N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-07751

Nuveen Multistate Trust IV

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark J. Czarniecki

Vice President and Secretary

333 West Wacker Drive,

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 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

November

30,

2023

Semi-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

Letter

to

Shareholders

3

Important

Notices

4

Risk

Considerations

and

Dividend

Information

5

About

the

Funds’

Benchmarks

6

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

7

Yields

20

Expense

Examples

22

Portfolios

of

Investments

24

Statement

of

Assets

and

Liabilities

67

Statement

of

Operations

71

Statement

of

Changes

in

Net

Assets

73

Financial

Highlights

76

Notes

to

Financial

Statements

88

Shareholder

Meeting

Report

102

Additional

Fund

Information

103

Glossary

of

Terms

Used

in

this

Report

104

Liquidity

Risk

Management

Program

105

Letter

to

Shareholders

3

Dear

Shareholders,

Financial

markets

spent

the

past

year

focused

on

the

direction

of

inflation

and

whether

policy

makers

would

be

able

to

deliver

a

soft

landing

in

their

economies.

After

more

than

a

year

and

a

half

of

interest

rate

increases

by

the

U.S.

Federal

Reserve

(Fed)

and

other

central

banks,

financial

conditions

have

tightened

and

inflation

rates

have

cooled

considerably.

The

Fed

increased

the

target

fed

funds

rate

from

near

zero

in

March

2022

to

a

range

of

5.25%

to

5.50%

at

its

latest

increase

in

July

2023,

then

left

the

rate

unchanged

through

December

2023.

At

its

December

2023

policy

meeting,

the

Fed

acknowledged

the

fed

funds

rate

may

have

reached

its

peak.

But

current

inflation

rates

remain

above

central

banks’

targets,

and

the

trajectory

from

here

is

difficult

to

predict

given

that

monetary

policy

acts

on

the

economy

with

long

and

variable

lags.

Surprisingly,

economies

were

relatively

resilient

for

much

of

2023.

By

year-end,

the

“most

predicted

recession”

had

yet

to

materialize

in

the

U.S.,

while

U.K.

and

European

economic

growth

was

just

beginning

to

show

signs

of

stagnation

or

decline.

U.S.

gross

domestic

product

rose

4.9%

in

the

third

quarter

of

2023,

2.1%

in

the

second

quarter

of

2023

and

2.0%

in

the

first

quarter

of

2023,

after

growing

2.1%

in

2022

overall

compared

to

2021.

Much

of

the

growth

was

driven

by

a

relatively

strong

jobs

market,

which

kept

consumer

sentiment

and

spending

elevated

despite

long-term

interest

rates

nearing

multi-year

highs,

a

series

of

U.S.

regional

bank

failures

and

shocks

from

flaring

geopolitical

tensions.

While

central

banks

are

likely

nearing

the

end

of

this

interest

rate

hiking

cycle,

there

are

still

upside

risks

to

inflation

and

downside

risks

to

the

economy.

Some

labor

market

and

consumer

indicators

are

softening.

Government

funding

and

deficits

remain

a

concern,

especially

as

the

U.S.

election

year

gets

underway.

The

markets

will

continue

to

try

to

anticipate

monetary

policy

shifts

as

the

Fed

evaluates

incoming

data

and

adjusts

its

rate

setting

activity

on

a

meeting-

by-meeting

basis.

Geopolitical

risks

–

from

relations

with

China,

to

wars

in

Europe

and

the

Middle

East

–

also

expand

the

range

of

outcomes

from

economies

and

markets

around

the

world.

All

these

uncertainties,

and

others,

will

remain

sources

of

short-term

market

volatility.

In

this

environment,

Nuveen

remains

committed

to

filtering

the

market

noise

for

investable

opportunities

that

ultimately

serve

long-term

investment

objectives.

Maintaining

a

long-term

perspective

is

also

important

for

investors,

and

we

encourage

you

to

review

your

time

horizon,

risk

tolerance

and

investment

goals

with

your

financial

professional.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Co-Chair

of

the

Board

January

19,

2024

4

Important

Notices

Portfolio

Manager

Commentaries

in

Semi-annual

Shareholder

Reports

The

Funds

include

portfolio

manager

commentary

in

their

annual

shareholder

reports.

For

the

Funds’

most

recent

annual

portfolio

manager

discussion,

please

refer

to

the

Portfolio

Managers’

Comments

section

of

each

Fund’s

May

31,

2023

annual

shareholder

report.

For

current

information

on

your

Fund’s

investment

objectives,

portfolio

management

team

and

average

annual

total

returns

please

refer

to

the

Fund’s

website

at

www.nuveen.com.

For

average

annual

total

returns

as

of

the

end

of

this

reporting

period,

please

refer

to

the

Fund

Performance,

Expense

Ratios

Overview

and

Holding

Summaries

section

within

this

report.

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.

Portfolio

Manager

Updates

Effective

October

13,

2023,

Paul

Brennan,

CFA

was

added

as

a

portfolio

manager

of

Nuveen

Kansas

Municipal

Bond

Fund

and

Nuveen

Wisconsin

Municipal

Bond

Fund.

Effective

October

13,

2023,

Scott

Romans,

Ph.D.

and

Kristen

DeJong,

CFA,

were

added

as

portfolio

managers

of

Nuveen

Kentucky

Municipal

Bond

Fund,

Nuveen

Michigan

Municipal

Bond

Fund

and

Nuveen

Ohio

Municipal

Bond

Fund.

Effective

October

13,

2023,

Michael

Hamilton

and

Stephen

Candido,

CFA

were

added

as

portfolio

managers

of

Nuveen

Missouri

Municipal

Bond

Fund.

Additionally,

Christopher

Drahn

will

continue

to

serve

as

a

portfolio

manager

of

the

Nuveen

Missouri

Municipal

Bond

Fund

until

his

retirement

on

April

1,

2024.

There

were

no

other

changes

to

the

portfolio

management

of

the

Funds

during

the

reporting

period.

Risk

Considerations

and

Dividend

Information

5

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.

6

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

7

The

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summaries

for

each

Fund

are

shown

within

this

section

of

the

report.

Fund

Performance

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Investment

returns

and

principal

value

will

fluctuate

so

that

when

shares

are

redeemed,

they

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

shown.

Total

returns

for

a

period

of

less

than

one

year

are

not

annualized

(i.e.

cumulative

returns).

Since

inception

returns

are

shown

for

share

classes

that

have

less

than

10-years

of

performance.

Returns

at

net

asset

value

(NAV)

would

be

lower

if

the

sales

charge

were

included.

Returns

assume

reinvestment

of

dividends

and

capital

gains.

For

performance,

current

to

the

most

recent

month-end

visit

Nuveen.com

or

call

(800)

257-8787.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares,

Income

is

generally

exempt

from

regular

federal

income

taxes.

Some

income

may

be

subject

to

state

and

local

income

taxes

and

to

the

federal

alternative

minimum

tax.

Capital

gains,

if

any,

are

subject

to

tax.

Returns

may

reflect

fee

waivers

and/or

expense

reimbursements

by

the

investment

adviser

during

the

periods

presented.

If

any

such

waivers

and/or

reimbursements

had

not

been

in

place,

returns

would

have

been

reduced.

See

Notes

to

Financial

Statements

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.

8

Nuveen

Kansas

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holding

Summaries

November

30,

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

November

30,

2023

Total

Returns

as

of

November

30,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

at

NAV

1/09/92

1.35%

2.55%

1.43%

2.65%

0.81%

Class

A

at

maximum

Offering

Price

1/09/92

(2.87)%

(1.72)%

0.56%

2.21%

—

S&P

Municipal

Bond

Index

—

1.93%

3.61%

1.99%

2.79%

—

S&P

Municipal

Bond

Kansas

Index

—

1.76%

2.96%

1.93%

2.74%

—

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average

—

1.40%

2.69%

1.03%

2.04%

—

Class

I

2/25/97

1.47%

2.79%

1.64%

2.86%

0.61%

Total

Returns

as

of

November

30,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Class

C

at

NAV

2/10/14

1.05%

1.74%

0.62%

1.80%

1.61%

Class

C

at

maximum

Offering

Price

2/10/14

0.05%

1.74%

0.62%

1.80%

—

Effective

Leverage

Ratio

0.00%

9

Holdings

Summaries

as

of

November

30,

2023

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

95

.7‌

%

Common

Stocks

3

.4‌

%

Other

Assets

&

Liabilities,

Net

0.9%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

Kansas

76.5%

Guam

11.5%

New

York

3.3%

Puerto

Rico

3.3%

Virgin

Islands

1.7%

Ohio

1.5%

Colorado

0.8%

Iowa

0.7%

Illinois

0.4%

New

Jersey

0.1%

Florida

0.1%

California

0.1%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Tax

Obligation/General

31.0%

Tax

Obligation/Limited

20.6%

Utilities

15.5%

Health

Care

8.6%

Education

and

Civic

Organizations

4.6%

U.S.

Guaranteed

4.1%

Other

12.2%

Common

Stocks

3.4%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

3.5%

AAA

13.5%

AA

36.9%

A

17.8%

BBB

9.1%

BB

or

Lower

10.0%

N/R

(not

rated)

9.2%

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

Kansas

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

2

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

10

Nuveen

Kentucky

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holding

Summaries

November

30,

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

Kentucky

Index.

**

Class

A

Shares

have

a

maximum

4.20%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Effective

Leverage

Ratio

as

of

November

30,

2023

Total

Returns

as

of

November

30,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

at

NAV

5/04/87

1.80%

3.49%

1.29%

2.27%

1.03%

Class

A

at

maximum

Offering

Price

5/04/87

(2.50)%

(0.89)%

0.42%

1.82%

—

S&P

Municipal

Bond

Index

—

1.93%

3.61%

1.99%

2.79%

—

S&P

Municipal

Bond

Kentucky

Index

—

1.94%

3.55%

2.21%

2.87%

—

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average

—

1.40%

2.69%

1.03%

2.04%

—

Class

I

2/07/97

1.90%

3.69%

1.48%

2.47%

0.83%

Total

Returns

as

of

November

30,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Class

C

at

NAV

2/10/14

1.39%

2.67%

0.46%

1.39%

1.83%

Class

C

at

maximum

Offering

Price

2/10/14

0.39%

2.67%

0.46%

1.39%

—

Effective

Leverage

Ratio

0.00%

11

Holdings

Summaries

as

of

November

30,

2023

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

103

.6‌

%

Other

Assets

&

Liabilities,

Net

3.4%

Floating

Rate

Obligations

(7.0)%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

Kentucky

96.8%

Puerto

Rico

3.2%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Tax

Obligation/Limited

35.2%

Utilities

20.2%

Education

and

Civic

Organizations

18.6%

Health

Care

18.4%

Transportation

5.6%

U.S.

Guaranteed

1.5%

Other

0.5%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

1.5%

AAA

1.6%

AA

38.3%

A

45.2%

BBB

6.2%

BB

or

Lower

1.1%

N/R

(not

rated)

6.1%

Total

100‌

%

1

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Kentucky

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

2

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

12

Nuveen

Michigan

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holding

Summaries

November

30,

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

November

30,

2023

Total

Returns

as

of

November

30,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

at

NAV

6/27/85

1.58%

2.73%

1.13%

2.46%

0.84%

Class

A

at

maximum

Offering

Price

6/27/85

(2.66)%

(1.56)%

0.27%

2.02%

—

S&P

Municipal

Bond

Index

—

1.93%

3.61%

1.99%

2.79%

—

S&P

Municipal

Bond

Michigan

Index

—

2.09%

3.47%

2.13%

3.16%

—

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average

—

1.40%

2.69%

1.03%

2.04%

—

Class

I

2/03/97

1.60%

2.97%

1.33%

2.67%

0.64%

Total

Returns

as

of

November

30,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Class

C

at

NAV

2/10/14

1.18%

1.92%

0.32%

1.60%

1.64%

Class

C

at

maximum

Offering

Price

2/10/14

0.18%

1.92%

0.32%

1.60%

—

Effective

Leverage

Ratio

0.00%

13

Holdings

Summaries

as

of

November

30,

2023

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

93

.5‌

%

Other

Assets

&

Liabilities,

Net

6.5%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

Michigan

95.8%

Puerto

Rico

4.2%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Tax

Obligation/General

44.4%

Tax

Obligation/Limited

17.9%

Utilities

14.3%

Education

and

Civic

Organizations

8.9%

Health

Care

4.8%

Transportation

4.2%

U.S.

Guaranteed

3.3%

Other

2.2%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

1.9%

AAA

2.7%

AA

75.7%

A

13.6%

BBB

1.2%

BB

or

Lower

0.2%

N/R

(not

rated)

4.7%

Total

100‌

%

1

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Michigan

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

2

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

14

Nuveen

Missouri

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holding

Summaries

November

30,

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

Missouri

Index.

**

Class

A

Shares

have

a

maximum

4.20%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Effective

Leverage

Ratio

as

of

November

30,

2023

Total

Returns

as

of

November

30,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

at

NAV

8/03/87

1.94%

3.52%

1.68%

2.79%

0.77%

Class

A

at

maximum

Offering

Price

8/03/87

(2.30)%

(0.79)%

0.82%

2.35%

—

S&P

Municipal

Bond

Index

—

1.93%

3.61%

1.99%

2.79%

—

S&P

Municipal

Bond

Missouri

Index

—

1.75%

3.38%

1.95%

2.75%

—

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average

—

1.40%

2.69%

1.03%

2.04%

—

Class

I

2/19/97

2.04%

3.81%

1.89%

3.00%

0.57%

Total

Returns

as

of

November

30,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Class

C

at

NAV

2/10/14

1.53%

2.70%

0.88%

1.94%

1.57%

Class

C

at

maximum

Offering

Price

2/10/14

0.53%

2.70%

0.88%

1.94%

—

Effective

Leverage

Ratio

0.00%

15

Holdings

Summaries

as

of

November

30,

2023

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

99

.4‌

%

Other

Assets

&

Liabilities,

Net

0.6%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

Missouri

98.1%

Puerto

Rico

1.5%

Guam

0.4%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Health

Care

24.3%

Utilities

19.8%

Tax

Obligation/Limited

17.9%

Tax

Obligation/General

15.4%

Education

and

Civic

Organizations

7.6%

Transportation

7.6%

Long-Term

Care

4.1%

Other

3.3%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

0.4%

AAA

8.8%

AA

44.5%

A

27.2%

BBB

5.4%

BB

or

Lower

5.2%

N/R

(not

rated)

8.5%

Total

100‌

%

1

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Missouri

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

2

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

16

Nuveen

Ohio

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holding

Summaries

November

30,

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

November

30,

2023

Total

Returns

as

of

November

30,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

at

NAV

6/27/85

1.57%

2.41%

1.82%

2.76%

0.77%

Class

A

at

maximum

Offering

Price

6/27/85

(2.66)%

(1.93)%

0.95%

2.32%

—

S&P

Municipal

Bond

Index

—

1.93%

3.61%

1.99%

2.79%

—

S&P

Municipal

Bond

Ohio

Index

—

1.52%

2.93%

2.21%

3.31%

—

Lipper

Ohio

Municipal

Debt

Funds

Classification

Average

—

1.50%

2.71%

1.27%

2.26%

—

Class

I

2/03/97

1.60%

2.53%

2.01%

2.96%

0.57%

Total

Returns

as

of

November

30,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Class

C

at

NAV

2/10/14

1.18%

1.51%

1.01%

1.90%

1.57%

Class

C

at

maximum

Offering

Price

2/10/14

0.18%

1.51%

1.01%

1.90%

—

Effective

Leverage

Ratio

0.00%

17

Holdings

Summaries

as

of

November

30,

2023

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

93

.3‌

%

Common

Stocks

4

.9‌

%

Other

Assets

&

Liabilities,

Net

1.8%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

Ohio

97.0%

Puerto

Rico

3.0%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Tax

Obligation/General

23.2%

Tax

Obligation/Limited

20.6%

Utilities

16.7%

Education

and

Civic

Organizations

11.8%

Health

Care

7.9%

Transportation

4.7%

U.S.

Guaranteed

4.6%

Other

5.5%

Common

Stocks

5.0%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

2.5%

AAA

25.0%

AA

45.9%

A

10.0%

BBB

3.2%

BB

or

Lower

1.1%

N/R

(not

rated)

12.3%

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

Ohio

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

2

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

18

Nuveen

Wisconsin

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holding

Summaries

November

30,

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

Wisconsin

Index.

**

Class

A

Shares

have

a

maximum

4.20%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Effective

Leverage

Ratio

as

of

November

30,

2023

Total

Returns

as

of

November

30,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

at

NAV

6/01/94

1.94%

2.49%

1.69%

2.83%

1.10%

Class

A

at

maximum

Offering

Price

6/01/94

(2.30)%

(1.82)%

0.82%

2.39%

—

S&P

Municipal

Bond

Index

—

1.93%

3.61%

1.99%

2.79%

—

S&P

Municipal

Bond

Wisconsin

Index

—

2.16%

3.78%

1.68%

2.63%

—

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average

—

1.40%

2.69%

1.03%

2.04%

—

Class

I

2/25/97

2.03%

2.69%

1.88%

3.03%

0.90%

Total

Returns

as

of

November

30,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Class

C

at

NAV

2/10/14

1.53%

1.68%

0.88%

2.02%

1.90%

Class

C

at

maximum

Offering

Price

2/10/14

0.53%

1.68%

0.88%

2.02%

—

Effective

Leverage

Ratio

0.00%

19

Holdings

Summaries

as

of

November

30,

2023

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

99

.9‌

%

Common

Stocks

10

.3‌

%

Other

Assets

&

Liabilities,

Net

0.0%

Floating

Rate

Obligations

(10.2)%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

Wisconsin

92.7%

Puerto

Rico

4.6%

Virgin

Islands

1.8%

Illinois

0.6%

Minnesota

0.3%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Tax

Obligation/Limited

22.7%

Housing/Multifamily

20.7%

Health

Care

20.0%

Long-Term

Care

14.9%

Education

and

Civic

Organizations

6.3%

Utilities

4.7%

Other

1.3%

Common

Stocks

9.4%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

0.2%

AAA

2.9%

AA

31.3%

A

22.1%

BBB

18.1%

BB

or

Lower

1.6%

N/R

(not

rated)

23.8%

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

Wisconsin

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

2

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

20

Yields

as

of

November

30,2023

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

2.38%

1.70%

2.72%

SEC

30-Day

Yield

3.23%

2.59%

3.55%

Taxable-Equivalent

Yield

(46.5%)

2

5.91%

4.74%

6.50%

Nuveen

Kentucky

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

2.58%

1.90%

2.88%

SEC

30-Day

Yield

3.23%

2.60%

3.55%

Taxable-Equivalent

Yield

(45.3%)

2

5.90%

4.75%

6.49%

Nuveen

Michigan

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

2.83%

2.17%

3.13%

SEC

30-Day

Yield

3.41%

2.77%

3.71%

Taxable-Equivalent

Yield

(45.1%)

2

6.21%

5.05%

6.76%

Nuveen

Missouri

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

3.31%

2.66%

3.64%

SEC

30-Day

Yield

3.44%

2.81%

3.78%

Taxable-Equivalent

Yield

(45.8%)

2

6.33%

5.17%

6.96%

Nuveen

Ohio

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

2.60%

1.95%

2.89%

SEC

30-Day

Yield

3.05%

2.41%

3.38%

Taxable-Equivalent

Yield

(44.8%)

2

5.53%

4.37%

6.12%

21

Nuveen

Wisconsin

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

2.96%

2.35%

3.27%

SEC

30-Day

Yield

2.70%

2.05%

3.00%

Taxable-Equivalent

Yield

(48.5%)

2

5.18%

3.94%

5.76%

1

The

SEC

Yield

for

Class

A

shares

quoted

in

the

table

reflects

the

maximum

sales

load.

Investors

paying

a

reduced

load

because

of

volume

discounts,

investors

paying

no

load

because

they

qualify

for

one

of

the

several

exclusions

from

the

load

and

existing

shareholders

who

previously

paid

a

load

but

would

like

to

know

the

SEC

Yield

applicable

to

their

shares

on

a

going-forward

basis,

should

understand

the

SEC

Yield

effectively

applicable

to

them

would

be

higher

than

the

figure

quoted

in

the

table.

2

The

Taxable-Equivalent

Yield

is

based

on

the

Fund's

SEC

30-Day

Yield

on

the

indicated

date

and

a

combined

federal

and

state

income

tax

rate

shown

in

the

respective

table

above.

22

Expense

Examples

As

a

shareholder

of

one

or

more

of

the

Funds,

you

incur

two

types

of

costs:

(1)

transaction

costs, including

up-front

and

back-

end

sales

charges

(loads)

or

redemption

fees,

where

applicable;

and

(2)

ongoing

costs,

including

management

fees;

distribution

and

service

(12b-1)

fees,

where

applicable;

and

other

Fund

expenses.

The

Examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Funds

and

to

compare

these

costs

with

the

ongoing

costs

of investing

in

other

mutual

funds.

The

Examples

below

include

the

interest

and

related

expenses

from

inverse

floaters

that

are

reflected

in

the

financial

statements

later

within

this

report,

when

applicable.

The

Examples

below

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

period

ended

November

30,

2023.

The

beginning

of

the

period

is

June

1,

2023.

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

$

1,013.50

$

1,010.50

$

1,014.70

Expenses

Incurred

During

the

Period

$

4.08

$

8.09

$

3.07

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,020.94

$

1,016.94

$

1,021.94

Expenses

Incurred

During

the

Period

$

4.09

$

8.12

$

3.08

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.81%,

1.61%

and

0.61%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183

/366

(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

$

1,018.00

$

1,013.90

$

1,019.00

Expenses

Incurred

During

the

Period

$

5.90

$

9.92

$

4.90

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,019.17

$

1,015.17

$

1,020.17

Expenses

Incurred

During

the

Period

$

5.91

$

9.92

$

4.90

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.17%,

1.97%

and

0.97%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183

/366

(to

reflect

the

one-half

year

period).

23

Nuveen

Michigan

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,015.80

$

1,011.80

$

1,016.00

Expenses

Incurred

During

the

Period

$

4.13

$

8.15

$

3.12

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,020.92

$

1,016.92

$

1,021.92

Expenses

Incurred

During

the

Period

$

4.14

$

8.17

$

3.13

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.82%,

1.62%

and

0.62%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183

/366

(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

$

1,019.40

$

1,015.30

$

1,020.40

Expenses

Incurred

During

the

Period

$

3.99

$

8.01

$

2.98

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,021.07

$

1,017.07

$

1,022.07

Expenses

Incurred

During

the

Period

$

3.99

$

8.02

$

2.98

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.79%,

1.59%

and

0.59%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183

/366

(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

$

1,015.70

$

1,011.80

$

1,016.00

Expenses

Incurred

During

the

Period

$

3.93

$

7.95

$

2.92

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,021.11

$

1,017.11

$

1,022.11

Expenses

Incurred

During

the

Period

$

3.94

$

7.97

$

2.93

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.78%,

1.58%

and

0.58%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183

/366

(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

$

1,019.40

$

1,015.30

$

1,020.30

Expenses

Incurred

During

the

Period

$

7.02

$

11.03

$

6.01

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,018.03

$

1,014.03

$

1,019.03

Expenses

Incurred

During

the

Period

$

7.01

$

11.03

$

6.01

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.39%,

2.19%

and

1.19%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183

/366

(to

reflect

the

one-half

year

period).

24

Nuveen

Kansas

Municipal

Bond

Fund

Portfolio

of

Investments

November

30,

2023

(Unaudited)

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

99.1%   

X

202,055,770

MUNICIPAL

BONDS

-

95.7%  

X

202,055,770

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

$

2,967,304

1,325

Children's

Trust

Fund,

Puerto

Rico,

Tobacco

Settlement

Asset-Backed

Bonds,

Refunding

Series

2002,

5.500%,

5/15/39

1/24

at

100.00

1,328,348

915

Guam

Economic

Development

&

Commerce

Authority,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007A,

5.250%,

6/01/32

12/23

at

100.00

896,001

510

New

York

Counties

Tobacco

Trust

VI,

New

York,

Tobacco

Settlement

Pass-

Through

Bonds,

Series

2016A-1,

5.625%,

6/01/35

No

Opt.

Call

521,860

300

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018B,

5.000%,

6/01/46

6/28

at

100.00

300,835

2,510

TSASC

Inc.,

New

York,

Tobacco

Asset-Backed

Bonds,

Series

2006,

5.000%,

6/01/48

6/27

at

100.00

2,189,988

Total

Consumer

Staples

8,204,336

Education

and

Civic

Organizations

-

4

.5

%

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

4,044,330

2,000

4.000%,

9/01/52

9/30

at

100.00

1,748,131

250

Kansas

Development

Finance

Authority,

Revenue

Bonds,

Kansas

State

University

Projects,

Series

2016A,

4.000%,

3/01/27

3/24

at

100.00

250,443

1,000

(c)

Topeka,

Kansas,

Economic

Development

Revenue

Bonds,

YMCA

Project,

Refunding

Series

2011A,

6.500%,

9/01/32

1/24

at

100.00

300,000

3,135

Washburn

University

of

Topeka,

Kansas,

Revenue

Bonds,

Series

2015A,

5.000%,

7/01/35

7/25

at

100.00

3,196,123

Total

Education

and

Civic

Organizations

9,539,027

Health

Care

-

8

.5

%

385

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2,

5.000%,

8/01/39

8/29

at

100.00

399,254

Hutchinson,

Kansas,

Hospital

Facilities

Revenue

Bonds,

Hutchinson

Regional

Medical

Center,

Inc.,

Series

2016:

440

5.000%,

12/01/29

12/26

at

100.00

431,912

445

5.000%,

12/01/30

12/26

at

100.00

435,326

50

5.000%,

12/01/31

12/26

at

100.00

48,678

1,075

5.000%,

12/01/36

12/26

at

100.00

1,029,631

400

5.000%,

12/01/41

12/26

at

100.00

356,708

875

Illinois

Finance

Authority,

Revenue

Bonds,

Ascension

Health/fkaPresence

Health

Network,

Series

2016C,

5.000%,

2/15/36

2/27

at

100.00

902,368

Kansas

Development

Finance

Authority,

Hospital

Revenue

Bonds,

Advent

Health

Obligated

Group,

Series

2021B:

285

5.000%,

11/15/54,

(Mandatory

Put

11/15/28)

No

Opt.

Call

307,190

740

5.000%,

11/15/54,

(Mandatory

Put

11/15/31)

No

Opt.

Call

826,139

Lawrence,

Kansas,

Hospital

Revenue

Bonds,

Lawrence

Memorial

Hospital,

Series

2018A:

305

5.000%,

7/01/43

7/28

at

100.00

311,141

5,000

5.000%,

7/01/48

7/28

at

100.00

5,061,311

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

283,383

25

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

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

$

960,805

295

5.000%,

7/01/29

No

Opt.

Call

314,374

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

1,979,957

500

5.000%,

9/01/45

9/25

at

100.00

504,908

University

of

Kansas

Hospital

Authority,

Health

Facilities

Revenue

Bonds,

University

of

Kansas

Health

System,

Series

2017A:

1,580

4.000%,

3/01/42

3/27

at

100.00

1,536,712

2,250

5.000%,

3/01/47

3/27

at

100.00

2,286,545

Total

Health

Care

17,976,342

Housing/Multifamily

-

1

.4

%

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

2,891,418

Total

Housing/Multifamily

2,891,418

Industrials

-

0

.6

%

1,415

Iowa

Finance

Authority,

Iowa,

Midwestern

Disaster

Area

Revenue

Bonds,

Alcoa

Inc.

Project,

Series

2012,

4.750%,

8/01/42

1/24

at

100.00

1,352,465

Total

Industrials

1,352,465

Long-Term

Care

-

2

.2

%

2,500

Kansas

Development

Finance

Authority

Revenue

Bonds,

Village

Shalom

Project,

Series

2018A,

5.250%,

11/15/53

12/23

at

103.75

1,765,217

2,715

Wichita,

Kansas,

Health

Care

Facilities

Revenue

Bonds,

Presbyterian

Manors,

Series

2013IV-A,

6.375%,

5/15/43

1/24

at

100.00

2,283,315

665

Wichita,

Kansas,

Health

Care

Facilities

Revenue

Bonds,

Presbyterian

Manors,

Series

2014IV-A,

5.625%,

5/15/44

5/24

at

100.00

505,616

Total

Long-Term

Care

4,554,148

Tax

Obligation/General

-

30

.8

%

Allen

County

Unified

School

District

257

Iola,

Kansas,

General

Obligation

Bonds,

School

Building

Series

2019A:

1,120

4.000%,

9/01/33

-

BAM

Insured

9/28

at

100.00

1,147,597

1,150

4.000%,

9/01/34

-

BAM

Insured

9/28

at

100.00

1,177,151

1,000

3.000%,

9/01/38

-

BAM

Insured

9/28

at

100.00

854,716

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

1,014,531

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

2,910,316

100

Douglas

County

Unified

School

District

497,

Kansas,

General

Obligation

Bonds,

Series

2017A,

3.125%,

9/01/37

9/27

at

100.00

88,689

500

Geary

County

Unified

School

District

475,

Kansas,

General

Obligation

Bonds,

Refunding

Series

2021B,

3.000%,

9/01/43

9/31

at

100.00

388,682

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

5,154,246

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

1,973,047

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

2,283,633

1,610

5.000%,

10/01/31

No

Opt.

Call

1,861,045

Nuveen

Kansas

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

26

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

(continued)

$

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

$

1,528,086

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

3,976,771

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

8,401,853

500

Johnson

County,

Kansas,

General

Obligation

Bonds,

General

Improvement

Series

2016A,

5.000%,

9/01/24

No

Opt.

Call

506,746

5,000

Johnson

County,

Kansas,

General

Obligation

Bonds,

Internal

Improvement

Series

2018A,

4.000%,

9/01/34

9/27

at

100.00

5,070,962

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

1,295,879

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

653,745

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

1,084,078

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

925,841

500

Linn

County

Unified

School

District

362,

Kansas,

General

Obligation

Bonds,

Series

2020,

3.000%,

9/01/35

9/28

at

100.00

478,418

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

3,200,961

Reno

County,

Kansas,

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2021:

205

3.000%,

9/01/31

9/28

at

100.00

195,926

200

3.000%,

9/01/34

9/28

at

100.00

183,921

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

1,152,161

Saline

County,

Kansas,

General

Obligation

Bonds,

Sales

Tax

Series

2021B:

2,530

3.000%,

9/01/33

9/30

at

100.00

2,304,206

500

2.000%,

9/01/34

9/30

at

100.00

414,848

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

477,615

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

1,355,882

1,650

4.000%,

9/01/31

9/27

at

100.00

1,681,778

500

4.000%,

9/01/32

9/27

at

100.00

509,648

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

1,364,738

Wichita,

Kansas,

General

Obligation

Bonds,

Airport

Series

2015C:

2,000

5.000%,

12/01/39,

(AMT)

12/25

at

100.00

2,025,087

500

4.250%,

12/01/44,

(AMT)

12/25

at

100.00

479,466

Wyandotte

County

Unified

School

District

203,

Piper,

Kansas,

General

Obligation

Bonds,

Improvement

Series

2018A:

1,000

5.000%,

9/01/40

9/28

at

100.00

1,046,132

1,000

5.000%,

9/01/41

9/28

at

100.00

1,042,647

1,000

4.000%,

9/01/48

9/28

at

100.00

901,679

200

Wyandotte

County/Kansas

City

Unified

Government,

Kansas,

General

Obligation

Bonds,

Improvement

Series

2015A,

3.000%,

8/01/28

8/24

at

100.00

193,224

27

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

(continued)

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

$

1,414,799

2,395

3.000%,

8/01/31

-

BAM

Insured

8/28

at

100.00

2,214,897

Total

Tax

Obligation/General

64,935,647

Tax

Obligation/Limited

-

20

.4

%

Dodge

City,

Kansas,

Sales

Tax

Revenue

Bonds,

Refunding

Series

2016:

500

5.000%,

6/01/28

-

AGM

Insured

6/27

at

100.00

532,782

1,380

5.000%,

6/01/29

-

AGM

Insured

6/27

at

100.00

1,468,629

2,295

5.000%,

6/01/30

-

AGM

Insured

6/27

at

100.00

2,440,993

1,320

5.000%,

6/01/31

-

AGM

Insured

6/27

at

100.00

1,404,440

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D:

1,000

5.000%,

11/15/34

11/25

at

100.00

1,008,884

1,000

5.000%,

11/15/39

11/25

at

100.00

1,000,040

Guam

Government,

Limited

Obligation

Section

30

Revenue

Bonds,

Series

2016A:

2,000

5.000%,

12/01/25

No

Opt.

Call

2,040,395

1,000

5.000%,

12/01/30

12/26

at

100.00

1,024,611

1,000

5.000%,

12/01/32

12/26

at

100.00

1,024,936

2,275

5.000%,

12/01/33

12/26

at

100.00

2,329,293

1,250

5.000%,

12/01/46

12/26

at

100.00

1,187,045

2,630

Johnson

County

Community

College,

Kansas,

Certificates

of

Participation,

Series

2017,

4.000%,

10/01/28

10/26

at

100.00

2,694,049

Kansas

Department

of

Transportation,

Highway

Revenue

Bonds,

Series

2015B:

1,000

5.000%,

9/01/29

9/25

at

100.00

1,031,067

1,500

5.000%,

9/01/35

9/25

at

100.00

1,532,261

2,240

Kansas

Department

of

Transportation,

Highway

Revenue

Bonds,

Series

2017A,

5.000%,

9/01/33

9/27

at

100.00

2,388,634

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

939,644

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

1,193,137

1,350

3.000%,

9/01/34

9/27

at

100.00

1,270,541

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

7,565,038

Overland

Park,

Kansas,

Sales

Tax

Revenue

Bonds,

Prairiefire

Community

Improvement

District

No.

1

Project,

Series

2012B:

200

(c)

5.250%,

12/15/29

1/24

at

100.00

100,000

200

(c)

6.100%,

12/15/34

1/24

at

100.00

100,000

2,775

Overland

Park,

Kansas,

Sales

Tax

Special

Obligation

Revenue

Bonds,

Prairiefire

at

Lionsgate

Project,

Series

2012,

6.000%,

12/15/32

1/24

at

100.00

1,231,422

335

Ozawkie

Kansas,

General

Obligation

Refunding

Bonds,

Series

2020,

3.000%,

9/01/39

9/27

at

100.00

296,184

1,895

Virgin

Islands

Public

Finance

Authority,

Gross

Receipts

Taxes

Loan

Note,

Refunding

Series

2012A,

5.000%,

10/01/32

-

AGM

Insured

1/24

at

100.00

1,896,031

1,415

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

1,301,505

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

1,394,238

1,260

5.000%,

12/01/26

12/24

at

100.00

1,281,550

Nuveen

Kansas

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

28

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

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

$

1,078,579

345

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

291,682

Total

Tax

Obligation/Limited

43,047,610

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

1,120,188

Kansas

State

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Refunding

Series

2019A:

1,065

5.000%,

9/01/31

9/29

at

100.00

1,193,640

1,100

5.000%,

9/01/38

9/29

at

100.00

1,195,583

1,000

Kansas

State

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Refunding

Series

2020A,

3.000%,

9/01/26

No

Opt.

Call

999,236

New

York

Transportation

Development

Corporation,

New

York,

Special

Facilities

Bonds,

LaGuardia

Airport

Terminal

B

Redevelopment

Project,

Series

2016A:

2,500

5.000%,

7/01/34,

(AMT)

7/24

at

100.00

2,503,975

1,515

5.000%,

7/01/46,

(AMT)

7/24

at

100.00

1,501,887

Total

Transportation

8,514,509

U.S.

Guaranteed

-

4

.1

%

(d)

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

1,535,071

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

1,295,602

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

43,744

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

376,683

2,155

4.000%,

9/01/38,

(Pre-refunded

9/01/26)

9/26

at

100.00

2,223,974

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

15,862

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

2,120,649

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

1,035,283

Total

U.S.

Guaranteed

8,646,868

Utilities

-

15

.3

%

130

California

Pollution

Control

Financing

Authority,

Water

Furnishing

Revenue

Bonds,

Poseidon

Resources

Channelside

LP

Desalination

Project,

Series

2012,

5.000%,

11/21/45,

(AMT),

144A

7/24

at

100.00

129,141

Chisholm

Creek

Utility

Authority,

Kansas,

Water

and

Wastewater

Facilities

Revenue

Bonds,

Bel

Aire

&

Park

Cities,

Kansas

Project,

Refunding

Series

2017:

600

5.000%,

9/01/27

-

AGM

Insured

No

Opt.

Call

640,782

1,135

4.000%,

9/01/29

-

AGM

Insured

9/27

at

100.00

1,163,107

100

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Series

2014A,

5.000%,

7/01/35

7/24

at

100.00

100,606

1,750

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2013,

5.000%,

7/01/28

1/24

at

100.00

1,751,576

29

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Utilities

(continued)

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2016:

$

370

5.000%,

7/01/36

7/26

at

100.00

$

377,738

2,580

5.000%,

1/01/46

7/26

at

100.00

2,596,328

2,000

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2020A,

5.000%,

1/01/50

7/30

at

100.00

2,012,394

3,750

Guam

Power

Authority,

Revenue

Bonds,

Refunding

Series

2017A,

5.000%,

10/01/40

10/27

at

100.00

3,809,077

Guam

Power

Authority,

Revenue

Bonds,

Series

2014A:

1,000

5.000%,

10/01/32

10/24

at

100.00

1,012,099

1,000

5.000%,

10/01/33

10/24

at

100.00

1,011,960

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

1,041,371

1,000

5.000%,

4/01/34

-

BAM

Insured

4/26

at

100.00

1,041,827

1,000

5.000%,

4/01/35

-

BAM

Insured

4/26

at

100.00

1,041,828

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Refunding

National

Series

2007VV:

2,480

5.250%,

7/01/27

-

AGM

Insured

No

Opt.

Call

2,475,103

1,065

5.250%,

7/01/31

-

AGM

Insured

No

Opt.

Call

1,057,084

480

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2005RR,

5.000%,

7/01/28

-

AGC

Insured

1/24

at

100.00

477,272

Salina,

Kansas,

Water

and

Sewer

System

Revenue

Bonds,

Refunding

Series

2019A:

475

3.000%,

10/01/28

10/26

at

100.00

461,141

355

3.000%,

10/01/29

10/26

at

100.00

341,674

780

3.000%,

10/01/30

10/26

at

100.00

744,388

580

3.000%,

10/01/31

10/26

at

100.00

549,094

Topeka,

Kansas,

Utility

Revenue

Bonds,

Refunding

&

Improvement

Series

2021A:

785

4.000%,

8/01/30

-

BAM

Insured

8/29

at

100.00

821,145

740

4.000%,

8/01/31

-

BAM

Insured

8/29

at

100.00

771,548

1,595

Virgin

Islands

Water

and

Power

Authority,

Electric

System

Revenue

Bonds,

Series

2007B,

5.000%,

7/01/31

1/24

at

100.00

1,503,073

1,105

Wichita,

Kansas,

Water

and

Sewer

Utility

Revenue

Bonds,

Refunding

Series

2017B,

5.000%,

10/01/26

No

Opt.

Call

1,171,040

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

2,006,591

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

2,284,413

Total

Utilities

32,393,400

Total

Municipal

Bonds

(cost

$216,102,687)

202,055,770

Shares

Description

(a)

Value

X

7,178,080

COMMON

STOCKS

-

3.4%  

X

7,178,080

Utilities

-

3

.4

%

89,726

(e),(f)

Energy

Harbor

Corp

$

7,178,080

Total

Utilities

7,178,080

Total

Common

Stocks

(cost

$2,547,413)

7,178,080

Total

Long-Term

Investments

(cost

$218,650,100)

209,233,850

Other

Assets

&

Liabilities,

Net

-

0.9%

1,927,940

Net

Assets

-

100%

$

211,161,790

Nuveen

Kansas

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

30

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

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.

(c)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(d)

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.

(e)

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.  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.

(f)

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

31

Nuveen

Kentucky

Municipal

Bond

Fund

Portfolio

of

Investments

November

30,

2023

(Unaudited)

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

103.6%   

X

246,023,743

MUNICIPAL

BONDS

-

103.6%  

X

246,023,743

Education

and

Civic

Organizations

-

19

.3

%

$

155

Campbellsville,

Kentucky,

Industrial

Building

Revenue

Bonds,

Campbellsville

University

Project,

Series

2017,

5.000%,

3/01/39

3/27

at

100.00

$

144,332

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

4,498,617

4,200

4.000%,

6/01/51

6/31

at

100.00

3,857,026

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

896,391

705

4.000%,

3/01/49

3/30

at

100.00

593,695

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

2,027,109

5,320

5.000%,

7/01/40

7/25

at

100.00

5,337,186

2,500

5.000%,

1/01/45

7/25

at

100.00

2,500,956

400

Kentucky

Higher

Education

Student

Loan

Corporation,

Student

Loan

Revenue

Bonds,

Senior

Series

2014A,

5.000%,

6/01/24,

(AMT)

No

Opt.

Call

402,485

Kentucky

Higher

Education

Student

Loan

Corporation,

Student

Loan

Revenue

Bonds,

Senior

Series

2021A-1:

500

5.000%,

6/01/31,

(AMT)

No

Opt.

Call

529,620

1,450

2.125%,

6/01/32,

(AMT)

6/31

at

100.00

1,242,722

Kentucky

Higher

Education

Student

Loan

Corporation,

Student

Loan

Revenue

Bonds,

Series

2019A:

1,000

5.000%,

6/01/28,

(AMT)

No

Opt.

Call

1,045,434

700

5.000%,

6/01/29,

(AMT)

No

Opt.

Call

738,370

Kentucky

State

University,

Certificates

of

Participation,

Series

2021:

500

4.000%,

11/01/41

-

BAM

Insured

11/31

at

100.00

495,837

3,025

4.000%,

11/01/51

-

BAM

Insured

11/31

at

100.00

2,859,288

2,850

4.000%,

11/01/56

-

BAM

Insured

11/31

at

100.00

2,677,062

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

1,730,768

1,210

5.000%,

5/01/40

5/25

at

100.00

1,074,291

Murray

State

University,

Kentucky,

General

Receipts

Bonds,

Series

2015A:

1,125

5.000%,

3/01/26

3/25

at

100.00

1,148,971

1,075

5.000%,

3/01/27

3/25

at

100.00

1,096,720

250

University

of

Kentucky,

General

Receipts

Bonds,

Series

2016A,

5.000%,

4/01/32

4/25

at

100.00

254,746

4,535

University

of

Kentucky,

General

Receipts

Bonds,

Series

2018A,

4.000%,

10/01/32

4/26

at

100.00

4,585,198

3,450

University

of

Louisville,

Kentucky,

Revenue

Bonds,

General

Reciepts

Series

2016D,

5.000%,

3/01/32

9/26

at

100.00

3,573,668

2,500

University

of

Louisville,

Kentucky,

Revenue

Bonds,

Refunding

General

Reciepts

Series

2016C,

4.000%,

9/01/28

3/26

at

100.00

2,540,140

Total

Education

and

Civic

Organizations

45,850,632

Nuveen

Kentucky

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

32

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

-

19

.1

%

$

9,190

Hazard,

Kentucky,

Healthcare

Revenue

Bonds,

Appalachian

Regional

Healthcare

Project,

Series

2021,

4.000%,

7/01/51

7/31

at

100.00

$

8,193,583

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

8,173,492

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

3,026,073

500

Kentucky

Economic

Development

Finance

Authority,

Hospital

Revenue

Bonds,

Owensboro

Health,

Refunding

Series

2017A,

5.250%,

6/01/41

6/27

at

100.00

500,928

6,385

Kentucky

Economic

Development

Finance

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-1,

5.000%,

8/01/44

8/29

at

100.00

6,519,403

Kentucky

Economic

Development

Finance

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2:

100

5.000%,

8/01/37

8/29

at

100.00

104,814

100

5.000%,

8/01/38

8/29

at

100.00

104,152

2,500

5.000%,

8/01/44

8/29

at

100.00

2,552,625

Louisville

and

Jefferson

County

Metropolitan

Government,

Kentucky,

Hospital

Revenue

Bonds,

UofL

Health

Project,

Series

2022A:

1,165

5.000%,

5/15/52

5/32

at

100.00

1,180,349

4,500

5.000%,

5/15/52

-

AGM

Insured

5/32

at

100.00

4,619,003

2,000

Louisville/Jefferson

County

Metro

Government,

Kentucky,

Health

System

Revenue

Bonds,

Norton

Healthcare,

Inc.,

Series

2023A,

5.000%,

10/01/42

10/33

at

100.00

2,092,017

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

2,015,930

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

602,977

600

5.000%,

4/01/25

No

Opt.

Call

612,747

500

5.000%,

4/01/26

No

Opt.

Call

520,344

500

5.000%,

4/01/27

No

Opt.

Call

530,878

Warren

County,

Kentucky,

Hospital

Revenue

Bonds,

Bowling

Green-Warren

County

Community

Hospital

Corporation,

Series

2012A:

1,980

5.000%,

10/01/33

1/24

at

100.00

1,981,142

2,000

5.000%,

10/01/37

1/24

at

100.00

2,000,834

Total

Health

Care

45,331,291

Materials

-

0

.5

%

1,180

Henderson,

Kentucky,

Facilities

Revenue

Bonds,

Pratt

Paper

LLC

Project,

Series

2022A,

4.700%,

1/01/52,

(AMT)

1/32

at

100.00

1,091,704

Total

Materials

1,091,704

Tax

Obligation/Limited

-

36

.4

%

1,250

Barren

County

School

District

Finance

Corporation,

Kentucky,

School

Building

Revenue

Bonds,

Series

2015,

5.000%,

8/01/24

No

Opt.

Call

1,261,978

1,500

Christian

County

School

District

Finance

Corporation,

Kentucky,

School

Building

Revenue

Bonds,

Series

2023,

4.500%,

10/01/53

-

AGM

Insured

10/33

at

100.00

1,493,514

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

3,107,459

Kentucky

Bond

Development

Corporation,

Transient

Room

Tax

Revenue

Bonds,

Lexington

Center

Corporation

Project,

Series

2018A:

6,000

5.000%,

9/01/43

9/28

at

100.00

6,109,899

10,400

5.000%,

9/01/48

9/28

at

100.00

10,577,974

33

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

Kentucky

Economic

Development

Finance

Authority,

Louisville

Arena

Project

Revenue

Bonds,

Louisville

Arena

Authority,

Inc.,

Series

2017A:

$

13,650

(c)

4.000%,

12/01/41

-

AGM

Insured,

(UB)

12/27

at

100.00

$

13,221,834

1,000

4.000%,

12/01/41

-

AGM

Insured

12/27

at

100.00

968,632

4,100

5.000%,

12/01/45

-

AGM

Insured

12/27

at

100.00

4,232,506

Kentucky

State

Property

and

Buildings

Commission,

Revenue

Bonds,

Project

115,

Series

2017:

7,000

(c)

5.000%,

4/01/32,

(UB)

4/27

at

100.00

7,355,042

6,000

5.000%,

4/01/38

4/27

at

100.00

6,245,285

2,445

Kentucky

State

Property

and

Buildings

Commission,

Revenue

Bonds,

Project

126,

Series

2022A,

5.000%,

5/01/42

5/32

at

100.00

2,603,825

1,930

Kentucky

Turnpike

Authority,

Economic

Development

Road

Revenue

Bonds,

Revitalization

Project,

Refunding

Series

2017A,

5.000%,

7/01/33

7/27

at

100.00

2,065,852

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

5,371,924

Logan

County

School

District

Finance

Corporation,

Kentucky,

Revenue

Bonds,

School

Building

Series

2023:

2,650

4.125%,

9/01/41

9/33

at

100.00

2,606,568

2,765

4.250%,

9/01/42

9/33

at

100.00

2,718,572

2,870

4.250%,

9/01/43

9/33

at

100.00

2,810,893

1,000

Newport,

Kentucky,

Special

Obligation

Revenue

Bonds,

Newport

Clifton

Project,

Series

2020B,

5.500%,

12/01/60

12/30

at

100.00

803,616

2,460

Newport,

Kentucky,

Special

Obligation

Revenue

Bonds,

Newport

Skypoint

Project,

Refunding

Series

2023,

5.500%,

9/01/50

3/33

at

100.00

2,251,206

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

1,205

0.000%,

7/01/33

7/28

at

86.06

789,880

1,799

4.500%,

7/01/34

7/25

at

100.00

1,788,474

89

5.000%,

7/01/58

7/28

at

100.00

86,515

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

1,334,620

4,180

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2,

4.329%,

7/01/40

7/28

at

100.00

3,967,015

3,000

Union

Kentucky,

Special

Obligation

Revenue

Bonds,

Union

Promenade

Project,

Series

2022B,

5.500%,

12/01/52,

144A

12/32

at

100.00

2,700,432

Total

Tax

Obligation/Limited

86,473,515

Transportation

-

5

.8

%

Kenton

County

Airport

Board,

Kentucky,

Airport

Revenue

Bonds,

Cincinnati/Northern

Kentucky

International

Airport,

Refunding

Series

2016:

1,635

5.000%,

1/01/25

No

Opt.

Call

1,666,673

1,750

5.000%,

1/01/31

1/26

at

100.00

1,799,636

1,210

5.000%,

1/01/33

1/26

at

100.00

1,243,617

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

4,463,672

700

Kentucky

Public

Transportation

Infrastructure

Authority,

Toll

Revenue

Bonds,

Downtown

Crossing

Project,

Capital

Appreciation

First

Tier

Series

2013B,

0.000%,

7/01/32

7/28

at

76.98

438,194

1,000

Kentucky

Public

Transportation

Infrastructure

Authority,

Toll

Revenue

Bonds,

Downtown

Crossing

Project,

Convertible

Capital

Appreciation

First

Tier

Series

2013C,

6.600%,

7/01/39

7/31

at

100.00

1,132,241

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

1,558,997

1,500

5.000%,

7/01/32,

(AMT)

7/24

at

100.00

1,503,821

Total

Transportation

13,806,851

Nuveen

Kentucky

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

34

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

U.S.

Guaranteed

-

1

.6

%

(d)

$

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

$

3,750,000

Total

U.S.

Guaranteed

3,750,000

Utilities

-

20

.9

%

5,705

Bowling

Green,

Kentucky,

Water

and

Sewer

Revenue

Bonds,

Series

2019,

4.000%,

6/01/49

-

AGM

Insured

6/26

at

100.00

5,335,559

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

4,835,856

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

1,339,375

3,265

Kentucky

Infrastructure

Authority,

Wastewater

and

Drinking

Water

Revolving

Fund

Revenue

Bonds,

Series

2018A,

5.000%,

2/01/30

2/28

at

100.00

3,542,977

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

1,280,700

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

3,764,054

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

809,403

1,785

4.000%,

5/15/40

11/24

at

100.00

1,781,007

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

8,151,787

1,900

Owen

County,

Kentucky,

Water

Facilities

Revenue

Bonds,

Kentucky-

American

Water

Company

Project,

Refunding

Series

2020,

3.875%,

6/01/40,

(Mandatory

Put

9/01/28)

No

Opt.

Call

1,899,111

2,000

Paducah,

Kentucky,

Electric

Plant

Board

Revenue

Bonds,

Refunding

Series

2016A,

5.000%,

10/01/33

-

AGM

Insured

10/26

at

100.00

2,084,361

5

Paducah,

Kentucky,

Electric

Plant

Board

Revenue

Bonds,

Series

2009A,

5.250%,

10/01/35

-

AGC

Insured

12/23

at

100.00

5,006

Princeton

Electric

Plant

Board,

Kentucky,

Revenue

Bonds,

Refunding

Series

2015:

685

5.000%,

11/01/25

-

AGM

Insured

5/25

at

100.00

699,019

1,100

5.000%,

11/01/34

-

AGM

Insured

5/25

at

100.00

1,125,864

1,635

5.000%,

11/01/37

-

AGM

Insured

5/25

at

100.00

1,670,496

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

8,166,371

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

2,819,500

405

Russellville,

Kentucky,

Electric

Plant

Board

Electric

Revenue

Bonds,

Refunding

Series

2015A,

5.000%,

8/01/24

-

BAM

Insured

No

Opt.

Call

409,304

Total

Utilities

49,719,750

Total

Municipal

Bonds

(cost

$259,426,299)

246,023,743

Total

Long-Term

Investments

(cost

$259,426,299)

246,023,743

Floating

Rate

Obligations

-

(7.0)%  

(

16,520,000

)

Other

Assets

&

Liabilities,

Net

-

3.4%

8,004,906

Net

Assets

-

100%

$

237,508,649

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

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.

(c)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

35

(d)

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

36

Nuveen

Michigan

Municipal

Bond

Fund

Portfolio

of

Investments

November

30,

2023

(Unaudited)

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

93.5%   

X

214,344,757

MUNICIPAL

BONDS

-

93.5%  

X

214,344,757

Consumer

Staples

-

0.9%

$

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

$

2,040,809

Total

Consumer

Staples

2,040,809

Education

and

Civic

Organizations

-

8.3%

500

Detroit

Service

Learning

Academy,

Michigan,

Public

School

Academy

Revenue

Bonds,

Refunding

Series

2021,

4.000%,

7/01/41

7/28

at

103.00

399,728

350

Grand

Valley

State

University,

Michigan,

General

Revenue

Bonds,

Refunding

Series

2014B,

5.000%,

12/01/28

12/24

at

100.00

355,198

Grand

Valley

State

University,

Michigan,

General

Revenue

Bonds,

Series

2017:

250

5.000%,

12/01/30

12/24

at

100.00

251,842

250

5.000%,

12/01/32

12/24

at

100.00

251,383

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

89,766

2,670

Michigan

State

University,

General

Revenue

Bonds,

Series

2015A,

5.000%,

8/15/40

8/25

at

100.00

2,720,453

1,800

Michigan

Technological

University,

General

Revenue

Bonds,

Refunding

Series

2015A,

5.000%,

10/01/45

10/25

at

100.00

1,825,024

Michigan

Technological

University,

General

Revenue

Bonds,

Series

2023A:

1,520

5.000%,

10/01/47

-

AGM

Insured

10/31

at

100.00

1,588,315

1,000

5.250%,

10/01/52

-

AGM

Insured

10/31

at

100.00

1,054,111

Northern

Michigan

University,

General

Revenue

Bonds,

Series

2018A:

500

5.000%,

12/01/32

6/28

at

100.00

540,077

400

5.000%,

12/01/34

6/28

at

100.00

432,005

5,480

Oakland

University,

Michigan,

General

Revenue

Bonds,

Series

2016,

5.000%,

3/01/47

3/26

at

100.00

5,558,947

2,760

Oakland

University,

Michigan,

General

Revenue

Bonds,

Series

2019,

5.000%,

3/01/50

3/29

at

100.00

2,817,513

515

Saginaw

Valley

State

University,

Michigan,

General

Revenue

Bonds,

Refunding

Series

2016A,

5.000%,

7/01/35

7/26

at

100.00

531,532

650

Western

Michigan

University,

General

Revenue

Bonds,

Refunding

Series

2015A,

5.000%,

11/15/45

5/25

at

100.00

656,028

Total

Education

and

Civic

Organizations

19,071,922

Health

Care

-

4.5%

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

4,905,997

3,085

Michigan

Finance

Authority,

Hospital

Revenue

Bonds,

Henry

Ford

Health

System,

Series

2019A,

4.000%,

11/15/50

11/29

at

100.00

2,727,857

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

2,743,066

Total

Health

Care

10,376,920

Housing/Multifamily

-

0.8%

Michigan

Housing

Development

Authority,

Rental

Housing

Revenue

Bonds,

Series

2021A:

320

1.050%,

10/01/27

No

Opt.

Call

290,156

500

1.150%,

4/01/28

No

Opt.

Call

441,698

720

1.375%,

4/01/29

No

Opt.

Call

629,159

625

1.600%,

4/01/30

No

Opt.

Call

527,381

Total

Housing/Multifamily

1,888,394

37

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Long-Term

Care

-

0.3%

$

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

$

552,868

Total

Long-Term

Care

552,868

Tax

Obligation/General

-

41.5%

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

1,388,215

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

902,809

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

1,965,562

3,000

4.000%,

5/01/47

5/32

at

100.00

2,937,171

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

1,179,702

Byron

Center

Public

Schools,

Kent

County,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2017I:

2,250

5.000%,

5/01/43

5/27

at

100.00

2,307,245

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

1,087,461

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

942,854

1,310

5.000%,

5/01/43

5/29

at

100.00

1,406,688

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

1,523,679

1,030

Calhoun

County,

Michigan,

General

Obligation

Bonds,

Limited

Tax

Series

2023,

5.000%,

4/01/38

4/33

at

100.00

1,130,143

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

1,335,232

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

924,713

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

1,100,961

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

112,069

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

1,661,714

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

2,087,789

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

1,958,576

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

1,667,119

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

4,494,023

2,055

5.000%,

5/01/38

-

AGM

Insured

5/26

at

100.00

2,107,012

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

1,598,818

1,000

5.000%,

11/01/36

-

AGM

Insured

5/29

at

100.00

1,058,425

2,600

5.000%,

11/01/41

-

AGM

Insured

5/29

at

100.00

2,720,744

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

1,402,030

Nuveen

Michigan

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

38

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

(continued)

$

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

$

1,042,000

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

1,985,047

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

3,117,495

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

1,817,838

Kalamazoo

County,

Michigan,

General

Obligation

Bonds,

Juvenile

Home

Facilities

Series

2017:

500

5.000%,

4/01/26

No

Opt.

Call

524,241

500

5.000%,

4/01/31

4/27

at

100.00

535,846

380

Kalamazoo

Public

Schools,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2023-I,

5.000%,

5/01/48

-

AGM

Insured

5/33

at

100.00

400,113

1,075

Kent

County,

Michigan,

General

Obligation

Bonds,

Limited

Tax

Series

2015,

5.000%,

1/01/35

1/25

at

100.00

1,090,633

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

1,803,232

L'Anse

Creuse

Public

Schools,

Macomb

County,

Michigan,

General

Obligation

Bonds,

Refunding

Series

2023:

470

5.000%,

5/01/32

No

Opt.

Call

540,989

400

5.000%,

5/01/33

No

Opt.

Call

467,897

185

Lansing

Community

College,

Michigan,

General

Obligation

Bonds,

College

Building

&

Site,

Series

2017,

5.000%,

5/01/31

11/27

at

100.00

199,881

Lansing,

Ingham

and

Eaton

Counties,

Michigan,

General

Obligation

Bonds,

Limited

Tax

Capital

Improvement

Series

2023:

2,260

4.250%,

6/01/48

-

AGM

Insured

6/33

at

100.00

2,168,270

2,225

4.250%,

6/01/53

-

AGM

Insured

6/33

at

100.00

2,119,976

Marquette,

Michigan,

General

Obligation

Bonds,

Refunding

&

Limited

Obligation

Series

2017:

230

4.000%,

5/01/25

No

Opt.

Call

232,345

375

4.000%,

5/01/28

5/27

at

100.00

386,463

550

4.000%,

5/01/29

5/27

at

100.00

565,711

265

4.000%,

5/01/31

5/27

at

100.00

271,408

215

4.000%,

5/01/32

5/27

at

100.00

219,460

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

1,049,057

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

2,317,054

6,000

4.000%,

11/01/55

11/30

at

100.00

5,490,419

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

1,592,920

2,465

5.000%,

5/01/45

5/30

at

100.00

2,587,178

Muskegon

County,

Michigan,

General

Obligation

Water

Supply

System

Bonds,

Refunding

Series

2015:

550

5.000%,

11/01/33

11/25

at

100.00

566,861

1,290

5.000%,

11/01/36

11/25

at

100.00

1,326,894

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

3,210,439

3,120

5.000%,

5/01/46

5/29

at

100.00

3,272,614

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

1,162,765

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

1,047,684

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

1,926,360

39

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

(continued)

$

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

$

3,403,385

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

4,283,748

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

414,959

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

1,072,067

Total

Tax

Obligation/General

95,214,003

Tax

Obligation/Limited

-

16.7%

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

2,939,225

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

959,229

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

4,088,227

3,450

Michigan

State

Building

Authority,

Revenue

Bonds,

Facilities

Program,

Refunding

Series

2015-I,

5.000%,

4/15/38

10/25

at

100.00

3,520,054

1,000

Michigan

State

Building

Authority,

Revenue

Bonds,

Facilities

Program,

Refunding

Series

2019-I,

4.000%,

4/15/54

10/29

at

100.00

954,541

4,000

Michigan

State

Building

Authority,

Revenue

Bonds,

Facilities

Program,

Series

2021I,

4.000%,

10/15/46

10/31

at

100.00

3,946,314

9,170

Michigan

State,

Trunk

Line

Fund

Bonds,

Rebuilding

Michigan

Program

Series

2020B,

4.000%,

11/15/45

11/30

at

100.00

9,167,104

3,725

Michigan

State,

Trunk

Line

Fund

Bonds,

Rebuilding

Michigan

Program,

Series

2021A,

4.000%,

11/15/46

11/31

at

100.00

3,689,961

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

1,805

0.000%,

7/01/33

7/28

at

86.06

1,183,182

2,690

4.500%,

7/01/34

7/25

at

100.00

2,674,260

1,676

5.000%,

7/01/58

7/28

at

100.00

1,629,206

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

730,632

2,960

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2,

4.329%,

7/01/40

7/28

at

100.00

2,809,178

Total

Tax

Obligation/Limited

38,291,113

Transportation

-

4.0%

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

1,291,879

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

2,127,099

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

2,004,394

3,330

5.000%,

12/01/41

12/31

at

100.00

3,602,948

Total

Transportation

9,026,320

U.S.

Guaranteed

-

3.1%

(c)

155

Eastern

Michigan

University,

General

Revenue

Bonds,

Series

2018A,

4.000%,

3/01/44,

(Pre-refunded

3/01/28)

-

AGM

Insured

3/28

at

100.00

162,632

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

801,015

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

728,169

Nuveen

Michigan

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

40

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

U.S.

Guaranteed

(c)

(continued)

$

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

$

1,891,306

560

Michigan

Finance

Authority,

Hospital

Revenue

Bonds,

Sparrow

Obligated

Group,

Refunding

Series

2015,

5.000%,

11/15/45,

(Pre-refunded

5/15/25)

5/25

at

100.00

574,602

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

3,018,509

Total

U.S.

Guaranteed

7,176,233

Utilities

-

13.4%

850

Downriver

Utility

Wastewater

Authority,

Michigan,

Sewer

System

Revenue

Bonds,

Series

2018,

5.000%,

4/01/43

-

AGM

Insured

4/28

at

100.00

876,713

1,655

Grand

Rapids,

Michigan,

Sanitary

Sewer

System

Revenue

Bonds,

Series

2018,

5.000%,

1/01/48

1/28

at

100.00

1,709,350

1,250

Grand

Rapids,

Michigan,

Water

Supply

System

Revenue

Bonds,

Refunding

&

Improvement

Series

2016,

5.000%,

1/01/41

1/26

at

100.00

1,270,281

1,500

Grand

Rapids,

Michigan,

Water

Supply

System

Revenue

Bonds,

Refunding

&

Improvement

Series

2018,

5.000%,

1/01/43

1/28

at

100.00

1,557,241

170

Great

Lakes

Water

Authority,

Michigan,

Water

Supply

Revenue

Bonds,

Refunding

Senior

Lien

Series

2023A,

5.000%,

7/01/38

,

(WI/DD)

1/34

at

100.00

190,963

1,000

Lansing

Board

of

Water

and

Light,

Michigan,

Utility

System

Revenue

Bonds,

Refunding

Series

2017A,

5.000%,

7/01/32

7/27

at

100.00

1,072,157

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

5,043,764

12,435

5.000%,

7/01/48

7/29

at

100.00

12,922,009

1,000

Marquette,

Michigan,

Electric

Utility

System

Revenue

Bonds,

Refunding

Series

2016A,

5.000%,

7/01/29

7/26

at

100.00

1,035,710

Marquettte,

Michigan,

Electric

Utility

System

Revenue

Bonds,

Refunding

Series

2016A:

1,230

5.000%,

7/01/32

7/26

at

100.00

1,269,025

1,000

5.000%,

7/01/33

7/26

at

100.00

1,030,239

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

1,505,456

1,220

5.000%,

7/01/37

-

AGM

Insured

7/24

at

100.00

1,223,267

Total

Utilities

30,706,175

Total

Municipal

Bonds

(cost

$218,250,538)

214,344,757

Total

Long-Term

Investments

(cost

$218,250,538)

214,344,757

Other

Assets

&

Liabilities,

Net

-

6.5%

14,999,339

Net

Assets

-

100%

$

229,344,096

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

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.

(c)

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

WI/DD

When-issued

or

delayed

delivery

security.

See

Notes

to

Financial

Statements

41

Nuveen

Missouri

Municipal

Bond

Fund

Portfolio

of

Investments

November

30,

2023

(Unaudited)

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

99.4%   

X

497,194,577

MUNICIPAL

BONDS

-

99.4%  

X

497,194,577

Consumer

Staples

-

2

.5

%

$

3,000

Cape

Girardeau

County

Industrial

Development

Authority,

Missouri,

Solid

Waste

Disposal

Revenue

Bonds,

Procter

&

Gamble

Products

Company

Project,

Series

1998,

5.300%,

5/15/28,

(AMT)

1/24

at

100.00

$

3,005,367

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

9,726,904

Total

Consumer

Staples

12,732,271

Education

and

Civic

Organizations

-

7

.6

%

1,200

Curators

of

the

University

of

Missouri,

System

Facilities

Revenue

Bonds,

Series

2014A,

4.000%,

11/01/33

11/24

at

100.00

1,201,767

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

998,759

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

12/23

at

100.00

1,025,882

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

2,034,975

2,225

Missouri

Health

and

Educational

Facilities

Authority,

Educational

Facilities

Revenue

Bonds,

Southeast

Missouri

State

University,

Refunding

Series

2019,

4.000%,

10/01/35

10/29

at

100.00

2,240,172

3,470

Missouri

Health

and

Educational

Facilities

Authority,

Educational

Facilities

Revenue

Bonds,

Southwest

Baptist

University

Project,

Series

2012,

5.000%,

10/01/33

1/24

at

100.00

3,469,909

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

1,002,523

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

3,794,575

2,000

4.000%,

10/01/42

10/25

at

100.00

1,950,292

600

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Saint

Louis

University,

Series

2017A,

4.000%,

10/01/36

4/27

at

100.00

607,767

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Saint

Louis

University,

Series

2019A:

9,165

5.000%,

10/01/46

4/29

at

100.00

9,588,456

5,840

4.000%,

10/01/48

4/29

at

100.00

5,578,429

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

992,419

Missouri

State

University,

Auxiliary

Enterprise

System

Revenue

Bonds,

Series

2019A:

500

4.000%,

10/01/33

10/27

at

100.00

511,850

380

4.000%,

10/01/34

10/27

at

100.00

387,603

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

1,646,865

1,100

Saline

County

Industrial

Development

Authority,

Missouri,

First

Mortgage

Revenue

Bonds,

Missouri

Valley

College,

Series

2017,

4.500%,

10/01/40

1/24

at

100.00

925,594

Total

Education

and

Civic

Organizations

37,957,837

Nuveen

Missouri

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

42

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

-

24

.1

%

$

675

Barton

County,

Missouri,

Hospital

Revenue

Bonds,

Cox

Barton

County

Hospital

Project,

Series

2017B,

3.650%,

7/01/27

12/23

at

100.00

$

675,057

Boone

County,

Missouri,

Hospital

Revenue

Bonds,

Boone

Hospital

Center,

Refunding

Series

2016:

1,455

5.000%,

8/01/29

8/26

at

100.00

1,345,838

1,000

5.000%,

8/01/30

8/26

at

100.00

911,179

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

3,123,216

1,160

Cape

Girardeau

County

Industrial

Development

Authority,

Missouri,

Health

Facilities

Revenue

Bonds,

Southeasthealth,

Series

2016A,

6.000%,

3/01/33

1/24

at

103.00

1,196,110

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

1,356,699

1,320

5.000%,

3/01/32

3/27

at

100.00

1,349,390

1,645

5.000%,

3/01/36

3/27

at

100.00

1,670,270

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

2,232,597

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

1,163,008

1,220

4.000%,

10/01/32

10/27

at

100.00

1,209,802

3,045

5.000%,

10/01/42

10/27

at

100.00

3,073,066

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

1,561,605

8,285

Missouri

Health

and

Education

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Saint

Luke's

Health

System,

Inc.,

Series

2016,

5.000%,

11/15/35

5/26

at

100.00

8,491,559

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

1,022,214

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

1,000,558

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

11,774,582

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

8,369,502

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

2,783,545

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

CoxHealth,

Series

2013A:

1,475

5.000%,

11/15/44

1/24

at

100.00

1,475,417

2,980

5.000%,

11/15/48

1/24

at

100.00

2,980,356

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

CoxHealth,

Series

2015A:

2,035

5.000%,

11/15/33

11/25

at

100.00

2,056,682

4,400

5.000%,

11/15/39

11/25

at

100.00

4,439,371

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

845,423

2,300

4.250%,

11/15/48

11/24

at

100.00

2,221,579

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

3,581,789

4,635

4.000%,

11/15/47

11/27

at

100.00

4,368,121

43

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

$

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

$

1,431,372

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

6,846,252

4,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2023,

5.500%,

12/01/48

12/33

at

100.00

4,376,571

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

8,039,840

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

1,477,715

2,000

5.000%,

12/01/33

6/25

at

100.00

2,034,086

500

3.625%,

12/01/34

6/25

at

100.00

492,688

1,100

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Saint

Luke's

Episcopal

&

Presbyterian

Hospitals,

Series

2019,

4.000%,

12/01/35

6/29

at

100.00

1,108,360

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

921,241

1,500

5.000%,

6/01/48

6/28

at

100.00

1,528,609

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

1,802,128

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

1,503,993

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

2,684,739

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

1,644,681

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

833,614

2,325

4.000%,

11/15/36

11/25

at

100.00

2,080,380

4,650

5.000%,

11/15/46

11/25

at

100.00

4,451,333

1,080

Stoddard

County

Industrial

Development

Authority,

Missouri,

Health

Facility

Revenue

Bonds,

Southeasthealth,

Series

2016B,

6.000%,

3/01/37

1/24

at

103.00

1,114,114

Total

Health

Care

120,650,251

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

12/23

at

100.00

1,000,359

Total

Housing/Multifamily

1,000,359

Housing/Single

Family

-

0

.1

%

465

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

443,403

45

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

43,275

Total

Housing/Single

Family

486,678

Nuveen

Missouri

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

44

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Long-Term

Care

-

4

.1

%

$

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

$

753,779

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

431,033

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

991,503

1,500

5.000%,

2/01/44

2/24

at

100.00

1,395,386

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

5,103,429

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

444,077

1,000

5.000%,

2/01/42

2/29

at

102.00

946,254

3,580

4.000%,

2/01/48

2/29

at

100.00

2,790,640

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Friendship

Village

of

Sunset

Hills,

Series

2012:

550

5.000%,

9/01/32

1/24

at

100.00

535,904

2,750

5.000%,

9/01/42

1/24

at

100.00

2,428,655

2,570

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Friendship

Village

of

Sunset

Hills,

Series

2013A,

5.875%,

9/01/43

1/24

at

100.00

2,569,925

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

1,695,937

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

434,322

Total

Long-Term

Care

20,520,844

Tax

Obligation/General

-

15

.3

%

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

3,301,696

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

3,693,522

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

2,031,204

1,160

4.000%,

3/01/36

3/27

at

100.00

1,174,620

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

3,008,682

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

1,268,490

Fenton

Missouri

Fire

Protection

District,

Missouri,

General

Obligation

Bonds,

Series

2019:

450

4.000%,

3/01/36

3/27

at

100.00

458,019

500

4.000%,

3/01/38

3/27

at

100.00

501,462

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

1,502,064

1,000

4.000%,

3/01/32

3/24

at

100.00

1,000,566

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

1,900,304

2,000

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

2,171,083

45

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

(continued)

$

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

$

1,004,437

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

2,184,595

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

1,004,158

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

1,067,524

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

1,262,975

1,335

Jefferson

City

School

District,

Missouri,

General

Obligation

Bonds,

Series

2023A,

5.500%,

3/01/43

3/32

at

100.00

1,491,686

2,000

Jefferson

County

School

District

R-1

Northwest,

Missouri,

General

Obligation

Bonds,

Direct

Deposit

Program

Series

2023,

5.000%,

3/01/43

3/31

at

100.00

2,132,932

2,000

Joplin

Schools,

Missouri,

General

Obligation

Bonds,

Refunding,

Direct

Deposit

Program

Series

2017,

4.000%,

3/01/32

3/27

at

100.00

2,044,926

Kansas

City,

Missouri,

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2018A:

1,510

4.000%,

2/01/36

2/28

at

100.00

1,533,045

1,000

4.000%,

2/01/37

2/28

at

100.00

1,010,190

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

1,639,190

Marshfield,

Missouri,

General

Obligation

Bonds,

Street

Improvement

Series

2018:

325

5.000%,

3/01/34

3/26

at

100.00

337,859

685

5.000%,

3/01/35

3/26

at

100.00

711,800

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

3,767,510

5,000

5.250%,

3/01/40

3/32

at

100.00

5,644,005

1,000

Osage

School

Lake

Ozark,

Missouri,

General

Obligation

Bonds,

School

Building

Series

2014B,

5.000%,

3/01/34

3/24

at

100.00

1,004,158

2,000

Osage

School

Lake

Ozark,

Missouri,

General

Obligation

Bonds,

Series

2018,

5.000%,

3/01/37

3/26

at

100.00

2,078,032

695

Ozark

R-6

School

District,

Christian

County,

Missouri,

General

Obligation

Bonds,

Series

2023,

5.000%,

4/01/45

4/31

at

100.00

708,246

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

2,034,120

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

1,204,141

Rolla

School

District

31,

Phelps

County,

Missouri,

General

Obligation

Bonds,

Direct

Deposit

Program

Refunding

and

Improvement

Series

2023:

1,095

5.000%,

3/01/41

3/32

at

100.00

1,189,262

1,675

5.000%,

3/01/42

3/32

at

100.00

1,808,431

1,550

5.000%,

3/01/43

3/32

at

100.00

1,667,370

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

3,797,052

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

1,032,221

3,425

Saint

Louis

County

Pattonville

School

District

R3,

Missouri,

General

Obligation

Bonds,

Series

2023,

5.250%,

3/01/43

3/31

at

100.00

3,746,768

1,500

Springfield

School

District

R12,

Greene

County,

Missouri,

General

Obligation

Bonds,

School

Building

Series

2023,

4.000%,

3/01/43

3/32

at

100.00

1,508,021

3,500

Troy

R3

School

District,

Lincoln

County,

Missouri,

General

Obligation

Bonds,

Series

2023,

5.000%,

3/01/37

3/30

at

100.00

3,797,142

Nuveen

Missouri

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

46

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

(continued)

$

600

Valley

Park

Fire

Protection

District,

Missouri,

General

Obligation

Bonds,

Series

2019,

4.000%,

3/01/37

3/27

at

100.00

$

604,615

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

1,340,825

Total

Tax

Obligation/General

76,368,948

Tax

Obligation/Limited

-

17

.8

%

4,800

Bi-State

Development

Agency

of

the

Missouri-Illinois

Metropolitan

District,

Mass

Transit

Sales

Tax

Appropriation

Bonds,

Refunding

Combined

Lien

Series

2019,

4.000%,

10/01/48

10/29

at

100.00

4,670,841

945

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

933,065

Clay

County

School

District

R-11

Smithville,

Missouri,

Certificates

of

Participation,

Series

2018:

340

4.000%,

4/01/38

4/28

at

100.00

338,124

2,515

5.000%,

4/01/43

4/28

at

100.00

2,613,197

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

903,687

2,130

Conley

Road

Transportation

District,

Missouri,

Transportation

Sales

Tax

Revenue

Bonds,

Series

2017,

5.125%,

5/01/41

5/25

at

100.00

2,131,328

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

484,537

1,587

(c)

Fulton,

Missouri,

Tax

Increment

Revenue

Bonds,

Fulton

Commons

Redevelopment

Project,

Series

2006,

5.000%,

6/01/28

1/24

at

100.00

507,869

750

Greene

County,

Missouri,

Certificates

of

Participation,

Capital

Projects,

Series

2018,

4.000%,

9/01/33

9/28

at

100.00

767,160

1,000

Hanley/Eager

Road

Transportation

Development

District,

Missouri,

Revenue

Bonds,

Refunding

Series

2016A,

3.625%,

3/01/33

1/24

at

100.00

871,366

1,145

Harrisonville,

Missouri,

Certificates

of

Participation,

Refunding

and

Improvement,

Parks

Improvement

Project

Series

2023B,

5.000%,

3/01/33

3/28

at

100.00

1,187,155

Howard

Bend

Levee

District,

Missouri,

Levee

District

Improvement

Bonds,

Series

2005:

1,560

5.750%,

3/01/24

-

SYNCORA

GTY

Insured

No

Opt.

Call

1,562,981

1,745

5.500%,

3/01/26

-

SYNCORA

GTY

Insured

No

Opt.

Call

1,759,759

Howard

Bend

Levee

District,

St.

Louis

County,

Missouri,

Levee

District

Improvement

Bonds,

Series

2013B:

1,000

4.875%,

3/01/33

1/24

at

100.00

945,401

1,300

5.000%,

3/01/38

1/24

at

100.00

1,212,022

2,000

Jackson

County,

Missouri,

Special

Obligation

Bonds,

Series

2023A,

5.250%,

12/01/47

12/33

at

100.00

2,171,221

925

Kansas

City

Industrial

Development

Authority,

Missouri,

Downtown

Redevelpment

District

Revenue

Bonds,

Series

2011A,

5.000%,

9/01/32

1/24

at

100.00

926,436

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

609,185

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

1,790,947

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

1,005,312

1,750

Kansas

City,

Missouri,

Special

Obligation

Bonds,

Downtown

Redevelopment

District,

Series

2014C,

5.000%,

9/01/33

1/24

at

100.00

1,751,337

Kansas

City,

Missouri,

Special

Obligation

Bonds,

Kansas

City

Missouri

Projects,

Series

2017B:

360

4.000%,

10/01/30

10/27

at

100.00

368,628

2,500

5.000%,

9/01/31

9/27

at

100.00

2,656,185

235

3.625%,

10/01/32

10/27

at

100.00

233,789

47

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

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

$

1,709,575

159

Lakeside

370

Levee

District,

Saint

Charles,

Missouri,

Subdistrict

A

Bonds,

Refunding

Series

2015A,

5.750%,

4/01/55

1/24

at

100.00

135,765

231

Lakeside

370

Levee

District,

Saint

Charles,

Missouri,

Subdistrict

B

Bonds,

Refunding

Taxable

Series

2015B,

0.000%,

4/01/55

1/24

at

100.00

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

1,153,971

100

5.000%,

2/01/50,

144A

2/28

at

100.00

73,866

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

1,101,407

1,285

6.000%,

6/01/46,

144A

6/25

at

100.00

1,166,041

2,000

Marshall

School

District,

Missouri,

Certificates

of

Participation,

Series

2023,

5.000%,

3/01/49

-

BAM

Insured

3/33

at

100.00

2,080,106

615

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

577,160

1,000

Missouri

Development

Finance

Board,

Revenue

Bonds,

Zoo

Projects,

Series

2022,

5.750%,

5/01/52

5/32

at

100.00

1,091,971

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

1,003,548

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

198,564

225

3.000%,

5/01/25

No

Opt.

Call

218,682

275

3.000%,

5/01/26

No

Opt.

Call

262,681

625

3.000%,

5/01/30

5/29

at

100.00

557,986

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

2,982,446

1,350

0.000%,

7/01/46

7/28

at

41.38

398,375

2,140

0.000%,

7/01/51

7/28

at

30.01

465,579

1,001

5.000%,

7/01/58

7/28

at

100.00

972,926

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

1,898,093

1,000

4.329%,

7/01/40

7/28

at

100.00

949,069

18

4.536%,

7/01/53

7/28

at

100.00

16,450

Pulaski

County,

Missouri,

Certificates

of

Participation,

Series

2019:

880

4.000%,

12/01/32

12/27

at

100.00

884,654

915

4.000%,

12/01/33

12/27

at

100.00

919,912

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

389,673

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

217,097

405

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Transporation

Development

Revenue

Bonds,

University

Place

Transportation

Development

District

Project,

Refunding

Series

2015,

4.000%,

3/01/32,

144A

1/24

at

100.00

359,699

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

2,108,098

Nuveen

Missouri

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

48

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

Saint

Louis

Municipal

Finance

Corporation,

Missouri,

Leasehold

Revenue

Bonds,

Convention

Center,

Expansion

&

Improvement

Projects

Series

2020:

$

2,450

5.000%,

10/01/40

-

AGM

Insured

10/30

at

100.00

$

2,613,747

5,500

5.000%,

10/01/49

-

AGM

Insured

10/30

at

100.00

5,685,990

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

909,327

1,000

0.000%,

7/15/27

-

AGC

Insured

No

Opt.

Call

877,739

1,000

0.000%,

7/15/28

-

AGC

Insured

No

Opt.

Call

844,912

1,000

0.000%,

7/15/29

-

AGC

Insured

No

Opt.

Call

810,084

Scenic

Regional

Library

District,

Missouri,

Certificates

of

Participation,

Series

2017:

505

4.000%,

4/01/29

4/25

at

100.00

509,646

345

4.000%,

4/01/30

4/25

at

100.00

348,431

565

4.000%,

4/01/32

4/25

at

100.00

566,497

585

4.000%,

4/01/33

4/25

at

100.00

586,536

450

Springfield,

Missouri,

Special

Obligation

Bonds,

Improvement

Series

2023,

5.000%,

11/01/40

11/33

at

100.00

480,241

2,600

Springfield,

Missouri,

Special

Obligation

Bonds,

Refunding

Series

2017A,

4.000%,

7/01/36

7/27

at

100.00

2,636,794

4,300

Springfield,

Missouri,

Special

Obligation

Bonds,

Sewer

System

Improvements

Project,

Series

2015,

4.000%,

4/01/35

4/25

at

100.00

4,310,593

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

1,378,639

The

Industrial

Development

Authority

of

the

City

of

Saint

Louis,

Missouri,

Development

Financing

Revenue

Bonds,

Ballpark

Village

Development

Project,

Series

2017A:

150

3.875%,

11/15/29

11/26

at

100.00

130,176

3,350

4.375%,

11/15/35

11/26

at

100.00

2,660,444

1,575

4.750%,

11/15/47

11/26

at

100.00

1,143,859

95

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

83,614

1,115

Transportation

Development

District,

Missouri,

Transportation

Sales

Tax

Revenue

Bonds,

Series

2017,

4.500%,

6/01/36

6/26

at

100.00

1,119,129

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

1,484,511

1,290

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

1,014,624

205

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

188,058

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

1,699,891

600

3.500%,

4/01/32

4/24

at

100.00

598,417

Total

Tax

Obligation/Limited

89,184,362

Transportation

-

7

.6

%

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

332,931

7,000

5.000%,

3/01/44,

(AMT)

3/29

at

100.00

7,094,175

49

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Transportation

(continued)

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

$

1,257,478

7,700

5.000%,

3/01/46,

(AMT)

3/29

at

100.00

7,782,681

14,240

5.000%,

3/01/54,

(AMT)

3/29

at

100.00

14,357,566

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

2,085,611

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

1,034,242

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

2,946,693

1,000

5.000%,

7/01/37

-

AGM

Insured,

(AMT)

7/27

at

100.00

1,027,834

Total

Transportation

37,919,211

U.S.

Guaranteed

-

0

.4

%

(d)

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

10,085

2,000

5.000%,

6/01/31,

(Pre-refunded

6/01/24)

6/24

at

100.00

2,016,905

Total

U.S.

Guaranteed

2,026,990

Utilities

-

19

.7

%

Camden

County

Public

Water

Supply

District

4,

Missouri,

Certificates

of

Participation,

Series

2017:

670

3.500%,

1/01/32

1/25

at

100.00

651,441

720

4.000%,

1/01/42

1/25

at

100.00

668,029

3,000

Carroll

County

Public

Water

Supply

District

1,

Missouri,

Water

System

Revenue

Bonds,

Refunding

Series

2014A,

4.000%,

3/01/35

-

BAM

Insured

12/23

at

100.00

3,001,309

1,670

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2016,

5.000%,

1/01/46

7/26

at

100.00

1,680,569

145

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2020A,

5.000%,

1/01/50

7/30

at

100.00

145,899

Kansas

City,

Missouri,

Sanitary

Sewer

System

Revenue

Bonds,

Improvement

Series

2018A:

1,865

4.000%,

1/01/37

1/28

at

100.00

1,884,540

1,000

4.000%,

1/01/38

1/28

at

100.00

1,003,342

1,650

Kansas

City,

Missouri,

Sanitary

Sewer

System

Revenue

Bonds,

Improvement

Series

2023A,

4.000%,

1/01/48

1/33

at

100.00

1,601,567

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

10,315,267

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

6,357,862

3,915

5.250%,

5/01/52

5/32

at

100.00

4,291,421

2,675

Metropolitan

St.

Louis

Sewerage

District,

Missouri,

Wastewater

System

Revenue

Bonds,

Series

2019B,

5.000%,

5/01/49

5/29

at

100.00

2,826,566

Metropolitan

St.

Louis

Sewerage

District,

Missouri,

Wastewater

System

Revenue

Bonds,

Series

2020B:

5,240

5.000%,

5/01/47

5/30

at

100.00

5,607,975

5,385

5.000%,

5/01/49

5/30

at

100.00

5,740,021

1,785

Metropolitan

St.

Louis

Sewerage

District,

Missouri,

Wastewater

System

Revenue

Bonds,

Series

2022A,

5.000%,

5/01/38

5/32

at

100.00

2,004,338

5,980

Metropolitan

St.

Louis

Sewerage

District,

Missouri,

Wastewater

System

Revenue

Bonds,

Series

2023A,

5.000%,

5/01/39

5/33

at

100.00

6,746,662

Nuveen

Missouri

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

50

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Utilities

(continued)

$

2,500

Missouri

Development

Finance

Board,

Infrastructure

Facilities

Revenue

Bonds,

City

of  Independence

Annual

Appropriation

Electric

System,

Refunding

Series

2022,

5.000%,

6/01/34

-

AGM

Insured

6/32

at

100.00

$

2,853,029

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

4,542,887

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

936,678

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

1,589,027

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

2,030,235

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

1,142,607

2,370

5.000%,

12/01/37

6/25

at

100.00

2,404,342

Missouri

Joint

Municipal

Electric

Utility

Commission,

Power

Project

Revenue

Bonds,

Pairie

State

Power

Project,

Refunding

Series

2016A:

1,415

5.000%,

12/01/34

6/26

at

100.00

1,462,973

245

4.000%,

12/01/35

-

BAM

Insured

6/26

at

100.00

246,820

Missouri

Joint

Municipal

Electric

Utility

Commission,

Power

Project

Revenue

Bonds,

Plum

Point

Project,

Refunding

Series

2014A:

1,000

5.000%,

1/01/32

1/25

at

100.00

1,011,273

1,500

5.000%,

1/01/33

1/25

at

100.00

1,516,910

1,450

5.000%,

1/01/34

1/25

at

100.00

1,466,347

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

2,510,974

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

1,063,938

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

1,535,258

3,500

Missouri

Joint

Municipal

Electric

Utility

Commission,

Power

Supply

System

Revenue

Bonds,

MoPEP

Facilities,

Series

2018,

5.000%,

12/01/43

6/27

at

100.00

3,567,821

6,200

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

6,568,697

1,465

Saint

Charles

County

Public

Water

Supply

District

2,

Missouri,

Certificates

of

Participation,

Refudning

Series

2016C,

5.000%,

12/01/32

12/25

at

100.00

1,511,035

1,740

Saint

Charles

County

Public

Water

Supply

District

2,

Missouri,

Certificates

of

Participation,

Series

2018,

4.000%,

12/01/39

12/25

at

100.00

1,730,565

2,000

Springfield,

Missouri,

Public

Utility

Revenue

Bonds,

Refunding

Series

2015,

4.000%,

8/01/31

8/25

at

100.00

2,014,605

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

2,113,997

Total

Utilities

98,346,826

Total

Municipal

Bonds

(cost

$507,438,428)

497,194,577

Total

Long-Term

Investments

(cost

$507,438,428)

497,194,577

Other

Assets

&

Liabilities,

Net

-

0.6%

2,763,335

Net

Assets

-

100%

$

499,957,912

51

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

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.

(c)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(d)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

See

Notes

to

Financial

Statements

52

Nuveen

Ohio

Municipal

Bond

Fund

Portfolio

of

Investments

November

30,

2023

(Unaudited)

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

98.2%   

X

533,448,813

MUNICIPAL

BONDS

-

93.3%  

X

533,448,813

Consumer

Discretionary

-

1

.5

%

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

$

1,362,444

2,150

5.000%,

12/01/44

12/29

at

100.00

2,005,502

5,570

5.000%,

12/01/51

12/29

at

100.00

5,084,722

Total

Consumer

Discretionary

8,452,668

Consumer

Staples

-

3

.0

%

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

1,279,404

18,115

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

16,005,360

Total

Consumer

Staples

17,284,764

Education

and

Civic

Organizations

-

11

.6

%

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

669,194

2,065

Bowling

Green

State

University,

Ohio,

General

Receipts

Bonds,

Series

2016A,

5.000%,

6/01/34

12/25

at

100.00

2,116,655

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

1,349,412

2,680

5.000%,

6/01/35

-

BAM

Insured

6/25

at

100.00

2,736,581

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

3,084,309

2,055

4.000%,

10/01/34

10/29

at

100.00

2,139,497

2,465

Miami

University

of

Ohio,

General

Receipts

Bonds,

Refunding

Series

2014,

5.000%,

9/01/30

9/24

at

100.00

2,494,360

880

Miami

University

of

Ohio,

General

Receipts

Bonds,

Refunding

Series

2017,

5.000%,

9/01/35

9/26

at

100.00

913,224

3,695

Miami

University

of

Ohio,

General

Receipts

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

9/01/41

9/26

at

100.00

3,777,219

2,420

Miami

University

of

Ohio,

General

Receipts

Revenue

Bonds,

Refunding

Series

2020A,

4.000%,

9/01/40

9/30

at

100.00

2,429,431

530

Miami

University

of

Ohio,

General

Receipts

Revenue

Bonds,

Refunding

Series

2021A,

5.000%,

9/01/30

No

Opt.

Call

597,223

Northeast

Ohio

Medical

University,

General

Receipts

Bonds,

Refunding

Series

2021A:

100

5.000%,

12/01/26

No

Opt.

Call

103,346

125

5.000%,

12/01/28

No

Opt.

Call

131,755

150

5.000%,

12/01/30

No

Opt.

Call

159,662

53

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

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

$

701,052

740

4.000%,

12/01/37

-

BAM

Insured

12/30

at

100.00

718,810

570

4.000%,

12/01/38

-

BAM

Insured

12/30

at

100.00

547,957

600

4.000%,

12/01/39

-

BAM

Insured

12/30

at

100.00

570,909

610

4.000%,

12/01/40

-

BAM

Insured

12/30

at

100.00

575,092

1,260

4.000%,

12/01/41

-

BAM

Insured

12/30

at

100.00

1,176,805

1,330

Northeast

Ohio

Medical

University,

General

Receipts

Bonds,

Series

2022,

5.000%,

12/01/41

-

BAM

Insured

12/32

at

100.00

1,394,671

Ohio

Higher

Education

Facilities

Commission,

Revenue

Bonds,

Denison

University

Project,

Series

2017A:

2,100

5.000%,

11/01/42

5/27

at

100.00

2,171,215

1,500

5.250%,

11/01/46

5/27

at

100.00

1,552,827

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

3,358,442

3,750

4.000%,

10/01/47

10/31

at

100.00

3,215,911

3,895

Ohio

Higher

Educational

Facility

Commission,

Revenue

Bonds,

Kenyon

College,

Series

2016,

5.000%,

7/01/42

7/26

at

100.00

3,968,425

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

836,048

485

Ohio

Higher

Educational

Facility

Commission,

Revenue

Bonds,

University

of

Dayton

Project,

Series

2020,

4.000%,

2/01/39

2/30

at

100.00

479,211

Ohio

State

University,

General

Receipts

Bonds,

Series

2014A:

4,820

5.000%,

12/01/34

12/24

at

100.00

4,884,063

5,000

5.000%,

12/01/39

12/24

at

100.00

5,045,066

Shawnee

State

University,

Ohio,

General

Receipts

Bonds,

Series

2016:

1,120

5.000%,

6/01/28

-

BAM

Insured

6/26

at

100.00

1,167,482

1,180

5.000%,

6/01/29

-

BAM

Insured

6/26

at

100.00

1,229,738

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

972,997

University

of

Akron,

Ohio,

General

Receipts

Bonds,

Series

2021A:

1,615

5.000%,

1/01/31

-

BAM

Insured

No

Opt.

Call

1,798,978

1,780

5.000%,

1/01/33

-

BAM

Insured

No

Opt.

Call

2,025,011

2,835

University

of

Cincinnati,

Ohio,

General

Receipts

Bonds,

Series

2017A,

5.000%,

6/01/45

6/27

at

100.00

2,906,570

1,000

Wright

State

University,

Ohio,

General

Reciepts

Bonds,

Refunding

Series

2021A,

5.000%,

5/01/31

-

BAM

Insured

No

Opt.

Call

1,125,357

1,025

Youngstown

State

University,

Ohio,

General

Receipts

Bonds,

Series

2021,

4.000%,

12/15/30

-

AGM

Insured

No

Opt.

Call

1,072,460

Total

Education

and

Civic

Organizations

66,196,965

Health

Care

-

7

.7

%

2,500

Allen

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2017A,

5.000%,

8/01/42

2/28

at

100.00

2,566,316

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

3,803,754

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

4,911,058

6,500

4.000%,

1/01/46

1/29

at

100.00

6,262,992

Nuveen

Ohio

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

54

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

Fairfield

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Fairfield

Medical

Center

Project,

Series

2013:

$

1,600

5.000%,

6/15/43

1/24

at

100.00

$

1,383,440

495

5.250%,

6/15/43

1/24

at

100.00

441,899

Franklin

County,

Ohio,

Revenue

Bonds,

Trinity

Health

Credit

Group,

Series

2017OH:

1,000

4.000%,

12/01/46

6/27

at

100.00

950,207

2,255

5.000%,

12/01/46

6/27

at

100.00

2,279,826

Hamilton

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Cincinnati

Children's

Hospital

Medical

Center,

Series

2019CC:

600

5.000%,

11/15/41

No

Opt.

Call

663,194

3,000

5.000%,

11/15/49

No

Opt.

Call

3,265,241

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

2,302,197

5,000

Muskingum

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Genesis

HealthCare

System

Obligated

Group

Project,

Series

2013,

5.000%,

2/15/44

1/24

at

100.00

4,596,480

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

1,248,269

2,755

5.000%,

1/01/33

1/28

at

100.00

2,968,326

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

2,039,576

2,725

5.000%,

1/15/50

1/30

at

100.00

2,797,667

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

1,656,277

Total

Health

Care

44,136,719

Housing/Multifamily

-

0

.9

%

5,000

Columbus

Metropolitan

Housing

Authority,

Ohio,

General

Revenue

Bonds,

Series

2021,

4.000%,

8/01/36

8/31

at

100.00

4,902,255

Total

Housing/Multifamily

4,902,255

Tax

Obligation/General

-

22

.7

%

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

3,313,266

5,185

Brunswick

City

School

District,

Medina

County,

Ohio,

General

Obligation

Bonds,

Classroom

Facilities

School

Improvement

Series

2023,

5.250%,

12/01/53

-

BAM

Insured

6/31

at

100.00

5,532,414

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

826,675

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

416,821

2,250

City

of

Mayfield

Heights,

Ohio,

General

Obligation

Bonds,

Aquatic

and

Community

Center

Limited

Tax

Series

2023,

4.000%,

12/01/48

6/30

at

100.00

2,147,460

Cleveland,

Ohio,

General

Obligation

Bonds,

Various

Purpose

Series

2023A:

135

5.000%,

12/01/41

6/33

at

100.00

147,010

300

5.000%,

12/01/43

6/33

at

100.00

323,130

1,000

Colerain

Township,

Hamilton

County,

Ohio,

General

Obligation

Bonds,

Fire

Station

Series

2022,

5.250%,

12/01/52

12/29

at

100.00

1,060,774

Columbus

City

School

District,

Franklin

County,

Ohio,

General

Obligation

Bonds,

School

Facilities

Construction

and

Improvement,

Refunding

Series

2006:

960

0.000%,

12/01/28

-

AGM

Insured

No

Opt.

Call

818,861

40

0.000%,

12/01/28

-

AGM

Insured

No

Opt.

Call

34,355

55

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

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

$

5,962,377

5,000

Columbus,

Ohio,

General

Obligation

Bonds,

Various

Purpose

Series

2018A,

5.000%,

4/01/29

10/28

at

100.00

5,510,837

Columbus,

Ohio,

General

Obligation

Bonds,

Various

Purpose

Series

2021A:

5,175

5.000%,

4/01/36

10/30

at

100.00

5,810,635

2,000

5.000%,

4/01/38

10/30

at

100.00

2,196,252

1,325

5.000%,

4/01/41

10/30

at

100.00

1,439,333

490

Cuyahoga

County,

Ohio,

General

Obligation

Bonds,

Refunding

&

Capital

Improvement

Series

2020A,

4.000%,

12/01/33

6/30

at

100.00

509,503

530

Dayton

Metro

Library,

Ohio,

General

Obligation

Bonds,

Taxable

Refunding

Library

Improvement

Series

2019,

4.000%,

12/01/30

12/29

at

100.00

552,739

850

Dayton,

Ohio,

General

Obligation

Bonds,

Limited

Tax

Refunding

&

Improvement

Series

2020,

4.000%,

12/01/31

12/28

at

100.00

878,289

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

4,857,365

Dublin,

Ohio,

General

Obligation

Bonds,

Limited

Tax

Various

Purpose

Series

2015:

1,000

5.000%,

12/01/23

No

Opt.

Call

1,000,000

450

5.000%,

12/01/24

No

Opt.

Call

458,449

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

2,358,768

4,225

Franklin

County,

Ohio,

General

Obligation

Bonds,

Refunding

Series

2015,

5.000%,

12/01/31

12/25

at

100.00

4,358,591

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

2,105,052

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

405,604

850

0.000%,

12/01/30

No

Opt.

Call

662,926

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

3,643,176

1,150

5.000%,

12/01/53

6/29

at

100.00

1,194,227

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

2,476,692

1,095

Kenston

Local

School

District,

Geauga

County,

Ohio,

General

Obligation

Bonds,

School

improvement

Series

2012,

0.000%,

12/01/27

No

Opt.

Call

961,479

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

1,719,717

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

1,019,507

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

1,000,000

500

Medina

County,

Ohio,

General

Obligation

Bonds,

Courthouse

Facility

Improvement

Limited

Tax

Series

2021,

4.000%,

12/01/46

6/26

at

100.00

475,802

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

1,100,605

Nuveen

Ohio

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

56

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

(continued)

North

Olmsted

City

School

District,

Ohio,

General

Obligation

Bonds,

School

Improvement

Programmatic

Series

2023A:

$

2,030

5.000%,

10/15/48

4/31

at

100.00

$

2,116,867

3,995

5.250%,

10/15/56

4/31

at

100.00

4,209,415

3,805

Oakwood

City

School

District,

Montgomery

County,

Ohio,

General

Obligation

Bonds,

Series

2019,

4.000%,

12/01/48

12/28

at

100.00

3,648,489

Ohio

State,

General

Obligation

Bonds,

Common

Schools

Series

2017B:

4,500

5.000%,

9/15/27

No

Opt.

Call

4,871,253

5,000

5.000%,

9/01/30

No

Opt.

Call

5,703,143

6,500

Ohio

State,

General

Obligation

Bonds,

Common

Schools

Series

2019A,

5.000%,

6/15/37

6/29

at

100.00

7,075,948

2,000

Ohio

State,

General

Obligation

Bonds,

Highway

Capital

Improvement,

Series

2014R,

5.000%,

5/01/29

5/24

at

100.00

2,013,656

Ohio

State,

General

Obligation

Bonds,

Highway

Capital

Improvement,

Series

2018V:

2,500

5.000%,

5/01/33

5/28

at

100.00

2,711,714

1,250

5.000%,

5/01/34

5/28

at

100.00

1,353,968

Ohio

State,

General

Obligation

Bonds,

Highway

Capital

Improvement,

Series

2020W:

1,035

5.000%,

5/01/32

5/30

at

100.00

1,169,807

2,315

5.000%,

5/01/35

5/30

at

100.00

2,595,271

Ohio

State,

General

Obligation

Bonds,

Infrastructure

Improvement

Refunding

Series

2020B:

350

5.000%,

8/01/32

8/28

at

100.00

383,487

270

5.000%,

8/01/36

8/28

at

100.00

291,431

Ohio

State,

General

Obligation

Bonds,

Infrastructure

Improvement

Series

2022A:

1,000

5.000%,

3/01/39

3/33

at

100.00

1,122,998

1,470

5.000%,

3/01/40

3/33

at

100.00

1,642,622

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

1,035,839

1,875

5.000%,

12/01/41

6/26

at

100.00

1,934,507

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

4,562,133

50

Princeton

City

School

District,

Hamilton

County,

Ohio,

Certificates

of

Participation,

Series

2013,

5.000%,

12/01/33

1/24

at

100.00

50,050

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

2,220,064

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

3,847,370

1,200

Toledo,

Ohio,

General

Obligation

Bonds,

Limited

Tax

Capital

Improvement

Series

2020,

4.000%,

12/01/35

12/30

at

100.00

1,227,557

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

1,443,474

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

5,534,575

Total

Tax

Obligation/General

130,044,329

Tax

Obligation/Limited

-

20

.3

%

Blue

Ash,

Ohio,

Tax

Increment

Financing

Revenue

Bonds,

Duke

Realty

Ohio,

Series

2006:

460

5.000%,

12/01/25

1/24

at

100.00

460,581

1,165

5.000%,

12/01/30

1/24

at

100.00

1,166,164

1,890

5.000%,

12/01/35

1/24

at

100.00

1,890,435

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

2,463,849

57

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

5,500

Cleveland

Public

Library,

Cuyahoga

County,

Ohio,

Library

Facilities

Notes,

Series

2019A,

4.000%,

12/01/45

12/29

at

100.00

$

5,324,936

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

1,349,800

1,000

5.000%,

10/01/32

4/28

at

100.00

1,078,831

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

468,558

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

1,022,670

4,000

Cuyahoga

County,

Ohio,

Sales

Tax

Revenue

Bonds,

Ballpark

Improvement

Project,

Series

2022A,

4.000%,

1/01/36

1/31

at

100.00

4,132,236

Cuyahoga

County,

Ohio,

Sales

Tax

Revenue

Bonds,

Refunding

Various

Purpose

Series

2014:

1,000

5.000%,

12/01/28

12/24

at

100.00

1,015,832

2,940

Dublin,

Ohio,

Special

Obligation

Non-Tax

Revenue

Bonds,

Series

2015A,

5.000%,

12/01/38

12/25

at

100.00

3,011,841

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

497,136

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

3,706,683

Franklin

County,

Ohio,

Sales

Tax

Revenue

Bonds,

Various

Purpose

Series

2018:

1,000

5.000%,

6/01/37

6/28

at

100.00

1,068,450

11,000

5.000%,

6/01/43

6/28

at

100.00

11,545,643

6,000

5.000%,

6/01/48

6/28

at

100.00

6,264,265

1,220

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,

4.000%,

12/01/37

12/29

at

100.00

1,232,703

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

1,740,431

2,180

Hamilton

County,

Ohio,

Sales

Tax

Bonds,

Refunding

Series

2016A,

5.000%,

12/01/30

12/26

at

100.00

2,301,554

Hamilton

County,

Ohio,

Sales

Tax

Bonds,

Subordinate

Series

2000B:

500

0.000%,

12/01/26

-

AMBAC

Insured

No

Opt.

Call

451,684

1,750

0.000%,

12/01/28

-

AGM

Insured

No

Opt.

Call

1,477,402

3,300

0.000%,

12/01/28

-

AMBAC

Insured

No

Opt.

Call

2,779,130

Mayfield

City

School

District,

Ohio,

Certificates

of

Participation,

Middle

School

Project,

Series

2009B:

435

0.000%,

9/01/27

No

Opt.

Call

383,980

855

0.000%,

9/01/28

No

Opt.

Call

729,215

1,035

Norwood,

Hamilton

County,

Ohio,

Special

Obligation

Development

Revenue

Bonds,

Central

Parke

Project,

Series

2017,

6.000%,

12/01/46

6/27

at

100.00

919,684

5,745

Ohio

State,

Capital

Facilities

Lease

Appropriation

Bonds,

Administrative

Building

Fund

Project,

Series

2015A,

4.000%,

4/01/35

4/25

at

100.00

5,773,188

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

2,643,008

2,485

5.000%,

4/01/39

4/29

at

100.00

2,654,383

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

1,322,356

2,245

Ohio

State,

Capital

Facilities

Lease-Appropriation

Bonds,

Adult

Correctional

Building

Fund

Projects,

Series

2019B,

5.000%,

10/01/31

No

Opt.

Call

2,559,463

Nuveen

Ohio

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

58

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

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

$

1,290,379

Ohio

State,

Capital

Facilities

Lease-Appropriation

Bonds,

Parks

&

Recreation

Improvement

Fund

Projects,

Series

2022A:

1,325

5.000%,

12/01/28

No

Opt.

Call

1,462,435

1,750

5.000%,

12/01/30

No

Opt.

Call

1,979,041

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

1,736,616

1,250

Ohio

State,

Major

New

State

Infrastructure

Project

Revenue

Bonds,

Series

2019-1,

5.000%,

12/15/31

No

Opt.

Call

1,443,393

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

1,407,683

2,095

Pickaway

County,

Ohio,

Sales

Tax

Specia

Obligation

Bonds,

Series

2018,

5.000%,

12/01/44

12/28

at

100.00

2,183,570

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

2,028,626

775

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

613,908

485

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

466,838

990

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

800,887

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

4,430

0.000%,

7/01/33

7/28

at

86.06

2,903,877

6,605

4.500%,

7/01/34

7/25

at

100.00

6,566,353

1,257

5.000%,

7/01/58

7/28

at

100.00

1,221,904

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

487,088

4,915

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2,

4.329%,

7/01/40

7/28

at

100.00

4,664,565

195

Riversouth

Authority,

Ohio,

Lazarus

Building

Redevelopment

Bonds,

Series

2007A,

5.750%,

12/01/27

1/24

at

100.00

194,108

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

12/23

at

100.00

1,400,000

800

5.000%,

12/01/24

1/24

at

100.00

801,543

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

1,038,078

1,000

5.000%,

12/01/29

12/25

at

100.00

1,036,704

2,955

Shaker

Heights

Public

Library,

Ohio,

Certificates

of

Participation,

Series

2019,

4.000%,

12/01/44

12/24

at

100.00

2,899,002

Triway

Local

School

District,

Ohio,

Certificates

of

Participation,

Series

2021:

2,395

4.000%,

12/01/41

-

BAM

Insured

12/28

at

100.00

2,346,444

1,460

4.000%,

12/01/42

-

BAM

Insured

12/28

at

100.00

1,412,395

Total

Tax

Obligation/Limited

115,821,528

59

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Transportation

-

4

.6

%

$

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

$

716,295

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

3,541,377

5,245

5.000%,

12/31/39

-

AGM

Insured,

(AMT)

6/25

at

100.00

5,273,692

7,725

5.000%,

6/30/53,

(AMT)

6/25

at

100.00

7,732,544

3,865

Ohio

State,

Revenue

Bonds,

Ohio

Turnpike

Commission,

Refunding

Series

1998A,

5.500%,

2/15/24

-

FGIC

Insured

No

Opt.

Call

3,882,887

4,000

Ohio

State,

Turnpike

Revenue

Bonds,

Ohio

Turnpike

and

Infrastructutre

Commission,

Series

2021A,

5.000%,

2/15/51

2/31

at

100.00

4,242,435

1,000

Ohio

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Refunding

Series

2017A,

5.000%,

2/15/30

2/27

at

100.00

1,063,412

Total

Transportation

26,452,642

U.S.

Guaranteed

-

4

.6

%

(c)

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

4,588,461

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

1,844,162

1,385

5.000%,

12/01/34,

(Pre-refunded

12/01/24)

12/24

at

100.00

1,411,140

1,055

5.000%,

12/01/35,

(Pre-refunded

12/01/24)

12/24

at

100.00

1,074,912

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

10,514,861

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

1,016,731

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

1,090,190

1,105

5.000%,

12/01/33,

(Pre-refunded

12/01/25)

12/25

at

100.00

1,147,296

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

1,087,887

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

2,364,317

Total

U.S.

Guaranteed

26,139,957

Utilities

-

16

.4

%

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

3,620,865

1,750

American

Municipal

Power

Inc.,

Ohio,

Combined

Hydroelectric

Projects

Revenue

Bonds,

Refunding

Series

2020A,

5.000%,

2/15/28

No

Opt.

Call

1,881,867

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

1,501,333

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

2,985,291

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

1,705,126

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

242,700

1,200

4.000%,

2/15/44

2/29

at

100.00

1,121,082

Nuveen

Ohio

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

60

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Utilities

(continued)

$

465

Butler

County,

Ohio,

Sewer

System

Revenue

Bonds,

Refunding

Series

2005,

5.000%,

12/01/23

-

AGM

Insured

No

Opt.

Call

$

465,000

Cleveland,

Ohio,

Public

Power

System

Revenue

Bonds,

Refunding

Series

2020A:

1,000

4.000%,

11/15/37

-

AGM

Insured

11/29

at

100.00

994,907

2,000

4.000%,

11/15/38

-

AGM

Insured

11/29

at

100.00

1,975,308

2,000

Cleveland,

Ohio,

Public

Power

System

Revenue

Bonds,

Series

2008B-1,

0.000%,

11/15/33

-

NPFG

Insured

No

Opt.

Call

1,345,780

Cleveland,

Ohio,

Public

Power

System

Revenue

Bonds,

Series

2008B-2:

4,740

0.000%,

11/15/34

-

NPFG

Insured

No

Opt.

Call

3,040,660

7,500

0.000%,

11/15/38

-

NPFG

Insured

No

Opt.

Call

3,772,016

1,315

Cleveland,

Ohio,

Public

Power

System

Revenue

Refunding

Bonds,

Series

2018,

5.000%,

11/15/37

-

AGM

Insured

5/28

at

100.00

1,391,782

Columbus,

Ohio,

Sewerage

System

Revenue

Bonds,

Refunding

Series

2015:

5,000

5.000%,

6/01/29

6/26

at

100.00

5,242,560

6,750

5.000%,

6/01/32

6/26

at

100.00

7,070,829

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

1,352,061

Hamilton,

Ohio,

Electric

System

Revenue

Bonds,

Refunding

&

Improvement

Series

2019:

865

4.000%,

10/01/37

-

BAM

Insured

10/29

at

100.00

870,787

1,000

4.000%,

10/01/38

-

BAM

Insured

10/29

at

100.00

996,363

1,015

4.000%,

10/01/39

-

BAM

Insured

10/29

at

100.00

1,005,236

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

1,110,736

1,000

Mahoning

County,

Ohio,

Sewer

System

Revenue

Bonds,

Refunding

and

Improvement

Series

2022,

5.000%,

12/01/42

12/31

at

100.00

1,066,981

1,000

Marysville,

Ohio,

Water

System

Mortgage

Revenue

Bonds,

Refunding

Series

2016,

4.000%,

12/01/38

12/25

at

100.00

1,002,007

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

6,056,536

5,275

4.000%,

11/15/43

5/28

at

100.00

5,282,712

1,900

Ohio

Water

Development

Authority,

Revenue

Bonds,

Drinking

Water

Assistance

Fund,

Series

2016,

5.000%,

12/01/36

12/26

at

100.00

1,990,961

Ohio

Water

Development

Authority,

Revenue

Bonds,

Fresh

Water

Development,

Series

2019:

3,800

5.000%,

12/01/38

12/29

at

100.00

4,134,784

5,320

5.000%,

6/01/44

12/29

at

100.00

5,689,923

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

4,318,264

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

5,344,798

1,000

Ohio

Water

Development

Authority,

Water

Pollution

Control

Loan

Fund

Revenue

Bonds,

Series

2015A,

5.000%,

6/01/26

No

Opt.

Call

1,053,069

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

5,341,978

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

9,042,684

Total

Utilities

94,016,986

Total

Municipal

Bonds

(cost

$546,437,473)

533,448,813

61

Shares

Description

(a)

Value

X

28,050,720

COMMON

STOCKS

-

4.9%  

X

28,050,720

Utilities

-

4

.9

%

350,634

(d),(e)

Energy

Harbor

Corp

$

28,050,720

Total

Utilities

28,050,720

Total

Common

Stocks

(cost

$9,249,818)

28,050,720

Total

Long-Term

Investments

(cost

$555,687,291)

561,499,533

Other

Assets

&

Liabilities,

Net

-

1.8%

10,455,376

Net

Assets

-

100%

$

571,954,909

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

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.

(c)

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.

(d)

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.  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.

(e)

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

62

Nuveen

Wisconsin

Municipal

Bond

Fund

Portfolio

of

Investments

November

30,

2023

(Unaudited)

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

110.2%   

X

78,155,880

MUNICIPAL

BONDS

-

99.9%  

X

78,155,880

Consumer

Discretionary

-

0

.3

%

$

250

International

Falls,

Minnesota,

Solid

Waste

Disposal

Revenue

Bonds,

Boise

Cascade

Corporation

Project,

Refunding

Series

1999,

6.850%,

12/01/29,

(AMT)

1/24

at

100.00

$

250,484

Total

Consumer

Discretionary

250,484

Education

and

Civic

Organizations

-

7

.0

%

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

1,272,194

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Hmong

American

Peace

Academy,

Series

2020:

420

4.000%,

3/15/30

No

Opt.

Call

417,516

500

4.000%,

3/15/40

3/30

at

100.00

454,882

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

1,027,677

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

356,135

500

2.125%,

4/01/40

-

AGM

Insured

4/31

at

100.00

347,921

415

2.250%,

4/01/41

-

AGM

Insured

4/31

at

100.00

290,078

500

2.250%,

4/01/42

-

AGM

Insured

4/31

at

100.00

345,149

1,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Milwaukee

Science

Education

Consortium,

Inc.,

Academy

of

Science

Series

2023A,

5.000%,

3/15/53

3/33

at

100.00

938,857

Total

Education

and

Civic

Organizations

5,450,409

Health

Care

-

22

.0

%

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

165,180

190

5.000%,

7/01/31

No

Opt.

Call

205,586

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

4,725,760

8,565

(c)

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Marshfield

Clinic

Health

System,

Inc.,

Series

2017C,

5.000%,

2/15/47,

(UB)

2/27

at

100.00

8,515,075

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

1,019,363

1,500

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

1,396,912

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

1,005,045

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

173,774

Total

Health

Care

17,206,695

63

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Housing/Multifamily

-

22

.8

%

$

2,000

Hudson

Housing

Authority,

Wisconsin,

Multifamily

Housing

Revenue

Bonds,

Cedar

Ridge

Apartments

Project,

Series

2013A,

5.125%,

6/01/30

1/24

at

100.00

$

1,962,708

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

1/24

at

100.00

2,000,952

380

Wisconsin

Housing

and

Economic

Development

Authority,

Housing

Revenue

Bonds,

Series

2006A,

4.550%,

5/01/27,

(AMT)

1/24

at

100.00

380,231

Wisconsin

Housing

and

Economic

Development

Authority,

Housing

Revenue

Bonds,

Series

2017A:

750

4.000%,

11/01/47

11/26

at

100.00

665,257

1,500

(c)

4.150%,

5/01/55

11/26

at

100.00

1,402,965

2,230

Wisconsin

Housing

and

Economic

Development

Authority,

Housing

Revenue

Bonds,

Series

2017B,

3.900%,

11/01/42

11/26

at

100.00

2,019,253

2,000

(c)

Wisconsin

Housing

and

Economic

Development

Authority,

Housing

Revenue

Bonds,

Series

2018A,

4.300%,

11/01/53,

(UB)

11/27

at

100.00

1,891,393

4,520

Wisconsin

Housing

and

Economic

Development

Authority,

Housing

Revenue

Bonds,

Series

2019A,

3.375%,

5/01/57

11/28

at

100.00

3,270,558

2,000

Wisconsin

Housing

and

Economic

Development

Authority,

Housing

Revenue

Bonds,

Series

2022A,

5.150%,

11/01/50

11/31

at

100.00

2,083,350

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

2,204,175

Total

Housing/Multifamily

17,880,842

Industrials

-

0

.9

%

675

Milwaukee

Redevelopment

Authority,

Wisconsin,

HSI

Industrial

I

LLC

Project

Revenue

Bonds,

Series

2008,

5.125%,

6/01/29,

(AMT)

1/24

at

100.00

676,101

Total

Industrials

676,101

Long-Term

Care

-

16

.4

%

500

Winnebago

County

Housing

Authority,

Illinois,

Revenue

Bonds,

Lutheran

Homes

of

Oshkosh,

Inc.

Project,

Refunding

Series

2015A,

4.450%,

3/01/30

1/24

at

100.00

422,809

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

97,876

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

1,372,722

2,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Dickson

Hollow

Project.

Series

2014,

5.375%,

10/01/44

1/24

at

101.00

1,696,606

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

350,949

2,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

PHW

Oconomowoc,

Inc.

Project,

Series

2018,

5.125%,

10/01/48

1/24

at

102.00

1,676,094

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

1,752,822

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

1,492,567

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

397,725

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

492,422

Nuveen

Wisconsin

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

64

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Long-Term

Care

(continued)

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Three

Pillars

Senior

Living

Communities,

Series

2021A:

$

1,000

4.000%,

8/15/51

8/31

at

100.00

$

737,883

1,000

4.000%,

8/15/55

8/31

at

100.00

719,974

2,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Woodland

Hills

Senior

Housing

Project,

Series

2014,

5.000%,

12/01/44

1/24

at

101.00

1,651,019

Total

Long-Term

Care

12,861,468

Tax

Obligation/Limited

-

25

.0

%

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

2,959,693

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

1,319,080

1,530

3.600%,

6/01/35

6/25

at

100.00

1,507,053

1,000

Kaukauna

Redevelopment

Authority,

Outagamie

and

Calumet

Counties,

Wisconsin,

Redevelopment

Lease

Revenue

Bonds,

Series

2015,

4.125%,

6/01/40

6/25

at

100.00

983,459

Milwaukee

Redevelopment

Authority,

Wisconsin,

Lease

Revenue

Bonds,

Public

Schools,

Series

2016A:

800

5.000%,

11/15/30

11/26

at

100.00

841,770

500

5.000%,

11/15/31

11/26

at

100.00

525,962

550

5.000%,

11/15/32

11/26

at

100.00

578,241

Milwaukee

Redevelopment

Authority,

Wisconsin,

Lease

Revenue

Bonds,

Public

Schools,

Series

2017:

630

5.000%,

11/15/28

11/26

at

100.00

664,895

500

5.000%,

11/15/34

11/26

at

100.00

525,674

1,000

5.000%,

11/15/35

11/26

at

100.00

1,046,179

335

Puerto

Rico

Municipal

Finance

Agency,

Series

2002A,

5.000%,

8/01/27

-

AGM

Insured

1/24

at

100.00

337,064

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

2,175,164

Virgin

Islands

Public

Finance

Authority,

Gross

Receipts

Taxes

Loan

Note,

Refunding

Series

2006:

120

5.000%,

10/01/25

-

NPFG

Insured

1/24

at

100.00

121,257

125

5.000%,

10/01/28

-

FGIC

Insured

1/24

at

100.00

126,339

Wisconsin

Center

District,

Appropiation

Revenue

Bonds,

Milwaukee

Arena

Project,

Series

2016:

390

5.000%,

12/15/27

6/26

at

100.00

408,189

1,000

5.000%,

12/15/30

6/26

at

100.00

1,044,901

500

5.000%,

12/15/31

6/26

at

100.00

522,327

Wisconsin

Center

District,

Dedicated

Tax

Revenue

Bonds,

Refunding

Junior

Series

1999:

675

5.250%,

12/15/27

No

Opt.

Call

715,210

Wisconsin

Center

District,

Dedicated

Tax

Revenue

Bonds,

Refunding

Senior

Series

2003A:

2,035

0.000%,

12/15/28

-

AGM

Insured

No

Opt.

Call

1,708,827

1,945

0.000%,

12/15/31

No

Opt.

Call

1,446,411

Total

Tax

Obligation/Limited

19,557,695

65

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

U.S.

Guaranteed

-

0

.3

%

(d)

Wisconsin

Center

District,

Dedicated

Tax

Revenue

Bonds,

Refunding

Junior

Series

1999:

$

190

5.250%,

12/15/27,

(ETM)

No

Opt.

Call

$

199,709

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

10,244

Total

U.S.

Guaranteed

209,953

Utilities

-

5

.2

%

185

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Refunding

National

Series

2007VV,

5.250%,

7/01/31

-

AGM

Insured

No

Opt.

Call

183,625

575

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Refunding

Series

2005SS,

5.000%,

7/01/30

-

AGM

Insured

1/24

at

100.00

569,965

790

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2005RR,

5.000%,

7/01/28

-

AGC

Insured

1/24

at

100.00

785,509

305

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2007UU,

5.000%,

7/01/24

-

AGM

Insured

1/24

at

100.00

304,775

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2007VV:

675

5.250%,

7/01/24

-

NPFG

Insured

No

Opt.

Call

674,140

130

5.250%,

7/01/26

-

NPFG

Insured

No

Opt.

Call

128,721

250

5.250%,

7/01/35

-

NPFG

Insured

No

Opt.

Call

245,528

1,200

Virgin

Islands

Water

and

Power

Authority,

Electric

System

Revenue

Bonds,

Refunding

Series

2007A,

5.000%,

7/01/25

1/24

at

100.00

1,169,970

Total

Utilities

4,062,233

Total

Municipal

Bonds

(cost

$86,103,865)

78,155,880

Shares

Description

(a)

Value

X

8,075,520

COMMON

STOCKS

-

10.3%  

X

8,075,520

Utilities

-

10

.3

%

100,944

(e),(f)

Energy

Harbor

Corp

$

8,075,520

Total

Utilities

8,075,520

Total

Common

Stocks

(cost

$2,869,331)

8,075,520

Total

Long-Term

Investments

(cost

$88,973,196)

86,231,400

Floating

Rate

Obligations

-

(10.2)%  

(

8,020,000

)

Other

Assets

&

Liabilities,

Net

-

0.0%

58,506

Net

Assets

-

100%

$

78,269,906

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

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.

(c)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(d)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

Nuveen

Wisconsin

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

66

(e)

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.  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.

(f)

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

67

November

30,

2023

(Unaudited)

Kansas

Kentucky

Michigan

Missouri

Ohio

ASSETS

Long-term

investments,

at

value

†

$

209,233,850‌

$

246,023,743‌

$

214,344,757‌

$

497,194,577‌

$

561,499,533‌

Cash

–‌

1,472,135‌

1,526,042‌

–‌

–‌

Unrealizezd

appreciation

on

cross

currency

swap

contracts

–‌

–‌

–‌

–‌

–‌

Receivables:

Interest

2,703,132‌

3,353,624‌

2,205,846‌

5,891,622‌

9,342,774‌

Investments

sold

120,639‌

–‌

5,646,894‌

1,159,518‌

5,046,260‌

Shares

sold

5,089,262‌

4,723,526‌

8,769,295‌

5,693,451‌

6,169,268‌

Other

18,933‌

116,718‌

73,828‌

90,500‌

156,502‌

Total

assets

217,165,816‌

255,689,746‌

232,566,662‌

510,029,668‌

582,214,337‌

LIABILITIES

Cash

overdraft

5,076,864‌

–‌

–‌

5,274,562‌

5,476,102‌

Floating

rate

obligations

–‌

16,520,000‌

–‌

–‌

–‌

Payables:

Management

fees

83,921‌

94,053‌

89,311‌

202,327‌

226,178‌

Dividends

72,746‌

46,219‌

69,924‌

285,751‌

244,359‌

Interest

–‌

529,720‌

1,199‌

326‌

–‌

Investments

purchased

-

regular

settlement

–‌

–‌

2,314,590‌

264,975‌

2,903,465‌

Investments

purchased

-

when-issued/delayed-delivery

settlement

–‌

–‌

183,682‌

–‌

–‌

Shares

redeemed

655,228‌

768,217‌

378,415‌

3,784,646‌

1,048,516‌

Accrued

expenses:

Custodian

fees

27,292‌

26,883‌

29,782‌

49,026‌

48,312‌

Trustees

fees

8,012‌

108,238‌

61,699‌

74,603‌

145,668‌

Professional

fees

23,223‌

24,724‌

22,799‌

27,744‌

26,741‌

Shareholder

reporting

expenses

10,853‌

10,934‌

13,141‌

17,711‌

24,403‌

Shareholder

servicing

agent

fees

20,710‌

19,993‌

39,210‌

38,440‌

64,731‌

12b-1

distribution

and

service

fees

25,138‌

32,092‌

18,778‌

51,576‌

50,899‌

Other

39‌

24‌

36‌

69‌

54‌

Total

liabilities

6,004,026‌

18,181,097‌

3,222,566‌

10,071,756‌

10,259,428‌

Commitments

and

contingencies

(1)

Net

assets

$

211,161,790‌

$

237,508,649‌

$

229,344,096‌

$

499,957,912‌

$

571,954,909‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

$

231,769,650‌

$

266,629,669‌

$

257,649,274‌

$

545,364,321‌

$

594,068,917‌

Total

distributable

earnings

(loss)

(20,607,860‌)

(29,121,020‌)

(28,305,178‌)

(45,406,409‌)

(22,114,008‌)

Net

assets

$

211,161,790‌

$

237,508,649‌

$

229,344,096‌

$

499,957,912‌

$

571,954,909‌

†

Long-term

investments,

cost

$

218,650,100‌

$

259,426,299‌

$

218,250,538‌

$

507,438,428‌

$

555,687,291‌

Statement

of

Assets

and

Liabilities

(continued)

See

Notes

to

Financial

Statements

68

November

30,

2023

(Unaudited)

Wisconsin

ASSETS

Long-term

investments,

at

value

†

$

86,231,400‌

Unrealizezd

appreciation

on

cross

currency

swap

contracts

–‌

Receivables:

Interest

1,138,792‌

Shares

sold

1,438‌

Other

14,313‌

Total

assets

87,385,943‌

LIABILITIES

Cash

overdraft

701,799‌

Floating

rate

obligations

8,020,000‌

Payables:

Management

fees

32,152‌

Dividends

10,614‌

Interest

172,472‌

Shares

redeemed

110,047‌

Accrued

expenses:

Custodian

fees

17,728‌

Trustees

fees

1,843‌

Professional

fees

22,250‌

Shareholder

reporting

expenses

5,219‌

Shareholder

servicing

agent

fees

10,344‌

12b-1

distribution

and

service

fees

11,544‌

Other

25‌

Total

liabilities

9,116,037‌

Commitments

and

contingencies

(1)

Net

assets

$

78,269,906‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

$

90,875,413‌

Total

distributable

earnings

(loss)

(12,605,507‌)

Net

assets

$

78,269,906‌

†

Long-term

investments,

cost

$

88,973,196‌

(1)

As

disclosed

in

Notes

to

Financial

Statements.

Statement

of

Assets

and

Liabilities

(continued)

See

Notes

to

Financial

Statements

69

Kansas

Kentucky

Michigan

Missouri

Ohio

CLASS

A:

Net

assets

$

126,078,054‌

$

184,352,467‌

$

88,971,231‌

$

269,222,652‌

$

270,032,695‌

Shares

outstanding

12,737,689‌

18,818,949‌

8,423,628‌

25,883,945‌

24,919,462‌

Net

asset

value

("NAV")

per

share

$

9.90‌

$

9.80‌

$

10.56‌

$

10.40‌

$

10.84‌

Maximum

sales

charge

4.20%

4.20%

4.20%

4.20%

4.20%

Offering

price

per

share

(NAV

per

share

plus

maximum

sales

charge)

$

10.33‌

$

10.23‌

$

11.02‌

$

10.86‌

$

11.32‌

CLASS

C:

Net

assets

$

5,930,632‌

$

3,400,109‌

$

5,714,885‌

$

10,483,367‌

$

9,450,958‌

Shares

outstanding

600,540‌

347,271‌

542,719‌

1,011,846‌

877,259‌

NAV

and

offering

price

per

share

$

9.88‌

$

9.79‌

$

10.53‌

$

10.36‌

$

10.77‌

CLASS

I:

Net

assets

$

79,153,104‌

$

49,756,073‌

$

134,657,980‌

$

220,251,893‌

$

292,471,256‌

Shares

outstanding

7,974,516‌

5,087,323‌

12,773,444‌

21,208,583‌

27,096,813‌

NAV

and

offering

price

per

share

$

9.93‌

$

9.78‌

$

10.54‌

$

10.39‌

$

10.79‌

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

70

Wisconsin

CLASS

A:

Net

assets

$

51,264,302‌

Shares

outstanding

5,286,453‌

Net

asset

value

("NAV")

per

share

$

9.70‌

Maximum

sales

charge

4.20%

Offering

price

per

share

(NAV

per

share

plus

maximum

sales

charge)

$

10.13‌

CLASS

C:

Net

assets

$

4,171,339‌

Shares

outstanding

430,211‌

NAV

and

offering

price

per

share

$

9.70‌

CLASS

I:

Net

assets

$

22,834,265‌

Shares

outstanding

2,352,368‌

NAV

and

offering

price

per

share

$

9.71‌

Authorized

shares

-

per

class

Unlimited

Par

value

per

share

$

0.01

Statement

of

Operations

See

Notes

to

Financial

Statements

71

Six

Months

Ended

November

30,

2023

(Unaudited)

Kansas

Kentucky

Michigan

Missouri

INVESTMENT

INCOME

Interest

$

3,708,223‌

$

4,760,222‌

$

4,934,111‌

$

10,577,001‌

Total

investment

income

3,708,223‌

4,760,222‌

4,934,111‌

10,577,001‌

EXPENSES

–

–

–

–

Management

fees

552,520‌

630,475‌

676,512‌

1,292,943‌

12b-1

service

fees

-

Class

A

129,823‌

187,857‌

91,567‌

275,657‌

12b-1

distribution

and

service

fees

-

Class

C

32,128‌

18,063‌

29,874‌

57,284‌

Shareholder

servicing

agent

fees

-

Class

A

23,700‌

32,274‌

26,597‌

41,202‌

Shareholder

servicing

agent

fees

-

Class

C

1,171‌

619‌

1,729‌

1,707‌

Shareholder

servicing

agent

fees

-

Class

I

15,007‌

10,025‌

48,756‌

33,583‌

Interest

expense

24,511‌

480,778‌

9,414‌

61,270‌

Trustees

fees

4,379‌

5,038‌

5,552‌

10,252‌

Custodian

expenses,

net

—‌

1,887‌

—‌

—‌

Registration

fees

3,213‌

3,194‌

4,681‌

4,717‌

Professional

fees

31,844‌

33,712‌

34,060‌

42,727‌

Shareholder

reporting

expenses

7,310‌

7,499‌

9,212‌

11,787‌

Other

8,104‌

8,044‌

8,661‌

9,274‌

Total

expenses

833,710‌

1,419,465‌

946,615‌

1,842,403‌

Net

investment

income

(loss)

2,874,513‌

3,340,757‌

3,987,496‌

8,734,598‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

(

1,833,785‌

)

(

1,542,783‌

)

(

5,728,383‌

)

(

4,481,295‌

)

Net

realized

gain

(loss)

(

1,833,785‌

)

(

1,542,783‌

)

(

5,728,383‌

)

(

4,481,295‌

)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

1,241,845‌

1,406,170‌

3,192,193‌

4,468,054‌

Net

change

in

unrealized

appreciation

(depreciation)

1,241,845‌

1,406,170‌

3,192,193‌

4,468,054‌

Net

realized

and

unrealized

gain

(loss)

(

591,940‌

)

(

136,613‌

)

(

2,536,190‌

)

(

13,241‌

)

Net

increase

(decrease)

in

net

assets

from

operations

$

2,282,573‌

$

3,204,144‌

$

1,451,306‌

$

8,721,357‌

Statement

of

Operations

(continued)

See

Notes

to

Financial

Statements

72

Six

Months

Ended

November

30,

2023

(Unaudited)

Ohio

Wisconsin

INVESTMENT

INCOME

Interest

$

9,903,915‌

$

1,837,019‌

Total

investment

income

9,903,915‌

1,837,019‌

EXPENSES

–

–

Management

fees

1,448,896‌

210,520‌

12b-1

service

fees

-

Class

A

270,291‌

51,769‌

12b-1

distribution

and

service

fees

-

Class

C

51,490‌

22,581‌

Shareholder

servicing

agent

fees

-

Class

A

57,670‌

12,365‌

Shareholder

servicing

agent

fees

-

Class

C

2,191‌

1,073‌

Shareholder

servicing

agent

fees

-

Class

I

64,856‌

6,223‌

Interest

expense

36,248‌

211,305‌

Trustees

fees

11,683‌

1,649‌

Custodian

expenses,

net

—‌

6,827‌

Registration

fees

3,194‌

4,775‌

Professional

fees

44,536‌

27,270‌

Shareholder

reporting

expenses

16,038‌

4,037‌

Other

10,936‌

7,101‌

Total

expenses

2,018,029‌

567,495‌

Net

investment

income

(loss)

7,885,886‌

1,269,524‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

(

4,797,162‌

)

(

905,099‌

)

Net

realized

gain

(loss)

(

4,797,162‌

)

(

905,099‌

)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

4,964,032‌

851,275‌

Net

change

in

unrealized

appreciation

(depreciation)

4,964,032‌

851,275‌

Net

realized

and

unrealized

gain

(loss)

166,870‌

(

53,824‌

)

Net

increase

(decrease)

in

net

assets

from

operations

$

8,052,756‌

$

1,215,700‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

73

Kansas

Kentucky

Unaudited

Six

Months

Ended

11/30/23

Year

Ended

5/31/23

Unaudited

Six

Months

Ended

11/30/23

Year

Ended

5/31/23

OPERATIONS

Net

investment

income

(loss)

$

2,874,513‌

$

5,998,849‌

$

3,340,757‌

$

7,966,472‌

Net

realized

gain

(loss)

(

1,833,785‌

)

(

2,741,904‌

)

(

1,542,783‌

)

(

6,402,726‌

)

Net

change

in

unrealized

appreciation

(depreciation)

1,241,845‌

(

4,412,896‌

)

1,406,170‌

(

7,471,113‌

)

Net

increase

(decrease)

in

net

assets

from

operations

2,282,573‌

(

1,155,951‌

)

3,204,144‌

(

5,907,367‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

(

1,609,568‌

)

(

3,286,845‌

)

(

2,579,648‌

)

(

5,689,605‌

)

Class

C

(

53,936‌

)

(

128,281‌

)

(

34,921‌

)

(

102,672‌

)

Class

I

(

1,118,878‌

)

(

2,252,089‌

)

(

860,720‌

)

(

1,999,048‌

)

Total

distributions

(

2,782,382‌

)

(

5,667,215‌

)

(

3,475,289‌

)

(

7,791,325‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

21,479,613‌

47,525,446‌

17,020,903‌

24,815,490‌

Reinvestments

of

distributions

2,330,505‌

4,694,386‌

3,157,640‌

7,037,178‌

Redemptions

(

42,408,335‌

)

(

73,738,907‌

)

(

47,685,567‌

)

(

83,210,226‌

)

Net

increase

(decrease)

from

Fund

share

transactions

(

18,598,217‌

)

(

21,519,075‌

)

(

27,507,024‌

)

(

51,357,558‌

)

Net

increase

(decrease)

in

net

assets

(

19,098,026‌

)

(

28,342,241‌

)

(

27,778,169‌

)

(

65,056,250‌

)

Net

assets

at

the

beginning

of

period

230,259,816‌

258,602,057‌

265,286,818‌

330,343,068‌

Net

assets

at

the

end

of

period

$

211,161,790‌

$

230,259,816‌

$

237,508,649‌

$

265,286,818‌

See

Notes

to

Financial

Statements

74

Michigan

Missouri

Unaudited

Six

Months

Ended

11/30/23

Year

Ended

5/31/23

Unaudited

Six

Months

Ended

11/30/23

Year

Ended

5/31/23

OPERATIONS

Net

investment

income

(loss)

$

3,987,496‌

$

7,605,947‌

$

8,734,598‌

$

17,976,931‌

Net

realized

gain

(loss)

(

5,728,383‌

)

(

17,315,470‌

)

(

4,481,295‌

)

(

17,515,641‌

)

Net

change

in

unrealized

appreciation

(depreciation)

3,192,193‌

5,812,797‌

4,468,054‌

(

7,135,225‌

)

Net

increase

(decrease)

in

net

assets

from

operations

1,451,306‌

(

3,896,726‌

)

8,721,357‌

(

6,673,935‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

(

1,263,460‌

)

(

2,349,643‌

)

(

4,506,395‌

)

(

8,598,507‌

)

Class

C

(

58,366‌

)

(

101,629‌

)

(

140,544‌

)

(

300,369‌

)

Class

I

(

2,543,956‌

)

(

4,582,170‌

)

(

3,876,355‌

)

(

7,925,723‌

)

Total

distributions

(

3,865,782‌

)

(

7,033,442‌

)

(

8,523,294‌

)

(

16,824,599‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

35,437,018‌

144,987,104‌

49,202,904‌

134,500,485‌

Reinvestments

of

distributions

3,262,729‌

5,766,385‌

6,875,128‌

13,155,981‌

Redemptions

(

103,613,653‌

)

(

155,275,013‌

)

(

88,487,444‌

)

(

256,834,680‌

)

Net

increase

(decrease)

from

Fund

share

transactions

(

64,913,906‌

)

(

4,521,524‌

)

(

32,409,412‌

)

(

109,178,214‌

)

Net

increase

(decrease)

in

net

assets

(

67,328,382‌

)

(

15,451,692‌

)

(

32,211,349‌

)

(

132,676,748‌

)

Net

assets

at

the

beginning

of

period

296,672,478‌

312,124,170‌

532,169,261‌

664,846,009‌

Net

assets

at

the

end

of

period

$

229,344,096‌

$

296,672,478‌

$

499,957,912‌

$

532,169,261‌

See

Notes

to

Financial

Statements

75

Ohio

Wisconsin

Unaudited

Six

Months

Ended

11/30/23

Year

Ended

5/31/23

Unaudited

Six

Months

Ended

11/30/23

Year

Ended

5/31/23

OPERATIONS

Net

investment

income

(loss)

$

7,885,886‌

$

15,306,380‌

$

1,269,524‌

$

3,210,806‌

Net

realized

gain

(loss)

(

4,797,162‌

)

(

18,184,661‌

)

(

905,099‌

)

(

3,400,636‌

)

Net

change

in

unrealized

appreciation

(depreciation)

4,964,032‌

(

853,060‌

)

851,275‌

(

2,955,892‌

)

Net

increase

(decrease)

in

net

assets

from

operations

8,052,756‌

(

3,731,341‌

)

1,215,700‌

(

3,145,722‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

(

3,467,774‌

)

(

6,552,912‌

)

(

886,415‌

)

(

1,978,565‌

)

Class

C

(

91,866‌

)

(

186,099‌

)

(

58,953‌

)

(

143,094‌

)

Class

I

(

4,242,370‌

)

(

7,972,219‌

)

(

472,990‌

)

(

1,269,054‌

)

Total

distributions

(

7,802,010‌

)

(

14,711,230‌

)

(

1,418,358‌

)

(

3,390,713‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

61,313,760‌

180,741,076‌

522,488‌

916,027‌

Reinvestments

of

distributions

6,275,022‌

11,565,065‌

1,340,013‌

3,108,173‌

Redemptions

(

98,458,537‌

)

(

239,097,055‌

)

(

10,331,492‌

)

(

34,613,276‌

)

Net

increase

(decrease)

from

Fund

share

transactions

(

30,869,755‌

)

(

46,790,914‌

)

(

8,468,991‌

)

(

30,589,076‌

)

Net

increase

(decrease)

in

net

assets

(

30,619,009‌

)

(

65,233,485‌

)

(

8,671,649‌

)

(

37,125,511‌

)

Net

assets

at

the

beginning

of

period

602,573,918‌

667,807,403‌

86,941,555‌

124,067,066‌

Net

assets

at

the

end

of

period

$

571,954,909‌

$

602,573,918‌

$

78,269,906‌

$

86,941,555‌

Financial

Highlights

76

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Kansas

Class

A

11/30/23(d)

$

9.89

$

0.13

$

—

$

0.13

$

(

0.12

)

$

—

$

(

0.12

)

$

9.90

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

11/30/23(d)

9.86

0.09

0.01

0.10

(

0.08

)

—

(

0.08

)

9.88

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

11/30/23(d)

9.92

0.14

—

0.14

(

0.13

)

—

(

0.13

)

9.93

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.

(d)

Unaudited.

(e)

Annualized.

See

Notes

to

Financial

Statements

77

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Expenses

Including

Interest(c)

Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate

1

.35‌

%

$

126,078

0

.81‌

%

(e)

0

.79‌

%

(e)

2

.58‌

%

(e)

3‌

%

(

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

.05‌

5,931

1

.61‌

(e)

1

.59‌

(e)

1

.77‌

(e)

3‌

(

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

1

.47‌

79,153

0

.61‌

(e)

0

.59‌

(e)

2

.77‌

(e)

3‌

(

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

78

Financial

Highlights

(continued)

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Kentucky

Class

A

11/30/23(d)

$

9.76

$

0.13

$

0.04

$

0.17

$

(

0.13

)

$

—

$

(

0.13

)

$

9.80

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

11/30/23(d)

9.75

0.09

0.04

0.13

(

0.09

)

—

(

0.09

)

9.79

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

11/30/23(d)

9.74

0.14

0.04

0.18

(

0.14

)

—

(

0.14

)

9.78

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.

(d)

Unaudited.

(e)

Annualized.

See

Notes

to

Financial

Statements

79

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Expenses

Including

Interest(c)

Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate

1

.80‌

%

$

184,352

1

.17‌

%

(e)

0

.79‌

%

(e)

2

.64‌

%

(e)

9‌

%

(

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

1

.39‌

3,400

1

.97‌

(e)

1

.59‌

(e)

1

.83‌

(e)

9‌

(

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

.90‌

49,756

0

.97‌

(e)

0

.59‌

(e)

2

.82‌

(e)

9‌

(

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

80

Financial

Highlights

(continued)

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Michigan

Class

A

11/30/23(d)

$

10.54

$

0.15

$

0.01

$

0.16

$

(

0.14

)

$

—

$

(

0.14

)

$

10.56

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

11/30/23(d)

10.51

0.11

0.01

0.12

(

0.10

)

—

(

0.10

)

10.53

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

11/30/23(d)

10.53

0.16

0.01

0.17

(

0.16

)

—

(

0.16

)

10.54

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.

(d)

Unaudited.

(e)

Annualized.

See

Notes

to

Financial

Statements

81

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Expenses

Including

Interest(c)

Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate

1

.58‌

%

$

88,971

0

.82‌

%

(e)

0

.81‌

%

(e)

2

.87‌

%

(e)

6‌

%

(

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

1

.18‌

5,715

1

.62‌

(e)

1

.61‌

(e)

2

.07‌

(e)

6‌

(

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

.60‌

134,658

0

.62‌

(e)

0

.61‌

(e)

3

.04‌

(e)

6‌

(

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

82

Financial

Highlights

(continued)

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Missouri

Class

A

11/30/23(d)

$

10.37

$

0.17

$

0.03

$

0.20

$

(

0.17

)

$

—

$

(

0.17

)

$

10.40

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

11/30/23(d)

10.33

0.13

0.03

0.16

(

0.13

)

—

(

0.13

)

10.36

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

11/30/23(d)

10.36

0.18

0.03

0.21

(

0.18

)

—

(

0.18

)

10.39

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.

(d)

Unaudited.

(e)

Annualized.

See

Notes

to

Financial

Statements

83

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Expenses

Including

Interest(c)

Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate

1

.94‌

%

$

269,223

0

.79‌

%

(e)

0

.77‌

%

(e)

3

.34‌

%

(e)

15‌

%

(

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

.53‌

10,483

1

.59‌

(e)

1

.57‌

(e)

2

.54‌

(e)

15‌

(

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

2

.04‌

220,252

0

.59‌

(e)

0

.57‌

(e)

3

.54‌

(e)

15‌

(

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

84

Financial

Highlights

(continued)

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Ohio

Class

A

11/30/23(e)

$

10.81

$

0.14

$

0.03

$

0.17

$

(

0.14

)

$

—

$

(

0.14

)

$

10.84

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

11/30/23(e)

10.74

0.10

0.03

0.13

(

0.10

)

—

(

0.10

)

10.77

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

11/30/23(e)

10.77

0.15

0.02

0.17

(

0.15

)

—

(

0.15

)

10.79

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.

(e)

Unaudited.

(f)

Annualized.

See

Notes

to

Financial

Statements

85

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Expenses

Including

Interest(c),(d)

Expenses

Excluding

Interest(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate

1

.57‌

%

$

270,033

0

.78‌

%

(f)

0

.77‌

%

(f)

2

.61‌

%

(f)

7‌

%

(

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

.18‌

9,451

1

.58‌

(f)

1

.57‌

(f)

1

.80‌

(f)

7‌

(

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

1

.60‌

292,471

0

.58‌

(f)

0

.57‌

(f)

2

.80‌

(f)

7‌

(

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

86

Financial

Highlights

(continued)

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Wisconsin

Class

A

11/30/23(d)

$

9.68

$

0.15

$

0.03

$

0.18

$

(

0.16

)

$

—

$

(

0.16

)

$

9.70

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

11/30/23(d)

9.68

0.11

0.03

0.14

(

0.12

)

—

(

0.12

)

9.70

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

11/30/23(d)

9.69

0.16

0.03

0.19

(

0.17

)

—

(

0.17

)

9.71

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.

(d)

Unaudited.

(e)

Annualized.

See

Notes

to

Financial

Statements

87

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Expenses

Including

Interest(c)

Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate

1

.94‌

%

$

51,264

1

.39‌

%

(e)

0

.88‌

%

(e)

3

.06‌

%

(e)

2‌

%

(

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

1

.53‌

4,171

2

.19‌

(e)

1

.68‌

(e)

2

.26‌

(e)

2‌

(

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

.03‌

22,834

1

.19‌

(e)

0

.68‌

(e)

3

.26‌

(e)

2‌

(

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

88

Notes

to

Financial

Statements

(Unaudited)

1.

General

Information 

Trust

and

Fund

Information:

The

Nuveen

Multistate

Trust

IV

(the

“Trust”),

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended.

The

Trust

is

comprised

of

the

Nuveen

Kansas

Municipal

Bond

Fund

(“Kansas”),

Nuveen

Kentucky

Municipal

Bond

Fund

(“Kentucky”),

Nuveen

Michigan

Municipal

Bond

Fund

(“Michigan”),

Nuveen

Missouri

Municipal

Bond

Fund

(“Missouri”),

Nuveen

Ohio

Municipal

Bond

Fund

(“Ohio”)

and

Nuveen

Wisconsin

Municipal

Bond

Fund

(“Wisconsin”)

(each

a

“Fund”

and

collectively,

the

“Funds”),

as

diversified

funds.

The

Trust

was

organized

as

a

Massachusetts

business

trust

on

July

1,

1996.

The

Funds

were

each

organized

as

a

series

of

predecessor

trusts

or

corporations

prior

to

that

date.

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

November

30,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

November

30,

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 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:

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.

Fund

Gross

Custodian

Fee

Credits

Kansas

$

40,475

Kentucky

12,824

Michigan

26,594

Missouri

39,218

Ohio

37,291

Wisconsin

3,769

89

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

later

in

these

Notes

to

Financials.

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.

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

90

Notes

to

Financial

Statements

(Unaudited)

(continued)

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:

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

these

Notes

to

Financial

Statements.

Kansas

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

202,055,770

$

–

$

202,055,770

Common

Stocks

–

7,178,080

–

7,178,080

Total

$

–

$

209,233,850

$

–

$

209,233,850

Kentucky

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

246,023,743

$

–

$

246,023,743

Total

$

–

$

246,023,743

$

–

$

246,023,743

Michigan

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

214,344,757

$

–

$

214,344,757

Total

$

–

$

214,344,757

$

–

$

214,344,757

Missouri

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

497,194,577

$

–

$

497,194,577

Total

$

–

$

497,194,577

$

–

$

497,194,577

Ohio

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

533,448,813

$

–

$

533,448,813

Common

Stocks

–

28,050,720

–

28,050,720

Total

$

–

$

561,499,533

$

–

$

561,499,533

Wisconsin

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

78,155,880

$

–

$

78,155,880

Common

Stocks

–

8,075,520

–

8,075,520

Total

$

–

$

86,231,400

$

–

$

86,231,400

91

4.

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

borrowings

from

a

Liquidity

Provider,

as

a

liability.

Additionally,

the

Fund

reflects

in

“Investment

Income”

only

the

net

amount

of

earnings

on

the

Inverse

Floater

(net

of

the

interest

paid

to

the

holders

of

the

Floaters

or

the

Liquidity

Provider

as

lender,

and

the

expenses

of

the

Trust),

and

does

not

show

the

amount

of

that

interest

paid

or

the

expenses

of

the

TOB

Trust

as

described

above

as

interest

expense

on

the

Statement

of

Operations.

Fees

paid

upon

the

creation

of

a

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

are

recognized

as

part

of

the

cost

basis

of

the

Inverse

Floater

and

are

capitalized

over

the

term

of

the

TOB

Trust.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

Floaters

issued

by

each

Fund’s

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

During

the

current

fiscal

period,

the

average

amount

of

Floaters

(including

any

borrowings

from

a

Liquidity

Provider)

outstanding,

and

the

average

annual

interest

rates

and

fees

related

to

self-deposited

Inverse

Floaters,

were

as

follows:

Fund

Floating

Rate

Obligations:

Self-

Deposited

Inverse

Floaters

Floating

Rate

Obligations:

Externally-Deposited

Inverse

Floaters

Total

Kansas

$

—

$

—

$

—

Kentucky

16,520,000

—

16,520,000

Michigan

—

—

—

Missouri

—

—

—

Ohio

—

—

—

Wisconsin

8,020,000

—

8,020,000

92

Notes

to

Financial

Statements

(Unaudited)

(continued)

TOB

Trusts

are

supported

by

a

liquidity

facility

provided

by

a

Liquidity

Provider

pursuant

to

which

the

Liquidity

Provider

agrees,

in

the

event

that

Floaters

are

(a)

tendered

to

the

Trustee

for

remarketing

and

the

remarketing

does

not

occur,

or

(b)

subject

to

mandatory

tender

pursuant

to

the

terms

of

the

TOB

Trust

agreement,

to

either

purchase

Floaters

or

to

provide

the

Trustee

with

an

advance

from

a

loan

facility

to

fund

the

purchase

of

Floaters

by

the

TOB

Trust.

In

certain

circumstances,

the

Liquidity

Provider

may

otherwise

elect

to

have

the

Trustee

sell

the

Underlying

Bond

to

retire

the

Floaters

that

were

tendered

and

not

remarketed

prior

to

providing

such

a

loan.

In

these

circumstances,

the

Liquidity

Provider

remains

obligated

to

provide

a

loan

to

the

extent

that

the

proceeds

of

the

sale

of

the

Underlying

Bond

are

not

sufficient

to

pay

the

purchase

price

of

the

Floaters.

The

size

of

the

commitment

under

the

loan

facility

for

a

given

TOB

Trust

is

at

least

equal

to

the

balance

of

that

TOB

Trust’s

outstanding

Floaters

plus

any

accrued

interest.

In

consideration

of

the

loan

facility,

fee

schedules

are

in

place

and

are

charged

by

the

Liquidity

Provider(s).

Any

loans

made

by

the

Liquidity

Provider

will

be

secured

by

the

purchased

Floaters

held

by

the

TOB

Trust.

Interest

paid

on

any

outstanding

loan

balances

will

be

effectively

borne

by

the

Fund

that

owns

the

Inverse

Floaters

of

the

TOB

Trust

that

has

incurred

the

borrowing

and

may

be

at

a

rate

that

is

greater

than

the

rate

that

would

have

been

paid

had

the

Floaters

been

successfully

remarketed.

As

described

above,

any

amounts

outstanding

under

a

liquidity

facility

are

recognized

as

a

component

of

“Floating

rate

obligations”

on

the

Statement

of

Assets

and

Liabilities

by

the

Fund

holding

the

corresponding

Inverse

Floaters

issued

by

the

borrowing

TOB

Trust.

As

of

the

end

of

the

reporting

period,

there

were

no

loans

outstanding

under

any such

facility.

Each

Fund

may

also

enter

into

shortfall

and

forbearance

agreements

(sometimes

referred

to

as

a

“recourse

arrangement”)

(TOB

Trusts

involving

such

agreements

are

referred

to

herein

as

“Recourse

Trusts”),

under

which

a

Fund

agrees

to

reimburse

the

Liquidity

Provider

for

the

Trust’s

Floaters,

in

certain

circumstances,

for

the

amount

(if

any)

by

which

the

liquidation

value

of

the

Underlying

Bond

held

by

the

TOB

Trust

may

fall

short

of

the

sum

of

the

liquidation

value

of

the

Floaters

issued

by

the

TOB

Trust

plus

any

amounts

borrowed

by

the

TOB

Trust

from

the

Liquidity

Provider,

plus

any

shortfalls

in

interest

cash

flows.

Under

these

agreements,

a

Fund’s

potential

exposure

to

losses

related

to

or

on

an

Inverse

Floater

may

increase

beyond

the

value

of

the

Inverse

Floater

as

a

Fund

may

potentially

be

liable

to

fulfill

all

amounts

owed

to

holders

of

the

Floaters

or

the

Liquidity

Provider.

Any

such

shortfall

amount

in

the

aggregate

is

recognized

as

“Unrealized

depreciation

on

Recourse

Trusts”

on

the

Statement

of

Assets

and

Liabilities.

As

of

the

end

of

the

reporting

period, each

Fund's

maximum

exposure

to

the

Floaters

issued

by

Recourse

Trusts

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

Zero

Coupon

Securities:

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Purchases

&

Sales:

Long-term

purchases

and

sales

during

the

current

fiscal

period

were

as

follows:

Fund

Average

Floating

Rate

Obligations

Outstanding

Average

Annual

Interest

Rate

And

Fees

Kansas

$

—

—

%

Kentucky

22,011,808

4.00

Michigan

—

—

Missouri

—

—

Ohio

—

—

Wisconsin

8,020,000

4.14

Fund

Maximum

Exposure

to

Recourse

Trusts:

Self-Deposited

Inverse

Floaters

Maximum

Exposure

to

Recourse

Trusts:

Externally-Deposited

Inverse

Floaters

Total

Kansas

$

—

$

—

$

—

Kentucky

16,520,000

—

16,520,000

Michigan

—

—

—

Missouri

—

—

—

Ohio

—

—

—

Wisconsin

8,020,000

—

8,020,000

93

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. 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.

5.

Derivative

Investments

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

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.

6.

Fund

Shares

Transactions

in Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

and

Maturities

Kansas

$

7,143,359

$

25,338,680

Kentucky

31,092,790

62,862,624

Michigan

16,702,131

93,168,604

Missouri

75,010,285

105,140,069

Ohio

42,074,195

67,986,755

Wisconsin

2,039,373

10,144,153

Six

Months

Ended

11/30/23

Year

Ended

5/31/23

Kansas

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

445,473

$4,315,611

2,046,878

$20,316,293

Class

A

-

automatic

conversion

of

Class

C

12,614

120,334

44,035

435,392

Class

C

26,668

249,528

54,587

535,171

Class

I

1,719,697

16,794,140

2,634,176

26,238,590

Total

subscriptions

2,204,452

21,479,613

4,779,676

47,525,446

Reinvestments

of

distributions:

Class

A

138,776

1,350,624

284,571

2,815,548

Class

C

5,104

49,574

12,166

120,102

Class

I

95,364

930,307

177,144

1,758,736

Total

reinvestments

of

distributions

239,244

2,330,505

473,881

4,694,386

Redemptions:

Class

A

(1,596,836)

(15,490,461)

(3,745,102)

(36,944,178)

Class

C

(153,796)

(1,501,728)

(265,357)

(2,593,917)

Class

C

-

automatic

conversion

to

Class

A

(12,653)

(120,334)

(44,124)

(435,392)

Class

I

(2,632,024)

(25,295,812)

(3,402,586)

(33,765,420)

Total

redemptions

(4,395,309)

(42,408,335)

(7,457,169)

(73,738,907)

Net

increase

(decrease)

(1,951,613)

$(18,598,217)

(2,203,612)

$(21,519,075)

94

Notes

to

Financial

Statements

(Unaudited)

(continued)

Six

Months

Ended

11/30/23

Year

Ended

5/31/23

Kentucky

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

500,640

$4,822,847

1,072,128

$10,561,794

Class

A

-

automatic

conversion

of

Class

C

—

—

1,835

17,966

Class

C

83

792

13,726

135,266

Class

I

1,261,678

12,197,264

1,437,210

14,100,464

Total

subscriptions

1,762,401

17,020,903

2,524,899

24,815,490

Reinvestments

of

distributions:

Class

A

249,324

2,390,462

536,269

5,241,292

Class

C

3,555

34,077

10,290

100,514

Class

I

76,646

733,101

173,760

1,695,372

Total

reinvestments

of

distributions

329,525

3,157,640

720,319

7,037,178

Redemptions:

Class

A

(2,272,899)

(21,841,442)

(5,117,475)

(49,998,156)

Class

C

(66,888)

(641,924)

(304,826)

(2,990,326)

Class

C

-

automatic

conversion

to

Class

A

—

—

(1,835)

(17,966)

Class

I

(2,702,551)

(25,202,201)

(3,106,012)

(30,203,778)

Total

redemptions

(5,042,338)

(47,685,567)

(8,530,148)

(83,210,226)

Net

increase

(decrease)

(2,950,412)

$(27,507,024)

(5,284,930)

$(51,357,558)

Six

Months

Ended

11/30/23

Year

Ended

5/31/23

Michigan

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

302,789

$3,112,938

1,249,469

$13,227,046

Class

A

-

automatic

conversion

of

Class

C

—

—

1,650

17,562

Class

C

46,646

487,237

47,102

493,919

Class

I

3,057,182

31,836,843

12,456,325

131,248,577

Total

subscriptions

3,406,617

35,437,018

13,754,546

144,987,104

Reinvestments

of

distributions:

Class

A

97,821

1,014,633

176,670

1,865,005

Class

C

5,101

52,781

8,779

92,400

Class

I

212,014

2,195,315

361,118

3,808,980

Total

reinvestments

of

distributions

314,936

3,262,729

546,567

5,766,385

Redemptions:

Class

A

(1,100,345)

(11,332,744)

(3,041,940)

(32,166,187)

Class

C

(110,530)

(1,142,076)

(264,980)

(2,802,487)

Class

C

-

automatic

conversion

to

Class

A

—

—

(1,655)

(17,562)

Class

I

(8,942,284)

(91,138,833)

(11,400,630)

(120,288,777)

Total

redemptions

(10,153,159)

(103,613,653)

(14,709,205)

(155,275,013)

Net

increase

(decrease)

(6,431,606)

$(64,913,906)

(408,092)

$(4,521,524)

95

Six

Months

Ended

11/30/23

Year

Ended

5/31/23

Missouri

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

1,436,899

$14,681,963

4,826,950

$49,987,401

Class

A

-

automatic

conversion

of

Class

C

289

2,985

173

1,811

Class

C

14,438

146,509

154,321

1,600,108

Class

I

3,362,336

34,371,447

8,011,529

82,911,165

Total

subscriptions

4,813,962

49,202,904

12,992,973

134,500,485

Reinvestments

of

distributions:

Class

A

417,344

4,264,959

780,974

8,111,174

Class

C

13,287

135,330

28,105

290,734

Class

I

242,687

2,474,839

458,604

4,754,073

Total

reinvestments

of

distributions

673,318

6,875,128

1,267,683

13,155,981

Redemptions:

Class

A

(3,679,364)

(37,394,190)

(9,523,052)

(99,108,247)

Class

C

(236,723)

(2,403,066)

(653,517)

(6,741,173)

Class

C

-

automatic

conversion

to

Class

A

(290)

(2,985)

(174)

(1,811)

Class

I

(4,809,606)

(48,687,203)

(14,623,739)

(150,983,449)

Total

redemptions

(8,725,983)

(88,487,444)

(24,800,482)

(256,834,680)

Net

increase

(decrease)

(3,238,703)

$(32,409,412)

(10,539,826)

$(109,178,214)

Six

Months

Ended

11/30/23

Year

Ended

5/31/23

Ohio

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

1,553,612

$16,364,842

5,629,720

$60,709,199

Class

A

-

automatic

conversion

of

Class

C

585

6,241

1,443

15,757

Class

C

31,716

333,735

80,085

864,215

Class

I

4,187,681

44,608,942

11,010,014

119,151,905

Total

subscriptions

5,773,594

61,313,760

16,721,262

180,741,076

Reinvestments

of

distributions:

Class

A

275,813

2,939,751

509,262

5,512,789

Class

C

7,967

84,450

15,852

170,589

Class

I

306,324

3,250,821

545,443

5,881,687

Total

reinvestments

of

distributions

590,104

6,275,022

1,070,557

11,565,065

Redemptions:

Class

A

(2,713,326)

(28,804,485)

(8,251,846)

(88,670,754)

Class

C

(202,866)

(2,128,616)

(376,765)

(4,069,852)

Class

C

-

automatic

conversion

to

Class

A

(589)

(6,241)

(1,452)

(15,757)

Class

I

(6,430,860)

(67,519,195)

(13,598,340)

(146,340,692)

Total

redemptions

(9,347,641)

(98,458,537)

(22,228,403)

(239,097,055)

Net

increase

(decrease)

(2,983,943)

$(30,869,755)

(4,436,584)

$(46,790,914)

96

Notes

to

Financial

Statements

(Unaudited)

(continued)

7.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

intends

to

satisfy

conditions

that

will

enable

interest

from

municipal

securities,

which

is

exempt

from

regular

federal

and

designated

state

income

taxes,

to

retain

such

tax-exempt

status

when

distributed

to

shareholders

of

the

Funds.

Net

realized

capital

gains

and

ordinary

income

distributions

paid

by

the

Funds

are

subject

to

federal

taxation. 

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

As

of

the

end

of

the

reporting

period,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

prior

fiscal

period

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

Six

Months

Ended

11/30/23

Year

Ended

5/31/23

Wisconsin

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

52,065

$493,513

57,293

$566,423

Class

A

-

automatic

conversion

of

Class

C

—

—

7,456

70,822

Class

C

—

—

10,614

104,151

Class

I

2,994

28,975

17,745

174,631

Total

subscriptions

55,059

522,488

93,108

916,027

Reinvestments

of

distributions:

Class

A

91,303

865,132

196,880

1,927,005

Class

C

6,194

58,719

14,505

141,923

Class

I

43,884

416,162

106,140

1,039,245

Total

reinvestments

of

distributions

141,381

1,340,013

317,525

3,108,173

Redemptions:

Class

A

(400,388)

(3,765,677)

(1,601,386)

(15,505,050)

Class

C

(84,195)

(796,884)

(183,932)

(1,816,036)

Class

C

-

automatic

conversion

to

Class

A

—

—

(7,456)

(70,822)

Class

I

(619,289)

(5,768,931)

(1,754,219)

(17,221,368)

Total

redemptions

(1,103,872)

(10,331,492)

(3,546,993)

(34,613,276)

Net

increase

(decrease)

(907,432)

$(8,468,991)

(3,136,360)

$(30,589,076)

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Kansas

$

218,322,708

$

5,531,899

$

(14,620,757)

$

(9,088,858)

Kentucky

242,884,587

757,968

(14,138,812)

(13,380,844)

Michigan

219,318,205

1,643,864

(6,617,312)

(4,973,448)

Missouri

507,240,738

4,844,084

(14,890,245)

(10,046,161)

Ohio

556,242,700

22,437,848

(17,181,015)

5,256,833

Wisconsin

80,953,197

5,627,514

(8,369,311)

(2,741,797)

97

As

of

prior

fiscal

period

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

8.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees

:

Each

Fund’s

management

fee

compensates

the

Adviser

for

the

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

The

Sub-Adviser

is

compensated

for

its

services

to

the

Funds

from

the

management

fees

paid

to

the

Adviser.

Each

Fund’s

management

fee

consists

of

two

components

–

a

fund-level

fee,

based

only

on

the

amount

of

assets

within

each

individual

Fund,

and

a

complex-level

fee,

based

on

the

aggregate

amount

of

all

eligible

fund

assets

managed

by

the

Adviser.

This

pricing

structure

enables

each

Fund’s

shareholders

to

benefit

from

growth

in

the

assets

within

their

respective

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

The

annual

fund-level

fee,

payable

monthly,

for

each

Fund

is

calculated

according

to

the

following

schedule:

Fund

Undistributed

Tax-Exempt

Income

1

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

Kansas

$

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

dividends

declared

during

the

period

May

1,

2023

through

May

31,

2023

and

paid

on

June

1,

2023.

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

98

Notes

to

Financial

Statements

(Unaudited)

(continued)

The

annual

complex-level

fee,

payable

monthly,

for

each

Fund

is

calculated

according

to

the

following

schedule:

*

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

“eligible

assets”

of

all

Nuveen

open-end

and

closed-end

funds.

Eligible

assets

do

not

include

assets

attributable

to

investments

in

other

Nuveen

funds

or

assets

in

excess

of

a

determined

amount

(originally

$2

billion)

added

to

the

Nuveen

fund

complex

in

connection

with

the

Adviser’s

assumption

of

the

management

of

the

former

First

American

Funds

effective

January

1,

2011,

but

do

include

certain

assets

of

certain

Nuveen

funds

that

were

reorganized

into

funds

advised

by

an

affiliate

of

the

Adviser

during

the

2019

calendar

year.

Eligible

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

certain

types

of

leverage.

For

these

purposes,

leverage

includes

the

closed-end

funds’

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

eligible

assets

in

certain

circumstances.

As

of

November

30,

2023,

the

complex-level

fee

rate

for

each

Fund

was

as

follows:

The

Adviser

has

agreed

to

waive

fees

and/or

reimburse

expenses

for

Ohio

so

that

total

annual

Fund

operating

expenses,

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

0.75%

of

the

average

daily

net

assets

of

any

class

of

Fund

shares.

The

expense

limitation

may

be

terminated

or

modified

only

with

the

approval

of

shareholders

of

the

Fund.

Distribution

and

Service

Fees:

Each

Fund

has

adopted

a

distribution

and

service

plan

under

rule

12b-1

under

the

1940

Act.

Class

A

Shares

incur

a

0.20%

annual

12b-1

service

fee.

Class

C

Shares

incur

a

0.75%

annual

12b-1

distribution

fee

and

a

0.25%

annual

12b-1

service

fee. Class

I

Shares

are

not

subject

to

12b-1

distribution

or

service

fees.

The

fees

under

this

plan

compensate

Nuveen

Securities,

LLC,

(the

"Distributor"),

a

wholly-owned

subsidiary

of

Nuveen,

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Funds

and

establishing

and

maintaining

shareholder

accounts.

Other

Transactions

with

Affiliates:

Each

Fund

is

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Sub-Adviser

(“Affiliated

Entity”)

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board

("cross-trade").

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

an

Affiliated

Entity

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

adviser),

common

officer

and/or

common

trustee

complies

with

Rule

17a-7

under

the

1940

Act.

These

transactions

are

effected

at

the

current

market

price

(as

provided

by

an

independent

pricing

service)

without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Funds

engaged

in

cross-trades

pursuant

to

these

procedures

as

follows:

Complex-Level

Eligible

Asset

Breakpoint

Level*

Effective

Complex-Level

Fee

Rate

at

Breakpoint

Level

$55

billion

0.2000

%

$56

billion

0.1996

$57

billion

0.1989

$60

billion

0.1961

$63

billion

0.1931

$66

billion

0.1900

$71

billion

0.1851

$76

billion

0.1806

$80

billion

0.1773

$91

billion

0.1691

$125

billion

0.1599

$200

billion

0.1505

$250

billion

0.1469

$300

billion

0.1445

Fund

Complex-Level

Fee

Kansas

0

.1608%

Kentucky

0

.1608%

Michigan

0

.1608%

Missouri

0

.1718%

Ohio

0

.1646%

Wisconsin

0

.1608%

99

During

the

current

fiscal

period,

the

Distributor,

collected

sales

charges

on

purchases

of

Class

A

Shares,

the

majority

of

which

were

paid

out

as

concessions

to

financial

intermediaries

as

follows:

The

Distributor

also

received

12b-1

service

fees

on

Class

A

Shares,

substantially

all

of

which

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

During

the

current

fiscal

period,

the

Distributor

compensated

financial

intermediaries

directly

with

commission

advances

at

the

time

of

purchase

as

follows:

To

compensate

for

commissions

advanced

to

financial

intermediaries,

all

12b-1

service

and

distribution

fees

collected

on

Class

C

Shares

during

the

first

year

following

a

purchase

are

retained

by

the

Distributor.

During

the

current

fiscal

period,

the

Distributor

retained

such

12b-1

fees

as

follows:

The

remaining

12b-1

fees

charged

to

each

Fund

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

The

Distributor

also

collected

and

retained

CDSC

on

share

redemptions

during

the

current

fiscal

period,

as

follows: 

Fund

Purchases

Sales

Realized

Gain

(Loss)

Kansas

$

—

$

—

$

—

Kentucky

—

—

—

Michigan

—

—

—

Missouri

8,696,327

25,273,582

(1,086,360)

Ohio

—

—

—

Wisconsin

—

—

—

Fund

Sales

Charges

Collected

Paid

to

Financial

Intermediaries

Kansas

$

29,327

$

26,532

Kentucky

34,560

33,980

Michigan

20,826

19,843

Missouri

107,999

102,578

Ohio

46,554

44,217

Wisconsin

—

—

Fund

Commission

Advances

Kansas

$

10,672

Kentucky

30,085

Michigan

16,350

Missouri

68,176

Ohio

31,871

Wisconsin

—

Fund

12b-1

Fees

Retained

Kansas

$

2,039

Kentucky

85

Michigan

—

Missouri

2,156

Ohio

4,554

Wisconsin

904

100

Notes

to

Financial

Statements

(Unaudited)

(continued)

9.

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.

10.

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

in June

2023.

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:

Fund

CDSC

Retained

Kansas

$

—

Kentucky

72

Michigan

—

Missouri

9,997

Ohio

1,883

Wisconsin

—

Fund

Maximum

Outstanding

Balance

Kansas

$

624,761

Kentucky

1,790,769

Michigan

4,012,992

Missouri

1,689,945

Ohio

6,808,278

Wisconsin

1,741,608

101

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

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

Kansas

3

$

624,761

6.28

%

Kentucky

3

1,790,769

6.28

Michigan

3

4,012,992

6.53

Missouri

13

1,090,219

6.34

Ohio

3

6,808,278

6.53

Wisconsin

16

1,094,594

6.33

102

Shareholder

Meeting

Report

(Unaudited)

The

special

meeting

of

shareholders

was

held

on

November

20,

2023

for

Nuveen

Multistate

Trust

IV;

at

this

meeting

the

shareholders

were

asked

to

elect

Board

members.

Nuveen

Multistate

Trust

IV

Approval

of

the

Board

Members

was

reached

as

follows:

Joseph

A.

Boateng

For

151,913,237

Withhold

3,732,072

Total

155,645,309

Michael

A.

Forrester

For

  151,931,760

Withhold

  3,713,549

Total

155,645,309

Thomas

J.

Kenny

For

151,929,994

Withhold

  3,715,315

Total

  155,645,309  

Amy

B.R.

Lancellotta

For

152,974,141

Withhold

2,671,168

Total

155,645,309

Joanne

T.

Medero

For

  152,857,112

Withhold

2,788,197

Total

  155,645,309

Albin

F.

Moschner

For

  151,745,498

Withhold

3,899,811

Total

  155,645,309

John

K.

Nelson

For

151,898,894

Withhold

3,746,415

Total

155,645,309

Loren

M.

Starr

For

153,012,171

Withhold

2,633,138

Total

155,645,309

Matthew

Thornton

III

For

152,539,964

Withhold

  3,105,345

Total

155,645,309

Terence

J.

Toth

For

151,839,453

Withhold

3,805,856

Total

155,645,309

Margaret

L.

Wolff

For

152,882,974

Withhold

  2,762,335

Total

  155,645,309

Robert

L.

Young

For

151,948,761

Withhold

  3,696,548

Total

155,645,309

103

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.

104

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

Average

Annual

Total

Return:

This

is

a

commonly

used

method

to

express

an

investment’s

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment’s

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Effective

Leverage

(Effective

Leverage

Ratio):

Effective

leverage

is

investment

exposure

created

either

directly

through

certain

borrowings

or

indirectly

through

inverse

floaters,

divided

by

the

assets

invested,

including

those

assets

that

were

purchased

with

the

proceeds

of

the

leverage,

or

referenced

by

the

levered

instrument.

The

calculation

of

the

Effective

Leverage

Ratio

reflects

borrowings

effected

on

a

long-term

basis

for

investment

purposes,

but

excludes

borrowings

that

may

occur,

on

a

transient

basis,

in

connection

with

a

Fund’s

day-to-day

operations

primarily

in

connection

with

the

need

to

pay

cash

out

to

redeeming

shareholders

or

to

settle

portfolio

trades.

Inverse

Floating

Rate

Securities:

Inverse

floating

rate

securities

are

the

residual

interest

in

a

tender

option

bond

(TOB)

trust,

sometimes

referred

to

as

“inverse

floaters”,

are

created

by

depositing

a

municipal

bond,

typically

with

a

fixed

interest

rate,

into

a

special

purpose

trust.

This

trust,

in

turn,

(a)

issues

floating

rate

certificates

typically

paying

short-term

tax-exempt

interest

rates

to

third

parties

in

amounts

equal

to

some

fraction

of

the

deposited

bond’s

par

amount

or

market

value,

and

(b)

issues

an

inverse

floating

rate

certificate

(sometimes

referred

to

as

an

“inverse

floater”)

to

an

investor

(such

as

a

fund)

interested

in

gaining

investment

exposure

to

a

long-term

municipal

bond.

The

income

received

by

the

holder

of

the

inverse

floater

varies

inversely

with

the

short-term

rate

paid

to

the

floating

rate

certificates’

holders,

and

in

most

circumstances

the

holder

of

the

inverse

floater

bears

substantially

all

of

the

underlying

bond’s

downside

investment

risk.

The

holder

of

the

inverse

floater

typically

also

benefits

disproportionately

from

any

potential

appreciation

of

the

underlying

bond’s

value.

Hence,

an

inverse

floater

essentially

represents

an

investment

in

the

underlying

bond

on

a

leveraged

basis.

Leverage:

Leverage

is

created

whenever

a

fund

has

investment

exposure

(both

reward

and/or

risk)

equivalent

to

more

than

100%

of

the

investment

capital.

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.

Liquidity

Risk

Management

Program

(Unaudited)

105

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.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

MSA-MS6-1123P

3299646-INV-B-01/25

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.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this registrant.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

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

Not applicable to this registrant.

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

Not applicable to this registrant.

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

Not applicable to this registrant.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

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

Not applicable.

ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

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

SIGNATURES

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

(Registrant) Nuveen Multistate Trust IV

By (Signature and Title)	/s/ Jordan M. Farris
	Jordan M. Farris
	Chief Administrative Officer

Date: February 2, 2024

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/ Jordan M. Farris
	Jordan M. Farris
	Chief Administrative Officer
	(principal executive officer)

Date: February 2, 2024

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

Date: February 2, 2024

EX-99.CERT

EX-99.CERT

CERTIFICATIONS

I, Jordan M. Farris, certify that:

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

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

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

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

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

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

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

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

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

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

Date: February 2, 2024

/s/ Jordan M. Farris

Jordan M. Farris

Chief Administrative Officer

(principal executive officer)

I, E. Scott Wickerham, certify that:

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

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

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

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

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

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

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

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

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

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

Date: February 2, 2024

/s/ E. Scott Wickerham

E. Scott Wickerham

Vice President and Controller

(principal financial officer)

EX-99.906CERT

EX-99.906CERT

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

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

1. The Form N-CSR of the Registrant for the period ended November 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

Date: February 2, 2024

/s/ Jordan M. Farris

Jordan M. Farris

Chief Administrative Officer

(principal executive officer)

/s/ E. Scott Wickerham

E. Scott Wickerham

Vice President and Controller

(principal financial officer)