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 811-07755

Nuveen Multistate Trust II

(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: February 28

Date of reporting period: August 31, 2023

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

Bond

Funds

Mutual

Funds

Nuveen

Municipal

August

31,

2023

Semi-annual

Report

This

semi-annual

report

contains

the

Funds'

unaudited financial

statements.

Fund

Name

Class

A

Class

C

Class

I

Nuveen

California

High

Yield

Municipal

Bond

Fund

NCHAX

NAWSX

NCHRX

Nuveen

California

Municipal

Bond

Fund

NCAAX

NAKFX

NCSPX

Nuveen

Connecticut

Municipal

Bond

Fund

FCTTX

FDCDX

FCTRX

Nuveen

Massachusetts

Municipal

Bond

Fund

NMAAX

NAAGX

NBMAX

Nuveen

New

Jersey

Municipal

Bond

Fund

NNJAX

NJCCX

NMNJX

Nuveen

New

York

Municipal

Bond

Fund

NNYAX

NAJPX

NTNYX

2

Table

of

Contents

Chair’s

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

25

Statement

of

Assets

and

Liabilities

100

Statement

of

Operations

102

Statement

of

Changes

in

Net

Assets

104

Statement

of

Cash

Flows

107

Financial

Highlights

108

Notes

to

Financial

Statements

120

Additional

Fund

Information

135

Glossary

of

Terms

Used

in

this

Report

136

Liquidity

Risk

Management

Program

137

Annual

Investment

Management

Agreement

Approval

Process

138

Chair’s

Letter

to

Shareholders

3

Dear

Shareholders,

Inflation

concerns

have

continued

to

dominate

the

investment

landscape

in

2023.

Inflation

rates

have

fallen

meaningfully

from

post-pandemic

highs,

helped

by

the

significant

policy

interest

rate

increases

from

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

since

2022

and

the

normalization

of

supply

chains.

However,

they

currently

remain

above

the

levels

that

central

banks

consider

supportive

of

their

economies’

long-term

growth.

Core

inflation

measures,

which

exclude

volatile

food

and

energy

prices,

in

particular

remain

above

central

banks’

targeted

levels.

At

the

same

time,

the

U.S.

and

other

large

economies

have

remained

relatively

resilient,

even

as

financial

conditions

have

tightened.

U.S.

gross

domestic

product

increased

to

2.1%

in

the

second

quarter

of

2023

from

2.0%

in

the

first

quarter

of

2023,

after

growing

2.1%

in

2022

overall

compared

to

2021.

Consider

that

much

of

this

growth

occurred

while

the

Fed

was

raising

interest

rates

in

one

of

the

fastest

hiking

cycles

in

its

history.

The

Fed

increased

the

target

fed

funds

rate

from

near

zero

in

March

2022

to

a

range

of

5.25%

to

5.50%

as

of

September

2023,

pausing

briefly

in

June

2023

and

again

in

September

2023.

Despite

historically

high

inflation

and

rapidly

rising

interest

rates,

the

jobs

market

has

remained

relatively

strong,

helping

to

support

consumer

sentiment

and

spending.

However,

markets

are

concerned

that

these

conditions

could

keep

upward

pressure

on

prices

and

wages,

leading

to

interest

rates

staying

higher

for

longer

and

a

potentially

deeper

slowdown

in

the

economy.

U.S.

regional

banks

–

after

enduring

the

relatively

contained

collapses

of

Silicon

Valley

Bank,

Signature

Bank

and

First

Republic

Bank

and

major

European

bank

Credit

Suisse

in

March

2023

–

remain

exposed

to

challenges

in

the

commercial

real

estate

sector.

Additionally,

concerns

about

government

funding

and

deficits

persist.

Congress

averted

a

near-term

default

scenario

in

June

2023

and

a

partial

government

shutdown

at

the

end

of

September

2023,

but

funding

will

need

to

be

renegotiated

again

in

November

2023.

Given

the

lingering

upside

risks

to

inflation

and

the

lagging

impact

of

tighter

credit

conditions

on

the

economy,

Fed

officials

are

closely

monitoring

incoming

inflation

data

and

other

economic

measures

to

modify

their

rate

setting

activity

based

upon

these

factors

on

a

meeting-by-meeting

basis.

The

Fed

remains

committed

to

acting

until

it

sees

sustainable

progress

toward

its

inflation

goals.

In

the

meantime,

markets

are

likely

to

continue

reacting

in

the

short

term

to

news

about

inflation

data,

economic

indicators

and

central

bank

policy.

We

encourage

investors

to

keep

a

long-term

perspective

amid

the

short-term

turbulence.

Your

financial

professional

can

help

you

review

how

well

your

portfolio

is

aligned

with

your

time

horizon,

risk

tolerance

and

investment

goals.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Chair

of

the

Board

October 23,

2023

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

February

28,

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

changes

that

occurred

to

your

Fund

both

during

and

subsequent

to

this

reporting

period,

please

refer

to

the

Notes

to

Financial

Statements

section

of

this

report.

For

average

annual

total

returns

as

of

the

end

of

this

reporting

period,

please

refer

to

the

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

to

be

prepared

for

these

Funds

will

be

for

the

reporting

period

ended

August

31,

2024.

Portfolio

Manager

Updates

for

Nuveen

California

High

Yield

Municipal

Bond

Fund

Effective

May

31,

2023,

John

Miller

no

longer

serves

as

a

portfolio

manager

of

the

Fund.

Daniel

Close,

Stephen

Candido

and

Scott

Romans

continue

to

serve

as

portfolio

managers

of

the

Fund.

Events

that

Occurred

Subsequent

to

the

Reporting

Period

Portfolio

Manager

Update

for

Nuveen

California

Municipal

Bond

Fund

and

Nuveen

New

York

Municipal

Bond

Fund

Effective

October

13,

2023,

Kristen

DeJong

has

been

added

as

a

portfolio

manager.

Scott

Romans

continues

to

serve

as

a

portfolio

manager

of

the

Funds.

Portfolio

Manager

Update

for

Nuveen

Connecticut

Municipal

Bond

Fund

and

Nuveen

Massachusetts

Municipal

Bond

Fund

Effective

October

13,

2023,

Stephen

Candido

has

been

added

as

a

portfolio

manager.

Michael

Hamilton

continues

to

serve

as

a

portfolio

manager

of

the

Funds.

Portfolio

Manager

Update

for

Nuveen

New

Jersey

Municipal

Bond

Fund

Effective

October

13,

2023,

Steven

Hlavin

has

been

added

as

a

portfolio

manager.

Paul

Brennan

continues

to

serve

as

a

portfolio

manager

of

the

Fund.

Risk

Considerations

and

Dividend

Information

5

Risk

Considerations

Nuveen

California

High

Yield

Municipal

Bond

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

call

risk,

state

concentration

risk,

tax

risk,

political

and

economic

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.

The

Fund

concentrates

in

non-investment

grade

and

unrated

bonds

with

long

maturities

and

durations

which

carry

heightened

credit

risk,

liquidity

risk,

and

potential

for

default.

In

addition,

the

Fund

oftentimes

engages

in

a

significant

amount

of

portfolio

leverage

and

in

doing

so,

assumes

a

high

level

of

risk

in

pursuit

of

its

objectives.

Leverage

involves

the

risk

that

the

Fund

could

lose

more

than

its

original

investment

and

also

increases

the

Fund’s

exposure

to

volatility,

interest

rate

risk

and

credit

risk.

Nuveen

California

Municipal

Bond

Fund

Nuveen

Connecticut

Municipal

Bond

Fund

Nuveen

Massachusetts

Municipal

Bond

Fund

Nuveen

New

Jersey

Municipal

Bond

Fund

Nuveen

New

York

Municipal

Bond

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

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

Fund’s

use

of

inverse

floaters

creates

effective

leverage.

Leverage

involves

the

risk

that

the

Fund

could

lose

more

than

its

original

investment

and

also

increases

the

Fund’s

exposure

to

volatility

and

interest

rate

risk.

Dividend

Information

Each

Fund

seeks

to

pay

regular

monthly

dividends

out

of

its

net

investment

income

at

a

rate

that

reflects

its

past

and

projected

net

income

performance.

To

permit

each

Fund

to

maintain

a

more

stable

monthly

dividend,

the

Fund

may

pay

dividends

at

a

rate

that

may

be

more

or

less

than

the

amount

of

net

income

actually

earned

by

the

Fund

during

the

period.

Distributions

to

shareholders

are

determined

on

a

tax

basis,

which

may

differ

from

amounts

recorded

in

the

accounting

records.

In

instances

where

the

monthly

dividend

exceeds

the

earned

net

investment

income,

the

Fund

would

report

a

negative

undistributed

net

ordinary

income.

Refer

to

Note

6

–

Income

Tax

Information

for

additional

information

regarding

the

amounts

of

undistributed

net

ordinary

income

and

undistributed

net

long-term

capital

gains

and

the

character

of

the

actual

distributions

paid

by

the

Fund

during

the

period.

All

monthly

dividends

paid

by

each

Fund

during

the

current

reporting

period

were

paid

from

net

investment

income.

If

a

portion

of

the

Fund’s

monthly

distributions

is

sourced

or

comprised

of

elements

other

than

net

investment

income,

including

capital

gains

and/

or

a

return

of

capital,

shareholders

will

be

notified

of

those

sources.

For

financial

reporting

purposes,

the

per

share

amounts

of

the

Fund’s

distributions

for

the

reporting

period

are

presented

in

this

report’s

Financial

Highlights.

For

income

tax

purposes,

distribution

information

for

the

Fund

as

of

its

most

recent

tax

year

end

is

presented

in

Note

6

–

Income

Tax

Information

within

the

Notes

to

Financial

Statements

of

this

report.

6

About

the

Funds’

Benchmarks

Lipper

California

Municipal

Debt

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

California

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

charges.

Lipper

Massachusetts

Municipal

Debt

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

Massachusetts

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

charges.

Lipper

New

Jersey

Municipal

Debt

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

New

Jersey

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

charges

.

Lipper

New

York

Municipal

Debt

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

New

York

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

charges.

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

Classification

represents

the

overall

average

of

returns

for

funds

from

ten

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

charges.

S&P

Municipal

Bond

California

Index:

A

index

designed

to

measure

the

performance

of

the

tax-exempt

California

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Connecticut

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Connecticut

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

U.S.

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sa

les

charges

or

management

fees.

S&P

Municipal

Bond

Massachusetts

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Massachusetts

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

New

Jersey

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

New

Jersey

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

New

York

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

New

York

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Yield

Index:

An

index

that

is

structured

so

that

70%

of

the

index

consists

of

bonds

that

are

either

not

rated

or

are

rated

below

investment

grade,

20%

are

rated

BBB/Baa,

and

10%

are

rated

single

A.

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

(except

for

Nuveen

California

High

Yield

Municipal

Bond

Fund,

which

uses

lowest

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

California

High

Yield

Municipal

Bond

Fund

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

August

31,

2023

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summa-

ries section

for

further

explanation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Yield

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

August

31,

2023

Total

Returns

as

of

August

31,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

at

NAV

3/28/06

(1.63)%

(4.34)%

(0.73)%

3.64%

1.51%

Class

A

at

maximum

Offering

Price

3/28/06

(5.80)%

(8.41)%

(1.57)%

3.20%

—

S&P

Municipal

Yield

Index

—

2.49%

1.24%

2.36%

4.64%

—

Lipper

California

Municipal

Debt

Funds

Classification

Average

—

0.72%

0.86%

0.80%

2.90%

—

Class

I

3/28/06

(1.39)%

(4.12)%

(0.52)%

3.86%

1.31%

Total

Returns

as

of

August

31,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Class

C

at

NAV

2/10/14

(1.88)%

(5.07)%

(1.50)%

2.14%

2.31%

Class

C

at

maximum

Offering

Price

2/10/14

(2.84)%

(5.07)%

(1.50)%

2.14%

—

Effective

Leverage

Ratio

17.24%

9

Holdings

Summaries

as

of

August

31,

2023

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

118

.2‌

%

Other

Assets

&

Liabilities,

Net

2.1%

Floating

Rate

Obligations

(20.3)%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

California

92.5%

Puerto

Rico

5.1%

Florida

1.2%

Virgin

Islands

0.6%

Guam

0.5%

Virginia

0.1%

Tennessee

0.0%

Illinois

0.0%

Missouri

0.0%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Tax

Obligation/Limited

29.6%

Education

and

Civic

Organizations

15.1%

Housing/Multifamily

14.8%

Tax

Obligation/General

12.0%

Health

Care

10.5%

Transportation

8.8%

Utilities

3.7%

Other

5.5%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

0.6%

AA

14.5%

A

9.7%

BBB

13.2%

BB

or

Lower

7.1%

N/R

(not

rated)

54.9%

Total

100‌

%

1

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

California

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

California

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

August

31,

2023

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summa-

ries section

for

further

explanation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

California

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

August

31,

2023

Total

Returns

as

of

August

31,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

at

NAV

9/07/94

0.69%

0.41%

0.61%

3.08%

0.76%

Class

A

at

maximum

Offering

Price

9/07/94

(3.55)%

(3.83)%

(0.24)%

2.64%

—

S&P

Municipal

Bond

Index

—

1.22%

1.79%

1.57%

2.89%

—

S&P

Municipal

Bond

California

Index

—

1.21%

1.93%

1.42%

3.09%

—

Lipper

California

Municipal

Debt

Funds

Classification

Average

—

0.72%

0.86%

0.80%

2.90%

—

Class

I

7/01/86

0.81%

0.55%

0.80%

3.27%

0.56%

Total

Returns

as

of

August

31,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Class

C

at

NAV

2/10/14

0.30%

(0.38)%

(0.18)%

1.94%

1.56%

Class

C

at

maximum

Offering

Price

2/10/14

(0.69)%

(0.38)%

(0.18)%

1.94%

—

Effective

Leverage

Ratio

0.00%

11

Holdings

Summaries

as

of

August

31,

2023

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

98

.5‌

%

Short-Term

Municipal

Bonds

1

.0‌

%

Other

Assets

&

Liabilities,

Net

0.5%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

California

96.1%

Puerto

Rico

3.3%

Guam

0.6%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Transportation

19.4%

U.S.

Guaranteed

14.2%

Housing/Multifamily

14.1%

Utilities

14.1%

Health

Care

12.8%

Tax

Obligation/Limited

10.7%

Tax

Obligation/General

9.1%

Other

5.6%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

11.4%

AAA

8.2%

AA

29.7%

A

20.5%

BBB

8.9%

BB

or

Lower

3.0%

N/R

(not

rated)

18.3%

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

California

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

Connecticut

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

August

31,

2023

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summa-

ries section

for

further

explanation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Connecticut

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

August

31,

2023

Total

Returns

as

of

August

31,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

at

NAV

7/13/87

0.94%

1.06%

0.56%

2.22%

0.81%

Class

A

at

maximum

Offering

Price

7/13/87

(3.29)%

(3.22)%

(0.29)%

1.78%

—

S&P

Municipal

Bond

Index

—

1.22%

1.79%

1.57%

2.89%

—

S&P

Municipal

Bond

Connecticut

Index

—

1.02%

1.86%

1.93%

2.39%

—

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average

—

0.52%

0.49%

0.61%

2.11%

—

Class

I

2/25/97

1.03%

1.26%

0.76%

2.42%

0.61%

Total

Returns

as

of

August

31,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Class

C

at

NAV

2/10/14

0.53%

0.24%

(0.23)%

1.13%

1.61%

Class

C

at

maximum

Offering

Price

2/10/14

(0.47)%

0.24%

(0.23)%

1.13%

—

Effective

Leverage

Ratio

0.00%

13

Holdings

Summaries

as

of

August

31,

2023

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

97

.2‌

%

Short-Term

Municipal

Bonds

1

.8‌

%

Other

Assets

&

Liabilities,

Net

1.0%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

Connecticut

93.9%

Puerto

Rico

4.3%

Guam

1.5%

Virgin

Islands

0.3%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Tax

Obligation/General

26.7%

Tax

Obligation/Limited

18.2%

Health

Care

17.7%

Education

and

Civic

Organizations

16.9%

Utilities

8.1%

Long-Term

Care

3.2%

Transportation

2.8%

Other

6.4%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

2.7%

AAA

4.7%

AA

51.6%

A

20.4%

BBB

11.0%

BB

or

Lower

3.0%

N/R

(not

rated)

6.6%

Total

100‌

%

1

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Connecticut

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

Massachusetts

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

August

31,

2023

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summa-

ries section

for

further

explanation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Massachusetts

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

August

31,

2023

Total

Returns

as

of

August

31,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

at

NAV

9/07/94

1.05%

0.64%

0.68%

2.45%

0.78%

Class

A

at

maximum

Offering

Price

9/07/94

(3.17)%

(3.60)%

(0.19)%

2.01%

—

S&P

Municipal

Bond

Index

—

1.22%

1.79%

1.57%

2.89%

—

S&P

Municipal

Bond

Massachusetts

Index

—

1.10%

1.65%

1.36%

2.57%

—

Lipper

Massachusetts

Municipal

Debt

Funds

Classification

Average

—

0.73%

0.81%

0.59%

2.15%

—

Class

I

12/22/86

1.15%

0.72%

0.88%

2.65%

0.58%

Total

Returns

as

of

August

31,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Class

C

at

NAV

2/10/14

0.63%

(0.20)%

(0.11)%

1.35%

1.58%

Class

C

at

maximum

Offering

Price

2/10/14

(0.37)%

(0.20)%

(0.11)%

1.35%

—

Effective

Leverage

Ratio

0.00%

15

Holdings

Summaries

as

of

August

31,

2023

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

96

.2‌

%

Short-Term

Municipal

Bonds

2

.9‌

%

Other

Assets

&

Liabilities,

Net

0.9%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

Massachusetts

93.0%

Puerto

Rico

4.8%

Guam

1.9%

Virgin

Islands

0.2%

Nebraska

0.1%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Education

and

Civic

Organizations

22.8%

Tax

Obligation/Limited

20.8%

Tax

Obligation/General

17.7%

Health

Care

17.5%

Utilities

7.8%

Transportation

5.3%

U.S.

Guaranteed

4.4%

Other

3.7%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

4.4%

AAA

16.9%

AA

44.2%

A

15.7%

BBB

10.0%

BB

or

Lower

1.4%

N/R

(not

rated)

7.4%

Total

100‌

%

1

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Massachusetts

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

New

Jersey

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

August

31,

2023

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summa-

ries section

for

further

explanation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

New

Jersey

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

August

31,

2023

Total

Returns

as

of

August

31,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

at

NAV

9/06/94

1.23%

1.81%

1.10%

2.95%

0.84%

Class

A

at

maximum

Offering

Price

9/06/94

(3.00)%

(2.51)%

0.24%

2.51%

—

S&P

Municipal

Bond

Index

—

1.22%

1.79%

1.57%

2.89%

—

S&P

Municipal

Bond

New

Jersey

Index

—

1.61%

2.79%

2.21%

3.50%

—

Lipper

New

Jersey

Municipal

Debt

Funds

Classification

Average

—

1.27%

1.80%

1.26%

2.73%

—

Class

I

2/28/92

1.34%

2.02%

1.31%

3.15%

0.64%

Total

Returns

as

of

August

31,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Class

C

at

NAV

2/10/14

0.73%

1.00%

0.29%

1.81%

1.64%

Class

C

at

maximum

Offering

Price

2/10/14

(0.27)%

1.00%

0.29%

1.81%

—

Effective

Leverage

Ratio

0.00%

17

Holdings

Summaries

as

of

August

31,

2023

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

97

.4‌

%

Short-Term

Municipal

Bonds

0

.5‌

%

Other

Assets

&

Liabilities,

Net

2.1%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

New

Jersey

91.0%

New

York

2.8%

Puerto

Rico

2.7%

Pennsylvania

2.5%

Delaware

1.0%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Tax

Obligation/Limited

19.9%

Tax

Obligation/General

14.7%

Transportation

14.3%

Education

and

Civic

Organizations

12.2%

Utilities

10.4%

Health

Care

10.4%

Housing/Multifamily

5.0%

Other

13.1%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

3.5%

AAA

11.5%

AA

41.1%

A

24.9%

BBB

12.0%

BB

or

Lower

2.5%

N/R

(not

rated)

4.5%

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

New

Jersey

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

New

York

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

August

31,

2023

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summa-

ries section

for

further

explanation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

New

York

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

August

31,

2023

Total

Returns

as

of

August

31,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

at

NAV

9/07/94

1.59%

1.59%

0.74%

2.64%

0.76%

Class

A

at

maximum

Offering

Price

9/07/94

(2.63)%

(2.66)%

(0.11)%

2.20%

—

S&P

Municipal

Bond

Index

—

1.22%

1.79%

1.57%

2.89%

—

S&P

Municipal

Bond

New

York

Index

—

1.40%

2.49%

1.42%

2.73%

—

Lipper

New

York

Municipal

Debt

Funds

Classification

Average

—

1.19%

1.65%

0.88%

2.57%

—

Class

I

12/22/86

1.69%

1.89%

0.96%

2.86%

0.56%

Total

Returns

as

of

August

31,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Class

C

at

NAV

2/10/14

1.19%

0.88%

(0.06)%

1.56%

1.56%

Class

C

at

maximum

Offering

Price

2/10/14

0.19%

0.88%

(0.06)%

1.56%

—

Effective

Leverage

Ratio

0.00%

19

Holdings

Summaries

as

of

August

31,

2023

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

99

.2‌

%

Other

Assets

&

Liabilities,

Net

0.8%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

New

York

96.0%

Puerto

Rico

3.6%

Guam

0.4%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Transportation

26.6%

Tax

Obligation/Limited

24.5%

Health

Care

13.4%

Education

and

Civic

Organizations

12.0%

Utilities

8.9%

Tax

Obligation/General

6.7%

Consumer

Staples

3.2%

Other

4.7%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

1.2%

AAA

7.5%

AA

39.0%

A

18.9%

BBB

19.3%

BB

or

Lower

5.3%

N/R

(not

rated)

8.8%

Total

100‌

%

1

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

New

York

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

August

31,

2023

Dividend

Yield

is

the

most

recent

dividend

per

share

(annualized)

divided

by

the

offering

price

per

share.

The

SEC

30-Day

Yield

is

a

standardized

measure

of

a

fund’s

yield

that

accounts

for

the

future

amortization

of

premiums

or

discounts

of

bonds

held

in

the

fund’s

portfolio.

The

SEC

30-Day

Yield

is

computed

under

an

SEC

standardized

formula

and

is

based

on

the

maximum

offer

price

per

share. 

Dividend

Yield

may

differ

from

the

SEC

30-Day

Yield

because

the

fund

may

be

paying

out

more

or

less

than

it

is

earning

and

it

may

not

include

the

effect

of

amortization

of

bond

premium

or

discounts.

The

Taxable-Equivalent

Yield

represents

the

yield

that

must

be

earned

on

a

fully

taxable

investment

in

order

to

equal

the

yield

of

the

Fund

on

an

after-tax

basis

at

an

assumed

tax

rate.

Your

actual

combined

federal

and

state

income

tax

rates

may

differ

from

the

assumed

rate.

Taxable-Equivalent

Yield

also

takes

into

account

the

percentage

of

the

Fund’s

income

generated

and

paid

by

the

Fund

(based

on

payments

made

during

the

previous

calendar

year)

that

was

either

exempt

from

federal

income

tax

but

not

from

state

income

tax

(e.g.,

income

from

an

out-of-state

municipal

bond),

or

was

exempt

from

neither

federal

nor

state

income

tax.

Separately,

if

the

comparison

were

instead

to

investments

that

generate

qualified

dividend

income,

which

is

taxable

at

a

rate

lower

than

an

individual’s

ordinary

graduated

tax

rate,

the

fund’s

Taxable-Equivalent

Yield

would

be

lower.

Nuveen

California

High

Yield

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

4

.15

%

3

.54

%

4

.57

%

SEC

30-Day

Yield

4

.14

%

3

.50

%

4

.51

%

Taxable-Equivalent

Yield

(54.1%)

2

8

.81

%

7

.45

%

9

.60

%

Nuveen

California

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

3

.55

%

2

.92

%

3

.94

%

SEC

30-Day

Yield

3

.38

%

2

.72

%

3

.73

%

Taxable-Equivalent

Yield

(54.1%)

2

7

.36

%

5

.92

%

8

.12

%

Nuveen

Connecticut

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

2

.65

%

1

.93

%

2

.95

%

SEC

30-Day

Yield

3

.30

%

2

.64

%

3

.64

%

Taxable-Equivalent

Yield

(47.8%)

2

6

.32

%

5

.06

%

6

.97

%

Nuveen

Massachusetts

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

2

.70

%

1

.98

%

3

.02

%

SEC

30-Day

Yield

3

.30

%

2

.64

%

3

.65

%

Taxable-Equivalent

Yield

(49.8%)

2

6

.56

%

5

.25

%

7

.25

%

Nuveen

New

Jersey

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

2

.79

%

2

.11

%

3

.13

%

SEC

30-Day

Yield

3

.15

%

2

.49

%

3

.49

%

Taxable-Equivalent

Yield

(51.6%)

2

6

.51

%

5

.14

%

7

.21

%

21

Nuveen

New

York

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

3

.63

%

2

.92

%

3

.97

%

SEC

30-Day

Yield

3

.60

%

2

.96

%

3

.96

%

Taxable-Equivalent

Yield

(51.7%)

2

7

.41

%

6

.09

%

8

.15

%

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

August

31,

2023.

The

beginning

of

the

period

is

March

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

California

High

Yield

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

$

983.72

$

981.23

$

986.09

Expenses

Incurred

During

the

Period

$

4.40

$

8.39

$

3.40

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,020.77

$

1,016.74

$

1,021.78

Expenses

Incurred

During

the

Period

$

4.48

$

8.54

$

3.47

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.88%,

1.68%

and

0.68%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

23

Nuveen

California

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

$

1,006.91

$

1,003.02

$

1,008.10

Expenses

Incurred

During

the

Period

$

3.69

$

7.72

$

2.68

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,021.53

$

1,017.49

$

1,022.53

Expenses

Incurred

During

the

Period

$

3.72

$

7.78

$

2.70

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.73%,

1.53%

and

0.53%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

Nuveen

Connecticut

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

$

1,009.39

$

1,005.25

$

1,010.32

Expenses

Incurred

During

the

Period

$

4.00

$

8.04

$

2.99

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,021.22

$

1,017.19

$

1,022.23

Expenses

Incurred

During

the

Period

$

4.02

$

8.08

$

3.01

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

184

/365

(to

reflect

the

one-half

year

period).

Nuveen

Massachusetts

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

$

1,010.48

$

1,006.29

$

1,011.46

Expenses

Incurred

During

the

Period

$

3.85

$

7.89

$

2.84

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,021.37

$

1,017.34

$

1,022.38

Expenses

Incurred

During

the

Period

$

3.87

$

7.93

$

2.85

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.76%,

1.56%

and

0.56%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

Nuveen

New

Jersey

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

$

1,012.28

$

1,007.28

$

1,013.38

Expenses

Incurred

During

the

Period

$

3.91

$

7.94

$

2.89

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,021.32

$

1,017.29

$

1,022.33

Expenses

Incurred

During

the

Period

$

3.92

$

7.98

$

2.91

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.77%,

1.57%

and

0.57%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

Expense

Examples

(continued)

24

Nuveen

New

York

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

$

1,015.95

$

1,011.88

$

1,016.87

Expenses

Incurred

During

the

Period

$

3.76

$

7.81

$

2.75

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,021.48

$

1,017.44

$

1,022.48

Expenses

Incurred

During

the

Period

$

3.77

$

7.83

$

2.75

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.74%,

1.54%

and

0.54%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

25

Nuveen

California

High

Yield

Municipal

Bond

Fund

Portfolio

of

Investments

August

31,

2023

(Unaudited)

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

118.2%   

X

1,266,632,487

MUNICIPAL

BONDS

-

118.2%  

X

1,266,632,487

Consumer

Staples

-

4.1%

$

27,000

California

County

Tobacco

Securitization

Agency,

Tobacco

Settlement

Asset-Backed

Bonds,

Alameda

County

Tobacco

Asset

Securitization

Corporation,

Subordinate

Series

2006A,

0.000%,

6/01/50

9/23

at

19.61

$

5,276,610

1,155

California

County

Tobacco

Securitization

Agency,

Tobacco

Settlement

Asset-Backed

Bonds,

Golden

Gate

Tobacco

Funding

Corporation,

Turbo,

Series

2007A,

5.000%,

6/01/47

9/23

at

100.00

1,060,244

20,000

California

County

Tobacco

Securitization

Agency,

Tobacco

Settlement

Asset-Backed

Bonds,

Stanislaus

County

Tobacco

Funding

Corporation,

Series

2006A,

0.000%,

6/01/46

9/23

at

27.64

4,913,000

5,095

California

County

Tobacco

Securitization

Agency,

Tobacco

Settlement

Bonds,

Gold

Country

Settlement

Funding

Corporation,

Subpordinate

Series

2020B-2,

0.000%,

6/01/55

12/30

at

36.29

1,072,599

112,000

Golden

State

Tobacco

Securitization

Corporation,

California,

Tobacco

Settlement

Asset-Backed

Bonds,

Capital

Appreciation

Series

2021B-2,

0.000%,

6/01/66

12/31

at

27.75

11,137,280

12,500

Golden

State

Tobacco

Securitization

Corporation,

California,

Tobacco

Settlement

Asset-Backed

Bonds,

Taxable

Senior

Series

2021A-1,

4.214%,

6/01/50

12/31

at

100.00

8,954,000

3,460

Guam

Economic

Development

&

Commerce

Authority,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007A,

5.625%,

6/01/47

9/23

at

100.00

3,313,573

25,600

Inland

Empire

Tobacco

Securitization

Authority,

California,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007C-2.

Turbo

Capital

Appreciation,

0.000%,

6/01/47

9/23

at

20.76

5,294,592

7,500

Silicon

Valley

Tobacco

Securitization

Authority,

California,

Tobacco

Settlement

Asset-Backed

Bonds,

Santa

Clara

County

Tobacco

Securitization

Corporation,

Series

2007A,

0.000%,

6/01/47

10/23

at

26.48

1,817,850

5,000

Tobacco

Securitization

Authority

of

Southern

California,

Tobacco

Settlement

Asset-Backed

Bonds,

San

Diego

County

Tobacco

Asset

Securitization

Corporation,

First

Subordinate

CABs,

Series

2006B,

0.000%,

6/01/46

9/23

at

24.76

962,250

Total

Consumer

Staples

43,801,998

Education

and

Civic

Organizations

-

17.9%

650

California

Enterprise

Development

Authority,

Charter

School

Revenue

Bonds,

Academy

for

Academic

Excellence

Project,

Series

2020A,

5.000%,

7/01/55,

144A

7/27

at

100.00

581,724

2,000

California

Enterprise

Development

Authority,

Charter

School

Revenue

Bonds,

Norton

Science

&

Language

Academy

Project,

Series

2021,

4.000%,

7/01/61,

144A

7/27

at

100.00

1,331,320

4,210

California

Enterprise

Development

Authority,

Charter

School

Revenue

Bonds,

Norton

Science

and

Language

Academy

Project,

Series

2020,

6.250%,

7/01/58,

144A

7/27

at

102.00

4,211,558

4,250

California

Infrastructure

and

Economic

Development

Bank,

Revenue

Bonds,

Los

Angeles

County

Museum

of

Natural

History

Foundation,

Series

2020,

4.000%,

7/01/50,

(UB)

(c)

7/30

at

100.00

3,930,613

California

Municipal

Finance

Authority

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

Project,

Series

2015A:

900

5.000%,

10/01/35

10/23

at

101.00

893,520

1,335

5.250%,

10/01/45

10/23

at

101.00

1,263,230

4,205

California

Municipal

Finance

Authority

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

Project,

Series

2017A,

5.000%,

10/01/47,

144A

10/23

at

101.00

3,806,576

250

California

Municipal

Finance

Authority

Charter

School

Revenue

Bonds,

River

Charter

Schools

Project,

Series

2018A,

5.500%,

6/01/53,

144A

6/26

at

100.00

237,035

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

26

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

California

Municipal

Finance

Authority,  Revenue

Bonds,

Creative

Center

of

Los

Altos

Project

Pinewood

&

Oakwood

Schools,

Series

2016B:

$

500

4.000%,

11/01/36,

144A

11/26

at

100.00

$

424,940

2,200

4.500%,

11/01/46,

144A

11/26

at

100.00

1,782,660

1,150

California

Municipal

Finance

Authority,

Charter

School

Lease

Revenue

Bonds,

Bella

Mente

Montessori

Academy

Project,

Series

2018A,

5.000%,

6/01/48,

144A

6/28

at

100.00

1,022,925

California

Municipal

Finance

Authority,

Charter

School

Lease

Revenue

Bonds,

Nova

Academy

Project,

Series

2016A:

825

5.000%,

6/15/36,

144A

6/26

at

100.00

810,406

1,000

5.000%,

6/15/46,

144A

6/26

at

100.00

932,940

California

Municipal

Finance

Authority,

Charter

School

Lease

Revenue

Bonds,

Santa

Rosa

Academy

Project,

Series

2015:

400

5.125%,

7/01/35,

144A

7/25

at

100.00

394,912

425

5.375%,

7/01/45,

144A

7/25

at

100.00

421,995

410

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

-

Lincoln

Project,

Series

2019A,

4.000%,

10/01/29,

144A

10/27

at

100.00

387,507

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

-

Lincoln

Project,

Taxable

Series

2019B:

90

5.000%,

10/01/39,

144A

10/27

at

100.00

85,604

1,515

5.000%,

10/01/49,

144A

10/27

at

100.00

1,358,561

1,000

5.000%,

10/01/57,

144A

10/27

at

100.00

872,380

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

Project,

Series

2014A:

1,400

5.000%,

10/01/34

10/23

at

101.00

1,400,952

465

5.000%,

10/01/44

10/23

at

101.00

428,019

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

Palmdale

Aerospace

Academy

Project,

Series

2016A:

2,445

5.000%,

7/01/41,

144A

7/26

at

100.00

2,307,029

1,145

5.000%,

7/01/46,

144A

7/26

at

100.00

1,046,003

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

Urban

Discovery

Academy

Project,

Series

2014A:

715

5.500%,

8/01/34,

144A

8/24

at

100.00

715,765

1,650

6.000%,

8/01/44,

144A

8/24

at

100.00

1,656,221

1,715

California

Municipal

Finance

Authority,

Education

Revenue

Bonds,  American

Heritage

Foundation

Project,

Series

2016A,

5.000%,

6/01/46

6/26

at

100.00

1,635,784

1,145

California

Municipal

Finance

Authority,

Education

Revenue

Bonds,

Literacy

First

Charter

Schools

Project,

Series

2019A,

5.000%,

12/01/39

12/29

at

100.00

1,151,000

California

Municipal

Finance

Authority,

Education

Revenue

Bonds,

STREAM

Charter

Schools

Project,

Series

2020A:

705

5.000%,

6/15/41,

144A

6/30

at

100.00

653,951

1,385

5.000%,

6/15/51,

144A

6/30

at

100.00

1,217,318

California

Municipal

Finance

Authority,

Revenue

Bonds,

Azusa

Pacific

University

Project,

Refunding

Series

2015B:

1,435

5.000%,

4/01/35

4/25

at

100.00

1,416,589

8,640

5.000%,

4/01/41

4/25

at

100.00

8,082,979

California

Municipal

Finance

Authority,

Revenue

Bonds,

California

Baptist

University,

Series

2016A:

1,500

5.000%,

11/01/36,

144A

11/26

at

100.00

1,503,795

1,555

5.000%,

11/01/46,

144A

11/26

at

100.00

1,473,238

California

Municipal

Finance

Authority,

Revenue

Bonds,

Claremont

Graduate

University,

Refunding

Series

2020B:

1,000

5.000%,

10/01/49,

144A

10/30

at

100.00

886,960

1,000

5.000%,

10/01/54,

144A

10/30

at

100.00

871,180

235

California

Municipal

Finance

Authority,

Revenue

Bonds,

Emerson

College,

Series

2011,

5.000%,

1/01/28

10/23

at

100.00

235,186

27

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

$

270

California

Municipal

Finance

Authority,

Revenue

Bonds,

Goodwill

Industries

of

Sacramento

Valley

&

Northern

Nevada

Project,

Series

2012A,

6.625%,

1/01/32,

144A

10/23

at

100.00

$

264,076

3,700

California

Municipal

Finance

Authority,

Revenue

Bonds,

Goodwill

Industries

of

Sacramento

Valley

&

Northern

Nevada

Project,

Series

2014A,

5.250%,

1/01/45

1/25

at

100.00

2,878,711

1,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Linxs

APM

Project,

Senior

Lien

Series

2018A,

4.000%,

12/31/47,

(AMT)

6/28

at

100.00

852,930

7,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Simpson

University,

Series

2020A,

6.000%,

10/01/50,

144A

10/27

at

103.00

6,953,240

1,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

The

Master's

University

&

Seminary,

Series

2019,

5.000%,

8/01/34

8/29

at

100.00

1,031,420

2,000

California

Public

Finance

Authority,

Charter

School

Lease

Revenue

Bonds,

California

Crosspoint

Academy

Project,

Series

2020A,

5.125%,

7/01/55,

144A

7/28

at

100.00

1,563,680

700

California

Public

Finance

Authority,

Charter

School

Lease

Revenue

Bonds,

Multicultural

Learning

Center

Project,

Series

2017A,

6.250%,

6/15/47

6/27

at

100.00

701,540

4,000

California

Public

Finance

Authority,

Educational

Facility

Revenue

Bonds,

Crossroads

Christian

Schools,

Series

2020,

5.000%,

1/01/56,

144A

1/26

at

100.00

3,184,320

1,075

California

School

Finance

Authority

Charter

School

Facility

Revenue

Bonds,

Grimmway

Schools-Obligated

Group,

Series

2016A,

5.000%,

7/01/46,

144A

7/26

at

100.00

1,020,240

California

School

Finance

Authority

Charter

School

Revenue

Bonds,

Bright

Star

Schools

-

Obligated

Group,

Series

2017:

920

5.000%,

6/01/27,

144A

No

Opt.

Call

919,613

755

5.000%,

6/01/37,

144A

6/27

at

100.00

731,595

2,000

5.000%,

6/01/47,

144A

6/27

at

100.00

1,804,900

2,090

5.000%,

6/01/54,

144A

6/27

at

100.00

1,835,689

1,000

California

School

Finance

Authority

Charter

School

Revenue

Bonds,

Ednovate

Obligated

Group,

Series

2018,

5.000%,

6/01/48,

144A

6/27

at

100.00

885,580

960

California

School

Finance

Authority

Charter

School

Revenue

Bonds,

Fenton

Schools

-

Obligated

Group,

Series

2020A,

5.000%,

7/01/40,

144A

7/27

at

100.00

930,643

California

School

Finance

Authority

Charter

School

Revenue

Bonds,

John

Adams

Academy

Obligated

Group,

Series

2022A:

3,175

5.000%,

7/01/52,

144A

7/30

at

102.00

2,817,019

8,125

5.125%,

7/01/62,

144A

7/30

at

102.00

7,146,425

305

California

School

Finance

Authority

School

Facility

Revenue

Bonds,

Green

Dot

Public

Schools

California

Projects,

Series

2018A,

5.000%,

8/01/48,

144A

8/28

at

100.00

289,591

1,000

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Alta

Public

Schools

-

Obligated

Group,

Series

2020A,

6.000%,

6/01/59,

144A

6/28

at

102.00

938,650

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2015A:

585

5.000%,

8/01/35,

144A

8/25

at

100.00

590,745

1,040

5.000%,

8/01/40,

144A

8/25

at

100.00

1,040,925

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2016:

1,600

5.000%,

8/01/41,

144A

8/25

at

100.00

1,599,968

460

5.000%,

8/01/46,

144A

8/25

at

100.00

448,767

1,100

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Encore

Education

Obligated

Group,

Series

2016A,

5.000%,

6/01/52,

144A

6/26

at

100.00

821,535

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Girls

Athletic

Leadership

School

Los

Angeles

Project,

Series

2021A:

1,000

4.000%,

6/01/41,

144A

6/31

at

100.00

777,880

500

4.000%,

6/01/51,

144A

6/31

at

100.00

349,585

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

28

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

$

2,300

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Lighthouse

Community

Public

Schools

Obligated

Group,

Series

2022A,

6.500%,

6/01/62,

144A

6/29

at

100.00

$

2,328,175

1,300

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

TEACH

Public

Schools

Obligated

Group,

Series

2016A,

5.875%,

6/01/52

6/26

at

100.00

1,305,551

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

TEACH

Public

Schools

Obligated

Group,

Series

2019A:

1,000

5.000%,

6/01/49,

144A

6/26

at

100.00

906,010

1,600

5.000%,

6/01/58,

144A

6/26

at

100.00

1,411,600

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Arts

in

Action

Charter

Schools

-

Obligated

Group,

Series

2020A:

2,510

5.000%,

6/01/40,

144A

6/27

at

100.00

1,909,106

5,550

5.000%,

6/01/50,

144A

6/27

at

100.00

3,889,829

8,200

5.000%,

6/01/59,

144A

6/27

at

100.00

5,488,506

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Aspire

Public

School

-

Obligated

Group,Issue

No.6,

Series

2020A:

1,000

5.000%,

8/01/42,

144A

8/28

at

100.00

992,710

5,315

5.000%,

8/01/61,

144A

8/28

at

100.00

5,005,508

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

CIty

Charter

School

Obligated

Group,

Series

2016A:

2,520

5.000%,

6/01/42,

144A

6/26

at

100.00

2,310,109

2,930

5.000%,

6/01/52,

144A

6/26

at

100.00

2,555,898

805

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Classical

Academies

Project,

Series

2017A,

5.000%,

10/01/44,

144A

10/27

at

100.00

775,239

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Downtown

College

Prep

-

Obligated

Group,

Series

2016:

1,500

4.750%,

6/01/36,

144A

6/26

at

100.00

1,463,490

1,180

5.000%,

6/01/46,

144A

6/26

at

100.00

1,102,403

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Ivy

Academia,

Series

2021A:

1,150

4.000%,

6/01/41,

144A

6/28

at

103.00

877,933

1,500

4.000%,

6/01/51,

144A

6/28

at

103.00

1,035,375

1,000

4.000%,

6/01/61,

144A

6/28

at

103.00

650,690

675

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Kepler

Neighborhood

School,

Series

2017A,

5.750%,

5/01/37,

144A

5/27

at

100.00

673,043

915

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Larchmont

Charter

School

Project

,

Series

2018A,

5.000%,

6/01/43,

144A

6/27

at

100.00

891,402

2,475

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Lifeline

Education

Charter

School

Project,

Series

2020A,

5.000%,

7/01/55,

144A

7/28

at

100.00

2,166,145

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Orange

County

Educational

Arts

Academy

Project,

Series

2023A:

560

5.625%,

6/01/43,

144A

6/30

at

100.00

552,070

700

5.875%,

6/01/53,

144A

6/30

at

100.00

688,331

425

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Partnerships

to

Uplift

Communities

Project,

Refunding

Social

Series

2023,

5.500%,

8/01/47,

144A

8/33

at

100.00

418,311

2,500

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Rocketship

Education

Obligated

Group,

Series

2016A,

5.000%,

6/01/46,

144A

6/25

at

100.00

2,290,200

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Rocketship

Education

Obligated

Group,

Series

2017A:

950

5.125%,

6/01/47,

144A

6/26

at

100.00

881,647

1,000

5.250%,

6/01/52,

144A

6/26

at

100.00

928,670

29

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Rocketship

Public

Schools

Obligated

Group,

Series

2017G:

$

990

5.000%,

6/01/37,

144A

6/27

at

100.00

$

966,596

750

5.000%,

6/01/47,

144A

6/27

at

100.00

683,902

250

5.000%,

6/01/53,

144A

6/27

at

100.00

222,673

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Russell

Westbrook

Obligated

Group,

Series

2021A:

605

4.000%,

6/01/31,

144A

6/27

at

100.00

546,956

4,000

4.000%,

6/01/51,

144A

6/27

at

100.00

2,812,760

2,000

4.000%,

6/01/61,

144A

6/27

at

100.00

1,327,580

400

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Santa

Clarita

Valley

International

School

Project,

Series

2021A,

4.000%,

6/01/41

6/31

at

100.00

327,412

3,000

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Scholarship

Prep

Public

Schools

Obligated

Group,

Series

2020A,

5.000%,

6/01/60,

144A

6/28

at

100.00

2,174,730

575

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Scholarship

Prep

Public

Schools

Obligated

Group,

Series

2020B,

5.000%,

6/01/27,

144A

No

Opt.

Call

540,885

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Social

Bonds

iLead

Lancaster

Project,

Series

2021A:

440

5.000%,

6/01/41,

144A

6/29

at

100.00

407,717

1,200

5.000%,

6/01/51,

144A

6/29

at

100.00

1,066,752

1,320

5.000%,

6/01/61,

144A

6/29

at

100.00

1,130,435

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Summit

Public

Schools

Obligated

Group,

Series

2017:

500

5.000%,

6/01/37,

144A

6/27

at

100.00

477,000

500

5.000%,

6/01/47,

144A

6/27

at

100.00

442,865

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Valley

International

Preparatory

High

School

Project,

Series

2022A:

1,000

5.125%,

3/01/52,

144A

3/31

at

100.00

779,980

1,000

5.250%,

3/01/62,

144A

3/31

at

100.00

763,980

750

California

School

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

New

Designs

Charter

School

Adams

Campus

Project,

Series

2019A,

5.000%,

6/01/40,

144A

6/27

at

100.00

711,600

California

School

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

New

Designs

Charter

School

Project,

Series

2014A:

1,000

5.750%,

6/01/34,

144A

6/24

at

100.00

1,009,050

1,500

6.000%,

6/01/44,

144A

6/24

at

100.00

1,508,550

California

School

Finance

Authority,

Educational

Facility

Revenue

Bonds,

River

Springs

Charter

School

Project,

Series

2017A:

1,725

5.000%,

7/01/47,

144A

7/27

at

100.00

1,533,611

1,340

5.000%,

7/01/52,

144A

7/27

at

100.00

1,162,115

1,245

California

School

Finance

Authority,

Educational

Facility

Revenue

Bonds,

River

Springs

Charter

School

Project,

Series

2023A,

5.750%,

7/01/42,

144A

7/31

at

100.00

1,246,432

California

School

finance

Authority,

School

Facility

Revenue

Bonds,  ICEF

-

View

Park

Elementary

and

Middle

Schools,

Series

2014A:

575

5.625%,

10/01/34

10/24

at

100.00

576,535

1,000

5.875%,

10/01/44

10/24

at

100.00

999,990

520

6.000%,

10/01/49

10/24

at

100.00

519,288

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

30

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alliance

for

College-Ready

Public

Schools

Project,

Series

2015A:

$

3,000

4.125%,

7/01/35,

144A

7/25

at

100.00

$

2,888,940

1,000

5.000%,

7/01/45,

144A

7/25

at

100.00

990,020

1,015

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alta

Public

Schools

Project,

Series

2014A,

6.500%,

11/01/34,

144A

11/24

at

100.00

1,025,637

1,200

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Granada

Hills

Charter

High

School

Obligated

Group,

Series

2019,

5.000%,

7/01/54,

144A

7/26

at

100.00

1,141,968

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Green

Dot

Public

Schools

California

Projects,

Series

2022A:

1,200

5.375%,

8/01/42

8/32

at

100.00

1,219,884

1,150

5.750%,

8/01/52

8/32

at

100.00

1,179,923

600

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

KIPP

LA

Projects,

Series

2014A,

5.000%,

7/01/34,

144A

7/24

at

100.00

605,568

250

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

KIPP

LA

Projects,

Series

2017A,

5.000%,

7/01/47,

144A

7/27

at

100.00

250,695

725

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Value

Schools,

Refunding

Series

2023A,

5.250%,

7/01/48,

144A

7/28

at

103.00

710,181

1,355

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Value

Schools,

Series

2016A,

6.000%,

7/01/51,

144A

7/26

at

100.00

1,384,932

6,325

California

Statewide

Communities

Development

Authority

Revenue

Bonds,

California

Baptist

University,

Refunding

Series

2017A,

5.000%,

11/01/41,

144A

11/27

at

100.00

6,162,574

10,000

University

of

California,

General

Revenue

Bonds,

Limited

Project

Series

2021Q,

4.000%,

5/15/51,

(UB)

(c)

5/31

at

100.00

9,703,400

University

of

Puerto

Rico,

University

System

Revenue

Bonds,

Refunding

Series

2006P:

1,005

5.000%,

6/01/24

10/23

at

100.00

999,543

580

5.000%,

6/01/30

10/23

at

100.00

559,050

University

of

Puerto

Rico,

University

System

Revenue

Bonds,

Series

2006Q:

125

5.000%,

6/01/30

10/23

at

100.00

120,485

1,580

5.000%,

6/01/36

10/23

at

100.00

1,499,862

Total

Education

and

Civic

Organizations

191,691,649

Health

Care

-

12.4%

Antelope

Valley

Healthcare

District,

California,

Revenue

Bonds,

Series

2016A:

2,765

5.000%,

3/01/31

3/26

at

100.00

2,779,074

5,160

5.250%,

3/01/36

3/26

at

100.00

5,209,329

5,280

5.000%,

3/01/41

3/26

at

100.00

5,137,018

10,600

5.000%,

3/01/46

3/26

at

100.00

9,852,488

4,000

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2017A,

4.000%,

11/15/48,

(UB)

(c)

11/27

at

100.00

3,802,400

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Cedars-Sinai

Health

System,

Series

2021A:

5,000

4.000%,

8/15/48

-

BAM

Insured,

(UB)

(c)

8/31

at

100.00

4,977,250

25,725

4.000%,

8/15/48,

(UB)

(c)

8/31

at

100.00

25,015,505

2,485

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

City

of

Hope

National

Medical

Center,

Series

2019,

5.000%,

11/15/49

11/26

at

100.00

2,505,973

1,570

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

El

Camino

Hospital,

Series

2017,

5.000%,

2/01/47,

(UB)

(c)

2/27

at

100.00

1,599,061

5,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Lucile

Salter

Packard

Children's

Hospital

at

Stanford,

Refunding

Forward

Delivery

Series

2022A,

4.000%,

5/15/51,

(UB)

(c)

5/32

at

100.00

4,649,950

260

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Lucile

Salter

Packard

Children's

Hospital,

Tender

Option

Bond

Trust

2015-

XF0152,

5.460%,

8/15/43,

144A,

(IF)

(c)

8/24

at

100.00

270,520

31

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

$

7,800

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Lucile

Salter

Packard

Children's

Hosptial

at

Stanford,

Series

2017A,

5.000%,

11/15/56,

(UB)

(c)

11/27

at

100.00

$

7,917,078

1,455

California

Municipal

Finance

Authority,

Revenue

Bonds,

Clinicas

del

Camino

Real,

Inc.,

Series

2020,

4.000%,

3/01/28

No

Opt.

Call

1,357,224

2,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Community

Health

Centers

of

the

Central

Coast,

Inc.,

Series

2021A,

5.000%,

12/01/46,

144A

12/30

at

100.00

1,906,580

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2015:

200

5.000%,

11/01/35

11/24

at

100.00

200,722

1,000

5.000%,

11/01/40

11/24

at

100.00

917,190

1,250

5.000%,

11/01/44

11/24

at

100.00

1,125,712

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2017A:

8,435

5.250%,

11/01/41

11/26

at

100.00

8,000,851

8,200

5.000%,

11/01/47

11/26

at

100.00

7,144,168

1,000

5.250%,

11/01/47

11/26

at

100.00

912,330

1,565

California

Municipal

Financing

Authority,

Certificates

of

Participation,

Palomar

Health,

Series

2022A,

5.250%,

11/01/52

-

AGM

Insured

11/32

at

100.00

1,671,858

16,700

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2014A,

5.500%,

12/01/54

12/24

at

100.00

16,672,612

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A:

2,055

5.000%,

12/01/41,

144A

6/26

at

100.00

2,016,695

2,280

5.250%,

12/01/56,

144A

6/26

at

100.00

2,230,547

315

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2018A,

5.250%,

12/01/48,

144A

6/28

at

100.00

310,215

California

Statewide

Community

Development

Authority,

Revenue

Bonds,

Daughters

of

Charity

Health

System,

Series

2005A:

54

5.750%,

7/01/24

(d),(e)

10/23

at

100.00

53,500

31

5.750%,

7/01/30

(d),(e)

10/23

at

100.00

30,970

33

5.750%,

7/01/35

(d),(e)

10/23

at

100.00

33,457

140

5.500%,

7/01/39

(d),(e)

10/23

at

100.00

139,855

3

California

Statewide

Community

Development

Authority,

Revenue

Bonds,

Daughters

of

Charity

Health

System,

Series

2005H,

5.750%,

7/01/25

(d),(e)

10/23

at

100.00

2,788

1,500

Palomar

Pomerado

Health

Care

District,

California,

Certificates

of

Participation,

Series

2017,

4.000%,

11/01/47

11/27

at

100.00

1,227,630

Palomar

Pomerado

Health

System,

California,

Revenue

Bonds,

Refunding

Series

2016:

6,235

5.000%,

11/01/36

11/26

at

100.00

6,308,573

1,810

5.000%,

11/01/39

11/26

at

100.00

1,821,946

5,000

University

of

California

Regents,

Medical

Center

Pooled

Revenue

Bonds,

Series

2022P,

4.000%,

5/15/43,

(UB)

(c)

5/32

at

100.00

4,920,650

200

Washington

Township

Health

Care

District,

California,

Revenue

Bonds,

Series

2017A,

5.000%,

7/01/42

7/27

at

100.00

192,204

Total

Health

Care

132,913,923

Housing/Multifamily

-

17.4%

35,685

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Creekwood,

Series

2021A,

4.000%,

2/01/56,

144A

8/31

at

100.00

22,273,506

10,500

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Exchange

at

Bayfront

Apartments,

Junior

Series

2021A-

2,

4.000%,

8/01/51,

144A

8/32

at

100.00

6,604,920

2,500

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Fountains

at

Emerald

Park,

Senior

Lien

Series

2021A-1,

3.000%,

8/01/56,

144A

8/31

at

100.00

1,643,325

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

32

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Housing/Multifamily

(continued)

$

8,750

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Glendale

Properties,

Junior

Series

2021A-2,

4.000%,

8/01/47,

144A

8/31

at

100.00

$

6,824,650

4,000

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

K

Street

Flats,

Series

2021A-2,

4.000%,

8/01/50,

144A

8/32

at

100.00

2,871,360

13,145

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Mira

Vista

Hills  Apartments,

Series

2021A,

4.000%,

2/01/56,

144A

8/31

at

100.00

8,961,078

15,960

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Serenity

at

Larkspur

Apartments,

Series

2020A,

5.000%,

2/01/50,

144A

2/30

at

100.00

12,587,173

11,960

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Summit

at

Sausalito

Apartments,

Series

2021A-2,

4.000%,

2/01/50,

144A

8/32

at

100.00

8,924,552

6,085

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

The

Arbors,

Series

2020A,

5.000%,

8/01/50,

144A

8/30

at

100.00

5,518,365

1,585

California

Housing

Finance

Agency,

Multifamily

Housing

Revenue

Bonds,

Redwood

Gardens

Apartments,

Subordinate

Lien

Series

2021N-S,

4.000%,

3/01/37,

144A

3/31

at

100.00

1,278,160

4,950

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2021-2,

3.750%,

3/25/35

No

Opt.

Call

4,757,529

60

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series2019-1,

4.250%,

1/15/35

No

Opt.

Call

58,645

8,466

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Social

Certificates

Series

2023-1,

4.375%,

9/20/36

No

Opt.

Call

8,234,392

240

California

Municipal

Finance

Authority,

Mobile

Home

Park

Revenue

Bonds,

Caritas

Affordable

Housing

Inc

Projects,

Senior

Series

2014A,

5.250%,

8/15/49

8/24

at

100.00

241,291

1,270

California

Municipal

Finance

Authority,

Mobile

Home

Park

Revenue

Bonds,

Caritas

Affordable

Housing

Inc

Projects,

Series

2014B,

5.875%,

8/15/49

8/24

at

100.00

1,272,184

470

California

Municipal

Finance

Authority,

Mobile

Home

Park

Revenue

Bonds,

Caritas

Projects,

Subordinate

Series

2021B,

4.000%,

8/15/51

8/31

at

100.00

394,936

2,375

California

Municipal

Finance

Authority,

Mobile

Home

Park

Revenue

Bonds,

Royal

York

Estates

Projects

Series

2020A,

4.000%,

2/15/55

2/30

at

100.00

1,810,130

California

Public

Finance

Authority,

University

Housing

Revenue

Bonds,

National

Campus

Community

Development

-

Claremont

Properties

LLC

Claremont

Colleges

Project,

Refunding

Series

2023A:

1,335

5.500%,

7/01/50,

144A

7/33

at

105.00

1,311,010

1,715

6.000%,

7/01/53,

144A

7/33

at

105.00

1,734,997

450

California

Statewide

Communities

Development

Authority,

College

Housing

Revenue

Bonds,

National

Campus

Community

Development

-

Hooper

Street

LLC

Project,

Series

2019,

5.250%,

7/01/52,

144A

7/29

at

100.00

419,063

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

Lancer

Educational

Student

Housing

Project,

Refunding

Series

2016A:

4,600

5.000%,

6/01/36,

144A

6/26

at

100.00

4,468,808

2,090

5.000%,

6/01/46,

144A

6/26

at

100.00

1,927,147

4,385

CMFA

Special

Finance

Agency

I,

California,

Essential

Housing

Revenue

Bonds,

The

Mix

at

Center

City,

Series

2021A-2,

4.000%,

4/01/56,

144A

4/31

at

100.00

3,097,915

1,000

CMFA

Special

Finance

Agency

I,

California,

Essential

Housing

Revenue

Bonds,

The

Mix

at

Center

City,

Subordinate

Series

2021B,

8.000%,

4/01/56,

144A

4/31

at

100.00

762,880

2,500

CMFA

Special

Finance

Agency

XII,

California,

Essential

Housing

Revenue

Bonds,

Allure

Apartments

Project,

Series

2022A-2,

3.250%,

2/01/57,

144A

2/32

at

100.00

1,710,225

1,000

CMFA

Special

Financing

Agency

VIII,

California,

Essential

Housing

Revenue

Bonds,

Elan

Huntington

Beach,

Senior

Lien

Series

2021A-1,

3.000%,

8/01/56,

144A

8/31

at

100.00

658,280

2,905

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

1818

Platinum

Triangle-Anaheim,

Mezzanine

Lien

Series

2021B,

4.000%,

4/01/57,

144A

4/32

at

100.00

1,982,488

33

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Housing/Multifamily

(continued)

$

11,580

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Acacia

on

Santa

Rosa

Creek,

Mezzanine

Lien

Series

2021B,

4.000%,

10/01/46,

144A

10/31

at

100.00

$

8,624,321

9,000

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Altana

Glendale,

Series

2021A-1,

3.500%,

10/01/46,

144A

10/31

at

100.00

6,720,480

3,000

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Center

City

Anaheim,

Series

2020A,

5.000%,

1/01/54,

144A

1/31

at

100.00

2,341,710

5,715

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Link-Glendale,

Series

2021A-2,

4.000%,

7/01/56,

144A

7/31

at

100.00

3,984,155

2,270

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Millennium

South

Bay-Hawthorne,

Series

2021A-1

and

A-2,

3.250%,

7/01/56,

144A

7/32

at

100.00

1,528,505

20,010

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Moda

at

Monrovia

Station,

Social

Series

2021A-2,

4.000%,

10/01/56,

144A

10/31

at

100.00

14,239,116

12,360

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Monterrey

Station

Apartments,

Senior

Lien

Series

2021A-1,

3.125%,

7/01/56,

144A

7/32

at

100.00

8,030,416

2,000

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Monterrey

Station

Apartments,

Series

2021B,

4.000%,

7/01/58,

144A

7/32

at

100.00

1,329,440

6,000

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Oceanaire-Long

Beach,

Social

Series

2021A-2,

4.000%,

9/01/56,

144A

9/31

at

100.00

4,337,940

2,110

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Pasadena

Portfolio

Social

Bond,

Mezzanine

Senior

Series

2021B,

4.000%,

12/01/56,

144A

12/31

at

100.00

1,477,464

2,500

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Union

South

Bay,

Series

2021A-2,

4.000%,

7/01/56,

144A

7/31

at

100.00

1,794,500

2,625

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Vineyard

Gardens

Apartments,

Senior

Lien

Series

2021A,

3.250%,

10/01/58,

144A

4/32

at

100.00

1,699,845

2,000

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Waterscape

Apartments,

Senior

Lien

Series

2021A,

3.000%,

9/01/56,

144A

9/31

at

100.00

1,295,660

2,000

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Westgate

Phase

1-Pasadena

Apartments,

Mezzanine

Lien

Series

2021B,

4.000%,

6/01/57,

144A

6/31

at

100.00

1,284,840

2,200

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Westgate

Phase

1-Pasadena

Apartments,

Senior

Lien

Series

2021A-2,

3.125%,

6/01/57,

144A

6/31

at

100.00

1,380,742

5,000

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Wood

Creek

Apartments,

Mezzanine

Lien

Series

2021A-2,

4.000%,

12/01/58

6/32

at

100.00

3,660,700

2,145

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Wood

Creek

Apartments,

Mezzanine

Lien

Series

2021B,

4.000%,

12/01/59

6/32

at

100.00

1,341,826

8,655

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Wood

Creek

Apartments,

Senior

Lien

Series

2021A-1,

3.000%,

12/01/49

6/32

at

100.00

5,641,156

1,000

Independent

Cities

Finance

Authority,

California,

Mobile

Home

Park

Revenue

Bonds,

Palomar

Estates

West,

Refunding

Series

2015,

5.000%,

9/15/36

9/25

at

100.00

1,012,470

315

La

Verne,

California,

Mobile

Home

Park

Revenue

Bonds,

Copacabana

Mobile

Home

Park,

Refunding

Series

2014,

5.000%,

6/15/49

6/24

at

100.00

315,460

2,110

Palmdale

Housing

Authority,

California,

Multifamily

Housing

Revenue

Bonds,

Impression,

La

Quinta,

Park

Vista

&

Summerwood

Apartments,

Series

2015,

5.250%,

6/01/45

6/25

at

100.00

1,902,439

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

34

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Housing/Multifamily

(continued)

$

415

Santa

Clara

County

Housing

Authority,

California,

Multifamily

Housing

Revenue

Bonds,

Blossom

River

Project,

Series

1998A,

6.500%,

9/01/39,

(AMT)

10/23

at

100.00

$

401,795

455

Wilson

County

Health

and

Educational

Facilities

Board,

Tennessee,

Senior

Living

Revenue

Bonds,

Rutland

Place

Inc.

Project,

Series

2015A,

5.500%,

1/01/46,

144A

(d)

10/23

at

100.00

289,330

Total

Housing/Multifamily

186,963,319

Industrials

-

0.0%

2,830

California

Pollution

Control

Financing

Authority,

Solid

Waste

Disposal

Revenue

Bonds,

Aemerge

Redpak

Services,

LLC.,

Series

2016,

7.000%,

12/01/27,

(AMT),

144A

(d)

12/23

at

102.00

283,000

Total

Industrials

283,000

Long-Term

Care

-

1.6%

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

899

Charleston

Project,

Refunding

Series

2014A:

4,700

5.000%,

11/01/34,

144A

11/24

at

100.00

4,177,125

10,325

5.250%,

11/01/44,

144A

11/24

at

100.00

8,335,166

5,385

5.375%,

11/01/49,

144A

11/24

at

100.00

4,260,450

Total

Long-Term

Care

16,772,741

Tax

Obligation/General

-

14.2%

1,000

Aromas-San

Juan

Unified

School

District,

San

Benito,

Santa

Cruz

and

Monterey

Counties,

California,

General

Obligation

Bonds,

Series

2013B,

0.000%,

8/01/52

-

AGM

Insured

(f)

8/37

at

100.00

685,450

Bakersfield

City

School

District,

Kern

County,

California,

General

Obligation

Bonds,

Series

2012C:

1,700

0.000%,

5/01/37

(f)

No

Opt.

Call

1,189,116

6,925

0.000%,

5/01/42

(f)

5/40

at

100.00

4,847,292

7,380

0.000%,

5/01/47

(f)

5/40

at

100.00

5,079,359

1,500

California

Statewide

Communities

Development

Authority,

Student

Housing

Revenue

Bonds,

University

of

California,

Irvine

East

Campus

Apartments,

Phase

IV-B

CHF-Irvine,

LLC,

Series

2021,

4.000%,

5/15/46

5/31

at

100.00

1,367,445

1,115

Denair

Unified

School

District,

Stanislaus

County,

California,

General

Obligation

Bonds,

Series

2002A,

0.000%,

8/01/26

-

FGIC

Insured

No

Opt.

Call

1,000,712

1,205

Jamul

Dulzura

Union

School

District,

San

Diego

County,

California,

General

Obligation

Bonds,

Election

1995

Series

2004A,

0.000%,

11/01/28

-

NPFG

Insured

No

Opt.

Call

999,789

3,795

Lake

Tahoe

Unified

School

District,

El

Dorado

County,

California,

General

Obligation

Bonds,

Series

2010,

0.000%,

8/01/45

-

AGM

Insured

(f)

No

Opt.

Call

2,901,619

6,985

Marin

Healthcare

District,

Marin

County,

California,

General

Obligation

Bonds,

2013

Election,

Series

2017A,

4.000%,

8/01/47,

(UB)

(c)

8/27

at

100.00

6,668,370

650

Newman-Crows

Landing

Unified

School

District,

Stanislaus

County,

California,

General

Obligation

Bonds,

2008

Election,

Series

2010B,

0.000%,

8/01/49

-

AGM

Insured

(f)

No

Opt.

Call

513,077

2,000

Northern

Inyo

County

Local

Hospital

District,

California,

General

Obligation

Bonds,

Election

2005

Series

2009,

0.000%,

11/01/38

-

AGC

Insured

No

Opt.

Call

961,860

2,250

Orland

Joint

Unified

School

District,

Glenn

and

Tehama

Counties,

California,

General

Obligation

Bonds,

2008

Election,

Series

2012B,

0.000%,

8/01/51

(f)

8/37

at

100.00

1,547,483

5,000

Oxnard

School

District,

Ventura

County,

California,

General

Obligation

Bonds,

Election

of

2022

Series

2023A,

4.125%,

8/01/50

-

BAM

Insured,

(UB)

(c)

8/33

at

100.00

4,783,900

1,350

Paso

Robles

Joint

Unified

School

District,

San

Luis

Obispo

and

Monteray

Counties,

California,

General

Obligation

Bonds,

Election

2006

Series

2010A,

0.000%,

9/01/34

No

Opt.

Call

892,566

9,470

Pittsburg

Unified

School

District,

Contra

Costa

County,

California,

General

Obligation

Bonds,

Refunding

Series

2016,

4.000%,

8/01/44,

(UB)

(c)

8/26

at

100.00

8,842,802

35

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

(continued)

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1:

$

9,070

0.000%,

7/01/33

7/31

at

89.94

$

5,526,405

11,187

4.000%,

7/01/41

7/31

at

103.00

9,674,161

17,452

4.000%,

7/01/46

7/31

at

103.00

14,528,266

4,725

River

Delta

Unified

School

District,

Sacramento

and

Solano

Counties,

California,

General

Obligation

Bonds,

School

Faciliteis

Improvement

District

2,

Election

2004

Series

2008,

0.000%,

4/01/48

-

AGM

Insured

No

Opt.

Call

1,467,774

5,750

San

Diego

Public

Facilities

Financing

Authority,

California,

Lease

Revenue

Bonds,

Capital

Improvement

Projects,

Series

2021A,

4.000%,

10/15/50,

(UB)

(c)

10/30

at

100.00

5,472,218

10,000

San

Diego

Unified

School

District,

San

Diego

County,

California,

General

Obligation

Bonds,

Election

of

2012

Series

2017I,

4.000%,

7/01/47,

(UB)

(c)

7/27

at

100.00

9,608,000

5,000

San

Luis

Coastal

Unified

School

District,

San

Luis

Obispo

County,

California,

General

Obligation

Bonds,

Election

of

2022

Series

2023A,

4.000%,

8/01/53,

(UB)

(c)

8/32

at

100.00

4,798,050

Santa

Ana

Unified

School

District,

Orange

County,

California,

General

Obligation

Bonds,

2018

Election

Series

2022C:

3,045

4.000%,

8/01/44,

(UB)

(c)

8/32

at

100.00

2,960,775

5,680

4.000%,

8/01/45,

(UB)

8/32

at

100.00

5,500,001

17,585

4.250%,

8/01/50,

(UB)

(c)

8/32

at

100.00

17,443,793

7,655

Savanna

Elementary

School

District,

Orange

County,

California,

General

Obligation

Bonds,

Election

2008

Series

2012B,

0.000%,

2/01/52

-

AGM

Insured

(f)

No

Opt.

Call

5,334,769

500

Selma

Unified

School

District,

Fresno

County,

California,

General

Obligation

Bonds,

Election

2016

Series

2020C,

3.000%,

8/01/49

-

AGM

Insured

8/30

at

100.00

368,035

Southwestern

Community

College

District,

San

Diego

County,

California,

General

Obligation

Bonds,

Election

of

2008,

Series

2011C:

1,500

0.000%,

8/01/41

No

Opt.

Call

671,760

5,730

0.000%,

8/01/46

No

Opt.

Call

1,867,292

12,460

Washington

Township

Health

Care

District,

Alameda

County,

California,

General

Obligation

Bonds,

2012

Election

Series

2015B,

4.000%,

8/01/45,

(UB)

(c)

8/25

at

100.00

11,133,135

10,100

West

Contra

Costa

Unified

School

District,

Contra

Costa

County,

California,

General

Obligation

Bonds,

Election

2012,

Series

2015B,

4.000%,

8/01/54,

(UB)

(c)

8/25

at

100.00

9,452,388

5,155

Yosemite

Community

College

District,

California,

General

Obligation

Bonds,

Capital

Appreciation,

Election

2004,

Series

2010D,

0.000%,

8/01/42

(f)

No

Opt.

Call

3,910,016

Total

Tax

Obligation/General

151,997,678

Tax

Obligation/Limited

-

35.0%

1,000

Adelanto

Community

Facilities

District

Number

2006-2,

San

Bernadino

County,

California,

Special

Tax

Bonds,

Series

2015A,

5.000%,

9/01/45

9/25

at

100.00

1,003,640

Alameda

Community

Facilities

District

No.

22-1,

California,

Alameda

Marina,

Special

Tax

Bonds,

Green

Series

2023:

850

5.000%,

9/01/48

9/29

at

103.00

783,428

1,250

5.000%,

9/01/53

9/29

at

103.00

1,139,575

Anaheim

Public

Financing

Authority,

California,

Lease

Revenue

Bonds,

Public

Improvement

Project,

Series

1997C:

330

0.000%,

9/01/28

-

AGM

Insured

No

Opt.

Call

275,474

240

0.000%,

9/01/30

-

AGM

Insured

No

Opt.

Call

184,707

4,475

0.000%,

9/01/34

-

AGM

Insured

No

Opt.

Call

2,889,373

1,985

0.000%,

9/01/35

-

AGM

Insured

No

Opt.

Call

1,212,200

2,580

Beaumont

Financing

Authority,

California,

Local

Agency

Revenue

Bonds,

Improvement

Area

7A-1,

Series

2015A,

5.000%,

9/01/45

9/25

at

100.00

2,589,391

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

36

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

Beaumont

Unified

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2020-1,

Improvement

Area

2

Series

2023:

$

660

5.000%,

9/01/48

9/29

at

103.00

$

648,912

875

5.000%,

9/01/53

9/29

at

103.00

852,390

Beaumont,

California,

Special

Tax

Bonds,

Community

Facilities

District

2016-1

Fairway

Canyon,

Series

2019:

300

5.000%,

9/01/44

9/25

at

103.00

302,328

400

5.000%,

9/01/49

9/25

at

103.00

400,400

Beaumont,

California,

Special

Tax

Bonds,

Community

Facilities

District

93-1

Improvement

Area

17C,

Series

2018:

750

5.000%,

9/01/43

9/25

at

103.00

755,408

1,115

5.000%,

9/01/48

9/25

at

103.00

1,115,970

1,035

Beaumont,

California,

Special

Tax

Bonds,

Community

Facilities

District

93-1

Improvement

Area

8D,

Series

2018A,

5.000%,

9/01/48

9/25

at

103.00

1,035,900

1,900

Blythe

Redevelopment

Agency

Successor

Agency,

California,

Tax

Allocation

Bonds,

Redevelopment

Project

1,

Refunding

Series

2015,

5.000%,

5/01/38

11/25

at

100.00

1,920,159

1,500

Brea

Redevelopment

Agency,

Orange

County,

California,

Tax

Allocation

Bonds,

Project

Area

AB,

Series

2003,

0.000%,

8/01/28

-

AMBAC

Insured

No

Opt.

Call

1,245,150

1,700

Brentwood

Infrastructure

Financing

Authority,

California,

Infrastructure

Revenue

Bonds,

Refunding

Subordinated

Series

2014B,

5.000%,

9/02/36

9/24

at

100.00

1,714,229

4,590

California

Community

College

Financing

Authority,

Lease

Revenue

Bonds,

Refunding

Series

2003,

0.000%,

6/01/33

-

AMBAC

Insured

No

Opt.

Call

3,026,967

700

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2020A,

4.000%,

9/01/45

9/26

at

103.00

596,792

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2020B:

1,070

4.000%,

9/01/43

9/27

at

103.00

952,482

3,150

4.000%,

9/01/50

9/27

at

103.00

2,664,837

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2021A:

1,095

4.000%,

9/01/46

9/28

at

103.00

924,750

1,505

4.000%,

9/01/51

9/28

at

103.00

1,229,615

3,990

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2022C,

6.250%,

9/01/52

9/29

at

103.00

3,928,235

3,000

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2022D,

6.125%,

9/01/52

9/29

at

103.00

3,038,700

1,000

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

2020-06,

Series

2022B,

6.000%,

9/01/52

9/29

at

103.00

1,004,290

2,160

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

2020-6,

County

of

Placer-PV400,

Series

2022,

5.250%,

9/01/52

9/29

at

103.00

2,135,376

355

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2007-1

Orinda

Wilder

Project,

Refunding

Series

2015,

5.000%,

9/01/37

9/25

at

100.00

359,235

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2012-02,

Manteca

Lifestyle

Center,

Series

2013A:

1,000

5.000%,

9/01/33

10/23

at

100.00

1,000,770

2,000

5.125%,

9/01/42

10/23

at

100.00

2,000,520

2,000

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2015-01

Improvement

Area

2

University

District,

Series

2017,

5.000%,

9/01/47

9/27

at

100.00

2,013,820

2,500

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2015-2

Rio

Bravo,

Series

2015A,

5.625%,

9/01/45

9/25

at

100.00

2,538,400

3,000

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2016-02

Delta

Coves,

Series

2019,

5.000%,

9/01/49

9/29

at

100.00

3,015,870

37

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

5,250

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2017-01

Horse

Creek,

Series

2018,

5.000%,

9/01/48

9/28

at

100.00

$

5,291,423

1,300

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2018-01,

Wagon

Wheel,

Series

2020,

4.000%,

9/01/50

9/30

at

100.00

1,069,887

1,200

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2018-02,

McSweeny,

Improvement

Area

1

Series

2023,

5.250%,

9/01/53

9/30

at

103.00

1,159,512

340

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2020-02

Improvement

Area

2

Atwell,

Series

2022,

5.250%,

9/01/52

9/32

at

100.00

329,780

2,000

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2021-01

Meadowlands,

Series

2021-01,

4.000%,

9/01/51

9/31

at

100.00

1,626,500

1,635

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2022-07,

Improvement

Area

Number

1,

Watson

Ranch,

Series

2023,

5.000%,

9/01/53

9/30

at

103.00

1,497,104

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Refunding

Series

2015R-1:

3,510

5.000%,

9/02/35

9/25

at

100.00

3,572,022

1,120

5.000%,

9/02/40

9/25

at

100.00

1,127,627

480

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2011A,

8.000%,

9/02/41

9/23

at

100.00

451,027

2,275

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2014A,

5.000%,

9/02/43

10/23

at

100.00

2,275,319

2,060

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2014B,

5.000%,

9/02/44

9/24

at

100.00

2,065,253

2,240

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2016A,

5.000%,

9/02/45

9/26

at

100.00

2,248,893

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2016B:

1,690

5.000%,

9/02/36

9/26

at

100.00

1,727,180

3,310

5.000%,

9/02/46

9/26

at

100.00

3,325,193

480

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2017A,

5.000%,

9/02/46

9/27

at

100.00

483,566

375

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2017B,

5.000%,

9/02/47

9/27

at

100.00

377,595

3,550

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2017C,

5.000%,

9/02/47

9/27

at

100.00

3,579,678

3,745

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2018A,

5.000%,

9/02/47

9/28

at

100.00

3,768,406

920

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2018B,

5.000%,

9/02/48

9/28

at

100.00

924,839

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2019B:

1,150

5.000%,

9/02/44

9/29

at

100.00

1,165,858

1,685

5.000%,

9/02/49

9/29

at

100.00

1,698,261

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

38

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2019C:

$

725

5.000%,

9/02/44

9/29

at

100.00

$

732,736

2,310

5.000%,

9/02/49

9/29

at

100.00

2,316,283

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2020A:

850

4.000%,

9/02/50

9/30

at

100.00

699,729

805

5.000%,

9/02/50

9/30

at

100.00

803,623

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2022C:

1,500

5.125%,

9/02/42

9/32

at

100.00

1,425,750

2,000

5.375%,

9/02/52

9/32

at

100.00

1,895,400

3,980

California

Statewide

Communities

Development

Authority,

Statewide

Infrastructure

Program

Revenue

Bonds,

Series

2020C,

4.000%,

9/02/40

9/30

at

100.00

3,438,959

1,085

Cathedral

City

Public

Financing

Authority,

California,

Tax

Allocation

Bonds,

Merged

Redevelopment

Project,

Series

2000A,

0.000%,

8/01/33

-

NPFG

Insured

No

Opt.

Call

714,700

1,540

Chino,

California,

Special

Tax

Bonds,

Community

Facilities

District

2016-3,

Series

2017,

5.000%,

9/01/47

9/24

at

103.00

1,550,087

Chula

Vista,

California,

Special

Tax

Bonds,

Community

Facilities

District

16-I

Millenia

Improvement

Area

1,

Series

2018:

895

5.000%,

9/01/43

9/25

at

103.00

907,387

1,115

5.000%,

9/01/48

9/25

at

103.00

1,123,307

320

City

of

Dublin,

California,

Community

Facilities

District

No.

2015-1,

Dublin

Crossing,

Improvement

Area

No.

1,

Special

Tax

Bonds,

Series

2017,

5.000%,

9/01/47

9/27

at

100.00

321,866

Compton

Public

Finance

Authority,

California,

Lease

Revenue

Bonds,

Refunding

&

Various

Capital

Projects,

Series

2008:

410

5.250%,

9/01/27

-

AMBAC

Insured

10/23

at

100.00

410,164

210

5.000%,

9/01/32

-

AMBAC

Insured

10/23

at

100.00

209,996

670

Corona,

California,

Special

Tax

Bonds,

Community

Facilities

District

2002-

1

Dos

Lagos

Improvement

Area

1,

Refunding

Series

2017,

5.000%,

9/01/37

9/24

at

103.00

685,859

Corona,

California,

Special

Tax

Bonds,

Community

Facilities

District

2018-1

Bedford,

Series

2018A:

2,155

5.000%,

9/01/43

9/24

at

103.00

2,176,270

1,250

5.000%,

9/01/48

9/24

at

103.00

1,256,725

345

Corona,

California,

Special

Tax

Bonds,

Community

Facilities

District

2018-2

Sierra

Bella,

Series

2022A,

5.000%,

9/01/51

9/29

at

103.00

332,639

1,000

Dixon,

California,

Special

Tax

Bonds,

Community

Facilities

District

2019-1

Homestead,

Improvement

Area

1,

Series

2019,

4.000%,

9/01/50

9/30

at

100.00

816,760

Dublin

Community

Facilities

District

2015-1

Dublin

Crossing,

California,

Special

Tax

Bonds,  Improvement

Area

4,

Series

2022:

1,000

5.500%,

9/01/47

9/29

at

103.00

1,017,200

1,000

5.500%,

9/01/51

9/29

at

103.00

1,013,040

6,300

Dublin

Community

Facilities

District

2015-1

Dublin

Crossing,

California,

Special

Tax

Bonds,

Improvement  Area

2,

Series

2019,

5.000%,

9/01/39

9/26

at

103.00

6,467,013

250

El

Dorado

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2005-2,

Series

2006,

5.100%,

9/01/36

3/24

at

100.00

251,160

Elsinore

Valley

Municipal

Water

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2020-1

Horsethief

Area

1A,

Series

2021A:

1,685

4.000%,

9/01/41,

144A

9/28

at

103.00

1,463,355

1,245

4.000%,

9/01/51,

144A

9/28

at

103.00

1,000,121

39

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

Elsinore

Valley

Municipal

Water

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2020-1

Horsethief

Improvement

Area

2A,

Series

2021A:

$

1,565

4.000%,

9/01/41,

144A

9/28

at

103.00

$

1,359,140

2,325

4.000%,

9/01/51,

144A

9/28

at

103.00

1,870,555

430

Fairfield,

California,

Special

Tax

Bonds,

Community

Facilities

District

2007-

1

Fairfield

Commons

Project,

Series

2008,

6.875%,

9/01/38

3/24

at

100.00

437,258

Folsom

Ranch

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Folsom

Community

Facilities

District

20

Russell

Ranch,

Series

2020:

1,250

5.125%,

9/01/47

9/29

at

103.00

1,232,637

1,300

5.125%,

9/01/52

9/29

at

103.00

1,265,056

3,225

Folsom

Ranch

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Folsom

Community

Facilities

District

23

Folsom

Ranch

Improvement

Area

1,

Series

2020,

4.000%,

9/01/45

9/27

at

103.00

2,738,122

4,000

Folsom

Ranch

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Folsom

Community

Facilities

District

23

Folsom

Ranch

Improvement

Area

1,

Series

2022,

5.000%,

9/01/52

9/29

at

103.00

3,830,320

1,515

Folsom

Ranch

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Series

2022,

5.000%,

9/01/52

9/29

at

103.00

1,450,734

Folsom,

California,

Special

Tax

Bonds,

Community

Facilities

District

16

Islands

at

Parkshore

Improvement

Area

1,

Series

2018:

500

4.000%,

9/01/43

10/23

at

103.00

438,100

1,545

4.000%,

9/01/48

10/23

at

103.00

1,308,383

Fontana,

California,  Special

Tax

Bonds,

Community

Facilities

District

106,

Mountain

View,

Series

2022:

375

4.250%,

9/01/38

9/29

at

103.00

355,631

500

4.500%,

9/01/43

9/29

at

103.00

467,700

4,040

Golden

State

Tobacco

Securitization

Corporation,

California,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Series

2022A-1,

5.000%,

6/01/51

12/31

at

100.00

4,197,237

Hemet

Unified

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2021-7,

Series

2023:

1,000

5.000%,

9/01/43

9/30

at

103.00

998,060

1,000

5.000%,

9/01/53

9/30

at

103.00

959,470

375

HTA

Claas

6,

Puerto

Rico

Highway

and

Transportation

Authority

Highway

Revenue

Bonds,

Series

2022,

5.250%,

7/01/38

9/23

at

100.00

375,294

1,030

Imperial,

California,

Special

Tax

Bonds,

Community

Facilities

District

2005-

1

Springfield,

Series

2015A,

5.000%,

9/01/36

9/25

at

100.00

1,045,388

155

Indio

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Merged

Area

Redevelopment

Project,

Subordinate

Lien

Refunding

Series

2008A,

5.250%,

8/15/28

10/23

at

100.00

155,319

500

Irvine,

California,

Special

Tax

Bonds,

Community

Facilities

District

2013-

3

Great

Park,

Improvement

Area

1,

Refunding

Series

2014,

5.000%,

9/01/39

9/24

at

100.00

502,820

3,380

Jurupa

Unified

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

9,

Series

2015A,

5.000%,

9/01/45

9/25

at

100.00

3,392,303

1,220

Lake

Elsinore

Unified

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2004-2,

Series

2005,

5.350%,

9/01/35

3/24

at

100.00

1,227,954

1,000

Lake

Elsinore

Unified

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2006-2

Improvement

Area

B,

Series

2018,

4.000%,

9/01/48

9/24

at

100.00

840,620

Lake

Elsinore

Unified

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2013-1,

Series

2017:

800

4.000%,

9/01/42

9/24

at

103.00

703,536

1,000

4.000%,

9/01/47

9/24

at

103.00

846,630

475

Lake

Elsinore,

California,

Special

Tax

Bonds,

Community

Facilities

District

2006-1

Summerly

Improvement

Area

KK,

Series

2021,

4.000%,

9/01/42

9/28

at

103.00

413,492

600

Lammersville

Joint

Unified

School

District,

San

Joaquin

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2014-1

Improvement

Area

1

Mountain

House

School

Facilities,

Series

2017,

5.000%,

9/01/47

9/27

at

100.00

604,146

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

40

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

4,170

Lathrop,

California,

Limited

Obligation

Improvement

Bonds,

Crossroads

Assessment

District,

Series

2015,

5.000%,

9/02/40

9/25

at

100.00

$

4,196,021

Lathrop,

California,

Special

Tax

Bonds,

Community

Facilities

District

2018-1

Central

Lathrop

Specific

Plan

Improvement

Areas

5,

Series

2019:

595

5.650%,

9/01/38

9/26

at

103.00

596,636

945

5.750%,

9/01/43

9/26

at

103.00

943,271

Lee

Lake

Public

Financing

Authority,

California,

Junior

Lien

Revenue

Bonds,

Series

2013B:

775

5.125%,

9/01/28

10/23

at

100.00

775,604

390

5.250%,

9/01/32

10/23

at

100.00

390,351

Lincoln,

California,

Special

Tax

Bonds,

Community

Facilities

District

2005-1

Sorrento

Project,

Series

2014A:

925

5.000%,

9/01/39

9/24

at

100.00

928,792

1,815

5.000%,

9/01/43

9/24

at

100.00

1,819,211

2,615

Los

Alamitos

Unified

School

District,

Orange

County,

California,

Certificates

of

Participation,

Series

2012,

0.000%,

8/01/42

(f)

8/29

at

100.00

2,737,957

1,750

Los

Angeles

County

Community

Facilities

District

2021-01,

California,

Special

Tax

Bond,

Valencia-Facilities

Improvement

Area

1,

Series

2022,

5.000%,

9/01/47

9/29

at

103.00

1,707,650

1,580

Lower

Magnolia

Green

Community

Development

Authority,

Virginia,

Special

Assessment

Bonds,

Series

2015,

5.000%,

3/01/45,

144A

3/25

at

100.00

1,473,571

8,660

Madera

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2021-1

Tesoro

Viejo

II

Improvement

Area

1,

Series

2022,

5.750%,

9/01/53

9/29

at

103.00

8,301,909

2,022

Manteca

Unified

School

District,

San

Joaquin

County,

California,

Certificates

of

Participation,

Series

2004,

0.000%,

9/15/33

-

NPFG

Insured

No

Opt.

Call

1,363,617

450

Marina

Redevelopment

Agency

Successor

Agency,

California,

Housing

Tax

Allocation

Bonds,

Series

2018B,

5.000%,

9/01/38

9/25

at

103.00

460,453

3,000

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A,

5.000%,

10/01/39

10/32

at

100.00

2,983,500

Menifee

Union

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2006-1,

Series

2014:

500

4.125%,

9/01/39

3/24

at

101.00

465,795

500

4.250%,

9/01/44

3/24

at

101.00

450,225

500

Menifee

Union

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2011-1,

Improvement

Area

6,

Series

2021,

4.000%,

9/01/50

9/28

at

103.00

415,275

Menifee

Union

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2011-1,

Improvement

Area

7,

Series

2021:

1,325

5.125%,

9/01/47

9/29

at

103.00

1,319,143

2,000

5.250%,

9/01/52

9/29

at

103.00

2,003,160

1,000

Menifee

Union

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2014-2,

Series

2017,

5.000%,

9/01/47

9/24

at

103.00

1,005,470

Menifee

Union

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilties

District

2011-1,

Improvement

Area

1,

Series

2015:

2,000

5.000%,

9/01/39

9/24

at

100.00

2,009,360

500

4.250%,

9/01/44

9/24

at

100.00

450,225

1,000

5.000%,

9/01/44

9/24

at

100.00

1,002,250

1,000

Menifee

Union

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilties

District

2016-1,

Improvement

Area

B,

Series

2022,

4.625%,

9/01/52

9/29

at

103.00

910,540

750

Menifee,

California,

Special

Tax

Bonds,

Community

Facilities

District

2021-

1,

Banner

Park

Series

2023A,

5.000%,

9/01/53

9/29

at

103.00

730,620

Menifee,

California,

Special

Tax

Bonds,

Community

Facilities

District

2022-1,

Quartz

Ranch

Series

2023A:

700

5.000%,

9/01/48

9/30

at

103.00

686,308

1,000

5.000%,

9/01/53

9/30

at

103.00

972,680

41

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

1,055

Merced

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Merced

Redevelopment

Project

2,

Series

2003A,

0.000%,

12/01/23

-

AMBAC

Insured

No

Opt.

Call

$

1,044,724

835

Moorpark,

California,

Special

Tax

Bonds,

Community

Facilities

District

2004-1,

Refunding

Junior

Lien

Series

2014B,

5.000%,

9/01/33

9/24

at

100.00

843,993

970

Moreno

Valley

Unified

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2015-2,

Series

2019,

5.000%,

9/01/48

9/25

at

103.00

975,093

1,085

Moreno

Valley

Unified

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2015-3,

Series

2019,

4.000%,

9/01/44

9/25

at

103.00

945,870

825

Murrieta,

California,

Special

Tax

Bonds,

Community

Facilities

District

2005-

5

Golden

City

Improvement

Area

A,

Series

2017,

5.000%,

9/01/46

9/27

at

100.00

829,934

Northstar

Community

Services

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

1,

Refunding

Series

2005:

980

5.450%,

9/01/28

(d)

3/24

at

100.00

362,778

2,927

5.550%,

9/01/36

(d)

3/24

at

100.00

1,082,836

1,250

Oceanside,

California,

Special

Tax

Bonds,

Community

Facilities

District

2006-1,

Pacific

Coast

Business

Park,

Series

2017,

5.000%,

9/01/38

9/25

at

102.00

1,273,262

880

Ontario,

California,

Special

Tax

Bonds,

Community

Facilities

District

26

Park

Place

Facilities

III,

Series

2019,

5.000%,

9/01/47

9/26

at

103.00

886,450

1,200

Ontario,

California,

Special

Tax

Bonds,

Community

Facilities

District

28

New

Haven

Facilities

-

Area

A,

Series

2017,

5.000%,

9/01/47

9/24

at

103.00

1,208,292

825

Ontario,

California,

Special

Tax

Bonds,

Community

Facilities

District

54

Esperanza

Facilities,

Series

2022,

4.500%,

9/01/52

9/29

at

103.00

732,526

845

Ontario,

California,

Special

Tax

Bonds,

Community

Facilities

District

55

Parklane

Facilities,

Series

2022,

5.000%,

9/01/53

9/29

at

103.00

824,424

Orange

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2021-1

Rienda,

Series

2022A:

350

5.000%,

8/15/42

8/29

at

103.00

353,006

4,000

5.000%,

8/15/52

8/29

at

103.00

3,959,040

Palm

Desert,

California,

Special

Tax

Bonds,

Community

Facilities

District

2021-1

University

Park,

Series

2021:

315

3.000%,

9/01/31

9/28

at

103.00

285,910

375

4.000%,

9/01/41

9/28

at

103.00

330,510

1,340

4.000%,

9/01/51

9/28

at

103.00

1,099,899

1,230

Palmdale

Community

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Merged

Redevelopment

Project

Areas,

Series

2002,

0.000%,

12/01/30

-

AMBAC

Insured

No

Opt.

Call

939,843

1,140

Perris

Joint

Powers

Authority,

California,

Local

Agency

Revenue

Bonds,

Community

Facilities

District

2007-2,

Pacific

Heritage,

Series

2020,

4.000%,

9/01/48

9/27

at

103.00

938,448

2,990

Pittsburg

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Los

Medanos

Community

Development

Project,

Series

1999,

0.000%,

8/01/27

-

AMBAC

Insured

No

Opt.

Call

2,590,566

3,000

Puerto

Rico

Highway

and

Transportation

Authority,

Restructured

Toll

Revenue

Bonds,

Series

2022C,

0.000%,

7/01/53

(f)

1/33

at

100.00

1,901,250

3,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1,

4.750%,

7/01/53

7/28

at

100.00

2,812,410

2,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

Cofina

Project

Series

2018B-1,

4.750%,

7/01/53

7/28

at

100.00

1,874,940

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2:

3,000

4.329%,

7/01/40

7/28

at

100.00

2,845,620

4,645

4.329%,

7/01/40

7/28

at

100.00

4,410,892

2,610

4.536%,

7/01/53

7/28

at

100.00

2,362,155

3,670

4.784%,

7/01/58

7/28

at

100.00

3,440,221

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

42

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

Rancho

Cardova,

California,

Special

Tax

Bonds,

Community

Facilities

District

2005-1

Sunridge

North

Douglas

Series

2015:

$

1,200

5.000%,

9/01/40

9/25

at

100.00

$

1,206,804

1,250

5.000%,

9/01/45

9/25

at

100.00

1,254,075

1,590

Rancho

Cordova,

California,

Special

Tax

Bonds,

Communities

Facilities

District

2014-1

Montelena,

Series

2022,

5.000%,

9/01/42

9/28

at

103.00

1,591,034

Redwood

City

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Project

Area

2,

Series

2003A:

1,755

0.000%,

7/15/29

-

AMBAC

Insured

No

Opt.

Call

1,415,566

1,260

0.000%,

7/15/31

-

AMBAC

Insured

No

Opt.

Call

942,719

1,185

Rio

Vista,

California,

Special

Tax

Bonds,

Community

Faciliites

District

2018-

1

Liberty

Community,

Series

2018-1,

5.000%,

9/01/48

9/25

at

103.00

1,171,681

1,185

River

Islands

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

2003-1

Improvement

Area

1,

Refunding

Series

2022A-1,

4.250%,

9/01/47

-

AGM

Insured

9/29

at

103.00

1,157,567

River

Islands

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

2003-1

Improvement

Area

1,

Subordinate

Series

2022B-2:

1,000

5.000%,

9/01/42

9/29

at

103.00

976,050

1,525

5.250%,

9/01/47

9/29

at

103.00

1,511,184

2,015

5.000%,

9/01/52

9/29

at

103.00

1,881,506

1,000

River

Islands

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

2019-1

Phase

2

Public

Improvements,

Series

2019,

4.000%,

9/01/46

9/26

at

103.00

812,020

1,295

Riverside

County

Asset

Leasing

Corporation,

California,

Leasehold

Revenue

Bonds,

Riverside

County

Hospital

Project,

Series

1997,

0.000%,

6/01/26

-

NPFG

Insured

No

Opt.

Call

1,168,245

2,115

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

03-1

Newport

Road,

Series

2014,

5.000%,

9/01/30

9/24

at

100.00

2,137,990

870

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

04-2

Lake

Hill

Crest,

Series

2012,

5.000%,

9/01/35

3/24

at

100.00

874,132

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

05-8

Scott

Road,

Series

2013:

660

5.000%,

9/01/32

10/23

at

100.00

660,515

3,410

5.000%,

9/01/42

10/23

at

100.00

3,410,579

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

07-2

Clinton

Keith,

Series

2017:

1,000

5.000%,

9/01/42

9/27

at

100.00

1,010,430

535

5.000%,

9/01/45

9/27

at

100.00

538,729

Rocklin

Unified

School

District,

Placer

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2,

Series

2007:

1,010

0.000%,

9/01/34

-

NPFG

Insured

No

Opt.

Call

653,531

1,155

0.000%,

9/01/35

-

NPFG

Insured

No

Opt.

Call

711,988

815

Rocklin,

Placer

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

10

Whitney

Ranch,

Series

2015,

5.000%,

9/01/39

9/25

at

100.00

823,126

935

Rohnert

Park

Community

Development

Agency,

California,

Tax

Allocation

Bonds,

Series

1999,

0.000%,

8/01/33

No

Opt.

Call

635,323

2,635

Romoland

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2004-1

Heritage

Lake

Improvement

Area

3,

Series

2013,

5.000%,

9/01/43

10/23

at

100.00

2,635,211

820

Romoland

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

91-1,

Series

2017,

5.000%,

9/01/41

9/27

at

100.00

826,822

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

1

Creekview

Improvement

Area

2,

Series

2023:

480

5.000%,

9/01/43

9/29

at

103.00

464,362

1,500

5.250%,

9/01/53

9/29

at

103.00

1,451,535

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

1

Hewlett

Parkard

Campus

Oaks,

Series

2016:

845

5.000%,

9/01/36

9/26

at

100.00

864,063

2,360

5.500%,

9/01/46

9/26

at

100.00

2,407,908

43

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

1

Ranch

at

Sierra

Vista,

Public

Facilities

Series

2023:

$

1,000

5.000%,

9/01/43

9/30

at

103.00

$

1,001,910

1,150

5.000%,

9/01/53

9/30

at

103.00

1,113,476

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

1

Sierra

Vista

Villages,

Series

2020:

490

4.000%,

9/01/45

9/27

at

103.00

421,816

1,300

4.000%,

9/01/50

9/27

at

103.00

1,081,366

625

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

1

Villages

at

Sierra

Vista,

Series

2022,

4.500%,

9/01/52

9/29

at

103.00

553,250

1,100

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

1

Westbrook,

Series

2014,

5.000%,

9/01/34

9/24

at

100.00

1,108,393

2,050

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

5

Fiddyment

Ranch

Public

Facilities,

Series

2017,

5.000%,

9/01/47,

144A

9/27

at

100.00

2,063,428

Roseville,

California,

Special

Tax

Bonds,

SVSP

Westpark-

Federico

Community

Facilities

District

1,

Series

2019:

500

5.000%,

9/01/44

9/26

at

103.00

505,590

700

5.000%,

9/01/49

9/26

at

103.00

702,982

2,755

Roseville,

California,

Special

Tax

Bonds,

SVSP

Westpark-Federico

Community

Facilities

District

1,

Series

2022,

5.000%,

9/01/52

9/29

at

103.00

2,669,898

230

Sabal

Palm

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Series

2016,

5.500%,

11/01/46

11/26

at

100.00

230,460

1,510

Sacramento

City

Financing

Authority

California,

Lease

Revenue

Bonds,

Master

Lease

Program

Facilities

Projects,

Tender

Option

Bond

Trust

2016-XG0100,

6.287%,

12/01/33

-

AMBAC

Insured,

144A,

(IF)

(c)

No

Opt.

Call

2,536,785

Sacramento

City

Financing

Authority,

California,

Tax

Allocation

Revenue

Bonds,

Merged

Downtown

Sacramento

and

Oak

Park

Projects,

Series

2005A:

4,295

0.000%,

12/01/31

-

FGIC

Insured

No

Opt.

Call

3,120,360

4,435

0.000%,

12/01/32

-

FGIC

Insured

No

Opt.

Call

3,081,571

265

Sacramento,

California,

Special

Tax

Bonds,

Community

Facilities

District

05-1

College

Square,

Series

2007,

5.900%,

9/01/37

3/24

at

100.00

267,067

1,600

Sacramento,

California,

Special

Tax

Bonds,

Community

Facilities

District

2018-01

Railyards,

Improvements

Series

2022,

5.375%,

9/01/52,

144A

9/29

at

103.00

1,573,984

Sacramento,

California,

Special

Tax

Bonds,

North

Natomas

Community

Facilities

District

7,

Series

2017-01:

710

5.000%,

9/01/37,

144A

9/24

at

103.00

726,806

1,900

5.000%,

9/01/47,

144A

9/24

at

103.00

1,911,761

428

Saint

Louis,

Missouri,

Tax

Increment

Financing

Revenue

Bonds,

Grace

Lofts

Redevelopment

Projects,

Series

2007A,

6.000%,

12/31/26

(d)

No

Opt.

Call

29,960

1,485

San

Bernardino

Community

Facilities

District

Number

2020-1,

California,

Special

Tax

Bonds,

Series

2022,

4.500%,

9/01/52

9/29

at

103.00

1,306,533

375

San

Bernardino

County

Financing

Authority,

California,

Revenue

Bonds,

Courthouse

Facilities

Project,

Series

2007,

5.500%,

6/01/37

-

NPFG

Insured

No

Opt.

Call

375,645

550

San

Bernardino

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2006-1

Lytle

Creek

North

Improvement

Area

1,

Series

2015,

5.000%,

9/01/40

9/25

at

100.00

553,427

1,500

San

Francisco

City

and

County

Infrastructure

and

Revitalization

Financing

District

1

Treasure

Island,

California,

Tax

Increment

Revenue

Bonds,

Housing

Increment

Series

2022B,

5.000%,

9/01/52,

144A

9/32

at

100.00

1,358,265

855

San

Francisco

City

and

County

Redevelopment

Agency

Successor

Agency,

California,

Special

Tax

Bonds,

Community

Facilities

District

7,

Hunters

Point

Shipyard

Phase

One

Improvements,

Refunding

Series

2014,

5.000%,

8/01/39

8/24

at

100.00

858,565

1,250

San

Francisco

City

and

County

Redevelopment

Agency

Successor

Agency,

California,

Tax

Allocation

Bonds,

Mission

Bay

South

Redevelopment

Project,

Series

2014A,

5.000%,

8/01/43

8/24

at

100.00

1,269,175

12,610

San

Francisco

City

and

County

Redevelopment

Agency

Successor

Agency,

California,

Tax

Allocation

Bonds,

Mission

Bay

South

Redevelopment

Project,

Subordinate

Series

2016D,

0.000%,

8/01/43,

144A

10/23

at

37.60

4,770,237

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

44

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

11,755

San

Francisco

City

and

County,

California,

Certificates

of

Participation,

49

South

Van

Ness

Avenue

Project,

Green

Series

2019A,

4.000%,

4/01/45,

(UB)

(c)

4/27

at

100.00

$

11,468,883

3,900

San

Francisco

City

and

County,

California,

Development

Special

Tax

Bonds,

Mission

Rock

Facilities

and

Services

Special

Tax

District

2020-1,

Series

2021C,

4.000%,

9/01/51,

144A

9/28

at

103.00

3,048,162

San

Francisco

City

and

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2014-1

Transbay

Transit

Center,

Green

Series

2022A:

1,000

5.000%,

9/01/42,

(UB)

(c)

9/32

at

100.00

1,048,690

1,735

5.000%,

9/01/47,

(UB)

(c)

9/32

at

100.00

1,798,900

1,150

5.000%,

9/01/52,

(UB)

(c)

9/32

at

100.00

1,182,039

San

Francisco

City

and

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2016-1

Treasure

Island

Improvement

Area

1,

Series

2020:

1,550

4.000%,

9/01/42

9/27

at

103.00

1,363,101

2,900

4.000%,

9/01/50

9/27

at

103.00

2,401,258

1,000

San

Jacinto

Unified

School

District,

California,

Community

Facilities

District

2003-1

Infrastructure

Projects,

Series

2016,

3.375%,

9/01/46

3/24

at

103.00

753,010

Santa

Ana

Financing

Authority,

California,

Lease

Revenue

Bonds,

Police

Administration

and

Housing

Facility,

Series

1994A:

55

6.250%,

7/01/24

No

Opt.

Call

56,254

5,000

Stockton,

California,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

19-1,

Cannery

Park

II,

Series

2022,

5.000%,

9/01/52

9/29

at

103.00

4,724,250

1,335

Sulphur

Springs

Union

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2006-1,

Series

2018,

5.000%,

9/01/43

9/24

at

103.00

1,348,176

5,400

Sulphur

Springs

Union

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2014-1,

Series

2022,

4.500%,

9/01/52

9/29

at

103.00

4,787,370

4,000

Tejon

Ranch

Public

Facilities

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

2008-1

Tejon

Industrial

Complex

East

2012B,

5.250%,

9/01/42

10/23

at

100.00

4,003,000

2,000

Tejon

Ranch

Public

Facilities

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

2008-1,

Tejon

Industrial

Complex

Public

Improvements-East,

Series

2015A,

5.000%,

9/01/45

9/25

at

100.00

2,010,660

3,250

Tejon

Ranch

Public

Facilities

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

2008-1,

Tejon

Industrial

Complex

Public

Improvements-East,

Series

2020,

4.000%,

9/01/50

9/27

at

103.00

2,715,862

1,045

Temecula

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

16-01,

Series

2017,

6.250%,

9/01/47,

144A

9/27

at

100.00

1,086,069

1,750

Temecula

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

16-01,

Series

2023A,

5.000%,

9/01/49

9/29

at

103.00

1,696,328

400

Temecula

Valley

Unified

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2011-1,

Series

2014,

4.250%,

9/01/44

3/24

at

101.00

360,180

1,195

Tracy,

California,

Special

Tax

Bonds,

Community

Facilities

District

2016-1

Tracy

Hills,  Improvement

Area

1,

Series

2019,

5.000%,

9/01/49

9/25

at

103.00

1,175,044

1,000

Val

Verde

Unified

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2018-2,

Stratford

Improvement

Area

2

Series

2023,

5.000%,

9/01/54

9/29

at

103.00

973,810

700

Victor

Valley

Union

High

School

District,

San

Bernardino

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2007-1,

Series

2013,

5.000%,

9/01/43

9/23

at

100.00

700,056

1,000

Virgin

Islands

Public

Finance

Authority,

Gross

Receipts

Taxes

Loan

Note,

Refunding

Series

2014C,

5.000%,

10/01/39,

144A

10/24

at

100.00

813,780

West

Patterson

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

2015-1

Arambel-

KDN,

Refunding

Series

2015:

350

5.250%,

9/01/35

9/25

at

100.00

357,704

785

5.250%,

9/01/45

9/25

at

100.00

791,531

2,805

West

Sacramento,

California,

Special

Tax

Bonds,

Community

Facilities

District

27

Bridge

District,

Refunding

Series

2016,

5.000%,

9/01/40

9/26

at

100.00

2,830,694

45

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

7,760

West

Sacramento,

California,

Special

Tax

Bonds,

Community

Facilities

District

27

Bridge

District,

Series

2017,

5.000%,

9/01/47

9/27

at

100.00

$

7,799,654

1,890

Westside

Union

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2016-1

Improvement

Area

B,

Series

2023,

5.250%,

9/01/52

9/29

at

103.00

1,806,727

1,445

William

S.

Hart

Union

High

School

District,

Los

Angeles

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2015-1,

Series

2017,

5.000%,

9/01/47

9/26

at

100.00

1,455,057

1,855

Woodland,

California,

Special

Tax

Bonds,

Community

Facilities

District

2004-1

Spring

Lake,

Refunding

&

Capital

Projects

Series

2016,

4.000%,

9/01/45

9/26

at

100.00

1,596,877

290

Yorkville

United

City

Business

District,

Illinois,

Storm

Water

and

Water

Improvement

Project

Revenue

Bonds,

Series

2007,

6.000%,

1/01/27

(d)

9/23

at

100.00

124,700

Total

Tax

Obligation/Limited

375,229,967

Transportation

-

10.4%

Alameda

Corridor

Transportation

Authority,

California,

Revenue

Bonds,

Refunding

Second

Subordinate

Lien

Series

2022C:

9,400

0.000%,

10/01/49

-

AGM

Insured,

(UB)

(c),(f)

10/37

at

100.00

4,855,570

34,890

0.000%,

10/01/52

-

AGM

Insured,

(UB)

(c),(f)

10/37

at

100.00

18,021,732

Alameda

Corridor

Transportation

Authority,

California,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2022B:

4,000

0.000%,

10/01/47,

(UB)

(c),(f)

10/37

at

100.00

2,046,320

8,405

0.000%,

10/01/48,

(UB)

(c),(f)

10/37

at

100.00

4,288,063

5,185

0.000%,

10/01/49,

(UB)

(c),(f)

10/37

at

100.00

2,645,283

7,080

0.000%,

10/01/50,

(UB)

(c),(f)

10/37

at

100.00

3,607,119

7,410

0.000%,

10/01/51

-

AGM

Insured,

(UB)

(c),(f)

10/37

at

100.00

3,827,487

4,000

California

Municipal

Finance

Authority,

Special

Facility

Revenue

Bonds,

United

Airlines,

Inc.

Los

Angeles

International

Airport

Project,

Series

2019,

4.000%,

7/15/29,

(AMT)

No

Opt.

Call

3,950,440

10,000

Florida

Development

Finance

Corporation,

Florida,

Surface

Transportation

Facility

Revenue

Bonds,

Brightline

Passenger

Rail

Project,

Green

Series

2019B,

7.375%,

1/01/49,

(AMT),

144A

1/24

at

107.00

10,020,200

5,000

Florida

Development

Finance

Corporation,

Florida,

Surface

Transportation

Facility

Revenue

Bonds,

Virgin

Trains

USA

Passenger

Rail

Project,

Series

2019A,

6.375%,

1/01/49,

(AMT),

(Mandatory

Put

1/01/26),

144A

10/23

at

102.00

4,839,400

10,845

Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021A,

4.000%,

1/15/46,

(UB)

(c)

1/31

at

100.00

10,182,587

Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Refunding

Series

2013A:

5,000

0.000%,

1/15/37

-

AGM

Insured

No

Opt.

Call

2,802,600

1,775

5.000%,

1/15/42

-

AGM

Insured

1/24

at

100.00

1,780,112

2,500

Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Refunding

Term

Rate

Sub-Series

2013B-1,

3.950%,

1/15/53

-

AGM

Insured

7/27

at

100.00

2,295,975

Guam

A.B.

Won

Pat  International

Airport

Authority,

Revenue

Bonds,

Series

2013C:

450

6.250%,

10/01/34,

(AMT)

10/23

at

100.00

450,783

90

6.125%,

10/01/43

-

AGM

Insured,

(AMT)

10/23

at

100.00

90,148

Guam

Port

Authority,

Port

Revenue

Bonds,

Private

Activity

Series

2018B:

250

5.000%,

7/01/36,

(AMT)

7/28

at

100.00

258,800

400

5.000%,

7/01/37,

(AMT)

7/28

at

100.00

411,456

3,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Refunding

Subordinate

Series

2022G,

4.000%,

5/15/47,

(AMT)

(c)

11/31

at

100.00

2,779,650

10,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2018C,

5.000%,

5/15/44,

(AMT),

(UB)

(c)

11/27

at

100.00

10,179,800

5,000

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Subordinate

Series

2021B,

5.000%,

7/01/56,

(AMT),

(UB)

(c)

7/31

at

100.00

5,070,600

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

46

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Transportation

(continued)

$

4,500

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Refunding

Second

Series

2019A,

4.000%,

5/01/49,

(AMT),

(UB)

(c)

5/29

at

100.00

$

4,035,015

5,165

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2018D,

5.000%,

5/01/48,

(AMT),

(UB)

(c)

5/28

at

100.00

5,220,214

200

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Toll

Road

Revenue

Bonds,

Refunding

Junior

Lien

Series

2014B,

5.250%,

1/15/49

1/25

at

100.00

202,140

50

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Toll

Road

Revenue

Bonds,

Refunding

Series

1997A,

0.000%,

1/15/31

-

NPFG

Insured

No

Opt.

Call

37,108

6,650

San

Jose,

California,

Airport

Revenue

Bonds,

Refunding

Series

2017A,

4.000%,

3/01/42

-

BAM

Insured,

(AMT),

(UB)

(c)

3/27

at

100.00

6,227,725

1,200

West

Indian

Company

Limited,

Virgin

Islands,

Port

Facilities

Revenue

Bonds,

WICO

Financing,

Series

2022B,

6.500%,

4/01/52,

(AMT),

144A

10/29

at

104.00

1,147,548

Total

Transportation

111,273,875

U.S.

Guaranteed

-

0.8%

(g)

Anaheim

Public

Financing

Authority,

California,

Lease

Revenue

Bonds,

Public

Improvement

Project,

Series

1997C:

2,320

0.000%,

9/01/35

-

AGM

Insured,

(ETM)

No

Opt.

Call

1,515,030

1,955

California

Municipal

Finance

Authority,

Mobile

Home

Park

Revenue

Bonds,

Windsor

Mobile

Country

Club,

Subordinate

Series

2013B,

7.000%,

11/15/48,

(Pre-refunded

11/15/23)

11/23

at

100.00

1,968,489

250

California

Municipal

Finance

Authority,

Revenue

Bonds,

Touro

College

and

University

System,

Series

2014A,

5.250%,

1/01/40,

(Pre-refunded

7/01/24)

7/24

at

100.00

254,222

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2016:

40

5.000%,

8/01/46,

(Pre-refunded

8/01/25),

144A

8/25

at

100.00

41,323

California

School

Finance

Authority,

Educational

Facility

Revenue

Bonds,

Partnerships

to

Uplift

Communities

Valley

Project,

Series

2014:

1,605

6.400%,

8/01/34,

(Pre-refunded

2/01/24),

144A

2/24

at

100.00

1,622,607

2,040

6.750%,

8/01/44,

(Pre-refunded

2/01/24),

144A

2/24

at

100.00

2,064,806

Guam

A.B.

Won

Pat  International

Airport

Authority,

Revenue

Bonds,

Series

2013C:

295

6.250%,

10/01/34,

(Pre-refunded

10/01/23),

(AMT)

10/23

at

100.00

295,513

410

6.125%,

10/01/43,

(Pre-refunded

10/01/23)

-

AGM

Insured,

(AMT)

10/23

at

100.00

410,677

Santa

Ana

Financing

Authority,

California,

Lease

Revenue

Bonds,

Police

Administration

and

Housing

Facility,

Series

1994A:

55

6.250%,

7/01/24,

(ETM)

No

Opt.

Call

56,290

Total

U.S.

Guaranteed

8,228,957

Utilities

-

4.4%

9,375

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2023C,

5.250%,

1/01/54,

(Mandatory

Put

10/01/31)

10/30

at

100.65

9,723,844

1,100

California

Pollution

Control

Financing

Authority

Water

Furnishing

Revenue

Bonds

(Poseidon

Resources

(Channelside)

LP

Desalination

Project),

Series

2023

(AMT),

5.000%,

11/21/45,

(AMT),

144A

7/33

at

100.00

1,105,852

500

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2016,

5.000%,

1/01/46

7/26

at

100.00

500,705

25

Long

Beach

Bond

Finance

Authority,

California,

Natural

Gas

Purchase

Revenue

Bonds,

Series

2007A,

5.500%,

11/15/28

No

Opt.

Call

26,573

50

M-S-R

Energy

Authority,

California,

Gas

Revenue

Bonds,

Citigroup

Prepay

Contracts,

Series

2009A,

6.500%,

11/01/39

No

Opt.

Call

59,537

420

Pico

Rivera

Water

Authority,

California,

Revenue

Bonds,

Refunding

Water

System

Project,

Series

1999A,

5.500%,

5/01/29

-

NPFG

Insured

No

Opt.

Call

442,180

47

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Utilities

(continued)

$

3,000

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A,

5.000%,

7/01/47,

144A

7/30

at

100.00

$

2,882,700

5

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B,

5.000%,

7/01/37,

144A

7/31

at

100.00

5,001

8,000

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Federally

Taxable

Build

America

Bonds,

Series

2010YY,

6.125%,

7/01/40

(d),(e)

10/23

at

100.00

1,352,415

1,140

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Refunding

National

Series

2007VV,

5.250%,

7/01/34

-

NPFG

Insured

No

Opt.

Call

1,119,434

25

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Refunding

Series

2005SS,

4.625%,

7/01/30

(d),(e)

10/23

at

100.00

4,811

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Refunding

Series

2010DDD:

1,030

3.625%,

7/01/21

(d),(e)

7/20

at

100.00

186,176

1,000

5.000%,

7/01/25

(d),(e)

7/20

at

100.00

175,152

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Refunding

Series

2012A:

1,415

4.800%,

7/01/29

(d),(e)

10/23

at

100.00

254,299

5,385

5.000%,

7/01/42

(d),(e)

10/23

at

100.00

1,147,551

2,925

5.050%,

7/01/42

(d),(e)

10/23

at

100.00

522,587

85

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2003NN,

5.500%,

7/01/20

(d),(e)

No

Opt.

Call

14,695

1,950

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2007TT,

5.000%,

7/01/32

(d),(e)

10/23

at

100.00

325,358

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2010AAA:

500

5.250%,

7/01/24

(d),(e)

10/23

at

100.00

86,537

275

5.250%,

7/01/25

(d),(e)

10/23

at

100.00

50,178

3,000

5.250%,

7/01/27

(d),(e)

10/23

at

100.00

502,645

1,020

5.250%,

7/01/31

(d),(e)

10/23

at

100.00

175,971

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2010CCC:

135

5.000%,

7/01/24

(d),(e)

10/23

at

100.00

23,661

200

4.800%,

7/01/27

(d),(e)

10/23

at

100.00

40,891

2,000

5.400%,

7/01/28

(d),(e)

10/23

at

100.00

348,256

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2010XX:

1,445

4.625%,

7/01/25

(d),(e)

10/23

at

100.00

253,789

95

5.250%,

7/01/26

(d),(e)

10/23

at

100.00

16,536

1,000

5.250%,

7/01/35

(d),(e)

10/23

at

100.00

185,823

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2010ZZ:

165

5.000%,

7/01/21

(d),(e)

7/20

at

100.00

28,110

1,695

5.000%,

7/01/23

(d),(e)

No

Opt.

Call

320,172

1,000

5.250%,

7/01/26

(d),(e)

10/23

at

100.00

197,538

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2013A:

220

7.250%,

7/01/30

(d),(e)

10/23

at

100.00

39,412

4,430

6.750%,

7/01/36

(d),(e)

10/23

at

100.00

791,068

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

WW:

915

5.375%,

7/01/24

(d),(e)

10/23

at

100.00

161,566

1,000

5.250%,

7/01/33

(d),(e)

10/23

at

100.00

173,957

295

5.500%,

7/01/38

(d),(e)

10/23

at

100.00

49,597

2,380

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Taxable

Build

America

Bond

Series

2010EE,

5.950%,

7/01/30

(d),(e)

10/23

at

100.00

409,737

San

Joaquin

County,

California,

Revenue

Bonds,

CSA

County

Service

Area

31,

Refunding

Series

2018A:

1,250

5.000%,

8/01/38

8/28

at

100.00

1,269,200

1,500

5.000%,

8/01/42

8/28

at

100.00

1,515,510

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

48

See

Notes

to

Financial

Statements

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Utilities

(continued)

Southern

California

Public

Power

Authority,

Natural

Gas

Project

1

Revenue

Bonds,

Series

2007A:

$

1,000

5.000%,

11/01/29

No

Opt.

Call

$

1,036,320

220

5.000%,

11/01/33

No

Opt.

Call

230,223

2,190

Virgin

Islands

Water

and

Power

Authority,

Electric

System

Revenue

Bonds,

Bond

Anticipation

Notes,

Taxable

Series

2022A,

7.750%,

7/01/24

No

Opt.

Call

2,151,281

150

Virgin

Islands

Water

and

Power

Authority,

Electric

System

Revenue

Bonds,

Bond

Anticipation

Notes,

Taxable

Series

2022B,

10.000%,

7/01/24

No

Opt.

Call

148,773

West

County

Facilities

Financing

Authority,

California,

Wastewater

Revenue

Bonds,

Green

Series

2021:

5,020

4.000%,

6/01/46,

(UB)

(c)

6/31

at

100.00

4,840,585

13,245

4.000%,

6/01/51,

(UB)

(c)

6/31

at

100.00

12,579,174

Total

Utilities

47,475,380

Total

Municipal

Bonds

(cost

$1,364,466,366)

1,266,632,487

Total

Long-Term

Investments

(cost

$1,364,466,366)

1,266,632,487

Floating

Rate

Obligations

-

(20.3)%  

(

217,922,000

)

Other

Assets

&

Liabilities,

Net

-

2.1%

22,580,024

Net

Assets

-

100%

$

1,071,290,511

(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)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(e)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(f)

Step-up

coupon

bond,

a

bond

with

a

coupon

that

increases

("steps

up"),

usually

at

regular

intervals,

while

the

bond

is

outstanding.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(g)

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

IF

Inverse

floating

rate

security

issued

by

a

tender

option

bond

(“TOB”)

trust,

the

interest

rate

on

which

varies

inversely

with

the

Securities

Industry

Financial

Markets

Association

(SIFMA)

short-term

rate,

which

resets

weekly,

or

a

similar

short-term

rate,

and

is

reduced

by

the

expenses

related

to

the

TOB

trust.

UB

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction.

49

Nuveen

California

Municipal

Bond

Fund

Portfolio

of

Investments

August

31,

2023

(Unaudited)

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

98.5%   

X

1,692,588,318

MUNICIPAL

BONDS

-

98.5%  

X

1,692,588,318

Consumer

Staples

-

0.0%

$

370

California

County

Tobacco

Securitization

Agency,

Tobacco

Settlement

Asset-Backed

Bonds,

Los

Angeles

County

Securitization

Corporation,

Series

2020A,

4.000%,

6/01/49

6/30

at

100.00

$

335,649

Total

Consumer

Staples

335,649

Education

and

Civic

Organizations

-

5.5%

5,000

California

Educational

Facilities

Authority,

Revenue

Bonds,

Chapman

University,

Series

2015,

5.000%,

4/01/45

4/25

at

100.00

5,044,500

3,000

California

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

the

Pacific,

Refunding

Series

2015,

5.000%,

11/01/36

11/25

at

100.00

3,068,550

California

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

the

Pacific,

Series

2023:

2,040

5.000%,

11/01/43

11/33

at

100.00

2,191,960

3,240

4.250%,

11/01/48

11/33

at

100.00

3,112,603

500

California

Municipal

Finance

Authority

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

Project,

Series

2015A,

5.250%,

10/01/45

10/23

at

101.00

473,120

1,275

California

Municipal

Finance

Authority,

Revenue

Bonds,

Goodwill

Industries

of

Sacramento

Valley

&

Northern

Nevada

Project,

Series

2014A,

5.000%,

1/01/35

1/25

at

100.00

1,079,619

California

Municipal

Finance

Authority,

Revenue

Bonds,

Linxs

APM

Project,

Senior

Lien

Series

2018A:

8,595

4.000%,

12/31/47,

(AMT)

6/28

at

100.00

7,330,933

6,980

5.000%,

12/31/47,

(AMT)

6/28

at

100.00

6,895,054

250

California

School

Finance

Authority

Charter

School

Revenue

Bonds,

Bright

Star

Schools

-

Obligated

Group,

Series

2017,

5.000%,

6/01/54,

144A

6/27

at

100.00

219,580

2,935

California

School

Finance

Authority

Charter

School

Revenue

Bonds,

Fenton

Schools

-

Obligated

Group,

Series

2020A,

5.000%,

7/01/50,

144A

7/27

at

100.00

2,699,466

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2015A:

1,045

5.000%,

8/01/40,

144A

8/25

at

100.00

1,045,930

1,100

5.000%,

8/01/45,

144A

8/25

at

100.00

1,077,637

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2016:

450

5.000%,

8/01/36,

144A

8/25

at

100.00

453,253

460

5.000%,

8/01/46,

144A

8/25

at

100.00

448,767

815

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Aspire

Public

School

-

Obligated

Group,Issue

No.6,

Series

2020A,

5.000%,

8/01/52,

144A

8/28

at

100.00

780,436

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Downtown

College

Prep

-

Obligated

Group,

Series

2016:

410

5.000%,

6/01/46,

144A

6/26

at

100.00

383,038

500

5.000%,

6/01/51,

144A

6/26

at

100.00

457,960

375

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Kepler

Neighborhood

School,

Series

2017A,

5.750%,

5/01/37,

144A

5/27

at

100.00

373,912

550

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Partnerships

to

Uplift

Communities

Project,

Refunding

Social

Series

2023,

5.500%,

8/01/43,

144A

8/33

at

100.00

550,798

285

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Rocketship

Education

Obligated

Group,

Series

2016A,

5.000%,

6/01/36,

144A

6/25

at

100.00

282,330

Nuveen

California

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

50

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

$

280

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Stem

Preparatory

Schools

Obligated

Group,

Series

2023A,

5.000%,

6/01/43,

144A

6/31

at

100.00

$

270,589

500

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Summit

Public

Schools

Obligated

Group,

Series

2017,

5.000%,

6/01/47,

144A

6/27

at

100.00

442,865

750

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alliance

for

College-Ready

Public

Schools

Project,

Series

2015A,

5.000%,

7/01/45,

144A

7/25

at

100.00

742,515

830

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alliance

for

College-Ready

Public

Schools

Project,

Series

2016A,

5.000%,

7/01/46,

144A

7/25

at

100.00

818,488

5,235

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alliance

for

College-Ready

Public

Schools

Project,

Series

2016C,

5.250%,

7/01/52,

144A

7/25

at

101.00

5,241,701

680

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Granada

Hills

Charter

High

School

Obligated

Group,

Series

2021A,

4.000%,

7/01/48,

144A

7/28

at

100.00

546,672

545

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Value

Schools,

Refunding

Series

2023A,

5.000%,

7/01/40,

144A

7/28

at

103.00

537,179

2,650

California

State

University,

Systemwide

Revenue

Bonds,

Refunding

Series

2015A,

5.000%,

11/01/35

11/25

at

100.00

2,741,664

3,100

California

State

University,

Systemwide

Revenue

Bonds,

Series

2018A,

5.000%,

11/01/43

11/28

at

100.00

3,294,649

5,210

California

State

University,

Systemwide

Revenue

Bonds,

Series

2019A,

5.000%,

11/01/51

11/29

at

100.00

5,495,091

7,100

California

State

University,

Systemwide

Revenue

Bonds,

Series

2020C,

3.000%,

11/01/39

11/30

at

100.00

5,940,215

1,115

San

Diego

County,

California,

Limited

Revenue

Obligations,

Sanford

Burnham

Prebys

Medical

Discovery

Institute,

Series

2015A,

5.000%,

11/01/28

11/25

at

100.00

1,163,413

15,325

University

of

California,

General

Revenue

Bonds,

Limited

Project

Series

2017M,

5.000%,

5/15/47

5/27

at

100.00

16,002,212

11,620

University

of

California,

General

Revenue

Bonds,

Limited

Project

Series

2018O,

5.000%,

5/15/43

5/28

at

100.00

12,349,736

Total

Education

and

Civic

Organizations

93,556,435

Financials

-

0.0%

7

Cofina

Class

2

Trust

Tax-Exempt

Class

2047,

Puerto

Rico.

Unit

Exchanged

From

Cusip

74529JAN5,

0.000%,

8/01/47

No

Opt.

Call

1,963

Total

Financials

1,963

Health

Care

-

12.8%

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2016B:

17,205

5.000%,

11/15/46

11/26

at

100.00

17,596,758

3,815

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2017A,

5.000%,

11/15/48

11/27

at

100.00

3,901,028

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Series

2018A:

1,225

5.000%,

11/15/36

11/27

at

100.00

1,289,594

11,100

5.000%,

11/15/48

11/27

at

100.00

11,350,305

7,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Cedars-

Sinai

Health

System,

Series

2021A,

4.000%,

8/15/48

8/31

at

100.00

6,806,940

3,850

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Children's

Hospital

Los

Angeles,

Series

2017A,

5.000%,

8/15/47

8/27

at

100.00

3,852,965

6,100

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

City

of

Hope

National

Medical

Center,

Series

2012A,

4.000%,

11/15/39

10/23

at

100.00

5,792,011

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

City

of

Hope

National

Medical

Center,

Series

2019:

7,850

4.000%,

11/15/45

11/29

at

100.00

7,174,821

2,700

5.000%,

11/15/49

11/26

at

100.00

2,722,788

51

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2020A:

$

10,750

4.000%,

4/01/40

4/30

at

100.00

$

10,124,135

3,175

4.000%,

4/01/45

4/30

at

100.00

2,870,803

36,320

4.000%,

4/01/49

4/30

at

100.00

32,017,533

3,940

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

El

Camino

Hospital,

Refunding

Series

2015A,

5.000%,

2/01/40

2/25

at

100.00

3,992,954

7,500

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Kaiser

Permanente

System,

Series

2017A-2,

5.000%,

11/01/47

No

Opt.

Call

8,191,725

830

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Lucile

Salter

Packard

Children's

Hospital,

Series

2014A,

5.000%,

8/15/43

8/24

at

100.00

838,408

1,825

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Series

2014B,

5.000%,

10/01/44

10/24

at

100.00

1,831,041

250

California

Municipal

Finance

Authority,

Revenue

Bonds,

Eisenhower

Medical

Center,

Refunding

Series

2017A,

5.000%,

7/01/47

7/27

at

100.00

249,042

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2017A:

1,810

5.250%,

11/01/36

11/26

at

100.00

1,802,760

8,500

5.250%,

11/01/41

11/26

at

100.00

8,062,505

6,750

5.000%,

11/01/47

11/26

at

100.00

5,880,870

6,810

5.250%,

11/01/47

11/26

at

100.00

6,212,967

5,300

California

Municipal

Finance

Authority,

Reveue

Bonds,

Community

Medical

Centers,

Series

2017A,

5.000%,

2/01/47

2/27

at

100.00

5,355,385

2,950

California

Municipal

Financing

Authority,

Certificates

of

Participation,

Palomar

Health,

Series

2022A,

5.250%,

11/01/52

-

AGM

Insured

11/32

at

100.00

3,151,426

2,000

California

Public

Finance

Authority,

Revenue

Bonds,

Henry

Mayo

Newhall

Hospital,

Series

2017,

5.000%,

10/15/47

10/26

at

100.00

1,938,000

2,500

California

Statewide

Communities

Development

Authority,

California,

Redlands

Community

Hospital,

Revenue

Bonds,

Series

2016,

5.000%,

10/01/46

10/26

at

100.00

2,512,250

6,000

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2014A,

5.250%,

12/01/44

12/24

at

100.00

5,951,820

20,750

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A,

5.250%,

12/01/56,

144A

6/26

at

100.00

20,299,933

8,400

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2018A,

5.500%,

12/01/58,

144A

6/28

at

100.00

8,405,964

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

Adventist

Health

System/West,

Series

2015A:

1,305

5.000%,

3/01/35

3/26

at

100.00

1,336,242

1,000

5.000%,

3/01/45

3/26

at

100.00

1,004,410

4,650

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

Adventist

Health

System/West,

Series

2018A,

5.000%,

3/01/48

3/28

at

100.00

4,704,219

10,000

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

Marin

General

Hospital,

Green

Series

2018A,

4.000%,

8/01/45

9/23

at

100.00

8,458,200

1,365

California

Statewide

Community

Development

Authority,

Health

Revenue

Bonds,

Enloe

Medical

Center,

Refunding

Series

2022A,

5.250%,

8/15/52

-

AGM

Insured

8/32

at

100.00

1,461,710

California

Statewide

Community

Development

Authority,

Revenue

Bonds,

Daughters

of

Charity

Health

System,

Series

2005A:

31

5.750%,

7/01/24

(c),(d)

10/23

at

100.00

31,196

36

5.750%,

7/01/30

(c),(d)

10/23

at

100.00

35,868

2

5.750%,

7/01/35

(c),(d)

10/23

at

100.00

2,336

34

California

Statewide

Community

Development

Authority,

Revenue

Bonds,

Daughters

of

Charity

Health

System,

Series

2005G,

5.500%,

7/01/24

(c),(d)

1/22

at

100.00

33,758

3,000

Kaweah

Delta

Health

Care

District,

California,

Revenue

Bonds,

Series

2015B,

5.000%,

6/01/40

6/25

at

100.00

2,444,730

Nuveen

California

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

52

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

$

5,000

Palomar

Health

System,

California,

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

11/01/42

11/27

at

100.00

$

5,038,800

1,630

Upland,

California,

Certificates

of

Participation,

San

Antonio

Regional

Hospital,

Series

2017,

5.000%,

1/01/47

1/28

at

100.00

1,647,082

2,800

Washington

Township

Health

Care

District,

California,

Revenue

Bonds,

Series

2017A,

5.000%,

7/01/42

7/27

at

100.00

2,690,856

Total

Health

Care

219,066,138

Housing/Multifamily

-

14.0%

19,170

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Creekwood,

Series

2021A,

4.000%,

2/01/56,

144A

8/31

at

100.00

11,965,339

15,920

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Glendale

Properties,

Junior

Series

2021A-2,

4.000%,

8/01/47,

144A

8/31

at

100.00

12,416,963

26,675

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Serenity

at

Larkspur

Apartments,

Series

2020A,

5.000%,

2/01/50,

144A

2/30

at

100.00

21,037,772

1,950

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Stoneridge

Apartments,

Series

2021A,

4.000%,

2/01/56,

144A

2/31

at

100.00

1,421,765

560

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Summit

at

Sausalito

Apartments,

Series

2021A-2,

4.000%,

2/01/50,

144A

8/32

at

100.00

417,872

440

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

The

Arbors,

Series

2020A,

5.000%,

8/01/50,

144A

8/30

at

100.00

399,027

2,850

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Verdant

at

Green

Valley

Apartments,

Series

2019A,

5.000%,

8/01/49,

144A

8/29

at

100.00

2,614,505

21,320

California

Community

Housing

Agency,

Workforce

Housing

Revenue

Bonds,

Annadel

Apartments,

Series

2019A,

5.000%,

4/01/49,

144A

4/29

at

100.00

17,606,056

11,130

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2019-2,

4.000%,

3/20/33

No

Opt.

Call

10,746,613

12,428

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2021-1,

3.500%,

11/20/35

No

Opt.

Call

11,434,013

1,521

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series2019-1,

4.250%,

1/15/35

No

Opt.

Call

1,484,445

9,789

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Social

Certificates

Series

2023-1,

4.375%,

9/20/36

No

Opt.

Call

9,521,015

California

Municipal

Finance

Authority,

Mobile

Home

Park

Revenue

Bonds,

Caritas

Affordable

Housing

Inc

Projects,

Senior

Series

2014A:

170

5.250%,

8/15/39

8/24

at

100.00

171,207

455

5.250%,

8/15/49

8/24

at

100.00

457,448

3,145

California

Statewide

Community

Development

Authority,

Multifamily

Housing

Revenue

Senior

Bonds,

Westgate

Courtyards

Apartments,

Series

2001X-1,

5.420%,

12/01/34

-

AMBAC

Insured,

(AMT)

10/23

at

100.00

2,989,700

20,705

CMFA

Special

Finance

Agency

I,

California,

Essential

Housing

Revenue

Bonds,

The

Mix

at

Center

City,

Series

2021A-2,

4.000%,

4/01/56,

144A

4/31

at

100.00

14,627,668

5,675

CMFA

Special

Finance

Agency,

California,

Essential

Housing

Revenue

Bonds,

Enclave

Apartments,

Senior

Series

2022A-1,

4.000%,

8/01/58,

144A

2/32

at

100.00

4,186,334

920

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

777

Place-Pomona,

Senior

Lien

Series

2021A-1,

3.600%,

5/01/47,

144A

5/32

at

100.00

725,153

8,660

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

777

Place-Pomona,

Senior

Lien

Series

2021A-2,

3.250%,

5/01/57,

144A

5/32

at

100.00

5,885,942

1,255

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Acacia

on

Santa

Rosa

Creek,

Mezzanine

Lien

Series

2021B,

4.000%,

10/01/46,

144A

10/31

at

100.00

934,674

5,230

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Acacia

on

Santa

Rosa

Creek,

Senior

Lien

Series

2021A,

4.000%,

10/01/56,

144A

10/31

at

100.00

4,272,126

53

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Housing/Multifamily

(continued)

$

26,965

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Altana

Glendale,

Series

2021A-2,

4.000%,

10/01/56,

144A

10/31

at

100.00

$

19,796,085

14,755

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Center

City

Anaheim,

Series

2020A,

5.000%,

1/01/54,

144A

1/31

at

100.00

11,517,310

2,835

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Jefferson-Anaheim

Series

2021A-1,

2.875%,

8/01/41,

144A

8/31

at

100.00

2,397,418

4,640

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Jefferson-Anaheim

Series

2021A-2,

3.125%,

8/01/56,

144A

8/31

at

100.00

3,141,187

5,205

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Millennium

South

Bay-Hawthorne,

Series

2021A-1

and

A-2,

3.250%,

7/01/56,

144A

7/32

at

100.00

3,504,787

17,875

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Moda

at

Monrovia

Station,

Social

Series

2021A-2,

4.000%,

10/01/56,

144A

10/31

at

100.00

12,719,850

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Monterrey

Station

Apartments,

Senior

Lien

Series

2021A-1:

1,615

3.000%,

7/01/43,

144A

7/32

at

100.00

1,193,340

4,750

3.125%,

7/01/56,

144A

7/32

at

100.00

3,086,122

395

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Orange

City

Portfolio,

Mezzanine

Lien

Series

2021B,

4.000%,

3/01/57,

144A

3/32

at

100.00

276,765

16,415

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Parallel-Anaheim

Series

2021A,

4.000%,

8/01/56,

144A

8/31

at

100.00

12,115,255

3,765

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Pasadena

Portfolio

Social

Bond,

Mezzanine

Senior

Series

2021B,

4.000%,

12/01/56,

144A

12/31

at

100.00

2,636,328

5,730

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Union

South

Bay,

Series

2021A-2,

4.000%,

7/01/56,

144A

7/31

at

100.00

4,112,994

7,475

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Vineyard

Gardens

Apartments,

Senior

Lien

Series

2021A,

3.250%,

10/01/58,

144A

4/32

at

100.00

4,840,511

2,100

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Waterscape

Apartments,

Mezzanine

Lien

Series

2021B,

4.000%,

9/01/46,

144A

9/31

at

100.00

1,692,999

3,995

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Westgate

Phase

1-Pasadena

Apartments,

Senior

Lien

Series

2021A-1,

3.000%,

6/01/47,

144A

6/31

at

100.00

2,808,565

16,280

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Westgate

Phase

1-Pasadena

Apartments,

Senior

Lien

Series

2021A-2,

3.125%,

6/01/57,

144A

6/31

at

100.00

10,217,491

3,100

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Wood

Creek

Apartments,

Mezzanine

Lien

Series

2021A-2,

4.000%,

12/01/58

6/32

at

100.00

2,269,634

10,045

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Wood

Creek

Apartments,

Senior

Lien

Series

2021A-1,

3.000%,

12/01/49

6/32

at

100.00

6,547,130

520

Independent

Cities

Finance

Authority,

California,

Mobile

Home

Park

Revenue

Bonds,

Palomar

Estates

West,

Refunding

Series

2015,

5.000%,

9/15/25

No

Opt.

Call

523,177

Total

Housing/Multifamily

240,712,585

Nuveen

California

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

54

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Long-Term

Care

-

0.1%

$

1,275

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Northern

California

Presbyterian

Homes

&

Services

Inc.,

Refunding

Series

2015,

5.000%,

7/01/44

7/25

at

100.00

$

1,299,926

1,000

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

Front

Porch

Communities

&

Services,

Series

2021A,

4.000%,

4/01/41

4/31

at

100.00

928,390

Total

Long-Term

Care

2,228,316

Tax

Obligation/General

-

9.1%

1,000

Acalanes

Union

High

School

District,

Contra

Costa

County,

California,

General

Obligation

Bonds,

Refunding

Series

2010A,

0.000%,

8/01/26

No

Opt.

Call

904,700

5,570

Bakersfield

City

School

District,

Kern

County,

California,

General

Obligation

Bonds,

Series

2012C,

0.000%,

5/01/42

(e)

5/40

at

100.00

3,898,833

1,940

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2014,

5.000%,

10/01/37

10/24

at

100.00

1,967,955

6,540

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2015,

5.000%,

8/01/45

8/25

at

100.00

6,701,407

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2016:

2,500

5.000%,

9/01/45

9/26

at

100.00

2,597,200

835

5.000%,

9/01/46

9/26

at

100.00

866,805

22,700

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2018,

5.000%,

10/01/47

4/26

at

100.00

23,407,332

1,770

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2020,

4.000%,

11/01/45

11/25

at

100.00

1,750,512

3,385

Chino

Valley

Unified

School

District,

San

Bernardino

County,

California,

General

Obligation

Bonds,

2016

Election

Series

2020B,

5.000%,

8/01/55

8/30

at

100.00

3,568,467

14,500

Grossmont

Healthcare

District,

California,

General

Obligation

Bonds,

Refunding

Series

2015D,

4.000%,

7/15/40

7/25

at

100.00

13,982,640

2,745

Grossmont-Cuyamaca

Community

College

District,

California,

General

Obligation

Bonds,

Refunding

Series

2018,

4.000%,

8/01/47

8/28

at

100.00

2,676,650

7,000

Hacienda

La

Puente

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

2016

Election,

Series

2017A,

4.000%,

8/01/47

8/27

at

100.00

6,763,890

30

Long

Beach

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

of

2008,

Series

2009A,

5.500%,

8/01/29

10/23

at

100.00

30,045

5,000

Los

Angeles

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Measure

Q

Series

2020C,

5.000%,

7/01/24

No

Opt.

Call

5,078,900

6,225

Manteca

Unified

School

District,

San

Joaquin

County,

California,

General

Obligation

Bonds,

Election

2014

Series

2017B,

4.000%,

8/01/42

8/27

at

100.00

6,099,317

10,000

Marin

Healthcare

District,

Marin

County,

California,

General

Obligation

Bonds,

2013

Election,

Series

2015A,

4.000%,

8/01/40

8/25

at

100.00

9,792,300

4,040

Morgan

Hill

Unified

School

District,

Santa

Clara

County,

California,

General

Obligation

Bonds,

Election

2012

Series

2017B,

4.000%,

8/01/47

8/27

at

100.00

3,903,731

9,440

Paramount

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

2006

Series

2011,

6.375%,

8/01/45

2/33

at

100.00

11,259,843

30,295

San

Francisco

Bay

Area

Rapid

Transit

District,

California,

General

Obligation

Bonds,

Election

of

2016,

Green

Series

2020C-1,

4.000%,

8/01/45

8/29

at

100.00

29,334,952

1,535

San

Leandro

Unified

School

District,

Alameda

County,

California,

General

Obligation

Bonds,

Election

2006

Series

2010C,

0.000%,

8/01/39

-

AGC

Insured

(e)

8/28

at

100.00

1,462,057

2,345

Temecula

Valley

Unified

School

District,

Riverside

County,

California,

General

Obligation

Bonds,

Election

2012

Series

2018C,

5.250%,

8/01/44

2/26

at

100.00

2,438,847

2,000

Victor

Valley

Union

High

School

District,

San

Bernardino

County,

California,

General

Obligation

Bonds,

20008

Election

Series

2009A,

5.750%,

8/01/31

-

AGC

Insured

8/26

at

100.00

2,164,560

3,080

Washington

Township

Health

Care

District,

Alameda

County,

California,

General

Obligation

Bonds,

2004

Election

Series

2013B,

5.000%,

8/01/43

8/24

at

100.00

3,104,733

55

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

(continued)

$

645

Washington

Township

Health

Care

District,

Alameda

County,

California,

General

Obligation

Bonds,

2012

Election

Series

2013A,

5.500%,

8/01/40

8/24

at

100.00

$

654,849

8,640

Washington

Township

Health

Care

District,

Alameda

County,

California,

General

Obligation

Bonds,

2012

Election

Series

2015B,

4.000%,

8/01/45

8/25

at

100.00

7,719,926

1,100

West

Contra

Costa

Unified

School

District,

Contra

Costa

County,

California,

General

Obligation

Bonds,

Series

2008B,

6.000%,

8/01/24

No

Opt.

Call

1,126,400

3,500

Yosemite

Community

College

District,

California,

General

Obligation

Bonds,

Capital

Appreciation,

Election

2004,

Series

2010D,

0.000%,

8/01/42

(e)

No

Opt.

Call

2,654,715

Total

Tax

Obligation/General

155,911,566

Tax

Obligation/Limited

-

10.6%

995

Beaumont

Financing

Authority,

California,

Local

Agency

Revenue

Bonds,

Improvement

Area

19A,

Series

2015B,

5.000%,

9/01/35

9/25

at

100.00

1,012,572

1,655

Bell

Community

Housing

Authority,

California,

Lease

Revenue

Bonds,

Series

2005,

5.000%,

10/01/36

-

AMBAC

Insured

10/23

at

100.00

1,660,412

1,025

Brea

and

Olinda

Unified

School

District,

Orange

County,

California,

Certificates

of

Participation

Refunding,

Series

2002A,

5.125%,

8/01/26

-

AGM

Insured

10/23

at

100.00

1,025,810

2,235

California

Community

College

Financing

Authority,

Lease

Revenue

Bonds,

Refunding

Series

2003,

0.000%,

6/01/33

-

AMBAC

Insured

No

Opt.

Call

1,473,915

2,040

California

Infrastructure

and

Economic

Development

Bank,

Lease

Revenue

Bonds,

California

State

Teachers

Retirement

System

Headquarters

Expansion,

Green

Bond-Climate

Bond

Certified

Series

2019,

5.000%,

8/01/44

8/29

at

100.00

2,169,377

1,960

California

Infrastructure

and

Economic

Development

Bank,

Revenue

Bonds,

North

County

Center

for

Self-Sufficiency

Corporation,

Series

2004,

5.000%,

12/01/25

-

AMBAC

Insured

10/23

at

100.00

1,962,195

750

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2020A,

4.000%,

9/01/45

9/26

at

103.00

639,420

4,325

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

California

Air

Resources

Board,

Southern

California

Headquarters

-

Mary

D.

Nichols

Campus,

Green

Series

2022D,

4.000%,

5/01/47

5/32

at

100.00

4,110,393

2,000

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

Department

of

Corrections

&

Rehabilitation,

Various

Correctional

Facilities

Series

2014A,

5.000%,

9/01/39

9/24

at

100.00

2,028,500

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

Judicial

Council

of

California,

New

Stockton

Courthouse,

Series

2014B:

5,120

5.000%,

10/01/32

10/24

at

100.00

5,211,648

2,600

5.000%,

10/01/33

10/24

at

100.00

2,644,070

3,820

5.000%,

10/01/34

10/24

at

100.00

3,883,145

2,000

5.000%,

10/01/39

10/24

at

100.00

2,030,940

355

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2011A,

8.000%,

9/02/41

9/23

at

100.00

333,572

Chula

Vista

Municipal

Finance

Authority,

California,

Special

Tax

Revenue

Bonds,

Refunding

Series

2013:

1,915

5.500%,

9/01/27

10/23

at

100.00

1,918,428

2,165

5.500%,

9/01/29

10/23

at

100.00

2,168,854

1,520

5.500%,

9/01/30

10/23

at

100.00

1,522,660

775

City

of

Dublin,

California,

Community

Facilities

District

No.

2015-1,

Dublin

Crossing,

Improvement

Area

No.

1,

Special

Tax

Bonds,

Series

2017,

5.000%,

9/01/37

9/27

at

100.00

792,778

1,800

Dublin

Community

Facilities

District

2015-1

Dublin

Crossing,

California,

Special

Tax

Bonds,

Improvement  Area

2,

Series

2019,

5.000%,

9/01/44

9/26

at

103.00

1,825,740

1,500

Elk

Grove

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Series

2015,

5.000%,

9/01/38

-

BAM

Insured

9/25

at

100.00

1,546,485

1,000

Folsom

Ranch

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Folsom

Community

Facilities

District

19

Mangini

Ranch,

Series

2019,

5.000%,

9/01/49

9/26

at

103.00

1,005,290

Nuveen

California

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

56

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

310

Golden

State

Tobacco

Securitization

Corporation,

California,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Series

2022A-1,

5.000%,

6/01/51

12/31

at

100.00

$

322,065

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D:

6,375

5.000%,

11/15/29

11/25

at

100.00

6,436,455

3,725

5.000%,

11/15/39

11/25

at

100.00

3,643,832

1,000

Huntington

Beach,

California,

Special

Tax

Bonds,

Community

Facilities

District

2003-1

Huntington

Center,

Refunding

Series

2013,

5.375%,

9/01/33

10/23

at

100.00

1,000,900

1,090

Irvine,

California,

Limited

Obligation

Improvement

Bonds,

Reassessment

District

15-2,

Series

2015,

5.000%,

9/02/42

9/25

at

100.00

1,097,586

Irvine,

California,

Special

Tax

Bonds,

Community

Facilities

District

2013-3

Great

Park,

Improvement

Area

1,

Refunding

Series

2014:

500

5.000%,

9/01/39

9/24

at

100.00

502,820

750

5.000%,

9/01/44

9/24

at

100.00

752,482

1,000

5.000%,

9/01/49

9/24

at

100.00

1,002,410

3,260

Jurupa

Community

Services

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

33

Eastvale

Area,

Series

2014,

5.000%,

9/01/43

9/24

at

100.00

3,269,747

790

Lake

Elsinore

Public

Financing

Authority,

California,

Local

Agency

Revenue

Bonds,

Canyon

Hills

Improvement

Area

A

&

C,

Series

2014C,

5.000%,

9/01/40

9/24

at

100.00

793,713

1,620

Lake

Elsinore

Public

Financing

Authority,

California,

Local

Agency

Revenue

Bonds,

Refunding

Series

2015,

5.000%,

9/01/40

9/25

at

100.00

1,635,617

1,400

Lammersville

Joint

Unified

School

District,

San

Joaquin

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2014-1

Improvement

Area

1

Mountain

House

School

Facilities,

Series

2017,

5.000%,

9/01/47

9/27

at

100.00

1,409,674

505

Lancaster

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Combined

Area

Sheriff's

Facilities

Projects,

Refunding

Series

2004,

5.000%,

12/01/23

-

SYNCORA

GTY

Insured

10/23

at

100.00

505,540

390

Lancaster

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Combined

Fire

Protection

Facilities

Project,

Refunding

Series

2004,

5.000%,

12/01/23

-

SYNCORA

GTY

Insured

10/23

at

100.00

390,417

1,000

Lathrop,

California,

Limited

Obligation

Improvement

Bonds,

Crossroads

Assessment

District,

Series

2015,

5.000%,

9/02/40

9/25

at

100.00

1,006,240

5,075

Los

Angeles

County

Metropolitan

Transportation

Authority,

California,

Proposition

C

Sales

Tax

Revenue

Bonds,

Green

Senior

Lien

Series

2019A,

5.000%,

7/01/44

7/28

at

100.00

5,391,680

3,000

Los

Angeles

County

Public

Works

Financing

Authority,

California,

Lease

Revenue

Bonds,

Multiple

Capital

Project,

Series

2015A,

5.000%,

12/01/39

12/24

at

100.00

3,043,620

Los

Angeles

County

Public

Works

Financing

Authority,

California,

Lease

Revenue

Bonds,

Series

2019E-1:

7,000

5.000%,

12/01/44

12/29

at

100.00

7,497,980

4,495

5.000%,

12/01/49

12/29

at

100.00

4,778,859

115

Menifee

Union

School

District

Public

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Series

2016A,

5.000%,

9/01/36

-

BAM

Insured

9/25

at

100.00

118,043

325

Menifee,

California,

Special

Tax

Bonds,

Community

Facilities

District

2021-

1,

Banner

Park

Series

2023A,

5.000%,

9/01/48

9/29

at

103.00

319,992

1,455

Modesto,

California,

Speical

Tax

Bonds,

Community

Faclities

District

2004-

1

Village

One

2,

Refunding

Series

2014,

5.000%,

9/01/28

9/24

at

100.00

1,478,411

570

ndio,

California,

Special

Tax

Bonds,

Community

Facilities

District

2004-3

Terra

Lago,

Improvement

Area

1,

Series

2015,

5.000%,

9/01/35

9/25

at

100.00

580,066

Oakland

Redevelopment

Successor

Agency,

California,

Tax

Allocation

Bonds,

Refunding

Subordinated

Series

2015-TE:

3,250

5.000%,

9/01/35

-

AGM

Insured

9/25

at

100.00

3,355,723

3,215

5.000%,

9/01/36

-

AGM

Insured

9/25

at

100.00

3,320,066

255

Orange

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2015-1

Esencia

Village,

Series

2015A,

5.250%,

8/15/45

8/25

at

100.00

257,777

57

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

$

15,907

0.000%,

7/01/46

7/28

at

41.38

$

4,430,418

31,031

5.000%,

7/01/58

7/28

at

100.00

30,112,482

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2:

5,920

4.536%,

7/01/53

7/28

at

100.00

5,357,837

5,025

4.784%,

7/01/58

7/28

at

100.00

4,710,385

Rancho

Cucamonga

Redevelopment

Agency

Successor

Agency,

California,

Tax

Allocation

Bonds,

Rancho

Redevelopment

Project,

Series

2014:

1,600

5.000%,

9/01/30

9/24

at

100.00

1,626,896

2,800

5.000%,

9/01/31

9/24

at

100.00

2,847,488

2,400

5.000%,

9/01/32

9/24

at

100.00

2,440,248

4,180

River

Islands

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

2003-1

Improvement

Area

1,

Refunding

Series

2022A-1,

5.250%,

9/01/52

-

AGM

Insured

9/29

at

103.00

4,522,509

415

Riverside

Unified

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

32,

Series

2020,

4.000%,

9/01/45

9/27

at

103.00

353,323

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

1

Westpark,

Refunding

Series

2015:

1,000

5.000%,

9/01/28

9/25

at

100.00

1,026,220

1,000

5.000%,

9/01/29

9/25

at

100.00

1,023,090

1,000

5.000%,

9/01/30

9/25

at

100.00

1,021,270

200

San

Clemente,

California,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

2006-1

Marblehead

Coastal,

Series

2015,

5.000%,

9/01/40

9/25

at

100.00

202,306

3,390

San

Francisco

Bay

Area

Rapid

Transit

District,

California,

Sales

Tax

Revenue

Bonds,

Series

2019A,

4.000%,

7/01/38

7/27

at

100.00

3,399,323

385

San

Francisco

City

and

County

Redevelopment

Agency

Successor

Agency,

California,

Special

Tax

Bonds,

Community

Facilities

District

7,

Hunters

Point

Shipyard

Phase

One

Improvements,

Refunding

Series

2014,

5.000%,

8/01/39

8/24

at

100.00

386,605

1,955

San

Francisco

City

and

County

Redevelopment

Agency,

California,

Hotel

Occupancy

Tax

Revenue

Bonds,

Refunding

Series

2011,

5.000%,

6/01/25

-

AGM

Insured

10/23

at

100.00

1,957,268

110

Signal

Hill

Redevelopment

Agency,

California,

Project

1

Tax

Allocation

Bonds,

Series

2011,

7.000%,

10/01/26

10/23

at

100.00

110,249

2,235

Stockton

Public

Financing

Authority,

California,

Revenue

Bonds,

Arch

Road

East

Community

Facility

District

99-02,

Series

2018A,

5.000%,

9/01/43

9/25

at

103.00

2,258,021

105

Temecula

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

16-01,

Series

2017,

6.125%,

9/01/37,

144A

9/27

at

100.00

110,435

3,120

Transbay

Joint

Powers

Authority,

California,

Tax

Allocation

Bonds,

Senior

Green

Series

2020A,

5.000%,

10/01/45

4/30

at

100.00

3,151,949

395

Tustin,

California,

Special

Tax

Bonds,

Community

Facilities

District

06-1

Tustin

Legacy/Columbus

Villages,

Refunding

Series

2015A,

5.000%,

9/01/37

9/25

at

100.00

403,639

Tustin,

California,Special

Tax

Bonds,

Community

Facilities

District

14-1

Tustin

Legacy/Standard

Pacific,

Refunding

Series

2015A:

50

5.000%,

9/01/40

9/25

at

100.00

50,302

100

5.000%,

9/01/45

9/25

at

100.00

100,288

625

Val

Verde

Unified

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2018-2,

Stratford

Improvement

Area

2

Series

2023,

5.000%,

9/01/48

9/29

at

103.00

612,775

Vista

Community

Development

Commission

Taxable

Non-

Housing

Tax

Allocation

Revenue

Bonds,

California,

Vista

Redevelopment

Project,

Series

2011:

7,600

6.000%,

9/01/33

10/23

at

100.00

7,617,024

7,920

6.125%,

9/01/37

10/23

at

100.00

7,936,790

Total

Tax

Obligation/Limited

182,647,059

Nuveen

California

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

58

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Transportation

-

19.3%

$

50

Alameda

Corridor

Transportation

Authority,

California,

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2016A,

5.000%,

10/01/25

No

Opt.

Call

$

50,609

23,835

California

Infrastructure

and

Economic

Development

Bank,

Revenue

Bonds,

Brightline

West

Passenger

Rail

Project,

Series

2020A,

3.650%,

1/01/50,

(AMT),

(Mandatory

Put

1/31/24)

10/23

at

100.00

23,710,820

18,840

Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021A,

4.000%,

1/15/46

1/31

at

100.00

17,689,253

4,335

Long

Beach,

California,

Harbor

Revenue

Bonds,

Series

2019A,

5.000%,

5/15/44

5/29

at

100.00

4,605,244

5,050

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Green

Series

2022G,

5.000%,

5/15/52,

(AMT)

11/31

at

100.00

5,190,542

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Refunding

&

Subordinate

Series

2022C:

1,550

4.000%,

5/15/37,

(AMT)

5/32

at

100.00

1,539,181

1,250

4.000%,

5/15/38,

(AMT)

5/32

at

100.00

1,226,088

1,275

4.000%,

5/15/39,

(AMT)

5/32

at

100.00

1,240,116

3,135

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Senior

Lien

Series

2015D,

5.000%,

5/15/35,

(AMT)

5/25

at

100.00

3,189,580

355

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Senior

Lien

Series

2015E,

5.000%,

5/15/41

5/25

at

100.00

363,442

6,925

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2016B,

5.000%,

5/15/46,

(AMT)

5/26

at

100.00

7,003,945

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2018C:

1,935

5.000%,

5/15/36,

(AMT)

11/27

at

100.00

2,010,678

1,800

5.000%,

5/15/38,

(AMT)

11/27

at

100.00

1,852,290

24,440

5.000%,

5/15/44,

(AMT)

11/27

at

100.00

24,879,431

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2019D:

2,000

5.000%,

5/15/30,

(AMT)

11/28

at

100.00

2,129,280

1,415

5.000%,

5/15/34,

(AMT)

11/28

at

100.00

1,499,744

3,275

5.000%,

5/15/37,

(AMT)

11/28

at

100.00

3,408,882

3,500

5.000%,

5/15/39,

(AMT)

11/28

at

100.00

3,612,735

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2019F:

1,285

5.000%,

5/15/37,

(AMT)

5/29

at

100.00

1,349,353

12,950

5.000%,

5/15/44,

(AMT)

5/29

at

100.00

13,321,794

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2021D:

9,680

5.000%,

5/15/37,

(AMT)

11/31

at

100.00

10,345,500

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2022A:

9,250

5.000%,

5/15/45,

(AMT)

5/32

at

100.00

9,609,085

1,000

4.000%,

5/15/49,

(AMT)

5/32

at

100.00

910,500

16,305

Riverside

County

Transportation

Commission,

California,

Toll

Revenue

Second

Lien

Bonds,

RCTC

91

Express

Lanes,

Refunding

Series

2021C,

4.000%,

6/01/47

6/31

at

100.00

14,730,915

Riverside

County

Transportation

Commission,

California,

Toll

Revenue

Senior

Lien

Bonds,

RCTC

91

Express

Lanes,

Refunding

Series

2021B-1:

3,085

4.000%,

6/01/40

6/31

at

100.00

2,940,560

10,815

4.000%,

6/01/46

6/31

at

100.00

10,074,389

59

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Transportation

(continued)

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Subordinate

Series

2017A:

$

2,625

5.000%,

7/01/47

7/27

at

100.00

$

2,715,405

2,000

5.000%,

7/01/47,

(AMT)

7/27

at

100.00

2,016,640

4,000

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Subordinate

Series

2019B,

5.000%,

7/01/49,

(AMT)

7/29

at

100.00

4,060,880

9,500

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Subordinate

Series

2021B,

5.000%,

7/01/51,

(AMT)

7/31

at

100.00

9,680,690

6,500

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Governmental

Purpose

Second

Series

2017B,

5.000%,

5/01/47

5/27

at

100.00

6,714,825

6,175

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Refunding

Second

Series

2019A,

5.000%,

5/01/44,

(AMT)

5/29

at

100.00

6,344,998

7,620

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Governmental

Purpose

Series

2016C,

5.000%,

5/01/46

5/26

at

100.00

7,811,110

4,435

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2014A,

5.000%,

5/01/39,

(AMT)

5/24

at

100.00

4,447,196

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2016B:

10,000

5.000%,

5/01/41,

(AMT)

5/26

at

100.00

10,118,600

17,855

5.000%,

5/01/46,

(AMT)

5/26

at

100.00

17,962,666

5,000

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2017A,

5.000%,

5/01/47,

(AMT)

5/27

at

100.00

5,039,950

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2018D:

7,170

5.000%,

5/01/43,

(AMT)

5/28

at

100.00

7,298,916

9,320

5.000%,

5/01/48,

(AMT)

5/28

at

100.00

9,419,631

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2019E:

18,500

5.000%,

5/01/45,

(AMT)

5/29

at

100.00

18,978,965

3,515

5.000%,

5/01/50,

(AMT)

5/29

at

100.00

3,587,304

16,460

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Refunding

Senior

Lien

Toll

Road

Revenue

Bonds,

Series

2021A,

4.000%,

1/15/50

1/32

at

100.00

15,288,377

10,000

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Toll

Road

Revenue

Bonds,

Refunding

Junior

Lien

Series

2014B,

5.250%,

1/15/44

1/25

at

100.00

10,118,000

23,160

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Toll

Road

Revenue

Bonds,

Refunding

Series

1997A,

0.000%,

1/15/25

-

NPFG

Insured

No

Opt.

Call

22,028,402

Total

Transportation

332,116,511

U.S.

Guaranteed

-

14.1%

(f)

8,310

Antelope

Valley

Community

College

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

2016

Series

2017A,

5.250%,

8/01/42,

(Pre-refunded

2/15/27)

2/27

at

100.00

8,983,276

8,455

Antelope

Valley

Community

College

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Refunding

Series

2015,

0.000%,

8/01/30,

(Pre-refunded

2/15/25)

2/25

at

80.12

6,455,139

14,160

Belmont-Redwood

Shores

School

District,

San

Mateo

County,

California,

General

Obligation

Bonds,

Election

2014

Series

2015A,

4.000%,

8/01/40,

(Pre-refunded

8/01/25)

8/25

at

100.00

14,447,589

3,915

California

Educational

Facilities

Authority,

Revenue

Bonds,

Pepperdine

University,

Series

2015,

5.000%,

9/01/40,

(Pre-refunded

9/01/25)

9/25

at

100.00

4,065,101

Nuveen

California

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

60

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

U.S.

Guaranteed

(f)

(continued)

$

2,430

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2015A,

5.000%,

8/15/43,

(Pre-refunded

8/15/25)

8/25

at

100.00

$

2,521,757

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2016B:

5,360

5.000%,

11/15/46,

(Pre-refunded

11/15/26)

11/26

at

100.00

5,701,753

10,845

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Series

2016A,

5.000%,

11/15/41,

(Pre-refunded

11/15/25)

11/25

at

100.00

11,321,855

1,245

California

Municipal

Finance

Authority,

Revenue

Bonds,

Touro

College

and

University

System,

Series

2014A,

5.250%,

1/01/34,

(Pre-refunded

7/01/24)

7/24

at

100.00

1,266,028

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2016:

40

5.000%,

8/01/46,

(Pre-refunded

8/01/25),

144A

8/25

at

100.00

41,323

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

Cottage

Health

System

Obligated

Group,

Series

2015:

1,310

5.000%,

11/01/28,

(Pre-refunded

11/01/24)

11/24

at

100.00

1,336,803

1,100

5.000%,

11/01/31,

(Pre-refunded

11/01/24)

11/24

at

100.00

1,122,506

1,690

5.000%,

11/01/32,

(Pre-refunded

11/01/24)

11/24

at

100.00

1,724,577

500

Corona-Norco

Unified

School

District,

Riverside

County,

California,

General

Obligation

Bonds,

Capital

Appreciation,

Election

2006

Refunding

Series

2009C,

6.800%,

8/01/39,

(Pre-refunded

8/01/27)

-

AGM

Insured

8/27

at

100.00

571,240

3,780

Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Refunding

Junior

Lien

Series

2013C,

6.500%,

1/15/43,

(Pre-refunded

1/15/24)

1/24

at

100.00

3,823,394

Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Refunding

Series

2013A:

8,335

5.750%,

1/15/46,

(Pre-refunded

1/15/24)

1/24

at

100.00

8,416,016

8,415

6.000%,

1/15/53,

(Pre-refunded

1/15/24)

1/24

at

100.00

8,503,358

11,765

Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Series

1995A,

0.000%,

1/01/25,

(ETM)

No

Opt.

Call

11,268,635

Golden

State

Tobacco

Securitization

Corporation,

California,

Enhanced

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Series

2015A:

17,210

5.000%,

6/01/40,

(Pre-refunded

6/01/25)

6/25

at

100.00

17,815,620

21,090

5.000%,

6/01/40,

(Pre-refunded

6/01/25)

6/25

at

100.00

21,832,157

37,230

5.000%,

6/01/45,

(Pre-refunded

6/01/25)

6/25

at

100.00

38,540,124

Golden

State

Tobacco

Securitization

Corporation,

California,

Enhanced

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Series

2005A:

11,070

0.000%,

6/01/24

-

AMBAC

Insured,

(ETM)

No

Opt.

Call

10,811,847

4,390

0.000%,

6/01/28

-

AMBAC

Insured,

(ETM)

No

Opt.

Call

3,817,676

Los

Angeles

Community

College

District,

California,

General

Obligation

Bonds,

Refunding

Series

2015A:

21,030

5.000%,

8/01/30,

(Pre-refunded

8/01/24)

8/24

at

100.00

21,403,493

23,915

5.000%,

8/01/31,

(Pre-refunded

8/01/24)

8/24

at

100.00

24,339,730

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2021D:

545

5.000%,

5/15/37,

(Pre-refunded

11/15/31),

(AMT)

11/31

at

100.00

601,315

5,000

Puerto

Rico

Industrial,

Tourist,

Educational,

Medical

and

Environmental

Control

Facilities

Financing

Authority,

Hospital

Revenue

Bonds,

Hospital

de

la

Concepcion,

Series

2017A,

3.550%,

11/15/30,

(Pre-refunded

11/15/26)

11/26

at

100.00

4,883,350

2,000

San

Diego

Community

College

District,

San

Diego

County,

California,

General

Obligation

Bonds,

Refunding

Series

2016,

5.000%,

8/01/41,

(Pre-refunded

8/01/26)

8/26

at

100.00

2,123,360

2,000

San

Diego

Unified

School

District,

San

Diego

County,

California,

General

Obligation

Bonds,

Series

2009-1,

6.000%,

7/01/33,

(Pre-refunded

7/01/24)

7/24

at

100.00

2,047,160

61

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

U.S.

Guaranteed

(f)

(continued)

$

1,395

Walnut

Valley

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

2007

Measure

S,

Series

2014C,

5.000%,

8/01/39,

(Pre-refunded

8/01/24)

8/24

at

100.00

$

1,418,520

1,700

Yosemite

Community

College

District,

California,

General

Obligation

Bonds,

Refunding

Series

2015,

5.000%,

8/01/32,

(Pre-refunded

8/01/25)

8/25

at

100.00

1,764,209

Total

U.S.

Guaranteed

242,968,911

Utilities

-

13.0%

California

Pollution

Control

Financing

Authority,

Water

Furnishing

Revenue

Bonds,

Poseidon

Resources

Channelside

LP

Desalination

Project,

Series

2012:

5,000

5.000%,

7/01/37,

(AMT),

144A

1/24

at

100.00

4,999,250

18,060

5.000%,

11/21/45,

(AMT),

144A

1/24

at

100.00

17,632,520

4,405

California

Pollution

Control

Financing

Authority,

Water

Furnishing

Revenue

Bonds,

San

Diego

County

Water

Authoriity

Desalination

Project

Pipeline,

Refunding

Series

2019,

5.000%,

7/01/39,

144A

1/29

at

100.00

4,470,414

2,750

California

Statewide

Communities

Development

Authority,

Pollution

Control

Revenue

Bonds,

Southern

California

Edison

Company,

Refunding

Series

2006D,

2.625%,

11/01/33,

(Mandatory

Put

12/01/23)

No

Opt.

Call

2,745,655

10,725

California

Statewide

Communities

Development

Authority,

Pollution

Control

Revenue

Bonds,

Southern

California

Edison

Company,

Series

2006C,

2.625%,

11/01/33,

(Mandatory

Put

12/01/23)

No

Opt.

Call

10,708,054

140

Compton,

California,

Sewer

Revenue

Bonds,

Refunding

Series

1998,

5.375%,

9/01/23

-

NPFG

Insured

9/23

at

100.00

140,000

2,290

Contra

Costa

Water

District,

Contra

Costa

County,

California,

Water

Revenue

Bonds,

Refunding

Series

2019V,

5.000%,

10/01/44

10/29

at

100.00

2,453,643

1,500

Eastern

Municipal

Water

District

Financing

Authority,

California,

Water

and

Wastewater

Revenue

Bonds,

Series

2015B,

5.000%,

7/01/40

7/25

at

100.00

1,540,695

5,000

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2016A,

5.000%,

7/01/46

1/26

at

100.00

5,120,850

4,165

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2016B,

5.000%,

7/01/37

1/26

at

100.00

4,313,899

2,930

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2017A,

5.000%,

7/01/47

1/27

at

100.00

3,033,810

9,780

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2018A,

5.000%,

7/01/38

1/28

at

100.00

10,402,693

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2019A:

5,000

5.000%,

7/01/45

1/29

at

100.00

5,276,450

5,000

5.250%,

7/01/49

1/29

at

100.00

5,320,300

32,975

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2020B,

5.000%,

7/01/50

7/30

at

100.00

34,987,134

16,230

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2021B,

5.000%,

7/01/51

1/31

at

100.00

17,268,233

4,800

Los

Angeles

Department

of

Water

and

Power,

California,

Water

System

Revenue

Bonds,

Series

2022B,

5.000%,

7/01/43

1/32

at

100.00

5,275,824

5,000

Los

Angeles

Department

of

Water

and

Power,

California,

Waterworks

Revenue

Bonds,

Series

2018B,

5.000%,

7/01/48

7/28

at

100.00

5,240,250

16,990

Los

Angeles

Department

of

Water

and

Power,

California,

Waterworks

Revenue

Bonds,

Series

2020C,

5.000%,

7/01/39

7/30

at

100.00

18,807,081

3,370

Los

Angeles

Department

of

Water

and

Power,

California,

Waterworks

Revenue

Bonds,

Series

2021B,

5.000%,

7/01/51

1/31

at

100.00

3,594,375

10,000

Los

Angeles,

California,

Wastewater

System

Revenue

Bonds,

Green

Series

2015C,

5.000%,

6/01/45

6/25

at

100.00

10,189,300

2,600

Los

Angeles,

California,

Wastewater

System

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2013A,

5.000%,

6/01/35

9/23

at

100.00

2,601,768

16,465

Metropolitan

Water

District

of

Southern

California,

Water

Revenue

Bonds,

Refunding

Series

2023A,

5.000%,

4/01/53

4/33

at

100.00

17,803,604

15,665

Metropolitan

Water

District

of

Southern

California,

Water

Revenue

Bonds,

Series

2020A,

5.000%,

10/01/45

10/29

at

100.00

16,782,384

3,160

Pico

Rivera

Water

Authority,

California,

Revenue

Bonds,

Refunding

Water

System

Project,

Series

1999A,

5.500%,

5/01/29

-

NPFG

Insured

No

Opt.

Call

3,326,880

Nuveen

California

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

62

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Utilities

(continued)

$

2,180

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A,

5.000%,

7/01/47,

144A

7/30

at

100.00

$

2,094,762

250

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021A,

4.000%,

7/01/42,

144A

7/31

at

100.00

214,515

5,110

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B,

4.000%,

7/01/42,

144A

7/31

at

100.00

4,384,687

2,145

Santa

Clara

Valley

Water

District,

California,

Water

System

Revenue

Bonds,

Refunding  Series

2020A,

5.000%,

6/01/45

6/30

at

100.00

2,314,155

Total

Utilities

223,043,185

Total

Municipal

Bonds

(cost

$1,766,299,103)

1,692,588,318

Total

Long-Term

Investments

(cost

$1,766,299,103)

1,692,588,318

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

SHORT-TERM

INVESTMENTS

-

 1.0%  

X

17,600,000

MUNICIPAL

BONDS

-

1.0%  

X

17,600,000

Utilities

-

1.0%

$

10,600

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Variable

Rate

Demand

Obligations

Series

2001B-2,

2.250%,

7/01/34,

(Mandatory

Put

9/15/23)

(g)

10/23

at

100.00

$

10,600,000

7,000

Modesto,

California,

Water

Revenue

Certificates

of

Participation,

Series

2008A,

2.610%,

10/01/36,

(Mandatory

Put

9/15/23)

(g)

9/23

at

100.00

7,000,000

Total

Utilities

17,600,000

Total

Municipal

Bonds

(cost

$17,600,000)

17,600,000

Total

Short-Term

Investments

(cost

$17,600,000)

17,600,000

Total

Investments

(cost

$1,783,899,103)

-

99.5%

1,710,188,318

Other

Assets

&

Liabilities,

Net

-

0.5%

9,334,991

Net

Assets

-

100%

$

1,719,523,309

(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)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(e)

Step-up

coupon

bond,

a

bond

with

a

coupon

that

increases

("steps

up"),

usually

at

regular

intervals,

while

the

bond

is

outstanding.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(f)

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.

(g)

Investment

has

a

maturity

of

greater

than

one

year,

but

has

variable

rate

and/or

demand

features

which

qualify

it

as

a

short-term

investment.

The

rate

disclosed,

as

well

as

the

reference

rate

and

spread,

where

applicable,

is

that

in

effect

as

of

the

end

of

the

reporting

period.

This

rate

changes

periodically

based

on

market

conditions

or

a

specified

market

index.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

ETM

Escrowed

to

maturity

See

Notes

to

Financial

Statements

63

Nuveen

Connecticut

Municipal

Bond

Fund

Portfolio

of

Investments

August

31,

2023

(Unaudited)

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

97.2%   

X

209,768,827

MUNICIPAL

BONDS

-

97.2%  

X

209,768,827

Education

and

Civic

Organizations

-

16.7%

$

1,220

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Avon

Old

Farms

School,

Series

2021D-1,

4.000%,

7/01/41

7/31

at

100.00

$

1,129,805

380

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Choate

Rosemary

Hall,

Series

2020F,

4.000%,

7/01/39

7/30

at

100.00

371,788

1,250

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Connecticut

College,

Series

2022M,

4.000%,

7/01/52

7/32

at

100.00

1,072,763

1,885

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Fairfield

University,

Series

2016Q-1,

5.000%,

7/01/46

7/26

at

100.00

1,911,164

750

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Fairfield

University,

Series

2017R,

4.000%,

7/01/47

7/27

at

100.00

665,040

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Hopkins

School,

Series

2022E:

1,545

5.250%,

7/01/47

7/32

at

100.00

1,648,021

1,000

5.000%,

7/01/53

7/32

at

100.00

1,019,340

5,095

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Quinnipiac

University,

Refunding

Series

2015L,

5.000%,

7/01/45

7/25

at

100.00

5,138,715

1,750

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Quinnipiac

University,

Series

2016M,

5.000%,

7/01/35

7/26

at

100.00

1,807,138

2,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Quinnipiac

University,

Series

2023N,

5.000%,

7/01/48

7/33

at

100.00

2,066,340

2,685

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Sacred

Heart

University,

Series

2017I-1,

5.000%,

7/01/42

7/27

at

100.00

2,735,263

2,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Sacred

Heart

University,

Series

2020K,

5.000%,

7/01/40

7/30

at

100.00

2,091,740

3,465

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Sacred

Heart

University,

Series

L,

5.000%,

7/01/42

7/32

at

100.00

3,638,735

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

The

Taft

School

Isue,

Series

2021L:

790

3.000%,

7/01/41

7/31

at

100.00

636,456

2,210

3.000%,

7/01/46

7/31

at

100.00

1,663,135

1,500

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Trinity

College,

Series

2020R,

4.000%,

6/01/45

6/30

at

100.00

1,352,685

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Trinity

College,

Series

2021S:

2,000

4.000%,

6/01/46

12/31

at

100.00

1,797,180

1,925

4.000%,

6/01/51

12/31

at

100.00

1,688,494

1,900

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

Hartford,

Series

2022P,

5.375%,

7/01/52

7/32

at

100.00

1,713,952

2,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

New

Haven,

Series

2018K-1,

5.000%,

7/01/37

7/28

at

100.00

1,971,620

Total

Education

and

Civic

Organizations

36,119,374

Health

Care

-

17.5%

4,600

Connecticut

Health

and

Educational

Facilities

Authority

Revenue

Bonds,

Hartford

HealthCare,

Series

2015F,

5.000%,

7/01/45

7/25

at

100.00

4,617,112

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Connecticut

Childrens

Medical

Center

and

Subsidiaries,

Series

2023E:

1,000

5.250%,

7/15/48

1/33

at

100.00

1,051,490

2,430

4.250%,

7/15/53

1/33

at

100.00

2,237,471

695

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Griffin

Hospital,

Series

2020G-1,

5.000%,

7/01/39,

144A

7/29

at

100.00

652,946

1,085

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Hartford

HealthCare

Issue,

Series

2020A,

4.000%,

7/01/40

1/30

at

100.00

1,011,502

3,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Hartford

HealthCare

Issue,

Series

2021A,

4.000%,

7/01/51

7/31

at

100.00

2,691,480

Nuveen

Connecticut

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

64

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

$

500

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Hartford

HealthCare,

Series

2014E,

5.000%,

7/01/42

7/24

at

100.00

$

501,440

1,995

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Middlesex

Hospital,

Series

2015O,

5.000%,

7/01/36

7/25

at

100.00

2,013,514

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Nuvance

Health

Series

2019A:

2,455

4.000%,

7/01/34

7/29

at

100.00

2,355,548

2,860

4.000%,

7/01/41

7/29

at

100.00

2,494,921

6,020

4.000%,

7/01/49

7/29

at

100.00

4,986,908

1,500

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Stamford

Hospital,

Forward

Delivery

Series

2022M,

4.000%,

7/01/42

7/32

at

100.00

1,357,500

1,885

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Stamford

Hospital,

Series

2016K,

4.000%,

7/01/46

7/26

at

100.00

1,645,605

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Trinity

Health

Credit

Group,

Series

2016CT:

2,350

5.000%,

12/01/41

6/26

at

100.00

2,383,346

2,000

5.000%,

12/01/45

6/26

at

100.00

2,020,080

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Yale-New

Haven

Health

Issue,

Series

2014E:

2,400

5.000%,

7/01/32

7/24

at

100.00

2,423,376

2,520

5.000%,

7/01/33

7/24

at

100.00

2,544,368

830

5.000%,

7/01/34

7/24

at

100.00

837,769

Total

Health

Care

37,826,376

Housing/Multifamily

-

0.8%

1,890

Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Series

2019B-1,

3.300%,

11/15/39

11/28

at

100.00

1,717,292

Total

Housing/Multifamily

1,717,292

Housing/Single

Family

-

1.0%

Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Green

Series

2021B-3:

1,440

2.150%,

11/15/41

11/30

at

100.00

960,249

1,560

2.300%,

11/15/46

11/30

at

100.00

991,380

195

Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Series

2020E-3,

1.850%,

5/15/38

5/30

at

100.00

132,645

Total

Housing/Single

Family

2,084,274

Long-Term

Care

-

3.1%

1,100

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Duncaster,

Inc.,

Series

2014A,

5.000%,

8/01/44

8/24

at

100.00

1,051,842

1,200

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Healthcare

Facility

Expansion

Church

Home

of

Hartford

Inc.

Project,

Series

2016A,

5.000%,

9/01/46,

144A

9/26

at

100.00

970,824

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Mary

Wade

Home

Issue,

Series

2019A-1:

900

4.500%,

10/01/34,

144A

10/24

at

104.00

764,505

200

5.000%,

10/01/54,

144A

10/24

at

104.00

147,210

2,650

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

McLean

Affiliates,

Series

2020A,

5.000%,

1/01/45,

144A

1/26

at

102.00

2,262,438

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

The

Jerome

Home

Issue,

Series

2021E:

730

4.000%,

7/01/41

7/28

at

103.00

610,222

1,250

4.000%,

7/01/51

7/28

at

103.00

952,312

Total

Long-Term

Care

6,759,353

65

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

-

26.5%

Bridgeport,

Connecticut,

General

Obligation

Bonds,

Series

2014A:

$

600

5.000%,

7/01/32

-

AGM

Insured

7/24

at

100.00

$

607,254

1,000

5.000%,

7/01/33

-

AGM

Insured

7/24

at

100.00

1,012,020

1,065

5.000%,

7/01/34

-

AGM

Insured

7/24

at

100.00

1,077,727

2,000

Bridgeport,

Connecticut,

General

Obligation

Bonds,

Series

2016D,

5.000%,

8/15/41

-

AGM

Insured

8/26

at

100.00

2,052,420

2,425

Connecticut

Health

and

Educational

Facilities

Authoroity,

Revneue

Bonds,

Connecticut

State

University

System,

Series

2016P-1,

5.000%,

11/01/28

11/26

at

100.00

2,545,789

Connecticut

Housing

Finance

Authority,

State

Supported

Special

Obligation

Bonds,

Series

2021-27:

1,000

2.400%,

6/15/41

6/31

at

100.00

725,040

1,000

2.550%,

6/15/46

6/31

at

100.00

671,880

1,000

Connecticut

Housing

Finance

Authority,

State

Supported

Special

Obligation

Bonds,

Series

2021-28,

2.375%,

6/15/40

6/31

at

100.00

704,430

2,400

Connecticut

State,

General

Obligation

Bonds,

Series

2014A,

5.000%,

3/01/31

3/24

at

100.00

2,415,528

3,000

Connecticut

State,

General

Obligation

Bonds,

Series

2014F,

5.000%,

11/15/34

11/24

at

100.00

3,040,950

2,370

Connecticut

State,

General

Obligation

Bonds,

Series

2015F,

5.000%,

11/15/34

11/25

at

100.00

2,444,062

Connecticut

State,

General

Obligation

Bonds,

Series

2017A:

1,000

5.000%,

4/15/34

4/27

at

100.00

1,060,570

3,270

5.000%,

4/15/35

4/27

at

100.00

3,456,652

1,510

Connecticut

State,

General

Obligation

Bonds,

Series

2018A,

5.000%,

4/15/37

4/28

at

100.00

1,597,369

1,325

Connecticut

State,

General

Obligation

Bonds,

Series

2018C,

5.000%,

6/15/38

6/28

at

100.00

1,395,636

Connecticut

State,

General

Obligation

Bonds,

Series

2019A:

1,150

5.000%,

4/15/36

4/29

at

100.00

1,240,700

1,450

4.000%,

4/15/37

4/29

at

100.00

1,461,455

650

5.000%,

4/15/39

4/29

at

100.00

687,850

2,000

Connecticut

State,

General

Obligation

Bonds,

Series

2020A,

4.000%,

1/15/37

1/30

at

100.00

2,024,120

2,000

Connecticut

State,

General

Obligation

Bonds,

Series

2021A,

3.000%,

1/15/40

1/31

at

100.00

1,627,040

300

East

Haddam,

Connecticut,

General

Obligation

Bonds,

Series

2020A,

3.000%,

12/01/37

12/28

at

100.00

259,566

East

Lyme,

Connecticut,

General

Obligation

Bonds,

Series

2020:

500

3.000%,

7/15/39

7/28

at

100.00

408,540

325

3.000%,

7/15/40

7/28

at

100.00

262,012

500

Hamden,

Connecticut,

General

Obligation

Bonds,

Series

2016,

5.000%,

8/15/33

-

BAM

Insured

8/24

at

100.00

505,695

1,035

Hartford

County

Metropolitan

District,

Connecticut,

General

Obligation

Bonds,

Series

2018,

5.000%,

7/15/35

7/28

at

100.00

1,114,022

1,075

Hartford

County

Metropolitan

District,

Connecticut,

General

Obligation

Bonds,

Series

2019A,

4.000%,

7/15/39

7/29

at

100.00

1,067,378

3,000

Hartford

County

Metropolitan

District,

Connecticut,

General

Obligation

Bonds,

Series

2023,

4.000%,

8/01/43

8/33

at

100.00

2,926,080

5,000

New

Britain,

Connecticut,

General

Obligation

Bonds,

Series

2022A,

5.000%,

3/01/47

-

BAM

Insured

3/32

at

100.00

5,178,250

1,000

New

Haven,

Connecticut,

General

Obligation

Bonds,

Refunding

Series

2016A,

5.000%,

8/15/36

-

AGM

Insured

8/26

at

100.00

1,037,280

New

Haven,

Connecticut,

General

Obligation

Bonds,

Series

2015:

795

5.000%,

9/01/32

-

AGM

Insured

9/25

at

100.00

819,072

1,620

5.000%,

9/01/33

-

AGM

Insured

9/25

at

100.00

1,668,827

500

5.000%,

9/01/35

-

AGM

Insured

9/25

at

100.00

513,255

485

North

Haven,

Connecticut,

General

Obligation

Bonds,

Series

2006,

5.000%,

7/15/24

No

Opt.

Call

492,149

1,035

Oxford,

Connecticut,

General

Obligation

Bonds,

Series

2019A,

4.000%,

8/01/39

8/29

at

100.00

1,024,878

Nuveen

Connecticut

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

66

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

(continued)

$

2,370

Stratford,

Connecticut,

General

Obligation

Bonds,

Series

2017,

4.000%,

1/01/39

-

BAM

Insured

1/27

at

100.00

$

2,293,212

Waterbury,

Connecticut,

General

Obligation

Bonds,

Lot

A

Series

2015:

555

5.000%,

8/01/30

-

BAM

Insured

8/25

at

100.00

574,175

485

5.000%,

8/01/31

-

BAM

Insured

8/25

at

100.00

501,898

765

5.000%,

8/01/32

-

BAM

Insured

8/25

at

100.00

791,400

555

5.000%,

8/01/33

-

BAM

Insured

8/25

at

100.00

574,064

555

5.000%,

8/01/34

-

BAM

Insured

8/25

at

100.00

573,948

2,000

West

Haven,

Connecticut,

General

Obligation

Bonds,

Series

2012,

5.000%,

8/01/24

-

AGM

Insured

10/23

at

100.00

2,002,000

750

West

Haven,

Connecticut,

General

Obligation

Bonds,

Series

2020,

4.000%,

3/15/40

-

BAM

Insured

3/30

at

100.00

725,107

Total

Tax

Obligation/General

57,161,300

Tax

Obligation/Limited

-

18.1%

1,930

Connecticut

Higher

Education

Supplemental

Loan

Authority,

State

Supported

Revenue

Bonds,

CHESLA

Loan

Program,

Series

2020B,

3.250%,

11/15/36,

(AMT)

11/29

at

100.00

1,662,637

2,500

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes

Series

2013A,

5.000%,

10/01/33

10/23

at

100.00

2,502,075

1,390

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes

Series

2015A,

5.000%,

8/01/33

8/25

at

100.00

1,429,949

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes

Series

2016A:

1,000

5.000%,

9/01/32

9/26

at

100.00

1,044,470

3,500

5.000%,

9/01/33

9/26

at

100.00

3,654,945

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes

Series

2018A:

2,000

5.000%,

1/01/37

1/28

at

100.00

2,112,300

2,000

5.000%,

1/01/38

1/28

at

100.00

2,098,540

1,500

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes,

Series

2021A,

4.000%,

5/01/40

5/31

at

100.00

1,479,240

1,000

Great

Pond

Improvement

District,

Connecticut,

Special

Obligation

Revenue

Bonds,

Great

Pond

Phase

1

Project,

Series

2019,

4.750%,

10/01/48,

144A

10/26

at

102.00

911,920

500

Great

Pond

Improvement

District,

Connecticut,

Special

Obligation

Revenue

Bonds,

Great

Pond

Phase

2

Project,

Series

2022,

5.750%,

10/01/52,

144A

10/28

at

103.00

507,280

2,720

Harbor

Point

Infrastructure

Improvement

District,

Connecticut,

Special

Obligation

Revenue

Bonds,

Harbor

Point

Project,

Refunding

Series

2017,

5.000%,

4/01/39,

144A

4/27

at

100.00

2,725,467

635

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A,

5.000%,

10/01/39

10/32

at

100.00

631,507

1,825

Naugatuck,

Connecticut,

Certificates

of

Participation,

Incineration

Facilities

Project,

Series

2021A,

4.000%,

8/15/41,

(AMT)

8/29

at

100.00

1,623,228

1,000

Puerto

Rico

Highway

and

Transportation

Authority,

Restructured

Toll

Revenue

Bonds,

Series

2022A,

5.000%,

7/01/62

7/32

at

100.00

986,250

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

1,860

0.000%,

7/01/46

7/28

at

41.38

518,047

4,250

4.750%,

7/01/53

7/28

at

100.00

3,984,248

1,000

5.000%,

7/01/58

7/28

at

100.00

970,400

100

Steel

Point

Infrastructure

Improvement

District,

Connecticut,

Special

Obligation

Revenue

Bonds,

Steelpointe

Harbor

Project,

Series

2021,

4.000%,

4/01/51

4/30

at

100.00

80,036

2,500

University

of

Connecticut,

General

Obligation

Bonds,

Series

2013A,

5.000%,

8/15/32

10/23

at

100.00

2,501,650

740

University

of

Connecticut,

General

Obligation

Bonds,

Series

2014A,

5.000%,

2/15/31

2/24

at

100.00

744,655

1,590

University

of

Connecticut,

General

Obligation

Bonds,

Series

2015A,

5.000%,

2/15/34

2/25

at

100.00

1,618,858

67

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

3,000

University

of

Connecticut,

General

Obligation

Bonds,

Series

2017A,

5.000%,

1/15/36

1/27

at

100.00

$

3,130,440

University

of

Connecticut,

General

Obligation

Bonds,

Series

2019A:

1,000

5.000%,

11/01/36

11/28

at

100.00

1,069,090

1,000

4.000%,

11/01/38

11/28

at

100.00

982,350

Total

Tax

Obligation/Limited

38,969,582

Transportation

-

2.8%

Connecticut

Airport

Authority,

Connecticut,

Customer

Facility

Charge

Revenue

Bonds,

Ground

Transportation

Center

Project,

Series

2019A:

1,500

4.000%,

7/01/49,

(AMT)

7/29

at

100.00

1,218,795

5,000

5.000%,

7/01/49,

(AMT)

7/29

at

100.00

4,812,500

Total

Transportation

6,031,295

U.S.

Guaranteed

-

2.7%

(c)

950

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Westminster

School,

Series

2014H,

3.250%,

7/01/32,

(Pre-refunded

7/01/24)

7/24

at

100.00

949,383

Greater

New

Haven

Water

Pollution

Control

Authority,

Connecticut,

Regional

Wastewater

System

Revenue

Bonds,

Refunding

Series

2014B:

500

5.000%,

8/15/30,

(Pre-refunded

8/15/24)

8/24

at

100.00

508,090

1,000

5.000%,

8/15/32,

(Pre-refunded

8/15/24)

8/24

at

100.00

1,016,180

2,250

Hartford

County

Metropolitan

District,

Connecticut,

Clean

Water

Project

Revenue

Bonds,

Refunding

Green

Bond

Series

2014A,

5.000%,

11/01/35,

(Pre-refunded

11/01/24)

11/24

at

100.00

2,293,470

1,055

South

Central

Connecticut

Regional

Water

Authority

Water

System

Revenue

Bonds,

Thirtieth

Series

2014A,

5.000%,

8/01/44,

(Pre-refunded

8/01/24)

8/24

at

100.00

1,071,363

Total

U.S.

Guaranteed

5,838,486

Utilities

-

8.0%

2,000

Connecticut,

State

Revolving

Fund

General

Revenue

Bonds,

Green

Series

2019A,

5.000%,

2/01/39

2/29

at

100.00

2,143,220

60

Greater

New

Haven

Water

Pollution

Control

Authority,

Connecticut,

Regional

Wastewater

System

Revenue

Bonds,

Series

2005A,

5.000%,

8/15/35

-

NPFG

Insured

10/23

at

100.00

60,025

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Series

2017:

1,000

5.000%,

7/01/37

7/27

at

100.00

1,012,270

1,000

5.000%,

7/01/40

7/27

at

100.00

1,005,190

295

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2020A,

5.000%,

1/01/50

7/30

at

100.00

293,625

1,000

Guam

Power

Authority,

Revenue

Bonds,

Series

2014A,

5.000%,

10/01/39

10/24

at

100.00

1,014,560

1,010

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A,

5.000%,

7/01/30,

144A

No

Opt.

Call

1,036,331

1,700

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B,

5.000%,

7/01/29,

144A

No

Opt.

Call

1,742,993

2,685

South

Central

Connecticut

Regional

Water

Authority,

Connecticut,

Water

System

Revenue

Bonds,

Thirty-Seventh

Series

2023A-1,

5.000%,

8/01/51

8/33

at

100.00

2,874,239

1,685

South

Central

Connecticut

Regional

Water

Authority,

Water

System

Revenue

Bonds,

Refunding

Thirty-third

Series

2017B-1,

5.000%,

8/01/41

8/28

at

100.00

1,775,939

2,915

South

Central

Connecticut

Regional

Water

Authority,

Water

System

Revenue

Bonds,

Thirty-Fourth

Series

2019C,

5.000%,

8/01/44

8/29

at

100.00

3,081,038

500

Stamford,

Connecticut,

Water

Pollution

Control

System

and

Facility

Revenue

Bonds,

Series

2013A,

5.250%,

8/15/43

10/23

at

100.00

500,355

Nuveen

Connecticut

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

68

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Utilities

(continued)

$

750

Stamford,

Connecticut,

Water

Pollution

Control

System

and

Facility

Revenue

Bonds,

Series

2019,

4.000%,

4/01/44

4/29

at

100.00

$

721,710

Total

Utilities

17,261,495

Total

Municipal

Bonds

(cost

$223,236,064)

209,768,827

Total

Long-Term

Investments

(cost

$223,236,064)

209,768,827

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

SHORT-TERM

INVESTMENTS

-

 1.8%  

X

4,000,000

MUNICIPAL

BONDS

-

1.8%  

X

4,000,000

Housing/Multifamily

-

1.8%

$

4,000

Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Series

2016E-3,

3.350%,

11/15/46,

(Mandatory

Put

9/15/23)

(d)

9/23

at

100.00

$

4,000,000

Total

Housing/Multifamily

4,000,000

Total

Municipal

Bonds

(cost

$4,000,000)

4,000,000

Total

Short-Term

Investments

(cost

$4,000,000)

4,000,000

Total

Investments

(cost

$227,236,064)

-

99.0%

213,768,827

Other

Assets

&

Liabilities,

Net

-

1.0%

2,116,828

Net

Assets

-

100%

$

215,885,655

(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)

Investment

has

a

maturity

of

greater

than

one

year,

but

has

variable

rate

and/or

demand

features

which

qualify

it

as

a

short-term

investment.

The

rate

disclosed,

as

well

as

the

reference

rate

and

spread,

where

applicable,

is

that

in

effect

as

of

the

end

of

the

reporting

period.

This

rate

changes

periodically

based

on

market

conditions

or

a

specified

market

index.

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

69

Nuveen

Massachusetts

Municipal

Bond

Fund

Portfolio

of

Investments

August

31,

2023

(Unaudited)

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

96.2%   

X

603,729,754

MUNICIPAL

BONDS

-

96.2%  

X

603,729,754

Education

and

Civic

Organizations

-

21.4%

Lowell,

Massachusetts,

Collegiate

Charter

School

Revenue

Bonds,

Series

2019:

$

2,315

5.000%,

6/15/39

6/26

at

100.00

$

2,230,618

1,750

5.000%,

6/15/49

6/26

at

100.00

1,607,498

650

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Babson

College,

Refunding

Series

2022,

4.000%,

10/01/44

4/32

at

100.00

602,355

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Berklee

College

of

Music,

Series

2016:

1,260

5.000%,

10/01/39

10/26

at

100.00

1,285,301

5,165

5.000%,

10/01/46

10/26

at

100.00

5,210,813

3,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

College,

Series

2013S,

5.000%,

7/01/32

9/23

at

100.00

3,001,440

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

College,

Series

2017T:

2,350

5.000%,

7/01/39

7/27

at

100.00

2,469,873

1,020

5.000%,

7/01/42

7/27

at

100.00

1,060,841

3,110

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

University,

Refunding

Series

2023FF,

5.000%,

10/01/48

10/33

at

100.00

3,341,664

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Brandeis

University

Issue,

Series

2018R:

1,195

5.000%,

10/01/37

10/28

at

100.00

1,264,322

840

5.000%,

10/01/38

10/28

at

100.00

884,898

1,000

5.000%,

10/01/39

10/28

at

100.00

1,050,380

3,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emerson

College,

Series

2015,

5.000%,

1/01/35

1/25

at

100.00

3,024,930

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emerson

College,

Series

2016A:

1,510

5.250%,

1/01/42

1/27

at

100.00

1,517,188

1,500

5.000%,

1/01/47

1/27

at

100.00

1,442,520

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emerson

College,

Series

2017A:

1,600

5.000%,

1/01/37

1/28

at

100.00

1,616,304

6,020

5.000%,

1/01/40

1/28

at

100.00

6,001,157

2,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emerson

College,

Series

2018,

5.000%,

1/01/43

1/28

at

100.00

1,959,700

2,500

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emmanuel

College,

Series

2016A,

5.000%,

10/01/43

10/26

at

100.00

2,364,950

2,055

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Lesley

University,

Series

2016,

5.000%,

7/01/36

7/26

at

100.00

2,072,324

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

MCPHS

University

Issue,

Series

2015H:

550

3.500%,

7/01/35

7/25

at

100.00

530,195

235

5.000%,

7/01/37

7/25

at

100.00

240,722

700

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Merrimack

College,

Series

2017,

5.000%,

7/01/37

7/26

at

100.00

706,475

1,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Merrimack

College,

Series

2022,

5.000%,

7/01/52

7/32

at

100.00

954,770

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Northeastern

University,

Series

2014A:

1,125

5.000%,

3/01/39

3/24

at

100.00

1,130,805

2,065

5.000%,

3/01/44

3/24

at

100.00

2,073,363

1,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Northeastern

University,

Series

2022,

5.000%,

10/01/44

10/32

at

100.00

1,081,310

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Simmons

University

Issue,

Series

2013J:

950

5.250%,

10/01/39

10/23

at

100.00

951,168

Nuveen

Massachusetts

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

70

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

$

1,680

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Simmons

University

Issue,

Series

2020M,

5.000%,

10/01/39

10/30

at

100.00

$

1,652,616

2,750

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Springfield

College,

Green

Series

2021B,

4.000%,

6/01/41

6/30

at

100.00

2,322,760

2,495

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Sterling

and

Francine

Clark

Art

Institute,

Series

2015,

5.000%,

7/01/33

7/25

at

100.00

2,563,613

2,415

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Sterling

and

Francine

Clark

Art

Institute,

Series

2016,

4.000%,

7/01/41

1/27

at

100.00

2,385,078

610

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Suffolk

University,

Refunding

Series

2019,

5.000%,

7/01/37

7/29

at

100.00

621,858

5,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Suffolk

University,

Refunding

Series

2020A,

4.000%,

7/01/45

7/30

at

100.00

4,219,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Suffolk

University,

Series

2021:

570

4.000%,

7/01/46

7/31

at

100.00

477,643

1,470

4.000%,

7/01/51

7/31

at

100.00

1,190,626

1,500

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

The

Broad

Institute,

Series

2017,

5.000%,

4/01/36

10/27

at

100.00

1,590,795

875

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Tufts

University,

Series

2015Q,

5.000%,

8/15/38

8/25

at

100.00

892,159

1,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Wheaton

College,

Series

2017H,

5.000%,

1/01/37

1/28

at

100.00

1,000,890

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Woods

Hole

Oceanographic

Institution,

Series

2018:

1,000

5.000%,

6/01/37

6/28

at

100.00

1,049,650

1,000

5.000%,

6/01/38

6/28

at

100.00

1,044,660

6,210

5.000%,

6/01/48

6/28

at

100.00

6,387,668

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Worcester

Polytechnic

Institute,

Series

2017B:

5,000

5.000%,

9/01/42

9/27

at

100.00

5,205,050

7,000

5.000%,

9/01/45

9/27

at

100.00

7,269,850

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Worcester

Polytechnic

Institute,

Series

2019:

745

5.000%,

9/01/33

9/29

at

100.00

809,979

1,000

4.000%,

9/01/44

9/29

at

100.00

934,720

3,500

5.000%,

9/01/49

9/29

at

100.00

3,677,730

Massachusetts

Development

Finance

Authority,

Revenue

Bonds,

Suffolk

University,

Refunding

Series

2017:

700

5.000%,

7/01/35

7/27

at

100.00

717,493

500

5.000%,

7/01/36

7/27

at

100.00

510,155

2,345

Massachusetts

Development

Finance

Authority,

Revenue

Bonds,

WGBH

Educational

Foundation,

Refunding

Series

2016,

5.000%,

1/01/36

7/26

at

100.00

2,440,957

2,100

Massachusetts

Development

Finance

Authority,

Revenue

Bonds,

WGBH

Educational

Foundation,

Series

2002A,

5.750%,

1/01/42

-

AMBAC

Insured

No

Opt.

Call

2,528,568

1,655

Massachusetts

Educational

Financing

Authority,

Education

Loan

Revenue

Bonds,

Issue

J,

Series

2016,

5.000%,

7/01/24,

(AMT)

No

Opt.

Call

1,669,266

Massachusetts

Educational

Financing

Authority,

Education

Loan

Revenue

Bonds,

Issue

K,

Series

2017A:

1,480

5.000%,

7/01/24,

(AMT)

No

Opt.

Call

1,492,758

2,800

5.000%,

7/01/26,

(AMT)

No

Opt.

Call

2,869,580

Massachusetts

Educational

Financing

Authority,

Education

Loan

Revenue

Bonds,

Issue

L,

Senior

Series

2020B:

850

5.000%,

7/01/29,

(AMT)

No

Opt.

Call

889,908

1,000

5.000%,

7/01/30,

(AMT)

No

Opt.

Call

1,054,830

1,000

Massachusetts

Educational

Financing

Authority,

Student

Loan

Revenue

Bonds,

Issue

I

Series

2014,

5.000%,

1/01/27,

(AMT)

1/25

at

100.00

1,008,630

2,500

University

of

Massachusetts

Building

Authority,

Project

Revenue

Bonds,

Senior

Series

2015-1,

5.000%,

11/01/40

11/25

at

100.00

2,560,450

71

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

University

of

Massachusetts

Building

Authority,

Project

Revenue

Bonds,

Senior

Series

2022-1:

$

5,550

4.000%,

11/01/46

5/32

at

100.00

$

5,309,408

10,605

5.000%,

11/01/52

5/30

at

100.00

11,225,180

University

of

Massachusetts

Building

Authority,

Revenue

Bonds,

Refunding

Senior

Series

2019-1:

1,000

5.000%,

5/01/38

5/29

at

100.00

1,077,950

2,000

5.000%,

5/01/39

5/29

at

100.00

2,143,240

Total

Education

and

Civic

Organizations

134,472,602

Health

Care

-

16.6%

2,160

Massachusetts

Development

Finance

Agency

Revenue

Bonds,

South

Shore

Hospital,

Series

2016I,

5.000%,

7/01/41

7/26

at

100.00

2,167,819

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Baystate

Medical

Center

Issue,

Series

2014N:

1,000

5.000%,

7/01/34

7/24

at

100.00

1,007,740

5,700

5.000%,

7/01/44

7/24

at

100.00

5,703,990

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Beth

Israel

Lahey

Health

Issue,

Series

2019K:

1,250

5.000%,

7/01/36

7/29

at

100.00

1,315,600

1,400

5.000%,

7/01/38

7/29

at

100.00

1,455,608

275

5.000%,

7/01/39

7/29

at

100.00

284,933

250

5.000%,

7/01/41

7/29

at

100.00

256,948

7,800

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

Medical

Center

Issue,

Green

Bonds,

Series

2015D,

5.000%,

7/01/44

7/25

at

100.00

7,824,648

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

Medical

Center

Issue,

Series

2016E:

2,000

5.000%,

7/01/32

7/26

at

100.00

2,083,200

1,825

5.000%,

7/01/36

7/26

at

100.00

1,857,284

5,350

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

Medical

Center

Issue,

Series

2023G,

5.250%,

7/01/48

7/33

at

100.00

5,519,542

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CareGroup

Issue,

Refunding

Series

2016-I:

1,675

5.000%,

7/01/30

7/26

at

100.00

1,735,300

1,500

5.000%,

7/01/37

7/26

at

100.00

1,534,710

1,935

5.000%,

7/01/38

7/26

at

100.00

1,974,532

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CareGroup

Issue,

Series

2015H-1:

900

5.000%,

7/01/30

7/25

at

100.00

924,480

1,000

5.000%,

7/01/32

7/25

at

100.00

1,027,390

500

5.000%,

7/01/33

7/25

at

100.00

513,345

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CareGroup

Issue,

Series

2018J-2:

5,000

5.000%,

7/01/43

7/28

at

100.00

5,104,500

4,100

5.000%,

7/01/48

7/28

at

100.00

4,165,313

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Dana-Farber

Cancer

Institute

Issue,

Series

2016N:

1,925

5.000%,

12/01/41

12/26

at

100.00

1,966,291

6,100

5.000%,

12/01/46

12/26

at

100.00

6,196,197

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Lahey

Health

System

Obligated

Group

Issue,

Series

2015F:

2,645

5.000%,

8/15/35

8/25

at

100.00

2,708,427

5,325

5.000%,

8/15/45

8/25

at

100.00

5,374,416

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Mass

General

Brigham,

Series

2020A-2:

3,535

4.000%,

7/01/40

1/30

at

100.00

3,370,057

1,490

4.000%,

7/01/41

1/30

at

100.00

1,408,020

1,545

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Milford

Regional

Medical

Center

Issue,

Series

2014F,

5.750%,

7/15/43

10/23

at

100.00

1,450,091

Nuveen

Massachusetts

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

72

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Milford

Regional

Medical

Center

Issue,

Series

2020G:

$

100

5.000%,

7/15/30,

144A

No

Opt.

Call

$

97,725

100

5.000%,

7/15/37,

144A

7/30

at

100.00

89,372

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Partners

HealthCare

System

Issue,

Series

2016Q:

1,250

4.000%,

7/01/41

7/26

at

100.00

1,181,225

4,710

5.000%,

7/01/47

7/26

at

100.00

4,778,530

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Partners

HealthCare

System

Issue,

Series

2017S-1:

2,200

5.000%,

7/01/37

1/28

at

100.00

2,315,478

6,330

4.000%,

7/01/41

1/28

at

100.00

5,981,723

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Southcoast

Health

System

Obligated

Group

Issue,

Series

2013F:

1,750

5.000%,

7/01/27

10/23

at

100.00

1,750,962

1,000

5.000%,

7/01/37

10/23

at

100.00

1,000,320

365

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Southcoast

Health

System

Obligated

Group

Issue,

Series

2021G,

4.000%,

7/01/46

7/31

at

100.00

326,949

3,800

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

The

Lowell

General

Hospital,

Series

2013G,

5.000%,

7/01/44

10/23

at

100.00

3,529,022

890

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

UMass

Memorial

Health

Care

Obligated

Group

Issue,

Series

2017K,

5.000%,

7/01/38

1/27

at

100.00

899,292

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

UMass

Memorial

Health

Care

Obligated

Group

Issue,

Series

2017L:

400

3.625%,

7/01/37

7/27

at

100.00

343,672

6,855

5.000%,

7/01/44

7/27

at

100.00

6,834,435

555

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

UMass

Memorial

Health

Care,

Series

2016I,

5.000%,

7/01/36

7/26

at

100.00

564,818

500

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Wellforce

Issue,

Series

2019A,

5.000%,

7/01/44

1/29

at

100.00

485,920

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Wellforce

Issue,

Series

2020C:

3,355

3.000%,

10/01/45

-

AGM

Insured

10/30

at

100.00

2,479,815

2,700

4.000%,

10/01/45

-

AGM

Insured

10/30

at

100.00

2,481,057

Total

Health

Care

104,070,696

Housing/Multifamily

-

2.1%

5,000

Massachusetts

Development

Finance

Agency,

Multifamily

Housing

Revenue

Bonds,

Salem

Heights

II

Preservation

Associates

LP,

Social

Series

2021A,

2.300%,

1/01/42

No

Opt.

Call

3,322,800

2,115

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Series

2019B-1,

3.100%,

12/01/44

12/28

at

100.00

1,613,851

2,000

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Series

2020A-1,

3.000%,

12/01/45

12/28

at

100.00

1,477,060

1,800

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Sustainability

Green

Series

2020C-1,

2.450%,

12/01/45

12/29

at

100.00

1,177,866

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Sustainability

Green

Series

2020D-1:

1,500

2.200%,

12/01/40

6/30

at

100.00

1,046,460

1,100

2.375%,

12/01/45

6/30

at

100.00

708,862

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Sustainability

Green

Series

2021A-1:

500

2.000%,

12/01/36

6/30

at

100.00

382,955

410

2.375%,

12/01/46

6/30

at

100.00

259,587

325

2.450%,

12/01/51

6/30

at

100.00

192,585

2,685

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Sustainability

Green

Series

2022C-1,

5.000%,

12/01/47

6/32

at

100.00

2,741,412

Total

Housing/Multifamily

12,923,438

73

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Housing/Single

Family

-

0.8%

$

1,500

Massachusetts

Housing

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2020-218,

2.400%,

6/01/44

12/29

at

100.00

$

1,026,855

1,500

Massachusetts

Housing

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2021-221,

2.300%,

6/01/44

6/30

at

100.00

1,021,155

Massachusetts

Housing

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2021-223:

1,200

1.950%,

6/01/32

12/30

at

100.00

998,916

750

2.000%,

12/01/32

12/30

at

100.00

631,238

1,380

2.050%,

6/01/33

12/30

at

100.00

1,156,964

500

2.100%,

12/01/33

12/30

at

100.00

417,430

Total

Housing/Single

Family

5,252,558

Long-Term

Care

-

0.7%

Massachusetts

Development

Finance

Agency

Revenue

Refunding

Bonds,

NewBridge

on

the

Charles,

Inc.

Issue,

Series

2017:

1,910

4.125%,

10/01/42,

144A

9/23

at

105.00

1,513,713

275

5.000%,

10/01/47,

144A

9/23

at

105.00

244,676

560

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Berkshire

Retirement

Community

Lennox,

Series

2015,

5.000%,

7/01/31

7/25

at

100.00

565,835

550

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Loomis

Communities,

Series

2021,

4.000%,

1/01/51

1/27

at

103.00

437,971

400

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Orchard

Cove,

Inc.,

Refunding

Series

2019,

5.000%,

10/01/39

10/24

at

104.00

390,488

1,020

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Salem

Community

Corporation,

Refunding

Series

2022,

5.125%,

1/01/40

1/32

at

100.00

923,885

Total

Long-Term

Care

4,076,568

Tax

Obligation/General

-

17.5%

825

Andover,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2022,

4.000%,

7/15/42

7/31

at

100.00

821,725

Central

Berkshire

Regional

School

District,

Dalton,

Massachusetts,

General

Obligation

Bonds,

State

Qualified

Series

2019:

1,400

3.000%,

6/01/38

6/28

at

100.00

1,215,424

1,440

3.000%,

6/01/39

6/28

at

100.00

1,230,710

1,490

3.000%,

6/01/40

6/28

at

100.00

1,254,610

10,000

Dennis-Yarmouth

Regional

School

District,

Barnstable

County,

Massachusetts,

General

Obligation

Bond,  Anticipation

Note

Series

2022,

4.500%,

11/14/23

No

Opt.

Call

10,023,000

Fall

River,

Massachusetts,

General

Obligation

Bonds,

State

Qualified

Municipal

Purpose

Loan

Series

2021:

1,655

4.000%,

12/01/32

12/29

at

100.00

1,736,591

1,610

4.000%,

12/01/33

12/29

at

100.00

1,683,191

1,615

Higham,

Massachusetts,

General

Obligation

Bonds,

Water

Series

2020,

3.000%,

2/15/38

8/28

at

100.00

1,418,697

1,740

Hudson,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2011,

5.000%,

2/15/32

10/23

at

100.00

1,742,018

2,000

Massachusetts

Development

Finance

Agency,

Special

Obligation

Bonds,

Commonwealth

Contract  Assistance,

Series

2015A,

4.000%,

5/01/45

5/25

at

100.00

1,944,600

3,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2015C,

5.000%,

7/01/45

7/25

at

100.00

3,047,520

1,190

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2016A,

5.000%,

3/01/46

3/24

at

100.00

1,192,868

3,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2017A,

5.000%,

4/01/42

4/27

at

100.00

3,113,010

5,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2017F,

5.000%,

11/01/46

11/27

at

100.00

5,183,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2018A:

3,750

5.000%,

1/01/42

1/28

at

100.00

3,918,488

2,490

5.000%,

1/01/45

1/28

at

100.00

2,587,234

950

5.000%,

1/01/46

1/28

at

100.00

986,053

Nuveen

Massachusetts

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

74

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

(continued)

$

11,110

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2019A,

5.000%,

1/01/49

1/29

at

100.00

$

11,584,841

7,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2022C,

5.250%,

10/01/47

10/32

at

100.00

7,655,970

8,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2023A,

5.000%,

5/01/48

5/33

at

100.00

8,595,440

10,000

Massachusetts

State,

General

Obligation

Bonds,

Series

2022E,

5.000%,

11/01/47

11/32

at

100.00

10,730,300

1,000

North

Reading,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2012,

5.000%,

5/15/35

10/23

at

100.00

1,000,870

5,000

Northeast

Metropolitan

Regional

Vocational

Technical

School

District,

Massachusetts,

General

Obligation

Bonds,

School

Series

2022,

4.000%,

4/15/47

4/31

at

100.00

4,816,650

1,950

Pentucket

Regional

School

District,

Massachusetts,

General

Obligation

Bonds,

Series

2019,

3.000%,

9/01/42

9/27

at

100.00

1,552,824

3,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1,

4.000%,

7/01/46

7/31

at

103.00

2,497,410

7,555

Revere,

Massachusetts,

General

Obligation

Bonds,

State

Qualified

Municipal

Purpose

Loan

Series

2022,

4.000%,

8/01/47

8/31

at

100.00

7,275,994

3,215

Scituate,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2015,

4.000%,

9/15/33

9/24

at

100.00

3,225,224

2,170

Tisbury,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2022,

4.000%,

8/15/42

8/30

at

100.00

2,144,394

2,615

Waltham,

Massachusetts,

General

Obligation

Bonds,

School

Series

2020,

3.000%,

10/15/33

10/29

at

100.00

2,492,540

3,440

Webster,

Massachusetts,

General

Obligation

Bonds,

Qualified

School

Project,

Chapter

70B,

Loan

Series

2022,

4.000%,

12/01/42

12/31

at

100.00

3,367,450

Total

Tax

Obligation/General

110,038,646

Tax

Obligation/Limited

-

20.6%

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D:

1,355

5.000%,

11/15/27

11/25

at

100.00

1,368,943

1,000

5.000%,

11/15/39

11/25

at

100.00

978,210

Guam

Government,

Limited

Obligation

Section

30

Revenue

Bonds,

Series

2016A:

1,160

5.000%,

12/01/31

12/26

at

100.00

1,183,966

2,000

5.000%,

12/01/46

12/26

at

100.00

1,873,760

1,010

Martha's

Vineyard

Land

Bank,

Massachusetts,

Revenue

Bonds,

Refunding

Green

Series

2014,

5.000%,

5/01/33

-

BAM

Insured

11/24

at

100.00

1,023,675

500

Martha's

Vineyard

Land

Bank,

Massachusetts,

Revenue

Bonds,

Refunding

Green

Series

2017,

5.000%,

5/01/36

-

BAM

Insured

5/27

at

100.00

526,185

12,000

Massachusetts

Bay

Transportation

Authority,

Assessment

Bonds,

Sustainability

Series

2022A-2,

5.000%,

7/01/52

7/32

at

100.00

12,785,040

2,500

Massachusetts

Bay

Transportation

Authority,

Sales

Tax

Revenue

Bonds,

Senior

Lien

Series

2015A,

5.000%,

7/01/45

7/25

at

100.00

2,537,850

10,000

Massachusetts

Bay

Transportation

Authority,

Sales

Tax

Revenue

Bonds,

Senior

Series

2023A-1,

5.250%,

7/01/48

7/33

at

100.00

11,015,200

Massachusetts

Bay

Transportation

Authority,

Sales

Tax

Revenue

Bonds,

Subordinated

Series

2017A-2:

2,050

5.000%,

7/01/44

7/27

at

100.00

2,126,813

3,065

5.000%,

7/01/46

7/27

at

100.00

3,171,043

Massachusetts

Bay

Transportation

Authority,

Sales

Tax

Revenue

Bonds,

Subordinated

Series

2021A-1:

4,330

4.000%,

7/01/39

7/31

at

100.00

4,332,685

1,000

4.000%,

7/01/51

7/31

at

100.00

949,120

2,505

Massachusetts

Bay

Transportation

Authority,

Sales

Tax

Revenue

Bonds,

Subordinated

Sustainability

Series

2017A-1,

5.000%,

7/01/41

7/27

at

100.00

2,610,110

500

Massachusetts

College

Building

Authority,

Project

Revenue

Bonds,

Refunding

Series

2022A,

4.000%,

5/01/42

5/32

at

100.00

485,270

1,310

Massachusetts

College

Building

Authority,

Revenue

Bonds,

Refunding

Series

2011A,

5.000%,

5/01/24

No

Opt.

Call

1,324,777

75

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

1,650

Massachusetts

School

Building

Authority,

Dedicated

Sales

Tax

Revenue

Bonds,

Refunding

Senior

Series

2015C,

5.000%,

8/15/37

8/25

at

100.00

$

1,689,814

Massachusetts

School

Building

Authority,

Dedicated

Sales

Tax

Revenue

Bonds,

Senior

Social

Series

2020A:

5,000

4.000%,

8/15/45

8/30

at

100.00

4,860,500

3,020

5.000%,

8/15/50

8/30

at

100.00

3,208,690

7,000

Massachusetts

School

Building

Authority,

Dedicated

Sales

Tax

Revenue

Bonds,

Subordinated

Series

2018A,

5.250%,

2/15/48

2/28

at

100.00

7,332,570

4,480

Massachusetts

School

Building

Authority,

Dedicated

Sales

Tax

Revenue

Bonds,

Subordinated

Series

2019A,

5.000%,

2/15/44

2/29

at

100.00

4,736,883

2,800

Massachusetts

State,

Transportation

Fund

Revenue

Bonds,

Rail

Enhancement

&

Accelerated

Bridge

Program,

Series

2016A,

5.000%,

6/01/41

6/26

at

100.00

2,883,636

8,180

Massachusetts

State,

Transportation

Fund

Revenue

Bonds,

Rail

Enhancement

&

Accelerated

Bridge

Programs,

Series

2017A,

5.000%,

6/01/47

6/27

at

100.00

8,450,267

5,540

Massachusetts

State,

Transportation

Fund

Revenue

Bonds,

Rail

Enhancement

&

Accelerated

Bridge

Programs,

Series

2019A,

5.000%,

6/01/49

6/29

at

100.00

5,796,114

3,500

Massachusetts

State,

Transportation

Fund

Revenue

Bonds,

Rail

Enhancement

Program,

Series

2015A,

5.000%,

6/01/45

6/25

at

100.00

3,557,680

15,000

Massachusetts

State,

Transportation

Fund

Revenue

Bonds,

Rail

Enhancement

Program,

Sustainability  Green

Series

2022A,

5.000%,

6/01/50

6/31

at

100.00

15,884,850

1,665

Massachusetts

State,

Transportation

Fund

Revenue

Bonds,

Refunding

Series

2021A,

5.000%,

6/01/42

6/31

at

100.00

1,798,949

1,510

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A,

5.000%,

10/01/39

10/32

at

100.00

1,501,695

5,000

Puerto

Rico

Highway

and

Transportation

Authority,

Restructured

Toll

Revenue

Bonds,

Series

2022A,

5.000%,

7/01/62

7/32

at

100.00

4,931,250

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

3,177

4.550%,

7/01/40

7/28

at

100.00

3,097,639

4,510

0.000%,

7/01/46

7/28

at

41.38

1,256,125

4,725

4.750%,

7/01/53

7/28

at

100.00

4,429,546

5,708

5.000%,

7/01/58

7/28

at

100.00

5,539,043

Total

Tax

Obligation/Limited

129,247,898

Transportation

-

5.3%

1,250

Massachusetts

Department

of

Transportation,

Metropolitan

Highway

System

Revenue

Bonds,

Refunding

Senior

Lien

Series

2019A,

5.000%,

1/01/37

1/29

at

100.00

1,339,962

1,500

Massachusetts

Port

Authority,

Revenue

Bonds,

Refunding

Series

2017A,

5.000%,

7/01/42,

(AMT)

7/27

at

100.00

1,530,720

5,750

Massachusetts

Port

Authority,

Revenue

Bonds,

Refunding

Series

2021B,

5.000%,

7/01/44,

(AMT)

7/24

at

100.00

5,765,065

1,780

Massachusetts

Port

Authority,

Revenue

Bonds,

Series

2014A,

5.000%,

7/01/34

7/24

at

100.00

1,800,417

Massachusetts

Port

Authority,

Revenue

Bonds,

Series

2015A:

1,425

5.000%,

7/01/40

7/25

at

100.00

1,452,787

2,000

5.000%,

7/01/45

7/25

at

100.00

2,031,680

1,750

Massachusetts

Port

Authority,

Revenue

Bonds,

Series

2015B,

5.000%,

7/01/45,

(AMT)

7/25

at

100.00

1,761,813

10,000

Massachusetts

Port

Authority,

Revenue

Bonds,

Series

2019C,

5.000%,

7/01/49,

(AMT)

7/29

at

100.00

10,208,300

2,500

Massachusetts

Port

Authority,

Revenue

Bonds,

Series

2021E,

5.000%,

7/01/46,

(AMT)

7/31

at

100.00

2,584,325

4,675

Massachusetts

Port

Authority,

Special

Facilities

Revenue

Bonds,

BOSFUEL

Corporation,

Series

2019A,

5.000%,

7/01/49,

(AMT)

7/29

at

100.00

4,760,459

Total

Transportation

33,235,528

Nuveen

Massachusetts

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

76

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

U.S.

Guaranteed

-

4.4%

(c)

$

1,890

Massachusetts

College

Building

Authority,

Project

Revenue

Bonds,

Green

Series

2014B,

5.000%,

5/01/44,

(Pre-refunded

5/01/24)

5/24

at

100.00

$

1,911,187

5,915

Massachusetts

Development

Finance

Agency

Revenue

Bonds,

Childrens

Hospital

Issue,

Series

2014P,

5.000%,

10/01/46,

(Pre-refunded

10/01/24)

10/24

at

100.00

6,008,398

2,340

Massachusetts

Development

Finance

Agency,

Hospital

Revenue

Bonds,

Cape

Cod

Healthcare

Obligated

Group,

Series

2013,

5.250%,

11/15/41,

(Pre-refunded

11/15/23)

11/23

at

100.00

2,348,541

6,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Atrius

Health

Issue,

Series

2019A,

5.000%,

6/01/39,

(Pre-refunded

6/01/29)

6/29

at

100.00

6,636,300

7,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

University,

Series

2013X,

5.000%,

10/01/48,

(Pre-refunded

10/01/23)

10/23

at

100.00

7,007,910

665

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

North

Hill

Communities

Issue,

Series

2013A,

6.250%,

11/15/28,

(Pre-refunded

11/15/23),

144A

11/23

at

100.00

668,345

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Simmons

University

Issue,

Series

2013J:

50

5.250%,

10/01/39,

(Pre-refunded

10/01/23)

10/23

at

100.00

50,061

1,820

Massachusetts

Water

Resources

Authority,

General

Revenue

Bonds,

Green

Series

2016C,

5.000%,

8/01/40,

(Pre-refunded

8/01/26)

8/26

at

100.00

1,920,264

1,000

Massachusetts

Water

Resources

Authority,

General

Revenue

Bonds,

Series

2016B,

5.000%,

8/01/40,

(Pre-refunded

8/01/26)

8/26

at

100.00

1,055,090

Total

U.S.

Guaranteed

27,606,096

Utilities

-

6.8%

4,000

Boston

Water

and

Sewer

Commission,

Massachusetts,

General

Revenue

Bonds,

Senior

Series

2018A,

4.000%,

11/01/40

5/26

at

100.00

3,991,120

2,805

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

7/01/40

7/27

at

100.00

2,819,558

920

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2016,

5.000%,

1/01/46

7/26

at

100.00

921,297

2,500

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2020A,

5.000%,

1/01/50

7/30

at

100.00

2,488,350

2,700

Massachusetts

Clean

Water

Trust,

State

Revolving

Fund

Bonds,

Green

18

Series

2015,

5.000%,

2/01/45

2/24

at

100.00

2,706,048

1,650

Massachusetts

Clean

Water

Trust,

State

Revolving

Fund

Bonds,

Green

23B

Series

2021,

5.000%,

2/01/41

2/31

at

100.00

1,795,778

5,785

Massachusetts

Clean

Water

Trust,

State

Revolving

Fund

Bonds,

Sustainabilty

24B

Series

2022,

5.000%,

2/01/43

2/32

at

100.00

6,308,369

Massachusetts

Municipal

Wholesale

Electric

Company,

MMWEC,

Revenue

Bonds,

Project

2015A,

Series

2021A:

1,000

4.000%,

7/01/39

1/32

at

100.00

978,130

1,310

4.000%,

7/01/40

1/32

at

100.00

1,271,224

1,400

4.000%,

7/01/41

1/32

at

100.00

1,356,796

2,000

4.000%,

7/01/46

1/32

at

100.00

1,903,980

2,250

4.000%,

7/01/51

1/32

at

100.00

2,114,685

1,250

Massachusetts

Water

Resources

Authority,

General

Revenue

Bonds,

Green

Series

2023B,

5.250%,

8/01/48

8/33

at

100.00

1,384,275

Massachusetts

Water

Resources

Authority,

General

Revenue

Bonds,

Series

2017B:

1,000

5.000%,

8/01/39

8/27

at

100.00

1,046,830

1,870

5.000%,

8/01/42

8/27

at

100.00

1,945,847

4,945

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A,

5.000%,

7/01/30,

144A

No

Opt.

Call

5,073,916

3,000

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B,

5.000%,

7/01/37,

144A

7/31

at

100.00

3,000,810

1,010

Springfield

Water

and

Sewer

Commission,

Massachusetts,

General

Revenue

Bonds,

Series

2017C,

5.000%,

4/15/33

4/27

at

100.00

1,075,892

77

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Utilities

(continued)

$

625

Springfield

Water

and

Sewer

Commission,

Massachusetts,

General

Revenue

Bonds,

Series

2019E,

4.000%,

4/15/39

4/29

at

100.00

$

622,819

Total

Utilities

42,805,724

Total

Municipal

Bonds

(cost

$630,297,731)

603,729,754

Total

Long-Term

Investments

(cost

$630,297,731)

603,729,754

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

SHORT-TERM

INVESTMENTS

-

 2.9%  

X

18,470,000

MUNICIPAL

BONDS

-

2.9%  

X

18,470,000

Education

and

Civic

Organizations

-

1.2%

$

7,500

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

University,

Series

2008U-6E,

2.400%,

10/01/42,

(Mandatory

Put

9/08/23)

(d)

9/23

at

100.00

$

7,500,000

Total

Education

and

Civic

Organizations

7,500,000

Health

Care

-

0.7%

$

4,800

Massachusetts

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Partners

HealthCare

System

Inc.,

Variable

Rate

Demand

Obligations,

Series

1997P,

3.150%,

7/01/27,

(Mandatory

Put

9/15/23)

(d)

10/23

at

100.00

4,800,000

Total

Health

Care

4,800,000

Housing/Single

Family

-

0.1%

$

500

Nebraska

Investment

Finance

Authority,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2022E,

1.550%,

3/01/49,

(Mandatory

Put

9/15/23)

(d)

9/23

at

100.00

500,000

Total

Housing/Single

Family

500,000

Utilities

-

0.9%

$

5,670

Massachusetts

Water

Resources

Authority,

General

Revenue

Bonds,

Refunding

Variable

Rate

Demand

Obligations

Series

2008A-1,

3.130%,

8/01/37,

(Mandatory

Put

9/15/23)

(d)

9/23

at

100.00

5,670,000

Total

Utilities

5,670,000

Total

Municipal

Bonds

(cost

$18,470,000)

18,470,000

Total

Short-Term

Investments

(cost

$18,470,000)

18,470,000

Total

Investments

(cost

$648,767,731)

-

99.1%

622,199,754

Other

Assets

&

Liabilities,

Net

-

0.9%

5,619,457

Net

Assets

-

100%

$

627,819,211

(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)

Investment

has

a

maturity

of

greater

than

one

year,

but

has

variable

rate

and/or

demand

features

which

qualify

it

as

a

short-term

investment.

The

rate

disclosed,

as

well

as

the

reference

rate

and

spread,

where

applicable,

is

that

in

effect

as

of

the

end

of

the

reporting

period.

This

rate

changes

periodically

based

on

market

conditions

or

a

specified

market

index.

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

78

Nuveen

New

Jersey

Municipal

Bond

Fund

Portfolio

of

Investments

August

31,

2023

(Unaudited)

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

97.4%   

X

404,986,316

MUNICIPAL

BONDS

-

97.4%  

X

404,986,316

Consumer

Discretionary

-

0.2%

Middlesex

County

Improvement

Authority,

New

Jersey,

Senior

Revenue

Bonds,

Heldrich

Center

Hotel/Conference

Center

Project,

Series

2005A:

$

935

5.000%,

1/01/32

(c)

10/23

at

100.00

$

613,285

240

5.125%,

1/01/37

(c)

10/23

at

100.00

156,363

Total

Consumer

Discretionary

769,648

Consumer

Staples

-

3.7%

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018A:

4,460

4.000%,

6/01/37

6/28

at

100.00

4,478,910

3,970

5.000%,

6/01/46

6/28

at

100.00

4,041,698

540

5.250%,

6/01/46

6/28

at

100.00

557,766

6,540

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018B,

5.000%,

6/01/46

6/28

at

100.00

6,434,706

Total

Consumer

Staples

15,513,080

Education

and

Civic

Organizations

-

11.9%

2,240

Atlantic

County

Improvement

Authority,

New

Jersey,

General

Obligation

Lease

Revenue

Bonds,

Stockton

University

Atlantic

City

Campus

Phase

II,

Series

2021A,

4.000%,

7/01/47

-

AGM

Insured

7/31

at

100.00

2,120,093

715

Camden

County

Improvement

Authority,

New

Jersey,

School

Revenue

Bonds,

KIPP:

Cooper

Norcross

Academy

2022

Project,

Social

Series

2022,

6.000%,

6/15/62

12/30

at

100.00

739,146

1,000

Essex

County

Improvement

Authority,

New

Jersey,

General

Obligation

Lease

Revenue

Bonds,

Institute

of

Technology

CHF-Newark,

LLC-NJIT

Student

Housing

Project,

Series

2021A,

4.000%,

8/01/60

-

BAM

Insured

8/31

at

100.00

900,250

Gloucester

County

Improvement

Authority,

New

Jersey,

Revenue

Bonds,

Rowan

University

Project,

County

Gauranteed

Loan,

Series

2019:

3,050

5.000%,

7/01/44

7/29

at

100.00

3,217,109

1,000

4.000%,

7/01/48

7/29

at

100.00

936,150

225

New

Jersey

Economic

Development

Authority,

Charter

School

Revenue

Bonds,

Foundation

Academy

Charter

School,

Series

2018A,

5.000%,

7/01/38

1/28

at

100.00

221,627

New

Jersey

Economic

Development

Authority,

Charter

School

Revenue

Bonds,

North

Star

Academy

Charter

School

of

Newark,

Series

2017:

2,805

4.000%,

7/15/37

7/27

at

100.00

2,574,373

100

5.000%,

7/15/47

7/27

at

100.00

97,314

100

New

Jersey

Economic

Development

Authority,

Charter

School

Revenue

Bonds,

Teaneck

Community

Charter

School,

Series

2017A,

5.125%,

9/01/52,

144A

9/27

at

100.00

88,918

945

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

The

Seeing

Eye

Inc.,

Refunding

Series

2015,

5.000%,

3/01/25

No

Opt.

Call

964,902

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

The

Seeing

Eye

Inc.,

Refunding

Series

2017:

355

3.000%,

6/01/32

12/27

at

100.00

330,527

195

5.000%,

6/01/32

12/27

at

100.00

203,529

1,145

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

College

of

New

Jersey,

Refunding

Series

2016F,

3.000%,

7/01/40

7/26

at

100.00

892,482

1,470

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Kean

University,

Refunding

Series

2015H,

4.000%,

7/01/39

-

AGM

Insured

7/25

at

100.00

1,408,378

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Montclair

State

University,

Refunding

Series

2015D:

2,000

5.000%,

7/01/31

7/25

at

100.00

2,049,860

1,055

3.750%,

7/01/33

7/25

at

100.00

1,039,797

79

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Rider

University,

Series   2017F:

$

360

3.750%,

7/01/37

7/27

at

100.00

$

274,972

1,370

4.000%,

7/01/42

7/27

at

100.00

1,004,648

2,265

5.000%,

7/01/47

7/27

at

100.00

1,872,589

1,225

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Seton

Hall

University,

Refunding

Series

2015C,

5.000%,

7/01/32

7/25

at

100.00

1,249,524

710

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Seton

Hall

University,

Series

2013D,

5.000%,

7/01/38

10/23

at

100.00

710,220

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Seton

Hall

University,

Series

2016C:

1,870

3.000%,

7/01/41

7/26

at

100.00

1,403,173

2,430

3.000%,

7/01/46

7/26

at

100.00

1,706,832

1,085

4.000%,

7/01/46

7/26

at

100.00

929,910

1,000

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Seton

Hall

University,

Series

2020C,

3.250%,

7/01/49

-

AGM

Insured

7/30

at

100.00

762,830

4,500

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Stevens

Institute

of

Technology

Issue,

Green

Series

2020A,

4.000%,

7/01/50

7/30

at

100.00

3,773,880

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Stevens

Institute

of

Technology,

Series

2017A:

1,000

5.000%,

7/01/42

7/27

at

100.00

1,006,150

500

4.000%,

7/01/47

7/27

at

100.00

427,250

1,110

5.000%,

7/01/47

7/27

at

100.00

1,111,554

1,375

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

William

Paterson

University,

Series

2017B,

5.000%,

7/01/47

-

AGM

Insured

7/27

at

100.00

1,407,945

835

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Refunding

Senior

Series

2021B,

2.500%,

12/01/40,

(AMT)

12/29

at

100.00

687,305

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Refunding

Series

2018A:

1,090

3.750%,

12/01/31,

(AMT)

6/28

at

100.00

1,062,826

245

4.000%,

12/01/35,

(AMT)

6/28

at

100.00

243,778

1,375

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Refunding

Series

2023B,

4.000%,

12/01/44,

(AMT)

12/33

at

100.00

1,305,920

770

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Refunding

Subordinate

Series

2021C,

3.250%,

12/01/51,

(AMT)

12/29

at

100.00

527,596

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Senior

Lien

Series

2016-1A:

670

3.500%,

12/01/32,

(AMT)

12/25

at

100.00

652,614

155

4.000%,

12/01/39,

(AMT)

12/25

at

100.00

153,484

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Senior

Lien

Series

2017-1A:

215

3.750%,

12/01/33,

(AMT)

12/26

at

100.00

211,614

25

4.000%,

12/01/40,

(AMT)

12/26

at

100.00

24,695

920

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Senior

Series

2019B,

3.250%,

12/01/39,

(AMT)

6/28

at

100.00

859,252

520

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Senior

Series

2020B,

3.500%,

12/01/39,

(AMT)

12/28

at

100.00

492,435

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Series

2014-1A-1:

255

4.250%,

12/01/32,

(AMT)

12/23

at

100.00

252,254

240

4.500%,

12/01/36,

(AMT)

12/23

at

100.00

237,585

770

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Series

2015-1A,

4.000%,

12/01/30,

(AMT)

12/24

at

100.00

768,914

1,740

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Subordinate

Series

2017-C,

4.250%,

12/01/47,

(AMT)

12/26

at

100.00

1,667,129

1,460

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Subordinate

Series

2019C,

3.625%,

12/01/49,

(AMT)

6/28

at

100.00

1,124,565

3,005

New

Jersey

Institute

of

Technology,

New

Jersey,

General

Obligation

Bonds,

Series

2015A,

5.000%,

7/01/45

7/25

at

100.00

3,041,210

Nuveen

New

Jersey

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

80

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

$

1,000

Passaic

County

Improvement

Authority,

New

Jersey,

Charter

School

Revenue

Bonds,

Paterson

Arts

&

Science

Charter

School,

Series

2023,

5.375%,

7/01/53

7/31

at

100.00

$

975,910

Total

Education

and

Civic

Organizations

49,715,018

Financials

-

0.1%

418

New

Jersey

Economic

Development

Authority,

Revenue

Refunding

Bonds,

Kapkowski

Road

Landfill

Project,

Series

2002,

6.500%,

4/01/28

No

Opt.

Call

414,354

Total

Financials

414,354

Health

Care

-

10.2%

New

Jersey

Health

Care

Facilities

Authority,

Revenue

Bonds,

Atlanticare

Health

System

Obligated

Group

Issue,

Series

2021:

1,800

2.375%,

7/01/46

7/31

at

100.00

1,117,782

1,800

3.000%,

7/01/46

7/31

at

100.00

1,282,644

1,000

3.000%,

7/01/51

7/31

at

100.00

679,000

160

New

Jersey

Health

Care

Facilities

Finance

Authority,

Revenue

Bonds,

AHS

Hospital

Corporation,

Series

2008A,

5.000%,

7/01/27

10/23

at

100.00

160,078

2,025

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

AHS

Hospital

Corporation,

Refunding

Series

2016,

4.000%,

7/01/41

1/27

at

100.00

1,920,672

1,380

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Barnabas

Health,

Refunding

Series

2014A,

5.000%,

7/01/44

7/24

at

100.00

1,387,493

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Hackensack

Meridian

Health

Obligated

Group,

Refunding

Series

2017A:

1,730

5.000%,

7/01/28

7/27

at

100.00

1,841,118

1,465

5.000%,

7/01/57

7/27

at

100.00

1,491,370

3,305

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Inspira

Health

Obligated

Group

Issue,

Refunding

Series

2016A,

4.000%,

7/01/41

7/26

at

100.00

3,078,740

4,950

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Inspira

Health

Obligated

Group

Issue,

Series

2017A,

5.000%,

7/01/42

7/27

at

100.00

5,021,824

570

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Meridian

Health

System

Obligated

Group,

Refunding

Series

2013A,

5.000%,

7/01/32

10/23

at

100.00

570,103

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Princeton

HealthCare

System,

Series

2016A:

575

5.000%,

7/01/33

7/26

at

100.00

600,064

600

5.000%,

7/01/34

7/26

at

100.00

625,200

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Robert

Wood

Johnson

University

Hospital

Issue,

Series

2014A:

2,060

5.000%,

7/01/39

7/24

at

100.00

2,071,227

420

5.000%,

7/01/43

7/24

at

100.00

421,596

2,135

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

RWJ

Barnabas

Health

Obligated

Group,

Refunding

Series

2016A,

5.000%,

7/01/43

7/26

at

100.00

2,170,697

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

RWJ

Barnabas

Health

Obligated

Group,

Series

2021A:

2,650

4.000%,

7/01/45

7/31

at

100.00

2,534,354

3,145

3.000%,

7/01/51

7/31

at

100.00

2,264,054

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Saint

Joseph's

Healthcare

System

Obligated

Group

Issue,

Refunding

Series

2016:

2,710

3.000%,

7/01/32

7/26

at

100.00

2,352,876

360

4.000%,

7/01/34

7/26

at

100.00

336,543

2,835

5.000%,

7/01/41

7/26

at

100.00

2,741,190

2,685

4.000%,

7/01/48

7/26

at

100.00

2,193,269

81

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

University

Hospital

Issue,

Refunding

Series

2015A:

$

1,000

4.125%,

7/01/38

-

AGM

Insured

7/25

at

100.00

$

983,600

755

5.000%,

7/01/46

-

AGM

Insured

7/25

at

100.00

756,986

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Valley

Health

System

Obligated

Group,

Series

2019:

1,990

4.000%,

7/01/44

7/29

at

100.00

1,815,557

2,695

3.000%,

7/01/49

7/29

at

100.00

1,818,101

Total

Health

Care

42,236,138

Housing/Multifamily

-

4.9%

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

Provident

Group

-

Kean

Properties

LLC

-

Kean

University

Student

Housing

Project,

Series

2017A:

150

5.000%,

7/01/47

1/27

at

100.00

138,822

450

5.000%,

1/01/50

1/27

at

100.00

411,993

2,440

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

West

Campus

Housing

LLC

-

New

Jersey

City

University

Student

Housing

Project,

Series

2015,

5.000%,

7/01/47

7/25

at

100.00

2,014,708

1,465

New

Jersey

Housing

&

Mortgage

Finance

Agency,

Multifamily

Conduit

Revenue

Bonds,

Cherry

Garden

Apartments

Project,

Series

2021B,

2.375%,

1/01/39

No

Opt.

Call

1,096,988

1,310

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2015A,

4.000%,

11/01/45

11/24

at

100.00

1,174,494

1,135

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2016A,

3.750%,

11/01/45

11/25

at

100.00

990,299

2,145

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2016B,

3.600%,

11/01/40

11/25

at

100.00

1,922,671

875

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2017D,

3.900%,

11/01/32,

(AMT)

5/26

at

100.00

844,112

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2018A:

1,935

3.600%,

11/01/33

11/27

at

100.00

1,865,147

1,865

3.875%,

11/01/38

11/27

at

100.00

1,712,872

1,045

3.950%,

11/01/43

11/27

at

100.00

914,835

650

4.000%,

11/01/48

11/27

at

100.00

546,604

500

4.100%,

11/01/53

11/27

at

100.00

423,375

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2019A:

1,750

2.900%,

11/01/39

11/28

at

100.00

1,420,370

530

3.000%,

11/01/44

11/28

at

100.00

400,776

870

3.050%,

11/01/49

11/28

at

100.00

628,018

490

3.150%,

5/01/53

11/28

at

100.00

350,820

600

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2020A,

2.450%,

11/01/45

11/29

at

100.00

399,168

2,470

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2021A,

2.450%,

11/01/41

11/30

at

100.00

1,748,142

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2023C:

1,090

4.850%,

5/01/33,

(AMT)

5/32

at

100.00

1,104,562

250

5.000%,

11/01/38,

(AMT)

5/32

at

100.00

252,120

Total

Housing/Multifamily

20,360,896

Housing/Single

Family

-

4.8%

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2018A:

1,725

3.600%,

4/01/33

10/27

at

100.00

1,647,013

1,130

3.750%,

10/01/35

10/27

at

100.00

1,082,698

2,150

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2018B,

3.800%,

10/01/32,

(AMT)

10/27

at

100.00

2,081,781

Nuveen

New

Jersey

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

82

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Housing/Single

Family

(continued)

$

2,710

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2019C,

4.000%,

4/01/49

4/28

at

100.00

$

2,374,502

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2020E:

1,540

2.250%,

10/01/40

4/29

at

100.00

1,124,508

1,470

3.500%,

4/01/51

4/29

at

102.44

1,429,413

7,090

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2021H,

2.300%,

10/01/46

4/30

at

100.00

4,955,768

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2022I:

1,885

4.500%,

10/01/42

4/31

at

100.00

1,863,021

1,445

4.600%,

10/01/46

4/31

at

100.00

1,443,916

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2023J:

1,000

4.500%,

10/01/43

4/32

at

100.00

981,980

1,150

4.700%,

10/01/48

4/32

at

100.00

1,148,057

Total

Housing/Single

Family

20,132,657

Long-Term

Care

-

0.6%

530

New

Jersey

Economic

Development

Authority,

Fixed

Rate

Revenue

Bonds,

Lions

Gate

Project,

Series

2014,

5.250%,

1/01/44

1/24

at

100.00

488,295

2,170

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

White

Horse

HMT

Urban

Renewal

LLC

Project,

Series

2020,

5.000%,

1/01/40,

144A

1/28

at

102.00

1,523,687

490

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Village

Drive

Healthcare

Urban

Renewal

LLC,

Series

2018,

5.750%,

10/01/38,

144A

10/26

at

102.00

372,542

Total

Long-Term

Care

2,384,524

Tax

Obligation/General

-

13.9%

2,000

Cherry

Hill

Township,

Camden

County,

New

Jersey,

General

Obligation

Bonds,

Bond

Anticipation

Note

Series

2022,

5.000%,

10/23/23

No

Opt.

Call

2,004,180

735

Cumberland

County

Improvement

Authority,

New

Jersey,

General

Obligation

Lease

Revenue

Bonds,

Vineland

Public

Safety

Building

Project,

Series

2017,

3.250%,

12/15/37

12/27

at

100.00

653,915

1,470

Cumberland

County,

New

Jersey,

General

Obligation

Bonds,

Series

2021,

2.000%,

5/15/29

5/28

at

100.00

1,311,034

2,400

Essex

County

Improvement

Authority,

New

Jersey,

Lease

Revenue

Bonds,

Essex

County

Family

Court

Building

House

Projects,

County

Guaranteed

Series

2023,

5.000%,

7/03/24

No

Opt.

Call

2,427,048

1,000

Essex

County,

New

Jersey,

General

Obligation

Bonds,

Improvement

Series

2022,

4.000%,

8/15/32

8/30

at

100.00

1,064,200

15

Flemington-Raritan

Regional

School

District,

Hunterdon

County,

New

Jersey,

General

Obligation

Bonds,

Series

2019,

2.375%,

9/01/34

9/26

at

100.00

12,775

Gloucester

Township,

New

Jersey,

General

Obligation

Bonds,

Series

2019:

1,000

2.000%,

2/01/28

-

BAM

Insured

No

Opt.

Call

906,130

1,500

2.250%,

2/01/29

-

BAM

Insured

No

Opt.

Call

1,358,670

180

Hamilton

Township,

Mercer

County

Board

of

Education,

New

Jersey,

General

Obligation

Bonds,

Series

2017,

3.250%,

12/15/38

12/27

at

100.00

156,886

1,040

Harrison,

New

Jersey,

General

Obligation

Bonds,

Parking

Utility

Series

2018,

3.375%,

3/01/34

-

BAM

Insured

3/28

at

100.00

1,024,962

340

Hudson

County

Improvement

Authority,

New

Jersey,

County

Guaranteed

Governmental

Loan

Revenue

Bonds,

Guttenberg

General

Obligation

Bond

Project,

Series

2018,

5.000%,

8/01/42

8/25

at

100.00

345,566

Hudson

County

Improvement

Authority,

New

Jersey,

County

Secured

Lease

Revenue

Bonds,

Hudson

County

Vocational

Technical

Schools

Project,

Series

2016:

6,490

5.000%,

5/01/46

5/26

at

100.00

6,614,868

1,000

5.250%,

5/01/51

5/26

at

100.00

1,024,520

2,295

Jersey

City,

New

Jersey,

General

Obligation

Bonds,

General

Improvement

Series

2022A,

3.000%,

2/15/37

2/29

at

100.00

1,986,345

83

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

(continued)

$

160

Monmouth

County

Improvement

Authority,

New

Jersey,

Governmental

Pooled

Loan

Revenue

Bonds,

Series

2021A,

3.000%,

3/01/35

3/31

at

100.00

$

152,266

Monmouth

County

Improvement

Authority,

New

Jersey,

Governmental

Pooled

Loan

Revenue

Bonds,

Series

2022C:

1,045

5.000%,

8/15/39

8/32

at

100.00

1,156,230

1,125

5.000%,

8/15/40

8/32

at

100.00

1,240,402

1,100

5.000%,

8/15/41

8/32

at

100.00

1,206,601

220

Montclair

Township,

Essex

County,

New

Jersey,

General

Obligation

Bonds,

Refunding

Parking

Utility

Series

2014A,

5.000%,

1/01/37

1/24

at

100.00

220,728

New

Brunswick

Parking

Authority,

Middlesex

County,

New

Jersey,

Guaranteed

Parking

Revenue

Bonds,

Refunding

Series

2016A:

1,900

5.000%,

9/01/32

-

BAM

Insured

9/26

at

100.00

1,973,530

1,340

5.000%,

9/01/39

-

BAM

Insured

9/26

at

100.00

1,370,177

New

Jersey

State,

General

Obligation

Bonds,

Covid-19

Emergency

Series

2020A:

4,660

4.000%,

6/01/31

No

Opt.

Call

4,882,189

2,040

3.000%,

6/01/32

No

Opt.

Call

1,896,751

640

4.000%,

6/01/32

No

Opt.

Call

670,426

Newark

Board

of

Education,

Essex

County,

New

Jersey,

General

Obligation

Bonds,

School

Energy

Savings

Series

2021:

250

4.000%,

7/15/35

-

BAM

Insured

7/31

at

100.00

252,925

600

4.000%,

7/15/36

-

BAM

Insured

7/31

at

100.00

601,302

Newark,

Essex

County,

New

Jersey,

Mass

Transit

Access

Tax

Revenue

Bonds,

Mulberry

Pedestrian

Bridge

Redevelopment

Project,

Series

2022:

500

5.375%,

11/15/52

-

AGM

Insured

11/32

at

100.00

546,485

600

6.000%,

11/15/62

-

AGM

Insured

11/32

at

100.00

674,784

1,500

Ocean

City,

New

Jersey,

General

Obligation

Bonds,

General

Improvement

Series

2019,

2.250%,

9/15/33

9/26

at

100.00

1,282,440

2,625

Passaic

County,

New

Jersey,

General

Obligation

Bonds,

General

Improvement

Series

2019A,

1.000%,

12/01/34

12/27

at

100.00

1,933,417

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1:

1,054

5.625%,

7/01/29

No

Opt.

Call

1,115,174

2,477

4.000%,

7/01/33

7/31

at

103.00

2,319,413

460

4.000%,

7/01/37

7/31

at

103.00

413,862

1,145

Somers

Point,

New

Jersey,

General

Obligation

Bonds,

Improvement

Sewer

Utility

Series

2019,

2.000%,

10/01/31

10/26

at

100.00

987,414

2,460

South

Orange

&

Maplewood

School

District,

Essex

County,

New

Jersey,

General

Obligation

Bonds,

Series

2021,

2.375%,

8/15/46

8/29

at

100.00

1,609,209

625

South

Orange

Village

Township,

New

Jersey,

General

Obligation

Bonds,

Refunding

Series

2020,

4.000%,

1/15/24

No

Opt.

Call

626,400

1,000

South

Orange

Village

Township,

New

Jersey,

General

Obligation

Bonds,

Series

2023,

5.000%,

6/28/24

No

Opt.

Call

1,011,720

3,725

Union

County

Utilities

Authority,

New

Jersey,

Resource

Recovery

Facility

Lease

Revenue

Bonds,

Covantan

Union

Inc.

Lessee,

Refunding

Series

2011B,

5.250%,

12/01/31,

(AMT)

10/23

at

100.00

3,728,799

2,515

Union

County

Utilities

Authority,

New

Jersey,

Solid

Waste

System

County

Deficiency

Revenue

Bonds,

Series

2011A,

5.000%,

6/15/41

10/23

at

100.00

2,516,283

1,470

Union

County,

New

Jersey,

General

Obligation

Bonds,

Series

2018,

3.000%,

3/01/27

9/25

at

100.00

1,457,196

1,280

Verona

Township

Board

of

Education,

Essex

County,

New

Jersey,

General

Obligation

Bonds,

Refunding

Series

2020,

2.250%,

3/01/39

3/27

at

100.00

927,680

Total

Tax

Obligation/General

57,664,902

Nuveen

New

Jersey

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

84

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

-

19.5%

$

2,100

Bergen

County

Improvement

Authority,

New

Jersey,

County

Guaranteed

Revenue

Bonds,

Bergen

New

Bridge

Medical

Center

Project,

Series

2022,

5.000%,

8/01/47

8/32

at

100.00

$

2,279,676

650

Bergen

County

Improvement

Authority,

New

Jersey,

Guaranteed

Lease

Revenue

Bonds,

County

Administration

Complex

Project,

Series

2005,

5.000%,

11/15/26

No

Opt.

Call

689,091

Camden

County

Improvement

Authority,

New

Jersey,

County

Guaranteed

Loan

Revenue

Bonds,

Capital

Program,

Series

2022:

300

5.000%,

1/15/31

No

Opt.

Call

336,990

225

5.000%,

1/15/33

1/32

at

100.00

255,877

2,565

Camden

County

Improvement

Authority,

New

Jersey,

County

Guaranteed

Loan

Revenue

Bonds,

City

Hall

Project,

Series

2018,

3.250%,

12/01/37

12/28

at

100.00

2,332,970

1,795

Garden

State

Preservation

Trust,

New

Jersey,

Open

Space

and

Farmland

Preservation

Bonds,

Series

2005A,

5.750%,

11/01/28

-

AGM

Insured

No

Opt.

Call

1,916,450

Middlesex

County

Improvement

Authority,

New

Jersey,

General

Obligation

Lease

Revenue

Bonds,

New

Jersey

Health

+

Life

Science

Exchange

-

H-1

Project

Series

2023A:

2,940

5.000%,

8/15/49

8/33

at

100.00

3,192,575

2,000

4.000%,

8/15/53

8/33

at

100.00

1,880,240

2,130

5.000%,

8/15/53

8/33

at

100.00

2,290,538

400

Middlesex

County

Improvement

Authority,

New

Jersey,

Guaranteed

Revenue

Bonds,

New

Jersey

Health

+

Life

Science

Exchange

-

H-1

Project

Series

2023C,

5.000%,

8/15/36

8/33

at

100.00

457,144

New

Jersey

Economic

Development

Authority,

New

Jersey,

Transit

Transportation

Project

Revenue

Bonds,

Portal

North

Bridge

Project

Series

2022A:

3,600

5.250%,

11/01/47

11/32

at

100.00

3,852,288

5,025

5.000%,

11/01/52

11/32

at

100.00

5,254,894

3,000

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

Motor

Vehicle

Surcharge,

Refunding

Subordinate

Series

2017A,

3.375%,

7/01/30

7/27

at

100.00

2,831,820

2,000

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

New

Jersey

Transit

Corporation

Projects

Sublease,

Refunding

Series

2017B,

5.000%,

11/01/25

No

Opt.

Call

2,056,540

1,000

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Social

Series

2021QQQ,

5.000%,

6/15/32

12/30

at

100.00

1,097,430

New

Jersey

Transportation

Trust

Fund

Authority,

Federal

Highway

Reimbursement

Revenue

Notes,

Series

2016A-1:

255

5.000%,

6/15/29

6/26

at

100.00

265,761

175

5.000%,

6/15/30

6/26

at

100.00

182,135

2,870

New

Jersey

Transportation

Trust

Fund

Authority,

Federal

Highway

Reimbursement

Revenue

Notes,

Series

2018A,

5.000%,

6/15/31

6/26

at

100.00

2,983,853

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2022CC:

2,250

5.250%,

6/15/43

12/32

at

100.00

2,420,595

1,170

5.250%,

6/15/46

12/32

at

100.00

1,255,936

1,800

5.000%,

6/15/48

12/32

at

100.00

1,884,240

1,500

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2023AA,

4.250%,

6/15/44

6/33

at

100.00

1,473,135

14,360

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Capital

Appreciation

Series

2010A,

0.000%,

12/15/30

No

Opt.

Call

10,861,617

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Refunding

Series

2006C:

6,925

0.000%,

12/15/32

-

AGM

Insured

No

Opt.

Call

4,837,667

4,765

0.000%,

12/15/33

-

AGM

Insured

No

Opt.

Call

3,180,685

1,045

0.000%,

12/15/34

-

AGM

Insured

No

Opt.

Call

665,247

1,550

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2010D,

5.000%,

12/15/24

No

Opt.

Call

1,576,396

15

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2019A,

4.000%,

12/15/39

12/29

at

100.00

14,685

85

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

1,510

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2019AA,

5.000%,

6/15/46

12/28

at

100.00

$

1,553,488

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2019BB:

2,290

3.500%,

6/15/46

12/28

at

100.00

1,917,989

1,000

4.000%,

6/15/50

12/28

at

100.00

920,970

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2020AA:

1,040

4.000%,

6/15/50

12/30

at

100.00

957,809

1,000

5.000%,

6/15/50

12/30

at

100.00

1,036,220

1,140

Passaic

County

Improvement

Authority,

New

Jersey,

Lease

Revenue

Bonds,

Preakness

Healthcare

Center

Expansion

Project,

Refunding

Series

2015,

3.750%,

5/01/36

5/25

at

100.00

1,134,118

1,725

Passaic

County

Improvement

Authority,

New

Jersey,

Lease

Revenue

Bonds,

Preakness

Healthcare

Center

Expansion

Project,

Series

2012,

3.500%,

5/01/35

10/23

at

100.00

1,712,131

575

Puerto

Rico

Public

Finance

Corporation,

Commonwealth

Appropriation

Bonds,

Series

1998A,

5.125%,

6/01/24

-

AMBAC

Insured

No

Opt.

Call

581,940

2,805

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1,

5.000%,

7/01/58

7/28

at

100.00

2,721,972

2,796

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

2,655,082

3,000

Union

County

Improvement

Authority,

New

Jersey,

Lease

Revenue

Bonds,

Plainfield

-

Park

Madison

Redevelopment

Project,

Refunding

Series

2013A,

5.000%,

3/01/34

No

Opt.

Call

3,526,470

Total

Tax

Obligation/Limited

81,044,664

Transportation

-

14.0%

Delaware

River

and

Bay

Authority,

Delaware

and

New

Jersey,

Revenue

Bonds,

Series

2014A:

360

5.000%,

1/01/34

1/24

at

100.00

361,724

1,520

4.125%,

1/01/39

1/24

at

100.00

1,500,377

2,000

5.000%,

1/01/44

1/24

at

100.00

2,005,640

1,635

Delaware

River

Joint

Toll

Bridge

Commission,

New

Jersey

and

Pennsylvania,

Bridge

System

Revenue

Bonds,

Refunding

Series

2015,

4.000%,

7/01/35

-

BAM

Insured

7/25

at

100.00

1,645,775

Delaware

River

Joint

Toll

Bridge

Commission,

New

Jersey

and

Pennsylvania,

Bridge

System

Revenue

Bonds,

Series

2017:

1,000

5.000%,

7/01/42

7/27

at

100.00

1,034,350

3,865

5.000%,

7/01/47

7/27

at

100.00

3,972,447

Delaware

River

Joint

Toll

Bridge

Commission,

New

Jersey

and

Pennsylvania,

Bridge

System

Revenue

Bonds,

Series

2019A:

1,125

5.000%,

7/01/30

7/29

at

100.00

1,229,512

1,285

5.000%,

7/01/31

7/29

at

100.00

1,401,203

1,000

3.000%,

7/01/49

7/29

at

100.00

695,200

3,760

Delaware

River

Port

Authority,

New

Jersey

and

Pennsylvania,

Revenue

Bonds,  Series

2013,

5.000%,

1/01/40

1/24

at

100.00

3,769,362

New

Jersey

Economic

Development

Authority,

Private

Activity

Bonds,

The

Goethals

Bridge

Replacement

Project,

Series

2013:

1,705

5.000%,

1/01/31

-

AGM

Insured,

(AMT)

1/24

at

100.00

1,711,394

1,445

5.625%,

1/01/52,

(AMT)

1/24

at

100.00

1,447,630

New

Jersey

Economic

Development

Authority,

Special

Facilities

Revenue

Bonds,

Continental

Airlines

Inc.,

Series

1999:

1,060

5.125%,

9/15/23,

(AMT)

9/23

at

100.50

1,060,032

2,025

5.250%,

9/15/29,

(AMT)

10/23

at

100.50

2,030,751

380

New

Jersey

Economic

Development

Authority,

Special

Facilities

Revenue

Bonds,

Continental

Airlines

Inc.,

Series

2000A

&

2000B,

5.625%,

11/15/30,

(AMT)

3/24

at

101.00

384,932

Nuveen

New

Jersey

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

86

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Transportation

(continued)

New

Jersey

Economic

Development

Authority,

Special

Facility

Revenue

Bonds,

Port

Newark

Container

Terminal

LLC

Project,

Refunding

Series

2017:

$

2,985

5.000%,

10/01/37,

(AMT)

10/27

at

100.00

$

3,054,341

2,640

5.000%,

10/01/47,

(AMT)

10/27

at

100.00

2,656,289

1,315

New

Jersey

Turnpike

Authority,

Revenue

Bonds,

Series

2005A,

5.250%,

1/01/29

-

AGM

Insured

No

Opt.

Call

1,457,533

New

Jersey

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Series

2021A:

1,000

4.000%,

1/01/42

1/31

at

100.00

986,020

470

4.000%,

1/01/51

1/31

at

100.00

447,713

New

Jersey

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Series

2022A:

1,250

4.000%,

1/01/42

7/32

at

100.00

1,232,525

2,500

4.000%,

1/01/43

7/32

at

100.00

2,463,950

New

Jersey

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Series

2022B:

1,530

4.500%,

1/01/48

1/33

at

100.00

1,565,634

2,250

5.250%,

1/01/52

1/33

at

100.00

2,463,345

1,810

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

One

Hundred

Seventy

Ninth

Series

2013,

5.000%,

12/01/43

12/23

at

100.00

1,813,765

5,000

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Thirty

Series

2022,

3.000%,

12/01/31

No

Opt.

Call

4,918,200

1,685

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Thirty-Eighth

Series

2023,

5.000%,

7/15/39,

(AMT)

7/33

at

100.00

1,812,571

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Twelfth

Series

2019:

2,000

4.000%,

9/01/38

9/29

at

100.00

1,998,820

1,000

4.000%,

9/01/39

9/29

at

100.00

995,290

1,000

South

Jersey

Transportation

Authority,

New

Jersey,

Transportation

System

Revenue

Bonds,

Refunding

Series

2014A,

5.000%,

11/01/39

11/24

at

100.00

999,930

South

Jersey

Transportation

Authority,

New

Jersey,

Transportation

System

Revenue

Bonds,

Refunding

Series

2019A:

1,770

5.000%,

11/01/31

-

AGM

Insured

11/29

at

100.00

1,927,477

1,000

5.000%,

11/01/33

-

AGM

Insured

11/29

at

100.00

1,087,210

200

South

Jersey

Transportation

Authority,

New

Jersey,

Transportation

System

Revenue

Bonds,

Series

2020A,

5.000%,

11/01/45

11/30

at

100.00

203,530

South

Jersey

Transportation

Authority,

New

Jersey,

Transportation

System

Revenue

Bonds,

Series

2022A:

1,100

4.625%,

11/01/47

11/32

at

100.00

1,083,841

650

5.250%,

11/01/52

-

BAM

Insured

11/32

at

100.00

694,382

Total

Transportation

58,112,695

U.S.

Guaranteed

-

3.4%

(d)

Camden

County

Improvement

Authority,

New

Jersey,

Health

Care

Redevelopment

Revenue

Bonds,

Cooper

Health

System

Obligated

Group

Issue,

Refunding

Series

2014A:

1,720

5.000%,

2/15/25,

(Pre-refunded

2/15/24)

2/24

at

100.00

1,731,576

800

5.000%,

2/15/28,

(Pre-refunded

2/15/24)

2/24

at

100.00

805,384

2,000

5.000%,

2/15/33,

(Pre-refunded

2/15/24)

2/24

at

100.00

2,013,460

1,945

Cumberland

County

Improvement

Authority,

New

Jersey,

County

General

Obligation

Revenue

Bonds,

Technical

High

School

Project,

Series

2014,

5.000%,

9/01/39,

(Pre-refunded

9/01/24)

-

AGM

Insured

9/24

at

100.00

1,978,026

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

United

Methodist

Homes

of

New

Jersey

Obligated

Group

Issue,

Refunding

Series

2014A:

85

3.750%,

7/01/24,

(ETM)

No

Opt.

Call

85,238

405

5.000%,

7/01/29,

(Pre-refunded

7/01/24)

7/24

at

100.00

410,200

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Series

2015WW:

4,110

5.250%,

6/15/40,

(Pre-refunded

6/15/25)

6/25

at

100.00

4,260,960

250

5.250%,

6/15/40,

(Pre-refunded

6/15/25)

6/25

at

100.00

259,183

87

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

U.S.

Guaranteed

(d)

(continued)

$

1,625

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Financing

Program

Bonds,

Refunding

Series

2014PP,

5.000%,

6/15/26,

(Pre-refunded

6/15/24)

6/24

at

100.00

$

1,645,962

655

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Hunterdon

Medical

Center,

Refunding

Series

2014A,

5.000%,

7/01/45,

(Pre-refunded

7/01/24)

7/24

at

100.00

663,410

230

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Kennedy

Health

System

Obligated

Group

Issue,

Refunding

Series

2012,

3.750%,

7/01/27,

(ETM)

No

Opt.

Call

231,115

105

Salem

County

Pollution

Control

Financing

Authority,

New

Jersey,

Pollution

Control

Revenue

Bonds,

Chambers

Project,

Refunding

Series

2014A,

5.000%,

12/01/23,

(AMT),

(ETM)

No

Opt.

Call

105,348

Total

U.S.

Guaranteed

14,189,862

Utilities

-

10.2%

New

Jersey

Economic

Development

Authority,

Energy

Facilities

Revenue

Bonds,

UMM

Energy

Partners,

LLC

Project,

Series

2012A:

500

5.000%,

6/15/37,

(AMT)

10/23

at

100.00

496,120

1,000

5.125%,

6/15/43,

(AMT)

10/23

at

100.00

993,720

1,975

New

Jersey

Economic

Development

Authority,

Natural

Gas

Facilities

Revenue

Bonds,

New

Jersey

Natural

Gas

Company

Project,

Refunding

Series

2011A,

2.750%,

8/01/39

8/24

at

100.00

1,553,732

500

New

Jersey

Economic

Development

Authority,

Natural

Gas

Facilities

Revenue

Bonds,

New

Jersey

Natural

Gas

Company

Project,

Refunding

Series

2011C,

3.000%,

8/01/41,

(AMT)

8/24

at

100.00

383,365

1,045

New

Jersey

Economic

Development

Authority,

Water

Facilities

Revenue

Bonds,

Middlesex

Water

Company,

Series

2012C,

5.000%,

10/01/23

No

Opt.

Call

1,046,035

4,195

New

Jersey

Economic

Development

Authority,

Water

Facilities

Revenue

Bonds,

Middlesex

Water

Company,

Series

2019,

4.000%,

8/01/59,

(AMT)

8/29

at

100.00

3,583,747

5,000

New

Jersey

Economic

Development

Authority,

Water

Facilities

Revenue

Bonds,

New

Jersey-American

Water

Company

Inc.

Project,

Refunding

Series

2019A,

2.200%,

10/01/39,

(AMT),

(Mandatory

Put

12/03/29)

12/29

at

100.00

4,277,850

New

Jersey

Infrastructure

Bank,

Environmental

Infrastructure

Bonds,

Green

Series

2021A-1:

2,855

3.000%,

9/01/31

9/30

at

100.00

2,824,423

4,935

3.000%,

9/01/32

9/30

at

100.00

4,794,501

5,085

3.000%,

9/01/33

9/30

at

100.00

4,868,582

New

Jersey

Infrastructure

Bank,

Environmental

Infrastructure

Bonds,

Green

Series

2022A-2:

6,295

5.000%,

9/01/47

9/32

at

100.00

6,792,305

4,000

5.000%,

9/01/52

9/32

at

100.00

4,300,240

695

Passaic

County

Utilities

Authority,

New

Jersey,

Solid

Waste

Disposal

Revenue

Bonds,

Refunding

Series

2018,

5.000%,

3/01/37

No

Opt.

Call

777,510

1,260

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A,

5.000%,

7/01/30,

144A

No

Opt.

Call

1,292,848

5,000

Salem

County

Pollution

Control

Financing

Authority,

New

Jersey,

Revenue

Bonds,

Atlantic

City

Electric

Company

Project,

Refunding

Series

2020,

2.250%,

6/01/29

No

Opt.

Call

4,462,900

Total

Utilities

42,447,878

Total

Municipal

Bonds

(cost

$428,201,707)

404,986,316

Total

Long-Term

Investments

(cost

$428,201,707)

404,986,316

Nuveen

New

Jersey

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

88

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

SHORT-TERM

INVESTMENTS

-

 0.5%  

X

2,000,000

MUNICIPAL

BONDS

-

0.5%  

X

2,000,000

Tax

Obligation/General

-

0.5%

$

2,000

Mercer

County,

New

Jersey,

General

Obligation

Bonds,

Tender

Option

Bond

Floater

Series

2023-005,

4.100%,

4/04/24,

(Mandatory

Put

9/08/23),

144A

(e)

No

Opt.

Call

$

2,000,000

Total

Tax

Obligation/General

2,000,000

Total

Municipal

Bonds

(cost

$2,000,000)

2,000,000

Total

Short-Term

Investments

(cost

$2,000,000)

2,000,000

Total

Investments

(cost

$430,201,707)

-

97.9%

406,986,316

Other

Assets

&

Liabilities,

Net

-

2.1%

8,706,048

Net

Assets

-

100%

$

415,692,364

(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)

Investment

has

a

maturity

of

greater

than

one

year,

but

has

variable

rate

and/or

demand

features

which

qualify

it

as

a

short-term

investment.

The

rate

disclosed,

as

well

as

the

reference

rate

and

spread,

where

applicable,

is

that

in

effect

as

of

the

end

of

the

reporting

period.

This

rate

changes

periodically

based

on

market

conditions

or

a

specified

market

index.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

ETM

Escrowed

to

maturity

See

Notes

to

Financial

Statements

89

Nuveen

New

York

Municipal

Bond

Fund

Portfolio

of

Investments

August

31,

2023

(Unaudited)

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

99.2%   

X

1,120,304,023

MUNICIPAL

BONDS

-

99.2%  

X

1,120,304,023

Consumer

Staples

-

3.2%

$

15,110

Erie

County

Tobacco

Asset

Securitization

Corporation,

New

York,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2005A,

5.000%,

6/01/38

10/23

at

100.00

$

14,367,042

76,105

Erie

County

Tobacco

Asset

Securitization

Corporation,

New

York,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2005C,

0.000%,

6/01/50,

144A

10/23

at

18.79

8,175,199

New

York

Counties

Tobacco

Trust

VI,

New

York,

Tobacco

Settlement

Pass-Through

Bonds,

Series

Series

2016A-1:

1,075

5.625%,

6/01/35

No

Opt.

Call

1,103,229

6,885

5.750%,

6/01/43

No

Opt.

Call

7,049,483

1,330

New

York

Counties

Tobacco

Trust

VI,

New

York,

Tobacco

Settlement

Pass-

Through

Bonds,

Turbo

Term

Series

2016A.

Including

2016A-1,

2016A-

2A

and

2016A-2B,

5.000%,

6/01/45

6/26

at

100.00

1,249,269

10,000

Suffolk

Tobacco

Asset

Securitization

Corporation,

New

York,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2021B-2,

0.000%,

6/01/66

6/31

at

27.72

1,064,700

3,000

TSASC

Inc.,

New

York,

Tobacco

Asset-Backed

Bonds,

Series

2006,

5.000%,

6/01/48

6/27

at

100.00

2,756,490

Total

Consumer

Staples

35,765,412

Education

and

Civic

Organizations

-

11.9%

2,045

Buffalo

and

Erie

County

Industrial

Land

Development

Corporation,

New

York,

Revenue

Bonds,

Enterprise

Charter

School

Project,

Series

2011A,

7.500%,

12/01/40

10/23

at

100.00

1,798,823

Build

New

York

City

Resource

Corporation,

New

York,

Revenue

Bonds,

Childrens

Aid

Society

Project,

Series

2015.

BUILD

NYC

CHILDRENS

AID

SOCIETY:

2,500

5.000%,

7/01/40

7/25

at

100.00

2,480,225

2,500

5.000%,

7/01/45

7/25

at

100.00

2,412,825

Build

New

York

City

Resource

Corporation,

New

York,

Revenue

Bonds,

City

University

of

New

York

-

Queens

College,

Q

Student

Residences,

LLC

Project,

Refunding

Series

2014A:

1,000

5.000%,

6/01/38

6/24

at

100.00

1,005,990

4,050

5.000%,

6/01/43

6/24

at

100.00

4,067,212

1,360

Build

New

York

City

Resource

Corporation,

New

York,

Revenue

Bonds,

Classical

Charter

Schools

Series

2023A,

4.500%,

6/15/43

6/31

at

100.00

1,269,370

500

Build

New

York

City

Resource

Corporation,

New

York,

Revenue

Bonds,

Global

Community

Charter

School

Project,

Series

2022A,

5.000%,

6/15/42

6/32

at

100.00

476,535

3,275

Build

New

York

City

Resource

Corporation,

New

York,

Revenue

Bonds,

KIPP

New

York

City

Public

School

Facilities,

Canal

West

Project,

Series

2022,

5.250%,

7/01/52

7/32

at

100.00

3,295,960

Build

New

York

City

Resource

Corporation,

New

York,

Revenue

Bonds,

Metropolitan

College

of

New

York,

Series

2014:

2,240

5.000%,

11/01/39

11/24

at

100.00

1,680,000

2,200

5.500%,

11/01/44

11/24

at

100.00

1,650,000

790

Build

New

York

City

Resource

Corporation,

New

York,

Revenue

Bonds,

New

World

Preparatory

Charter

School

Project,

Series

2021A,

4.000%,

6/15/41

6/31

at

100.00

631,984

Build

New

York

City

Resource

Corporation,

New

York,

Revenue

Bonds,

South

Bronx

Charter

School

for

International

Cultures

and

the

Arts

Project,

Series

2013A:

1,050

5.000%,

4/15/33,

144A

10/23

at

100.00

1,024,905

1,875

5.000%,

4/15/43,

144A

10/23

at

100.00

1,704,619

2,395

Build

NYC

Resource

Corporation,

New

York,

Revenue

Bonds,

Family

Life

Academy

Charter

School,

Series

2020C-1,

5.000%,

6/01/55,

144A

12/30

at

100.00

1,704,210

Nuveen

New

York

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

90

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

Build

NYC

Resource

Corporation,

New

York,

Revenue

Bonds,

Richmond

Preparatory

Charter

School

Project,

Social

Impact

Project

Series

2021A:

$

580

5.000%,

6/01/41,

144A

6/29

at

100.00

$

547,358

2,620

5.000%,

6/01/56,

144A

6/29

at

100.00

2,303,582

595

Dormitory

Authority

of

the

State

of

New

York,

General

Revenue

Bonds,

Saint

Johns

University,

Series

2015A,

5.000%,

7/01/37

7/25

at

100.00

604,895

Dormitory

Authority

of

the

State

of

New

York,

General

Revenue

Bonds,

Yeshiva

University,

Series

2022A:

3,835

5.000%,

7/15/42

7/32

at

100.00

3,825,489

3,015

5.000%,

7/15/50

7/32

at

100.00

2,923,133

Dormitory

Authority

of

the

State

of

New

York,

Housing

Revenue

Bonds,

Fashion

Institute

of

Technology,

Series

2007:

1,670

5.250%,

7/01/29

-

FGIC

Insured

No

Opt.

Call

1,713,236

735

5.250%,

7/01/34

-

FGIC

Insured

No

Opt.

Call

761,519

1,600

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Barnard

College,

Refunding

Series

2015A,

5.000%,

7/01/43

7/25

at

100.00

1,614,256

9,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Fordham

University,

Series

2020,

4.000%,

7/01/46

7/29

at

100.00

8,342,190

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Icahn

School

of

Medicine

at

Mount

Sinai,

Refunding

Series

2015A:

9,355

5.000%,

7/01/24

No

Opt.

Call

9,466,792

2,760

5.000%,

7/01/40

7/25

at

100.00

2,778,437

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

New

School

University,

Series

2015A:

4,270

5.000%,

7/01/45

7/25

at

100.00

4,296,260

1,055

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

New

York

University,

Series

2001-1,

5.500%,

7/01/40

-

AMBAC

Insured

No

Opt.

Call

1,225,499

1,215

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

New

York

University,

Series

2016A,

4.000%,

7/01/43

7/26

at

100.00

1,171,163

1,500

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

New

York

University,

Series

2018A,

5.000%,

7/01/48

7/28

at

100.00

1,564,440

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

New

York

University,

Series

2019A:

1,040

5.000%,

7/01/37

7/29

at

100.00

1,124,666

10,000

4.000%,

7/01/45

7/29

at

100.00

9,577,200

4,250

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Rockefeller

University,

Green

Series

2019B,

5.000%,

7/01/50

7/29

at

100.00

4,436,745

8,665

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Rockefeller

University,

Series

2022A,

4.000%,

7/01/42

7/32

at

100.00

8,353,320

3,450

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Vaughn

College

of

Aeronautics

&

Technology,

Series

2016A,

5.500%,

12/01/36,

144A

12/26

at

100.00

3,339,428

9,175

Dutchess

County

Local

Development

Corporation,

New

York,

Revenue

Bonds,

Marist

College

Project,

Series

2022,

5.000%,

7/01/52

7/32

at

100.00

9,352,995

7,370

Glen

Cove

Local

Economic

Assistance

Corporation,

New

York,

Revenue

Bonds,

Garvies

Point

Public

Improvement

Project,

Capital

Appreciation

Series

2016B,

0.000%,

1/01/45

No

Opt.

Call

1,880,308

3,040

Glen

Cove

Local

Economic

Assistance

Corporation,

New

York,

Revenue

Bonds,

Garvies

Point

Public

Improvement

Project,

Capital

Appreciation

Series

2016C,

0.000%,

1/01/55

(c)

1/34

at

100.00

2,590,110

200

Hempstead

Town

Local

Development

Corporation,

New

York,

Education

Revenue

Bonds,

Evergreen

Charter

School

Project,

Series

2022A,

5.500%,

6/15/57

6/32

at

100.00

191,420

7,835

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,  University

of

Rochester

Project,

Series

2020A,

4.000%,

7/01/50

7/30

at

100.00

7,251,841

300

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,

Academy

of

Health

Sciences

Charter

School

Project,

Social

Impact

Series

2022,

5.875%,

7/01/52,

144A

7/32

at

100.00

284,829

405

New

Rochelle

Corporation,

New

York,

Local

Development

Revenue

Bonds,

Iona

College

Project,

Series

2015A,

5.000%,

7/01/40

7/25

at

100.00

407,438

91

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

$

2,095

New

York

City

Industrial

Development

Agency,

New

York,

PILOT

Payment

in

Lieu

of

Taxes

Revenue

Bonds,

Queens

Baseball

Stadium

Project,

Refunding

Series

2021A,

3.000%,

1/01/37

-

AGM

Insured

1/31

at

100.00

$

1,751,085

2,620

New

York

City

Industrial

Development

Agency,

New

York,

PILOT

Payment

in

Lieu

of

Taxes

Revenue

Bonds,

Yankee

Stadium

Project,

Series

2020A,

4.000%,

3/01/45

-

AGM

Insured

9/30

at

100.00

2,447,840

750

Oneida

County

Local

Development

Corporation,

New

York,

Revenue

Bonds,

Utica

College

Project,

Series

2019,

4.000%,

7/01/39

7/29

at

100.00

669,383

10,000

Onondaga

County

Trust

For

Cultural

Resources,

New

York,

Revenue

Bonds,

Syracuse

University

Project,

Series

2019,

5.000%,

12/01/45

12/29

at

100.00

10,613,300

1,285

Troy

Capital

Resource

Corporation,

New

York,  Revenue

Bonds,

Rensselaer

Polytechnic

Institute,

Refunding

Series

2020A.

Forward

Delivery,

4.000%,

9/01/40

9/30

at

100.00

1,169,414

Yonkers

Economic

Development

Corporation,

New

York,

Educational

Revenue

Bonds,

Lamartine/Warburton

LLC-

Charter

School

of

Educational

Excellence

Project,

Series

2019A:

200

4.000%,

10/15/29

No

Opt.

Call

188,062

205

5.000%,

10/15/39

10/29

at

100.00

191,220

Total

Education

and

Civic

Organizations

134,161,511

Financials

-

0.9%

5,710

Liberty

Development

Corporation,

New

York,

Goldman

Sachs

Headquarter

Revenue

Bonds,

Series

2005,

5.250%,

10/01/35

No

Opt.

Call

6,400,796

3,475

Liberty

Development

Corporation,

New

York,

Goldman

Sachs

Headquarters

Revenue

Bonds

Series

2007,

5.500%,

10/01/37

No

Opt.

Call

3,890,853

Total

Financials

10,291,649

Health

Care

-

13.3%

Dormitory

Authority

of

the

State

of

New

York,

General

Revenue

Bonds,

Northwell

Health

Obligated

Group,

Series

2022A:

15,600

4.000%,

5/01/45

5/32

at

100.00

14,195,064

18,290

4.250%,

5/01/52

5/32

at

100.00

17,045,000

9,255

5.000%,

5/01/52

5/32

at

100.00

9,520,526

3,600

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Montefiore

Obligated

Group,

Series

2018A,

5.000%,

8/01/35

8/28

at

100.00

3,557,196

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Montefiore

Obligated

Group,

Series

2020A:

1,200

5.000%,

9/01/30

3/30

at

100.00

1,198,728

2,680

5.000%,

9/01/34

3/30

at

100.00

2,663,571

2,620

5.000%,

9/01/35

3/30

at

100.00

2,590,656

11,400

4.000%,

9/01/50

3/30

at

100.00

9,311,064

2,300

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

North

Shore

Long

Island

Jewish

Obligated

Group,

Series

2015A,

5.000%,

5/01/43

5/25

at

100.00

2,313,018

33,955

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

NYU

Langone

Hospitals

Obligated

Group,

Series

2020A,

4.000%,

7/01/53

7/30

at

100.00

30,269,524

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Orange

Regional

Medical

Center

Obligated

Group,

Series

2015:

400

5.000%,

12/01/23,

144A

No

Opt.

Call

399,764

600

5.000%,

12/01/24,

144A

No

Opt.

Call

599,508

500

5.000%,

12/01/25,

144A

6/25

at

100.00

499,200

450

5.000%,

12/01/29,

144A

6/25

at

100.00

448,551

1,100

5.000%,

12/01/32,

144A

6/25

at

100.00

1,095,611

1,100

5.000%,

12/01/33,

144A

6/25

at

100.00

1,093,829

1,000

5.000%,

12/01/35,

144A

6/25

at

100.00

980,930

1,300

5.000%,

12/01/40,

144A

6/25

at

100.00

1,227,031

Nuveen

New

York

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

92

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Orange

Regional

Medical

Center

Obligated

Group,

Series

2017:

$

1,510

5.000%,

12/01/24,

144A

No

Opt.

Call

$

1,508,762

2,000

5.000%,

12/01/26,

144A

No

Opt.

Call

1,994,800

1,200

5.000%,

12/01/27,

144A

6/27

at

100.00

1,197,384

4,250

5.000%,

12/01/36,

144A

6/27

at

100.00

4,147,872

Dutchess

County

Local

Development

Corporation,

New

York,

Revenue

Bonds,

Health

Quest

Systems,

Inc.

Project,

Series

2016B:

2,000

4.000%,

7/01/41

7/26

at

100.00

1,734,080

12,325

5.000%,

7/01/46

7/26

at

100.00

11,912,236

1,395

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,

Rochester

General

Hospital

Project,

Series

2013A,

5.000%,

12/01/42

10/23

at

100.00

1,388,081

6,605

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,

Rochester

General

Hospital

Project,

Series

2017,

5.000%,

12/01/46

12/26

at

100.00

6,355,925

2,600

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,

Rochester

Regional

Health

Project,

Series

2020A,

4.000%,

12/01/46

12/30

at

100.00

2,165,514

375

Monroe

County

Industrial

Development

Corporation,

New

York,

Tax-

Exempt

Revenue

Bonds,

Highland

Hospital

of

Rochester

Project,

Series

2015,

5.000%,

7/01/34

7/25

at

100.00

382,759

20,010

Westchester

County

Local

Development

Corporation,

New

York,

Revenue

Bonds,

Westchester

Medical

Center

Obligated

Group

Project,

Refunding

Series

2016,

5.000%,

11/01/46

11/25

at

100.00

18,600,896

Total

Health

Care

150,397,080

Housing/Multifamily

-

0.1%

1,305

New

York

State

Housing

Finance

Agency,

Multifamily

Housing

Revenue

Bonds,

Cannon

Street

Senior

Housing

Project,

Series

2007A,

5.300%,

2/15/39,

(AMT)

10/23

at

100.00

1,305,770

Total

Housing/Multifamily

1,305,770

Industrials

-

2.1%

17,020

New

York

Liberty

Development

Corporation,

New

York,

Liberty

Revenue

Bonds,

3

World

Trade

Center

Project,

Class

1

Series

2014,

5.000%,

11/15/44,

144A

11/24

at

100.00

16,289,502

7,550

New

York

Liberty

Development

Corporation,

New

York,

Liberty

Revenue

Bonds,

3

World

Trade

Center

Project,

Class

2

Series

2014,

5.150%,

11/15/34,

144A

11/24

at

100.00

7,523,952

80

New

York

Liberty

Development

Corporation,

New

York,

Liberty

Revenue

Bonds,

7

World

Trade

Center

Project,

Refunding

Green

Series

2022A-

CL2,

3.500%,

9/15/52

3/30

at

100.00

59,552

Total

Industrials

23,873,006

Long-Term

Care

-

0.1%

650

Dormitory

Authority

of

the

State

of

New

York,

Non-State

Supported

Debt,

Ozanam

Hall

of

Queens

Nursing

Home

Revenue

Bonds,

Series

2006,

5.000%,

11/01/31

10/23

at

100.00

654,160

550

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,

Saint

Anns

Community

Project,

Series

2019,

5.000%,

1/01/40

1/26

at

103.00

480,232

New

York

City

Industrial

Development

Agency,

New

York,

Civic

Facility

Revenue

Bonds,

Special

Needs

Facilities

Pooled

Program,

Series

2008A-1:

395

6.100%,

7/01/28,

144A

10/23

at

100.00

334,040

210

6.200%,

7/01/33,

144A

10/23

at

100.00

158,178

Total

Long-Term

Care

1,626,610

93

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Materials

-

0.2%

Build

New

York

City

Resource

Corporation,

New

York,

Solid

Waste

Disposal

Revenue

Bonds,

Pratt

Paper

NY,

Inc.

Project,

Series

2014:

$

335

4.500%,

1/01/25,

(AMT),

144A

No

Opt.

Call

$

336,162

2,145

5.000%,

1/01/35,

(AMT),

144A

1/25

at

100.00

2,167,823

Total

Materials

2,503,985

Tax

Obligation/General

-

6.6%

2,070

Nassau

County,

New

York,

General

Obligation

Bonds,

General

Improvement

Series

2021A,

4.000%,

4/01/44

-

AGM

Insured

4/31

at

100.00

2,014,027

Nassau

County,

New

York,

General

Obligation

Bonds,

General

Improvment

Series

2016C:

2,000

5.000%,

4/01/39

-

BAM

Insured

4/26

at

100.00

2,061,020

1,000

5.000%,

4/01/40

-

BAM

Insured

4/26

at

100.00

1,029,520

2,500

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2015

Series

A,

5.000%,

8/01/32

8/24

at

100.00

2,534,075

5,845

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2018

Series

B-1,

5.000%,

10/01/39

10/27

at

100.00

6,107,148

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2018

Series

E-1:

17,000

5.000%,

3/01/39

3/28

at

100.00

17,784,550

1,050

5.000%,

3/01/40

3/28

at

100.00

1,096,357

5,000

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2020

Series

B-1,

4.000%,

10/01/40

10/29

at

100.00

4,892,200

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2021

Series

C:

8,800

4.000%,

8/01/37

8/30

at

100.00

8,807,304

5,350

5.000%,

8/01/42

8/30

at

100.00

5,656,609

5,800

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2021

Series

F-1,

5.000%,

3/01/50

3/31

at

100.00

6,075,848

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1:

10,000

4.000%,

7/01/33

7/31

at

103.00

9,363,800

2,770

4.000%,

7/01/41

7/31

at

103.00

2,395,358

5,000

Rockville

Centre

Union

Free

School

District,

Nassau

County,

New

York,

General

Obligation

Bonds,

Tax

Anticipation

Notes

Series

2023-204

Taxes,

4.750%,

6/24/24

No

Opt.

Call

5,055,400

Total

Tax

Obligation/General

74,873,216

Tax

Obligation/Limited

-

24.3%

2,000

Dormitory

Authority

of

the

State

of

New

York,

Master

Boces

Program,

Lease

Revenue

Bonds,

St

Lawrence-Lewis

Issue,

Series

2020B,

4.000%,

8/15/40

-

BAM

Insured

8/28

at

100.00

1,895,720

Dormitory

Authority

of

the

State

of

New

York,

Residential

Insitutions

for

Children

Revenue

Bonds,

Series

2008-A1:

1,585

5.000%,

6/01/33

10/23

at

100.00

1,587,045

1,985

5.000%,

6/01/38

10/23

at

100.00

1,987,640

20

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

School

Districts

Financing

Program,

Series

2009C,

5.125%,

10/01/36

-

AGC

Insured

10/23

at

100.00

20,028

3,115

Dormitory

Authority

of

the

State

of

New

York,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose

Series

2014C.

Group

C,

5.000%,

3/15/42

3/24

at

100.00

3,132,164

1,000

Dormitory

Authority

of

the

State

of

New

York,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose

Series

2015B

Group

C,

5.000%,

2/15/38

2/25

at

100.00

1,013,770

6,000

Dormitory

Authority

of

the

State

of

New

York,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose

Series

2015E,

5.000%,

3/15/30

9/25

at

100.00

6,181,380

4,065

Dormitory

Authority

of

the

State

of

New

York,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose

Series

2022A,

5.000%,

3/15/46

3/32

at

100.00

4,289,144

8,865

Dormitory

Authority

of

the

State

of

New

York,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose,

Series

2019D,

4.000%,

2/15/38

2/30

at

100.00

8,865,975

Nuveen

New

York

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

94

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

10,905

Dormitory

Authority

of

the

State

of

New

York,

State

Sales

Tax

Revenue

Bonds,

Series

2017A

Group

C,

5.000%,

3/15/41

3/27

at

100.00

$

11,308,158

16,235

Dormitory

Authority

of

the

State

of

New

York,

State

Sales

Tax

Revenue

Bonds,

Series

2018A,

5.000%,

3/15/42

3/28

at

100.00

16,921,578

15,000

Dormitory

Authority

of

the

State

of

New

York,

State

Sales

Tax

Revenue

Bonds,

Series

2018C,

4.000%,

3/15/45

3/28

at

100.00

14,330,250

2,765

Dormitory

Authority

of

the

State

of

New

York,

State

Sales

Tax

Revenue

Bonds,

Series

2018E

Group

4,

5.000%,

3/15/45

9/28

at

100.00

2,883,923

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D:

2,000

5.000%,

11/15/28

11/25

at

100.00

2,020,960

2,000

5.000%,

11/15/32

11/25

at

100.00

2,015,420

2,170

Hudson

Yards

Infrastructure

Corporation,

New

York,

Revenue

Bonds,

Green

Fiscal

2022

Series

A,

4.000%,

2/15/36

2/32

at

100.00

2,214,355

Hudson

Yards

Infrastructure

Corporation,

New

York,

Revenue

Bonds,

Second

Indenture

Fiscal

2017

Series

A:

5,710

5.000%,

2/15/39

2/27

at

100.00

5,938,457

5,000

5.000%,

2/15/42

2/27

at

100.00

5,173,900

5,450

Metropolitan

Transportation

Authority,

New

York,

Dedicated

Tax

Fund

Bonds,

Series

2022A,

5.000%,

11/15/46

5/32

at

100.00

5,806,267

4,000

Monroe

County

Industrial

Development

Agency,

New

York,

School

Facility

Revenue

Bonds,

Rochester

Schools

Modernization

Project,

Series

2013,

5.000%,

5/01/28

10/23

at

100.00

4,004,120

3,000

New

York

City

Transitional

Finance

Authority,

New

York,

Building

Aid

Revenue

Bonds,

Fiscal

2019

Subseries

S-1,

5.000%,

7/15/43

7/28

at

100.00

3,123,720

New

York

City

Transitional

Finance

Authority,

New

York,

Building

Aid

Revenue

Bonds,

Fiscal

2020

Subseries

S-1B:

5,620

4.000%,

7/15/42

7/29

at

100.00

5,401,775

9,335

4.000%,

7/15/43

7/29

at

100.00

8,960,293

8,500

New

York

City

Transitional

Finance

Authority,

New

York,

Building

Aid

Revenue

Bonds,

Fiscal

Series

2015S-2,

5.000%,

7/15/40

7/25

at

100.00

8,646,200

New

York

City

Transitional

Finance

Authority,

New

York,

Building

Aid

Revenue

Bonds,

Fiscal

Series

2016S-1:

1,615

5.000%,

7/15/34

1/26

at

100.00

1,675,143

1,165

5.000%,

7/15/35

1/26

at

100.00

1,205,169

2,480

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

2014

Series

B-1,

5.000%,

11/01/36

5/24

at

100.00

2,494,632

5,715

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

2014

Series

D-1,

5.000%,

2/01/35

2/24

at

100.00

5,738,431

5,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

2016

Series

A-1,

5.000%,

8/01/36

8/25

at

100.00

5,128,050

5,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

2016

Series

E-1,

5.000%,

2/01/39

2/26

at

100.00

5,124,000

5,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

2017

Series

B-1,

5.000%,

8/01/38

8/26

at

100.00

5,165,550

5,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

2017

Series

F-1,

5.000%,

5/01/38

5/27

at

100.00

5,191,450

4,020

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

2020

Subseries

B-1,

4.000%,

11/01/47

11/29

at

100.00

3,821,693

5,715

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

2020

Subseries

C-1,

4.000%,

5/01/45

11/30

at

100.00

5,494,401

850

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

2022

Subseries

C-1,

4.000%,

2/01/42

2/32

at

100.00

830,637

5,000

New

York

City,

New

York,

Educational

Construction

Fund

Revenue

Bonds,

Series

2021B,

5.000%,

4/01/52

4/31

at

100.00

5,218,200

New

York

State

Thruway

Authority,

State

Personal

Income

Tax

Revenue

Bonds,

Bidding

Group

1

Series

2022A:

9,585

5.000%,

3/15/45

9/32

at

100.00

10,196,331

2,040

5.000%,

3/15/48

9/32

at

100.00

2,156,851

95

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

1,650

New

York

State

Thruway

Authority,

State

Personal

Income

Tax

Revenue

Bonds,

Climate

Certified

Green

Series

2022C,

5.000%,

3/15/53

9/32

at

100.00

$

1,736,840

5,380

New

York

State

Urban

Development

Corporation,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose

Group

1,

Series

2019A,

4.000%,

3/15/48

9/28

at

100.00

5,098,088

New

York

State

Urban

Development

Corporation,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose,

Series

2020C:

7,000

5.000%,

3/15/47

9/30

at

100.00

7,321,510

3,800

4.000%,

3/15/49

9/30

at

100.00

3,585,452

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

2,393

0.000%,

7/01/46

7/28

at

41.38

666,498

28,646

5.000%,

7/01/58

7/28

at

100.00

27,798,079

Syracuse

Industrial

Development

Authority,

New

York,

PILOT

Revenue

Bonds,

Carousel

Center

Project,

Refunding

Series

2016A:

5,750

5.000%,

1/01/29,

(AMT)

1/26

at

100.00

4,450,673

1,930

5.000%,

1/01/32,

(AMT)

1/26

at

100.00

1,480,696

1,250

5.000%,

1/01/34,

(AMT)

1/26

at

100.00

938,237

5,430

5.000%,

1/01/36,

(AMT)

1/26

at

100.00

4,007,557

2,340

Triborough

Bridge

and

Tunnel

Authority,

New

York,

Payroll

Mobility

Tax

Bonds,

Senior

Lien

Series

2021B-1,

4.000%,

5/15/56

5/31

at

100.00

2,178,259

Triborough

Bridge

and

Tunnel

Authority,

New

York,

Payroll

Mobility

Tax

Bonds,

Senior

Lien

Series

2022

A:

9,500

4.000%,

5/15/51

5/32

at

100.00

8,979,685

5,000

5.000%,

5/15/57

5/32

at

100.00

5,262,300

10,940

Triborough

Bridge

and

Tunnel

Authority,

New

York,

Payroll

Mobility

Tax

Bonds,

Senior

Lien

Subseries

2021A-1,

5.000%,

5/15/51

5/31

at

100.00

11,505,598

2,255

Triborough

Bridge

and

Tunnel

Authority,

New

York,

Payroll

Mobility

Tax

Senior

Lien

Bonds,

Series

2022C,

4.125%,

5/15/52

5/32

at

100.00

2,163,560

Total

Tax

Obligation/Limited

274,335,812

Transportation

-

26.4%

1,500

Buffalo

and

Fort

Erie

Public

Bridge

Authority,

New

York,

Toll

Bridge

System

Revenue

Bonds,

Series

2017,

5.000%,

1/01/42

1/27

at

100.00

1,545,675

2,000

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Green

Climate

Bond

Certified

Series

2020A-1,

5.000%,

11/15/48

5/30

at

100.00

2,026,540

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Green

Climate

Bond

Certified

Series

2020C-1:

3,600

4.750%,

11/15/45

5/30

at

100.00

3,599,964

9,200

5.000%,

11/15/50

5/30

at

100.00

9,308,836

2,000

5.250%,

11/15/55

5/30

at

100.00

2,057,740

2,500

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Refunding

Green

Series

2016B,

5.000%,

11/15/37

11/26

at

100.00

2,546,325

7,500

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Refunding

Series

2015D-1,

5.000%,

11/15/30

11/25

at

100.00

7,663,425

6,655

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Refunding

Series

2017D,

4.000%,

11/15/42

5/28

at

100.00

6,185,490

2,500

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Series

2013E,

5.000%,

11/15/32

11/23

at

100.00

2,503,000

5,800

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Series

2014D-1,

5.000%,

11/15/39

11/24

at

100.00

5,823,896

8,450

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Series

2015C-1,

5.250%,

11/15/30

11/25

at

100.00

8,678,150

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Series

2016C-1:

2,500

5.000%,

11/15/34

11/26

at

100.00

2,571,200

2,700

5.000%,

11/15/56

11/26

at

100.00

2,684,178

Nuveen

New

York

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

96

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Transportation

(continued)

New

York

City

Industrial

Development

Agency,

New

York,

Civic

Facility

Revenue

Bonds,

Bronx

Parking

Development

Company,

LLC

Project,

Series

2007:

$

2,800

5.750%,

10/01/37

(d)

10/23

at

100.00

$

2,240,000

2,000

5.875%,

10/01/46

(d)

10/23

at

100.00

1,600,000

8,195

New

York

City,

Industrial

Development

Agency,

Senior

Airport

Facilities

Revenue

Refunding

Bonds,

TrIPs

Obligated

Group,

Series

2012A,

5.000%,

7/01/28,

(AMT)

10/23

at

100.00

8,195,492

2,695

New

York

Liberty

Development

Corporation,

New

York,

Liberty

Revenue

Bonds,

Secured

by

Port

Authority

Consolidated

Bonds,

Refunding

Series

1WTC-2021,

4.000%,

2/15/43

-

BAM

Insured

2/30

at

100.00

2,598,869

New

York

State

Thruway

Authority,

General

Revenue

Bonds,

Series

2020N:

5,000

4.000%,

1/01/42

1/30

at

100.00

4,823,800

3,000

4.000%,

1/01/43

1/30

at

100.00

2,883,120

New

York

State

Thruway

Authority,

General

Revenue

Junior

Indebtedness

Obligations,

Series

2016A:

2,225

5.000%,

1/01/36

1/26

at

100.00

2,291,172

8,515

5.000%,

1/01/46

1/26

at

100.00

8,659,840

New

York

Transportation

Development

Corporation,

New

York,

Facility

Revenue

Bonds,

Thruway

Service

Areas

Project,

Series

2021:

1,915

4.000%,

10/31/41,

(AMT)

10/31

at

100.00

1,682,231

3,720

4.000%,

10/31/46,

(AMT)

10/31

at

100.00

3,125,916

17,695

4.000%,

4/30/53,

(AMT)

10/31

at

100.00

14,340,736

New

York

Transportation

Development

Corporation,

New

York,

Special

Facilities

Bonds,

LaGuardia

Airport

Terminal

B

Redevelopment

Project,

Series

2016A:

4,750

4.000%,

7/01/31,

(AMT)

7/24

at

100.00

4,638,992

24,965

5.250%,

1/01/50,

(AMT)

7/24

at

100.00

24,964,501

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

American

Airlines,

Inc.

John

F

Kennedy

International

Airport

Project,

Refunding

Series

2016:

8,865

5.000%,

8/01/26,

(AMT)

9/23

at

100.00

8,884,503

12,610

5.000%,

8/01/31,

(AMT)

9/23

at

100.00

12,641,399

1,745

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

American

Airlines,

Inc.

John

F

Kennedy

International

Airport

Project,

Series

2020,

5.375%,

8/01/36,

(AMT)

8/30

at

100.00

1,778,626

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

Terminal

4

John

F

Kennedy

International

Airport

Project,

Series

2020A:

1,280

5.000%,

12/01/37,

(AMT)

12/30

at

100.00

1,320,947

215

4.000%,

12/01/38,

(AMT)

12/30

at

100.00

202,655

120

4.000%,

12/01/39,

(AMT)

12/30

at

100.00

112,343

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

Terminal

4

John

F

Kennedy

International

Airport

Project,

Series

2020C:

1,200

5.000%,

12/01/31

12/30

at

100.00

1,301,592

1,540

5.000%,

12/01/34

12/30

at

100.00

1,660,043

1,745

5.000%,

12/01/35

12/30

at

100.00

1,864,742

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

Terminal

4

John

F

Kennedy

International

Airport

Project,

Series

2022:

2,010

5.000%,

12/01/35,

(AMT)

12/32

at

100.00

2,126,942

10,000

5.000%,

12/01/36,

(AMT)

12/32

at

100.00

10,510,300

3,000

5.000%,

12/01/38,

(AMT)

12/32

at

100.00

3,111,000

1,000

5.000%,

12/01/40,

(AMT)

12/32

at

100.00

1,031,460

97

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Transportation

(continued)

New

York

Transportation

Development

Corporation,

Special

Facility

Revenue

Bonds,

Delta

Air

Lines,

Inc.

-

LaGuardia

Airport

Terminals

C&D

Redevelopment

Project,

Series

2018:

$

1,300

5.000%,

1/01/27,

(AMT)

No

Opt.

Call

$

1,329,211

10,200

5.000%,

1/01/28,

(AMT)

No

Opt.

Call

10,497,330

10,035

5.000%,

1/01/31,

(AMT)

1/28

at

100.00

10,338,960

1,300

New

York

Transportation

Development

Corporation,

Special

Facility

Revenue

Bonds,

Delta

Air

Lines,

Inc.

-

LaGuardia

Airport

Terminals

C&D

Redevelopment

Project,

Series

2020,

4.375%,

10/01/45,

(AMT)

10/30

at

100.00

1,226,004

Niagara

Frontier

Transportation

Authority,

New

York,

Airport

Revenue

Bonds,

Buffalo

International

Airport,

Series

2014A:

2,000

5.000%,

4/01/25,

(AMT)

4/24

at

100.00

2,010,020

3,775

5.000%,

4/01/26,

(AMT)

4/24

at

100.00

3,785,759

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

One

Hundred

Eighty-Ninth

Series

2015:

1,520

5.000%,

5/01/40

5/25

at

100.00

1,546,646

480

5.000%,

5/01/45

5/25

at

100.00

486,566

5,000

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

One

Hundred

Eighty-Sixth

Series

2014,

5.000%,

10/15/44,

(AMT)

10/24

at

100.00

5,009,250

15,000

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

One

Hundred

Ninety-Eighth

Series

2016,

5.250%,

11/15/56

11/26

at

100.00

15,420,150

2,500

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Eighteen

Series

2019,

5.000%,

11/01/44,

(AMT)

11/29

at

100.00

2,553,875

4,225

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Eleventh

Series

2018,

4.000%,

9/01/43

9/28

at

100.00

4,119,544

10,230

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Fifth

Series

2017,

5.000%,

11/15/47

11/27

at

100.00

10,577,922

1,200

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Thirty

One

Series

2022,

5.500%,

8/01/40,

(AMT)

8/32

at

100.00

1,330,128

5,000

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Thirty-Six

Series

2022,

5.000%,

1/15/52,

(AMT)

1/33

at

100.00

5,193,800

4,800

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Twentieth

Series

2019,

4.000%,

11/01/59,

(AMT)

11/29

at

100.00

4,225,152

6,815

Triborough

Bridge

and

Tunnel

Authority,

New

York,

General

Purpose

Revenue

Bonds,

MTA

Bridges

&

Tunnels,

Refunding

Series

2017B,

5.000%,

11/15/38

5/27

at

100.00

7,095,165

3,905

Triborough

Bridge

and

Tunnel

Authority,

New

York,

General

Purpose

Revenue

Bonds,

MTA

Bridges

&

Tunnels,

Series

2014A,

5.000%,

11/15/39

5/24

at

100.00

3,933,116

12,740

Triborough

Bridge

and

Tunnel

Authority,

New

York,

General

Purpose

Revenue

Bonds,

MTA

Bridges

&

Tunnels,

Series

2017A,

5.000%,

11/15/37

5/27

at

100.00

13,286,928

8,825

Triborough

Bridge

and

Tunnel

Authority,

New

York,

General

Revenue

Bonds,

MTA

Bridges

&

Tunnels,

Series

2020A,

4.000%,

11/15/54

11/30

at

100.00

8,171,685

Total

Transportation

297,922,851

U.S.

Guaranteed

-

1.2%

(e)

Dormitory

Authority

of

the

State

of

New

York,

Insured

Revenue

Bonds,

Touro

College

and

University

System,

Series

2014A:

2,930

5.500%,

1/01/39,

(Pre-refunded

7/02/24)

7/24

at

100.00

2,981,773

3,065

5.500%,

1/01/44,

(Pre-refunded

7/02/24)

7/24

at

100.00

3,119,159

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

New

School

University,

Series

2015A:

320

5.000%,

7/01/45,

(Pre-refunded

7/01/25)

7/25

at

100.00

329,520

5,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Pratt

Institute,

Series

2015A,

5.000%,

7/01/44,

(Pre-refunded

7/01/24)

7/24

at

100.00

5,060,150

5

Dormitory

Authority

of

the

State

of

New

York,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose

Series

2015B

Group

B,

5.000%,

2/15/32,

(Pre-refunded

2/15/25)

2/25

at

100.00

5,120

Nuveen

New

York

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

98

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

U.S.

Guaranteed

(e)

(continued)

Western

Nassau

County

Water

Authority,

New

York,

Water

System

Revenue

Bonds,

Series

2015A:

$

675

5.000%,

4/01/40,

(Pre-refunded

4/01/25)

4/25

at

100.00

$

692,226

1,050

5.000%,

4/01/45,

(Pre-refunded

4/01/25)

4/25

at

100.00

1,076,796

Total

U.S.

Guaranteed

13,264,744

Utilities

-

8.9%

4,875

Long

Island

Power

Authority,

New

York,

Electric

System

General

Revenue

Bonds,

Green

Series

2023E,

5.000%,

9/01/48

9/33

at

100.00

5,211,034

Long

Island

Power

Authority,

New

York,

Electric

System

General

Revenue

Bonds,

Series

2000A:

2,000

0.000%,

6/01/24

-

AGM

Insured

No

Opt.

Call

1,947,840

2,000

0.000%,

6/01/25

-

AGM

Insured

No

Opt.

Call

1,878,800

2,980

Long

Island

Power

Authority,

New

York,

Electric

System

General

Revenue

Bonds,

Series

2014A,

5.000%,

9/01/44

9/24

at

100.00

3,008,578

2,910

Long

Island

Power

Authority,

New

York,

Electric

System

General

Revenue

Bonds,

Series

2017,

5.000%,

9/01/42

9/27

at

100.00

3,028,262

7,465

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Water

and

Sewer

System

Second

General

Resolution

Revenue

Bonds,

Fiscal

2017

Adjustable

Rate

Series

BB-1,

5.000%,

6/15/46

6/27

at

100.00

7,694,026

5,000

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Water

and

Sewer

System

Second

General

Resolution

Revenue

Bonds,

Fiscal

2017

Series

DD,

5.250%,

6/15/47

12/26

at

100.00

5,221,000

9,885

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Water

and

Sewer

System

Second

General

Resolution

Revenue

Bonds,

Fiscal

2020

Series

CC-1,

4.000%,

6/15/49

12/29

at

100.00

9,390,651

1,265

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Water

and

Sewer

System

Second

General

Resolution

Revenue

Bonds,

Fiscal

2020

Series

EE,

4.000%,

6/15/42

6/30

at

100.00

1,234,336

6,810

New

York

State

Environmental

Facilities

Corporation,

State

Clean

Water

and

Drinking

Water

Revolving

Funds

Revenue

Bonds,

New

York

City

Municipal

Water

Finance

Authority

Projects-Second

Resolution

Bonds,

Series

2016A,

5.000%,

6/15/41

6/26

at

100.00

7,031,666

3,300

New

York

State

Environmental

Facilities

Corporation,

State

Clean

Water

and

Drinking

Water

Revolving

Funds

Revenue

Bonds,

New

York

City

Municipal

Water

Finance

Authority

Projects-Second

Resolution

Bonds,

Subordinated

SRF

Series

2017E,

5.000%,

6/15/47

6/27

at

100.00

3,426,489

6,470

New

York

State

Environmental

Facilities

Corporation,

State

Clean

Water

and

Drinking

Water

Revolving

Funds

Revenue

Bonds,

New

York

City

Municipal

Water

Finance

Authority

Projects-Second

Resolution

Bonds,

Subordinated

SRF

Series

2018B,

5.000%,

6/15/43

6/28

at

100.00

6,856,583

2,000

New

York

State

Environmental

Facilities

Corporation,

State

Clean

Water

and

Drinking

Water

Revolving

Funds

Revenue

Bonds,

New

York

City

Municipal

Water

Finance

Authority

Projects-Second

Resolution

Bonds,

Subordinated

SRF

Series

2022A,

5.000%,

6/15/51

6/32

at

100.00

2,124,540

10,480

New

York

State

Power

Authority,

General

Revenue

Bonds,

Series

2020A,

4.000%,

11/15/55

5/30

at

100.00

9,863,776

9,400

Niagara

Area

Development

Corporation,

New

York,

Solid

Waste

Disposal

Facility

Revenue

Refunding

Bonds,

Covanta

Energy

Project,

Series

2018A,

4.750%,

11/01/42,

(AMT),

144A

10/23

at

100.00

8,217,480

Utility

Debt

Securitization

Authority,

New

York,

Restructuring

Bonds,

Refunding

Series

2015:

845

5.000%,

12/15/35

12/25

at

100.00

874,414

4,405

5.000%,

12/15/36

12/25

at

100.00

4,546,577

4,750

5.000%,

12/15/37

12/25

at

100.00

4,892,168

1,795

Utility

Debt

Securitization

Authority,

New

York,

Restructuring

Bonds,

Series

2013TE,

5.000%,

12/15/41

12/23

at

100.00

1,798,877

99

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Utilities

(continued)

Utility

Debt

Securitization

Authority,

New

York,

Restructuring

Bonds,

Series

2017:

$

8,000

5.000%,

12/15/38

12/27

at

100.00

$

8,539,680

3,000

5.000%,

12/15/39

12/27

at

100.00

3,195,600

Total

Utilities

99,982,377

Total

Municipal

Bonds

(cost

$1,140,270,196)

1,120,304,023

Total

Long-Term

Investments

(cost

$1,140,270,196)

1,120,304,023

Other

Assets

&

Liabilities,

Net

-

0.8%

9,166,217

Net

Assets

-

100%

$

1,129,470,240

(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)

Step-up

coupon

bond,

a

bond

with

a

coupon

that

increases

("steps

up"),

usually

at

regular

intervals,

while

the

bond

is

outstanding.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(d)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(e)

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

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

100

August

31,

2023

(Unaudited)

California

High

Yield

California

Connecticut

Massachusetts

New

Jersey

New

York

ASSETS

Long-term

investments,

at

value

†

$

1,266,632,487‌

$

1,692,588,318‌

$

209,768,827‌

$

603,729,754‌

$

404,986,316‌

$

1,120,304,023‌

Short-term

investments,

at

value

◊

–‌

17,600,000‌

4,000,000‌

18,470,000‌

2,000,000‌

–‌

Cash

–‌

–‌

600,218‌

–‌

804,372‌

–‌

Receivables:

Interest

26,816,193‌

19,679,842‌

2,202,318‌

6,712,512‌

4,523,742‌

13,649,945‌

Investments

sold

5,235,013‌

12,503,105‌

–‌

9,825,058‌

808,706‌

–‌

Shares

sold

2,554,968‌

4,586,201‌

190,582‌

1,605,437‌

4,365,430‌

2,032,726‌

Other

172,570‌

197,239‌

73,634‌

33,254‌

39,068‌

208,669‌

Total

assets

1,301,411,231‌

1,747,154,705‌

216,835,579‌

640,376,015‌

417,527,634‌

1,136,195,363‌

LIABILITIES

Cash

overdraft

1,493,919‌

19,988,938‌

–‌

2,456,812‌

–‌

980,773‌

Floating

rate

obligations

217,922,000‌

–‌

–‌

–‌

–‌

–‌

Payables:

Dividends

470,966‌

1,145,301‌

69,098‌

176,300‌

145,187‌

554,507‌

Interest

3,900,294‌

–‌

–‌

1,095‌

–‌

–‌

Investments

purchased

-

regular

settlement

2,323,775‌

–‌

–‌

8,418,097‌

–‌

–‌

Shares

redeemed

3,005,706‌

5,071,981‌

631,109‌

1,002,115‌

1,295,979‌

4,178,565‌

Accrued

expenses:

Custodian

fees

104,782‌

138,164‌

27,907‌

50,322‌

41,600‌

80,865‌

Management

fees

487,587‌

682,363‌

90,987‌

264,074‌

173,905‌

462,303‌

Trustees

fees

75,890‌

188,916‌

68,675‌

27,903‌

31,596‌

200,138‌

Professional

fees

22,244‌

23,615‌

15,953‌

14,903‌

15,837‌

17,534‌

Shareholder

reporting

expenses

24,507‌

37,045‌

5,027‌

15,225‌

11,856‌

24,226‌

Shareholder

servicing

agent

fees

117,684‌

174,630‌

16,883‌

68,310‌

51,082‌

109,426‌

12b-1

distribution

and

service

fees

120,210‌

151,954‌

23,359‌

44,006‌

43,420‌

111,784‌

Other

51,156‌

28,489‌

926‌

17,642‌

24,808‌

5,002‌

Total

liabilities

230,120,720‌

27,631,396‌

949,924‌

12,556,804‌

1,835,270‌

6,725,123‌

Commitments

and

contingencies

(1)

Net

assets

$

1,071,290,511‌

$

1,719,523,309‌

$

215,885,655‌

$

627,819,211‌

$

415,692,364‌

$

1,129,470,240‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

$

1,378,882,912‌

$

1,952,813,372‌

$

244,351,438‌

$

692,208,316‌

$

443,589,260‌

$

1,261,249,875‌

Total

distributable

earnings

(loss)

(

307,592,401‌

)

(

233,290,063‌

)

(

28,465,783‌

)

(

64,389,105‌

)

(

27,896,896‌

)

(

131,779,635‌

)

Net

assets

1,071,290,511‌

1,719,523,309‌

215,885,655‌

627,819,211‌

415,692,364‌

1,129,470,240‌

†

Long-term

investments,

cost

$

1,364,466,366‌

$

1,766,299,103‌

$

223,236,064‌

$

630,297,731‌

$

428,201,707‌

$

1,140,270,196‌

◊

Short-term

investments,

cost

$

—‌

$

17,600,000‌

$

4,000,000‌

$

18,470,000‌

$

2,000,000‌

$

—‌

Statement

of

Assets

and

Liabilities

(continued)

See

Notes

to

Financial

Statements

101

California

High

Yield

California

Connecticut

Massachusetts

New

Jersey

New

York

CLASS

A:

Net

assets

$

532,324,690‌

$

736,786,893‌

$

115,695,902‌

$

235,322,466‌

$

210,943,151‌

$

549,164,378‌

Shares

outstanding

69,837,865‌

74,528,799‌

12,386,742‌

25,720,527‌

20,482,468‌

56,844,436‌

Net

asset

value

("NAV")

per

share

$

7.62‌

$

9.89‌

$

9.34‌

$

9.15‌

$

10.30‌

$

9.66‌

Maximum

sales

charge

4.20%

4.20%

4.20%

4.20%

4.20%

4.20%

Offering

price

per

share

(NAV

per

share

plus

maximum

sales

charge)

$

7.95‌

$

10.32‌

$

9.75‌

$

9.55‌

$

10.75‌

$

10.08‌

CLASS

C:

Net

assets

$

34,271,626‌

$

32,601,427‌

$

4,192,257‌

$

4,804,429‌

$

9,018,936‌

$

21,890,829‌

Shares

outstanding

4,500,265‌

3,310,990‌

449,732‌

529,209‌

879,869‌

2,268,649‌

NAV

and

offering

price

per

share

$

7.62‌

$

9.85‌

$

9.32‌

$

9.08‌

$

10.25‌

$

9.65‌

CLASS

I:

Net

assets

$

504,694,195‌

$

950,134,989‌

$

95,997,496‌

$

387,692,316‌

$

195,730,277‌

$

558,415,033‌

Shares

outstanding

66,260,131‌

96,043,120‌

10,256,698‌

42,354,908‌

18,935,950‌

57,768,877‌

NAV

and

offering

price

per

share

$

7.62‌

$

9.89‌

$

9.36‌

$

9.15‌

$

10.34‌

$

9.67‌

Authorized

shares

-

per

class

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

per

share

$

0.01

$

0.01

$

0.01

$

0.01

$

0.01

$

0.01

(1)

As

disclosed

in

Notes

to

Financial

Statements.

Statement

of

Operations

August

31,

2023

See

Notes

to

Financial

Statements

102

Six

Months

Ended

August

31,

2023

(Unaudited)

California

High

Yield

California

Connecticut

Massachusetts

INVESTMENT

INCOME

Interest

$

35,833,082‌

$

36,806,142‌

$

3,890,611‌

$

11,380,037‌

Total

investment

income

35,833,082‌

36,806,142‌

3,890,611‌

11,380,037‌

EXPENSES

–

–

–

–

Management

fees

3,066,825‌

4,023,610‌

540,469‌

1,571,059‌

12b-1

service

fees

-

Class

A

557,451‌

740,973‌

119,930‌

236,904‌

12b-1

distribution

and

service

fees

-

Class

C

189,932‌

175,618‌

21,987‌

27,675‌

Shareholder

servicing

agent

fees

-

Class

A

94,916‌

113,377‌

20,337‌

49,654‌

Shareholder

servicing

agent

fees

-

Class

C

6,457‌

5,354‌

743‌

1,163‌

Shareholder

servicing

agent

fees

-

Class

I

95,309‌

140,181‌

15,205‌

83,724‌

Interest

expense

6,271,610‌

55,025‌

28,205‌

5,003‌

Trustees

fees

17,785‌

24,985‌

3,172‌

9,607‌

Custodian

expenses

67,819‌

74,768‌

17,896‌

27,906‌

Registration

fees

18,268‌

4,513‌

3,776‌

3,977‌

Professional

fees

304,022‌

60,649‌

22,828‌

32,264‌

Shareholder

reporting

expenses

26,835‌

18,819‌

3,164‌

7,663‌

Other

8,148‌

11,679‌

5,950‌

7,611‌

Total

expenses

10,725,377‌

5,449,551‌

803,662‌

2,064,210‌

Net

investment

income

(loss)

25,107,705‌

31,356,591‌

3,086,949‌

9,315,827‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

(34,847,544‌)

(3,795,559‌)

(2,057,782‌)

(5,595,210‌)

Futures

contracts

(665,936‌)

—‌

—‌

—‌

Net

realized

gain

(loss)

(35,513,480‌)

(3,795,559‌)

(2,057,782‌)

(5,595,210‌)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

(5,748,708‌)

(15,552,281‌)

967,993‌

3,196,407‌

Futures

contracts

(323,835‌)

—‌

—‌

—‌

Change

in

net

unrealized

appreciation

(depreciation)

(6,072,543‌)

(15,552,281‌)

967,993‌

3,196,407‌

Net

realized

and

unrealized

gain

(loss)

(41,586,023‌)

(19,347,840‌)

(1,089,789‌)

(2,398,803‌)

Net

increase

(decrease)

in

net

assets

from

operations

$

(16,478,318‌)

$

12,008,751‌

$

1,997,160‌

$

6,917,024‌

Statement

of

Operations

(continued)

See

Notes

to

Financial

Statements

103

Six

Months

Ended

August

31,

2023

(Unaudited)

New

Jersey

New

York

INVESTMENT

INCOME

Interest

$

7,895,000‌

$

25,516,279‌

Total

investment

income

7,895,000‌

25,516,279‌

EXPENSES

–

–

Management

fees

1,047,839‌

2,776,769‌

12b-1

service

fees

-

Class

A

217,537‌

552,213‌

12b-1

distribution

and

service

fees

-

Class

C

48,963‌

118,528‌

Shareholder

servicing

agent

fees

-

Class

A

41,833‌

99,758‌

Shareholder

servicing

agent

fees

-

Class

C

1,887‌

4,267‌

Shareholder

servicing

agent

fees

-

Class

I

37,731‌

104,650‌

Interest

expense

70,616‌

12,850‌

Trustees

fees

6,242‌

17,192‌

Custodian

expenses

30,116‌

53,087‌

Registration

fees

1,611‌

2,786‌

Professional

fees

27,671‌

45,275‌

Shareholder

reporting

expenses

7,915‌

17,799‌

Other

5,900‌

8,979‌

Total

expenses

1,545,861‌

3,814,153‌

Net

investment

income

(loss)

6,349,139‌

21,702,126‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

(1,373,934‌)

(721,088‌)

Net

realized

gain

(loss)

(1,373,934‌)

(721,088‌)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

272,676‌

(2,599,372‌)

Change

in

net

unrealized

appreciation

(depreciation)

272,676‌

(2,599,372‌)

Net

realized

and

unrealized

gain

(loss)

(1,101,258‌)

(3,320,460‌)

Net

increase

(decrease)

in

net

assets

from

operations

$

5,247,881‌

$

18,381,666‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

104

California

High

Yield

California

Unaudited

Six

Months

Ended

8/31/23

Year

Ended

2/28/23

Unaudited

Six

Months

Ended

8/31/23

Year

Ended

2/28/23

OPERATIONS

Net

investment

income

(loss)

$

25,107,705‌

$

53,899,600‌

$

31,356,591‌

$

64,589,687‌

Net

realized

gain

(loss)

(35,513,480‌)

(139,804,221‌)

(3,795,559‌)

(112,059,844‌)

Change

in

net

unrealized

appreciation

(depreciation)

(6,072,543‌)

(143,368,420‌)

(15,552,281‌)

(136,851,956‌)

Net

increase

(decrease)

in

net

assets

from

operations

(16,478,318‌)

(229,273,041‌)

12,008,751‌

(184,322,113‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

(11,571,539‌)

(27,018,250‌)

(13,228,107‌)

(25,353,088‌)

Class

C

(645,166‌)

(1,747,787‌)

(492,340‌)

(959,001‌)

Class

I

(12,291,651‌)

(27,506,860‌)

(17,415,512‌)

(34,165,662‌)

Total

distributions

(24,508,356‌)

(56,272,897‌)

(31,135,959‌)

(60,477,751‌)

FUND

SHARE

TRANSACTIONS

Subscriptions

241,044,101‌

1,108,231,529‌

308,796,962‌

1,818,458,016‌

Reinvestments

of

distributions

21,620,999‌

49,195,525‌

24,948,328‌

48,451,888‌

262,665,100‌

1,157,427,054‌

333,745,290‌

1,866,909,904‌

Redemptions

(305,786,417‌)

(1,200,890,075‌)

(294,001,241‌)

(2,239,129,227‌)

Net

increase

(decrease)

from

Fund

share

transactions

(43,121,317‌)

(43,463,021‌)

39,744,049‌

(372,219,323‌)

Net

increase

(decrease)

in

net

assets

(84,107,991‌)

(329,008,959‌)

20,616,841‌

(617,019,187‌)

Net

assets

at

the

beginning

of

period

1,155,398,502‌

1,484,407,461‌

1,698,906,468‌

2,315,925,655‌

Net

assets

at

the

end

of

period

$

1,071,290,511‌

$

1,155,398,502‌

$

1,719,523,309‌

$

1,698,906,468‌

See

Notes

to

Financial

Statements

105

Connecticut

Massachusetts

Unaudited

Six

Months

Ended

8/31/23

Year

Ended

2/28/23

Unaudited

Six

Months

Ended

8/31/23

Year

Ended

2/28/23

OPERATIONS

Net

investment

income

(loss)

$

3,086,949‌

$

6,086,566‌

$

9,315,827‌

$

14,884,333‌

Net

realized

gain

(loss)

(2,057,782‌)

(8,410,205‌)

(5,595,210‌)

(20,683,203‌)

Change

in

net

unrealized

appreciation

(depreciation)

967,993‌

(20,343,263‌)

3,196,407‌

(44,563,114‌)

Net

increase

(decrease)

in

net

assets

from

operations

1,997,160‌

(22,666,902‌)

6,917,024‌

(50,361,984‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

(1,624,755‌)

(3,279,022‌)

(3,230,847‌)

(4,332,832‌)

Class

C

(41,617‌)

(77,632‌)

(52,526‌)

(96,534‌)

Class

I

(1,301,657‌)

(2,515,037‌)

(5,837,972‌)

(9,254,748‌)

Total

distributions

(2,968,029‌)

(5,871,691‌)

(9,121,345‌)

(13,684,114‌)

FUND

SHARE

TRANSACTIONS

Subscriptions

24,766,836‌

53,358,459‌

62,723,922‌

554,548,104‌

Reinvestments

of

distributions

2,523,636‌

4,877,965‌

8,051,592‌

11,959,762‌

27,290,472‌

58,236,424‌

70,775,514‌

566,507,866‌

Redemptions

(24,287,194‌)

(99,936,740‌)

(68,672,052‌)

(591,620,238‌)

Net

increase

(decrease)

from

Fund

share

transactions

3,003,278‌

(41,700,316‌)

2,103,462‌

(25,112,372‌)

Net

increase

(decrease)

in

net

assets

2,032,409‌

(70,238,909‌)

(100,859‌)

(89,158,470‌)

Net

assets

at

the

beginning

of

period

213,853,246‌

284,092,155‌

627,920,070‌

717,078,540‌

Net

assets

at

the

end

of

period

$

215,885,655‌

$

213,853,246‌

$

627,819,211‌

$

627,920,070‌

See

Notes

to

Financial

Statements

106

New

Jersey

New

York

Unaudited

Six

Months

Ended

8/31/23

Year

Ended

2/28/23

Unaudited

Six

Months

Ended

8/31/23

Year

Ended

2/28/23

OPERATIONS

Net

investment

income

(loss)

$

6,349,139‌

$

11,799,839‌

$

21,702,126‌

$

40,108,051‌

Net

realized

gain

(loss)

(1,373,934‌)

(3,680,942‌)

(721,088‌)

(72,551,004‌)

Change

in

net

unrealized

appreciation

(depreciation)

272,676‌

(35,499,545‌)

(2,599,372‌)

(69,974,677‌)

Net

increase

(decrease)

in

net

assets

from

operations

5,247,881‌

(27,380,648‌)

18,381,666‌

(102,417,630‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

(3,060,870‌)

(5,468,531‌)

(9,838,032‌)

(16,774,425‌)

Class

C

(98,993‌)

(208,787‌)

(327,361‌)

(671,232‌)

Class

I

(2,963,006‌)

(5,451,636‌)

(10,877,830‌)

(19,973,011‌)

Total

distributions

(6,122,869‌)

(11,128,954‌)

(21,043,223‌)

(37,418,668‌)

FUND

SHARE

TRANSACTIONS

Subscriptions

39,929,347‌

346,156,508‌

118,359,561‌

870,935,359‌

Reinvestments

of

distributions

5,258,190‌

9,565,719‌

17,693,653‌

31,345,056‌

45,187,537‌

355,722,227‌

136,053,214‌

902,280,415‌

Redemptions

(44,415,101‌)

(336,095,819‌)

(137,576,770‌)

(888,636,395‌)

Net

increase

(decrease)

from

Fund

share

transactions

772,436‌

19,626,408‌

(1,523,556‌)

13,644,020‌

Net

increase

(decrease)

in

net

assets

(102,552‌)

(18,883,194‌)

(4,185,113‌)

(126,192,278‌)

Net

assets

at

the

beginning

of

period

415,794,916‌

434,678,110‌

1,133,655,353‌

1,259,847,631‌

Net

assets

at

the

end

of

period

$

415,692,364‌

$

415,794,916‌

$

1,129,470,240‌

$

1,133,655,353‌

Statement

of

Cash

Flows

August

31,

2023

(Unaudited)

See

Notes

to

Financial

Statements

107

Six

Months

Ended

August

31,

2023

(Unaudited)

California

High

Yield

CASH

FLOWS

FROM

OPERATING

ACTIVITIES

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

$

(

16,478,318‌

)

Adjustments

to

reconcile

the

net

increase

(decrease)

in

net

assets

from

operations

to

net

cash

provided

by

(used

in)

operating

activities:

Purchases

of

investments

(

239,173,705‌

)

Proceeds

from

sale

and

maturities

of

investments

477,989,031‌

Amortization

(Accretion)

of

premiums

and

discounts,

net

(

2,528,087‌

)

(Increase)

Decrease

in:

Receivable

for

interest

843,746‌

Receivable

for

investments

sold

3,281,537‌

Other

assets

(

59,906‌

)

Increase

(Decrease)

in:

Payable

for

interest

(

1,192,822‌

)

Payable

for

investments

purchased

-

regular

settlement

(

3,010,732‌

)

Payable

for

investments

purchased

-

when-issued/delayed-delivery

settlement

(

6,694,537‌

)

Payable

for

variation

margin

on

futures

contracts

(

14,828‌

)

Accrued

custodian

fees

(

26,916‌

)

Accrued

management

fees

(

21,876‌

)

Accrued

12b-1

distribution

and

service

fees

(

7,962‌

)

Accrued

Trustees

fees

776‌

Accrued

professional

fees

(

5,834‌

)

Accrued

shareholder

reporting

expenses

(

4,078‌

)

Accrued

shareholder

servicing

agent

fees

(

11,405‌

)

Accrued

other

expenses

16,339‌

Net

realized

(gain)

loss

from

investments

34,847,544‌

Net

realized

(gain)

loss

from

paydowns

(

2,399‌

)

Net

change

in

unrealized

(appreciation)

depreciation

of

investments

5,748,708‌

Net

cash

provided

by

(used

in)

operating

activities

253,494,276‌

CASH

FLOWS

FROM

FINANCING

ACTIVITIES

Proceeds

from

borrowings

61,335,773‌

(Repayments)

of

borrowings

(

114,035,773‌

)

Proceeds

from

floating

rate

obligations

12,404,000‌

(Repayments

of)

floating

rate

obligations

(

148,095,000‌

)

Increase

(Decrease)

in:

Cash

overdraft

1,456,995‌

Cash

distributions

paid

to

common

shareholders

(

2,936,491‌

)

Subscriptions

239,916,925‌

Redemptions

(

305,285,955‌

)

Net

cash

provided

by

(used

in)

financing

activities

(

255,239,526‌

)

Net

increase

(decrease)

in

Cash

(

1,745,250‌

)

Cash

at

the

beginning

of

period

1,745,250‌

Cash

at

the

end

of

period

$

—‌

SUPPLEMENTAL

DISCLOSURE

OF

CASH

FLOW

INFORMATION

California

High

Yield

Cash

paid

for

interest

$

7,362,683‌

Non-cash

financing

activities

not

included

herein

consists

of

reinvestments

of

share

distributions

21,620,999‌

Financial

Highlights

108

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

California

High

Yield

Class

A

8/31/23(e)

$

7.91

$

0.17

$

(

0.29

)

$

(

0.12

)

$

(

0.17

)

$

—

$

(

0.17

)

$

7.62

2/28/23

9.89

0.36

(

1.96

)

(

1.60

)

(

0.38

)

—

(

0.38

)

7.91

2/28/22

10.17

0.38

(

0.27

)

0.11

(

0.39

)

—

(

0.39

)

9.89

2/28/21

10.62

0.40

(

0.47

)

(

0.07

)

(

0.38

)

—

(

0.38

)

10.17

2/29/20

9.51

0.37

1.11

1.48

(

0.37

)

—

(

0.37

)

10.62

2/28/19

9.58

0.38

(

0.08

)

0.30

(

0.37

)

—

(

0.37

)

9.51

Class

C

8/31/23(e)

7.90

0.14

(

0.28

)

(

0.14

)

(

0.14

)

—

(

0.14

)

7.62

2/28/23

9.88

0.30

(

1.97

)

(

1.67

)

(

0.31

)

—

(

0.31

)

7.90

2/28/22

10.16

0.30

(

0.27

)

0.03

(

0.31

)

—

(

0.31

)

9.88

2/28/21

10.61

0.32

(

0.47

)

(

0.15

)

(

0.30

)

—

(

0.30

)

10.16

2/29/20

9.50

0.29

1.11

1.40

(

0.29

)

—

(

0.29

)

10.61

2/28/19

9.58

0.30

(

0.09

)

0.21

(

0.29

)

—

(

0.29

)

9.50

Class

I

8/31/23(e)

7.90

0.18

(

0.29

)

(

0.11

)

(

0.17

)

—

(

0.17

)

7.62

2/28/23

9.89

0.38

(

1.97

)

(

1.59

)

(

0.40

)

—

(

0.40

)

7.90

2/28/22

10.17

0.40

(

0.27

)

0.13

(

0.41

)

—

(

0.41

)

9.89

2/28/21

10.61

0.42

(

0.46

)

(

0.04

)

(

0.40

)

—

(

0.40

)

10.17

2/29/20

9.50

0.39

1.11

1.50

(

0.39

)

—

(

0.39

)

10.61

2/28/19

9.57

0.40

(

0.09

)

0.31

(

0.38

)

—

(

0.38

)

9.50

(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

109

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

.63‌

)

%

$

532,325

1

.90‌

%

(f)

0

.82‌

%

(f)

4

.28‌

%

(f)

16‌

%

(

16

.24‌

)

557,165

1

.51‌

0

.81‌

4

.37‌

59‌

0

.97‌

730,028

0

.97‌

0

.78‌

3

.66‌

13‌

(

0

.53‌

)

635,387

1

.09‌

0

.80‌

4

.00‌

22‌

15

.84‌

659,621

1

.21‌

0

.80‌

3

.64‌

2‌

3

.15‌

417,134

1

.17‌

0

.83‌

3

.99‌

20‌

(

1

.88‌

)

34,272

2

.70‌

(f)

1

.62‌

(f)

3

.50‌

(f)

16‌

(

16

.95‌

)

40,345

2

.31‌

1

.61‌

3

.56‌

59‌

0

.15‌

64,538

1

.77‌

1

.58‌

2

.86‌

13‌

(

1

.33‌

)

71,002

1

.89‌

1

.60‌

3

.20‌

22‌

14

.94‌

86,897

2

.01‌

1

.60‌

2

.85‌

2‌

2

.20‌

66,758

1

.97‌

1

.63‌

3

.19‌

20‌

(

1

.39‌

)

504,694

1

.71‌

(f)

0

.63‌

(f)

4

.43‌

(f)

16‌

(

16

.16‌

)

557,889

1

.31‌

0

.61‌

4

.53‌

59‌

1

.14‌

689,842

0

.77‌

0

.58‌

3

.85‌

13‌

(

0

.26‌

)

607,992

0

.89‌

0

.60‌

4

.19‌

22‌

16

.06‌

695,396

1

.01‌

0

.60‌

3

.84‌

2‌

3

.35‌

415,991

0

.96‌

0

.62‌

4

.19‌

20‌

110

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

California

Class

A

8/31/23(e)

$

10.00

$

0.18

$

(0.11)

$

0.07

$

(0.18)

$

—

$

(0.18)

$

9.89

2/28/23

11.17

0.33

(1.19)

(0.86)

(0.31)

—

(0.31)

10.00

2/28/22

11.49

0.26

(0.32)

(0.06)

(0.26)

—

(0.26)

11.17

2/28/21

11.81

0.29

(0.33)

(0.04)

(0.28)

—

(0.28)

11.49

2/29/20

10.96

0.32

0.87

1.19

(0.34)

—

(0.34)

11.81

2/28/19

11.02

0.35

(0.05)

0.30

(0.36)

—

(0.36)

10.96

Class

C

8/31/23(e)

9.96

0.14

(0.11)

0.03

(0.14)

—

(0.14)

9.85

2/28/23

11.13

0.25

(1.19)

(0.94)

(0.23)

—

(0.23)

9.96

2/28/22

11.45

0.17

(0.33)

(0.16)

(0.16)

—

(0.16)

11.13

2/28/21

11.76

0.20

(0.32)

(0.12)

(0.19)

—

(0.19)

11.45

2/29/20

10.92

0.23

0.86

1.09

(0.25)

—

(0.25)

11.76

2/28/19

10.98

0.26

(0.05)

0.21

(0.27)

—

(0.27)

10.92

Class

I

8/31/23(e)

10.00

0.19

(0.11)

0.08

(0.19)

—

(0.19)

9.89

2/28/23

11.19

0.35

(1.21)

(0.86)

(0.33)

—

(0.33)

10.00

2/28/22

11.51

0.28

(0.32)

(0.04)

(0.28)

—

(0.28)

11.19

2/28/21

11.82

0.31

(0.31)

—

(0.31)

—

(0.31)

11.51

2/29/20

10.97

0.35

0.86

1.21

(0.36)

—

(0.36)

11.82

2/28/19

11.03

0.37

(0.05)

0.32

(0.38)

—

(0.38)

10.97

(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.

(g)

Value

rounded

to

zero.

See

Notes

to

Financial

Statements

111

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

0.69‌

%

$

736,787

0.73‌

%

(f)

0.72‌

%

(f)

3.61‌

%

(f)

10‌

%

(7.69‌)

736,628

0.76‌

0.74‌

3.23‌

87‌

(0.61‌)

860,807

0.72‌

0.72‌

2.22‌

27‌

(0.29‌)

921,120

0.73‌

0.73‌

2.51‌

25‌

11.00‌

743,072

0.74‌

0.74‌

2.84‌

13‌

2.77‌

506,038

0.76‌

0.75‌

3.20‌

56‌

0.30‌

32,601

1.53‌

(f)

1.52‌

(f)

2.81‌

(f)

10‌

(8.48‌)

37,046

1.56‌

1.54‌

2.42‌

87‌

(1.42‌)

58,842

1.52‌

1.52‌

1.43‌

27‌

(0.99‌)

70,693

1.53‌

1.53‌

1.73‌

25‌

10.06‌

80,258

1.54‌

1.54‌

2.05‌

13‌

1.94‌

66,305

1.56‌

1.55‌

2.40‌

56‌

0.81‌

950,135

0.53‌

(f)

0.52‌

(f)

3.80‌

(f)

10‌

(7.64‌)

925,232

0.56‌

0.54‌

3.42‌

87‌

(0.40‌)

1,396,276

0.52‌

0.52‌

2.43‌

27‌

0.00‌

(g)

1,370,713

0.53‌

0.53‌

2.72‌

25‌

11.20‌

1,146,758

0.54‌

0.54‌

3.05‌

13‌

2.93‌

821,588

0.56‌

0.55‌

3.40‌

56‌

112

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

Connecticut

Class

A

8/31/23(d)

$

9.38

$

0.13

$

(0.04)

$

0.09

$

(0.13)

$

—

$

(0.13)

$

9.34

2/28/23

10.44

0.24

(1.07)

(0.83)

(0.23)

—

(0.23)

9.38

2/28/22

10.72

0.23

(0.27)

(0.04)

(0.24)

—

(0.24)

10.44

2/28/21

10.99

0.28

(0.25)

0.03

(0.30)

—

(0.30)

10.72

2/29/20

10.39

0.31

0.60

0.91

(0.31)

—

(0.31)

10.99

2/28/19

10.39

0.33

(0.01)

0.32

(0.32)

—

(0.32)

10.39

Class

C

8/31/23(d)

9.36

0.10

(0.05)

0.05

(0.09)

—

(0.09)

9.32

2/28/23

10.41

0.16

(1.06)

(0.90)

(0.15)

—

(0.15)

9.36

2/28/22

10.69

0.15

(0.28)

(0.13)

(0.15)

—

(0.15)

10.41

2/28/21

10.97

0.20

(0.26)

(0.06)

(0.22)

—

(0.22)

10.69

2/29/20

10.37

0.22

0.61

0.83

(0.23)

—

(0.23)

10.97

2/28/19

10.37

0.24

(0.01)

0.23

(0.23)

—

(0.23)

10.37

Class

I

8/31/23(d)

9.40

0.14

(0.04)

0.10

(0.14)

—

(0.14)

9.36

2/28/23

10.46

0.26

(1.07)

(0.81)

(0.25)

—

(0.25)

9.40

2/28/22

10.74

0.25

(0.27)

(0.02)

(0.26)

—

(0.26)

10.46

2/28/21

11.02

0.30

(0.25)

0.05

(0.33)

—

(0.33)

10.74

2/29/20

10.42

0.33

0.61

0.94

(0.34)

—

(0.34)

11.02

2/28/19

10.42

0.35

(0.01)

0.34

(0.34)

—

(0.34)

10.42

(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

113

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

0.94‌

%

$

115,696

0.81‌

%

(e)

0.78‌

%

(e)

2.81‌

%

(e)

9‌

%

(7.94‌)

122,309

0.81‌

0.79‌

2.51‌

16‌

(0.43‌)

158,274

0.78‌

0.78‌

2.16‌

17‌

0.34‌

160,706

0.80‌

0.79‌

2.63‌

9‌

8.90‌

159,680

0.81‌

0.80‌

2.87‌

11‌

3.09‌

138,188

0.80‌

0.80‌

3.15‌

7‌

0.53‌

4,192

1.61‌

(e)

1.58‌

(e)

2.01‌

(e)

9‌

(8.63‌)

4,573

1.61‌

1.59‌

1.72‌

16‌

(1.25‌)

5,790

1.58‌

1.58‌

1.36‌

17‌

(0.54‌)

7,002

1.60‌

1.59‌

1.83‌

9‌

8.07‌

6,529

1.60‌

1.59‌

2.05‌

11‌

2.26‌

4,914

1.60‌

1.60‌

2.34‌

7‌

1.03‌

95,997

0.61‌

(e)

0.58‌

(e)

3.00‌

(e)

9‌

(7.72‌)

86,971

0.61‌

0.59‌

2.69‌

16‌

(0.21‌)

120,028

0.58‌

0.58‌

2.35‌

17‌

0.47‌

102,331

0.60‌

0.59‌

2.83‌

9‌

9.12‌

90,739

0.60‌

0.59‌

3.06‌

11‌

3.32‌

65,660

0.60‌

0.60‌

3.34‌

7‌

114

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

Massachusetts

Class

A

8/31/23(e)

$

9.18

$

0.13

$

(0.03)

$

0.10

$

(0.13)

$

—

$

(0.13)

$

9.15

2/28/23

10.20

0.22

(1.03)

(0.81)

(0.21)

—

(0.21)

9.18

2/28/22

10.41

0.19

(0.22)

(0.03)

(0.18)

—

(0.18)

10.20

2/28/21

10.66

0.23

(0.25)

(0.02)

(0.23)

—

(0.23)

10.41

2/29/20

9.93

0.25

0.75

1.00

(0.27)

—

(0.27)

10.66

2/28/19

9.96

0.28

(0.02)

0.26

(0.29)

—

(0.29)

9.93

Class

C

8/31/23(e)

9.11

0.09

(0.03)

0.06

(0.09)

—

(0.09)

9.08

2/28/23

10.12

0.15

(1.03)

(0.88)

(0.13)

—

(0.13)

9.11

2/28/22

10.32

0.10

(0.20)

(0.10)

(0.10)

—

(0.10)

10.12

2/28/21

10.58

0.14

(0.25)

(0.11)

(0.15)

—

(0.15)

10.32

2/29/20

9.85

0.17

0.75

0.92

(0.19)

—

(0.19)

10.58

2/28/19

9.88

0.20

(0.03)

0.17

(0.20)

—

(0.20)

9.85

Class

I

8/31/23(e)

9.18

0.14

(0.03)

0.11

(0.14)

—

(0.14)

9.15

2/28/23

10.20

0.24

(1.04)

(0.80)

(0.22)

—

(0.22)

9.18

2/28/22

10.41

0.21

(0.22)

(0.01)

(0.20)

—

(0.20)

10.20

2/28/21

10.66

0.25

(0.25)

—

(0.25)

—

(0.25)

10.41

2/29/20

9.92

0.27

0.76

1.03

(0.29)

—

(0.29)

10.66

2/28/19

9.95

0.30

(0.02)

0.28

(0.31)

—

(0.31)

9.92

(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

115

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

1.05‌

%

$

235,322

0.75‌

%

(f)

0.75‌

%

(f)

2.78‌

%

(f)

11‌

%

(7.99‌)

234,024

0.78‌

0.77‌

2.39‌

35‌

(0.30‌)

260,770

0.77‌

0.77‌

1.76‌

13‌

(0.11‌)

280,258

0.78‌

0.78‌

2.18‌

11‌

10.19‌

206,362

0.79‌

0.79‌

2.45‌

7‌

2.64‌

149,468

0.80‌

0.80‌

2.86‌

24‌

0.63‌

4,804

1.55‌

(f)

1.55‌

(f)

1.97‌

(f)

11‌

(8.74‌)

6,068

1.58‌

1.57‌

1.57‌

35‌

(1.00‌)

9,182

1.57‌

1.57‌

0.97‌

13‌

(1.02‌)

9,569

1.58‌

1.58‌

1.39‌

11‌

9.38‌

8,538

1.59‌

1.59‌

1.65‌

7‌

1.79‌

6,792

1.60‌

1.60‌

2.07‌

24‌

1.15‌

387,692

0.55‌

(f)

0.55‌

(f)

2.97‌

(f)

11‌

(7.82‌)

387,828

0.58‌

0.57‌

2.58‌

35‌

(0.13‌)

447,127

0.57‌

0.57‌

1.97‌

13‌

0.06‌

384,795

0.58‌

0.58‌

2.39‌

11‌

10.50‌

346,995

0.59‌

0.59‌

2.65‌

7‌

2.83‌

227,690

0.60‌

0.60‌

3.08‌

24‌

116

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

New

Jersey

Class

A

8/31/23(d)

$

10.32

$

0.15

$

(0.02)

$

0.13

$

(0.15)

$

—

$

(0.15)

$

10.30

2/28/23

11.32

0.29

(1.02)

(0.73)

(0.27)

—

(0.27)

10.32

2/28/22

11.67

0.28

(0.36)

(0.08)

(0.27)

—

(0.27)

11.32

2/28/21

11.99

0.30

(0.32)

(0.02)

(0.30)

—

(0.30)

11.67

2/29/20

11.20

0.32

0.81

1.13

(0.34)

—

(0.34)

11.99

2/28/19

11.20

0.35

0.08

0.43

(0.35)

(0.08)

(0.43)

11.20

Class

C

8/31/23(d)

10.28

0.11

(0.03)

0.08

(0.11)

—

(0.11)

10.25

2/28/23

11.27

0.20

(1.01)

(0.81)

(0.18)

—

(0.18)

10.28

2/28/22

11.62

0.18

(0.35)

(0.17)

(0.18)

—

(0.18)

11.27

2/28/21

11.93

0.20

(0.30)

(0.10)

(0.21)

—

(0.21)

11.62

2/29/20

11.14

0.23

0.81

1.04

(0.25)

—

(0.25)

11.93

2/28/19

11.15

0.26

0.07

0.33

(0.26)

(0.08)

(0.34)

11.14

Class

I

8/31/23(d)

10.36

0.17

(0.03)

0.14

(0.16)

—

(0.16)

10.34

2/28/23

11.37

0.31

(1.03)

(0.72)

(0.29)

—

(0.29)

10.36

2/28/22

11.71

0.30

(0.34)

(0.04)

(0.30)

—

(0.30)

11.37

2/28/21

12.03

0.32

(0.31)

0.01

(0.33)

—

(0.33)

11.71

2/29/20

11.24

0.35

0.80

1.15

(0.36)

—

(0.36)

12.03

2/28/19

11.24

0.37

0.08

0.45

(0.37)

(0.08)

(0.45)

11.24

(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

117

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

1.23‌

%

$

210,943

0.79‌

%

(e)

0.76‌

%

(e)

2.92‌

%

(e)

8‌

%

(6.45‌)

218,230

0.84‌

0.79‌

2.73‌

24‌

(0.73‌)

201,268

0.78‌

0.77‌

2.36‌

10‌

(0.09‌)

203,304

0.81‌

0.79‌

2.56‌

14‌

10.22‌

213,869

0.83‌

0.79‌

2.78‌

13‌

3.92‌

173,965

0.82‌

0.81‌

3.13‌

22‌

0.73‌

9,019

1.58‌

(e)

1.55‌

(e)

2.12‌

(e)

8‌

(7.16‌)

10,274

1.64‌

1.59‌

1.92‌

24‌

(1.55‌)

13,918

1.58‌

1.57‌

1.55‌

10‌

(0.81‌)

14,867

1.61‌

1.59‌

1.76‌

14‌

9.39‌

17,094

1.63‌

1.59‌

1.98‌

13‌

3.01‌

14,536

1.62‌

1.61‌

2.34‌

22‌

1.34‌

195,730

0.59‌

(e)

0.56‌

(e)

3.12‌

(e)

8‌

(6.31‌)

187,291

0.64‌

0.59‌

2.92‌

24‌

(0.44‌)

219,492

0.58‌

0.57‌

2.56‌

10‌

0.12‌

206,403

0.61‌

0.59‌

2.76‌

14‌

10.41‌

197,104

0.63‌

0.59‌

2.97‌

13‌

4.12‌

122,168

0.62‌

0.61‌

3.33‌

22‌

118

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

New

York

Class

A

8/31/23(e)

$

9.68

$

0.18

$

(0.02)

$

0.16

$

(0.18)

$

—

$

(0.18)

$

9.66

2/28/23

10.89

0.33

(1.23)

(0.90)

(0.31)

—

(0.31)

9.68

2/28/22

11.16

0.28

(0.26)

0.02

(0.29)

—

(0.29)

10.89

2/28/21

11.54

0.31

(0.38)

(0.07)

(0.31)

—

(0.31)

11.16

2/29/20

10.80

0.32

0.75

1.07

(0.33)

—

(0.33)

11.54

2/28/19

10.79

0.35

(0.01)

0.34

(0.33)

—

(0.33)

10.80

Class

C

8/31/23(e)

9.67

0.14

(0.02)

0.12

(0.14)

—

(0.14)

9.65

2/28/23

10.87

0.25

(1.22)

(0.97)

(0.23)

—

(0.23)

9.67

2/28/22

11.15

0.19

(0.27)

(0.08)

(0.20)

—

(0.20)

10.87

2/28/21

11.52

0.22

(0.37)

(0.15)

(0.22)

—

(0.22)

11.15

2/29/20

10.78

0.23

0.75

0.98

(0.24)

—

(0.24)

11.52

2/28/19

10.78

0.26

(0.01)

0.25

(0.25)

—

(0.25)

10.78

Class

I

8/31/23(e)

9.69

0.19

(0.03)

0.16

(0.18)

—

(0.18)

9.67

2/28/23

10.89

0.35

(1.22)

(0.87)

(0.33)

—

(0.33)

9.69

2/28/22

11.17

0.31

(0.28)

0.03

(0.31)

—

(0.31)

10.89

2/28/21

11.55

0.34

(0.38)

(0.04)

(0.34)

—

(0.34)

11.17

2/29/20

10.81

0.34

0.75

1.09

(0.35)

—

(0.35)

11.55

2/28/19

10.80

0.37

—(g)

0.37

(0.36)

—

(0.36)

10.81

(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.

(g)

Value

rounded

to

zero.

See

Notes

to

Financial

Statements

119

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

1.59‌

%

$

549,164

0.73‌

%

(f)

0.73‌

%

(f)

3.66‌

%

(f)

7‌

%

(8.28‌)

540,518

0.76‌

0.75‌

3.36‌

86‌

0.09‌

509,874

0.73‌

0.73‌

2.51‌

12‌

(0.52‌)

516,697

0.76‌

0.75‌

2.83‌

31‌

10.03‌

534,311

0.76‌

0.75‌

2.85‌

7‌

3.25‌

432,791

0.78‌

0.77‌

3.25‌

37‌

1.19‌

21,891

1.53‌

(f)

1.53‌

(f)

2.86‌

(f)

7‌

(8.96‌)

24,639

1.56‌

1.55‌

2.51‌

86‌

(0.80‌)

40,015

1.53‌

1.53‌

1.71‌

12‌

(1.24‌)

43,211

1.56‌

1.55‌

2.04‌

31‌

9.19‌

50,740

1.56‌

1.55‌

2.04‌

7‌

2.32‌

37,515

1.58‌

1.57‌

2.45‌

37‌

1.69‌

558,415

0.53‌

(f)

0.53‌

(f)

3.86‌

(f)

7‌

(7.99‌)

568,498

0.56‌

0.55‌

3.53‌

86‌

0.21‌

709,958

0.53‌

0.53‌

2.71‌

12‌

(0.31‌)

666,168

0.56‌

0.55‌

3.03‌

31‌

10.26‌

661,362

0.56‌

0.55‌

3.04‌

7‌

3.47‌

447,980

0.58‌

0.57‌

3.45‌

37‌

120

Notes

to

Financial

Statements

(Unaudited)

1.

General

Information 

Trust

and

Fund

Information:

The

Nuveen

Multistate

Trust

II

(the

“Trust”)

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”).

The

Trust

is

comprised

of

Nuveen

California

High

Yield

Municipal

Bond

Fund

(“California

High

Yield”),

Nuveen

California

Municipal

Bond

Fund

(“California”),

Nuveen

Connecticut

Municipal

Bond

Fund

(“Connecticut”),

Nuveen

Massachusetts

Municipal

Bond

Fund

(“Massachusetts”),

Nuveen

New

Jersey

Municipal

Bond

Fund

(“New

Jersey”),

and

Nuveen

New

York

Municipal

Bond

Fund

(“New

York”)

(each

a

“Fund”

and

collectively

the

“Funds”),

as

diversified

funds,

among

others.

The

Trust

was

organized

as

a

Massachusetts

business

trust

on

July

1,

1996.

The

Funds

were

each

organized

as

a

series

of

predecessor

trusts

or

corporations

prior

to

that

date.

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

August

31,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

August

31,

2023

(the

"current

fiscal

period").

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

California

High

Yield

$

—

California

—

Connecticut

—

Massachusetts

—

New

Jersey

—

New

York

—

121

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.

Investment

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.

Securities

lending

income

is

comprised

of

fees

earned

from

borrowers

and

income

earned

on

cash

collateral

investments.

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:

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.

122

Notes

to

Financial

Statements

(Unaudited)

(continued)

Futures

contracts

are

valued

using

the

closing

settlement

price

or,

in

the

absence

of

such

a

price,

the

last

traded

price

and

are

generally

classified

as

Level

1. 

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

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.

California

High

Yield

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

1,258,533,429

$

8,099,058

*

$

1,266,632,487

Total

$

–

$

1,258,533,429

$

8,099,058

$

1,266,632,487

California

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

1,692,485,160

$

103,158

*

$

1,692,588,318

Short-Term

Investments:

Municipal

Bonds

–

17,600,000

–

17,600,000

Total

$

–

$

1,710,085,160

$

103,158

$

1,710,188,318

Connecticut

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

209,768,827

$

–

$

209,768,827

Short-Term

Investments:

Municipal

Bonds

–

4,000,000

–

4,000,000

Total

$

–

$

213,768,827

$

–

$

213,768,827

Massachusetts

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

603,729,754

$

–

$

603,729,754

Short-Term

Investments:

Municipal

Bonds

–

18,470,000

–

18,470,000

Total

$

–

$

622,199,754

$

–

$

622,199,754

New

Jersey

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

404,986,316

$

–

$

404,986,316

Short-Term

Investments:

Municipal

Bonds

–

2,000,000

–

2,000,000

Total

$

–

$

406,986,316

$

–

$

406,986,316

New

York

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

1,120,304,023

$

–

$

1,120,304,023

Total

$

–

$

1,120,304,023

$

–

$

1,120,304,023

*

Refer

to

the

Fund's

Portfolio

of

Investments

for

securities

classified

as

Level

3.

123

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

California

High

Yield

$

217,922,000

$

5,310,000

$

223,232,000

California

—

—

—

Connecticut

—

—

—

Massachusetts

—

—

—

New

Jersey

—

—

—

New

York

—

—

—

124

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.

Securities

Lending:

Each

Fund

may

lend

securities

representing

up

to

one-third

of

the

value

of

its

total

assets

to

broker-dealers,

banks,

and

other

institutions

in

order

to

generate

additional

income.

When

loaning

securities,

the

Fund

retains

the

benefits

of

owning

the

securities,

including

the

economic

equivalent

of

dividends

or

interest

generated

by

the

security.

The

loans

are

continuous,

can

be

recalled

at

any

time,

and

have

no

set

maturity.

The

Funds’

custodian,

State

Street

Bank

and

Trust

Company,

serves

as

the

securities

lending

agent

(the

“Agent”).

Fund

Average

Floating

Rate

Obligations

Outstanding

Average

Annual

Interest

Rate

And

Fees

California

High

Yield

$

329,494,477

3

.64

%

California

—

—

Connecticut

1,453,863

3

.41

Massachusetts

—

—

New

Jersey

5,616,411

2

.37

New

York

—

—

Fund

Maximum

Exposure

to

Recourse

Trusts:

Self-Deposited

Inverse

Floaters

Maximum

Exposure

to

Recourse

Trusts:

Externally-Deposited

Inverse

Floaters

Total

California

High

Yield

$

217,922,000

$

5,310,000

$

223,232,000

California

—

—

—

Connecticut

—

—

—

Massachusetts

—

—

—

New

Jersey

—

—

—

New

York

—

—

—

125

When

a

Fund

loans

its

portfolio

securities,

it

will

receive,

at

the

inception

of

each

loan,

cash

collateral

equal

to

an

amount

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

actual

percentage

of

the

cash

collateral

will

vary

depending

upon

the

asset

type

of

the

loaned

securities.

Collateral

for

the

loaned

securities

is

invested

in

a

government

money

market

vehicle

maintained

by

the

Agent,

which

is

subject

to

the

requirements

of

Rule

2a-7

under

the

1940

Act.

The

value

of

the

loaned

securities

and

the

liability

to

return

the

cash

collateral

received

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

If

the

market

value

of

the

loaned

securities

increases,

the

borrower

must

furnish

additional

collateral

to

the

Fund,

which

is

also

recognized

on

the

Statement

of

Assets

and

Liabilities.

Securities

out

on

loan

are

subject

to

termination

at

any

time

at

the

option

of

the

borrower

or

the

Fund.

Upon

termination,

the

borrower

is

required

to

return

to

the

Fund

securities

identical

to

the

securities

loaned.

During

the

term

of

the

loan,

the

Fund

bears

the

market

risk

with

respect

to

the

investment

of

collateral

and

the

risk

that

the

Agent

may

default

on

its

contractual

obligations

to

the

Fund.

The

Agent

bears

the

risk

that

the

borrower

may

default

on

its

obligation

to

return

the

loaned

securities

as

the

Agent

is

contractually

obligated

to

indemnify

the

Fund

if

at

the

time

of

a

default

by

a

borrower

some

or

all

of

the

loan

securities

have

not

been

returned.

Securities

lending

income

recognized

by

a

Fund

consists

of

earnings

on

invested

collateral

and

lending

fees,

net

of

any

rebates

to

the

borrower

and

compensation

to

the

Agent.

Such

income

is

recognized

on

the

Statement

of

Operations.

As

of

the

end

of

the

reporting

period,

the

Fund

did

not

have

any

securities

out

of

loan.

Purchases

and

Sales:

Long-term

purchases

and

sales

during

the

current

fiscal

period

were

as

follows:

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period. 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.

Futures

Contracts:

During

the

current

fiscal

period,

the

Fund

used

U.S

Treasury

futures

as

part

of

an

overall

portfolio

construction

strategy

to

manage

portfolio

duration

and

yield

curve

exposure.

A

futures

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

financial

instrument

for

a

set

price

on

a

future

date.

Upon

execution

of

a

futures

contract,

the

Fund

is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

Portfolio

of

Investments

and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statement

of

Assets

and

Liabilities.

During

the

period

the

futures

contract

is

open,

changes

in

the

market

value

of

the

contract

are

recognized

as

an

unrealized

gain

or

loss

by

“marking-

to-market”

on

a

daily

basis.

The

Fund

and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin”

and

is

recognized

on

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

for

variation

margin

on

futures

contracts.

When

the

contract

is

closed

or

expired,

the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

on

the

closing

date

and

value

of

the

contract

when

originally

entered

into.

The

net

realized

gain

or

loss

and

the

change

in

unrealized

appreciation

(depreciation)

on

futures

contracts

held

during

the

period

is

included

on

the

Statement

of

Operations.

Risks

of

investments

in

futures

contracts

include

the

possible

adverse

movement

in

the

price

of

the

securities

or

indices

underlying

the

contracts,

the

possibility

that

there

may

not

be

a

liquid

secondary

market

for

the

contracts

and/or

that

a

change

in

the

value

of

the

contract

may

not

correlate

with

a

change

in

the

value

of

the

underlying

securities

or

indices.

The

average

notional

amount

of

futures

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

Fund

Purchases

Sales

and

Maturities

California

High

Yield

$

239,173,705

$

477,989,031

California

204,763,427

172,136,846

Connecticut

20,015,181

19,898,153

Massachusetts

67,733,192

67,754,853

New

Jersey

31,507,983

41,841,580

New

York

75,772,953

73,716,089

126

Notes

to

Financial

Statements

(Unaudited)

(continued)

The

Funds

did

not

hold

futures

as

of

the

end

of

the

reporting

period

in

the

Statement

of

Assets

and

Liabilities

and

the

primary

underlying

risk

exposure.

The

following

table

presents

the

amount

of

net

realized

gain

(loss)

and

change

in

net

unrealized

appreciation

(depreciation)

recognized

on

futures

contracts

on

the

Statement

of

Operations

during

the

current

fiscal

period,

and

the

primary

underlying

risk

exposure.

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

Average

Notional

Amount

of

Futures

Contracts

Outstanding*

California

High

Yield

$68,917,396

*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

notional

amount

of

contracts

outstanding

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

California

High

Yield

Futures

contracts

Interest

rate

$

(

665,936

)

$

(

323,835

)

Six

Months

Ended

8/31/23

Year

Ended

2/28/23

California

High

Yield

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

7,677,452

$60,904,784

43,792,659

$355,770,540

Class

C

201,509

1,591,510

1,044,962

8,470,217

Class

I

22,515,205

178,547,807

89,554,361

743,990,772

Total

subscriptions

30,394,166

241,044,101

134,391,982

1,108,231,529

Reinvestments

of

distributions:

Class

A

1,304,867

10,264,900

2,915,503

24,000,437

Class

C

76,533

602,389

196,139

1,616,144

Class

I

1,366,239

10,753,710

2,866,583

23,578,944

Total

reinvestments

of

distributions

2,747,639

21,620,999

5,978,225

49,195,525

Redemptions:

Class

A

(9,620,263)

(75,758,968)

(50,045,392)

(416,038,154)

Class

C

(884,324)

(6,979,708)

(2,664,060)

(22,289,977)

Class

I

(28,236,597)

(223,047,741)

(91,572,101)

(762,561,944)

Total

redemptions

(38,741,184)

(305,786,417)

(144,281,553)

(1,200,890,075)

Net

increase

(decrease)

(5,599,379)

$(43,121,317)

(3,911,346)

$(43,463,021)

127

Six

Months

Ended

8/31/23

Year

Ended

2/28/23

California

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

9,158,912

$91,419,935

110,583,741

$1,129,342,524

Class

C

212,234

2,121,277

595,492

5,986,550

Class

I

21,520,284

215,255,750

67,224,192

683,128,942

Total

subscriptions

30,891,430

308,796,962

178,403,425

1,818,458,016

Reinvestments

of

distributions:

Class

A

1,177,927

11,792,969

2,230,397

22,610,533

Class

C

47,490

473,627

90,836

916,744

Class

I

1,265,570

12,681,732

2,455,984

24,924,611

Total

reinvestments

of

distributions

2,490,987

24,948,328

4,777,217

48,451,888

Redemptions:

Class

A

(9,505,303)

(95,082,346)

(116,167,133)

(1,176,028,689)

Class

C

(669,118)

(6,686,882)

(2,253,993)

(22,924,034)

Class

I

(19,228,281)

(192,232,013)

(102,029,210)

(1,040,176,504)

Total

redemptions

(29,402,702)

(294,001,241)

(220,450,336)

(2,239,129,227)

Net

increase

(decrease)

3,979,715

$39,744,049

(37,269,694)

$(372,219,323)

Six

Months

Ended

8/31/23

Year

Ended

2/28/23

Connecticut

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

604,817

$5,744,847

1,056,199

$10,185,165

Class

A

-

automatic

conversion

of

Class

C

2,042

19,153

2,740

26,364

Class

C

29,107

275,741

121,855

1,143,975

Class

I

1,982,640

18,727,095

4,387,541

42,002,955

Total

subscriptions

2,618,606

24,766,836

5,568,335

53,358,459

Reinvestments

of

distributions:

Class

A

143,991

1,362,623

274,634

2,611,831

Class

C

3,463

32,709

6,543

61,998

Class

I

119,005

1,128,304

231,161

2,204,136

Total

reinvestments

of

distributions

266,459

2,523,636

512,338

4,877,965

Redemptions:

Class

A

(1,398,686)

(13,233,589)

(3,464,857)

(32,956,572)

Class

C

(69,163)

(654,447)

(193,305)

(1,861,543)

Class

C

-

automatic

conversion

to

Class

A

(2,046)

(19,153)

(2,746)

(26,364)

Class

I

(1,095,111)

(10,380,005)

(6,843,782)

(65,092,261)

Total

redemptions

(2,565,006)

(24,287,194)

(10,504,690)

(99,936,740)

Net

increase

(decrease)

320,059

$3,003,278

(4,424,017)

$(41,700,316)

128

Notes

to

Financial

Statements

(Unaudited)

(continued)

Six

Months

Ended

8/31/23

Year

Ended

2/28/23

Massachusetts

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

1,982,628

$18,306,557

27,267,424

$252,560,486

Class

A

-

automatic

conversion

of

Class

C

20,644

190,813

1,434

13,126

Class

C

17,536

160,989

161,387

1,497,266

Class

I

4,757,183

44,065,563

32,295,411

300,477,226

Total

subscriptions

6,777,991

62,723,922

59,725,656

554,548,104

Reinvestments

of

distributions:

Class

A

318,847

2,951,557

418,615

3,891,417

Class

C

4,988

45,825

8,840

81,503

Class

I

545,817

5,054,210

859,245

7,986,842

Total

reinvestments

of

distributions

869,652

8,051,592

1,286,700

11,959,762

Redemptions:

Class

A

(2,099,187)

(19,397,713)

(27,758,369)

(263,323,335)

Class

C

(138,862)

(1,276,972)

(410,105)

(3,787,997)

Class

C

-

automatic

conversion

to

Class

A

(20,820)

(190,813)

(1,446)

(13,126)

Class

I

(5,185,298)

(47,806,554)

(34,741,382)

(324,495,780)

Total

redemptions

(7,444,167)

(68,672,052)

(62,911,302)

(591,620,238)

Net

increase

(decrease)

203,476

$2,103,462

(1,898,946)

$(25,112,372)

Six

Months

Ended

8/31/23

Year

Ended

2/28/23

New

Jersey

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

1,078,649

$11,234,111

22,901,747

$236,028,204

Class

A

-

automatic

conversion

of

Class

C

—

—

15,086

159,910

Class

C

57,510

597,174

232,455

2,424,231

Class

I

2,689,940

28,098,062

10,290,709

107,544,163

Total

subscriptions

3,826,099

39,929,347

33,439,997

346,156,508

Reinvestments

of

distributions:

Class

A

263,775

2,757,471

474,903

4,932,986

Class

C

8,362

86,996

17,967

186,171

Class

I

230,031

2,413,723

425,621

4,446,562

Total

reinvestments

of

distributions

502,168

5,258,190

918,491

9,565,719

Redemptions:

Class

A

(1,999,189)

(20,891,564)

(20,026,284)

(205,644,784)

Class

C

(185,858)

(1,938,484)

(470,337)

(4,865,463)

Class

C

-

automatic

conversion

to

Class

A

—

—

(15,150)

(159,910)

Class

I

(2,058,489)

(21,585,053)

(11,952,749)

(125,425,662)

Total

redemptions

(4,243,536)

(44,415,101)

(32,464,520)

(336,095,819)

Net

increase

(decrease)

84,731

$772,436

1,893,968

$19,626,408

129

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

8/31/23

Year

Ended

2/28/23

New

York

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

5,693,482

$55,625,489

61,965,731

$603,826,571

Class

A

-

automatic

conversion

of

Class

C

695

6,833

11,257

111,813

Class

C

68,736

675,844

286,510

2,826,308

Class

I

6,328,504

62,051,395

26,688,581

264,170,667

Total

subscriptions

12,091,417

118,359,561

88,952,079

870,935,359

Reinvestments

of

distributions:

Class

A

883,823

8,656,732

1,475,124

14,473,793

Class

C

29,205

285,762

57,400

563,753

Class

I

892,956

8,751,159

1,658,072

16,307,510

Total

reinvestments

of

distributions

1,805,984

17,693,653

3,190,596

31,345,056

Redemptions:

Class

A

(5,562,405)

(54,362,445)

(54,454,802)

(529,353,771)

Class

C

(376,545)

(3,688,524)

(1,465,085)

(14,515,675)

Class

C

-

automatic

conversion

to

Class

A

(695)

(6,833)

(11,268)

(111,813)

Class

I

(8,144,069)

(79,518,968)

(34,823,873)

(344,655,136)

Total

redemptions

(14,083,714)

(137,576,770)

(90,755,028)

(888,636,395)

Net

increase

(decrease)

(186,313)

$(1,523,556)

1,387,647

$13,644,020

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

California

High

Yield

$

1,150,561,671

$

14,868,687

$

(

116,718,426

)

$

(

101,849,739

)

California

1,783,331,588

17,316,291

(

90,459,561

)

(

73,143,270

)

Connecticut

227,216,985

355,877

(

13,804,035

)

(

13,448,158

)

Massachusetts

648,935,801

1,609,385

(

28,345,432

)

(

26,736,047

)

New

Jersey

429,915,001

4,949,593

(

27,878,278

)

(

22,928,685

)

New

York

1,140,538,513

11,021,974

(

31,256,464

)

(

20,234,490

)

130

Notes

to

Financial

Statements

(Unaudited)

(continued)

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

was

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

California

High

Yield

$

70,703

$

234,934

$

—

$

(

96,680,342

)

$

(

165,915,759

)

$

—

$

(

4,315,263

)

$

(

266,605,727

)

California

8,815,421

25,959

—

(

57,800,240

)

(

160,081,541

)

—

(

5,122,454

)

(

214,162,855

)

Connecticut

506,256

—

—

(

14,428,110

)

(

13,073,443

)

—

(

499,617

)

(

27,494,914

)

Massachusetts

2,244,649

—

—

(

29,953,138

)

(

33,012,092

)

—

(

1,464,203

)

(

62,184,784

)

New

Jersey

1,343,081

—

—

(

23,229,366

)

(

4,138,852

)

—

(

996,771

)

(

27,021,908

)

New

York

4,615,415

166,423

—

(

17,895,043

)

(

112,537,886

)

—

(

3,466,987

)

(

129,118,078

)

Fund

Short-Term

Long-Term

Total

California

High

Yield

$

79,484,521

$

86,431,238

$

165,915,759

California

105,598,090

54,483,451

160,081,541

Connecticut

7,004,143

6,069,300

13,073,443

Massachusetts

14,426,602

18,585,490

33,012,092

New

Jersey

720,810

3,418,042

4,138,852

New

York

74,971,766

37,566,120

112,537,886

Average

Daily

Net

Assets

California

High

Yield

California

Connecticut

Massachusetts

New

Jersey

New

York

For

the

first

$125

million

0.4000

%

0.3500

%

0.3500

%

0.3500

%

0.3500

%

0.3500

%

For

the

next

$125

million

0.3875

0.3375

0.3375

0.3375

0.3375

0.3375

For

the

next

$250

million

0.3750

0.3250

0.3250

0.3250

0.3250

0.3250

For

the

next

$500

million

0.3625

0.3125

0.3125

0.3125

0.3125

0.3125

For

the

next

$1

billion

0.3500

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

For

the

next

$8

billion

0.3250

-

-

-

-

-

For

the

next

$5

billion

0.3150

0.2500

0.2500

0.2500

0.2500

0.2500

For

the

next

$5

billion

0.3000

-

-

-

-

-

For

net

assets

over

$10

billion

-

0.2375

0.2375

0.2375

0.2375

0.2375

For

net

assets

over

$20

billion

0.2875

-

-

-

-

-

131

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

August

31,

2023,

the

complex-level

fee

rate

for

each

Fund

was

as

follows:

The

Adviser

has

agreed

to

waive

fees

and/or

reimburse

expenses

(“Expense

Cap”)

of

the

following

Funds

so

that

the

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

the

average

daily

net

assets

of

any

class

of

Fund

shares

in

the

amounts

and

for

the

time

periods

stated

in

the

following

table:

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:

The

Funds

receive

voluntary

compensation

from

the

Adviser

in

amounts

that

approximate

the

cost

of

research

services

obtained

from

broker-dealers

and

research

providers

if

the

Adviser

had

purchased

the

research

services

directly.

This

income

received

by

the

Funds

is

recognized

in

"Other

income"

on

the

Statement

of

Operations

and

any

amounts

due

to

the Funds

at

the

end

of

the

reporting

period

is

recognized

in

"Reimbursement

from

Adviser"

on

the

Statement

of

Assets

and Liabilities.  During

the

current

fiscal

period,

the

values

of

voluntary

compensation

were

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

California

High

Yield

0

.1600%

California

0

.1620%

Connecticut

0

.1600%

Massachusetts

0

.1600%

New

Jersey

0

.1600%

New

York

0

.1600%

Fund

Temporary

Expense

Cap

Temporary

Expense

Cap

Expiration

Date

Permanent

Expense

Cap

California

High

Yield

N/A

N/A

1.00%

California

N/A

N/A

0.75%

Massachusetts

N/A

N/A

0.75%

New

York

N/A

N/A

0.75%

N/A

-

Not

Applicable.

132

Notes

to

Financial

Statements

(Unaudited)

(continued)

During

the

current

fiscal

period,

the

Distributor,

collected

sales

charges

on

purchases

of

Class

A

Shares,

the

majority

of

which

were

paid

out

as

concessions

to

financial

intermediaries

as

follows:

The

Distributor

also

received

12b-1

service

fees

on

Class

A

Shares,

substantially

all

of

which

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

During

the

current

fiscal

period,

the

Distributor

compensated

financial

intermediaries

directly

with

commission

advances

at

the

time

of

purchase

as

follows:

To

compensate

for

commissions

advanced

to

financial

intermediaries,

all

12b-1

service

and

distribution

fees

collected

on

Class

C

Shares

during

the

first

year

following

a

purchase

are

retained

by

the

Distributor.

During

the

current

fiscal

period,

the

Distributor

retained

such

12b-1

fees

as

follows:

The

remaining

12b-1

fees

charged

to

each

Fund

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

The

Distributor

also

collected

and

retained

CDSC

on

share

redemptions

during

the

current

fiscal

period,

as

follows: 

Fund

Purchases

Sales

Realized

Gain

(Loss)

California

High

Yield

$

6,527,724

$

37,127,351

$

(

2,929,608

)

California

23,848,227

1,299,785

(

14,658

)

Connecticut

—

—

—

Massachusetts

1,686,594

1,718,651

(

325,512

)

New

Jersey

—

—

—

New

York

10,797,884

10,967,565

(

72,469

)

Fund

Sales

Charges

Collected

Paid

to

Financial

Intermediaries

California

High

Yield

$

333,661

$

327,965

California

371,033

365,922

Connecticut

45,961

44,145

Massachusetts

36,577

36,163

New

Jersey

44,343

43,156

New

York

209,225

202,429

Fund

Commission

Advances

California

High

Yield

$

304,350

California

347,860

Connecticut

33,503

Massachusetts

35,038

New

Jersey

40,048

New

York

164,295

Fund

12b-1

Fees

Retained

California

High

Yield

$

23,270

California

12,423

Connecticut

307

Massachusetts

3,113

New

Jersey

3,415

New

York

3,660

133

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.

Fund

CDSC

Retained

California

High

Yield

$

3,483

California

24,304

Connecticut

101

Massachusetts

225

New

Jersey

3,310

New

York

—

Fund

Maximum

Outstanding

Balance

California

High

Yield

$

50,700,000

California

44,300,000

Connecticut

3,008,754

Massachusetts

4,893,497

New

Jersey

829,500

New

York

5,457,333

134

Notes

to

Financial

Statements

(Unaudited)

(continued)

During

each

Fund’s

utilization

period(s)

during

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Borrowings

were

as

follows:

Borrowings

outstanding

as

of

the

end

of

the

reporting

period,

if

any,

are

recognized

as

“Borrowings”

on

the

Statement

of

Assets

and

Liabilities.

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

California

High

Yield

55

$

14,016,497

6

.16

%

California

12

18,490,770

6

.18

Connecticut

22

627,640

6

.22

Massachusetts

3

4,893,497

6

.28

New

Jersey

3

829,500

6

.28

New

York

11

3,678,407

6

.14

135

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

KPMG

LLP

200

East

Randolph

Street

Chicago,

IL

60601

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

GICS)

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.

136

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

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.

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.

Liquidity

Risk

Management

Program

(Unaudited)

137

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,

“llliquid”,

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,

California

High

Yield

Municipal

Bond

Fund

determined

that

it

would

hold

a

minimum

of

25%

of

its

assets

in

highly

liquid

investments,

and

it

maintained

at

least

that

amount

during

the

Review

Period.

All

of

the

other

Funds

in

this

Report

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.

138

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

At

a

meeting

held

on

May

23-25,

2023

(the

“May

Meeting”),

the

Board

of

Trustees

(the

“Board”

and

each

Trustee,

a

“Board

Member”)

of

the

Funds,

which

is

comprised

entirely

of

Board

Members

who

are

not

“interested

persons”

(as

defined

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”))

(the

“Independent

Board

Members”),

approved,

for

each

Fund,

the

renewal

of

the

management

agreement

(each,

an

“Investment

Management

Agreement”)

with

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”)

pursuant

to

which

the

Adviser

serves

as

investment

adviser

to

such

Fund

and

the

sub-advisory

agreement

(each,

a

“Sub-Advisory

Agreement”)

with

Nuveen

Asset

Management,

LLC

(the

“Sub-Adviser”)

pursuant

to

which

the

Sub-Adviser

serves

as

the

sub-adviser

to

such

Fund

for

an

additional

one-year

term.

As

the

Board

is

comprised

of

all

Independent

Board

Members,

the

references

to

the

Board

and

the

Independent

Board

Members

are

interchangeable.

Following

up

to

an

initial

two-year

period,

the

Board

considers

the

renewal

of

each

Investment

Management

Agreement

and

Sub-Advisory

Agreement

on

behalf

of

the

applicable

Fund

on

an

annual

basis.

The

Investment

Management

Agreements

and

Sub-Advisory

Agreements

are

collectively

referred

to

as

the

“Advisory

Agreements,”

and

the

Adviser

and

the

Sub-Adviser

are

collectively,

the

“Fund

Advisers”

and

each,

a

“Fund

Adviser.”

The

Independent

Board

Members

considered

the

review

of

the

advisory

agreements

for

the

Nuveen

funds

to

be

an

ongoing

process

and

employed

the

accumulated

information,

knowledge

and

experience

the

Board

Members

had

gained

during

their

tenure

on

the

boards

governing

the

Nuveen

funds

and

working

with

the

Adviser

and

the

applicable

sub-advisers

in

their

annual

review

of

the

advisory

agreements.

Throughout

the

year,

the

Board

and

its

committees

meet

regularly

and,

at

these

meetings,

receive

regular

and/or

special

reports

that

cover

an

extensive

array

of

topics

and

information

that

are

relevant

to

the

Board’s

annual

consideration

of

the

renewal

of

the

advisory

agreements

for

the

Nuveen

funds.

Such

information

may

address,

among

other

things,

fund

performance

and

risk

information;

the

Adviser’s

strategic

plans;

product

initiatives

for

various

funds;

the

review

of

the

funds

and

investment

teams;

compliance,

regulatory

and

risk

management

matters;

the

trading

practices

of

the

various

sub-advisers

to

the

Nuveen

funds;

management

of

distributions;

valuation

of

securities;

fund

expenses;

payments

to

financial

intermediaries,

including

12b-1

fees

and

sub-transfer

agency

fees,

if

applicable;

securities

lending;

liquidity

management;

and

overall

market

and

regulatory

developments.

The

Board

also

seeks

to

meet

periodically

with

the

Nuveen

funds’

sub-advisers

and/or

portfolio

teams,

when

feasible.

The

presentations,

discussions,

and

meetings

throughout

the

year

also

provide

a

means

for

the

Board

to

evaluate

the

level,

breadth

and

quality

of

services

provided

by

the

Adviser

and

how

such

services

have

changed

over

time

in

light

of

new

or

modified

regulatory

requirements,

changes

to

market

conditions

or

other

factors.

In

connection

with

its

annual

consideration

of

the

advisory

agreements

for

the

Nuveen

funds,

the

Board,

through

its

independent

legal

counsel,

requested

and

received

extensive

materials

and

information

prepared

specifically

for

its

review

of

such

advisory

agreements

by

the

Adviser

and

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data.

The

materials

cover

a

wide

range

of

topics

including,

but

not

limited

to,

a

description

of

the

nature,

extent

and

quality

of

services

provided

by

the

Fund

Advisers;

a

review

of

product

actions

advanced

in

2022

for

the

benefit

of

particular

Nuveen

funds

and/or

the

Nuveen

fund

complex;

a

review

of

each

sub-adviser

to

the

Nuveen

funds

and/or

the

applicable

investment

team;

an

analysis

of

fund

performance

with

a

focus

on

any

Nuveen

funds

considered

performance

outliers;

an

analysis

of

the

fees

and

expense

ratios

of

the

Nuveen

funds

with

a

focus

on

any

Nuveen

funds

considered

expense

outliers;

a

review

of

management

fee

schedules;

a

review

of

temporary

and

permanent

expense

caps

and

fee

waivers

for

open-end

funds

(as

applicable)

and

related

expense

savings;

a

description

of

portfolio

manager

compensation;

a

description

of

the

profitability

or

financial

data

of

Nuveen

and

the

sub-advisers

to

the

Nuveen

funds;

and

a

description

of

indirect

benefits

received

by

the

Adviser

and

the

sub-advisers

as

a

result

of

their

relationships

with

the

Nuveen

funds.

The

information

prepared

specifically

for

the

annual

review

supplemented

the

information

provided

to

the

Board

and

its

committees

and

the

evaluations

of

the

Nuveen

funds

by

the

Board

and

its

committees

during

the

year.

The

Board’s

review

of

the

advisory

agreements

for

the

Nuveen

funds

is

based

on

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

information

prepared

specifically

with

respect

to

the

annual

review

of

such

advisory

agreements.

The

performance,

fee

and

expense

data

and

other

information

provided

by

a

Fund

Adviser,

Broadridge

or

other

service

providers

were

not

independently

verified

by

the

Independent

Board

Members.

As

part

of

its

review,

the

Board

met

on

April

11-12,

2023

(the

“April

Meeting”)

to

review

and

discuss,

in

part,

the

performance

of

the

Nuveen

funds

and

the

Adviser’s

evaluation

of

each

sub-adviser

to

the

Nuveen

funds

and/or

its

investment

teams.

At

the

April

Meeting,

the

Board

Members

asked

questions

and

requested

additional

information

that

was

provided

for

the

May

Meeting.

The

Independent

Board

Members

were

advised

by

independent

legal

counsel

during

the

annual

review

process

as

well

as

throughout

the

year,

including

meeting

in

executive

sessions

with

such

counsel

at

which

no

representatives

from

the

Adviser

or

the

Sub-Adviser

were

present.

In

connection

with

their

annual

review,

the

Independent

Board

Members

also

received

a

memorandum

from

independent

legal

counsel

outlining

their

fiduciary

duties

and

legal

standards

in

reviewing

the

Advisory

Agreements,

including

guidance

from

court

cases

evaluating

advisory

fees.

The

Board’s

decision

to

renew

the

Advisory

Agreements

was

not

based

on

a

single

identified

factor,

but

rather

the

decision

reflected

the

comprehensive

consideration

of

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

materials

prepared

specifically

in

connection

with

the

renewal

process.

The

contractual

arrangements

are

a

result

of

multiple

years

of

review,

negotiation

and

information

provided

in

connection

with

the

Board’s

annual

review

of

the

Nuveen

funds’

advisory

arrangements

and

oversight

of

the

Nuveen

funds.

Each

Board

Member

may

have

attributed

different

levels

of

importance

to

the

various

factors

and

information

considered

in

connection

with

the

approval

process

and

may

place

different

emphasis

on

the

relevant

information

year

to

year

in

light

of,

among

other

things,

changing

market

and

economic

conditions.

A

summary

of

the

principal

factors

and

information,

but

not

all

the

factors,

the

Board

considered

in

deciding

to

renew

the

Advisory

Agreements

is

set

forth

below.

139

A.

Nature,

Extent

and

Quality

of

Services

In

evaluating

the

renewal

of

the

Advisory

Agreements,

the

Independent

Board

Members

received

and

considered

information

regarding

the

nature,

extent

and

quality

of

the

applicable

Fund

Adviser’s

services

provided

to

the

respective

Fund

with

particular

focus

on

the

services

and

enhancements

or

changes

to

such

services

provided

during

the

last

year.

The

Independent

Board

Members

considered

the

Investment

Management

Agreements

and

the

Sub-Advisory

Agreements

separately

in

the

course

of

their

review.

With

this

approach,

they

considered

the

respective

roles

of

the

Adviser

and

the

Sub-Adviser

in

providing

services

to

the

Funds.

The

Board

recognized

that

the

Adviser

provides

a

wide

array

of

management,

oversight

and

administrative

services

to

manage

and

operate

the

Nuveen

funds

and

that

the

scope

and

complexity

of

these

services,

along

with

the

undertakings

required

of

the

Adviser

in

connection

with

providing

these

services,

have

expanded

over

time

as

a

result

of,

among

other

things,

regulatory,

market

and

other

developments.

The

Board

noted

the

Adviser’s

dedication

of

resources,

time,

personnel

and

capital

and

commitment

to

continuing

to

develop

improvements

and

innovations

that

seek

to

enhance

the

Nuveen

fund

complex

and

meet

the

needs

of

the

Nuveen

funds

in

an

increasingly

complex

regulatory

environment.

The

Board

received

and

reviewed

information

regarding,

among

other

things,

the

Adviser’s

investment

oversight

responsibilities,

regulatory

and

compliance

services,

administrative

duties

and

other

services.

The

Board

considered

the

breadth

and

the

quality

of

the

services

the

Adviser

and

its

various

teams

provide

in

overseeing

the

investment

management

of

the

Nuveen

funds,

including,

among

other

things,

overseeing

and

reviewing

the

services

provided

by

the

various

sub-advisers

to

the

Nuveen

funds

and

their

investment

teams;

evaluating

fund

performance

and

market

conditions;

overseeing

operational

and

investment

risks;

evaluating

investment

strategies

and

recommending

any

changes

thereto;

managing

liquidity;

managing

the

daily

valuation

of

portfolio

securities;

overseeing

trade

execution

and

securities

lending;

and

setting

and

managing

distributions

consistent

with

the

respective

fund’s

product

design.

The

Board

also

reviewed

the

structure

of

investment

personnel

compensation

of

each

Fund

Adviser

and

considered

whether

the

structure

provides

appropriate

incentives

to

attract

and

maintain

qualified

personnel

and

to

act

in

the

best

interests

of

the

respective

Nuveen

fund.

Given

the

Nuveen

funds

operate

in

a

highly

regulated

industry,

the

Board

further

considered

the

extensive

compliance,

regulatory

and

administrative

services

the

Adviser

and

its

various

teams

provide

to

manage

and

operate

the

Nuveen

funds.

The

Board

recognized

such

services

included,

but

were

not

limited

to,

managing

compliance

policies;

monitoring

compliance

with

applicable

policies,

laws

and

regulations;

devising

internal

compliance

programs

in

seeking

to

enhance

compliance

with

regulatory

requirements

and

creating

a

framework

to

review

and

assess

compliance

programs;

overseeing

sub-adviser

compliance

testing;

preparing

compliance

training

materials;

and

responding

to

regulatory

requests.

The

Board

reviewed

highlights

of

the

various

initiatives

Nuveen

compliance

had

taken

in

2022

including,

among

other

things,

additional

due

diligence

of

service

providers

as

their

operating

environments

evolve

post-Covid

to

more

hybrid

in-person

working

arrangements;

investments

in

supporting

and

expanding

international

trading

capabilities;

continuing

efforts

to

enhance

policies

and

controls

to

address

compliance

risks

including

those

related

to

environmental,

social

and

governance

(“ESG”)

matters

and

new

regulatory

developments

or

guidance;

and

establishing

and

maintaining

compliance

policies

and

comprehensive

compliance

training

programs.

The

Board

also

considered

information

regarding

the

Adviser’s

business

continuity,

disaster

recovery

and

information

security

programs

and

the

periodic

testing

and

review

of

such

programs.

In

addition

to

the

above

functions,

the

Board

considered

the

quality

and

extent

of

other

non-advisory

services

the

Adviser

provides

including,

among

other

things,

various

fund

administration

services

(such

as

preparing,

overseeing

or

assisting

with

the

preparation

of

tax

and

regulatory

filings);

product

management

services

(such

as

evaluating

and

enhancing

products

and

strategies);

legal

support

services;

shareholder

services

and

transfer

agency

function

oversight

services;

and

board

support

and

reporting

services.

With

respect

to

board

support

services,

the

Board

reviewed

a

summary

of

the

annual,

quarterly,

and

special

reports

the

Adviser

and/or

its

affiliates

provided

to

the

Board

throughout

2022.

The

Board

further

acknowledged

various

initiatives

the

Adviser

had

undertaken

or

continued

in

2022

in

seeking

to

improve

the

effectiveness

of

its

organization,

the

Nuveen

funds

product

line-up

as

well

as

particular

Nuveen

fund(s)

through,

among

other

things,

rationalizing

the

product

line

and

gaining

efficiencies

through

mergers,

repositionings

and

liquidations;

launching

new

funds;

reviewing

and

updating

investment

policies

and

benchmarks;

reopening

certain

funds

previously

closed

to

new

investors;

adding

or

modifying

the

share

classes

offered

by

certain

funds;

implementing

fee

waivers

and

expense

cap

changes

for

certain

funds

and

evaluating

and

adjusting

portfolio

management

teams

as

appropriate

for

various

funds;

and

developing

policy

positions

on

a

broad

range

of

regulatory

proposals

that

may

impact

the

funds

and

communicating

with

lawmakers

and

other

regulatory

authorities

to

help

ensure

these

positions

are

represented.

Aside

from

the

services

provided,

the

Board

recognized

the

financial

resources

of

the

Adviser

and

its

affiliates

and

their

willingness

to

make

investments

in

the

technology,

personnel

and

infrastructure

to

support

the

Nuveen

funds,

including

maintaining

a

seed

capital

budget

to

support

new

or

existing

funds

and/or

facilitate

changes

for

a

respective

fund.

The

Board

noted

the

benefits

to

shareholders

of

investing

in

a

fund

that

is

a

part

of

a

large

fund

complex

with

a

variety

of

investment

disciplines,

capabilities,

expertise

and

resources

available

to

navigate

and

support

the

Nuveen

funds

including

during

stressed

times.

The

Board

recognized

the

overall

reputation

and

capabilities

of

the

Adviser

and

its

affiliates,

the

Adviser’s

continuing

commitment

to

provide

high

quality

services,

its

willingness

to

implement

operational

or

organizational

changes

in

seeking,

among

other

things,

to

enhance

efficiencies

and

services

to

the

Nuveen

funds

and

its

responsiveness

to

the

Board’s

questions

and/or

concerns

raised

throughout

the

year

and

during

the

annual

review

of

advisory

agreements.

The

Board

also

considered

the

significant

risks

borne

by

the

Adviser

and

its

affiliates

in

connection

with

their

services

to

the

Nuveen

funds,

including

entrepreneurial

risks

in

sponsoring

new

funds

and

ongoing

risks

with

managing

the

funds

such

as

investment,

operational,

reputational,

regulatory,

compliance

and

litigation

risks.

The

Board

further

considered

the

division

of

responsibilities

between

the

Adviser

and

the

Sub-Adviser

and

recognized

that

the

Sub-Adviser

and

its

investment

personnel

generally

are

responsible

for

the

management

of

each

Fund’s

portfolio

under

the

oversight

of

the

Adviser

and

the

Board.

The

Board

considered

an

analysis

of

the

Sub-Adviser

provided

by

the

Adviser

which

included,

among

other

things,

the

assets

under

management

of

the

applicable

investment

team

and

changes

thereto,

a

summary

of

the

applicable

investment

team

and

changes

to

such

team,

the

investment

process

and

philosophy

of

the

applicable

investment

team,

the

performance

of

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser

over

various

periods

140

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

of

time

and

a

summary

of

any

significant

policy

and/or

other

changes

to

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser.

The

Board

further

considered

at

the

May

Meeting

or

prior

meetings

evaluations

of

the

Sub-Adviser’s

compliance

programs

and

trade

execution.

The

Board

noted

that

the

Adviser

recommended

the

renewal

of

the

Sub-Advisory

Agreements.

Based

on

its

review,

the

Board

determined,

in

the

exercise

of

its

reasonable

business

judgment,

that

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

respective

Funds

under

each

applicable

Advisory

Agreement.

B.

The

Investment

Performance

of

the

Funds

and

Fund

Advisers

In

evaluating

the

quality

of

the

services

provided

by

the

Fund

Advisers,

the

Board

also

considered

a

variety

of

investment

performance

data

of

the

Nuveen

funds

prepared

specifically

for

the

annual

review

of

the

advisory

agreements

as

well

as

the

performance

data

the

Board

received

throughout

the

year

representing

different

time

periods.

In

this

regard,

leading

into

the

May

Meeting,

the

Board

reviewed,

among

other

things,

Fund

performance

over

the

quarter,

one-,

three-

and

five-year

periods

ending

December 31,

2022

and

March

31,

2023.

The

performance

data

was

based

on

Class

A

shares;

however,

the

performance

of

other

classes

should

be

substantially

similar

as

they

invest

in

the

same

portfolio

of

securities

and

differences

in

performance

among

the

classes

would

be

principally

attributed

to

the

variations

in

the

expense

structures

of

the

classes.

In

addition,

the

Board

reviewed

and

discussed

performance

data

at

its

regularly

scheduled

quarterly

meetings

during

the

year.

The

Board

therefore

took

into

account

the

performance

data,

presentations

and

discussions

(written

and

oral)

that

have

been

provided

for

the

annual

review

as

well

as

in

prior

meetings

over

time

in

evaluating

fund

performance,

including

the

Adviser’s

analysis

of

a

fund’s

performance

with

particular

focus

on

performance

outliers

(both

overperformance

and

underperformance),

the

factors

contributing

to

performance

(including

relative

to

a

fund’s

benchmark

and

peers

and

the

impact

of

market

conditions)

and

any

recommendations

or

steps

that

had

been

taken

or

were

proposed

to

be

taken

to

address

significant

performance

concerns.

In

this

regard,

the

Board

noted,

among

other

things,

that

certain

Nuveen

funds

had

changes

in

portfolio

managers

or

other

significant

changes

to

their

investment

strategies

or

policies

since

March

2020,

and,

as

a

result,

the

Board

reviewed

certain

tracking

performance

data

comparing

the

performance

of

such

funds

before

and

after

such

changes.

The

Board

recognized

that

performance

data

reflects

performance

over

a

specified

period

which

may

differ

significantly

depending

on

the

ending

dates

selected,

particularly

during

periods

of

market

volatility.

Further,

the

Board

noted

that

shareholders

may

evaluate

performance

based

on

their

own

respective

holding

periods

which

may

differ

from

the

performance

periods

reviewed

by

the

Board

and

lead

to

differing

results.

In

its

evaluation,

the

Board

reviewed

Nuveen

fund

performance

results

from

different

perspectives.

In

general,

subject

to

certain

exceptions,

the

Board

reviewed

both

absolute

and

relative

fund

performance

during

the

annual

review

over

the

various

time

periods

and

evaluated

performance

results

in

light

of

a

fund’s

investment

objective(s),

strategies

and

risks.

With

respect

to

the

relative

performance,

the

Board

considered

fund

performance

in

comparison

to

the

performance

of

peer

funds

(the

“Performance

Peer

Group”)

and

recognized

and/or

customized

benchmarks

(i.e.,

generally

benchmarks

derived

from

multiple

recognized

benchmarks).

In

reviewing

such

comparative

performance,

the

Board

was

cognizant

of

the

inherent

limitations

of

such

data

which

can

make

meaningful

performance

comparisons

generally

difficult.

As

an

illustration,

differences

in

the

composition

of

the

Performance

Peer

Group,

the

investment

objective(s),

strategies

and

other

characteristics

of

the

peers

in

the

Performance

Peer

Group,

the

level,

type

and

cost

of

leverage

(if

any)

of

the

peers,

and

the

varying

sizes

of

peers

all

may

contribute

to

differences

in

the

performance

results

of

a

Performance

Peer

Group

compared

to

the

applicable

Nuveen

fund.

With

respect

to

relative

performance

of

a

Nuveen

fund

compared

to

a

benchmark

index,

differences,

among

other

things,

in

the

investment

objective(s)

and

strategies

of

a

fund

and

the

benchmark

(particularly

an

actively

managed

fund

that

does

not

directly

follow

an

index)

as

well

as

the

costs

of

operating

a

fund

would

necessarily

contribute

to

differences

in

performance

results

and

limit

the

value

of

the

comparative

performance

information.

To

assist

the

Board

in

its

review

of

the

comparability

of

the

relative

performance,

the

Adviser

has

ranked

the

relevancy

of

the

peer

group

to

the

Funds

as

low,

medium

or

high.

The

Board

also

evaluated

Nuveen

fund

performance

in

light

of

various

relevant

factors

which

may

include,

among

other

things,

general

market

conditions,

issuer-specific

information,

asset

class

information,

leverage

and

fund

cash

flows.

The

Board

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance

and

that

a

single

investment

theme

could

disproportionately

affect

performance.

Further,

the

Board

recognized

that

the

market

and

economic

conditions

may

significantly

impact

a

fund’s

performance,

particularly

over

shorter

periods,

and

such

performance

may

be

more

reflective

of

such

economic

or

market

events

and

not

necessarily

reflective

of

management

skill.

Although

the

Board

reviews

short-,

intermediate-

and

longer-term

performance

data,

the

Board

recognized

that

longer

periods

of

performance

may

reflect

full

market

cycles.

In

relation

to

recent

general

market

conditions,

the

Board

had

recognized

the

general

market

volatility

and

underperformance

of

the

market

in

2022

in

considering

Nuveen

fund

performance.

The

Board

took

into

account

the

Adviser’s

assessment

of

a

fund’s

performance

during

the

recent

period

of

significant

market

volatility.

In

their

review

from

year

to

year,

the

Board

Members

consider

and

may

place

different

emphasis

on

the

relevant

information

in

light

of

changing

circumstances

in

market

and

economic

conditions.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

However,

depending

on

the

facts

and

circumstances

including

any

differences

between

the

respective

fund

and

its

benchmark

and/or

Performance

Peer

Group,

the

Board

may

be

satisfied

with

a

fund’s

performance

notwithstanding

that

its

performance

may

be

below

that

of

its

benchmark

and/or

peer

group

for

certain

periods.

With

respect

to

any

funds

for

which

the

Board

has

identified

performance

issues,

the

Board

seeks

to

monitor

such

funds

closely

until

performance

improves,

discusses

with

the

Adviser

the

reasons

for

such

results,

considers

whether

any

steps

are

necessary

or

appropriate

to

address

such

issues,

and

reviews

the

results

of

any

steps

undertaken.

The

Board’s

determinations

with

respect

to

each

Fund

are

summarized

below.

For

Nuveen

California

High

Yield

Municipal

Bond

Fund

(the

“California

High

Yield

Fund”),

the

Board

noted

that

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-,

three-

and

five-year

periods

ended

December

31,

2022

and

March

31,

2023.

In

its

review,

the

Board

noted

that

the

Fund’s

Performance

Peer

Group

was

classified

as

low

for

relevancy.

The

Board

took

into

account

management’s

discussion

of

the

Fund’s

performance,

including

the

reasons

for

the

Fund’s

challenged

performance

for

certain

periods,

and

the

Fund’s

more

recent

improved

performance

for

the

quarter

ended

March

31,

2023.

On

the

basis

of

the

141

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

California

Municipal

Bond

Fund

(the

“California

Fund”),

the

Board

noted

that

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December

31,

2022

and

March

31,

2023.

Further,

although

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

three-

and

five-year

periods

ended

December

31,

2022

and

March

31,

2023,

the

Fund

ranked

in

the

third

quartile

for

the

one-year

periods

ended

December

31,

2022

and

March

31,

2023.

The

Board

took

into

account

management’s

discussion

of

the

Fund’s

performance,

including

the

reasons

for

the

Fund’s

challenged

performance

for

certain

periods.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

Connecticut

Municipal

Bond

Fund

(the

“Connecticut

Fund”),

the

Board

noted

that

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-,

three-

and

five-year

periods

ended

December

31,

2022.

Further,

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

March

31,

2023

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-

and

five-year

periods

but

the

third

quartile

for

the

three-year

period

ended

March

31,

2023.

The

Board

took

into

account

management’s

discussion

of

the

Fund’s

performance,

including

the

reasons

for

the

Fund’s

challenged

performance

for

certain

periods,

and

the

Fund’s

more

recent

improved

performance

for

the

quarter

ended

March

31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

Massachusetts

Municipal

Bond

Fund

(the

“Massachusetts

Fund”),

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December

31,

2022

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

December

31,

2022,

the

Fund

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

three-year

period

and

second

quartile

for

the

five-year

period

ended

December

31,

2022.

In

addition,

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

March

31,

2023

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

March

31,

2023,

the

Fund

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

three-

and

five-year

periods

ended

March

31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

New

Jersey

Municipal

Bond

Fund

(the

“New

Jersey

Fund”),

the

Board

noted

that

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2022

and

March

31,

2023.

The

Fund,

however,

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-,

three-

and

five-year

periods

ended

December

31,

2022

and

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

and

third

quartile

for

the

three-

and

five-year

periods

ended

March

31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

New

York

Municipal

Bond

Fund

(the

“New

York

Fund”),

the

Board

noted

that

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-,

three-

and

five-year

periods

ended

December

31,

2022.

In

addition,

the

Board

noted

that

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

March

31,

2023

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-

and

five-year

periods

ended

March

31,

2023

but

the

third

quartile

for

the

three-year

period

ended

March

31,

2023.

The

Board

took

into

account

management’s

discussion

of

the

Fund’s

performance,

including

the

reasons

for

the

Fund’s

challenged

performance

for

certain

periods,

and

the

Fund’s

more

recent

improved

performance

for

the

quarter

ended

March

31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

142

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

C.

Fees,

Expenses

and

Profitability

1.

Fees

and

Expenses

As

part

of

its

annual

review,

the

Board

generally

reviewed,

among

other

things,

with

respect

to

the

Nuveen

open-end

funds,

the

contractual

management

fee

and

net

management

fee

(i.e.,

the

management

fee

after

taking

into

consideration

fee

waivers

and/or

expense

reimbursements,

if

any)

paid

by

a

fund

to

the

Adviser

in

light

of

the

nature,

extent

and

quality

of

the

services

provided.

The

Board

also

considered

the

total

operating

expense

ratio

of

a

fund

(after

any

fee

waivers

and/or

expense

reimbursements).

More

specifically,

the

Independent

Board

Members

reviewed,

among

other

things,

each

Nuveen

open-end

fund’s

gross

and

net

management

fee

rates

(i.e.,

before

and

after

fee

waivers

and/or

expense

reimbursements,

if

any)

and

net

total

expense

ratio

in

relation

to

those

of

a

comparable

universe

of

funds

(the

“Peer

Universe”)

and

to

a

more

focused

subset

of

comparable

funds

(the

“Peer

Group”)

established

by

Broadridge

(subject

to

certain

exceptions).

The

Independent

Board

Members

reviewed

the

methodology

Broadridge

employed

to

establish

its

Peer

Universe

and

Peer

Group

(as

applicable)

and

recognized

that

differences

between

the

applicable

fund

and

its

respective

Peer

Universe

and/

or

Peer

Group

as

well

as

changes

to

the

composition

of

the

Peer

Group

and/or

Peer

Universe

from

year

to

year

may

limit

some

of

the

value

of

the

comparative

data.

The

Independent

Board

Members

take

these

limitations

and

differences

into

account

when

reviewing

comparative

peer

data.

The

Independent

Board

Members

also

considered

a

fund’s

operating

expense

ratio

as

it

more

directly

reflected

the

shareholder’s

costs

in

investing

in

the

respective

fund.

In

their

review,

the

Independent

Board

Members

considered,

in

particular,

each

Nuveen

fund

with

a

net

total

expense

ratio

of

six

basis

points

or

higher

compared

to

that

of

its

peer

average

(each,

an

“Expense

Outlier

Fund”)

and

an

analysis

as

to

the

factors

contributing

to

each

such

fund’s

higher

relative

net

total

expense

ratio.

Accordingly,

in

reviewing

the

comparative

data

between

a

fund

and

its

peers,

the

Board

generally

considered

the

fund’s

net

total

expense

ratio

and

fees

to

be

higher

if

they

were

over

10

basis

points

higher,

slightly

higher

if

they

were

6

to

10

basis

points

higher,

in

line

if

they

were

within

approximately

5

basis

points

higher

than

the

peer

average

and

below

if

they

were

below

the

peer

average

of

the

Peer

Group.

The

Independent

Board

Members

also

considered,

in

relevant

part,

a

Nuveen

fund’s

management

fee

and

net

total

expense

ratio

in

light

of

its

performance

history,

including

reviewing

certain

funds

identified

by

the

Adviser

and/or

the

Board

as

having

a

higher

net

total

expense

ratio

or

management

fee

compared

to

their

respective

peers

coupled

with

experiencing

periods

of

challenged

performance

and

considering

the

reasons

for

such

comparative

positions.

In

addition,

in

their

review

of

the

fee

arrangements

for

the

Nuveen

funds,

the

Independent

Board

Members

considered

the

management

fee

schedules,

including

the

complex-wide

and

fund-level

breakpoint

schedules,

and

the

expense

reimbursements

and/or

fee

waivers

provided

by

Nuveen

for

each

fund,

as

applicable.

The

Board

noted

that

across

the

Nuveen

fund

complex,

the

complex-wide

fee

breakpoints

reduced

fees

by

approximately

$62.4 million

and

fund-level

breakpoints

reduced

fees

by

approximately

$76.1 million

in

2022.

Further,

fee

caps

and

waivers

for

all

applicable

Nuveen

funds

saved

shareholders

approximately

$13.4 million

in

fees

in

2022.

With

respect

to

the

Sub-Adviser,

the

Board

also

considered,

among

other

things,

the

sub-advisory

fee

schedule

paid

to

the

Sub-Adviser

in

light

of

the

sub-advisory

services

provided

to

the

respective

Fund

and

comparative

data

of

the

fees

the

Sub-Adviser

charges

to

other

clients,

if

any.

In

its

review,

the

Board

recognized

that

the

compensation

paid

to

the

Sub-Adviser

is

the

responsibility

of

the

Adviser,

not

the

Funds.

The

Independent

Board

Members

noted

that

(a)

the

California

High

Yield

Fund

had

a

net

management

fee

that

was

slightly

higher

than

the

peer

average,

but

a

net

total

expense

ratio

that

was

in

line

with

the

peer

average;

(b)

the

California

Fund,

Massachusetts

Fund,

New

Jersey

Fund

and

New

York

Fund

each

had

a

net

management

fee

that

was

in

line

with

the

respective

peer

average

and

a

net

total

expense

ratio

that

was

below

the

respective

peer

average;

and

(c)

the

Connecticut

Fund

had

a

net

management

fee

that

was

higher

than

the

peer

average,

but

a

net

total

expense

ratio

that

was

below

the

peer

average.

Based

on

its

review

of

the

information

provided,

the

Board

determined

that

each

Fund’s

management

fees

(as

applicable)

to

a

Fund

Adviser

were

reasonable

in

light

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

2.

Comparisons

with

the

Fees

of

Other

Clients

In

evaluating

the

appropriateness

of

fees,

the

Board

also

considered

information

regarding

the

fee

rates

the

respective

Fund

Advisers

charged

to

certain

other

types

of

clients

and

the

type

of

services

provided

to

these

other

clients.

With

respect

to

the

municipal

Nuveen

funds,

such

other

clients

may

include

retail

and

institutional

municipal

managed

accounts

sub-advised

by

the

Sub-Adviser,

municipal

exchange-traded

funds

(“ETFs”)

sub-advised

by

the

Sub-Adviser

that

are

offered

by

another

fund

complex,

municipal

managed

accounts

offered

by

an

unaffiliated

adviser

and

certain

municipal

private

limited

partnerships

offered

by

Nuveen.

The

Board

reviewed,

among

other

things,

the

fee

range

and

average

fee

of

municipal

retail

advisory

accounts

and

municipal

institutional

accounts,

the

sub-advisory

fee

the

Sub-Adviser

received

for

serving

as

sub-adviser

to

certain

municipal

ETFs

offered

outside

the

Nuveen

family

and

the

management

fee

rates

paid

by

the

municipal

private

limited

partnerships

operated

by

Nuveen.

143

In

considering

the

comparative

fee

data,

the

Board

recognized

that

differences,

including

but

not

limited

to,

the

amount,

type

and

level

of

services

provided

by

the

Adviser

to

the

Nuveen

funds

compared

to

that

provided

to

other

clients

as

well

as

differences

in

investment

policies;

eligible

portfolio

assets

and

the

manner

of

managing

such

assets;

product

structure;

investor

profiles;

account

sizes;

and

regulatory

requirements

contribute

to

the

variations

in

the

fee

schedules.

The

Board

acknowledged

the

wide

range

of

services

in

addition

to

investment

management

that

the

Adviser

had

provided

to

the

Nuveen

funds

compared

to

other

types

of

clients

as

well

as

the

increased

entrepreneurial,

legal

and

regulatory

risks

that

the

Adviser

incurs

in

sponsoring

and

managing

the

Nuveen

funds.

In

general,

higher

fee

levels

reflect

higher

levels

of

service

provided

by

the

Adviser,

increased

investment

management

complexity,

greater

product

management

requirements,

and

higher

levels

of

business

risk

or

some

combination

of

these

factors.

The

Board

further

considered

that

the

Sub-Adviser’s

fee

is

essentially

for

portfolio

management

services

and

therefore

more

comparable

to

the

fees

it

receives

for

retail

wrap

accounts

and

other

external

sub-advisory

mandates.

The

Board

concluded

the

varying

levels

of

fees

were

justified

given,

among

other

things,

the

more

extensive

services,

regulatory

requirements

and

legal

liabilities,

and

the

entrepreneurial,

legal

and

regulatory

risks

incurred

in

sponsoring

and

advising

a

registered

investment

company

compared

to

that

required

in

advising

other

types

of

clients.

3.

Profitability

of

Fund

Advisers

In

their

review,

the

Independent

Board

Members

considered

estimated

profitability

information

of

Nuveen

as

a

result

of

its

advisory

services

to

the

Nuveen

funds

as

well

as

profitability

data

of

other

publicly

traded

asset

management

firms.

Such

profitability

information

included,

among

other

things,

gross

and

net

revenue

margins

(excluding

distribution)

of

Nuveen

Investments,

Inc.

(“Nuveen

Investments”)

for

services

to

the

Nuveen

funds

on

a

pre-tax

and

after-tax

basis

for

the

2022

and

2021

calendar

years

as

well

as

the

revenues

earned

(less

any

expense

reimbursements/fee

waivers)

and

expenses

incurred

by

Nuveen

Investments

for

its

advisory

activities

to

the

Nuveen

funds

(excluding

distribution

and

certain

other

expenses)

for

the

2022

and

2021

calendar

years.

The

Independent

Board

Members

also

considered

a

summary

of

some

of

the

key

factors

that

impacted

Nuveen’s

profitability

in

2022.

In

addition,

the

Board

reviewed

the

revenues,

expenses

and

operating

margin

(pre-

and

after-tax)

the

Adviser

derived

from

its

ETF

product

line

for

the

2022

and

2021

calendar

years.

In

developing

the

profitability

data

of

the

Adviser

for

its

advisory

services

to

the

Nuveen

funds,

the

Independent

Board

Members

recognized

the

subjective

nature

of

calculating

profitability

as

the

information

is

not

audited

and

is

necessarily

dependent

on

cost

allocation

methodologies

to

allocate

expenses

throughout

the

complex

and

among

the

various

advisory

products.

Given

there

is

no

perfect

expense

allocation

methodology

and

that

other

reasonable

and

valid

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results,

the

Board

reviewed,

among

other

things,

a

description

of

the

cost

allocation

methodologies

employed

to

develop

the

financial

information,

a

summary

of

the

history

of

changes

to

the

methodology

over

the

years

from

2010

through

2022,

and

a

historical

expense

analysis

of

Nuveen

Investments’

revenues,

expenses

and

pre-tax

net

revenue

margins

derived

from

its

advisory

services

to

the

Nuveen

funds

(excluding

distribution)

for

the

calendar

years

from

2017

through

2022.

The

Board

had

also

appointed

four

Independent

Board

Members

to

serve

as

the

Board’s

liaisons,

with

the

assistance

of

independent

counsel,

to

meet

with

representatives

of

the

Adviser

and

review

the

development

of

the

profitability

data

and

to

report

to

the

full

Board.

In

addition,

the

Board

considered

certain

comparative

operating

margin

data.

In

this

regard,

the

Board

reviewed

the

operating

margins

of

Nuveen

Investments

compared

to

the

adjusted

operating

margins

of

a

peer

group

of

asset

management

firms

with

publicly

available

data

and

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

to

Nuveen.

The

Board

recognized

that

the

operating

margins

of

the

peers

were

adjusted

generally

to

address

that

certain

services

provided

by

the

peers

were

not

provided

by

Nuveen.

The

Board

also

reviewed,

among

other

things,

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

on

a

company-wide

basis

and

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

derived

from

its

services

to

the

Nuveen

funds

only

(including

and

excluding

distribution)

compared

to

the

adjusted

operating

margins

of

the

peer

group

for

each

calendar

year

from

2012

to

2022.

Although

the

total

company

operating

margins

of

Nuveen

Investments

were

in

the

bottom

half

of

the

peer

group

range

for

2022

and

2021,

the

Independent

Board

Members

recognized

the

limitations

of

the

comparative

data

given

that

peer

data

is

not

generally

public

and

the

calculation

of

profitability

is

subjective

and

affected

by

numerous

factors

(such

as

types

of

funds

a

peer

manages,

its

business

mix,

its

cost

of

capital,

the

numerous

assumptions

underlying

the

methodology

used

to

allocate

expenses

and

other

factors)

that

can

have

a

significant

impact

on

the

results.

Aside

from

Nuveen’s

profitability,

the

Board

recognized

that

the

Adviser

is

a

subsidiary

of

Nuveen,

LLC,

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

Accordingly,

the

Board

also

reviewed

a

balance

sheet

for

TIAA

reflecting

its

assets,

liabilities

and

capital

and

contingency

reserves

for

the

2022

and

2021

calendar

years

to

consider

the

financial

strength

of

TIAA.

The

Board

recognized

the

benefit

of

an

investment

adviser

and

its

parent

with

significant

resources,

particularly

during

periods

of

market

volatility.

The

Board

also

noted

the

reinvestments

Nuveen,

its

parent

and/or

other

affiliates

made

into

its

business

through,

among

other

things,

the

investment

of

seed

capital

in

certain

Nuveen

funds

and

continued

investments

in

enhancements

to

technological

capabilities.

In

addition

to

Nuveen,

the

Independent

Board

Members

considered

the

profitability

of

the

Sub-Adviser

from

its

relationships

with

the

respective

Nuveen

funds.

In

this

regard,

the

Independent

Board

Members

reviewed,

among

other

things,

the

Sub-Adviser’s

revenues,

expenses

and

net

revenue

margins

(pre-

and

after-tax)

for

its

advisory

activities

to

the

respective

Nuveen

funds

for

the

calendar

years

ended

December 31,

2022

and

December

31,

2021.

The

Independent

Board

Members

also

reviewed

a

profitability

analysis

reflecting

the

revenues,

expenses

and

revenue

margin

(pre-

and

after-tax)

by

asset

type

for

the

Sub-Adviser

for

the

calendar

years

ending

December 31,

2022

and

December

31,

2021.

In

evaluating

the

reasonableness

of

the

compensation,

the

Independent

Board

Members

also

considered

any

other

ancillary

benefits

derived

by

the

respective

Fund

Adviser

from

its

relationship

with

the

Nuveen

funds

as

discussed

in

further

detail

below.

Based

on

a

consideration

of

all

the

information

provided,

the

Board

noted

that

Nuveen’s

and

the

Sub-Adviser’s

level

of

profitability

was

acceptable

and

not

unreasonable

in

light

of

the

services

provided.

144

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

D.

Economies

of

Scale

and

Whether

Fee

Levels

Reflect

These

Economies

of

Scale

The

Board

considered

whether

there

have

been

economies

of

scale

with

respect

to

the

management

of

the

Nuveen

funds,

whether

these

economies

of

scale

have

been

appropriately

shared

with

the

funds

and

whether

there

is

potential

for

realization

of

further

economies

of

scale.

Although

the

Board

recognized

that

economies

of

scale

are

difficult

to

measure

with

any

precision

and

certain

expenses

may

not

decline

with

a

rise

in

assets,

the

Board

considered

that

Nuveen

shares

the

benefits

of

economies

of

scale,

if

any,

in

a

number

of

ways

including

through

the

use

of

breakpoints

in

the

management

fee

schedule,

fee

waivers

and/or

expense

limitations,

the

pricing

of

funds

at

scale

at

inception

and

investments

in

Nuveen’s

business

which

can

enhance

the

services

provided

to

the

funds

for

the

fees

paid.

In

this

regard,

the

Board

recognized

that

the

management

fee

of

the

Adviser

is

generally

comprised

of

a

fund-level

component

and

a

complex-level

component

each

with

its

own

breakpoint

schedule,

subject

to

certain

exceptions.

The

Board

reviewed

the

fund-level

and

complex-level

fee

schedules.

With

this

structure,

the

Board

noted

that

the

complex-level

breakpoint

schedule

is

designed

to

deliver

the

benefits

of

economies

of

scale

to

shareholders

when

the

eligible

assets

in

the

complex

pass

certain

thresholds

even

if

the

assets

of

a

particular

fund

are

unchanged

or

have

declined,

and

the

fund-level

breakpoint

schedules

are

designed

to

share

economies

of

scale

with

shareholders

if

the

particular

fund

grows.

In

addition

to

the

fund-level

and

complex-level

fee

schedules,

the

Independent

Board

Members

considered

the

temporary

and/or

permanent

expense

caps

applicable

to

certain

Nuveen

funds

(including

the

amounts

of

fees

waived

or

amounts

reimbursed

to

the

respective

funds

in

2022

and

2021),

including

the

permanent

expense

caps

applicable

to

the

California

High

Yield

Fund,

California

Fund,

Massachusetts

Fund

and

New

York

Fund.

The

Board

recognized

that

such

waivers

and

reimbursements

applicable

to

the

respective

Nuveen

funds

are

another

means

for

potential

economies

of

scale

to

be

shared

with

shareholders

of

such

funds

and

can

provide

a

protection

from

an

increase

in

expenses

if

the

assets

of

the

applicable

funds

decline.

As

noted

above,

the

Independent

Board

Members

also

recognized

the

continued

reinvestment

in

Nuveen’s

business

to

enhance

its

capabilities

and

services

to

the

benefit

of

its

various

clients.

The

Board

understood

that

many

of

these

investments

in

the

Nuveen

business

were

not

specific

to

individual

Nuveen

funds

but

rather

incurred

across

of

a

variety

of

products

and

services

pursuant

to

which

the

family

of

Nuveen

funds

as

a

whole

may

benefit.

In

addition,

the

Board

also

considered

that

Nuveen

has

provided,

without

raising

advisory

fees

to

the

Nuveen

funds,

certain

additional

services,

including,

but

not

limited

to,

services

required

by

new

regulations

and

regulatory

interpretations,

and

this

was

also

a

means

of

sharing

economies

of

scale

with

the

funds

and

their

shareholders.

Based

on

its

review,

the

Board

was

satisfied

that

the

current

fee

arrangements

together

with

the

reinvestment

in

Nuveen’s

business

appropriately

shared

any

economies

of

scale

with

shareholders.

E.

Indirect

Benefits

The

Independent

Board

Members

received

and

considered

information

regarding

other

benefits

the

respective

Fund

Adviser

or

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Nuveen

funds.

The

Independent

Board

Members

recognized

that

an

affiliate

of

the

Adviser

serves

as

principal

underwriter

providing

distribution

and/or

shareholder

services

to

the

open-end

funds

for

which

it

may

be

compensated.

The

Independent

Board

Members

further

noted

that,

subject

to

certain

exceptions,

certain

classes

of

the

Nuveen

open-end

funds

pay

12b-1

fees

and

while

a

majority

of

such

fees

were

paid

to

third

party

financial

intermediaries,

the

Board

reviewed

the

amount

retained

by

the

Adviser’s

affiliate.

In

addition,

the

Independent

Board

Members

noted

that

the

various

sub-advisers

to

the

Nuveen

funds

do

not

generally

benefit

from

soft

dollar

arrangements

with

respect

to

Nuveen

fund

portfolio

transactions.

Based

on

its

review,

the

Board

concluded

that

any

indirect

benefits

received

by

a

Fund

Adviser

as

a

result

of

its

relationship

with

the

Funds

were

reasonable

in

light

of

the

services

provided.

F.

Other

Considerations

The

Independent

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Independent

Board

Members

concluded

that

the

terms

of

each

Advisory

Agreement

were

reasonable,

that

the

respective

Fund

Adviser’s

fees

were

reasonable

in

light

of

the

services

provided

to

each

Fund

and

that

the

Advisory

Agreements

be

renewed

for

an

additional

one-year

period.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

MSA-MS3-0823P

3131433-INV-B-10/24

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800)

257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

333

W.

Wacker

Dr.,

Chicago,

IL

60606.

Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.c

om/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 II

By (Signature and Title)	/s/ Justin M. Pfaff
	Justin M. Pfaff
	Chief Administrative Officer

Date: November 3, 2023

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

By (Signature and Title)	/s/ Justin M. Pfaff
	Justin M. Pfaff
	Chief Administrative Officer
	(principal executive officer)

Date: November 3, 2023

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

Date: November 3, 2023