365
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
2,264,416
4,400
5.000%,
11/15/39
11/25
at
100.00
A2
4,469,212
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+
852,174
2,300
4.250%,
11/15/48
11/24
at
100.00
A+
2,285,510
Nuveen
Missouri
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
58
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,
Mercy
Health,
Series
2017C:
$
3,500
5.000%,
11/15/42
11/27
at
100.00
A+
$
3,592,610
5,000
4.000%,
11/15/47
11/27
at
100.00
A+
4,710,450
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+
1,439,898
7,500
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2020,
4.000%,
6/01/50
6/30
at
100.00
A+
6,932,475
8,995
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mosaic
Health
System,
Series
2019A,
4.000%,
2/15/54
2/29
at
100.00
AA-
8,004,830
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+
1,486,695
2,000
5.000%,
12/01/33
6/25
at
100.00
A+
2,048,540
500
3.625%,
12/01/34
6/25
at
100.00
A+
491,325
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+
1,105,863
2,000
4.000%,
12/01/37
6/29
at
100.00
A+
1,979,040
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
SSM
Health
Care,
Series
2018A:
1,000
4.000%,
6/01/48
6/28
at
100.00
AA-
918,260
1,500
5.000%,
6/01/48
6/28
at
100.00
AA-
1,531,830
2,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
SSM
Health
Care,
Series
2022A,
4.000%,
6/01/52
6/32
at
100.00
AA-
1,813,040
1,500
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-
1,515,465
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-
2,691,658
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+
1,709,360
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
818,687
2,325
4.000%,
11/15/36
11/25
at
100.00
N/R
2,066,065
4,650
5.000%,
11/15/46
11/25
at
100.00
N/R
4,425,219
1,080
Stoddard
County
Industrial
Development
Authority,
Missouri,
Health
Facility
Revenue
Bonds,
Southeasthealth,
Series
2016B,
6.000%,
3/01/37
7/23
at
103.00
Ba1
1,114,182
Total
Health
Care
124,029,981
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+
1,000,740
Total
Housing/Multifamily
1,000,740
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+
498,984
70
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+
68,535
Total
Housing/Single
Family
567,519
59
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Long-Term
Care
-
3.8%
$
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-
$
767,547
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
442,624
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
969,840
1,500
5.000%,
2/01/44
2/24
at
100.00
BBB
1,380,165
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
5,052,110
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
431,276
1,000
5.000%,
2/01/42
2/29
at
102.00
BBB
927,720
3,580
4.000%,
2/01/48
2/29
at
100.00
BBB
2,720,693
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
of
Sunset
Hills,
Series
2012:
550
5.000%,
9/01/32
7/23
at
100.00
BB+
533,714
2,750
5.000%,
9/01/42
7/23
at
100.00
BB+
2,384,580
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+
2,569,460
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+
1,664,520
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
449,775
Total
Long-Term
Care
20,294,024
Tax
Obligation/General
-
15.7%
3,040
Clay
County
Public
School
District
53,
Liberty,
Missouri,
General
Obligation
Bonds,
School
Series
2023,
5.000%,
3/01/41
3/32
at
100.00
AA
3,307,125
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
3,710,593
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+
2,049,940
1,160
4.000%,
3/01/36
3/27
at
100.00
AA+
1,184,209
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
3,038,040
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
1,271,354
Fenton
Missouri
Fire
Protection
District,
Missouri,
General
Obligation
Bonds,
Series
2019:
450
4.000%,
3/01/36
3/27
at
100.00
AA+
459,391
375
4.000%,
3/01/37
3/27
at
100.00
AA+
379,624
500
4.000%,
3/01/38
3/27
at
100.00
AA+
493,975
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+
1,509,510
1,000
4.000%,
3/01/32
3/24
at
100.00
AA+
1,006,270
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+
1,918,656
Nuveen
Missouri
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
60
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
3,500
Hazelwood
School
District,
St.
Louis
County,
Missouri,
General
Obligation
Bonds,
Refunding
and
Improvement
Series
2023A,
5.000%,
3/01/42
-
BAM
Insured
3/32
at
100.00
AA
$
3,820,915
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
1,001,010
2,000
Jackson
County
Consolidated
School
District
2,
Raytown,
Missouri,
General
Obligation
Bonds,
School
Series
2023,
5.000%,
3/01/43
3/33
at
100.00
AA+
2,193,800
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+
1,011,470
1,000
Jackson
County
Consolidated
School
District
2,
Raytown,
Missouri,
General
Obligation
Bonds,
Series
2019A,
5.000%,
3/01/39
3/29
at
100.00
AA+
1,081,420
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+
1,263,120
1,335
Jefferson
City
School
District,
Missouri,
General
Obligation
Bonds,
Series
2023A,
5.500%,
3/01/43
,
(WI/DD)
3/32
at
100.00
AA+
1,505,426
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+
2,060,340
Kansas
City,
Missouri,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2018A:
1,510
4.000%,
2/01/36
2/28
at
100.00
AA
1,536,712
1,000
4.000%,
2/01/37
2/28
at
100.00
AA
1,012,830
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
1,657,482
Marshfield,
Missouri,
General
Obligation
Bonds,
Street
Improvement
Series
2018:
570
4.000%,
3/01/31
3/26
at
100.00
A+
582,842
325
5.000%,
3/01/34
3/26
at
100.00
A+
339,203
685
5.000%,
3/01/35
3/26
at
100.00
A+
714,571
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+
3,782,790
5,000
5.250%,
3/01/40
3/32
at
100.00
AA+
5,668,500
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+
503,135
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-
1,011,390
2,000
Osage
School
Lake
Ozark,
Missouri,
General
Obligation
Bonds,
Series
2018,
5.000%,
3/01/37
3/26
at
100.00
AA-
2,084,200
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+
2,045,460
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
1,211,280
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
9,858,420
2,000
5.000%,
3/01/42
3/31
at
100.00
AA
2,182,140
3,500
Saint
Louis
Board
of
Education,
Missouri,
General
Obligation
Bonds,
Series
2023,
5.000%,
4/01/41
-
AGM
Insured
4/32
at
100.00
AA
3,796,380
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
1,033,860
1,500
Springfield
School
District
R12,
Greene
County,
Missouri,
General
Obligation
Bonds,
School
Building
Series
2023,
4.000%,
3/01/43
No
Opt.
Call
AA+
1,485,719
3,500
Troy
R3
School
District,
Lincoln
County,
Missouri,
General
Obligation
Bonds,
Series
2023,
5.000%,
3/01/37
3/30
at
100.00
AA+
3,803,380
Valley
Park
Fire
Protection
District,
Missouri,
General
Obligation
Bonds,
Series
2019:
705
4.000%,
3/01/33
3/27
at
100.00
AA
716,907
550
4.000%,
3/01/35
3/27
at
100.00
AA
557,926
600
4.000%,
3/01/37
3/27
at
100.00
AA
602,490
61
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
1,405
Washington
School
District,
Franklin
County,
Missouri,
General
Obligation
Bonds,
Missouri
Direct
Deposit
Program,
Series
2019,
4.000%,
3/01/35
3/27
at
100.00
AA+
$
1,437,104
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
1,352,875
Total
Tax
Obligation/General
83,243,784
Tax
Obligation/Limited
-
18.2%
90
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
84,400
Bi-State
Development
Agency
of
the
Missouri-Illinois
Metropolitan
District,
Mass
Transit
Sales
Tax
Appropriation
Bonds,
Refunding
Combined
Lien
Series
2019:
1,180
4.000%,
10/01/36
10/29
at
100.00
AA
1,187,753
7,520
4.000%,
10/01/48
10/29
at
100.00
AA
7,209,574
1,395
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
1,378,665
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+
340,143
2,515
5.000%,
4/01/43
4/28
at
100.00
A+
2,644,598
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
913,671
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
2,000,451
500
Festus
R-VI
School
District,
Jefferson
County,
Missouri,
Lease
Participation
Certificates,
Festus
R-VI
School
District
Project,
Series
2021B,
4.000%,
4/01/41
4/31
at
100.00
A+
485,000
1,625
Fulton,
Missouri,
Tax
Increment
Revenue
Bonds,
Fulton
Commons
Redevelopment
Project,
Series
2006,
5.000%,
6/01/28
(4)
7/23
at
100.00
N/R
519,997
750
Greene
County,
Missouri,
Certificates
of
Participation,
Capital
Projects,
Series
2018,
4.000%,
9/01/33
9/28
at
100.00
Aa2
768,060
1,000
Hanley/Eager
Road
Transportation
Development
District,
Missouri,
Revenue
Bonds,
Refunding
Series
2016A,
3.625%,
3/01/33
7/23
at
100.00
N/R
868,060
Howard
Bend
Levee
District,
Missouri,
Levee
District
Improvement
Bonds,
Series
2005:
1,560
5.750%,
3/01/24
-
SYNCORA
GTY
Insured
No
Opt.
Call
BB+
1,570,077
1,745
5.500%,
3/01/26
-
SYNCORA
GTY
Insured
No
Opt.
Call
BB+
1,764,230
Howard
Bend
Levee
District,
St.
Louis
County,
Missouri,
Levee
District
Improvement
Bonds,
Series
2013B:
1,000
4.875%,
3/01/33
7/23
at
100.00
BB+
945,300
1,300
5.000%,
3/01/38
7/23
at
100.00
BB+
1,213,693
2,000
Jackson
County,
Missouri,
Special
Obligation
Bonds,
Series
2023A,
5.250%,
12/01/47
12/33
at
100.00
AA-
2,148,940
925
Kansas
City
Industrial
Development
Authority,
Missouri,
Downtown
Redevelopment
District
Revenue
Bonds,
Series
2011A,
5.000%,
9/01/32
7/23
at
100.00
AA-
926,332
625
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
606,481
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-
1,759,660
1,000
Kansas
City,
Missouri,
Special
Obligation
Bonds,
Downtown
Arena
Project,
Refunding
&
Improvement
Series
2016E,
5.000%,
4/01/40
4/25
at
100.00
AA-
1,006,720
1,750
Kansas
City,
Missouri,
Special
Obligation
Bonds,
Downtown
Redevelopment
District,
Series
2014C,
5.000%,
9/01/33
9/23
at
100.00
AA-
1,753,448
Kansas
City,
Missouri,
Special
Obligation
Bonds,
Kansas
City
Missouri
Projects,
Series
2017B:
360
4.000%,
10/01/30
10/27
at
100.00
AA-
371,772
2,500
5.000%,
9/01/31
9/27
at
100.00
AA-
2,674,050
235
3.625%,
10/01/32
10/27
at
100.00
AA-
236,598
Nuveen
Missouri
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
62
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
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-
$
1,713,131
159
Lakeside
370
Levee
District,
Saint
Charles,
Missouri,
Subdistrict
A
Bonds,
Refunding
Series
2015A,
5.750%,
4/01/55
7/23
at
100.00
N/R
119,268
231
Lakeside
370
Levee
District,
Saint
Charles,
Missouri,
Subdistrict
B
Bonds,
Refunding
Taxable
Series
2015B,
0.000%,
4/01/55
7/23
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
1,141,933
100
5.000%,
2/01/50,
144A
2/28
at
100.00
N/R
72,410
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
1,101,480
1,285
6.000%,
6/01/46,
144A
6/25
at
100.00
N/R
1,169,067
700
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
624,372
1,000
Missouri
Development
Finance
Board,
Revenue
Bonds,
Zoo
Projects,
Series
2022,
5.750%,
5/01/52
5/32
at
100.00
AA-
1,110,600
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
1,009,690
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
197,144
225
3.000%,
5/01/25
No
Opt.
Call
N/R
218,309
275
3.000%,
5/01/26
No
Opt.
Call
N/R
262,760
625
3.000%,
5/01/30
5/29
at
100.00
N/R
565,187
575
Poplar
Bluff,
Missouri,
Certificates
of
Participation,
Series
2021,
4.000%,
10/01/35
10/29
at
100.00
BBB+
566,795
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
3,007,470
1,000
4.550%,
7/01/40
7/28
at
100.00
N/R
954,200
1,350
0.000%,
7/01/46
7/28
at
41.38
N/R
364,824
2,140
0.000%,
7/01/51
7/28
at
30.01
N/R
426,181
1,377
4.750%,
7/01/53
7/28
at
100.00
N/R
1,276,823
1,661
5.000%,
7/01/58
7/28
at
100.00
N/R
1,591,014
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
1,857,860
18
4.536%,
7/01/53
7/28
at
100.00
N/R
16,111
Pulaski
County,
Missouri,
Certificates
of
Participation,
Series
2019:
880
4.000%,
12/01/32
12/27
at
100.00
A-
889,707
915
4.000%,
12/01/33
12/27
at
100.00
A-
924,470
Republic,
Missouri,
Special
Obligation
Bonds,
Series
2022:
1,000
4.000%,
5/01/37
5/30
at
100.00
A+
1,008,890
1,380
4.000%,
5/01/39
5/30
at
100.00
A+
1,354,470
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
390,510
1,075
Saint
Charles,
Missouri,
Certificates
of
Participation,
Series
2017,
4.000%,
4/01/29
4/26
at
100.00
Aa3
1,098,661
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
217,488
63
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
415
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
7/23
at
100.00
N/R
$
367,163
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
2,129,631
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
2,590,752
2,500
5.000%,
10/01/45
-
AGM
Insured
10/30
at
100.00
AA
2,618,750
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
885,420
1,000
0.000%,
7/15/27
-
AGC
Insured
No
Opt.
Call
AA
853,590
1,000
0.000%,
7/15/28
-
AGC
Insured
No
Opt.
Call
AA
824,150
1,000
0.000%,
7/15/29
-
AGC
Insured
No
Opt.
Call
AA
795,190
Scenic
Regional
Library
District,
Missouri,
Certificates
of
Participation,
Series
2017:
505
4.000%,
4/01/29
4/25
at
100.00
A
511,171
345
4.000%,
4/01/30
4/25
at
100.00
A
349,968
565
4.000%,
4/01/32
4/25
at
100.00
A
573,390
585
4.000%,
4/01/33
4/25
at
100.00
A
593,465
2,145
Sedalia,
Missouri,
Certificates
of
Participation,
Refunding
&
Improvement
Series
2020,
4.000%,
9/15/39
-
BAM
Insured
9/27
at
100.00
AA
2,107,205
450
Springfield,
Missouri,
Special
Obligation
Bonds,
Improvement
Series
2023,
5.000%,
11/01/40
11/33
at
100.00
Aa2
485,446
2,600
Springfield,
Missouri,
Special
Obligation
Bonds,
Refunding
Series
2017A,
4.000%,
7/01/36
7/27
at
100.00
Aa2
2,620,150
1,630
Springfield,
Missouri,
Special
Obligation
Bonds,
Refunding
Series
2017B,
5.000%,
7/01/26,
(AMT)
No
Opt.
Call
Aa2
1,694,303
4,300
Springfield,
Missouri,
Special
Obligation
Bonds,
Sewer
System
Improvements
Project,
Series
2015,
4.000%,
4/01/35
4/25
at
100.00
Aa2
4,338,657
1,415
Taney
County
Industrial
Development
Authority,
Missouri,
Sales
Tax
Revenue
Improvement
Bonds,
Big
Cedar
Infrastructure
Project
Series
2023,
6.000%,
10/01/49,
144A
10/30
at
100.00
N/R
1,383,728
The
Industrial
Development
Authority
of
the
City
of
Saint
Louis,
Missouri,
Development
Financing
Revenue
Bonds,
Ballpark
Village
Development
Project,
Series
2017A:
165
3.875%,
11/15/29
11/26
at
100.00
N/R
142,862
3,350
4.375%,
11/15/35
11/26
at
100.00
N/R
2,677,488
1,575
4.750%,
11/15/47
11/26
at
100.00
N/R
1,162,397
105
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
92,367
1,285
Transportation
Development
District,
Missouri,
Transportation
Sales
Tax
Revenue
Bonds,
Series
2017,
4.500%,
6/01/36
6/26
at
100.00
BBB
1,232,161
1,500
Universal
City
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Tax
Increment
and
Special
District
Markets
at
Olive
Project
Series
2023A,
5.500%,
6/15/42
6/33
at
100.00
N/R
1,489,470
1,380
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
1,083,659
305
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
278,389
Nuveen
Missouri
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
64
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
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
$
1,695,869
600
3.500%,
4/01/32
4/24
at
100.00
A1
599,994
Total
Tax
Obligation/Limited
97,012,820
Transportation
-
7.2%
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
337,597
7,000
5.000%,
3/01/44,
(AMT)
3/29
at
100.00
A2
7,208,880
Kansas
City
Industrial
Development
Authority,
Missouri,
Airport
Special
Obligation
Bonds,
Kansas
City
International
Airport
Terminal
Modernization
Project,
Series
2019B:
1,225
5.000%,
3/01/39,
(AMT)
3/29
at
100.00
A2
1,274,747
13,940
5.000%,
3/01/46,
(AMT)
3/29
at
100.00
A2
14,342,309
8,000
5.000%,
3/01/54,
(AMT)
3/29
at
100.00
A2
8,163,920
2,000
Saint
Louis,
Missouri,
Airport
Revenue
Bonds,
Lambert-St.
Louis
International
Airport,
Refunding
Series
2023A,
5.000%,
7/01/52
7/33
at
100.00
A2
2,158,300
1,000
Saint
Louis,
Missouri,
Airport
Revenue
Bonds,
Lambert-St.
Louis
International
Airport,
Series
2017C,
5.000%,
7/01/47
-
AGM
Insured
7/27
at
100.00
AA
1,035,430
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
2,969,974
1,000
5.000%,
7/01/37
-
AGM
Insured,
(AMT)
7/27
at
100.00
AA
1,034,260
Total
Transportation
38,525,417
U.S.
Guaranteed
-
1.2%
(5)
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
669,462
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-
10,119
2,000
5.000%,
6/01/31,
(Pre-refunded
6/01/24)
6/24
at
100.00
AA-
2,023,860
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
3,637,811
Total
U.S.
Guaranteed
6,341,252
Utilities
-
18.5%
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-
652,198
720
4.000%,
1/01/42
1/25
at
100.00
A-
677,614
1,430
5.000%,
1/01/47
1/25
at
100.00
A-
1,448,175
3,000
Carroll
County
Public
Water
Supply
District
1,
Missouri,
Water
System
Revenue
Bonds,
Refunding
Series
2014A,
4.000%,
3/01/35
-
BAM
Insured
6/23
at
100.00
AA
3,001,410
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-
1,685,364
145
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2020A,
5.000%,
1/01/50
7/30
at
100.00
A-
145,626
Kansas
City,
Missouri,
Sanitary
Sewer
System
Revenue
Bonds,
Improvement
Series
2018A:
500
4.000%,
1/01/35
1/28
at
100.00
AA
512,395
1,865
4.000%,
1/01/37
1/28
at
100.00
AA
1,893,404
1,000
4.000%,
1/01/38
1/28
at
100.00
AA
1,011,060
1,650
Kansas
City,
Missouri,
Sanitary
Sewer
System
Revenue
Bonds,
Improvement
Series
2023A,
4.000%,
1/01/48
1/33
at
100.00
AA
1,607,925
65
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
$
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+
$
1,231,225
10,005
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
10,482,539
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
6,450,985
3,915
5.250%,
5/01/52
5/32
at
100.00
AAA
4,341,931
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
2,903,943
5,240
Metropolitan
St.
Louis
Sewerage
District,
Missouri,
Wastewater
System
Revenue
Bonds,
Series
2020B,
5.000%,
5/01/47
5/30
at
100.00
AAA
5,645,943
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
2,006,019
5,055
5.000%,
5/01/39
5/32
at
100.00
AAA
5,653,259
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
2,859,925
4,850
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
4,546,729
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
937,470
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
1,708,765
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
2,039,240
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
1,145,880
2,245
5.000%,
12/01/37
6/25
at
100.00
A2
2,279,349
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
582,381
1,415
5.000%,
12/01/34
6/26
at
100.00
A2
1,461,341
245
4.000%,
12/01/35
-
BAM
Insured
6/26
at
100.00
AA
248,785
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
2,926,977
1,450
5.000%,
1/01/34
1/25
at
100.00
A
1,471,315
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
2,534,375
1,000
Missouri
Joint
Municipal
Electric
Utility
Commission,
Power
Supply
System
Revenue
Bonds,
Gree
Bonds,
MoPEP
Facilities,
Series
2022,
5.250%,
12/01/42
12/32
at
100.00
A2
1,080,760
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
1,550,445
Nuveen
Missouri
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
66
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
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
$
1,381,830
1,140
5.000%,
12/01/38
6/27
at
100.00
A2
1,182,180
1,500
5.000%,
12/01/43
6/27
at
100.00
A2
1,543,155
2,070
North
Central
Missouri
Regional
Water
Commission,
Waterworks
System
Revenue
Bonds,
Series
2006,
5.000%,
1/01/37
7/23
at
100.00
N/R
2,070,124
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+
250,140
795
4.000%,
12/01/41
12/25
at
100.00
AA+
783,886
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+
2,141,120
285
Saint
Charles
County
Public
Water
Supply
District
2,
Missouri,
Certificates
of
Participation,
Refudning
Series
2016C,
4.000%,
12/01/31
12/25
at
100.00
AA+
290,874
1,465
Saint
Charles
County
Public
Water
Supply
District
2,
Missouri,
Certificates
of
Participation,
Refunding
Series
2016C,
5.000%,
12/01/32
12/25
at
100.00
AA+
1,516,465
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+
4,242,374
2,000
Springfield,
Missouri,
Public
Utility
Revenue
Bonds,
Refunding
Series
2015,
4.000%,
8/01/31
8/25
at
100.00
AA+
2,036,060
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
2,186,200
Total
Utilities
98,349,160
Total
Municipal
Bonds
(cost
$543,313,893)
528,601,988
Total
Long-Term
Investments
(cost
$543,313,893)
528,601,988
Other
Assets
&
Liabilities,
Net
-
0.7%
3,567,273
Net
Assets
-
100%
$
532,169,261
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(3)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(4)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(5)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
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
Notes
to
Financial
Statements
67
Nuveen
Ohio
Municipal
Bond
Fund
Portfolio
of
Investments
May
31,
2023
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
97.9%   
X
562,953,572
MUNICIPAL
BONDS
-
93.4%  
X
562,953,572
Consumer
Discretionary
-
1.4%
Franklin
County
Convention
Facilities
Authority,
Ohio,
Hotel
Project
Revenue
Bonds,
Greater
Columbus
Convention
Center
Hotel
Expansion
Project,
Series
2019:
$
1,430
5.000%,
12/01/39
12/29
at
100.00
BBB-
$
1,347,761
2,150
5.000%,
12/01/44
12/29
at
100.00
BBB-
2,003,843
5,570
5.000%,
12/01/51
12/29
at
100.00
BBB-
5,102,565
Total
Consumer
Discretionary
8,454,169
Consumer
Staples
-
3.0%
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
2,305,280
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+
1,296,845
15,945
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
14,773,042
Total
Consumer
Staples
18,375,167
Education
and
Civic
Organizations
-
12.1%
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-
680,085
2,065
Bowling
Green
State
University,
Ohio,
General
Receipts
Bonds,
Series
2016A,
5.000%,
6/01/34
12/25
at
100.00
A+
2,122,118
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
1,354,703
2,680
5.000%,
6/01/35
-
BAM
Insured
6/25
at
100.00
AA
2,746,303
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
3,104,616
2,055
4.000%,
10/01/34
10/29
at
100.00
Aa2
2,153,989
2,465
Miami
University
of
Ohio,
General
Receipts
Bonds,
Refunding
Series
2014,
5.000%,
9/01/30
9/24
at
100.00
AA
2,510,504
880
Miami
University
of
Ohio,
General
Receipts
Bonds,
Refunding
Series
2017,
5.000%,
9/01/35
9/26
at
100.00
AA
918,896
3,695
Miami
University
of
Ohio,
General
Receipts
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
9/01/41
9/26
at
100.00
AA
3,817,009
2,420
Miami
University
of
Ohio,
General
Receipts
Revenue
Bonds,
Refunding
Series
2020A,
4.000%,
9/01/40
9/30
at
100.00
AA
2,381,546
Miami
University
of
Ohio,
General
Receipts
Revenue
Bonds,
Refunding
Series
2021A:
530
5.000%,
9/01/30
No
Opt.
Call
AA
604,084
685
5.000%,
9/01/36
9/31
at
100.00
AA
773,584
Northeast
Ohio
Medical
University,
General
Receipts
Bonds,
Refunding
Series
2021A:
100
5.000%,
12/01/26
No
Opt.
Call
Baa1
103,472
125
5.000%,
12/01/28
No
Opt.
Call
Baa1
132,140
150
5.000%,
12/01/30
No
Opt.
Call
Baa1
160,842
Nuveen
Ohio
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
68
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
$
698,670
740
4.000%,
12/01/37
-
BAM
Insured
12/30
at
100.00
AA
721,182
570
4.000%,
12/01/38
-
BAM
Insured
12/30
at
100.00
AA
552,729
600
4.000%,
12/01/39
-
BAM
Insured
12/30
at
100.00
AA
577,092
610
4.000%,
12/01/40
-
BAM
Insured
12/30
at
100.00
AA
581,562
1,260
4.000%,
12/01/41
-
BAM
Insured
12/30
at
100.00
AA
1,192,287
1,330
Northeast
Ohio
Medical
University,
General
Receipts
Bonds,
Series
2022,
5.000%,
12/01/41
-
BAM
Insured
12/32
at
100.00
AA
1,409,561
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
2,205,630
1,500
5.250%,
11/01/46
5/27
at
100.00
AA
1,583,130
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
3,297,187
3,750
4.000%,
10/01/47
10/31
at
100.00
Baa1
3,169,988
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-
3,317,760
3,895
Ohio
Higher
Educational
Facility
Commission,
Revenue
Bonds,
Kenyon
College,
Series
2016,
5.000%,
7/01/42
7/26
at
100.00
A
4,004,488
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
846,180
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+
1,086,910
900
4.000%,
2/01/36
2/30
at
100.00
A+
907,281
485
4.000%,
2/01/39
2/30
at
100.00
A+
469,262
Ohio
State
University,
General
Receipts
Bonds,
Series
2014A:
4,820
5.000%,
12/01/34
12/24
at
100.00
Aa1
4,899,771
5,000
5.000%,
12/01/39
12/24
at
100.00
Aa1
5,079,150
Shawnee
State
University,
Ohio,
General
Receipts
Bonds,
Series
2016:
1,120
5.000%,
6/01/28
-
BAM
Insured
6/26
at
100.00
AA
1,170,557
1,180
5.000%,
6/01/29
-
BAM
Insured
6/26
at
100.00
AA
1,232,923
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
991,490
University
of
Akron,
Ohio,
General
Receipts
Bonds,
Series
2021A:
1,615
5.000%,
1/01/31
-
BAM
Insured
No
Opt.
Call
AA
1,817,440
1,780
5.000%,
1/01/33
-
BAM
Insured
No
Opt.
Call
AA
2,047,303
3,000
University
of
Cincinnati,
Ohio,
General
Receipts
Bonds,
Series
2016C,
5.000%,
6/01/46
6/26
at
100.00
AA-
3,076,890
1,000
Wright
State
University,
Ohio,
General
Reciepts
Bonds,
Refunding
Series
2021A,
5.000%,
5/01/31
-
BAM
Insured
No
Opt.
Call
AA
1,130,340
1,025
Youngstown
State
University,
Ohio,
General
Receipts
Bonds,
Series
2021,
4.000%,
12/15/30
-
AGM
Insured
No
Opt.
Call
AA
1,081,877
Total
Education
and
Civic
Organizations
72,712,531
69
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
-
7.3%
$
2,500
Allen
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2017A,
5.000%,
8/01/42
2/28
at
100.00
AA-
$
2,607,475
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-
3,809,576
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
4,919,550
6,500
4.000%,
1/01/46
1/29
at
100.00
AA
6,252,155
Fairfield
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Fairfield
Medical
Center
Project,
Series
2013:
1,600
5.000%,
6/15/43
7/23
at
100.00
Ba3
1,401,296
495
5.250%,
6/15/43
7/23
at
100.00
Ba3
447,747
Franklin
County,
Ohio,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Series
2017OH:
1,000
4.000%,
12/01/46
6/27
at
100.00
AA-
949,590
2,255
5.000%,
12/01/46
6/27
at
100.00
AA-
2,302,062
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
673,686
3,000
5.000%,
11/15/49
No
Opt.
Call
AA
3,304,770
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+
2,299,777
5,000
Muskingum
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Genesis
HealthCare
System
Obligated
Group
Project,
Series
2013,
5.000%,
2/15/44
7/23
at
100.00
BB+
4,473,850
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
1,248,485
2,755
5.000%,
1/01/33
1/28
at
100.00
AA
2,971,984
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
2,027,422
2,725
5.000%,
1/15/50
1/30
at
100.00
A
2,797,975
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
1,666,708
Total
Health
Care
44,154,108
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+
4,839,150
Total
Housing/Multifamily
4,839,150
Tax
Obligation/General
-
21.8%
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
3,313,926
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
814,955
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
418,707
1,000
Colerain
Township,
Hamilton
County,
Ohio,
General
Obligation
Bonds,
Fire
Station
Series
2022,
5.250%,
12/01/52
12/29
at
100.00
Aa2
1,066,420
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
831,830
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
3,259,436
Nuveen
Ohio
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
70
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
5,530
Columbus,
Ohio,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
2017-1,
5.000%,
4/01/29
10/27
at
100.00
AAA
$
6,001,764
5,000
Columbus,
Ohio,
General
Obligation
Bonds,
Series
2015A,
5.000%,
7/01/25
No
Opt.
Call
AAA
5,187,700
5,000
Columbus,
Ohio,
General
Obligation
Bonds,
Various
Purpose
Series
2018A,
5.000%,
4/01/29
10/28
at
100.00
AAA
5,524,200
Columbus,
Ohio,
General
Obligation
Bonds,
Various
Purpose
Series
2021A:
5,175
5.000%,
4/01/36
10/30
at
100.00
AAA
5,839,936
2,000
5.000%,
4/01/38
10/30
at
100.00
AAA
2,223,920
1,325
5.000%,
4/01/41
10/30
at
100.00
AAA
1,452,584
490
Cuyahoga
County,
Ohio,
General
Obligation
Bonds,
Refunding
&
Capital
Improvement
Series
2020A,
4.000%,
12/01/33
6/30
at
100.00
AA
516,798
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
560,125
850
Dayton,
Ohio,
General
Obligation
Bonds,
Limited
Tax
Refunding
&
Improvement
Series
2020,
4.000%,
12/01/31
12/28
at
100.00
AA
887,043
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
4,925,400
Dublin,
Ohio,
General
Obligation
Bonds,
Limited
Tax
Various
Purpose
Series
2015:
1,000
5.000%,
12/01/23
No
Opt.
Call
Aaa
1,008,160
450
5.000%,
12/01/24
No
Opt.
Call
Aaa
462,006
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
2,383,425
4,225
Franklin
County,
Ohio,
General
Obligation
Bonds,
Refunding
Series
2015,
5.000%,
12/01/31
12/25
at
100.00
AAA
4,376,508
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
2,133,520
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
398,765
850
0.000%,
12/01/30
No
Opt.
Call
Aa2
652,910
Grandview
Heights
City
School
District,
Franklin
County,
Ohio,
General
Obligation
Bonds,
School
Facilities
Construction
&
Improvement
Series
2019:
3,960
4.000%,
12/01/51
6/29
at
100.00
AA+
3,727,271
1,150
5.000%,
12/01/53
6/29
at
100.00
AA+
1,208,351
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+
2,531,423
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
939,609
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
1,739,072
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
1,020,200
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-
980,310
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+
481,935
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
1,105,900
North
Olmsted
City
School
District,
Ohio,
General
Obligation
Bonds,
School
Improvement
Programmatic
Series
2023A:
2,030
5.000%,
10/15/48
,
(WI/DD)
4/31
at
100.00
AA
2,149,993
3,995
5.250%,
10/15/56
,
(WI/DD)
4/31
at
100.00
AA
4,262,186
71
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
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
$
3,646,103
Ohio
State,
General
Obligation
Bonds,
Common
Schools
Series
2017B:
4,500
5.000%,
9/15/27
No
Opt.
Call
AAA
4,888,845
5,000
5.000%,
9/01/30
No
Opt.
Call
AAA
5,741,200
6,500
Ohio
State,
General
Obligation
Bonds,
Common
Schools
Series
2019A,
5.000%,
6/15/37
6/29
at
100.00
AAA
7,127,575
2,000
Ohio
State,
General
Obligation
Bonds,
Highway
Capital
Improvement,
Series
2014R,
5.000%,
5/01/29
5/24
at
100.00
AAA
2,029,420
Ohio
State,
General
Obligation
Bonds,
Highway
Capital
Improvement,
Series
2018V:
2,500
5.000%,
5/01/33
5/28
at
100.00
AAA
2,750,350
1,250
5.000%,
5/01/34
5/28
at
100.00
AAA
1,374,437
Ohio
State,
General
Obligation
Bonds,
Highway
Capital
Improvement,
Series
2020W:
1,035
5.000%,
5/01/32
5/30
at
100.00
AAA
1,181,277
2,315
5.000%,
5/01/35
5/30
at
100.00
AAA
2,615,024
Ohio
State,
General
Obligation
Bonds,
Infrastructure
Improvement
Refunding
Series
2020B:
350
5.000%,
8/01/32
8/28
at
100.00
AAA
387,033
270
5.000%,
8/01/36
8/28
at
100.00
AAA
293,990
Ohio
State,
General
Obligation
Bonds,
Infrastructure
Improvement
Series
2022A:
1,000
5.000%,
3/01/39
3/33
at
100.00
AAA
1,136,540
1,470
5.000%,
3/01/40
3/33
at
100.00
AAA
1,657,910
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
1,039,070
1,875
5.000%,
12/01/41
6/26
at
100.00
AAA
1,937,475
4,250
Pickerington
Local
School
District,
Fairfield
and
Franklin
Counties,
Ohio,
General
Obligation
Bonds,
School
Facilities
Construction
&
Improvement,
Series
2023,
5.250%,
12/01/59
12/32
at
100.00
Aa2
4,656,173
50
Princeton
City
School
District,
Hamilton
County,
Ohio,
Certificates
of
Participation,
Series
2013,
5.000%,
12/01/33
7/23
at
100.00
AA-
50,042
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
2,246,791
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
3,838,960
1,200
Toledo,
Ohio,
General
Obligation
Bonds,
Limited
Tax
Capital
Improvement
Series
2020,
4.000%,
12/01/35
12/30
at
100.00
A2
1,228,560
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
1,484,532
5,000
Worthington
City
School
District,
Franklin
County,
Ohio,
General
Obligation
Bonds,
Facilities
Series
2023,
5.500%,
12/01/54
12/32
at
100.00
AA+
5,651,550
Total
Tax
Obligation/General
131,349,145
Tax
Obligation/Limited
-
19.7%
Blue
Ash,
Ohio,
Tax
Increment
Financing
Revenue
Bonds,
Duke
Realty
Ohio,
Series
2006:
715
5.000%,
12/01/25
7/23
at
100.00
N/R
717,395
1,165
5.000%,
12/01/30
7/23
at
100.00
N/R
1,166,911
1,890
5.000%,
12/01/35
7/23
at
100.00
N/R
1,890,718
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
2,446,734
5,500
Cleveland
Public
Library,
Cuyahoga
County,
Ohio,
Library
Facilities
Notes,
Series
2019A,
4.000%,
12/01/45
12/29
at
100.00
Aa3
5,348,860
Nuveen
Ohio
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
72
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
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
$
1,365,563
1,000
5.000%,
10/01/32
4/28
at
100.00
AA
1,089,420
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
480,200
1,025
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
1,024,108
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
4,105,240
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
1,024,320
2,940
Dublin,
Ohio,
Special
Obligation
Non-Tax
Revenue
Bonds,
Series
2015A,
5.000%,
12/01/38
12/25
at
100.00
Aa1
3,017,087
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
499,346
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
3,748,502
Franklin
County,
Ohio,
Sales
Tax
Revenue
Bonds,
Various
Purpose
Series
2018:
1,000
5.000%,
6/01/37
6/28
at
100.00
AAA
1,076,590
17,000
5.000%,
6/01/43
6/28
at
100.00
AAA
18,063,350
4,905
5.000%,
6/01/48
6/28
at
100.00
AAA
5,179,533
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
1,233,469
1,425
4.000%,
12/01/41
12/29
at
100.00
Aa1
1,388,848
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
1,750,576
2,180
Hamilton
County,
Ohio,
Sales
Tax
Bonds,
Refunding
Series
2016A,
5.000%,
12/01/30
12/26
at
100.00
AA-
2,319,433
Hamilton
County,
Ohio,
Sales
Tax
Bonds,
Subordinate
Series
2000B:
500
0.000%,
12/01/26
-
AMBAC
Insured
No
Opt.
Call
Aa3
441,230
1,750
0.000%,
12/01/28
-
AGM
Insured
No
Opt.
Call
AA
1,446,287
3,300
0.000%,
12/01/28
-
AMBAC
Insured
No
Opt.
Call
Aa3
2,719,959
Mayfield
City
School
District,
Ohio,
Certificates
of
Participation,
Middle
School
Project,
Series
2009B:
435
0.000%,
9/01/27
No
Opt.
Call
Aa2
375,122
855
0.000%,
9/01/28
No
Opt.
Call
Aa2
713,600
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
930,834
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+
2,659,809
2,485
5.000%,
4/01/39
4/29
at
100.00
AA+
2,673,661
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+
1,327,825
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+
2,585,746
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+
1,299,096
73
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
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+
$
1,469,889
1,750
5.000%,
12/01/30
No
Opt.
Call
AA+
2,011,327
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
1,736,294
1,250
Ohio
State,
Major
New
State
Infrastructure
Project
Revenue
Bonds,
Series
2019-1,
5.000%,
12/15/31
No
Opt.
Call
AA
1,458,963
945
Ohio
State,
Major
New
State
Infrastructure
Project
Revenue
Bonds,
Series
2021-1A,
5.000%,
12/15/32
No
Opt.
Call
AA
1,113,654
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+
1,403,357
2,095
Pickaway
County,
Ohio,
Sales
Tax
Specia
Obligation
Bonds,
Series
2018,
5.000%,
12/01/44
12/28
at
100.00
AA
2,217,055
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
2,041,920
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
609,072
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
455,842
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
795,820
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
14,320
4.500%,
7/01/34
7/25
at
100.00
N/R
14,355,657
1,257
4.550%,
7/01/40
7/28
at
100.00
N/R
1,199,429
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
477,100
230
Riversouth
Authority,
Ohio,
Lazarus
Building
Redevelopment
Bonds,
Series
2007A,
5.750%,
12/01/27
7/23
at
100.00
N/R
229,972
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
7/23
at
100.00
AA+
1,402,464
800
5.000%,
12/01/24
7/23
at
100.00
AA+
801,560
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+
1,043,160
1,000
5.000%,
12/01/29
12/25
at
100.00
AA+
1,041,450
2,955
Shaker
Heights
Public
Library,
Ohio,
Certificates
of
Participation,
Series
2019,
4.000%,
12/01/44
12/24
at
100.00
Aa2
2,920,456
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
2,346,310
1,460
4.000%,
12/01/42
-
BAM
Insured
12/28
at
100.00
AA
1,418,463
Total
Tax
Obligation/Limited
118,658,586
Nuveen
Ohio
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
74
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
-
4.4%
$
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
$
730,567
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
3,520,370
5,245
5.000%,
12/31/39
-
AGM
Insured,
(AMT)
6/25
at
100.00
AA
5,249,825
7,725
5.000%,
6/30/53,
(AMT)
6/25
at
100.00
A3
7,446,823
3,865
Ohio
State,
Revenue
Bonds,
Ohio
Turnpike
Commission,
Refunding
Series
1998A,
5.500%,
2/15/24
-
FGIC
Insured
No
Opt.
Call
Aa2
3,924,676
4,000
Ohio
State,
Turnpike
Revenue
Bonds,
Ohio
Turnpike
and
Infrastructutre
Commission,
Series
2021A,
5.000%,
2/15/51
2/31
at
100.00
Aa2
4,311,520
1,000
Ohio
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
2/15/30
2/27
at
100.00
Aa2
1,071,210
Total
Transportation
26,254,991
U.S.
Guaranteed
-
5.7%
(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
4,607,821
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
995,197
1,150
5.000%,
10/01/30,
(Pre-refunded
10/01/23)
10/23
at
100.00
AA
1,156,038
1,205
5.000%,
10/01/31,
(Pre-refunded
10/01/23)
10/23
at
100.00
AA
1,211,326
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+
2,256,787
755
5.000%,
10/01/37,
(Pre-refunded
10/01/23)
10/23
at
100.00
N/R
758,586
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
1,857,494
1,385
5.000%,
12/01/34,
(Pre-refunded
12/01/24)
12/24
at
100.00
AAA
1,421,343
1,055
5.000%,
12/01/35,
(Pre-refunded
12/01/24)
12/24
at
100.00
AAA
1,082,683
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
Aa2
10,616,453
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
1,022,510
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
1,096,609
1,105
5.000%,
12/01/33,
(Pre-refunded
12/01/25)
12/25
at
100.00
AAA
1,154,051
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
1,642,828
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
1,092,250
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
2,378,763
Total
U.S.
Guaranteed
34,350,739
75
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
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
$
3,605,986
1,750
American
Municipal
Power
Inc.,
Ohio,
Combined
Hydroelectric
Projects
Revenue
Bonds,
Refunding
Series
2020A,
5.000%,
2/15/28
No
Opt.
Call
A1
1,890,297
1,500
American
Municipal
Power
Ohio
Inc.,
Prairie
State
Energy
Campus
Project
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
2/15/42
2/24
at
100.00
A1
1,508,325
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
2,974,419
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
1,731,383
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
237,635
1,200
4.000%,
2/15/44
2/29
at
100.00
A
1,106,100
465
Butler
County,
Ohio,
Sewer
System
Revenue
Bonds,
Refunding
Series
2005,
5.000%,
12/01/23
-
AGM
Insured
No
Opt.
Call
Aa2
468,153
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
989,530
2,000
4.000%,
11/15/38
-
AGM
Insured
11/29
at
100.00
AA
1,963,880
2,000
Cleveland,
Ohio,
Public
Power
System
Revenue
Bonds,
Series
2008B-1,
0.000%,
11/15/33
-
NPFG
Insured
No
Opt.
Call
A-
1,343,140
Cleveland,
Ohio,
Public
Power
System
Revenue
Bonds,
Series
2008B-2:
4,740
0.000%,
11/15/34
-
NPFG
Insured
No
Opt.
Call
A-
3,042,796
7,500
0.000%,
11/15/38
-
NPFG
Insured
No
Opt.
Call
A-
3,775,425
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
1,403,105
2,300
Columbus,
Ohio,
Sewerage
System
Revenue
Bonds,
Refunding
Series
2014,
5.000%,
6/01/25
12/24
at
100.00
Aa1
2,357,224
Columbus,
Ohio,
Sewerage
System
Revenue
Bonds,
Refunding
Series
2015:
5,000
5.000%,
6/01/29
6/26
at
100.00
Aa1
5,281,250
6,750
5.000%,
6/01/32
6/26
at
100.00
Aa1
7,101,945
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+
1,365,828
Hamilton,
Ohio,
Electric
System
Revenue
Bonds,
Refunding
&
Improvement
Series
2019:
865
4.000%,
10/01/37
-
BAM
Insured
10/29
at
100.00
AA
874,031
1,000
4.000%,
10/01/38
-
BAM
Insured
10/29
at
100.00
AA
1,001,550
1,015
4.000%,
10/01/39
-
BAM
Insured
10/29
at
100.00
AA
1,015,020
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
1,118,722
1,000
Mahoning
County,
Ohio,
Sewer
System
Revenue
Bonds,
Refunding
and
Improvement
Series
2022,
5.000%,
12/01/42
12/31
at
100.00
Aa3
1,074,460
1,000
Marysville,
Ohio,
Water
System
Mortgage
Revenue
Bonds,
Refunding
Series
2016,
4.000%,
12/01/38
12/25
at
100.00
Aa3
1,002,240
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+
6,112,574
5,275
4.000%,
11/15/43
5/28
at
100.00
AA+
5,074,708
820
Ohio
Air
Quality
Development
Authority,
Ohio,
Air
Quality
Development
Revenue
Bonds,
FirstEnergy
Generation
Corporation
Project,
Series
2009A,
5.700%,
8/01/23
(5)
No
Opt.
Call
N/R
8
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
100
Nuveen
Ohio
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
76
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
Ohio
Water
Development
Authority,
Revenue
Bonds,
Drinking
Water
Assistance
Fund,
Refunding
Series
2019B:
$
1,560
5.000%,
12/01/29
No
Opt.
Call
AAA
$
1,768,276
1,170
5.000%,
6/01/30
No
Opt.
Call
AAA
1,337,965
1,100
5.000%,
12/01/30
No
Opt.
Call
AAA
1,268,289
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
3,178,520
1,900
5.000%,
12/01/36
12/26
at
100.00
AAA
1,993,195
Ohio
Water
Development
Authority,
Revenue
Bonds,
Fresh
Water
Development,
Series
2019:
3,800
5.000%,
12/01/38
12/29
at
100.00
AAA
4,177,492
1,000
5.000%,
6/01/44
12/29
at
100.00
AAA
1,080,150
4,000
Ohio
Water
Development
Authority,
Water
Pollution
Control
Loan
Fund
Revenue
Bonds,
Kestrel
Verifiers,
Green
Series
2021A,
5.000%,
12/01/46
12/31
at
100.00
AAA
4,387,040
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
5,400,750
5,000
Ohio
Water
Development
Authority,
Water
Pollution
Control
Loan
Fund
Revenue
Bonds,
Series
2015A,
5.000%,
6/01/26
No
Opt.
Call
AAA
5,287,100
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
5,399,050
8,500
Ohio
Water
Development
Authority,
Water
Pollution
Control
Loan
Fund
Revenue
Bonds,
Series
2020A,
5.000%,
12/01/50
6/30
at
100.00
AAA
9,107,325
Total
Utilities
103,804,986
Total
Municipal
Bonds
(cost
$579,816,844)
562,953,572
Shares
Description
(1)
Value
X
26,961,300
COMMON
STOCKS
-
4.5%  
X
26,961,300
Independent
Power
and
Renewable
Electricity
Producers
-
4.5%
350,634
Energy
Harbor
Corp
(6),(7)
$
26,961,300
Total
Independent
Power
and
Renewable
Electricity
Producers
26,961,300
Total
Common
Stocks
(cost
$9,249,818)
26,961,300
Total
Long-Term
Investments
(cost
$589,066,662)
589,914,872
Other
Assets
&
Liabilities,
Net
-
2.1%
12,659,046
Net
Assets
-
100%
$
602,573,918
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(3)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(4)
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)
Energy
Harbor
Corp
(ENGH)
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.
Various
funds
and
accounts
managed
by
Nuveen,
including
the
Fund,
collectively
are
a
substantial
minority
holder
of
ENGH’s
outstanding
shares
of
common
stock,
and
possess
certain
other
rights
with
respect
to
the
corporate
governance
of
ENGH.
Due
to
these
facts,
under
the
federal
securities
laws,
the
securities
of
ENGH
held
by
Nuveen
funds
and
accounts,
including
the
Fund,
cannot
be
sold
except
under
limited
conditions
(which
are
not  currently
satisfied).
The
Fund
is
therefore
unable
to
sell
such
shares
in
ordinary
secondary
market
transactions
at
this
time.
On
March
6,
2023
Vistra
Corp.
(“Vistra”)
announced
that
it
has
executed
a
definitive
agreement
with
Energy
Harbor
Corp.,
pursuant
to
which
Energy
Harbor
will
merge
with
and
into
a
newly-formed
subsidiary
of
Vistra.  The
companies
anticipate
closing
the
transaction
in
the
second
half
of
2023.  In
connection
with
the
transaction,
Nuveen
funds
and
accounts
expect
to
receive
a
combination
of
cash
and
shares
in
a
newly
formed
entity.
Nuveen
expects
these
shares
to
be
issued
in
a
private
transaction
and
may
have
reduced
secondary
market
liquidity.  The
transaction
is
subject
to
certain
regulatory
approvals
and
there
can
be
no
assurance
that
the
transaction
will
close.
77
(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
Notes
to
Financial
Statements
78
Nuveen
Wisconsin
Municipal
Bond
Fund
Portfolio
of
Investments
May
31,
2023
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
108.6%   
X
86,694,012
MUNICIPAL
BONDS
-
99.7%  
X
86,694,012
Consumer
Discretionary
-
0.4%
$
105
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
9/01/46
9/27
at
100.00
CCC+
$
95,783
250
International
Falls,
Minnesota,
Solid
Waste
Disposal
Revenue
Bonds,
Boise
Cascade
Corporation
Project,
Refunding
Series
1999,
6.850%,
12/01/29,
(AMT)
7/23
at
100.00
B1
250,558
Total
Consumer
Discretionary
346,341
Education
and
Civic
Organizations
-
7.7%
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-
1,003,070
1,300
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-
1,263,587
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Hmong
American
Peace
Academy,
Series
2020:
420
4.000%,
3/15/30
No
Opt.
Call
BBB
410,542
500
4.000%,
3/15/40
3/30
at
100.00
BBB
437,185
1,200
5.000%,
3/15/50
3/30
at
100.00
BBB
1,176,252
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
1,047,959
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
360,655
500
2.125%,
4/01/40
-
AGM
Insured
4/31
at
100.00
AA
352,650
415
2.250%,
4/01/41
-
AGM
Insured
4/31
at
100.00
AA
294,982
500
2.250%,
4/01/42
-
AGM
Insured
4/31
at
100.00
AA
352,520
Total
Education
and
Civic
Organizations
6,699,402
Health
Care
-
21.5%
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+
166,303
190
5.000%,
7/01/31
No
Opt.
Call
BBB+
208,101
4,765
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
4,711,108
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
BBB+
8,345,736
1,000
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
BBB+
974,400
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-
1,026,600
2,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Bellin
Memorial
Hospital,
Inc.,
Series
2019A,
4.000%,
12/01/44
12/29
at
100.00
A+
1,858,280
250
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Bellin
Memorial
Hospital,
Series
2015,
5.000%,
12/01/23
No
Opt.
Call
A+
251,695
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-
1,011,190
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
175,617
Total
Health
Care
18,729,030
79
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Multifamily
-
23.1%
$
2,000
Hudson
Housing
Authority,
Wisconsin,
Multifamily
Housing
Revenue
Bonds,
Cedar
Ridge
Apartments
Project,
Series
2013A,
5.125%,
6/01/30
7/23
at
100.00
N/R
$
1,949,000
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
7/23
at
100.00
A
2,000,920
430
Wisconsin
Housing
and
Economic
Development
Authority,
Housing
Revenue
Bonds,
Series
2006A,
4.550%,
5/01/27,
(AMT)
7/23
at
100.00
AA+
430,219
2,125
Wisconsin
Housing
and
Economic
Development
Authority,
Housing
Revenue
Bonds,
Series
2015A,
4.125%,
11/01/46
5/25
at
100.00
AA+
1,962,671
Wisconsin
Housing
and
Economic
Development
Authority,
Housing
Revenue
Bonds,
Series
2017A:
750
4.000%,
11/01/47
11/26
at
100.00
AA+
685,575
1,500
4.150%,
5/01/55
11/26
at
100.00
AA+
1,366,845
2,230
Wisconsin
Housing
and
Economic
Development
Authority,
Housing
Revenue
Bonds,
Series
2017B,
3.900%,
11/01/42
11/26
at
100.00
AA+
2,071,737
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+
1,890,040
4,520
Wisconsin
Housing
and
Economic
Development
Authority,
Housing
Revenue
Bonds,
Series
2019A,
3.375%,
5/01/57
11/28
at
100.00
AA+
3,392,260
2,000
Wisconsin
Housing
and
Economic
Development
Authority,
Housing
Revenue
Bonds,
Series
2022A,
5.150%,
11/01/50
11/31
at
100.00
AA+
2,075,060
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
2,233,775
Total
Housing/Multifamily
20,058,102
Long-Term
Care
-
15.6%
500
Winnebago
County
Housing
Authority,
Illinois,
Revenue
Bonds,
Lutheran
Homes
of
Oshkosh,
Inc.
Project,
Refunding
Series
2015A,
4.450%,
3/01/30
7/23
at
100.00
N/R
421,990
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
99,378
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
1,365,580
2,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Dickson
Hollow
Project.
Series
2014,
5.375%,
10/01/44
7/23
at
102.00
N/R
1,727,640
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
353,765
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
1,711,040
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
1,765,400
1,475
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Rogers
Memorial
Hospital,
Inc.,
Series
2019A,
5.000%,
7/01/49
7/26
at
100.00
A
1,505,296
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
515,960
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-
412,015
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-
499,915
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+
752,580
1,000
4.000%,
8/15/55
8/31
at
100.00
BBB+
734,210
2,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Woodland
Hills
Senior
Housing
Project,
Series
2014,
5.000%,
12/01/44
7/23
at
102.00
N/R
1,669,300
Total
Long-Term
Care
13,534,069
Nuveen
Wisconsin
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
80
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
-
24.1%
$
10,000
Ashwaubenon
Community
Development
Authority,
Wisconsin,
Lease
Revenue
Bonds,
Brown
County
Expo
Center
Project,
Series
2019,
0.000%,
6/01/49
6/29
at
47.10
AA
$
2,899,200
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
1,317,327
1,530
3.600%,
6/01/35
6/25
at
100.00
A3
1,498,345
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+
1,230,475
675
Milwaukee
Redevelopment
Authority,
Wisconsin,
HSI
Industrial
I
LLC
Project
Revenue
Bonds,
Series
2008,
5.125%,
6/01/29,
(AMT)
7/23
at
100.00
A2
676,168
Milwaukee
Redevelopment
Authority,
Wisconsin,
Lease
Revenue
Bonds,
Public
Schools,
Series
2016A:
800
5.000%,
11/15/30
11/26
at
100.00
A+
843,696
500
5.000%,
11/15/31
11/26
at
100.00
A+
527,145
550
5.000%,
11/15/32
11/26
at
100.00
A+
579,491
Milwaukee
Redevelopment
Authority,
Wisconsin,
Lease
Revenue
Bonds,
Public
Schools,
Series
2017:
630
5.000%,
11/15/28
11/26
at
100.00
A+
666,735
500
5.000%,
11/15/34
11/26
at
100.00
A+
526,475
1,000
5.000%,
11/15/35
11/26
at
100.00
A+
1,046,640
500
5.000%,
11/15/36
11/26
at
100.00
A+
523,485
450
Puerto
Rico
Municipal
Finance
Agency,
Series
2002A,
5.000%,
8/01/27
-
AGM
Insured
7/23
at
100.00
AAA
453,029
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
2,188,666
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2006:
120
5.000%,
10/01/25
-
NPFG
Insured
7/23
at
100.00
Baa2
121,335
125
5.000%,
10/01/28
-
FGIC
Insured
7/23
at
100.00
Baa2
126,429
Wisconsin
Center
District,
Appropiation
Revenue
Bonds,
Milwaukee
Arena
Project,
Series
2016:
390
5.000%,
12/15/27
6/26
at
100.00
Aa3
409,251
1,000
5.000%,
12/15/30
6/26
at
100.00
Aa3
1,050,540
500
5.000%,
12/15/31
6/26
at
100.00
Aa3
525,270
Wisconsin
Center
District,
Dedicated
Tax
Revenue
Bonds,
Refunding
Junior
Series
1999:
675
5.250%,
12/15/27
No
Opt.
Call
AA
719,381
Wisconsin
Center
District,
Dedicated
Tax
Revenue
Bonds,
Refunding
Senior
Series
2003A:
2,035
0.000%,
12/15/28
-
AGM
Insured
No
Opt.
Call
AA
1,662,554
1,945
0.000%,
12/15/31
No
Opt.
Call
AA
1,396,860
Total
Tax
Obligation/Limited
20,988,497
U.S.
Guaranteed
-
2.0%
(5)
Wisconsin
Center
District,
Dedicated
Tax
Revenue
Bonds,
Refunding
Junior
Series
1999:
190
5.250%,
12/15/27,
(ETM)
No
Opt.
Call
AA
201,014
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
812,786
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
537,975
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
10,371
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
130,397
Total
U.S.
Guaranteed
1,692,543
81
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
-
5.3%
$
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
$
10
860
Ohio
Air
Quality
Development
Authority,
Ohio,
Air
Quality
Development
Revenue
Bonds,
FirstEnergy
Generation
Corporation
Project,
Series
2009A,
5.700%,
8/01/23
(6)
No
Opt.
Call
N/R
8
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
10
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
2
575
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Refunding
Series
2005SS,
5.000%,
7/01/30
-
AGM
Insured
7/23
at
100.00
AA
578,870
580
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2003NN,
5.250%,
7/01/23
-
NPFG
Insured
No
Opt.
Call
Baa2
580,006
790
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2005RR,
5.000%,
7/01/28
-
AGC
Insured
7/23
at
100.00
AA
795,317
305
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2007UU,
5.000%,
7/01/24
-
AGM
Insured
7/23
at
100.00
AA
307,053
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2007VV:
675
5.250%,
7/01/24
No
Opt.
Call
Baa2
673,218
130
5.250%,
7/01/26
-
NPFG
Insured
No
Opt.
Call
Baa2
128,383
185
5.250%,
7/01/31
-
AGM
Insured
No
Opt.
Call
AA
185,594
250
5.250%,
7/01/35
-
NPFG
Insured
No
Opt.
Call
Baa2
245,605
1,200
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Refunding
Series
2007A,
5.000%,
7/01/25
7/23
at
100.00
CC
1,151,952
Total
Utilities
4,646,028
Total
Municipal
Bonds
(cost
$95,179,639)
86,694,012
Shares
Description
(1)
Value
X
7,761,887
COMMON
STOCKS
-
8.9%  
X
7,761,887
Independent
Power
and
Renewable
Electricity
Producers
-
8.9%
100,944
Energy
Harbor
Corp
(7),(8)
$
7,761,887
Total
Independent
Power
and
Renewable
Electricity
Producers
7,761,887
Total
Common
Stocks
(cost
$2,869,331)
7,761,887
Total
Long-Term
Investments
(cost
$98,048,970)
94,455,899
Floating
Rate
Obligations
-
(9.2)%  
(
8,020,000
)
Other
Assets
&
Liabilities,
Net
-
0.6%
505,656
Net
Assets
-
100%
$
86,941,555
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(3)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(4)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(5)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(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.
Nuveen
Wisconsin
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
82
(7)
Energy
Harbor
Corp
(ENGH)
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.
Various
funds
and
accounts
managed
by
Nuveen,
including
the
Fund,
collectively
are
a
substantial
minority
holder
of
ENGH’s
outstanding
shares
of
common
stock,
and
possess
certain
other
rights
with
respect
to
the
corporate
governance
of
ENGH.
Due
to
these
facts,
under
the
federal
securities
laws,
the
securities
of
ENGH
held
by
Nuveen
funds
and
accounts,
including
the
Fund,
cannot
be
sold
except
under
limited
conditions
(which
are
not  currently
satisfied).
The
Fund
is
therefore
unable
to
sell
such
shares
in
ordinary
secondary
market
transactions
at
this
time.
On
March
6,
2023
Vistra
Corp.
(“Vistra”)
announced
that
it
has
executed
a
definitive
agreement
with
Energy
Harbor
Corp.,
pursuant
to
which
Energy
Harbor
will
merge
with
and
into
a
newly-formed
subsidiary
of
Vistra.  The
companies
anticipate
closing
the
transaction
in
the
second
half
of
2023.  In
connection
with
the
transaction,
Nuveen
funds
and
accounts
expect
to
receive
a
combination
of
cash
and
shares
in
a
newly
formed
entity.
Nuveen
expects
these
shares
to
be
issued
in
a
private
transaction
and
may
have
reduced
secondary
market
liquidity.  The
transaction
is
subject
to
certain
regulatory
approvals
and
there
can
be
no
assurance
that
the
transaction
will
close.
(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
Notes
to
Financial
Statements
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements
83
May
31,
2023
Kansas
Kentucky
Michigan
Missouri
Ohio
ASSETS
Long-term
investments,
at
value
†
$
229,133,588‌
$
285,379,448‌
$
294,643,918‌
$
528,601,988‌
$
589,914,872‌
Cash
–‌
–‌
–‌
–‌
10,071,471‌
Receivables:
Interest
2,911,949‌
3,690,542‌
2,920,273‌
5,982,828‌
9,731,905‌
Investments
sold
240,000‌
–‌
–‌
3,094,856‌
285,000‌
Shares
sold
137,782‌
190,082‌
209,147‌
130,338‌
675,613‌
Other
assets
18,683‌
127,044‌
76,509‌
91,270‌
157,721‌
Total
assets
232,442,002‌
289,387,116‌
297,849,847‌
537,901,280‌
610,836,582‌
LIABILITIES
Cash
overdraft
1,683,469‌
461,308‌
212,417‌
1,050,015‌
–‌
Floating
rate
obligations
–‌
22,650,000‌
–‌
–‌
–‌
Payables:
Dividends
76,294‌
55,453‌
114,562‌
282,566‌
267,606‌
Interest
–‌
312,315‌
601‌
–‌
–‌
Investments
purchased
-
regular
settlement
–‌
–‌
–‌
1,485,765‌
—‌
Investments
purchased
-
when-issued/delayed-delivery
settlement
–‌
–‌
–‌
1,491,769‌
6,424,388‌
Shares
redeemed
210,236‌
281,864‌
536,751‌
923,403‌
950,242‌
Accrued
expenses:
Custodian
fees
31,879‌
34,236‌
34,793‌
59,568‌
58,410‌
Management
fees
99,385‌
113,861‌
126,984‌
229,074‌
253,217‌
Trustees
fees
6,597‌
106,848‌
60,106‌
71,714‌
142,207‌
Professional
fees
6,574‌
7,960‌
7,714‌
15,846‌
17,017‌
Shareholder
reporting
expenses
12,982‌
13,155‌
14,513‌
17,644‌
22,166‌
Shareholder
servicing
agent
fees
21,321‌
22,364‌
43,305‌
37,234‌
64,987‌
12b-1
distribution
and
service
fees
29,570‌
37,504‌
21,969‌
60,252‌
57,183‌
Other
3,879‌
3,430‌
3,654‌
7,169‌
5,241‌
Total
liabilities
2,182,186‌
24,100,298‌
1,177,369‌
5,732,019‌
8,262,664‌
Commitments
and
contingencies
(1)
Net
assets
$
230,259,816‌
$
265,286,818‌
$
296,672,478‌
$
532,169,261‌
$
602,573,918‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
$
250,367,867‌
$
294,136,692‌
$
322,563,179‌
$
577,773,733‌
$
624,938,673‌
Total
distributable
earnings
(loss)
(20,108,051‌)
(28,849,874‌)
(25,890,701‌)
(45,604,472‌)
(22,364,755‌)
Net
assets
230,259,816‌
265,286,818‌
296,672,478‌
532,169,261‌
602,573,918‌
†
Long-term
investments,
cost
$
239,791,683‌
$
300,188,174‌
$
301,741,892‌
$
543,313,893‌
$
589,066,662‌
Statement
of
Assets
and
Liabilities
(continued)
See
Notes
to
Financial
Statements
84
May
31,
2023
Wisconsin
ASSETS
Long-term
investments,
at
value
†
$
94,455,899‌
Receivables:
Interest
1,159,472‌
Investments
sold
230,000‌
Shares
sold
1,914‌
Other
assets
13,134‌
Total
assets
95,860,419‌
LIABILITIES
Cash
overdraft
638,123‌
Floating
rate
obligations
8,020,000‌
Payables:
Dividends
14,499‌
Interest
70,484‌
Shares
redeemed
75,274‌
Accrued
expenses:
Custodian
fees
21,484‌
Management
fees
38,056‌
Trustees
fees
1,310‌
Professional
fees
2,739‌
Shareholder
reporting
expenses
9,279‌
Shareholder
servicing
agent
fees
11,490‌
12b-1
distribution
and
service
fees
13,491‌
Other
2,635‌
Total
liabilities
8,918,864‌
Commitments
and
contingencies
(1)
Net
assets
$
86,941,555‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
$
99,344,405‌
Total
distributable
earnings
(loss)
(
12,402,850‌)
Net
assets
86,941,555‌
†
Long-term
investments,
cost
$
98,048,970‌
(1)
As
disclosed
in
Notes
to
Financial
Statements.
Statement
of
Assets
and
Liabilities
(continued)
See
Notes
to
Financial
Statements
85
Kansas
Kentucky
Michigan
Missouri
Ohio
CLASS
A:
Net
assets
$
135,823,855‌
$
198,452,926‌
$
96,194,475‌
$
287,432,529‌
$
278,832,621‌
Shares
outstanding
13,737,662‌
20,341,884‌
9,123,363‌
27,708,777‌
25,802,778‌
Net
asset
value
("NAV")
per
share
$
9.89‌
$
9.76‌
$
10.54‌
$
10.37‌
$
10.81‌
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
$
10.19‌
$
11.00‌
$
10.82‌
$
11.28‌
CLASS
C:
Net
assets
$
7,252,719‌
$
4,002,743‌
$
6,322,833‌
$
12,617,281‌
$
11,185,644‌
Shares
outstanding
735,217‌
410,521‌
601,502‌
1,221,134‌
1,041,031‌
NAV
and
offering
price
per
share
$
9.86‌
$
9.75‌
$
10.51‌
$
10.33‌
$
10.74‌
CLASS
I:
Net
assets
$
87,183,242‌
$
62,831,149‌
$
194,155,170‌
$
232,119,451‌
$
312,555,653‌
Shares
outstanding
8,791,479‌
6,451,550‌
18,446,532‌
22,413,166‌
29,033,668‌
NAV
and
offering
price
per
share
$
9.92‌
$
9.74‌
$
10.53‌
$
10.36‌
$
10.77‌
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
(continued)
See
Notes
to
Financial
Statements
86
Wisconsin
CLASS
A:
Net
assets
$
53,675,768‌
Shares
outstanding
5,543,473‌
Net
asset
value
("NAV")
per
share
$
9.68‌
Maximum
sales
charge
4.20%
Offering
price
per
share
(NAV
per
share
plus
maximum
sales
charge)
$
10.10‌
CLASS
C:
Net
assets
$
4,919,989‌
Shares
outstanding
508,212‌
NAV
and
offering
price
per
share
$
9.68‌
CLASS
I:
Net
assets
$
28,345,798‌
Shares
outstanding
2,924,779‌
NAV
and
offering
price
per
share
$
9.69‌
Authorized
shares
-
per
class
Unlimited
Par
value
per
share
$
0.01
Statement
of
Operations
See
Notes
to
Financial
Statements
87
Year
Ended
May
31,
2023
Kansas
Kentucky
Michigan
Missouri
INVESTMENT
INCOME
Interest
$
7,815,038‌
$
10,861,946‌
$
9,791,591‌
$
22,053,261‌
Total
investment
income
7,815,038‌
10,861,946‌
9,791,591‌
22,053,261‌
EXPENSES
–
–
–
–
Management
fees
1,204,398‌
1,448,181‌
1,473,451‌
2,900,304‌
12b-1
service
fees
-
Class
A
285,310‌
430,095‌
208,985‌
608,366‌
12b-1
distribution
and
service
fees
-
Class
C
85,172‌
55,546‌
70,315‌
148,795‌
Shareholder
servicing
agent
fees
84,709‌
87,650‌
149,278‌
161,428‌
Interest
expense
16,404‌
724,851‌
123,713‌
21,502‌
Trustees
fees
8,810‌
10,618‌
10,769‌
21,161‌
Custodian
expenses,
net
34,851‌
38,424‌
41,179‌
77,073‌
Federal
and
state
registration
fees
6,188‌
6,150‌
10,057‌
9,187‌
Professional
fees
59,219‌
64,297‌
63,305‌
83,290‌
Shareholder
reporting
expenses
24,384‌
22,816‌
27,331‌
32,984‌
Other
6,744‌
6,846‌
7,261‌
12,240‌
Total
expenses
1,816,189‌
2,895,474‌
2,185,644‌
4,076,330‌
Net
investment
income
(loss)
5,998,849‌
7,966,472‌
7,605,947‌
17,976,931‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
(
2,741,904‌
)
(
6,402,726‌
)
(
17,315,470‌
)
(
17,515,641‌
)
Net
realized
gain
(loss)
(
2,741,904‌
)
(
6,402,726‌
)
(
17,315,470‌
)
(
17,515,641‌
)
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
(
4,412,896‌
)
(
7,471,113‌
)
5,812,797‌
(
7,135,225‌
)
Change
in
net
unrealized
appreciation
(depreciation)
(
4,412,896‌
)
(
7,471,113‌
)
5,812,797‌
(
7,135,225‌
)
Net
realized
and
unrealized
gain
(loss)
(
7,154,800‌
)
(
13,873,839‌
)
(
11,502,673‌
)
(
24,650,866‌
)
Net
increase
(decrease)
in
net
assets
from
operations
$
(
1,155,951‌
)
$
(
5,907,367‌
)
$
(
3,896,726‌
)
$
(
6,673,935‌
)
Statement
of
Operations
(continued)
See
Notes
to
Financial
Statements
88
Year
Ended
May
31,
2023
Ohio
Wisconsin
INVESTMENT
INCOME
Interest
$
19,590,058‌
$
4,304,662‌
Total
investment
income
19,590,058‌
4,304,662‌
EXPENSES
–
–
Management
fees
3,051,506‌
515,461‌
12b-1
service
fees
-
Class
A
574,200‌
119,615‌
12b-1
distribution
and
service
fees
-
Class
C
126,099‌
56,794‌
Shareholder
servicing
agent
fees
262,233‌
44,078‌
Interest
expense
29,349‌
248,543‌
Trustees
fees
22,967‌
3,724‌
Custodian
expenses,
net
71,764‌
26,027‌
Federal
and
state
registration
fees
6,150‌
9,302‌
Professional
fees
86,219‌
49,483‌
Shareholder
reporting
expenses
42,011‌
15,651‌
Other
11,180‌
5,178‌
Total
expenses
4,283,678‌
1,093,856‌
Net
investment
income
(loss)
15,306,380‌
3,210,806‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
(
18,184,661‌
)
(
3,400,636‌
)
Net
realized
gain
(loss)
(
18,184,661‌
)
(
3,400,636‌
)
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
(
853,060‌
)
(
2,955,892‌
)
Change
in
net
unrealized
appreciation
(depreciation)
(
853,060‌
)
(
2,955,892‌
)
Net
realized
and
unrealized
gain
(loss)
(
19,037,721‌
)
(
6,356,528‌
)
Net
increase
(decrease)
in
net
assets
from
operations
$
(
3,731,341‌
)
$
(
3,145,722‌
)
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
89
Kansas
Kentucky
Year
Ended
5/31/23
Year
Ended
5/31/22
Year
Ended
5/31/23
Year
Ended
5/31/22
OPERATIONS
Net
investment
income
(loss)
$
5,998,849‌
$
6,776,710‌
$
7,966,472‌
$
9,193,078‌
Net
realized
gain
(loss)
(2,741,904‌)
(301,579‌)
(6,402,726‌)
(1,768,104‌)
Change
in
net
unrealized
appreciation
(depreciation)
(4,412,896‌)
(20,734,413‌)
(7,471,113‌)
(35,456,305‌)
Net
increase
(decrease)
in
net
assets
from
operations
(1,155,951‌)
(14,259,282‌)
(5,907,367‌)
(
28,031,331‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(1)
Dividends:
Class
A
(3,286,845‌)
(3,961,204‌)
(5,689,605‌)
(6,752,136‌)
Class
C
(128,281‌)
(153,965‌)
(102,672‌)
(139,317‌)
Class
I
(2,252,089‌)
(2,413,868‌)
(
1,999,048‌)
(2,554,965‌)
Decrease
in
net
assets
from
distributions
to
shareholders
(5,667,215‌)
(6,529,037‌)
(7,791,325‌)
(9,446,418‌)
FUND
SHARE
TRANSACTIONS
Proceeds
from
sale
of
shares
47,525,446‌
40,652,981‌
24,815,490‌
54,326,792‌
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
4,694,386‌
5,452,341‌
7,037,178‌
8,483,351‌
52,219,832‌
46,105,322‌
31,852,668‌
62,810,143‌
Cost
of
shares
redeemed
(73,738,907‌)
(74,253,954‌)
(83,210,226‌)
(73,969,239‌)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
(21,519,075‌)
(28,148,632‌)
(51,357,558‌)
(11,159,096‌)
Net
increase
(decrease)
in
net
assets
(28,342,241‌)
(48,936,951‌)
(
65,056,250‌)
(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
$
230,259,816‌
$
258,602,057‌
$
265,286,818‌
$
330,343,068‌
See
Notes
to
Financial
Statements
90
Michigan
Missouri
Year
Ended
5/31/23
Year
Ended
5/31/22
Year
Ended
5/31/23
Year
Ended
5/31/22
OPERATIONS
Net
investment
income
(loss)
$
7,605,947‌
$
7,101,254‌
$
17,976,931‌
$
17,780,519‌
Net
realized
gain
(loss)
(17,315,470‌)
(1,402,560‌)
(17,515,641‌)
(9,423,575‌)
Change
in
net
unrealized
appreciation
(depreciation)
5,812,797‌
(34,785,075‌)
(7,135,225‌)
(56,392,033‌)
Net
increase
(decrease)
in
net
assets
from
operations
(3,896,726‌)
(29,086,381‌)
(6,673,935‌)
(48,035,089‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(1)
Dividends:
Class
A
(2,349,643‌)
(2,745,571‌)
(8,598,507‌)
(8,862,121‌)
Class
C
(101,629‌)
(115,578‌)
(300,369‌)
(324,148‌)
Class
I
(4,582,170‌)
(4,333,647‌)
(7,925,723‌)
(
8,520,982‌)
Decrease
in
net
assets
from
distributions
to
shareholders
(7,033,442‌)
(7,194,796‌)
(16,824,599‌)
(17,707,251‌)
FUND
SHARE
TRANSACTIONS
Proceeds
from
sale
of
shares
144,987,104‌
107,799,572‌
134,500,485‌
156,826,725‌
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
5,766,385‌
6,087,425‌
13,155,981‌
13,596,302‌
150,753,489‌
113,886,997‌
147,656,466‌
170,423,027‌
Cost
of
shares
redeemed
(155,275,013‌)
(
115,149,635‌)
(256,834,680‌)
(182,169,142‌)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
(4,521,524‌)
(1,262,638‌)
(109,178,214‌)
(11,746,115‌)
Net
increase
(decrease)
in
net
assets
(15,451,692‌)
(37,543,815‌)
(
132,676,748‌)
(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
$
296,672,478‌
$
312,124,170‌
$
532,169,261‌
$
664,846,009‌
See
Notes
to
Financial
Statements
91
Ohio
Wisconsin
Year
Ended
5/31/23
Year
Ended
5/31/22
Year
Ended
5/31/23
Year
Ended
5/31/22
OPERATIONS
Net
investment
income
(loss)
$
15,306,380‌
$
15,441,985‌
$
3,210,806‌
$
4,102,207‌
Net
realized
gain
(loss)
(18,184,661‌)
(4,925,877‌)
(3,400,636‌)
(354,568‌)
Change
in
net
unrealized
appreciation
(depreciation)
(853,060‌)
(51,235,062‌)
(2,955,892‌)
(10,115,830‌)
Net
increase
(decrease)
in
net
assets
from
operations
(3,731,341‌)
(40,718,954‌)
(3,145,722‌)
(6,368,191‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(1)
Dividends:
Class
A
(6,552,912‌)
(6,868,034‌)
(1,978,565‌)
(2,340,989‌)
Class
C
(186,099‌)
(202,943‌)
(143,094‌)
(167,017‌)
Class
I
(7,972,219‌)
(8,017,469‌)
(1,269,054‌)
(
1,698,955‌)
Decrease
in
net
assets
from
distributions
to
shareholders
(14,711,230‌)
(15,088,446‌)
(3,390,713‌)
(4,206,961‌)
FUND
SHARE
TRANSACTIONS
Proceeds
from
sale
of
shares
180,741,076‌
152,881,588‌
916,027‌
1,788,350‌
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
11,565,065‌
11,761,771‌
3,108,173‌
3,767,489‌
192,306,141‌
164,643,359‌
4,024,200‌
5,555,839‌
Cost
of
shares
redeemed
(239,097,055‌)
(
187,619,410‌)
(34,613,276‌)
(17,336,511‌)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
(46,790,914‌)
(22,976,051‌)
(30,589,076‌)
(11,780,672‌)
Net
increase
(decrease)
in
net
assets
(65,233,485‌)
(78,783,451‌)
(
37,125,511‌)
(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
$
602,573,918‌
$
667,807,403‌
$
86,941,555‌
$
124,067,066‌
(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.
During
the
year
ended
May
31,
2022,
there
were
no
distributions
from
Class
C2
Shares.
Financial
Highlights
92
The
following
data
is
for
a
share
outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
Net
Asset
Value
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Ending
Net
Asset
Value
Kansas
Class
A
5/31/23
$
10.14
$
0.24
$
(
0.26
)
$
(
0.02
)
$
(
0.23
)
$
—
$
(
0.23
)
$
9.89
5/31/22
10.87
0.24
(
0.74
)
(
0.50
)
(
0.23
)
—
(
0.23
)
10.14
5/31/21
10.51
0.25
0.37
0.62
(
0.26
)
—
(
0.26
)
10.87
5/31/20
10.74
0.30
(
0.21
)
0.09
(
0.32
)
—
(
0.32
)
10.51
5/31/19
10.56
0.35
0.16
0.51
(
0.33
)
—
(
0.33
)
10.74
Class
C
5/31/23
10.12
0.16
(
0.27
)
(
0.11
)
(
0.15
)
—
(
0.15
)
9.86
5/31/22
10.85
0.15
(
0.74
)
(
0.59
)
(
0.14
)
—
(
0.14
)
10.12
5/31/21
10.48
0.17
0.37
0.54
(
0.17
)
—
(
0.17
)
10.85
5/31/20
10.72
0.21
(
0.22
)
(
0.01
)
(
0.23
)
—
(
0.23
)
10.48
5/31/19
10.54
0.26
0.17
0.43
(
0.25
)
—
(
0.25
)
10.72
Class
I
5/31/23
10.18
0.26
(
0.27
)
(
0.01
)
(
0.25
)
—
(
0.25
)
9.92
5/31/22
10.91
0.26
(
0.74
)
(
0.48
)
(
0.25
)
—
(
0.25
)
10.18
5/31/21
10.55
0.28
0.36
0.64
(
0.28
)
—
(
0.28
)
10.91
5/31/20
10.78
0.32
(
0.21
)
0.11
(
0.34
)
—
(
0.34
)
10.55
5/31/19
10.60
0.37
0.17
0.54
(
0.36
)
—
(
0.36
)
10.78
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
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
Notes
to
Financial
Statements
and
the
interest
expense
and
fees
paid
on
borrowings,
as
described
in
Notes
to
Financial
Statements.
See
Notes
to
Financial
Statements
93
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
(
0
.18‌
)
%
$
135,824
0
.81‌
%
0
.80‌
%
2
.46‌
%
15‌
%
(
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
.08‌
)
7,253
1
.61‌
1
.60‌
1
.65‌
15‌
(
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
.04‌
)
87,183
0
.61‌
0
.60‌
2
.65‌
15‌
(
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
94
Financial
Highlights
(continued)
The
following
data
is
for
a
share
outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
Net
Asset
Value
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Ending
Net
Asset
Value
Kentucky
Class
A
5/31/23
$
10.17
$
0.27
$
(
0.42
)
$
(
0.15
)
$
(
0.26
)
$
—
$
(
0.26
)
$
9.76
5/31/22
11.24
0.26
(
1.06
)
(
0.80
)
(
0.27
)
—
(
0.27
)
10.17
5/31/21
10.91
0.30
0.32
0.62
(
0.29
)
—
(
0.29
)
11.24
5/31/20
10.92
0.31
(
0.03
)
0.28
(
0.29
)
—
(
0.29
)
10.91
5/31/19
10.64
0.32
0.28
0.60
(
0.32
)
—
(
0.32
)
10.92
Class
C
5/31/23
10.17
0.18
(
0.42
)
(
0.24
)
(
0.18
)
—
(
0.18
)
9.75
5/31/22
11.24
0.18
(
1.07
)
(
0.89
)
(
0.18
)
—
(
0.18
)
10.17
5/31/21
10.91
0.21
0.32
0.53
(
0.20
)
—
(
0.20
)
11.24
5/31/20
10.92
0.22
(
0.03
)
0.19
(
0.20
)
—
(
0.20
)
10.91
5/31/19
10.64
0.23
0.28
0.51
(
0.23
)
—
(
0.23
)
10.92
Class
I
5/31/23
10.16
0.28
(
0.42
)
(
0.14
)
(
0.28
)
—
(
0.28
)
9.74
5/31/22
11.23
0.28
(
1.06
)
(
0.78
)
(
0.29
)
—
(
0.29
)
10.16
5/31/21
10.90
0.32
0.32
0.64
(
0.31
)
—
(
0.31
)
11.23
5/31/20
10.91
0.33
(
0.03
)
0.30
(
0.31
)
—
(
0.31
)
10.90
5/31/19
10.64
0.34
0.27
0.61
(
0.34
)
—
(
0.34
)
10.91
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
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
Notes
to
Financial
Statements
and
the
interest
expense
and
fees
paid
on
borrowings,
as
described
in
Notes
to
Financial
Statements.
See
Notes
to
Financial
Statements
95
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
(
1
.45‌
)
%
$
198,453
1
.03‌
%
0
.78‌
%
2
.72‌
%
10‌
%
(
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
(
2
.32‌
)
4,003
1
.83‌
1
.58‌
1
.87‌
10‌
(
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
(
1
.33‌
)
62,831
0
.83‌
0
.58‌
2
.88‌
10‌
(
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
96
Financial
Highlights
(continued)
The
following
data
is
for
a
share
outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
Net
Asset
Value
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Ending
Net
Asset
Value
Michigan
Class
A
5/31/23
$
10.93
$
0.26
$
(
0.41
)
$
(
0.15
)
$
(
0.24
)
$
—
$
(
0.24
)
$
10.54
5/31/22
12.09
0.23
(
1.16
)
(
0.93
)
(
0.22
)
(
0.01
)
(
0.23
)
10.93
5/31/21
11.92
0.26
0.18
0.44
(
0.27
)
—
(
0.27
)
12.09
5/31/20
11.67
0.29
0.25
0.54
(
0.29
)
—
(
0.29
)
11.92
5/31/19
11.35
0.30
0.31
0.61
(
0.29
)
—
(
0.29
)
11.67
Class
C
5/31/23
10.90
0.18
(
0.42
)
(
0.24
)
(
0.15
)
—
(
0.15
)
10.51
5/31/22
12.05
0.13
(
1.15
)
(
1.02
)
(
0.12
)
(
0.01
)
(
0.13
)
10.90
5/31/21
11.88
0.17
0.17
0.34
(
0.17
)
—
(
0.17
)
12.05
5/31/20
11.63
0.19
0.25
0.44
(
0.19
)
—
(
0.19
)
11.88
5/31/19
11.31
0.21
0.31
0.52
(
0.20
)
—
(
0.20
)
11.63
Class
I
5/31/23
10.92
0.28
(
0.41
)
(
0.13
)
(
0.26
)
—
(
0.26
)
10.53
5/31/22
12.07
0.25
(
1.15
)
(
0.90
)
(
0.24
)
(
0.01
)
(
0.25
)
10.92
5/31/21
11.90
0.29
0.17
0.46
(
0.29
)
—
(
0.29
)
12.07
5/31/20
11.65
0.31
0.25
0.56
(
0.31
)
—
(
0.31
)
11.90
5/31/19
11.33
0.32
0.32
0.64
(
0.32
)
—
(
0.32
)
11.65
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
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
Notes
to
Financial
Statements
and
the
interest
expense
and
fees
paid
on
borrowings,
as
described
in
Notes
to
Financial
Statements.
See
Notes
to
Financial
Statements
97
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
(
1
.36‌
)
%
$
96,194
0
.84‌
%
0
.80‌
%
2
.47‌
%
34‌
%
(
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
(
2
.15‌
)
6,323
1
.64‌
1
.60‌
1
.66‌
34‌
(
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
(
1
.13‌
)
194,155
0
.64‌
0
.60‌
2
.67‌
34‌
(
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
98
Financial
Highlights
(continued)
The
following
data
is
for
a
share
outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
Net
Asset
Value
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Ending
Net
Asset
Value
Missouri
Class
A
5/31/23
$
10.75
$
0.32
$
(
0.40
)
$
(
0.08
)
$
(
0.30
)
$
—
$
(
0.30
)
$
10.37
5/31/22
11.73
0.27
(
0.99
)
(
0.72
)
(
0.26
)
—
(
0.26
)
10.75
5/31/21
11.43
0.29
0.31
0.60
(
0.30
)
—
(
0.30
)
11.73
5/31/20
11.45
0.32
0.01
0.33
(
0.35
)
—
(
0.35
)
11.43
5/31/19
11.19
0.36
0.27
0.63
(
0.37
)
—
(
0.37
)
11.45
Class
C
5/31/23
10.71
0.23
(
0.40
)
(
0.17
)
(
0.21
)
—
(
0.21
)
10.33
5/31/22
11.68
0.17
(
0.97
)
(
0.80
)
(
0.17
)
—
(
0.17
)
10.71
5/31/21
11.38
0.20
0.30
0.50
(
0.20
)
—
(
0.20
)
11.68
5/31/20
11.40
0.23
0.01
0.24
(
0.26
)
—
(
0.26
)
11.38
5/31/19
11.14
0.27
0.27
0.54
(
0.28
)
—
(
0.28
)
11.40
Class
I
5/31/23
10.74
0.33
(
0.39
)
(
0.06
)
(
0.32
)
—
(
0.32
)
10.36
5/31/22
11.71
0.29
(
0.97
)
(
0.68
)
(
0.29
)
—
(
0.29
)
10.74
5/31/21
11.42
0.32
0.29
0.61
(
0.32
)
—
(
0.32
)
11.71
5/31/20
11.43
0.35
0.02
0.37
(
0.38
)
—
(
0.38
)
11.42
5/31/19
11.18
0.39
0.26
0.65
(
0.40
)
—
(
0.40
)
11.43
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
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
Notes
to
Financial
Statements
and
the
interest
expense
and
fees
paid
on
borrowings,
as
described
in
Notes
to
Financial
Statements.
See
Notes
to
Financial
Statements
99
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
(
0
.75‌
)
%
$
287,433
0
.77‌
%
0
.77‌
%
3
.03‌
%
25‌
%
(
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
.54‌
)
12,617
1
.57‌
1
.57‌
2
.22‌
25‌
(
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
.54‌
)
232,119
0
.57‌
0
.57‌
3
.22‌
25‌
(
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
100
Financial
Highlights
(continued)
The
following
data
is
for
a
share
outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
Net
Asset
Value
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Ending
Net
Asset
Value
Ohio
Class
A
5/31/23
$
11.10
$
0.26
$
(
0.30
)
$
(
0.04
)
$
(
0.25
)
$
—
$
(
0.25
)
$
10.81
5/31/22
11.96
0.24
(
0.87
)
(
0.63
)
(
0.22
)
(
0.01
)
(
0.23
)
11.10
5/31/21
11.94
0.26
0.06
0.32
(
0.26
)
(
0.04
)
(
0.30
)
11.96
5/31/20
11.62
0.30
0.31
0.61
(
0.29
)
—
(
0.29
)
11.94
5/31/19
11.29
0.33
0.32
0.65
(
0.32
)
—
(
0.32
)
11.62
Class
C
5/31/23
11.03
0.17
(
0.30
)
(
0.13
)
(
0.16
)
—
(
0.16
)
10.74
5/31/22
11.90
0.14
(
0.87
)
(
0.73
)
(
0.13
)
(
0.01
)
(
0.14
)
11.03
5/31/21
11.87
0.16
0.08
0.24
(
0.17
)
(
0.04
)
(
0.21
)
11.90
5/31/20
11.55
0.21
0.31
0.52
(
0.20
)
—
(
0.20
)
11.87
5/31/19
11.22
0.23
0.33
0.56
(
0.23
)
—
(
0.23
)
11.55
Class
I
5/31/23
11.05
0.28
(
0.29
)
(
0.01
)
(
0.27
)
—
(
0.27
)
10.77
5/31/22
11.92
0.26
(
0.87
)
(
0.61
)
(
0.25
)
(
0.01
)
(
0.26
)
11.05
5/31/21
11.90
0.28
0.07
0.35
(
0.29
)
(
0.04
)
(
0.33
)
11.92
5/31/20
11.58
0.32
0.32
0.64
(
0.32
)
—
(
0.32
)
11.90
5/31/19
11.24
0.35
0.32
0.67
(
0.33
)
—
(
0.33
)
11.58
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
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
Notes
to
Financial
Statements
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
Notes
to
Financial
Statements
and
the
interest
expense
and
fees
paid
on
borrowings,
as
described
in
Notes
to
Financial
Statements.
See
Notes
to
Financial
Statements
101
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
(
0
.35‌
)
%
$
278,833
0
.77‌
%
0
.77‌
%
2
.38‌
%
29‌
%
(
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
(
1
.17‌
)
11,186
1
.57‌
1
.57‌
1
.58‌
29‌
(
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
.07‌
)
312,556
0
.57‌
0
.57‌
2
.58‌
29‌
(
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
102
Financial
Highlights
(continued)
The
following
data
is
for
a
share
outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
Net
Asset
Value
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Ending
Net
Asset
Value
Wisconsin
Class
A
5/31/23
$
10.24
$
0.31
$
(
0.54
)
$
(
0.23
)
$
(
0.33
)
$
—
$
(
0.33
)
$
9.68
5/31/22
11.07
0.32
(
0.83
)
(
0.51
)
(
0.32
)
—
(
0.32
)
10.24
5/31/21
10.71
0.32
0.36
0.68
(
0.32
)
—
(
0.32
)
11.07
5/31/20
10.79
0.31
(
0.10
)
0.21
(
0.29
)
—
(
0.29
)
10.71
5/31/19
10.48
0.33
0.32
0.65
(
0.34
)
—
(
0.34
)
10.79
Class
C
5/31/23
10.24
0.23
(
0.54
)
(
0.31
)
(
0.25
)
—
(
0.25
)
9.68
5/31/22
11.07
0.23
(
0.82
)
(
0.59
)
(
0.24
)
—
(
0.24
)
10.24
5/31/21
10.71
0.24
0.35
0.59
(
0.23
)
—
(
0.23
)
11.07
5/31/20
10.79
0.22
(
0.10
)
0.12
(
0.20
)
—
(
0.20
)
10.71
5/31/19
10.48
0.24
0.32
0.56
(
0.25
)
—
(
0.25
)
10.79
Class
I
5/31/23
10.25
0.33
(
0.54
)
(
0.21
)
(
0.35
)
—
(
0.35
)
9.69
5/31/22
11.09
0.34
(
0.83
)
(
0.49
)
(
0.35
)
—
(
0.35
)
10.25
5/31/21
10.72
0.35
0.36
0.71
(
0.34
)
—
(
0.34
)
11.09
5/31/20
10.81
0.33
(
0.11
)
0.22
(
0.31
)
—
(
0.31
)
10.72
5/31/19
10.50
0.35
0.32
0.67
(
0.36
)
—
(
0.36
)
10.81
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
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
Notes
to
Financial
Statements
and
the
interest
expense
and
fees
paid
on
borrowings,
as
described
in
Notes
to
Financial
Statements.
See
Notes
to
Financial
Statements
103
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
(
2
.27‌
)
%
$
53,676
1
.10‌
%
0
.86‌
%
3
.14‌
%
3‌
%
(
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
(
3
.04‌
)
4,920
1
.90‌
1
.66‌
2
.34‌
3‌
(
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
(
2
.05‌
)
28,346
0
.90‌
0
.66‌
3
.33‌
3‌
(
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
104
Notes
to
Financial
Statements
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
May
31,
2023,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
fiscal
year
ended
May
31,
2023
(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
common
share
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
common
share
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:
Fund
Gross
Custodian
Fee
Credits
Kansas
$
7,620
Kentucky
6,841
Michigan
6,457
Missouri
8,922
Ohio
8,861
Wisconsin
706
105
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.
With
respect
to
certain
counterparties,
in
accordance
with
the
terms
of
the
netting
agreements,
collateral
posted
to
the
Funds
is
held
in
a
segregated
account
by
the
Funds’
custodian
and/or
with
respect
to
those
amounts
which
can
be
sold
or
repledged
,
are
presented
in
the
Funds’
Portfolio
of
Investments
or
Statement
of
Assets
and
Liabilities.
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
Pronouncement:
 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.
New
Rule
Issuance:
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.
New
Accounting
Pronouncement:
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.
106
Notes
to
Financial
Statements
(continued)
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.
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:
Kansas
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
222,234,287
$
–
$
222,234,287
Common
Stocks
–
6,899,301
–
6,899,301
Total
$
–
$
229,133,588
$
–
$
229,133,588
Kentucky
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
285,379,448
$
–
$
285,379,448
Total
$
–
$
285,379,448
$
–
$
285,379,448
Michigan
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
294,643,918
$
–
$
294,643,918
Total
$
–
$
294,643,918
$
–
$
294,643,918
107
The
Funds
hold
liabilities
in
floating
rate
obligations,
where
applicable,
which
are
not
reflected
in
the
tables
above.
The
fair
values
of
the
Funds'
liabilities
for
floating
rate
obligations
approximate
their
liquidation
values.
Floating
rate
obligations
are
generally
classified
as
Level
2
and
further
described
in
Note
4
–
Portfolio
Securities
and
Investments
in
Derivatives.
4.
Portfolio
Securities
and
Investments
in
Derivatives
Portfolio
Securities
Inverse
Floating
Rate
Securities:
Each
Fund
is
authorized
to
invest
in
inverse
floating
rate
securities.
An
inverse
floating
rate
security
is
created
by
depositing
a
municipal
bond
(referred
to
as
an
“Underlying
Bond”),
typically
with
a
fixed
interest
rate,
into
a
special
purpose
tender
option
bond
(“TOB”)
trust
(referred
to
as
the
“TOB
Trust”)
created
by
or
at
the
direction
of
one
or
more
Funds.
In
turn,
the
TOB
Trust
issues
(a)
floating
rate
certificates
(referred
to
as
“Floaters”),
in
face
amounts
equal
to
some
fraction
of
the
Underlying
Bond’s
par
amount
or
market
value,
and
(b)
an
inverse
floating
rate
certificate
(referred
to
as
an
“Inverse
Floater”)
that
represents
all
remaining
or
residual
interest
in
the
TOB
Trust.
Floaters
typically
pay
short-term
tax-exempt
interest
rates
to
third
parties
who
are
also
provided
a
right
to
tender
their
certificate
and
receive
its
par
value,
which
may
be
paid
from
the
proceeds
of
a
remarketing
of
the
Floaters,
by
a
loan
to
the
TOB
Trust
from
a
third
party
liquidity
provider
(“Liquidity
Provider”),
or
by
the
sale
of
assets
from
the
TOB
Trust.
The
Inverse
Floater
is
issued
to
a
long
term
investor,
such
as
one
or
more
Funds.
The
income
received
by
the
Inverse
Floater
holder
varies
inversely
with
the
short-term
rate
paid
to
holders
of
the
Floaters,
and
in
most
circumstances
the
Inverse
Floater
holder
bears
substantially
all
of
the
Underlying
Bond’s
downside
investment
risk
and
also
benefits
disproportionately
from
any
potential
appreciation
of
the
Underlying
Bond’s
value.
The
value
of
an
Inverse
Floater
will
be
more
volatile
than
that
of
the
Underlying
Bond
because
the
interest
rate
is
dependent
on
not
only
the
fixed
coupon
rate
of
the
Underlying
Bond
but
also
on
the
short-term
interest
paid
on
the
Floaters,
and
because
the
Inverse
Floater
essentially
bears
the
risk
of
loss
(and
possible
gain)
of
the
greater
face
value
of
the
Underlying
Bond.
The
Inverse
Floater
held
by
a
Fund
gives
the
Fund
the
right
to
(a)
cause
the
holders
of
the
Floaters
to
tender
their
certificates
at
par
(or
slightly
more
than
par
in
certain
circumstances),
and
(b)
have
the
trustee
of
the
TOB
Trust
(the
“Trustee”)
transfer
the
Underlying
Bond
held
by
the
TOB
Trust
to
the
Fund,
thereby
collapsing
the
TOB
Trust.
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
Missouri
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
528,601,988
$
–
$
528,601,988
Total
$
–
$
528,601,988
$
–
$
528,601,988
Ohio
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
562,953,572
$
–
$
562,953,572
Common
Stocks
–
26,961,300
–
26,961,300
Total
$
–
$
589,914,872
$
–
$
589,914,872
Wisconsin
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
86,694,012
$
–
$
86,694,012
Common
Stocks
–
7,761,887
–
7,761,887
Total
$
–
$
94,455,899
$
–
$
94,455,899
108
Notes
to
Financial
Statements
(continued)
borrowings
from
a
Liquidity
Provider,
as
a
liability.
Additionally,
the
Fund
reflects
in
“Investment
Income”
only
the
net
amount
of
earnings
on
the
Inverse
Floater
(net
of
the
interest
paid
to
the
holders
of
the
Floaters
or
the
Liquidity
Provider
as
lender,
and
the
expenses
of
the
Trust),
and
does
not
show
the
amount
of
that
interest
paid
or
the
expenses
of
the
TOB
Trust
as
described
above
as
interest
expense
on
the
Statement
of
Operations.
Fees
paid
upon
the
creation
of
a
TOB
Trust
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
are
recognized
as
part
of
the
cost
basis
of
the
Inverse
Floater
and
are
capitalized
over
the
term
of
the
TOB
Trust.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
Floaters
issued
by
each
Fund’s
TOB
Trust
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
was
as
follows:
During
the
current
fiscal
period,
the
average
amount
of
Floaters
(including
any
borrowings
from
a
Liquidity
Provider)
outstanding,
and
the
average
annual
interest
rates
and
fees
related
to
self-deposited
Inverse
Floaters,
were
as
follows:
TOB
Trusts
are
supported
by
a
liquidity
facility
provided
by
a
Liquidity
Provider
pursuant
to
which
the
Liquidity
Provider
agrees,
in
the
event
that
Floaters
are
(a)
tendered
to
the
Trustee
for
remarketing
and
the
remarketing
does
not
occur,
or
(b)
subject
to
mandatory
tender
pursuant
to
the
terms
of
the
TOB
Trust
agreement,
to
either
purchase
Floaters
or
to
provide
the
Trustee
with
an
advance
from
a
loan
facility
to
fund
the
purchase
of
Floaters
by
the
TOB
Trust.
In
certain
circumstances,
the
Liquidity
Provider
may
otherwise
elect
to
have
the
Trustee
sell
the
Underlying
Bond
to
retire
the
Floaters
that
were
tendered
and
not
remarketed
prior
to
providing
such
a
loan.
In
these
circumstances,
the
Liquidity
Provider
remains
obligated
to
provide
a
loan
to
the
extent
that
the
proceeds
of
the
sale
of
the
Underlying
Bond
are
not
sufficient
to
pay
the
purchase
price
of
the
Floaters.
The
size
of
the
commitment
under
the
loan
facility
for
a
given
TOB
Trust
is
at
least
equal
to
the
balance
of
that
TOB
Trust’s
outstanding
Floaters
plus
any
accrued
interest.
In
consideration
of
the
loan
facility,
fee
schedules
are
in
place
and
are
charged
by
the
Liquidity
Provider(s).
Any
loans
made
by
the
Liquidity
Provider
will
be
secured
by
the
purchased
Floaters
held
by
the
TOB
Trust.
Interest
paid
on
any
outstanding
loan
balances
will
be
effectively
borne
by
the
Fund
that
owns
the
Inverse
Floaters
of
the
TOB
Trust
that
has
incurred
the
borrowing
and
may
be
at
a
rate
that
is
greater
than
the
rate
that
would
have
been
paid
had
the
Floaters
been
successfully
remarketed.
As
described
above,
any
amounts
outstanding
under
a
liquidity
facility
are
recognized
as
a
component
of
“Floating
rate
obligations”
on
the
Statement
of
Assets
and
Liabilities
by
the
Fund
holding
the
corresponding
Inverse
Floaters
issued
by
the
borrowing
TOB
Trust.
As
of
the
end
of
the
reporting
period,
there
were
no
loans
outstanding
under
any such
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
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
25,840,986
2.76
Michigan
5,830,959
1.87
Missouri
—
—
Ohio
—
—
Wisconsin
8,020,000
2.87
109
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.
Purchases
&
Sales:
Long-term
purchases
and
sales
during
the
current
fiscal
period
were
as
follows:
The
Funds
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis.
Securities
purchased
on
a
when-issued
or
delayed-delivery
basis
may
have
extended
settlement
periods;
interest
income
is
not
accrued
until
settlement
date.
Any
securities
so
purchased
are
subject
to
market
fluctuation
during
this
period.
The
Funds
have
earmarked
securities
in
their
portfolios
with
a
current
value
at
least
equal
to
the
amount
of
the
when-issued/
delayed
delivery
purchase
commitments.
If
a
Fund
has
outstanding
when-issued/delayed-delivery
purchases
commitments
as
of
the
end
of
the
reporting
period,
such
amounts
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
Investments
in
Derivatives:
In
addition
to
the
inverse
floating
rate
securities
in
which
each
Fund
may
invest,
which
are
considered
portfolio
securities
for
financial
reporting
purposes,
each
Fund
is
authorized
to
invest
in
certain
other
derivative
instruments.
The
Funds
record
derivative
instruments
at
fair
value,
with
changes
in
fair
value
recognized
on
the
Statement
of
Operations,
where
applicable.
Even
though
the
Funds'
investments
in
derivatives
may
represent
economic
hedges,
they
are
not
considered
to
be
hedge
transactions
for
financial
reporting
purposes.
Although
each
Fund
is
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
pre-determined
threshold
amount.
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
$
35,708,628
$
58,072,236
Kentucky
31,067,557
88,878,528
Michigan
100,666,954
122,562,592
Missouri
145,326,171
247,302,488
Ohio
175,211,633
220,230,816
Wisconsin
3,504,500
33,649,491
110
Notes
to
Financial
Statements
(continued)
5.
Fund
Shares
Transactions
in Fund
shares
during
the
current
and
prior
fiscal
period
were
as
follows:
Year
Ended
5/31/23
Year
Ended
5/31/22
Kansas
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
2,046,878
$20,316,293
1,381,340
$14,751,259
Class
A
-
automatic
conversion
of
Class
C
44,035
435,392
—
—
Class
A
-
automatic
conversion
of
Class
C2
(1)
—
—
130,030
1,414,733
Class
C
54,587
535,171
100,792
1,087,295
Class
I
2,634,176
26,238,590
2,182,707
23,399,694
Total
subscriptions
4,779,676
47,525,446
3,794,869
40,652,981
Reinvestments
of
distributions:
Class
A
284,571
2,815,548
328,973
3,501,037
Class
C
12,166
120,102
13,767
146,200
Class
I
177,144
1,758,736
169,243
1,805,104
Total
reinvestments
of
distributions
473,881
4,694,386
511,983
5,452,341
Redemptions:
Class
A
(3,745,102)
(36,944,178)
(4,570,894)
(47,599,210)
Class
C
(265,357)
(2,593,917)
(284,156)
(3,009,212)
Class
C
-
automatic
conversion
to
Class
A
(44,124)
(435,392)
—
—
Class
C2
-
automatic
conversion
to
Class
A
(1)
—
—
(130,150)
(1,414,733)
Class
I
(3,402,586)
(33,765,420)
(2,111,528)
(22,230,799)
Total
redemptions
(7,457,169)
(73,738,907)
(7,096,728)
(74,253,954)
Net
increase
(decrease)
(2,203,612)
$(21,519,075)
(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.
Year
Ended
5/31/23
Year
Ended
5/31/22
Kentucky
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
1,072,128
$10,561,794
2,198,558
$24,124,216
Class
A
-
automatic
conversion
of
Class
C
1,835
17,966
—
—
Class
A
-
automatic
conversion
of
Class
C2
(1)
—
—
49,796
560,216
Class
C
13,726
135,266
134,446
1,486,430
Class
I
1,437,210
14,100,464
2,577,025
28,155,930
Total
subscriptions
2,524,899
24,815,490
4,959,825
54,326,792
Reinvestments
of
distributions:
Class
A
536,269
5,241,292
568,443
6,190,846
Class
C
10,290
100,514
12,343
134,511
Class
I
173,760
1,695,372
198,429
2,157,994
Total
reinvestments
of
distributions
720,319
7,037,178
779,215
8,483,351
Redemptions:
Class
A
(5,117,475)
(49,998,156)
(3,812,223)
(40,703,998)
Class
C
(304,826)
(2,990,326)
(219,602)
(2,366,002)
Class
C
-
automatic
conversion
to
Class
A
(1,835)
(17,966)
—
—
Class
C2
-
automatic
conversion
to
Class
A
(1)
—
—
(49,752)
(560,216)
Class
I
(3,106,012)
(30,203,778)
(2,888,807)
(30,339,023)
Total
redemptions
(8,530,148)
(83,210,226)
(6,970,384)
(73,969,239)
Net
increase
(decrease)
(5,284,930)
$(51,357,558)
(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.
111
Year
Ended
5/31/23
Year
Ended
5/31/22
Michigan
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
1,249,469
$13,227,046
1,205,290
$14,286,873
Class
A
-
automatic
conversion
of
Class
C
1,650
17,562
69
770
Class
A
-
automatic
conversion
of
Class
C2
(1)
—
—
49,540
599,931
Class
C
47,102
493,919
170,506
2,033,475
Class
I
12,456,325
131,248,577
7,835,124
90,878,523
Total
subscriptions
13,754,546
144,987,104
9,260,529
107,799,572
Reinvestments
of
distributions:
Class
A
176,670
1,865,005
180,615
2,116,940
Class
C
8,779
92,400
8,502
99,431
Class
I
361,118
3,808,980
331,034
3,871,054
Total
reinvestments
of
distributions
546,567
5,766,385
520,151
6,087,425
Redemptions:
Class
A
(3,041,940)
(32,166,187)
(2,984,919)
(34,345,078)
Class
C
(264,980)
(2,802,487)
(233,019)
(2,705,240)
Class
C
-
automatic
conversion
to
Class
A
(1,655)
(17,562)
(69)
(770)
Class
C2
-
automatic
conversion
to
Class
A
(1)
—
—
(49,622)
(599,931)
Class
I
(11,400,630)
(120,288,777)
(6,878,721)
(77,498,616)
Total
redemptions
(14,709,205)
(155,275,013)
(10,146,350)
(115,149,635)
Net
increase
(decrease)
(408,092)
$(4,521,524)
(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.
Year
Ended
5/31/23
Year
Ended
5/31/22
Missouri
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
4,826,950
$49,987,401
5,183,527
$59,429,637
Class
A
-
automatic
conversion
of
Class
C
173
1,811
73
818
Class
A
-
automatic
conversion
of
Class
C2
(1)
—
—
38,569
452,797
Class
C
154,321
1,600,108
149,480
1,706,681
Class
I
8,011,529
82,911,165
8,434,401
95,236,792
Total
subscriptions
12,992,973
134,500,485
13,806,050
156,826,725
Reinvestments
of
distributions:
Class
A
780,974
8,111,174
733,166
8,364,928
Class
C
28,105
290,734
27,083
308,241
Class
I
458,604
4,754,073
432,225
4,923,133
Total
reinvestments
of
distributions
1,267,683
13,155,981
1,192,474
13,596,302
Redemptions:
Class
A
(9,523,052)
(99,108,247)
(7,130,962)
(79,054,935)
Class
C
(653,517)
(6,741,173)
(491,781)
(5,496,765)
Class
C
-
automatic
conversion
to
Class
A
(174)
(1,811)
(74)
(818)
Class
C2
-
automatic
conversion
to
Class
A
(1)
—
—
(38,700)
(452,797)
Class
I
(14,623,739)
(150,983,449)
(8,786,554)
(97,163,827)
Total
redemptions
(24,800,482)
(256,834,680)
(16,448,071)
(182,169,142)
Net
increase
(decrease)
(10,539,826)
$(109,178,214)
(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.
112
Notes
to
Financial
Statements
(continued)
6.
Income
Tax
Information
Each
Fund
is
a
separate
taxpayer
for
federal
income
tax
purposes.
Each
Fund
intends
to
distribute
substantially
all
of
its
net
investment
income
and
net
capital
gains
to
shareholders
and
otherwise
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies.
Therefore,
no
federal
income
tax
provision
is
required.
Each
Fund
intends
to
satisfy
conditions
that
will
enable
interest
from
municipal
securities,
which
is
exempt
from
regular
federal
and
designated
state
income
taxes,
to
retain
such
tax-exempt
status
when
distributed
to
shareholders
of
the
Funds.
Net
realized
capital
gains
and
ordinary
income
distributions
paid
by
the
Funds
are
subject
to
federal
taxation. 
Year
Ended
5/31/23
Year
Ended
5/31/22
Ohio
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
5,629,720
$60,709,199
4,635,487
$53,608,704
Class
A
-
automatic
conversion
of
Class
C
1,443
15,757
689
7,766
Class
A
-
automatic
conversion
of
Class
C2
(1)
—
—
93,782
1,124,456
Class
C
80,085
864,215
173,273
2,042,820
Class
I
11,010,014
119,151,905
8,295,060
96,097,842
Total
subscriptions
16,721,262
180,741,076
13,198,291
152,881,588
Reinvestments
of
distributions:
Class
A
509,262
5,512,789
496,244
5,808,086
Class
C
15,852
170,589
15,712
183,060
Class
I
545,443
5,881,687
495,401
5,770,625
Total
reinvestments
of
distributions
1,070,557
11,565,065
1,007,357
11,761,771
Redemptions:
Class
A
(8,251,846)
(88,670,754)
(7,875,458)
(90,440,385)
Class
C
(376,765)
(4,069,852)
(447,191)
(5,157,864)
Class
C
-
automatic
conversion
to
Class
A
(1,452)
(15,757)
(693)
(7,766)
Class
C2
-
automatic
conversion
to
Class
A
(1)
—
—
(94,096)
(1,124,456)
Class
I
(13,598,340)
(146,340,692)
(7,994,283)
(90,888,939)
Total
redemptions
(22,228,403)
(239,097,055)
(16,411,721)
(187,619,410)
Net
increase
(decrease)
(4,436,584)
$(46,790,914)
(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.
Year
Ended
5/31/23
Year
Ended
5/31/22
Wisconsin
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
57,293
$566,423
21,332
$225,235
Class
A
-
automatic
conversion
of
Class
C
7,456
70,822
—
—
Class
A
-
automatic
conversion
of
Class
C2
(1)
—
—
34,644
384,547
Class
C
10,614
104,151
1
8
Class
I
17,745
174,631
106,204
1,178,560
Total
subscriptions
93,108
916,027
162,181
1,788,350
Reinvestments
of
distributions:
Class
A
196,880
1,927,005
209,608
2,282,020
Class
C
14,505
141,923
15,208
165,572
Class
I
106,140
1,039,245
121,078
1,319,897
Total
reinvestments
of
distributions
317,525
3,108,173
345,894
3,767,489
Redemptions:
Class
A
(1,601,386)
(15,505,050)
(754,660)
(8,058,217)
Class
C
(183,932)
(1,816,036)
(87,906)
(950,884)
Class
C
-
automatic
conversion
to
Class
A
(7,456)
(70,822)
—
—
Class
C2
-
automatic
conversion
to
Class
A
(1)
—
—
(34,644)
(384,547)
Class
I
(1,754,219)
(17,221,368)
(736,443)
(7,942,863)
Total
redemptions
(3,546,993)
(34,613,276)
(1,613,653)
(17,336,511)
Net
increase
(decrease)
(3,136,360)
$(30,589,076)
(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.
113
Each
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund's
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
each
Fund's
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund's
financial
statements.
Differences
between
amounts
for
financial
statement
and
federal
income
tax
purposes
are
primarily
due
to
timing
differences
in
recognizing
gains
and
losses
on
investment
transactions.
Temporary
differences
do
not
require
reclassification.
As
of
year
end,
permanent
differences
that
resulted
in
reclassifications
among
the
components
of
net
assets
relate
primarily
to taxable
market
discount.
Temporary
and
permanent
differences
have
no
impact
on
a
Fund's
net
assets.
As
of
year
end,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
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
year
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
The
tax
character
of
distributions
paid
was
as
follows:
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Kansas
$
239,517,616
$
5,122,262
$
(15,506,290)
$
(10,384,028)
Kentucky
277,520,116
669,327
(15,459,891)
(14,790,564)
Michigan
302,819,861
1,736,607
(9,912,550)
(8,175,943)
Missouri
543,139,318
3,803,567
(18,340,897)
(14,537,330)
Ohio
589,650,891
21,274,542
(21,010,561)
263,981
Wisconsin
90,028,991
5,319,114
(8,912,188)
(3,593,074)
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
$
592,628
$
20,515
$
—
$
(10,384,028)
$
(9,869,630)
$
—
$
(467,536)
$
(20,108,051)
Kentucky
512,726
—
—
(14,790,564)
(13,966,170)
—
(605,866)
(28,849,874)
Michigan
888,601
—
—
(8,175,943)
(17,907,499)
—
(695,860)
(25,890,701)
Missouri
2,060,851
—
—
(14,537,330)
(31,687,871)
—
(1,440,122)
(45,604,472)
Ohio
1,510,020
—
—
263,981
(22,835,316)
—
(1,303,440)
(22,364,755)
Wisconsin
370,091
—
—
(3,593,074)
(8,930,731)
—
(249,136)
(12,402,850)
1
Undistributed
tax-exempt
income
(on
a
tax
basis)
has
not
been
reduced
for
the
dividend
declared
during
the
period
May
1,
2023
through
May
31,
2023
and
paid
on
June
1,
2023.
5/31/23
5/31/22
Fund
Tax-Exempt
Income
1
Ordinary
Income
Long-Term
Capital
Gains
Tax-Exempt
Income
Ordinary
Income
Long-Term
Capital
Gains
Kansas
$
5,622,268
$
44,947
$
—
$
6,507,737
$
21,300
$
—
Kentucky
7,791,325
—
—
9,446,418
—
—
Michigan
7,033,442
—
—
7,033,018
32,329
129,449
Missouri
16,784,244
40,355
—
17,446,335
260,916
—
Ohio
14,711,230
—
—
14,661,367
—
427,079
Wisconsin
3,390,713
—
—
4,206,961
—
—
1
Each
Fund
designates
these
amounts
paid
during
the
period
as
Exempt
Interest
Dividends.
114
Notes
to
Financial
Statements
(continued)
As
of
year
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
7.
Management
Fees
and
Other
Transactions
with
Affiliates
Management
Fees
:
Each
Fund’s
management
fee
compensates
the
Adviser
for
the
overall
investment
advisory
and
administrative
services
and
general
office
facilities.
The
Sub-Adviser
is
compensated
for
its
services
to
the
Funds
from
the
management
fees
paid
to
the
Adviser.
Each
Fund’s
management
fee
consists
of
two
components
–
a
fund-level
fee,
based
only
on
the
amount
of
assets
within
each
individual
Fund,
and
a
complex-level
fee,
based
on
the
aggregate
amount
of
all
eligible
fund
assets
managed
by
the
Adviser.
This
pricing
structure
enables
each
Fund’s
shareholders
to
benefit
from
growth
in
the
assets
within
their
respective
Fund
as
well
as
from
growth
in
the
amount
of
complex-wide
assets
managed
by
the
Adviser.
The
annual
fund-level
fee,
payable
monthly,
for
each
Fund
is
calculated
according
to
the
following
schedule:
The
annual
complex-level
fee,
payable
monthly,
for
each
Fund
is
calculated
according
to
the
following
schedule:
*
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
“eligible
assets”
of
all
Nuveen
open-end
and
closed-end
funds.
Eligible
assets
do
not
include
assets
attributable
to
investments
in
other
Nuveen
funds
or
assets
in
excess
of
a
determined
amount
(originally
$2
billion)
added
to
the
Nuveen
fund
complex
in
connection
with
the
Adviser’s
assumption
of
the
management
of
the
former
First
American
Funds
effective
January
1,
2011,
but
do
include
certain
assets
of
certain
Nuveen
funds
that
were
reorganized
into
funds
advised
by
an
affiliate
of
the
Adviser
during
the
2019
calendar
year.
Eligible
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
certain
types
of
leverage.
For
these
purposes,
leverage
includes
the
closed-end
funds’
use
of
preferred
stock
and
borrowings
and
certain
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities,
subject
to
an
agreement
by
the
Adviser
as
to
certain
funds
to
limit
the
amount
of
such
assets
for
determining
eligible
assets
in
certain
circumstances.
As
of
May
31,
2023,
the
complex-level
fee
rate
for
each
Fund
was
as
follows:
Fund
Short-Term
Long-Term
Total
Kansas
$
4,601,824
$
5,267,806
$
9,869,630
Kentucky
5,383,331
8,582,839
13,966,170
Michigan
3,725,076
14,182,423
17,907,499
Missouri
12,265,717
19,422,154
31,687,871
Ohio
9,045,702
13,789,614
22,835,316
Wisconsin
2,820,859
6,109,872
8,930,731
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
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
115
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:
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:
Fund
Complex-Level
Fee
Kansas
0
.1597%
Kentucky
0
.1597%
Michigan
0
.1597%
Missouri
0
.1703%
Ohio
0
.1633%
Wisconsin
0
.1597%
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
21,265,347
28,197,685
(2,339,070)
Ohio
18,283,625
18,193,811
(2,004,271)
Wisconsin
—
—
—
Fund
Sales
Charges
Collected
(Unaudited)
Paid
to
Financial
Intermediaries
(Unaudited)
Kansas
$
98,758
$
93,325
Kentucky
45,622
41,913
Michigan
37,359
36,169
Missouri
224,732
212,537
Ohio
198,565
190,864
Wisconsin
26
26
116
Notes
to
Financial
Statements
(continued)
To
compensate
for
commissions
advanced
to
financial
intermediaries,
all
12b-1
service
and
distribution
fees
collected
on
Class
C
Shares
during
the
first
year
following
a
purchase
are
retained
by
the
Distributor.
During
the
current
fiscal
period,
the
Distributor
retained
such
12b-1
fees
as
follows:
The
remaining
12b-1
fees
charged
to
each
Fund
were
paid
to
compensate
financial
intermediaries
for
providing
services
to
shareholders
relating
to
their
investments.
The
Distributor
also
collected
and
retained
CDSC
on
share
redemptions
during
the
current
fiscal
period,
as
follows: 
8.
Commitments
and
Contingencies
In
the
normal
course
of
business,
each
Fund
enters
into
a
variety
of
agreements
that
may
expose
the
Funds
to
some
risk
of
loss.
These
could
include
recourse
arrangements
for
certain
TOB
Trusts,
which
are
described
elsewhere
in
these
Notes
to
Financial
Statements.
The
risk
of
future
loss
arising
from
such
agreements,
while
not
quantifiable,
is
expected
to
be
remote.
As
of
the
end
of
the
reporting
period,
the
Funds
did
not
have
any
unfunded
commitments.
From
time
to
time,
the
Funds
may
be
a
party
to
certain
legal
proceedings
in
the
ordinary
course
of
business,
including
proceedings
relating
to
the
enforcement
of
the
Funds’
rights
under
contracts.
As
of
the
end
of
the
reporting
period,
the
Funds
are
not
subject
to
any
material
legal
proceedings.
9.
Borrowing
Arrangements
Committed
Line
of
Credit:
The
Funds,
along
with
certain
other
funds
managed
by
the
Adviser
(“Participating
Funds”),
have
established
a
364-day,
$2.700
billion
standby
credit
facility
with
a
group
of
lenders,
under
which
the
Participating
Funds
may
borrow
for
temporary
purposes
(other
than
on-
going
leveraging
for
investment
purposes).
Each
Participating
Fund
is
allocated
a
designated
proportion
of
the
facility’s
capacity
(and
its
associated
costs,
as
described
below)
based
upon
a
multi-factor
assessment
of
the
likelihood
and
frequency
of
its
need
to
draw
on
the
facility,
the
size
of
the
Fund
and
its
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
current
credit
facility
was
entered
into
on
June
21,
2023
expiring
on
June
19,
2024,
replacing
the
previous
facility,
which
expired
June
2023.
Fund
Commission
Advances
(Unaudited)
Kansas
$
61,486
Kentucky
19,013
Michigan
29,403
Missouri
139,117
Ohio
148,228
Wisconsin
1,066
Fund
12b-1
Fees
Retained
(Unaudited)
Kansas
$
3,469
Kentucky
3,333
Michigan
—
Missouri
13,430
Ohio
13,479
Wisconsin
3,447
Fund
CDSC
Retained
(Unaudited)
Kansas
$
4,155
Kentucky
20,166
Michigan
981
Missouri
20,354
Ohio
39,274
Wisconsin
—
117
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:
Borrowings
outstanding
as
of
the
end
of
the
reporting
period,
if
any,
are
recognized
as
“Borrowings”
on
the
Statement
of
Assets
and
Liabilities.
Fund
Maximum
Outstanding
Balance
Kansas
$
6,598,291
Kentucky
10,694,721
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
26
$
4,335,060
3.68
%
Kentucky
12
4,371,576
5.43
Michigan
18
4,566,667
3.36
Missouri
18
3,947,416
4.06
Ohio
28
6,315,255
3.57
Wisconsin
63
2,814,636
4.36
118
Important
Tax
Information
(Unaudited)
As
required
by
the
Internal
Revenue
Code
and
Treasury
Regulations,
certain
tax
information,
as
detailed
below,
must
be
provided
to
shareholders.
Shareholders
are
advised
to
consult
their
tax
advisor
with
respect
to
the
tax
implications
of
their
investment.
The
amounts
listed
below
may
differ
from
the
actual
amounts
reported
on
Form
1099-DIV,
which
will
be
sent
to
shareholders
shortly
after
calendar
year
end.
Long-Term
Capital
Gains
As
of
year
end,
each
Fund
designates
the
following
distribution
amounts,
or
maximum
amount
allowable,
as
being
from
net
long-term
capital
gains
pursuant
to
Section
852(b)(3)
of
the
Internal
Revenue
Code:
Fund
Net
Long-Term
Capital
Gains
Kansas
$
—
Kentucky
—
Michigan
—
Missouri
—
Ohio
—
Wisconsin
—
119
Additional
Fund
Information
(Unaudited)
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Sub-Adviser
Nuveen
Asset
Management,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Independent
Registered
Public
Accounting
Firm
PricewaterhouseCoopers
LLP
One
North
Wacker
Drive
Chicago,
IL
60606
Custodian
State
Street
Bank
&
Trust
Company
One
Congress
Street
Suite
1
Boston,
MA
02114-2016
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Transfer
Agent
and
Shareholder
Services
SS&C
Global
Investor
&
Distribution
Solutions,
Inc.
(SS&C
GIDS)
P.O.
Box
219140
Kansas
City,
MO
64121-9140
(800)
257-8787
Portfolio
of
Investments
Information
Each
Fund
is
required
to
file
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
You
may
obtain
this
information
on
the
SEC’s
website
at
http://www.sec.gov.
Nuveen
Funds’
Proxy
Voting
Information
You
may
obtain
(i)
information
regarding
how
each
fund
voted
proxies
relating
to
portfolio
securities
held
during
the
most
recent
twelve-month
period
ended
June
30,
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787
or
on
Nuveen’s
website
at
www.nuveen.com
and
(ii)
a
description
of
the
policies
and
procedures
that
each
fund
used
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787.
You
may
also
obtain
this
information
directly
from
the
SEC.
Visit
the
SEC
on-line
at
http://www.sec.gov.
FINRA
BrokerCheck
:
The
Financial
Industry
Regulatory
Authority
(FINRA)
provides
information
regarding
the
disciplinary
history
of
FINRA
member
firms
and
associated
investment
professionals.
This
information
as
well
as
an
investor
brochure
describing
FINRA
BrokerCheck
is
available
to
the
public
by
calling
the
FINRA
BrokerCheck
Hotline
number
at
(800)
289-9999
or
by
visiting
www.FINRA.org.
120
Glossary
of
Terms
Used
in
this
Report
(Unaudited)
Average
Annual
Total
Return:
This
is
a
commonly
used
method
to
express
an
investment’s
performance
over
a
particular,
usually
multi-year
time
period.
It
expresses
the
return
that
would
have
been
necessary
each
year
to
equal
the
investment’s
actual
cumulative
performance
(including
change
in
NAV
or
offer
price
and
reinvested
dividends
and
capital
gains
distributions,
if
any)
over
the
time
period
being
considered.
Effective
Leverage
(Effective
Leverage
Ratio):
Effective
leverage
is
investment
exposure
created
either
directly
through
certain
borrowings
or
indirectly
through
inverse
floaters,
divided
by
the
assets
invested,
including
those
assets
that
were
purchased
with
the
proceeds
of
the
leverage,
or
referenced
by
the
levered
instrument.
The
calculation
of
the
Effective
Leverage
Ratio
reflects
borrowings
effected
on
a
long-term
basis
for
investment
purposes,
but
excludes
borrowings
that
may
occur,
on
a
transient
basis,
in
connection
with
a
Fund’s
day-to-day
operations
primarily
in
connection
with
the
need
to
pay
cash
out
to
redeeming
shareholders
or
to
settle
portfolio
trades.
Gross
Domestic
Product
(GDP):
The
total
market
value
of
all
final
goods
and
services
produced
in
a
country/region
in
a
given
year,
equal
to
total
consumer,
investment
and
government
spending,
plus
the
value
of
exports,
minus
the
value
of
imports.
Inverse
Floating
Rate
Securities:
Inverse
floating
rate
securities
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.
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.
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.
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
121
At
a
meeting
held
on
May
23-25,
2023
(the
“May
Meeting”),
the
Board
of
Trustees
(the
“Board”
and
each
Trustee,
a
“Board
Member”)
of
the
Funds,
which
is
comprised
entirely
of
Board
Members
who
are
not
“interested
persons”
(as
defined
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”))
(the
“Independent
Board
Members”),
approved,
for
each
Fund,
the
renewal
of
the
management
agreement
(each,
an
“Investment
Management
Agreement”)
with
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”)
pursuant
to
which
the
Adviser
serves
as
investment
adviser
to
such
Fund
and
the
sub-advisory
agreement
(each,
a
“Sub-Advisory
Agreement”)
with
Nuveen
Asset
Management,
LLC
(the
“Sub-Adviser”)
pursuant
to
which
the
Sub-Adviser
serves
as
the
sub-adviser
to
such
Fund
for
an
additional
one-year
term.
As
the
Board
is
comprised
of
all
Independent
Board
Members,
the
references
to
the
Board
and
the
Independent
Board
Members
are
interchangeable.
Following
up
to
an
initial
two-year
period,
the
Board
considers
the
renewal
of
each
Investment
Management
Agreement
and
Sub-Advisory
Agreement
on
behalf
of
the
applicable
Fund
on
an
annual
basis.
The
Investment
Management
Agreements
and
Sub-Advisory
Agreements
are
collectively
referred
to
as
the
“Advisory
Agreements,”
and
the
Adviser
and
the
Sub-Adviser
are
collectively,
the
“Fund
Advisers”
and
each,
a
“Fund
Adviser.”
The
Independent
Board
Members
considered
the
review
of
the
advisory
agreements
for
the
Nuveen
funds
to
be
an
ongoing
process
and
employed
the
accumulated
information,
knowledge
and
experience
the
Board
Members
had
gained
during
their
tenure
on
the
boards
governing
the
Nuveen
funds
and
working
with
the
Adviser
and
the
applicable
sub-advisers
in
their
annual
review
of
the
advisory
agreements.
Throughout
the
year,
the
Board
and
its
committees
meet
regularly
and,
at
these
meetings,
receive
regular
and/or
special
reports
that
cover
an
extensive
array
of
topics
and
information
that
are
relevant
to
the
Board’s
annual
consideration
of
the
renewal
of
the
advisory
agreements
for
the
Nuveen
funds.
Such
information
may
address,
among
other
things,
fund
performance
and
risk
information;
the
Adviser’s
strategic
plans;
product
initiatives
for
various
funds;
the
review
of
the
funds
and
investment
teams;
compliance,
regulatory
and
risk
management
matters;
the
trading
practices
of
the
various
sub-advisers
to
the
Nuveen
funds;
management
of
distributions;
valuation
of
securities;
fund
expenses;
payments
to
financial
intermediaries,
including
12b-1
fees
and
sub-transfer
agency
fees,
if
applicable;
securities
lending;
liquidity
management;
and
overall
market
and
regulatory
developments.
The
Board
also
seeks
to
meet
periodically
with
the
Nuveen
funds’
sub-advisers
and/or
portfolio
teams,
when
feasible.
The
presentations,
discussions,
and
meetings
throughout
the
year
also
provide
a
means
for
the
Board
to
evaluate
the
level,
breadth
and
quality
of
services
provided
by
the
Adviser
and
how
such
services
have
changed
over
time
in
light
of
new
or
modified
regulatory
requirements,
changes
to
market
conditions
or
other
factors.
In
connection
with
its
annual
consideration
of
the
advisory
agreements
for
the
Nuveen
funds,
the
Board,
through
its
independent
legal
counsel,
requested
and
received
extensive
materials
and
information
prepared
specifically
for
its
review
of
such
advisory
agreements
by
the
Adviser
and
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data.
The
materials
cover
a
wide
range
of
topics
including,
but
not
limited
to,
a
description
of
the
nature,
extent
and
quality
of
services
provided
by
the
Fund
Advisers;
a
review
of
product
actions
advanced
in
2022
for
the
benefit
of
particular
Nuveen
funds
and/or
the
Nuveen
fund
complex;
a
review
of
each
sub-adviser
to
the
Nuveen
funds
and/or
the
applicable
investment
team;
an
analysis
of
fund
performance
with
a
focus
on
any
Nuveen
funds
considered
performance
outliers;
an
analysis
of
the
fees
and
expense
ratios
of
the
Nuveen
funds
with
a
focus
on
any
Nuveen
funds
considered
expense
outliers;
a
review
of
management
fee
schedules;
a
review
of
temporary
and
permanent
expense
caps
and
fee
waivers
for
open-end
funds
(as
applicable)
and
related
expense
savings;
a
description
of
portfolio
manager
compensation;
a
description
of
the
profitability
or
financial
data
of
Nuveen
and
the
sub-advisers
to
the
Nuveen
funds;
and
a
description
of
indirect
benefits
received
by
the
Adviser
and
the
sub-advisers
as
a
result
of
their
relationships
with
the
Nuveen
funds.
The
information
prepared
specifically
for
the
annual
review
supplemented
the
information
provided
to
the
Board
and
its
committees
and
the
evaluations
of
the
Nuveen
funds
by
the
Board
and
its
committees
during
the
year.
The
Board’s
review
of
the
advisory
agreements
for
the
Nuveen
funds
is
based
on
all
the
information
provided
to
the
Board
and
its
committees
throughout
the
year
as
well
as
the
information
prepared
specifically
with
respect
to
the
annual
review
of
such
advisory
agreements.
The
performance,
fee
and
expense
data
and
other
information
provided
by
a
Fund
Adviser,
Broadridge
or
other
service
providers
were
not
independently
verified
by
the
Independent
Board
Members.
As
part
of
its
review,
the
Board
met
on
April
11-12,
2023
(the
“April
Meeting”)
to
review
and
discuss,
in
part,
the
performance
of
the
Nuveen
funds
and
the
Adviser’s
evaluation
of
each
sub-adviser
to
the
Nuveen
funds
and/or
its
investment
teams.
At
the
April
Meeting,
the
Board
Members
asked
questions
and
requested
additional
information
that
was
provided
for
the
May
Meeting.
The
Independent
Board
Members
were
advised
by
independent
legal
counsel
during
the
annual
review
process
as
well
as
throughout
the
year,
including
meeting
in
executive
sessions
with
such
counsel
at
which
no
representatives
from
the
Adviser
or
the
Sub-Adviser
were
present.
In
connection
with
their
annual
review,
the
Independent
Board
Members
also
received
a
memorandum
from
independent
legal
counsel
outlining
their
fiduciary
duties
and
legal
standards
in
reviewing
the
Advisory
Agreements,
including
guidance
from
court
cases
evaluating
advisory
fees.
The
Board’s
decision
to
renew
the
Advisory
Agreements
was
not
based
on
a
single
identified
factor,
but
rather
the
decision
reflected
the
comprehensive
consideration
of
all
the
information
provided
to
the
Board
and
its
committees
throughout
the
year
as
well
as
the
materials
prepared
specifically
in
connection
with
the
renewal
process.
The
contractual
arrangements
are
a
result
of
multiple
years
of
review,
negotiation
and
information
provided
in
connection
with
the
Board’s
annual
review
of
the
Nuveen
funds’
advisory
arrangements
and
oversight
of
the
Nuveen
funds.
Each
Board
Member
may
have
attributed
different
levels
of
importance
to
the
various
factors
and
information
considered
in
connection
with
the
approval
process
and
may
place
different
emphasis
on
the
relevant
information
year
to
year
in
light
of,
among
other
things,
changing
market
and
economic
conditions.
A
summary
of
the
principal
factors
and
information,
but
not
all
the
factors,
the
Board
considered
in
deciding
to
renew
the
Advisory
Agreements
is
set
forth
below.
122
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
A.
Nature,
Extent
and
Quality
of
Services
In
evaluating
the
renewal
of
the
Advisory
Agreements,
the
Independent
Board
Members
received
and
considered
information
regarding
the
nature,
extent
and
quality
of
the
applicable
Fund
Adviser’s
services
provided
to
the
respective
Fund
with
particular
focus
on
the
services
and
enhancements
or
changes
to
such
services
provided
during
the
last
year.
The
Independent
Board
Members
considered
the
Investment
Management
Agreements
and
the
Sub-Advisory
Agreements
separately
in
the
course
of
their
review.
With
this
approach,
they
considered
the
respective
roles
of
the
Adviser
and
the
Sub-Adviser
in
providing
services
to
the
Funds.
The
Board
recognized
that
the
Adviser
provides
a
wide
array
of
management,
oversight
and
administrative
services
to
manage
and
operate
the
Nuveen
funds
and
that
the
scope
and
complexity
of
these
services,
along
with
the
undertakings
required
of
the
Adviser
in
connection
with
providing
these
services,
have
expanded
over
time
as
a
result
of,
among
other
things,
regulatory,
market
and
other
developments.
The
Board
noted
the
Adviser’s
dedication
of
resources,
time,
personnel
and
capital
and
commitment
to
continuing
to
develop
improvements
and
innovations
that
seek
to
enhance
the
Nuveen
fund
complex
and
meet
the
needs
of
the
Nuveen
funds
in
an
increasingly
complex
regulatory
environment.
The
Board
received
and
reviewed
information
regarding,
among
other
things,
the
Adviser’s
investment
oversight
responsibilities,
regulatory
and
compliance
services,
administrative
duties
and
other
services.
The
Board
considered
the
breadth
and
the
quality
of
the
services
the
Adviser
and
its
various
teams
provide
in
overseeing
the
investment
management
of
the
Nuveen
funds,
including,
among
other
things,
overseeing
and
reviewing
the
services
provided
by
the
various
sub-advisers
to
the
Nuveen
funds
and
their
investment
teams;
evaluating
fund
performance
and
market
conditions;
overseeing
operational
and
investment
risks;
evaluating
investment
strategies
and
recommending
any
changes
thereto;
managing
liquidity;
managing
the
daily
valuation
of
portfolio
securities;
overseeing
trade
execution
and
securities
lending;
and
setting
and
managing
distributions
consistent
with
the
respective
fund’s
product
design.
The
Board
also
reviewed
the
structure
of
investment
personnel
compensation
of
each
Fund
Adviser
and
considered
whether
the
structure
provides
appropriate
incentives
to
attract
and
maintain
qualified
personnel
and
to
act
in
the
best
interests
of
the
respective
Nuveen
fund.
Given
the
Nuveen
funds
operate
in
a
highly
regulated
industry,
the
Board
further
considered
the
extensive
compliance,
regulatory
and
administrative
services
the
Adviser
and
its
various
teams
provide
to
manage
and
operate
the
Nuveen
funds.
The
Board
recognized
such
services
included,
but
were
not
limited
to,
managing
compliance
policies;
monitoring
compliance
with
applicable
policies,
laws
and
regulations;
devising
internal
compliance
programs
in
seeking
to
enhance
compliance
with
regulatory
requirements
and
creating
a
framework
to
review
and
assess
compliance
programs;
overseeing
sub-adviser
compliance
testing;
preparing
compliance
training
materials;
and
responding
to
regulatory
requests.
The
Board
reviewed
highlights
of
the
various
initiatives
Nuveen
compliance
had
taken
in
2022
including,
among
other
things,
additional
due
diligence
of
service
providers
as
their
operating
environments
evolve
post-Covid
to
more
hybrid
in-person
working
arrangements;
investments
in
supporting
and
expanding
international
trading
capabilities;
continuing
efforts
to
enhance
policies
and
controls
to
address
compliance
risks
including
those
related
to
environmental,
social
and
governance
(“ESG”)
matters
and
new
regulatory
developments
or
guidance;
and
establishing
and
maintaining
compliance
policies
and
comprehensive
compliance
training
programs.
The
Board
also
considered
information
regarding
the
Adviser’s
business
continuity,
disaster
recovery
and
information
security
programs
and
the
periodic
testing
and
review
of
such
programs.
In
addition
to
the
above
functions,
the
Board
considered
the
quality
and
extent
of
other
non-advisory
services
the
Adviser
provides
including,
among
other
things,
various
fund
administration
services
(such
as
preparing,
overseeing
or
assisting
with
the
preparation
of
tax
and
regulatory
filings);
product
management
services
(such
as
evaluating
and
enhancing
products
and
strategies);
legal
support
services;
shareholder
services
and
transfer
agency
function
oversight
services;
and
board
support
and
reporting
services.
With
respect
to
board
support
services,
the
Board
reviewed
a
summary
of
the
annual,
quarterly,
and
special
reports
the
Adviser
and/or
its
affiliates
provided
to
the
Board
throughout
2022.
The
Board
further
acknowledged
various
initiatives
the
Adviser
had
undertaken
or
continued
in
2022
in
seeking
to
improve
the
effectiveness
of
its
organization,
the
Nuveen
funds
product
line-up
as
well
as
particular
Nuveen
fund(s)
through,
among
other
things,
rationalizing
the
product
line
and
gaining
efficiencies
through
mergers,
repositionings
and
liquidations;
launching
new
funds;
reviewing
and
updating
investment
policies
and
benchmarks;
reopening
certain
funds
previously
closed
to
new
investors;
adding
or
modifying
the
share
classes
offered
by
certain
funds;
implementing
fee
waivers
and
expense
cap
changes
for
certain
funds
and
evaluating
and
adjusting
portfolio
management
teams
as
appropriate
for
various
funds;
and
developing
policy
positions
on
a
broad
range
of
regulatory
proposals
that
may
impact
the
funds
and
communicating
with
lawmakers
and
other
regulatory
authorities
to
help
ensure
these
positions
are
represented.
Aside
from
the
services
provided,
the
Board
recognized
the
financial
resources
of
the
Adviser
and
its
affiliates
and
their
willingness
to
make
investments
in
the
technology,
personnel
and
infrastructure
to
support
the
Nuveen
funds,
including
maintaining
a
seed
capital
budget
to
support
new
or
existing
funds
and/or
facilitate
changes
for
a
respective
fund.
The
Board
noted
the
benefits
to
shareholders
of
investing
in
a
fund
that
is
a
part
of
a
large
fund
complex
with
a
variety
of
investment
disciplines,
capabilities,
expertise
and
resources
available
to
navigate
and
support
the
Nuveen
funds
including
during
stressed
times.
The
Board
recognized
the
overall
reputation
and
capabilities
of
the
Adviser
and
its
affiliates,
the
Adviser’s
continuing
commitment
to
provide
high
quality
services,
its
willingness
to
implement
operational
or
organizational
changes
in
seeking,
among
other
things,
to
enhance
efficiencies
and
services
to
the
Nuveen
funds
and
its
responsiveness
to
the
Board’s
questions
and/or
concerns
raised
throughout
the
year
and
during
the
annual
review
of
advisory
agreements.
The
Board
also
considered
the
significant
risks
borne
by
the
Adviser
and
its
affiliates
in
connection
with
their
services
to
the
Nuveen
funds,
including
entrepreneurial
risks
in
sponsoring
new
funds
and
ongoing
risks
with
managing
the
funds
such
as
investment,
operational,
reputational,
regulatory,
compliance
and
litigation
risks.
The
Board
further
considered
the
division
of
responsibilities
between
the
Adviser
and
the
Sub-Adviser
and
recognized
that
the
Sub-Adviser
and
its
investment
personnel
generally
are
responsible
for
the
management
of
each
Fund’s
portfolio
under
the
oversight
of
the
Adviser
and
the
Board.
The
Board
considered
an
analysis
of
the
Sub-Adviser
provided
by
the
Adviser
which
included,
among
other
things,
the
assets
under
management
of
the
applicable
investment
team
and
changes
thereto,
a
summary
of
the
applicable
investment
team
and
changes
to
such
team,
the
investment
process
and
philosophy
of
the
applicable
investment
team,
the
performance
of
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser
over
various
periods
123
of
time
and
a
summary
of
any
significant
policy
and/or
other
changes
to
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser.
The
Board
further
considered
at
the
May
Meeting
or
prior
meetings
evaluations
of
the
Sub-Adviser’s
compliance
programs
and
trade
execution.
The
Board
noted
that
the
Adviser
recommended
the
renewal
of
the
Sub-Advisory
Agreements.
Based
on
its
review,
the
Board
determined,
in
the
exercise
of
its
reasonable
business
judgment,
that
it
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
to
the
respective
Funds
under
each
applicable
Advisory
Agreement.
B.
The
Investment
Performance
of
the
Funds
and
Fund
Advisers
In
evaluating
the
quality
of
the
services
provided
by
the
Fund
Advisers,
the
Board
also
considered
a
variety
of
investment
performance
data
of
the
Nuveen
funds
prepared
specifically
for
the
annual
review
of
the
advisory
agreements
as
well
as
the
performance
data
the
Board
received
throughout
the
year
representing
different
time
periods.
In
this
regard,
leading
into
the
May
Meeting,
the
Board
reviewed,
among
other
things,
Fund
performance
over
the
quarter,
one-,
three-
and
five-year
periods
ending
December 31,
2022
and
March
31,
2023.
The
performance
data
was
based
on
Class
A
shares;
however,
the
performance
of
other
classes
should
be
substantially
similar
as
they
invest
in
the
same
portfolio
of
securities
and
differences
in
performance
among
the
classes
would
be
principally
attributed
to
the
variations
in
the
expense
structures
of
the
classes.
In
addition,
the
Board
reviewed
and
discussed
performance
data
at
its
regularly
scheduled
quarterly
meetings
during
the
year.
The
Board
therefore
took
into
account
the
performance
data,
presentations
and
discussions
(written
and
oral)
that
have
been
provided
for
the
annual
review
as
well
as
in
prior
meetings
over
time
in
evaluating
fund
performance,
including
the
Adviser’s
analysis
of
a
fund’s
performance
with
particular
focus
on
performance
outliers
(both
overperformance
and
underperformance),
the
factors
contributing
to
performance
(including
relative
to
a
fund’s
benchmark
and
peers
and
the
impact
of
market
conditions)
and
any
recommendations
or
steps
that
had
been
taken
or
were
proposed
to
be
taken
to
address
significant
performance
concerns.
In
this
regard,
the
Board
noted,
among
other
things,
that
certain
Nuveen
funds
had
changes
in
portfolio
managers
or
other
significant
changes
to
their
investment
strategies
or
policies
since
March
2020,
and,
as
a
result,
the
Board
reviewed
certain
tracking
performance
data
comparing
the
performance
of
such
funds
before
and
after
such
changes.
The
Board
recognized
that
performance
data
reflects
performance
over
a
specified
period
which
may
differ
significantly
depending
on
the
ending
dates
selected,
particularly
during
periods
of
market
volatility.
Further,
the
Board
noted
that
shareholders
may
evaluate
performance
based
on
their
own
respective
holding
periods
which
may
differ
from
the
performance
periods
reviewed
by
the
Board
and
lead
to
differing
results.
In
its
evaluation,
the
Board
reviewed
Nuveen
fund
performance
results
from
different
perspectives.
In
general,
subject
to
certain
exceptions,
the
Board
reviewed
both
absolute
and
relative
fund
performance
during
the
annual
review
over
the
various
time
periods
and
evaluated
performance
results
in
light
of
a
fund’s
investment
objective(s),
strategies
and
risks.
With
respect
to
the
relative
performance,
the
Board
considered
fund
performance
in
comparison
to
the
performance
of
peer
funds
(the
“Performance
Peer
Group”)
and
recognized
and/or
customized
benchmarks
(i.e.,
generally
benchmarks
derived
from
multiple
recognized
benchmarks).
In
reviewing
such
comparative
performance,
the
Board
was
cognizant
of
the
inherent
limitations
of
such
data
which
can
make
meaningful
performance
comparisons
generally
difficult.
As
an
illustration,
differences
in
the
composition
of
the
Performance
Peer
Group,
the
investment
objective(s),
strategies
and
other
characteristics
of
the
peers
in
the
Performance
Peer
Group,
the
level,
type
and
cost
of
leverage
(if
any)
of
the
peers,
and
the
varying
sizes
of
peers
all
may
contribute
to
differences
in
the
performance
results
of
a
Performance
Peer
Group
compared
to
the
applicable
Nuveen
fund.
With
respect
to
relative
performance
of
a
Nuveen
fund
compared
to
a
benchmark
index,
differences,
among
other
things,
in
the
investment
objective(s)
and
strategies
of
a
fund
and
the
benchmark
(particularly
an
actively
managed
fund
that
does
not
directly
follow
an
index)
as
well
as
the
costs
of
operating
a
fund
would
necessarily
contribute
to
differences
in
performance
results
and
limit
the
value
of
the
comparative
performance
information.
To
assist
the
Board
in
its
review
of
the
comparability
of
the
relative
performance,
the
Adviser
has
ranked
the
relevancy
of
the
peer
group
to
the
Funds
as
low,
medium
or
high.
The
Board
also
evaluated
Nuveen
fund
performance
in
light
of
various
relevant
factors
which
may
include,
among
other
things,
general
market
conditions,
issuer-specific
information,
asset
class
information,
leverage
and
fund
cash
flows.
The
Board
acknowledged
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance
and
that
a
single
investment
theme
could
disproportionately
affect
performance.
Further,
the
Board
recognized
that
the
market
and
economic
conditions
may
significantly
impact
a
fund’s
performance,
particularly
over
shorter
periods,
and
such
performance
may
be
more
reflective
of
such
economic
or
market
events
and
not
necessarily
reflective
of
management
skill.
Although
the
Board
reviews
short-,
intermediate-
and
longer-term
performance
data,
the
Board
recognized
that
longer
periods
of
performance
may
reflect
full
market
cycles.
In
relation
to
recent
general
market
conditions,
the
Board
had
recognized
the
general
market
volatility
and
underperformance
of
the
market
in
2022
in
considering
Nuveen
fund
performance.
The
Board
took
into
account
the
Adviser’s
assessment
of
a
fund’s
performance
during
the
recent
period
of
significant
market
volatility.
In
their
review
from
year
to
year,
the
Board
Members
consider
and
may
place
different
emphasis
on
the
relevant
information
in
light
of
changing
circumstances
in
market
and
economic
conditions.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
However,
depending
on
the
facts
and
circumstances
including
any
differences
between
the
respective
fund
and
its
benchmark
and/or
Performance
Peer
Group,
the
Board
may
be
satisfied
with
a
fund’s
performance
notwithstanding
that
its
performance
may
be
below
that
of
its
benchmark
and/or
peer
group
for
certain
periods.
With
respect
to
any
funds
for
which
the
Board
has
identified
performance
issues,
the
Board
seeks
to
monitor
such
funds
closely
until
performance
improves,
discusses
with
the
Adviser
the
reasons
for
such
results,
considers
whether
any
steps
are
necessary
or
appropriate
to
address
such
issues,
and
reviews
the
results
of
any
steps
undertaken.
The
Board’s
determinations
with
respect
to
each
Fund
are
summarized
below.
For
Nuveen
Kansas
Municipal
Bond
Fund
(the
“Kansas
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December 31,
2022,
the
Fund
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
such
periods.
In
addition,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-
and
five-year
periods
ended
March
31,
2023,
the
Fund
outperformed
its
benchmark
for
the
three-year
period
ended
March
31,
2023
and
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2023.
On
the
basis
of
the
Board’s
ongoing
review
124
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
Kentucky
Municipal
Bond
Fund
(the
“Kentucky
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December 31,
2022,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
such
periods.
In
addition,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2023
and
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
March
31,
2023,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
three-
and
five-year
periods
ended
March
31,
2023.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
Michigan
Municipal
Bond
Fund
(the
“Michigan
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December 31,
2022
and
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
five-year
period
ended
December
31,
2022,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
ended
December 31,
2022.
In
addition,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
March 31,
2023,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
such
periods.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
Missouri
Municipal
Bond
Fund
(the
“Missouri
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December 31,
2022,
the
Fund
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
ended
December 31,
2022
and
first
quartile
for
the
five-year
period
ended
December
31,
2022.
Further,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
March 31,
2023,
the
Fund
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
March
31,
2023
and
first
quartile
for
the
three-
and
five-year
periods
ended
March
31,
2023.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
Ohio
Municipal
Bond
Fund
(the
“Ohio
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
three-
and
five-year
periods
ended
December 31,
2022
and
March
31,
2023,
the
Fund
outperformed
its
benchmark
for
the
one-year
periods
ended
December
31,
2022
and
March
31,
2023.
In
addition,
the
Fund
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
December 31,
2022
and
March
31,
2023.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
Wisconsin
Municipal
Bond
Fund
(the
“Wisconsin
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-year
period
ended
December
31,
2022,
the
Fund
outperformed
its
benchmark
for
the
three-
and
five-year
periods
ended
December
31,
2022.
The
Fund
further
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
December
31,
2022
and
first
quartile
of
its
Performance
Peer
Group
for
the
three-
and
five-year
periods
ended
December
31,
2022.
In
addition,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
and
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
March
31,
2023,
the
Fund
outperformed
its
benchmark
and
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
three-
and
five-year
periods
ended
March 31,
2023.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
125
C.
Fees,
Expenses
and
Profitability
1.
Fees
and
Expenses
As
part
of
its
annual
review,
the
Board
generally
reviewed,
among
other
things,
with
respect
to
the
Nuveen
open-end
funds,
the
contractual
management
fee
and
net
management
fee
(i.e.,
the
management
fee
after
taking
into
consideration
fee
waivers
and/or
expense
reimbursements,
if
any)
paid
by
a
fund
to
the
Adviser
in
light
of
the
nature,
extent
and
quality
of
the
services
provided.
The
Board
also
considered
the
total
operating
expense
ratio
of
a
fund
(after
any
fee
waivers
and/or
expense
reimbursements).
More
specifically,
the
Independent
Board
Members
reviewed,
among
other
things,
each
Nuveen
open-end
fund’s
gross
and
net
management
fee
rates
(i.e.,
before
and
after
fee
waivers
and/or
expense
reimbursements,
if
any)
and
net
total
expense
ratio
in
relation
to
those
of
a
comparable
universe
of
funds
(the
“Peer
Universe”)
and
to
a
more
focused
subset
of
comparable
funds
(the
“Peer
Group”)
established
by
Broadridge
(subject
to
certain
exceptions).
The
Independent
Board
Members
reviewed
the
methodology
Broadridge
employed
to
establish
its
Peer
Universe
and
Peer
Group
(as
applicable)
and
recognized
that
differences
between
the
applicable
fund
and
its
respective
Peer
Universe
and/
or
Peer
Group
as
well
as
changes
to
the
composition
of
the
Peer
Group
and/or
Peer
Universe
from
year
to
year
may
limit
some
of
the
value
of
the
comparative
data.
The
Independent
Board
Members
take
these
limitations
and
differences
into
account
when
reviewing
comparative
peer
data.
The
Independent
Board
Members
also
considered
a
fund’s
operating
expense
ratio
as
it
more
directly
reflected
the
shareholder’s
costs
in
investing
in
the
respective
fund.
In
their
review,
the
Independent
Board
Members
considered,
in
particular,
each
Nuveen
fund
with
a
net
total
expense
ratio
of
six
basis
points
or
higher
compared
to
that
of
its
peer
average
(each,
an
“Expense
Outlier
Fund”)
and
an
analysis
as
to
the
factors
contributing
to
each
such
fund’s
higher
relative
net
total
expense
ratio.
Accordingly,
in
reviewing
the
comparative
data
between
a
fund
and
its
peers,
the
Board
generally
considered
the
fund’s
net
total
expense
ratio
and
fees
to
be
higher
if
they
were
over
10
basis
points
higher,
slightly
higher
if
they
were
6
to
10
basis
points
higher,
in
line
if
they
were
within
approximately
5
basis
points
higher
than
the
peer
average
and
below
if
they
were
below
the
peer
average
of
the
Peer
Group.
The
Independent
Board
Members
also
considered,
in
relevant
part,
a
Nuveen
fund’s
management
fee
and
net
total
expense
ratio
in
light
of
its
performance
history,
including
reviewing
certain
funds
identified
by
the
Adviser
and/or
the
Board
as
having
a
higher
net
total
expense
ratio
or
management
fee
compared
to
their
respective
peers
coupled
with
experiencing
periods
of
challenged
performance
and
considering
the
reasons
for
such
comparative
positions.
In
addition,
in
their
review
of
the
fee
arrangements
for
the
Nuveen
funds,
the
Independent
Board
Members
considered
the
management
fee
schedules,
including
the
complex-wide
and
fund-level
breakpoint
schedules,
and
the
expense
reimbursements
and/or
fee
waivers
provided
by
Nuveen
for
each
fund,
as
applicable.
The
Board
noted
that
across
the
Nuveen
fund
complex,
the
complex-wide
fee
breakpoints
reduced
fees
by
approximately
$62.4
million
and
fund-level
breakpoints
reduced
fees
by
approximately
$76.1
million
in
2022.
Further,
fee
caps
and
waivers
for
all
applicable
Nuveen
funds
saved
shareholders
approximately
$13.4
million
in
fees
in
2022.
With
respect
to
the
Sub-Adviser,
the
Board
also
considered,
among
other
things,
the
sub-advisory
fee
schedule
paid
to
the
Sub-Adviser
in
light
of
the
sub-advisory
services
provided
to
the
respective
Fund
and
comparative
data
of
the
fees
the
Sub-Adviser
charges
to
other
clients,
if
any.
In
its
review,
the
Board
recognized
that
the
compensation
paid
to
the
Sub-Adviser
is
the
responsibility
of
the
Adviser,
not
the
Funds.
The
Independent
Board
Members
noted
that
(a)
the
Kansas
Fund,
the
Kentucky
Fund
and
the
Michigan
Fund
each
had
a
net
management
fee
that
was
higher
than
the
respective
peer
average,
but
a
net
total
expense
ratio
that
was
below
the
respective
peer
average;
(b)
the
Missouri
Fund
had
a
net
management
fee
that
was
slightly
higher
than
the
peer
average,
but
a
net
total
expense
ratio
that
was
in
line
with
the
peer
average;
(c)
the
Ohio
Fund
had
a
net
management
fee
and
a
net
total
expense
ratio
that
were
in
line
with
the
respective
peer
averages;
and
(d)
the
Wisconsin
Fund
had
a
net
management
fee
that
was
higher
than
the
peer
average,
but
a
net
total
expense
ratio
that
was
in
line
with
the
peer
average.
Based
on
its
review
of
the
information
provided,
the
Board
determined
that
each
Fund’s
management
fees
(as
applicable)
to
a
Fund
Adviser
were
reasonable
in
light
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
2.
Comparisons
with
the
Fees
of
Other
Clients
In
evaluating
the
appropriateness
of
fees,
the
Board
also
considered
information
regarding
the
fee
rates
the
respective
Fund
Advisers
charged
to
certain
other
types
of
clients
and
the
type
of
services
provided
to
these
other
clients.
With
respect
to
the
municipal
Nuveen
funds,
such
other
clients
may
include
retail
and
institutional
municipal
managed
accounts
sub-advised
by
the
Sub-Adviser,
municipal
exchange-traded
funds
(“ETFs”)
sub-advised
by
the
Sub-Adviser
that
are
offered
by
another
fund
complex,
municipal
managed
accounts
offered
by
an
unaffiliated
adviser
and
certain
municipal
private
limited
partnerships
offered
by
Nuveen.
The
Board
reviewed,
among
other
things,
the
fee
range
and
average
fee
of
municipal
retail
advisory
accounts
and
municipal
institutional
accounts,
the
sub-advisory
fee
the
Sub-Adviser
received
for
serving
as
sub-adviser
to
certain
municipal
ETFs
offered
outside
the
Nuveen
family
and
the
management
fee
rates
paid
by
the
municipal
private
limited
partnerships
operated
by
Nuveen.
126
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
In
considering
the
comparative
fee
data,
the
Board
recognized
that
differences,
including
but
not
limited
to,
the
amount,
type
and
level
of
services
provided
by
the
Adviser
to
the
Nuveen
funds
compared
to
that
provided
to
other
clients
as
well
as
differences
in
investment
policies;
eligible
portfolio
assets
and
the
manner
of
managing
such
assets;
product
structure;
investor
profiles;
account
sizes;
and
regulatory
requirements
contribute
to
the
variations
in
the
fee
schedules.
The
Board
acknowledged
the
wide
range
of
services
in
addition
to
investment
management
that
the
Adviser
had
provided
to
the
Nuveen
funds
compared
to
other
types
of
clients
as
well
as
the
increased
entrepreneurial,
legal
and
regulatory
risks
that
the
Adviser
incurs
in
sponsoring
and
managing
the
Nuveen
funds.
In
general,
higher
fee
levels
reflect
higher
levels
of
service
provided
by
the
Adviser,
increased
investment
management
complexity,
greater
product
management
requirements,
and
higher
levels
of
business
risk
or
some
combination
of
these
factors.
The
Board
further
considered
that
the
Sub-Adviser’s
fee
is
essentially
for
portfolio
management
services
and
therefore
more
comparable
to
the
fees
it
receives
for
retail
wrap
accounts
and
other
external
sub-advisory
mandates.
The
Board
concluded
the
varying
levels
of
fees
were
justified
given,
among
other
things,
the
more
extensive
services,
regulatory
requirements
and
legal
liabilities,
and
the
entrepreneurial,
legal
and
regulatory
risks
incurred
in
sponsoring
and
advising
a
registered
investment
company
compared
to
that
required
in
advising
other
types
of
clients.
3.
Profitability
of
Fund
Advisers
In
their
review,
the
Independent
Board
Members
considered
estimated
profitability
information
of
Nuveen
as
a
result
of
its
advisory
services
to
the
Nuveen
funds
as
well
as
profitability
data
of
other
publicly
traded
asset
management
firms.
Such
profitability
information
included,
among
other
things,
gross
and
net
revenue
margins
(excluding
distribution)
of
Nuveen
Investments,
Inc.
(“Nuveen
Investments”)
for
services
to
the
Nuveen
funds
on
a
pre-tax
and
after-tax
basis
for
the
2022
and
2021
calendar
years
as
well
as
the
revenues
earned
(less
any
expense
reimbursements/fee
waivers)
and
expenses
incurred
by
Nuveen
Investments
for
its
advisory
activities
to
the
Nuveen
funds
(excluding
distribution
and
certain
other
expenses)
for
the
2022
and
2021
calendar
years.
The
Independent
Board
Members
also
considered
a
summary
of
some
of
the
key
factors
that
impacted
Nuveen’s
profitability
in
2022.
In
addition,
the
Board
reviewed
the
revenues,
expenses
and
operating
margin
(pre-
and
after-tax)
the
Adviser
derived
from
its
ETF
product
line
for
the
2022
and
2021
calendar
years.
In
developing
the
profitability
data
of
the
Adviser
for
its
advisory
services
to
the
Nuveen
funds,
the
Independent
Board
Members
recognized
the
subjective
nature
of
calculating
profitability
as
the
information
is
not
audited
and
is
necessarily
dependent
on
cost
allocation
methodologies
to
allocate
expenses
throughout
the
complex
and
among
the
various
advisory
products.
Given
there
is
no
perfect
expense
allocation
methodology
and
that
other
reasonable
and
valid
allocation
methodologies
could
be
employed
and
could
lead
to
significantly
different
results,
the
Board
reviewed,
among
other
things,
a
description
of
the
cost
allocation
methodologies
employed
to
develop
the
financial
information,
a
summary
of
the
history
of
changes
to
the
methodology
over
the
years
from
2010
through
2022,
and
a
historical
expense
analysis
of
Nuveen
Investments’
revenues,
expenses
and
pre-tax
net
revenue
margins
derived
from
its
advisory
services
to
the
Nuveen
funds
(excluding
distribution)
for
the
calendar
years
from
2017
through
2022.
The
Board
had
also
appointed
four
Independent
Board
Members
to
serve
as
the
Board’s
liaisons,
with
the
assistance
of
independent
counsel,
to
meet
with
representatives
of
the
Adviser
and
review
the
development
of
the
profitability
data
and
to
report
to
the
full
Board.
In
addition,
the
Board
considered
certain
comparative
operating
margin
data.
In
this
regard,
the
Board
reviewed
the
operating
margins
of
Nuveen
Investments
compared
to
the
adjusted
operating
margins
of
a
peer
group
of
asset
management
firms
with
publicly
available
data
and
the
most
comparable
assets
under
management
(based
on
asset
size
and
asset
composition)
to
Nuveen.
The
Board
recognized
that
the
operating
margins
of
the
peers
were
adjusted
generally
to
address
that
certain
services
provided
by
the
peers
were
not
provided
by
Nuveen.
The
Board
also
reviewed,
among
other
things,
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
on
a
company-wide
basis
and
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
derived
from
its
services
to
the
Nuveen
funds
only
(including
and
excluding
distribution)
compared
to
the
adjusted
operating
margins
of
the
peer
group
for
each
calendar
year
from
2012
to
2022.
Although
the
total
company
operating
margins
of
Nuveen
Investments
were
in
the
bottom
half
of
the
peer
group
range
for
2022
and
2021,
the
Independent
Board
Members
recognized
the
limitations
of
the
comparative
data
given
that
peer
data
is
not
generally
public
and
the
calculation
of
profitability
is
subjective
and
affected
by
numerous
factors
(such
as
types
of
funds
a
peer
manages,
its
business
mix,
its
cost
of
capital,
the
numerous
assumptions
underlying
the
methodology
used
to
allocate
expenses
and
other
factors)
that
can
have
a
significant
impact
on
the
results.
Aside
from
Nuveen’s
profitability,
the
Board
recognized
that
the
Adviser
is
a
subsidiary
of
Nuveen,
LLC,
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(“TIAA”).
Accordingly,
the
Board
also
reviewed
a
balance
sheet
for
TIAA
reflecting
its
assets,
liabilities
and
capital
and
contingency
reserves
for
the
2022
and
2021
calendar
years
to
consider
the
financial
strength
of
TIAA.
The
Board
recognized
the
benefit
of
an
investment
adviser
and
its
parent
with
significant
resources,
particularly
during
periods
of
market
volatility.
The
Board
also
noted
the
reinvestments
Nuveen,
its
parent
and/or
other
affiliates
made
into
its
business
through,
among
other
things,
the
investment
of
seed
capital
in
certain
Nuveen
funds
and
continued
investments
in
enhancements
to
technological
capabilities.
In
addition
to
Nuveen,
the
Independent
Board
Members
considered
the
profitability
of
the
Sub-Adviser
from
its
relationships
with
the
respective
Nuveen
funds.
In
this
regard,
the
Independent
Board
Members
reviewed,
among
other
things,
the
Sub-Adviser’s
revenues,
expenses
and
net
revenue
margins
(pre-
and
after-tax)
for
its
advisory
activities
to
the
respective
Nuveen
funds
for
the
calendar
years
ended
December
31,
2022
and
December
31,
2021.
The
Independent
Board
Members
also
reviewed
a
profitability
analysis
reflecting
the
revenues,
expenses
and
revenue
margin
(pre-
and
after-tax)
by
asset
type
for
the
Sub-Adviser
for
the
calendar
years
ending
December
31,
2022
and
December
31,
2021.
In
evaluating
the
reasonableness
of
the
compensation,
the
Independent
Board
Members
also
considered
any
other
ancillary
benefits
derived
by
the
respective
Fund
Adviser
from
its
relationship
with
the
Nuveen
funds
as
discussed
in
further
detail
below.
Based
on
a
consideration
of
all
the
information
provided,
the
Board
noted
that
Nuveen’s
and
the
Sub-Adviser’s
level
of
profitability
was
acceptable
and
not
unreasonable
in
light
of
the
services
provided.
127
D.
Economies
of
Scale
and
Whether
Fee
Levels
Reflect
These
Economies
of
Scale
The
Board
considered
whether
there
have
been
economies
of
scale
with
respect
to
the
management
of
the
Nuveen
funds,
whether
these
economies
of
scale
have
been
appropriately
shared
with
the
funds
and
whether
there
is
potential
for
realization
of
further
economies
of
scale.
Although
the
Board
recognized
that
economies
of
scale
are
difficult
to
measure
with
any
precision
and
certain
expenses
may
not
decline
with
a
rise
in
assets,
the
Board
considered
that
Nuveen
shares
the
benefits
of
economies
of
scale,
if
any,
in
a
number
of
ways
including
through
the
use
of
breakpoints
in
the
management
fee
schedule,
fee
waivers
and/or
expense
limitations,
the
pricing
of
funds
at
scale
at
inception
and
investments
in
Nuveen’s
business
which
can
enhance
the
services
provided
to
the
funds
for
the
fees
paid.
In
this
regard,
the
Board
recognized
that
the
management
fee
of
the
Adviser
is
generally
comprised
of
a
fund-level
component
and
a
complex-level
component
each
with
its
own
breakpoint
schedule,
subject
to
certain
exceptions.
The
Board
reviewed
the
fund-level
and
complex-level
fee
schedules.
With
this
structure,
the
Board
noted
that
the
complex-level
breakpoint
schedule
is
designed
to
deliver
the
benefits
of
economies
of
scale
to
shareholders
when
the
eligible
assets
in
the
complex
pass
certain
thresholds
even
if
the
assets
of
a
particular
fund
are
unchanged
or
have
declined,
and
the
fund-level
breakpoint
schedules
are
designed
to
share
economies
of
scale
with
shareholders
if
the
particular
fund
grows.
In
addition
to
the
fund-level
and
complex-level
fee
schedules,
the
Independent
Board
Members
considered
the
temporary
and/or
permanent
expense
caps
applicable
to
certain
Nuveen
funds
(including
the
amounts
of
fees
waived
or
amounts
reimbursed
to
the
respective
funds
in
2022
and
2021),
including
the
permanent
expense
cap
applicable
to
the
Ohio
Fund.
The
Board
recognized
that
such
waivers
and
reimbursements
applicable
to
the
respective
Nuveen
funds
are
another
means
for
potential
economies
of
scale
to
be
shared
with
shareholders
of
such
funds
and
can
provide
a
protection
from
an
increase
in
expenses
if
the
assets
of
the
applicable
funds
decline.
As
noted
above,
the
Independent
Board
Members
also
recognized
the
continued
reinvestment
in
Nuveen’s
business
to
enhance
its
capabilities
and
services
to
the
benefit
of
its
various
clients.
The
Board
understood
that
many
of
these
investments
in
the
Nuveen
business
were
not
specific
to
individual
Nuveen
funds
but
rather
incurred
across
of
a
variety
of
products
and
services
pursuant
to
which
the
family
of
Nuveen
funds
as
a
whole
may
benefit.
In
addition,
the
Board
also
considered
that
Nuveen
has
provided,
without
raising
advisory
fees
to
the
Nuveen
funds,
certain
additional
services,
including,
but
not
limited
to,
services
required
by
new
regulations
and
regulatory
interpretations,
and
this
was
also
a
means
of
sharing
economies
of
scale
with
the
funds
and
their
shareholders.
Based
on
its
review,
the
Board
was
satisfied
that
the
current
fee
arrangements
together
with
the
reinvestment
in
Nuveen’s
business
appropriately
shared
any
economies
of
scale
with
shareholders.
E.
Indirect
Benefits
The
Independent
Board
Members
received
and
considered
information
regarding
other
benefits
the
respective
Fund
Adviser
or
its
affiliates
may
receive
as
a
result
of
their
relationship
with
the
Nuveen
funds.
The
Independent
Board
Members
recognized
that
an
affiliate
of
the
Adviser
serves
as
principal
underwriter
providing
distribution
and/or
shareholder
services
to
the
open-end
funds
for
which
it
may
be
compensated.
The
Independent
Board
Members
further
noted
that,
subject
to
certain
exceptions,
certain
classes
of
the
Nuveen
open-end
funds
pay
12b-1
fees
and
while
a
majority
of
such
fees
were
paid
to
third
party
financial
intermediaries,
the
Board
reviewed
the
amount
retained
by
the
Adviser’s
affiliate.
In
addition,
the
Independent
Board
Members
noted
that
the
various
sub-advisers
to
the
Nuveen
funds
do
not
generally
benefit
from
soft
dollar
arrangements
with
respect
to
Nuveen
fund
portfolio
transactions.
Based
on
its
review,
the
Board
concluded
that
any
indirect
benefits
received
by
a
Fund
Adviser
as
a
result
of
its
relationship
with
the
Funds
were
reasonable
in
light
of
the
services
provided.
F.
Other
Considerations
The
Independent
Board
Members
did
not
identify
any
single
factor
discussed
previously
as
all-important
or
controlling.
The
Independent
Board
Members
concluded
that
the
terms
of
each
Advisory
Agreement
were
reasonable,
that
the
respective
Fund
Adviser’s
fees
were
reasonable
in
light
of
the
services
provided
to
each
Fund
and
that
the
Advisory
Agreements
be
renewed
for
an
additional
one-year
period.
128
Liquidity
Risk
Management
Program
(Unaudited)
Discussion
of
the
operation
and
effectiveness
of
the
Funds’
liquidity
risk
management
program
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
each
Fund
covered
in
this
Report
(the
“Funds”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”),
which
is
designed
to
manage
the
Fund’s
liquidity
risk.
The
Program
consists
of
various
protocols
for
assessing
and
managing
each
Fund’s
liquidity
risk.
The
Funds’
Board
of
Trustees
previously
designated
Nuveen
Fund
Advisors,
LLC,
the
Funds’
investment
adviser,
as
the
Administrator
of
the
Program.
The
adviser’s
Liquidity
Monitoring
and
Analysis
Team
(“LMAT”)
carries
out
day-to-day
Program
management
with
oversight
by
the
adviser’s
Liquidity
Oversight
Sub-Committee
(the
“LOSC”).
The
LOSC
is
composed
of
personnel
from
the
adviser
and
Teachers
Advisors,
LLC,
an
affiliate
of
the
adviser.
At
a
May
23-25,
2023
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
2022
(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.
129
Trustees
and
Officers
(Unaudited)
The
management
of
the
Funds,
including
general
supervision
of
the
duties
performed
for
the
Funds
by
the
Adviser,
is
the
responsibility
of
the
Board
of Trustees
of
the
Funds.
The
number
of
Trustees of
the
Funds
is
currently
set
at
ten.
None
of
the Trustees
who
are
not
“interested”
persons
of
the
Funds
(referred
to
herein
as
“Independent
Trustees”)
has
ever
been
a Trustee
or
employee
of,
or
consultant
to,
Nuveen
or
its
affiliates.
The
names
and
business
addresses
of
the Trustees
and
officers
of
the
Funds,
their
principal
occupations
and
other
affiliations
during
the
past
five
years,
the
number
of
portfolios
each
oversees
and
other
directorships
they
hold
are
set
forth
below.
The
Funds’
Statement
of
Additional
Information
(“SAI”)
includes
more
information
about
the
Trustees.
To
request
a
free
copy,
call
Nuveen
Investments
at
(800)
257-8787
or
visit
the
Funds’
website
at
www.nuveen.com.
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Trustee
Independent
Trustees:
Terence
J.
Toth
1959
333
W.
Wacker
Drive
Chicago,
IL
60606
Chair
and
Trustee
2008
Formerly,
a
Co-Founding
Partner,
Promus
Capital
(investment
advisory
firm)
(2008-2017);
formerly,
Director,
Quality
Control
Corporation
(manufacturing)
(2012-2021);
Chair
of
the
Board
of
the
Kehrein
Center
for
the
Arts
(philanthropy)
(since
2021);
member:
Catalyst
Schools
of
Chicago
Board
(since
2008)
and
Mather
Foundation
Board
(philanthropy)
(since
2012),
formerly,
Chair
of
its
Investment
Committee
(2017-2022);
formerly,
Member,
Chicago
Fellowship
Board
(philanthropy)
2005-2016);
formerly,
Director,
Fulcrum
IT
Services
LLC
(information
technology
services
firm
to
government
entities)
(2010-2019);
formerly,
Director,
LogicMark
LLC
(health
services)
(2012-2016);
formerly,
Director,
Legal
&
General
Investment
Management
America,
Inc.
(asset
management)
(2008-2013);
formerly,
CEO
and
President,
Northern
Trust
Global
Investments
(financial
services)
(2004-2007);
Executive
Vice
President,
Quantitative
Management
&
Securities
Lending
(2000-2004);
prior
thereto,
various
positions
with
Northern
Trust
Company
(financial
services)
(since
1994);
formerly,
Member,
Northern
Trust
Mutual
Funds
Board
(2005-2007),
Northern
Trust
Global
Investments
Board
(2004-2007),
Northern
Trust
Japan
Board
(2004-2007),
Northern
Trust
Securities
Inc.
Board
(2003-2007)
and
Northern
Trust
Hong
Kong
Board
(1997-2004).
138
Jack
B.
Evans
1948
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
1999
Chairman
(since
2019),
formerly,
President
(1996-2019),
The
Hall-Perrine
Foundation,
(private
philanthropic
corporation);
Life
Trustee
of
Coe
College
and
the
Iowa
College
Foundation;
formerly,
Member
and
President
Pro-Tem
of
the
Board
of
Regents
for
the
State
of
Iowa
University
System
(2007-
2013);
Director
and
Chairman
(2009-2021),
United
Fire
Group,
a
publicly
held
company;
Director,
Public
Member,
American
Board
of
Orthopaedic
Surgery
(2015-2020);
Director
(2000-2004),
Alliant
Energy;
Director
(1996-2015),
The
Gazette
Company
(media
and
publishing);
Director
(1997-
2003),
Federal
Reserve
Bank
of
Chicago;
President
and
Chief
Operating
Officer
(1972-1995),
SCI
Financial
Group,
Inc.,
(regional
financial
services
firm).
138
William
C.
Hunter
1948
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2003
Dean
Emeritus,
formerly,
Dean,
Tippie
College
of
Business,
University
of
Iowa
(2006-2012);
Director
of
Wellmark,
Inc.
(since
2009);
past
Director
(2005-2015),
and
past
President
(2010-
2014)
Beta
Gamma
Sigma,
Inc.,
The
International
Business
Honor
Society;
formerly,
Director
(2004-2018)
of
Xerox
Corporation;
formerly,
Dean
and
Distinguished
Professor
of
Finance,
School
of
Business
at
the
University
of
Connecticut
(2003-2006);
previously,
Senior
Vice
President
and
Director
of
Research
at
the
Federal
Reserve
Bank
of
Chicago
(1995-2003);
formerly,
Director
(1997-2007),
Credit
Research
Center
at
Georgetown
University.
138
130
Trustees
and
Officers
(Unaudited)
(continued)
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Trustee
Amy
B.
R.
Lancellotta
1959
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2021
Formerly,
Managing
Director,
Independent
Directors
Council
(IDC)
(supports
the
fund
independent
director
community
and
is
part
of
the
Investment
Company
Institute
(ICI),
which
represents
regulated
investment
companies)
(2006-2019);
formerly,
various
positions
with
ICI
(1989-2006);
Member
of
the
Board
of
Directors,
Jewish
Coalition
Against
Domestic
Abuse
(JCADA)
(since
2020).
138
Joanne
T.
Medero
1954
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2021
Formerly,
Managing
Director,
Government
Relations
and
Public
Policy
(2009-2020)
and
Senior
Advisor
to
the
Vice
Chairman
(2018-2020),
BlackRock,
Inc.
(global
investment
management
firm);
formerly,
Managing
Director,
Global
Head
of
Government
Relations
and
Public
Policy,
Barclays
Group
(IBIM)
(investment
banking,
investment
management
and
wealth
management
businesses)(2006-2009);
formerly,
Managing
Director,
Global
General
Counsel
and
Corporate
Secretary,
Barclays
Global
Investors
(global
investment
management
firm)
(1996-2006);
formerly,
Partner,
Orrick,
Herrington
&
Sutcliffe
LLP
(law
firm)
(1993-1995);
formerly,
General
Counsel,
Commodity
Futures
Trading
Commission
(government
agency
overseeing
U.S.
derivatives
markets)
(1989-1993);
formerly,
Deputy
Associate
Director/Associate
Director
for
Legal
and
Financial
Affairs,
Office
of
Presidential
Personnel,
The
White
House
(1986-1989);
Member
of
the
Board
of
Directors,
Baltic-American
Freedom
Foundation
(seeks
to
provide
opportunities
for
citizens
of
the
Baltic
states
to
gain
education
and
professional
development
through
exchanges
in
the
U.S.)
(since
2019).
138
Albin
F.
Moschner
1952
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2016
Founder
and
Chief
Executive
Officer,
Northcroft
Partners,
LLC,
(management
consulting)
(since
2012);
formerly,
Chairman
(2019),
and
Director
(2012-2019),
USA
Technologies,
Inc.,
(provider
of
solutions
and
services
to
facilitate
electronic
payment
transactions);
formerly,
Director,
Wintrust
Financial
Corporation
(1996-2016);
previously,
held
positions
at
Leap
Wireless
International,
Inc.
(consumer
wireless
services),
including
Consultant
(2011-2012),
Chief
Operating
Officer
(2008-2011),
and
Chief
Marketing
Officer
(2004-2008);
formerly,
President,
Verizon
Card
Services
division
of
Verizon
Communications,
Inc.
(2000-2003);
formerly,
President,
One
Point
Services
at
One
Point
Communications
(telecommunication
services)
(1999-2000);
formerly,
Vice
Chairman
of
the
Board,
Diba,
Incorporated
(internet
technology
provider)
(1996-1997);
formerly,
various
executive
positions
(1991-1996)
including
Chief
Executive
Officer
(1995-1996)
of
Zenith
Electronics
Corporation
(consumer
electronics).
138
John
K.
Nelson
1962
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2013
Member
of
Board
of
Directors
of
Core12
LLC.
(private
firm
which
develops
branding,
marketing
and
communications
strategies
for
clients)
(since
2008);
served
The
President’s
Council
of
Fordham
University
(2010-2019)
and
previously
a
Director
of
the
Curran
Center
for
Catholic
American
Studies
(2009-2018);
formerly,
senior
external
advisor
to
the
Financial
Services
practice
of
Deloitte
Consulting
LLP.
(2012-2014);
former
Chair
of
the
Board
of
Trustees
of
Marian
University
(2010-2014
as
trustee,
2011-2014
as
Chair);
formerly
Chief
Executive
Officer
of
ABN
AMRO
Bank
N.V.,
North
America,
and
Global
Head
of
the
Financial
Markets
Division
(2007-2008),
with
various
executive
leadership
roles
in
ABN
AMRO
Bank
N.V.
between
1996
and
2007.
138
131
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Trustee
Matthew
Thornton
III
1958
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2020
Formerly,
Executive
Vice
President
and
Chief
Operating
Officer
(2018-2019),
FedEx
Freight
Corporation,
a
subsidiary
of
FedEx
Corporation
(FedEx)
(provider
of
transportation,
e-commerce
and
business
services
through
its
portfolio
of
companies);
formerly,
Senior
Vice
President,
U.S.
Operations
(2006-2018),
Federal
Express
Corporation,
a
subsidiary
of
FedEx;
formerly
Member
of
the
Board
of
Directors
(2012-2018),
Safe
Kids
Worldwide®
(a
non-profit
organization
dedicated
to
preventing
childhood
injuries).
Member
of
the
Board
of
Directors
(since
2014),
The
Sherwin-Williams
Company
(develops,
manufactures,
distributes
and
sells
paints,
coatings
and
related
products);
Director
(since
2020),
Crown
Castle
International
(provider
of
communications
infrastructure).
138
Margaret
L.
Wolff
1955
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2016
Formerly,
member
of
the
Board
of
Directors
(2013-2017)
of
Travelers
Insurance
Company
of
Canada
and
The
Dominion
of
Canada
General
Insurance
Company
(each,
a
part
of
Travelers
Canada,
the
Canadian
operation
of
The
Travelers
Companies,
Inc.);
formerly,
Of
Counsel,
Skadden,
Arps,
Slate,
Meagher
&
Flom
LLP
(Mergers
&
Acquisitions
Group)
(legal
services)
(2005-2014);
Member
of
the
Board
of
Trustees
of
New
York-Presbyterian
Hospital
(since
2005);
Member
(since
2004)
formerly,
Chair
(2015-2022)
of
the
Board
of
Trustees
of
The
John
A.
Hartford
Foundation
(a
philanthropy
dedicated
to
improving
the
care
of
older
adults);
formerly,
Member
(2005-2015)
and
Vice
Chair
(2011-2015)
of
the
Board
of
Trustees
of
Mt.
Holyoke
College.
138
Robert
L.
Young
1963
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2017
Formerly,
Chief
Operating
Officer
and
Director,
J.P.
Morgan
Investment
Management
Inc.
(financial
services)
(2010-2016);
formerly,
President
and
Principal
Executive
Officer
(2013-2016),
and
Senior
Vice
President
and
Chief
Operating
Officer
(2005-2010),
of
J.P.
Morgan
Funds;
formerly,
Director
and
various
officer
positions
for
J.P.
Morgan
Investment
Management
Inc.
(formerly,
JPMorgan
Funds
Management,
Inc.
and
formerly,
One
Group
Administrative
Services)
and
JPMorgan
Distribution
Services,
Inc.
(financial
services)
(formerly,
One
Group
Dealer
Services,
Inc.)
(1999-2017).
138
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(2)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Officers
of
the
Funds:
Justin
M.
Pfaff
1981
333
W.
Wacker
Drive
Chicago,
IL
60606
Chief
Administrative
Officer
2023
Managing
Director,
Advisory
Product,
Nuveen
(since
2016).
Chartered
Financial
Analyst.
Brett
E.
Black
1972
333
West
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Chief
Compliance
Officer
2022
Managing
Director
of
Nuveen
(since
2022);
formerly,
Vice
President
(2014-2022),
Chief
Compliance
Officer
(2017-2022);
Deputy
Chief
Compliance
Officer
(2014-
2017)
of
BMO
Funds,
Inc.
Mark
J.
Czarniecki
1979
901
Marquette
Avenue
Minneapolis,
MN
55402
Vice
President
and
Assistant
Secretary
2013
Managing
Director
(since
2022),
formerly,
Vice
President
(2016-2022),
and
Assistant
Secretary
(since
2016)
of
Nuveen
Securities,
LLC;
Managing
Director
(since
2022),
formerly,
Vice
President
(2017-2022)
and
Assistant
Secretary
(since
2017)
of
Nuveen
Fund
Advisors,
LLC;
Managing
Director
and
Associate
General
Counsel
(since
January
2022),
formerly,
Vice
President
and
Associate
General
Counsel
of
Nuveen
(2013-2021);
Managing
Director
(since
2022),
formerly,
Vice
President
(2018-2022),
Assistant
Secretary
and
Associate
General
Counsel
(since
2018)
of
Nuveen
Asset
Management,
LLC.
132
Trustees
and
Officers
(Unaudited)
(continued)
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(2)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Diana
R.
Gonzalez
1978
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2017
Vice
President
and
Assistant
Secretary
of
Nuveen
Fund
Advisors,
LLC
(since
2017);
Vice
President
and
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC
(since
2022);
Vice
President
and
Associate
General
Counsel
of
Nuveen
(since
2017);
formerly,
Associate
General
Counsel
of
Jackson
National
Asset
Management
(2012-2017).
Nathaniel
T.
Jones
1979
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Treasurer
2016
Senior
Managing
Director
(since
2021),
formerly,
Managing
Director
(2017-2021),
Senior
Vice
President
(2016-2017)
of
Nuveen;
Managing
Director
(since
2015)
of
Nuveen
Fund
Advisors,
LLC;
Chartered
Financial
Analyst.
Tina
M.
Lazar
1961
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2002
Managing
Director
(since
2017),
formerly,
Senior
Vice
President
(2014-2017)
of
Nuveen
Securities,
LLC.
Brian
J.
Lockhart
1974
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2019
Managing
Director
(since
2019)
of
Nuveen
Fund
Advisors,
LLC;
Senior
Managing
Director
(since
2021),
formerly,
Managing
Director
(2017-2021),
Vice
President
(2010-2017)
of
Nuveen;
Head
of
Investment
Oversight
(since
2017),
formerly,
Team
Leader
of
Manager
Oversight
(2015-2017);
Chartered
Financial
Analyst
and
Certified
Financial
Risk
Manager.
John
M.
McCann
1975
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2022
Managing
Director
(since
2021),
General
Counsel
and
Secretary
(since
2023),
formerly,
Assistant
Secretary
(2021-2023),
of
Nuveen
Fund
Advisors,
LLC;
Managing
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC
(since
2021);
Managing
Director
(since
2021)
and
Assistant
Secretary
(since
2016)
of
TIAA
SMA
Strategies
LLC;
Managing
Director
(since
2019,
formerly,
Vice
President
and
Director),
Associate
General
Counsel
and
Assistant
Secretary
of
College
Retirement
Equities
Fund,
TIAA
Separate
Account
VA-1,
TIAA-CREF
Funds
and
TIAA-CREF
Life
Funds;
Managing
Director
(since
2018),
formerly,
Vice
President
and
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
Teachers
Insurance
and
Annuity
Association
of
America,
Teacher
Advisors
LLC
and
TIAA-CREF
Investment
Management,
LLC;
Vice
President
(since
2017),
Associate
General
Counsel
and
Assistant
Secretary
(since
2011)
of
Nuveen
Alternative
Advisors
LLC;
General
Counsel
and
Assistant
Secretary
of
Covariance
Capital
Management,
Inc.
(2014-2017).
Kevin
J.
McCarthy
1966
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Assistant
Secretary
2007
Executive
Vice
President
(since
2022)
and
Secretary
and
General
Counsel
(since
2016)
of
Nuveen
Investments,
Inc.,
formerly,
Senior
Managing
Director
(2017-
2022);
Executive
Vice
President
(since
2023)
and
Assistant
Secretary
(since
2008)
of
Nuveen
Securities,
LLC,
formerly
Senior
Managing
Director
(2017-2023);
Executive
Vice
President
and
Assistant
Secretary
(since
2023)
of
Nuveen
Fund
Advisors,
LLC,
formerly,
Senior
Managing
Director
(2017-2023),
Secretary
(2016-
2023)
and
Co-General
Counsel
(2011-2020);
Executive
Vice
President
(since
2023)
and
Secretary
(since
2016)
of
Nuveen
Asset
Management,
LLC,
formerly,
Senior
Managing
Director
(2017-2023)
and
Associate
General
Counsel
(2011-
2020);
formerly,
Vice
President
(2007-2021)
and
Secretary
(2016-2021),
of
NWQ
Investment
Management
Company,
LLC
and
Santa
Barbara
Asset
Management,
LLC;
Vice
President
and
Secretary
of
Winslow
Capital
Management,
LLC
(since
2010);
Executive
Vice
President
(since
2023)
and
Secretary
(since
2016)
of
Nuveen
Alternative
Investments,
LLC,
formerly
Senior
Managing
Director
(2017-2023).
Jon
Scott
Meissner
1973
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2019
Managing
Director,
Mutual
Fund
Tax
and
Expense
Administration
(since
2022),
formerly,
Managing
Director
of
Mutual
Fund
Tax
and
Financial
Reporting
groups
(2017-2022),
at
Nuveen;
Managing
Director
of
Nuveen
Fund
Advisors,
LLC
(since
2019);
Managing
Director
(since
2021),
formerly,
Senior
Director
(2016-2021),
of
Teachers
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC;
Managing
Director,
Mutual
Fund
Tax
and
Expense
Administration
(since
2022),
formerly,
Senior
Director
Mutual
Fund
Taxation
(2015-2022),
to
the
TIAA-CREF
Funds,
the
TIAA-CREF
Life
Funds,
the
TIAA
Separate
Account
VA-1
and
the
CREF
Accounts;
has
held
various
positions
with
TIAA
since
2004.
William
A.
Siffermann
1975
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2017
Managing
Director
(since
2017),
formerly
Senior
Vice
President
(2016-2017)
of
Nuveen.
133
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(2)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Trey
S.
Stenersen
1965
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
2022
Senior
Managing
Director
of
Teacher
Advisors
LLC
and
TIAA-CREF
Investment
Management,
LLC
(since
2018);
Senior
Managing
Director
(since
2019)
and
Chief
Risk
Officer
(since
2022),
formerly
Head
of
Investment
Risk
Management
(2017-
2022)
of
Nuveen;
Senior
Managing
Director
(since
2018)
of
Nuveen
Alternative
Advisors
LLC.
E.
Scott
Wickerham
1973
8500
Andrew
Carnegie
Blvd.                                     
Charlotte,
NC
28262
Vice
President
and
Controller
2019
Senior
Managing
Director,
Head
of
Public
Investment
Finance
of
Nuveen
(since
2019),
formerly,
Managing
Director;
Senior
Managing
Director
(since
2019)
of
Nuveen
Fund
Advisors,
LLC;
Senior
Managing
Director
(since
2022)
of
Nuveen
Asset
Management,
LLC;
Principal
Financial
Officer,
Principal
Accounting
Officer
and
Treasurer
(since
2017)
of
the
TIAA-CREF
Funds,
the
TIAA-CREF
Life
Funds,
the
TIAA
Separate
Account
VA-1
and
the
Principal
Financial
Officer,
Principal
Accounting
Officer
(since
2020)
and
Treasurer
(since
2017)
to
the
CREF
Accounts;
has
held
various
positions
with
TIAA
since
2006.
Mark
L.
Winget
1968
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Secretary
2008
Vice
President
and
Assistant
Secretary
of
Nuveen
Securities,
LLC
(since
2008),
and
Nuveen
Fund
Advisors,
LLC
(since
2019);
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC
(since
2020);
Vice
President
(since
2010)
and
Associate
General
Counsel
(since
2019)
of
Nuveen.
Rachael
Zufall
1973
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2022
Managing
Director
and
Assistant
Secretary
(since
2023)
of
Nuveen
Fund
Advisors,
LLC;
Managing
Director
(since
2017),
Associate
General
Counsel
and
Assistant
Secretary
(since
2014)
of
the
CREF
Accounts,
TIAA
Separate
Account
VA-1,
TIAA-
CREF
Funds
and
TIAA-CREF
Life
Funds;
Managing
Director
(since
2017),
Associate
General
Counsel
and
Assistant
Secretary
(since
2011)
of
Teacher
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC;
Managing
Director
of
Nuveen,
LLC
and
of
TIAA
(since
2017).
(1)
Trustees
serve
an
indefinite
term
until
his/her
successor
is
elected
or
appointed.
The
year
first
elected
or
appointed
represents
the
year
in
which
the
director
was
first
elected
or
appointed
to
any
fund
in
the
Nuveen
Fund
Complex.
(2)
Officers
serve
one
year
terms
through
August
of
each
year.
The
year
first
elected
or
appointed
represents
the
year
in
which
the
officer
was
first
elected
or
appointed
to
any
fund
in
the
Nuveen
Fund
Complex.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
MAN-MS6-0523P
2956475-INV-Y-07/24
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
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE

 

ITEM 2.

CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)

 

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Jack B. Evans, Albin F. Moschner, John K. Nelson and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.

Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.

Mr. Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was as a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995.

Mr. Nelson is on the Board of Directors of Core12, LLC. (since 2008), a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses, and co-led these activities for J.P. Morgan’s global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.

 

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The following tables show the amount of fees that PricewaterhouseCoopers the Funds’ auditor, billed to the Funds’ during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

 

Fiscal Year Ended May 31, 2023

    Audit Fees Billed
to Funds 1		      Audit-Related Fees
Billed to Funds 2		      Tax Fees Billed
to Funds 3		      All Other Fees
Billed to Funds 4		  

Fund Name

            

Nuveen Kansas Municipal Bond Fund

      37,988        0        0        0  

Nuveen Kentucky Municipal Bond Fund

      37,988        0        0        0  

Nuveen Missouri Municipal Bond Fund

      37,988        0        0        0  

Nuveen Michigan Municipal Bond Fund

      37,988        0        0        0  

Nuveen Ohio Municipal Bond Fund

      37,988        0        0        0  

Nuveen Wisconsin Municipal Bond Fund

      37,988        0        0        0  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 227,928      $ 0      $ 0      $ 0  

 

1    “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.
2    “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.
3    “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant.
4    “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

 

     Percentage Approved Pursuant to Pre-approval Exception  
     Audit Fees Billed
to Funds		     Audit-Related Fees
Billed to Funds		     Tax Fees
Billed to Funds		     All Other Fees
Billed to Funds		  

Fund Name

         

Nuveen Kansas Municipal Bond Fund

      0 %      0 %      0 %      0 % 

Nuveen Kentucky Municipal Bond Fund

      0 %      0 %      0 %      0 % 

Nuveen Missouri Municipal Bond Fund

      0 %      0 %      0 %      0 % 

Nuveen Michigan Municipal Bond Fund

      0 %      0 %      0 %      0 % 

Nuveen Ohio Municipal Bond Fund

      0 %      0 %      0 %      0 % 

Nuveen Wisconsin Municipal Bond Fund

      0 %      0 %      0 %      0 % 

May 31, 2022

    Audit Fees Billed
to Funds 1		     Audit-Related Fees
Billed to Funds 2		     Tax Fees
Billed to Funds 3		     All Other Fees
Billed to Funds 4		  

Fund Name

         

Nuveen Kansas Municipal Bond Fund

      35,975       0       15       0  

Nuveen Kentucky Municipal Bond Fund

      35,975       0       19       0  

Nuveen Missouri Municipal Bond Fund

      37,025       0       37       0  

Nuveen Michigan Municipal Bond Fund

      35,975       0       18       0  

Nuveen Ohio Municipal Bond Fund

      37,025       0       36       0  

Nuveen Wisconsin Municipal Bond Fund

      35,975       0       7       0  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $ 217,950     $ 0     $ 132     $ 0  

 

1    “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.
2    “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.
3    “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant.
4    “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

 

     Percentage Approved Pursuant to Pre-approval Exception  
     Audit Fees Billed
to Funds		     Audit-Related Fees
Billed to Funds		     Tax Fees
Billed to Funds		     All Other Fees
Billed to Funds		  

Fund Name

         

Nuveen Kansas Municipal Bond Fund

      0 %      0 %      0 %      0 % 

Nuveen Kentucky Municipal Bond Fund

      0 %      0 %      0 %      0 % 

Nuveen Missouri Municipal Bond Fund

      0 %      0 %      0 %      0 % 

Nuveen Michigan Municipal Bond Fund

      0 %      0 %      0 %      0 % 

Nuveen Ohio Municipal Bond Fund

      0 %      0 %      0 %      0 % 

Nuveen Wisconsin Municipal Bond Fund

      0 %      0 %      0 %      0 % 

 

Fiscal Year Ended May 31, 2023

    Audit-Related Fees
Billed to Adviser and
Affiliated  Fund
Service Providers		     Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers		     All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers		  

Nuveen MultiState Trust IV

    $ 0     $ 0     $ 0  
     Percentage Approved Pursuant to Pre-approval Exception  
     Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers		     Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers		     All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers		  
     0 %      0 %      0 % 

Fiscal Year Ended May 31, 2022

    Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers		     Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers		     All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers		  

Nuveen MultiState Trust IV

    $ 0     $ 0     $ 0  
     Percentage Approved Pursuant to Pre-approval Exception  
     Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers		     Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers		     All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers		  
     0 %      0 %      0 % 

 

Fiscal Year Ended May 31, 2023

    Total Non-Audit Fees
Billed to Trust		      Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (engagements
related directly to the
operations and financial
reporting of the Trust)		      Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (all other
engagements)		      Total  

Fund Name

            

Nuveen Kansas Municipal Bond Fund

      0        0        0        0  

Nuveen Kentucky Municipal Bond Fund

      0        0        0        0  

Nuveen Missouri Municipal Bond Fund

      0        0        0        0  

Nuveen Michigan Municipal Bond Fund

      0        0        0        0  

Nuveen Ohio Municipal Bond Fund

      0        0        0        0  

Nuveen Wisconsin Municipal Bond Fund

      0        0        0        0  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 0      $ 0      $ 0      $ 0  

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

 

Fiscal Year Ended May 31, 2022

    Total Non-Audit Fees
Billed to Trust		      Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (engagements
related directly to the
operations and financial
reporting of the Trust)		      Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (all other
engagements)		      Total  

Fund Name

            

Nuveen Kansas Municipal Bond Fund

      15        0        0        15  

Nuveen Kentucky Municipal Bond Fund

      19        0        0        19  

Nuveen Missouri Municipal Bond Fund

      37        0        0        37  

Nuveen Michigan Municipal Bond Fund

      18        0        0        18  

Nuveen Ohio Municipal Bond Fund

      36        0        0        36  

Nuveen Wisconsin Municipal Bond Fund

      7        0        0        7  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 132      $ 0      $ 0      $ 132  

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit and non-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chair for her verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

 

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this registrant.

 

ITEM 6.

SCHEDULE OF INVESTMENTS.

 

a)   See Portfolio of Investments in Item 1.

 

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 of Trustees implemented after the registrant last provided disclosure in response to this Item.

 

ITEM 11.

CONTROLS AND PROCEDURES.

 

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

 

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

 

ITEM 12.

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

Not applicable.

 

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 because the code is posted on registrant’s website at www.nuveen.com/fund-governance and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)
  (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: August 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/ Justin M. Pfaff
 

Justin M. Pfaff

  Chief Administrative Officer
  (principal executive officer)

Date: August 3, 2023

 

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

Date: August 3, 2023