Nuveen Multistate Trust I N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-07747

Nuveen Multistate Trust I

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark J. Czarniecki

Vice President and Secretary

333 West Wacker Drive,

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2023

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

Bond

Funds

Mutual

Funds

Nuveen

Municipal

November

30,

2023

Semi-annual

Report

This

semi-annual

report

contains

the

Funds'

unaudited financial

statements.

Fund

Name

Class

A

Class

C

Class

I

Nuveen

Arizona

Municipal

Bond

Fund

FAZTX

FZCCX

NMARX

Nuveen

Colorado

Municipal

Bond

Fund

FCOTX

FAFKX

FCORX

Nuveen

Maryland

Municipal

Bond

Fund

NMDAX

NACCX

NMMDX

Nuveen

New

Mexico

Municipal

Bond

Fund

FNMTX

FNCCX

FNMRX

Nuveen

Pennsylvania

Municipal

Bond

Fund

FPNTX

FPCCX

NBPAX

Nuveen

Virginia

Municipal

Bond

Fund

FVATX

FVCCX

NMVAX

2

Table

of

Contents

Letter

to

Shareholders

3

Important

Notices

4

Risk

Considerations

and

Dividend

Information

5

About

the

Funds’

Benchmarks

6

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summaries

7

Yields

20

Expense

Examples

22

Portfolios

of

Investments

24

Statement

of

Assets

and

Liabilities

75

Statement

of

Operations

77

Statement

of

Changes

in

Net

Assets

79

Financial

Highlights

82

Notes

to

Financial

Statements

94

Shareholder

Meeting

Report

107

Additional

Fund

Information

108

Glossary

of

Terms

Used

in

this

Report

109

Liquidity

Risk

Management

Program

110

Letter

to

Shareholders

3

Dear

Shareholders,

Financial

markets

spent

the

past

year

focused

on

the

direction

of

inflation

and

whether

policy

makers

would

be

able

to

deliver

a

soft

landing

in

their

economies.

After

more

than

a

year

and

a

half

of

interest

rate

increases

by

the

U.S.

Federal

Reserve

(Fed)

and

other

central

banks,

financial

conditions

have

tightened

and

inflation

rates

have

cooled

considerably.

The

Fed

increased

the

target

fed

funds

rate

from

near

zero

in

March

2022

to

a

range

of

5.25%

to

5.50%

at

its

latest

increase

in

July

2023,

then

left

the

rate

unchanged

through

December

2023.

At

its

December

2023

policy

meeting,

the

Fed

acknowledged

the

fed

funds

rate

may

have

reached

its

peak.

But

current

inflation

rates

remain

above

central

banks’

targets,

and

the

trajectory

from

here

is

difficult

to

predict

given

that

monetary

policy

acts

on

the

economy

with

long

and

variable

lags.

Surprisingly,

economies

were

relatively

resilient

for

much

of

2023.

By

year-end,

the

“most

predicted

recession”

had

yet

to

materialize

in

the

U.S.,

while

U.K.

and

European

economic

growth

was

just

beginning

to

show

signs

of

stagnation

or

decline.

U.S.

gross

domestic

product

rose

4.9%

in

the

third

quarter

of

2023,

2.1%

in

the

second

quarter

of

2023

and

2.0%

in

the

first

quarter

of

2023,

after

growing

2.1%

in

2022

overall

compared

to

2021.

Much

of

the

growth

was

driven

by

a

relatively

strong

jobs

market,

which

kept

consumer

sentiment

and

spending

elevated

despite

long-term

interest

rates

nearing

multi-year

highs,

a

series

of

U.S.

regional

bank

failures

and

shocks

from

flaring

geopolitical

tensions.

While

central

banks

are

likely

nearing

the

end

of

this

interest

rate

hiking

cycle,

there

are

still

upside

risks

to

inflation

and

downside

risks

to

the

economy.

Some

labor

market

and

consumer

indicators

are

softening.

Government

funding

and

deficits

remain

a

concern,

especially

as

the

U.S.

election

year

gets

underway.

The

markets

will

continue

to

try

to

anticipate

monetary

policy

shifts

as

the

Fed

evaluates

incoming

data

and

adjusts

its

rate

setting

activity

on

a

meeting-

by-meeting

basis.

Geopolitical

risks

–

from

relations

with

China,

to

wars

in

Europe

and

the

Middle

East

–

also

expand

the

range

of

outcomes

from

economies

and

markets

around

the

world.

All

these

uncertainties,

and

others,

will

remain

sources

of

short-term

market

volatility.

In

this

environment,

Nuveen

remains

committed

to

filtering

the

market

noise

for

investable

opportunities

that

ultimately

serve

long-term

investment

objectives.

Maintaining

a

long-term

perspective

is

also

important

for

investors,

and

we

encourage

you

to

review

your

time

horizon,

risk

tolerance

and

investment

goals

with

your

financial

professional.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Co-Chair

of

the

Board

January

19,

2024

4

Important

Notices

Portfolio

Manager

Commentaries

in

Semi-annual

Shareholder

Reports

The

Funds

include

portfolio

manager

commentary

in

their

annual

shareholder

reports.

For

the

Funds’

most

recent

annual

portfolio

manager

discussion,

please

refer

to

the

Portfolio

Managers’

Comments

section

of

each

Fund’s

May

31,

2023

annual

shareholder

report.

For

current

information

on

your

Fund’s

investment

objectives,

portfolio

management

team

and

average

annual

total

returns

please

refer

to

the

Fund’s

website

at

www.nuveen.com.

For

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

May

31,

2024.

Portfolio

Manager

Updates

Effective

October

13,

2023,

Stephen

Candido,

CFA

was

added

as

a

portfolio

manager

of

Nuveen

Arizona

Municipal

Bond

Fund

and

Nuveen

New

Mexico

Municipal

Bond

Fund.

Effective

October

13,

2023,

Scott

Romans,

Ph.D.

and

Kristen

DeJong,

CFA

were

added

as

portfolio

managers

of

Nuveen

Colorado

Municipal

Bond

Fund

and

Nuveen

Pennsylvania

Municipal

Bond

Fund.

Additionally,

Christopher

Drahn

will

continue

to

serve

as

a

portfolio

manager

of

the

Nuveen

Colorado

Municipal

Bond

Fund

until

his

retirement

on

April

1,

2024.

Effective

October

13,

2023,

Michael

Hamilton

was

added

as

a

portfolio

manager

of

Nuveen

Maryland

Municipal

Bond

Fund

and

Nuveen

Virginia

Municipal

Bond

Fund.

There

were

no

other

changes

to

the

portfolio

management

of

the

Funds

during

the

reporting

period.

Risk

Considerations

and

Dividend

Information

5

Risk

Considerations

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Funds,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

call

risk,

state

concentration

risk,

tax

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

Credit

risk

refers

to

an

issuers

ability

to

make

interest

and

principal

payments

when

due.

Below

investment

grade

or

high

yield

debt

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

The

Funds’

use

of

inverse

floaters

creates

effective

leverage.

Leverage

involves

the

risk

that

the

Funds

could

lose

more

than

its

original

investment

and

also

increases

the

Funds’

exposure

to

volatility

and

interest

rate

risk.

Dividend

Information

Each

Fund

seeks

to

pay

regular

monthly

dividends

out

of

its

net

investment

income

at

a

rate

that

reflects

its

past

and

projected

net

income

performance.

To

permit

each

Fund

to

maintain

a

more

stable

monthly

dividend,

the

Fund

may

pay

dividends

at

a

rate

that

may

be

more

or

less

than

the

amount

of

net

income

actually

earned

by

the

Fund

during

the

period.

Distributions

to

shareholders

are

determined

on

a

tax

basis,

which

may

differ

from

amounts

recorded

in

the

accounting

records.

In

instances

where

the

monthly

dividend

exceeds

the

earned

net

investment

income,

the

Fund

would

report

a

negative

undistributed

net

ordinary

income.

Refer

to

Notes

to

Financial

Statements

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

the

Notes

to

Financial

Statements

of

this

report.

6

About

the

Funds’

Benchmarks

Lipper

Maryland

Municipal

Debt

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

Maryland

Municipal

Debt

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charge.

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

Other

States

Municipal

Debt

Funds

Classification.

Shareholders

should

note

that

the

performance

of

the

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average

represents

the

overall

average

of

returns

for

funds

from

multiple

states

with

a

wide

variety

of

municipal

market

conditions,

making

direct

comparisons

less

meaningful.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

dividends,

but

do

not

reflect

any

applicable

sales

charge.

Lipper

Pennsylvania

Municipal

Debt

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

Pennsylvania

Municipal

Debt

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charge.

Lipper

Virginia

Municipal

Debt

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

Virginia

Municipal

Debt

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charge.

S&P

Municipal

Bond

Arizona

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Arizona

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Colorado

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Colorado

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Maryland

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Maryland

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

New

Mexico

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

New

Mexico

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Pennsylvania

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Pennsylvania

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Virginia

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Virginia

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

U.S.

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

7

The

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holding

Summaries

for

each

Fund

are

shown

within

this

section

of

the

report.

Fund

Performance

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Investment

returns

and

principal

value

will

fluctuate

so

that

when

shares

are

redeemed,

they

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

shown.

Total

returns

for

a

period

of

less

than

one

year

are

not

annualized

(i.e.

cumulative

returns).

Since

inception

returns

are

shown

for

share

classes

that

have

less

than

10-years

of

performance.

Returns

at

net

asset

value

(NAV)

would

be

lower

if

the

sales

charge

were

included.

Returns

assume

reinvestment

of

dividends

and

capital

gains.

For

performance,

current

to

the

most

recent

month-end

visit

Nuveen.com

or

call

(800)

257-8787.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Income

is

generally

exempt

from

regular

federal

income

taxes.

Some

income

may

be

subject

to

state

and

local

income

taxes

and

to

the

federal

alternative

minimum

tax.

Capital

gains,

if

any,

are

subject

to

tax.

Returns

may

reflect

fee

waivers

and/or

expense

reimbursements

by

the

investment

adviser

during

the

periods

presented.

If

any

such

waivers

and/or

reimbursements

had

not

been

in

place,

returns

would

have

been

reduced.

See

Notes

to

Financial

Statements

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.

Holding

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

each

Fund’s

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund’s

Portfolio

of

Investments

for

individual

security

information.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below

investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

8

Nuveen

Arizona

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

November

30,

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

Arizona

Index.

**

Class

A

Shares

have

a

maximum

4.20%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Effective

Leverage

Ratio

as

of

November

30,

2023

Total

Returns

as

of

November

30,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

at

NAV

10/29/86

1.83%

3.08%

1.40%

2.55%

0.82%

Class

A

at

maximum

Offering

Price

10/29/86

(2.48)%

(1.29)%

0.54%

2.11%

—

S&P

Municipal

Bond

Index

—

1.93%

3.61%

1.99%

2.79%

—

S&P

Municipal

Bond

Arizona

Index

—

1.97%

3.28%

1.83%

2.63%

—

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average

—

1.40%

2.69%

1.03%

2.04%

—

Class

I

2/03/97

1.94%

3.38%

1.62%

2.76%

0.62%

Total

Returns

as

of

November

30,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Class

C

at

NAV

2/10/14

1.52%

2.36%

0.62%

1.71%

1.62%

Class

C

at

maximum

Offering

Price

2/10/14

0.52%

2.36%

0.62%

1.71%

—

Effective

Leverage

Ratio

0.00%

9

Holdings

Summaries

as

of

November

30,

2023

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

100.9‌%

Other

Assets

&

Liabilities,

N

et

(0.9)%

Net

Assets

100‌%

States

and

Territories

1

(%

of

total

municipal

bonds)

Arizona

92.9%

Puerto

Rico

4.8%

Guam

1.4%

Virgin

Islands

0.9%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Tax

Obligation/Limited

25.7%

Education

and

Civic

Organizations

24.2%

Utilities

16.7%

Tax

Obligation/General

12.5%

Health

Care

12.1%

Transportation

4.8%

U.S.

Guaranteed

1.5%

Other

2.5%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

26.3%

AAA

6.2%

AA

45.4%

A

12.3%

BBB

2.8%

BB

or

Lower

7.0%

Total

100‌%

1

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Arizona

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

2

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

10

Nuveen

Colorado

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

November

30,

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

Colorado

Index.

**

Class

A

Shares

have

a

maximum

4.20%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Effective

Leverage

Ratio

as

of

November

30,

2023

Total

Returns

as

of

November

30,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

at

NAV

5/04/87

1.85%

3.58%

1.65%

2.92%

0.78%

Class

A

at

maximum

Offering

Price

5/04/87

(2.44)%

(0.80)%

0.77%

2.48%

—

S&P

Municipal

Bond

Index

—

1.93%

3.61%

1.99%

2.79%

—

S&P

Municipal

Bond

Colorado

Index

—

2.08%

4.12%

2.25%

3.28%

—

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average

—

1.40%

2.69%

1.03%

2.04%

—

Class

I

2/25/97

1.95%

3.66%

1.83%

3.12%

0.58%

Total

Returns

as

of

November

30,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Class

C

at

NAV

2/10/14

1.43%

2.73%

0.83%

2.04%

1.58%

Class

C

at

maximum

Offering

Price

2/10/14

0.43%

2.73%

0.83%

2.04%

—

Effective

Leverage

Ratio

0.00%

11

Holdings

Summaries

as

of

November

30,

2023

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

96

.8‌

%

Other

Assets

&

Liabilities,

Net

3.2%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

Colorado

98.9%

Puerto

Rico

0.6%

California

0.5%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Tax

Obligation/Limited

32.6%

Utilities

15.6%

Health

Care

15.5%

Tax

Obligation/General

12.1%

Transportation

8.8%

U.S.

Guaranteed

6.0%

Education

and

Civic

Organizations

6.0%

Other

3.4%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

13.2%

AAA

3.1%

AA

60.3%

A

15.1%

BBB

6.3%

BB

or

Lower

2.0%

Total

100‌

%

1

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Colorado

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

2

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

12

Nuveen

Maryland

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

November

30,

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

Maryland

Index.

**

Class

A

Shares

have

a

maximum

4.20%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Effective

Leverage

Ratio

as

of

November

30,

2023

Total

Returns

as

of

November

30,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

at

NAV

9/07/94

1.83%

3.55%

1.27%

2.44%

0.80%

Class

A

at

maximum

Offering

Price

9/07/94

(2.48)%

(0.75)%

0.40%

2.00%

—

S&P

Municipal

Bond

Index

—

1.93%

3.61%

1.99%

2.79%

—

S&P

Municipal

Bond

Maryland

Index

—

1.70%

2.89%

1.65%

2.21%

—

Lipper

Maryland

Municipal

Debt

Funds

Classification

Average

—

1.59%

3.15%

1.21%

1.97%

—

Class

I

2/28/92

2.06%

3.76%

1.49%

2.65%

0.60%

Total

Returns

as

of

November

30,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Class

C

at

NAV

2/10/14

1.52%

2.72%

0.49%

1.64%

1.60%

Class

C

at

maximum

Offering

Price

2/10/14

0.52%

2.72%

0.49%

1.64%

—

Effective

Leverage

Ratio

0.00%

13

Holdings

Summaries

as

of

November

30,

2023

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

97

.4‌

%

Other

Assets

&

Liabilities,

Net

4.7%

Borrowings

(2.1)%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

Maryland

80.7%

Puerto

Rico

6.9%

California

2.6%

Guam

2.6%

District

of

Columbia

1.5%

Virgin

Islands

1.2%

New

York

1.2%

Pennsylvania

1.0%

Texas

0.9%

New

Jersey

0.5%

Virginia

0.5%

Ohio

0.4%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Health

Care

21.1%

Tax

Obligation/Limited

18.6%

Housing/Multifamily

11.7%

Transportation

8.2%

Tax

Obligation/General

7.5%

Education

and

Civic

Organizations

7.1%

Utilities

5.5%

Long-Term

Care

5.1%

U.S.

Guaranteed

4.5%

Other

10.7%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

16.9%

AAA

5.6%

AA

26.4%

A

25.8%

BBB

17.4%

BB

or

Lower

7.9%

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

Maryland

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

2

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

14

Nuveen

New

Mexico

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

November

30,

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

Mexico

Index.

**

Class

A

Shares

have

a

maximum

4.20%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Effective

Leverage

Ratio

as

of

November

30,

2023

Total

Returns

as

of

November

30,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

at

NAV

9/16/92

1.83%

3.20%

1.40%

2.30%

0.87%

Class

A

at

maximum

Offering

Price

9/16/92

(2.49)%

(1.17)%

0.54%

1.87%

—

S&P

Municipal

Bond

Index

—

1.93%

3.61%

1.99%

2.79%

—

S&P

Municipal

Bond

New

Mexico

Index

—

1.68%

2.72%

1.60%

2.03%

—

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average

—

1.40%

2.69%

1.03%

2.04%

—

Class

I

2/24/97

1.92%

3.40%

1.60%

2.51%

0.67%

Total

Returns

as

of

November

30,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Class

C

at

NAV

2/10/14

1.41%

2.38%

0.59%

1.52%

1.67%

Class

C

at

maximum

Offering

Price

2/10/14

0.41%

2.38%

0.59%

1.52%

—

Effective

Leverage

Ratio

0.00%

15

Holdings

Summaries

as

of

November

30,

2023

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

95

.7‌

%

Other

Assets

&

Liabilities,

Net

4.3%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

New

Mexico

82.5%

Puerto

Rico

6.9%

Guam

4.4%

Virgin

Islands

3.1%

Minnesota

1.4%

Washington

1.0%

Arizona

0.7%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Tax

Obligation/Limited

40.1%

Utilities

23.8%

Health

Care

11.4%

Tax

Obligation/General

8.1%

Education

and

Civic

Organizations

6.8%

Housing/Single

Family

4.4%

U.S.

Guaranteed

2.3%

Other

3.1%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

14.6%

AAA

23.1%

AA

45.1%

A

9.0%

BBB

4.7%

BB

or

Lower

3.5%

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

Mexico

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

2

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

16

Nuveen

Pennsylvania

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

November

30,

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

Pennsylvania

Index.

**

Class

A

Shares

have

a

maximum

4.20%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Effective

Leverage

Ratio

as

of

November

30,

2023

Total

Returns

as

of

November

30,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

at

NAV

10/29/86

1.49%

2.27%

1.51%

2.73%

0.80%

Class

A

at

maximum

Offering

Price

10/29/86

(2.76)%

(2.00)%

0.64%

2.29%

—

S&P

Municipal

Bond

Index

—

1.93%

3.61%

1.99%

2.79%

—

S&P

Municipal

Bond

Pennsylvania

Index

—

1.81%

3.35%

2.02%

2.92%

—

Lipper

Pennsylvania

Municipal

Debt

Funds

Classification

Average

—

1.46%

2.90%

1.27%

2.42%

—

Class

I

2/03/97

1.59%

2.45%

1.72%

2.93%

0.60%

Total

Returns

as

of

November

30,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Class

C

at

NAV

2/10/14

1.07%

1.43%

0.70%

1.84%

1.60%

Class

C

at

maximum

Offering

Price

2/10/14

0.07%

1.43%

0.70%

1.84%

—

Effective

Leverage

Ratio

0.00%

17

Holdings

Summaries

as

of

November

30,

2023

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

85

.8‌

%

Common

Stocks

6

.5‌

%

Variable

Rate

Senior

Loan

Interests

0

.0‌

%

Other

Assets

&

Liabilities,

Net

7.7%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

Pennsylvania

98.3%

Puerto

Rico

0.9%

New

Jersey

0.8%

Total

100%

Portfolio

Composition

1

(%

of

total

investments)

Tax

Obligation/General

14.7%

Health

Care

14.3%

Education

and

Civic

Organizations

14.3%

Housing/Single

Family

13.4%

Utilities

9.4%

Transportation

8.3%

Long-Term

Care

7.8%

U.S.

Guaranteed

5.9%

Tax

Obligation/Limited

3.4%

Other

1.5%

Variable

Rate

Senior

Loan

Interests

0.0%

Common

Stocks

7.0%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

16.4%

AAA

1.2%

AA

42.8%

A

26.8%

BBB

8.8%

BB

or

Lower

4.0%

Total

100‌

%

1

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Pennsylvania

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

2

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

18

Nuveen

Virginia

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

November

30,

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

Virginia

Index.

**

Class

A

Shares

have

a

maximum

4.20%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Effective

Leverage

Ratio

as

of

November

30,

2023

Total

Returns

as

of

November

30,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

at

NAV

3/27/86

1.72%

3.37%

1.38%

2.53%

0.78%

Class

A

at

maximum

Offering

Price

3/27/86

(2.59)%

(0.93)%

0.52%

2.10%

—

S&P

Municipal

Bond

Index

—

1.93%

3.61%

1.99%

2.79%

—

S&P

Municipal

Bond

Virginia

Index

—

1.92%

3.16%

1.83%

2.55%

—

Lipper

Virginia

Municipal

Debt

Funds

Classification

Average

—

1.47%

2.75%

0.98%

1.95%

—

Class

I

2/03/97

1.92%

3.59%

1.58%

2.75%

0.58%

Total

Returns

as

of

November

30,

2023**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Class

C

at

NAV

2/10/14

1.31%

2.55%

0.57%

1.70%

1.58%

Class

C

at

maximum

Offering

Price

2/10/14

0.31%

2.55%

0.57%

1.70%

—

Effective

Leverage

Ratio

0.00%

19

Holdings

Summaries

as

of

November

30,

2023

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

95

.0‌

%

Other

Assets

&

Liabilities,

Net

5.0%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

Virginia

70.2%

District

of

Columbia

15.1%

Puerto

Rico

7.2%

Guam

2.4%

Virgin

Islands

1.4%

California

1.4%

Pennsylvania

1.0%

Texas

0.7%

Colorado

0.4%

New

York

0.2%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Transportation

24.0%

Tax

Obligation/Limited

17.8%

Health

Care

16.8%

Education

and

Civic

Organizations

9.6%

U.S.

Guaranteed

7.7%

Utilities

6.4%

Tax

Obligation/General

5.3%

Other

12.4%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

25.6%

AAA

10.4%

AA

38.6%

A

12.1%

BBB

6.2%

BB

or

Lower

7.1%

Total

100‌

%

1

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Virginia

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

2

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

20

Yields

as

of

November

30,

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

Arizona

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

2.93%

2.28%

3.24%

SEC

30-Day

Yield

3.57%

2.95%

3.90%

Taxable-Equivalent

Yield

(43

.3%)

2

6.29%

5.20%

6.87%

Nuveen

Colorado

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

3.27%

2.64%

3.60%

SEC

30-Day

Yield

3.60%

2.99%

3.95%

Taxable-Equivalent

Yield

(45.2%)

2

6.57%

5.46%

7.21%

Nuveen

Maryland

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

3.07%

2.47%

3.45%

SEC

30-Day

Yield

3.59%

2.97%

3.92%

Taxable-Equivalent

Yield

(46.6%)

2

6.51%

5.39%

7.11%

Nuveen

New

Mexico

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

3.02%

2.39%

3.32%

SEC

30-Day

Yield

3.47%

2.85%

3.79%

Taxable-Equivalent

Yield

(46.7%)

2

6.49%

5.33%

7.09%

Nuveen

Pennsylvania

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

2.80%

2.16%

3.11%

SEC

30-Day

Yield

3.12%

2.49%

3.44%

Taxable-Equivalent

Yield

(43.9%)

2

5.54%

4.42%

6.11%

21

Nuveen

Virginia

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

3.27%

2.65%

3.60%

SEC

30-Day

Yield

3.42%

2.80%

3.75%

Taxable-Equivalent

Yield

(46.6%)

2

6.36%

5.21%

6.97%

1

The

SEC

Yield

for

Class

A

shares

quoted

in

the

table

reflects

the

maximum

sales

load.

Investors

paying

a

reduced

load

because

of

volume

discounts,

investors

paying

no

load

because

they

qualify

for

one

of

the

several

exclusions

from

the

load

and

existing

shareholders

who

previously

paid

a

load

but

would

like

to

know

the

SEC

Yield

applicable

to

their

shares

on

a

going-forward

basis,

should

understand

the

SEC

Yield

effectively

applicable

to

them

would

be

higher

than

the

figure

quoted

in

the

table.

2

The

Taxable-Equivalent

Yield

is

based

on

the

Fund's

SEC

30-Day

Yield

on

the

indicated

date

and

a

combined

federal

and

state

income

tax

rate

shown

in

the

respective

table

above.

22

Expense

Examples

As

a

shareholder

of

one

or

more

of

the

Funds,

you

incur

two

types

of

costs:

(1)

transaction

costs, including

up-front

and

back-

end

sales

charges

(loads)

or

redemption

fees,

where

applicable;

and

(2)

ongoing

costs,

including

management

fees;

distribution

and

service

(12b-1)

fees,

where

applicable;

and

other

Fund

expenses.

The

Examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Funds

and

to

compare

these

costs

with

the

ongoing

costs

of investing

in

other

mutual

funds.

The

Examples

below

include

the

interest

and

related

expenses

from

inverse

floaters

that

are

reflected

in

the

financial

statements

later

within

this

report,

when

applicable.

The

Examples

below

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

period

ended

November

30,

2023.

The

beginning

of

the

period

is

June

1,

2023.

The

information

under

“Actual

Performance,”

together

with

the

amount

you

invested,

allows

you

to

estimate

actual

expenses

incurred

over

the

reporting

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.60)

and

multiply

the

result

by

the

cost

shown

for

your

share

class,

in

the

row

entitled

“Expenses

Incurred

During

Period”

to

estimate

the

expenses

incurred

on

your

account

during

this

period.

The

information

under

“Hypothetical

Performance,”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

each

Fund’s

actual

expense

ratios

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expense

you

incurred

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

following

tables

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs.

Therefore,

the

hypothetical

information

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds

or

share

classes.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Nuveen

Arizona

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,018.30

$1,015.20

$1,019.40

Expenses

Incurred

During

the

Period

$4.09

$8.11

$3.08

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,020.93

$1,016.93

$1,021.93

Expenses

Incurred

During

the

Period

$4.09

$8.12

$3.08

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.81%,

1.61%

and

0.61%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183

/366

(to

reflect

the

one-half

year

period).

Nuveen

Colorado

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,018.50

$1,014.30

$1,019.50

Expenses

Incurred

During

the

Period

$3.94

$7.96

$2.93

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,021.11

$1,017.11

$1,022.11

Expenses

Incurred

During

the

Period

$3.94

$7.97

$2.93

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.78%,

1.58%

and

0.58%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183

/366

(to

reflect

the

one-half

year

period).

23

Nuveen

Maryland

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,018.30

$1,015.20

$1,020.60

Expenses

Incurred

During

the

Period

$4.24

$8.26

$3.23

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,020.82

$1,016.82

$1,021.82

Expenses

Incurred

During

the

Period

$4.24

$8.27

$3.23

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.84%,

1.64%

and

0.64%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183

/366

(to

reflect

the

one-half

year

period).

Nuveen

New

Mexico

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,018.30

$1,014.10

$1,019.20

Expenses

Incurred

During

the

Period

$4.39

$8.41

$3.38

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,020.64

$1,016.64

$1,021.64

Expenses

Incurred

During

the

Period

$4.39

$8.42

$3.39

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.87%,

1.67%

and

0.67%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183

/366

(to

reflect

the

one-half

year

period).

Nuveen

Pennsylvania

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,014.90

$1,010.70

$1,015.90

Expenses

Incurred

During

the

Period

$4.03

$8.04

$3.02

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,020.98

$1,016.98

$1,021.98

Expenses

Incurred

During

the

Period

$4.04

$8.07

$3.03

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.80%,

1.60%

and

0.60%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183

/366

(to

reflect

the

one-half

year

period).

Nuveen

Virginia

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,017.20

$1,013.10

$1,019.20

Expenses

Incurred

During

the

Period

$4.03

$8.05

$3.03

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,020.98

$1,016.98

$1,021.98

Expenses

Incurred

During

the

Period

$4.04

$8.07

$3.03

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.80%,

1.60%

and

0.60%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183

/366

(to

reflect

the

one-half

year

period).

24

Nuveen

Arizona

Municipal

Bond

Fund

Portfolio

of

Investments

November

30,

2023

(Unaudited)

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

100.9%   

X

149,830,283

MUNICIPAL

BONDS

-

100.9%  

X

149,830,283

Education

and

Civic

Organizations

-

24

.5

%

$

1,000

Arizona

Board

of

Regents,

Arizona

State

University

System

Revenue

Bonds,

Green

Series

2016B,

5.000%,

7/01/47

7/26

at

100.00

$

1,026,079

1,500

Arizona

Board

of

Regents,

Arizona

State

University

System

Revenue

Bonds,

Green

Series

2023A,

5.500%,

7/01/48

7/33

at

100.00

1,696,697

500

Arizona

Board

of

Regents,

Arizona

State

University

System

Revenue

Bonds,

Refunding

Green

Series

2015A,

5.000%,

7/01/41

7/25

at

100.00

509,513

1,620

Arizona

Board

of

Regents,

Arizona

State

University

System

Revenue

Bonds,

Refunding

Series

2017B,

5.000%,

7/01/42

7/27

at

100.00

1,688,080

Arizona

Board

of

Regents,

Arizona

State

University

System

Revenue

Bonds,

Series

2021C:

225

4.000%,

7/01/44

7/31

at

100.00

224,714

250

4.000%,

7/01/46

7/31

at

100.00

248,461

940

Arizona

Board

of

Regents,

University

of

Arizona,

SPEED

Revenue

Bonds,

Stimulus

Plan

for

Economic

and

Educational

Development,

Series

2014,

5.000%,

8/01/44

8/24

at

100.00

945,429

1,500

Arizona

Board

of

Regents,

University

of

Arizona,

System

Revenue

Bonds,

Refunding

Series

2015A,

5.000%,

6/01/40

6/25

at

100.00

1,527,511

1,250

Arizona

Board

of

Regents,

University

of

Arizona,

System

Revenue

Bonds,

Refunding

Series

2016,

5.000%,

6/01/38

6/26

at

100.00

1,291,175

215

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2017A,

5.125%,

7/01/37,

144A

7/26

at

100.00

211,382

220

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2017C,

5.000%,

7/01/47

7/27

at

100.00

222,412

25

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2017D,

5.000%,

7/01/37,

144A

7/27

at

100.00

24,280

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2017F:

300

5.000%,

7/01/37

7/27

at

100.00

308,953

705

5.000%,

7/01/47

7/27

at

100.00

712,730

150

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2017G,

5.000%,

7/01/47,

144A

7/27

at

100.00

135,034

230

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Montessori

Academy

Projects,

Refunding

Series

2017A,

6.000%,

11/01/37,

144A

11/27

at

100.00

198,718

565

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Somerset

Academy

of

Las

Vegas

Aliante

and

Skye

Canyon

Campus

Projects,

Series

2021A,

4.000%,

12/15/51,

144A

12/29

at

100.00

408,959

775

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,  Arizona

Agribusiness

and

Equine

Center,

Inc.

Project,

Series

2017A,

5.000%,

3/01/48

9/27

at

100.00

789,511

1,025

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Academies

of

Math

&

Science

Projects,

Series

2017A,

5.000%,

7/01/51

7/27

at

100.00

1,028,906

75

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Academies

of

Math

&

Science

Projects,

Series

2017B,

4.250%,

7/01/27,

144A

No

Opt.

Call

73,368

135

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Academies

of

Math

&

Science

Projects,

Series

2018A,

5.000%,

7/01/38

1/28

at

100.00

137,917

500

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Pinecrest

Academy

of

Nevada

Horizon,

Inspirada

and

St.

Rose

Campus

Projects,

Series

2018A,

5.750%,

7/15/38,

144A

7/26

at

100.00

507,706

500

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Pinecrest

Academy

of

Nevada

Sloan

Canyon

Campus

Project,

Series

2020A-2,

6.000%,

9/15/38,

144A

12/23

at

105.00

518,618

25

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

$

85

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Social

Bonds

Pensar

Academy

Project,

Series

2020,

4.000%,

7/01/30,

144A

7/28

at

100.00

$

77,909

2,950

Arizona

Industrial

Development

Authority,

Arizona,

Lease

Revenue

Bonds,

University

of

Indianapolis

-

Health

Pavilion

Project,

Series

2019A,

5.000%,

10/01/45

10/29

at

100.00

2,932,918

1,160

Industrial

Development

Authority,

Pima

County,

Arizona,

Education

Revenue

Bonds,

Center

for

Academic

Success

Project,

Refunding

Series

2019,

5.000%,

7/01/37

7/29

at

100.00

1,180,086

620

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Arizona

Autism

Charter

Schools

Project,

Series

2020A,

5.000%,

7/01/40,

144A

7/29

at

100.00

582,688

735

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Arizona

Autism

Charter

Schools

Project,

Social

Series

2021A,

4.000%,

7/01/41,

144A

7/29

at

100.00

595,986

145

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Great

Hearts

Academies

Projects,

Series

2017A,

5.000%,

7/01/37

7/27

at

100.00

148,648

210

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Great

Hearts

Academies

Projects,

Series

2017C,

5.000%,

7/01/48

7/27

at

100.00

211,774

1,000

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Highland

Prep

Project,

Series

2019,

5.000%,

1/01/37

1/30

at

100.00

1,053,435

750

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Legacy

Traditional

Schools

Projects,

Series

2019A,

5.000%,

7/01/39

7/29

at

100.00

772,150

1,000

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Legacy

Traditional

Schools

Projects,

Series

2020,

5.250%,

7/01/45

7/29

at

100.00

1,027,475

570

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Legacy

Traditional

Schools

Projects,

Series

2021A,

4.000%,

7/01/41,

144A

7/31

at

100.00

476,133

380

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Paradise

Schools

Projects,

Series

2016,

5.000%,

7/01/47,

144A

7/26

at

100.00

349,876

825

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Reid

Traditional

School

Projects,

Series

2016,

5.000%,

7/01/36

7/26

at

100.00

835,413

3,000

Maricopa

County

Industrial

Development

Authority,

Arizona,

Educational

Facilities

Revenue

Bonds,

Creighton

University

Projects,

Series

2020,

4.000%,

7/01/50

1/30

at

100.00

2,730,382

1,000

McAllister

Academic

Village

LLC,

Arizona,

Revenue

Bonds,

Arizona

State

University

Hassayampa

Academic

Village

Project,

Refunding

Series

2016,

5.000%,

7/01/38

7/26

at

100.00

1,024,849

Northern

Arizona

University,

System

Revenue

Bonds,

Refunding

Series

2014:

695

5.000%,

6/01/40

6/24

at

100.00

697,464

800

Northern

Arizona

University,

System

Revenue

Bonds,

Refunding

Series

2015,

5.000%,

6/01/35

-

BAM

Insured

6/25

at

100.00

815,139

25

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2016A,

5.000%,

7/01/46,

144A

7/25

at

100.00

22,616

400

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Great

Hearts

Academies

Project,

Series

2016A,

5.000%,

7/01/41

7/25

at

100.00

392,601

220

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Legacy

Traditional

Schools

Projects,

Series

2015,

5.000%,

7/01/35,

144A

7/25

at

100.00

220,516

350

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Legacy

Traditional

Schools

Projects,

Series

2016A,

5.000%,

7/01/41,

144A

7/26

at

100.00

335,372

1,000

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Northwest

Christian

School

Project,

Series

2020A,

5.000%,

9/01/45,

144A

9/30

at

100.00

849,219

Nuveen

Arizona

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

26

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Villa

Montessori,

Inc.

Projects,

Series

2015:

$

40

3.250%,

7/01/25

No

Opt.

Call

$

39,112

750

5.000%,

7/01/35

7/25

at

100.00

754,945

800

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Vista

College

Preparatory

Project,

Series

2018A,

5.000%,

7/01/43

7/28

at

100.00

822,169

1,000

Phoenix

Industrial

Development

Authority,

Arizona,

Lease

Revenue

Bonds,

Eastern

Kentucky

University

Project,

Series

2016,

5.000%,

10/01/36

10/26

at

100.00

1,030,165

Pima

County

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Champion

Schools

Project,

Series

2017:

100

6.000%,

6/15/37,

144A

6/26

at

100.00

92,245

320

6.125%,

6/15/47,

144A

6/26

at

100.00

277,053

100

Pima

County

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Edkey

Charter

Schools

Project,

Series

2016,

5.250%,

7/01/36

7/26

at

100.00

98,092

25

Pima

County

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

San

Tan

Montessori

School

Project,

Series

2016,

6.500%,

2/01/48,

144A

2/24

at

100.00

25,014

65

Pima

County

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

San

Tan

Montessori

School

Project,

Series

2017,

6.125%,

2/01/28,

144A

No

Opt.

Call

67,263

250

Pima

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Noah

Webster

Schools

Mesa

Project,

Series

2015A,

5.000%,

12/15/34,

144A

6/25

at

100.00

240,159

145

Pinal

County

Community

College

District,

Arizona,

Revenue

Bonds,

Central

Arizona

College,

Series

2017,

5.000%,

7/01/34

-

BAM

Insured

7/26

at

100.00

150,910

470

Student

and

Academic

Services

LLC,

Arizona,

Lease

Revenue

Bonds,

Northern

Arizona

University

Project,

Series

2014,

5.000%,

6/01/39

-

BAM

Insured

6/24

at

100.00

471,553

500

Yavapai

County

Industrial

Development

Authority,  Arizona,

Education

Revenue

Bonds,

Arizona

Agribusiness

and

Equine

Center

Inc

Project,

Refunding

Series

2015A,

5.000%,

9/01/34,

144A

3/25

at

100.00

481,058

Total

Education

and

Civic

Organizations

36,318,540

Health

Care

-

12

.2

%

Arizona

Industrial

Development

Authority,

Arizona,

Lease

Revenue

Bonds,

Children's

National

Prince

County

Regional

Medical

Center,

Series

2020A:

890

4.000%,

9/01/38

9/30

at

100.00

856,868

405

4.000%,

9/01/39

9/30

at

100.00

386,347

225

4.000%,

9/01/46

9/30

at

100.00

203,292

Arizona

Industrial

Development

Authority,

Hospital

Revenue

Bonds,

Phoenix

Children's

Hospital,

Series

2020A:

1,100

3.000%,

2/01/39

2/30

at

100.00

937,534

Arizona

Industrial

Development

Authority,

Hospital

Revenue

Bonds,

Phoenix

Children's

Hospital,

Series

2021A:

1,560

4.000%,

2/01/39

2/32

at

100.00

1,525,862

1,000

4.000%,

2/01/40

2/32

at

100.00

967,973

Maricopa

County

Industrial

Development

Authority,

Arizona,

Hospital

Revenue

Bonds,

HonorHealth,

Series

2019A:

600

5.000%,

9/01/36

9/28

at

100.00

631,946

870

4.125%,

9/01/42

9/28

at

100.00

830,866

Maricopa

County

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Banner

Health,

Refunding

Series

2016A:

1,750

5.000%,

1/01/32

1/27

at

100.00

1,830,810

2,000

5.000%,

1/01/35

1/27

at

100.00

2,083,265

1,145

5.000%,

1/01/38

1/27

at

100.00

1,177,401

1,665

Maricopa

County

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Banner

Health,

Series

2019A,

4.000%,

1/01/44

7/29

at

100.00

1,598,552

Pima

County

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Tucson

Medical

Center,

Series

2021A:

565

4.000%,

4/01/39

4/31

at

100.00

539,472

1,350

4.000%,

4/01/46

4/31

at

100.00

1,219,455

27

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

$

295

Yavapai

County

Industrial

Development

Authority,

Arizona,

Hospital

Revenue

Bonds,

Yavapai

Regional

Medical

Center,

Refunding

Series

2016,

5.000%,

8/01/36

8/26

at

100.00

$

302,927

750

Yavapai

County

Industrial

Development

Authority,

Arizona,

Hospital

Revenue

Bonds,

Yavapai

Regional

Medical

Center,

Series

2013A,

5.250%,

8/01/33

12/23

at

100.00

750,377

Yavapai

County

Industrial

Development

Authority,

Arizona,

Hospital

Revenue

Bonds,

Yavapai

Regional

Medical

Center,

Series

2019:

815

5.000%,

8/01/39

8/29

at

100.00

837,744

1,000

4.000%,

8/01/43

8/29

at

100.00

897,612

500

Yuma

Industrial

Development

Authority,

Arizona,

Hospital

Revenue

Bonds,

Yuma

Regional

Medical

Center,

Series

2014A,

5.250%,

8/01/32

8/24

at

100.00

504,705

Total

Health

Care

18,083,008

Housing/Multifamily

-

0

.8

%

500

Arizona

Industrial

Development

Authority,

Student

Housing

Revenue

Bonds,

Provident

Group

-

NCCU

Properties

LLC-

North

Carolina

Central

University,

Series

2019A,

5.000%,

6/01/38

-

BAM

Insured

6/29

at

100.00

529,129

250

Sierra

Vista

Industrial

Development

Authority,

Arizona,

Economic

Development

Revenue

Bonds,

Convertible

Capital

Appreciation

Revenue

Bonds,

Series

2021A,

5.375%,

10/01/56

10/29

at

103.00

177,762

500

Sierra

Vista

Industrial

Development

Authority,

Arizona,

Economic

Development

Revenue

Bonds,

Convertible

Capital

Appreciation

Revenue

Bonds,

Series

2022A,

7.000%,

10/01/56

10/29

at

103.00

442,275

Total

Housing/Multifamily

1,149,166

Information

Technology

-

0

.2

%

275

Chandler

Industrial

Development

Authority,

Arizona,

Industrial

Development

Revenue

Bonds,

Intel

Corporation

Project,

Series

2007,

4.100%,

12/01/37,

(AMT),

(Mandatory

Put

6/15/28)

2/28

at

100.00

276,848

Total

Information

Technology

276,848

Long-Term

Care

-

1

.5

%

120

Arizona

Industrial

Development

Authority,

Multifamily

Housing

Revenue

Bonds,

Bridgewater

Avondale

Project,

Series

2017,

5.375%,

1/01/38

7/25

at

101.00

88,039

900

Phoenix

Industrial

Development

Authority,

Arizona,

Multi-Family

Housing

Revenue

Bonds,

3rd

and

Indian

Road

Assisted

Living

Project,

Series

2016,

5.400%,

10/01/36

10/25

at

101.00

691,519

1,495

Tempe

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Friendship

Village

of

Tempe

Project,

Refunding

Series

2021A,

4.000%,

12/01/46

12/29

at

102.00

1,090,444

530

Tempe

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Mirabella

at

ASU

Project,

Series

2017A,

6.000%,

10/01/37,

144A

10/27

at

100.00

347,134

Total

Long-Term

Care

2,217,136

Tax

Obligation/General

-

12

.6

%

550

Buckeye

Union

High

School

District

201,

Maricopa

County,

Arizona,

General

Obligation

Bonds,

School

Improvement

Project,

Refunding

Series

2017,

5.000%,

7/01/34

-

BAM

Insured

7/27

at

100.00

585,173

1,000

Kyrene

Elementary

School

District

28,

Maricopa

County,

Arizona,

School

Improvement

Bonds,

Project

2010,

Series

2015C,

5.000%,

7/01/34

7/25

at

100.00

1,024,884

1,500

Marana

Unified

School

District

No.

6

of

Pima

County,

Arizona,

School

Improvement

Bonds,

Project

of

2014,

Series

2018D,

5.000%,

7/01/38

-

AGM

Insured

7/27

at

100.00

1,571,567

810

Maricopa

County

Elementary

School

District

68,

Alhambra,

Arizona,

General

Obligation

Bonds,

Project

of

2017,

Series

2019B,

4.000%,

7/01/39

7/28

at

100.00

808,847

370

Maricopa

County

School

District

214

Tolleson

Union

High,

Arizona,

General

Obligation

Bonds,

School

Improvement

Project

2017,

Series

2018A,

5.000%,

7/01/37

7/27

at

100.00

390,293

600

Maricopa

County

School

District

28

Kyrene

Elementary,

Arizona,

General

Obligation

Bonds,

School

Improvement,

Project

2017

Series

2020B,

4.000%,

7/01/40

7/29

at

100.00

602,351

1,050

Maricopa

County

Special

Health

Care

District,

Arizona,

General

Obligation

Bonds,

Series

2018C,

5.000%,

7/01/35

7/28

at

100.00

1,123,320

Nuveen

Arizona

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

28

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

(continued)

$

1,000

Maricopa

County

Unified

School

District

11,

Peoria,

Arizona,

General

Obligation

Bonds,

School

Improvement,

Series

2018,

5.000%,

7/01/34

-

BAM

Insured

7/27

at

100.00

$

1,060,123

275

Maricopa

County

Unified

School

District

69

Paradise

Valley,

Arizona,

General

Obligation

Bonds,

School

Improvement

Project

of

2015,

Series

2021E,

3.000%,

7/01/40

7/30

at

100.00

230,990

1,350

Maricopa

County

Unified

School

District

80,

Chandler,

Arizona,

School

Improvement

Bonds,

2019

Project,

Series

2021B,

3.000%,

7/01/40

7/30

at

100.00

1,145,823

1,000

Maricopa

County

Unified

School

District

95

Queen

Creek,

Arizona,

General

Obligation

Bonds,

School

Improvement

Series

2020,

4.000%,

7/01/38

7/29

at

100.00

1,009,695

860

Maricopa

County

Union

High

School

District

210

Phoenix,

Arizona,

General

Obligation

Bonds,

School

Improvement

&

Project

of

2011

Series

2017E,

5.000%,

7/01/35

7/27

at

100.00

915,897

2,000

Maricopa

County

Union

High

School

District

210

Phoenix,

Arizona,

General

Obligation

Bonds,

School

Improvement

Project

2011

and

2017,

Series

2018,

5.000%,

7/01/37

7/27

at

100.00

2,107,101

750

Mohave

County

Union

High

School

District

2

Colorado

River,

Arizona,

General

Obligation

Bonds,

School

Improvement

Series

2017,

5.000%,

7/01/35

7/27

at

100.00

793,487

690

Northwest

Fire

District

of

Pima

County,

Arizona,

General

Obligation

Bonds,

Series

2017,

5.000%,

7/01/36

7/27

at

100.00

730,049

1,125

Pima

County

Unified

School

District

12

Sunnyside,

Arizona,

General

Obligation

Bonds,

School

Improvement

Project

2011,

Series

2014D,

5.000%,

7/01/34

-

AGM

Insured

7/24

at

100.00

1,134,066

500

Pima

County

Unified

School

District

12

Sunnyside,

Arizona,

General

Obligation

Bonds,

School

Improvement

Project

of

2011,

Series

2013B,

5.000%,

7/01/32

-

BAM

Insured

1/24

at

100.00

500,535

750

Pima

County

Unified

School

District

20

Vail,

Arizona,

General

Obligation

Bonds,

Refunding

School

Improvement

Series

2015,

5.000%,

7/01/33

-

AGM

Insured

7/25

at

100.00

767,388

750

Pima

County

Unified

School

District

6

Marana,

Arizona,

General

Obligation

Bonds,

School

Improvement,

Project

of

2014,

Series

2019E,

4.000%,

7/01/39

-

AGM

Insured

7/29

at

100.00

751,016

800

Pinal

County

School

District

4

Casa

Grande

Elementary,

Arizona,

General

Obligation

Bonds,

School

improvement

Project

2016,

Series

2017A,

5.000%,

7/01/36

-

BAM

Insured

7/27

at

100.00

844,220

Western

Maricopa

Education

Center

District

402,

Maricopa

County,

Arizona,

General

Obligation

Bonds,

School

Improvement

Project

2012,

Series2014B:

360

4.500%,

7/01/33

7/24

at

100.00

360,949

335

4.500%,

7/01/34

7/24

at

100.00

335,561

Total

Tax

Obligation/General

18,793,335

Tax

Obligation/Limited

-

25

.9

%

100

Arizona

Industrial

Development

Authority,

Arizona,

Economic

Development

Revenue

Bonds,

Linder

Village

Project

in

Meridian,

Ada

County,

Idaho,

Series

2020,

5.000%,

6/01/31,

144A

No

Opt.

Call

99,536

120

Buckeye,

Arizona,

Excise

Tax

Revenue

Obligations,

Refunding

Series

2016,

4.000%,

7/01/36

7/26

at

100.00

121,244

1,000

Buckeye,

Arizona,

Excise

Tax

Revenue

Obligations,

Series

2015,

5.000%,

7/01/37

7/25

at

100.00

1,021,179

475

Cadence

Community

Facilities

District,

Mesa,

Arizona,

Special

Assessment

Revenue

Bonds,

Assessment

District

1,

Series

2019,

4.500%,

7/01/43

7/29

at

100.00

418,996

675

Cadence

Community

Facilities

District,

Mesa,

Arizona,

Special

Assessment

Revenue

Bonds,

Assessment

District

3,

Series

2020,

4.000%,

7/01/45

7/30

at

100.00

576,930

95

(c)

Cahava

Springs

Revitalization

District,

Cave

Creek,

Arizona,

Special

Assessment

Bonds,

Series

2017A,

7.000%,

7/01/41,

144A

7/27

at

100.00

72,767

500

Cottonwood,

Arizona,

Pledged

Revenue

Bonds,

Series

2015,

5.000%,

7/01/30

-

RAAI

Insured

7/25

at

100.00

513,217

450

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

General

Obligation

Bonds,

Series

2015,

5.000%,

7/15/39,

144A

7/25

at

100.00

446,786

500

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

General

Obligation

Bonds,

Series

2017,

5.000%,

7/15/42

-

AGM

Insured

7/27

at

100.00

522,721

29

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

1,000

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

General

Obligation

Bonds,

Series

2018,

5.000%,

7/15/38

-

BAM

Insured

7/27

at

100.00

$

1,049,991

1,300

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

General

Obligation

Bonds,

Series

2019,

4.000%,

7/15/39

-

BAM

Insured

7/29

at

100.00

1,281,313

1,100

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

General

Obligation

Bonds,

Series

2021,

4.000%,

7/15/45

-

BAM

Insured

7/31

at

100.00

1,024,422

143

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

Special

Assessment

Revenue

Bonds,

Assessment

District

1,

Series

2013,

5.250%,

7/01/38

1/24

at

100.00

137,779

299

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

Special

Assessment

Revenue

Bonds,

Assessment

District

1,

Series

2019,

5.200%,

7/01/43

7/27

at

100.00

273,951

500

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

Special

Assessment

Revenue

Bonds,

Assessment

District

12,

Series

2021,

3.250%,

7/01/35

7/30

at

100.00

410,060

Eastmark

Community

Facilities

District

2,

Mesa,

Arizona,

General

Obligation

Bonds,

Series

2020:

280

4.000%,

7/15/30

No

Opt.

Call

283,309

480

4.000%,

7/15/35

7/30

at

100.00

449,916

Estrella

Mountain

Ranch

Community

Facilities

District,

Goodyear,

Arizona,

General

Obligation

Bonds,

Refunding

Series

2017:

45

5.000%,

7/15/32

-

AGM

Insured

7/27

at

100.00

47,736

750

Estrella

Mountain

Ranch

Community

Facilities

District,

Goodyear,

Arizona,

Special

Assessment

Revenue

Bonds,

Lucero

Assessment

District

2,

Series

2023,

5.750%,

7/01/46

7/32

at

100.00

737,860

345

Festival

Ranch

Community

Facilities

District,

Buckeye,

Arizona,

General

Obligation

Bonds,

Series

2012,

5.000%,

7/15/27

-

BAM

Insured

1/24

at

100.00

345,401

750

Festival

Ranch

Community

Facilities

District,

Buckeye,

Arizona,

General

Obligation

Bonds,

Series

2016,

4.000%,

7/15/36

-

BAM

Insured

7/26

at

100.00

747,745

260

Festival

Ranch

Community

Facilities

District,

Buckeye,

Arizona,

General

Obligation

Bonds,

Series

2018,

5.000%,

7/15/38

-

BAM

Insured

7/27

at

100.00

267,651

1,500

Festival

Ranch

Community

Facilities

District,

Buckeye,

Arizona,

General

Obligation

Bonds,

Series

2020,

4.000%,

7/15/40

-

BAM

Insured

7/30

at

100.00

1,449,216

224

Festival

Ranch

Community

Facilities

District,

Buckeye,

Arizona,

Special

Assessment

Revenue

Bonds,  Assessment

District

11,

Series

2017,

5.200%,

7/01/37

7/27

at

100.00

212,488

1,000

Glendale

Municipal

Property

Corporation,

Arizona,

Excise

Tax

Revenue

Bonds,

Subordinate

Series

2012C,

4.000%,

7/01/38

1/24

at

100.00

991,910

500

Maricopa,

Arizona,

Pledged

Revenue

Obligations,

Series

2023,

5.250%,

7/15/43

7/33

at

100.00

553,028

470

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A,

5.000%,

10/01/39

10/32

at

100.00

462,894

165

Merrill

Ranch

Community

Facilities

District

2,

Florence,

Arizona,

General

Obligation

Bonds,

Series

2017,

5.000%,

7/15/42

-

BAM

Insured

7/27

at

100.00

170,857

1,500

Pinal

County,

Arizona,

Pledged

Revenue

Obligations,

Series

2019,

4.000%,

8/01/39

8/28

at

100.00

1,501,263

1,200

Puerto

Rico

Highway

and

Transportation

Authority,

Restructured

Toll

Revenue

Bonds,

Series

2022A,

5.000%,

7/01/62

7/32

at

100.00

1,188,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

1,250

4.550%,

7/01/40

7/28

at

100.00

1,217,719

1,000

0.000%,

7/01/46

7/28

at

41.38

295,093

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2:

1,200

4.536%,

7/01/53

7/28

at

100.00

1,096,664

1,420

4.784%,

7/01/58

7/28

at

100.00

1,337,732

Queen

Creek,

Arizona,

Excise

Tax

&

State

Shared

Revenue

Obligation

Bonds,

Refunding

Series

2016:

520

4.000%,

8/01/33

8/26

at

100.00

530,625

560

4.000%,

8/01/35

8/26

at

100.00

569,313

760

Queen

Creek,

Arizona,

Excise

Tax

&

State

Shared

Revenue

Obligation

Bonds,

Series

2018A,

5.000%,

8/01/42

8/28

at

100.00

803,604

4,900

Queen

Creek,

Arizona,

Excise

Tax

&

State

Shared

Revenue

Obligation

Bonds,

Series

2020,

4.000%,

8/01/50

8/30

at

100.00

4,672,978

Nuveen

Arizona

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

30

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

San

Luis,

Arizona,

Pledged

Excise

Tax

Revenue

Bonds,

Refunding

Series2014A:

$

600

5.000%,

7/01/34

-

BAM

Insured

7/24

at

100.00

$

604,664

900

5.000%,

7/01/38

-

BAM

Insured

7/24

at

100.00

906,383

510

Superstition

Vistas

Community

Facilities

District

1,

Apache

Junction,

Arizona,

Special

Assessment

Revenue

Bonds,

Series

2023,

6.000%,

7/01/47

7/33

at

100.00

511,001

805

Surprise,

Arizona,

Pledged

Revenue

Bonds,

Refunding

Series

2015,

5.000%,

7/01/30

7/25

at

100.00

827,654

1,150

Tartesso

West

Community

Facility

District,

Buckeye,

Arizona,

Limited

Tax

General

Obligation

Bonds,

Series

2021,

4.000%,

7/15/41

-

AGM

Insured

7/31

at

100.00

1,165,328

600

Tempe,

Arizona,

Excise

Tax

Revenue

Bonds,

Refunding

Series

2016,

5.000%,

7/01/31

7/26

at

100.00

628,411

750

Verrado

District

1

Community

Facilites

District,

Buckeye,

Arizona,

General

Obligation

Bonds,

Series

2023,

5.000%,

7/15/43

-

BAM

Insured

7/33

at

100.00

797,938

950

Virgin

Islands

Public

Finance

Authority,

Gross

Receipts

Taxes

Loan

Note,

Refunding

Series

2012A,

5.000%,

10/01/32

-

AGM

Insured

1/24

at

100.00

950,517

1,090

Vistancia

West

Community

Facilities

District,

Peoria,

Arizona,

General

Obligation

Bonds,

Series

2016,

5.000%,

7/15/29,

144A

1/24

at

100.00

1,091,333

2,260

Yavapai

County

Jail

District,

Arizona,

Pledged

Revenue

Obligation

Bonds,

Series

2020,

4.000%,

7/01/40

-

BAM

Insured

7/29

at

100.00

2,255,950

840

Yuma

County,

Arizona,

Pledge

Revenue

Obligations,

Series

2022,

4.250%,

7/15/42

-

BAM

Insured

7/32

at

100.00

846,054

Total

Tax

Obligation/Limited

38,489,127

Transportation

-

4

.8

%

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Junior

Lien

Series

2015A:

670

5.000%,

7/01/40

7/25

at

100.00

676,489

1,315

5.000%,

7/01/45

7/25

at

100.00

1,322,985

1,500

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Junior

Lien

Series

2019B,

5.000%,

7/01/49,

(AMT)

7/29

at

100.00

1,524,471

2,000

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Senior

Lien

Series

2017A,

5.000%,

7/01/47,

(AMT)

7/27

at

100.00

2,032,458

Phoenix

Civic

Improvement

Corporation,

Arizona,

Rental

Car

Facility

Charge

Revenue

Bonds,

Series

2019A:

1,000

5.000%,

7/01/32

7/29

at

100.00

1,084,226

500

5.000%,

7/01/38

7/29

at

100.00

523,265

Total

Transportation

7,163,894

U.S.

Guaranteed

-

1

.5

%

(d)

590

Arizona

Health

Facilities

Authority,

Hospital

Revenue

Bonds,

Banner

Health

Systems,

Series

2014A,

5.000%,

1/01/44,

(Pre-refunded

1/01/24)

1/24

at

100.00

590,681

Estrella

Mountain

Ranch

Community

Facilities

District,

Goodyear,

Arizona,

General

Obligation

Bonds,

Refunding

Series

2017:

250

5.000%,

7/15/32,

(Pre-refunded

7/15/27)

-

AGM

Insured

7/27

at

100.00

269,270

Northern

Arizona

University,

System

Revenue

Bonds,

Refunding

Series

2014:

430

5.000%,

6/01/40,

(Pre-refunded

6/01/24)

6/24

at

100.00

433,950

880

Scottsdale

Municipal

Property

Corporation,

Arizona,

Excise

Tax

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

7/01/36,

(Pre-refunded

7/01/27)

7/27

at

100.00

948,700

Total

U.S.

Guaranteed

2,242,601

Utilities

-

16

.9

%

1,000

Carefree

Utilities

Community

Facilities

District,

Arizona,

Water

System

Revenue

Bonds,

Series

2021,

4.000%,

7/01/51

7/31

at

100.00

918,036

1,285

Central

Arizona

Water

Conservation

District,

Arizona,

Water

Delivery

O&M

Revenue

Bonds,

Series

2016,

5.000%,

1/01/35

1/26

at

100.00

1,324,939

1,500

City

of

Mesa,

Arizona,

Utility

System

Revenue

Bonds,

Series

2022C,

5.000%,

7/01/36

No

Opt.

Call

1,738,186

1,805

Glendale,

Arizona,

Water

and

Sewer

Revenue

Bonds,

Senior

Lien

Series

2022A,

5.000%,

7/01/41

7/32

at

100.00

1,992,845

790

Goodyear,

Arizona,

Water

and

Sewer

Revenue

Obligations,

Refunding

Subordinate

Lien

Series

2016,

5.000%,

7/01/45

-

AGM

Insured

7/26

at

100.00

813,531

31

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Utilities

(continued)

$

1,500

Goodyear,

Arizona,

Water

and

Sewer

Revenue

Obligations,

Subordinate

Lien

Series

2020,

4.000%,

7/01/45

-

AGM

Insured

7/29

at

100.00

$

1,445,710

500

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

7/01/40

7/27

at

100.00

507,250

735

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2016,

5.000%,

7/01/36

7/26

at

100.00

750,371

760

Guam

Power

Authority,

Revenue

Bonds,

Series

2014A,

5.000%,

10/01/39

10/24

at

100.00

765,473

450

Lake

Havasu

City,

Arizona,

Wastewater

System

Revenue

Bonds,

Refunding

Senior

Lien

Series

2015A,

5.000%,

7/01/36

-

AGM

Insured

7/25

at

100.00

460,850

Mesa,

Arizona,

Utility

System

Revenue

Bonds,

Series

2020:

1,000

3.000%,

7/01/44

7/30

at

100.00

788,355

1,000

Phoenix

Civic

Improvement

Corporation,

Arizona,

Wastewater

System

Revenue

Bonds,

Junior

Lien

Series

2023,

5.250%,

7/01/47

7/33

at

100.00

1,113,546

585

Phoenix

Civic

Improvement

Corporation,

Arizona,

Wastewater

System

Revenue

Bonds,

Refunding

Junior

Lien

Series

2014,

5.000%,

7/01/29

7/24

at

100.00

590,548

2,185

Phoenix

Civic

Improvement

Corporation,

Arizona,

Water

System

Revenue

Bonds,

Junior

Lien

Sustainability

Series

2020A,

5.000%,

7/01/44

7/30

at

100.00

2,345,561

305

Pinal

County

Electrical

District

3,

Arizona,

Electric

System

Revenue

Bonds,

Refunding  Series

2016,

5.000%,

7/01/35

7/26

at

100.00

318,645

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B:

1,000

5.000%,

7/01/33,

144A

7/31

at

100.00

1,011,273

1,000

5.000%,

7/01/37,

144A

7/31

at

100.00

1,001,835

Salt

River

Project

Agricultural

Improvement

and

Power

District,

Arizona,

Electric

System

Revenue

Bonds,

Refunding

Series

2015A:

500

5.000%,

12/01/36

6/25

at

100.00

510,629

1,000

5.000%,

12/01/45

6/25

at

100.00

1,026,318

1,000

Salt

River

Project

Agricultural

Improvement

and

Power

District,

Arizona,

Electric

System

Revenue

Bonds,

Refunding

Series

2016A,

5.000%,

1/01/38

1/27

at

100.00

1,043,860

2,500

Salt

River

Project

Agricultural

Improvement

and

Power

District,

Arizona,

Electric

System

Revenue

Bonds,

Series

2023A,

5.000%,

1/01/50

1/33

at

100.00

2,712,393

1,805

Salt

Verde

Financial

Corporation,

Arizona,

Senior

Gas

Revenue

Bonds,

Citigroup

Energy

Inc

Prepay

Contract

Obligations,

Series

2007,

5.000%,

12/01/37

No

Opt.

Call

1,916,474

Total

Utilities

25,096,628

Total

Municipal

Bonds

(cost

$154,829,883)

149,830,283

Total

Long-Term

Investments

(cost

$154,829,883)

149,830,283

Other

Assets

&

Liabilities,

Net

-

(0.9)%

(

1,339,853

)

Net

Assets

-

100%

$

148,490,430

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

(c)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(d)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

See

Notes

to

Financial

Statements

32

Nuveen

Colorado

Municipal

Bond

Fund

Portfolio

of

Investments

November

30,

2023

(Unaudited)

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

96.8%   

X

421,335,268

MUNICIPAL

BONDS

-

96.8%  

X

421,335,268

Consumer

Discretionary

-

0

.8

%

Denver

Convention

Center

Hotel

Authority,

Colorado,

Revenue

Bonds,

Convention

Center

Hotel,

Refunding

Senior

Lien

Series

2016:

$

500

5.000%,

12/01/29

12/26

at

100.00

$

511,661

1,000

5.000%,

12/01/32

12/26

at

100.00

1,021,264

2,000

5.000%,

12/01/35

12/26

at

100.00

2,031,321

Total

Consumer

Discretionary

3,564,246

Education

and

Civic

Organizations

-

5

.8

%

Colorado

Educational

and

Cultural

Facilities

Authority

Charter

School

Revenue

Bonds,

Monument

Academy

Charter

School

Project,

Refunding

Series

2014:

290

4.000%,

10/01/24

No

Opt.

Call

290,618

720

3.625%,

10/01/29

10/24

at

100.00

707,318

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

Aspen

Ridge

School

Project,

Series

2015A:

500

5.000%,

7/01/36,

144A

7/25

at

100.00

482,335

500

5.250%,

7/01/46,

144A

7/25

at

100.00

462,058

505

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

Community

Leadership

Academy,

Inc.

Second

Campus

Project,

Series

2013,

7.350%,

8/01/43

1/24

at

100.00

505,431

410

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

Douglas

County

School

District

RE-1

-

DCS

Montessori

School,

Refunding

&

Improvement

Series

2012,

4.000%,

7/15/27

1/24

at

100.00

410,110

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

Liberty

Common

Charter

School,

Series

2014A:

315

5.000%,

1/15/29

1/24

at

100.00

315,302

1,000

5.000%,

1/15/44

1/24

at

100.00

997,957

420

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

Littleton

Preparatory

Charter

School,

Series

2013,

5.000%,

12/01/33

1/24

at

100.00

420,084

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

New

Summit

Charter

Academy

Project,

Series

2021A:

100

4.000%,

7/01/41,

144A

7/31

at

100.00

80,799

100

4.000%,

7/01/51,

144A

7/31

at

100.00

72,451

1,000

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

Skyview

Academy

Project,

Series

2014,

5.125%,

7/01/34,

144A

7/24

at

100.00

1,000,940

1,000

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

The

Classical

Academy

Project,

Refunding

Series

2015A,

5.000%,

12/01/38

12/24

at

100.00

1,006,200

795

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

Twin

Peaks

Charter

Academy,

Series

2011B,

7.500%,

3/15/35

1/24

at

100.00

796,808

600

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

Union

Colony

School

Project,

Series

2018,

5.000%,

4/01/38

4/28

at

100.00

615,096

1,000

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

University

of

Northern

Colorado

Lab

School,

Refunding

&

Improvement

Series

2015,

5.000%,

12/15/45,

144A

12/25

at

100.00

1,001,443

500

Colorado

Educational

and

Cultural

Facilities

Authority,

Independent

School

Revenue

Bonds,

Kent

Denver

School

Project,

Series

2016,

5.000%,

10/01/36

10/26

at

100.00

516,908

Colorado

Educational

and

Cultural

Facilities

Authority,

Revenue

Bonds,

Rocky

Mountain

Classical

Academy

Project,

Refunding

Series

2019:

255

5.000%,

10/01/49,

144A

10/27

at

100.00

222,613

1,000

5.000%,

10/01/59,

144A

10/27

at

100.00

841,798

Colorado

Educational

and

Cultural

Facilities

Authority,

Revenue

Bonds,

University

of

Denver,

Series

2017A:

1,000

4.000%,

3/01/35

3/27

at

100.00

1,007,962

3,000

5.000%,

3/01/47

3/27

at

100.00

3,060,527

33

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

$

400

Colorado

Educational

and

Cultural

Facilities

Authority,

Revenue

Bonds,

West

Ridge

Academy

Charter

School,

Refunding

&

Improvement

Series

2019,

5.000%,

6/01/49

6/24

at

100.00

$

400,451

1,500

Colorado

School

of

Mines

Board

of

Trustees,

Golden,

Colorado,

Institutional

Enterprise

Revenue

Bonds,

Green

Series

2023C,

5.250%,

12/01/53

12/33

at

100.00

1,606,157

1,335

Colorado

State

Board

of

Governors,

Colorado

State

University

Auxiliary

Enterprise

System

Revenue

Bonds,

Refunding

Series

2017A,

4.000%,

3/01/34

9/27

at

100.00

1,368,661

2,000

Colorado

State

Board

of

Governors,

Colorado

State

University

Auxiliary

Enterprise

System

Revenue

Bonds,

Refunding

Series

2017E,

4.000%,

3/01/43

3/28

at

100.00

1,991,194

2,000

Colorado

State

Board

of

Governors,

Colorado

State

University

Auxiliary

Enterprise

System

Revenue

Bonds,

Series

2015A,

4.000%,

3/01/35

3/25

at

100.00

2,008,927

1,000

Falcon

Area

Water

and

Wastewater

Authority

(El

Paso

County,

Colorado),

Tap

Fee

Revenue

Bonds,

Series

2022A,

6.750%,

12/01/34,

144A

9/27

at

103.00

992,445

2,000

University

of

Northern

Colorado

at

Greeley,

Institutional

Enterprise

System

Revenue

Bonds,

Refunding

Series

2015A,

5.000%,

6/01/40

6/25

at

100.00

2,030,579

Total

Education

and

Civic

Organizations

25,213,172

Health

Care

-

15

.0

%

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

AdventHealth

Obligated

Group,

Series

2019A:

1,760

5.000%,

11/15/37

11/29

at

100.00

1,896,882

1,000

4.000%,

11/15/43

11/29

at

100.00

953,189

1,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

AdventHealth

Obligated

Group,

Series

2021A,

4.000%,

11/15/46

11/31

at

100.00

942,103

2,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

AdventHealth

Obligated

Group,

Series

2023A-2,

5.000%,

11/15/57,

(Mandatory

Put

11/15/33)

11/32

at

101.57

2,240,740

1,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Adventist

Health

System/Sunbelt

Obligated

Group,

Series

2016A,

4.000%,

11/15/46

5/26

at

100.00

940,725

225

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Adventist

Health

System/Sunbelt

Obligated

Group,

Series

2016B,

5.000%,

11/15/29

5/26

at

100.00

235,971

3,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Adventist

Health

System/Sunbelt

Obligated

Group,

Series

2018A,

5.000%,

11/15/48

5/28

at

100.00

3,078,277

700

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Boulder

Community

Health

Project,

Series

2020,

5.000%,

10/01/30

No

Opt.

Call

759,477

7,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Children's

Hospital

Colorado

Project,

Series

2016A,

5.000%,

12/01/44

6/26

at

100.00

7,052,745

5,250

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-1,

4.000%,

8/01/44

8/29

at

100.00

4,759,325

3,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2,

4.000%,

8/01/49

8/29

at

100.00

2,637,624

2,325

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019B-1,

5.000%,

8/01/49,

(Mandatory

Put

8/01/25)

2/25

at

100.00

2,354,140

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2022A:

500

5.250%,

11/01/38

11/32

at

100.00

538,113

5,095

5.500%,

11/01/47

11/32

at

100.00

5,396,532

4,000

5.250%,

11/01/52

11/32

at

100.00

4,127,709

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Intermountain

Healthcare,

Series

2022A:

2,150

4.000%,

5/15/52

5/32

at

100.00

2,048,757

2,000

5.000%,

5/15/52

5/32

at

100.00

2,108,678

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Parkview

Medical

Center

Inc.

Project,

Refunding

Series

2017:

265

5.000%,

9/01/24

No

Opt.

Call

267,214

235

5.000%,

9/01/26

No

Opt.

Call

241,165

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Parkview

Medical

Center,

Refunding

Series

2015B:

3,530

5.000%,

9/01/31

9/25

at

100.00

3,597,062

1,315

4.000%,

9/01/34

9/25

at

100.00

1,309,549

1,250

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Parkview

Medical

Center,

Series

2020A,

4.000%,

9/01/50

9/30

at

100.00

1,063,723

Nuveen

Colorado

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

34

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Sanford

Health,

Series

2019A:

$

545

5.000%,

11/01/32

11/29

at

100.00

$

589,702

2,000

4.000%,

11/01/39

11/29

at

100.00

1,962,883

3,950

5.000%,

11/01/49

11/29

at

100.00

4,050,980

3,500

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

SCL

Health

System,

Refunding

Series

2019A,

4.000%,

1/01/35

1/30

at

100.00

3,576,142

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Valley

View

Hospital

Association,

Refunding

Series

2017A:

225

4.000%,

5/15/33

5/27

at

100.00

225,989

1,920

4.000%,

5/15/34

5/27

at

100.00

1,933,627

1,050

4.000%,

5/15/35

5/27

at

100.00

1,055,109

2,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Valley

View

Hospital

Association,

Series

2015,

5.000%,

5/15/45

5/25

at

100.00

2,010,381

Delta

County

Memorial

Hospital

District,

Colorado,

Enterprise

Revenue

Bonds,

Refunding

Series

2010:

355

5.500%,

9/01/25

1/24

at

100.00

347,636

600

5.500%,

9/01/30

1/24

at

100.00

579,087

475

Denver

Health

and

Hospitals

Authority,

Colorado,

Healthcare

Revenue

Bonds,

Series

2014A,

5.000%,

12/01/39

1/24

at

100.00

475,018

Total

Health

Care

65,356,254

Housing/Multifamily

-

0

.5

%

280

Denver

City

&

County

Housing

Authority,

Colorado,

Capital

Fund

Program

Revenue

Bonds,

Three

Tower

Rehabilitation,

Series

2007,

5.200%,

11/01/27

-

AGM

Insured,

(AMT)

1/24

at

100.00

280,399

2,000

Denver

City

and

County

Housing

Authority,

Colorado,

Multifamily

Housing

Revenue

Bonds,

Flo

Senior

Apartments

Project,

Sustainability

Green

Series

2023A,

4.500%,

7/01/41

7/33

at

100.00

2,030,498

Total

Housing/Multifamily

2,310,897

Long-Term

Care

-

1

.9

%

500

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

American

Baptist

Homes

Project,

Series

2016,

6.125%,

2/01/46,

144A

2/26

at

100.00

417,298

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Christian

Living

Neighborhoods

Project,

Refunding

Series

2016:

1,315

5.000%,

1/01/31

1/24

at

102.00

1,293,441

3,000

5.000%,

1/01/37

1/24

at

102.00

2,842,551

2,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Christian

Living

Neighborhoods

Project,

Refunding

Series

2021,

4.000%,

1/01/42

1/28

at

103.00

1,584,803

1,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Covenant

Retirement

Communities

Inc.,

Refunding

Series

2015A,

5.000%,

12/01/35

6/25

at

100.00

1,011,229

1,200

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Frasier

Meadows

Project,

Refunding

&

Improvement

Series

2017A,

5.250%,

5/15/47

5/27

at

100.00

1,110,162

Total

Long-Term

Care

8,259,484

Tax

Obligation/General

-

11

.7

%

200

Aspen

Fire

Protection

District,

Pitkin

County,

Colorado,

Certificates

of

Participation,

Series

2019,

4.000%,

12/01/32

12/29

at

100.00

205,628

150

Boulder

Larimer

&

Weld

Counties

School

District

RE-1J

Saint

Vrain

Valley,

Colorado,

General

Obligation

Bonds,

Series

2016C,

4.000%,

12/15/34

12/26

at

100.00

151,779

2,000

Delta

County

Joint

School

District

50

Delta,

Gunnison,

Montrose

and

Mesa

Counties,

Colorado,

General

Obligation

Bonds,

Series

2023,

5.000%,

12/01/47

12/32

at

100.00

2,132,295

1,050

Delta,Colorado,

Sales

and

Use

Tax

Revenue

Bonds,

Refunding

Series

2019,

4.000%,

12/01/36

-

BAM

Insured

12/29

at

100.00

1,062,971

3,000

Denver

School

District

1,

Colorado,

General

Obligation

Bonds,

Series

2021,

4.000%,

12/01/41

12/30

at

100.00

3,019,809

4,625

Denver

School

District

1,

Colorado,

General

Obligation

Bonds,

Series

2022A,

5.000%,

12/01/45

6/32

at

100.00

5,083,163

2,040

Eagle

River

Fire

Protection

District,

Eagle

County,

Colorado,

General

Obligation

Bonds,

Series

2016,

4.000%,

12/01/46

-

AGM

Insured

12/26

at

100.00

1,955,618

35

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

(continued)

Eagle

River

Water

and

Sanitation

District,

Eagle

County,

Colorado,

General

Obligation

Bonds,

Series

2016:

$

480

4.500%,

12/01/36

12/26

at

100.00

$

494,261

2,500

5.000%,

12/01/45

12/26

at

100.00

2,590,084

1,220

El

Paso

County

School

District

20,

Academy,

Colorado,

General

Obligation

Bonds,

Series

2017,

4.000%,

12/15/40

12/26

at

100.00

1,223,177

Foothills

Park

and

Recreation

District,

Subdistrict

A,

Jefferson

County,

Colorado,

General

Obligation

Bonds,

Refunding

Series

2015:

600

3.250%,

12/01/29

-

AGM

Insured

12/25

at

100.00

600,194

440

5.000%,

12/01/30

-

AGM

Insured

12/25

at

100.00

455,546

1,275

5.000%,

12/01/31

-

AGM

Insured

12/25

at

100.00

1,319,798

3,000

Grand

County

School

District

2

East

Grand,

Colorado,

General

Obligation

Bonds,

Series

2022,

4.000%,

12/01/46

12/31

at

100.00

2,918,723

Grand

River

Hospital

District,

Garfield

and

Mesa

Counties,

Colorado,

General

Obligation

Bonds,

Series

2018:

655

5.250%,

12/01/34

-

AGM

Insured

12/28

at

100.00

696,010

1,750

5.250%,

12/01/37

-

AGM

Insured

12/28

at

100.00

1,821,256

3,000

Gunnison

Watershed

School

District

RE1J,

Gunnison

and

Saguache

Counties,

Colorado,

General

Obligation

Bonds,

Series

2023,

5.000%,

12/01/47

12/32

at

100.00

3,240,585

1,315

Jefferson

County

School

District

R1,

Colorado,

General

Obligation

Bonds,

Series

2020A,

4.000%,

12/15/33

12/30

at

100.00

1,393,871

2,000

Larimer

and

Weld

Counties

School

District

Re-5J,

Colorado,

General

Obligation

Bonds,

Series

2021,

4.000%,

12/01/40

12/30

at

100.00

2,010,305

750

Louisville,

Boulder

County,

Colorado,

General

Obligation

Bonds,

Limited

Tax,

Series

2017,

4.000%,

12/01/35

12/26

at

100.00

763,442

1,390

Pueblo

County

School

District

70,

Pueblo

Rural,

Colorado,

General

Obligation

Bonds,

Improvement

Series

2021A,

4.000%,

12/01/32

12/30

at

100.00

1,465,798

1,140

Roaring

Fork

Transportation

Authority,

Colorado,

Property

Tax

Revenue

Bonds,

Series

2021A,

4.000%,

12/01/46

12/31

at

100.00

1,109,115

2,410

Weld

County

School

District

6,

Greeley,

Colorado,

General

Obligation

Bonds,

Series

2020,

5.000%,

12/01/44

12/29

at

100.00

2,562,878

1,125

Weld

County

School

District

6,

Greeley,

Colorado,

General

Obligation

Bonds,

Series

2021,

4.000%,

12/01/45

6/31

at

100.00

1,116,274

8,500

Weld

County

School

District

RE-4,

Windsor,

Colorado,

General

Obligation

Bonds,

Series

2023,

5.250%,

12/01/47

12/32

at

100.00

9,402,335

2,000

Westminster

Public

Schools,

Adams

County,

Colorado,

Certificates

of

Participation,

Series

2019,

5.000%,

12/01/43

-

AGM

Insured

12/28

at

100.00

2,106,773

Total

Tax

Obligation/General

50,901,688

Tax

Obligation/Limited

-

31

.6

%

1,770

Aerotropolis

Regional

Transportation

Authority,

Colorado,

Special

Revenue

Bonds,

Series

2019,

5.000%,

12/01/51

12/24

at

102.00

1,575,122

368

Alpine

Mountain

Ranch

Metropolitan

District,

Routt

County,

Colorado,

Special

Assessment

Revenue

Bonds,

Special

Improvement

District

1,

Refunding

Series

2021,

4.000%,

12/01/40

9/26

at

103.00

324,292

1,650

Anthem

West

Metropolitan

District,

Colorado,

General

Obligation

Bonds,

Refunding

Series

2015,

5.000%,

12/01/35

-

BAM

Insured

12/25

at

100.00

1,696,712

Arvada,

Colorado,

Sales

and

Use

Tax

Revenue

Bonds,

Series

2023:

1,275

5.000%,

12/01/41

12/33

at

100.00

1,425,842

1,335

5.000%,

12/01/42

12/33

at

100.00

1,486,909

600

Aurora

Crossroads

Metropolitan

District

2,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2020A,

5.000%,

12/01/40

9/25

at

103.00

556,516

500

Aviation

Station

North

Metropolitan

District

2,

Denver

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2019A,

5.000%,

12/01/48

9/24

at

103.00

440,080

1,050

Brighton

Crossing

Metropolitan

District

4,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Convertible

to

Unlimited

Tax,

Series

2017A,

5.000%,

12/01/37

1/24

at

102.00

1,024,006

600

Broadway

Park

North

Metropolitan

District

2,

Denver,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2020,

3.375%,

12/01/26,

144A

12/25

at

103.00

564,906

Nuveen

Colorado

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

36

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

2,500

Bromley

Park

Metropolitan

District

No.

2,

In

the

City

of

Brighton,

Adams

and

Weld

Counties,

Colorado,

Senior

General

Obligation

Limited

Tax

Refunding

Bonds,

Series

2023,

5.375%,

12/01/53

-

BAM

Insured

12/33

at

100.00

$

2,681,078

Buffalo

Ridge

Metropolitan

District

(In

the

City

of

Commerce

City),

Adams

County,

Colorado,

General

Obligation

Refunding

and

Improvement

Bonds,

Series

2018A:

1,020

5.000%,

12/01/34

-

BAM

Insured

12/28

at

100.00

1,118,434

1,000

4.000%,

12/01/47

-

BAM

Insured

12/28

at

100.00

926,097

1,145

Centerra

Metropolitan

District

1,

Loveland,

Colorado,

Special

Revenue

Bonds,

Refunding

&

Improvement

Series

2017,

5.000%,

12/01/47,

144A

1/24

at

102.00

1,028,489

500

Centerra

Metropolitan

District

1,

Loveland,

Colorado,

Special

Revenue

Improvement

Bonds,

Series

2022,

6.500%,

12/01/53

12/27

at

103.00

502,221

480

Cherry

Creek

Corporate

Center

Metropolitan

District,

Arapahoe

County,

Colorado,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2015A,

5.000%,

6/01/37

12/25

at

100.00

461,768

1,725

Colorado

International

Center

Metropolitan

District

14,

Denver,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2018,

5.875%,

12/01/46

1/24

at

103.00

1,670,103

2,000

Colorado

State,

Building

Excellent

Schools

Today,

Certificates

of

Participation,

Series

2017J,

5.250%,

3/15/42

3/27

at

100.00

2,080,328

1,000

Colorado

State,

Building

Excellent

Schools

Today,

Certificates

of

Participation,

Series

2021S,

4.000%,

3/15/41

3/31

at

100.00

1,000,314

1,780

Colorado

State,

Certificates

of

Participation,

Lease

Purchase

Agreement

Department

of

Transportation

Second

Amended

&

Restated

Headquarters

Facilities,

Refunding

Series

2020,

4.000%,

6/15/38

6/30

at

100.00

1,805,344

2,000

Commerce

City,

Colorado,

Sales

and

Use

Tax

Revenue

Bonds,

Refunding

Series

2015,

5.000%,

8/01/36

-

BAM

Insured

8/25

at

100.00

2,039,366

2,295

Copperleaf

Metropolitan

District

2,

Arapahoe

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

Convertible

to

Unlimited

Tax

Series

2020,

4.000%,

12/01/45

-

BAM

Insured

12/30

at

100.00

2,113,915

750

Copperleaf

Metropolitan

District

4,

Arapahoe

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Convertible

to

Unlimited

Tax

Series

2020A,

5.000%,

12/01/49

3/25

at

103.00

670,073

898

Cottonwood

Highlands

Metropolitan

District

1,

Parker,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Convertible

to

Unlimited

Tax

Series

2019A,

5.000%,

12/01/49

6/24

at

103.00

804,258

1,000

Cross

Creek

Metropolitan

District

2,

Aurora,

Colorado,

Unlimited

Tax

General

Obligation

Bonds,

Refunding

Series

2018,

4.000%,

12/01/45

-

AGM

Insured

12/28

at

100.00

925,611

1,250

Crystal

Valley

Metropolitan

District

2,

Douglas

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2020A,

4.000%,

12/01/44

-

AGM

Insured

12/30

at

100.00

1,219,453

935

Cumberland

Green

Metropolitan

District,

El

Paso

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Refunding

&

Improvement

Series

2015,

5.250%,

12/01/45

12/25

at

100.00

886,817

1,185

Denver

City

and

County

School

District

1,

Colorado,

Lease

Purchase

Program

Certificates

of

Participation,

Series

2015B,

5.000%,

12/15/45

12/25

at

100.00

1,210,894

Denver

City

and

County,

Colorado,

Dedicated

Tax

Revenue

Bonds,

Series

2021A:

1,000

4.000%,

8/01/35

8/31

at

100.00

1,040,832

1,785

4.000%,

8/01/40

8/31

at

100.00

1,787,407

125

Denver

Urban

Renewal

Authority,

Colorado,

Tax

Increment

Revenue

Bonds,

9th

and

Colorado

Urban

Redevelopment

Area,

Series

2018A,

5.250%,

12/01/39,

144A

1/24

at

103.00

125,617

500

Denver

West

Promenade

Metropolitan

District,

Lakewood,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Convertible

to

Unlimited

Tax

Series

2013,

5.375%,

12/01/42

1/24

at

100.00

484,108

1,000

Denver,

Colorado,

Certificates

of

Participation,

Convention

Center

Expansion

Project,

Series

2018A,

4.000%,

6/01/48

6/26

at

100.00

959,838

5,500

Ebert

Metropolitan

District,

Denver

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

Series

2018A-1,

5.000%,

12/01/43

-

BAM

Insured

12/28

at

100.00

5,773,226

2,000

El

Paso

County

School

District

49

Falcon,

Colorado,

Certificates

of

Participation,

Series

2017B,

5.000%,

12/15/42

12/26

at

100.00

2,060,301

37

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

575

Erie

Farm

Metropolitan

District,

Erie,

Boulder

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Refunding

&

Improvement,

Series

2021,

5.000%,

12/01/41

-

AGM

Insured

12/31

at

100.00

$

618,837

1,000

Erie,

Colorado,

Certificates

of

Participation,

Series

2010,

5.000%,

11/01/37

11/24

at

100.00

1,012,159

First

Creek

Village

Metropolitan

District,

Denver,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Convertible

to

Unlimited

Tax

Series

2019A:

500

3.000%,

12/01/29

9/24

at

103.00

445,792

595

5.000%,

12/01/39

9/24

at

103.00

581,339

500

Foothills

Metropolitan

District,

Fort

Collins,

Colorado,

Special

Revenue

Bonds,

Series

2014,

6.000%,

12/01/38

12/24

at

100.00

468,553

1,525

Foothills

Park

and

Recreation

District,

Jefferson

County,

Colorado,

Lease

Revenue

Bonds,

Certificates

of

Participation,

Series

2021,

4.000%,

12/01/33

12/31

at

100.00

1,595,793

890

Four

Corners

Business

Improvement

District,

Erie,

Boulder

County,

Colorado,

Limited

Tax

Supported

Revenue

Bonds,

Series

2022,

6.000%,

12/01/52

9/27

at

103.00

808,139

500

Future

Legends

Sports

Park

Business

Improvement

District,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2022A

and

Subordinate

Limited

Tax

General

Obligation

Bonds,

Series

2022B,

6.000%,

12/01/52

9/27

at

103.00

480,772

800

Glen

Metropolitan

District

1,

El

Paso

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2016A,

4.500%,

12/01/45

-

BAM

Insured

12/25

at

100.00

808,749

600

Gold

Hill

Mesa

Metropolitan

District

2,

Colorado

Springs,

El

Paso

County,

Colorado,

Limited

Tax

General

Obligation

and

Special

Revenue

Bonds,

Refunding

&

Improvement

Series

2022A,

5.500%,

12/01/47

-

BAM

Insured

6/32

at

100.00

643,599

Grand

Junction,

Colorado,

Certificates

of

Participation,

Series

2019:

475

4.000%,

12/01/35

12/29

at

100.00

488,122

225

4.000%,

12/01/37

12/29

at

100.00

227,583

675

Green

Gables

Metropolitan

District

2,

Jefferson

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Special

Revenue

Refunding

Improvement

Senior

Series

2023A,

5.125%,

12/01/53

-

BAM

Insured

12/33

at

100.00

702,127

335

Harvest

Junction

Metropolitan

District,

Longmont,

Colorado,

General

Obligation

Bonds,

Refunding

and

Improvement

Series

2012,

5.200%,

12/01/32

1/24

at

100.00

335,112

1,000

Heritage

Todd

Creek

Metropolitan

District,

Colorado,

General

Obligation

Bonds

Limited

Tax,

Refunding

&

Improvement

Series

2015,

6.125%,

12/01/44

12/24

at

100.00

1,001,369

1,125

High

Plains

Metropolitan

District,

Arapahoe

County,

Colorado,

General

Obligation

Bonds,

Refunding

Series

2017,

5.000%,

12/01/35

-

NPFG

Insured

12/27

at

100.00

1,193,189

380

Jefferson

Center

Metropolitan

District

1,

Arvada,

Jefferson

County,

Colorado,

Special

Revenue

Bonds,

Series

2020-A2,

4.125%,

12/01/40

1/24

at

103.00

323,535

500

(c)

Lambertson

Farms

Metropolitan

District

1,

Colorado,

Revenue

Bonds,

Refunding

&

Improvement

Series

2015,

5.000%,

12/15/25

1/24

at

100.00

490,419

Lincoln

Park

Metropolitan

District,

Douglas

County,

Colorado,

Limited

Tax

General

Obligation

and

Improvement

Bonds,

Refunding

Series

2018:

460

5.000%,

12/01/42

-

AGM

Insured

12/27

at

100.00

480,015

2,000

5.000%,

12/01/46

-

AGM

Insured

12/27

at

100.00

2,077,260

1,660

Longmont,

Colorado,

Sales

and

Use

Tax

Revenue

Bonds,

Series

2019,

3.000%,

11/15/33

11/28

at

100.00

1,591,040

Lorson

Ranch

Metropolitan

District

2,

El

Paso

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2016:

825

5.000%,

12/01/36

12/26

at

100.00

843,890

1,805

5.000%,

12/01/41

12/26

at

100.00

1,825,913

1,000

Meridian

Metropolitan

District,

Douglas

County,

Colorado,

General

Obligation

Bonds,

Series

2023,

4.250%,

12/01/48

-

AGM

Insured

12/33

at

100.00

1,000,054

650

Meridian

Metropolitan

District,

Douglas

County,

Colorado,

General

Obligation

Refunding

Bonds,

Series

2017,

5.000%,

12/01/42

-

AGM

Insured

12/27

at

100.00

681,963

1,000

Midtown

at

Clear

Creek

Metropolitan

District,

Adams

County,

Colorado,

General

Obligation

Bonds,

Refunding

Limited

Tax

Series

2023A,

5.500%,

12/01/43

-

BAM

Insured

12/33

at

100.00

1,088,575

1,135

Montrose

County,

Colorado,

Certificates

of

Participation,

Series

2014,

5.000%,

12/01/34

12/24

at

100.00

1,143,080

1,000

Monument,

El

Paso

County,  Colorado,

Certificate

of

Participation,

Series

2020,

4.000%,

12/01/40

-

AGM

Insured

12/28

at

100.00

992,077

500

Mountain

Shadows

Metropolitan

District,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Refunding

Series

2016,

5.000%,

12/01/46

12/25

at

100.00

456,653

Nuveen

Colorado

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

38

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

494

Mountain

Shadows

Metropolitan

District,

Weld

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2015,

5.500%,

12/01/44

12/25

at

100.00

$

474,782

570

Nexus

North

at

DIA

Metropolitan

District,

Adams

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2021,

5.000%,

12/01/51

3/26

at

103.00

478,984

709

North

Range

Metropolitan

District

2,

Adams

County,

Colorado

,

Limited

Tax

General

Obligation

Bonds,

Refunding

Special

Revenue

&

Improvement

Series

2017A,

5.625%,

12/01/37

1/24

at

102.00

713,962

4,000

Northern

Colorado

Water

Conservancy

District,

Certificates

of

Participation,

Series

2022,

5.250%,

7/01/52

7/31

at

100.00

4,304,959

Northglenn

Urban

Renewal

Authority,

Northglenn,

Colorado,

Tax

Increment

Revenue

Bonds,

Urban

Renewal

Plan

2,

Series

2019:

235

4.000%,

12/01/27

No

Opt.

Call

238,252

305

4.000%,

12/01/28

No

Opt.

Call

308,979

755

Painted

Prairie

Public

Improvement

Authority,

Aurora,

Colorado,

Special

Revenue

Bonds,

Series

2019,

5.000%,

12/01/49

12/24

at

103.00

670,724

Park

70

Metropolitan

District,

Aurora,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Refunding

&

Improvement

Series

2016:

125

5.000%,

12/01/24

No

Opt.

Call

125,933

1,500

5.000%,

12/01/36

12/26

at

100.00

1,524,222

Park

Creek

Metropolitan

District,

Colorado,

Senior

Limited

Property

Tax

Supported

Revenue

Bonds,

Refunding

Series

2015A:

1,055

5.000%,

12/01/33

-

NPFG

Insured

12/25

at

100.00

1,084,251

2,380

5.000%,

12/01/45

12/25

at

100.00

2,392,263

1,225

Park

Creek

Metropolitan

District,

Colorado,

Senior

Limited

Property

Tax

Supported

Revenue

Bonds,

Series

2018A,

4.000%,

12/01/51

12/28

at

100.00

1,050,809

1,650

Park

Creek

Metropolitan

District,

Colorado,

Senior

Limited

Property

Tax

Supported

Revenue

Bonds,

Series

2019A,

4.000%,

12/01/36

-

AGM

Insured

12/29

at

100.00

1,669,500

1,500

Platte

River

Metropolitan

District,

Weld

County,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Refunding

Series

2023A,

6.500%,

8/01/53,

144A

8/29

at

103.00

1,517,630

1,500

Plaza

Metropolitan

District

1,

Lakewood,

Colorado,

Tax

Increment

Revenue

Bonds,

Refunding

Series

2013,

5.000%,

12/01/40,

144A

1/24

at

100.00

1,416,127

500

Prairie

Center

Metropolitan

District

No.

3,

In

the

City

of

Brighton,

Adams

County,

Colorado,

Limited

Property

Tax

Supported

Primary

Improvements

Revenue

Bonds,

Refunding

Series

2017A,

5.000%,

12/15/41,

144A

12/26

at

100.00

487,639

Prairiestar

Metropolitan

District

2,

Larimer

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2021A:

500

5.000%,

12/01/41

-

BAM

Insured

12/31

at

100.00

538,119

500

5.000%,

12/01/46

-

BAM

Insured

12/31

at

100.00

530,240

1,550

Pueblo

County,

Colorado,

Certificates

of

Participation,

Community

Improvement

Projects,

Series

2023A,

4.000%,

7/01/43

7/32

at

100.00

1,456,922

235

Pueblo

Urban

Renewal

Authority,

Colorado,

Tax

Increment

Revenue

Bonds,

EVRAZ

Project,

Series

2021A,

4.750%,

12/01/45,

144A

12/30

at

100.00

159,800

2,516

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1,

4.500%,

7/01/34

7/25

at

100.00

2,501,278

880

Raindance

Metropolitan

District

2,

Windsor,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Series

2019A,

5.000%,

12/01/39

12/24

at

103.00

831,800

2,500

Rampart

Range

Metropolitan

District

1,

Lone

Tree,

Colorado,

Limited

Tax

Supported

and

Special

Revenue

Bonds,

Refunding

&

Improvement

Series

2017,

5.000%,

12/01/42

12/27

at

100.00

2,603,136

400

Red

Sky

Ranch

Metropolitan

District,

Eagle

County,

Colorado,

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2015,

5.000%,

12/01/44

12/24

at

100.00

365,060

2,385

Regional

Transportation

District,

Colorado,

Sales

Tax

Revenue

Bonds,

Fastracks

Project,

Series

2017B,

4.000%,

11/01/35

11/27

at

100.00

2,433,662

490

Reserve

Metropolitan

District

2,

Mount

Crested

Butte,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

Series

2016A,

5.000%,

12/01/45

12/26

at

100.00

447,878

555

Riverview

Metropolitan

District,

Steamboat

Springs,

Routt

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Convertible

to

Unlimited

Tax

Refunding

Series

2021,

5.000%,

12/01/41

6/26

at

103.00

493,309

1,000

Roaring

Fork

School

District

RE-1,

Garfield,

Pitkin,

and

Eagle

Counties,

Colorado,

Certificates

of

Participation,

Series

2023,

5.000%,

12/15/43

-

BAM

Insured

6/31

at

100.00

1,064,613

1,000

Sand

Creek

Metropolitan

District,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Refunding

Series

2023,

5.000%,

12/01/37

-

AGM

Insured

12/32

at

100.00

1,087,180

39

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

1,995

Sierra

Ridge

Metropolitan

District

2,

Douglas

County,

Colorado,

General

Obligation

Bonds,

Subordinate

Series

2022,

4.000%,

12/01/46

-

AGM

Insured

12/31

at

100.00

$

1,865,180

275

Sierra

Ridge

Metropolitan

District

2,

Douglas

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

Bonds,

Series

2022,

5.000%,

12/01/52

-

AGM

Insured

12/32

at

100.00

288,064

550

Silver

Peaks

Metropolitan

District

3,

Colorado,

Limited

Tax

Obligation

Bonds,

Senior

Lien

Series

2020A,

5.000%,

12/01/50

12/25

at

103.00

473,277

200

Southlands

Metropolitan

District

1,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2017A-1,

5.000%,

12/01/37

12/27

at

100.00

195,494

350

Southlands

Metropolitan

District

1,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2017A-2,

5.000%,

12/01/47

12/27

at

100.00

325,078

1,000

Southshore

Metropolitan

District

2

Aurora,

Arapahoe

County,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Improvement

Series

2020A-2,

4.000%,

12/01/46

-

BAM

Insured

12/30

at

100.00

933,640

495

Southwest

Timnath

Metropolitan

District

4,

Timnath,

Larimer

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2017A,

5.375%,

12/01/47

1/24

at

102.00

474,585

1,000

STC

Metropolitan

District

2,

Superior,

Boulder

County,

Colorado,

Limited

Tax

General

Obligation

and

Special

Revenue

Bonds,

Refunding

&

improvement

Series

2019A,

5.000%,

12/01/49

12/24

at

103.00

889,681

750

Sterling

Hills

West

Metropolitan

District,

Arapahoe

County,

Colorado,

General

Obligation

Bonds,

Refunding

Series

2017,

5.000%,

12/01/39

12/27

at

100.00

776,681

415

Sterling

Ranch

Community

Authority

Board,

Douglas

County,

Colorado,

Limited

Tax

Supported

District

2,

Refunding

&

Improvement

Senior

Series

2020A,

3.375%,

12/01/30

12/25

at

102.00

378,143

595

Sterling

Ranch

Metropolitan

District

2,

El

Paso

County,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Convertible

Capital

Appreciation

Series

22,

5.500%,

12/01/42

6/30

at

102.00

569,388

Tallyn's

Reach

Metropolitan

District

3,

Aurora,

Colorado,

General

Obligation

Bonds,

Refunding

Series

2019:

460

5.000%,

12/01/31

-

BAM

Insured

12/29

at

100.00

507,143

250

5.000%,

12/01/32

-

BAM

Insured

12/29

at

100.00

275,567

250

5.000%,

12/01/33

-

BAM

Insured

12/29

at

100.00

275,454

750

Thompson

Crossing

Metropolitan

District

2,

Johnstown,

Larimer

County,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Convertible

to

Unlimited

Tax,

Series

2016B,

5.000%,

12/01/46

-

AGM

Insured

12/26

at

100.00

776,380

1,640

Thompson

Crossing

Metropolitan

District

6,

Larimer

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Refunding

&

Improvement

Convertible

to

Unlimited

Tax

Series

2020,

5.000%,

12/01/40,

144A

12/30

at

100.00

1,562,495

770

Thornton

Development

Authority,

Colorado,

Tax

Increment

Revenue

Bonds,

North

Washington

Street

Corridor

Project,

Refunding

Series

2015,

3.250%,

12/01/28

12/24

at

100.00

765,037

5,000

Thornton,

Colorado,

Certificates

of

Participation,

Series

2018,

4.000%,

12/01/39

12/28

at

100.00

5,018,781

2,000

Triview

Metropolitan

District

4,

El

Paso

County,

California,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Series

2018,

5.750%,

12/01/48,

144A

1/24

at

103.00

1,958,277

225

Vauxmont

Metropolitan

District,

Arvada,

Colorado,

Limited

Tax

General

Obligation

and

Special

Revenue

Bonds,

Convertible

to

Unlimited

Tax

Refunding

Subordinate

Series

2019,

5.000%,

12/15/29

-

AGM

Insured

12/24

at

103.00

235,719

4,000

Ventana

Metropolitan

District,

El

Paso

County,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Refunding

and

Improvement

Series

2023A,

6.500%,

9/01/53,

144A

12/28

at

103.00

4,119,441

Vista

Ridge

Metropolitan

District,

In

the

Town

of

Erie,

Weld

County,

Colorado,

General

Obligation

Refunding

Bonds,

Series

2016A:

525

5.000%,

12/01/28

-

BAM

Insured

12/26

at

100.00

553,965

1,250

5.000%,

12/01/31

-

BAM

Insured

12/26

at

100.00

1,312,388

500

4.000%,

12/01/36

-

BAM

Insured

12/26

at

100.00

505,939

Water

Valley

Metropolitan

District

1,

Colorado,

General

Obligation

Bonds,

Refunding

Series

2016:

105

3.250%,

12/01/24

No

Opt.

Call

102,797

1,000

4.000%,

12/01/33

12/26

at

100.00

896,712

300

5.000%,

12/01/35

12/26

at

100.00

293,126

645

5.250%,

12/01/40

12/26

at

100.00

629,424

Nuveen

Colorado

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

40

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

500

Waterview

II

Metropolitan

District,

El

Paso

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2022A,

5.000%,

12/01/41

3/27

at

103.00

$

453,520

1,000

West

Globeville

Metropolitan

District

1,

Denver,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2022,

6.750%,

12/01/52

12/29

at

103.00

929,552

600

Westerly

Metropolitan

District

4,

Weld

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2021A-1,

4.125%,

12/01/31

3/26

at

103.00

535,381

Westminster,

Colorado,

Certificates

of

Participation,

Series

2015A:

1,500

5.000%,

12/01/35

12/25

at

100.00

1,546,843

1,000

4.000%,

12/01/38

12/25

at

100.00

1,003,910

Wheatlands

Metropolitan

District

2,

Aurora,

Arapahoe

County,

Colorado,

General

Obligation

Bonds,

Refunding

Series

2015:

1,000

5.000%,

12/01/30

-

BAM

Insured

12/25

at

100.00

1,030,644

1,595

4.000%,

12/01/38

-

BAM

Insured

12/25

at

100.00

1,595,777

1,400

Whispering

Pines

Metropolitan

District

No.1,

In

the

City

of

Aurora,

Colorado,

Limited

Tax

Convertible

to

Unlimited

Tax,

General

Obligation

Refunding

Series

2023,

5.000%,

12/01/52

-

AGM

Insured

12/32

at

100.00

1,445,463

Total

Tax

Obligation/Limited

137,346,944

Transportation

-

8

.5

%

1,000

Colorado

High

Performance

Transportation

Enterprise,

C-470

Express

Lanes

Revenue

Bonds,

Senior

Lien

Series

2017,

5.000%,

12/31/56

12/24

at

100.00

995,149

500

Colorado

High

Performance

Transportation

Enterprise,

US

36

and

I-25

Managed

Lanes

Revenue

Bonds,

Senior

Lien

Series

2014,

5.750%,

1/01/44,

(AMT)

1/24

at

100.00

500,649

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022A:

3,000

5.000%,

11/15/25,

(AMT)

No

Opt.

Call

3,077,008

1,995

5.000%,

11/15/39,

(AMT)

11/32

at

100.00

2,144,356

3,340

5.000%,

11/15/41,

(AMT)

11/32

at

100.00

3,560,337

3,585

5.500%,

11/15/53,

(AMT)

11/32

at

100.00

3,871,704

500

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022B,

5.000%,

11/15/47

11/32

at

100.00

538,753

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022D:

1,000

5.750%,

11/15/45,

(AMT)

11/32

at

100.00

1,111,158

1,000

5.000%,

11/15/53,

(AMT)

11/32

at

100.00

1,038,090

1,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Subordinate

Lien

Series

2013B,

5.250%,

11/15/33

2/24

at

100.00

1,002,798

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Subordinate

Lien

Series

2018A:

2,000

5.000%,

12/01/27,

(AMT)

No

Opt.

Call

2,112,808

1,000

5.000%,

12/01/30,

(AMT)

No

Opt.

Call

1,091,210

8,305

5.000%,

12/01/43,

(AMT)

12/28

at

100.00

8,520,478

1,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Subordinate

Lien

Series

2018B,

5.000%,

12/01/37

12/28

at

100.00

1,059,035

500

Denver

City

and

County,

Colorado,

Special

Facilities

Airport

Revenue

Bonds,

United

Airlines,

Inc.

Project,

Refunding

Series

2017,

5.000%,

10/01/32,

(AMT)

1/24

at

100.00

494,933

620

Eagle

County

Air

Terminal

Corporation,

Colorado,

Airport

Terminal

Project

Revenue

Bonds,

Refunding

Series

2011A,

6.000%,

5/01/27,

(AMT)

1/24

at

100.00

620,682

Grand

Junction

Regional

Airport

Authority,

Colorado,

General

Airport

Revenue

Bonds,

Refunding

Series

2016A:

680

5.000%,

12/01/25

-

NPFG

Insured

No

Opt.

Call

700,839

965

5.000%,

12/01/27

-

NPFG

Insured

12/26

at

100.00

1,015,464

1,215

5.000%,

12/01/32

12/26

at

100.00

1,264,738

1,275

5.000%,

12/01/33

12/26

at

100.00

1,324,701

1,000

5.000%,

12/01/34

12/26

at

100.00

1,037,102

Total

Transportation

37,081,992

41

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

U.S.

Guaranteed

-

5

.8

%

(d)

Colorado

Health

Facilities

Authority,

Colorado,

Health

Facilities

Revenue

Bonds,

The

Evangelical

Lutheran

Good

Samaritan

Society

Project,

Refunding

Series

2017:

$

50

5.000%,

6/01/37,

(Pre-refunded

6/01/27)

6/27

at

100.00

$

53,377

1,585

5.000%,

6/01/42,

(Pre-refunded

6/01/27)

6/27

at

100.00

1,692,047

3,535

Colorado

Health

Facilities

Authority,

Colorado,

Hospital

Revenue

Bonds,

NCMC

Inc.,

Series

2016,

4.000%,

5/15/32,

(Pre-refunded

5/15/26)

5/26

at

100.00

3,602,281

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Evangelical

Lutheran

Good

Samaritan

Society

Project,

Series

2013A:

450

5.000%,

6/01/35,

(Pre-refunded

6/01/25)

6/25

at

100.00

461,843

3,000

5.000%,

6/01/45,

(Pre-refunded

6/01/25)

6/25

at

100.00

3,078,954

575

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Sisters

of

Charity

of

Leavenworth

Health

Services

Corporation,

Series

2013A,

5.000%,

1/01/44,

(Pre-refunded

1/01/24)

1/24

at

100.00

575,730

Colorado

State

Board

of

Governors,

Colorado

State

University

Auxiliary

Enterprise

System

Revenue

Bonds,

Refunding

Series

2016B:

500

5.000%,

3/01/34,

(Pre-refunded

3/01/27)

3/27

at

100.00

535,155

500

5.000%,

3/01/41,

(Pre-refunded

3/01/27)

3/27

at

100.00

535,155

1,000

Commerce

City,

Colorado,

Sales

and

Use

Tax

Revenue

Bonds,

Series

2014,

5.000%,

8/01/44,

(Pre-refunded

8/01/24)

-

AGM

Insured

8/24

at

100.00

1,010,692

Commerce

City,

Colorado,

Sales

and

Use

Tax

Revenue

Bonds,

Series

2016:

1,200

5.000%,

8/01/41,

(Pre-refunded

8/01/26)

8/26

at

100.00

1,264,223

6,000

5.000%,

8/01/46,

(Pre-refunded

8/01/26)

8/26

at

100.00

6,321,114

1,000

Gunnison

Watershed

School

District

RE1J,

Gunnison

and

Saguache

Counties,

Colorado,

General

Obligation

Bonds,

Refunding

Series

2014A,

4.000%,

12/01/33,

(Pre-refunded

12/01/24)

12/24

at

100.00

1,008,691

1,000

Metropolitan

State

University

of

Denver,

Colorado,

Institutional

Enterprise

Revenue

Bonds,

Aerospace

and

Engineering

Sciences

Building

Project,

Series

2016,

4.000%,

12/01/40,

(Pre-refunded

12/01/25)

12/25

at

100.00

1,018,114

645

University

of

Colorado,

Enterprise

System

Revenue

Bonds,

Refunding

Series

2014B-1,

4.000%,

6/01/34,

(Pre-refunded

6/01/24)

6/24

at

100.00

647,802

3,410

University

of

Colorado,

Enterprise

System

Revenue

Bonds,

Refunding

Series

2017A-2,

4.000%,

6/01/36,

(Pre-refunded

6/01/28)

6/28

at

100.00

3,602,584

Total

U.S.

Guaranteed

25,407,762

Utilities

-

15

.2

%

Arapahoe

County

Water

and

Wastewater

Authority,

Colorado,

Revenue

Bonds,

Refunding

Series

2019:

1,000

4.000%,

12/01/37

12/29

at

100.00

1,010,412

1,845

4.000%,

12/01/38

12/29

at

100.00

1,864,193

Brighton,

Colorado,

Water

Activity

Enterprise

Revenue

Bonds,

Water

System

Project,

Series

2022:

13,130

5.000%,

6/01/47

6/32

at

100.00

14,093,318

3,550

5.000%,

6/01/52

6/32

at

100.00

3,785,397

500

Cherokee

Metropolitan

District,

Colorado,

Water

and

Wastewater

Revenue

Bonds,

Series

2020,

4.000%,

8/01/50

-

BAM

Insured

8/30

at

100.00

462,186

4,435

Colorado

Springs,

Colorado,

Utilities

System

Revenue

Bonds,

Improvement

Series

2022B,

5.250%,

11/15/52

11/32

at

100.00

4,853,599

4,000

Colorado

Springs,

Colorado,

Utilities

System

Revenue

Bonds,

Improvement

Series

2023A,

5.250%,

11/15/53

11/33

at

100.00

4,400,628

500

Colorado

Springs,

Colorado,

Utilities

System

Revenue

Bonds,

Refunding

Series

2015A,

4.000%,

11/15/35

11/25

at

100.00

505,028

1,000

Colorado

Water

Resources

and

Power

Development

Authority,

Water

Resources

Revenue

Bonds,

City

of

Sterling

Wastewater

Utility

Enterprise

Project,

Series

2023A,

5.000%,

9/01/48

-

AGM

Insured

9/33

at

100.00

1,060,681

1,000

Colorado

Water

Resources

and

Power

Development

Authority,

Water

Resources

Revenue

Bonds,

Steamboat

Springs

Utilities

Fund,

Series

2011B,

4.125%,

8/01/26

1/24

at

100.00

1,001,543

1,090

Colorado

Water

Resources

and

Power

Development

Authority,

Water

Resources

Revenue

Bonds,

Telluride

Town

Project,

Series

2020A,

4.000%,

6/01/35

-

AGM

Insured

6/30

at

100.00

1,118,091

7,000

Denver

City

and

County

Board

of

Water

Commissioners,

Colorado,

Water

Revenue

Bonds,

Series

2022A,

5.000%,

12/15/52

12/32

at

100.00

7,522,658

Nuveen

Colorado

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

42

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Utilities

(continued)

$

4,200

Eagle

River

Water

and

Sanitation

District,

Eagle

County,

Colorado,

Enterprise

Wastewater

Revenue

Bonds,

Improvement

Series

2020A,

4.000%,

12/01/49

-

AGM

Insured

12/29

at

100.00

$

4,039,837

1,000

East

Cherry

Creek

Valley

Water

and

Sanitation

District,

Arapahoe

County,

Colorado,

Water

Revenue

Bonds,

Improvement

Series

2019A,

4.000%,

11/15/38

11/29

at

100.00

1,007,824

East

Cherry

Creek

Valley

Water

and

Sanitation

District,

Arapahoe

County,

Colorado,

Water

Revenue

Bonds,

Refunding

Series

2015:

650

5.000%,

11/15/32

11/25

at

100.00

672,014

1,500

4.000%,

11/15/35

11/25

at

100.00

1,516,213

500

Erie,

Boulder

and

Weld

Counties,

Colorado,

Water

Enterprise

Revenue

Bonds,

Refunding

Series

2015,

3.000%,

12/01/29

12/25

at

100.00

493,701

1,140

Fort

Lupton,

Colorado,

Water

System

Revenue

Bonds,

Refunding

&

Improvement

Series

2017,

4.000%,

12/01/42

-

AGM

Insured

12/27

at

100.00

1,132,206

320

Fountain,

El

Paso

County,

Colorado,

Acting

by

and

through

the

City

of

Fountain

Electric,

Water

and

Wastewater

Utility

Enterprise,

Water

and

Electric

Revenue

Bonds,

Series

2019,

4.000%,

12/01/35

-

AGM

Insured

12/26

at

100.00

325,370

2,180

Johnstown,

Colorado,

Wastewater

Revenue

Bonds,

Series

2021,

4.000%,

12/01/51

-

AGM

Insured

12/31

at

100.00

1,991,214

1,000

Loveland,

Colorado,

Electric

and

Communications

Enterprise

Revenue

Bonds,

Series

2019A,

5.000%,

12/01/44

12/28

at

100.00

1,033,142

8,805

Parker

Water

and

Sanitation

District,

Douglas

County,

Colorado,

Water

and

Sewer

Enterprise

Revenue

Bonds,

Refunding

&

Improvement

Series

2022,

4.000%,

11/01/47

11/32

at

100.00

8,792,209

1,295

Public

Authority

for

Colorado

Energy,

Natural

Gas

Purchase

Revenue

Bonds,  Colorado

Springs

Utilities,

Series

2008,

6.250%,

11/15/28

No

Opt.

Call

1,374,641

2,000

Upper

Eagle

Regional

Water

Authority,

Eagle

County,

Colorado,

Water

Revenue

Bonds,

Refunding

&

Improvement

Series

2020,

4.000%,

12/01/50

-

AGM

Insured

12/30

at

100.00

1,836,724

Total

Utilities

65,892,829

Total

Municipal

Bonds

(cost

$423,386,257)

421,335,268

Total

Long-Term

Investments

(cost

$423,386,257)

421,335,268

Other

Assets

&

Liabilities,

Net

-

3.2%

13,942,866

Net

Assets

-

100%

$

435,278,134

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

(c)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(d)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

See

Notes

to

Financial

Statements

43

Nuveen

Maryland

Municipal

Bond

Fund

Portfolio

of

Investments

November

30,

2023

(Unaudited)

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

97.4%   

X

214,032,298

MUNICIPAL

BONDS

-

97.4%  

X

214,032,298

Consumer

Discretionary

-

2

.3

%

Baltimore,

Maryland,

Convention

Center

Hotel

Revenue

Bonds,

Refunding

Series

2017:

$

615

5.000%,

9/01/34

9/27

at

100.00

$

617,296

4,000

5.000%,

9/01/39

9/27

at

100.00

3,812,593

1,000

(c)

Maryland

Economic

Development

Corporation,

Revenue

Bonds,

Chesapeake

Bay

Hyatt

Conference

Center,

Series

2006A,

5.000%,

12/01/31

1/24

at

100.00

600,000

Total

Consumer

Discretionary

5,029,889

Consumer

Staples

-

2

.5

%

890

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020B-2

Class

2,

5.000%,

6/01/55

6/30

at

100.00

786,352

470

Children's

Trust

Fund,

Puerto

Rico,

Tobacco

Settlement

Asset-Backed

Bonds,

Refunding

Series

2002,

5.500%,

5/15/39

1/24

at

100.00

471,188

1,025

Guam

Economic

Development

&

Commerce

Authority,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007A,

5.250%,

6/01/32

12/23

at

100.00

1,003,717

510

New

York

Counties

Tobacco

Trust

VI,

New

York,

Tobacco

Settlement

Pass-

Through

Bonds,

Series

2016A-1,

5.625%,

6/01/35

No

Opt.

Call

521,860

1,000

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018A,

5.000%,

6/01/46

6/28

at

100.00

1,005,984

1,900

TSASC

Inc.,

New

York,

Tobacco

Asset-Backed

Bonds,

Series

2006,

5.000%,

6/01/48

6/27

at

100.00

1,657,760

Total

Consumer

Staples

5,446,861

Education

and

Civic

Organizations

-

6

.9

%

1,000

Chestertown,

Maryland,

Economic

Development

Project

Revenue

Bonds,

Washington

College,

Refunding

Series

2021A,

4.000%,

3/01/36

3/31

at

100.00

946,659

1,500

Frederick

County,

Maryland,

Educational

Facilities

Revenue

Bonds,

Mount

Saint

Mary's

University

Inc.,

Series

2017A,

5.000%,

9/01/45,

144A

9/27

at

100.00

1,380,452

500

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Goucher

College,

Series

2017A,

5.000%,

7/01/37

7/27

at

100.00

513,917

645

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Imagine

Andrews

Public

Charter

School,

Series

2022A,

5.500%,

5/01/52,

144A

5/30

at

100.00

586,583

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Johns

Hopkins

University,

Series

2013B:

500

5.000%,

7/01/38

12/23

at

100.00

500,211

2,625

4.250%,

7/01/41

12/23

at

100.00

2,624,986

500

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Loyola

University

Maryland,

Series

2014,

4.000%,

10/01/39

10/24

at

100.00

494,521

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Maryland

Institute

College

of

Art,

Series

2012:

2,000

5.000%,

6/01/29

12/23

at

100.00

2,001,280

1,000

5.000%,

6/01/47

12/23

at

100.00

984,730

700

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Maryland

Institute

College

of

Art,

Series

2016,

5.000%,

6/01/33

6/26

at

100.00

715,534

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Maryland

Institute

College

of

Art,

Series

2017:

315

5.000%,

6/01/36

6/26

at

100.00

320,369

235

5.000%,

6/01/42

6/26

at

100.00

235,370

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Stevenson

University,

Series

2021A:

1,000

4.000%,

6/01/38

6/31

at

100.00

967,479

2,010

4.000%,

6/01/46

6/31

at

100.00

1,825,160

Nuveen

Maryland

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

44

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

$

1,100

Maryland

Industrial

Development

Financing

Authority,

Economic

Development

Revenue

Bonds,

McDonogh

School

Inc.,

Series

2019,

4.000%,

9/01/43

3/29

at

100.00

$

1,054,203

Total

Education

and

Civic

Organizations

15,151,454

Energy

-

1

.5

%

3,260

Maryland

Economic

Development

Corporation,

Port

Facilities

Revenue

Bonds,

CNX

Marine

Terminals

Inc.

Port

of

Baltimore

Facility,

Refunding

Series

2010,

5.750%,

9/01/25

1/24

at

100.00

3,264,578

Total

Energy

3,264,578

Health

Care

-

20

.5

%

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Maryland,

Revenue

Bonds,

Meritus

Medical

Center,

Series

2015:

660

4.000%,

7/01/32

7/25

at

100.00

658,094

1,650

4.250%,

7/01/35

7/25

at

100.00

1,641,146

1,000

5.000%,

7/01/40

7/25

at

100.00

1,008,624

1,000

5.000%,

7/01/45

7/25

at

100.00

1,004,865

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds

Doctors

Community

Hospital,

Series

2017B:

1,000

5.000%,

7/01/34

7/27

at

100.00

1,023,605

500

5.000%,

7/01/38

7/27

at

100.00

505,293

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,  Mercy

Medical

Center,

Series

2016A:

90

5.000%,

7/01/36

7/26

at

100.00

91,860

1,250

5.000%,

7/01/38

7/26

at

100.00

1,261,849

440

4.000%,

7/01/42

7/26

at

100.00

396,445

1,680

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Adventist

HealthCare

Issue,

Series

2021B,

4.000%,

1/01/51

1/32

at

100.00

1,385,721

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Adventist

Healthcare,

Series

2016A:

1,600

5.500%,

1/01/36

1/27

at

100.00

1,651,539

2,020

5.500%,

1/01/46

1/27

at

100.00

2,040,096

1,400

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Frederick

Health

System

Issue

Series

2023,

5.250%,

7/01/53

7/33

at

100.00

1,464,457

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Frederick

Health

System

Issue;

Series

2020:

740

3.250%,

7/01/39

7/30

at

100.00

593,934

175

4.000%,

7/01/40

7/30

at

100.00

167,718

20

4.000%,

7/01/45

7/30

at

100.00

18,360

1,165

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Greater

Baltimore

Medical

Center,

Series

2021A,

3.000%,

7/01/46

7/31

at

100.00

882,153

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

LifeBridge

Health

Issue,

Series

2016:

1,000

4.000%,

7/01/41

7/26

at

100.00

961,816

500

5.000%,

7/01/47

7/26

at

100.00

506,230

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

LifeBridge

Health

System,

Series

2015:

955

4.125%,

7/01/47

7/25

at

100.00

903,703

1,020

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Medstar

Health

Issue,

Series

2013B,

5.000%,

8/15/38

12/23

at

100.00

1,020,229

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

MedStar

Health

Issue,

Series

2017A:

2,000

5.000%,

5/15/42

5/27

at

100.00

2,047,056

5,625

5.000%,

5/15/45

5/27

at

100.00

5,689,901

1,560

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Peninsula

Regional

Medical

Center

Issue,

Series

2020A,

5.000%,

7/01/34

7/30

at

100.00

1,671,179

2,075

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Trinity

Health

Credit

Group,

Series

2017MD,

5.000%,

12/01/46

6/27

at

100.00

2,115,247

2,500

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

Maryland

Medical

System

Issue,

Series

2017B,

5.000%,

7/01/39

7/27

at

100.00

2,566,671

45

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

Pittsburgh

Medical

Center,

Series

2020B:

$

2,500

4.000%,

4/15/45

4/30

at

100.00

$

2,326,193

2,000

4.000%,

4/15/50

4/30

at

100.00

1,798,216

Montgomery

County,

Maryland,

Revenue

Bonds,

Trinity

Health

Credit

Group,

Series

2015:

7,000

4.000%,

12/01/44

6/25

at

100.00

6,743,525

1,000

5.000%,

12/01/44

6/25

at

100.00

1,008,770

Total

Health

Care

45,154,495

Housing/Multifamily

-

11

.4

%

2,000

Howard

County

Housing

Commission,

Maryland,

Revenue

Bonds,

Columbia

Commons

Apartments,

Series

2014A,

5.000%,

6/01/44

6/24

at

100.00

2,005,026

2,000

Howard

County

Housing

Commission,

Maryland,

Revenue

Bonds,

Columbia

Landing

Project,

Refunding

Series

2021A,

1.600%,

6/01/29

6/26

at

100.00

1,782,404

640

Howard

County

Housing

Commission,

Maryland,

Revenue

Bonds,

Gateway

Village

Apartments,

Series

2016,

4.000%,

6/01/46

6/26

at

100.00

576,220

1,660

Howard

County

Housing

Commission,

Maryland,

Revenue

Bonds,

The

Verona

at

Oakland

Mills

Project,

Series

2013,

5.000%,

10/01/28

1/24

at

100.00

1,662,172

1,310

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Housing

Revenue

Bonds,

Green

Series

2021A,

2.200%,

7/01/41

1/31

at

100.00

919,771

1,000

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Housing

Revenue

Bonds,

Green

Series

2021B,

2.100%,

1/01/41

7/31

at

100.00

691,349

1,000

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Housing

Revenue

Bonds,

Green

Series

2021C,

2.600%,

1/01/42

7/31

at

100.00

721,980

935

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Housing

Revenue

Bonds,

Series

2000A,

2.600%,

7/01/40

7/29

at

100.00

710,210

1,430

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Housing

Revenue

Bonds,

Series

2014D,

4.000%,

7/01/45

1/24

at

100.00

1,287,330

235

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Housing

Revenue

Bonds,

Series

2017C,

3.550%,

7/01/42

1/27

at

100.00

208,543

1,480

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Housing

Revenue

Bonds,

Series

2018A,

3.950%,

7/01/43

1/28

at

100.00

1,372,114

1,000

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Housing

Revenue

Bonds,

Series

2020E,

2.150%,

7/01/40

1/30

at

100.00

703,564

1,750

Maryland

Community

Development

Administration,

Department

of

Housing

and

Community

Development,

Multifamily

Development

Revenue

Bonds,

Marlborough

Apartments,

Series

2014I,

3.450%,

12/15/31

12/24

at

100.00

1,746,899

575

Maryland

Economic

Development

Corporation,

Senior

Student

Housing

Revenue

Bonds,

Towson

University

Project,

Refunding

Series

2017,

5.000%,

7/01/32

7/27

at

100.00

579,278

1,000

Maryland

Economic

Development

Corporation,

Student

Housing

Revenue

Bonds,

Morgan

State

University

Project,

Senior

Series

2022,

6.000%,

7/01/58

7/32

at

100.00

1,074,048

Maryland

Economic

Development

Corporation,

Student

Housing

Revenue

Bonds,

Morgan

State

University

Project,

Series

2020:

200

4.000%,

7/01/40

7/30

at

100.00

182,274

1,150

5.000%,

7/01/50

7/30

at

100.00

1,143,259

500

Maryland

Economic

Development

Corporation,

Student

Housing

Revenue

Bonds,

Salisbury

University

Project,

Refunding

Series

2013,

5.000%,

6/01/34

1/24

at

100.00

493,180

1,000

Maryland

Economic

Development

Corporation,

Student

Housing

Revenue

Bonds,

Sheppard

Pratt

University

Village,

Series

2012,

5.000%,

7/01/27

1/24

at

100.00

1,000,219

Nuveen

Maryland

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

46

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Housing/Multifamily

(continued)

Maryland

Economic

Development

Corporation,

Student

Housing

Revenue

Bonds,

University

of

Maryland

-

Baltimore

Project,

Refunding

Senior

Lien

Series

2015:

$

255

5.000%,

7/01/31

7/25

at

100.00

$

257,837

475

5.000%,

7/01/35

7/25

at

100.00

478,915

1,140

Maryland

Economic

Development

Corporation,

Student

Housing

Revenue

Bonds,

University

of

Maryland,

Baltimore

County

Project,

Refunding

Series

2016,

3.600%,

7/01/35

-

AGM

Insured

1/24

at

100.00

1,139,008

Maryland

Economic

Development

Corporation,

Student

Housing

Revenue

Bonds,

University

of

Maryland,

College

Park

Project,

Refunding

Series

2016:

1,145

5.000%,

6/01/31

-

AGM

Insured

6/26

at

100.00

1,186,347

520

5.000%,

6/01/43

-

AGM

Insured

6/26

at

100.00

527,713

1,250

Montgomery

County

Housing

Opportunities

Commission,

Maryland,

Multifamily

Housing

Development

Bonds,

Series

2014A,

3.650%,

7/01/34

7/24

at

100.00

1,250,963

750

Montgomery

County

Housing

Opportunities

Commission,

Maryland,

Multifamily

Housing

Development

Bonds,

Series

2021B,

2.250%,

7/01/41

7/30

at

100.00

531,035

1,000

Montgomery

County

Housing

Opportunities

Commission,

Maryland,

Multifamily

Housing

Development

Bonds,

Series

2021C,

2.200%,

7/01/36

7/30

at

100.00

794,761

Total

Housing/Multifamily

25,026,419

Housing/Single

Family

-

4

.2

%

2,500

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Residential

Revenue

Bonds,

Series

2014C,

3.200%,

9/01/28

3/24

at

100.00

2,492,901

2,500

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Residential

Revenue

Bonds,

Series

2019B,

3.200%,

9/01/39

9/28

at

100.00

2,186,817

725

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Residential

Revenue

Bonds,

Series

2019C,

3.000%,

3/01/42

3/29

at

100.00

595,247

1,430

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Residential

Revenue

Bonds,

Series

2021A,

2.000%,

9/01/43

3/30

at

100.00

910,726

500

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Residential

Revenue

Bonds,

Series

2021B,

2.100%,

9/01/41

3/30

at

100.00

339,908

2,000

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Residential

Revenue

Bonds,

Series

2021C,

2.450%,

9/01/41

9/30

at

100.00

1,487,166

1,000

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Residential

Revenue

Bonds,

Taxable

Series

2019D,

3.200%,

7/01/44

7/29

at

100.00

822,142

420

Montgomery

County

Housing

Opportunities

Commission,

Maryland,

Program

Revenue

Bonds,

Series

2019C,

3.300%,

7/01/39,

(AMT)

1/28

at

100.00

369,689

Total

Housing/Single

Family

9,204,596

Long-Term

Care

-

5

.0

%

1,000

Baltimore

County,

Maryland,

Revenue

Bonds,

Oak

Crest

Village,

Series

2016,

5.000%,

1/01/37

1/26

at

100.00

1,016,504

1,750

Baltimore

County,

Maryland,

Revenue

Bonds,

Oak

Crest

Village,

Series

2020,

4.000%,

1/01/45

1/27

at

103.00

1,562,724

2,000

Baltimore

County,

Maryland,

Revenue

Bonds,

Riderwood

Village

Inc

Facility,

Series

2020,

4.000%,

1/01/50

1/27

at

103.00

1,726,521

1,200

Gaithersburg,

Maryland,

Economic

Development

Revenue

Bonds,

Asbury

Methodist

Obligated

Group

Project,

Refunding

Series

2018A,

5.000%,

1/01/33

1/24

at

104.00

1,201,705

1,250

Howard

County,

Maryland,

Retirement

Community

Revenue

Bonds,

Vantage

House,

Refunding

Series

2017,

5.000%,

4/01/44

4/27

at

100.00

1,006,345

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Charlestown

Community

Issue,

Series

2016A:

700

5.000%,

1/01/36

7/26

at

100.00

719,053

835

5.000%,

1/01/45

7/26

at

100.00

843,933

47

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Long-Term

Care

(continued)

Rockville

Mayor

and

Council,

Maryland,

Economic

Development

Revenue

Bonds,

Ingleside

King

Farm

Project,

Series

2017A-1:

$

575

5.000%,

11/01/30

11/24

at

103.00

$

545,952

950

5.000%,

11/01/32

11/24

at

103.00

886,990

100

5.000%,

11/01/37

11/24

at

103.00

89,434

Rockville

Mayor

and

Council,

Maryland,

Economic

Development

Revenue

Bonds,

Series

2017B:

500

5.000%,

11/01/42

11/24

at

103.00

428,234

1,100

5.000%,

11/01/47

11/24

at

103.00

912,683

Total

Long-Term

Care

10,940,078

Tax

Obligation/General

-

7

.3

%

1,000

Anne

Arundel

County,

Maryland,

General

Obligation

Bonds,

Consolidated

Water

&

Sewer,

Series

2019,

5.000%,

10/01/41

10/29

at

100.00

1,075,594

2,040

Corona-Norco

Unified

School

District,

Riverside

County,

California,

General

Obligation

Bonds,

Capital

Appreciation,

Election

2006

Refunding

Series

2009C,

0.000%,

8/01/32

No

Opt.

Call

1,460,621

1,000

Howard

County,

Maryland,

General

Obligation

Bonds,

Consolidated

Public

Improvement

Project,

Series

2020A,

4.000%,

8/15/39

8/30

at

100.00

1,017,834

1,000

Maryland

State,

General

Obligation

Bonds,

State

and

Local

Facilities

Loan,

First

Series

2017A,

5.000%,

3/15/31

3/27

at

100.00

1,064,533

1,000

Maryland

State,

General

Obligation

Bonds,

State

and

Local

Facilities

Loan,

First

Series

2018A,

5.000%,

3/15/29

3/28

at

100.00

1,095,602

5,645

Murrieta

Valley

Unified

School

District,

Riverside

County,

California,

General

Obligation

Bonds,

Election

2006

Series

2008,

0.000%,

9/01/32

-

AGM

Insured

No

Opt.

Call

4,183,534

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1:

1,000

5.625%,

7/01/29

No

Opt.

Call

1,058,424

2,000

0.000%,

7/01/33

7/31

at

89.94

1,220,107

1,000

4.000%,

7/01/46

7/31

at

103.00

833,453

1,155

Washington

Suburban

Sanitary

District,

Montgomery

and

Prince

George's

Counties,

Maryland,

General

Obligation

Bonds,

Consolidated

Public

Improvement,

Series

2023,

5.000%,

6/01/39

6/33

at

100.00

1,310,239

Wylie

Independent

School

District,

Collin

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2015B:

6,220

0.000%,

8/15/49

8/25

at

37.14

1,777,785

Total

Tax

Obligation/General

16,097,726

Tax

Obligation/Limited

-

18

.1

%

1,000

Baltimore,

Maryland,

Special

Obligation

Bonds,

Center/West

Development

Project,

Series

2017A,

5.375%,

6/01/36

6/26

at

100.00

1,008,238

Baltimore,

Maryland,

Special

Obligation

Bonds,

East

Baltimore

Research

Park

Project,

Series

2017A:

460

4.500%,

9/01/33

9/27

at

100.00

447,586

220

5.000%,

9/01/38

9/27

at

100.00

219,422

755

Baltimore,

Maryland,

Special

Obligation

Bonds,

Harbor

Point

Project,

Refunding

Series

2016,

5.000%,

6/01/36

6/26

at

100.00

753,805

1,300

Baltimore,

Maryland,

Special

Obligation

Bonds,

Harbor

Point

Project,

Refunding

Series

2019A,

3.500%,

6/01/39,

144A

6/29

at

100.00

1,082,099

250

Baltimore,

Maryland,

Special

Obligation

Bonds,

Harbor

Point

Project,

Refunding

Series

2019B,

3.700%,

6/01/39,

144A

12/23

at

100.00

208,762

1,550

Baltimore,

Maryland,

Special

Obligation

Bonds,

Harbor

Point

Project,

Refunding

Series

2022,

5.000%,

6/01/51,

144A

6/31

at

100.00

1,478,772

Brunswick,

Frederick

County,

Maryland,

Special

Obligation

Bonds,

Brunswick

Crossing

Special

Taxing

District,

Refunding

Series

2019:

380

4.000%,

7/01/29

1/29

at

100.00

370,712

334

5.000%,

7/01/36

1/29

at

100.00

336,526

85

Frederick

County,

Maryland,

Special

Obligation

Bonds,

Lake

Linganore

Village

Community

Development

Series

2001A,

5.700%,

7/01/29

-

RAAI

Insured

1/24

at

100.00

85,148

Frederick

County,

Maryland,

Special

Obligation

Bonds,

Urbana

Community

Development

Authority,

Refunding

Series

2020A:

1,020

4.000%,

7/01/38

7/30

at

100.00

993,136

500

4.000%,

7/01/39

7/30

at

100.00

479,226

Nuveen

Maryland

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

48

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

340

Frederick

County,

Maryland,

Special

Obligation

Bonds,

Urbana

Community

Development

Authority,

Refunding

Series

2020B,

4.000%,

7/01/40

7/30

at

100.00

$

307,690

55

Frederick

County,

Maryland,

Special

Obligation

Bonds,

Urbana

Community

Development

Authority,

Refunding

Series

2020C,

4.000%,

7/01/50,

144A

7/30

at

100.00

47,401

1,000

Frederick

County,

Maryland,

Special

Tax

Limited

Obligation

Bonds,

Jefferson

Technology

Park

Project,

Refunding

Series

2020A,

5.000%,

7/01/43,

144A

7/30

at

102.00

966,048

170

Frederick

County,

Maryland,

Tax

Increment

and

Special

Tax

B

Limited

Obligation

Bonds,

Oakdale-Lake

Linganore

Project,

Series

2019,

3.750%,

7/01/39

7/29

at

100.00

146,836

100

Frederick

County,

Maryland,

Tax

Increment

and

Special

Tax

Limited

Obligation

Bonds,

Jefferson

Technology

Park

Project,

Refunding

Series

2020B,

4.625%,

7/01/43,

144A

7/30

at

102.00

94,751

Guam

Government,

Limited

Obligation

Section

30

Revenue

Bonds,

Series

2016A:

1,000

5.000%,

12/01/23

No

Opt.

Call

1,000,000

1,015

5.000%,

12/01/33

12/26

at

100.00

1,039,223

500

5.000%,

12/01/46

12/26

at

100.00

474,818

750

Harford

County,

Maryland,

Special

Obligation

Bonds,

Beechtree

Estates

Project,

Refunding

Series

2021,

4.000%,

7/01/36

7/30

at

100.00

760,639

725

Howard

County,

Maryland,

Special

Obligation

Bonds,

Annapolis

Junction

Town

Center

Project,

Series

2014,

5.800%,

2/15/34

2/24

at

100.00

724,985

Howard

County,

Maryland,

Special

Obligation

Bonds,

Downtown

Columbia

Project,

Series

2017A:

600

4.125%,

2/15/34,

144A

2/26

at

100.00

569,001

550

4.375%,

2/15/39,

144A

2/26

at

100.00

515,388

1,285

Hyattsville,

Maryland,

Special

Obligation

Bonds,

University

Town

Center

Project,

Series

2016,

5.000%,

7/01/34

7/25

at

100.00

1,237,819

185

Maryland

Economic

Development

Corporation,

Special

Obligation

Bonds,

Metro

Centre

Owings

Mills

Project,

Series

2017,

4.500%,

7/01/44

1/27

at

100.00

170,287

2,000

Maryland

Economic

Development

Corporation,

Special

Obligation

Bonds,

Port

Covington

Project,

Series

2020,

4.000%,

9/01/50

9/30

at

100.00

1,618,152

965

Maryland

Stadium

Authority,

Lease

Revenue

Bonds,

Built

To

Learn,

Series

2022A,

5.000%,

6/01/34

6/32

at

100.00

1,099,723

Maryland

Stadium

Authority,

Revenue

Bonds,

Baltimore

City

Public

Schools

Construction

&

Revitalization

Program,

Series

2016:

1,250

5.000%,

5/01/33

5/26

at

100.00

1,301,629

2,000

Maryland

Stadium

Authority,

Revenue

Bonds,

Baltimore

City

Public

Schools

Construction

&

Revitalization

Program,

Series

2018A,

5.000%,

5/01/36

5/28

at

100.00

2,120,778

Maryland

Stadium

Authority,

Revenue

Bonds,

Baltimore

City

Public

Schools

Construction

&

Revitalization

Program,

Taxable

Refunding

Series

2022C:

1,500

0.000%,

5/01/51

No

Opt.

Call

396,771

1,500

0.000%,

5/01/52

No

Opt.

Call

375,434

575

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A,

5.000%,

10/01/32

No

Opt.

Call

577,404

25

Prince

George's

County

Revenue

Authority,

Maryland,

Special

Obligation

Bonds,

Suitland-Naylor

Road

Project,

Series

2016,

5.000%,

7/01/46,

144A

1/26

at

100.00

24,281

2,000

Prince

George's

County,

Maryland,

Certificates

of

Participation,

University

of

Maryland

Capital

Region

Medical

Center,

Series

2018,

5.000%,

10/01/38

10/28

at

100.00

2,123,745

346

Prince

George's

County,

Maryland,

Special

Tax

District

Bonds,

Victoria

Falls

Project,

Series

2005,

5.250%,

7/01/35

1/24

at

100.00

346,206

1,000

Puerto

Rico

Highway

and

Transportation

Authority,

Restructured

Toll

Revenue

Bonds,

Series

2022A,

5.000%,

7/01/62

7/32

at

100.00

990,000

1,000

Puerto

Rico

Highway

and

Transportation

Authority,

Restructured

Toll

Revenue

Bonds,

Series

2022C,

5.000%,

7/01/53

1/33

at

100.00

647,496

49

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:

$

13

0.000%,

7/01/24

No

Opt.

Call

$

12,718

55

0.000%,

7/01/27

No

Opt.

Call

47,505

54

0.000%,

7/01/29

7/28

at

98.64

42,712

70

0.000%,

7/01/31

7/28

at

91.88

50,501

78

0.000%,

7/01/33

7/28

at

86.06

51,129

2,610

0.000%,

7/01/51

7/28

at

30.01

567,832

1,000

4.750%,

7/01/53

7/28

at

100.00

946,373

5,465

5.000%,

7/01/58

7/28

at

100.00

5,312,416

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2:

500

4.329%,

7/01/40

7/28

at

100.00

474,523

3

4.536%,

7/01/53

7/28

at

100.00

2,742

47

4.784%,

7/01/58

7/28

at

100.00

44,277

1,000

Virgin

Islands

Public

Finance

Authority,

Federal

Highway

Grant

Anticipation

Loan

Note

Revenue

Bonds,

Series

2015,

5.000%,

9/01/33,

144A

9/25

at

100.00

1,013,087

1,000

Virgin

Islands

Public

Finance

Authority,

Gross

Receipts

Taxes

Loan

Note,

Refunding

Series

2006,

5.000%,

10/01/28

-

FGIC

Insured

1/24

at

100.00

1,010,713

3,250

Washington

Metropolitan

Area

Transit

Authority,

District

of

Columbia,

Dedicated

Revenue

Bonds,

Green

Series

2021A,

4.000%,

7/15/46

7/31

at

100.00

3,172,788

Total

Tax

Obligation/Limited

39,889,253

Transportation

-

8

.0

%

Guam

Port

Authority,

Port

Revenue

Bonds,

Private

Activity

Series

2018B:

120

5.000%,

7/01/33,

(AMT)

7/28

at

100.00

125,807

425

5.000%,

7/01/34,

(AMT)

7/28

at

100.00

445,677

Maryland

Department

of

Transportation,

Special

Transportation

Project

Revenue

Bonds,

Baltimore/Washington

International

Thurgood

Marshall

Airport,

Series

2021B:

3,500

5.000%,

8/01/46,

(AMT)

8/31

at

100.00

3,604,218

1,000

4.000%,

8/01/51,

(AMT)

8/31

at

100.00

894,874

300

Maryland

Economic

Development

Corporation

Economic

Development

Revenue

Bonds,

Terminal

Project,  Series

2019A,

5.000%,

6/01/44,

(AMT)

6/29

at

100.00

305,534

1,940

Maryland

Economic

Development

Corporation

Economic

Development

Revenue

Bonds,

Transportation

Facilities

Project,

Refunding

Series

2017A,

5.000%,

6/01/35

6/28

at

100.00

2,019,690

1,500

Maryland

Economic

Development

Corporation,

Air

Cargo

Obligated

Group

Revenue

Bonds,

AFCO

Airport

Real

Estate

Group,

Series

2019,

4.000%,

7/01/44,

(AMT)

7/29

at

100.00

1,290,216

1,500

Maryland

Economic

Development

Corporation,

Economic

Development

Revenue

Bonds,

Annapolis

Mobility

and

Resilience

Project,

Senior

Series

2022A,

5.250%,

6/30/53

6/32

at

100.00

1,538,626

Maryland

Economic

Development

Corporation,

Parking

Facilities

Revenue

Bonds

Baltimore

City

Project,

Subordinate

Parking

Facilities

Revenue

Bonds,

Series

2018C:

500

4.000%,

6/01/38

6/28

at

100.00

418,666

305

4.000%,

6/01/58

6/28

at

100.00

213,546

1,275

Maryland

Economic

Development

Corporation,

Parking

Facilities

Revenue

Bonds,

Baltimore

City

Project,

Senior

Parking

Facilities

Revenue

Bonds,

Series

2018A,

5.000%,

6/01/58

6/28

at

100.00

1,230,146

2,915

Maryland

Economic

Development

Corporation,

Private

Activity

Revenue

Bonds,

Purple

Line

Light

Rail

Project,

Green

Series

2022B,

5.250%,

6/30/52,

(AMT)

6/32

at

100.00

2,961,991

1,000

Maryland

Transportation

Authority,

Revenue

Bonds,

Transportation

Facilities

Projects,

Series

2021A,

5.000%,

7/01/46

7/31

at

100.00

1,076,647

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

American

Airlines,

Inc.

John

F

Kennedy

International

Airport

Project,

Refunding

Series

2016:

55

5.000%,

8/01/26,

(AMT)

12/23

at

100.00

55,002

340

5.000%,

8/01/31,

(AMT)

12/23

at

100.00

339,977

Nuveen

Maryland

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

50

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Transportation

(continued)

$

1,260

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

Elizabeth

River

Crossing

OPCO,

LLC

Project,

Refunding

Senior

Lien

Series

2022,

3.000%,

1/01/41,

(AMT)

1/32

at

100.00

$

985,044

Total

Transportation

17,505,661

U.S.

Guaranteed

-

4

.3

%

(d)

480

Baltimore,

Maryland,

Revenue

Bonds,

Water

Projects,

Refunding

Series

1998A,

5.000%,

7/01/28

-

FGIC

Insured,

(ETM)

8/21

at

100.00

500,317

870

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Helix

Health,

Series

1997,

5.000%,

7/01/27

-

AMBAC

Insured,

(ETM)

8/21

at

100.00

903,182

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

LifeBridge

Health

System,

Series

2015:

1,000

4.000%,

7/01/35,

(Pre-refunded

7/01/25)

7/25

at

100.00

1,015,763

750

5.000%,

7/01/40,

(Pre-refunded

7/01/25)

7/25

at

100.00

773,276

1,250

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Peninsula

Regional

Medical

Center

Issue,

Refunding

Series

2015,

5.000%,

7/01/45,

(Pre-refunded

7/01/24)

7/24

at

100.00

1,257,729

Maryland

Stadium

Authority,

Revenue

Bonds,

Baltimore

City

Public

Schools

Construction

&

Revitalization

Program,

Series

2016:

1,000

5.000%,

5/01/35,

(Pre-refunded

5/01/26)

5/26

at

100.00

1,051,947

2,000

5.000%,

5/01/41,

(Pre-refunded

5/01/26)

5/26

at

100.00

2,103,895

1,500

Washington

County

Commissioners,

Maryland,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2019B,

5.000%,

1/01/30,

(Pre-

refunded

1/01/29)

1/29

at

100.00

1,651,002

Wylie

Independent

School

District,

Collin

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2015B:

780

0.000%,

8/15/49,

(Pre-refunded

8/15/25)

8/25

at

37.14

273,094

Total

U.S.

Guaranteed

9,530,205

Utilities

-

5

.4

%

2,000

Baltimore,

Maryland,

Revenue

Bonds,

Wastewater

Projects,

Refunding

Series

2022A,

5.250%,

7/01/47

7/32

at

100.00

2,187,141

2,000

Baltimore,

Maryland,

Revenue

Bonds,

Water

Projects,

Subordinate

Series

2017A,

5.000%,

7/01/41

1/27

at

100.00

2,062,468

2,150

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Generation

Project,

Refunding

Series

2006A,

4.750%,

1/01/35,

(Mandatory

Put

7/01/33)

No

Opt.

Call

2,061,678

415

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

7/01/40

7/27

at

100.00

421,017

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2016:

500

5.000%,

7/01/27

7/26

at

100.00

514,892

500

5.000%,

1/01/46

7/26

at

100.00

503,164

2,000

Maryland

Economic

Development

Corporation,

Revenue

Bonds,

Constellation

Energy

Group,

Inc.

Projects,

Adjustable

Mode,

Refunding

Series

2006B,

4.100%,

10/01/36,

(Mandatory

Put

4/03/28)

No

Opt.

Call

2,021,274

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A:

1,000

5.000%,

7/01/30,

144A

No

Opt.

Call

1,012,813

1,000

5.000%,

7/01/47,

144A

7/30

at

100.00

970,321

36

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Senior

Lien

Series

2008A,

6.125%,

7/01/24

No

Opt.

Call

36,315

Total

Utilities

11,791,083

Total

Municipal

Bonds

(cost

$223,227,217)

214,032,298

Total

Long-Term

Investments

(cost

$223,227,217)

214,032,298

Borrowings

-

(2.1)%

(e),(f)

(

4,600,000

)

Other

Assets

&

Liabilities,

Net

-

4.7%

10,346,095

Net

Assets

-

100%

$

219,778,393

51

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

(c)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(d)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

(e)

Borrowings

as

a

percentage

of

Total

Investments

is

2.1%.

(f)

The

Fund

may

pledge

up

to

100%

of

its

eligible

investments

(excluding

any

investments

separately

pledged

as

collateral

for

specific

investments

in

derivatives

or

inverse

floating

rate

transactions,

when

applicable)

in

the

Portfolio

of

Investments

as

collateral

for

borrowings.

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

52

Nuveen

New

Mexico

Municipal

Bond

Fund

Portfolio

of

Investments

November

30,

2023

(Unaudited)

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

95.7%   

X

68,573,191

MUNICIPAL

BONDS

-

95.7%  

X

68,573,191

Education

and

Civic

Organizations

-

6

.5

%

$

2,235

Los

Ranchos

de

Albuquerque,

New

Mexico,

Educational

Facilities

Revenue

Bonds,

Albuquerque

Academy

Project,

Refunding

Series

2020,

4.000%,

9/01/40

9/30

at

100.00

$

2,118,107

685

New

Mexico

Institute

of

Mining

and

Technology,

Revenue

Bonds,

Series

2019,

4.000%,

12/01/37

-

AGM

Insured

12/29

at

100.00

683,254

535

New

Mexico

State

University,

Revenue

Bonds,

Refunding

&

Improvement

Series

2017A,

5.000%,

4/01/42

4/27

at

100.00

548,988

University

of

New

Mexico,

Revenue

Bonds,

System

Improvement

Series

2023:

1,000

5.250%,

6/01/49

-

AGM

Insured

6/33

at

100.00

1,095,140

200

5.500%,

6/01/53

-

AGM

Insured

6/33

at

100.00

221,695

Total

Education

and

Civic

Organizations

4,667,184

Health

Care

-

10

.9

%

500

Arizona

Industrial

Development

Authority,

Hospital

Revenue

Bonds,

Phoenix

Children's

Hospital,

Series

2020A,

4.000%,

2/01/50

2/30

at

100.00

457,023

New

Mexico

Hospital

Equipment

Loan

Council,

Hospital

Revenue

Bonds,

Presbyterian

Healthcare

Services,

Series

2017A:

1,000

4.000%,

8/01/36

11/27

at

100.00

1,007,287

1,000

4.000%,

8/01/46

11/27

at

100.00

936,914

1,010

5.000%,

8/01/46

11/27

at

100.00

1,034,868

New

Mexico

Hospital

Equipment

Loan

Council,

Hospital

Revenue

Bonds,

Presbyterian

Healthcare

Services,

Series

2019A:

240

5.000%,

8/01/44

8/29

at

100.00

248,723

1,300

4.000%,

8/01/48

8/29

at

100.00

1,201,815

New

Mexico

Hospital

Equipment

Loan

Council,

Hospital

Revenue

Bonds,

San

Juan

Regional

Medical

Center,

Refunding

&

Improvement

Series

2020:

1,500

4.000%,

6/01/34

6/30

at

100.00

1,471,495

785

4.000%,

6/01/35

6/30

at

100.00

755,247

750

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-1,

4.000%,

8/01/44

8/29

at

100.00

679,903

Total

Health

Care

7,793,275

Housing/Multifamily

-

1

.4

%

1,000

New

Mexico

Mortgage

Finance

Authority,

Multifamily

Housing

Revenue

Bonds,

St

Anthony,

Series

2007A,

5.250%,

9/01/42,

(AMT)

12/23

at

100.00

1,002,161

Total

Housing/Multifamily

1,002,161

Housing/Single

Family

-

4

.2

%

295

New

Mexico

Mortgage

Finance

Authority,

Single

Family

Mortgage

Program

Bonds,

Class

1

Series

2018C,

3.875%,

7/01/43

1/28

at

100.00

270,608

1,380

New

Mexico

Mortgage

Finance

Authority,

Single

Family

Mortgage

Program

Bonds,

Class

1

Series

2019C,

3.600%,

7/01/44

7/28

at

100.00

1,229,490

745

New

Mexico

Mortgage

Finance

Authority,

Single

Family

Mortgage

Program

Bonds,

Class

1

Series

2021A,

2.300%,

7/01/46

7/30

at

100.00

524,164

115

New

Mexico

Mortgage

Finance

Authority,

Single

Family

Mortgage

Program

Bonds,

Class

1

Series

2021C,

2.250%,

7/01/46

7/30

at

100.00

81,359

1,235

New

Mexico

Mortgage

Finance

Authority,

Single

Family

Mortgage

Program

Bonds,

Class

1

Series

2022A,

2.550%,

9/01/42

3/31

at

100.00

917,333

Total

Housing/Single

Family

3,022,954

Long-Term

Care

-

1

.6

%

1,365

Santa

Fe,

New

Mexico,

Retirement

Facilities

Revenue

Bonds,

EL

Castillo

Retirement

Residences

Project,

Series

2012,

5.000%,

5/15/42

1/24

at

100.00

1,153,227

Total

Long-Term

Care

1,153,227

53

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

-

7

.8

%

$

1,000

Albuquerque

Municipal

School

District

12,

Bernalillo

and

Sandoval

Counties,

New

Mexico,

General

Obligation

Bonds,

School

Building

Series

2018,

5.000%,

8/01/36

8/28

at

100.00

$

1,075,332

2,400

Central

New

Mexico

Community

College,

Bernalillo

and

Sandoval

Counties,

New

Mexico,

General

Obligation

Bonds,

Limited

Tax

Series

2023,

4.000%,

8/15/37

8/30

at

100.00

2,434,959

1,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1,

4.000%,

7/01/46

7/31

at

103.00

833,454

515

Silver

City

Consolidated

School

District

1,

Grant

County,

New

Mexico,

General

Obligation

Bonds,

School

Building

Series

2017,

4.000%,

8/01/37

8/25

at

100.00

518,471

675

Silver

Consolidated

School

District

1,

Grant

County,

New

Mexico,

General

Obligation

Bonds,  School

Building

Series

2019,

4.000%,

8/01/37

8/28

at

100.00

686,884

Total

Tax

Obligation/General

5,549,100

Tax

Obligation/Limited

-

38

.4

%

1,195

Albuquerque,

New

Mexico,

Gross

Receipts

Tax

Revenue

Bonds,

Improvement

Series

2015A,

5.000%,

7/01/37

7/25

at

100.00

1,220,677

755

Albuquerque,

New

Mexico,

Gross

Receipts

Tax

Revenue

Bonds,

Improvement

Series

2022B,

5.000%,

7/01/41

7/32

at

100.00

831,330

1,005

Bernalillo

County,

New

Mexico,

Gross

Receipts

Tax

Revenue

Bonds,

Series

1996B,

5.700%,

4/01/27

-

NPFG

Insured

No

Opt.

Call

1,057,564

1,240

Bernalillo

County,

New

Mexico,

Gross

Receipts

Tax

Revenue

Bonds,

Series

2017A,

4.000%,

6/15/34

6/27

at

100.00

1,268,099

425

Boulders

Public

Improvement

District,

Albuquerque,

New

Mexico,

Special

Levy

Revenue

Bonds,

Series

2013,

7.250%,

10/01/43

1/24

at

100.00

424,982

200

Boulders

Public

Improvement

District,

Albuquerque,

New

Mexico,

Special

Levy

Revenue

Bonds,

Series

2015,

5.750%,

10/01/44

10/25

at

100.00

182,145

1,000

Clayton,

New

Mexico,

Jail

Project

Revenue

Bonds,

Refunding

&

Improvement

Series

2015,

5.000%,

11/01/29

11/25

at

100.00

1,016,151

600

Colfax

County,

New

Mexico,

Gross

Receipts

Tax

Revenue

Bonds,

Improvement

Series

2015,

4.000%,

8/01/35

-

BAM

Insured

8/24

at

100.00

604,139

1,000

Curry

County,

New

Mexico,

Gross

Receipts

Tax

Improvement

Revenue

Bonds,

Series

2014,

5.000%,

12/01/36

-

BAM

Insured

12/24

at

100.00

1,013,681

500

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D,

5.000%,

11/15/39

11/25

at

100.00

500,020

780

Guam

Government,

Limited

Obligation

Section

30

Revenue

Bonds,

Series

2016A,

5.000%,

12/01/46

12/26

at

100.00

740,716

125

Los

Lunas,

Valencia

County,

New

Mexico,

Gross

Receipts

Tax

Revenue

Bonds,

Improvement

Series

2016,

3.000%,

4/01/41

4/26

at

100.00

104,338

500

Lower

Petroglyphs

Public

Improvements

District,

Albuquerque,

New

Mexico,

Special

Levy

Revenue

Bonds,

Refunding

Series

2018,

5.000%,

10/01/38

10/27

at

100.00

469,409

230

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A,

5.000%,

10/01/39

10/32

at

100.00

226,522

675

McKinley

County,

New

Mexico,

Gross

Receipts

Revenue

Bonds,

Tax

Improvement

Series

2023,

4.250%,

6/01/47

-

BAM

Insured

6/33

at

100.00

657,030

810

Mesa

Del

Sol

Public

Improvement

District

1,

Albuquerque,

New

Mexico,

Special

Levy

Revenue

Bonds,

Series

2013,

7.000%,

10/01/33

1/24

at

100.00

807,052

1,000

Montecito

Estates

Public

Improvement

District,

Albuquerque,

New

Mexico,

Special

Levy

Revenue

Bonds,

Refunding

Series

2016,

4.000%,

10/01/37

10/26

at

100.00

1,010,619

1,320

New

Mexico

Finance

Authority,

State

Transportation

Revenue

Bonds,

State

Transportation

Commission

Series

2014A,

5.000%,

6/15/32

6/24

at

100.00

1,329,822

1,000

Puerto

Rico

Highway

and

Transportation

Authority,

Restructured

Toll

Revenue

Bonds,

Series

2022A,

5.000%,

7/01/62

7/32

at

100.00

990,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

3,850

0.000%,

7/01/46

7/28

at

41.38

1,136,108

1,000

4.750%,

7/01/53

7/28

at

100.00

946,372

770

Roswell,

New

Mexico,

Gross

Receipts

Tax

Improvement

Revenue

Bonds,

Series

2017,

4.000%,

8/01/34

8/27

at

100.00

787,595

970

Saltillo

Public

Improvement

District,

Albuquerque,

New

Mexico,

Special

Levy

Revenue

Bonds,

Refunding

Series

2018,

4.000%,

10/01/37

-

BAM

Insured

10/28

at

100.00

988,740

1,015

San

Juan

County,

New

Mexico,

Gross

Receipts

Tax

Revenue

Bonds,

Improvement

Series

2015B,

5.000%,

6/15/33

6/24

at

100.00

1,021,754

Nuveen

New

Mexico

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

54

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

2,040

Santa

Fe

County,

New

Mexico,

Correctional

System

Gross

Receipts

Tax

Revenue

Bonds,

Series

1997,

6.000%,

2/01/27

-

AGM

Insured

No

Opt.

Call

$

2,136,012

Santa

Fe,

Minnesota,

Gross

Receipts

Tax

Revenue

Bonds,

Improvement

Senior

Lien

Series

2018A:

500

5.000%,

6/01/36

6/28

at

100.00

539,842

400

5.000%,

6/01/37

6/28

at

100.00

429,364

555

Trails

Public

Improvement

District,

Albuquerque,

New

Mexico,

Special

Levy

Revenue

Bonds,

Series

2008,

7.750%,

10/01/38

1/24

at

100.00

545,409

1,000

Ventana

West

Public

Improvement

District,

New

Mexico,

Special

Levy

Revenue

Bonds,

Refunding

Series

2015,

4.000%,

8/01/33

-

BAM

Insured

8/25

at

100.00

1,010,190

1,890

Virgin

Islands

Public

Finance

Authority,

Gross

Receipts

Taxes

Loan

Note,

Refunding

Series

2012A,

5.000%,

10/01/32

-

AGM

Insured

1/24

at

100.00

1,891,029

500

Volterra

Public

Improvement

District,

Albuquerque,

New

Mexico,

Special

Levy

Revenue

Bonds,

Series

2014,

6.750%,

10/01/33

10/24

at

100.00

483,257

Winrock

Town

Center

Tax

Increment

Development

District

1,

Albuquerque,

New

Mexico,

Gross

Receipts

Tax

Increment

Bonds,

Senior

Lien

Series

2022:

5

3.750%,

5/01/28,

144A

No

Opt.

Call

4,729

500

4.000%,

5/01/33,

144A

5/29

at

103.00

441,375

760

Winrock

Town

Center

Tax

Increment

Development

District

1,

Albuquerque,

New

Mexico,

Gross

Receipts

Tax

Increment

Bonds,

Subordinate

Lien

Series

2020,

8.000%,

5/01/40,

144A

1/24

at

103.00

678,380

Total

Tax

Obligation/Limited

27,494,452

U.S.

Guaranteed

-

2

.2

%

(c)

1,550

New

Mexico

Hospital

Equipment

Loan

Council,

Hospital

Revenue

Bonds,

Presbyterian

Healthcare

Services,

Series

2015A,

5.000%,

8/01/44,

(Pre-

refunded

8/01/25)

8/25

at

100.00

1,595,795

Total

U.S.

Guaranteed

1,595,795

Utilities

-

22

.7

%

1,000

Albuquerque

Benralillo

County

Water

Utility

Authority,

New

Mexico,

Joint

Water

and

Sewer

System

Revenue

Bonds,

Refunding

&

Improvement

Senior

Lien

Series

2015,

4.000%,

7/01/33

7/25

at

100.00

1,008,222

1,000

Albuquerque

Benralillo

County

Water

Utility

Authority,

New

Mexico,

Joint

Water

and

Sewer

System

Revenue

Bonds,

Refunding

&

Improvement

Senior

Lien

Series

2017,

5.000%,

7/01/32

7/27

at

100.00

1,069,546

1,970

Albuquerque,

New

Mexico,

Refuse

Removal

and

Disposal

Revenue

Bonds,

Series

2020,

4.000%,

7/01/43

7/30

at

100.00

1,915,883

750

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

7/01/37

7/27

at

100.00

767,872

1,015

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2016,

5.000%,

7/01/36

7/26

at

100.00

1,036,227

1,000

New

Mexico

Finance

Authority,

Public

Project

Revolving

Fund

Revenue

Bonds,

Senior

Lien

Series

2016F,

5.000%,

6/01/41

6/26

at

100.00

1,027,655

450

New

Mexico

Finance

Authority,

Public

Project

Revolving

Fund

Revenue

Bonds,

Senior

Lien

Series

2018D,

5.000%,

6/01/37

6/28

at

100.00

480,029

975

New

Mexico

Finance

Authority,

Public

Project

Revolving

Fund

Revenue

Bonds,

Senior

Lien

Series

2020B,

3.000%,

6/01/40

6/30

at

100.00

831,335

1,000

New

Mexico

Finance

Authority,

Public

Project

Revolving

Fund

Revenue

Bonds,

Senior

Lien

Series

2022C,

5.000%,

6/01/42

6/32

at

100.00

1,088,168

1,305

New

Mexico

Finance

Authority,

Public

Project

Revolving

Fund

Revenue

Bonds,

Senior

Lien

Series

2023A-1,

5.000%,

6/01/41

6/33

at

100.00

1,444,041

1,000

New

Mexico

Finance

Authority,

Public

Project

Revolving

Fund

Revenue

Bonds,

Senior

Lien

Series

2023B,

5.250%,

6/01/48

6/33

at

100.00

1,098,809

915

New

Mexico

Finance

Authority,

Public

Project

Revolving

Fund

Revenue

Bonds,

Subordinate

Lien

Series

2019A,

5.000%,

6/15/35

6/28

at

100.00

989,739

800

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B,

5.000%,

7/01/33,

144A

7/31

at

100.00

809,018

705

Roswell,

New

Mexico,

Joint

Water

and

Sewerage

Revenue

Bonds,

Improvement

Series

2017,

5.000%,

6/01/37

-

BAM

Insured

6/26

at

100.00

730,777

500

Santa

Fe,

New

Mexico,

Net

Wastewater

Utility

System

Environmental

Services

Gross

Receipts

Tax

Improvement

Revenue

Bonds,

Climate

Certified

Green

Series

2019,

4.000%,

6/01/37

6/28

at

100.00

506,341

55

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Utilities

(continued)

$

1,500

Santa

Fe,

New

Mexico,

Water

Utility

System

Revenue

Bonds,

Refunding

Series

2016,

4.000%,

6/01/39

6/26

at

100.00

$

1,491,381

Total

Utilities

16,295,043

Total

Municipal

Bonds

(cost

$70,992,308)

68,573,191

Total

Long-Term

Investments

(cost

$70,992,308)

68,573,191

Other

Assets

&

Liabilities,

Net

-

4.3%

3,116,610

Net

Assets

-

100%

$

71,689,801

(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.

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

56

Nuveen

Pennsylvania

Municipal

Bond

Fund

Portfolio

of

Investments

November

30,

2023

(Unaudited)

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

92.3%   

X

342,804,695

MUNICIPAL

BONDS

-

85.8%  

X

342,804,695

Consumer

Staples

-

0.4%

$

1,345

Pennsylvania

Economic

Development

Financing

Authority,

Solid

Waste

Disposal

Revenue

Bonds,

Procter

&

Gamble

Paper

Project,

Series

2001,

5.375%,

3/01/31,

(AMT)

No

Opt.

Call

$

1,512,268

Total

Consumer

Staples

1,512,268

Education

and

Civic

Organizations

-

13.2%

2,500

Allegheny

County

Higher

Education

Building

Authority,

Pennsylvania,

Revenue

Bonds,

Carnegie

Mellon

University,

Series

2020A,

5.000%,

2/01/30

No

Opt.

Call

2,808,278

950

Allegheny

County

Higher

Education

Building

Authority,

Pennsylvania,

Revenue

Bonds,

Robert

Morris

University,

Series

2016,

5.000%,

10/15/34

10/26

at

100.00

956,665

Allegheny

County

Higher

Education

Building

Authority,

Pennsylvania,

Revenue

Bonds,

Robert

Morris

University,

Series

2017:

480

5.000%,

10/15/37

10/27

at

100.00

475,444

1,800

5.000%,

3/01/42

,

(WI/DD)

No

Opt.

Call

1,929,553

295

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,  Alvernia

University

Project,

Series

2020,

5.000%,

10/01/39

10/29

at

100.00

273,344

2,600

Bucks

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

George

School

Project,

Series

2019,

3.000%,

9/15/49

9/29

at

100.00

1,874,030

1,205

Bucks

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

School

Lane

Charter

School

Project,

Series

2016,

5.125%,

3/15/36

3/27

at

100.00

1,223,630

305

Chester

County

Industrial

Development

Authority,

Pennsylvania,

Avon

Grove

Charter

School

Revenue

Bonds,

Series

2017A,

5.000%,

12/15/47

12/27

at

100.00

288,980

785

Crawford

County

Industrial

Development

Authority,

Pennsylvania,

College

Revenue

Bonds,

Allegheny

College,

Series

2016,

3.000%,

5/01/34

5/26

at

100.00

677,016

330

Dallas

Area

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Misericordia

University,

Series

2014,

5.000%,

5/01/37

5/24

at

100.00

326,532

3,500

Delaware

County

Authority,

Pennsylvania,

Revenue

Bonds,

Villanova

University,

Series

2015,

5.000%,

8/01/45

8/25

at

100.00

3,544,129

1,430

Erie

Higher

Education

Building

Authority,

Pennsylvania,

Revenue

Bonds,

Gannon

University,

Series

2016,

4.000%,

5/01/46

11/26

at

100.00

1,158,024

Huntingdon

County

General

Authority,

Pennsylvania,

Revenue

Bonds,

Juniata

College,

Series

2016OO2:

290

3.125%,

5/01/34

5/26

at

100.00

254,216

210

3.250%,

5/01/36

5/26

at

100.00

179,849

355

3.500%,

5/01/41

5/26

at

100.00

282,887

1,095

Lackawanna

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

University

of

Scranton,

Series

2017,

4.000%,

11/01/40

11/27

at

100.00

1,015,110

1,000

Lehigh

County,

Pennsylvania,

Revenue

Bonds,

Lehigh

Valley

Dual

Language

Charter

School,

General

Purpose

Authority,

Series

2023,

7.000%,

6/01/53

6/30

at

103.00

1,026,457

1,800

Lycoming

County

Authority,

Pennsylvania,

Revenue

Bonds,

Pennsylvania

College

of

Technology,

Series

2016,

3.000%,

10/01/37

10/26

at

100.00

1,594,932

1,250

McCandless

Industrial

Development

Authority,

Pennsylvania,

La

Roche

University

Revenue

Bonds,

Series

A

and

B

of

2022,

6.750%,

12/01/46

12/32

at

100.00

1,158,256

1,000

Montgomery

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Germantown

Academy

Project,

Series

2021A,

4.000%,

10/01/41

10/26

at

100.00

846,986

1,060

Northampton

County

General

Purpose

Authority,

Pennsylvania,

Revenue

Bonds,

Lafayette

College,

Refunding

Series

2018,

4.000%,

11/01/38

11/28

at

100.00

1,060,987

3,700

Pennsylvania

Higher

Education

Assistance

Agency,

Education

Loan

Revenue

Bonds,

Senior

Series

2020A,

2.450%,

6/01/41,

(AMT)

6/29

at

100.00

3,115,631

1,365

Pennsylvania

Higher

Education

Assistance

Agency,

Education

Loan

Revenue

Bonds,

Senior

Series

2021A,

2.625%,

6/01/42,

(AMT)

6/30

at

100.00

1,166,758

580

Pennsylvania

Higher

Education

Assistance

Agency,

Education

Loan

Revenue

Bonds,

Senior

Series

2023A,

4.000%,

6/01/44,

(AMT)

6/32

at

100.00

560,866

57

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

AICUP

Financing

Program-Mount

Aloysius

College,

Series

2016-004:

$

630

2.625%,

11/01/31

5/26

at

100.00

$

536,554

690

3.000%,

11/01/42

5/26

at

100.00

487,365

500

5.000%,

11/01/46

5/26

at

100.00

481,851

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Bryn

Mawr

College,

Refunding

Series

2014:

815

5.000%,

12/01/38

12/24

at

100.00

822,899

670

5.000%,

12/01/44

12/24

at

100.00

674,742

1,000

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Bryn

Mawr

College,

Series

2019,

4.000%,

12/01/48

6/29

at

100.00

960,353

500

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Drexel

University,

Refunding

Series

2016,

4.000%,

5/01/36

5/26

at

100.00

489,979

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

LaSalle

University,

Series

2012:

300

4.000%,

5/01/32

1/24

at

100.00

260,457

1,240

5.000%,

5/01/42

1/24

at

100.00

994,218

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

the

Sciences

in

Philadelphia,

Series

2012:

215

4.000%,

11/01/39

1/24

at

100.00

190,263

1,200

5.000%,

11/01/42

1/24

at

100.00

1,200,022

1,405

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

the

Sciences

in

Philadelphia,

Series

2015A,

5.000%,

11/01/36

11/25

at

100.00

1,421,111

2,350

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Widener

University,

Series

2021A,

4.000%,

7/15/51

7/31

at

100.00

1,888,736

1,000

Pennsylvania

State

University,

Revenue

Bonds,

Series

2023,

5.250%,

9/01/48

9/33

at

100.00

1,111,121

1,080

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Revenue

Bonds,

La

Salle

University,

Series

2017,

5.000%,

5/01/37

11/27

at

100.00

932,061

2,020

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Revenue

Bonds,

Saint

Josephs

University

Project,

Refunding

Series

2020A,

4.000%,

11/01/45

11/29

at

100.00

1,788,403

2,000

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Revenue

Bonds,

Saint

Josephs

University

Project,

Series

2022,

5.500%,

11/01/60

11/32

at

100.00

2,102,155

2,455

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Revenue

Bonds,

Temple

University,

First

Series

2015,

5.000%,

4/01/45

4/25

at

100.00

2,480,632

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Revenue

Bonds,

University

of

the

Arts,

Series

2017:

860

5.000%,

3/15/45,

144A

3/28

at

100.00

712,328

835

Scranton-Lackawanna

Health

and

Welfare

Authority,

Pennsylvania,

Revenue

Bonds,

University

of

Scranton,

Series

2016,

5.000%,

11/01/37

5/26

at

100.00

852,398

1,895

Scranton-Lackawanna

Health

and

Welfare

Authority,

Pennsylvania,

University

Revenue

Bonds,

Marywood

University,

Series

2016,

5.000%,

6/01/46

6/26

at

100.00

1,645,892

2,090

Washington

County

Industrial

Development

Authority,

Pennsylvania,

College

Revenue

Bonds,

AICUP

Financing

Program-Washington

and

Jefferson

College

Project,

Series

2017-PP5,

3.375%,

11/01/36

11/27

at

100.00

1,836,266

Wilkes-Barre

Finance

Authority,

Pennsylvania,

Revenue

Bonds,

University

of

Scranton,

Series

2015A:

665

5.000%,

11/01/32

11/25

at

100.00

681,728

260

5.000%,

11/01/33

11/25

at

100.00

266,505

Total

Education

and

Civic

Organizations

52,616,599

Health

Care

-

13.2%

8,000

Allegheny

County

Hospital

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Allegheny

Health

Network

Obligated

Group

Issue,

Series

2018A,

4.000%,

4/01/44

4/28

at

100.00

7,461,634

Berks

County

Industrial

Development

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Tower

Health

Project,

Series

2017:

3,705

3.750%,

11/01/42

11/27

at

100.00

1,971,432

1,765

4.000%,

11/01/47

11/27

at

100.00

939,121

3,000

5.000%,

11/01/47

11/27

at

100.00

1,595,249

755

5.000%,

11/01/50

11/27

at

100.00

400,666

Nuveen

Pennsylvania

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

58

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

$

5,715

Bucks

County

Industrial

Development

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Saint

Luke's

University

Health

Network

Project,

Series

2021,

3.000%,

8/15/53

8/30

at

100.00

$

3,826,773

2,400

Butler

County

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Butler

Health

System

Project,

Series

2015A,

5.000%,

7/01/39

7/25

at

100.00

2,325,134

1,620

Central

Bradford

Progress

Authority,

Pennsylvania,

Revenue

Bonds,

Guthrie

Health,

Series

2021B,

4.000%,

12/01/51

12/31

at

100.00

1,441,811

Chester

County

Health

and

Education

Facilities

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Main

Line

Health

System,

Series

2017A:

655

4.000%,

10/01/36

10/27

at

100.00

659,078

1,000

4.000%,

10/01/37

10/27

at

100.00

1,001,371

2,205

Chester

County

Health

and

Education

Facilities

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Main

Line

Health

System,

Series

2020A,

4.000%,

9/01/50

9/30

at

100.00

2,016,966

Dauphin

County

General

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Pinnacle

Health

System

Project,

Refunding

Series

2016A:

615

3.000%,

6/01/33

6/26

at

100.00

570,754

585

5.000%,

6/01/35

6/26

at

100.00

601,090

Doylestown

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Series

2019A:

1,370

5.000%,

7/01/49

No

Opt.

Call

1,148,131

1,000

Geisinger

Authority,

Montour

County,

Pennsylvania,

Health

System

Revenue

Bonds,

Geisinger

Health

System,

Series

2014A,

5.000%,

6/01/41

6/24

at

100.00

1,002,391

2,360

Geisinger

Authority,

Montour

County,

Pennsylvania,

Health

System

Revenue

Bonds,

Geisinger

Health

System,

Series

2020A,

4.000%,

4/01/50

4/30

at

100.00

2,145,562

1,000

Lancaster

County

Hospital

Authority,

Pennsylvania,

Revenue

Bonds,

Penn

State

Health,

Series

2021,

5.000%,

11/01/51

11/29

at

100.00

1,025,633

1,730

Lancaster

County

Hospital

Authority,

Revenue

Bonds,

University

of

Pennsylvania

Health

System,

Refunding

Series

2016B,

5.000%,

8/15/46

8/26

at

100.00

1,757,351

1,195

Lancaster

County

Hospital

Authority,

Revenue

Bonds,

University

of

Pennsylvania

Health

System,

Series

2016A,

5.000%,

8/15/42

8/26

at

100.00

1,216,890

1,295

Lehigh

County

General

Purpose

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Lehigh

Valley

Health

Network,

Series

2019A,

4.000%,

7/01/49

7/29

at

100.00

1,176,392

Lehigh

County

General

Purpose

Authority,

Pennsylvania,

Revenue

Bonds,

Good

Shepherd

Group,

Refunding

Series

2016:

415

3.000%,

11/01/36

5/26

at

100.00

334,271

3,435

4.000%,

11/01/46

5/26

at

100.00

2,900,506

2,000

Lehigh

County

General

Purpose

Authority,

Pennsylvania,

Revenue

Bonds,

Good

Shepherd

Group,

Series

2021A,

4.000%,

11/01/41

11/31

at

100.00

1,789,344

835

Monroe

County

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Pocono

Medical

Center,

Series

2016,

5.000%,

7/01/41

7/26

at

100.00

839,616

1,000

Montgomery

County

Higher

Education

and

Health

Authority,

Pennsylvania,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2018A,

5.000%,

9/01/48

9/28

at

100.00

1,017,113

Montgomery

County

Higher

Education

and

Health

Authority,

Pennsylvania,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2019:

2,055

4.000%,

9/01/44

9/29

at

100.00

1,944,960

245

4.000%,

9/01/49

9/29

at

100.00

217,271

Montgomery

County

Higher

Education

and

Health

Authority,

Pennsylvania,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2022B:

1,910

4.000%,

5/01/52

5/32

at

100.00

1,661,680

1,000

5.000%,

5/01/57

5/32

at

100.00

1,006,898

2,195

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Thomas

Jefferson

University,

Refunding

Series

2015A,

5.250%,

9/01/50

3/25

at

100.00

2,204,644

555

Philadelphia

Hospitals

and

Higher

Education

Facilities

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Temple

University

Health

System

Obligated

Group,

Series

of

2017,

5.000%,

7/01/30

7/27

at

100.00

570,672

3,340

Pottsville

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Lehigh

Valley

Health

Network,

Series

2016B,

5.000%,

7/01/45

1/27

at

100.00

3,363,702

700

Westmoreland

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Excela

Health

Project,

Series

2020A,

4.000%,

7/01/37

1/31

at

100.00

637,195

Total

Health

Care

52,771,301

59

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Housing/Multifamily

-

0.2%

$

650

Clarion

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Clarion

University

Foundation

Inc.

Student

Housing

Project

at

Clarion

University,

Series

2014A,

5.000%,

7/01/45

7/24

at

100.00

$

650,837

100

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

Properties

Inc.

Student

Housing

Project

at

East

Stroudsburg

University

of

Pennsylvania,

Series

2016A,

5.000%,

7/01/35

7/26

at

100.00

98,298

181

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Multifamily

Housing

Revenue

Bonds,

Presbyterian

Homes

Germantown

-

Morrisville

Project,

Series

2005A,

5.625%,

7/01/35

1/24

at

100.00

184,357

Total

Housing/Multifamily

933,492

Housing/Single

Family

-

12.4%

660

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2015-117B,

3.900%,

10/01/35

10/24

at

100.00

637,837

1,220

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2016-119,

3.500%,

10/01/36

4/25

at

100.00

1,130,313

3,600

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2016-120,

3.200%,

4/01/40

10/25

at

100.00

3,051,916

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2016-121:

1,485

3.100%,

10/01/36

10/25

at

100.00

1,286,793

5,820

3.200%,

10/01/41

10/25

at

100.00

4,854,156

1,500

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2017-123B,

3.450%,

10/01/32

10/26

at

100.00

1,465,728

2,000

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2017-124B,

3.500%,

10/01/37

10/26

at

100.00

1,819,517

180

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2017-125B,

3.700%,

10/01/47

4/27

at

100.00

158,289

6,000

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2019-129,

3.350%,

10/01/45

10/28

at

100.00

4,846,822

4,025

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2019-130A,

3.000%,

10/01/46

10/28

at

100.00

2,906,560

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2020-133:

1,405

2.350%,

10/01/40

10/29

at

100.00

1,036,807

5,255

2.500%,

10/01/45

10/29

at

100.00

3,682,092

1,250

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2021-136,

2.550%,

10/01/51

10/30

at

100.00

821,815

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2021-134A:

5,210

1.850%,

4/01/36

10/29

at

100.00

3,860,478

3,145

2.050%,

4/01/41

10/29

at

100.00

2,162,647

2,430

2.100%,

10/01/43

10/29

at

100.00

1,605,767

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2021-135A:

3,040

2.250%,

10/01/41

10/30

at

100.00

2,149,506

3,935

2.375%,

10/01/46

10/30

at

100.00

2,618,326

4,425

2.500%,

10/01/50

10/30

at

100.00

2,894,581

2,250

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2021-137,

2.600%,

4/01/46

4/31

at

100.00

1,592,411

1,665

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2022-138A,

3.000%,

4/01/42

10/31

at

100.00

1,289,504

1,500

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2022-1394A,

4.150%,

10/01/42

4/32

at

100.00

1,459,406

2,000

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2023-142A,

4.900%,

10/01/46

10/32

at

100.00

2,050,855

Total

Housing/Single

Family

49,382,126

Nuveen

Pennsylvania

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

60

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Industrials

-

0.9%

$

250

(c),(d)

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

KDC

Agribusiness

Fairless

Hills

LLC

Project,

Series

2020A-1,

10.000%,

12/01/40,

144A

6/30

at

100.00

$

25

250

(c),(d)

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

KDC

Agribusiness

Fairless

Hills

LLC

Project,

Series

2020A-2,

10.000%,

12/01/40,

(AMT),

144A

6/30

at

100.00

25

2,525

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

National

Gypsum

Company,

Refunding

Series

2014,

5.500%,

11/01/44,

(AMT)

11/24

at

100.00

2,527,292

1,000

Pennsylvania

Economic

Development

Financing

Authority,

Solid

Waste

Disposal

Revenue

Bonds,

Waste

Management

Inc.,

Project,

Series

2011,

2.150%,

7/01/41,

(AMT),

(Mandatory

Put

7/01/24)

No

Opt.

Call

987,791

Total

Industrials

3,515,133

Long-Term

Care

-

7.2%

1,510

Berks

County

Industrial

Development

Authority,

Pennsylvania,

Healthcare

Facilities

Revenue

Bonds,

Highlands

at

Wyomissing,

Series

2017A,

5.000%,

5/15/42

5/27

at

100.00

1,411,513

90

Chester

County

Health

and

Education

Facilities

Authority,

Pennsylvania,

Revenue

Bonds,

Simpson

Senior

Services

Project,

Series

2015A,

5.000%,

12/01/35

12/25

at

100.00

75,553

860

Chester

County

Health

and

Education

Facilities

Authority,

Pennsylvania,

Revenue

Bonds,

Simpson

Senior

Services

Project,

Series

2019,

5.000%,

12/01/51

12/25

at

103.00

594,081

3,440

Chester

County

Health

and

Education

Facilities

Authority,

Pennsylvania,

Revenue

Bonds,

Simpson

Senior

Services

Project,

Series

2021A,

4.000%,

12/01/44

12/28

at

103.00

2,148,365

3,490

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Asbury

Pennsylvania

Obligated

Group,  Refunding

Series

2019,

5.000%,

1/01/45

1/25

at

104.00

2,890,109

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2015:

705

4.000%,

1/01/33

1/25

at

100.00

655,023

1,120

5.000%,

1/01/38

1/25

at

100.00

1,105,486

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2016:

355

5.000%,

1/01/28

1/26

at

100.00

357,208

1,000

5.000%,

1/01/29

1/26

at

100.00

1,005,240

910

5.000%,

1/01/30

1/26

at

100.00

913,876

135

3.250%,

1/01/36

1/26

at

100.00

111,288

1,430

3.250%,

1/01/39

1/26

at

100.00

1,120,635

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2019A:

285

4.125%,

1/01/38

1/29

at

100.00

253,890

105

5.000%,

1/01/39

1/29

at

100.00

101,648

635

East

Hempfield

Township

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Willow

Valley

Communities

Project,

Refunding

Series

2016,

5.000%,

12/01/39

12/25

at

100.00

639,224

340

Lancaster

County

Hospital

Authority,

Pennsylvania,

Health

Center

Revenue

Bonds,

Masonic

Villages

Project,

Series

2015,

5.000%,

11/01/35

5/25

at

100.00

342,476

Lancaster

County

Hospital

Authority,

Pennsylvania,

Health

Center

Revenue

Bonds,

Saint

Anne's

Retirement

Community,

Inc.,

Series

2020:

610

5.000%,

3/01/45

3/27

at

102.00

485,165

245

5.000%,

3/01/50

3/27

at

102.00

188,401

Lancaster

Industrial

Development

Authority,

Pennsylvania,

Health

Center

Revenue

Bonds,

Landis

Homes

Retirement

Community

Project,

Refunding

Series

2021:

875

4.000%,

7/01/51

7/26

at

103.00

615,912

1,400

4.000%,

7/01/56

7/26

at

103.00

953,727

2,750

Montgomery

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Series

2016,

5.000%,

11/15/36

11/26

at

100.00

2,770,129

61

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Long-Term

Care

(continued)

$

2,000

Montgomery

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Meadowood

Senior

Living

Project,

Series

2018A,

5.000%,

12/01/48

12/25

at

102.00

$

1,804,827

1,100

Northampton

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Morningstar

Senior

Living,

Inc.,

Series

2019,

5.000%,

11/01/49

11/26

at

103.00

896,842

Pennsylvania

Economic

Development

Finance

Authority

Revenue

Bonds

Presbyterian

Senior

Living

Project,

Series

2021:

1,800

4.000%,

7/01/41

7/26

at

103.00

1,525,318

500

4.000%,

7/01/46

7/26

at

103.00

405,352

1,000

Pennsylvania

Economic

Development

Finance

Authority,

Revenue

Bonds,

Presbyterian

Senior

Living

Project,

Series

2023B-2,

5.000%,

7/01/42

7/29

at

103.00

964,776

Westmoreland

County

Industrial

Development

Authority,

Pennsylvania,

Retirement

Community

Revenue

Bonds,

Redstone

Presbyterian

SeniorCare

Obligated

Group,

Refunding

Bonds,

Series

2021:

2,655

4.000%,

5/15/41

5/28

at

103.00

2,007,114

3,345

4.000%,

5/15/47

5/28

at

103.00

2,329,988

Total

Long-Term

Care

28,673,166

Tax

Obligation/General

-

13.6%

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2014C-74:

950

5.000%,

12/01/32

12/24

at

100.00

961,515

415

5.000%,

12/01/34

12/24

at

100.00

418,982

2,315

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2018C-77,

5.000%,

11/01/43

11/28

at

100.00

2,423,300

495

Allentown

City

School

District,

Lehigh

County,

Pennsylvania,

General

Obligation

Bonds,

Limited

Tax

Series

2019C,

4.000%,

2/01/36

-

BAM

Insured

8/29

at

100.00

503,245

1,230

Bethel

Park

School

District,

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Refunding

Series

2016,

4.000%,

8/01/32

8/26

at

100.00

1,251,351

705

Boyertown

Area

School

District,

Berks

and

Montgomery

Counties,

Pennsylvania,

General

Obligation

Bonds,

Series

2015,

5.000%,

10/01/38

4/24

at

100.00

708,269

840

Cambria

County,

Pennsylvania,

General

Obligation

Bonds,

Notes

Series

2020B,

4.000%,

8/01/33

-

AGM

Insured

8/27

at

100.00

858,113

1,800

Canon-McMillan

School

District,

Washington

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2014D,

5.000%,

12/15/37

12/24

at

100.00

1,817,292

3,125

Chichester

School

District,

Delaware

County,

Pennsylvania,

General

Obligation

Bonds,

Series

1999,

0.000%,

3/01/26

-

FGIC

Insured

No

Opt.

Call

2,893,505

Coatesville

Area

School

District,

Chester

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2020A:

4,000

0.000%,

10/01/35

-

BAM

Insured

10/30

at

81.91

2,455,170

1,950

0.000%,

10/01/37

-

BAM

Insured

10/30

at

75.27

1,059,758

805

Connellsville

Area

School

District,

Fayette

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2019,

3.125%,

8/15/39

8/26

at

100.00

685,807

2,050

Delaware

Valley

Regional

Finance

Authority,

Pennsylvania,

Local

Government

Revenue

Bonds,

Series

2020B,

5.000%,

11/01/24

No

Opt.

Call

2,082,452

845

Fayette

County,

Pennsylvania,

General

Obligation

Bonds,

Notes

Series

2021A,

2.000%,

11/15/43

-

AGM

Insured

11/30

at

100.00

545,748

580

Gateway

School

District,

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2021,

3.000%,

10/15/35

-

BAM

Insured

10/31

at

100.00

520,752

1,635

Girard

School

District,

Erie

County,

Pennsylvania,

General

Obligation

Bonds,

Series

1999B,

0.000%,

11/15/28

-

FGIC

Insured

No

Opt.

Call

1,362,355

1,000

Littlestown

Area

School

District,

Adams

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2023A,

5.000%,

10/01/50

-

BAM

Insured

10/33

at

100.00

1,056,544

4,875

McKeesport

Area

School

District,

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Series

1997D,

0.000%,

10/01/24

-

NPFG

Insured

No

Opt.

Call

4,721,340

2,000

Middletown

Area

School

District,

Dauphin

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2014,

5.000%,

3/01/38

,

(WI/DD)

No

Opt.

Call

2,087,148

3,000

Montgomery

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2022,

5.000%,

7/01/36

7/32

at

100.00

3,408,322

5

New

Jersey

State,

General

Obligation

Bonds,

Covid-19

Emergency

Series

2020A,

3.000%,

6/01/32

No

Opt.

Call

4,716

1,255

Penn

Manor

School

District,

Lancaster

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2019A,

4.000%,

3/01/34

9/27

at

100.00

1,286,199

Nuveen

Pennsylvania

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

62

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

(continued)

$

1,350

Pennsylvania

Economic

Development

Financing

Authority,

Parking

System

Revenue

Bonds,

Capitol

Region

Parking

System,

Junior

Insured

Series

2013C,

5.500%,

1/01/30

-

AGM

Insured

1/24

at

100.00

$

1,351,714

1,500

Philadelphia

School

District,

Pennsylvania,

General

Obligation

Bonds,

Green

Series

2023B,

5.000%,

9/01/48

9/33

at

100.00

1,584,884

3,535

Philadelphia

School

District,

Pennsylvania,

General

Obligation

Bonds,

Series

2007A,

5.000%,

6/01/34

-

NPFG

Insured

No

Opt.

Call

4,011,863

5,000

Philadelphia

School

District,

Pennsylvania,

General

Obligation

Bonds,

Series

2021A,

4.000%,

9/01/46

9/31

at

100.00

4,666,059

760

Rostraver

Township,

Westmoreland

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2018,

3.500%,

9/01/34

-

AGM

Insured

9/25

at

100.00

737,400

1,285

Scranton,

Lackawanna

County,

Pennsylvania,

General

Obligation

Notes,

Series

2016,

5.000%,

11/15/32

5/24

at

100.00

1,277,188

2,000

State

College

Area

School

District,

Centre

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2015,

5.000%,

3/15/40

3/25

at

100.00

2,030,030

50

The

Redevelopment

Authority

of

the

City

of

Scranton,

Lackawanna

county,

Pennsylvania,

Guaranteed

Lease

Revenue

Bonds,

Series

2016A,

5.000%,

11/15/28

5/24

at

100.00

50,039

1,000

Township

of

Upper

Marion,

Pennsylvania,

General

Obligation

Bonds,

Series

of

2022,

4.000%,

12/01/47

12/27

at

100.00

966,660

1,365

Upper

Saint

Clair

Township

School

District,

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2018,

5.000%,

10/01/41

10/24

at

100.00

1,382,405

1,100

Upper

Saint

Clair

Township

School

District,

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2020,

3.000%,

10/01/30

10/28

at

100.00

1,067,494

1,010

West

Allegheny

School

District,

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2021B,

2.000%,

9/01/26

No

Opt.

Call

968,484

1,000

West

Mifflin

Area

School

District,

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Limited

Tax

Series

2019,

3.000%,

4/01/34

-

BAM

Insured

10/29

at

100.00

929,332

Total

Tax

Obligation/General

54,135,435

Tax

Obligation/Limited

-

3.1%

110

Allentown

Neighborhood

Improvement

Zone

Development

Authority,

Pennsylvania,

Tax

Revenue

Bonds,

615

Waterfront

Project,

Senior

Series

2021,

6.000%,

5/01/42,

144A

5/31

at

100.00

112,565

100

Allentown

Neighborhood

Improvement

Zone

Development

Authority,

Pennsylvania,

Tax

Revenue

Bonds,

City

Center

Project,

Series

2018,

5.000%,

5/01/33,

144A

5/28

at

100.00

102,020

990

Allentown

Neighborhood

Improvement

Zone

Development

Authority,

Pennsylvania,

Tax

Revenue

Bonds,

City

Center

Project,

Subordinate

Series

2022,

5.250%,

5/01/42,

144A

5/32

at

100.00

978,137

505

Allentown

Neighborhood

Improvement

Zone

Development

Authority,

Pennsylvania,

Tax

Revenue

Bonds,

City

Center

Refunding

Project,

Series

2017,

5.000%,

5/01/42,

144A

5/27

at

100.00

497,216

100

Chester

County

Industrial

Development

Authority,

Pennsylvania,

Special

Obligation

Bonds,

Woodlands

at

Greystone

Project,

Series

2018,

5.000%,

3/01/38,

144A

3/28

at

100.00

96,818

Commonwealth

Financing

Authority,

Pennsylvania,

State

Appropriation

Lease

Bonds,

Master

Settlement,

Series

2018:

510

5.000%,

6/01/31

6/28

at

100.00

544,066

3,515

4.000%,

6/01/39

-

AGM

Insured

6/28

at

100.00

3,464,576

501

Monroe

County

Industrial

Development

Authority,

Pennsylvania,

Special

Obligation

Revenue

Bonds,

Tobyhanna

Township

Project,

Series

2014,

6.875%,

7/01/33,

144A

7/24

at

100.00

492,578

Pennsylvania

Turnpike

Commission,

Motor

License

Fund-Enhanced

Turnpike

Special

Revenue

Bonds,

Subordinate

Series

2014A:

1,500

4.750%,

12/01/37

12/26

at

100.00

1,538,481

1,000

4.900%,

12/01/44

12/26

at

100.00

1,021,009

105

Pennsylvania

Turnpike

Commission,

Oil

Franchise

Tax

Revenue

Bonds,

Subordinate

Series

2018B,

5.000%,

12/01/48

12/28

at

100.00

107,280

63

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:

$

171

0.000%,

7/01/51

7/28

at

30.01

$

37,203

974

4.750%,

7/01/53

7/28

at

100.00

921,767

1,852

5.000%,

7/01/58

7/28

at

100.00

1,800,291

333

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2,

4.784%,

7/01/58

7/28

at

100.00

313,708

530

Washington

County

Redevelopment

Authority,

Pennsylvania,

Tanger

Outlet

Victory

Center

Tax

Increment

Bonds,

Series

2018,

5.000%,

7/01/35

1/28

at

100.00

517,247

Total

Tax

Obligation/Limited

12,544,962

Transportation

-

7.6%

Allegheny

County

Airport

Authority,

Pennsylvania,

Airport

Revenue

Bonds,

Pittsburgh

International

Airport,

Series

2021A:

3,175

5.000%,

1/01/51,

(AMT)

1/31

at

100.00

3,244,810

3,500

5.000%,

1/01/56,

(AMT)

1/31

at

100.00

3,567,037

1,955

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

1,962,339

1,070

Delaware

River

Joint

Toll

Bridge

Commission,

New

Jersey

and

Pennsylvania,

Bridge

System

Revenue

Bonds,

Series

2017,

5.000%,

7/01/47

7/27

at

100.00

1,095,727

2,710

Delaware

River

Port

Authority,

New

Jersey

and

Pennsylvania,

Revenue

Bonds,

Series

2018A,

5.000%,

1/01/38

1/29

at

100.00

2,899,623

1,850

Pennsylvania

Economic

Development

Financing

Authority,

Parking

System

Revenue

Bonds,

Capitol

Region

Parking

System,

Series

2013A,

5.250%,

1/01/44

-

AGM

Insured

1/24

at

100.00

1,851,485

2,615

Pennsylvania

Economic

Development

Financing

Authority,

Private

Activity

Revenue

Bonds,

Pennsylvania

Rapid

Bridge

Replacement

Project,

Series

2015,

5.000%,

12/31/38,

(AMT)

6/26

at

100.00

2,634,089

4,865

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Capital

Appreciation

Series

2009E,

6.375%,

12/01/38

12/27

at

100.00

5,344,961

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2023A:

665

4.250%,

12/01/44

12/33

at

100.00

664,455

2,000

5.000%,

12/01/48

12/33

at

100.00

2,143,090

2,680

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Subordinate

Series

2009C,

6.250%,

6/01/33

-

AGM

Insured

6/26

at

100.00

2,885,299

70

Philadelphia,

Pennsylvania,

Airport

Revenue

Bonds,

Refunding

Series

2017A,

3.000%,

7/01/34

-

AGM

Insured

7/27

at

100.00

66,012

1,000

Philadelphia,

Pennsylvania,

Airport

Revenue

Bonds,

Refunding

Series

2020A,

4.000%,

7/01/35

7/30

at

100.00

1,025,626

1,250

Philadelphia,

Pennsylvania,

Airport

Revenue

Bonds,

Refunding

Series

2020C,

4.000%,

7/01/50,

(AMT)

7/30

at

100.00

1,104,466

Total

Transportation

30,489,019

U.S.

Guaranteed

-

5.4%

(e)

1,600

Berks

County

Industrial

Development

Authority,

Pennsylvania,

Healthcare

Facilities

Revenue

Bonds,

The

Highlands

at

Wyomissing,

Series

2018,

5.000%,

5/15/48,

(Pre-refunded

5/15/25)

5/25

at

102.00

1,668,818

Centre

County

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Mount

Nittany

Medical

Center

Project,

Series

2016A:

295

5.000%,

11/15/41,

(Pre-refunded

11/15/25)

11/25

at

100.00

305,406

680

5.000%,

11/15/46,

(Pre-refunded

11/15/25)

11/25

at

100.00

703,987

2,030

Cheltenham

Township

School

District,

Montgomery

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2016B,

5.000%,

2/15/37,

(Pre-refunded

8/15/24)

8/24

at

100.00

2,056,484

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2015:

960

4.000%,

1/01/33,

(Pre-refunded

1/01/25)

1/25

at

100.00

967,114

335

4.000%,

1/01/33,

(Pre-refunded

1/01/25)

1/25

at

100.00

337,483

915

5.000%,

1/01/38,

(Pre-refunded

1/01/25)

1/25

at

100.00

931,363

220

5.000%,

1/01/38,

(Pre-refunded

1/01/25)

1/25

at

100.00

223,934

Nuveen

Pennsylvania

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

64

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

U.S.

Guaranteed

(e)

(continued)

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2016:

$

625

3.250%,

1/01/39,

(Pre-refunded

1/01/26)

1/26

at

100.00

$

627,218

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2019A:

570

5.000%,

1/01/39,

(Pre-refunded

1/01/29)

1/29

at

100.00

625,968

70

5.000%,

1/01/39,

(Pre-refunded

1/01/29)

1/29

at

100.00

76,873

Doylestown

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Series

2019A:

155

5.000%,

7/01/49,

(Pre-refunded

7/01/29)

No

Opt.

Call

171,008

485

East

Hempfield

Township

Industrial

Development

Authority,

Pennsylvania,

Student

Services

Inc

-

Student

Housing

Project

at

Millersville

University,

Series

2014,

5.000%,

7/01/46,

(Pre-refunded

7/01/24)

7/24

at

100.00

489,378

3,230

Montgomery

County

Industrial

Development

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Albert

Einstein

Healthcare

Network

Issue,

Series

2015A,

5.250%,

1/15/45,

(Pre-refunded

1/15/25)

1/25

at

100.00

3,296,760

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Revenue

Bonds,

University

of

the

Arts,

Series

2017:

50

5.000%,

3/15/45,

(Pre-refunded

3/15/28),

144A

3/28

at

100.00

54,488

1,660

Philadelphia,

Pennsylvania,

General

Obligation

Bonds,

Refunding

Series

2014A,

5.000%,

7/15/38,

(Pre-refunded

1/15/24)

1/24

at

100.00

1,663,110

5,140

Philadelphia,

Pennsylvania,

Water

and

Wastewater

Revenue

Bonds,

Series

2015A,

5.000%,

7/01/45,

(Pre-refunded

7/01/24)

7/24

at

100.00

5,193,738

2,270

Southcentral

Pennsylvania

General

Authority,

Revenue

Bonds,

WellSpan

Health

Obligated

Group,

Series

2014A,

5.000%,

6/01/44,

(Pre-refunded

6/01/24)

6/24

at

100.00

2,289,188

Total

U.S.

Guaranteed

21,682,318

Utilities

-

8.6%

Allegheny

County

Sanitary

Authority,

Pennsylvania,

Sewer

Revenue

Bonds,

Refunding

Series

2015:

1,840

5.000%,

12/01/40

12/25

at

100.00

1,867,993

1,365

5.000%,

12/01/45

12/25

at

100.00

1,386,027

2,170

Allegheny

County

Sanitary

Authority,

Pennsylvania,

Sewer

Revenue

Bonds,

Series

2018,

5.000%,

6/01/43

6/28

at

100.00

2,272,616

835

Allegheny

County

Sanitary

Authority,

Pennsylvania,

Sewer

Revenue

Bonds,

Series

2022,

5.000%,

6/01/53

6/32

at

100.00

879,732

50

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Generation

Project,

Refunding

Series

2006A,

4.750%,

1/01/35,

(Mandatory

Put

7/01/33)

No

Opt.

Call

47,946

1,000

Bucks

County

Water

and

Sewer

Authority,

Pennsylvania,

Sewer

System

Revenue

Bonds,

Series

2022A,

5.250%,

12/01/47

-

AGM

Insured

12/32

at

100.00

1,087,916

605

Bucks

County

Water

and

Sewer

Authority,

Pennsylvania,

Water

System

Revenue

Bonds,

Series

2021,

2.250%,

12/01/44

-

AGM

Insured

12/30

at

100.00

412,988

410

Delaware

County

Regional

Water

Quality

Control

Authority,

Pennsylvania,

Sewer

Revenue

Bonds,

Series

2015,

5.000%,

5/01/40

5/25

at

100.00

416,864

1,375

Lehigh

County

Authority,

Pennsylvania,

Water

and

Sewer

Revenue

Bonds,

Allentown

Concession,

Series

2013A,

5.125%,

12/01/47

12/23

at

100.00

1,375,559

1,325

Luzerne

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Pennsylvania-American

Water

Company

Project,

Refunding

Series

2019,

2.450%,

12/01/39,

(AMT),

(Mandatory

Put

12/03/29)

12/29

at

100.00

1,208,038

2,265

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

York

Water

Company

Project,

Refunding

Series

2019A,

3.000%,

10/01/36,

(AMT)

10/29

at

100.00

2,022,456

4,060

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

York

Water

Company

Project,

Refunding

Series

2019B,

3.100%,

11/01/38,

(AMT)

11/29

at

100.00

3,531,730

10,450

Pennsylvania

Economic

Development

Financing

Authority,

Revenue

Bonds,

Pennsylvania-American

Water

Company,

Refunding

Series

2019,

3.000%,

4/01/39

10/29

at

100.00

8,780,477

1,000

Philadelphia

Gas

Works,

Pennsylvania,

Revenue

Bonds,

1998

General

Ordinance,

Fifteenth

Series

2017,

5.000%,

8/01/37

8/27

at

100.00

1,034,743

65

Investments

in

Derivatives

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Utilities

(continued)

$

1,375

Philadelphia

Gas

Works,

Pennsylvania,

Revenue

Bonds,

1998

General

Ordinance,

Sixteenth

Series

2020A,

5.000%,

8/01/50

-

AGM

Insured

8/30

at

100.00

$

1,452,698

1,215

Philadelphia

Gas

Works,

Pennsylvania,

Revenue

Bonds,

Refunding

Thirteenth

Series

2015,

5.000%,

8/01/30

8/25

at

100.00

1,233,758

Pittsburgh

Water

and

Sewer

Authority,

Pennsylvania,

Water

and

Sewer

System

Revenue

Bonds,

First

Lien

Series

2023A:

1,510

5.000%,

9/01/42

-

AGM

Insured

9/33

at

100.00

1,649,632

1,000

4.250%,

9/01/53

-

AGM

Insured

9/33

at

100.00

984,140

565

University

Area

Joint

Authority,

Centre

County,

Pennsylvania,

Sewer

Revenue

Bonds,

Series

2021,

3.000%,

11/01/35

-

BAM

Insured

11/26

at

100.00

513,665

1,000

Upper

Allegheny

Joint

Sanitary

Authority,

Allegheny

County,

Pennsylvania,

Sewer

Revenue

Bonds,

Refunding

Series

2019A,

3.000%,

9/01/44

-

AGM

Insured

9/29

at

100.00

772,985

1,615

Williamsport

Sanitary

Authority,

Lycoming

County,

Pennsylvania,

Sewer

Revenue

Bonds,

Series

2021.,

5.000%,

1/01/24

-

BAM

Insured

No

Opt.

Call

1,616,913

Total

Utilities

34,548,876

Total

Municipal

Bonds

(cost

$383,716,030)

342,804,695

Shares

Description

(a)

Value

X

25,929,120

COMMON

STOCKS

-

6.5%  

X

25,929,120

Utilities

-

6.5%

324,114

(f),(g)

Energy

Harbor

Corp

$

25,929,120

Total

Utilities

25,929,120

Total

Common

Stocks

(cost

$9,068,453)

25,929,120

Principal

Amount

(000)

Description

(a)

Coupon

(h)

Reference

Rate

(h)

Spread

(h)

Maturity

(i)

Value

14,096

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

0.0%  

X

14,096

Capital

Goods

-

0.0%

$

64

(c),(d)

KDC

Agribusiness

Fairless

Hills

LLC

12.000%

N/A

N/A

12/31/23

$

14,096

Total

Capital

Goods

14,096

Total

Variable

Rate

Senior

Loan

Interests

(cost

$64,338)

14,096

Total

Long-Term

Investments

(cost

$392,848,821)

368,747,911

Other

Assets

&

Liabilities,

Net

-

7.7%

30,718,568

Net

Assets

-

100%

$

399,466,479

Futures

Contracts

-

Short

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

U.S.

Treasury

10-Year

Note

(25)

3/24

$

(2,729,030)

$

(2,744,922)

$

(15,892)

U.S.

Treasury

Long

Bond

(19)

3/24

(2,196,538)

(2,212,312)

(15,774)

Total

$(4,925,568)

$(4,957,234)

$(31,666)

(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)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

Nuveen

Pennsylvania

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

66

(f)

Energy

Harbor

Corp

(ENGH)

common

stock

received

as

part

of

the

bankruptcy

settlements

during

February

2020

for

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Nuclear

Generation

Project,

Refunding

Series

2005A,

4.000%,

1/01/35,

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Refunding

Bonds,

FirstEnergy

Nuclear

Generation

Project,

Series

2006B,

3.500%,

12/01/35,

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

Shipping

port

Project,

First

Energy

Guarantor,

Series

2006A,

2.550%,

11/01/41.

Various

funds

and

accounts

managed

by

Nuveen,

including

the

Fund,

collectively

are

a

substantial

minority

holder

of

ENGH’s

outstanding

shares

of

common

stock,

and

possess

certain

other

rights

with

respect

to

the

corporate

governance

of

ENGH.

Due

to

these

facts,

under

the

federal

securities

laws,

the

securities

of

ENGH

held

by

Nuveen

funds

and

accounts,

including

the

Fund,

cannot

be

sold

except

under

limited

conditions

(which

are

not  currently

satisfied).

The

Fund

is

therefore

unable

to

sell

such

shares

in

ordinary

secondary

market

transactions

at

this

time.

On

March

6,

2023

Vistra

Corp.

(“Vistra”)

announced

that

it

has

executed

a

definitive

agreement

with

Energy

Harbor

Corp.,

pursuant

to

which

Energy

Harbor

will

merge

with

and

into

a

newly-formed

subsidiary

of

Vistra.  In

connection

with

the

transaction,

Nuveen

funds

and

accounts

expect

to

receive

a

combination

of

cash

and

shares

in

a

newly

formed

entity.

Nuveen

expects

these

shares

to

be

issued

in

a

private

transaction

and

may

have

reduced

secondary

market

liquidity.  The

transaction

is

subject

to

certain

regulatory

approvals

and

there

can

be

no

assurance

that

the

transaction

will

close.

(g)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(h)

Senior

loans

generally

pay

interest

at

rates

which

are

periodically

adjusted

by

reference

to

a

base

short-term,

floating

lending

rate

(Reference

Rate)

plus

an

assigned

fixed

rate

(Spread).

These

floating

lending

rates

are

generally

(i)

the

lending

rate

referenced

by

the

London

Inter-Bank

Offered

Rate

("LIBOR"),

or

(ii)

the

prime

rate

offered

by

one

or

more

major

United

States

banks.

Senior

loans

may

be

considered

restricted

in

that

the

Fund

ordinarily

is

contractually

obligated

to

receive

approval

from

the

agent

bank

and/or

borrower

prior

to

the

disposition

of

a

senior

loan.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(i)

Senior

loans

generally

are

subject

to

mandatory

and/or

optional

prepayment.

Because

of

these

mandatory

prepayment

conditions

and

because

there

may

be

significant

economic

incentives

for

a

borrower

to

prepay,

prepayments

of

senior

loans

may

occur.

As

a

result,

the

actual

remaining

maturity

of

senior

loans

held

may

be

substantially

less

than

the

stated

maturities

shown.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

WI/DD

When-issued

or

delayed

delivery

security.

See

Notes

to

Financial

Statements

67

Nuveen

Virginia

Municipal

Bond

Fund

Portfolio

of

Investments

November

30,

2023

(Unaudited)

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

95.0%   

X

429,779,934

MUNICIPAL

BONDS

-

95.0%  

X

429,779,934

Consumer

Staples

-

2.9%

Guam

Economic

Development

&

Commerce

Authority,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007A:

$

240

5.250%,

6/01/32

12/23

at

100.00

$

235,017

600

5.625%,

6/01/47

12/23

at

100.00

573,335

7,655

Tobacco

Settlement

Financing

Corporation

of

Virginia,

Tobacco

Settlement

Asset

Backed

Bonds,

Series

2007B1,

5.000%,

6/01/47

12/23

at

100.00

7,058,779

5,555

Tobacco

Settlement

Financing

Corporation

of

Virginia,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007B2,

5.200%,

6/01/46

12/23

at

100.00

5,348,326

Total

Consumer

Staples

13,215,457

Education

and

Civic

Organizations

-

9.1%

1,685

Alexandria

Industrial

Development

Authority,

Virginia,

Educational

Facilities

Revenue

Bonds,

Episcopal

High

School,

Series

2017,

4.000%,

1/01/40

1/27

at

100.00

1,628,381

1,500

Farmville

Industrial

Development

Authority,

Virginia,

Educational

Facilities

Revenue

Bonds,

Convocation

Center

Project,

Series

2021,

5.375%,

7/01/53

-

AGM

Insured,

(Mandatory

Put

7/01/43)

7/28

at

103.00

1,566,931

1,455

Industrial

Development

Authority

of

the

City

of

Lexington,

Virginia,

Washington

and

Lee

University,

Educational

Facility

Revenue

Bonds,

Refunding

Series

2018A,

5.000%,

1/01/48

1/28

at

100.00

1,512,745

1,500

Loudoun

County

Industrial

Development

Authority,

Virginia,

Multi-Modal

Revenue

Bonds,

Howard

Hughes

Medical

Institute,

Series

2022A,

4.000%,

10/01/52

10/32

at

100.00

1,486,391

2,000

Madison

County

Industrial

Development

Authority,

Virginia,

Educational

Facilities

Revenue

Bonds,

Woodberry

Forest

School,

Series

2021,

3.000%,

10/01/50

10/30

at

100.00

1,481,377

500

Montgomery

County

Economic

Development

Authority,

Virginia,

Revenue

Bonds,

Virginia

Tech

Foundation,

Refunding

Series

2017A,

4.000%,

6/01/37

6/27

at

100.00

505,018

750

Roanoke

Economic

Development

Authority,

Virginia,

Educational

Facilities

Revenue

Bonds,

Lynchburg

College,

Series

2018A,

5.000%,

9/01/43

9/28

at

100.00

747,607

2,500

The

Rector

and

Visitors

of

the

University

of

Virginia,

General

Pledge

Revenue

Bonds,

Green

Series

2015A-2,

5.000%,

4/01/45

4/25

at

100.00

2,545,182

The

Rector

and

Visitors

of

the

University

of

Virginia,

General

Pledge

Revenue

Bonds,

Refunding

Series

2017A:

8,855

5.000%,

4/01/39

4/27

at

100.00

9,317,878

5,000

5.000%,

4/01/47

4/27

at

100.00

5,199,152

5,000

The

Rector

and

Visitors

of

the

University

of

Virginia,

General

Pledge

Revenue

Bonds,

Refunding

Series

2017B,

5.000%,

4/01/46

4/27

at

100.00

5,203,372

1,000

Virginia

College

Building

Authority,

Educational

Facilities

Revenue

Bonds,

Marymount

University

Project,

Green

Series

2015B,

5.000%,

7/01/45,

144A

7/25

at

100.00

904,476

Virginia

College

Building

Authority,

Educational

Facilities

Revenue

Bonds,

Marymount

University

Project,

Refunding

Series

2015A:

3,000

5.000%,

7/01/35,

144A

7/25

at

100.00

2,943,075

4,465

5.000%,

7/01/45,

144A

7/25

at

100.00

4,038,486

1,575

Virginia

College

Building

Authority,

Educational

Facilities

Revenue

Bonds,

Washington

and

Lee

University,

Series

1998,

5.250%,

1/01/31

-

NPFG

Insured

No

Opt.

Call

1,724,065

525

Virginia

Commonwealth

University,

General

Pledge

Revenue

Bonds,

Refunding

Series

2018A,

5.000%,

11/01/38

11/28

at

100.00

561,990

Total

Education

and

Civic

Organizations

41,366,126

Health

Care

-

15.9%

Arlington

County

Industrial

Development

Authority,

Virginia,

Hospital

Facility

Revenue

Bonds,

Virginia

Hospital

Center,

Series

2020:

1,200

5.000%,

7/01/31

7/30

at

100.00

1,317,628

1,050

5.000%,

7/01/32

7/30

at

100.00

1,150,704

325

5.000%,

7/01/37

7/30

at

100.00

347,983

1,195

4.000%,

7/01/38

7/30

at

100.00

1,196,976

1,075

4.000%,

7/01/45

7/30

at

100.00

1,014,322

Nuveen

Virginia

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

68

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

$

1,465

Arlington

County

Industrial

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Virginia

Hospital

Center,

Series

2023A,

5.000%,

7/01/53,

(Mandatory

Put

7/01/31)

7/30

at

100.00

$

1,593,833

1,000

Chesapeake

Hospital

Authority,

Virginia,

Hospital

Facility

Revenue

Bonds,

Chesapeake

Regional

Medical

Center,

Series

2019,

4.000%,

7/01/39

7/29

at

100.00

957,800

1,920

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-1,

4.000%,

8/01/44

8/29

at

100.00

1,740,553

3,000

Fairfax

County

Industrial

Development

Authority,

Virginia,

Healthcare

Revenue

Bonds,

Inova

Health

System,

Refunding

Series

2022,

4.000%,

5/15/44

5/32

at

100.00

2,880,785

2,000

Fairfax

County

Industrial

Development

Authority,

Virginia,

Healthcare

Revenue

Bonds,

Inova

Health

System,

Series

2014A,

5.000%,

5/15/44

5/24

at

100.00

2,005,463

2,000

Fairfax

County

Industrial

Development

Authority,

Virginia,

Healthcare

Revenue

Bonds,

Inova

Health

System,

Series

2018A,

4.000%,

5/15/48

5/28

at

100.00

1,871,000

3,000

Front

Royal

and

Warren

County

Industrial

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Valley

Health

System

Obligated

Group,

Series

2018,

4.000%,

1/01/50

1/25

at

103.00

2,705,029

3,500

Industrial

Development

Authority

of

the

City

of

Newport

News,

Virginia,

Health

System

Revenue

Bonds,

Riverside

Health

System,

Series

2015A,

5.330%,

7/01/45,

144A

7/25

at

100.00

3,501,227

3,000

Lynchburg

Economic

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Centra

Health

Obligated

Group,

Refunding

Series

2017A,

5.000%,

1/01/47

1/27

at

100.00

3,026,032

Lynchburg

Economic

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Centra

Health

Obligated

Group,

Refunding

Series

2021:

4,050

4.000%,

1/01/47

1/32

at

100.00

3,776,282

3,000

3.000%,

1/01/51

1/32

at

100.00

2,107,622

1,000

Norfolk

Economic

Development

Authority,

Virginia,

Hospital

Facility

Revenue

Bonds,

Sentara

Healthcare

Systems,

Refunding

Series

2018B,

4.000%,

11/01/48

11/28

at

100.00

934,480

5,000

Roanoke

Economic

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Carilion

Clinic

Obligated

Group,

Series

2020A,

4.000%,

7/01/51

7/30

at

100.00

4,670,218

Stafford

County

Economic

Development

Authority,

Virginia,

Hospital

Facilities

Revenue

Bonds,

Mary

Washington

Healthcare

Obligated

Group,

Refunding

Series

2016:

1,000

5.000%,

6/15/32

6/26

at

100.00

1,025,144

1,600

5.000%,

6/15/36

6/26

at

100.00

1,627,205

1,360

4.000%,

6/15/37

6/26

at

100.00

1,316,883

6,500

Virginia

Commonwealth

University

Health

System

Authority,

General

Revenue

Bonds,

Series

2017B,

5.000%,

7/01/46

7/27

at

100.00

6,639,701

9,160

Virginia

Small

Business

Finance

Authority,

Healthcare

Facilities

Revenue

Bonds,

Bon

Secours

Mercy

Health,

Inc.,

Series

2020A,

4.000%,

12/01/49

6/30

at

100.00

8,352,817

5,000

Virginia

Small

Business

Finance

Authority,

Healthcare

Facilities

Revenue

Bonds,

Bon

Secours

Mercy

Health,

Inc.,

Series

2022A,

5.000%,

10/01/41

10/32

at

100.00

5,338,329

Virginia

Small

Business

Finance

Authority,

Healthcare

Facilities

Revenue

Bonds,

Sentara

Healthcare,

Refunding

Series

2020:

4,000

4.000%,

11/01/38

11/29

at

100.00

4,025,377

1,150

4.000%,

11/01/39

11/29

at

100.00

1,154,802

Winchester

Economic

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Valley

Health

System

Obligated

Group,

Refunding

Series

2015:

1,250

5.000%,

1/01/32

1/26

at

100.00

1,282,751

1,230

5.000%,

1/01/34

1/26

at

100.00

1,260,636

2,000

4.000%,

1/01/37

1/26

at

100.00

2,004,334

1,215

5.000%,

1/01/44

1/26

at

100.00

1,228,819

Total

Health

Care

72,054,735

69

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Housing/Multifamily

-

4.6%

$

495

Fairfax

County

Redevelopment

and

Housing

Authority,

Virginia,

FHA-Insured

Elderly

Housing

Mortgage

Revenue

Refunding

Bonds,

Little

River

Glen,

Series

1996,

6.100%,

9/01/26

1/24

at

100.00

$

496,033

795

Richmond

Redevelopment

and

Housing

Authority,

Virginia,

Multi-Family

Housing

Revenue

Bonds,

American

Tobacco

Apartments,

Series

2017,

5.550%,

1/01/37,

144A

1/27

at

100.00

740,364

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2015A:

1,510

3.500%,

3/01/35

3/24

at

100.00

1,478,239

1,790

3.625%,

3/01/39

3/24

at

100.00

1,643,359

1,000

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2015C,

4.000%,

8/01/45

8/24

at

100.00

923,258

2,585

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2015E,

3.750%,

12/01/40

12/24

at

100.00

2,346,360

1,500

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2016B,

3.350%,

5/01/36

5/25

at

100.00

1,390,420

1,710

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2017A,

3.875%,

3/01/47

3/26

at

100.00

1,501,188

3,000

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2019A,

3.600%,

9/01/39

3/28

at

100.00

2,696,576

1,250

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2020E,

2.300%,

7/01/40

7/29

at

100.00

894,975

1,745

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2020G,

2.200%,

9/01/40

9/29

at

100.00

1,263,894

2,000

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2021B,

2.400%,

3/01/46

3/30

at

100.00

1,362,068

2,000

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2021K,

2.375%,

12/01/41

12/30

at

100.00

1,457,220

1,000

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2022F,

5.000%,

10/01/52

10/31

at

100.00

1,032

,385

1,250

Williamsburg

Economic

Development

Authority,

Virginia,

Student

Housing

Revenue

Bonds,

Provident

Group

-

Williamsburg

Properties

LLC

-

William

and

Mary

Project

Series

2023A,

5.250%,

7/01/53

-

AGM

Insured

7/33

at

100.00

1,355,816

Total

Housing/Multifamily

20,582,155

Industrials

-

0.9%

4,350

Amelia

County

Industrial

Development

Authority,

Virginia,

Solid

Waste

Disposal

Revenue

Bonds,

Waste

Management

Inc.,

Series

2002,

1.450%,

4/01/27,

(AMT)

No

Opt.

Call

3,948,175

Total

Industrials

3,948,175

Long-Term

Care

-

3.5%

2,800

Albemarle

County,

Virginia,

Residential

Care

Facility

Revenue

Bonds,  Westminster-Canterbury

of

the

Blue

Ridge,

Refunding

Series

2022A,

4.000%,

6/01/49

6/29

at

103.00

2,338,822

Henrico

County

Economic

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Westminster

Canterbury

of

Richmond,

Refunding

Series

2020:

1,650

4.000%,

10/01/31

10/26

at

103.00

1,651,684

1,000

4.000%,

10/01/50

10/26

at

103.00

856,020

1,000

Isle

of

Wight

County,

Virginia,

General

Obligation

Refunding

Bonds,

Series

2010D,

5.250%,

7/01/43,

(WI/DD)

No

Opt.

Call

1,083,753

1,000

James

City

County

Economic

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Williamsburg

Landing

Inc.,

Refunding

Series

2021A,

4.000%,

12/01/50

12/27

at

103.00

723,734

625

James

City

County

Economic

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

WindsorMeade,

Series

2021A,

4.000%,

6/01/41

6/27

at

103.00

482,236

1,000

Lexington

Industrial

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Kendal

at

Lexington

Retirement

Community

Inc.,

Refunding

Series

2016,

4.000%,

1/01/37

1/25

at

102.00

906,618

1,000

Lexington

Industrial

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Kendal

at

Lexington

Retirement

Community

Inc.,

Refunding

Series

2022.

Forward

Delivery,

4.000%,

1/01/48

1/29

at

103.00

801,102

Nuveen

Virginia

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

70

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Long-Term

Care

(continued)

Norfolk

Redevelopment

and

Housing

Authority,

Virginia,

Fort

Norfolk

Retirement

Community,

Inc.,

Harbor's

Edge

Project,

Series

2019A:

$

500

5.000%,

1/01/49

1/24

at

104.00

$

387,909

3,300

5.250%,

1/01/54

1/24

at

104.00

2,596,042

1,500

Prince

William

County

Industrial

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Westminster

at

Lake

Ridge,

Refunding

Series

2016,

5.000%,

1/01/46

1/25

at

102.00

1,211,120

Suffolk

Economic

Development

Authority,

Virginia,

Retirement

Facilities

First

Mortgage

Revenue

Bonds,

Lake

Prince

Center,

Inc./United

Church

Homes

and

Services

Obligated

Group,

Refunding

Series

2016:

2,110

5.000%,

9/01/26

9/24

at

102.00

2,073,858

500

5.000%,

9/01/31

9/24

at

102.00

472,903

Total

Long-Term

Care

15,585,801

Tax

Obligation/General

-

5.0%

4,600

Corona-Norco

Unified

School

District,

Riverside

County,

California,

General

Obligation

Bonds,

Capital

Appreciation,

Election

2006

Refunding

Series

2009C,

0.000%,

8/01/32

No

Opt.

Call

3,293,557

2,000

Loudoun

County,

Virginia,

General

Obligation

Bonds,

Public

Improvement

Series

2023A,

5.000%,

12/01/39

12/32

at

100.00

2,251,672

1,000

Norfolk,

Virginia,

General

Obligation

Bonds,

Refunding

Capital

Improvement

Series

2023A,

5.000%,

9/01/40

9/32

at

100.00

1,119,042

6,715

Patterson

Joint

Unified

School

District,

Stanislaus

County,

California,

General

Obligation

Bonds,

2008

Election

Series

2009B,

0.000%,

8/01/45

-

AGM

Insured

No

Opt.

Call

2,488,692

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1:

2,920

5.625%,

7/01/29

No

Opt.

Call

3,090,144

4,500

0.000%,

7/01/33

7/31

at

89.94

2,745,240

1,000

4.000%,

7/01/33

7/31

at

103.00

935,477

2,000

4.000%,

7/01/41

7/31

at

103.00

1,731,879

2,710

Virginia

State,

General

Obligation

Bonds,

Series

2020A,

4.000%,

6/01/30

No

Opt.

Call

2,905,156

Wylie

Independent

School

District,

Collin

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2015B:

7,110

0.000%,

8/15/48

8/25

at

38.79

2,146,207

Total

Tax

Obligation/General

22,707,066

Tax

Obligation/Limited

-

16.9%

1,485

Arlington

County

Industrial

Development

Authority,

Virginia,

Revenue

Bonds,

Refunding

County

Projects,

Series

2017,

5.000%,

2/15/34

8/27

at

100.00

1,582,503

1,495

Cherry

Hill

Community

Development

Authority,

Virginia,

Special

Assessment

Bonds,

Potomac

Shores

Project,

Series

2015,

5.400%,

3/01/45,

144A

3/25

at

100.00

1,497,531

1,000

Dulles

Town

Center

Community

Development

Authority,

Loudon

County,

Virginia

Special

Assessment

Refunding

Bonds,

Dulles

Town

Center

Project,

Series

2012,

4.250%,

3/01/26

1/24

at

100.00

974,926

1,000

Fairfax

County

Economic

Development

Authority,

Virginia,

Revenue

Bonds,

Metrorail

Parking

System

Project,

Series

2017,

5.000%,

4/01/37

4/27

at

100.00

1,048,683

1,510

Farms

of

New

Kent

Community

Development

Authority,

Virginia,

Special

Assessment

Bonds,

Refunding

Series

2021A,

3.750%,

3/01/36,

144A

3/31

at

100.00

1,431,531

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D:

3,000

5.000%,

11/15/33

11/25

at

100.00

3,029,669

1,000

5.000%,

11/15/35

11/25

at

100.00

1,007,317

Guam

Government,

Limited

Obligation

Section

30

Revenue

Bonds,

Series

2016A:

1,000

5.000%,

12/01/30

12/26

at

100.00

1,024,612

1,000

5.000%,

12/01/34

12/26

at

100.00

1,021,455

Hampton

Roads

Transportation

Accountability

Commission,

Virginia,

Hampton

Roads

Transportation

Fund

Revenue

Bonds,

Senior

Lien

Series

2018A:

3,000

5.000%,

7/01/48

1/28

at

100.00

3,110,091

Hampton

Roads

Transportation

Accountability

Commission,

Virginia,

Revenue

Bonds,

Hampton

Roads

Transportation

Fund,

Senior

Lien

Series

2020A:

4,000

5.000%,

7/01/50

7/30

at

100.00

4,214,475

2,000

5.250%,

7/01/60

7/30

at

100.00

2,131,525

71

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

3,000

Hampton

Roads

Transportation

Accountability

Commission,

Virginia,

Revenue

Bonds,

Hampton

Roads

Transportation

Fund,

Senior

Lien

Series

2022A,

4.000%,

7/01/52

7/32

at

100.00

$

2,905,582

3,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Capital

Appreciation

Refunding

Senior

Lien

Series

2014A,

0.000%,

11/15/51

-

AGM

Insured

11/31

at

37.76

693,226

3,375

Lower

Magnolia

Green

Community

Development

Authority,

Virginia,

Special

Assessment

Bonds,

Series

2015,

5.000%,

3/01/45,

144A

3/25

at

100.00

3,213,520

765

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A,

5.000%,

10/01/32

No

Opt.

Call

768,198

Peninsula

Town

Center

Community

Development

Authority,

Virginia,

Special

Obligation

Bonds,

Refunding

Series

2018:

365

4.500%,

9/01/28,

144A

9/27

at

100.00

360,572

800

5.000%,

9/01/37,

144A

9/27

at

100.00

778,240

2,185

5.000%,

9/01/45,

144A

9/27

at

100.00

2,018,578

3,000

Puerto

Rico

Highway

and

Transportation

Authority,

Restructured

Toll

Revenue

Bonds,

Series

2022A,

5.000%,

7/01/62

7/32

at

100.00

2,970,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

19

0.000%,

7/01/24

No

Opt.

Call

18,588

81

0.000%,

7/01/27

No

Opt.

Call

69,962

317

0.000%,

7/01/29

7/28

at

98.64

250,734

210

0.000%,

7/01/31

7/28

at

91.88

151,503

432

0.000%,

7/01/33

7/28

at

86.06

283,177

3,247

0.000%,

7/01/51

7/28

at

30.01

706,418

2,000

4.750%,

7/01/53

7/28

at

100.00

1,892,745

10,615

5.000%,

7/01/58

7/28

at

100.00

10,318,627

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2:

2,180

4.329%,

7/01/40

7/28

at

100.00

2,068,922

61

4.536%,

7/01/53

7/28

at

100.00

55,747

31

4.784%,

7/01/58

7/28

at

100.00

29,204

Virgin

Islands

Public

Finance

Authority,

Federal

Highway

Grant

Anticipation

Loan

Note

Revenue

Bonds,

Series

2015:

1,000

5.000%,

9/01/30,

144A

9/25

at

100.00

1,011,334

1,000

5.000%,

9/01/33,

144A

9/25

at

100.00

1,013,087

1,000

Virgin

Islands

Public

Finance

Authority,

Gross

Receipts

Taxes

Loan

Note,

Refunding

Series

2006,

5.000%,

10/01/28

-

FGIC

Insured

1/24

at

100.00

1,010,713

2,240

Virgin

Islands

Public

Finance

Authority,

Gross

Receipts

Taxes

Loan

Note,

Working

Capital

Series

2014A,

5.000%,

10/01/34

-

AGM

Insured,

144A

10/24

at

100.00

2,257,492

2,000

Virginia

College

Building

Authority,

Educational

Facilities

Revenue

Bonds,

21st

Century

Collage

&

Equipment

Programs,

Series

2023A,

5.000%,

2/01/41

2/33

at

100.00

2,233,624

2,000

Virginia

College

Building

Authority,

Educational

Facilities

Revenue

Bonds,

21st

Century

College

&

Equipment

Programs,

Refunding

Series

2017E,

5.000%,

2/01/32

2/28

at

100.00

2,168,446

695

Virginia

Gateway

Community

Development

Authority,

Prince

William

County,

Virginia,

Special

Assessment

Refunding

Bonds,

Series

2012,

5.000%,

3/01/25

1/24

at

100.00

686,982

2,000

Virginia

Port

Authority,

Commonwealth

Port

Fund

Revenue

Bonds,

Series

2023A,

5.250%,

7/01/48

7/33

at

100.00

2,234,427

2,000

Virginia

Public

Building

Authority,

Public

Facilities

Revenue

Bonds,

Series

2019B,

4.000%,

8/01/38,

(AMT)

8/29

at

100.00

1,982,232

25

Virginia

Resources

Authority,

Infrastructure

Revenue

Bonds,

Pooled

Financing

Program,

Series

2012A,

5.000%,

11/01/42

1/24

at

100.00

25,014

345

Virginia

Small

Business

Financing

Authority,

Tourism

Development

Financing

Program

Revenue

Bonds,

Virginia

Beach

Oceanfront

South

Hotel

Project,

Senior

Series

2020A-1,

8.000%,

10/01/43,

144A

10/30

at

120.40

349,924

1,000

Virginia

Transportation

Board,

Transportation

Revenue

Bonds,

Capital

Projects,

Series

2017,

4.000%,

5/15/42

5/27

at

100.00

1,001,292

4,000

Washington

Metropolitan

Area

Transit

Authority,

District

of

Columbia,

Dedicated

Revenue

Bonds,

Green

Series

2021A,

4.000%,

7/15/43

7/31

at

100.00

3,989,669

3,530

Washington

Metropolitan

Area

Transit

Authority,

District

of

Columbia,

Dedicated

Revenue

Bonds,

Second

Lien

Green

Series

2023A.,

5.250%,

7/15/53

7/33

at

100.00

3,882,625

Nuveen

Virginia

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

72

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

1,000

Western

Virginia

Regional

Jail

Authority,

Virginia,

Facility

Revenue

Bonds,

Refunding

Series

2016,

5.000%,

12/01/37

12/26

at

100.00

$

1,045,260

Total

Tax

Obligation/Limited

76,519,982

Transportation

-

22.8%

350

Capital

Region

Airport

Commission,

Virginia,

Airport

Revenue

Bonds,

Refunding

Series

2016A,

4.000%,

7/01/36

7/26

at

100.00

352,684

Chesapeake

Bay

Bridge

and

Tunnel

District,

Virginia,

General

Resolution

Revenue

Bonds,

First

Tier

Series

2016:

5,580

5.000%,

7/01/41

-

AGM

Insured

7/26

at

100.00

5,721,809

1,830

5.000%,

7/01/46

7/26

at

100.00

1,837,182

2,000

5.000%,

7/01/51

7/26

at

100.00

2,003,204

Chesapeake,

Virginia,

Transportation

System

Senior

Toll

Road

Revenue

Bonds,

Capital

Appreciation

Series

2012B:

3,000

4.750%,

7/15/32

7/28

at

100.00

3,129,736

1,755

4.875%,

7/15/40

-

AGM

Insured

7/28

at

100.00

1,818,543

1,620

Chesapeake,

Virginia,

Transportation

System

Senior

Toll

Road

Revenue

Bonds,

Series

2012A,

5.000%,

7/15/47

1/24

at

100.00

1,620,289

2,500

Metropolitan

Washington

Airports

Authority,

District

of

Columbia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

&

Capital

improvement

Projects,

Refunding

&

Subordinate

Lien

Series

2019B,

4.000%,

10/01/53

-

AGM

Insured

10/29

at

100.00

2,340,099

2,000

Metropolitan

Washington

Airports

Authority,

District

of

Columbia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

&

Capital

Improvement

Projects,

Refunding

Second

Senior

Lien

Series

2022A,

4.000%,

10/01/52

-

AGM

Insured

10/31

at

100.00

1,875

,101

Metropolitan

Washington

Airports

Authority,

District

of

Columbia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

&

Capital

improvement

Projects,

Second

Senior

Lien

Series

2009B:

4,200

0.000%,

10/01/26

-

AGC

Insured

No

Opt.

Call

3,826,510

5,850

0.000%,

10/01/34

-

AGC

Insured

No

Opt.

Call

3,854,605

13,000

0.000%,

10/01/36

-

AGC

Insured

No

Opt.

Call

7,655,008

3,300

Metropolitan

Washington

Airports

Authority,

District

of

Columbia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

Capital

Appreciation,

Second

Senior

Lien

Series

2010B,

6.500%,

10/01/44

10/28

at

100.00

3,615,200

1,000

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Forward

Delivery

Refunding

Series

2020A,

5.000%,

10/01/32,

(AMT)

10/30

at

100.00

1,090,745

5,200

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2016A,

5.000%,

10/01/35,

(AMT)

10/26

at

100.00

5,269,225

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2017:

625

5.000%,

10/01/34,

(AMT)

10/27

at

100.00

655,721

3,000

5.000%,

10/01/42,

(AMT)

10/27

at

100.00

3,064,478

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2018A:

3,000

5.000%,

10/01/32,

(AMT)

10/28

at

100.00

3,189,376

3,345

5.000%,

10/01/37,

(AMT)

10/28

at

100.00

3,487,327

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2019A:

1,000

5.000%,

10/01/36,

(AMT)

10/29

at

100.00

1,058,252

4,000

5.000%,

10/01/38,

(AMT)

10/29

at

100.00

4,179,594

1,450

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2023A,

5.250%,

10/01/42,

(AMT)

10/32

at

100.00

1,564,347

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

American

Airlines,

Inc.

John

F

Kennedy

International

Airport

Project,

Refunding

Series

2016:

95

5.000%,

8/01/26,

(AMT)

12/23

at

100.00

95,004

595

5.000%,

8/01/31,

(AMT)

12/23

at

100.00

594,960

Norfolk

Airport

Authority,

Virginia,

Airport

Revenue

Bonds,

Series

2019:

1,000

5.000%,

7/01/37

7/29

at

100.00

1,058,558

1,740

5.000%,

7/01/43

7/29

at

100.00

1,803,675

73

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Transportation

(continued)

Virginia

Small

Business

Financing

Authority,

Private

Activity

Revenue

Bonds,

Transform

66

P3

Project,

Senior

Lien

Series

2017:

$

7,800

5.000%,

12/31/49,

(AMT)

6/27

at

100.00

$

7,837,665

2,750

5.000%,

12/31/52,

(AMT)

6/27

at

100.00

2,759,703

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

95

Express

Lanes

LLC

Project,

Refunding

Senior

Lien

Series

2022:

3,500

5.000%,

7/01/38,

(AMT)

1/32

at

100.00

3,602,002

2,000

4.000%,

1/01/42,

(AMT)

1/32

at

100.00

1,823,451

5,500

5.000%,

12/31/47,

(AMT)

12/32

at

100.00

5,635,938

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

Elizabeth

River

Crossing

OPCO,

LLC

Project,

Refunding

Senior

Lien

Series

2022:

2,365

4.000%,

1/01/33,

(AMT)

1/32

at

100.00

2,349,456

1,000

4.000%,

1/01/38,

(AMT)

1/32

at

100.00

945,862

2,500

4.000%,

1/01/40,

(AMT)

1/32

at

100.00

2,343,047

6,000

3.000%,

1/01/41,

(AMT)

1/32

at

100.00

4,690,686

1,400

Washington

Metropolitan

Area

Transit

Authority,

District

of

Columbia,

Gross

Revenue

Bonds,

Series

2017B,

5.000%,

7/01/37

7/27

at

100.00

1,459,280

Washington

Metropolitan

Area

Transit

Authority,

District

of

Columbia,

Gross

Revenue

Bonds,

Series

2018:

1,000

5.000%,

7/01/37

7/27

at

100.00

1,042,343

2,000

5.000%,

7/01/43

7/27

at

100.00

2,060,761

Total

Transportation

103,311,426

U.S.

Guaranteed

-

7.3%

(c)

140

Bristol,

Virginia,

General

Obligation

Utility

System

Revenue

Bonds,

Series

2002,

5.000%,

11/01/24

-

AGM

Insured,

(ETM)

No

Opt.

Call

142,279

100

Embrey

Mill

Community

Development

Authority,

Virginia,

Special

Assessment

Revenue

Bonds,

Series

2015,

5.600%,

3/01/45,

(Pre-refunded

3/01/25)

3/25

at

100.00

102,873

1,000

Fairfax

County

Economic

Development

Authority,

Virginia,

County

Facilities

Revenue

Bonds,

Refunding

Series

2017B,

5.000%,

10/01/34,

(Pre-refunded

10/01/27)

10/27

at

100.00

1,083,918

Fairfax

County

Economic

Development

Authority,

Virginia,

Residential

Care

Facilities

Mortgage

Revenue

Bonds,

Goodwin

House,

Inc.,

Series

2016A:

700

4.000%,

10/01/42,

(Pre-refunded

10/01/24)

10/24

at

102.00

717,151

4,725

5.000%,

10/01/42,

(Pre-refunded

10/01/24)

10/24

at

102.00

4,878,854

Hampton

Roads

Sanitation

District,

Virginia,

Wastewater

Revenue

Bonds,

Subordinate

Series

2018A:

1,400

5.000%,

10/01/40,

(Pre-refunded

10/01/27)

10/27

at

100.00

1,514,834

2,100

5.000%,

10/01/42,

(Pre-refunded

10/01/27)

10/27

at

100.00

2,272,251

1,770

5.000%,

10/01/43,

(Pre-refunded

10/01/27)

10/27

at

100.00

1,915,183

Hampton

Roads

Transportation

Accountability

Commission,

Virginia,

Hampton

Roads

Transportation

Fund

Revenue

Bonds,

Senior

Lien

Series

2018A:

1,650

5.000%,

7/01/48,

(Pre-refunded

1/01/28)

1/28

at

100.00

1,799,257

9,760

5.500%,

7/01/57,

(Pre-refunded

1/01/28)

1/28

at

100.00

10,830,214

5,250

Metropolitan

Washington

Airports

Authority,

District

of

Columbia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

&

Capital

improvement

Projects,

Second

Senior

Lien

Series

2009C,

6.500%,

10/01/41,

(Pre-refunded

10/01/26)

-

AGC

Insured

10/26

at

100.00

5,758,226

1,665

Winchester

Economic

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Valley

Health

System

Obligated

Group,

Refunding

Series

2014A,

5.000%,

1/01/44,

(Pre-refunded

1/01/24)

1/24

at

100.00

1,666,794

Wylie

Independent

School

District,

Collin

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2015B:

890

0.000%,

8/15/48,

(Pre-refunded

8/15/25)

8/25

at

38.79

325,470

Total

U.S.

Guaranteed

33,007,304

Nuveen

Virginia

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2023

(Unaudited)

74

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Utilities

-

6.1%

$

4,300

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Generation

Project,

Refunding

Series

2006A,

4.750%,

1/01/35,

(Mandatory

Put

7/01/33)

No

Opt.

Call

$

4,123,356

2,500

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Series

2014A,

5.000%,

7/01/35

7/24

at

100.00

2,515,140

1,000

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

7/01/33

7/27

at

100.00

1,035,807

3,765

Loudoun

County

Sanitation

Authority,

Virginia,

Water

and

Sewer

System

Revenue

Bonds,

Refunding

Series

2021,

4.000%,

1/01/33

1/31

at

100.00

4,003,629

2,000

Louisa

Industrial

Development

Authority,

Virginia,

Pollution

Control

Revenue

Bonds,

Virginia

Electric

and

Power

Company,

Refunding

Series

2008C,

1.650%,

11/01/35,

(Mandatory

Put

5/31/24)

No

Opt.

Call

1,971,893

1,715

Norfolk,

Virginia,

Water

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

11/01/42

11/27

at

100.00

1,801,364

4,000

Norfolk,

Virginia,

Water

Revenue

Bonds,

Series

2015A,

5.250%,

11/01/44

11/24

at

100.00

4,039,258

2,000

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A,

5.000%,

7/01/47,

144A

7/30

at

100.00

1,940,641

2,000

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B,

4.000%,

7/01/42,

144A

7/31

at

100.00

1,742,196

1,000

Richmond,

Virginia,

Public

Utility

Revenue

Bonds,

Refunding

Series

2023C,

5.000%,

1/15/47

1/34

at

100.00

1,094,462

2,500

Virginia

Small

Business

Financing

Authority,

Solid

Waste

Disposal

Revenue

Bonds,

Covanta

Project,

Series

2018,

5.000%,

1/01/48,

(AMT),

(Mandatory

Put

7/01/38),

144A

1/24

at

100.00

2,230,178

1,000

Wise

County

Industrial

Development

Authority,

Virginia,

Solid

Waste

and

Sewage

Disposal

Revenue

Bonds,

Virginia

Electric

and

Power

Company,

Series

2010A,

1.200%,

11/01/40,

(Mandatory

Put

5/31/24)

No

Opt.

Call

983,783

Total

Utilities

27,481,707

Total

Municipal

Bonds

(cost

$434,394,714)

429,779,934

Total

Long-Term

Investments

(cost

$434,394,714)

429,779,934

Other

Assets

&

Liabilities,

Net

-

5.0%

22,855,356

Net

Assets

-

100%

$

452,635,290

(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.

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

WI/DD

When-issued

or

delayed

delivery

security.

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

75

November

30,

2023

(Unaudited)

Arizona

Colorado

Maryland

New

Mexico

Pennsylvania

Virginia

ASSETS

Long-term

investments,

at

value

†

$

149,830,283‌

$

421,335,268‌

$

214,032,298‌

$

68,573,191‌

$

368,747,911‌

$

429,779,934‌

Cash

–‌

–‌

–‌

681,409‌

7,431,936‌

3,066,591‌

Cash

collateral

at

broker

for

investments

in

futures

contracts

(1)

–‌

–‌

–‌

–‌

124,114‌

–‌

Receivables:

Interest

2,715,413‌

7,234,521‌

3,398,287‌

1,115,158‌

4,278,596‌

6,208,293‌

Investments

sold

–‌

2,923,560‌

15,000‌

–‌

2,900,000‌

2,005,000‌

Shares

sold

2,269,901‌

8,080,834‌

9,906,611‌

1,545,300‌

22,064,686‌

14,248,151‌

Variation

margin

on

futures

contracts

–‌

–‌

–‌

–‌

31,891‌

–‌

Other

10,113‌

18,800‌

12,091‌

5,698‌

40,210‌

76,703‌

Total

assets

154,825,710‌

439,592,983‌

227,364,287‌

71,920,756‌

405,619,344‌

455,384,672‌

LIABILITIES

Cash

overdraft

5,860,095‌

2,974,546‌

2,227,907‌

–‌

–‌

–‌

Borrowings

–‌

–‌

4,600,000‌

–‌

–‌

–‌

Payables:

Management

fees

64,424‌

171,214‌

84,876‌

28,892‌

149,447‌

171,962‌

Dividends

86,819‌

153,523‌

150,321‌

38,340‌

243,453‌

290,380‌

Interest

–‌

315‌

26,270‌

21‌

3,884‌

19,381‌

Investments

purchased

-

regular

settlement

–‌

–‌

–‌

–‌

236,800‌

–‌

Investments

purchased

-

when-issued/delayed-

delivery

settlement

–‌

–‌

–‌

–‌

4,007,534‌

1,080,240‌

Shares

redeemed

230,275‌

831,557‌

379,229‌

105,651‌

1,293,001‌

922,054‌

Accrued

expenses:

Custodian

fees

27,818‌

46,683‌

31,328‌

16,838‌

46,814‌

42,789‌

Trustees

fees

3,347‌

15,516‌

6,564‌

1,533‌

37,596‌

73,822‌

Professional

fees

23,229‌

28,176‌

24,531‌

22,245‌

29,634‌

31,067‌

Shareholder

reporting

expenses

7,085‌

15,117‌

8,733‌

2,675‌

18,450‌

18,764‌

Shareholder

servicing

agent

fees

18,442‌

45,107‌

28,856‌

6,607‌

51,686‌

60,962‌

12b-1

distribution

and

service

fees

13,684‌

33,003‌

17,220‌

8,130‌

34,495‌

37,906‌

Other

62‌

92‌

59‌

23‌

71‌

55‌

Total

liabilities

6,335,280‌

4,314,849‌

7,585,894‌

230,955‌

6,152,865‌

2,749,382‌

Net

assets

$

148,490,430‌

$

435,278,134‌

$

219,778,393‌

$

71,689,801‌

$

399,466,479‌

$

452,635,290‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

$

166,057,239‌

$

478,136,658‌

$

249,037,482‌

$

79,599,367‌

$

439,244,117‌

$

507,370,861‌

Total

distributable

earnings

(loss)

(

17,566,809‌

)

(

42,858,524‌

)

(

29,259,089‌

)

(

7,909,566‌

)

(

39,777,638‌

)

(

54,735,571‌

)

Net

assets

$

148,490,430‌

$

435,278,134‌

$

219,778,393‌

$

71,689,801‌

$

399,466,479‌

$

452,635,290‌

†

Long-term

investments,

cost

$

154,829,883‌

$

423,386,257‌

$

223,227,217‌

$

70,992,308‌

$

392,848,821‌

$

434,394,714‌

Statement

of

Assets

and

Liabilities

(continued)

See

Notes

to

Financial

Statements

76

Arizona

Colorado

Maryland

New

Mexico

Pennsylvania

Virginia

CLASS

A:

Net

assets

$

68,667,571‌

$

156,911,011‌

$

84,002,566‌

$

43,706,947‌

$

162,590,552‌

$

185,705,955‌

Shares

outstanding

6,871,917‌

15,674,544‌

8,630,284‌

4,587,163‌

16,158,148‌

18,236,195‌

Net

asset

value

("NAV")

per

share

$

9.99‌

$

10.01‌

$

9.73‌

$

9.53‌

$

10.06‌

$

10.18‌

Maximum

sales

charge

4.20%

4.20%

4.20%

4.20%

4.20%

4.20%

Offering

price

per

share

(NAV

per

share

plus

maximum

sales

charge)

$

10.43‌

$

10.45‌

$

10.16‌

$

9.95‌

$

10.50‌

$

10.63‌

CLASS

C:

Net

assets

$

3,430,604‌

$

10,103,358‌

$

4,469,773‌

$

1,263,454‌

$

10,596,261‌

$

10,197,050‌

Shares

outstanding

343,569‌

1,011,019‌

460,919‌

132,372‌

1,057,067‌

1,002,171‌

NAV

and

offering

price

per

share

$

9.99‌

$

9.99‌

$

9.70‌

$

9.54‌

$

10.02‌

$

10.17‌

CLASS

I:

Net

assets

$

76,392,255‌

$

268,263,765‌

$

131,306,054‌

$

26,719,400‌

$

226,279,666‌

$

256,732,285‌

Shares

outstanding

7,631,470‌

26,818,591‌

13,497,721‌

2,791,819‌

22,530,902‌

25,272,982‌

NAV

and

offering

price

per

share

$

10.01‌

$

10.00‌

$

9.73‌

$

9.57‌

$

10.04‌

$

10.16‌

Authorized

shares

-

per

class

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

per

share

$

0.01

$

0.01

$

0.01

$

0.01

$

0.01

$

0.01

(1)

Cash

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

derivatives.

Statement

of

Operations

See

Notes

to

Financial

Statements

77

Six

Months

Ended

November

30,

2023

(Unaudited)

Arizona

Colorado

Maryland

New

Mexico

INVESTMENT

INCOME

Interest

$

3,130,232‌

$

9,040,583‌

$

4,901,291‌

$

1,465,908‌

Total

investment

income

3,130,232‌

9,040,583‌

4,901,291‌

1,465,908‌

EXPENSES

–

–

–

–

Management

fees

424,891‌

1,116,555‌

600,124‌

192,118‌

12b-1

service

fees

-

Class

A

69,935‌

158,418‌

86,492‌

45,402‌

12b-1

distribution

and

service

fees

-

Class

C

16,107‌

52,915‌

23,491‌

6,907‌

Shareholder

servicing

agent

fees

-

Class

A

13,353‌

29,549‌

19,304‌

7,233‌

Shareholder

servicing

agent

fees

-

Class

C

616‌

1,970‌

1,042‌

219‌

Shareholder

servicing

agent

fees

-

Class

I

17,908‌

51,527‌

32,154‌

4,496‌

Interest

expense

2,638‌

12,805‌

47,668‌

7,032‌

Trustees

fees

3,408‌

9,010‌

4,864‌

1,537‌

Registration

fees

6,001‌

4,159‌

5,443‌

3,302‌

Professional

fees

30,150‌

40,927‌

33,113‌

26,834‌

Shareholder

reporting

expenses

5,233‌

11,101‌

6,411‌

2,622‌

Other

7,858‌

9,232‌

8,472‌

7,303‌

Total

expenses

598,098‌

1,498,168‌

868,578‌

305,005‌

Net

investment

income

(loss)

2,532,134‌

7,542,415‌

4,032,713‌

1,160,903‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

(3,156,274‌)

(7,654,172‌)

(4,505,595‌)

(777,066‌)

Net

realized

gain

(loss)

(3,156,274‌)

(7,654,172‌)

(4,505,595‌)

(777,066‌)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

2,912,947‌

6,729,804‌

2,853,477‌

594,429‌

Net

change

in

unrealized

appreciation

(depreciation)

2,912,947‌

6,729,804‌

2,853,477‌

594,429‌

Net

realized

and

unrealized

gain

(loss)

(243,327‌)

(924,368‌)

(1,652,118‌)

(182,637‌)

Net

increase

(decrease)

in

net

assets

from

operations

$

2,288,807‌

$

6,618,047‌

$

2,380,595‌

$

978,266‌

Statement

of

Operations

(continued)

See

Notes

to

Financial

Statements

78

Six

Months

Ended

November

30,

2023

(Unaudited)

Pennsylvania

Virginia

INVESTMENT

INCOME

Interest

$

7,616,252‌

$

9,488,662‌

Total

investment

income

7,616,252‌

9,488,662‌

EXPENSES

–

–

Management

fees

1,049,880‌

1,155,923‌

12b-1

service

fees

-

Class

A

167,934‌

178,828‌

12b-1

distribution

and

service

fees

-

Class

C

55,505‌

54,781‌

Shareholder

servicing

agent

fees

-

Class

A

39,703‌

40,694‌

Shareholder

servicing

agent

fees

-

Class

C

2,618‌

2,480‌

Shareholder

servicing

agent

fees

-

Class

I

57,164‌

62,161‌

Interest

expense

56,280‌

68,941‌

Trustees

fees

8,585‌

9,435‌

Registration

fees

3,225‌

3,656‌

Professional

fees

41,029‌

42,988‌

Shareholder

reporting

expenses

12,597‌

12,538‌

Other

9,687‌

9,956‌

Total

expenses

1,504,207‌

1,642,381‌

Net

investment

income

(loss)

6,112,045‌

7,846,281‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

(9,895,931‌)

(4,436,523‌)

Futures

contracts

363,955‌

—‌

Net

realized

gain

(loss)

(9,531,976‌)

(4,436,523‌)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

6,632,287‌

2,698,747‌

Futures

contracts

35,040‌

—‌

Net

change

in

unrealized

appreciation

(depreciation)

6,667,327‌

2,698,747‌

Net

realized

and

unrealized

gain

(loss)

(2,864,649‌)

(1,737,776‌)

Net

increase

(decrease)

in

net

assets

from

operations

$

3,247,396‌

$

6,108,505‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

79

Arizona

Colorado

Unaudited

Six

Months

Ended

11/30/23

Year

Ended

5/31/23

Unaudited

Six

Months

Ended

11/30/23

Year

Ended

5/31/23

OPERATIONS

Net

investment

income

(loss)

$

2,532,134‌

$

4,566,806‌

$

7,542,415‌

$

13,622,549‌

Net

realized

gain

(loss)

(

3,156,274‌

)

(

4,290,770‌

)

(

7,654,172‌

)

(

21,226,276‌

)

Net

change

in

unrealized

appreciation

(depreciation)

2,912,947‌

(

1,895,837‌

)

6,729,804‌

2,745,286‌

Net

increase

(decrease)

in

net

assets

from

operations

2,288,807‌

(

1,619,801‌

)

6,618,047‌

(

4,858,441‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

(

985,883‌

)

(

1,751,551‌

)

(

2,589,773‌

)

(

4,483,501‌

)

Class

C

(

32,342‌

)

(

60,801‌

)

(

128,425‌

)

(

249,104‌

)

Class

I

(

1,422,012‌

)

(

2,594,402‌

)

(

4,774,270‌

)

(

8,217,622‌

)

Total

distributions

(

2,440,237‌

)

(

4,406,754‌

)

(

7,492,468‌

)

(

12,950,227‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

29,197,655‌

69,831,515‌

84,941,416‌

194,591,101‌

Reinvestments

of

distributions

1,937,620‌

3,260,283‌

6,551,927‌

11,146,147‌

Redemptions

(

54,795,751‌

)

(

71,039,241‌

)

(

112,070,814‌

)

(

226,703,022‌

)

Net

increase

(decrease)

from

Fund

share

transactions

(

23,660,476‌

)

2,052,557‌

(

20,577,471‌

)

(

20,965,774‌

)

Net

increase

(decrease)

in

net

assets

(

23,811,906‌

)

(

3,973,998‌

)

(

21,451,892‌

)

(

38,774,442‌

)

Net

assets

at

the

beginning

of

period

172,302,336‌

176,276,334‌

456,730,026‌

495,504,468‌

Net

assets

at

the

end

of

period

$

148,490,430‌

$

172,302,336‌

$

435,278,134‌

$

456,730,026‌

See

Notes

to

Financial

Statements

80

Maryland

New

Mexico

Unaudited

Six

Months

Ended

11/30/23

Year

Ended

5/31/23

Unaudited

Six

Months

Ended

11/30/23

Year

Ended

5/31/23

OPERATIONS

Net

investment

income

(loss)

$

4,032,713‌

$

7,616,957‌

$

1,160,903‌

$

2,177,450‌

Net

realized

gain

(loss)

(

4,505,595‌

)

(

5,697,914‌

)

(

777,066‌

)

(

1,636,375‌

)

Net

change

in

unrealized

appreciation

(depreciation)

2,853,477‌

(

5,498,804‌

)

594,429‌

(

1,551,282‌

)

Net

increase

(decrease)

in

net

assets

from

operations

2,380,595‌

(

3,579,761‌

)

978,266‌

(

1,010,207‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

(

1,391,567‌

)

(

2,502,675‌

)

(

677,581‌

)

(

1,241,514‌

)

Class

C

(

56,265‌

)

(

120,518‌

)

(

14,875‌

)

(

29,171‌

)

Class

I

(

2,515,703‌

)

(

4,692,843‌

)

(

448,617‌

)

(

776,392‌

)

Total

distributions

(

3,963,535‌

)

(

7,316,036‌

)

(

1,141,073‌

)

(

2,047,077‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

62,305,117‌

112,478,063‌

9,382,568‌

18,056,300‌

Reinvestments

of

distributions

2,868,344‌

5,200,757‌

920,617‌

1,646,901‌

Redemptions

(

94,249,786‌

)

(

127,597,797‌

)

(

15,143,857‌

)

(

29,462,396‌

)

Net

increase

(decrease)

from

Fund

share

transactions

(

29,076,325‌

)

(

9,918,977‌

)

(

4,840,672‌

)

(

9,759,195‌

)

Net

increase

(decrease)

in

net

assets

(

30,659,265‌

)

(

20,814,774‌

)

(

5,003,479‌

)

(

12,816,479‌

)

Net

assets

at

the

beginning

of

period

250,437,658‌

271,252,432‌

76,693,280‌

89,509,759‌

Net

assets

at

the

end

of

period

$

219,778,393‌

$

250,437,658‌

$

71,689,801‌

$

76,693,280‌

See

Notes

to

Financial

Statements

81

Pennsylvania

Virginia

Unaudited

Six

Months

Ended

11/30/23

Year

Ended

5/31/23

Unaudited

Six

Months

Ended

11/30/23

Year

Ended

5/31/23

OPERATIONS

Net

investment

income

(loss)

$

6,112,045‌

$

12,448,438‌

$

7,846,281‌

$

15,460,352‌

Net

realized

gain

(loss)

(

9,531,976‌

)

(

5,767,947‌

)

(

4,436,523‌

)

(

18,128,595‌

)

Net

change

in

unrealized

appreciation

(depreciation)

6,667,327‌

(

18,805,875‌

)

2,698,747‌

(

5,654,671‌

)

Net

increase

(decrease)

in

net

assets

from

operations

3,247,396‌

(

12,125,384‌

)

6,108,505‌

(

8,322,914‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

(

2,315,956‌

)

(

4,484,113‌

)

(

2,881,563‌

)

(

5,043,613‌

)

Class

C

(

106,973‌

)

(

237,581‌

)

(

130,966‌

)

(

261,663‌

)

Class

I

(

3,572,579‌

)

(

7,411,027‌

)

(

4,685,836‌

)

(

8,923,945‌

)

Total

distributions

(

5,995,508‌

)

(

12,132,721‌

)

(

7,698,365‌

)

(

14,229,221‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

92,594,217‌

166,706,374‌

111,733,571‌

258,637,035‌

Reinvestments

of

distributions

4,629,889‌

9,143,099‌

5,860,419‌

10,641,403‌

Redemptions

(

143,623,003‌

)

(

231,412,202‌

)

(

155,976,464‌

)

(

333,985,461‌

)

Net

increase

(decrease)

from

Fund

share

transactions

(

46,398,897‌

)

(

55,562,729‌

)

(

38,382,474‌

)

(

64,707,023‌

)

Net

increase

(decrease)

in

net

assets

(

49,147,009‌

)

(

79,820,834‌

)

(

39,972,334‌

)

(

87,259,158‌

)

Net

assets

at

the

beginning

of

period

448,613,488‌

528,434,322‌

492,607,624‌

579,866,782‌

Net

assets

at

the

end

of

period

$

399,466,479‌

$

448,613,488‌

$

452,635,290‌

$

492,607,624‌

Financial

Highlights

82

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

Arizona

Class

A

11/30/23(d)

$

9.95

$

0.14

$

0.04

$

0.18

$

(

0.14

)

$

—

$

(

0.14

)

$

9.99

5/31/23

10.31

0.26

(

0.37

)

(

0.11

)

(

0.25

)

—

(

0.25

)

9.95

5/31/22

11.36

0.22

(

1.05

)

(

0.83

)

(

0.22

)

—

(

0.22

)

10.31

5/31/21

11.03

0.25

0.35

0.60

(

0.27

)

—

(

0.27

)

11.36

5/31/20

10.98

0.28

0.06

0.34

(

0.29

)

—

(

0.29

)

11.03

5/31/19

10.68

0.30

0.29

0.59

(

0.29

)

—

(

0.29

)

10.98

Class

C

11/30/23(d)

9.94

0.10

0.05

0.15

(

0.10

)

—

(

0.10

)

9.99

5/31/23

10.31

0.18

(

0.38

)

(

0.20

)

(

0.17

)

—

(

0.17

)

9.94

5/31/22

11.35

0.13

(

1.04

)

(

0.91

)

(

0.13

)

—

(

0.13

)

10.31

5/31/21

11.03

0.16

0.34

0.50

(

0.18

)

—

(

0.18

)

11.35

5/31/20

10.98

0.19

0.07

0.26

(

0.21

)

—

(

0.21

)

11.03

5/31/19

10.68

0.21

0.30

0.51

(

0.21

)

—

(

0.21

)

10.98

Class

I

11/30/23(d)

9.97

0.15

0.04

0.19

(

0.15

)

—

(

0.15

)

10.01

5/31/23

10.33

0.28

(

0.37

)

(

0.09

)

(

0.27

)

—

(

0.27

)

9.97

5/31/22

11.38

0.24

(

1.05

)

(

0.81

)

(

0.24

)

—

(

0.24

)

10.33

5/31/21

11.06

0.28

0.33

0.61

(

0.29

)

—

(

0.29

)

11.38

5/31/20

11.01

0.30

0.07

0.37

(

0.32

)

—

(

0.32

)

11.06

5/31/19

10.71

0.32

0.30

0.62

(

0.32

)

—

(

0.32

)

11.01

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.  

(c)

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Notes

to

Financial

Statements

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Notes

to

Financial

Statements.

(d)

Unaudited.

(e)

Annualized.

See

Notes

to

Financial

Statements

83

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Expenses

Including

Interest(c)

Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate

1

.83‌

%

$

68,668

0

.81‌

%

(e)

0

.81‌

%

(e)

2

.94‌

%

(e)

10‌

%

(

1

.03‌

)

72,638

0

.82‌

0

.82‌

2

.61‌

22‌

(

7

.46‌

)

71,380

0

.81‌

0

.80‌

2

.00‌

16‌

5

.44‌

87,105

0

.82‌

0

.81‌

2

.24‌

4‌

3

.15‌

61,110

0

.84‌

0

.83‌

2

.54‌

13‌

5

.67‌

57,476

0

.86‌

0

.86‌

2

.78‌

6‌

1

.52‌

3,431

1

.61‌

(e)

1

.61‌

(e)

2

.14‌

(e)

10‌

(

1

.91‌

)

3,211

1

.62‌

1

.62‌

1

.79‌

22‌

(

8

.12‌

)

4,362

1

.61‌

1

.60‌

1

.20‌

16‌

4

.52‌

5,474

1

.62‌

1

.61‌

1

.45‌

4‌

2

.35‌

4,909

1

.64‌

1

.63‌

1

.74‌

13‌

4

.85‌

4,209

1

.66‌

1

.66‌

1

.99‌

6‌

1

.94‌

76,392

0

.61‌

(e)

0

.61‌

(e)

3

.12‌

(e)

10‌

(

0

.83‌

)

96,453

0

.62‌

0

.62‌

2

.80‌

22‌

(

7

.25‌

)

100,535

0

.61‌

0

.60‌

2

.20‌

16‌

5

.56‌

113,625

0

.62‌

0

.61‌

2

.44‌

4‌

3

.37‌

79,716

0

.64‌

0

.63‌

2

.74‌

13‌

5

.90‌

64,435

0

.66‌

0

.66‌

2

.98‌

6‌

84

Financial

Highlights

(continued)

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Colorado

Class

A

11/30/23(d)

$

9.99

$

0.16

$

0.02

$

0.18

$

(

0.16

)

$

—

$

(

0.16

)

$

10.01

5/31/23

10.33

0.28

(

0.35

)

(

0.07

)

(

0.27

)

—

(

0.27

)

9.99

5/31/22

11.34

0.22

(

1.03

)

(

0.81

)

(

0.20

)

—

(

0.20

)

10.33

5/31/21

11.03

0.23

0.31

0.54

(

0.23

)

—

(

0.23

)

11.34

5/31/20

10.89

0.27

0.16

0.43

(

0.29

)

—

(

0.29

)

11.03

5/31/19

10.63

0.33

0.28

0.61

(

0.35

)

—

(

0.35

)

10.89

Class

C

11/30/23(d)

9.97

0.12

0.02

0.14

(

0.12

)

—

(

0.12

)

9.99

5/31/23

10.31

0.20

(

0.35

)

(

0.15

)

(

0.19

)

—

(

0.19

)

9.97

5/31/22

11.32

0.13

(

1.03

)

(

0.90

)

(

0.11

)

—

(

0.11

)

10.31

5/31/21

11.01

0.14

0.31

0.45

(

0.14

)

—

(

0.14

)

11.32

5/31/20

10.87

0.18

0.17

0.35

(

0.21

)

—

(

0.21

)

11.01

5/31/19

10.61

0.25

0.27

0.52

(

0.26

)

—

(

0.26

)

10.87

Class

I

11/30/23(d)

9.98

0.17

0.02

0.19

(

0.17

)

—

(

0.17

)

10.00

5/31/23

10.32

0.30

(

0.35

)

(

0.05

)

(

0.29

)

—

(

0.29

)

9.98

5/31/22

11.33

0.24

(

1.03

)

(

0.79

)

(

0.22

)

—

(

0.22

)

10.32

5/31/21

11.02

0.25

0.31

0.56

(

0.25

)

—

(

0.25

)

11.33

5/31/20

10.89

0.29

0.16

0.45

(

0.32

)

—

(

0.32

)

11.02

5/31/19

10.63

0.35

0.27

0.62

(

0.36

)

—

(

0.36

)

10.89

(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

85

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

.85‌

%

$

156,911

0

.78‌

%

(e)

0

.77‌

%

(e)

3

.28‌

%

(e)

22‌

%

(

0

.63‌

)

163,150

0

.78‌

0

.78‌

2

.84‌

41‌

(

7

.26‌

)

179,414

0

.77‌

0

.77‌

1

.97‌

18‌

4

.94‌

229,010

0

.77‌

0

.77‌

2

.03‌

4‌

4

.02‌

185,700

0

.78‌

0

.78‌

2

.47‌

20‌

5

.84‌

131,996

0

.82‌

0

.82‌

3

.15‌

19‌

1

.43‌

10,103

1

.58‌

(e)

1

.57‌

(e)

2

.48‌

(e)

22‌

(

1

.44‌

)

11,383

1

.58‌

1

.58‌

2

.02‌

41‌

(

8

.03‌

)

15,955

1

.57‌

1

.57‌

1

.17‌

18‌

4

.12‌

20,174

1

.57‌

1

.57‌

1

.23‌

4‌

3

.21‌

17,392

1

.58‌

1

.58‌

1

.68‌

20‌

4

.96‌

13,538

1

.62‌

1

.62‌

2

.36‌

19‌

1

.95‌

268,264

0

.58‌

(e)

0

.57‌

(e)

3

.47‌

(e)

22‌

(

0

.44‌

)

282,198

0

.58‌

0

.58‌

3

.03‌

41‌

(

7

.07‌

)

300,135

0

.57‌

0

.57‌

2

.18‌

18‌

5

.16‌

321,648

0

.57‌

0

.57‌

2

.22‌

4‌

4

.14‌

248,133

0

.58‌

0

.58‌

2

.67‌

20‌

6

.02‌

172,702

0

.62‌

0

.62‌

3

.35‌

19‌

86

Financial

Highlights

(continued)

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Maryland

Class

A

11/30/23(d)

$

9.71

$

0.16

$

0.01

$

0.17

$

(

0.15

)

$

—

$

(

0.15

)

$

9.73

5/31/23

10.10

0.29

(

0.41

)

(

0.12

)

(

0.27

)

—

(

0.27

)

9.71

5/31/22

11.13

0.24

(

1.04

)

(

0.80

)

(

0.23

)

—

(

0.23

)

10.10

5/31/21

10.68

0.26

0.45

0.71

(

0.26

)

—

(

0.26

)

11.13

5/31/20

10.78

0.28

(

0.09

)

0.19

(

0.29

)

—

(

0.29

)

10.68

5/31/19

10.59

0.32

0.19

0.51

(

0.32

)

—

(

0.32

)

10.78

Class

C

11/30/23(d)

9.67

0.12

0.02

0.14

(

0.11

)

—

(

0.11

)

9.70

5/31/23

10.06

0.21

(

0.41

)

(

0.20

)

(

0.19

)

—

(

0.19

)

9.67

5/31/22

11.08

0.16

(

1.04

)

(

0.88

)

(

0.14

)

—

(

0.14

)

10.06

5/31/21

10.63

0.18

0.44

0.62

(

0.17

)

—

(

0.17

)

11.08

5/31/20

10.74

0.19

(

0.09

)

0.10

(

0.21

)

—

(

0.21

)

10.63

5/31/19

10.54

0.24

0.19

0.43

(

0.23

)

—

(

0.23

)

10.74

Class

I

11/30/23(d)

9.70

0.17

0.03

0.20

(

0.17

)

—

(

0.17

)

9.73

5/31/23

10.10

0.30

(

0.41

)

(

0.11

)

(

0.29

)

—

(

0.29

)

9.70

5/31/22

11.13

0.27

(

1.04

)

(

0.77

)

(

0.26

)

—

(

0.26

)

10.10

5/31/21

10.68

0.29

0.44

0.73

(

0.28

)

—

(

0.28

)

11.13

5/31/20

10.78

0.30

(

0.08

)

0.22

(

0.32

)

—

(

0.32

)

10.68

5/31/19

10.59

0.34

0.19

0.53

(

0.34

)

—

(

0.34

)

10.78

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.  

(c)

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Notes

to

Financial

Statements

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Notes

to

Financial

Statements.

(d)

Unaudited.

(e)

Annualized.

See

Notes

to

Financial

Statements

87

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Expenses

Including

Interest(c)

Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate

1

.83‌

%

$

84,003

0

.84‌

%

(e)

0

.80‌

%

(e)

3

.30‌

%

(e)

4‌

%

(

1

.11‌

)

88,766

0

.80‌

0

.80‌

2

.92‌

23‌

(

7

.27‌

)

96,337

0

.78‌

0

.78‌

2

.25‌

22‌

6

.72‌

116,909

0

.80‌

0

.80‌

2

.40‌

9‌

1

.79‌

97,106

0

.81‌

0

.81‌

2

.59‌

18‌

4

.90‌

83,241

0

.84‌

0

.84‌

3

.06‌

17‌

1

.52‌

4,470

1

.64‌

(e)

1

.60‌

(e)

2

.49‌

(e)

4‌

(

1

.94‌

)

5,111

1

.60‌

1

.60‌

2

.12‌

23‌

(

7

.98‌

)

7,861

1

.58‌

1

.58‌

1

.45‌

22‌

5

.88‌

10,445

1

.60‌

1

.60‌

1

.61‌

9‌

0

.98‌

12,507

1

.61‌

1

.61‌

1

.79‌

18‌

4

.09‌

11,164

1

.63‌

1

.63‌

2

.26‌

17‌

2

.06‌

131,306

0

.64‌

(e)

0

.60‌

(e)

3

.47‌

(e)

4‌

(

1

.02‌

)

156,560

0

.60‌

0

.60‌

3

.12‌

23‌

(

7

.06‌

)

167,055

0

.58‌

0

.58‌

2

.45‌

22‌

6

.93‌

175,495

0

.60‌

0

.60‌

2

.59‌

9‌

2

.01‌

130,951

0

.61‌

0

.61‌

2

.79‌

18‌

5

.14‌

123,900

0

.64‌

0

.64‌

3

.26‌

17‌

88

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

Mexico

Class

A

11/30/23(d)

$

9.50

$

0.14

$

0.03

$

0.17

$

(

0.14

)

$

—

$

(

0.14

)

$

9.53

5/31/23

9.85

0.26

(

0.37

)

(

0.11

)

(

0.24

)

—

(

0.24

)

9.50

5/31/22

10.75

0.23

(

0.90

)

(

0.67

)

(

0.23

)

—

(

0.23

)

9.85

5/31/21

10.53

0.25

0.22

0.47

(

0.25

)

—

(

0.25

)

10.75

5/31/20

10.42

0.28

0.13

0.41

(

0.30

)

—

(

0.30

)

10.53

5/31/19

10.23

0.30

0.20

0.50

(

0.31

)

—

(

0.31

)

10.42

Class

C

11/30/23(d)

9.51

0.10

0.03

0.13

(

0.10

)

—

(

0.10

)

9.54

5/31/23

9.87

0.18

(

0.37

)

(

0.19

)

(

0.17

)

—

(

0.17

)

9.51

5/31/22

10.77

0.15

(

0.91

)

(

0.76

)

(

0.14

)

—

(

0.14

)

9.87

5/31/21

10.55

0.17

0.21

0.38

(

0.16

)

—

(

0.16

)

10.77

5/31/20

10.44

0.20

0.12

0.32

(

0.21

)

—

(

0.21

)

10.55

5/31/19

10.24

0.22

0.20

0.42

(

0.22

)

—

(

0.22

)

10.44

Class

I

11/30/23(d)

9.54

0.15

0.03

0.18

(

0.15

)

—

(

0.15

)

9.57

5/31/23

9.90

0.28

(

0.37

)

(

0.09

)

(

0.27

)

—

(

0.27

)

9.54

5/31/22

10.81

0.25

(

0.91

)

(

0.66

)

(

0.25

)

—

(

0.25

)

9.90

5/31/21

10.58

0.27

0.23

0.50

(

0.27

)

—

(

0.27

)

10.81

5/31/20

10.47

0.30

0.13

0.43

(

0.32

)

—

(

0.32

)

10.58

5/31/19

10.28

0.32

0.20

0.52

(

0.33

)

—

(

0.33

)

10.47

(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

89

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

.83‌

%

$

43,707

0

.87‌

%

(e)

0

.85‌

%

(e)

3

.03‌

%

(e)

4‌

%

(

1

.05‌

)

46,298

0

.87‌

0

.86‌

2

.72‌

17‌

(

6

.35‌

)

57,918

0

.84‌

0

.84‌

2

.21‌

15‌

4

.48‌

62,010

0

.85‌

0

.85‌

2

.36‌

10‌

3

.94‌

57,402

0

.86‌

0

.86‌

2

.68‌

5‌

4

.95‌

48,950

0

.88‌

0

.88‌

2

.97‌

15‌

1

.41‌

1,263

1

.67‌

(e)

1

.65‌

(e)

2

.22‌

(e)

4‌

(

1

.93‌

)

1,516

1

.67‌

1

.66‌

1

.92‌

17‌

(

7

.08‌

)

1,915

1

.64‌

1

.64‌

1

.41‌

15‌

3

.66‌

2,592

1

.65‌

1

.65‌

1

.56‌

10‌

3

.11‌

2,814

1

.66‌

1

.66‌

1

.89‌

5‌

4

.19‌

2,469

1

.68‌

1

.68‌

2

.17‌

15‌

1

.92‌

26,719

0

.67‌

(e)

0

.65‌

(e)

3

.21‌

(e)

4‌

(

0

.91‌

)

28,879

0

.67‌

0

.66‌

2

.92‌

17‌

(

6

.20‌

)

29,677

0

.64‌

0

.64‌

2

.41‌

15‌

4

.79‌

33,372

0

.65‌

0

.65‌

2

.56‌

10‌

4

.15‌

28,740

0

.66‌

0

.66‌

2

.88‌

5‌

5

.17‌

24,647

0

.68‌

0

.68‌

3

.17‌

15‌

90

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

Pennsylvania

Class

A

11/30/23(d)

$

10.05

$

0.14

$

0.01

$

0.15

$

(0.14)

$

—

$

(0.14)

$

10.06

5/31/23

10.54

0.26

(0.50)

(0.24)

(0.25)

—

(0.25)

10.05

5/31/22

11.44

0.24

(0.92)

(0.68)

(0.22)

—

(0.22)

10.54

5/31/21

11.19

0.25

0.31

0.56

(0.26)

(0.05)

(0.31)

11.44

5/31/20

11.15

0.29

0.04

0.33

(0.29)

(—)(f)

(0.29)

11.19

5/31/19

10.80

0.33

0.40

0.73

(0.34)

(0.04)

(0.38)

11.15

Class

C

11/30/23(d)

10.01

0.10

0.01

0.11

(0.10)

—

(0.10)

10.02

5/31/23

10.50

0.17

(0.49)

(0.32)

(0.17)

—

(0.17)

10.01

5/31/22

11.39

0.15

(0.91)

(0.76)

(0.13)

—

(0.13)

10.50

5/31/21

11.14

0.16

0.31

0.47

(0.17)

(0.05)

(0.22)

11.39

5/31/20

11.11

0.20

0.03

0.23

(0.20)

(—)(f)

(0.20)

11.14

5/31/19

10.76

0.24

0.40

0.64

(0.25)

(0.04)

(0.29)

11.11

Class

I

11/30/23(d)

10.03

0.15

0.01

0.16

(0.15)

—

(0.15)

10.04

5/31/23

10.52

0.28

(0.50)

(0.22)

(0.27)

—

(0.27)

10.03

5/31/22

11.42

0.26

(0.91)

(0.65)

(0.25)

—

(0.25)

10.52

5/31/21

11.17

0.27

0.31

0.58

(0.28)

(0.05)

(0.33)

11.42

5/31/20

11.13

0.31

0.05

0.36

(0.32)

(—)(f)

(0.32)

11.17

5/31/19

10.79

0.35

0.38

0.73

(0.35)

(0.04)

(0.39)

11.13

(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.

(f)

Value

rounded

to

zero.

See

Notes

to

Financial

Statements

91

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

1.49‌

%

$

162,591

%

0.80‌

%

(e)

%

0.77‌

%

(e)

2.80‌

%

(e)

11‌

%

(2.27‌)

174,354

0.80‌

0.79‌

2.53‌

6‌

(6.02‌)

200,786

0.76‌

0.76‌

2.12‌

17‌

5.07‌

199,228

0.77‌

0.77‌

2.23‌

16‌

3.02‌

175,578

0.78‌

0.78‌

2.60‌

12‌

6.91‌

152,034

0.80‌

0.80‌

3.03‌

14‌

1.07‌

10,596

1.60‌

(e)

1.57‌

(e)

2.00‌

(e)

11‌

(3.07‌)

12,749

1.60‌

1.59‌

1.73‌

6‌

(6.71‌)

17,063

1.56‌

1.56‌

1.31‌

17‌

4.26‌

20,858

1.57‌

1.57‌

1.43‌

16‌

2.12‌

19,708

1.58‌

1.58‌

1.80‌

12‌

6.05‌

18,812

1.60‌

1.60‌

2.24‌

14‌

1.59‌

226,280

0.60‌

(e)

0.57‌

(e)

2.99‌

(e)

11‌

(2.07‌)

261,510

0.60‌

0.59‌

2.72‌

6‌

(5.83‌)

310,585

0.56‌

0.56‌

2.32‌

17‌

5.30‌

329,936

0.57‌

0.57‌

2.43‌

16‌

3.24‌

280,596

0.58‌

0.58‌

2.80‌

12‌

7.00‌

243,370

0.60‌

0.60‌

3.23‌

14‌

92

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

Virginia

Class

A

11/30/23(d)

$

10.17

$

0.16

$

0.01

$

0.17

$

(

0.16

)

$

—

$

(

0.16

)

$

10.18

5/31/23

10.54

0.30

(

0.40

)

(

0.10

)

(

0.27

)

—

(

0.27

)

10.17

5/31/22

11.65

0.24

(

1.12

)

(

0.88

)

(

0.23

)

—

(

0.23

)

10.54

5/31/21

11.28

0.25

0.38

0.63

(

0.26

)

—

(

0.26

)

11.65

5/31/20

11.25

0.28

0.05

0.33

(

0.30

)

—

(

0.30

)

11.28

5/31/19

11.00

0.32

0.25

0.57

(

0.32

)

—

(

0.32

)

11.25

Class

C

11/30/23(d)

10.16

0.12

0.01

0.13

(

0.12

)

—

(

0.12

)

10.17

5/31/23

10.53

0.20

(

0.38

)

(

0.18

)

(

0.19

)

—

(

0.19

)

10.16

5/31/22

11.64

0.15

(

1.12

)

(

0.97

)

(

0.14

)

—

(

0.14

)

10.53

5/31/21

11.27

0.16

0.38

0.54

(

0.17

)

—

(

0.17

)

11.64

5/31/20

11.24

0.19

0.05

0.24

(

0.21

)

—

(

0.21

)

11.27

5/31/19

10.99

0.23

0.25

0.48

(

0.23

)

—

(

0.23

)

11.24

Class

I

11/30/23(d)

10.14

0.17

0.02

0.19

(

0.17

)

—

(

0.17

)

10.16

5/31/23

10.51

0.32

(

0.40

)

(

0.08

)

(

0.29

)

—

(

0.29

)

10.14

5/31/22

11.62

0.26

(

1.12

)

(

0.86

)

(

0.25

)

—

(

0.25

)

10.51

5/31/21

11.25

0.27

0.38

0.65

(

0.28

)

—

(

0.28

)

11.62

5/31/20

11.23

0.30

0.04

0.34

(

0.32

)

—

(

0.32

)

11.25

5/31/19

10.97

0.34

0.26

0.60

(

0.34

)

—

(

0.34

)

11.23

(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

93

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

.72‌

%

$

185,706

0

.80‌

%

(e)

0

.77‌

%

(e)

3

.28‌

%

(e)

6‌

%

(

0

.89‌

)

181,817

0

.78‌

0

.78‌

2

.91‌

26‌

(

7

.68‌

)

211,228

0

.76‌

0

.76‌

2

.09‌

27‌

5

.63‌

266,280

0

.77‌

0

.77‌

2

.18‌

6‌

2

.94‌

228,436

0

.78‌

0

.78‌

2

.49‌

10‌

5

.34‌

202,986

0

.80‌

0

.80‌

2

.93‌

29‌

1

.31‌

10,197

1

.60‌

(e)

1

.57‌

(e)

2

.47‌

(e)

6‌

(

1

.68‌

)

12,028

1

.58‌

1

.58‌

2

.10‌

26‌

(

8

.42‌

)

16,787

1

.56‌

1

.56‌

1

.29‌

27‌

4

.82‌

21,904

1

.57‌

1

.57‌

1

.38‌

6‌

2

.13‌

21,219

1

.58‌

1

.58‌

1

.69‌

10‌

4

.48‌

18,999

1

.60‌

1

.60‌

2

.13‌

29‌

1

.92‌

256,732

0

.60‌

(e)

0

.57‌

(e)

3

.45‌

(e)

6‌

(

0

.68‌

)

298,763

0

.58‌

0

.58‌

3

.10‌

26‌

(

7

.50‌

)

351,852

0

.56‌

0

.56‌

2

.29‌

27‌

5

.86‌

379,172

0

.57‌

0

.57‌

2

.37‌

6‌

3

.06‌

306,442

0

.58‌

0

.58‌

2

.69‌

10‌

5

.62‌

226,267

0

.60‌

0

.60‌

3

.12‌

29‌

94

Notes

to

Financial

Statements

(Unaudited)

1.

General

Information 

Trust

and

Fund

Information:

The

Nuveen

Multistate

Trust

I

(the

“Trust”)

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended.

The

Trust

is

comprised

of

the

Nuveen

Arizona

Municipal

Bond

Fund

(“Arizona”),

Nuveen

Colorado

Municipal

Bond

Fund

(“Colorado”),

Nuveen

Maryland

Municipal

Bond

Fund

(“Maryland”),

Nuveen

New

Mexico

Municipal

Bond

Fund

(“New

Mexico”),

Nuveen

Pennsylvania

Municipal

Bond

Fund

(“Pennsylvania”)

and

Nuveen

Virginia

Municipal

Bond

Fund

(“Virginia”)

(each

a

“Fund”

and

collectively,

the

“Funds”),

as

diversified

funds

among

others.

The

Trust

was

organized

as

a

Massachusetts

business

trust

on

July

1,

1996.

The

Funds

were

each

organized

as

a

series

of

predecessor

trusts

or

corporations

prior

to

that

date.

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

November

30,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

November

30,

2023

(the

"current

fiscal

period").

Investment

Adviser

and

Sub-Adviser:

The

Funds’

investment

adviser

is

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

a

subsidiary

of

Nuveen,

LLC

(“Nuveen”).

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(TIAA).

The

Adviser

has

overall

responsibility

for

management

of

the

Funds,

oversees

the

management

of

the

Funds’

portfolios,

manages

the

Funds’

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

The

Adviser

has

entered

into

sub-

advisory

agreements

with

Nuveen

Asset

Management,

LLC,

(the

“Sub-Adviser”),

a

subsidiary

of

the

Adviser,

under

which

the

Sub-Adviser

manages

the

investment

portfolios

of

the

Funds.

Share

Classes

and

Sales

Charges:

Class

A

Shares

are

generally

sold

with

an

up-front

sales

charge.

Class

A

Shares

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

(“NAV”)

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(“CDSC”)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

are

sold

without

an

up-front

sales

charge

but

are

subject

to

a

CDSC

of

1%

if

redeemed

within

twelve

months

of

purchase.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Class

I

Shares

are

sold

without

an

up-front

sales

charge.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies.

The

NAV

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

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

Arizona

$

22,592

Colorado

38,498

Maryland

34,795

New

Mexico

11,567

Pennsylvania

41,184

Virginia

47,504

95

Indemnifications:

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Trust’s

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

However,

the

Trust

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Investment

income

is

comprised

of

interest

income,

which

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums

for

financial

reporting

purposes.

Interest

income

also

reflects

payment-in-kind

(“PIK”)

interest

and

paydown

gains

and

losses,

if

any.

PIK

interest

represents

income

received

in

the

form

of

securities

in

lieu

of

cash.

Multiclass

Operations

and

Allocations:

 Income

and

expenses

of

the

Funds

that

are

not

directly

attributable

to

a

specific

class

of

shares

are

prorated

among

the

classes

based

on

the

relative

value

of

the

settled

shares of

each

class.

Expenses

directly

attributable

to

a

class

of

shares

are

recorded

to

the

specific

class.

12b-1

distribution

and

service

fees

are

allocated

on

a

class-specific

basis.

Realized

and

unrealized

capital

gains

and

losses

of

the

Funds

are

prorated

among

the

classes

based

on

the

relative

net

assets

of

each

class. 

Netting

Agreements:

In

the

ordinary

course

of

business,

the

Funds

may

enter

into

transactions

subject

to

enforceable

International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the

Funds

is

held

in

a

segregated

account

by

the

Funds’

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged

,

are

presented

in

the

Funds’

Portfolio

of

Investments

or

Statement

of

Assets

and

Liabilities.

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

later

in

these

Notes

to

Financials.

New

Accounting

Pronouncement:

 In

March

2020,

FASB

issued

Accounting

Standards

Update

(“ASU”)

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

change

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Funds

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

In

December

2022,

FASB

deferred

ASU

2022-04

and

issued

ASU

2022-06,

Reference

Rate

Reform:

Deferral

of

the

Sunset

Date

of

Topic

848,

which

extends

the

application

of

the

amendments

through

December

31,

2024. Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Funds’

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the

Funds’

financial

statements

and

various

filings.

New

Accounting

Pronouncement:

In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

("Topic

820").

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

During

the

current

fiscal

period,

the

Funds

adopted

the

new

guidance

and

there

was

no

material

impact

to

the

Funds.

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).

96

Notes

to

Financial

Statements

(Unaudited)

(continued)

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported sales

price

or

official

closing

price of such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the valuation

date.

For

events affecting

the value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Funds'

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board. To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1. When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price, these

securities

are

generally

classified

as

Level

2.

Prices

of

fixed-income

securities

are

generally

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser

and

oversight

of

the

Board. Pricing

services

establish

a

security’s

fair

value

using

methods

that

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

Futures

contracts

are

valued

using

the

closing

settlement

price

or,

in

the

absence

of

such

a

price,

the

last

traded

price

and

are

generally

classified

as

Level

1. 

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

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:

Arizona

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

149,830,283

$

–

$

149,830,283

Total

$

–

$

149,830,283

$

–

$

149,830,283

Colorado

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

421,335,268

$

–

$

421,335,268

Total

$

–

$

421,335,268

$

–

$

421,335,268

Maryland

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

214,032,298

$

–

$

214,032,298

Total

$

–

$

214,032,298

$

–

$

214,032,298

New

Mexico

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

68,573,191

$

–

$

68,573,191

Total

$

–

$

68,573,191

$

–

$

68,573,191

Pennsylvania

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

342,804,645

$

50*

$

342,804,695

Common

Stocks

–

25,929,120

–

25,929,120

Variable

Rate

Senior

Loan

Interests

–

–

14,096*

14,096

Investments

in

Derivatives:

Futures

Contracts**

(31,666)

–

–

(31,666)

Total

$

(31,666)

$

368,733,765

$

14,146

$

368,716,245

97

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.

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

of

the

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.

The

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.

During

the

current

fiscal

period,

the

Funds

did

not

have

any

transactions

in

self-deposited

Inverse

Floaters

and/or

externally-deposited

Inverse

Floaters. 

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.

Virginia

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

429,779,934

$

–

$

429,779,934

Total

$

–

$

429,779,934

$

–

$

429,779,934

*

Refer

to

the

Fund's

Portfolio

of

Investments

for

securities

classified

as

Level

3.

**

Represents

net

unrealized

appreciation

(depreciation)

as

reported

in

Fund's

Portfolio

of

Investments.

98

Notes

to

Financial

Statements

(Unaudited)

(continued)

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,

Pennsylvania

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:

As

of

the

end

of

the

reporting

period,

the

following

Fund

has

invested

in

derivative

contracts

which

are

reflected

in

the

Statement

of

Assets

and

Liabilities

as

follows:

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

and

Maturities

Arizona

$

16,247,771

$

34,171,396

Colorado

96,438,558

115,927,807

Maryland

10,081,155

39,153,302

New

Mexico

2,802,666

9,460,253

Pennsylvania

45,106,292

114,396,046

Virginia

25,993,621

80,792,172

Fund

Average

Notional

Amount

of

Futures

Contracts

Outstanding

*

Pennsylvania

$

5,306,695

*

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.

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

Pennsylvania

Futures

contracts

Interest

rate

Unrealized

depreciation

on

futures

contracts

*

$

(31,666)

-

$

-

1

1

1

1

1

1

1

1

99

During

the

current

fiscal

period,

the

effect

of

derivative

contracts

on

the

Fund's

Statement

of

Operations

was

as

follows:

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:

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

value

reflected

in

the

accompanying

Statements

of

Assets

and

Liabilities

is

only

the

receivable

or

payable

for

variation

margin

on

open

futures

contacts.

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Pennsylvania

Futures

contracts

Interest

rate

$

363,955

$

35,040

Six

Months

Ended

11/30/23

Year

Ended

5/31/23

Arizona

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

268,531

$2,647,864

2,051,157

$20,387,809

Class

C

44,693

440,033

26,133

259,557

Class

I

2,657,156

26,109,758

4,922,093

49,184,149

Total

subscriptions

2,970,380

29,197,655

6,999,383

69,831,515

Reinvestments

of

distributions:

Class

A

83,422

817,384

139,816

1,393,804

Class

C

2,907

28,462

5,217

51,956

Class

I

111,295

1,091,774

181,736

1,814,523

Total

reinvestments

of

distributions

197,624

1,937,620

326,769

3,260,283

Redemptions:

Class

A

(778,373)

(7,633,343)

(1,813,920)

(18,187,304)

Class

C

(26,896)

(266,225)

(131,746)

(1,328,915)

Class

I

(4,810,625)

(46,896,183)

(5,160,682)

(51,523,022)

Total

redemptions

(5,615,894)

(54,795,751)

(7,106,348)

(71,039,241)

Net

increase

(decrease)

(2,447,890)

$(23,660,476)

219,804

$2,052,557

100

Notes

to

Financial

Statements

(Unaudited)

(continued)

Six

Months

Ended

11/30/23

Year

Ended

5/31/23

Colorado

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

1,295,693

$12,684,648

3,715,243

$37,169,527

Class

C

31,932

311,152

121,790

1,223,418

Class

I

7,345,199

71,945,616

15,675,217

156,198,156

Total

subscriptions

8,672,824

84,941,416

19,512,250

194,591,101

Reinvestments

of

distributions:

Class

A

251,933

2,474,211

430,858

4,304,292

Class

C

12,594

123,478

23,942

238,675

Class

I

403,338

3,954,238

661,499

6,603,180

Total

reinvestments

of

distributions

667,865

6,551,927

1,116,299

11,146,147

Redemptions:

Class

A

(2,207,266)

(21,550,982)

(5,176,688)

(51,522,909)

Class

C

(175,325)

(1,715,208)

(551,359)

(5,489,667)

Class

I

(9,206,001)

(88,804,624)

(17,135,622)

(169,690,446)

Total

redemptions

(11,588,592)

(112,070,814)

(22,863,669)

(226,703,022)

Net

increase

(decrease)

(2,247,903)

$(20,577,471)

(2,235,120)

$(20,965,774)

Six

Months

Ended

11/30/23

Year

Ended

5/31/23

Maryland

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

572,122

$5,511,687

1,732,808

$16,944,239

Class

A

-

automatic

conversion

of

Class

C

—

—

3,638

35,822

Class

C

21,777

207,577

124,262

1,197,719

Class

I

5,989,487

56,585,853

9,751,842

94,300,283

Total

subscriptions

6,583,386

62,305,117

11,612,550

112,478,063

Reinvestments

of

distributions:

Class

A

109,160

1,041,349

189,893

1,843,365

Class

C

4,284

40,755

9,480

91,602

Class

I

187,430

1,786,240

336,648

3,265,790

Total

reinvestments

of

distributions

300,874

2,868,344

536,021

5,200,757

Redemptions:

Class

A

(1,194,505)

(11,430,073)

(2,321,548)

(22,592,017)

Class

C

(93,616)

(887,589)

(383,042)

(3,698,922)

Class

C

-

automatic

conversion

to

Class

A

—

—

(3,652)

(35,822)

Class

I

(8,811,716)

(81,932,124)

(10,503,222)

(101,271,036)

Total

redemptions

(10,099,837)

(94,249,786)

(13,211,464)

(127,597,797)

Net

increase

(decrease)

(3,215,577)

$(29,076,325)

(1,062,893)

$(9,918,977)

Six

Months

Ended

11/30/23

Year

Ended

5/31/23

New

Mexico

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

250,117

$2,351,848

648,962

$6,106,307

Class

C

3,536

32,615

18,129

174,440

Class

I

740,640

6,998,105

1,229,435

11,775,553

Total

subscriptions

994,293

9,382,568

1,896,526

18,056,300

Reinvestments

of

distributions:

Class

A

60,158

563,006

109,661

1,045,044

Class

C

1,455

13,647

2,757

26,305

Class

I

36,619

343,964

60,147

575,552

Total

reinvestments

of

distributions

98,232

920,617

172,565

1,646,901

Redemptions:

Class

A

(597,331)

(5,546,255)

(1,765,283)

(16,873,649)

Class

C

(32,005)

(297,280)

(55,593)

(531,702)

Class

I

(1,012,569)

(9,300,322)

(1,261,254)

(12,057,045)

Total

redemptions

(1,641,905)

(15,143,857)

(3,082,130)

(29,462,396)

Net

increase

(decrease)

(549,380)

$(4,840,672)

(1,013,039)

$(9,759,195)

101

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.

Six

Months

Ended

11/30/23

Year

Ended

5/31/23

Pennsylvania

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

2,293,024

$22,321,082

6,919,131

$69,090,468

Class

A

-

automatic

conversion

of

Class

C

19,103

187,643

10,021

101,368

Class

C

22,511

222,259

148,776

1,460,760

Class

I

7,105,186

69,863,233

9,550,702

96,053,778

Total

subscriptions

9,439,824

92,594,217

16,628,630

166,706,374

Reinvestments

of

distributions:

Class

A

211,822

2,096,894

396,743

4,006,067

Class

C

10,599

104,613

23,012

231,339

Class

I

245,897

2,428,382

486,841

4,905,693

Total

reinvestments

of

distributions

468,318

4,629,889

906,596

9,143,099

Redemptions:

Class

A

(3,708,952)

(36,181,935)

(9,031,447)

(90,451,789)

Class

C

(230,018)

(2,291,272)

(514,063)

(5,184,508)

Class

C

-

automatic

conversion

to

Class

A

(19,169)

(187,643)

(10,064)

(101,368)

Class

I

(10,883,658)

(104,962,153)

(13,495,505)

(135,674,537)

Total

redemptions

(14,841,797)

(143,623,003)

(23,051,079)

(231,412,202)

Net

increase

(decrease)

(4,933,655)

$(46,398,897)

(5,515,853)

$(55,562,729)

Six

Months

Ended

11/30/23

Year

Ended

5/31/23

Virginia

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

2,545,536

$25,105,098

5,139,065

$51,909,025

Class

A

-

automatic

conversion

of

Class

C

—

—

1,654

17,072

Class

C

39,091

391,897

146,780

1,503,452

Class

I

8,678,378

86,236,576

20,289,097

205,207,486

Total

subscriptions

11,263,005

111,733,571

25,576,596

258,637,035

Reinvestments

of

distributions:

Class

A

241,182

2,412,731

415,669

4,222,645

Class

C

11,496

114,982

23,769

241,273

Class

I

334,096

3,332,706

609,495

6,177,485

Total

reinvestments

of

distributions

586,774

5,860,419

1,048,933

10,641,403

Redemptions:

Class

A

(2,433,083)

(24,159,768)

(7,719,243)

(78,101,557)

Class

C

(232,557)

(2,339,375)

(579,284)

(5,880,926)

Class

C

-

automatic

conversion

to

Class

A

—

—

(1,656)

(17,072)

Class

I

(13,196,905)

(129,477,321)

(24,906,961)

(249,985,906)

Total

redemptions

(15,862,545)

(155,976,464)

(33,207,144)

(333,985,461)

Net

increase

(decrease)

(4,012,766)

$(38,382,474)

(6,581,615)

$(64,707,023)

102

Notes

to

Financial

Statements

(Unaudited)

(continued)

As

of

the

end

of

the

reporting

period,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

prior

fiscal

period

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

As

of

prior

fiscal

period

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

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.

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Arizona

$

154,798,478

$

945,689

$

(5,913,884)

$

(4,968,195)

Colorado

423,411,236

5,735,331

(7,811,299)

(2,075,968)

Maryland

223,153,803

1,644,767

(10,766,272)

(9,121,505)

New

Mexico

70,988,295

334,966

(2,750,070)

(2,415,104)

Pennsylvania

392,863,708

18,996,823

(43,144,286)

(24,147,463)

Virginia

434,039,927

10,472,730

(14,732,723)

(4,259,993)

Fund

Undistributed

Tax-Exempt

Income

1

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

Arizona

$

511,420

$

—

$

—

$

(7,894,016)

$

(9,643,026)

$

—

$

(389,757)

$

(17,415,379)

Colorado

2,100,780

—

—

(8,833,962)

(34,004,430)

—

(1,246,490)

(41,984,102)

Maryland

1,657,601

1,090

—

(12,008,556)

(16,001,279)

—

(1,325,006)

(27,676,150)

New

Mexico

246,414

—

—

(3,011,338)

(4,792,684)

—

(189,151)

(7,746,759)

Pennsylvania

1,368,932

—

—

(30,809,353)

(6,558,889)

—

(1,030,217)

(37,029,527)

Virginia

2,202,755

238

—

(6,954,067)

(47,078,978)

—

(1,315,658)

(53,145,710)

1

Undistributed

tax-exempt

income

(on

a

tax

basis)

has

not

been

reduced

for

the

dividends

declared

during

the

period

May

1,

2023

through

May

31,

2023

and

paid

on

June

1,

2023.

Fund

Short-Term

Long-Term

Total

Arizona

$

3,548,479

$

6,094,547

$

9,643,026

Colorado

10,189,624

23,814,806

34,004,430

Maryland

6,304,623

9,696,656

16,001,279

New

Mexico

1,369,173

3,423,511

4,792,684

Pennsylvania

1,746,408

4,812,481

6,558,889

Virginia

17,351,485

29,727,493

47,078,978

103

The

annual

fund-level

fee,

payable

monthly,

for

each

Fund

was

calculated

according

to

the

following

schedule:

The

annual

complex-level

fee,

payable

monthly,

for

each

Fund

is

calculated

according

to

the

following

schedule:

*

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

“eligible

assets”

of

all

Nuveen

open-end

and

closed-end

funds.

Eligible

assets

do

not

include

assets

attributable

to

investments

in

other

Nuveen

funds

or

assets

in

excess

of

a

determined

amount

(originally

$2

billion)

added

to

the

Nuveen

fund

complex

in

connection

with

the

Adviser’s

assumption

of

the

management

of

the

former

First

American

Funds

effective

January

1,

2011,

but

do

include

certain

assets

of

certain

Nuveen

funds

that

were

reorganized

into

funds

advised

by

an

affiliate

of

the

Adviser

during

the

2019

calendar

year.

Eligible

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

certain

types

of

leverage.

For

these

purposes,

leverage

includes

the

closed-end

funds’

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

eligible

assets

in

certain

circumstances.

As

of

November

30,

2023,

the

complex-level

fee

rate

for

each

Fund

was

as

follows:

Distribution

and

Service

Fees:

Each

Fund

has

adopted

a

distribution

and

service

plan

under

rule

12b-1

under

the

1940

Act.

Class

A

Shares

incur

a

0.20%

annual

12b-1

service

fee.

Class

C

Shares

incur

a

0.75%

annual

12b-1

distribution

fee

and

a

0.25%

annual

12b-1

service

fee. Class

I

Shares

are

not

subject

to

12b-1

distribution

or

service

fees.

The

fees

under

this

plan

compensate

Nuveen

Securities,

LLC,

(the

"Distributor"),

a

wholly-owned

subsidiary

of

Nuveen,

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Funds

and

establishing

and

maintaining

shareholder

accounts.

Other

Transactions

with

Affiliates:

Each

Fund

is

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Sub-Adviser

(“Affiliated

Entity”)

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board

("cross-trade").

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

an

Affiliated

Entity

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

adviser),

common

officer

and/or

common

trustee

complies

with

Rule

17a-7

under

the

1940

Act.

These

transactions

are

effected

at

the

current

market

price

(as

provided

by

an

independent

pricing

service)

without

incurring

broker

commissions.

Average

Daily

Net

Assets

Arizona

Colorado

Maryland

New

Mexico

Pennsylvania

Virginia

For

the

first

$125

million

0.3500

%

0.3500

%

0.3500

%

0.3500

%

0.3500

%

0.3500

%

For

the

next

$125

million

0.3375

0.3375

0.3375

0.3375

0.3375

0.3375

For

the

next

$250

million

0.3250

0.3250

0.3250

0.3250

0.3250

0.3250

For

the

next

$500

million

0.3125

0.3125

0.3125

0.3125

0.3125

0.3125

For

the

next

$1

billion

0.3000

0.3000

0.3000

0.3000

0.3000

0.3000

For

the

next

$3

billion

0.2750

0.2750

0.2750

0.2750

0.2750

0.2750

For

the

next

$5

billion

0.2500

0.2500

0.2500

0.2500

0.2500

0.2500

For

net

assets

over

$10

billion

0.2375

0.2375

0.2375

0.2375

0.2375

0.2375

Complex-Level

Eligible

Asset

Breakpoint

Level*

Effective

Complex-Level

Fee

Rate

at

Breakpoint

Level

$55

billion

0.2000

%

$56

billion

0.1996

$57

billion

0.1989

$60

billion

0.1961

$63

billion

0.1931

$66

billion

0.1900

$71

billion

0.1851

$76

billion

0.1806

$80

billion

0.1773

$91

billion

0.1691

$125

billion

0.1599

$200

billion

0.1505

$250

billion

0.1469

$300

billion

0.1445

Fund

Complex-Level

Fee

Arizona

0.1608%

Colorado

0.1658%

Maryland

0.1608%

New

Mexico

0.1608%

Pennsylvania

0.1608%

Virginia

0.1608%

104

Notes

to

Financial

Statements

(Unaudited)

(continued)

During

the

current

fiscal

period,

the

Funds

engaged

in

cross-trades

pursuant

to

these

procedures

as

follows:

During

the

current

fiscal

period,

the

Distributor,

collected

sales

charges

on

purchases

of

Class

A

Shares,

the

majority

of

which

were

paid

out

as

concessions

to

financial

intermediaries

as

follows:

The

Distributor

also

received

12b-1

service

fees

on

Class

A

Shares,

substantially

all

of

which

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

During

the

current

fiscal

period,

the

Distributor

compensated

financial

intermediaries

directly

with

commission

advances

at

the

time

of

purchase

as

follows:

To

compensate

for

commissions

advanced

to

financial

intermediaries,

all

12b-1

service

and

distribution

fees

collected

on

Class

C

Shares

during

the

first

year

following

a

purchase

are

retained

by

the

Distributor.

During

the

current

fiscal

period,

the

Distributor

retained

such

12b-1

fees

as

follows:

The

remaining

12b-1

fees

charged

to

each

Fund

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

Fund

Purchases

Sales

Realized

Gain

(Loss)

Arizona

$

3,636,996

$

7,415,441

$

(759,990)

Colorado

26,630,670

25,561,192

(1,358,886)

Maryland

—

—

—

New

Mexico

972,630

—

—

Pennsylvania

—

—

—

Virginia

2,190,865

—

—

Fund

Sales

Charges

Collected

Paid

to

Financial

Intermediaries

Arizona

$

19,871

$

19,280

Colorado

103,469

98,679

Maryland

48,256

46,563

New

Mexico

25,447

24,336

Pennsylvania

20,076

18,120

Virginia

102,149

97,607

Fund

Commission

Advances

Arizona

$

19,566

Colorado

70,973

Maryland

37,663

New

Mexico

17,549

Pennsylvania

5,837

Virginia

71,373

Fund

12b-1

Fees

Retained

Arizona

$

—

Colorado

7,208

Maryland

2,131

New

Mexico

—

Pennsylvania

7,363

Virginia

10,939

105

The

Distributor

also

collected

and

retained

CDSC

on

share

redemptions

during

the

current

fiscal

period,

as

follows: 

9.

Borrowing

Arrangements

Committed

Line

of

Credit:

The

Funds,

along

with

certain

other

funds

managed

by

the

Adviser

(“Participating

Funds”),

have

established

a

364-day,

$2.700

billion

standby

credit

facility

with

a

group

of

lenders,

under

which

the

Participating

Funds

may

borrow

for

temporary

purposes

(other

than

on-

going

leveraging

for

investment

purposes).

Each

Participating

Fund

is

allocated

a

designated

proportion

of

the

facility’s

capacity

(and

its

associated

costs,

as

described

below)

based

upon

a

multi-factor

assessment

of

the

likelihood

and

frequency

of

its

need

to

draw

on

the

facility,

the

size

of

the

Fund

and

its

anticipated

draws,

and

the

potential

importance

of

such

draws

to

the

operations

and

well-being

of

the

Fund,

relative

to

those

of

the

other

Funds.

A

Fund

may

effect

draws

on

the

facility

in

excess

of

its

designated

capacity

if

and

to

the

extent

that

other

Participating

Funds

have

undrawn

capacity.

The

current

credit

facility

was

entered

into

on

June

21,

2023

expiring

on

June

19,

2024,

replacing

the

previous

facility,

which

expired

in June

2023.

The

credit

facility

has

the

following

terms:

0.15%

per

annum

on

unused

commitment

amounts

and

a

drawn

interest

rate

equal

to

the

higher

of

(a)

OBFR

(Overnight

Bank

Funding

Rate)

plus

1.20%

per

annum

or

(b)

the

Fed

Funds

Effective

Rate

plus

1.20%

per

annum

on

amounts

borrowed.

The

Participating

Funds

also

incurred

a

0.05%

upfront

fee

on

the

increased

commitments

from

select

lenders.

Interest

expense

incurred

by

the

Participating

Funds,

when

applicable,

is

recognized

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations.

Participating

Funds

paid

administration,

legal

and

arrangement

fees,

which

are

recognized

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations,

and

along

with

commitment

fees,

have

been

allocated

among

such

Participating

Funds

based

upon

the

relative

proportions

of

the

facility’s

aggregate

capacity

reserved

for

them

and

other

factors

deemed

relevant

by

the

Adviser

and

the

Board

of

each

Participating

Fund.

During

the

current

fiscal

period,

the

following

Funds

utilized

this

facility.

The

Funds’

maximum

outstanding

balance

during

the

utilization

period

was

as

follows:

During

each

Fund’s

utilization

period(s)

during

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Borrowings

were

as

follows:

Fund

CDSC

Retained

Arizona

$

957

Colorado

3,899

Maryland

4,475

New

Mexico

51

Pennsylvania

42

Virginia

283

Fund

Maximum

Outstanding

Balance

Arizona

$

1,741,677

Colorado

—

Maryland

10,800,000

New

Mexico

—

Pennsylvania

21,000,000

Virginia

17,000,000

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

Arizona

6

$

1,024,071

6.41

%

Colorado

—

—

—

Maryland

28

5,868,198

6.53

New

Mexico

—

—

—

Pennsylvania

20

7,139,253

6.39

Virginia

33

6,559,872

6.51

106

Notes

to

Financial

Statements

(Unaudited)

(continued)

Borrowings

outstanding

as

of

the

end

of

the

reporting

period,

if

any,

are

recognized

as

“Borrowings”

on

the

Statement

of

Assets

and

Liabilities,

where

applicable.

Shareholder

Meeting

Report

(Unaudited)

107

The

special

meeting

of

shareholders

was

held

on

November

20,

2023,

for

Nuveen

Multistate

Trust

I;

at

this

meeting

the

shareholders

were

asked

to

elect

Board

members.

Nuveen

Multistate

Trust

I

Approval

of

the

Board

Members

was

reached

as

follows:

Joseph

A.

Boateng

For

  147,013,985

Withhold

  5,172,656

Total

  152,186,641

Michael

A.

Forrester

For

  146,985,004

Withhold

  5,201,637

Total

  152,186,641

Thomas

J.

Kenny

For

  147,043,674

Withhold

  5,142,967

Total

  152,186,641

Amy

B.R.

Lancellotta

For

  147,437,727

Withhold

  4,748,914

Total

  152,186,641

Joanne

T.

Medero

For

  147,314,170

Withhold

  4,872,471

Total

  152,186,641

Albin

F.

Moschner

For

  146,988,856

Withhold

5,197,785

Total

  152,186,641

John

K.

Nelson

For

   146,892,139

Withhold

  5,294,502

Total

  152,186,641

Loren

M.

Starr

For

  146,189,885

Withhold

  5,996,756

Total

  152,186,641

Matthew

Thornton

III

For

  147,011,221

Withhold

  5,175,420

Total

  152,186,641

Terence

J.

Toth

For

  146,548,508

Withhold

5,638,133

Total

  152,186,641

Margaret

L.

Wolff

For

  147,574,814

Withhold

  4,611,827

Total

152,186,641

Robert

L.

Young

For

  147,071,038

Withhold

  5,115,603

Total

  152,186,641

108

Additional

Fund

Information

(Unaudited)

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Sub-Adviser

Nuveen

Asset

Management,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

One

North

Wacker

Drive

Chicago,

IL

60606

Custodian

State

Street

Bank

&

Trust

Company

One

Congress

Street

Suite

1

Boston,

MA

02114-2016

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Transfer

Agent

and

Shareholder

Services

SS&C

Global

Investor

&

Distribution

Solutions,

Inc.

(SS&C

GIDS)

P.O.

Box

219140

Kansas

City,

MO

64121-9140

(800)

257-8787

Portfolio

of

Investments

Information

Each

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

FINRA

BrokerCheck

:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

109

Average

Annual

Total

Return:

This

is

a

commonly

used

method

to

express

an

investment’s

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment’s

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Effective

Leverage

(Effective

Leverage

Ratio):

Effective

leverage

is

investment

exposure

created

either

directly

through

certain

borrowings

or

indirectly

through

inverse

floaters,

divided

by

the

assets

invested,

including

those

assets

that

were

purchased

with

the

proceeds

of

the

leverage,

or

referenced

by

the

levered

instrument.

The

calculation

of

the

Effective

Leverage

Ratio

reflects

borrowings

effected

on

a

long-term

basis

for

investment

purposes,

but

excludes

borrowings

that

may

occur,

on

a

transient

basis,

in

connection

with

a

Fund’s

day-to-day

operations

primarily

in

connection

with

the

need

to

pay

cash

out

to

redeeming

shareholders

or

to

settle

portfolio

trades.

Inverse

Floating

Rate

Securities:

Inverse

floating

rate

securities

are

the

residual

interest

in

a

tender

option

bond

(TOB)

trust,

sometimes

referred

to

as

“inverse

floaters”,

are

created

by

depositing

a

municipal

bond,

typically

with

a

fixed

interest

rate,

into

a

special

purpose

trust.

This

trust,

in

turn,

(a)

issues

floating

rate

certificates

typically

paying

short-term

tax-exempt

interest

rates

to

third

parties

in

amounts

equal

to

some

fraction

of

the

deposited

bond’s

par

amount

or

market

value,

and

(b)

issues

an

inverse

floating

rate

certificate

(sometimes

referred

to

as

an

“inverse

floater”)

to

an

investor

(such

as

a

fund)

interested

in

gaining

investment

exposure

to

a

long-term

municipal

bond.

The

income

received

by

the

holder

of

the

inverse

floater

varies

inversely

with

the

short-term

rate

paid

to

the

floating

rate

certificates’

holders,

and

in

most

circumstances

the

holder

of

the

inverse

floater

bears

substantially

all

of

the

underlying

bond’s

downside

investment

risk.

The

holder

of

the

inverse

floater

typically

also

benefits

disproportionately

from

any

potential

appreciation

of

the

underlying

bond’s

value.

Hence,

an

inverse

floater

essentially

represents

an

investment

in

the

underlying

bond

on

a

leveraged

basis.

Leverage:

Leverage

is

created

whenever

a

fund

has

investment

exposure

(both

reward

and/or

risk)

equivalent

to

more

than

100%

of

the

investment

capital.

Net

Asset

Value

(NAV)

Per

Share:

A

fund’s

Net

Assets

is

equal

to

its

total

assets

(securities,

cash

and

accrued

earnings)

less

its

total

liabilities.

For

funds

with

multiple

classes,

Net

Assets

are

determined

separately

for

each

share

class.

NAV

per

share

is

equal

to

the

fund’s

(or

share

class’)

Net

Assets

divided

by

its

number

of

shares

outstanding.

Pre-Refunded

Bond/Pre-Refunding:

Pre-Refunded

Bond/Pre-Refunding,

also

known

as

advanced

refundings

or

refinancings,

is

a

procedure

used

by

state

and

local

governments

to

refinance

municipal

bonds

to

lower

interest

expenses.

The

issuer

sells

new

bonds

with

a

lower

yield

and

uses

the

proceeds

to

buy

U.S.

Treasury

securities,

the

interest

from

which

is

used

to

make

payments

on

the

higher

yielding

bonds.

Because

of

this

collateral,

pre-refunding

generally

raises

a

bond’s

credit

rating

and

thus

its

value.

Tax

Obligation/General

Bonds:

Bonds

backed

by

the

general

revenues

of

an

issuer,

including

taxes,

where

the

issuer

has

the

ability

to

increase

taxes

by

an

unlimited

amount

to

pay

the

bonds

back.

Tax

Obligation/Limited

Bonds:

Bonds

backed

by

the

general

revenues

of

an

issuer,

including

taxes,

where

the

issuer

doesn’t

have

the

ability

to

increase

taxes

by

an

unlimited

amount

to

pay

the

bonds

back.

Total

Investment

Exposure:

Total

investment

exposure

is

a

fund’s

assets

managed

by

the

Adviser

that

are

attributable

to

financial

leverage.

For

these

purposes,

financial

leverage

includes

a

fund’s

use

of

preferred

stock

and

borrowings

and

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities.

110

Liquidity

Risk

Management

Program

(Unaudited)

Discussion

of

the

operation

and

effectiveness

of

the

Funds’

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

each

Fund

covered

in

this

Report

(the

“Funds”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

designed

to

manage

the

Fund’s

liquidity

risk.

The

Program

consists

of

various

protocols

for

assessing

and

managing

each

Fund’s

liquidity

risk.

The

Funds’

Board

of Trustees (the

"Board")

previously

designated

Nuveen

Fund

Advisors,

LLC,

the

Funds’

investment

adviser,

as

the

Administrator

of

the

Program.

The

adviser’s

Liquidity

Monitoring

and

Analysis

Team

(“LMAT”)

carries

out

day-to-day

Program

management

with

oversight

by

the

adviser’s

Liquidity

Oversight

Sub-

Committee

(the

“LOSC”).

The

LOSC

is

composed

of

personnel

from

the

adviser

and

Teachers

Advisors,

LLC,

an

affiliate

of

the

adviser.

At

a

May

23-25,

2023

meeting

of

the

Board,

the

Administrator

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy

and

effectiveness

of

implementation

for

calendar

year

2022

(the

“Review

Period”),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

each

Fund’s

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

each

Fund’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(1)

the

Fund’s

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii)

cash

flow

projections,

and

(ii)

holdings

of

cash

and

cash

equivalents,

borrowing

arrangements,

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Each

Fund

portfolio

investment

is

classified

into

one

of

four

liquidity

categories

(including

the

most

liquid,

“Highly

Liquid”,

and

the

least

liquid,

“Illiquid”,

discussed

below),

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-specific

considerations,

as

well

as

market

depth,

and

use

third-

party

vendor

data.

Any

Fund

that

does

not

primarily

hold

highly

liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

Fund

assets

that

must

be

invested

in

highly

liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period,

each

Fund

primarily

held

Highly

Liquid

investments

and

therefore

was

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

a

Fund’s

investments

in

Illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

a

Fund

from

acquiring

Illiquid

investments

if

doing

so

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

illiquid

investments,

and

requires

certain

reporting

to

the

Fund

Board

and

the

Securities

and

Exchange

Commission

any

time

a

Fund’s

holdings

of

Illiquid

investments

exceeds

15%

of

net

assets.

During

the

Review

Period,

no

Fund

exceeded

the

15%

limit

on

Illiquid

investments.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

MSA-MS2-1123P

3299633-INV-B-01/25

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800)

257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

333

W.

Wacker

Dr.,

Chicago,

IL

60606.

Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/mutual-funds

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this registrant.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

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

Not applicable to this registrant.

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

Not applicable to this registrant.

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

Not applicable to this registrant.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

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

Not applicable.

ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

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

SIGNATURES

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

(Registrant) Nuveen Multistate Trust I

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

Date: February 2, 2024

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

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

Date: February 2, 2024

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

Date: February 2, 2024