UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-07755
Nuveen Multistate Trust II
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Mark J. Czarniecki
Vice President and Secretary
333 West Wacker Drive,
Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: February 28
Date of reporting period: February 28, 2022
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
| ITEM 1. | REPORTS TO STOCKHOLDERS. |
Bond
Funds
Mutual
Funds
Nuveen
Municipal
February
28,
2022
Annual
Report
Fund
Name
Class
A
Class
C
Class
I
Nuveen
California
High
Yield
Municipal
Bond
Fund
NCHAX
NAWSX
NCHRX
Nuveen
California
Municipal
Bond
Fund
NCAAX
NAKFX
NCSPX
Nuveen
Connecticut
Municipal
Bond
Fund
FCTTX
FDCDX
FCTRX
Nuveen
Massachusetts
Municipal
Bond
Fund
NMAAX
NAAGX
NBMAX
Nuveen
New
Jersey
Municipal
Bond
Fund
NNJAX
NJCCX
NMNJX
Nuveen
New
York
Municipal
Bond
Fund
NNYAX
NAJPX
NTNYX
As
permitted
by
regulations
adopted
by
the
Securities
and
Exchange
Commission,
paper
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Funds’
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you
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unless
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specifically
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reports.
Instead,
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Funds’
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only
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or
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account.
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you
receive
your
Nuveen
Fund
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statements
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from
Nuveen.
Must
be
preceded
by
or
accompanied
by
a
prospectus.
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE
Table
of
Contents
3
Chair’s
Letter
to
Shareholders
4
Important
Notices
5
Portfolio
Managers’
Comments
6
Risk
Considerations
and
Dividend
Information
13
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
14
Yields
33
Expense
Examples
35
Report
of
Independent
Registered
Public
Accounting
Firm
38
Portfolios
of
Investments
39
Statement
of
Assets
and
Liabilities
126
Statement
of
Operations
127
Statement
of
Changes
in
Net
Assets
128
Statement
of
Cash
Flows
131
Financial
Highlights
132
Notes
to
Financial
Statements
144
Important
Tax
Information
161
Additional
Fund
Information
162
Glossary
of
Terms
Used
in
this
Report
163
Annual
Investment
Management
Agreement
Approval
Process
165
Liquidity
Risk
Management
Program
172
Trustees
and
Officers
173
4
Chair’s
Letter
to
Shareholders
Dear
Shareholders,
In
February,
the
world
witnessed
Russia
invade
Ukraine.
We
are
now
almost
two
months
into
the
conflict
and
are
beginning
to
see
the
scale
of
the
humanitarian
crisis
and
the
economic
impact
caused
by
this
event.
Given
the
fluidity
of
the
situation,
market
uncertainty
is
currently
elevated.
Economic
conditions
were
already
challenging
prior
to
the
invasion,
with
inflation
lingering
at
multi-
decade
highs,
interest
rates
expected
to
continue
rising,
economic
growth
moderating
from
the
post-pandemic
recovery,
and
weakening
performance
across
equity
markets
and
some
bond
market
segments.
The
Russia-Ukraine
conflict
has
accelerated
these
trends
in
the
short
term.
The
spike
in
geopolitical
risks
led
to
surging
prices
for
oil
and
other
hard
and
soft
commodities,
driving
both
inflation
and
recession
risks
higher.
The
U.S.
Federal
Reserve
(Fed)
and
other
central
banks
now
face
an
even
more
difficult
task
of
slowing
inflation
without
pulling
the
economy
into
recession.
As
anticipated,
the
Fed
began
the
rate
hiking
cycle
in
March
2022,
raising
its
short-term
rate
by
0.25%
from
near
zero
for
the
first
time
since
the
pandemic
was
declared
two
years
ago
and
now
signaling
rate
increases
of
0.5%
in
the
near
future.
Where
the
Russia-Ukraine
conflict
goes
from
here,
how
inflation
impacts
economic
growth
and
the
Fed’s
response
to
changing
economic
conditions
are
difficult
to
forecast.
In
the
meantime,
while
markets
will
likely
continue
fluctuating
with
the
daily
headlines,
we
encourage
investors
to
keep
a
long-term
perspective.
To
learn
more
about
how
well
your
portfolio
is
aligned
to
your
time
horizon,
risk
tolerance
and
investment
goals,
consider
reviewing
it
with
your
financial
professional.
On
behalf
of
the
other
members
of
the
Nuveen
Fund
Board,
I
look
forward
to
continuing
to
earn
your
trust
in
the
months
and
years
ahead.
Sincerely,
Terence
J.
Toth
Chair
of
the
Board
April
21,
2022
Important
Notices
5
For
Shareholders
of
Nuveen
California
High
Yield
Municipal
Bond
Fund
Soft
Closure
After
the
close
of
business
on
September
30,
2021
(the
“
Closing
Date
”
),
Nuveen
California
High
Yield
Municipal
Bond
Fund
(the
“Fund”)
suspended
offering
its
shares
to
new
investors.
Investors
in
the
Fund
as
of
the
Closing
Date
may
continue
to
purchase
Fund
shares,
including
through
the
reinvestment
of
dividends
and
capital
gains
distributions.
Shares
of
the
Fund
also
remain
available
to
clients
investing
through
mutual
fund
wrap
and
fee-based
advisory
programs
that
utilized
the
Fund
as
of
the
Closing
Date
and
the
Fund
continues
to
offer
its
shares
to
affiliated
fund
of
funds
and
model
portfolios.
The
closing
is
intended
to
ensure
that
the
Fund
can
be
effectively
managed
in
accordance
with
its
investment
objective.
The
Fund
reserves
the
right
to
modify
the
extent
to
which
sales
of
shares
are
limited
and
may
resume
the
sale
of
its
shares
to
new
investors
as
deemed
appropriate.
6
Portfolio
Managers’
Comments
Nuveen
California
High
Yield
Municipal
Bond
Fund
Nuveen
California
Municipal
Bond
Fund
Nuveen
Connecticut
Municipal
Bond
Fund
Nuveen
Massachusetts
Municipal
Bond
Fund
Nuveen
New
Jersey
Municipal
Bond
Fund
Nuveen
New
York
Municipal
Bond
Fund
These
Funds
feature
portfolio
management
by
Nuveen
Asset
Management,
LLC
(NAM),
an
affiliate
of
Nuveen
Fund
Advisors,
LLC,
the
Funds’
investment
adviser.
Portfolio
managers
include
John
V.
Miller,
CFA,
for
the
Nuveen
California
High
Yield
Municipal
Bond
Fund,
Scott
R.
Romans,
PhD
for
the
Nuveen
California
Municipal
Bond
Fund
and
the
Nuveen
New
York
Municipal
Bond
Fund,
Michael
S.
Hamilton
for
the
Nuveen
Connecticut
Municipal
Bond
Fund
and
the
Nuveen
Massachusetts
Municipal
Bond
Fund
and
Paul
L.
Brennan,
CFA,
for
the
Nuveen
New
Jersey
Municipal
Bond
Fund.
Here
the
Funds’
portfolio
managers
review
U.S.
and
municipal
market
conditions,
key
investment
strategies
and
the
performance
of
the
Funds
for
the
twelve-month
reporting
period
ended
February
28,
2022.
For
more
information
on
the
Funds’
investment
objectives
and
policies,
please
refer
to
the
prospectus.
What
factors
affected
the
U.S.
economy
and
municipal
bond
markets
during
the
twelve-month
reporting
period
ended
February
28,
2022?
The
U.S.
economic
recovery
remained
on
course
over
the
twelve-month
reporting
period,
despite
setbacks
from
the
COVID-19
virus,
higher-than-expected
inflation
readings
and
increasing
geopolitical
tensions
in
Eastern
Europe.
Since
the
pandemic
reached
the
U.S.
in
early
2020,
the
federal
government
has
enacted
$5.3
trillion
in
crisis-related
aid
and
the
U.S.
Federal
Reserve
(Fed)
kept
borrowing
rates
low
for
businesses
and
individuals
and
kept
the
credit
system
stable
while
the
jobs
market
and
economy
recovered
from
the
pandemic
shock.
These
measures,
along
with
increasing
vaccinations
and
improved
treatments,
helped
the
economy
to
reopen
and
activity
to
rebound
during
2021,
despite
additional
COVID-19
surges
caused
by
new,
more
contagious
variants.
U.S.
gross
domestic
product
(GDP)
rose
at
an
annualized
6.9%
in
the
fourth
quarter
of
2021,
accelerating
from
2.3%
in
the
third
quarter
when
the
delta
variant
weighed
on
economic
activity,
according
to
the
Bureau
of
Economic
Analysis
third
estimate.
Also
according
to
the
third
estimate,
GDP
grew
5.7%
in
2021
overall,
rebounding
from
the
contraction
of
-3.4%
in
2020.
The
return
of
consumer
demand
put
upward
pressure
on
inflation.
However,
as
supply
chains
remained
under
stress
and
labor
shortages
continued,
in
part
because
of
COVID-19
resurgences
around
the
world,
inflation
appeared
to
be
more
durable
than
initially
expected.
The
Fed
responded
by
reducing
its
pandemic-era
support
programs
and
signaled
that
rate
increases
were
likely
in
2022
(which
did
materialize
in
March
2022,
after
the
close
of
this
reporting
period,
with
a
0.25%
increase
in
the
Fed’s
target
interest
rate).
Interest
rate
and
stock
price
volatility
increased
as
markets
considered
whether
the
Fed
could
cool
inflation
without
pulling
the
economy
into
recession.
While
some
pandemic-related
risks
appeared
to
be
receding,
Russia’s
invasion
of
Ukraine
in
late
February
2022
brought
forth
another
large-scale
human
tragedy
with
significant
economic
consequences.
Inflation
pressures
rose
further
on
anticipated
supply
disruptions
in
energy,
metals
and
grains,
downside
risks
to
global
economic
growth
increased,
and
economic
sanctions
from
Western
countries
sought
to
block
Russia’s
access
to
the
global
financial
system.
A
more
uncertain
inflation
and
economic
outlook
also
made
the
path
toward
monetary
policy
normalization
more
uncertain
for
the
Fed
and
other
central
banks,
contributing
to
elevated
market
volatility
toward
the
end
of
the
reporting
period.
The
broad
municipal
market
declined
slightly
over
the
twelve-month
reporting
period.
Municipal
yields
rose
but
not
uniformly
across
the
maturity
spectrum,
resulting
in
a
flatter
yield
curve
overall
but
with
intermediate
maturities
outperforming
the
short
and
long
ends
of
the
curve.
Demand
for
municipal
debt
remained
remarkably
strong
throughout
2021,
but
outflows
followed
in
early
2022
as
dealers
reduced
their
inventories
in
the
higher
volatility
environment.
Nevertheless,
credit
spreads
were
generally
stable
as
municipal
fundamentals
were
strong
and
the
municipal
market
remained
relatively
insulated
from
geopolitical
concerns
abroad.
What
were
the
economic
and
market
environments
in
California,
Connecticut,
Massachusetts,
New
Jersey
and
New
York
during
the
twelve-month
reporting
period
ended
February
28,
2022?
California’s
$3.1
trillion
economy
is
the
largest
in
the
United
States
and
has
continued
its
post-pandemic
recovery.
The
state’s
unemployment
rate
was
5.4%
as
of
February
2022,
higher
than
the
nation’s
3.8%
as
of
February
2022.
According
to
the
S&P
CoreLogic
Case-Shiller
Index,
home
prices
in
San
Diego,
Los
Angeles
and
San
Francisco
rose
25.9%,
19.3%
and
18.8%,
respectively,
over
the
twelve
months
ended
December
2021
(the
most
recent
data
available
at
the
time
this
report
was
prepared),
compared
with
an
average
increase
of
18.8%
nationally.
The
Fiscal
Year
2022
(July
1,
2021,
to
June
30,
2022)
general
fund
budget
for
the
state
totals
$196.4
billion,
which
is
18.3%
higher
than
the
revised
Fiscal
Year
2021
budget.
The
Fiscal
Year
2022
budget
projected
a
$47
7
billion
surplus
given
revenues
that
were
significantly
higher
and
state
costs
that
were
lower
than
initially
expected. The
proposed
Fiscal
Year
2022-2023
(July
1,
2022,
to
June
30,
2023)
budget
of
$213.1
billion
represents
a
1.5%
increase
over
the
revised
Fiscal
Year
2022
budget
and
projects
a
$45.7
billion
surplus,
of
which
86%
is
expected
to
be
allocated
to
one-time
spending:
health
care,
homelessness,
housing,
schools,
COVID-19
and
climate
change.
As
of
March
2022,
Standard
&
Poor’s
(S&P)
affirmed
its
AA-
rating
on
California
general
obligation
(GO)
debt,
but
S&P
changed
the
outlook
from
stable
to
positive.
Moody’s
Investors
Service
affirmed
its
state
GO
rating
of
Aa2
with
a
stable
outlook.
California
municipal
bond
supply
totaled
$79.1
billion
for
the
twelve-month
period
ended
February
28,
2022,
a
6.4%
increase
from
the
same
period
a
year
earlier.
Connecticut’s
economy
is
led
by
manufacturing,
financial
services,
education
and
health
care,
with
a
high
per
capita
income.
Since
the
pandemic
peak
of
11.4%
in
May
2020,
Connecticut’s
unemployment
declined
to
4.9%
as
of
February
2022,
but
is
above
the
national
average
of
3.8%. State
tax
revenues
have
held
up
better
than
originally
feared,
producing
a
general
fund
surplus
of
$990
million
in
Fiscal
Year
2021
(July
1,
2020,
to
June
30,
2021),
equivalent
to
4.3%
of
general
fund
revenues.
With
that
surplus,
the
state
brought
its
reserve
fund
to
$3.1
billion
(the
legal
limit
of
15%
of
general
fund
appropriations)
and
made
a
supplemental
payment
of
$1.6
billion
into
its
pension
funds. Projections
for
Fiscal
Year
2022
(July
1,
2021,
to
June
30,
2022)
also
show
a
general
fund
surplus,
aided
in
part
by
$1.4
billion
in
federal
relief
under
the
CARES
Act
and
an
expected
$2.6
billion
under
the
American
Rescue
Plan
Act
of
2021. Approximately
$7.2
billion
in
Connecticut
municipal
bonds
were
issued
during
the
twelve
months
ending
February
28,
2022,
a
16.7%
year-over-year
increase.
At
period
end,
Moody’s
rated
Connecticut
“Aa3”
with
a
stable
outlook,
consistent
with
its
upgrade
from
“A1”
to
“Aa3”
on
March
31,
2021,
in
light
of
the
state’s
improved
governance
and
high
wealth
levels. S&P
rates
Connecticut
“A+”
with
a
stable
outlook.
Massachusetts’
economy
is
led
by
health
care,
education,
financial
services
and
technology
and
enjoys
the
second
highest
per
capita
income
among
the
50
states.
Massachusetts’
unemployment
stood
at
4.7%
in
February
2022,
above
the
national
average
of
3.8%
for
the
same
period
but
well
below
its
April
2020
peak
of
17.1%.
On
a
statutory
basis,
Massachusetts’
general
fund
ended
Fiscal
Year
2021
(July
1,
2020,
to
June
30,
2021)
with
a
$336
million
surplus.
The
Commonwealth
was
able
to
make
a
$1.1
billion
deposit
into
the
Commonwealth’s
rainy
day
fund
during
Fiscal
Year
2021,
bringing
that
fund
to
a
balance
of
$4.6
billion
as
of
June
30,
2021.
The
Fiscal
Year
2022
(July
1,
2021,
to
June
30,
2022)
budget
anticipates
a
$1.2
billion
deposit
into
the
rainy
day
fund.
The
proposed
Fiscal
Year
2023
(July
1,
2022,
to
June
30,
2023)
budget
increases
spending
by
1.9%
and
anticipates
a
$749
million
deposit
into
the
rainy
day
fund,
bringing
that
fund
to
an
all-time
high
of
$6.6
billion.
The
Commonwealth
received
$2.5
billion
under
the
CARES
Act
and
is
in
line
to
receive
$5.28
billion
under
the
American
Rescue
Plan
Act
of
2021. As
of
March
2022,
Moody’s
rated
Massachusetts
“Aa1”
with
a
stable
outlook,
and
S&P
rated
the
Commonwealth
“AA”
with
a
stable
outlook. For
the
twelve
months
ended
February
28,
2022,
Massachusetts’
municipal
bond
supply
totaled
$12.7
billion,
a
2.6%
decrease
over
the
prior
twelve-month
period.
New
Jersey’s
$619
billion
economy
continues
to
recover
post
COVID-19
crisis,
with
all
nine
major
private
industry
sectors
of
the
New
Jersey
economy
adding
jobs
in
2021.
New
Jersey’s
unemployment
rate
as
of
February
2022
was
4.6%,
which
remains
above
the
national
unemployment
rate
of
3.8%.
The
state
concluded
Fiscal
Year
2021
with
a
record
setting
surplus,
in
part
because
of
proceeds
from
the
state’s
deficit
financing
bonds
and
better-than-anticipated
tax
receipts
in
the
months
of
April
and
May
2021.
As
a
result,
in
Fiscal
Year
2022,
the
state
will
be
able
to
make
its
first
full
pension
contribution
since
1996,
while
also
paying
down
$5.0
billion
in
outstanding
long-term
debt
obligations.
Revised
Fiscal
Year
2022
revenues
reflect
a
projected
increase
of
$4.8
billion
over
the
original
budget,
and
are
currently
expected
to
grow
the
state’s
unrestricted
reserve
position
to
$6.2
billion.
Although
not
included
in
the
original
Fiscal
Year
2022
budget,
the
State
of
New
Jersey
received
$6.3
billion
from
the
American
Rescue
Plan
of
2021.
Local
New
Jersey
governments
received
approximately
$3.5
billion.
On
March
31,
2022,
S&P
upgraded
the
state’s
BBB+
rating
to
A-
with
a
“stable”
outlook,
while
Fitch
maintains
an
A-
rating
and
positive
outlook.
Moody’s
recently
upgraded
the
state’s
rating
to
A2
from
A3
with
a
“stable”
outlook
on
March
16,
2022.
New
Jersey
municipal
bond
supply
totaled
$8.7
billion
for
the
twelve-month
period
ended
February
28,
2022,
a
35%
decrease
from
the
same
period
a
year
earlier.
New
York
State’s
$1.9
trillion
economy
represents
8.1%
of
U.S.
gross
domestic
product.
New
York
was
hit
harder
than
most
states
by
the
pandemic,
and
its
recovery
lags
the
nation. The
state’s
unemployment
rate
stood
at
4.9%
in
February
2022,
well
above
the
national
average
of
3.8%.
According
to
the
S&P
CoreLogic
Case-Shiller
Index,
housing
prices
in
the
New
York
metropolitan
area
rose
13.6%
over
the
twelve
months
ended
December
2021
(the
most
recent
data
available
at
the
time
this
report
was
prepared).
Despite
the
COVID-19
crisis
related
challenges,
New
York
state’s
finances
have
held
up
reasonably
well,
primarily
driven
by
federal
assistance
under
various
federal
pandemic
relief
bills
and
tax
revenues
exceeding
initial
estimates
during
Fiscal
Year
2021
(April
1,
2020,
to
March
31,
2021). The
state’s
general
fund
posted
an
$8.6
billion
surplus
in
Fiscal
Year
2021,
equal
to
12.6%
of
general
fund
revenues.
Fiscal
Year
2022
(April
1,
2021,
to
March
31,
2022)
is
also
projected
to
end
with
a
surplus,
with
the
state
government
alone
expected
to
receive
$12.75
billion
in
federal
assistance
under
the
American
Recue
Plan
Act. Total
state-wide
assistance
to
both
state
and
local
governments
is
estimated
at
$50
billion. New
York
State’s
proposed
Fiscal
Year
2023
(April
1,
2022,
to
March
31,
2023)
budget
is
1.9%
higher
than
the
adopted
Fiscal
Year
2022
budget
and
includes
no
major
tax
hikes. On
June
24,
2021,
Moody’s
affirmed
its
“Aa2”
stable
rating
on
New
York
State
and
changed
its
outlook
to
positive
after
it
had
downgraded
the
state
from
Aa1
to
Aa2
on
October
1,
2020.
Moody’s
cited
New
York’s
improved
financial
picture
amid
better-than-expected
tax
revenue
performance
and
the
recent
receipt
of
material
federal
aid. S&P
confirmed
its
“AA+”
rating
for
New
York
State
on
March
12,
2021,
Portfolio
Managers’
Comments
(continued)
8
with
a
negative
outlook,
citing
the
impact
of
the
COVID-19
crisis
on
the
state’s
economy. New
York
municipal
bond
supply
totaled
$45.3
billion
for
the
twelve-month
period
ended
February
28,
2022,
a
20.2%
decrease
from
the
same
period
a
year
earlier.
Nuveen
California
High
Yield
Municipal
Bond
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
February
28,
2022?
The
Fund
invests
primarily
in
municipal
bonds
that
pay
interest
exempt
from
regular
federal
and
California
personal
income
tax.
The
portfolio
seeks
to
identify
"below
investment-grade"
or
"medium
to
lower
rated",
high-yielding
municipal
bonds
that
offer
attractive
value
in
terms
of
current
yields,
prices,
credit
quality,
liquidity
and
future
prospects.
Notable
new
purchases
included
adding
exposure
to
Puerto
Rico
and
workforce
housing
bonds.
The
Fund’s
duration
was
reduced,
partly
by
increasing
its
short
position
in
U.S.
Treasury
futures.
The
Fund
also
took
advantage
of
the
market
sell-off
late
in
the
reporting
period
by
selling
certain
bonds
at
a
tax
loss
and
reinvesting
the
sale
proceeds
into
securities
offering
higher
yields.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
February
28,
2022?
The
Class
A
Shares
of
the
Nuveen
California
High
Yield
Municipal
Bond
Fund
underperformed
the
S&P
Municipal
Yield
Index
for
the
twelve-month
reporting
period
ended
February
28,
2022.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Yield
Index.
Higher
inflation,
rising
interest
rates
and
concern
about
war
in
Ukraine
weighed
on
municipal
bond
prices
in
late
2021
and
the
first
two
months
of
2022.
Against
this
backdrop,
the
Fund’s
longer
duration
(interest
rate)
positioning
weighed
on
benchmark-relative
performance,
as
rates
meaningfully
rose
late
in
the
reporting
period.
Individual
positions
that
notably
detracted
from
performance
included
an
investment
in
Golden
State
tobacco
securitization
bonds.
These
zero
coupon
bonds
lagged
the
market,
partly
because
of
their
longer
durations
and
partly
because
of
their
highly
liquid
nature,
which
made
them
sales
candidates
for
portfolio
managers
seeking
to
meet
redemptions.
Exposure
to
workforce
housing
bonds
also
detracted
from
relative
performance.
Workforce
housing
bonds—a
new
program
financing
affordable
housing
for
moderate/middle
income
families
and
are
part
of
the
broader
multi-family
housing
sector—lagged
given
what
the
municipal
investment
team
saw
as
technical
market
factors
that
led
to
rising
yields
and
widening
credit
spreads
in
the
sector.
Partially
offsetting
the
relative
detractors
was
the
Fund’s
exposure
to
several
Puerto
Rico
holdings.
Certain
Puerto
Rico
general
obligation
bonds
in
the
portfolio
benefited
from
their
intermediate
durations
and
improved
credit
quality
prospects
largely
driven
by
federal
stimulus,
better
than
expected
revenues,
an
increased
cash
balance
stemming
from
the
island's
suspension
of
debt
payments,
and
a
restructuring
that
reduced
Puerto
Rico's
debt
load.
An
investment
in
Puerto
Rico
Electric
Power
Authority
(PREPA)
bonds,
which
became
more
attractive
to
investors
because
of
the
issuer’s
anticipated
restructuring,
also
aided
performance.
The
Fund’s
relatively
high
exposure
to
the
land
secured
sector
also
contributed
to
relative
performance.
Given
the
continuing
scarcity
of
real
estate
in
California
and
strong
demand
for
these
bonds,
these
securities
tended
to
be
favorable
performers.
The
Fund
used
U.S.
Treasury
futures
as
part
of
an
overall
portfolio
construction
strategy
to
manage
portfolio
duration
and
yield
curve
exposure.
These
futures
contracts
had
a
negligible
impact
on
the
total
return
performance
of
the
Fund
during
the
reporting
period.
Impact
of
the
Nuveen
California
High
Yield
Municipal
Bond
Fund’s
Leveraging
Strategy
on
Performance
One
important
factor
impacting
the
returns
of
the
Nuveen
California
High
Yield
Municipal
Bond
Fund
relative
to
its
comparative
benchmarks
was
the
Fund’s
use
of
leverage
(more
detail
is
provided
later
in
the
report)
through
its
investments
in
inverse
floating
rate
securities,
which
represent
leveraged
investments
in
underlying
bonds.
The
Fund
uses
leverage
because
research
has
shown
that,
over
time,
it
can
provide
opportunities
for
additional
income.
Such
opportunities
arise
when
the
short-term
rates
that
the
Fund
pays
on
its
leveraged
instruments
are
lower
than
the
interest
the
Fund
earns
on
its
portfolio
of
long-term
bonds
purchased
with
the
proceeds
of
that
leverage.
This
has
been
particularly
true
in
the
recent
market
environment
where
short-term
rates
have
been
low
by
historical
standards.
However,
use
of
leverage
can
expose
the
Fund
to
additional
price
volatility.
When
the
Fund
uses
leverage,
it
will
experience
a
greater
increase
in
its
net
asset
value
(NAV)
if
the
municipal
bonds
acquired
through
the
use
of
leverage
increase
in
value,
but
it
will
also
experience
a
correspondingly
larger
decline
in
its
NAV
if
the
bonds
acquired
through
leverage
decline
in
value,
making
the
Fund’s
NAV
more
volatile,
and
its
total
return
performance
more
variable,
over
time.
In
addition,
income
in
levered
funds
will
typically
decrease
in
comparison
to
unlevered
funds
when
short-term
interest
rates
increase
and
increase
when
short-
term
interest
rates
decrease.
In
recent
quarters,
fund
leverage
expenses
have
generally
tracked
the
overall
movement
of
short-term
9
tax-exempt
interest
rates.
While
fund
leverage
expenses
are
somewhat
higher
than
their
all-time
lows
after
the
2007-2009
financial
crisis,
which
has
contributed
to
a
reduction
in
net
income
and
long-term
total
return
potential,
leverage
nevertheless
continues
to
provide
the
opportunity
for
incremental
income.
The
investment
team
believes
that
the
potential
benefits
from
leverage
continue
to
outweigh
the
associated
increases
in
risk
and
volatility
as
previously
described.
As
of
February
28,
2022,
the
effective
leverage
was
26.8%,
which
is
within
the
Fund’s
expected
range
and
regularly
monitored.
The
Fund’s
use
of
leverage
through
inverse
floating
rate
securities
had
a
negligible
impact
on
the
performance
of
the
Fund
during
this
reporting
period.
Nuveen
California
Municipal
Bond
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
February
28,
2022?
The
Fund
invests
primarily
in
investment-grade
municipal
bonds
and
is
designed
to
provide
as
high
a
level
of
current
interest
income
exempt
from
regular
federal,
California
state,
and
in
some
cases,
local
income
taxes
as
is
consistent
with
preservation
of
capital.
As
interest
rates
rose,
the
Fund
took
advantage
of
a
more
favorable
yield
environment
to
rotate
out
of
higher
quality
“placeholder”
bonds
and
reinvest
the
sale
proceeds
into
lower
rated
bonds
offering
higher
prevailing
yields.
Specifically,
the
Fund
added
bonds
in
the
A
and
BBB
rated
and
below
investment-grade
rated
credit
tiers.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
February
28,
2022?
The
Class
A
Shares
of
the
Nuveen
California
Municipal
Bond
Fund
performed
in-line
with
the
S&P
Municipal
Bond
California
Index
for
the
twelve-month
reporting
period
ended
February
28,
2022.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Bond
California
Index.
Sector
positioning
contributed
to
the
Fund’s
benchmark-relative
performance.
In
particular,
the
Fund
benefited
from
its
underweight
position
in
tobacco-securitization
bonds.
As
many
California
tobacco
bonds
have
been
restructured,
the
municipal
investment
team
has
found
fewer
compelling
value
opportunities
in
this
sector.
Tobacco
bonds
lagged
the
index,
so
the
Fund’s
more
limited
exposure
to
the
category
added
value.
The
Fund’s
overweight
in
transportation
bonds
also
contributed
to
its
relative
performance.
Favorable
yield
curve
positioning
also
helped
the
Fund’s
relative
performance.
Although
municipal
interest
rates
went
up
across
all
maturities,
yields
on
short-term
bonds
increased
more
than
those
on
long-term
municipal
bonds.
In
this
environment,
the
Fund,
which
had
a
heightened
exposure
to
long-term
bonds,
benefited
in
relative
terms.
Credit
quality
positioning
largely
offset
the
Fund’s
contributors
to
relative
performance,
especially
given
an
overweight
position
in
the
market’s
non-rated
credit
tier.
Given
technical
market
factors
that
caused
credit
spreads
in
this
sector
to
widen
and
yields
to
rise,
these
generally
non-rated
securities
were
relative
laggards.
Outside
of
the
non-rated
tier,
though,
credit
positioning
added
value,
with
overweightings
in
the
BBB
and
below
investment-grade
tiers
adding
to
results
as
credit
spreads
in
these
segments
widened
to
a
lesser
extent
than
others
in
the
marketplace.
Nuveen
Connecticut
Municipal
Bond
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
February
28,
2022?
The
Fund
invests
primarily
in
investment-grade
municipal
bonds
and
is
designed
to
provide
as
high
a
level
of
current
interest
income
exempt
from
regular
federal,
Connecticut
state,
and
in
some
cases,
local
income
taxes
as
is
consistent
with
preservation
of
capital.
During
the
reporting
period,
the
Fund
reinvested
cash
from
new
shareholder
investments,
bond
calls
and
maturities,
coupon
payments
and
sale
proceeds
from
certain
bonds
with
near-term
maturities.
Most
additions
to
the
portfolio
came
from
the
new
issue
municipal
bond
market.
To
maintain
the
Fund’s
desired
duration
positioning,
the
portfolio
often
favored
bonds
on
the
longer
end
of
the
yield
curve,
while
new
purchases
occurred
across
various
market
sectors.
Late
in
the
reporting
period,
as
municipal
bond
market
conditions
deteriorated,
the
Fund
experienced
investor
outflows,
selling
certain
lower
yielding,
shorter
maturity
bonds
with
limited
performance
potential.
Portfolio
Managers’
Comments
(continued)
10
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
February
28,
2022?
The
Class
A
Shares
of
the
Nuveen
Connecticut
Municipal
Bond
Fund
performed
in-line
with
the
S&P
Municipal
Bond
Connecticut
Index
for
the
twelve-month
reporting
period
ended
February
28,
2022.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Bond
Connecticut
Index.
Duration
(interest
rate)
positioning
was
the
main
detractor
from
relative
performance.
During
the
summer
of
2021,
the
Fund
received
substantial
new
inflows
that
required
investment
into
the
municipal
bond
marketplace.
Many
of
these
positions
were
longer
in
duration.
As
the
reporting
period
progressed
and
market
yields
rose,
these
positions,
given
their
heightened
sensitivity
to
rising
interest
rates,
detracted
from
relative
performance.
In
contrast,
favorable
credit
positioning
largely
offset
the
Fund’s
detractors
from
relative
performance.
Because
of
more
limited
portfolio
exposure
to
the
highest
credit
rating
tiers
(AAA
and
AA),
and
a
corresponding
overweighting
in
A-rated
and
below
bonds,
the
Fund’s
performance
gained,
as
lower
rated
bonds
generally
outperformed
their
higher
quality
counterparts.
The
Fund
also
benefited
from
its
investment
in
Puerto
Rico
sales-tax
bonds,
known
as
COFINAs.
These
higher
yielding
securities
appreciated
strongly
on
healthy
demand
and
the
favorable
timing
of
purchases,
several
of
which
were
made
early
in
the
reporting
period
when
credit
spreads
were
wider.
Additionally,
the
Fund’s
special
obligation
bond
holdings
in
the
Harbor
Point
Infrastructure
Improvement
District,
a
mixed-use
commercial
and
residential
waterfront
development
in
Stamford,
Connecticut,
added
value.
Nuveen
Massachusetts
Municipal
Bond
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
February
28,
2022?
The
Fund
invests
primarily
in
investment-grade
municipal
bonds
and
is
designed
to
provide
as
high
a
level
of
current
interest
income
exempt
from
regular
federal,
Massachusetts
state,
and
in
some
cases,
local
income
taxes
as
is
consistent
with
preservation
of
capital.
The
Fund
experienced
significant
shareholder
inflows
during
the
reporting
period.
These
proceeds,
combined
with
cash
flow
from
coupon
payments,
called
and
maturing
bonds
and
periodic
sales
of
lower
yielding,
shorter
maturity
positions,
were
used
to
finance
various
bond
purchases
during
the
reporting
period.
New
additions
to
the
portfolio
emphasized
bonds
from
the
new
issue
municipal
bond
market,
seeking
longer-duration
bonds
to
maintain
the
Fund’s
consistent
duration
positioning.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
February
28,
2022?
The
Class
A
Shares
of
the
Nuveen
Massachusetts
Municipal
Bond
Fund
outperformed
the
S&P
Municipal
Bond
Massachusetts
Index
for
the
twelve-month
reporting
period
ended
February
28,
2022.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Bond
Massachusetts
Index.
Credit
quality
was
the
main
contributor
to
the
Fund’s
outperformance.
Because
of
its
lower
relative
exposure
to
the
highest
credit
rating
tiers
(AAA
and
AA)
and
higher
relative
exposure
to
lower
rating
tiers
(A
and
below),
the
Fund
benefited
as
lower
rated
bonds
generally
outperformed
higher
rated
issues
amid
narrowing
credit
spreads.
The
Fund
also
benefited
from
its
investment
in
Puerto
Rico
sales-tax
bonds,
known
as
COFINAs.
These
higher
yielding
securities
appreciated
strongly
on
healthy
demand
and
the
favorable
timing
of
purchases,
several
of
which
were
made
early
in
the
reporting
period
when
credit
spreads
were
wider.
An
additional
notable
contributor
to
the
Fund's
relative
performance
was
an
investment
in
Atrius
Health
Systems
bonds.
These
BBB-rated
hospital
issues
benefited
from
their
favorable
yield
coupled
with
a
relatively
short
call
date
in
a
rising
interest
environment.
The
Fund’s
outperformance
was
partially
offset
by
sector
allocation,
specifically
the
Fund’s
overweight
to
higher
quality,
generally
longer
duration
dedicated
tax
bonds.
Additionally,
the
Fund’s
sector
allocation
to
housing
also
weighed
on
relative
performance.
11
Nuveen
New
Jersey
Municipal
Bond
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
February
28,
2022?
The
Fund
invests
primarily
in
investment-grade
municipal
bonds
and
is
designed
to
provide
as
high
a
level
of
current
interest
income
exempt
from
regular
federal,
New
Jersey
state,
and
in
some
cases,
local
income
taxes
as
is
consistent
with
preservation
of
capital.
As
the
Fund
experienced
shareholder
inflows,
as
well
as
bond
maturities,
redemptions
and
coupon
payments,
the
Fund
purchased
bonds
of
higher-
and
mid-range
credit
quality.
The
municipal
investment
team
believed
these
bonds
were
more
attractive
amid
relatively
low
interest
rates
and
generally
narrow
credit
spreads,
and
these
issues
were
more
readily
available
given
the
limited
supply
of
attractively
valued,
lower
quality
New
Jersey
debt.
The
Fund’s
new
purchases
were
made
in
the
housing,
tax-supported,
utilities
and
education
sectors.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
February
28,
2022?
The
Class
A
Shares
of
the
Nuveen
New
Jersey
Municipal
Bond
Fund
underperformed
the
S&P
Municipal
Bond
New
Jersey
Index
for
the
twelve-month
reporting
period
ended
February
28,
2022.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Bond
New
Jersey
Index.
Unfavorable
duration
(interest
rate)
positioning
was
a
main
driver
of
the
Fund’s
relative
underperformance.
Because
the
portfolio’s
duration
was
somewhat
longer
than
that
of
the
benchmark,
the
Fund
was
more
sensitive
to
interest
rate
movements.
Given
that
interest
rates
rose
during
the
reporting
period,
this
stance
was
detrimental
to
the
Fund’s
relative
performance.
Of
note,
the
Fund’s
longer
portfolio
duration
partly
stemmed
from
its
allocation
to
higher
quality
non-New
Jersey-backed
bonds
that
featured
longer
durations,
which
are
not
represented
in
the
benchmark.
The
Fund’s
underperformance
was
partially
offset
by
its
overall
credit
exposure,
which
had
a
positive
impact
on
relative
performance,
led
by
overweights
in
the
sub-investment
grade
and
non-rated
tiers
of
the
market.
The
Fund’s
sector
allocations
also
benefited
from
relative
overweights
in
the
industrial
development
revenue,
health
care,
education
and
utility
categories,
along
with
underweight
in
the
lagging
tobacco,
transportation
and
pre-refunded
categories.
The
Fund
used
U.S.
Treasury
futures
as
part
of
an
overall
portfolio
construction
strategy
to
manage
portfolio
duration
and
yield
curve
exposure.
These
futures
contracts
had
a
negligible
impact
on
the
total
return
performance
of
the
Fund
during
the
reporting
period.
Nuveen
New
York
Municipal
Bond
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
February
28,
2022?
The
Fund
invests
primarily
in
investment-grade
municipal
bonds
and
is
designed
to
provide
as
high
a
level
of
current
interest
income
exempt
from
regular
federal,
New
York
state,
and
in
some
cases,
local
income
taxes
as
is
consistent
with
preservation
of
capital.
As
interest
rates
rose
during
the
reporting
period,
the
Fund
sought
to
capitalize
upon
the
higher
yields
available
in
the
marketplace
by
selling
certain
high
quality
holdings
in
the
portfolio.
The
Fund
reinvested
the
proceeds
in
more
recently
issued
bonds
with
lower
credit
ratings,
which
were
offering
better
yields
in
the
higher
interest
rate
environment.
The
Fund
also
engaged
in
tax-loss
swaps,
selling
depreciated
bonds
with
lower
yields
and
buying
similarly
structured
but
higher
yielding
bonds.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
February
28,
2022?
The
Class
A
Shares
of
the
Nuveen
New
York
Municipal
Bond
Fund
outperformed
the
S&P
Municipal
Bond
New
York
Index
for
the
twelve-month
reporting
period
ended
February
28,
2022.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Bond
New
York
Index.
Credit
quality
positioning
benefited
the
Fund’s
relative
performance.
Although
spreads
generally
widened
across
all
credit
quality
tiers,
they
did
so
to
a
lesser
extent
on
bonds
in
the
lowest
rated
categories.
As
a
result,
the
Fund’s
relative
overweighting
in
lower
rated
(A
and
below)
and
non-rated
bonds,
and
its
corresponding
underweightings
in
higher
rated
(AAA
and
AA)
issues,
added
to
its
Portfolio
Managers’
Comments
(continued)
12
relative
performance.
Duration
and
yield
curve
positioning
were
also
favorable
performance
factors
as
interest
rates
on
tax-exempt
bonds
rose
across
all
maturities
but
especially
on
short-term
municipal
debt.
This
left
the
portfolio
favorably
positioned
in
relative
terms
because
it
had
more
exposure
to
bonds
with
intermediate
durations.
The
Fund’s
outperformance
was
partially
offset
by
its
sector
positioning,
which
had
a
modest
negative
influence
on
relative
performance.
The
Fund’s
overweight
in
the
health
care
and
tobacco
sectors
detracted
as
both
sectors
lagged
during
the
reporting
period.
This
material
is
not
intended
to
be
a
recommendation
or
investment
advice,
does
not
constitute
a
solicitation
to
buy,
sell
or
hold
a
security
or
an
investment
strategy,
and
is
not
provided
in
a
fiduciary
capacity.
The
information
provided
does
not
take
into
account
the
specific
objectives
or
circumstances
of
any
particular
investor,
or
suggest
any
specific
course
of
action.
Investment
decisions
should
be
made
based
on
an
investor’s
objectives
and
circumstances
and
in
consultation
with
his
or
her
advisors.
Certain
statements
in
this
report
are
forward-looking
statements.
Discussions
of
specific
investments
are
for
illustration
only
and
are
not
intended
as
recommendations
of
individual
investments.
The
forward-looking
statements
and
other
views
expressed
herein
are
those
of
the
portfolio
managers
as
of
the
date
of
this
report.
Actual
future
results
or
occurrences
may
differ
significantly
from
those
anticipated
in
any
forward-looking
statements
and
the
views
expressed
herein
are
subject
to
change
at
any
time,
due
to
numerous
market
and
other
factors.
The
Funds
disclaim
any
obligation
to
update
publicly
or
revise
any
forward-looking
statements
or
views
expressed
herein.
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
rating
(except
for
Nuveen
California
High
Yield
Municipal
Bond
Fund,
which
uses
the
lowest
rating)
given
by
one
of
the
following
national
rating
agencies:
Standard
&
Poor’s
(S&P),
Moody’s
Investors
Service,
Inc.
(Moody’s)
or
Fitch,
Inc
(Fitch).
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A,
and
BBB
are
investment
grade
ratings;
BB,
B,
CCC,
CC,
C
and
D
are
below-
investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
ratings
agencies.
Bond
insurance
guarantees
only
the
payment
of
principal
and
interest
on
the
bond
when
due,
and
not
the
value
of
the
bonds
themselves,
which
will
fluctuate
with
the
bond
market
and
the
financial
success
of
the
issuer
and
the
insurer.
Insurance
relates
specifically
to
the
bonds
in
the
portfolio
and
not
to
the
share
prices
of
a
Fund.
No
representation
is
made
as
to
the
insurers’
ability
to
meet
their
commitments.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Risk
Considerations
and
Dividend
Information
13
Risk
Considerations
Nuveen
California
High
Yield
Municipal
Bond
Fund
Mutual
fund
investing
involves
risk;
principal
loss
is
possible.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
call
risk,
state
concentration
risk,
tax
risk,
political
and
economic
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
Credit
risk
refers
to
an
issuers
ability
to
make
interest
and
principal
payments
when
due.
The
Fund
concentrates
in
non-investment
grade
and
unrated
bonds
with
long
maturities
and
durations
which
carry
heightened
credit
risk,
liquidity
risk,
and
potential
for
default.
In
addition,
the
Fund
oftentimes
engages
in
a
significant
amount
of
portfolio
leverage
and
in
doing
so,
assumes
a
high
level
of
risk
in
pursuit
of
its
objectives.
Leverage
involves
the
risk
that
the
Fund
could
lose
more
than
its
original
investment
and
also
increases
the
Fund’s
exposure
to
volatility,
interest
rate
risk
and
credit
risk.
Nuveen
California
Municipal
Bond
Fund
Nuveen
Connecticut
Municipal
Bond
Fund
Nuveen
Massachusetts
Municipal
Bond
Fund
Nuveen
New
Jersey
Municipal
Bond
Fund
Nuveen
New
York
Municipal
Bond
Fund
Mutual
fund
investing
involves
risk;
principal
loss
is
possible.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
call
risk,
state
concentration
risk,
tax
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
Credit
risk
refers
to
an
issuers
ability
to
make
interest
and
principal
payments
when
due.
Below
investment
grade
or
high
yield
debt
securities
are
subject
to
liquidity
risk
and
heightened
credit
risk.
The
Fund’s
use
of
inverse
floaters
creates
effective
leverage.
Leverage
involves
the
risk
that
the
Fund
could
lose
more
than
its
original
investment
and
also
increases
the
Fund’s
exposure
to
volatility
and
interest
rate
risk.
Dividend
Information
Each
Fund
seeks
to
pay
regular
monthly
dividends
out
of
its
net
investment
income
at
a
rate
that
reflects
its
past
and
projected
net
income
performance.
To
permit
each
Fund
to
maintain
a
more
stable
monthly
dividend,
the
Fund
may
pay
dividends
at
a
rate
that
may
be
more
or
less
than
the
amount
of
net
income
actually
earned
by
the
Fund
during
the
period.
Distributions
to
shareholders
are
determined
on
a
tax
basis,
which
may
differ
from
amounts
recorded
in
the
accounting
records.
In
instances
where
the
monthly
dividend
exceeds
the
earned
net
investment
income,
the
Fund
would
report
a
negative
undistributed
net
ordinary
income.
Refer
to
Note
6
–
Income
Tax
Information
for
additional
information
regarding
the
amounts
of
undistributed
net
ordinary
income
and
undistributed
net
long-term
capital
gains
and
the
character
of
the
actual
distributions
paid
by
the
Fund
during
the
period.
All
monthly
dividends
paid
by
each
Fund
during
the
current
reporting
period
were
paid
from
net
investment
income.
If
a
portion
of
the
Fund’s
monthly
distributions
is
sourced
or
comprised
of
elements
other
than
net
investment
income,
including
capital
gains
and/
or
a
return
of
capital,
shareholders
will
be
notified
of
those
sources.
For
financial
reporting
purposes,
the
per
share
amounts
of
the
Fund’s
distributions
for
the
reporting
period
are
presented
in
this
report’s
Financial
Highlights.
For
income
tax
purposes,
distribution
information
for
the
Fund
as
of
its
most
recent
tax
year
end
is
presented
in
Note
6
–
Income
Tax
Information
within
the
Notes
to
Financial
Statements
of
this
report.
14
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
The
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holdings
Summaries
for
each
Fund
are
shown
within
this
section
of
the
report.
Fund
Performance
Returns
quoted
represent
past
performance,
which
is
no
guarantee
of
future
results.
Investment
returns
and
principal
value
will
fluctuate
so
that
when
shares
are
redeemed,
they
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
shown.
Total
returns
for
a
period
of
less
than
one
year
are
not
annualized
(i.e.
cumulative
returns).
Since
inception
returns
are
shown
for
share
classes
that
have
less
than
10-years
of
performance.
Returns
at
net
asset
value
(NAV)
would
be
lower
if
the
sales
charge
were
included.
Returns
assume
reinvestment
of
dividends
and
capital
gains.
For
performance,
current
to
the
most
recent
month-end
visit
Nuveen.com
or
call
(800)
257-8787.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Income
is
generally
exempt
from
regular
federal
income
taxes.
Some
income
may
be
subject
to
state
and
local
income
taxes
and
to
the
federal
alternative
minimum
tax.
Capital
gains,
if
any,
are
subject
to
tax.
Returns
may
reflect
fee
waivers
and/or
expense
reimbursements
by
the
investment
adviser
during
the
periods
presented.
If
any
such
waivers
and/or
reimbursements
had
not
been
in
place,
returns
would
have
been
reduced.
See
Notes
to
Financial
Statements,
Note
7—Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
Returns
reflect
differences
in
sales
charges
and
expenses,
which
are
primarily
differences
in
distribution
and
service
fees,
and
assume
reinvestment
of
dividends
and
capital
gains.
Comparative
index
and
Lipper
return
information
is
provided
for
Class
A
Shares
at
NAV
only.
Expense
Ratios
The
expense
ratios
shown
are
as
of
the
Fund’s
most
recent
prospectus.
The
expense
ratios
shown
reflect
total
operating
expenses
(before
fee
waivers
and/or
expense
reimbursements,
if
any).
The
expense
ratios
include
management
fees
and
other
fees
and
expenses.
Refer
to
the
Financial
Highlights
later
in
this
report
for
the
Fund’s
expense
ratios
as
of
the
end
of
the
reporting
period.
Effective
Leverage
Ratios
Leverage
is
created
whenever
a
Fund
has
investment
exposure
(both
reward
and/or
risk)
equivalent
to
more
than
100%
of
its
investment
capital.
The
effective
leverage
ratio
shown
for
each
Fund
is
the
amount
of
investment
exposure
created
either
directly
through
borrowings
or
indirectly
through
inverse
floaters,
divided
by
the
assets
invested,
including
those
assets
that
were
purchased
with
the
proceeds
of
the
leverage,
or
referenced
by
the
levered
instrument.
A
Fund
may
also
from
time
to
time
borrow
on
a
typically
transient
basis
in
connection
with
its
day-to-day
operations,
primarily
in
connection
with
the
need
to
pay
cash
out
to
redeeming
shareholders
or
to
settle
portfolio
trades.
Such
incidental
borrowings,
described
generally
in
Notes
to
Financial
Statements,
Note
9—Borrowing
Arrangements,
are
excluded
from
the
calculation
of
a
Fund’s
effective
leverage
ratio.
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
(except
for
Nuveen
California
High
Yield
Municipal
Bond
Fund,
which
uses
lowest
rating)
given
by
one
of
the
following
national
rating
agencies:
Standard
&
Poor’s,
Moody’s
Investors
Service,
Inc.
or
Fitch,
Inc.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A
and
BBB
are
investment
grade
ratings;
BB,
B,
CCC,
CC,
C
and
D
are
below
investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
Nuveen
California
High
Yield
Municipal
Bond
Fund
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
February
28,
2022
15
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios,
Effective
leverage
and
Holdings
Summaries section
for
further
explanation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Re-
port
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Yield
Index.
**
Class
A
Shares
have
a
maximum
4.20%
sales
charge
(Offering
Price).
Class
A
Share
purchases
of
$250,000
or
more
are
sold
at
net
asset
value
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(CDSC)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
have
a
1%
CDSC
for
redemptions
within
less
than
twelve
months,
which
is
not
reflected
in
the
total
returns.
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
February
28,
2022
Total
Returns
as
of
February
28,
2022**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
10-Year
Class
A
Shares
at
NAV
3/28/06
0.97%
5.02%
5.87%
1.09%
Class
A
Shares
at
maximum
Offering
Price
3/28/06
(3.31)%
4.12%
5.43%
—
S&P
Municipal
Yield
Index
—
1.82%
5.52%
5.66%
—
Lipper
California
Municipal
Debt
Funds
Classification
Average
—
(0.30)%
3.23%
3.47%
—
Class
I
Shares
3/28/06
1.14%
5.23%
6.09%
0.89%
Total
Returns
as
of
February
28,
2022**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
Since
Inception
Class
C
Shares
2/10/14
0.15%
4.16%
5.04%
1.89%
Effective
Leverage
Ratio
26.83%
16
Growth
of
an
Assumed
$10,000
Investment
as
of February
28,
2022
-
Class
A
Shares
The
graphs
do
not
reflect
the
deduction
of
taxes,
such
as
state
and
local
income
taxes
or
capital
gains
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
the
redemptions
of
Fund
shares.
17
Holdings
Summaries
as
of
February
28,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
131
.8
%
Common
Stocks
0
.1
%
Other
Assets
Less
Liabilities
1.6%
Net
Assets
Plus
Floating
Rate
Obligations
and
Borrowings
133
.5
%
Borrowings
(2.7)%
Floating
Rate
Obligations
(30.8)%
Net
Assets
100
%
States
and
Territories
1
(%
of
total
municipal
bonds)
California
90.1%
Puerto
Rico
8.0%
Florida
0.8%
Virgin
Islands
0.5%
Guam
0.4%
Illinois
0.1%
Virginia
0.1%
Tennessee
0.0%
Missouri
0.0%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/Limited
25.0%
Tax
Obligation/General
20.8%
Education
and
Civic
Organizations
11.7%
Housing/Multifamily
10.8%
Health
Care
9.2%
Transportation
8.7%
Utilities
7.1%
Other
6.6%
Common
Stocks
0.1%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
4.3%
AA
25.7%
A
11.4%
BBB
6.5%
BB
or
Lower
10.0%
N/R
(not
rated)
42.0%
N/A
(not
applicable)
0.1%
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
California
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
2
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
Portfolio
Composition
above.
18
Nuveen
California
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
February
28,
2022
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries section
for
further
explanation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Re-
port
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
California
Index.
**
Class
A
Shares
have
a
maximum
4.20%
sales
charge
(Offering
Price).
Class
A
Share
purchases
of
$250,000
or
more
are
sold
at
net
asset
value
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(CDSC)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
have
a
1%
CDSC
for
redemptions
within
less
than
twelve
months,
which
is
not
reflected
in
the
total
returns.
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
February
28,
2022
Total
Returns
as
of
February
28,
2022**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
10-Year
Class
A
Shares
at
NAV
9/07/94
(0.61)%
3.18%
4.01%
0.73%
Class
A
Shares
at
maximum
Offering
Price
9/07/94
(4.75)%
2.30%
3.57%
—
S&P
Municipal
Bond
Index
—
(0.37)%
3.18%
3.22%
—
S&P
Municipal
Bond
California
Index
—
(0.73)%
3.13%
3.52%
—
Lipper
California
Municipal
Debt
Funds
Classification
Average
—
(0.30)%
3.23%
3.47%
—
Class
I
Shares
7/1/86
(0.40)%
3.39%
4.23%
0.53%
Total
Returns
as
of
February
28,
2022**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
Since
Inception
Class
C
Shares
2/10/14
(1.42)%
2.36%
3.23%
1.53%
Effective
Leverage
Ratio
–%
19
Growth
of
an
Assumed
$10,000
Investment
as
of February
28,
2022
-
Class
A
Shares
The
graphs
do
not
reflect
the
deduction
of
taxes,
such
as
state
and
local
income
taxes
or
capital
gains
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
the
redemptions
of
Fund
shares.
20
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
February
28,
2022
(continued)
Holdings
Summaries
as
of
February
28,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
99
.8
%
Other
Assets
Less
Liabilities
2.3%
Net
Assets
Plus
and
Borrowings
102
.1
%
Borrowings
(2.1)%
Net
Assets
100
%
States
and
Territories
1
(%
of
total
municipal
bonds)
California
96.2%
Puerto
Rico
3.0%
Guam
0.8%
Total
100%
Portfolio
Composition
1
(%
of
total
investments)
Utilities
19.5%
Tax
Obligation/General
16.6%
Transportation
14.9%
Housing/Multifamily
14.2%
Tax
Obligation/Limited
10.9%
Health
Care
9.8%
U.S.
Guaranteed
9.1%
Other
5.0%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
9.0%
AAA
9.7%
AA
36.1%
A
9.5%
BBB
8.3%
BB
or
Lower
3.5%
N/R
(not
rated)
23.9%
Total
100
%
1
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
California
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
2
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
Portfolio
Composition
above.
Nuveen
Connecticut
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
February
28,
2022
21
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries section
for
further
explanation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Re-
port
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
Connecticut
Index.
**
Class
A
Shares
have
a
maximum
4.20%
sales
charge
(Offering
Price).
Class
A
Share
purchases
of
$250,000
or
more
are
sold
at
net
asset
value
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(CDSC)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
have
a
1%
CDSC
for
redemptions
within
less
than
twelve
months,
which
is
not
reflected
in
the
total
returns.
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
February
28,
2022
Total
Returns
as
of
February
28,
2022**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
10-Year
Class
A
Shares
at
NAV
7/13/87
(0.43)%
2.74%
2.67%
0.80%
Class
A
Shares
at
maximum
Offering
Price
7/13/87
(4.61)%
1.87%
2.23%
—
S&P
Municipal
Bond
Index
—
(0.37)%
3.18%
3.22%
—
S&P
Municipal
Bond
Connecticut
Index
—
(0.38)%
3.07%
2.58%
—
Lipper
Other
States
Municipal
Debt
Funds
Classification
Average
—
(0.61)%
2.46%
2.42%
—
Class
I
Shares
2/25/97
(0.21)%
2.95%
2.87%
0.60%
Total
Returns
as
of
February
28,
2022**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
Since
Inception
Class
C
Shares
2/10/14
(1.25)%
1.91%
2.27%
1.60%
Effective
Leverage
Ratio
0.55%
22
Growth
of
an
Assumed
$10,000
Investment
as
of February
28,
2022
-
Class
A
Shares
The
graphs
do
not
reflect
the
deduction
of
taxes,
such
as
state
and
local
income
taxes
or
capital
gains
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
the
redemptions
of
Fund
shares.
23
Holdings
Summaries
as
of
February
28,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
99
.1
%
Other
Assets
Less
Liabilities
1.5%
Net
Assets
Plus
Floating
Rate
Obligations
100
.6
%
Floating
Rate
Obligations
(0.6)%
Net
Assets
100
%
States
and
Territories
1
(%
of
total
municipal
bonds)
Connecticut
95.5%
Puerto
Rico
2.7%
Guam
1.3%
Ohio
0.5%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/General
25.7%
Tax
Obligation/Limited
17.2%
Health
Care
16.2%
Education
and
Civic
Organizations
14.8%
Utilities
10.8%
U.S.
Guaranteed
7.6%
Transportation
3.1%
Other
4.6%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
7.6%
AAA
3.3%
AA
50.7%
A
21.2%
BBB
7.1%
BB
or
Lower
1.4%
N/R
(not
rated)
8.7%
Total
100
%
1
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
Connecticut
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
2
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
Portfolio
Composition
above.
24
Nuveen
Massachusetts
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
February
28,
2022
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries section
for
further
explanation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Re-
port
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
Massachusetts
Index.
**
Class
A
Shares
have
a
maximum
4.20%
sales
charge
(Offering
Price).
Class
A
Share
purchases
of
$250,000
or
more
are
sold
at
net
asset
value
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(CDSC)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
have
a
1%
CDSC
for
redemptions
within
less
than
twelve
months,
which
is
not
reflected
in
the
total
returns.
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
February
28,
2022
Total
Returns
as
of
February
28,
2022**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
10-Year
Class
A
Shares
at
NAV
9/07/94
(0.30)%
2.89%
3.02%
0.78%
Class
A
Shares
at
maximum
Offering
Price
9/07/94
(4.52)%
2.01%
2.58%
—
S&P
Municipal
Bond
Index
—
(0.37)%
3.18%
3.22%
—
S&P
Municipal
Bond
Massachusetts
Index
—
(0.86)%
2.86%
2.80%
—
Lipper
Massachusetts
Municipal
Debt
Funds
Classification
Average
—
(0.85)%
2.47%
2.40%
—
Class
I
Shares
12/22/86
(0.13)%
3.09%
3.23%
0.58%
Total
Returns
as
of
February
28,
2022**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
Since
Inception
Class
C
Shares
2/10/14
(1.00)%
2.09%
2.53%
1.58%
Effective
Leverage
Ratio
–%
25
Growth
of
an
Assumed
$10,000
Investment
as
of February
28,
2022
-
Class
A
Shares
The
graphs
do
not
reflect
the
deduction
of
taxes,
such
as
state
and
local
income
taxes
or
capital
gains
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
the
redemptions
of
Fund
shares.
26
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
February
28,
2022
(continued)
Holdings
Summaries
as
of
February
28,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
98
.2
%
Other
Assets
Less
Liabilities
1.8%
Net
Assets
100
%
States
and
Territories
1
(%
of
total
municipal
bonds)
Massachusetts
94.9%
Puerto
Rico
3.2%
Guam
1.4%
Washington
0.5%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/Limited
23.7%
Education
and
Civic
Organizations
21.5%
Health
Care
17.4%
Tax
Obligation/General
13.7%
Utilities
8.3%
Transportation
6.9%
U.S.
Guaranteed
4.8%
Other
3.7%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
4.2%
AAA
9.0%
AA
52.7%
A
16.4%
BBB
9.4%
BB
or
Lower
1.5%
N/R
(not
rated)
6.8%
Total
100
%
1
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
Massachusetts
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
2
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
Portfolio
Composition
above.
Nuveen
New
Jersey
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
February
28,
2022
27
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries section
for
further
explanation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Re-
port
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
New
Jersey
Index.
**
Class
A
Shares
have
a
maximum
4.20%
sales
charge
(Offering
Price).
Class
A
Share
purchases
of
$250,000
or
more
are
sold
at
net
asset
value
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(CDSC)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
have
a
1%
CDSC
for
redemptions
within
less
than
twelve
months,
which
is
not
reflected
in
the
total
returns.
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
February
28,
2022
Total
Returns
as
of
February
28,
2022**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
10-Year
Class
A
Shares
at
NAV
9/06/94
(0.73)%
3.35%
3.40%
0.81%
Class
A
Shares
at
maximum
Offering
Price
9/06/94
(4.89)%
2.46%
2.96%
—
S&P
Municipal
Bond
Index
—
(0.37)%
3.18%
3.22%
—
S&P
Municipal
Bond
New
Jersey
Index
—
(0.31)%
4.04%
3.71%
—
Lipper
New
Jersey
Municipal
Debt
Funds
Classification
Average
—
(0.11)%
3.28%
2.96%
—
Class
I
Shares
2/28/92
(0.44)%
3.58%
3.61%
0.61%
Total
Returns
as
of
February
28,
2022**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
Since
Inception
Class
C
Shares
2/10/14
(1.55)%
2.53%
2.85%
1.61%
Effective
Leverage
Ratio
1.72%
28
Growth
of
an
Assumed
$10,000
Investment
as
of February
28,
2022
-
Class
A
Shares
The
graphs
do
not
reflect
the
deduction
of
taxes,
such
as
state
and
local
income
taxes
or
capital
gains
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
the
redemptions
of
Fund
shares.
29
Holdings
Summaries
as
of
February
28,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
100
.9
%
Other
Assets
Less
Liabilities
0.8%
Net
Assets
Plus
Floating
Rate
Obligations
101
.7
%
Floating
Rate
Obligations
(1.7)%
Net
Assets
100
%
States
and
Territories
1
(%
of
total
municipal
bonds)
New
Jersey
93.5%
Pennsylvania
2.3%
New
York
2.0%
Delaware
1.5%
Puerto
Rico
0.7%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/Limited
16.4%
Education
and
Civic
Organizations
15.6%
Health
Care
13.1%
Transportation
11.2%
Tax
Obligation/General
11.0%
Utilities
8.8%
U.S.
Guaranteed
8.2%
Other
15.7%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
8.2%
AAA
9.7%
AA
37.9%
A
16.5%
BBB
20.8%
BB
or
Lower
4.7%
N/R
(not
rated)
2.2%
Total
100
%
1
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
New
Jersey
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
2
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
Portfolio
Composition
above.
30
Nuveen
New
York
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
February
28,
2022
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries section
for
further
explanation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Re-
port
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
New
York
Index
.
**
Class
A
Shares
have
a
maximum
4.20%
sales
charge
(Offering
Price).
Class
A
Share
purchases
of
$250,000
or
more
are
sold
at
net
asset
value
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(CDSC)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
have
a
1%
CDSC
for
redemptions
within
less
than
twelve
months,
which
is
not
reflected
in
the
total
returns.
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
February
28,
2022
Total
Returns
as
of
February
28,
2022**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
10-Year
Class
A
Shares
at
NAV
9/07/94
0.09%
3.08%
3.09%
0.76%
Class
A
Shares
at
maximum
Offering
Price
9/07/94
(4.12)%
2.19%
2.64%
—
S&P
Municipal
Bond
Index
—
(0.37)%
3.18%
3.22%
—
S&P
Municipal
Bond
New
York
Index
—
(0.30)%
2.94%
3.07%
—
Lipper
New
York
Municipal
Debt
Funds
Classification
Average
—
0.09%
3.05%
2.88%
—
Class
I
Shares
12/22/86
0.21%
3.28%
3.28%
0.56%
Total
Returns
as
of
February
28,
2022**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
Since
Inception
Class
C
Shares
2/10/14
(0.80)%
2.25%
2.76%
1.56%
Effective
Leverage
Ratio
–%
31
Growth
of
an
Assumed
$10,000
Investment
as
of February
28,
2022
-
Class
A
Shares
The
graphs
do
not
reflect
the
deduction
of
taxes,
such
as
state
and
local
income
taxes
or
capital
gains
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
the
redemptions
of
Fund
shares.
32
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
February
28,
2022
(continued)
Holdings
Summaries
as
of
February
28,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
99
.5
%
Other
Assets
Less
Liabilities
1.2%
Net
Assets
Plus
and
Borrowings
100
.7
%
Borrowings
(0.7)%
Net
Assets
100
%
States
and
Territories
1
(%
of
total
municipal
bonds)
New
York
96.5%
Puerto
Rico
3.1%
Guam
0.4%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/Limited
27.1%
Transportation
23.9%
Utilities
13.5%
Education
and
Civic
Organizations
11.9%
Tax
Obligation/General
6.5%
Health
Care
5.7%
U.S.
Guaranteed
4.3%
Other
7.1%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
4.3%
AAA
11.0%
AA
42.1%
A
14.0%
BBB
9.4%
BB
or
Lower
7.3%
N/R
(not
rated)
11.9%
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
New
York
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
2
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
Portfolio
Composition
above.
Yields
as
of
February
28,
2022
33
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.
The
Taxable-Equivalent
Yield
represents
the
yield
that
must
be
earned
on
a
fully
taxable
investment
in
order
to
equal
the
yield
of
the
Fund
on
an
after-tax
basis
at
an
assumed
tax
rate.
Your
actual
combined
federal
and
state
income
tax
rates
may
differ
from
the
assumed
rate.
Taxable-Equivalent
Yield
also
takes
into
account
the
percentage
of
the
Fund’s
income
generated
and
paid
by
the
Fund
(based
on
payments
made
during
the
previous
calendar
year)
that
was
either
exempt
from
federal
income
tax
but
not
from
state
income
tax
(e.g.,
income
from
an
out-of-state
municipal
bond),
or
was
exempt
from
neither
federal
nor
state
income
tax.
Separately,
if
the
comparison
were
instead
to
investments
that
generate
qualified
dividend
income,
which
is
taxable
at
a
rate
lower
than
an
individual’s
ordinary
graduated
tax
rate,
the
fund’s
Taxable-Equivalent
Yield
would
be
lower.
Nuveen
California
High
Yield
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
3.78%
3.10%
4.13%
SEC
30-Day
Yield
2.84%
2.16%
3.15%
Taxable-Equivalent
Yield
(54.1%)
2
6.05%
4.60%
6.71%
Nuveen
California
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
2.16%
1.40%
2.47%
SEC
30-Day
Yield
1.53%
0.81%
1.80%
Taxable-Equivalent
Yield
(54.1%)
2
3.32%
1.76%
3.90%
Nuveen
Connecticut
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
2.04%
1.27%
2.35%
SEC
30-Day
Yield
1.21%
0.47%
1.46%
Taxable-Equivalent
Yield
(47.8%)
2
2.31%
0.90%
2.79%
Nuveen
Massachusetts
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
1.69%
0.95%
1.94%
SEC
30-Day
Yield
1.10%
0.35%
1.34%
Taxable-Equivalent
Yield
(45.8%)
2
2.03%
0.65%
2.47%
Nuveen
New
Jersey
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
2.23%
1.49%
2.53%
SEC
30-Day
Yield
1.46%
0.73%
1.73%
Taxable-Equivalent
Yield
(51.6%)
2
3.02%
1.51%
3.57%
34
Nuveen
New
York
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
2.37%
1.66%
2.70%
SEC
30-Day
Yield
1.43%
0.70%
1.70%
Taxable-Equivalent
Yield
(51.7%)
2
2.95%
1.45%
3.51%
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.
Expense
Examples
35
As
a
shareholder
of
one
or
more
of
the
Funds,
you
incur
two
types
of
costs:
(1)
transaction
costs, including
up-front
and
back-end
sales
charges
(loads)
or
redemption
fees,
where
applicable;
and
(2)
ongoing
costs,
including
management
fees;
distribution
and
service
(12b-1)
fees,
where
applicable;
and
other
Fund
expenses.
The
Examples
below
are
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Funds
and
to
compare
these
costs
with
the
ongoing
costs
of investing
in
other
mutual
funds.
The
Examples
below
do
not
include
the
interest
and
related
expenses
from
inverse
floaters
that
are
reflected
in
the
financial
statements
later
within
this
report,
when
applicable.
The
Examples
below
are
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
period
ended
February
28,
2022.
The
beginning
of
the
period
is
September
1,
2021.
The
information
under
“Actual
Performance,”
together
with
the
amount
you
invested,
allows
you
to
estimate
actual
expenses
incurred
over
the
reporting
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.60)
and
multiply
the
result
by
the
cost
shown
for
your
share
class,
in
the
row
entitled
“Expenses
Incurred
During
Period”
to
estimate
the
expenses
incurred
on
your
account
during
this
period.
The
information
under
“Hypothetical
Performance,”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratios
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expense
you
incurred
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
following
tables
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transaction
costs.
Therefore,
the
hypothetical
information
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds
or
share
classes.
In
addition,
if
these
transaction
costs
were
included,
your
costs
would
have
been
higher.
Nuveen
California
High
Yield
Municipal
Bond
Fund
Share
Class
Class
A
Class
C
Class
I
Actual
Performance
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
954.49
$
950.55
$
956.24
Expenses
Incurred
During
the
Period
$
3.88
$
7.74
$
2.91
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,020.83
$
1,016.86
$
1,021.82
Expenses
Incurred
During
the
Period
$
4.01
$
8.00
$
3.01
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
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181
/365
(to
reflect
the
one-half
year
period).
Expense
Examples
(continued)
36
Nuveen
California
Municipal
Bond
Fund
Share
Class
Class
A
Class
C
Class
I
Actual
Performance
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
962.77
$
959.44
$
964.66
Expenses
Incurred
During
the
Period
$
3.50
$
7.38
$
2.53
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,021.22
$
1,017.26
$
1,022.22
Expenses
Incurred
During
the
Period
$
3.61
$
7.60
$
2.61
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.72%,
1.52%
and
0.52%
for
Classes
A,
C
and
I
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181
/365
(to
reflect
the
one-half
year
period).
Nuveen
Connecticut
Municipal
Bond
Fund
Share
Class
Class
A
Class
C
Class
I
Actual
Performance
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
968.67
$
963.62
$
968.92
Expenses
Incurred
During
the
Period
$
3.76
$
7.64
$
2.78
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,020.98
$
1,017.01
$
1,021.97
Expenses
Incurred
During
the
Period
$
3.86
$
7.85
$
2.86
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.77%,
1.57%
and
0.57%
for
Classes
A,
C
and
I
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181
/365
(to
reflect
the
one-half
year
period).
Nuveen
Massachusetts
Municipal
Bond
Fund
Share
Class
Class
A
Class
C
Class
I
Actual
Performance
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
968.76
$
964.61
$
968.68
Expenses
Incurred
During
the
Period
$
3.71
$
7.60
$
2.78
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,021.03
$
1,017.06
$
1,021.97
Expenses
Incurred
During
the
Period
$
3.81
$
7.80
$
2.86
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.76%,
1.56%
and
0.57%
for
Classes
A,
C
and
I
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181
/365
(to
reflect
the
one-half
year
period).
Nuveen
New
Jersey
Municipal
Bond
Fund
Share
Class
Class
A
Class
C
Class
I
Actual
Performance
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
964.54
$
961.23
$
965.69
Expenses
Incurred
During
the
Period
$
3.75
$
7.63
$
2.78
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,020.98
$
1,017.01
$
1,021.97
Expenses
Incurred
During
the
Period
$
3.86
$
7.85
$
2.86
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.77%,
1.57%
and
0.57%
for
Classes
A,
C
and
I
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181
/365
(to
reflect
the
one-half
year
period).
37
Nuveen
New
York
Municipal
Bond
Fund
Share
Class
Class
A
Class
C
Class
I
Actual
Performance
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
967.30
$
962.50
$
967.48
Expenses
Incurred
During
the
Period
$
3.56
$
7.44
$
2.59
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,021.17
$
1,017.21
$
1,022.17
Expenses
Incurred
During
the
Period
$
3.66
$
7.65
$
2.66
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.73%,
1.53%
and
0.53%
for
Classes
A,
C
and
I
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181
/365
(to
reflect
the
one-half
year
period).
38
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Shareholders
and
Board
of
Trustees
Nuveen
Multistate
Trust
II:
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities
of
Nuveen
California
High
Yield
Municipal
Bond
Fund,
Nuveen
California
Municipal
Bond
Fund,
Nuveen
Connecticut
Municipal
Bond
Fund,
Nuveen
Massachusetts
Municipal
Bond
Fund,
Nuveen
New
Jersey
Municipal
Bond
Fund,
and
Nuveen
New
York
Municipal
Bond
Fund
(six
of
the
funds
comprising
Nuveen
Multistate
Trust
II)
(the
Funds),
including
the
portfolios
of
investments,
as
of
February 28, 2022,
the
related
statements
of
operations
and
cash
flows
(Nuveen
California
High
Yield
Municipal
Bond
Fund)
for
the
year
then
ended,
the
statements
of
changes
in
net
assets
for
each
of
the
years
in
the
two-year
period
then
ended,
and
the
related
notes
(collectively,
the
financial
statements)
and
the
financial
highlights
for
each
of
the
years
in
the
five-year
period
then
ended.
In
our
opinion,
the
financial
statements
and
financial
highlights
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Funds
as
of
February 28, 2022,
the
results
of
their
operations
and
their
cash
flows
(as
applicable)
for
the
year
then
ended,
the
changes
in
their
net
assets
for
each
of
the
years
in
the
two-year
period
then
ended,
and
the
financial
highlights
for
each
of
the
years
in
the
five-year
period
then
ended,
in
conformity
with
U.S.
generally
accepted
accounting
principles.
Basis
for
Opinion
These
financial
statements
and
financial
highlights
are
the
responsibility
of
the
Funds'
management.
Our
responsibility
is
to
express
an
opinion
on
these
financial
statements
and
financial
highlights
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
and
financial
highlights
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements
and
financial
highlights,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements
and
financial
highlights.
Such
procedures
also
included
confirmation
of
securities
owned
as
of
February 28, 2022,
by
correspondence
with
custodians
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements
and
financial
highlights.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
KPMG
LLP
We
have
served
as
the
auditor
of
one
or
more
Nuveen
investment
companies
since
2014.
Chicago,
Illinois
April 27,
2022
39
Nuveen
California
High
Yield
Municipal
Bond
Fund
Portfolio
of
Investments
February
28,
2022
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
131.9%
MUNICIPAL
BONDS
-
131.8%
Consumer
Staples
-
2.6%
$
27,000
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Alameda
County
Tobacco
Asset
Securitization
Corporation,
Subordinate
Series
2006A,
0.000%,
6/01/50
3/22
at
17.86
N/R
$
4,814,370
1,155
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Golden
Gate
Tobacco
Funding
Corporation,
Turbo,
Series
2007A,
5.000%,
6/01/47
3/22
at
100.00
N/R
1,155,358
1,935
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Merced
County
Tobacco
Funding
Corporation,
Series
2020B,
5.000%,
6/01/50
12/30
at
100.00
N/R
2,183,067
20,000
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Stanislaus
County
Tobacco
Funding
Corporation,
Series
2006A,
0.000%,
6/01/46
3/22
at
25.35
N/R
5,060,400
5,095
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Bonds,
Gold
Country
Settlement
Funding
Corporation,
Subpordinate
Series
2020B-2,
0.000%,
6/01/55
12/30
at
36.29
N/R
1,288,780
66,695
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Capital
Appreciation
Series
2021B-2,
0.000%,
6/01/66
12/31
at
27.75
N/R
9,976,905
3,460
Guam
Economic
Development
&
Commerce
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A,
5.625%,
6/01/47
3/22
at
100.00
N/R
3,460,900
25,600
Inland
Empire
Tobacco
Securitization
Authority,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007C-2.
Turbo
Capital
Appreciation,
0.000%,
6/01/47
3/22
at
18.76
CCC
4,791,808
Silicon
Valley
Tobacco
Securitization
Authority,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Santa
Clara
County
Tobacco
Securitization
Corporation,
Series
2007A:
1,000
0.000%,
6/01/36
3/22
at
45.57
N/R
453,930
7,500
0.000%,
6/01/47
3/22
at
24.31
N/R
1,815,450
12,000
Tobacco
Securitization
Authority
of
Northern
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Refunding
Sacramento
County
Tobacco
Securitization
Corporation
Series
2021B-2
Class
2,
0.000%,
6/01/60
12/30
at
33.42
N/R
2,402,280
5,000
Tobacco
Securitization
Authority
of
Southern
California,
Tobacco
Settlement
Asset-Backed
Bonds,
San
Diego
County
Tobacco
Asset
Securitization
Corporation,
First
Subordinate
CABs,
Series
2006B,
0.000%,
6/01/46
3/22
at
22.54
CCC-
1,090,450
176,440
Total
Consumer
Staples
38,493,698
Education
and
Civic
Organizations
-
15.5%
California
Enterprise
Development
Authority,
Charter
School
Revenue
Bonds,
Academy
for
Academic
Excellence
Project,
Series
2020A:
700
5.000%,
7/01/50,
144A
7/27
at
100.00
Ba2
753,445
650
5.000%,
7/01/55,
144A
7/27
at
100.00
Ba2
697,001
2,000
California
Enterprise
Development
Authority,
Charter
School
Revenue
Bonds,
Norton
Science
&
Language
Academy
Project,
Series
2021,
4.000%,
7/01/61,
144A
7/27
at
100.00
N/R
1,782,620
2,240
California
Enterprise
Development
Authority,
Charter
School
Revenue
Bonds,
Norton
Science
and
Language
Academy
Project,
Series
2020,
6.250%,
7/01/58,
144A
7/27
at
102.00
N/R
2,331,795
18,685
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
California
Science
Center
Phase
III
Project,
Green
Series
2021B,
4.000%,
5/01/51,
(UB)
(4)
11/31
at
100.00
N/R
20,635,153
250
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
WFCS
Portfolio
Projects,
Senior
Series
2021A-1,
5.000%,
1/01/56,
144A
1/31
at
100.00
N/R
264,993
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
40
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
$
5,615
California
Municipal
Finance
Authority
Charter
School
Revenue
Bonds,
John
Adams
Academies
-
El
Dorado
Hills
Project,
Series
2018A,
5.500%,
10/01/38,
144A
10/22
at
105.00
N/R
$
5,975,371
California
Municipal
Finance
Authority
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
Project,
Series
2015A:
900
5.000%,
10/01/35
10/22
at
102.00
BB
930,447
1,335
5.250%,
10/01/45
10/22
at
102.00
BB
1,378,908
500
5.250%,
10/01/45
10/22
at
102.00
BB
516,445
4,255
California
Municipal
Finance
Authority
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
Project,
Series
2017A,
5.000%,
10/01/47,
144A
10/22
at
102.00
BB
4,388,394
250
California
Municipal
Finance
Authority
Charter
School
Revenue
Bonds,
River
Charter
Schools
Project,
Series
2018A,
5.500%,
6/01/53,
144A
6/26
at
100.00
BB
269,660
820
California
Municipal
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
Bella
Mente
Montessori
Academy
Project,
Series
2018A,
5.000%,
6/01/38,
144A
6/28
at
100.00
Ba1
915,227
California
Municipal
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
Nova
Academy
Project,
Series
2016A:
825
5.000%,
6/15/36,
144A
6/26
at
100.00
BB
889,820
1,000
5.000%,
6/15/46,
144A
6/26
at
100.00
BB
1,063,660
California
Municipal
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
Santa
Rosa
Academy
Project,
Series
2015:
400
5.125%,
7/01/35,
144A
7/25
at
100.00
BB+
428,832
425
5.375%,
7/01/45,
144A
7/25
at
100.00
BB+
453,959
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
-
Lincoln
Project,
Taxable
Series
2019B:
500
5.000%,
10/01/39,
144A
10/27
at
100.00
N/R
530,415
1,000
5.000%,
10/01/57,
144A
10/27
at
100.00
N/R
1,042,930
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
Project,
Series
2014A:
1,400
5.000%,
10/01/34
10/22
at
102.00
BB
1,447,614
465
5.000%,
10/01/44
10/22
at
102.00
BB
479,685
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Learning
Choice
Academy
Chula
Vista,
Series
2021A:
1,605
4.000%,
7/01/51
7/31
at
100.00
BBB-
1,734,491
1,080
4.000%,
7/01/55
7/31
at
100.00
BBB-
1,160,763
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Palmdale
Aerospace
Academy
Project,
Series
2016A:
1,195
5.000%,
7/01/41,
144A
7/26
at
100.00
BB
1,305,036
1,145
5.000%,
7/01/46,
144A
7/26
at
100.00
BB
1,244,088
1,100
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Palmdale
Aerospace
Academy
Project,
Series
2018A,
5.000%,
7/01/38,
144A
7/28
at
100.00
BB
1,240,811
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Partnerships
to
Uplift
Communities
Project,
Series
2012A:
1,330
5.000%,
8/01/32
8/22
at
100.00
BB
1,341,079
2,130
5.250%,
8/01/42
8/22
at
100.00
BB
2,146,018
1,795
5.300%,
8/01/47
8/22
at
100.00
BB
1,808,426
2,245
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Rocketship
Education?Multiple
Projects,
Series
2014A,
7.000%,
6/01/34
6/22
at
102.00
N/R
2,316,054
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Urban
Discovery
Academy
Project,
Series
2014A:
835
5.500%,
8/01/34,
144A
8/24
at
100.00
BB-
881,835
1,650
6.000%,
8/01/44,
144A
8/24
at
100.00
BB-
1,748,951
41
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
$
1,715
California
Municipal
Finance
Authority,
Education
Revenue
Bonds, American
Heritage
Foundation
Project,
Series
2016A,
5.000%,
6/01/46
6/26
at
100.00
BBB-
$
1,870,688
1,390
California
Municipal
Finance
Authority,
Education
Revenue
Bonds,
Literacy
First
Charter
Schools
Project,
Series
2019A,
5.000%,
12/01/49
12/29
at
100.00
BBB-
1,586,810
California
Municipal
Finance
Authority,
Education
Revenue
Bonds,
STREAM
Charter
Schools
Project,
Series
2020A:
705
5.000%,
6/15/41,
144A
6/30
at
100.00
N/R
749,662
1,385
5.000%,
6/15/51,
144A
6/30
at
100.00
N/R
1,452,865
1,335
California
Municipal
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
OCEAA
Project,
Series
2008A,
7.000%,
10/01/39
3/22
at
100.00
N/R
1,337,857
California
Municipal
Finance
Authority,
Revenue
Bonds,
Azusa
Pacific
University
Project,
Refunding
Series
2015B:
1,435
5.000%,
4/01/35
4/25
at
100.00
Ba1
1,554,004
8,640
5.000%,
4/01/41
4/25
at
100.00
Ba1
9,287,050
7,880
California
Municipal
Finance
Authority,
Revenue
Bonds,
California
Baptist
University,
Series
2016A,
5.000%,
11/01/46,
144A
11/26
at
100.00
N/R
8,727,179
California
Municipal
Finance
Authority,
Revenue
Bonds,
Claremont
Graduate
University,
Refunding
Series
2020B:
1,000
5.000%,
10/01/49,
144A
10/30
at
100.00
N/R
1,090,950
1,000
5.000%,
10/01/54,
144A
10/30
at
100.00
N/R
1,087,130
California
Municipal
Finance
Authority,
Revenue
Bonds,
Creative
Center
of
Los
Altos
Project,
Pinewood
&
Oakwood
Schools,
Series
2016B:
500
4.000%,
11/01/36,
144A
11/26
at
100.00
N/R
501,245
2,200
4.500%,
11/01/46,
144A
11/26
at
100.00
N/R
2,219,206
235
California
Municipal
Finance
Authority,
Revenue
Bonds,
Emerson
College,
Series
2011,
5.000%,
1/01/28
3/22
at
100.00
Baa2
235,635
300
California
Municipal
Finance
Authority,
Revenue
Bonds,
Goodwill
Industries
of
Sacramento
Valley
&
Northern
Nevada
Project,
Series
2012A,
6.625%,
1/01/32,
144A
3/22
at
100.00
N/R
300,300
3,700
California
Municipal
Finance
Authority,
Revenue
Bonds,
Goodwill
Industries
of
Sacramento
Valley
&
Northern
Nevada
Project,
Series
2014A,
5.250%,
1/01/45
1/25
at
100.00
N/R
3,419,355
7,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Simpson
University,
Series
2020A,
6.000%,
10/01/50
10/27
at
103.00
N/R
7,647,360
California
Municipal
Finance
Authority,
Revenue
Bonds,
The
Master's
University
&
Seminary,
Series
2019:
1,000
5.000%,
8/01/34
8/29
at
100.00
BB+
1,124,250
2,000
5.000%,
8/01/48
8/29
at
100.00
BB+
2,192,980
250
California
Municipal
Finance
Authority,
Revenue
Bonds,
Touro
College
and
University
System,
Series
2014A,
5.250%,
1/01/40
7/24
at
100.00
BBB-
266,163
2,000
California
Public
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
California
Crosspoint
Academy
Project,
Series
2020A,
5.125%,
7/01/55,
144A
7/28
at
100.00
N/R
2,056,960
700
California
Public
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
Multicultural
Learning
Center
Project,
Series
2017A,
6.250%,
6/15/47
6/27
at
100.00
N/R
765,254
4,000
California
Public
Finance
Authority,
Educational
Facility
Revenue
Bonds,
Crossroads
Christian
Schools,
Series
2020,
5.000%,
1/01/56,
144A
1/26
at
100.00
N/R
4,053,920
1,075
California
School
Finance
Authority
Charter
School
Facility
Revenue
Bonds,
Grimmway
Schools-Obligated
Group,
Series
2016A,
5.000%,
7/01/46,
144A
7/26
at
100.00
BB+
1,151,271
California
School
Finance
Authority
Charter
School
Revenue
Bonds,
Bright
Star
Schools
-
Obligated
Group,
Series
2017:
1,520
5.000%,
6/01/27,
144A
No
Opt.
Call
N/R
1,627,965
755
5.000%,
6/01/37,
144A
6/27
at
100.00
N/R
846,461
1,000
5.000%,
6/01/47,
144A
6/27
at
100.00
N/R
1,107,650
3,090
5.000%,
6/01/54,
144A
6/27
at
100.00
N/R
3,409,939
945
California
School
Finance
Authority
Charter
School
Revenue
Bonds,
California,
ACE
Charter
Schools,
Obligated
Group,
Series
2016A,
5.000%,
6/01/52,
144A
6/26
at
100.00
N/R
986,013
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
42
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
$
1,000
California
School
Finance
Authority
Charter
School
Revenue
Bonds,
Ednovate
?
Obligated
Group,
Series
2018,
5.000%,
6/01/48,
144A
6/27
at
100.00
N/R
$
1,075,750
California
School
Finance
Authority
Charter
School
Revenue
Bonds,
Fenton
Schools
-
Obligated
Group,
Series
2020A:
750
5.000%,
7/01/50,
144A
7/27
at
100.00
BB+
816,397
1,000
5.000%,
7/01/58,
144A
7/27
at
100.00
BB+
1,083,440
305
California
School
Finance
Authority
School
Facility
Revenue
Bonds,
Green
Dot
Public
Schools
California
Projects,
Series
2018A,
5.000%,
8/01/48,
144A
8/28
at
100.00
BBB-
342,957
1,000
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Alta
Public
Schools
-
Obligated
Group,
Series
2020A,
6.000%,
6/01/59,
144A
6/28
at
102.00
N/R
1,061,950
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2015A:
1,045
5.000%,
8/01/40,
144A
8/25
at
100.00
BBB
1,145,686
1,100
5.000%,
8/01/45,
144A
8/25
at
100.00
BBB
1,199,077
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2016:
460
5.000%,
8/01/46,
144A
8/25
at
100.00
BBB
501,161
1,100
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Encore
Education
Obligated
Group,
Series
2016A,
5.000%,
6/01/52,
144A
6/26
at
100.00
N/R
977,944
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Girls
Athletic
Leadership
School
Los
Angeles
Project,
Series
2021A:
1,000
4.000%,
6/01/41,
144A
6/31
at
100.00
N/R
981,490
500
4.000%,
6/01/51,
144A
6/31
at
100.00
N/R
475,135
1,300
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
TEACH
Public
Schools
Obligated
Group,
Series
2016A,
5.875%,
6/01/52
6/26
at
100.00
N/R
1,421,862
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
TEACH
Public
Schools
Obligated
Group,
Series
2019A:
1,000
5.000%,
6/01/49,
144A
6/26
at
100.00
N/R
1,051,000
1,600
5.000%,
6/01/58,
144A
6/26
at
100.00
N/R
1,675,568
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Arts
in
Action
Charter
Schools
-
Obligated
Group,
Series
2020A:
3,700
5.000%,
6/01/50,
144A
6/27
at
100.00
N/R
3,936,356
7,200
5.000%,
6/01/59,
144A
6/27
at
100.00
N/R
7,628,184
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
CIty
Charter
School
Obligated
Group,
Series
2016A:
2,520
5.000%,
6/01/42,
144A
6/26
at
100.00
N/R
2,659,684
2,930
5.000%,
6/01/52,
144A
6/26
at
100.00
N/R
3,073,570
805
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Classical
Academies
Project,
Series
2017A,
5.000%,
10/01/44,
144A
10/27
at
100.00
BBB-
898,283
1,550
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Classical
Academies
Vista
Project,
Series
2021A,
4.000%,
10/01/46,
144A
10/28
at
101.00
BBB-
1,659,337
600
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Coastal
Academy
Project,
Series
2013A,
5.000%,
10/01/42,
144A
10/22
at
100.00
BBB-
608,406
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Downtown
College
Prep
-
Obligated
Group,
Series
2016:
1,500
4.750%,
6/01/36,
144A
6/26
at
100.00
N/R
1,584,855
1,180
5.000%,
6/01/46,
144A
6/26
at
100.00
N/R
1,244,452
1,500
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Ivy
Academia,
Series
2021A,
4.000%,
6/01/51,
144A
6/28
at
103.00
N/R
1,494,780
675
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Kepler
Neighborhood
School,
Series
2017A,
5.750%,
5/01/37,
144A
5/27
at
100.00
N/R
730,228
43
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
$
915
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Larchmont
Charter
School
Project
,
Series
2018A,
5.000%,
6/01/43,
144A
6/27
at
100.00
N/R
$
993,470
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Lifeline
Education
Charter
School
Project,
Series
2020A:
820
5.000%,
7/01/45,
144A
7/28
at
100.00
BB+
891,684
1,240
5.000%,
7/01/55,
144A
7/28
at
100.00
BB+
1,337,427
2,500
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Rocketship
Education
?
Obligated
Group,
Series
2016A,
5.000%,
6/01/46,
144A
6/25
at
100.00
N/R
2,644,750
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Rocketship
Education
?
Obligated
Group,
Series
2017A:
950
5.125%,
6/01/47,
144A
6/26
at
100.00
N/R
1,017,355
1,000
5.250%,
6/01/52,
144A
6/26
at
100.00
N/R
1,073,760
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Rocketship
Public
Schools
?
Obligated
Group,
Series
2017G:
360
5.000%,
6/01/37,
144A
6/27
at
100.00
N/R
394,697
750
5.000%,
6/01/47,
144A
6/27
at
100.00
N/R
810,180
250
5.000%,
6/01/53,
144A
6/27
at
100.00
N/R
269,310
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Russell
Westbrook
Why
Not?
Academy;
Obligated
Group,
Series
2021A:
1,000
4.000%,
6/01/51,
144A
6/27
at
100.00
N/R
983,000
2,000
4.000%,
6/01/61,
144A
6/27
at
100.00
N/R
1,904,820
400
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Santa
Clarita
Valley
International
School
Project,
Series
2021A,
4.000%,
6/01/41,
144A
6/31
at
100.00
N/R
411,168
3,000
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Scholarship
Prep
Public
Schools
?
Obligated
Group,
Series
2020A,
5.000%,
6/01/60,
144A
6/28
at
100.00
N/R
2,934,690
575
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Scholarship
Prep
Public
Schools
?
Obligated
Group,
Series
2020B,
5.000%,
6/01/27,
144A
No
Opt.
Call
N/R
578,985
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Social
Bonds
? iLead
Lancaster
Project,
Series
2021A:
600
5.000%,
6/01/51,
144A
6/29
at
100.00
N/R
644,808
1,320
5.000%,
6/01/61,
144A
6/29
at
100.00
N/R
1,404,810
500
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Summit
Public
Schools
?
Obligated
Group,
Series
2017,
5.000%,
6/01/47,
144A
6/27
at
100.00
Baa3
551,050
California
School
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
New
Designs
Charter
School
Adams
Campus
Project,
Series
2019A:
750
5.000%,
6/01/40,
144A
6/27
at
100.00
BB+
815,453
1,060
5.000%,
6/01/50,
144A
6/27
at
100.00
BB+
1,141,344
California
School
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
New
Designs
Charter
School
Project,
Series
2014A:
1,000
5.750%,
6/01/34,
144A
6/24
at
100.00
BB+
1,070,540
1,500
6.000%,
6/01/44,
144A
6/24
at
100.00
BB+
1,609,185
California
School
Finance
Authority,
Educational
Facility
Revenue
Bonds,
Partnerships
to
Uplift
Communities
Valley
Project,
Series
2014:
1,605
6.400%,
8/01/34,
144A
2/24
at
100.00
BB
1,714,060
2,040
6.750%,
8/01/44,
144A
2/24
at
100.00
BB
2,185,901
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
44
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
California
School
Finance
Authority,
Educational
Facility
Revenue
Bonds,
River
Springs
Charter
School
Project,
Series
2017A:
$
3,710
5.000%,
7/01/47,
144A
7/27
at
100.00
Ba2
$
3,976,415
2,680
5.000%,
7/01/52,
144A
7/27
at
100.00
Ba2
2,866,367
California
School
finance
Authority,
School
Facility
Revenue
Bonds, ICEF
-
View
Park
Elementary
and
Middle
Schools,
Series
2014A:
575
5.625%,
10/01/34
10/24
at
100.00
BB
617,976
1,000
5.875%,
10/01/44
10/24
at
100.00
BB
1,075,490
520
6.000%,
10/01/49
10/24
at
100.00
BB
559,785
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2015A:
3,000
4.125%,
7/01/35,
144A
7/25
at
100.00
BBB
3,173,220
1,000
5.000%,
7/01/45,
144A
7/25
at
100.00
BBB
1,084,930
1,015
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alta
Public
Schools
Project,
Series
2014A,
6.500%,
11/01/34,
144A
11/24
at
100.00
N/R
1,083,208
680
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Granada
Hills
Charter
High
School
Obligated
Group,
Series
2021A,
4.000%,
7/01/48,
144A
7/28
at
100.00
BBB-
723,282
600
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
KIPP
LA
Projects,
Series
2014A,
5.000%,
7/01/34
7/24
at
100.00
BBB
641,790
250
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
KIPP
LA
Projects,
Series
2017A,
5.000%,
7/01/47,
144A
7/27
at
100.00
BBB
279,305
1,250
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Value
Schools,
Series
2013,
6.650%,
7/01/33
7/23
at
100.00
BB+
1,330,850
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Value
Schools,
Series
2016A:
625
5.250%,
7/01/31,
144A
7/26
at
100.00
BB+
697,006
1,355
6.000%,
7/01/51,
144A
7/26
at
100.00
BB+
1,538,901
3,500
California
State
University,
Systemwide
Revenue
Bonds,
Series
2021A,
3.000%,
11/01/52,
(UB)
(4)
11/31
at
100.00
AA-
3,505,250
1,000
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Buck
Institute
for
Research
on
Aging,
Tender
Option
Bond
Trust
2015-XF1035,
21.701%,
11/15/49,
(Pre-refunded
11/15/24)
-
AGM
Insured,
144A,
(IF)
(4)
11/24
at
100.00
AA
1,502,500
1,940
California
Statewide
Communities
Development
Authority,
School
Facility
Revenue
Bonds,
Children
of
Promise,
Series
2015A,
0.000%,
7/01/45,
144A
(5)
7/25
at
100.00
N/R
1,843,000
4,015
University
of
California,
General
Revenue
Bonds,
Limited
Project
Series
2018O,
4.000%,
5/15/48,
(UB)
(4)
5/28
at
100.00
AA-
4,463,315
1,250
University
of
California,
General
Revenue
Bonds,
Tender
Option
Bond
Trust
2016-XL0001,
17.540%,
5/15/39,
144A,
(IF)
(4)
5/23
at
100.00
AA
1,475,212
University
of
Puerto
Rico,
University
System
Revenue
Bonds,
Refunding
Series
2006P:
20
5.000%,
6/01/22
3/22
at
100.00
CC
19,950
10
5.000%,
6/01/23
3/22
at
100.00
CC
9,950
1,005
5.000%,
6/01/24
3/22
at
100.00
CC
997,462
580
5.000%,
6/01/30
3/22
at
100.00
CC
569,850
University
of
Puerto
Rico,
University
System
Revenue
Bonds,
Series
2006Q:
230
5.000%,
6/01/22
3/22
at
100.00
CC
229,425
125
5.000%,
6/01/30
3/22
at
100.00
CC
122,812
1,580
5.000%,
6/01/36
3/22
at
100.00
CC
1,552,350
216,050
Total
Education
and
Civic
Organizations
229,409,648
45
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
-
12.1%
Antelope
Valley
Healthcare
District,
California,
Revenue
Bonds,
Series
2016A:
$
1,195
5.000%,
3/01/26
No
Opt.
Call
Ba3
$
1,287,349
2,765
5.000%,
3/01/31
3/26
at
100.00
Ba3
3,003,979
5,160
5.250%,
3/01/36
3/26
at
100.00
Ba3
5,646,949
6,280
5.000%,
3/01/41
3/26
at
100.00
Ba3
6,761,488
10,600
5.000%,
3/01/46
3/26
at
100.00
Ba3
11,367,652
2,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B,
4.000%,
11/15/41,
(UB)
(4)
11/26
at
100.00
A
2,174,900
2,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2017A,
5.000%,
11/15/48,
(UB)
(4)
11/27
at
100.00
A
2,328,360
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Cedars-Sinai
Health
System,
Series
2021A:
5,850
4.000%,
8/15/48,
(UB)
(4)
8/31
at
100.00
N/R
6,583,590
5,000
3.000%,
8/15/51,
(UB)
(4)
8/31
at
100.00
N/R
4,940,400
420
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Children's
Hospital
Los
Angeles,
Series
2017A,
5.000%,
8/15/42
8/27
at
100.00
Baa2
484,315
1,570
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
El
Camino
Hospital,
Series
2017,
5.000%,
2/01/47,
(UB)
(4)
2/27
at
100.00
A1
1,790,020
625
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Kaiser
Permanante
System,
Tender
Option
Bond
Trust
2015-XF1002,
17.047%,
4/01/42,
144A,
(IF)
(4)
4/22
at
100.00
AA-
633,519
17,500
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Kaiser
Permanente
System,
Series
2017A-2,
4.000%,
11/01/44,
(UB)
(4)
11/27
at
100.00
AA-
19,285,525
1,220
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Lucile
Salter
Packard
Children's
Hospital,
Series
2012A,
5.000%,
8/15/51,
(UB)
(4)
8/22
at
100.00
A+
1,243,875
7,800
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Lucile
Salter
Packard
Children's
Hospital,
Series
2016B,
5.000%,
8/15/55,
(UB)
(4)
8/26
at
100.00
A+
8,836,386
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Lucile
Salter
Packard
Children's
Hospital,
Tender
Option
Bond
Trust
2015-XF0152:
260
17.715%,
8/15/43,
144A,
(IF)
(4)
8/24
at
100.00
A+
345,946
695
17.741%,
8/15/51,
144A,
(IF)
(4)
8/22
at
100.00
A+
749,418
3,675
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Lucile
Salter
Packard
Children's
Hosptial
at
Stanford,
Series
2017A,
5.000%,
11/15/56,
(UB)
(4)
11/27
at
100.00
A+
4,269,725
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Tender
Option
Bond
Trust
2015-XF0120:
45
22.077%,
10/01/38,
144A,
(IF)
(4)
10/24
at
100.00
AA-
65,143
35
22.077%,
10/01/38,
(Pre-refunded
10/01/24),
144A,
(IF)
(4)
10/24
at
100.00
N/R
50,666
795
22.101%,
10/01/44,
144A,
(IF)
(4)
10/24
at
100.00
AA-
1,127,668
3,600
22.182%,
10/01/44,
144A,
(IF)
(4)
10/24
at
100.00
AA-
5,112,144
California
Municipal
Finance
Authority,
Revenue
Bonds,
Clinicas
del
Camino
Real,
Inc.,
Series
2020:
2,535
4.000%,
3/01/40
3/30
at
100.00
BBB
2,799,020
5,750
4.000%,
3/01/50
3/30
at
100.00
BBB
6,236,278
California
Municipal
Finance
Authority,
Revenue
Bonds,
Community
Health
Centers
of
the
Central
Coast,
Inc.,
Series
2021A:
1,000
5.000%,
12/01/46,
144A
12/30
at
100.00
N/R
1,129,730
1,000
5.000%,
12/01/54,
144A
12/30
at
100.00
N/R
1,124,830
3,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Community
Health
System,
Series
2021A,
4.000%,
2/01/51,
(UB)
2/32
at
100.00
N/R
3,309,240
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2015:
200
5.000%,
11/01/35
11/24
at
100.00
BBB-
214,530
1,000
5.000%,
11/01/40
11/24
at
100.00
BBB-
1,070,360
1,250
5.000%,
11/01/44
11/24
at
100.00
BBB-
1,334,488
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
46
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A:
$
4,210
5.250%,
11/01/36
11/26
at
100.00
BBB-
$
4,783,654
2,955
5.250%,
11/01/41
11/26
at
100.00
BBB-
3,353,423
3,950
5.000%,
11/01/47
11/26
at
100.00
BBB-
4,375,020
2,270
5.250%,
11/01/47
11/26
at
100.00
BBB-
2,553,977
1,780
California
Public
Finance
Authority,
Revenue
Bonds,
Henry
Mayo
Newhall
Hospital,
Series
2017,
5.000%,
10/15/47
10/26
at
100.00
BBB-
1,998,726
19,300
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A,
5.500%,
12/01/54
12/24
at
100.00
BB-
21,127,903
1,795
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A,
5.250%,
12/01/56,
144A
6/26
at
100.00
BB-
2,017,957
315
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2018A,
5.250%,
12/01/48,
144A
6/28
at
100.00
BB-
365,356
6,250
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Emanate
Health,
Series
2020A,
3.000%,
4/01/50,
(UB)
(4)
4/30
at
100.00
A
6,074,000
1,015
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Huntington
Memorial
Hospital,
Series
2018,
4.000%,
7/01/48
7/28
at
100.00
A-
1,106,584
9,000
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
John
Muir
Health,
Series
2016A,
5.000%,
8/15/51,
(UB)
(4)
8/26
at
100.00
A+
10,150,650
1,035
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Marin
General
Hospital,
Green
Series
2018A,
4.000%,
8/01/45,
(UB)
(4)
8/23
at
100.00
BBB+
1,054,624
2,000
California
Statewide
Community
Development
Authority,
Certificates
of
Participation,
Methodist
Hospital
of
Southern
California,
Series
2018,
4.250%,
1/01/43
1/28
at
100.00
BBB+
2,176,080
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A:
312
5.750%,
7/01/24
(5),(6)
1/22
at
100.00
N/R
274,921
181
5.750%,
7/01/30
(5),(6)
1/22
at
100.00
N/R
159,144
195
5.750%,
7/01/35
(5),(6)
1/22
at
100.00
N/R
171,922
816
5.500%,
7/01/39
(5),(6)
1/22
at
100.00
N/R
718,666
16
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005H,
5.750%,
7/01/25
(5),(6)
1/22
at
100.00
N/R
14,327
Palomar
Pomerado
Health
Care
District,
California,
Certificates
of
Participation,
Series
2017:
875
4.000%,
11/01/38
11/27
at
100.00
Ba1
954,345
5,925
4.000%,
11/01/47
11/27
at
100.00
Ba1
6,388,868
Palomar
Pomerado
Health
System,
California,
Revenue
Bonds,
Refunding
Series
2016:
1,085
5.000%,
11/01/36
11/26
at
100.00
Ba1
1,231,703
2,090
5.000%,
11/01/39
11/26
at
100.00
Ba1
2,366,904
1,000
Upland,
California,
Certificates
of
Participation,
San
Antonio
Regional
Hospital,
Series
2017,
4.000%,
1/01/42
1/28
at
100.00
Baa3
1,082,030
200
Washington
Township
Health
Care
District,
California,
Revenue
Bonds,
Series
2017A,
5.000%,
7/01/42
7/27
at
100.00
Baa2
228,234
163,395
Total
Health
Care
180,036,511
Housing/Multifamily
-
14.4%
5,000
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Creekwood,
Series
2021A,
4.000%,
2/01/56,
144A
8/31
at
100.00
N/R
4,825,150
1,985
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Ester
Apartments,
Series
2021A-2,
4.000%,
2/01/43,
144A
8/31
at
100.00
N/R
1,908,637
4,000
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Exchange
at
Bayfront
Apartments,
Junior
Series
2021A-
2,
4.000%,
8/01/51,
144A
8/32
at
100.00
N/R
3,550,200
47
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Multifamily
(continued)
$
1,500
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Fountains
at
Emerald
Park,
Junior
Lien
Series
2021A-2,
4.000%,
8/01/46,
144A
8/31
at
100.00
N/R
$
1,360,500
4,980
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Glendale
Properties,
Junior
Series
2021A-2,
4.000%,
8/01/47,
144A
8/31
at
100.00
N/R
4,640,762
3,330
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
K
Street
Flats,
Series
2021A-1,
3.000%,
2/01/57,
144A
8/32
at
100.00
N/R
2,690,174
2,000
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
K
Street
Flats,
Series
2021A-2,
4.000%,
8/01/50,
144A
8/32
at
100.00
N/R
1,758,840
8,530
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Mira
Vista
Hills Apartments,
Series
2021A,
4.000%,
2/01/56,
144A
8/31
at
100.00
N/R
8,177,796
9,460
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A,
5.000%,
2/01/50,
144A
2/30
at
100.00
N/R
9,682,972
25,685
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Stoneridge
Apartments,
Series
2021A,
4.000%,
2/01/56,
144A
2/31
at
100.00
N/R
24,536,110
1,600
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Summit
at
Sausalito
Apartments,
Series
2021A-2,
4.000%,
2/01/50,
144A
8/32
at
100.00
N/R
1,415,440
1,000
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Verdant
at
Green
Valley
Apartments,
Series
2019A,
5.000%,
8/01/49,
144A
8/29
at
100.00
N/R
1,039,490
California
Enterprise
Development
Authority,
Student
Housing
Revenue
Bonds,
Provident
Group
-
SDSU
Properties
LLC
-M@College
Project,
Series
2020A:
1,000
5.000%,
8/01/55
8/30
at
100.00
Baa3
1,146,920
1,205
5.000%,
8/01/57
8/30
at
100.00
Baa3
1,377,219
1,585
California
Housing
Finance
Agency,
Multifamily
Housing
Revenue
Bonds,
Redwood
Gardens
Apartments,
Subordinate
Lien
Series
2021N-S,
4.000%,
3/01/37,
144A
3/31
at
100.00
N/R
1,486,048
2,000
California
Housing
Finance
Agency,
Multifamily
Housing
Revenue
Bonds,
Series
2014A-III,
4.600%,
8/01/39
2/24
at
100.00
Aa3
2,084,860
7,248
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2021-1,
3.500%,
11/20/35
No
Opt.
Call
BBB+
7,749,089
1,469
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series2019-1,
4.250%,
1/15/35
No
Opt.
Call
BBB+
1,660,453
240
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Caritas
Affordable
Housing
Inc
Projects,
Senior
Series
2014A,
5.250%,
8/15/49
8/24
at
100.00
A-
253,594
1,270
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Caritas
Affordable
Housing
Inc
Projects,
Series
2014B,
5.875%,
8/15/49
8/24
at
100.00
N/R
1,326,286
470
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Caritas
Projects,
Subordinate
Series
2021B,
4.000%,
8/15/51
8/31
at
100.00
N/R
466,639
2,375
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Royal
York
Estates
Projects
Series
2020A,
4.000%,
2/15/55
2/30
at
100.00
N/R
2,290,593
California
Public
Finance
Authority,
University
Housing
Revenue
Bonds,
National
Campus
Community
Development
-
Claremont
Properties
LLC
Claremont
Colleges
Project,
Series
2017A:
890
5.000%,
7/01/37,
144A
7/27
at
100.00
Caa2
762,490
1,975
5.000%,
7/01/47,
144A
7/27
at
100.00
Caa2
1,663,345
1,500
California
Statewide
Communities
Development
Authority,
4.000%,
5/15/46,
(UB)
(4)
5/31
at
100.00
AA
1,655,325
450
California
Statewide
Communities
Development
Authority,
College
Housing
Revenue
Bonds,
National
Campus
Community
Development
-
Hooper
Street
LLC
Project,
Series
2019,
5.250%,
7/01/52,
144A
7/29
at
100.00
B
464,603
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
48
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Multifamily
(continued)
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Lancer
Educational
Student
Housing
Project,
Refunding
Series
2016A:
$
4,600
5.000%,
6/01/36,
144A
6/26
at
100.00
N/R
$
5,072,190
2,090
5.000%,
6/01/46,
144A
6/26
at
100.00
N/R
2,282,447
1,000
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Subordinate
Series
2021B,
8.000%,
4/01/56,
144A
4/31
at
100.00
N/R
921,550
1,000
CMFA
Special
Finance
Agency
VII,
California,
Essential
Housing
Revenue
Bonds,
Junior
Lien
Series
2021A-2,
4.000%,
8/01/47,
144A
8/31
at
100.00
N/R
887,500
4,000
CMFA
Special
Finance
Agency
VII,
California,
Essential
Housing
Revenue
Bonds,
Senior
Lien
Series
2021A-1,
3.000%,
8/01/56,
144A
8/31
at
100.00
N/R
3,422,640
3,350
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Latitude
33,
Senior
Series
2021A-1,
3.000%,
12/01/56,
144A
12/31
at
100.00
N/R
2,723,852
2,000
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Latitude
33,
Senior
Series
2021A-2,
4.000%,
12/01/45,
144A
12/31
at
100.00
N/R
1,803,480
5,000
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Solana
at
Grand,
Junior
Series
2021A-2,
4.000%,
8/01/45,
144A
2/32
at
100.00
N/R
4,492,950
4,665
CMFA
Special
Financing
Agency
VIII,
California,
Essential
Housing
Revenue
Bonds,
Elan
Huntington
Beach,
Junior
Lien
Series
2021A-2,
4.000%,
8/01/47,
144A
8/31
at
100.00
N/R
4,202,605
3,000
CMFA
Special
Financing
Agency
VIII,
California,
Essential
Housing
Revenue
Bonds,
Elan
Huntington
Beach,
Senior
Lien
Series
2021A-1,
3.000%,
8/01/56,
144A
8/31
at
100.00
N/R
2,490,870
2,905
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
1818
Platinum
Triangle-Anaheim,
Mezzanine
Lien
Series
2021B,
4.000%,
4/01/57,
144A
4/32
at
100.00
N/R
2,557,039
3,225
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
1818
Platinum
Triangle-Anaheim,
Social
Bond
Series
2021A-2,
3.250%,
4/01/57,
144A
4/32
at
100.00
N/R
2,842,902
2,250
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-1,
3.600%,
5/01/47,
144A
5/32
at
100.00
N/R
2,156,265
2,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Mezzanine
Lien
Series
2021B,
4.000%,
10/01/46,
144A
10/31
at
100.00
N/R
1,827,100
10,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Senior
Lien
Series
2021A,
4.000%,
10/01/56,
144A
10/31
at
100.00
N/R
10,102,900
6,215
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Altana
Glendale,
Series
2021A-2,
4.000%,
10/01/56,
144A
10/31
at
100.00
N/R
6,033,336
3,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Center
City
Anaheim,
Series
2020A,
5.000%,
1/01/54,
144A
1/31
at
100.00
N/R
3,164,040
1,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Dublin
Mezzanine
Lien
Series
2021B,
4.000%,
2/01/57,
144A
2/32
at
100.00
N/R
868,140
2,500
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Dublin
Social
Senior
Lien
Series
2021A-2,
3.000%,
2/01/57,
144A
2/32
at
100.00
N/R
2,108,700
2,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Jefferson-Anaheim
Series
2021A-2,
3.125%,
8/01/56,
144A
8/31
at
100.00
N/R
1,674,400
6,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Link-Glendale,
Series
2021A-2,
4.000%,
7/01/56,
144A
7/31
at
100.00
N/R
5,740,500
2,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Millennium
South
Bay-Hawthorne,
Series
2021A-1
and
A-2,
3.250%,
7/01/56,
144A
7/32
at
100.00
N/R
1,750,200
1,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-1,
3.400%,
10/01/46,
144A
10/31
at
100.00
N/R
945,630
49
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Multifamily
(continued)
$
5,215
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-2,
4.000%,
10/01/56,
144A
10/31
at
100.00
N/R
$
5,239,615
2,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Series
2021B,
4.000%,
7/01/58,
144A
7/32
at
100.00
N/R
1,643,400
3,615
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Oceanaire-Long
Beach,
Social
Series
2021A-2,
4.000%,
9/01/56,
144A
9/31
at
100.00
N/R
3,632,027
2,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Orange
City
Portfolio,
Mezzanine
Lien
Series
2021B,
4.000%,
3/01/57,
144A
3/32
at
100.00
N/R
1,713,020
3,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Parallel-Anaheim
Series
2021A,
4.000%,
8/01/56,
144A
8/31
at
100.00
N/R
2,870,670
2,500
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Mezzanine
Senior
Series
2021B,
4.000%,
12/01/56,
144A
12/31
at
100.00
N/R
2,212,350
2,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Series
2021A-2,
3.000%,
12/01/56
12/31
at
100.00
N/R
1,692,700
3,525
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Renaissance
at
City
Center,
Series
2020A,
5.000%,
7/01/51,
144A
7/31
at
100.00
N/R
3,726,630
4,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Union
South
Bay,
Series
2021A-2,
4.000%,
7/01/56,
144A
7/31
at
100.00
N/R
4,018,400
2,625
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Vineyard
Gardens
Apartments,
Senior
Lien
Series
2021A,
3.250%,
10/01/58,
144A
4/32
at
100.00
N/R
2,292,071
3,690
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Waterscape
Apartments,
Mezzanine
Lien
Series
2021B,
4.000%,
9/01/46,
144A
9/31
at
100.00
N/R
3,336,424
2,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Waterscape
Apartments,
Senior
Lien
Series
2021A,
3.000%,
9/01/56,
144A
9/31
at
100.00
N/R
1,670,180
2,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Mezzanine
Lien
Series
2021B,
4.000%,
6/01/57,
144A
6/31
at
100.00
N/R
1,747,520
5,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Mezzanine
Lien
Series
2021A-2,
4.000%,
12/01/58
6/32
at
100.00
N/R
4,759,400
2,145
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Mezzanine
Lien
Series
2021B,
4.000%,
12/01/59
6/32
at
100.00
N/R
1,646,352
3,430
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
12/01/49
6/32
at
100.00
N/R
2,778,540
Independent
Cities
Finance
Authority,
California,
Mobile
Home
Park
Revenue
Bonds,
Augusta
Communities
Mobile
Home
Park,
Series
2012A:
740
5.000%,
5/15/39
5/22
at
100.00
A+
743,219
1,010
5.000%,
5/15/47
5/22
at
100.00
A+
1,013,939
1,000
Independent
Cities
Finance
Authority,
California,
Mobile
Home
Park
Revenue
Bonds,
Palomar
Estates
West,
Refunding
Series
2015,
5.000%,
9/15/36
9/25
at
100.00
N/R
1,057,310
1,340
Independent
Cities
Finance
Authority,
California,
Mobile
Home
Park
Revenue
Bonds,
Rancho
Feliz
and
Las
Casitas
De
Sonoma,
Refunding
Series
2012,
5.000%,
10/15/47
10/22
at
100.00
A-
1,359,028
1,000
Independent
Cities
Finance
Authority,
California,
Mobile
Home
Park
Revenue
Bonds,
Vista
De
Santa
Barbara
Mobilehome
Park,
Refunding
Series
2021A,
3.000%,
9/15/56
9/31
at
100.00
A-
950,000
315
La
Verne,
California,
Mobile
Home
Park
Revenue
Bonds,
Copacabana
Mobile
Home
Park,
Refunding
Series
2014,
5.000%,
6/15/49
6/24
at
100.00
A+
335,777
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
50
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Multifamily
(continued)
$
2,110
Palmdale
Housing
Authority,
California,
Multifamily
Housing
Revenue
Bonds,
Impression,
La
Quinta,
Park
Vista
&
Summerwood
Apartments,
Series
2015,
5.250%,
6/01/45
6/25
at
100.00
N/R
$
2,146,313
425
Santa
Clara
County
Housing
Authority,
California,
Multifamily
Housing
Revenue
Bonds,
Blossom
River
Project,
Series
1998A,
6.500%,
9/01/39,
(AMT)
3/22
at
100.00
N/R
425,514
455
Wilson
County
Health
and
Educational
Facilities
Board,
Tennessee,
Senior
Living
Revenue
Bonds,
Rutland
Place
Inc.
Project,
Series
2015A,
5.500%,
1/01/46
3/22
at
100.00
N/R
375,006
224,687
Total
Housing/Multifamily
213,430,176
Industrials
-
0.0%
2,830
California
Pollution
Control
Financing
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Aemerge
Redpak
Services,
LLC.,
Series
2016,
7.000%,
12/01/27,
(AMT),
144A
(5)
12/23
at
102.00
N/R
283,000
Long-Term
Care
-
0.4%
2,575
California
Municipal
Finance
Authority,
Revenue
Bonds,
HealthRIGHT
360,
Social
Bond
Series
2019A,
5.000%,
11/01/49,
144A
11/29
at
100.00
N/R
2,792,510
3,700
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
899
Charleston
Project,
Refunding
Series
2014A,
5.250%,
11/01/44,
144A
11/24
at
100.00
N/R
3,848,777
6,275
Total
Long-Term
Care
6,641,287
Tax
Obligation/General
-
27.4%
6,050
Allan
Hancock
Joint
Community
College
District,
California,
General
Obligation
Bonds,
Election
2006
Series
2012C,
0.000%,
8/01/42,
(UB)
(4)
8/35
at
100.00
AA
5,574,047
3,595
Alvord
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
2007
Election
Series
2011B,
0.000%,
8/01/43
-
AGM
Insured
No
Opt.
Call
A2
1,873,355
8,200
Anaheim
Elementary
School
District,
Orange
County,
California,
General
Obligation
Bonds,
Election
2016,
Series
2018A,
4.000%,
8/01/48,
(UB)
(4)
8/27
at
100.00
Aa3
8,975,474
10,000
Antelope
Valley
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2016
Series
2020B,
3.000%,
8/01/50,
(UB)
(4)
8/30
at
100.00
AA
10,035,500
1,000
Aromas-San
Juan
Unified
School
District,
San
Benito,
Santa
Cruz
and
Monterey
Counties,
California,
General
Obligation
Bonds,
Series
2013B,
0.000%,
8/01/52
-
AGM
Insured
(7)
8/37
at
100.00
AA
818,830
Bakersfield
City
School
District,
Kern
County,
California,
General
Obligation
Bonds,
Series
2012C:
1,700
0.000%,
5/01/37
(7)
No
Opt.
Call
A+
1,398,318
6,925
0.000%,
5/01/42
(7)
5/40
at
100.00
A+
6,236,447
5,500
0.000%,
5/01/47
(7)
5/40
at
100.00
A+
4,872,505
1,250
California
State,
General
Obligation
Bonds,
Tender
Option
Bond
Trust
2015-XF1039,
17.857%,
10/01/44,
144A,
(IF)
(4)
10/24
at
100.00
AA-
1,671,362
1,500
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2015,
5.000%,
3/01/45,
(UB)
(4)
3/25
at
100.00
AA-
1,648,125
5,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2017,
5.000%,
8/01/46,
(UB)
(4)
8/26
at
100.00
AA-
5,684,250
3,500
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2020,
4.000%,
3/01/50,
(UB)
(4)
3/30
at
100.00
AA-
3,923,745
California
State,
General
Obligation
Bonds,
Various
Purpose,
Tender
Option
Bond
Trust
2015-XF1041:
1,005
13.779%,
11/01/44,
144A,
(IF)
(4)
11/24
at
100.00
AA-
1,245,667
1,250
13.796%,
11/01/44,
144A,
(IF)
(4)
11/24
at
100.00
AA-
1,549,713
545
13.796%,
11/01/44,
144A,
(IF)
(4)
11/24
at
100.00
AA-
675,675
750
13.796%,
11/01/44,
144A,
(IF)
(4)
11/24
at
100.00
AA-
929,827
3,000
Carlsbad
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Election
of
2018
Series
2021B,
3.000%,
8/01/46,
(UB)
(4)
8/31
at
100.00
AA
3,044,040
51
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
4,610
Central
Unified
School
District,
Fresno
County,
California,
General
Obligation
Bonds,
2008
Election
Series
2013B,
0.000%,
8/01/37
8/22
at
44.31
A2
$
2,036,283
3,800
Central
Unified
School
District,
Fresno
County,
California,
General
Obligation
Bonds,
2016
Election
Series
2018B,
4.000%,
8/01/48,
(UB)
(4)
8/26
at
100.00
Aa3
4,097,236
3,405
Coachella
Valley
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Election
2005
Series
2012D,
0.000%,
8/01/39
-
AGM
Insured
No
Opt.
Call
A1
2,094,790
College
of
the
Sequoias
Community
College
District,
King
and
Tulare
Counties,
California,
General
Obligation
Bonds,
College
of
the
Sequoias
Tulare
Area
Improvement
District
3,
Election
of
2008,
Series
2021E:
1,160
4.000%,
8/01/46,
(UB)
(4)
8/29
at
100.00
Aa3
1,299,478
3,840
3.000%,
8/01/51,
(UB)
(4)
8/29
at
100.00
Aa3
3,849,677
11,090
Cupertino
Union
School
District,
Santa
Clara
County,
California,
General
Obligation
Bonds,
Election
2012,
Series
2016C,
4.000%,
8/01/40,
(UB)
(4)
8/26
at
100.00
AA+
12,030,543
1,115
Denair
Unified
School
District,
Stanislaus
County,
California,
General
Obligation
Bonds,
Series
2002A,
0.000%,
8/01/26
-
FGIC
Insured
No
Opt.
Call
Baa2
1,021,987
2,640
Elk
Grove
Unified
School
District,
Sacramento
County,
California,
General
Obligation
Bonds,
Election
of
2016,
Series
2017,
4.000%,
8/01/46,
(UB)
(4)
8/26
at
100.00
Aa2
2,847,662
5,500
Fontana
Unified
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
Election
2006
Series
2020,
2.375%,
8/01/44
-
AGM
Insured,
(UB)
(4)
8/28
at
100.00
Aa3
5,035,855
5,000
Fresno
Unified
School
District,
Fresno
County,
California,
General
Obligation
Bonds,
Crossover
Refunding
Series
2016B,
4.000%,
8/01/46,
(UB)
(4)
8/26
at
100.00
Aa3
5,395,500
5,000
Gilroy
Unified
School
District,
Santa
Clara
County,
California,
General
Obligation
Bonds,
Election
of
2008
&
2016,
Series
2019,
4.000%,
8/01/48,
(UB)
(4)
8/27
at
100.00
Aa3
5,534,900
4,560
Hartnell
Community
College
District,
Monterey
County,
California,
General
Obligation
Bonds,
Election
2016
Series
2017A,
4.000%,
8/01/47,
(UB)
(4)
8/27
at
100.00
AA
5,028,084
1,000
Illinois
State,
General
Obligation
Bonds,
November
Series
2017D,
5.000%,
11/01/27
No
Opt.
Call
BBB-
1,150,070
1,205
Jamul
Dulzura
Union
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Election
1995
Series
2004A,
0.000%,
11/01/28
-
NPFG
Insured
No
Opt.
Call
Baa2
1,041,819
9,175
Lake
Tahoe
Unified
School
District,
El
Dorado
County,
California,
General
Obligation
Bonds,
Series
2010,
0.000%,
8/01/45
-
AGM
Insured
(7)
No
Opt.
Call
A1
9,003,061
2,000
Livermore
Valley
Joint
Unified
School
District,
Alameda
County,
California,
General
Obligation
Bonds,
Election
of
2016
Measure
J,
Series
2019,
4.000%,
8/01/46,
(UB)
(4)
8/26
at
100.00
Aa3
2,174,040
3,660
Lodi
Unified
School
District,
San
Joaquin
County,
California,
General
Obligation
Bonds,
Election
2016
Series
2021,
3.000%,
8/01/46,
(UB)
(4)
8/30
at
100.00
Aa2
3,714,168
6,235
Long
Beach
Community
College
District,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2008
Series
2008A,
0.000%,
6/01/30
-
AGM
Insured
No
Opt.
Call
AA
5,195,438
12,000
Long
Beach
Community
College
District,
California,
General
Obligation
Bonds,
Refunding
2008
Election
Series
2012B,
0.000%,
8/01/49,
(UB)
(4)
8/42
at
100.00
AA
10,614,000
12,075
Long
Beach
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2008,
Series
2019F,
3.000%,
8/01/47,
(UB)
(4)
8/29
at
100.00
AA-
12,156,386
3,500
Long
Beach
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2016,
Series
2019B,
3.000%,
8/01/48,
(UB)
(4)
8/29
at
100.00
AA-
3,515,715
3,725
Lynwood
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2012
Series
2021E,
3.000%,
8/01/48
-
BAM
Insured,
(UB)
(4)
8/31
at
100.00
AA
3,776,368
2,625
Magnolia
School
District,
Orange
County,
California,
General
Obligation
Bonds,
Election
2010
Series
2011,
0.000%,
8/01/36
No
Opt.
Call
A+
1,661,783
10,900
Marin
Healthcare
District,
Marin
County,
California,
General
Obligation
Bonds,
2013
Election,
Series
2017A,
4.000%,
8/01/47,
(UB)
(4)
8/27
at
100.00
Aa2
12,002,426
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
52
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
1,000
Montebello
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
1998
Series
2004,
0.000%,
8/01/26
-
FGIC
Insured
No
Opt.
Call
Baa2
$
916,580
5,000
Montebello
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2016
Series
2016A,
4.000%,
8/01/46,
(UB)
(4)
8/26
at
100.00
A1
5,259,450
7,000
Mount
San
Antonio
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2018,
Series
2019A,
4.000%,
8/01/49,
(UB)
(4)
8/29
at
100.00
AA
7,871,640
6,060
New
Haven
Unified
School
District,
Alameda
County,
California,
General
Obligation
Bonds,
Election
of
2014,
Series
2020C,
3.000%,
8/01/49,
(UB)
(4)
8/28
at
100.00
Aa3
6,115,631
650
Newman-Crows
Landing
Unified
School
District,
Stanislaus
County,
California,
General
Obligation
Bonds,
2008
Election,
Series
2010B,
0.000%,
8/01/49
-
AGM
Insured
(7)
No
Opt.
Call
Aa3
671,378
2,000
Northern
Inyo
County
Local
Hospital
District,
California,
General
Obligation
Bonds,
Election
2005
Series
2009,
0.000%,
11/01/38
No
Opt.
Call
AA
1,156,600
9,365
Norwalk
La
Mirada
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2014
Series
2019D,
3.000%,
8/01/43,
(UB)
(4)
8/29
at
100.00
Aa3
9,538,814
6,750
Norwalk
La
Mirada
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2014
Series
2021E,
3.000%,
8/01/50,
(UB)
(4)
8/31
at
100.00
Aa3
6,776,460
15,000
Oakland,
California,
General
Obligation
Bonds,
Measure
KK
Series
2020B-
1,
3.000%,
1/15/50,
(UB)
(4)
1/30
at
100.00
AA
15,029,100
2,250
Orland
Joint
Unified
School
District,
Glenn
and
Tehama
Counties,
California,
General
Obligation
Bonds,
2008
Election,
Series
2012B,
0.000%,
8/01/51
(7)
8/37
at
100.00
AA
2,011,792
5,205
Paramount
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2006
Series
2011,
0.000%,
8/01/42
No
Opt.
Call
A+
2,702,124
1,350
Paso
Robles
Joint
Unified
School
District,
San
Luis
Obispo
and
Monteray
Counties,
California,
General
Obligation
Bonds,
Election
2006
Series
2010A,
0.000%,
9/01/34
No
Opt.
Call
Aa3
990,792
2,000
Perris
Union
High
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
2012
Election,
Series
2021C,
3.000%,
9/01/45,
(UB)
(4)
9/29
at
100.00
Aa3
2,030,440
5,000
Pittsburg
Unified
School
District,
Contra
Costa
County,
California,
General
Obligation
Bonds,
Refunding
Series
2016,
4.000%,
8/01/40,
(UB)
(4)
8/26
at
100.00
A1
5,430,700
6,225
Placentia-Yorba
Linda
Unified
School
District,
Orange
County,
California,
General
Obligation
Bonds,
Series
2011D,
0.000%,
8/01/46
No
Opt.
Call
AA-
2,845,510
2,000
Pomona
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
2016
Election,
Series
2021F,
3.000%,
8/01/48
-
BAM
Insured,
(UB)
(4)
8/31
at
100.00
Aa3
2,027,580
5,050
Pomona
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2016
Series
2020D,
2.500%,
8/01/48
-
AGM
Insured,
(UB)
(4)
8/30
at
100.00
Aa3
4,686,148
5,000
Poway
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
School
Facilities
Improvement
District
2007-1,
Series
2011A,
0.000%,
8/01/46,
(UB)
(4)
No
Opt.
Call
AA-
2,243,250
1,000
Puerto
Rico,
General
Obligation
Bonds,
Public
Improvement
Series
2001,
2.140%,
7/01/31
(5)
3/22
at
100.00
N/R
998,750
4,700
Puerto
Rico,
General
Obligation
Bonds,
Public
Improvement
Series
2004A,
2.140%,
7/01/33
(5)
3/22
at
100.00
N/R
4,705,875
1,425
Puerto
Rico,
General
Obligation
Bonds,
Public
improvement
Series
2007A,
2.140%,
7/01/22
(5)
No
Opt.
Call
N/R
1,423,219
5,000
Puerto
Rico,
General
Obligation
Bonds,
Refunding
Public
Improvement
Series
2008A,
2.140%,
7/01/32
(5)
3/22
at
100.00
N/R
4,975,000
29,850
Puerto
Rico,
General
Obligation
Bonds,
Series
2014A,
1.990%,
7/01/35
(5)
3/22
at
100.00
N/R
26,902,312
4,725
River
Delta
Unified
School
District,
Sacramento
and
Solano
Counties,
California,
General
Obligation
Bonds,
School
Faciliteis
Improvement
District
2,
Election
2004
Series
2008,
0.000%,
4/01/48
-
AGM
Insured
No
Opt.
Call
AA
1,994,422
53
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
1,215
Rohnerville
School
District,
Humboldt
County,
California,
General
Obligation
Bonds,
Election
2010,
Series
2012B,
0.000%,
8/01/47
-
AGM
Insured
No
Opt.
Call
AA
$
535,305
3,000
San
Bernardino
Community
College
District,
California,
General
Obligation
Bonds,
Election
of
2008
Series
2009B,
0.000%,
8/01/44
No
Opt.
Call
AA
1,456,380
8,860
San
Diego
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Dedicated
Unlimited
Ad
Valorem
Property
Tax,
2012
Election
Series
2020M-2,
3.000%,
7/01/50,
(UB)
(4)
7/30
at
100.00
Aa2
8,891,099
4,400
San
Diego
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Dedicated
Unlimited
Ad
Valorem
Property
Tax,
2018
Election
Series
2019C-2,
3.000%,
7/01/44,
(UB)
(4)
7/29
at
100.00
Aa2
4,473,744
San
Diego
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Election
of
2012
Series
2013C:
10,000
4.000%,
7/01/42,
(UB)
(4)
7/23
at
100.00
AA-
10,395,200
1,990
San
Diego
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Refunding
Series
2012R-2,
0.000%,
7/01/41
(7)
7/40
at
100.00
AA-
2,222,193
15,000
San
Diego
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Refunding
Series
2012R-2,
0.000%,
7/01/41,
(UB)
(4),(7)
7/40
at
100.00
AA-
16,750,200
1,980
San
Diego
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Tender
Option
Bond
2016-XF2355,
Formerly
Tender
Option
Bond
Trust
Series
3330,
13.573%,
7/01/38,
144A,
(IF)
(4)
7/23
at
100.00
AA-
2,293,038
5,500
Sanger
Unified
School
District,
Fresno
County,
California,
General
Obligation
Bonds,
Election
of
2018,
Series
2020B,
3.000%,
8/01/48,
(UB)
(4)
8/29
at
100.00
AA
5,561,325
2,500
Santa
Barbara
Secondary
High
School
District,
Santa
Barbara
County,
California,General
Obligation
Bonds, Election
2010
Series
2011A,
0.000%,
8/01/40,
(UB)
(4)
No
Opt.
Call
AA
1,446,900
10,000
Santa
Clara
Unified
School
District,
Santa
Clara
County,
California,
General
Obligation
Bonds,
Election
of
2018,
Series
2019,
4.000%,
7/01/48,
(UB)
(4)
7/26
at
100.00
AA+
10,965,500
7,655
Savanna
Elementary
School
District,
Orange
County,
California,
General
Obligation
Bonds,
Election
2008
Series
2012B,
0.000%,
2/01/52
-
AGM
Insured
(7)
No
Opt.
Call
A2
7,693,428
4,955
Selma
Unified
School
District,
Fresno
County,
California,
General
Obligation
Bonds,
Election
2016
Series
2020C,
3.000%,
8/01/49,
(UB)
(4)
8/30
at
100.00
AA
5,013,073
Southwestern
Community
College
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Election
of
2008,
Series
2011C:
1,500
0.000%,
8/01/41
No
Opt.
Call
AA-
881,850
5,730
0.000%,
8/01/46
No
Opt.
Call
AA-
2,619,412
13,000
0.000%,
8/01/46,
(UB)
(4)
No
Opt.
Call
AA-
5,942,820
10,000
Sunnyvale
School
District,
Santa
Clara
County,
California,
General
Obligation
Bonds,
Election
2013
Series
2019C,
3.000%,
9/01/44,
(UB)
(4)
9/27
at
100.00
Aa1
10,154,500
5,000
Temecula
Valley
Unified
School
District,
3.000%,
8/01/44,
(UB)
(4)
8/29
at
100.00
Aa1
5,084,700
1,880
Walnut
Valley
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2000
Series
2003D,
0.000%,
8/01/28
-
FGIC
Insured
No
Opt.
Call
AA-
1,662,352
2,250
West
Hills
Community
College
District,
California,
General
Obligation
Bonds,
School
Facilities
Improvement
District
3,
2008
Election
Series
2011,
0.000%,
8/01/38
-
AGM
Insured
(7)
8/31
at
100.00
A2
2,509,582
5,155
Yosemite
Community
College
District,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2004,
Series
2010D,
0.000%,
8/01/42,
(UB)
(4),(7)
No
Opt.
Call
AA-
4,967,719
435,765
Total
Tax
Obligation/General
407,258,036
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
54
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
-
33.0%
$
1,000
Adelanto
Community
Facilities
District
Number
2006-2,
San
Bernadino
County,
California,
Special
Tax
Bonds,
Series
2015A,
5.000%,
9/01/45
9/25
at
100.00
N/R
$
1,081,340
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C:
330
0.000%,
9/01/28
-
AGM
Insured
No
Opt.
Call
A2
290,281
240
0.000%,
9/01/30
-
AGM
Insured
No
Opt.
Call
A2
199,829
4,475
0.000%,
9/01/34
-
AGM
Insured
No
Opt.
Call
A2
3,308,726
1,985
0.000%,
9/01/35
-
AGM
Insured
No
Opt.
Call
AA
1,422,312
2,590
Beaumont
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Improvement
Area
7A-1,
Series
2015A,
5.000%,
9/01/45
9/25
at
100.00
N/R
2,815,149
Beaumont,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-1
Fairway
Canyon,
Series
2019:
300
5.000%,
9/01/44
9/25
at
103.00
N/R
332,619
400
5.000%,
9/01/49
9/25
at
103.00
N/R
442,112
Beaumont,
California,
Special
Tax
Bonds,
Community
Facilities
District
93-1
Improvement
Area
17C,
Series
2018:
750
5.000%,
9/01/43
9/25
at
103.00
N/R
833,265
1,115
5.000%,
9/01/48
9/25
at
103.00
N/R
1,234,784
1,035
Beaumont,
California,
Special
Tax
Bonds,
Community
Facilities
District
93-1
Improvement
Area
8D,
Series
2018A,
5.000%,
9/01/48
9/25
at
103.00
N/R
1,145,445
1,900
Blythe
Redevelopment
Agency
Successor
Agency,
California,
Tax
Allocation
Bonds,
Redevelopment
Project
1,
Refunding
Series
2015,
5.000%,
5/01/38
11/25
at
100.00
N/R
2,078,258
Brea
Redevelopment
Agency,
Orange
County,
California,
Tax
Allocation
Bonds,
Project
Area
AB,
Series
2003:
1,500
0.000%,
8/01/28
-
AMBAC
Insured
No
Opt.
Call
AA-
1,309,605
2,300
0.000%,
8/01/29
-
AMBAC
Insured
No
Opt.
Call
AA-
1,952,033
6,710
0.000%,
8/01/30
-
AMBAC
Insured
No
Opt.
Call
AA-
5,529,577
1,700
Brentwood
Infrastructure
Financing
Authority,
California,
Infrastructure
Revenue
Bonds,
Refunding
Subordinated
Series
2014B,
5.000%,
9/02/36
9/24
at
100.00
N/R
1,811,333
5,600
California
Community
College
Financing
Authority,
Lease
Revenue
Bonds,
Refunding
Series
2003,
0.000%,
6/01/33
-
AMBAC
Insured
No
Opt.
Call
AA+
3,742,536
1,450
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2020A,
4.000%,
9/01/45
9/26
at
103.00
N/R
1,549,340
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2020B:
1,070
4.000%,
9/01/43
9/27
at
103.00
N/R
1,154,434
1,550
4.000%,
9/01/50
9/27
at
103.00
N/R
1,659,275
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2021A:
660
4.000%,
9/01/41
9/28
at
103.00
N/R
713,500
1,095
4.000%,
9/01/46
9/28
at
103.00
N/R
1,170,785
1,500
4.000%,
9/01/51
9/28
at
103.00
N/R
1,598,670
750
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2021B,
4.000%,
9/01/51
9/28
at
103.00
N/R
799,335
415
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2007-1
Orinda
Wilder
Project,
Refunding
Series
2015,
5.000%,
9/01/37
9/25
at
100.00
N/R
451,167
1,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2012-01,
Fancher
Creek,
Series
2013A,
5.700%,
9/01/43
9/22
at
100.00
N/R
1,016,150
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2012-02,
Manteca
Lifestyle
Center,
Series
2013A:
1,000
5.000%,
9/01/33
9/23
at
100.00
N/R
1,041,820
2,000
5.125%,
9/01/42
9/23
at
100.00
N/R
2,082,680
2,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2015-01
Improvement
Area
2
University
District,
Series
2017,
5.000%,
9/01/47
9/27
at
100.00
N/R
2,234,820
55
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
2,500
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2015-2
Rio
Bravo,
Series
2015A,
5.625%,
9/01/45
9/25
at
100.00
N/R
$
2,704,775
3,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2016-02
Delta
Coves,
Series
2019,
5.000%,
9/01/49
9/29
at
100.00
N/R
3,429,990
5,250
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2017-01
Horse
Creek,
Series
2018,
5.000%,
9/01/48
9/28
at
100.00
N/R
6,042,120
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2018-01,
Wagon
Wheel,
Series
2020:
600
4.000%,
9/01/40
9/30
at
100.00
N/R
650,238
1,300
4.000%,
9/01/50
9/30
at
100.00
N/R
1,390,649
2,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2021-01
Meadowlands,
Series
2021-01,
4.000%,
9/01/51
9/31
at
100.00
N/R
2,108,060
1,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Pacific
Highlands
Ranch
Project,
Series
2019,
5.000%,
9/02/49
9/29
at
100.00
N/R
1,155,050
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Refunding
Series
2015R-1:
3,510
5.000%,
9/02/35
9/25
at
100.00
N/R
3,811,544
1,120
5.000%,
9/02/40
9/25
at
100.00
N/R
1,208,906
500
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2011A,
8.000%,
9/02/41
3/22
at
100.00
N/R
499,985
2,275
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2014A,
5.000%,
9/02/43
9/22
at
100.00
N/R
2,304,643
2,060
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2014B,
5.000%,
9/02/44
9/24
at
100.00
N/R
2,176,060
2,240
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2016A,
5.000%,
9/02/45
9/26
at
100.00
N/R
2,456,563
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2016B:
1,690
5.000%,
9/02/36
9/26
at
100.00
N/R
1,878,689
3,310
5.000%,
9/02/46
9/26
at
100.00
N/R
3,627,429
480
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2017A,
5.000%,
9/02/46
9/27
at
100.00
N/R
533,712
375
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2017B,
5.000%,
9/02/47
9/27
at
100.00
N/R
418,035
3,550
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2017C,
5.000%,
9/02/47
9/27
at
100.00
N/R
3,928,750
3,745
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2018A,
5.000%,
9/02/47
9/28
at
100.00
N/R
4,241,475
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2019B:
3,300
5.000%,
9/02/44
9/29
at
100.00
N/R
3,767,511
3,370
5.000%,
9/02/49
9/29
at
100.00
N/R
3,823,973
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
56
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2019C:
$
725
5.000%,
9/02/44
9/29
at
100.00
N/R
$
834,040
2,310
5.000%,
9/02/49
9/29
at
100.00
N/R
2,641,185
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2020A:
850
4.000%,
9/02/50
9/30
at
100.00
N/R
911,259
805
5.000%,
9/02/50
9/30
at
100.00
N/R
926,845
2,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2021A,
4.000%,
9/02/41
9/31
at
100.00
N/R
2,177,680
5,000
California
Statewide
Communities
Development
Authority,
Statewide
Infrastructure
Program
Revenue
Bonds,
Series
2020C,
4.000%,
9/02/50
9/30
at
100.00
N/R
5,364,200
1,000
California
Statewide
Communities
Development
Authority,
Statewide
Infrastructure
Program
Revenue
Bonds,
Series
2021C,
4.000%,
9/02/51
9/31
at
100.00
N/R
1,041,620
Calimesa,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-1
Summerwind
Trails
Improvement
Area
1,
Series
2020:
865
4.000%,
9/01/45
9/27
at
103.00
N/R
933,153
820
4.000%,
9/01/50
9/27
at
103.00
N/R
879,713
1,540
Chino,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-3,
Series
2017,
5.000%,
9/01/47
9/24
at
103.00
N/R
1,672,979
1,000
Chino,
California,
Special
Tax
Bonds,
Community
Facilities
District
2019-1
The
Landing,
Series
2020,
4.000%,
9/01/51
9/27
at
103.00
N/R
1,072,060
Chula
Vista,
California,
Special
Tax
Bonds,
Community
Facilities
District
16-I
Millenia
Improvement
Area
1,
Series
2018:
1,000
5.000%,
9/01/43
9/25
at
103.00
N/R
1,111,020
1,250
5.000%,
9/01/48
9/25
at
103.00
N/R
1,384,287
320
City
of
Dublin,
California,
Community
Facilities
District
No.
2015-1,
Dublin
Crossing,
Improvement
Area
No.
1,
Special
Tax
Bonds,
Series
2017,
5.000%,
9/01/47
9/27
at
100.00
N/R
357,744
1,000
Compton
Community
Redevelopment
Agency,
California,
Tax
Allocation
Revenue
Bonds,
Redevelopment
Projects,
Housing
Second
Lien
Series
2010A,
5.500%,
8/01/30
3/22
at
100.00
N/R
1,002,700
500
Compton
Community
Redevelopment
Agency,
California,
Tax
Allocation
Revenue
Bonds,
Redevelopment
Projects,
Second
Lien
Series
2010B,
5.750%,
8/01/26
3/22
at
100.00
N/R
501,565
Compton
Public
Finance
Authority,
California,
Lease
Revenue
Bonds,
Refunding
&
Various
Capital
Projects,
Series
2008:
500
5.250%,
9/01/27
-
AMBAC
Insured
3/22
at
100.00
N/R
501,140
210
5.000%,
9/01/32
-
AMBAC
Insured
3/22
at
100.00
N/R
210,365
670
Corona,
California,
Special
Tax
Bonds,
Community
Facilities
District
2002-
1
Dos
Lagos
Improvement
Area
1,
Refunding
Series
2017,
5.000%,
9/01/37
9/24
at
103.00
N/R
733,027
Corona,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-1
Bedford,
Series
2018A:
2,155
5.000%,
9/01/43
9/24
at
103.00
N/R
2,349,726
1,250
5.000%,
9/01/48
9/24
at
103.00
N/R
1,359,412
1,000
Corona-Norco
Unified
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
05-1,
Series
2016,
4.000%,
9/01/45
9/26
at
100.00
N/R
1,051,510
Del
Mar
Union
School
District,
San
Diego
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
99-1,
Refunding
Facilities
Financing
Series
2019:
2,400
4.000%,
9/01/44,
(UB)
(4)
9/29
at
100.00
AA
2,715,552
4,245
4.000%,
9/01/49,
(UB)
(4)
9/29
at
100.00
AA
4,772,866
1,000
Dixon,
California,
Special
Tax
Bonds,
Community
Facilities
District
2019-1
Homestead,
Improvement
Area
1,
Series
2019,
4.000%,
9/01/50
9/30
at
100.00
N/R
1,072,820
57
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
665
Dublin
Community
Facilities
District
No.
2015-1,
California,
Dublin
Crossing,
Improvement
Area
No.
3
Special
Tax
Bonds,
Series
2021,
4.000%,
9/01/51
9/27
at
103.00
N/R
$
704,222
Dublin,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-1
Improvement
Area
2
Dublin
Crossing,
Series
2019:
2,800
5.000%,
9/01/44
9/26
at
103.00
N/R
3,143,448
4,100
5.000%,
9/01/49
9/26
at
103.00
N/R
4,583,062
Eastern
Municipal
Water
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2012-61
Autumn
Winds,
Series
2020:
575
3.000%,
9/01/44
9/27
at
103.00
N/R
551,684
350
4.000%,
9/01/50
9/27
at
103.00
N/R
371,441
Eastern
Municipal
Water
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-72
Hidden
Hills,
Series
2020:
465
3.000%,
9/01/45
9/27
at
103.00
N/R
441,313
525
4.000%,
9/01/50
9/27
at
103.00
N/R
557,161
El
Dorado
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
18-1
Bass
Lake
Hills,
Series
2021:
425
4.000%,
9/01/46
9/28
at
103.00
N/R
460,951
1,660
4.000%,
9/01/51
9/28
at
103.00
N/R
1,791,787
250
El
Dorado
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2005-2,
Series
2006,
5.100%,
9/01/36
9/22
at
100.00
N/R
253,678
Elk
Grove
Finance
Authority,
California,
Special
Tax
Revenue
Bonds,
Series
2020:
1,385
4.000%,
9/01/45
9/26
at
103.00
N/R
1,484,457
1,750
4.000%,
9/01/50
9/26
at
103.00
N/R
1,866,497
Elsinore
Valley
Municipal
Water
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2020-1
Horsethief
Area
1A,
Series
2021A:
845
4.000%,
9/01/41,
144A
9/28
at
103.00
N/R
855,528
1,245
4.000%,
9/01/51,
144A
9/28
at
103.00
N/R
1,236,111
Elsinore
Valley
Municipal
Water
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2020-1
Horsethief
Improvement
Area
2A,
Series
2021A:
780
4.000%,
9/01/41,
144A
9/28
at
103.00
N/R
789,719
1,160
4.000%,
9/01/51,
144A
9/28
at
103.00
N/R
1,151,717
430
Fairfield,
California,
Special
Tax
Bonds,
Community
Facilities
District
2007-
1
Fairfield
Commons
Project,
Series
2008,
6.875%,
9/01/38
9/22
at
100.00
N/R
442,861
2,530
Fillmore,
California,
Special
Tax
Bonds,
Community
Facilities
District
5,
Improvement
Area,
Series
2015A,
5.000%,
9/01/45
9/23
at
102.00
N/R
2,669,049
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
19
Mangini
Ranch,
Series
2019:
1,140
5.000%,
9/01/44
9/26
at
103.00
N/R
1,283,480
1,000
5.000%,
9/01/49
9/26
at
103.00
N/R
1,121,450
1,000
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
21
White
Rock
Springs
Ranch,
Series
2019,
5.000%,
9/01/49
9/26
at
103.00
N/R
1,120,540
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
23
Folsom
Ranch
Improvement
Area
1,
Series
2020:
1,075
4.000%,
9/01/45
9/27
at
103.00
N/R
1,156,464
1,145
4.000%,
9/01/50
9/27
at
103.00
N/R
1,227,497
2,785
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Series
2017,
5.000%,
9/01/47
9/27
at
100.00
N/R
3,107,475
Folsom,
California,
Special
Tax
Bonds,
Community
Facilities
District
16
Islands
at
Parkshore
Improvement
Area
1,
Series
2018:
500
4.000%,
9/01/43
3/22
at
103.00
N/R
515,420
1,545
4.000%,
9/01/48
3/22
at
103.00
N/R
1,592,493
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
58
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
800
Fontana,
California,
Special
Tax
Bonds,
Community
Facilities
District
87
El
Paseo,
Series
2021,
4.000%,
9/01/51
9/28
at
103.00
N/R
$
856,688
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Tender
Option
Bond
Trust
2015-XF1038:
3,750
17.158%,
6/01/45,
144A,
(IF)
(4)
6/25
at
100.00
A+
5,478,075
Hercules
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Merged
Project
Area,
Series
2005:
820
5.000%,
8/01/25
-
AMBAC
Insured
3/22
at
100.00
N/R
822,075
1,000
5.000%,
8/01/35
-
AMBAC
Insured
3/22
at
100.00
N/R
1,001,480
Hercules
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Merged
Project
Area,
Series
2007A:
365
4.625%,
8/01/37
-
AMBAC
Insured
3/22
at
100.00
N/R
365,420
745
4.750%,
8/01/42
-
AMBAC
Insured
3/22
at
100.00
N/R
745,961
150
5.000%,
8/01/42
-
AMBAC
Insured
3/22
at
100.00
N/R
150,226
1,035
Imperial,
California,
Special
Tax
Bonds,
Community
Facilities
District
2005-
1
Springfield,
Series
2015A,
5.000%,
9/01/36
9/25
at
100.00
N/R
1,126,225
155
Indio
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Merged
Area
Redevelopment
Project,
Subordinate
Lien
Refunding
Series
2008A,
5.250%,
8/15/28
3/22
at
100.00
A
155,556
745
Irvine,
California,
Special
Tax
Bonds,
Community
Facilities
District
2004-1
Central
Park,
Series
2015A,
5.000%,
9/01/45
9/25
at
100.00
N/R
816,326
500
Irvine,
California,
Special
Tax
Bonds,
Community
Facilities
District
2013-
3
Great
Park,
Improvement
Area
1,
Refunding
Series
2014,
5.000%,
9/01/39
9/24
at
100.00
N/R
537,255
Jurupa
Community
Services
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
45
Jurupoa
Valley,
Series
2020A:
1,000
4.000%,
9/01/42
9/27
at
103.00
N/R
1,084,890
1,375
4.000%,
9/01/49
9/27
at
103.00
N/R
1,479,363
3,380
Jurupa
Unified
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
9,
Series
2015A,
5.000%,
9/01/45
9/25
at
100.00
N/R
3,666,725
1,220
Lake
Elsinore
Unified
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2004-2,
Series
2005,
5.350%,
9/01/35
9/22
at
100.00
N/R
1,238,678
1,000
Lake
Elsinore
Unified
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-2
Improvement
Area
B,
Series
2018,
4.000%,
9/01/48
9/24
at
100.00
N/R
1,025,050
600
Lake
Elsinore
Unified
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2007-2,
Series
2021,
4.000%,
9/01/50
9/28
at
103.00
N/R
646,086
Lake
Elsinore
Unified
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2013-1,
Series
2017:
800
4.000%,
9/01/42
9/24
at
103.00
N/R
845,192
1,000
4.000%,
9/01/47
9/24
at
103.00
N/R
1,053,280
1,000
Lake
Elsinore,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-1
Summerly
Improvement
Area
II,
Series
2020,
4.000%,
9/01/45
9/27
at
103.00
N/R
1,078,120
Lake
Elsinore,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-1
Summerly
Improvement
Area
KK,
Series
2021:
400
4.000%,
9/01/46
9/28
at
103.00
N/R
432,116
430
4.000%,
9/01/51
9/28
at
103.00
N/R
462,667
2,995
Lammersville
Joint
Unified
School
District,
San
Joaquin
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2002
Mountain
House,
Series
2013,
5.000%,
9/01/37
9/22
at
100.00
N/R
3,035,373
2,000
Lammersville
School
District,
California,
Special
Tax
Refunding
Bonds,
Community
Facilities
District
2002
Mountain
House,
Series
2012,
5.375%,
9/01/32
9/22
at
100.00
N/R
2,030,900
4,170
Lathrop,
California,
Limited
Obligation
Improvement
Bonds,
Crossroads
Assessment
District,
Series
2015,
5.000%,
9/02/40
9/25
at
100.00
N/R
4,541,839
Lathrop,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-1,
Central
Lathrop
Specific
Plan
Improvement
Areas
1-5
Special
Tax
Bonds,
Series
2019:
605
5.650%,
9/01/38
9/26
at
103.00
N/R
638,868
970
5.750%,
9/01/43
9/26
at
103.00
N/R
1,027,967
59
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
Lee
Lake
Public
Financing
Authority,
California,
Junior
Lien
Revenue
Bonds,
Series
2013B:
$
785
5.125%,
9/01/28
9/23
at
100.00
N/R
$
819,540
395
5.250%,
9/01/32
9/23
at
100.00
N/R
412,751
Lincoln,
California,
Special
Tax
Bonds,
Community
Facilities
District
2005-1
Sorrento
Project,
Series
2014A:
925
5.000%,
9/01/39
9/24
at
100.00
N/R
986,919
1,815
5.000%,
9/01/43
9/24
at
100.00
N/R
1,930,906
2,615
Los
Alamitos
Unified
School
District,
Orange
County,
California,
Certificates
of
Participation,
Series
2012,
0.000%,
8/01/42
(7)
8/29
at
100.00
Aa3
2,894,779
1,675
Lower
Magnolia
Green
Community
Development
Authority,
Virginia,
Special
Assessment
Bonds,
Series
2015,
5.000%,
3/01/45,
144A
3/25
at
100.00
N/R
1,721,867
1,275
Lynwood
Redevelopment
Agency,
California,
Tax
Allocation
Revenue
Bonds,
Project
Area
A,
Subordinate
Lien
Series
2011A,
7.250%,
9/01/38
3/22
at
100.00
A
1,280,750
2,022
Manteca
Unified
School
District,
San
Joaquin
County,
California,
Certificates
of
Participation,
Series
2004,
0.000%,
9/15/33
-
NPFG
Insured
No
Opt.
Call
Baa2
1,486,150
450
Marina
Redevelopment
Agency
Successor
Agency,
California,
Housing
Tax
Allocation
Bonds,
Series
2018B,
5.000%,
9/01/38
9/25
at
103.00
N/R
501,057
Menifee
Union
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-1,
Series
2014:
500
4.125%,
9/01/39
9/22
at
102.00
N/R
513,310
500
4.250%,
9/01/44
9/22
at
102.00
N/R
513,600
1,000
Menifee
Union
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2014-2,
Series
2017,
5.000%,
9/01/47
9/24
at
103.00
N/R
1,086,090
Menifee
Union
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilties
District
2011-1,
Improvement
Area
1,
Series
2015:
2,000
5.000%,
9/01/39
9/24
at
100.00
N/R
2,131,860
500
4.250%,
9/01/44
9/24
at
100.00
N/R
516,685
1,000
5.000%,
9/01/44
9/24
at
100.00
N/R
1,062,260
Menifee
Union
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilties
District
2011-1,
Improvement
Area
6,
Series
2021:
445
4.000%,
9/01/36
9/28
at
103.00
N/R
489,367
660
4.000%,
9/01/41
9/28
at
103.00
N/R
721,941
875
4.000%,
9/01/46
9/28
at
103.00
N/R
949,016
1,025
4.000%,
9/01/50
9/28
at
103.00
N/R
1,107,246
1,110
Menifee
Union
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilties
District
2016-1,
Improvement
Area
B,
Series
2016,
4.000%,
9/01/49
9/27
at
103.00
N/R
1,191,663
1,055
Merced
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Merced
Redevelopment
Project
2,
Series
2003A,
0.000%,
12/01/23
-
AMBAC
Insured
No
Opt.
Call
N/R
1,025,819
835
Moorpark,
California,
Special
Tax
Bonds,
Community
Facilities
District
2004-1,
Refunding
Junior
Lien
Series
2014B,
5.000%,
9/01/33
9/24
at
100.00
N/R
891,162
3,000
Moreno
Valley
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Election
of
2014,
Series
2021C,
3.000%,
8/01/46
-
BAM
Insured,
(UB)
(4)
8/31
at
100.00
Aa3
3,049,020
970
Moreno
Valley
Unified
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-2,
Series
2019,
5.000%,
9/01/48
9/25
at
103.00
N/R
1,065,923
1,085
Moreno
Valley
Unified
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-3,
Series
2019,
4.000%,
9/01/44
9/25
at
103.00
N/R
1,154,386
825
Murrieta,
California,
Special
Tax
Bonds,
Community
Facilities
District
2005-
5
Golden
City
Improvement
Area
A,
Series
2017,
5.000%,
9/01/46
9/27
at
100.00
N/R
920,840
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
60
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
Northstar
Community
Services
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
1,
Refunding
Series
2005:
$
990
2.180%,
9/01/28
(5)
9/22
at
100.00
N/R
$
524,700
2,955
2.220%,
9/01/36
(5)
9/22
at
100.00
N/R
1,566,150
2,500
Oakley
Public
Financing
Authority,
Contra
Costa
County,
California, Revenue
Bonds,
Refundinf
Series
2014,
5.000%,
9/02/36
-
BAM
Insured
9/24
at
100.00
AA
2,707,975
1,250
Oceanside,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-1,
Pacific
Coast
Business
Park,
Series
2017,
5.000%,
9/01/38
9/25
at
102.00
N/R
1,383,013
880
Ontario,
California,
Special
Tax
Bonds,
Community
Facilities
District
26
Park
Place
Facilities
III,
Series
2019,
5.000%,
9/01/47
9/26
at
103.00
N/R
986,242
1,200
Ontario,
California,
Special
Tax
Bonds,
Community
Facilities
District
28
New
Haven
Facilities
-
Area
A,
Series
2017,
5.000%,
9/01/47
9/24
at
103.00
N/R
1,298,712
1,170
Ontario,
California,
Special
Tax
Bonds,
Community
Facilities
District
30
New
Haven
Facilities
-
Area
B,
Series
2017,
4.000%,
9/01/48
9/24
at
103.00
N/R
1,231,799
Ontario,
California,
Special
Tax
Bonds,
Community
Facilities
District
46
Avenue
176
Facilities,
Series
2021:
300
4.000%,
9/01/45
9/28
at
103.00
N/R
325,827
500
4.000%,
9/01/51
9/28
at
103.00
N/R
539,265
Palm
Desert,
California,
Special
Tax
Bonds,
Community
Facilities
District
2021-1
University
Park,
Series
2021:
320
3.000%,
9/01/31
9/28
at
103.00
N/R
315,830
375
4.000%,
9/01/41
9/28
at
103.00
N/R
397,755
675
4.000%,
9/01/51
9/28
at
103.00
N/R
704,201
1,230
Palmdale
Community
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Merged
Redevelopment
Project
Areas,
Series
2002,
0.000%,
12/01/30
-
AMBAC
Insured
No
Opt.
Call
AA-
1,005,193
3,730
Palo
Alto,
California,
Certificates
of
Participation,
Public
Safety
Building,
Series
2021,
2.125%,
11/01/43,
(UB)
(4)
11/30
at
100.00
AA+
3,310,897
970
Patterson
Public
Finance
Authority,
California,
Revenue
Bonds,
Community
Facilities
District
2001-1,
Senior
Series
2013A,
5.750%,
9/01/39
9/23
at
100.00
N/R
1,018,839
1,050
Perris
Joint
Powers
Authority,
California,
Local
Agency
Revenue
Bonds,
Community
Facilities
District
2006-1,
Meritage
Homes,
Refunding
Series
2014B,
5.000%,
9/01/38
9/23
at
100.00
N/R
1,091,906
1,140
Perris
Joint
Powers
Authority,
California,
Local
Agency
Revenue
Bonds,
Community
Facilities
District
2007-2,
Pacific
Heritage,
Series
2020,
4.000%,
9/01/48
9/27
at
103.00
N/R
1,215,080
Pittsburg
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Los
Medanos
Community
Development
Project,
Series
1999:
2,990
0.000%,
8/01/27
-
AMBAC
Insured
No
Opt.
Call
A
2,701,884
2,500
0.000%,
8/01/28
-
AMBAC
Insured
No
Opt.
Call
A
2,202,150
1,260
Poway
Unified
School
District
Public
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Refunding
Series
2015B,
4.000%,
9/01/36
-
BAM
Insured
9/25
at
100.00
AA+
1,359,515
2,750
Puerto
Rico
Highway
and
Transportation
Authority,
Highway
Revenue
Bonds,
Series
2005L,
5.250%,
7/01/38
-
AMBAC
Insured
No
Opt.
Call
N/R
2,799,253
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
68,732
0.000%,
7/01/46
7/28
at
41.38
N/R
22,328,278
29,000
0.000%,
7/01/51
7/28
at
30.01
N/R
6,826,020
1,000
4.750%,
7/01/53
7/28
at
100.00
N/R
1,105,940
2,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
Cofina
Project
Series
2018B-1,
4.750%,
7/01/53
7/28
at
100.00
N/R
2,211,880
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2:
13,105
4.329%,
7/01/40
7/28
at
100.00
N/R
14,350,368
1,000
4.784%,
7/01/58
7/28
at
100.00
N/R
1,105,980
61
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
Rancho
Cardova,
California,
Special
Tax
Bonds,
Community
Facilities
District
2005-1
Sunridge
North
Douglas
Series
2015:
$
1,200
5.000%,
9/01/40
9/25
at
100.00
N/R
$
1,304,400
1,250
5.000%,
9/01/45
9/25
at
100.00
N/R
1,352,550
1,190
Rancho
Cardova,
California,
Special
Tax
Bonds,
Community
Facilities
District
2005-1
Sunridge
North
Douglas
Series
2018,
4.000%,
9/01/42
9/24
at
103.00
N/R
1,252,987
3,000
Rancho
Cordova,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Sunridge
Anatolia
Area,
Junior
Lien
Series
2014,
5.650%,
10/01/38
3/22
at
100.00
N/R
3,007,800
Rancho
Cordova,
California,
Special
Tax
Bonds,
Community
Facilities
District
2014-1
Montelena,
Series
2021:
500
4.000%,
9/01/37
9/28
at
103.00
N/R
545,190
400
4.000%,
9/01/41
9/28
at
103.00
N/R
431,396
500
4.000%,
9/01/50
9/28
at
103.00
N/R
532,880
Rancho
Cordova,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-1
Grantline
208,
Series
2019:
410
5.000%,
9/01/44
9/26
at
103.00
N/R
459,733
530
5.000%,
9/01/49
9/26
at
103.00
N/R
592,206
Redwood
City
Public
Facilities
and
Infrastructure
Authority,
San
Mateo,
California,
Lease
Revenue
Bonds,
Veterans
Memorial
Building/Senior
Center,
Series
2021:
4,000
3.000%,
6/01/46,
(UB)
(4)
6/31
at
100.00
AA+
4,064,320
2,500
3.000%,
6/01/51,
(UB)
(4)
6/31
at
100.00
AA+
2,507,625
Redwood
City
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Project
Area
2,
Series
2003A:
1,755
0.000%,
7/15/29
-
AMBAC
Insured
No
Opt.
Call
A
1,498,875
1,260
0.000%,
7/15/31
-
AMBAC
Insured
No
Opt.
Call
A
1,013,607
1,185
Rio
Vista,
California,
Special
Tax
Bonds,
Community
Faciliites
District
2018-
1
Liberty
Community,
Series
2018-1,
5.000%,
9/01/48
9/25
at
103.00
N/R
1,312,305
4,000
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2019-1
Phase
2
Public
Improvements,
Series
2021,
4.000%,
9/01/51
9/28
at
103.00
N/R
4,253,000
1,250
Riverside
County
Asset
Leasing
Corporation,
California,
Lease
Revenue
Bonds,
Capital
Project,
Tender
Option
Bond
Trust
2015-XF1020,
18.460%,
11/01/45,
144A,
(IF)
(4)
11/25
at
100.00
A+
1,941,412
1,295
Riverside
County
Asset
Leasing
Corporation,
California,
Leasehold
Revenue
Bonds,
Riverside
County
Hospital
Project,
Series
1997,
0.000%,
6/01/26
-
NPFG
Insured
No
Opt.
Call
A1
1,193,355
2,115
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
03-1
Newport
Road,
Series
2014,
5.000%,
9/01/30
9/24
at
100.00
N/R
2,266,265
870
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
04-2
Lake
Hill
Crest,
Series
2012,
5.000%,
9/01/35
9/22
at
100.00
N/R
882,563
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
05-8
Scott
Road,
Series
2013:
660
5.000%,
9/01/32
9/22
at
100.00
N/R
669,570
3,410
5.000%,
9/01/42
9/22
at
100.00
N/R
3,457,638
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
07-2
Clinton
Keith,
Series
2017:
1,000
5.000%,
9/01/42
9/27
at
100.00
N/R
1,129,860
535
5.000%,
9/01/45
9/27
at
100.00
N/R
601,725
Riverside
Unified
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
32,
Series
2020:
415
4.000%,
9/01/45
9/27
at
103.00
N/R
447,698
875
4.000%,
9/01/50
9/27
at
103.00
N/R
938,717
Rocklin
Unified
School
District,
Placer
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2,
Series
2007:
1,010
0.000%,
9/01/34
-
NPFG
Insured
No
Opt.
Call
Baa2
738,522
1,155
0.000%,
9/01/35
-
NPFG
Insured
No
Opt.
Call
Baa2
817,729
840
Rocklin,
Placer
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
10
Whitney
Ranch,
Series
2015,
5.000%,
9/01/39
9/25
at
100.00
N/R
914,634
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
62
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
935
Rohnert
Park
Community
Development
Agency,
California,
Tax
Allocation
Bonds,
Series
1999,
0.000%,
8/01/33
No
Opt.
Call
Baa2
$
704,504
3,775
Romoland
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2004-1
Heritage
Lake
Improvement
Area
3,
Series
2013,
5.000%,
9/01/43
9/23
at
100.00
N/R
3,916,109
1,120
Romoland
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-1,
Series
2017,
5.000%,
9/01/44
9/27
at
100.00
N/R
1,258,958
820
Romoland
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
91-1,
Series
2017,
5.000%,
9/01/41
9/27
at
100.00
N/R
925,477
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Hewlett
Parkard
Campus
Oaks,
Series
2016:
845
5.000%,
9/01/36
9/26
at
100.00
N/R
939,293
2,360
5.500%,
9/01/46
9/26
at
100.00
N/R
2,636,899
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Sierra
Vista
Villages,
Series
2020:
490
4.000%,
9/01/45
9/27
at
103.00
N/R
525,990
650
4.000%,
9/01/50
9/27
at
103.00
N/R
694,317
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
SVSP
Westpark-Federico,
Series
2019:
500
5.000%,
9/01/44
9/26
at
103.00
N/R
559,510
700
5.000%,
9/01/49
9/26
at
103.00
N/R
780,570
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Villages
at
Sierra
Vista,
Series
2021:
225
4.000%,
9/01/37
9/28
at
103.00
N/R
246,182
305
4.000%,
9/01/41
9/28
at
103.00
N/R
332,093
720
4.000%,
9/01/51
9/28
at
103.00
N/R
772,855
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Westbrook,
Series
2014:
1,100
5.000%,
9/01/34
9/24
at
100.00
N/R
1,174,140
1,880
5.000%,
9/01/39
9/24
at
100.00
N/R
2,003,008
1,395
5.000%,
9/01/44
9/24
at
100.00
N/R
1,482,899
5,500
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
5
Fiddyment
Ranch
Public
Facilities,
Series
2017,
5.000%,
9/01/47,
144A
9/27
at
100.00
N/R
6,151,750
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
5
Fiddyment
Ranch
Public
Facilities,
Series
2021:
750
4.000%,
9/01/41
9/28
at
103.00
N/R
817,560
2,000
4.000%,
9/01/50
9/28
at
103.00
N/R
2,150,200
230
Sabal
Palm
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Series
2016,
5.500%,
11/01/46
11/26
at
100.00
N/R
248,596
1,510
Sacramento
City
Financing
Authority
California,
Lease
Revenue
Bonds,
Master
Lease
Program
Facilities
Projects,
Tender
Option
Bond
Trust
2016-XG0100,
18.880%,
12/01/33
-
AMBAC
Insured,
144A,
(IF)
(4)
No
Opt.
Call
AA-
3,429,663
Sacramento
City
Financing
Authority,
California,
Tax
Allocation
Revenue
Bonds,
Merged
Downtown
Sacramento
and
Oak
Park
Projects,
Series
2005A:
4,295
0.000%,
12/01/31
-
FGIC
Insured
No
Opt.
Call
Baa2
3,362,255
4,435
0.000%,
12/01/32
-
FGIC
Insured
No
Opt.
Call
Baa2
3,364,746
1,950
Sacramento
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-2
Florin
Vineyard
1,
Series
2018,
4.000%,
9/01/48
9/25
at
103.00
N/R
2,070,900
285
Sacramento,
California,
Special
Tax
Bonds,
Community
Facilities
District
05-1
College
Square,
Series
2007,
5.900%,
9/01/37
9/22
at
100.00
N/R
290,158
Sacramento,
California,
Special
Tax
Bonds,
North
Natomas
Community
Facilities
District
7,
Series
2017-01:
710
5.000%,
9/01/37,
144A
9/24
at
103.00
N/R
775,327
1,900
5.000%,
9/01/47,
144A
9/24
at
103.00
N/R
2,057,263
428
Saint
Louis,
Missouri,
Tax
Increment
Financing
Revenue
Bonds,
Grace
Lofts
Redevelopment
Projects,
Series
2007A,
3.300%,
12/31/26
(5)
No
Opt.
Call
N/R
51,360
405
San
Bernardino
County
Financing
Authority,
California,
Revenue
Bonds,
Courthouse
Facilities
Project,
Series
2007,
5.500%,
6/01/37
-
NPFG
Insured
No
Opt.
Call
Baa2
454,884
550
San
Bernardino
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-1
Lytle
Creek
North
Improvement
Area
1,
Series
2015,
5.000%,
9/01/40
9/25
at
100.00
N/R
597,465
63
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
14,815
San
Francisco
Bay
Area
Rapid
Transit
District,
California,
Sales
Tax
Revenue
Bonds,
Series
2019A,
3.000%,
7/01/44,
(UB)
(4)
7/27
at
100.00
AA
$
15,081,374
895
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Special
Tax
Bonds,
Community
Facilities
District
7,
Hunters
Point
Shipyard
Phase
One
Improvements,
Refunding
Series
2014,
5.000%,
8/01/39
8/24
at
100.00
N/R
941,075
1,250
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Tax
Allocation
Bonds,
Mission
Bay
South
Redevelopment
Project,
Series
2014A,
5.000%,
8/01/43
8/24
at
100.00
A-
1,357,925
22,610
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Tax
Allocation
Bonds,
Mission
Bay
South
Redevelopment
Project,
Subordinate
Series
2016D,
0.000%,
8/01/43,
144A
3/22
at
34.87
N/R
7,862,175
San
Francisco
City
and
County,
California,
Development
Special
Tax
Bonds,
Mission
Rock
Facilities
&
Services
Special
Tax
District
2020-1,
Series
2021A:
850
4.000%,
9/01/41,
144A
9/28
at
103.00
N/R
922,556
1,300
4.000%,
9/01/46,
144A
9/28
at
103.00
N/R
1,394,380
San
Francisco
City
and
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-1
Treasure
Island
Improvement
Area
1,
Series
2020:
775
4.000%,
9/01/42
9/27
at
103.00
N/R
824,383
1,450
4.000%,
9/01/50
9/27
at
103.00
N/R
1,526,676
1,000
San
Jacinto
Unified
School
District,
California,
Community
Facilities
District
2003-1
Infrastructure
Projects,
Series
2016,
3.375%,
9/01/46
9/22
at
103.00
N/R
1,013,090
San
Luis
Obispo,
California,
Special
Tax
Bonds,
Community
Facilities
District
2019-1
San
Luis
Ranch
Series
2021:
730
4.000%,
9/01/46
9/28
at
103.00
N/R
780,523
950
4.000%,
9/01/51
9/28
at
103.00
N/R
1,007,684
935
San
Mateo
County
Joint
Powers
Financing
Authority,
California,
Lease
Revenue
Bonds,
Cordilleras
Mental
Health
Center,
Series
2021A-1,
2.500%,
6/15/55,
(UB)
(4)
6/31
at
100.00
AA+
802,006
Santa
Ana
Financing
Authority,
California,
Lease
Revenue
Bonds,
Police
Administration
and
Housing
Facility,
Series
1994A:
160
6.250%,
7/01/24
No
Opt.
Call
Baa2
170,699
1,000
South
Tahoe
Joint
Powers
Financing
Authority,
California,
Revenue
Bonds,
South
Tahoe
Redevelopment
Project
Area
1,
Series
2014A,
4.000%,
10/01/34
-
AGM
Insured
10/24
at
100.00
AA
1,056,200
Stockton,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-2
Westlake
Villages
II
Improvement
Area
1,
Series
2021:
1,235
4.000%,
9/01/46
9/27
at
103.00
N/R
1,317,362
2,045
4.000%,
9/01/51
9/27
at
103.00
N/R
2,170,297
1,335
Sulphur
Springs
Union
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-1,
Series
2018,
5.000%,
9/01/43
9/24
at
103.00
N/R
1,455,631
Tejon
Ranch
Public
Facilities
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2000-1,
Tejon
Industrial
Complex
Public
Improvements,
Refunding
Series
2012:
1,635
5.500%,
9/01/30
9/22
at
100.00
N/R
1,662,288
500
5.500%,
9/01/33
9/22
at
100.00
N/R
508,120
4,000
Tejon
Ranch
Public
Facilities
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2008-1
Tejon
Industrial
Complex
East
2012B,
5.250%,
9/01/42
3/23
at
100.00
N/R
4,109,280
2,000
Tejon
Ranch
Public
Facilities
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2008-1,
Tejon
Industrial
Complex
Public
Improvements-East,
Series
2015A,
5.000%,
9/01/45
9/25
at
100.00
N/R
2,168,960
4,750
Tejon
Ranch
Public
Facilities
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2008-1,
Tejon
Industrial
Complex
Public
Improvements-East,
Series
2020,
4.000%,
9/01/50
9/27
at
103.00
N/R
5,084,875
1,055
Temecula
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
16-01,
Series
2017,
6.250%,
9/01/47,
144A
9/27
at
100.00
N/R
1,155,953
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
64
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
400
Temecula
Valley
Unified
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2011-1,
Series
2014,
4.250%,
9/01/44
9/22
at
102.00
N/R
$
410,840
1,000
Three
Rivers
Levee
Improvement
Authority,
California,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2006-1,
Refunding
Series
2021A,
4.000%,
9/01/51
9/28
at
103.00
N/R
1,075,970
Tracy,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-1
Tracy
Hills, Improvement
Area
1,
Series
2019:
1,285
5.000%,
9/01/44
9/25
at
103.00
N/R
1,420,581
1,875
5.000%,
9/01/49
9/25
at
103.00
N/R
2,066,381
605
Tustin,
California,
Special
Tax
Bonds,
Community
Facilities
District
06-1
Tustin
Legacy/Columbus
Villages,
Refunding
Series
2015A,
5.000%,
9/01/37
9/25
at
100.00
A-
675,839
Upland,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-1
Improvement
Area2
Harvest
at
Upland,
Series
2021A:
165
4.000%,
9/01/45
9/30
at
100.00
N/R
177,761
260
4.000%,
9/01/51
9/30
at
100.00
N/R
278,533
700
Victor
Valley
Union
High
School
District,
San
Bernardino
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2007-1,
Series
2013,
5.000%,
9/01/43
9/23
at
100.00
N/R
726,691
1,000
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2014C,
5.000%,
10/01/39
10/24
at
100.00
N/R
988,390
100
Virgin
Islands
Public
Finance
Authority,
Matching
Fund
Loan
Notes
Revenue
Bonds,
Series
2012A,
5.000%,
10/01/27
10/22
at
100.00
Caa2
100,439
2,000
Virgin
Islands
Public
Finance
Authority,
Matching
Fund
Loan
Notes
Revenue
Bonds,
Subordinate
Lien
Series
2010B,
5.250%,
10/01/29
3/22
at
100.00
Caa3
1,995,080
Virgin
Islands
Public
Finance
Authority,
Matching
Fund
Revenue
Loan
Note
-
Diageo
Project,
Series
2009A:
2,975
6.625%,
10/01/29
3/22
at
100.00
Caa3
3,001,269
1,800
6.750%,
10/01/37
3/22
at
100.00
Caa3
1,815,894
West
Patterson
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-1
Arambel-
KDN,
Refunding
Series
2015:
350
5.250%,
9/01/35
9/25
at
100.00
N/R
381,118
785
5.250%,
9/01/45
9/25
at
100.00
N/R
848,271
3,565
West
Sacramento
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Series
2014,
5.500%,
9/01/31
9/22
at
102.00
N/R
3,693,910
2,805
West
Sacramento,
California,
Special
Tax
Bonds,
Community
Facilities
District
27
Bridge
District,
Refunding
Series
2016,
5.000%,
9/01/40
9/26
at
100.00
N/R
3,088,726
7,760
West
Sacramento,
California,
Special
Tax
Bonds,
Community
Facilities
District
27
Bridge
District,
Series
2017,
5.000%,
9/01/47
9/27
at
100.00
N/R
8,616,626
2,155
Western
Placer
Unified
School
District,
Placer
County,
California,
Certificates
of
Participation,
Refinancing
Project,
Series
2017,
4.000%,
8/01/49
-
AGM
Insured,
(UB)
(4)
8/27
at
100.00
AA
2,287,339
Westside
Union
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-1
Improvement
Area
1,
Series
2021:
365
4.000%,
9/01/46
9/28
at
103.00
N/R
394,306
490
4.000%,
9/01/51
9/28
at
103.00
N/R
528,063
1,445
William
S.
Hart
Union
High
School
District,
Los
Angeles
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-1,
Series
2017,
5.000%,
9/01/47
9/26
at
100.00
N/R
1,581,769
1,865
Woodland,
California,
Special
Tax
Bonds,
Community
Facilities
District
2004-1
Spring
Lake,
Refunding
&
Capital
Projects
Series
2016,
4.000%,
9/01/45
9/26
at
100.00
N/R
1,949,802
290
Yorkville
United
City
Business
District,
Illinois,
Storm
Water
and
Water
Improvement
Project
Revenue
Bonds,
Series
2007,
4.800%,
1/01/27
(5)
3/22
at
100.00
N/R
118,900
555,257
Total
Tax
Obligation/Limited
490,098,773
65
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
-
11.5%
$
4,000
Bay
Area
Toll
Authority,
California,
Revenue
Bonds,
San
Francisco
Bay
Area
Toll
Bridge,
Subordinate
Fixed
Rate
Series
2017S-7,
4.000%,
4/01/49,
(UB)
(4)
4/27
at
100.00
A1
$
4,357,640
7,465
Bay
Area
Toll
Authority,
California,
Revenue
Bonds,
San
Francisco
Bay
Area
Toll
Bridge,
Subordinate
Series
2019S-8,
3.000%,
4/01/54,
(UB)
(4)
10/29
at
100.00
A1
7,479,109
11,255
California
Municipal
Finance
Authority,
Special
Facility
Revenue
Bonds,
United
Airlines,
Inc.
Los
Angeles
International
Airport
Project,
Series
2019,
4.000%,
7/15/29,
(AMT)
No
Opt.
Call
B+
12,132,777
10,000
Florida
Development
Finance
Corporation,
Florida,
Surface
Transportation
Facility
Revenue
Bonds,
Brightline
Passenger
Rail
Project,
Green
Series
2019B,
7.375%,
1/01/49,
(AMT),
144A
1/24
at
107.00
N/R
10,782,200
5,000
Florida
Development
Finance
Corporation,
Florida,
Surface
Transportation
Facility
Revenue
Bonds,
Virgin
Trains
USA
Passenger
Rail
Project,
Series
2019A,
6.375%,
1/01/49,
(AMT),
(Mandatory
Put
1/01/26),
144A
3/22
at
103.00
N/R
5,052,750
2,993
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2021C,
4.000%,
1/15/33
1/31
at
100.00
BBB-
3,340,996
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015A:
6,255
0.000%,
1/15/33
No
Opt.
Call
Baa2
4,709,515
3,000
0.000%,
1/15/35
-
AGM
Insured
No
Opt.
Call
BBB
2,127,930
5,000
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021A,
4.000%,
1/15/46,
(UB)
(4)
1/31
at
100.00
Baa2
5,500,750
1,054
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021A,
4.000%,
1/15/46
1/31
at
100.00
Baa2
1,159,558
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
2013A:
5,000
0.000%,
1/15/37
-
AGM
Insured
No
Opt.
Call
BBB
3,322,600
1,775
5.000%,
1/15/42
-
AGM
Insured
1/24
at
100.00
BBB
1,895,203
6,095
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Term
Rate
Series
2013B-2,
3.500%,
1/15/53
-
AGM
Insured,
(UB)
(4)
7/29
at
100.00
A2
6,314,725
8,505
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Term
Rate
Sub-Series
2013B-1,
3.950%,
1/15/53
7/27
at
100.00
Baa2
8,893,423
Guam
A.B.
Won
Pat International
Airport
Authority,
Revenue
Bonds,
Series
2013C:
450
6.250%,
10/01/34,
(AMT)
10/23
at
100.00
Baa2
478,494
90
6.125%,
10/01/43
-
AGM
Insured,
(AMT)
10/23
at
100.00
Baa2
96,341
Guam
Port
Authority,
Port
Revenue
Bonds,
Private
Activity
Series
2018B:
250
5.000%,
7/01/36,
(AMT)
7/28
at
100.00
Baa2
283,452
400
5.000%,
7/01/37,
(AMT)
7/28
at
100.00
Baa2
453,004
10,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2018A,
5.000%,
5/15/44,
(AMT),
(UB)
(4)
5/28
at
100.00
A+
11,492,500
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2019F:
10,000
3.000%,
5/15/49,
(AMT),
(UB)
(4)
5/29
at
100.00
A+
9,477,300
13,800
4.000%,
5/15/49,
(AMT),
(UB)
(4)
5/29
at
100.00
A+
14,870,880
5,685
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2021D,
4.000%,
5/15/51,
(AMT),
(UB)
(4)
11/31
at
100.00
N/R
6,234,740
3,670
Riverside
County
Transportation
Commission,
California,
Toll
Revenue
Second
Lien
Bonds,
RCTC
91
Express
Lanes,
Refunding
Series
2021C,
4.000%,
6/01/47,
(UB)
(4)
6/31
at
100.00
N/R
4,027,091
3,000
Riverside
County
Transportation
Commission,
California,
Toll
Revenue
Senior
Lien
Bonds,
RCTC
91
Express
Lanes,
Refunding
Series
2021B-1,
4.000%,
6/01/46,
(UB)
(4)
6/31
at
100.00
N/R
3,322,050
5,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2019B,
4.000%,
7/01/44,
(AMT),
(UB)
(4)
7/29
at
100.00
A-
5,389,600
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
66
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
$
2,500
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021B,
4.000%,
7/01/46,
(AMT),
(UB)
7/31
at
100.00
N/R
$
2,729,500
7,590
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2019A,
5.000%,
5/01/44,
(AMT),
(UB)
(4)
5/29
at
100.00
A
8,781,099
20,460
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2019E,
4.000%,
5/01/50,
(AMT),
(UB)
(4)
5/29
at
100.00
A
21,903,248
1,290
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Tender
Option
Bond
Trust
Series
2015-
XF1032,
17.053%,
5/01/44,
144A,
(IF)
(4)
5/24
at
100.00
A
1,664,784
2,000
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2014B,
5.250%,
1/15/49
1/25
at
100.00
BBB-
2,167,380
50
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
1997A,
0.000%,
1/15/31
-
NPFG
Insured
No
Opt.
Call
Baa2
39,632
163,632
Total
Transportation
170,480,271
U.S.
Guaranteed
-
5.5%
(8)
3,000
ABAG
Finance
Authority
for
Nonprofit
Corporations,
California,
Revenue
Bonds,
Episcopal
Senior
Communities,
Refunding
Series
2012A,
5.000%,
7/01/47,
(Pre-refunded
7/01/22)
7/22
at
100.00
A-
3,042,750
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C:
2,320
0.000%,
9/01/35
-
AGM
Insured,
(ETM)
No
Opt.
Call
AA
1,700,490
1,030
Beaumont
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Improvement
Area
17A,
Series
2013B,
5.000%,
9/01/34,
(Pre-refunded
9/01/23)
9/23
at
100.00
N/R
1,089,497
1,000
Beaumont
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Improvement
Area
20
Series
2012B,
5.950%,
9/01/35,
(Pre-refunded
9/01/22)
9/22
at
100.00
N/R
1,025,740
8,750
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2016A,
5.000%,
11/15/46,
(Pre-refunded
11/15/25),
(UB)
(4)
11/25
at
100.00
A
9,886,975
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Stanford
Hospitals
and
Clinics,
Tender
Option
Bond
Trust
2016-XG0049:
1,000
17.864%,
8/15/51,
(Pre-refunded
8/15/22),
144A,
(IF)
(4)
8/22
at
100.00
AA-
1,078,280
250
17.869%,
8/15/51,
(Pre-refunded
8/15/22),
144A,
(IF)
(4)
8/22
at
100.00
AA-
269,575
200
21.673%,
8/15/51,
(Pre-refunded
8/15/22),
144A,
(IF)
(4)
8/22
at
100.00
AA-
219,566
200
21.685%,
8/15/51,
(Pre-refunded
8/15/22),
144A,
(IF)
(4)
8/22
at
100.00
AA-
219,576
480
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Caritas
Projects
Series
2012B,
7.250%,
8/15/47,
(Pre-refunded
8/15/22)
8/22
at
100.00
N/R
494,069
1,985
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Windsor
Mobile
Country
Club,
Subordinate
Series
2013B,
7.000%,
11/15/48,
(Pre-refunded
11/15/23)
11/23
at
100.00
N/R
2,173,496
1,000
California
Municipal
Finance
Authority,
Reveue
Bonds,
Community
Medical
Centers,
Series
2015A,
5.000%,
2/01/46,
(Pre-refunded
2/01/25)
2/25
at
100.00
A-
1,105,940
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2016:
40
5.000%,
8/01/46,
(Pre-refunded
8/01/25),
144A
8/25
at
100.00
N/R
44,826
1,625
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Henry
Mayo
Newhall
Memorial
Hospital,
Series
2014,
5.250%,
10/01/43,
(Pre-refunded
10/01/24)
-
AGM
Insured
10/24
at
100.00
A2
1,787,338
1,000
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Terraces
San
Joaquin
Gardens,
Series
2012A,
5.625%,
10/01/32,
(Pre-refunded
10/01/22)
10/22
at
100.00
N/R
1,027,930
67
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
(8)
(continued)
$
315
Chino
Public
Financing
Authority,
California,
Revenue
Bonds,
Refunding
Series
2012,
5.000%,
9/01/38,
(Pre-refunded
9/01/22)
9/22
at
100.00
N/R
$
321,706
1,250
Dana
Point,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-1
Series
2014,
5.000%,
9/01/45,
(Pre-refunded
9/01/23)
9/23
at
100.00
N/R
1,321,237
8,285
Fresno
Unified
School
District,
Fresno
County,
California,
General
Obligation
Bonds,
Election
2010
Series
2014D,
4.000%,
8/01/47,
(Pre-
refunded
8/01/24),
(UB)
(4)
8/24
at
100.00
Aa3
8,838,521
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Series
2015A:
2,245
5.000%,
6/01/40,
(Pre-refunded
6/01/25),
(UB)
6/25
at
100.00
A+
2,502,255
2,755
5.000%,
6/01/40,
(Pre-refunded
6/01/25),
(UB)
6/25
at
100.00
N/R
3,072,541
2,000
5.000%,
6/01/45,
(Pre-refunded
6/01/25),
(UB)
6/25
at
100.00
A+
2,230,520
10,615
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Senior
Convertible
Series
2007A-2,
5.300%,
6/01/37,
(Pre-refunded
6/01/22)
6/22
at
100.00
B-
10,739,832
3,355
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A-1,
5.000%,
6/01/47,
(Pre-
refunded
6/01/22)
6/22
at
100.00
N/R
3,391,972
275
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A-2,
5.000%,
6/01/47,
(Pre-
refunded
6/01/22)
6/22
at
100.00
N/R
277,962
Guam
A.B.
Won
Pat International
Airport
Authority,
Revenue
Bonds,
Series
2013C:
295
6.250%,
10/01/34,
(Pre-refunded
10/01/23),
(AMT)
10/23
at
100.00
Baa2
318,234
410
6.125%,
10/01/43,
(Pre-refunded
10/01/23)
-
AGM
Insured,
(AMT)
10/23
at
100.00
Baa2
441,492
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2013:
500
5.250%,
7/01/33,
(Pre-refunded
7/01/23)
7/23
at
100.00
Baa2
526,905
1,000
5.500%,
7/01/43,
(Pre-refunded
7/01/23)
7/23
at
100.00
Baa2
1,057,100
Inglewood
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Refunding
Series
2012:
2,530
0.000%,
8/01/23,
(Pre-refunded
8/01/22)
8/22
at
93.78
A2
2,365,753
1,600
0.000%,
8/01/25,
(Pre-refunded
8/01/22)
8/22
at
82.01
A2
1,308,464
1,050
0.000%,
8/01/28,
(Pre-refunded
8/01/22)
8/22
at
66.37
A2
694,890
2,430
0.000%,
8/01/33,
(Pre-refunded
8/01/22)
8/22
at
45.44
A2
1,101,130
1,650
0.000%,
8/01/35,
(Pre-refunded
8/01/22)
8/22
at
38.78
A2
638,121
335
Lake
Elsinore
Public
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Canyon
Hills
Improvement
Area
C,
Series
2012C,
5.000%,
9/01/37,
(Pre-refunded
9/01/22)
9/22
at
100.00
N/R
342,045
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2014A:
2,250
5.000%,
1/15/44,
(Pre-refunded
1/15/25)
1/25
at
100.00
BBB
2,486,700
1,650
5.000%,
1/15/50,
(Pre-refunded
1/15/25)
1/25
at
100.00
BBB
1,823,580
Santa
Ana
Financing
Authority,
California,
Lease
Revenue
Bonds,
Police
Administration
and
Housing
Facility,
Series
1994A:
160
6.250%,
7/01/24,
(ETM)
No
Opt.
Call
Baa2
170,952
4,050
State
of
California,
2.375%,
10/01/46,
(UB)
(4)
4/31
at
100.00
N/R
3,601,949
1,250
Stockton
Public
Financing
Authority,
California,
Water
Revenue
Bonds,
Delta
Water
Supply
Project,
Series
2010A,
6.250%,
10/01/40,
(Pre-
refunded
10/01/23)
10/23
at
100.00
A
1,351,737
5,000
Sulphur
Springs
Union
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2002-1,
Series
2014A,
5.000%,
9/01/39,
(Pre-refunded
3/01/24)
3/24
at
100.00
AA
5,374,650
81,135
Total
U.S.
Guaranteed
81,466,296
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
68
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
-
9.4%
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
Poseidon
Resources
Channelside
LP
Desalination
Project,
Series
2012:
$
200
5.000%,
7/01/37,
(AMT),
144A
1/23
at
100.00
Baa3
$
203,760
5,000
5.000%,
11/21/45,
(AMT),
144A
1/23
at
100.00
Baa3
5,093,450
2,000
Compton,
California,
Sewer
Revenue
Bonds,
Series
2009,
6.000%,
9/01/39
3/22
at
100.00
N/R
2,004,900
1,725
Gilroy
Public
Facilities
Financing
Authority,
California,
Wastewater
Revenue
Bonds,
Series
2021A,
3.000%,
8/01/51,
(UB)
(4)
8/31
at
100.00
AA
1,730,365
500
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2016,
5.000%,
1/01/46
7/26
at
100.00
Baa2
553,125
25
Long
Beach
Bond
Finance
Authority,
California,
Natural
Gas
Purchase
Revenue
Bonds,
Series
2007A,
5.500%,
11/15/28
No
Opt.
Call
A-
30,152
700
Long
Beach
Bond
Finance
Authority,
California,
Natural
Gas
Purchase
Revenue
Bonds,
Series
2007B,
1.769%,
11/15/26
(3-Month
LIBOR*0.67%
reference
rate
+
1.430%
spread)
(9)
No
Opt.
Call
A-
709,191
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2017A:
7,565
5.000%,
7/01/42,
(UB)
(4)
1/27
at
100.00
AA-
8,681,140
25,000
5.000%,
7/01/47,
(UB)
(4)
1/27
at
100.00
AA-
28,601,250
2,000
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2017A,
4.000%,
7/01/47,
(UB)
(4)
1/27
at
100.00
Aa2
2,187,420
2,000
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Tender
Option
Bond
Trust
3403.
As
of
6/4/2015
Converted
to
Trust
2015-XF2053,
21.433%,
7/01/44,
144A,
(IF)
(4)
7/24
at
100.00
Aa2
2,825,780
50
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009A,
6.500%,
11/01/39
No
Opt.
Call
BBB+
73,865
4,540
Pico
Rivera
Water
Authority,
California,
Revenue
Bonds,
Refunding
Water
System
Project,
Series
1999A,
5.500%,
5/01/29
-
NPFG
Insured
No
Opt.
Call
Baa2
5,158,303
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Forward
Delivery
Series
2022A:
905
4.000%,
7/01/42,
144A,
(WI/DD,
Settling
6/15/22)
7/32
at
100.00
N/R
981,101
500
4.000%,
7/01/47,
144A,
(WI/DD,
Settling
6/15/22)
7/32
at
100.00
N/R
534,075
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B:
950
5.000%,
7/01/24,
144A
No
Opt.
Call
N/R
1,027,900
2,440
5.000%,
7/01/37,
144A
7/31
at
100.00
N/R
2,878,004
8,575
4.000%,
7/01/42,
144A
7/31
at
100.00
N/R
9,282,609
2,905
4.000%,
7/01/47,
144A
7/31
at
100.00
N/R
3,100,739
8,000
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Federally
Taxable
Build
America
Bonds,
Series
2010YY,
4.050%,
7/01/40
(5)
3/22
at
100.00
D
8,160,000
25
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Refunding
Series
2005SS,
3.926%,
7/01/30
(5)
3/22
at
100.00
D
25,688
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Refunding
Series
2010DDD:
1,030
3.844%,
7/01/22
(5)
6/21
at
100.00
N/R
1,009,400
1,000
3.957%,
7/01/22
(5)
6/21
at
100.00
N/R
1,028,750
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Refunding
Series
2012A:
1,415
3.941%,
7/01/29
(5)
7/22
at
100.00
D
1,453,913
5,385
3.957%,
7/01/42
(5)
7/22
at
100.00
D
5,553,281
2,925
3.961%,
7/01/42
(5)
7/22
at
100.00
D
3,016,406
85
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2003NN,
3.999%,
7/01/22
(5)
No
Opt.
Call
N/R
88,187
1,950
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2007TT,
3.957%,
7/01/32
(5)
3/22
at
100.00
D
2,010,937
1,140
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2007VV,
5.250%,
7/01/34
-
NPFG
Insured
No
Opt.
Call
D
1,208,788
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010AAA:
500
3.978%,
7/01/24
(5)
3/22
at
100.00
D
518,125
3,000
3.998%,
7/01/27
(5)
3/22
at
100.00
D
3,108,750
1,020
3.978%,
7/01/31
(5)
3/22
at
100.00
D
1,056,975
69
Investments
in
Derivatives
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010CCC:
$
135
3.957%,
7/01/24
(5)
3/22
at
100.00
D
$
139,219
200
3.941%,
7/01/27
(5)
3/22
at
100.00
D
205,500
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010XX:
1,445
3.926%,
7/01/25
(5)
3/22
at
100.00
D
1,484,737
95
3.978%,
7/01/26
(5)
3/22
at
100.00
D
98,444
1,000
3.978%,
7/01/35
(5)
3/22
at
100.00
D
1,036,250
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010ZZ:
1,695
3.957%,
7/01/22
(5)
3/22
at
100.00
D
1,747,969
165
3.957%,
7/01/22
(5)
6/21
at
100.00
N/R
169,743
275
3.978%,
7/01/25
(5)
3/22
at
100.00
D
284,969
1,000
3.978%,
7/01/26
(5)
3/22
at
100.00
D
1,036,250
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2013A:
220
4.143%,
7/01/30
(5)
7/23
at
100.00
D
234,298
4,430
4.102%,
7/01/36
(5)
7/23
at
100.00
D
4,695,756
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
WW:
915
3.988%,
7/01/24
(5)
3/22
at
100.00
D
949,312
1,000
3.978%,
7/01/33
(5)
3/22
at
100.00
D
1,036,250
295
3.999%,
7/01/38
(5)
3/22
at
100.00
D
306,800
2,380
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Taxable
Build
America
Bond
Series
2010EE,
4.036%,
7/01/30
(5)
3/22
at
100.00
D
2,418,675
2,000
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Taxable
Series
2010BBB,
3.990%,
7/01/28
(5)
3/22
at
100.00
D
2,022,500
San
Joaquin
County,
California,
Revenue
Bonds,
CSA
County
Service
Area
31,
Refunding
Series
2018A:
1,250
5.000%,
8/01/38
8/28
at
100.00
N/R
1,403,862
1,500
5.000%,
8/01/42
8/28
at
100.00
N/R
1,678,470
5,000
South
Coast
Water
District
Financing
Authority,
California,
Revenue
Bonds,
Series
2020A,
2.500%,
2/01/50,
(UB)
(4)
2/29
at
100.00
AA+
4,608,350
Southern
California
Public
Power
Authority,
Natural
Gas
Project
1
Revenue
Bonds,
Series
2007A:
1,000
5.000%,
11/01/29
No
Opt.
Call
BBB+
1,198,010
720
5.000%,
11/01/33
No
Opt.
Call
BBB+
907,056
5,550
1.682%,
11/01/38
(3-Month
LIBOR*0.67%
reference
rate
+
1.470%
spread)
(9)
No
Opt.
Call
BBB+
5,229,210
2,319
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Bond
Anticipation
Notes,
Series
2020A,
7.500%,
7/01/22,
144A
No
Opt.
Call
N/R
2,320,683
115
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Refunding
Series
2007A,
5.000%,
7/01/22
3/22
at
100.00
Caa3
114,794
129,759
Total
Utilities
139,223,436
$
2,155,225
Total
Municipal
Bonds
(cost
$1,903,052,103)
1,956,821,132
Shares
Description
(1)
Value
COMMON
STOCKS
-
0.1%
Airlines
-
0.1%
94,060
American
Airlines
Group
Inc
(10),(11)
1,622,535
Total
Common
Stocks
(cost
$2,851,418)
1,622,535
Total
Long-Term
Investments
(cost
$1,905,903,521)
1,958,443,667
Borrowings
-
(2.7)%
(12)
(
40,200,000
)
Floating
Rate
Obligations
-
(30.8)%
(
456,954,000
)
Other
Assets
Less
Liabilities
-
1.6%
(13)
23,117,794
Net
Assets
-
100%
$
1,484,407,461
Nuveen
California
High
Yield
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
70
Futures
Contracts
-
Short
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
Variation
Margin
Receivable/
(Payable)
U.S.
Treasury
5-Year
Note
(845)
6/22
$
(
99,417,909
)
$
(
99,947,656
)
$
(
529,747
)
$
(
712,969
)
U.S.
Treasury
10-Year
Note
(501)
6/22
(
63,442,873
)
(
63,846,188
)
(
403,315
)
(
634,078
)
Total
$(162,860,782)
$(163,793,844)
$(933,062)
$
(
1,347,047
)
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(3)
The
ratings
disclosed
are
the
lowest
of
the
Standard
&
Poor's
Group
("Standard
&
Poor's"),
Moody's
Investors
Service,
Inc.
("Moody's")
or
Fitch,
Inc.
("Fitch")
rating.
Ratings
below
BBB
by
Standard
&
Poor's,
Baa
by
Moody's
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(4)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(5)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(6)
Investment
valued
at
fair
value
using
methods
determined
in
good
faith
by,
or
at
the
discretion
of,
the
Board.
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(7)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(8)
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.
(9)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(10)
On
November
28,
2011,
AMR
Corp.
("AMR"),
the
parent
company
of
American
Airlines
Group,
Inc.
("AAL")
filed
for
federal
bankruptcy
protection.
On
December
9,
2013,
AMR
emerged
from
federal
bankruptcy
with
the
acceptance
of
its
reorganization
plan
by
the
bankruptcy
court.
Under
the
settlement
agreement
to
meet
AMR's
unsecured
bond
obligations,
the
bondholders
including
the
Fund,
received
a
distribution
of
AAL
preferred
stock
which
was
converted
to
AAL
common
stock
over
a
120-day
period.
Every
30
days,
a
quarter
of
the
preferred
stock
was
converted
to
AAL
common
stock
based
on
the
5-day
volume-weighted
average
price
and
the
amount
of
preferred
shares
tendered
during
the
optional
preferred
conversion
period.
(11)
Non-Income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(12)
Borrowings
as
a
percentage
of
Total
investments
is
2.1%.
(13)
Other
assets
less
liabilities
includes
the
unrealized
appreciation
(depreciation)
of
certain
over-the-counter
("OTC")
derivatives
as
well
as
the
OTC
cleared
and
exchange-traded
derivatives,
when
applicable.
The
unrealized
appreciation
(depreciation)
of
OTC
cleared
and
exchange-
traded
derivatives
is
recognized
as
part
of
the
cash
collateral
at
brokers
and/or
the
receivable
or
payable
for
variation
margin
as
presented
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
IF
Inverse
floating
rate
security
issued
by
a
tender
option
bond
(“TOB”)
trust,
the
interest
rate
on
which
varies
inversely
with
the
Securities
Industry
Financial
Markets
Association
(SIFMA)
short-term
rate,
which
resets
weekly,
or
a
similar
short-term
rate,
and
is
reduced
by
the
expenses
related
to
the
TOB
trust.
LIBOR
London
Inter-Bank
Offered
Rate
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
WI/DD
Purchased
on
a
when-issued
or
delayed
delivery
basis.
71
Nuveen
California
Municipal
Bond
Fund
Portfolio
of
Investments
February
28,
2022
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
99.8%
MUNICIPAL
BONDS
-
99.8%
Consumer
Staples
-
0.0%
$
370
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020A,
4.000%,
6/01/49
6/30
at
100.00
BBB+
$
401,061
Education
and
Civic
Organizations
-
3.8%
5,000
California
Educational
Facilities
Authority,
Revenue
Bonds,
Chapman
University,
Series
2015,
5.000%,
4/01/40
4/25
at
100.00
A2
5,526,100
7,000
California
Educational
Facilities
Authority,
Revenue
Bonds,
Stanford
University,
Series
2007,
5.000%,
3/15/39
No
Opt.
Call
AAA
9,557,170
3,000
California
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
the
Pacific,
Refunding
Series
2015,
5.000%,
11/01/36
11/25
at
100.00
A2
3,382,950
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
The
Walt
Disney
Family
Museum,
Refunding
Series
2016:
250
5.000%,
2/01/30
2/26
at
100.00
A+
281,660
250
5.000%,
2/01/31
2/26
at
100.00
A+
281,512
4,250
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Partnerships
to
Uplift
Communities
Project,
Series
2012A,
5.250%,
8/01/42
8/22
at
100.00
BB
4,281,960
1,125
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Rocketship
Education?Multiple
Projects,
Series
2014A,
7.250%,
6/01/43
6/22
at
102.00
N/R
1,160,539
California
Municipal
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
OCEAA
Project,
Series
2008A:
630
6.750%,
10/01/28
3/22
at
100.00
N/R
631,512
1,500
7.000%,
10/01/39
3/22
at
100.00
N/R
1,503,210
1,275
California
Municipal
Finance
Authority,
Revenue
Bonds,
Goodwill
Industries
of
Sacramento
Valley
&
Northern
Nevada
Project,
Series
2014A,
5.000%,
1/01/35
1/25
at
100.00
N/R
1,225,441
1,245
California
Municipal
Finance
Authority,
Revenue
Bonds,
Touro
College
and
University
System,
Series
2014A,
5.250%,
1/01/34
7/24
at
100.00
BBB-
1,331,938
1,040
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2015A,
5.000%,
8/01/40,
144A
8/25
at
100.00
BBB
1,140,204
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2016:
460
5.000%,
8/01/46,
144A
8/25
at
100.00
BBB
501,161
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Downtown
College
Prep
-
Obligated
Group,
Series
2016:
410
5.000%,
6/01/46,
144A
6/26
at
100.00
N/R
432,394
500
5.000%,
6/01/51,
144A
6/26
at
100.00
N/R
526,305
375
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Kepler
Neighborhood
School,
Series
2017A,
5.750%,
5/01/37,
144A
5/27
at
100.00
N/R
405,683
285
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Rocketship
Education
?
Obligated
Group,
Series
2016A,
5.000%,
6/01/36,
144A
6/25
at
100.00
N/R
304,135
500
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Summit
Public
Schools
?
Obligated
Group,
Series
2017,
5.000%,
6/01/47,
144A
6/27
at
100.00
Baa3
551,050
750
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2015A,
5.000%,
7/01/45,
144A
7/25
at
100.00
BBB
813,697
830
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016A,
5.000%,
7/01/46,
144A
7/25
at
100.00
BBB
899,454
Nuveen
California
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
72
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
$
5,235
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016C,
5.250%,
7/01/52
7/25
at
101.00
BBB
$
5,750,595
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Value
Schools,
Series
2013:
2,000
6.900%,
7/01/43
7/23
at
100.00
BB+
2,125,500
4,040
7.000%,
7/01/48
7/23
at
100.00
BB+
4,296,015
2,650
California
State
University,
Systemwide
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
11/01/35
11/25
at
100.00
Aa2
2,974,652
7,505
California
State
University,
Systemwide
Revenue
Bonds,
Series
2020C,
3.000%,
11/01/40
11/30
at
100.00
Aa2
7,711,688
1,115
San
Diego
County,
California,
Limited
Revenue
Obligations,
Sanford
Burnham
Prebys
Medical
Discovery
Institute,
Series
2015A,
5.000%,
11/01/28
11/25
at
100.00
A1
1,252,870
14,740
University
of
California,
General
Revenue
Bonds,
Series
2018AZ,
5.000%,
5/15/48
5/28
at
100.00
AA
17,494,316
University
of
California,
General
Revenue
Bonds,
Series
2020BE:
4,600
5.000%,
5/15/41
5/30
at
100.00
AA
5,634,310
5,000
5.000%,
5/15/42
5/30
at
100.00
AA
6,112,600
77,560
Total
Education
and
Civic
Organizations
88,090,621
Financials
-
0.0%
7
Cofina
Class
2
Trust
Tax-Exempt
Class
2047,
Puerto
Rico.
Unit
Exchanged
From
Cusip
74529JAN5,
0.000%,
8/01/47
No
Opt.
Call
N/R
2,390
Health
Care
-
9.8%
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B:
7,780
5.000%,
11/15/46
11/26
at
100.00
A1
8,871,223
10,065
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2017A,
5.000%,
11/15/48
11/27
at
100.00
A1
11,717,472
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2018A:
1,500
5.000%,
11/15/35
11/27
at
100.00
A1
1,761,315
14,805
5.000%,
11/15/48
11/27
at
100.00
A1
17,235,685
25,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Cedars-
Sinai
Health
System,
Series
2021A,
3.000%,
8/15/51
8/31
at
100.00
N/R
24,702,000
455
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Cedars-
Sinai
Medical
Center,
Refunding
Series
2015,
5.000%,
11/15/32
11/25
at
100.00
Aa3
511,616
1,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Children's
Hospital
Los
Angeles,
Series
2012A,
5.000%,
11/15/29
11/22
at
100.00
BBB+
1,024,400
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Children's
Hospital
Los
Angeles,
Series
2017A:
3,000
5.000%,
8/15/42
8/27
at
100.00
BBB+
3,459,390
3,000
5.000%,
8/15/47
8/27
at
100.00
BBB+
3,437,970
46,160
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health, Series
2020A,
4.000%,
4/01/49
4/30
at
100.00
BBB+
50,306,553
3,940
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
El
Camino
Hospital,
Refunding
Series
2015A,
5.000%,
2/01/40
2/25
at
100.00
AA
4,301,731
830
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Lucile
Salter
Packard
Children's
Hospital,
Series
2014A,
5.000%,
8/15/43
8/24
at
100.00
AA-
898,691
1,825
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014B,
5.000%,
10/01/44
10/24
at
100.00
AA-
1,978,300
3,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Community
Health
System,
Series
2021A,
4.000%,
2/01/51
2/32
at
100.00
N/R
3,309,240
250
California
Municipal
Finance
Authority,
Revenue
Bonds,
Eisenhower
Medical
Center,
Refunding
Series
2017A,
5.000%,
7/01/42
7/27
at
100.00
Baa2
286,105
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A:
1,810
5.250%,
11/01/36
11/26
at
100.00
BBB-
2,056,631
5,000
5.000%,
11/01/47
11/26
at
100.00
BBB-
5,538,000
10,310
5.250%,
11/01/47
11/26
at
100.00
BBB-
11,599,781
73
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
$
2,000
California
Public
Finance
Authority,
Revenue
Bonds,
Henry
Mayo
Newhall
Hospital,
Series
2017,
5.000%,
10/15/47
10/26
at
100.00
BBB-
$
2,245,760
2,500
California
Statewide
Communities
Development
Authority,
California,
Redlands
Community
Hospital,
Revenue
Bonds,
Series
2016,
5.000%,
10/01/46
10/26
at
100.00
A-
2,805,375
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A:
5,295
5.250%,
12/01/34
12/24
at
100.00
BB
5,814,545
6,000
5.250%,
12/01/44
12/24
at
100.00
BB
6,544,500
1,500
5.500%,
12/01/54
12/24
at
100.00
BB
1,642,065
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A:
2,400
5.000%,
12/01/41,
144A
6/26
at
100.00
BB
2,688,336
5,000
5.000%,
12/01/46,
144A
6/26
at
100.00
BB
5,590,150
14,750
5.250%,
12/01/56,
144A
6/26
at
100.00
BB
16,582,097
8,400
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2018A,
5.500%,
12/01/58,
144A
6/28
at
100.00
BB
9,837,324
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Adventist
Health
System/West,
Series
2015A:
1,305
5.000%,
3/01/35
3/26
at
100.00
A+
1,465,384
1,000
5.000%,
3/01/45
3/26
at
100.00
A+
1,118,790
5,005
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Adventist
Health
System/West,
Series
2018A,
5.000%,
3/01/48
3/28
at
100.00
A+
5,855,149
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
John
Muir
Health,
Series
2016A:
100
5.000%,
8/15/46
8/26
at
100.00
A+
113,287
235
5.000%,
8/15/51
8/26
at
100.00
A+
265,045
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A:
182
5.750%,
7/01/24
(4),(5)
1/22
at
100.00
N/R
160,306
209
5.750%,
7/01/302030
2030
(4),(5)
1/22
at
100.00
N/R
184,313
14
5.750%,
7/01/352035
2035
(4),(5)
1/22
at
100.00
N/R
12,003
197
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005G,
5.500%,
7/01/22
(4),(5)
1/22
at
100.00
N/R
173,471
3,390
Kaweah
Delta
Health
Care
District,
California,
Revenue
Bonds,
Series
2015B,
5.000%,
6/01/40
6/25
at
100.00
A3
3,720,593
4,500
Palomar
Pomerado
Health
System,
California,
Revenue
Bonds,
Refunding
Series
2016,
4.000%,
11/01/39
11/26
at
100.00
BBB
4,844,790
1,630
Upland,
California,
Certificates
of
Participation,
San
Antonio
Regional
Hospital,
Series
2017,
5.000%,
1/01/47
1/28
at
100.00
BBB
1,868,029
205,342
Total
Health
Care
226,527,415
Housing/Multifamily
-
14.2%
19,170
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Creekwood,
Series
2021A,
4.000%,
2/01/56,
144A
8/31
at
100.00
N/R
18,499,625
12,285
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Glendale
Properties,
Junior
Series
2021A-2,
4.000%,
8/01/47,
144A
8/31
at
100.00
N/R
11,448,146
12,000
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A,
5.000%,
2/01/50,
144A
2/30
at
100.00
N/R
12,282,840
1,950
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Stoneridge
Apartments,
Series
2021A,
4.000%,
2/01/56,
144A
2/31
at
100.00
N/R
1,862,777
1,400
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Summit
at
Sausalito
Apartments,
Series
2021A-1,
3.000%,
2/01/57,
144A
8/32
at
100.00
N/R
1,160,768
Nuveen
California
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
74
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Multifamily
(continued)
$
560
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Summit
at
Sausalito
Apartments,
Series
2021A-2,
4.000%,
2/01/50,
144A
8/32
at
100.00
N/R
$
495,404
13,875
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Verdant
at
Green
Valley
Apartments,
Series
2019A,
5.000%,
8/01/49,
144A
8/29
at
100.00
N/R
14,422,924
21,320
California
Community
Housing
Agency,
Workforce
Housing
Revenue
Bonds,
Annadel
Apartments,
Series
2019A,
5.000%,
4/01/49,
144A
4/29
at
100.00
N/R
21,998,402
11,431
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2019-2,
4.000%,
3/20/33
No
Opt.
Call
BBB+
12,604,175
12,720
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2021-1,
3.500%,
11/20/35
No
Opt.
Call
BBB+
13,599,148
1,561
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series2019-1,
4.250%,
1/15/35
No
Opt.
Call
BBB+
1,763,891
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Caritas
Affordable
Housing
Inc
Projects,
Senior
Series
2014A:
170
5.250%,
8/15/39
8/24
at
100.00
A-
180,346
455
5.250%,
8/15/49
8/24
at
100.00
A-
480,771
3,415
California
Statewide
Community
Development
Authority,
Multifamily
Housing
Revenue
Senior
Bonds,
Westgate
Courtyards
Apartments,
Series
2001X-1,
5.420%,
12/01/34
-
AMBAC
Insured,
(AMT)
3/22
at
100.00
N/R
3,418,586
20,705
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Series
2021A-2,
4.000%,
4/01/56,
144A
4/31
at
100.00
N/R
20,665,660
6,125
CMFA
Special
Finance
Agency
VII,
California,
Essential
Housing
Revenue
Bonds,
Senior
Lien
Series
2021A-1,
3.000%,
8/01/56,
144A
8/31
at
100.00
N/R
5,240,918
5,675
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Enclave
Apartments,
Senior
Series
2022A-1,
4.000%,
8/01/58,
144A
2/32
at
100.00
N/R
5,362,989
4,550
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Latitude
33,
Senior
Series
2021A-1,
3.000%,
12/01/56,
144A
12/31
at
100.00
N/R
3,699,559
920
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-1,
3.600%,
5/01/47,
144A
5/32
at
100.00
N/R
881,673
8,660
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-2,
3.250%,
5/01/57,
144A
5/32
at
100.00
N/R
7,468,557
1,255
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Mezzanine
Lien
Series
2021B,
4.000%,
10/01/46,
144A
10/31
at
100.00
N/R
1,146,505
2,315
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Senior
Lien
Series
2021A,
4.000%,
10/01/56,
144A
10/31
at
100.00
N/R
2,338,821
26,965
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Altana
Glendale,
Series
2021A-2,
4.000%,
10/01/56,
144A
10/31
at
100.00
N/R
26,176,813
14,755
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Center
City
Anaheim,
Series
2020A,
5.000%,
1/01/54,
144A
1/31
at
100.00
N/R
15,561,803
6,440
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Jefferson-Anaheim
Series
2021A-2,
3.125%,
8/01/56,
144A
8/31
at
100.00
N/R
5,391,568
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Millennium
South
Bay-
Hawthorne,
Series
2021A-1
and
A-2:
4,355
3.375%,
7/01/43,
144A
7/32
at
100.00
N/R
4,190,904
11,190
3.250%,
7/01/56,
144A
7/32
at
100.00
N/R
9,792,369
15,800
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-2,
4.000%,
10/01/56,
144A
10/31
at
100.00
N/R
15,874,576
75
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Multifamily
(continued)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-1:
$
1,615
3.000%,
7/01/43,
144A
7/32
at
100.00
N/R
$
1,440,370
6,750
3.125%,
7/01/56,
144A
7/32
at
100.00
N/R
5,719,275
2,230
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Oceanaire-Long
Beach,
Social
Series
2021A-2,
4.000%,
9/01/56,
144A
9/31
at
100.00
N/R
2,240,503
395
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Orange
City
Portfolio,
Mezzanine
Lien
Series
2021B,
4.000%,
3/01/57,
144A
3/32
at
100.00
N/R
338,321
9,595
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Orange
City
Portfolio,
Senior
Lien
Series
2021A-2,
3.000%,
3/01/57,
144A
3/32
at
100.00
N/R
7,937,752
14,200
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Parallel-Anaheim
Series
2021A,
4.000%,
8/01/56,
144A
8/31
at
100.00
N/R
13,587,838
5,280
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Mezzanine
Senior
Series
2021B,
4.000%,
12/01/56,
144A
12/31
at
100.00
N/R
4,672,483
9,490
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Series
2021A-2,
3.000%,
12/01/56
12/31
at
100.00
N/R
8,031,862
440
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Renaissance
at
City
Center,
Series
2020A,
5.000%,
7/01/51,
144A
7/31
at
100.00
N/R
465,168
5,730
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Union
South
Bay,
Series
2021A-2,
4.000%,
7/01/56,
144A
7/31
at
100.00
N/R
5,756,358
7,475
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Vineyard
Gardens
Apartments,
Senior
Lien
Series
2021A,
3.250%,
10/01/58,
144A
4/32
at
100.00
N/R
6,526,946
2,100
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Waterscape
Apartments,
Mezzanine
Lien
Series
2021B,
4.000%,
9/01/46,
144A
9/31
at
100.00
N/R
1,898,778
2,645
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Waterscape
Apartments,
Senior
Lien
Series
2021A,
3.000%,
9/01/56,
144A
9/31
at
100.00
N/R
2,208,813
3,995
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
6/01/47,
144A
6/31
at
100.00
N/R
3,581,078
16,280
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-2,
3.125%,
6/01/57,
144A
6/31
at
100.00
N/R
13,653,873
3,100
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Mezzanine
Lien
Series
2021A-2,
4.000%,
12/01/58
6/32
at
100.00
N/R
2,950,828
10,045
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
12/01/49
6/32
at
100.00
N/R
8,137,153
995
Independent
Cities
Finance
Authority,
California,
Mobile
Home
Park
Revenue
Bonds,
Palomar
Estates
West,
Refunding
Series
2015,
5.000%,
9/15/25
No
Opt.
Call
N/R
1,055,138
220
San
Jose,
California,
Multifamily
Housing
Senior
Lien
Revenue
Bonds,
Fallen
Leaves
Apartments,
Series
2002J1,
4.950%,
12/01/22
-
AMBAC
Insured,
(AMT)
3/22
at
100.00
N/R
220,365
344,602
Total
Housing/Multifamily
328,433,420
Nuveen
California
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
76
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Industrials
-
0.9%
$
18,635
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2021A,
4.000%,
10/01/52,
(Mandatory
Put
12/01/27)
9/27
at
100.63
N/R
$
20,497,755
Long-Term
Care
-
0.3%
1,275
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Northern
California
Presbyterian
Homes
&
Services
Inc.,
Refunding
Series
2015,
5.000%,
7/01/44
7/25
at
100.00
AA
1,416,092
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Front
Porch
Communities
&
Services
,
Series
2021A:
2,405
4.000%,
4/01/39
4/31
at
100.00
N/R
2,627,029
2,615
4.000%,
4/01/40
4/31
at
100.00
N/R
2,849,252
6,295
Total
Long-Term
Care
6,892,373
Tax
Obligation/General
-
16.6%
1,000
Acalanes
Union
High
School
District,
Contra
Costa
County,
California,
General
Obligation
Bonds,
Refunding
Series
2010A,
0.000%,
8/01/26
No
Opt.
Call
Aa1
927,460
4,475
Alameda
Unified
School
District,
Alameda
County,
California,
General
Obligation
Bonds,
Election
2014
Series
2019C,
3.000%,
8/01/42
8/27
at
100.00
AA
4,544,452
4,000
Alum
Rock
Union
Elementary
School
District,
Santa
Clara
County,
California,
General
Obligation
Bonds,
Refunding
Series
2013A,
6.000%,
8/01/39
8/23
at
100.00
A1
4,247,600
2,585
Anaheim
Union
High
School
District,
Orange
County,
California,
General
Obligation
Bonds,
2014
Election
Series
2019,
3.000%,
8/01/40
8/27
at
100.00
AAA
2,631,349
5,570
Bakersfield
City
School
District,
Kern
County,
California,
General
Obligation
Bonds,
Series
2012C,
0.000%,
5/01/42
(6)
5/40
at
100.00
Aa3
5,016,175
3,565
California
State,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
2016,
5.000%,
9/01/32
9/26
at
100.00
Aa2
4,102,638
4,445
California
State,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
2021,
4.000%,
10/01/37
4/31
at
100.00
N/R
5,120,996
1,205
California
State,
General
Obligation
Bonds,
Various
Purpose
Refunding
Series
2014,
5.000%,
8/01/33
8/24
at
100.00
Aa2
1,304,184
21,830
California
State,
General
Obligation
Bonds,
Various
Purpose
Refunding
Series
2015,
5.000%,
8/01/33
2/25
at
100.00
Aa2
24,010,817
6,725
California
State,
General
Obligation
Bonds,
Various
Purpose
Refunding
Series
2016,
5.000%,
9/01/34
9/26
at
100.00
Aa2
7,729,715
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2013:
5,860
5.000%,
2/01/38
2/23
at
100.00
Aa2
6,072,894
1,430
5.000%,
2/01/43
2/23
at
100.00
Aa2
1,481,280
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2014:
1,940
5.000%,
10/01/37
10/24
at
100.00
Aa2
2,107,596
2,470
5.000%,
5/01/44
5/24
at
100.00
Aa2
2,647,371
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2015:
3,000
5.000%,
3/01/45
3/25
at
100.00
Aa2
3,296,250
3,000
5.000%,
8/01/45
8/25
at
100.00
Aa2
3,333,270
4,375
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2016,
5.000%,
9/01/46
9/26
at
100.00
Aa2
4,983,694
7,200
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2017,
5.000%,
8/01/46
8/26
at
100.00
Aa2
8,185,320
18,340
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2018,
5.000%,
10/01/47
4/26
at
100.00
Aa2
20,673,948
5,230
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2018.
Bid
Group
A/B,
5.000%,
10/01/48
10/28
at
100.00
Aa2
6,220,562
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2019:
3,725
5.000%,
4/01/30
4/29
at
100.00
Aa2
4,559,847
6,580
5.000%,
4/01/32
4/29
at
100.00
Aa2
8,014,506
5,000
5.000%,
4/01/33
4/29
at
100.00
Aa2
6,088,450
5,000
5.000%,
4/01/45
4/29
at
100.00
Aa2
6,002,550
77
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
5,895
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2020,
4.000%,
3/01/50
3/30
at
100.00
Aa2
$
6,608,708
4,860
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2021,
4.000%,
10/01/39
4/31
at
100.00
N/R
5,576,753
2,880
Claremont
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2016,
Series
2018,
5.000%,
8/01/48
8/28
at
100.00
Aa2
3,401,050
2,500
Coast
Community
College
District,
Orange
County,
California,
General
Obligation
Bonds,
Election
of
2012,
Series
2019F,
3.000%,
8/01/38
2/29
at
100.00
AA+
2,596,025
9,500
Glendale
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2016
Taxable
Refunding
Series
2020B,
4.000%,
8/01/50
8/29
at
100.00
Aa2
10,593,640
Golden
West
Schools
Financing
Authority,
California,
General
Obligation
Revenue
Refunding
Bonds,
School
District
Program,
Series
1999A:
320
5.800%,
8/01/22
-
NPFG
Insured
No
Opt.
Call
Baa2
326,579
345
5.800%,
8/01/23
-
NPFG
Insured
No
Opt.
Call
Baa2
367,153
7,000
Hacienda
La
Puente
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
2016
Election,
Series
2017A,
4.000%,
8/01/47
8/27
at
100.00
AAA
7,658,280
30
Long
Beach
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2008,
Series
2009A,
5.500%,
8/01/29
3/22
at
100.00
Aa2
30,122
5,000
Los
Angeles
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2008
Series
2018B-1,
5.000%,
7/01/38
1/28
at
100.00
AA+
5,926,250
12,500
Los
Angeles
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Measure
Q
Series
2020C,
4.000%,
7/01/39
7/30
at
100.00
AA+
14,265,875
100
Lucia
Mar
Unified
School
District,
San
Luis
Obispo
County,
California,
General
Obligation
Bonds,
Refunding
Series
2005,
5.250%,
8/01/22
-
FGIC
Insured
No
Opt.
Call
Aa2
101,934
10,050
Manhattan
Beach
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2016
Measure
EE
Series
2018A,
4.000%,
9/01/46
9/28
at
100.00
Aa1
11,268,160
Mount
San
Antonio
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2018,
Series
2019A:
7,400
5.000%,
8/01/44
8/29
at
100.00
Aa1
8,993,146
2,600
4.000%,
8/01/49
8/29
at
100.00
Aa1
2,923,752
4,000
Ontario-Montclair
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
Election
of
2016,
Series
2019B,
4.000%,
8/01/48
8/27
at
100.00
Aa2
4,397,640
2,745
Palomar
Community
College
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Election
2006
Series
2017D,
4.000%,
8/01/46
8/27
at
100.00
AA
3,004,595
9,440
Paramount
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2006
Series
2011,
0.000%,
8/01/45
(6)
2/33
at
100.00
Aa3
12,167,499
7,000
Pittsburg
Unified
School
District
Financing
Authority,
Contra
Costa
County,
California, General
Obligation
Bonds,
Pittsburg
Unified
School
District
Bond
Program,
Series
2019,
5.000%,
9/01/47
-
AGM
Insured
9/28
at
100.00
AA
8,302,490
7,345
Pittsburg
Unified
School
District,
Contra
Costa
County,
California,
General
Obligation
Bonds,
Election
of
2014,
Series
2018C,
5.000%,
8/01/47
8/26
at
100.00
AAA
8,266,944
5,000
Redwood
City
School
District,
San
Mateo
County,
California,
General
Obligation
Bonds,
Election
2015
Series
2018,
5.250%,
8/01/44
8/28
at
100.00
AAA
6,008,300
1,935
San
Benito
High
School
District,
San
Benito
and
Santa
Clara
Counties,
California,
General
Obligation
Bonds,
2016
Election
Series
2017,
5.250%,
8/01/42
8/27
at
100.00
Aa3
2,297,600
12,695
San
Francisco
Bay
Area
Rapid
Transit
District,
California,
General
Obligation
Bonds,
Election
of
2016,
Green
Series
2017A-1,
5.000%,
8/01/47
8/27
at
100.00
Aaa
14,717,186
11,720
San
Francisco
Community
College
District,
California,
General
Obligation
Bonds,
Election
2020
Series
2020A,
4.000%,
6/15/45
6/30
at
100.00
N/R
13,211,487
Nuveen
California
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
78
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
San
Jose,
California,
General
Obligation
Bonds,
Disaster
Preparedness,
Public
Safety
&
Infrastructure,
Series
2019A-1:
$
10,000
5.000%,
9/01/45
3/29
at
100.00
AAA
$
12,063,100
15,820
5.000%,
9/01/47
3/29
at
100.00
AAA
19,067,213
15,400
5.000%,
9/01/49
3/29
at
100.00
AAA
18,556,384
1,535
San
Leandro
Unified
School
District,
Alameda
County,
California,
General
Obligation
Bonds,
Election
2006
Series
2010C,
0.000%,
8/01/39
(6)
8/28
at
100.00
AA
1,489,149
10,280
San
Mateo
County
Community
College
District,
California,
General
Obligation
Bonds,
Election
2014
Series
2018B,
5.000%,
9/01/45
9/28
at
100.00
AAA
12,440,136
5,000
Santa
Monica
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
2016
Election
Series
2018A,
5.000%,
8/01/43
8/28
at
100.00
AA+
5,971,150
1,740
Sonoma
County
Junior
College
District,
California,
General
Obligation
Bonds,
Election
2014
Series
2019B,
3.000%,
8/01/41
8/29
at
100.00
AA
1,779,289
2,345
Temecula
Valley
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Election
2012
Series
2018C,
5.250%,
8/01/44
2/26
at
100.00
Aa1
2,642,369
2,000
Victor
Valley
Union
High
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
Series
2009A,
5.750%,
8/01/31
8/26
at
100.00
AA
2,343,620
645
Washington
Township
Health
Care
District,
Alameda
County,
California,
General
Obligation
Bonds,
2012
Election
Series
2013A,
5.500%,
8/01/40
8/24
at
100.00
A1
704,424
1,100
West
Contra
Costa
Unified
School
District,
Contra
Costa
County,
California,
General
Obligation
Bonds,
Series
2008B,
6.000%,
8/01/24
No
Opt.
Call
AA-
1,221,517
5,100
Whittier
City
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
2012
Election
Series
2018C,
5.250%,
8/01/46
8/27
at
100.00
Aa3
6,058,596
3,500
Yosemite
Community
College
District,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2004,
Series
2010D,
0.000%,
8/01/42
(6)
No
Opt.
Call
Aa2
3,372,845
335,875
Total
Tax
Obligation/General
384,023,884
Tax
Obligation/Limited
-
10.8%
995
Beaumont
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Improvement
Area
19A,
Series
2015B,
5.000%,
9/01/35
9/25
at
100.00
N/R
1,089,863
1,655
Bell
Community
Housing
Authority,
California,
Lease
Revenue
Bonds,
Series
2005,
5.000%,
10/01/36
-
AMBAC
Insured
3/22
at
100.00
N/R
1,664,996
1,630
Brea
and
Olinda
Unified
School
District,
Orange
County,
California,
Certificates
of
Participation
Refunding,
Series
2002A,
5.125%,
8/01/26
-
AGM
Insured
3/22
at
100.00
AA
1,635,265
2,725
California
Community
College
Financing
Authority,
Lease
Revenue
Bonds,
Refunding
Series
2003,
0.000%,
6/01/33
-
AMBAC
Insured
No
Opt.
Call
AA+
1,821,145
California
Infrastructure
and
Economic
Development
Bank,
Lease
Revenue
Bonds,
California
State
Teachers?
Retirement
System
Headquarters
Expansion,
Green
Bond-
Climate
Bond
Certified
Series
2019:
1,800
5.000%,
8/01/33
8/29
at
100.00
AA
2,173,734
650
5.000%,
8/01/34
8/29
at
100.00
AA
783,263
2,395
5.000%,
8/01/36
8/29
at
100.00
AA
2,878,958
1,100
5.000%,
8/01/37
8/29
at
100.00
AA
1,320,649
2,500
5.000%,
8/01/44
8/29
at
100.00
AA
2,977,200
1,960
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
North
County
Center
for
Self-Sufficiency
Corporation,
Series
2004,
5.000%,
12/01/25
-
AMBAC
Insured
3/22
at
100.00
AA+
1,967,193
2,000
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Department
of
Corrections
&
Rehabilitation,
Various
Correctional
Facilities
Series
2014A,
5.000%,
9/01/39
9/24
at
100.00
Aa3
2,166,220
79
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Judicial
Council
of
California,
New
Stockton
Courthouse,
Series
2014B:
$
5,120
5.000%,
10/01/32
10/24
at
100.00
Aa3
$
5,574,553
2,600
5.000%,
10/01/33
10/24
at
100.00
Aa3
2,829,424
3,820
5.000%,
10/01/34
10/24
at
100.00
Aa3
4,156,084
2,000
5.000%,
10/01/39
10/24
at
100.00
Aa3
2,171,180
1,000
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Judicial
Council
of
California,
Various
Projects
Series
2013A,
5.000%,
3/01/30
3/23
at
100.00
Aa3
1,037,600
375
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2011A,
8.000%,
9/02/41
3/22
at
100.00
N/R
374,989
Chula
Vista
Municipal
Finance
Authority,
California,
Special
Tax
Revenue
Bonds,
Refunding
Series
2013:
1,915
5.500%,
9/01/27
9/23
at
100.00
AA-
2,034,534
2,165
5.500%,
9/01/29
9/23
at
100.00
AA-
2,299,728
1,520
5.500%,
9/01/30
9/23
at
100.00
AA-
1,614,179
660
Compton
Community
Redevelopment
Agency,
California,
Tax
Allocation
Revenue
Bonds,
Redevelopment
Projects,
Housing
Second
Lien
Series
2010A,
5.500%,
8/01/30
3/22
at
100.00
N/R
661,782
1,425
Compton
Community
Redevelopment
Agency,
California,
Tax
Allocation
Revenue
Bonds,
Redevelopment
Projects,
Second
Lien
Series
2010B,
5.000%,
8/01/25
3/22
at
100.00
N/R
1,428,705
3,200
Dublin,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-1
Improvement
Area
2
Dublin
Crossing,
Series
2019,
5.000%,
9/01/39
9/26
at
103.00
N/R
3,624,256
1,500
Elk
Grove
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Series
2015,
5.000%,
9/01/38
-
BAM
Insured
9/25
at
100.00
AA
1,675,725
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D:
7,500
5.000%,
11/15/28
11/25
at
100.00
BB
8,339,100
6,375
5.000%,
11/15/29
11/25
at
100.00
BB
7,072,744
3,725
5.000%,
11/15/39
11/25
at
100.00
BB
4,100,890
1,000
Huntington
Beach,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Huntington
Center,
Refunding
Series
2013,
5.375%,
9/01/33
9/23
at
100.00
N/R
1,047,170
1,090
Irvine,
California,
Limited
Obligation
Improvement
Bonds,
Reassessment
District
15-2,
Series
2015,
5.000%,
9/02/42
9/25
at
100.00
N/R
1,197,681
Irvine,
California,
Special
Tax
Bonds,
Community
Facilities
District
2013-3
Great
Park,
Improvement
Area
1,
Refunding
Series
2014:
500
5.000%,
9/01/39
9/24
at
100.00
N/R
537,255
750
5.000%,
9/01/44
9/24
at
100.00
N/R
804,623
3,260
Jurupa
Community
Services
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
33
Eastvale
Area,
Series
2014,
5.000%,
9/01/43
9/24
at
100.00
N/R
3,463,294
150
Jurupa
Public
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Series
2015A,
5.000%,
9/01/23
No
Opt.
Call
A+
158,295
790
Lake
Elsinore
Public
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Canyon
Hills
Improvement
Area
A
&
C,
Series
2014C,
5.000%,
9/01/40
9/24
at
100.00
N/R
841,634
1,620
Lake
Elsinore
Public
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Refunding
Series
2015,
5.000%,
9/01/40
9/25
at
100.00
N/R
1,759,239
Lammersville
Joint
Unified
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District 2007-1
Mountain
House
-
Shea
Homes
Improvement
Area
1,
Series
2013:
1,000
6.000%,
9/01/38
9/23
at
100.00
N/R
1,052,120
1,750
6.000%,
9/01/43
9/23
at
100.00
N/R
1,840,195
985
Lancaster
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Combined
Area
Sheriff's
Facilities
Projects,
Refunding
Series
2004,
5.000%,
12/01/23
-
SYNCORA
GTY
Insured
3/22
at
100.00
AA
987,965
765
Lancaster
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Combined
Fire
Protection
Facilities
Project,
Refunding
Series
2004,
5.000%,
12/01/23
-
SYNCORA
GTY
Insured
3/22
at
100.00
AA
767,303
Nuveen
California
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
80
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
1,000
Lathrop,
California,
Limited
Obligation
Improvement
Bonds,
Crossroads
Assessment
District,
Series
2015,
5.000%,
9/02/40
9/25
at
100.00
N/R
$
1,089,170
1,875
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Measure
R
Sales
Tax
Revenue
Bonds,
Senior
Series
2016A,
5.000%,
6/01/36
6/26
at
100.00
AAA
2,133,731
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Proposition
C
Sales
Tax
Revenue
Bonds,
Senior
Lien
Series
2017A:
15,075
5.000%,
7/01/39
7/27
at
100.00
AAA
17,646,946
5,075
5.000%,
7/01/42
7/27
at
100.00
AAA
5,918,262
Los
Angeles
County
Public
Works
Financing
Authority,
California,
Lease
Revenue
Bonds,
Series
2019E-1:
8,000
5.000%,
12/01/44
12/29
at
100.00
AA+
9,755,520
3,495
5.000%,
12/01/49
12/29
at
100.00
AA+
4,260,125
Menifee
Union
School
District
Public
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Series
2016A:
435
5.000%,
9/01/23
No
Opt.
Call
N/R
455,014
760
5.000%,
9/01/33
-
BAM
Insured
9/25
at
100.00
AA
844,102
1,600
5.000%,
9/01/35
-
BAM
Insured
9/25
at
100.00
AA
1,773,024
115
5.000%,
9/01/36
-
BAM
Insured
9/25
at
100.00
AA
127,272
1,455
Modesto,
California,
Speical
Tax
Bonds,
Community
Faclities
District
2004-
1
Village
One
2,
Refunding
Series
2014,
5.000%,
9/01/28
9/24
at
100.00
BBB+
1,573,626
590
ndio,
California,
Special
Tax
Bonds,
Community
Facilities
District
2004-3
Terra
Lago,
Improvement
Area
1,
Series
2015,
5.000%,
9/01/35
9/25
at
100.00
N/R
644,380
Oakland
Redevelopment
Successor
Agency,
California,
Tax
Allocation
Bonds,
Refunding
Subordinated
Series
2015-TE:
3,250
5.000%,
9/01/35
-
AGM
Insured
9/25
at
100.00
AA
3,622,612
3,215
5.000%,
9/01/36
-
AGM
Insured
9/25
at
100.00
AA
3,581,928
255
Orange
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-1
Esencia
Village,
Series
2015A,
5.250%,
8/15/45
8/25
at
100.00
N/R
278,730
Patterson
Public
Finance
Authority,
California,
Revenue
Bonds,
Community
Facilities
District
2001-1,
Senior
Series
2013A:
2,635
5.250%,
9/01/30
9/23
at
100.00
N/R
2,757,607
2,355
5.750%,
9/01/39
9/23
at
100.00
N/R
2,473,574
385
Patterson
Public
Finance
Authority,
California,
Revenue
Bonds,
Community
Facilities
District
2001-1,
Subordinate
Lien
Series
2013B,
5.875%,
9/01/39
9/23
at
100.00
N/R
405,089
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
6,940
0.000%,
7/01/33
7/28
at
86.06
N/R
5,054,541
71,915
0.000%,
7/01/46
7/28
at
41.38
N/R
23,362,307
22,681
5.000%,
7/01/58
7/28
at
100.00
N/R
25,435,607
Rancho
Cucamonga
Redevelopment
Agency
Successor
Agency,
California,
Tax
Allocation
Bonds,
Rancho
Redevelopment
Project,
Series
2014:
1,600
5.000%,
9/01/30
9/24
at
100.00
AA+
1,743,856
2,800
5.000%,
9/01/31
9/24
at
100.00
AA+
3,051,580
2,400
5.000%,
9/01/32
9/24
at
100.00
AA+
2,616,072
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Westpark,
Refunding
Series
2015:
1,000
5.000%,
9/01/28
9/25
at
100.00
N/R
1,100,360
1,000
5.000%,
9/01/29
9/25
at
100.00
N/R
1,099,420
1,000
5.000%,
9/01/30
9/25
at
100.00
N/R
1,097,030
6,960
Sacramento
Area
Flood
Control
Agency,
California,
Consolidated
Capital
Assessment
District
2
Bonds,
Series
2016A,
5.000%,
10/01/41
10/26
at
100.00
AA
7,914,355
Sacramento
Area
Flood
Control
Agency,
California,
Consolidated
Capital
Assessment
District
2
Bonds,
Series
2020:
2,445
4.000%,
10/01/39
10/30
at
100.00
AA
2,820,601
2,000
4.000%,
10/01/47
10/30
at
100.00
AA
2,263,660
81
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
200
San
Clemente,
California,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2006-1
Marblehead
Coastal,
Series
2015,
5.000%,
9/01/40
9/25
at
100.00
N/R
$
217,750
2,000
San
Francisco
Bay
Area
Rapid
Transit
District,
California,
Sales
Tax
Revenue
Bonds,
Series
2019A,
3.000%,
7/01/44
7/27
at
100.00
AA+
2,035,960
405
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Special
Tax
Bonds,
Community
Facilities
District
7,
Hunters
Point
Shipyard
Phase
One
Improvements,
Refunding
Series
2014,
5.000%,
8/01/39
8/24
at
100.00
N/R
425,849
1,955
San
Francisco
City
and
County
Redevelopment
Agency,
California,
Hotel
Occupancy
Tax
Revenue
Bonds,
Refunding
Series
2011,
5.000%,
6/01/25
-
AGM
Insured
3/22
at
100.00
AA
1,960,670
180
Signal
Hill
Redevelopment
Agency,
California,
Project
1
Tax
Allocation
Bonds,
Series
2011,
7.000%,
10/01/26
3/22
at
100.00
N/R
180,727
2,235
Stockton
Public
Financing
Authority,
California,
Revenue
Bonds,
Arch
Road
East
Community
Facility
District
99-02,
Series
2018A,
5.000%,
9/01/43
9/25
at
103.00
N/R
2,459,997
105
Temecula
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
16-01,
Series
2017,
6.125%,
9/01/37,
144A
9/27
at
100.00
N/R
115,764
3,120
Transbay
Joint
Powers
Authority,
California,
Tax
Allocation
Bonds,
Senior
Green
Series
2020A,
5.000%,
10/01/45
4/30
at
100.00
A-
3,757,354
Tustin,
California,
Special
Tax
Bonds,
Community
Facilities
District
06-1
Tustin
Legacy/Columbus
Villages,
Refunding
Series
2015A:
1,000
5.000%,
9/01/34
9/25
at
100.00
A-
1,118,420
1,715
5.000%,
9/01/35
9/25
at
100.00
A-
1,916,581
395
5.000%,
9/01/37
9/25
at
100.00
A-
441,251
Tustin,
California,Special
Tax
Bonds,
Community
Facilities
District
14-1
Tustin
Legacy/Standard
Pacific,
Refunding
Series
2015A:
50
5.000%,
9/01/40
9/25
at
100.00
N/R
54,543
100
5.000%,
9/01/45
9/25
at
100.00
N/R
108,623
25
Vernon
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Industrial
Redevelopment
Project,
Series
2005,
5.000%,
9/01/35
-
NPFG
Insured
3/22
at
100.00
Baa2
25,520
Vista
Community
Development
Commission
Taxable
Non-
Housing
Tax
Allocation
Revenue
Bonds,
California,
Vista
Redevelopment
Project,
Series
2011:
7,600
6.000%,
9/01/33
3/22
at
100.00
AA
7,626,144
7,920
6.125%,
9/01/37
3/22
at
100.00
AA
7,948,512
281,286
Total
Tax
Obligation/Limited
251,224,499
Transportation
-
14.8%
Alameda
Corridor
Transportation
Authority,
California,
Revenue
Bonds,
Refunding
Second
Subordinate
Lien
Series 2016B:
2,000
5.000%,
10/01/34
10/26
at
100.00
BBB+
2,250,860
2,570
5.000%,
10/01/37
10/26
at
100.00
BBB+
2,885,750
50
Alameda
Corridor
Transportation
Authority,
California,
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2016A,
5.000%,
10/01/25
No
Opt.
Call
BBB+
55,871
California
Municipal
Finance
Authority,
Revenue
Bonds,
Linxs
APM
Project,
Senior
Lien
Series
2018A:
6,750
5.000%,
12/31/43,
(AMT)
6/28
at
100.00
BBB-
7,722,540
8,595
4.000%,
12/31/47,
(AMT)
6/28
at
100.00
A2
9,052,168
4,075
5.000%,
12/31/47,
(AMT)
6/28
at
100.00
BBB-
4,637,472
2,120
California
Municipal
Finance
Authority,
Special
Facility
Revenue
Bonds,
United
Airlines,
Inc.
Los
Angeles
International
Airport
Project,
Series
2019,
4.000%,
7/15/29,
(AMT)
No
Opt.
Call
B+
2,285,339
Long
Beach,
California,
Harbor
Revenue
Bonds,
Series
2015D:
1,000
5.000%,
5/15/33
5/25
at
100.00
AA
1,106,180
2,785
5.000%,
5/15/34
5/25
at
100.00
AA
3,078,873
5,120
Long
Beach,
California,
Harbor
Revenue
Bonds,
Series
2019A,
5.000%,
5/15/44
5/29
at
100.00
Aa2
6,200,576
Nuveen
California
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
82
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Private
Activity/
AMT
Subordinate
Series
2019A:
$
1,700
5.000%,
5/15/36,
(AMT)
5/29
at
100.00
Aa3
$
2,006,153
4,800
5.000%,
5/15/37,
(AMT)
5/29
at
100.00
Aa3
5,659,920
1,325
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
Senior
Lien
Series
2018B,
5.000%,
5/15/32,
(AMT)
5/28
at
100.00
Aa2
1,547,468
3,135
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Senior
Lien
Series
2015D,
5.000%,
5/15/35,
(AMT)
5/25
at
100.00
Aa2
3,431,822
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Senior
Lien
Series
2015E:
250
5.000%,
5/15/32
5/25
at
100.00
Aa2
276,960
600
5.000%,
5/15/33
5/25
at
100.00
Aa2
664,704
1,305
5.000%,
5/15/35
5/25
at
100.00
Aa2
1,446,162
355
5.000%,
5/15/41
5/25
at
100.00
Aa2
392,342
10,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Senior
Lien
Series
2020C,
5.000%,
5/15/40,
(AMT)
5/30
at
100.00
Aa2
11,972,900
2,255
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2016B,
5.000%,
5/15/46,
(AMT)
5/26
at
100.00
Aa3
2,517,527
15,650
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2017A,
5.000%,
5/15/47,
(AMT)
5/27
at
100.00
Aa3
17,802,344
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2018A:
10,800
5.000%,
5/15/44,
(AMT)
5/28
at
100.00
Aa3
12,411,900
6,995
5.250%,
5/15/48,
(AMT)
5/28
at
100.00
Aa3
8,101,539
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2018C:
1,935
5.000%,
5/15/36,
(AMT)
11/27
at
100.00
Aa3
2,224,418
1,800
5.000%,
5/15/38,
(AMT)
11/27
at
100.00
Aa3
2,069,334
12,665
5.000%,
5/15/44,
(AMT)
11/27
at
100.00
Aa3
14,536,634
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2019D:
3,585
5.000%,
5/15/32,
(AMT)
11/28
at
100.00
Aa3
4,217,430
1,025
5.000%,
5/15/34,
(AMT)
11/28
at
100.00
Aa3
1,205,287
2,000
5.000%,
5/15/35,
(AMT)
11/28
at
100.00
Aa3
2,353,800
2,500
5.000%,
5/15/36,
(AMT)
11/28
at
100.00
Aa3
2,919,575
2,765
5.000%,
5/15/39,
(AMT)
11/28
at
100.00
Aa3
3,228,193
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2019F:
5,675
5.000%,
5/15/34,
(AMT)
5/29
at
100.00
Aa3
6,708,815
5,000
5.000%,
5/15/36,
(AMT)
5/29
at
100.00
Aa3
5,900,450
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2021D:
14,600
3.000%,
5/15/39,
(AMT)
11/31
at
100.00
N/R
14,369,320
5,000
4.000%,
5/15/51,
(AMT)
11/31
at
100.00
N/R
5,483,500
8,335
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2022A,
4.000%,
5/15/49,
(AMT)
5/32
at
100.00
N/R
9,192,005
4,125
Riverside
County
Transportation
Commission,
California,
Toll
Revenue
Senior
Lien
Bonds,
RCTC
91
Express
Lanes,
Refunding
Series
2021B-1,
4.000%,
6/01/40
6/31
at
100.00
N/R
4,635,799
83
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Refunding
Subordinate
Series
2019A:
$
4,500
5.000%,
7/01/44
7/29
at
100.00
A+
$
5,316,615
3,500
5.000%,
7/01/49
7/29
at
100.00
A+
4,117,960
5,340
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2019B,
5.000%,
7/01/49,
(AMT)
7/29
at
100.00
A+
6,131,708
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021A:
11,700
4.000%,
7/01/51
7/31
at
100.00
N/R
13,037,076
8,880
5.000%,
7/01/56
7/31
at
100.00
N/R
10,674,776
4,000
San
Francisco
Airport
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2022A,
4.000%,
5/01/52,
(AMT)
5/32
at
100.00
N/R
4,376,800
2,300
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Governmental
Purpose
Second
Series
2017B,
5.000%,
5/01/47
5/27
at
100.00
A1
2,640,745
6,500
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Governmental
Purpose
Series
2016C,
5.000%,
5/01/46
5/26
at
100.00
A1
7,288,645
13,070
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2016B,
5.000%,
5/01/46,
(AMT)
5/26
at
100.00
A1
14,578,147
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2017A:
10,000
5.250%,
5/01/42,
(AMT)
5/27
at
100.00
A1
11,433,600
10,955
5.000%,
5/01/47,
(AMT)
5/27
at
100.00
A+
12,319,993
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2018D:
5,000
5.000%,
5/01/48,
(AMT)
5/28
at
100.00
A1
5,715,350
5,000
5.250%,
5/01/48,
(AMT)
5/28
at
100.00
A1
5,786,350
5,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2018E,
5.000%,
5/01/48
5/28
at
100.00
A1
5,808,350
12,500
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2019A,
5.000%,
5/01/44,
(AMT)
5/29
at
100.00
A1
14,461,625
19,300
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2019E,
5.000%,
5/01/50,
(AMT)
5/29
at
100.00
A1
22,116,449
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2014B:
4,000
5.250%,
1/15/44
1/25
at
100.00
BBB+
4,349,480
6,000
5.250%,
1/15/49
1/25
at
100.00
BBB+
6,502,140
302,790
Total
Transportation
343,207,739
U.S.
Guaranteed
-
9.1%
(7)
8,310
Antelope
Valley
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2016
Series
2017A,
5.250%,
8/01/42,
(Pre-refunded
2/15/27)
2/27
at
100.00
AA
9,821,838
8,000
Bay
Area
Toll
Authority,
California,
Revenue
Bonds,
San
Francisco
Bay
Area
Toll
Bridge,
Subordinate
Series
2019S-H,
5.000%,
4/01/44,
(Pre-
refunded
4/01/29)
4/29
at
100.00
AA-
9,799,200
3,915
California
Educational
Facilities
Authority,
Revenue
Bonds,
Pepperdine
University,
Series
2015,
5.000%,
9/01/40,
(Pre-refunded
9/01/25)
9/25
at
100.00
AA-
4,405,001
2,430
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2015A,
5.000%,
8/15/43,
(Pre-refunded
8/15/25)
8/25
at
100.00
A1
2,726,460
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B:
5,360
5.000%,
11/15/46,
(Pre-refunded
11/15/26)
11/26
at
100.00
N/R
6,222,531
Nuveen
California
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
84
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
(7)
(continued)
$
10,845
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2016A,
5.000%,
11/15/41,
(Pre-refunded
11/15/25)
11/25
at
100.00
A1
$
12,254,199
1,500
California
Municipal
Finance
Authority
Charter
School
Revenue
Bonds,
Albert
Einstein
Academies
Project,
Series
2013A,
6.750%,
8/01/33,
(Pre-
refunded
8/01/23)
8/23
at
100.00
BB
1,618,650
1,580
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Caritas
Projects
Series
2012A,
5.500%,
8/15/47,
(Pre-refunded
8/15/22)
8/22
at
100.00
A-
1,614,491
1,000
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Caritas
Projects
Series
2012B,
7.250%,
8/15/47,
(Pre-refunded
8/15/22)
8/22
at
100.00
N/R
1,029,310
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2016:
40
5.000%,
8/01/46,
(Pre-refunded
8/01/25),
144A
8/25
at
100.00
N/R
44,826
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
California
State
University,
Various
University
Projects,
Series
2012D:
3,000
5.000%,
9/01/33,
(Pre-refunded
9/01/22)
9/22
at
100.00
A+
3,064,620
4,000
5.000%,
9/01/34,
(Pre-refunded
9/01/22)
9/22
at
100.00
A+
4,086,160
500
Corona-Norco
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2006
Refunding
Series
2009C,
6.800%,
8/01/39,
(Pre-refunded
8/01/27)
-
AGM
Insured
8/27
at
100.00
AA
637,285
Fontana
Unified
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
Refunding
Series
2012:
11,200
0.000%,
8/01/40,
(Pre-refunded
8/01/22)
8/22
at
36.36
Aa3
4,060,784
19,700
0.000%,
8/01/41,
(Pre-refunded
8/01/22)
8/22
at
34.18
Aa3
6,714,942
3,780
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2013C,
6.500%,
1/15/43,
(Pre-refunded
1/15/24)
1/24
at
100.00
BBB+
4,114,152
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
2013A:
8,335
5.750%,
1/15/46,
(Pre-refunded
1/15/24)
1/24
at
100.00
A-
9,041,058
8,415
6.000%,
1/15/53,
(Pre-refunded
1/15/24)
1/24
at
100.00
A-
9,161,663
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Series
2015A:
17,210
5.000%,
6/01/40,
(Pre-refunded
6/01/25)
6/25
at
100.00
AA-
19,182,094
21,090
5.000%,
6/01/40,
(Pre-refunded
6/01/25)
6/25
at
100.00
N/R
23,520,833
22,330
5.000%,
6/01/45,
(Pre-refunded
6/01/25)
6/25
at
100.00
Aa3
24,903,756
15,520
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A-1,
5.250%,
6/01/47,
(Pre-
refunded
6/01/22)
6/22
at
100.00
N/R
15,700,653
1,115
Rio
Elementary
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
1,
Series
2013,
5.500%,
9/01/39,
(Pre-refunded
9/01/23)
9/23
at
100.00
N/R
1,187,665
6,470
Riverside
County
Transportation
Commission,
California,
Sales
Tax
Revenue
Bonds,
Limited
Tax
Series
2013A,
5.250%,
6/01/39,
(Pre-
refunded
6/01/23)
6/23
at
100.00
AA+
6,811,745
Riverside
County
Transportation
Commission,
California,
Toll
Revenue
Senior
Lien
Bonds,
Series
2013A:
3,500
5.750%,
6/01/44,
(Pre-refunded
6/01/23)
6/23
at
100.00
A
3,708,775
8,250
5.750%,
6/01/48,
(Pre-refunded
6/01/23)
6/23
at
100.00
A
8,742,113
3,125
Rosemead
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2008
Series
2013B,
5.850%,
8/01/43,
(Pre-
refunded
8/01/23)
-
AGM
Insured
8/23
at
100.00
AA
3,336,063
5,000
San
Bernardino
Community
College
District,
California,
General
Obligation
Bonds,
Election
2018
Series
2019A,
4.000%,
8/01/49,
(Pre-
refunded
8/16/27)
8/27
at
100.00
Aa1
5,675,350
85
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
(7)
(continued)
$
2,000
San
Diego
Community
College
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Refunding
Series
2016,
5.000%,
8/01/41,
(Pre-refunded
8/01/26)
8/26
at
100.00
AAA
$
2,308,660
2,000
San
Diego
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Series
2009-1,
6.000%,
7/01/33,
(Pre-refunded
7/01/24)
7/24
at
100.00
Aa2
2,219,680
1,395
Walnut
Valley
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2007
Measure
S,
Series
2014C,
5.000%,
8/01/39,
(Pre-refunded
8/01/24)
8/24
at
100.00
Aa1
1,521,303
1,700
Yosemite
Community
College
District,
California,
General
Obligation
Bonds,
Refunding
Series
2015,
5.000%,
8/01/32,
(Pre-refunded
8/01/25)
8/25
at
100.00
Aa2
1,905,105
212,615
Total
U.S.
Guaranteed
211,140,965
Utilities
-
19.5%
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
Poseidon
Resources
Channelside
LP
Desalination
Project,
Series
2012:
8,500
5.000%,
7/01/37,
(AMT),
144A
1/23
at
100.00
BBB
8,659,800
21,560
5.000%,
11/21/45,
(AMT),
144A
1/23
at
100.00
BBB
21,962,956
3,565
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
San
Diego
County
Water
Authoriity
Desalination
Project
Pipeline,
Refunding
Series
2019,
5.000%,
7/01/39,
144A
1/29
at
100.00
BBB
4,097,183
2,750
California
Statewide
Communities
Development
Authority,
Pollution
Control
Revenue
Bonds,
Southern
California
Edison
Company,
Refunding
Series
2006D,
2.625%,
11/01/33,
(Mandatory
Put
12/01/23)
No
Opt.
Call
A-
2,804,010
10,725
California
Statewide
Communities
Development
Authority,
Pollution
Control
Revenue
Bonds,
Southern
California
Edison
Company,
Series
2006C,
2.625%,
11/01/33,
(Mandatory
Put
12/01/23)
No
Opt.
Call
A-
10,935,639
155
California
Statewide
Community
Development
Authority,
Water
and
Wastewater
Revenue
Bonds,
Pooled
Financing
Program,
Series
2003A,
5.250%,
10/01/23
-
AGM
Insured
3/22
at
100.00
AA
155,535
275
Compton,
California,
Sewer
Revenue
Bonds,
Refunding
Series
1998,
5.375%,
9/01/23
-
NPFG
Insured
3/22
at
100.00
Baa2
276,004
9,315
Contra
Costa
Water
District,
Contra
Costa
County,
California,
Water
Revenue
Bonds,
Refunding
Series
2019V,
5.000%,
10/01/49
10/29
at
100.00
AA+
11,350,234
East
Bay
Municipal
Utility
District,
Alameda
and
Contra
Costa
Counties,
California,
Water
System
Revenue
Bonds,
Green
Series
2017A:
8,750
5.000%,
6/01/42
6/27
at
100.00
AAA
10,185,350
8,300
5.000%,
6/01/45
6/27
at
100.00
AAA
9,648,003
15,265
East
Bay
Municipal
Utility
District,
Alameda
and
Contra
Costa
Counties,
California,
Water
System
Revenue
Bonds,
Green
Series
2019A,
5.000%,
6/01/44
6/29
at
100.00
AAA
18,528,352
5,695
East
Bay
Municipal
Utility
District,
Alameda
and
Contra
Costa
Counties,
California,
Water
System
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
6/01/37
6/25
at
100.00
AAA
6,339,902
1,500
Eastern
Municipal
Water
District
Financing
Authority,
California,
Water
and
Wastewater
Revenue
Bonds,
Series
2015B,
5.000%,
7/01/40
7/25
at
100.00
AA+
1,657,305
6,000
Irvine
Ranch
Water
District,
California,
Certificates
of
Participation,
Irvine
Ranch
Water
District
Series
2016,
5.000%,
3/01/41
9/26
at
100.00
AAA
6,795,900
4,000
Livermore
Valley
Water
Financing
Authority,
California,
Water
Revenue
Bonds,
Series
2018A,
5.000%,
7/01/47
7/27
at
100.00
AA+
4,646,920
1,985
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2014D,
5.000%,
7/01/44
7/24
at
100.00
Aa2
2,147,036
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2016A:
3,300
5.000%,
7/01/40
1/26
at
100.00
Aa2
3,706,230
6,445
5.000%,
7/01/46
1/26
at
100.00
Aa2
7,207,830
4,165
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2016B,
5.000%,
7/01/37
1/26
at
100.00
Aa2
4,686,000
29,905
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2017A,
5.000%,
7/01/42
1/27
at
100.00
Aa2
34,317,184
Nuveen
California
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
86
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
$
40,800
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2017C,
5.000%,
7/01/47
7/27
at
100.00
Aa2
$
47,174,184
7,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2018A,
5.000%,
7/01/38
1/28
at
100.00
Aa2
8,249,850
15,435
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2018D,
5.000%,
7/01/38
7/28
at
100.00
Aa2
18,414,418
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2019A:
8,000
5.000%,
7/01/45
1/29
at
100.00
Aa2
9,528,480
9,555
5.000%,
7/01/49
1/29
at
100.00
Aa2
11,321,242
5,000
5.250%,
7/01/49
1/29
at
100.00
Aa2
6,021,100
5,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2019C,
5.000%,
7/01/49
7/29
at
100.00
AA-
5,986,950
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Refunding
Series
2016B:
3,460
5.000%,
7/01/33
1/26
at
100.00
AA+
3,903,779
4,955
5.000%,
7/01/35
1/26
at
100.00
AA+
5,586,614
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2017A:
10,545
5.000%,
7/01/44
1/27
at
100.00
AA+
12,106,082
5,000
5.250%,
7/01/44
1/27
at
100.00
AA+
5,810,400
3,445
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2018B,
5.000%,
7/01/48
7/28
at
100.00
AA+
4,080,878
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2020C:
4,000
5.000%,
7/01/37
7/30
at
100.00
Aa2
4,983,360
7,000
5.000%,
7/01/40
7/30
at
100.00
Aa2
8,638,980
9,990
5.000%,
7/01/41
7/30
at
100.00
Aa2
12,302,885
10,000
Los
Angeles,
California,
Wastewater
System
Revenue
Bonds,
Green
Series
2015C,
5.000%,
6/01/45
6/25
at
100.00
AA+
11,041,700
1,300
Los
Angeles,
California,
Wastewater
System
Revenue
Bonds,
Green
Subordinate
Series
2018A,
5.000%,
6/01/48
6/28
at
100.00
AA
1,549,652
Los
Angeles,
California,
Wastewater
System
Revenue
Bonds,
Refunding
Green
Series
2015A:
5,000
5.000%,
6/01/31
6/25
at
100.00
AA+
5,552,700
5,000
5.000%,
6/01/32
6/25
at
100.00
AA+
5,551,050
2,600
Los
Angeles,
California,
Wastewater
System
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2013A,
5.000%,
6/01/35
6/23
at
100.00
AA
2,723,318
24,365
Metropolitan
Water
District
of
Southern
California,
Water
Revenue
Bonds,
Series
2020A,
5.000%,
10/01/49
10/29
at
100.00
AAA
29,439,986
5,000
Moulton
Niguel
Water
District,
California,
Certificates
of
Participation,
Series
2019,
3.000%,
9/01/44
3/29
at
100.00
AAA
5,096,450
500
Northern
California
Energy
Authority,
California,
Commodity
Supply
Revenue
Bonds,
Series
2018A,
4.000%,
7/01/49,
(Mandatory
Put
7/01/24)
4/24
at
100.24
A2
525,505
250
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021A,
4.000%,
7/01/42,
144A
7/31
at
100.00
N/R
270,630
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B:
2,550
5.000%,
7/01/25,
144A
No
Opt.
Call
N/R
2,834,172
655
5.000%,
7/01/28,
144A
No
Opt.
Call
N/R
772,474
2,395
5.000%,
7/01/37,
144A
7/31
at
100.00
N/R
2,824,927
5,715
4.000%,
7/01/42,
144A
7/31
at
100.00
N/R
6,186,602
2,180
4.000%,
7/01/47,
144A
7/31
at
100.00
N/R
2,326,888
5,645
Riverside,
California,
Electric
Revenue
Bonds,
Refunding
Series
2019A,
5.000%,
10/01/48
4/29
at
100.00
AA-
6,761,129
San
Diego
Public
Facilities
Financing
Authority,
California,
Water
Utility
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2016B:
7,330
5.000%,
8/01/32
8/26
at
100.00
Aa3
8,396,881
12,735
5.000%,
8/01/39
8/26
at
100.00
Aa3
14,524,395
6,640
San
Francisco
City
and
County
Public
Utilities
Commission,
California,
Water
Revenue
Bonds,
WSIP
Green
Series
2020A,
5.000%,
11/01/45
11/30
at
100.00
Aa2
8,155,713
87
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
$
2,555
Santa
Clara
Valley
Water
District,
California,
Water
System
Revenue
Bonds,
Refunding Series
2020A,
5.000%,
6/01/50
6/30
at
100.00
Aa1
$
3,095,689
393,755
Total
Utilities
451,846,436
$
2,179,132
Total
Long-Term
Investments
(cost
$2,233,595,106)
2,312,288,558
Borrowings
-
(2.1)%
(8)
(
48,400,000
)
Other
Assets
Less
Liabilities
-
2.3%
52,037,097
Net
Assets
-
100%
$
2,315,925,655
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(3)
The
ratings
disclosed
are
the
highest
of
the
Standard
&
Poor's
Group
("Standard
&
Poor's"),
Moody's
Investors
Service,
Inc.
("Moody's")
or
Fitch,
Inc.
("Fitch")
rating.
Ratings
below
BBB
by
Standard
&
Poor's,
Baa
by
Moody's
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(4)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(5)
Investment
valued
at
fair
value
using
methods
determined
in
good
faith
by,
or
at
the
discretion
of,
the
Board.
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(6)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(7)
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.
(8)
Borrowings
as
a
percentage
of
Total
investments
is
2.1%.
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
88
Nuveen
Connecticut
Municipal
Bond
Fund
Portfolio
of
Investments
February
28,
2022
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
99.1%
MUNICIPAL
BONDS
-
99.1%
Consumer
Staples
-
0.5%
$
1,500
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1,
3.000%,
6/01/48
6/30
at
100.00
BBB+
$
1,350,315
Education
and
Civic
Organizations
-
14.6%
1,220
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Avon
Old
Farms
School,
Series
2021D-1,
4.000%,
7/01/41
7/31
at
100.00
N/R
1,377,685
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Brunswick
School,
Series
2012C:
1,000
5.000%,
7/01/31
7/22
at
100.00
A+
1,012,600
500
5.000%,
7/01/32
7/22
at
100.00
A+
506,250
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Choate
Rosemary
Hall,
Series
2020F:
380
4.000%,
7/01/39
7/30
at
100.00
Aa2
434,621
1,100
4.000%,
7/01/42
7/30
at
100.00
Aa2
1,251,745
1,750
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Connecticut
College,
Series
2022M,
4.000%,
7/01/52
7/32
at
100.00
N/R
1,897,665
1,885
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Fairfield
University,
Series
2016Q-1,
5.000%,
7/01/46
7/26
at
100.00
A-
2,135,912
1,500
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Fairfield
University,
Series
2020T,
4.000%,
7/01/55
7/30
at
100.00
A-
1,638,510
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Greenwich
Academy,
Series
2021G:
1,500
4.000%,
3/01/41
3/31
at
100.00
A1
1,711,125
1,000
4.000%,
3/01/46
3/31
at
100.00
A1
1,128,680
5,095
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Quinnipiac
University,
Refunding
Series
2015L,
5.000%,
7/01/45
7/25
at
100.00
A-
5,549,933
1,750
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Quinnipiac
University,
Series
2016M,
5.000%,
7/01/35
7/26
at
100.00
A-
1,965,705
4,410
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Sacred
Heart
University,
Series
2017I-1,
5.000%,
7/01/42
7/27
at
100.00
A
5,023,034
1,100
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Sacred
Heart
University,
Series
2020K,
4.000%,
7/01/45
7/30
at
100.00
A
1,210,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
The
Taft
School
Isue,
Series
2021L:
790
3.000%,
7/01/41
7/31
at
100.00
Aa3
803,383
2,210
3.000%,
7/01/46
7/31
at
100.00
Aa3
2,222,287
3,300
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Trinity
College,
Series
2020R,
4.000%,
6/01/45
6/30
at
100.00
A+
3,652,803
5,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Trinity
College,
Series
2021S,
4.000%,
6/01/51
12/31
at
100.00
A+
5,521,300
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
New
Haven,
Series
2018K-1:
2,000
5.000%,
7/01/37
7/28
at
100.00
BBB-
2,273,740
250
5.000%,
7/01/38
7/28
at
100.00
BBB-
283,968
37,740
Total
Education
and
Civic
Organizations
41,600,946
Health
Care
-
16.1%
4,600
Connecticut
Health
and
Educational
Facilities
Authority
Revenue
Bonds,
Hartford
HealthCare,
Series
2015F,
5.000%,
7/01/45
7/25
at
100.00
A+
5,065,106
695
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Griffin
Hospital,
Series
2020G-1,
5.000%,
7/01/39,
144A
7/29
at
100.00
BB+
810,231
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Hartford
HealthCare
Issue,
Series
2020A:
2,700
4.000%,
7/01/38
1/30
at
100.00
A+
3,036,690
1,685
4.000%,
7/01/40
1/30
at
100.00
A+
1,886,340
89
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
$
3,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Hartford
HealthCare
Issue,
Series
2021A,
4.000%,
7/01/46
7/31
at
100.00
N/R
$
3,372,060
500
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Hartford
HealthCare,
Series
2014E,
5.000%,
7/01/42
7/24
at
100.00
A+
538,305
1,995
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Middlesex
Hospital,
Series
2015O,
5.000%,
7/01/36
7/25
at
100.00
A3
2,195,358
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Nuvance
Health
Series
2019A:
2,235
4.000%,
7/01/36
7/29
at
100.00
A-
2,418,225
2,885
4.000%,
7/01/41
7/29
at
100.00
A-
3,100,567
6,020
4.000%,
7/01/49
7/29
at
100.00
A-
6,396,070
4,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Stamford
Hospital,
Series
2012J,
5.000%,
7/01/42
7/22
at
100.00
BBB+
4,056,320
1,885
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Stamford
Hospital,
Series
2016K,
4.000%,
7/01/46
7/26
at
100.00
BBB+
2,019,438
200
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Stamford
Hospital,
Series
2021L-1,
4.000%,
7/01/29
No
Opt.
Call
BBB+
227,002
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Series
2016CT:
2,350
5.000%,
12/01/41
6/26
at
100.00
AA-
2,650,565
1,495
5.000%,
12/01/45
6/26
at
100.00
AA-
1,680,993
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Yale-New
Haven
Health
Issue,
Series
2014E:
2,400
5.000%,
7/01/32
7/24
at
100.00
AA-
2,598,216
2,520
5.000%,
7/01/33
7/24
at
100.00
AA-
2,726,312
830
5.000%,
7/01/34
7/24
at
100.00
AA-
897,355
41,995
Total
Health
Care
45,675,153
Housing/Multifamily
-
0.8%
2,110
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Series
2019B-1,
3.300%,
11/15/39
11/28
at
100.00
AAA
2,167,329
Housing/Single
Family
-
1.0%
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Green
Series
2021B-3:
1,440
2.150%,
11/15/41
11/30
at
100.00
AAA
1,296,490
1,560
2.300%,
11/15/46
11/30
at
100.00
AAA
1,357,699
215
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Series
2020E-3,
1.850%,
5/15/38
5/30
at
100.00
AAA
194,491
3,215
Total
Housing/Single
Family
2,848,680
Long-Term
Care
-
2.3%
1,100
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Duncaster,
Inc.,
Series
2014A,
5.000%,
8/01/44
8/24
at
100.00
BBB
1,154,494
1,200
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Healthcare
Facility
Expansion
Church
Home
of
Hartford
Inc.
Project,
Series
2016A,
5.000%,
9/01/46,
144A
9/26
at
100.00
BB
1,272,756
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Mary
Wade
Home
Issue,
Series
2019A-1:
1,000
5.000%,
10/01/39,
144A
10/24
at
104.00
BB
1,078,190
200
5.000%,
10/01/54,
144A
10/24
at
104.00
BB
214,286
650
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
McLean
Affiliates,
Series
2020A,
5.000%,
1/01/45,
144A
1/26
at
102.00
BB+
700,648
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
The
Jerome
Home
Issue,
Series
2021E:
730
4.000%,
7/01/41
7/28
at
103.00
N/R
777,976
1,250
4.000%,
7/01/51
7/28
at
103.00
N/R
1,306,425
6,130
Total
Long-Term
Care
6,504,775
Nuveen
Connecticut
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
90
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
-
25.5%
Bridgeport,
Connecticut,
General
Obligation
Bonds,
Series
2014A:
$
600
5.000%,
7/01/32
-
AGM
Insured
7/24
at
100.00
AA
$
649,338
1,000
5.000%,
7/01/33
-
AGM
Insured
7/24
at
100.00
AA
1,081,900
1,065
5.000%,
7/01/34
-
AGM
Insured
7/24
at
100.00
AA
1,151,861
2,000
Bridgeport,
Connecticut,
General
Obligation
Bonds,
Series
2016D,
5.000%,
8/15/41
-
AGM
Insured
8/26
at
100.00
AA
2,255,700
Bridgeport,
Connecticut,
General
Obligation
Bonds,
Series
2021A:
765
4.000%,
8/01/41
8/31
at
100.00
A
860,556
375
4.000%,
8/01/46
8/31
at
100.00
A
417,221
2,425
Connecticut
Health
and
Educational
Facilities
Authoroity,
Revneue
Bonds,
Connecticut
State
University
System,
Series
2016P-1,
5.000%,
11/01/28
11/26
at
100.00
Aa3
2,788,483
Connecticut
Housing
Finance
Authority,
State
Supported
Special
Obligation
Bonds,
Series
2021-27:
1,000
2.400%,
6/15/41
6/31
at
100.00
Aa3
931,840
1,000
2.550%,
6/15/46
6/31
at
100.00
Aa3
914,460
1,000
Connecticut
Housing
Finance
Authority,
State
Supported
Special
Obligation
Bonds,
Series
2021-28,
2.375%,
6/15/40
6/31
at
100.00
Aa3
933,750
2,400
Connecticut
State,
General
Obligation
Bonds,
Series
2014A,
5.000%,
3/01/31
3/24
at
100.00
Aa3
2,566,536
3,000
Connecticut
State,
General
Obligation
Bonds,
Series
2014F,
5.000%,
11/15/34
11/24
at
100.00
Aa3
3,272,610
2,370
Connecticut
State,
General
Obligation
Bonds,
Series
2015F,
5.000%,
11/15/34
11/25
at
100.00
Aa3
2,653,997
Connecticut
State,
General
Obligation
Bonds,
Series
2017A:
1,000
5.000%,
4/15/34
4/27
at
100.00
Aa3
1,157,050
3,270
5.000%,
4/15/35
4/27
at
100.00
Aa3
3,781,820
1,510
Connecticut
State,
General
Obligation
Bonds,
Series
2018A,
5.000%,
4/15/37
4/28
at
100.00
Aa3
1,785,167
1,325
Connecticut
State,
General
Obligation
Bonds,
Series
2018C,
5.000%,
6/15/38
6/28
at
100.00
Aa3
1,570,390
Connecticut
State,
General
Obligation
Bonds,
Series
2019A:
1,150
5.000%,
4/15/36
4/29
at
100.00
Aa3
1,387,740
1,450
4.000%,
4/15/37,
(UB)
(4)
4/29
at
100.00
Aa3
1,636,644
650
5.000%,
4/15/39,
(UB)
(4)
4/29
at
100.00
Aa3
781,209
Connecticut
State,
General
Obligation
Bonds,
Series
2020A:
2,000
4.000%,
1/15/37
1/30
at
100.00
Aa3
2,263,800
2,250
5.000%,
1/15/40
1/30
at
100.00
Aa3
2,736,990
750
Connecticut
State,
General
Obligation
Bonds,
Series
2020C,
5.000%,
6/01/40
6/30
at
100.00
Aa3
919,493
2,000
Connecticut
State,
General
Obligation
Bonds,
Series
2021A,
3.000%,
1/15/40
1/31
at
100.00
Aa3
2,015,200
1,485
Connecticut
State,
General
Obligation
Bonds,
Social
Series
2021B,
5.000%,
6/01/41
6/31
at
100.00
Aa3
1,846,286
East
Haddam,
Connecticut,
General
Obligation
Bonds,
Series
2020A:
300
3.000%,
12/01/37
12/28
at
100.00
AA+
316,170
250
3.000%,
12/01/40
12/28
at
100.00
AA+
260,205
East
Lyme,
Connecticut,
General
Obligation
Bonds,
Series
2020:
880
3.000%,
7/15/38
7/28
at
100.00
AA
920,885
500
3.000%,
7/15/39
7/28
at
100.00
AA
521,550
325
3.000%,
7/15/40
7/28
at
100.00
AA
337,581
500
Hamden,
Connecticut,
General
Obligation
Bonds,
Series
2016,
5.000%,
8/15/33
-
BAM
Insured
8/24
at
100.00
AA
539,245
Hartford
County
Metropolitan
District,
Connecticut,
General
Obligation
Bonds,
Refunding
Series
2019C:
925
4.000%,
7/15/38
7/29
at
100.00
AA
1,053,631
1,000
4.000%,
7/15/40
7/29
at
100.00
AA
1,135,510
1,035
Hartford
County
Metropolitan
District,
Connecticut,
General
Obligation
Bonds,
Series
2018,
5.000%,
7/15/35
7/28
at
100.00
AA
1,233,213
91
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
Hartford
County
Metropolitan
District,
Connecticut,
General
Obligation
Bonds,
Series
2019A:
$
1,000
4.000%,
7/15/38
7/29
at
100.00
AA
$
1,139,060
1,075
4.000%,
7/15/39
7/29
at
100.00
AA
1,222,469
Hartford
County
Metropolitan
District,
Connecticut,
General
Obligation
Bonds,
Series
2021A:
2,500
4.000%,
9/01/40
9/31
at
100.00
AA
2,892,600
2,500
4.000%,
9/01/41
9/31
at
100.00
AA
2,887,900
1,000
New
Haven,
Connecticut,
General
Obligation
Bonds,
Refunding
Series
2016A,
5.000%,
8/15/36
-
AGM
Insured
8/26
at
100.00
AA
1,127,390
New
Haven,
Connecticut,
General
Obligation
Bonds,
Series
2015:
795
5.000%,
9/01/32
-
AGM
Insured
9/25
at
100.00
AA
879,834
1,620
5.000%,
9/01/33
-
AGM
Insured
9/25
at
100.00
AA
1,791,704
500
5.000%,
9/01/35
-
AGM
Insured
9/25
at
100.00
AA
552,100
485
North
Haven,
Connecticut,
General
Obligation
Bonds,
Series
2006,
5.000%,
7/15/24
No
Opt.
Call
Aa1
528,281
1,035
Oxford,
Connecticut,
General
Obligation
Bonds,
Series
2019A,
4.000%,
8/01/39
8/29
at
100.00
Aa2
1,179,320
2,370
Stratford,
Connecticut,
General
Obligation
Bonds,
Series
2017,
4.000%,
1/01/39
-
BAM
Insured
1/27
at
100.00
AA
2,567,041
Stratford,
Connecticut,
General
Obligation
Bonds,
Series
2020A:
365
4.000%,
7/01/38
-
BAM
Insured
7/30
at
100.00
AA
414,344
330
4.000%,
7/01/40
-
BAM
Insured
7/30
at
100.00
AA
373,316
Waterbury,
Connecticut,
General
Obligation
Bonds,
Lot
A
Series
2015:
555
5.000%,
8/01/30
-
BAM
Insured
8/25
at
100.00
AA
617,049
485
5.000%,
8/01/31
-
BAM
Insured
8/25
at
100.00
AA
539,053
765
5.000%,
8/01/32
-
BAM
Insured
8/25
at
100.00
AA
849,716
555
5.000%,
8/01/33
-
BAM
Insured
8/25
at
100.00
AA
616,072
555
5.000%,
8/01/34
-
BAM
Insured
8/25
at
100.00
AA
615,484
2,000
West
Haven,
Connecticut,
General
Obligation
Bonds,
Series
2012,
5.000%,
8/01/24
-
AGM
Insured
8/22
at
100.00
AA
2,034,440
750
West
Haven,
Connecticut,
General
Obligation
Bonds,
Series
2020,
4.000%,
3/15/40
-
BAM
Insured
3/30
at
100.00
AA
834,210
64,795
Total
Tax
Obligation/General
72,339,414
Tax
Obligation/Limited
-
17.0%
Connecticut
Higher
Education
Supplemental
Loan
Authority,
Revenue
Bonds,
CHELSA
Loan
Program,
Series
2021B:
750
5.000%,
11/15/27,
(AMT)
No
Opt.
Call
Aa3
872,692
545
5.000%,
11/15/28,
(AMT)
No
Opt.
Call
Aa3
644,125
560
5.000%,
11/15/29,
(AMT)
No
Opt.
Call
Aa3
670,846
500
5.000%,
11/15/30,
(AMT)
No
Opt.
Call
Aa3
605,970
2,000
Connecticut
Higher
Education
Supplemental
Loan
Authority,
State
Supported
Revenue
Bonds,
CHESLA
Loan
Program,
Series
2020B,
3.250%,
11/15/36,
(AMT)
11/29
at
100.00
Aa3
1,990,020
2,500
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes
Series
2013A,
5.000%,
10/01/33
10/23
at
100.00
AA-
2,645,700
1,390
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes
Series
2015A,
5.000%,
8/01/33
8/25
at
100.00
AA-
1,547,362
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes
Series
2016A:
1,000
5.000%,
9/01/32
9/26
at
100.00
AA-
1,140,990
3,500
5.000%,
9/01/33
9/26
at
100.00
AA-
3,995,110
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes
Series
2018A:
2,000
5.000%,
1/01/37
1/28
at
100.00
AA-
2,348,140
2,000
5.000%,
1/01/38
1/28
at
100.00
AA-
2,345,000
100
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes,
Series
2020A,
4.000%,
5/01/39
5/30
at
100.00
AA-
112,989
Nuveen
Connecticut
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
92
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes,
Series
2021A:
$
5,000
4.000%,
5/01/40
5/31
at
100.00
AA-
$
5,702,150
1,445
5.000%,
5/01/41
5/31
at
100.00
AA-
1,793,693
500
Great
Pond
Improvement
District,
Connecticut,
Special
Obligaiton
Revenue
Bonds,
Great
Pond
Phase
1
Project,
Series
20019,
4.750%,
10/01/48,
144A
10/26
at
102.00
N/R
510,415
2,720
Harbor
Point
Infrastructure
Improvement
District,
Connecticut,
Special
Obligation
Revenue
Bonds,
Harbor
Point
Project,
Refunding
Series
2017,
5.000%,
4/01/39,
144A
4/27
at
100.00
N/R
3,035,602
1,900
Naugatuck,
Connecticut,
Certificates
of
Participation,
Incineration
Facilities
Project,
Series
2021A,
4.000%,
8/15/41,
(AMT)
8/29
at
100.00
AA-
2,069,442
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
2,950
4.550%,
7/01/40
7/28
at
100.00
N/R
3,268,039
1,860
0.000%,
7/01/46
7/28
at
41.38
N/R
604,240
1,300
4.750%,
7/01/53
7/28
at
100.00
N/R
1,437,722
100
Steel
Point
Infrastructure
Improvement
District,
Connecticut,
Special
Obligation
Revenue
Bonds,
Steelpointe
Harbor
Project,
Series
2021,
4.000%,
4/01/51
4/30
at
100.00
N/R
100,271
2,500
University
of
Connecticut,
General
Obligation
Bonds,
Series
2013A,
5.000%,
8/15/32
8/23
at
100.00
Aa3
2,625,725
740
University
of
Connecticut,
General
Obligation
Bonds,
Series
2014A,
5.000%,
2/15/31
2/24
at
100.00
Aa3
789,928
1,590
University
of
Connecticut,
General
Obligation
Bonds,
Series
2015A,
5.000%,
2/15/34
2/25
at
100.00
Aa3
1,742,974
3,000
University
of
Connecticut,
General
Obligation
Bonds,
Series
2017A,
5.000%,
1/15/36
1/27
at
100.00
Aa3
3,444,120
University
of
Connecticut,
General
Obligation
Bonds,
Series
2019A:
1,000
5.000%,
11/01/36
11/28
at
100.00
Aa3
1,188,870
1,000
4.000%,
11/01/38
11/28
at
100.00
Aa3
1,114,680
44,450
Total
Tax
Obligation/Limited
48,346,815
Transportation
-
3.0%
Connecticut
Airport
Authority,
Connecticut,
Customer
Facility
Charge
Revenue
Bonds,
Ground
Transportation
Center
Project,
Series
2019A:
1,500
4.000%,
7/01/49,
(AMT)
7/29
at
100.00
BBB
1,573,575
6,250
5.000%,
7/01/49,
(AMT)
7/29
at
100.00
BBB
7,092,250
7,750
Total
Transportation
8,665,825
U.S.
Guaranteed
-
7.6%
(5)
1,050
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Norwich
Free
Academy,
Series
2013B,
4.000%,
7/01/34,
(Pre-refunded
7/01/23)
7/23
at
100.00
Aa3
1,091,360
950
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Westminster
School,
Series
2014H,
3.250%,
7/01/32,
(Pre-refunded
7/01/24)
7/24
at
100.00
A
993,149
Greater
New
Haven
Water
Pollution
Control
Authority,
Connecticut,
Regional
Wastewater
System
Revenue
Bonds,
Refunding
Series
2014B:
500
5.000%,
8/15/30,
(Pre-refunded
8/15/24)
8/24
at
100.00
AA+
545,865
1,000
5.000%,
8/15/32,
(Pre-refunded
8/15/24)
8/24
at
100.00
AA+
1,091,730
Hartford
County
Metropolitan
District,
Connecticut,
Clean
Water
Project
Revenue
Bonds,
Refunding
Green
Bond
Series
2014A:
2,250
5.000%,
11/01/35,
(Pre-refunded
11/01/24)
11/24
at
100.00
Aa2
2,469,172
4,885
5.000%,
11/01/42,
(Pre-refunded
11/01/24)
11/24
at
100.00
Aa2
5,360,848
93
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
(5)
(continued)
New
Haven,
Connecticut,
General
Obligation
Bonds,
Series
2014A:
$
810
5.000%,
8/01/30,
(Pre-refunded
8/01/24)
-
AGM
Insured
8/24
at
100.00
AA
$
882,122
700
5.000%,
8/01/31,
(Pre-refunded
8/01/24)
-
AGM
Insured
8/24
at
100.00
AA
762,328
850
5.000%,
8/01/32,
(Pre-refunded
8/01/24)
-
AGM
Insured
8/24
at
100.00
AA
925,684
850
5.000%,
8/01/34,
(Pre-refunded
8/01/24)
-
AGM
Insured
8/24
at
100.00
AA
925,684
South
Central
Connecticut
Regional
Water
Authority
Water
System
Revenue
Bonds,
Thirtieth
Series
2014A:
1,010
5.000%,
8/01/39,
(Pre-refunded
8/01/24)
8/24
at
100.00
AA-
1,101,193
1,055
5.000%,
8/01/44,
(Pre-refunded
8/01/24)
8/24
at
100.00
AA-
1,150,256
500
South
Central
Connecticut
Regional
Water
Authority,
Water
System
Revenue
Bonds,
Twenty-Eighth
Series
2013A,
5.000%,
8/01/38,
(Pre-
refunded
8/01/22)
8/22
at
100.00
AA-
509,050
600
Stratford,
Connecticut,
General
Obligation
Bonds,
Series
2014,
5.000%,
12/15/34,
(Pre-refunded
12/15/22)
12/22
at
100.00
AA-
619,632
3,000
Waterbury,
Connecticut,
General
Obligation
Bonds,
Series
2012A,
5.000%,
8/01/30,
(Pre-refunded
8/01/22)
8/22
at
100.00
AA-
3,054,300
20,010
Total
U.S.
Guaranteed
21,482,373
Utilities
-
10.7%
415
Connecticut
Municipal
Electric
Energy
Cooperative,
Power
Supply
System
Revenue
Bonds,
Series
2013A,
5.000%,
1/01/38
1/23
at
100.00
Aa3
427,707
Connecticut,
State
Revolving
Fund
General
Revenue
Bonds,
Green
Series
2019A:
1,700
4.000%,
2/01/38
2/29
at
100.00
AAA
1,940,465
2,000
5.000%,
2/01/39
2/29
at
100.00
AAA
2,424,540
60
Greater
New
Haven
Water
Pollution
Control
Authority,
Connecticut,
Regional
Wastewater
System
Revenue
Bonds,
Series
2005A,
5.000%,
8/15/35
-
NPFG
Insured
3/22
at
100.00
AA+
60,214
2,040
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
7/01/40
7/27
at
100.00
A-
2,304,710
295
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2020A,
5.000%,
1/01/50
7/30
at
100.00
A-
344,781
1,000
Guam
Power
Authority,
Revenue
Bonds,
Series
2014A,
5.000%,
10/01/39
10/24
at
100.00
AA
1,077,180
1,500
Hartford
County
Metropolitan
District,
Connecticut,
Clean
Water
Project
Revenue
Bonds,
Series
2020A,
5.000%,
10/01/45
10/30
at
100.00
Aa2
1,842,060
Mattabassett
District
Cromwell,
Connecticut,
Revenue
Bonds,
Refunding
Series
2021:
700
4.000%,
8/01/32
-
BAM
Insured
8/31
at
100.00
AA
811,664
1,580
4.000%,
8/01/33
-
BAM
Insured
8/31
at
100.00
AA
1,830,035
2,010
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A,
5.000%,
7/01/30,
144A
No
Opt.
Call
N/R
2,385,709
3,810
South
Central
Connecticut
Regional
Water
Authority,
Connecticut,
Water
System
Revenue
Bonds,
Thirty-Sixth
Series
2022A-1,
4.000%,
8/01/47
8/31
at
100.00
N/R
4,331,856
3,000
South
Central
Connecticut
Regional
Water
Authority,
Water
System
Revenue
Bonds,
Refunding
Thirty-third
Series
2017B-1,
5.000%,
8/01/41
8/28
at
100.00
AA-
3,574,560
2,915
South
Central
Connecticut
Regional
Water
Authority,
Water
System
Revenue
Bonds,
Thirty-Fourth
Series
2019C,
5.000%,
8/01/44
8/29
at
100.00
AA-
3,509,019
500
Stamford,
Connecticut,
Water
Pollution
Control
System
and
Facility
Revenue
Bonds,
Series
2013A,
5.250%,
8/15/43
8/23
at
100.00
AA+
528,275
750
Stamford,
Connecticut,
Water
Pollution
Control
System
and
Facility
Revenue
Bonds,
Series
2019,
4.000%,
4/01/44
4/29
at
100.00
AA+
842,468
Stamford,
Connecticut,
Water
Pollution
Control
System
and
Facility
Revenue
Bonds,
Series
2020A:
300
3.000%,
11/15/32
11/30
at
100.00
AA+
319,995
395
3.000%,
11/15/33
11/30
at
100.00
AA+
420,896
1,300
4.000%,
11/15/45
11/30
at
100.00
AA+
1,490,619
26,270
Total
Utilities
30,466,753
$
255,965
Total
Long-Term
Investments
(cost
$275,540,345)
281,448,378
Floating
Rate
Obligations
-
(0.6)%
(
1,570,000
)
Other
Assets
Less
Liabilities
-
1.5%
4,213,777
Net
Assets
-
100%
$
284,092,155
Nuveen
Connecticut
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
94
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(3)
The
ratings
disclosed
are
the
highest
of
the
Standard
&
Poor's
Group
("Standard
&
Poor's"),
Moody's
Investors
Service,
Inc.
("Moody's")
or
Fitch,
Inc.
("Fitch")
rating.
Ratings
below
BBB
by
Standard
&
Poor's,
Baa
by
Moody's
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(4)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(5)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
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
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
95
Nuveen
Massachusetts
Municipal
Bond
Fund
Portfolio
of
Investments
February
28,
2022
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
98.2%
MUNICIPAL
BONDS
-
98.2%
Education
and
Civic
Organizations
-
21.1%
$
1,315
Lowell,
Massachusetts,
Collegiate
Charter
School
Revenue
Bonds,
Series
2019,
5.000%,
6/15/39
6/26
at
100.00
N/R
$
1,390,652
650
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Babson
College,
Refunding
Series
2022,
4.000%,
10/01/44
4/32
at
100.00
N/R
749,807
1,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Bentley
College
Issue,
Series
2021A,
4.000%,
7/01/40
7/31
at
100.00
A2
1,133,730
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Berklee
College
of
Music,
Series
2016:
1,260
5.000%,
10/01/39
10/26
at
100.00
A
1,433,565
5,165
5.000%,
10/01/46
10/26
at
100.00
A
5,859,021
3,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
College,
Series
2013S,
5.000%,
7/01/32
7/23
at
100.00
AA-
3,143,790
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
College,
Series
2017T:
2,350
5.000%,
7/01/39
7/27
at
100.00
AA-
2,741,040
1,020
5.000%,
7/01/42
7/27
at
100.00
AA-
1,188,565
5,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
University,
Series
2013X,
5.000%,
10/01/48
10/23
at
100.00
AA-
5,277,650
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Brandeis
University
Issue,
Series
2018R:
1,195
5.000%,
10/01/37
10/28
at
100.00
A+
1,424,954
840
5.000%,
10/01/38
10/28
at
100.00
A+
1,000,137
1,000
5.000%,
10/01/39
10/28
at
100.00
A+
1,188,900
3,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2015,
5.000%,
1/01/35
1/25
at
100.00
BBB+
3,251,040
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2016A:
1,510
5.250%,
1/01/42
1/27
at
100.00
BBB+
1,700,003
1,500
5.000%,
1/01/47
1/27
at
100.00
BBB+
1,658,925
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2017A:
1,600
5.000%,
1/01/37
1/28
at
100.00
BBB+
1,820,592
6,020
5.000%,
1/01/40
1/28
at
100.00
BBB+
6,827,463
2,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2018,
5.000%,
1/01/43
1/28
at
100.00
BBB+
2,256,720
2,500
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emmanuel
College,
Series
2016A,
5.000%,
10/01/43
10/26
at
100.00
Baa2
2,785,875
8,525
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Harvard
University,
Series
2016A,
4.000%,
7/15/36
7/26
at
100.00
AAA
9,339,308
1,665
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Harvard
University,
Series
2020A,
5.000%,
10/15/30
No
Opt.
Call
AAA
2,129,235
2,055
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Lesley
University,
Series
2016,
5.000%,
7/01/36
7/26
at
100.00
A-
2,337,234
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
MCPHS
University
Issue,
Series
2015H:
550
3.500%,
7/01/35
7/25
at
100.00
AA
579,849
235
5.000%,
7/01/37
7/25
at
100.00
AA
262,450
700
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Merrimack
College,
Series
2017,
5.000%,
7/01/37
7/26
at
100.00
BBB-
781,823
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Northeastern
University,
Series
2014A:
1,125
5.000%,
3/01/39
3/24
at
100.00
A1
1,202,366
2,065
5.000%,
3/01/44
3/24
at
100.00
A1
2,206,164
1,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Northeastern
University,
Series
2020A,
5.000%,
10/01/35
10/30
at
100.00
A1
1,246,520
1,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Simmons
College,
Series
2013J,
5.250%,
10/01/39
10/23
at
100.00
BBB+
1,049,510
Nuveen
Massachusetts
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
96
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
$
1,680
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Simmons
University
Issue,
Series
2020M,
5.000%,
10/01/39
10/30
at
100.00
BBB+
$
1,979,897
2,700
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Springfield
College,
Green
Series
2021B,
4.000%,
6/01/50
6/30
at
100.00
N/R
2,833,029
2,495
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Sterling
and
Francine
Clark
Art
Institute,
Series
2015,
5.000%,
7/01/33
7/25
at
100.00
AA
2,773,791
2,415
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Sterling
and
Francine
Clark
Art
Institute,
Series
2016,
4.000%,
7/01/41
1/27
at
100.00
AA
2,657,080
610
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Suffolk
University,
Refunding
Series
2019,
5.000%,
7/01/37
7/29
at
100.00
Baa2
710,327
5,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Suffolk
University,
Refunding
Series
2020A,
4.000%,
7/01/45
7/30
at
100.00
Baa2
5,356,950
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Suffolk
University,
Series
2021:
570
4.000%,
7/01/46
7/31
at
100.00
Baa2
613,611
1,470
4.000%,
7/01/51
7/31
at
100.00
Baa2
1,575,002
1,500
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
The
Broad
Institute,
Series
2017,
5.000%,
4/01/36
10/27
at
100.00
AA-
1,761,360
875
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Tufts
University,
Series
2015Q,
5.000%,
8/15/38
8/25
at
100.00
AA-
970,401
1,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Wheaton
College,
Series
2017H,
5.000%,
1/01/37
1/28
at
100.00
Baa1
1,148,420
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Williams
College,
Refunding
Series
2021T:
345
5.000%,
7/01/34
7/31
at
100.00
AA+
438,133
440
5.000%,
7/01/35
7/31
at
100.00
AA+
557,709
360
5.000%,
7/01/36
7/31
at
100.00
AA+
456,170
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Woods
Hole
Oceanographic
Institution,
Series
2018:
1,000
5.000%,
6/01/37
6/28
at
100.00
AA-
1,192,320
1,000
5.000%,
6/01/38
6/28
at
100.00
AA-
1,191,270
2,400
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Worcester
Polytechnic
Institute,
Series
2012,
5.000%,
9/01/50
9/22
at
100.00
A
2,446,008
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Worcester
Polytechnic
Institute,
Series
2017B:
5,000
5.000%,
9/01/42
9/27
at
100.00
A
5,842,500
5,000
5.000%,
9/01/45
9/27
at
100.00
A
5,818,550
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Worcester
Polytechnic
Institute,
Series
2019:
745
5.000%,
9/01/33
9/29
at
100.00
A
896,071
3,500
5.000%,
9/01/49
9/29
at
100.00
A
4,120,410
Massachusetts
Development
Finance
Authority,
Revenue
Bonds,
Suffolk
University,
Refunding
Series
2017:
700
5.000%,
7/01/35
7/27
at
100.00
Baa2
797,195
500
5.000%,
7/01/36
7/27
at
100.00
Baa2
568,780
2,345
Massachusetts
Development
Finance
Authority,
Revenue
Bonds,
WGBH
Educational
Foundation,
Refunding
Series
2016,
5.000%,
1/01/36
7/26
at
100.00
AA-
2,672,057
2,100
Massachusetts
Development
Finance
Authority,
Revenue
Bonds,
WGBH
Educational
Foundation,
Series
2002A,
5.750%,
1/01/42
-
AMBAC
Insured
No
Opt.
Call
AA-
3,049,032
305
Massachusetts
Educational
Financing
Authority,
Education
Loan
Revenue
Bonds,
Issue
J,
Series
2011,
5.625%,
7/01/33,
(AMT)
3/22
at
100.00
AA
305,366
1,655
Massachusetts
Educational
Financing
Authority,
Education
Loan
Revenue
Bonds,
Issue
J,
Series
2016,
5.000%,
7/01/24,
(AMT)
No
Opt.
Call
AA
1,772,737
560
Massachusetts
Educational
Financing
Authority,
Education
Loan
Revenue
Bonds,
Issue
K,
Series
2013,
5.250%,
7/01/29,
(AMT)
7/22
at
100.00
AA
566,726
Massachusetts
Educational
Financing
Authority,
Education
Loan
Revenue
Bonds,
Issue
K,
Series
2017A:
1,480
5.000%,
7/01/24,
(AMT)
No
Opt.
Call
AA
1,587,389
1,150
5.000%,
7/01/26,
(AMT)
No
Opt.
Call
AA
1,289,426
97
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
Massachusetts
Educational
Financing
Authority,
Education
Loan
Revenue
Bonds,
Issue
L,
Senior
Series
2020B:
$
850
5.000%,
7/01/29,
(AMT)
No
Opt.
Call
AA
$
1,005,881
1,000
5.000%,
7/01/30,
(AMT)
No
Opt.
Call
AA
1,201,220
1,000
Massachusetts
Educational
Financing
Authority,
Student
Loan
Revenue
Bonds,
Issue
I
Series
2014,
5.000%,
1/01/27,
(AMT)
1/25
at
100.00
AA
1,075,960
2,500
University
of
Massachusetts
Building
Authority,
Project
Revenue
Bonds,
Senior
Series
2015-1,
5.000%,
11/01/40
11/25
at
100.00
Aa2
2,791,600
University
of
Massachusetts
Building
Authority,
Project
Revenue
Bonds,
Senior
Series
2020-1:
4,000
5.000%,
11/01/37
11/29
at
100.00
Aa2
4,919,640
1,545
5.000%,
11/01/39
11/29
at
100.00
Aa2
1,893,799
2,870
5.000%,
11/01/45
11/29
at
100.00
Aa2
3,496,263
University
of
Massachusetts
Building
Authority,
Revenue
Bonds,
Refunding
Senior
Series
2019-1:
1,000
5.000%,
5/01/38
5/29
at
100.00
Aa2
1,213,880
2,000
5.000%,
5/01/39
5/29
at
100.00
Aa2
2,423,940
University
of
Massachusetts
Building
Authority,
Revenue
Bonds,
Refunding
Senior
Series
2021-1:
1,400
5.000%,
11/01/29
No
Opt.
Call
Aa2
1,740,858
3,000
5.000%,
11/01/30
No
Opt.
Call
Aa2
3,803,670
132,910
Total
Education
and
Civic
Organizations
151,481,316
Health
Care
-
17.1%
2,160
Massachusetts
Development
Finance
Agency
Revenue
Bonds,
South
Shore
Hospital,
Series
2016I,
5.000%,
7/01/41
7/26
at
100.00
BBB+
2,437,798
6,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Atrius
Health
Issue,
Series
2019A,
5.000%,
6/01/39
6/29
at
100.00
BBB
7,146,480
3,200
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Baystate
Medical
Center
Issue,
Series
2014N,
5.000%,
7/01/44
7/24
at
100.00
A+
3,424,608
1,455
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Berkshire
Health
Systems
Issue,
Refunding
Series
2021-I,
5.000%,
10/01/29
No
Opt.
Call
AA-
1,780,644
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Beth
Israel
Lahey
Health
Issue,
Series
2019K:
1,250
5.000%,
7/01/36
7/29
at
100.00
A
1,496,312
2,650
5.000%,
7/01/37
7/29
at
100.00
A
3,170,036
1,400
5.000%,
7/01/38
7/29
at
100.00
A
1,671,992
275
5.000%,
7/01/39
7/29
at
100.00
A
327,902
250
5.000%,
7/01/41
7/29
at
100.00
A
296,730
3,905
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Green
Bonds,
Series
2015D,
5.000%,
7/01/44
7/25
at
100.00
BBB
4,298,351
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Series
2016E:
2,000
5.000%,
7/01/32
7/26
at
100.00
BBB
2,265,400
1,625
5.000%,
7/01/36
7/26
at
100.00
BBB
1,834,381
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Refunding
Series
2016-I:
1,675
5.000%,
7/01/30
7/26
at
100.00
A
1,897,407
1,500
5.000%,
7/01/37
7/26
at
100.00
A
1,687,830
1,935
5.000%,
7/01/38
7/26
at
100.00
A
2,174,727
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Series
2015H-1:
900
5.000%,
7/01/30
7/25
at
100.00
A
997,470
1,000
5.000%,
7/01/32
7/25
at
100.00
A
1,106,240
500
5.000%,
7/01/33
7/25
at
100.00
A
552,605
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Series
2018J-2:
5,000
5.000%,
7/01/43
7/28
at
100.00
A
5,870,850
4,100
5.000%,
7/01/48
7/28
at
100.00
A
4,795,442
Nuveen
Massachusetts
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
98
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Dana-Farber
Cancer
Institute
Issue,
Series
2016N:
$
1,925
5.000%,
12/01/41
12/26
at
100.00
A1
$
2,190,650
6,100
5.000%,
12/01/46
12/26
at
100.00
A1
6,915,143
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Lahey
Health
System
Obligated
Group
Issue,
Series
2015F:
2,645
5.000%,
8/15/35
8/25
at
100.00
A
2,926,825
5,325
5.000%,
8/15/45
8/25
at
100.00
A
5,858,565
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Mass
General
Brigham,
Sereis
2020A-2:
3,000
5.000%,
7/01/37
1/30
at
100.00
AA-
3,654,720
2,145
5.000%,
7/01/39
1/30
at
100.00
AA-
2,598,968
3,535
4.000%,
7/01/40
1/30
at
100.00
AA-
3,984,369
1,490
4.000%,
7/01/41
1/30
at
100.00
AA-
1,677,099
1,545
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Milford
Regional
Medical
Center
Issue,
Series
2014F,
5.750%,
7/15/43
7/23
at
100.00
BB+
1,608,268
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Milford
Regional
Medical
Center
Issue,
Series
2020G:
100
5.000%,
7/15/30,
144A
No
Opt.
Call
BB+
118,601
100
5.000%,
7/15/37,
144A
7/30
at
100.00
BB+
118,295
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Partners
HealthCare
System
Issue,
Series
2016Q:
1,250
4.000%,
7/01/41
7/26
at
100.00
AA-
1,355,975
2,250
5.000%,
7/01/41
7/26
at
100.00
AA-
2,556,810
6,710
5.000%,
7/01/47
7/26
at
100.00
AA-
7,589,010
6,330
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Partners
HealthCare
System
Issue,
Series
2017S-1,
4.000%,
7/01/41
1/28
at
100.00
AA-
6,989,459
1,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Southcoast
Health
System
Obligated
Group
Issue,
Series
2013F,
5.000%,
7/01/37
7/23
at
100.00
BBB+
1,044,590
365
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Southcoast
Health
System
Obligated
Group
Issue,
Series
2021G,
4.000%,
7/01/46
7/31
at
100.00
A-
410,913
3,800
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
The
Lowell
General
Hospital,
Series
2013G,
5.000%,
7/01/44
7/23
at
100.00
BBB+
3,989,658
890
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
UMass
Memorial
Health
Care
Obligated
Group
Issue,
Series
2017K,
5.000%,
7/01/38
1/27
at
100.00
A-
1,013,496
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
UMass
Memorial
Health
Care
Obligated
Group
Issue,
Series
2017L:
400
3.625%,
7/01/37
7/27
at
100.00
A-
417,888
6,855
5.000%,
7/01/44
7/27
at
100.00
A-
7,876,395
555
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
UMass
Memorial
Health
Care,
Series
2016I,
5.000%,
7/01/36
7/26
at
100.00
A-
630,225
500
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Wellforce
Issue,
Series
2019A,
5.000%,
7/01/44
1/29
at
100.00
BBB+
579,535
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Wellforce
Issue,
Series
2020C:
3,355
3.000%,
10/01/45
-
AGM
Insured
10/30
at
100.00
AA
3,446,189
3,400
4.000%,
10/01/45
-
AGM
Insured
10/30
at
100.00
AA
3,804,498
108,350
Total
Health
Care
122,589,349
Housing/Multifamily
-
1.9%
5,000
Massachusetts
Development
Finance
Agency,
Multifamily
Housing
Revenue
Bonds,
Salem
Heights
II
Preservation
Associates
LP,
Social
Series
2021A,
2.300%,
1/01/42
No
Opt.
Call
AA+
4,613,550
2,240
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Series
2019B-1,
3.100%,
12/01/44
12/28
at
100.00
AA
2,281,597
2,000
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Series
2020A-1,
3.000%,
12/01/45
12/28
at
100.00
AA
2,009,220
1,800
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Sustainability
Green
Series
2020C-1,
2.450%,
12/01/45
12/29
at
100.00
AA
1,643,094
99
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Multifamily
(continued)
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Sustainability
Green
Series
2020D-1:
$
1,500
2.200%,
12/01/40
6/30
at
100.00
AA
$
1,391,895
1,100
2.375%,
12/01/45
6/30
at
100.00
AA
997,150
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Sustainability
Green
Series
2021A-1:
500
2.000%,
12/01/36
6/30
at
100.00
AA
467,335
410
2.375%,
12/01/46
6/30
at
100.00
AA
368,717
325
2.450%,
12/01/51
6/30
at
100.00
AA
289,292
14,875
Total
Housing/Multifamily
14,061,850
Housing/Single
Family
-
0.9%
1,500
Massachusetts
Housing
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2020-218,
2.400%,
6/01/44
12/29
at
100.00
N/R
1,367,085
1,500
Massachusetts
Housing
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2021-221,
2.300%,
6/01/44
6/30
at
100.00
AA+
1,342,725
Massachusetts
Housing
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2021-223:
1,200
1.950%,
6/01/32
12/30
at
100.00
N/R
1,142,832
750
2.000%,
12/01/32
12/30
at
100.00
N/R
713,040
1,380
2.050%,
6/01/33
12/30
at
100.00
N/R
1,309,855
500
2.100%,
12/01/33
12/30
at
100.00
N/R
474,355
6,830
Total
Housing/Single
Family
6,349,892
Long-Term
Care
-
0.8%
Massachusetts
Development
Finance
Agency
Revenue
Refunding
Bonds,
NewBridge
on
the
Charles,
Inc.
Issue,
Series
2017:
1,910
4.125%,
10/01/42,
144A
10/22
at
105.00
BB+
2,028,726
275
5.000%,
10/01/47,
144A
10/22
at
105.00
BB+
293,931
560
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Berkshire
Retirement
Community
Lennox,
Series
2015,
5.000%,
7/01/31
7/25
at
100.00
A+
617,383
525
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Carleton-
Willard
Village,
Series
2019,
5.000%,
12/01/42
12/25
at
103.00
A-
587,821
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Loomis
Communities,
Series
2013A:
240
5.250%,
1/01/26
1/23
at
100.00
BBB
248,513
790
5.750%,
1/01/28
1/23
at
100.00
BBB
821,284
550
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Loomis
Communities,
Series
2021,
4.000%,
1/01/51
1/27
at
103.00
N/R
583,374
400
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Orchard
Cove,
Inc.,
Refunding
Series
2019,
5.000%,
10/01/39
10/24
at
104.00
BBB
437,596
5,250
Total
Long-Term
Care
5,618,628
Tax
Obligation/General
-
13.4%
4,000
Attleboro,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2019,
4.000%,
2/15/44
2/27
at
100.00
AA
4,396,080
5,725
Boston,
Massachusetts,
General
Obligation
Bonds,
Series
2018A,
5.000%,
5/01/36
5/28
at
100.00
AAA
6,876,469
1,375
Bridgewater
and
Raynham
Regional
School
District,
Plymouth
County,
Massachusetts,
General
Obligation
Bonds,
School
Project
Loan
Chapter
70B
Series
2021,
4.000%,
2/01/28
-
BAM
Insured
No
Opt.
Call
AA
1,567,074
Central
Berkshire
Regional
School
District,
Dalton,
Massachusetts,
General
Obligation
Bonds,
State
Qualified
Series
2019:
1,400
3.000%,
6/01/38
6/28
at
100.00
AA
1,438,290
1,440
3.000%,
6/01/39
6/28
at
100.00
AA
1,473,048
1,490
3.000%,
6/01/40
6/28
at
100.00
AA
1,517,908
Fall
River,
Massachusetts,
General
Obligation
Bonds,
State
Qualified
Municipal
Purpose
Loan
Series
2021:
1,655
4.000%,
12/01/32
12/29
at
100.00
Aa2
1,903,415
1,610
4.000%,
12/01/33
12/29
at
100.00
Aa2
1,843,772
Nuveen
Massachusetts
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
100
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
2,000
Higham,
Massachusetts,
General
Obligation
Bonds,
Water
Series
2020,
3.000%,
2/15/38
8/28
at
100.00
AAA
$
2,089,160
1,740
Hudson,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2011,
5.000%,
2/15/32
3/22
at
100.00
AA
1,745,690
3,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2015C,
5.000%,
7/01/45
7/25
at
100.00
Aa1
3,352,920
1,190
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2016A,
5.000%,
3/01/46
3/24
at
100.00
Aa1
1,274,300
3,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2017A,
5.000%,
4/01/42
4/27
at
100.00
Aa1
3,467,250
5,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2017F,
5.000%,
11/01/46
11/27
at
100.00
Aa1
5,836,900
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2018A:
3,750
5.000%,
1/01/42
1/28
at
100.00
Aa1
4,395,450
2,490
5.000%,
1/01/45
1/28
at
100.00
Aa1
2,906,004
950
5.000%,
1/01/46
1/28
at
100.00
Aa1
1,107,159
11,110
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2019A,
5.250%,
1/01/44
1/29
at
100.00
Aa1
13,407,659
10,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2019C,
5.000%,
5/01/42
5/29
at
100.00
Aa1
12,037,300
7,535
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2020E,
5.000%,
11/01/50
11/30
at
100.00
Aa1
9,176,274
5,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2021B,
3.000%,
4/01/49
4/31
at
100.00
Aa1
4,961,200
2,500
Massachusetts
State,
General
Obligation
Bonds,
Refunding
Series
2020D,
4.000%,
11/01/40
11/30
at
100.00
Aa1
2,865,475
1,000
North
Reading,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2012,
5.000%,
5/15/35
5/22
at
100.00
Aa2
1,008,600
2,010
Pentucket
Regional
School
District,
Massachusetts,
General
Obligation
Bonds,
Series
2019,
3.000%,
9/01/43
9/27
at
100.00
Aa2
2,019,970
Quincy,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2022A:
300
4.000%,
6/01/41,
(WI/DD,
Settling
3/15/22)
6/32
at
100.00
N/R
345,222
350
4.000%,
6/01/42,
(WI/DD,
Settling
3/15/22)
6/32
at
100.00
N/R
401,810
2,615
Waltham,
Massachusetts,
General
Obligation
Bonds,
School
Series
2020,
3.000%,
10/15/33
10/29
at
100.00
AA+
2,795,487
84,235
Total
Tax
Obligation/General
96,209,886
Tax
Obligation/Limited
-
23.3%
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D:
1,355
5.000%,
11/15/27
11/25
at
100.00
BB
1,510,432
1,000
5.000%,
11/15/39
11/25
at
100.00
BB
1,100,910
Guam
Government,
Limited
Obligation
Section
30
Revenue
Bonds,
Series
2016A:
1,160
5.000%,
12/01/31
12/26
at
100.00
BB
1,310,208
2,000
5.000%,
12/01/46
12/26
at
100.00
BB
2,228,960
1,010
Martha's
Vineyard
Land
Bank,
Massachusetts,
Revenue
Bonds,
Refunding
Green
Series
2014,
5.000%,
5/01/33
-
BAM
Insured
11/24
at
100.00
AA
1,107,172
500
Martha's
Vineyard
Land
Bank,
Massachusetts,
Revenue
Bonds,
Refunding
Green
Series
2017,
5.000%,
5/01/36
5/27
at
100.00
AA
581,120
6,345
Massachusetts
Bay
Transportation
Authority,
Assessment
Bonds,
Series
2012A,
5.000%,
7/01/41
7/22
at
100.00
AAA
6,432,878
1,920
Massachusetts
Bay
Transportation
Authority,
Sales
Tax
Revenue
Bonds,
Senior
Lien
Series
2007A-1,
5.250%,
7/01/30
No
Opt.
Call
AA
2,442,451
2,500
Massachusetts
Bay
Transportation
Authority,
Sales
Tax
Revenue
Bonds,
Senior
Lien
Series
2015A,
5.000%,
7/01/45
7/25
at
100.00
AA
2,765,650
Massachusetts
Bay
Transportation
Authority,
Sales
Tax
Revenue
Bonds,
Subordinated
Series
2020B-1:
2,000
5.000%,
7/01/32
7/30
at
100.00
AA
2,492,940
10,000
5.000%,
7/01/45
7/28
at
100.00
AA
11,877,500
101
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
Massachusetts
Bay
Transportation
Authority,
Sales
Tax
Revenue
Bonds,
Subordinated
Series
2021A-1:
$
2,500
4.000%,
7/01/40
7/31
at
100.00
AA
$
2,893,200
2,640
4.000%,
7/01/51
7/31
at
100.00
AA
2,990,777
5,570
Massachusetts
Bay
Transportation
Authority,
Sales
Tax
Revenue
Bonds,
Subordinated
Sustainability
Series
2017A-1,
5.000%,
7/01/41
7/27
at
100.00
AA
6,495,957
Massachusetts
College
Building
Authority,
Project
Revenue
Bonds,
Refunding
Series
2003B:
1,010
5.375%,
5/01/22
-
SYNCORA
GTY
Insured
No
Opt.
Call
AA
1,018,009
1,125
5.375%,
5/01/23
-
SYNCORA
GTY
Insured
No
Opt.
Call
AA
1,182,555
2,500
5.500%,
5/01/39
-
SYNCORA
GTY
Insured
No
Opt.
Call
AA
3,505,625
500
Massachusetts
College
Building
Authority,
Project
Revenue
Bonds,
Refunding
Series
2022A,
4.000%,
5/01/42
5/32
at
100.00
N/R
574,690
1,310
Massachusetts
College
Building
Authority,
Revenue
Bonds,
Refunding
Series
2011A,
5.000%,
5/01/24
No
Opt.
Call
Aa2
1,415,154
1,650
Massachusetts
School
Building
Authority,
Dedicated
Sales
Tax
Revenue
Bonds,
Refunding
Senior
Series
2015C,
5.000%,
8/15/37
8/25
at
100.00
AAA
1,836,664
8,470
Massachusetts
School
Building
Authority,
Dedicated
Sales
Tax
Revenue
Bonds,
Senior
Social
Series
2020A,
5.000%,
8/15/45
8/30
at
100.00
AAA
10,360,504
7,000
Massachusetts
School
Building
Authority,
Dedicated
Sales
Tax
Revenue
Bonds,
Subordinated
Series
2018A,
5.250%,
2/15/48
2/28
at
100.00
AA+
8,339,100
9,960
Massachusetts
School
Building
Authority,
Dedicated
Sales
Tax
Revenue
Bonds,
Subordinated
Series
2019A,
5.000%,
2/15/44
2/29
at
100.00
AA+
11,986,661
Massachusetts
State,
Special
Obligation
Dedicated
Tax
Revenue
Bonds,
Refunding
Series
2005:
6,575
5.500%,
1/01/27
-
NPFG
Insured
No
Opt.
Call
A1
7,683,282
8,000
5.500%,
1/01/34
-
NPFG
Insured
No
Opt.
Call
AAA
10,424,160
2,800
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
&
Accelerated
Bridge
Program,
Series
2016A,
5.000%,
6/01/41
6/26
at
100.00
AA+
3,177,944
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
&
Accelerated
Bridge
Program,
Series
2021B:
6,000
5.000%,
6/01/43
6/30
at
100.00
AA+
7,295,100
3,985
5.000%,
6/01/46
6/30
at
100.00
AA+
4,818,503
1,270
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
&
Accelerated
Bridge
Programs,
Series
2017A,
5.000%,
6/01/42
6/27
at
100.00
AA+
1,472,590
4,000
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
&
Accelerated
Bridge
Programs,
Series
2018A,
5.250%,
6/01/43
6/28
at
100.00
AA+
4,793,120
7,000
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
&
Accelerated
Bridge
Programs,
Series
2019A,
5.000%,
6/01/49
6/29
at
100.00
AA+
8,305,010
3,500
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
Program,
Series
2015A,
5.000%,
6/01/45
6/25
at
100.00
AA+
3,868,690
4,805
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
6/01/43
12/27
at
100.00
AA+
5,620,312
5,000
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Refunding
Series
2021A,
5.000%,
6/01/42
6/31
at
100.00
N/R
6,212,850
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
3,177
4.550%,
7/01/40
7/28
at
100.00
N/R
3,519,512
4,510
0.000%,
7/01/46
7/28
at
41.38
N/R
1,465,119
4,300
4.750%,
7/01/53
7/28
at
100.00
N/R
4,755,542
2,208
5.000%,
7/01/58
7/28
at
100.00
N/R
2,476,162
1,155
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2,
4.329%,
7/01/40
7/28
at
100.00
N/R
1,264,760
3,015
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Revenue
Bonds,
Refunding
Series2021B.
Exchange
Purchase,
4.000%,
7/01/58
7/31
at
100.00
Baa1
3,263,376
145,325
Total
Tax
Obligation/Limited
166,865,149
Nuveen
Massachusetts
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
102
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
-
6.8%
$
7,965
Massachusetts
Department
of
Transportation,
Metropolitan
Highway
System
Revenue
Bonds,
Commonwealth
Contract
Assistance
Secured,
Refunding
Subordinated
Series
2019C,
5.000%,
1/01/33
1/29
at
100.00
AA+
$
9,677,395
1,250
Massachusetts
Department
of
Transportation,
Metropolitan
Highway
System
Revenue
Bonds,
Refunding
Senior
Lien
Series
2019A,
5.000%,
1/01/37
1/29
at
100.00
A+
1,497,312
1,500
Massachusetts
Port
Authority,
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
7/01/42,
(AMT)
7/27
at
100.00
Aa2
1,728,075
1,250
Massachusetts
Port
Authority,
Revenue
Bonds,
Refunding
Series
2021A,
5.000%,
7/01/39
7/31
at
100.00
Aa2
1,567,812
1,200
Massachusetts
Port
Authority,
Revenue
Bonds,
Refunding
Series
2021B,
5.000%,
7/01/40,
(AMT)
7/31
at
100.00
Aa2
1,460,292
1,780
Massachusetts
Port
Authority,
Revenue
Bonds,
Series
2014A,
5.000%,
7/01/34
7/24
at
100.00
Aa2
1,923,059
Massachusetts
Port
Authority,
Revenue
Bonds,
Series
2015A:
1,425
5.000%,
7/01/40
7/25
at
100.00
Aa2
1,580,425
2,000
5.000%,
7/01/45
7/25
at
100.00
Aa2
2,215,260
5,960
Massachusetts
Port
Authority,
Revenue
Bonds,
Series
2019B,
5.000%,
7/01/44
7/29
at
100.00
Aa2
7,211,481
10,000
Massachusetts
Port
Authority,
Revenue
Bonds,
Series
2019C,
5.000%,
7/01/49,
(AMT)
7/29
at
100.00
Aa2
11,677,700
2,500
Massachusetts
Port
Authority,
Revenue
Bonds,
Series
2021E,
5.000%,
7/01/51,
(AMT)
7/31
at
100.00
Aa2
2,991,500
4,675
Massachusetts
Port
Authority,
Special
Facilities
Revenue
Bonds,
BOSFUEL
Corporation,
Series
2019A,
5.000%,
7/01/49,
(AMT)
7/29
at
100.00
A1
5,371,435
41,505
Total
Transportation
48,901,746
U.S.
Guaranteed
-
4.7%
(4)
1,045
Boston,
Massachusetts,
General
Obligation
Bonds,
Series
2013A,
4.000%,
3/01/25,
(Pre-refunded
3/01/23)
3/23
at
100.00
AAA
1,077,458
1,890
Massachusetts
College
Building
Authority,
Project
Revenue
Bonds,
Green
Series
2014B,
5.000%,
5/01/44,
(Pre-refunded
5/01/24)
5/24
at
100.00
Aa2
2,044,243
Massachusetts
College
Building
Authority,
Project
Revenue
Bonds,
Refunding
Series
2003B:
1,015
5.375%,
5/01/22
-
SYNCORA
GTY
Insured,
(ETM)
No
Opt.
Call
AA
1,023,008
1,145
Massachusetts
College
Building
Authority,
Revenue
Bonds,
Refunding
Series
2012B,
5.000%,
5/01/37,
(Pre-refunded
5/01/22)
5/22
at
100.00
Aa2
1,153,427
5,915
Massachusetts
Development
Finance
Agency
Revenue
Bonds,
Children?s
Hospital
Issue,
Series
2014P,
5.000%,
10/01/46,
(Pre-refunded
10/01/24)
10/24
at
100.00
AA
6,466,929
2,340
Massachusetts
Development
Finance
Agency,
Hospital
Revenue
Bonds,
Cape
Cod
Healthcare
Obligated
Group,
Series
2013,
5.250%,
11/15/41,
(Pre-refunded
11/15/23)
11/23
at
100.00
A
2,503,028
732
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
North
Hill
Communities
Issue,
Series
2013A,
6.250%,
11/15/28,
(Pre-refunded
11/15/23),
144A
11/23
at
100.00
N/R
787,090
2,500
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Partners
HealthCare
System,
Series
2014M-4,
5.000%,
7/01/44,
(Pre-refunded
7/01/23)
7/23
at
100.00
AA-
2,633,125
1,550
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Phillips
Academy
,
Series
2014A,
5.000%,
9/01/43,
(Pre-refunded
9/01/23)
9/23
at
100.00
AAA
1,641,682
Massachusetts
School
Building
Authority,
Dedicated
Sales
Tax
Revenue
Bonds,
Senior
Series
2013A:
1,475
5.000%,
5/15/38,
(Pre-refunded
5/15/23)
5/23
at
100.00
AAA
1,546,921
1,650
5.000%,
5/15/38,
(Pre-refunded
5/15/23)
5/23
at
100.00
N/R
1,729,431
1,820
Massachusetts
Water
Resources
Authority,
General
Revenue
Bonds,
Refunding
Green
Series
2016C,
5.000%,
8/01/40,
(Pre-refunded
8/01/26)
8/26
at
100.00
AA+
2,099,188
1,000
Massachusetts
Water
Resources
Authority,
General
Revenue
Bonds,
Refunding
Series
2016B,
5.000%,
8/01/40,
(Pre-refunded
8/01/26)
8/26
at
100.00
AA+
1,153,400
7,500
University
of
Massachusetts
Building
Authority,
Project
Revenue
Bonds,
Senior
Lien
Series
2013-1,
5.000%,
11/01/39,
(Pre-refunded
11/01/22)
11/22
at
100.00
Aa2
7,711,575
31,577
Total
U.S.
Guaranteed
33,570,505
103
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
-
8.2%
$
4,000
Boston
Water
and
Sewer
Commission,
Massachusetts,
General
Revenue
Bonds,
Senior
Series
2018A,
4.000%,
11/01/40
5/26
at
100.00
AAA
$
4,401,800
2,805
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
7/01/40
7/27
at
100.00
A-
3,168,977
670
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2016,
5.000%,
1/01/46
7/26
at
100.00
A-
741,187
2,700
Massachusetts
Clean
Water
Trust,
State
Revolving
Fund
Bonds,
Green
18
Series
2015,
5.000%,
2/01/45
2/24
at
100.00
AAA
2,877,093
1,750
Massachusetts
Clean
Water
Trust,
State
Revolving
Fund
Bonds,
Green
23B
Series
2021,
5.000%,
2/01/41
2/31
at
100.00
AAA
2,176,300
Massachusetts
Municipal
Wholesale
Electric
Company,
MMWEC,
Revenue
Bonds,
Project
2015A,
Series
2021A:
4,445
4.000%,
7/01/46
1/32
at
100.00
N/R
5,047,253
4,750
4.000%,
7/01/51
1/32
at
100.00
N/R
5,349,070
60
Massachusetts
Water
Pollution
Abatement
Trust,
Pooled
Loan
Program
Bonds,
Series
2003-9,
5.000%,
8/01/22
3/22
at
100.00
AAA
60,212
2,695
Massachusetts
Water
Resources
Authority,
General
Revenue
Bonds,
Refunding
Series
2007B,
5.250%,
8/01/33
-
AGM
Insured
No
Opt.
Call
AA+
3,645,338
Massachusetts
Water
Resources
Authority,
General
Revenue
Bonds,
Series
2017B:
1,000
5.000%,
8/01/39
8/27
at
100.00
AA+
1,170,020
1,870
5.000%,
8/01/42
8/27
at
100.00
AA+
2,182,608
8,000
Massachusetts
Water
Resources
Authority,
General
Revenue
Bonds,
Series
2019B,
5.000%,
8/01/44
8/29
at
100.00
AA+
9,734,720
Massachusetts
Water
Resources
Authority,
General
Revenue
Bonds,
Series
2020B:
2,000
5.000%,
8/01/37
8/30
at
100.00
AA+
2,485,680
4,200
5.000%,
8/01/45
8/30
at
100.00
AA+
5,133,450
4,945
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A,
5.000%,
7/01/30,
144A
No
Opt.
Call
N/R
5,869,319
2,900
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2004PP,
5.000%,
7/01/22
3/22
at
100.00
Baa2
2,918,038
1,010
Springfield
Water
and
Sewer
Commission,
Massachusetts,
General
Revenue
Bonds,
Series
2017C,
5.000%,
4/15/33
4/27
at
100.00
AA
1,176,428
625
Springfield
Water
and
Sewer
Commission,
Massachusetts,
General
Revenue
Bonds,
Series
2019E,
4.000%,
4/15/39
4/29
at
100.00
AA
704,494
50,425
Total
Utilities
58,841,987
$
621,282
Total
Long-Term
Investments
(cost
$689,691,578)
704,490,308
Other
Assets
Less
Liabilities
-
1.8%
12,588,232
Net
Assets
-
100%
$
717,078,540
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(3)
The
ratings
disclosed
are
the
highest
of
the
Standard
&
Poor's
Group
("Standard
&
Poor's"),
Moody's
Investors
Service,
Inc.
("Moody's")
or
Fitch,
Inc.
("Fitch")
rating.
Ratings
below
BBB
by
Standard
&
Poor's,
Baa
by
Moody's
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(4)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
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
Purchased
on
a
when-issued
or
delayed
delivery
basis.
104
Nuveen
New
Jersey
Municipal
Bond
Fund
Portfolio
of
Investments
February
28,
2022
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
100.9%
MUNICIPAL
BONDS
-
100.9%
Consumer
Discretionary
-
0.2%
Middlesex
County
Improvement
Authority,
New
Jersey,
Senior
Revenue
Bonds,
Heldrich
Center
Hotel/Conference
Center
Project,
Series
2005A:
$
935
5.000%,
1/01/32
(4)
3/22
at
100.00
Caa3
$
675,734
240
5.125%,
1/01/37
(4)
3/22
at
100.00
Caa3
160,646
1,175
Total
Consumer
Discretionary
836,380
Consumer
Staples
-
3.3%
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A:
4,335
4.000%,
6/01/37
6/28
at
100.00
A-
4,688,519
325
5.000%,
6/01/46
6/28
at
100.00
BBB+
365,108
3,935
5.250%,
6/01/46
6/28
at
100.00
BBB+
4,488,694
4,415
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018B,
5.000%,
6/01/46
6/28
at
100.00
BB+
4,919,723
13,010
Total
Consumer
Staples
14,462,044
Education
and
Civic
Organizations
-
15.7%
Atlantic
County
Improvement
Authority,
New
Jersey,
General
Obligation
Lease
Revenue
Bonds,
Stockton
University
Atlantic
City
Campus
Phase
II,
Series
2021A:
1,000
4.000%,
7/01/47
-
AGM
Insured
7/31
at
100.00
AA
1,115,470
1,500
4.000%,
7/01/53
-
AGM
Insured
7/31
at
100.00
AA
1,666,170
1,250
Essex
County
Improvement
Authority,
New
Jersey,
General
Obligation
Lease
Revenue
Bonds,
Institute
of
Technology
CHF-Newark,
LLC-NJIT
Student
Housing
Project,
Series
2021A,
4.000%,
8/01/60
-
BAM
Insured
8/31
at
100.00
AA
1,381,887
1,000
Gloucester
County
Improvement
Authority,
New
Jersey,
Revenue
Bonds,
Rowan
University
Fossil
Park
&
Student
Center
Projects,
Series
2021,
4.000%,
7/01/46
-
BAM
Insured
7/30
at
100.00
AA
1,109,670
Gloucester
County
Improvement
Authority,
New
Jersey,
Revenue
Bonds,
Rowan
University
Project,
County
Gauranteed
Loan,
Series
2019:
3,000
5.000%,
7/01/44
7/29
at
100.00
Aa1
3,580,140
4,000
4.000%,
7/01/48
7/29
at
100.00
Aa1
4,413,040
225
New
Jersey
Economic
Development
Authority,
Charter
School
Revenue
Bonds,
Foundation
Academy
Charter
School,
Series
2018A,
5.000%,
7/01/38
1/28
at
100.00
BBB-
252,304
New
Jersey
Economic
Development
Authority,
Charter
School
Revenue
Bonds,
North
Star
Academy
Charter
School
of
Newark,
Series
2017:
2,805
4.000%,
7/15/37
7/27
at
100.00
BBB-
2,976,329
100
5.000%,
7/15/47
7/27
at
100.00
BBB-
110,379
100
New
Jersey
Economic
Development
Authority,
Charter
School
Revenue
Bonds,
Teaneck
Community
Charter
School,
Series
2017A,
5.125%,
9/01/52,
144A
9/27
at
100.00
BB
107,441
945
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
The
Seeing
Eye
Inc.,
Refunding
Series
2015,
5.000%,
3/01/25
No
Opt.
Call
A
1,044,461
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
The
Seeing
Eye
Inc.,
Refunding
Series
2017:
310
3.000%,
6/01/32
12/27
at
100.00
A
323,842
195
5.000%,
6/01/32
12/27
at
100.00
A
228,021
1,145
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
College
of
New
Jersey,
Refunding
Series
2016F,
3.000%,
7/01/40
7/26
at
100.00
A
1,152,294
1,800
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Kean
University,
Refunding
Series
2015H,
4.000%,
7/01/39
-
AGM
Insured
7/25
at
100.00
AA
1,909,458
105
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Montclair
State
University,
Series
2015D:
$
2,000
5.000%,
7/01/31
7/25
at
100.00
A+
$
2,216,580
1,055
3.750%,
7/01/33
7/25
at
100.00
A+
1,113,679
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Ramapo
College,
Refunding
Series
2012B:
525
5.000%,
7/01/37
7/22
at
100.00
A
531,148
100
5.000%,
7/01/42
7/22
at
100.00
A
101,184
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Rider
University,
Series 2017F:
360
3.750%,
7/01/37
7/27
at
100.00
BB+
349,341
1,370
4.000%,
7/01/42
7/27
at
100.00
BB+
1,349,299
2,445
5.000%,
7/01/47
7/27
at
100.00
BB+
2,564,756
1,225
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Refunding
Series
2015C,
5.000%,
7/01/32
7/25
at
100.00
BBB+
1,321,407
710
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2013D,
5.000%,
7/01/38
7/23
at
100.00
BBB+
733,593
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2016C:
1,870
3.000%,
7/01/41
7/26
at
100.00
BBB+
1,844,998
2,430
3.000%,
7/01/46
7/26
at
100.00
BBB+
2,335,813
1,085
4.000%,
7/01/46
7/26
at
100.00
BBB+
1,124,646
1,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2020C,
3.250%,
7/01/49
-
AGM
Insured
7/30
at
100.00
AA
1,024,800
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Stevens
Institute
of
Technology
Issue,
Green
Series
2020A:
4,000
5.000%,
7/01/45
7/30
at
100.00
BBB+
4,658,160
500
4.000%,
7/01/50
7/30
at
100.00
BBB+
536,530
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Stevens
Institute
of
Technology,
Series
2017A:
1,000
5.000%,
7/01/42
7/27
at
100.00
BBB+
1,121,890
500
4.000%,
7/01/47
7/27
at
100.00
BBB+
526,510
1,310
5.000%,
7/01/47
7/27
at
100.00
BBB+
1,460,794
1,375
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
William
Paterson
University,
Series
2017B,
5.000%,
7/01/47
-
AGM
Insured
7/27
at
100.00
AA
1,575,200
200
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Senior
Series
2019A,
2.375%,
12/01/29
6/28
at
100.00
Aa1
201,102
835
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Senior
Series
2021B,
2.500%,
12/01/40,
(AMT)
12/29
at
100.00
AA
815,094
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Series
2018A:
2,270
3.750%,
12/01/31,
(AMT)
6/28
at
100.00
Aaa
2,322,573
515
4.000%,
12/01/35,
(AMT)
6/28
at
100.00
Aaa
532,562
770
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Subordinate
Series
2021C,
3.250%,
12/01/51,
(AMT)
12/29
at
100.00
BBB
712,820
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Senior
Lien
Series
2016-1A:
1,125
3.500%,
12/01/32,
(AMT)
12/25
at
100.00
Aaa
1,131,143
255
4.000%,
12/01/39,
(AMT)
12/25
at
100.00
Aaa
262,910
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Senior
Lien
Series
2017-1A:
785
3.750%,
12/01/33,
(AMT)
12/26
at
100.00
Aaa
811,682
95
4.000%,
12/01/40,
(AMT)
12/26
at
100.00
Aaa
97,947
1,470
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Senior
Series
2019B,
3.250%,
12/01/39,
(AMT)
6/28
at
100.00
Aa1
1,504,457
735
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Senior
Series
2020B,
3.500%,
12/01/39,
(AMT)
12/28
at
100.00
Aa1
754,279
345
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Series
2012-1A,
4.375%,
12/01/26,
(AMT)
12/22
at
100.00
Aaa
351,727
500
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Series
2012-1B,
5.750%,
12/01/39,
(AMT)
12/22
at
100.00
Aaa
513,880
Nuveen
New
Jersey
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
106
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Series
2013-1A:
$
370
3.625%,
12/01/25,
(AMT)
12/22
at
100.00
Aaa
$
375,247
600
4.000%,
12/01/28,
(AMT)
12/22
at
100.00
Aaa
608,640
295
4.000%,
12/01/31,
(AMT)
12/22
at
100.00
Aaa
298,720
310
4.125%,
12/01/35,
(AMT)
12/22
at
100.00
Aaa
314,309
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Series
2014-1A-1:
510
4.250%,
12/01/32,
(AMT)
12/23
at
100.00
Aaa
523,107
495
4.500%,
12/01/36,
(AMT)
12/23
at
100.00
Aaa
507,682
1,135
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Series
2015-1A,
4.000%,
12/01/30,
(AMT)
12/24
at
100.00
Aaa
1,167,790
1,815
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Subordinate
Series
2017-C,
4.250%,
12/01/47,
(AMT)
12/26
at
100.00
Aaa
1,883,462
1,445
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Subordinate
Series
2019C,
3.625%,
12/01/49,
(AMT)
6/28
at
100.00
A2
1,420,767
3,005
New
Jersey
Institute
of
Technology,
New
Jersey,
General
Obligation
Bonds,
Series
2015A,
5.000%,
7/01/45
7/25
at
100.00
A1
3,317,039
64,115
Total
Education
and
Civic
Organizations
68,290,173
Financials
-
0.1%
500
New
Jersey
Economic
Development
Authority,
Revenue
Refunding
Bonds,
Kapkowski
Road
Landfill
Project,
Series
2002,
6.500%,
4/01/28
No
Opt.
Call
Ba2
530,895
Health
Care
-
13.2%
Camden
County
Improvement
Authority,
New
Jersey,
Health
Care
Redevelopment
Revenue
Bonds,
Cooper
Health
System
Obligated
Group
Issue,
Refunding
Series
2014A:
1,720
5.000%,
2/15/25
2/24
at
100.00
BBB+
1,836,169
800
5.000%,
2/15/28
2/24
at
100.00
BBB+
853,128
2,000
5.000%,
2/15/33
2/24
at
100.00
BBB+
2,127,440
800
Camden
County
Improvement
Authority,
New
Jersey,
Health
Care
Redevelopment
Revenue
Bonds,
Cooper
Health
System
Obligated
Group
Issue,
Series
2013A,
5.750%,
2/15/42
2/23
at
100.00
BBB+
830,096
New
Jersey
Health
Care
Facilities
Authority,
Revenue
Bonds,
Atlanticare
Health
System
Obligated
Group
Issue,
Series
2021:
1,800
2.375%,
7/01/46
7/31
at
100.00
AA-
1,567,026
1,090
3.000%,
7/01/51
7/31
at
100.00
AA-
1,048,362
195
New
Jersey
Health
Care
Facilities
Finance
Authority,
Revenue
Bonds,
AHS
Hospital
Corporation,
Series
2008A,
5.000%,
7/01/27
3/22
at
100.00
AA-
195,745
New
Jersey
Health
Care
Facilities
Financing
Authority,
New
Jersey,
Revenue
Bonds,
Saint
Peters
University
Hospital,
Refunding
Series
2011:
815
6.000%,
7/01/26
3/22
at
100.00
BB+
817,127
700
6.250%,
7/01/35
3/22
at
100.00
BB+
702,037
1,545
New
Jersey
Health
Care
Facilities
Financing
Authority,
New
Jersey,
Revenue
Bonds,
Saint
Peters
University
Hospital,
Series
2007,
5.750%,
7/01/37
3/22
at
100.00
BB+
1,549,589
580
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
AHS
Hospital
Corporation,
Refunding
Series
2016,
4.000%,
7/01/41
1/27
at
100.00
AA-
629,329
2,130
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Barnabas
Health,
Refunding
Series
2014A,
5.000%,
7/01/44
7/24
at
100.00
AA-
2,300,294
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Hackensack
Meridian
Health
Obligated
Group,
Refunding
Series
2017A:
3,230
5.000%,
7/01/28
7/27
at
100.00
AA-
3,797,317
2,040
5.000%,
7/01/57
7/27
at
100.00
AA-
2,344,185
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Hunterdon
Medical
Center,
Refunding
Series
2014A:
1,000
4.000%,
7/01/45
7/24
at
100.00
A+
1,038,900
107
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
$
4,480
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Inspira
Health
Obligated
Group
Issue,
Refunding
Series
2016A,
4.000%,
7/01/41
7/26
at
100.00
AA-
$
4,780,922
4,945
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Inspira
Health
Obligated
Group
Issue,
Series
2017A,
5.000%,
7/01/42
7/27
at
100.00
AA-
5,717,557
570
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Meridian
Health
System
Obligated
Group,
Refunding
Series
2013A,
5.000%,
7/01/32
7/23
at
100.00
AA-
596,317
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Princeton
HealthCare
System,
Series
2016A:
460
5.000%,
7/01/32
7/26
at
100.00
AA
525,205
575
5.000%,
7/01/33
7/26
at
100.00
AA
655,989
600
5.000%,
7/01/34
7/26
at
100.00
AA
683,970
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Robert
Wood
Johnson
University
Hospital
Issue,
Series
2014A:
2,060
5.000%,
7/01/39
7/24
at
100.00
AA-
2,229,146
630
5.000%,
7/01/43
7/24
at
100.00
AA-
680,671
2,925
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
RWJ
Barnabas
Health
Obligated
Group,
Refunding
Series
2016A,
5.000%,
7/01/43
7/26
at
100.00
AA-
3,325,140
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Saint
Joseph's
Healthcare
System
Obligated
Group
Issue,
Refunding
Series
2016:
2,710
3.000%,
7/01/32
7/26
at
100.00
BBB-
2,798,996
360
4.000%,
7/01/34
7/26
at
100.00
BBB-
390,837
3,085
5.000%,
7/01/41
7/26
at
100.00
BBB-
3,469,422
1,685
4.000%,
7/01/48
7/26
at
100.00
BBB-
1,805,124
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
University
Hospital
Issue,
Refunding
Series
2015A:
1,500
4.125%,
7/01/38
-
AGM
Insured
7/25
at
100.00
AA
1,581,795
1,385
5.000%,
7/01/46
-
AGM
Insured
7/25
at
100.00
AA
1,520,550
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Valley
Health
System
Obligated
Group,
Series
2019:
1,670
4.000%,
7/01/44
7/29
at
100.00
A+
1,859,795
3,295
3.000%,
7/01/49
7/29
at
100.00
A+
3,209,396
53,380
Total
Health
Care
57,467,576
Housing/Multifamily
-
6.8%
600
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
Provident
Group
-
Kean
Properties
LLC
-
Kean
University
Student
Housing
Project,
Series
2017A,
5.000%,
7/01/47
1/27
at
100.00
B
639,372
2,440
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
West
Campus
Housing
LLC
-
New
Jersey
City
University
Student
Housing
Project,
Series
2015,
5.000%,
7/01/47
7/25
at
100.00
BB-
2,512,932
1,498
New
Jersey
Housing
&
Mortgage
Finance
Agency,
Multifamily
Conduit
Revenue
Bonds,
Cherry
Garden
Apartments
Project,
Series
2021B,
2.375%,
1/01/39
No
Opt.
Call
N/R
1,397,166
2,355
New
Jersey
Housing
&
Mortgage
Finance
Agency,
Multifamily
Conduit
Revenue
Bonds,
Riverside
Village
Family
Apartments
Phase
1
Project,
Series
2019F,
1.350%,
12/01/22
No
Opt.
Call
Aaa
2,363,148
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Housing
Revenue
Bonds,
Series
2013-2:
1,770
4.350%,
11/01/33,
(AMT)
11/22
at
100.00
AA
1,790,674
1,015
4.600%,
11/01/38,
(AMT)
11/22
at
100.00
AA
1,027,545
1,010
4.750%,
11/01/46,
(AMT)
11/22
at
100.00
AA
1,022,080
1,560
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2015A,
4.000%,
11/01/45
11/24
at
100.00
AA-
1,607,939
1,135
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2016A,
3.750%,
11/01/45
11/25
at
100.00
AA-
1,176,530
Nuveen
New
Jersey
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
108
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Multifamily
(continued)
$
2,105
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2016B,
3.600%,
11/01/40
11/25
at
100.00
AA-
$
2,170,465
875
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2017D,
3.900%,
11/01/32,
(AMT)
5/26
at
100.00
AA-
922,241
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2018A:
1,935
3.600%,
11/01/33
11/27
at
100.00
AA-
2,052,126
1,865
3.875%,
11/01/38
11/27
at
100.00
AA-
1,996,165
1,045
3.950%,
11/01/43
11/27
at
100.00
AA-
1,115,318
650
4.000%,
11/01/48
11/27
at
100.00
AA-
691,905
500
4.100%,
11/01/53
11/27
at
100.00
AA-
533,495
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2019A:
1,750
2.900%,
11/01/39
11/28
at
100.00
AA-
1,796,025
515
3.000%,
11/01/44
11/28
at
100.00
AA-
526,067
870
3.050%,
11/01/49
11/28
at
100.00
AA-
886,191
465
3.150%,
5/01/53
11/28
at
100.00
AA-
475,058
600
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2020A,
2.450%,
11/01/45
11/29
at
100.00
AA-
551,688
2,445
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2021A,
2.450%,
11/01/41
11/30
at
100.00
N/R
2,259,327
29,003
Total
Housing/Multifamily
29,513,457
Housing/Single
Family
-
4.3%
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2018A:
1,895
3.600%,
4/01/33
10/27
at
100.00
AA
1,966,782
1,240
3.750%,
10/01/35
10/27
at
100.00
AA
1,292,514
2,345
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2018B,
3.800%,
10/01/32,
(AMT)
10/27
at
100.00
AA
2,453,949
2,710
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2019C,
4.000%,
4/01/49
4/28
at
100.00
AA
2,845,364
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2020E:
1,705
2.250%,
10/01/40
4/29
at
100.00
AA
1,583,502
1,800
3.500%,
4/01/51
4/29
at
102.44
AA
1,898,658
7,255
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2021H,
2.300%,
10/01/46
4/30
at
100.00
AA
6,433,299
18,950
Total
Housing/Single
Family
18,474,068
Long-Term
Care
-
1.1%
530
New
Jersey
Economic
Development
Authority,
Fixed
Rate
Revenue
Bonds,
Lions
Gate
Project,
Series
2014,
5.250%,
1/01/44
1/24
at
100.00
N/R
533,137
1,215
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
United
Methodist
Homes
of
New
Jersey
Obligated
Group
Issue,
Refunding
Series
2013,
5.000%,
7/01/34
7/23
at
100.00
BB+
1,240,333
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
United
Methodist
Homes
of
New
Jersey
Obligated
Group
Issue,
Refunding
Series
2014A:
245
3.750%,
7/01/24
No
Opt.
Call
BB+
248,599
405
5.000%,
7/01/29
7/24
at
100.00
BB+
423,456
2,170
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
White
Horse
HMT
Urban
Renewal
LLC
Project,
Series
2020,
5.000%,
1/01/40,
144A
1/28
at
102.00
N/R
2,085,652
500
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Village
Drive
Healthcare
Urban
Renewal
LLC,
Series
2018,
5.750%,
10/01/38,
144A
10/26
at
102.00
N/R
467,535
5,065
Total
Long-Term
Care
4,998,712
109
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
-
11.1%
$
735
Cumberland
County
Improvement
Authority,
New
Jersey,
General
Obligation
Lease
Revenue
Bonds,
Vineland
Public
Safety
Building
Project,
Series
2017,
3.250%,
12/15/37
12/27
at
100.00
AA
$
775,161
1,470
Cumberland
County,
New
Jersey,
General
Obligation
Bonds,
Series
2021,
2.000%,
5/15/29
5/28
at
100.00
AA-
1,459,034
Essex
County
Improvement
Authority,
New
Jersey,
Project
Consolidation
Revenue
Bonds,
Refunding
Series
2007:
840
5.250%,
12/15/22
-
AMBAC
Insured
No
Opt.
Call
Aaa
869,618
15
Flemington-Raritan
Regional
School
District,
Hunterdon
County,
New
Jersey,
General
Obligation
Bonds,
Series
2019,
2.375%,
9/01/34
9/26
at
100.00
AA
14,910
Gloucester
Township,
New
Jersey,
General
Obligation
Bonds,
Series
2019:
1,000
2.000%,
2/01/28
-
BAM
Insured
No
Opt.
Call
AA
988,360
1,500
2.250%,
2/01/29
-
BAM
Insured
No
Opt.
Call
AA
1,493,940
180
Hamilton
Township,
Mercer
County
Board
of
Education,
New
Jersey,
General
Obligation
Bonds,
Series
2017,
3.250%,
12/15/38
12/27
at
100.00
AA
187,092
1,380
Harrison,
New
Jersey,
General
Obligation
Bonds,
Parking
Utility
Series
2018,
3.375%,
3/01/34
-
BAM
Insured
3/28
at
100.00
AA
1,456,880
Hudson
County
Improvement
Authority,
New
Jersey,
County
Guaranteed
Governmental
Loan
Revenue
Bonds,
Guttenberg
General
Obligation
Bond
Project,
Series
2018:
125
3.250%,
8/01/34
8/25
at
100.00
AA
130,638
340
5.000%,
8/01/42
8/25
at
100.00
AA
374,673
Hudson
County
Improvement
Authority,
New
Jersey,
County
Secured
Lease
Revenue
Bonds,
Hudson
County
Vocational
Technical
Schools
Project,
Series
2016:
6,490
5.000%,
5/01/46,
(UB)
(5)
5/26
at
100.00
AA
7,264,192
1,000
5.250%,
5/01/51
5/26
at
100.00
AA
1,128,810
1,675
Monmouth
County
Improvement
Authority,
New
Jersey,
Governmental
Pooled
Loan
Revenue
Bonds,
Series
2021A,
3.000%,
3/01/35
3/31
at
100.00
AAA
1,778,398
Montclair
Township,
Essex
County,
New
Jersey,
General
Obligation
Bonds,
Refunding
Parking
Utility
Series
2014A:
330
3.750%,
1/01/33
1/24
at
100.00
AAA
341,788
220
5.000%,
1/01/37
1/24
at
100.00
AAA
234,236
610
New
Brunswick
Parking
Authority,
Middlesex
County,
New
Jersey,
Guaranteed
Parking
Revenue
Bonds,
Refunding
Series
2012,
5.000%,
9/01/30
9/22
at
100.00
A+
622,395
New
Brunswick
Parking
Authority,
Middlesex
County,
New
Jersey,
Guaranteed
Parking
Revenue
Bonds,
Refunding
Series
2016A:
1,900
5.000%,
9/01/32
-
BAM
Insured
9/26
at
100.00
AA
2,168,774
1,340
5.000%,
9/01/39
-
BAM
Insured
9/26
at
100.00
AA
1,520,230
1,000
New
Brunswick,
New
Jersey,
General
Obligation
Bonds,
Cultural
Center
Project,
Series
2017,
4.000%,
9/15/44
-
AGM
Insured
9/27
at
100.00
AA
1,086,230
New
Jersey
State,
General
Obligation
Bonds,
Covid-19
Emergency
Series
2020A:
2,025
3.000%,
6/01/32
No
Opt.
Call
A3
2,138,704
1,340
4.000%,
6/01/32
No
Opt.
Call
A3
1,560,282
Newark
Board
of
Education,
Essex
County,
New
Jersey,
General
Obligation
Bonds,
School
Energy
Savings
Series
2021:
600
4.000%,
7/15/35
-
BAM
Insured
7/31
at
100.00
AA
693,546
600
4.000%,
7/15/36
-
BAM
Insured
7/31
at
100.00
AA
691,674
1,500
Ocean
City,
New
Jersey,
General
Obligation
Bonds,
General
Improvement
Series
2019,
2.250%,
9/15/33
9/26
at
100.00
AA
1,482,375
2,625
Passaic
County,
New
Jersey,
General
Obligation
Bonds,
General
Improvement
Series
2019A,
1.000%,
12/01/34
12/27
at
100.00
Aa1
2,162,921
1,145
Somers
Point,
New
Jersey,
General
Obligation
Bonds,
Improvement
Sewer
Utility
Series
2019,
2.000%,
10/01/31
10/26
at
100.00
AA-
1,117,291
2,525
South
Orange
&
Maplewood
School
District,
Essex
County,
New
Jersey,
General
Obligation
Bonds,
Series
2021,
2.375%,
8/15/46
8/29
at
100.00
N/R
2,155,643
625
South
Orange
Village
Township,
New
Jersey,
General
Obligation
Bonds,
Refunding
Series
2020,
4.000%,
1/15/24
No
Opt.
Call
AA-
656,925
Nuveen
New
Jersey
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
110
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
3,820
Union
County
Utilities
Authority,
New
Jersey,
Resource
Recovery
Facility
Lease
Revenue
Bonds,
Covantan
Union
Inc.
Lessee,
Refunding
Series
2011B,
5.250%,
12/01/31,
(AMT)
3/22
at
100.00
AA+
$
3,834,325
2,515
Union
County
Utilities
Authority,
New
Jersey,
Solid
Waste
System
County
Deficiency
Revenue
Bonds,
Series
2011A,
5.000%,
6/15/41
3/22
at
100.00
Aaa
2,524,029
4,000
Union
County,
New
Jersey,
General
Obligation
Bonds,
Series
2018,
3.000%,
3/01/27
9/25
at
100.00
Aaa
4,197,160
1,280
Verona
Township
Board
of
Education,
Essex
County,
New
Jersey,
General
Obligation
Bonds,
Refunding
Series
2020,
2.250%,
3/01/39
3/27
at
100.00
AA-
1,203,712
46,750
Total
Tax
Obligation/General
48,313,946
Tax
Obligation/Limited
-
16.6%
650
Bergen
County
Improvement
Authority,
New
Jersey,
Guaranteed
Lease
Revenue
Bonds,
County
Administration
Complex
Project,
Series
2005,
5.000%,
11/15/26
No
Opt.
Call
Aaa
758,069
3,655
Camden
County
Improvement
Authority,
New
Jersey,
County
Guaranteed
Loan
Revenue
Bonds,
City
Hall
Project,
Series
2018,
3.250%,
12/01/37
12/28
at
100.00
Aa1
3,897,290
1,795
Garden
State
Preservation
Trust,
New
Jersey,
Open
Space
and
Farmland
Preservation
Bonds,
Series
2005A,
5.750%,
11/01/28
-
AGM
Insured
No
Opt.
Call
AA
2,115,120
2,985
New
Jersey
Economic
Development
Authority,
New
Jersey,
Transit
Transportation
Project
Revenue
Bonds,
Series
2020A,
4.000%,
11/01/39
11/29
at
100.00
Baa1
3,222,875
2,320
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
Motor
Vehicle
Surcharge,
Refunding
Subordinate
Series
2017A,
3.375%,
7/01/30
7/27
at
100.00
Baa3
2,377,606
2,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
New
Jersey
Transit
Corporation
Projects
Sublease,
Refunding
Series
2017B,
5.000%,
11/01/25
No
Opt.
Call
Baa1
2,231,200
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2015WW:
4,110
5.250%,
6/15/40
6/25
at
100.00
Baa1
4,543,893
1,460
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Social
Series
2021QQQ,
5.000%,
6/15/33
12/30
at
100.00
Baa1
1,739,838
1,625
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Financing
Program
Bonds,
Refunding
Series
2014PP,
5.000%,
6/15/26
6/24
at
100.00
Baa1
1,750,401
New
Jersey
Transportation
Trust
Fund
Authority,
Federal
Highway
Reimbursement
Revenue
Notes,
Series
2016A-1:
255
5.000%,
6/15/29
6/26
at
100.00
A+
289,328
175
5.000%,
6/15/30
6/26
at
100.00
A+
198,411
2,770
New
Jersey
Transportation
Trust
Fund
Authority,
Federal
Highway
Reimbursement
Revenue
Notes,
Series
2018A,
5.000%,
6/15/31
6/26
at
100.00
A+
3,136,028
695
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2022BB,
4.000%,
6/15/46
12/31
at
100.00
N/R
750,204
14,360
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A,
0.000%,
12/15/30
No
Opt.
Call
Baa1
11,186,153
1,930
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006A,
5.500%,
12/15/22
No
Opt.
Call
Baa1
1,996,681
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C:
6,925
0.000%,
12/15/32
-
AGM
Insured
No
Opt.
Call
AA
5,214,871
4,765
0.000%,
12/15/33
-
AGM
Insured
No
Opt.
Call
AA
3,469,540
1,045
0.000%,
12/15/34
-
AGM
Insured
No
Opt.
Call
AA
735,544
1,550
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2010D,
5.000%,
12/15/24
No
Opt.
Call
Baa1
1,693,189
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2013AA:
60
5.000%,
6/15/36
6/23
at
100.00
Baa1
62,511
1,505
5.000%,
6/15/44
6/23
at
100.00
Baa1
1,566,299
545
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2015AA,
5.000%,
6/15/45
6/25
at
100.00
Baa1
594,579
1,035
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019A,
4.000%,
12/15/39
12/29
at
100.00
Baa1
1,118,659
111
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
1,550
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019BB,
5.000%,
6/15/50
12/28
at
100.00
Baa1
$
1,751,748
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2020AA:
1,040
4.000%,
6/15/45
12/30
at
100.00
Baa1
1,119,144
1,000
5.000%,
6/15/45
12/30
at
100.00
Baa1
1,155,410
3,475
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2021A,
4.000%,
6/15/34
6/31
at
100.00
Baa1
3,836,018
1,140
Passaic
County
Improvement
Authority,
New
Jersey,
Lease
Revenue
Bonds,
Preakness
Healthcare
Center
Expansion
Project,
Refunding
Series
2015,
3.750%,
5/01/36
5/25
at
100.00
AA
1,207,545
1,715
Passaic
County
Improvement
Authority,
New
Jersey,
Lease
Revenue
Bonds,
Preakness
Healthcare
Center
Expansion
Project,
Series
2012,
3.500%,
5/01/35
5/22
at
100.00
Aa1
1,720,008
2,755
Puerto
Rico
Public
Finance
Corporation,
Commonwealth
Appropriation
Bonds,
Series
1998A,
5.125%,
6/01/24
-
AMBAC
Insured
No
Opt.
Call
Aaa
2,865,448
3,000
Union
County
Improvement
Authority,
New
Jersey,
Lease
Revenue
Bonds,
Plainfield
-
Park
Madison
Redevelopment
Project,
Refunding
Series
2013A,
5.000%,
3/01/34,
(UB)
(5)
No
Opt.
Call
AA+
3,693,180
73,890
Total
Tax
Obligation/Limited
71,996,790
Transportation
-
11.3%
1,100
Delaware
River
and
Bay
Authority,
Delaware
and
New
Jersey,
Revenue
Bonds,
Series
2012A,
5.000%,
1/01/42
1/23
at
100.00
A1
1,137,224
Delaware
River
and
Bay
Authority,
Delaware
and
New
Jersey,
Revenue
Bonds,
Series
2014A:
360
5.000%,
1/01/34
1/24
at
100.00
A1
382,284
1,520
4.125%,
1/01/39
1/24
at
100.00
A1
1,583,445
2,000
5.000%,
1/01/44
1/24
at
100.00
A1
2,111,140
1,290
Delaware
River
and
Bay
Authority,
Delaware
and
New
Jersey,
Revenue
Bonds,
Series
2019,
4.000%,
1/01/44
1/29
at
100.00
A1
1,442,065
1,635
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Refunding
Series
2015,
4.000%,
7/01/35
-
BAM
Insured
7/25
at
100.00
AA
1,746,671
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Series
2017:
1,000
5.000%,
7/01/42
7/27
at
100.00
A1
1,155,680
3,115
5.000%,
7/01/47
7/27
at
100.00
A1
3,589,695
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Series
2019A:
1,050
5.000%,
7/01/30
7/29
at
100.00
A1
1,288,791
1,180
5.000%,
7/01/31
7/29
at
100.00
A1
1,444,131
1,000
3.000%,
7/01/49
7/29
at
100.00
A1
1,020,330
1,760
Delaware
River
Port
Authority,
New
Jersey
and
Pennsylvania,
Revenue
Bonds, Series
2013,
5.000%,
1/01/40
1/24
at
100.00
A+
1,870,264
Delaware
River
Port
Authority,
Pennsylvania
and
New
Jersey,
Revenue
Refunding
Bonds,
Port
District
Project,
Series
2012:
1,000
5.000%,
1/01/24
1/23
at
100.00
A
1,032,090
1,095
5.000%,
1/01/26
1/23
at
100.00
A
1,129,087
1,070
5.000%,
1/01/27
1/23
at
100.00
A
1,103,598
New
Jersey
Economic
Development
Authority,
Private
Activity
Bonds,
The
Goethals
Bridge
Replacement
Project,
Series
2013:
1,260
5.000%,
7/01/23,
(AMT)
No
Opt.
Call
A2
1,322,294
1,705
5.000%,
1/01/31
-
AGM
Insured,
(AMT)
1/24
at
100.00
AA
1,814,035
1,445
5.625%,
1/01/52,
(AMT)
1/24
at
100.00
BBB+
1,544,431
Nuveen
New
Jersey
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
112
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
New
Jersey
Economic
Development
Authority,
Special
Facilities
Revenue
Bonds,
Continental
Airlines
Inc.,
Series
1999:
$
215
5.125%,
9/15/23,
(AMT)
8/22
at
101.00
Ba3
$
220,437
1,025
5.250%,
9/15/29,
(AMT)
8/22
at
101.00
Ba3
1,050,215
380
New
Jersey
Economic
Development
Authority,
Special
Facilities
Revenue
Bonds,
Continental
Airlines
Inc.,
Series
2000A
&
2000B,
5.625%,
11/15/30,
(AMT)
3/24
at
101.00
Ba3
408,074
New
Jersey
Economic
Development
Authority,
Special
Facility
Revenue
Bonds,
Port
Newark
Container
Terminal
LLC
Project,
Refunding
Series
2017:
3,085
5.000%,
10/01/37,
(AMT)
10/27
at
100.00
Baa3
3,482,595
2,810
5.000%,
10/01/47,
(AMT)
10/27
at
100.00
Baa3
3,134,948
1,315
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Series
2005A,
5.250%,
1/01/29
-
AGM
Insured
No
Opt.
Call
AA
1,625,564
1,810
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
One
Hundred
Seventy
Ninth
Series
2013,
5.000%,
12/01/43
12/23
at
100.00
Aa3
1,921,007
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Twelfth
Series
2019:
3,000
4.000%,
9/01/38
9/29
at
100.00
Aa3
3,344,190
3,020
4.000%,
9/01/39
9/29
at
100.00
Aa3
3,358,663
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Refunding
Series
2019A:
1,760
5.000%,
11/01/31
-
AGM
Insured
11/29
at
100.00
AA
2,143,838
1,000
5.000%,
11/01/33
-
AGM
Insured
11/29
at
100.00
AA
1,215,440
520
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Series
2020A,
5.000%,
11/01/45
11/30
at
100.00
BBB+
605,982
44,525
Total
Transportation
49,228,208
U.S.
Guaranteed
-
8.3%
(6)
1,945
Cumberland
County
Improvement
Authority,
New
Jersey,
County
General
Obligation
Revenue
Bonds,
Technical
High
School
Project,
Series
2014,
5.000%,
9/01/39,
(Pre-refunded
9/01/24)
-
AGM
Insured
9/24
at
100.00
AA
2,126,196
Essex
County
Improvement
Authority,
New
Jersey,
Project
Consolidation
Revenue
Bonds,
Refunding
Series
2007:
5
5.250%,
12/15/22
-
AMBAC
Insured,
(ETM)
No
Opt.
Call
Aaa
5,175
New
Jersey
Economic
Development
Authority,
Cigarette
Tax
Revenue
Refunding
Bonds,
Series
2012:
2,870
5.000%,
6/15/25,
(Pre-refunded
6/15/22)
6/22
at
100.00
BBB
2,906,191
485
5.000%,
6/15/28,
(Pre-refunded
6/15/22)
6/22
at
100.00
BBB
491,116
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2015WW:
250
5.250%,
6/15/40,
(Pre-refunded
6/15/25)
6/25
at
100.00
N/R
281,413
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Financing
Program
Bonds,
Refunding
Series
2013NN:
2,055
5.000%,
3/01/30,
(Pre-refunded
3/01/23)
3/23
at
100.00
Baa1
2,139,173
1,225
5.000%,
3/01/31,
(Pre-refunded
3/01/23)
3/23
at
100.00
Baa1
1,275,176
New
Jersey
Economic
Development
Authority,
Water
Facilities
Revenue
Bonds,
Middlesex
Water
Company,
Series
2012C:
2,175
4.250%,
10/01/47,
(Pre-refunded
10/01/22),
(AMT)
10/22
at
100.00
A+
2,217,173
New
Jersey
Education
Facilities
Authority
Revenue
Bonds,
The
College
of
New
Jersey
Issue,
Series
2013A:
770
5.000%,
7/01/38,
(Pre-refunded
7/01/23)
7/23
at
100.00
A
811,002
1,015
5.000%,
7/01/43,
(Pre-refunded
7/01/23)
7/23
at
100.00
A
1,069,049
410
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
and
Refunding
Bonds,
Barnabas
Health,
Series
2012A,
5.000%,
7/01/24,
(Pre-refunded
7/01/22)
7/22
at
100.00
AA-
415,912
113
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
(6)
(continued)
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Hunterdon
Medical
Center,
Refunding
Series
2014A:
$
655
5.000%,
7/01/45,
(Pre-refunded
7/01/24)
7/24
at
100.00
A+
$
711,461
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Kennedy
Health
System
Obligated
Group
Issue,
Refunding
Series
2012:
195
3.750%,
7/01/27,
(ETM)
No
Opt.
Call
N/R
208,843
1,125
5.000%,
7/01/31,
(Pre-refunded
7/01/22)
7/22
at
100.00
N/R
1,141,031
1,095
5.000%,
7/01/42,
(Pre-refunded
7/01/22)
7/22
at
100.00
N/R
1,110,604
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Palisades
Medical
Center
Obligated
Group
Issue,
Refunding
Series
2013:
665
5.250%,
7/01/31,
(Pre-refunded
7/01/23)
7/23
at
100.00
N/R
702,147
145
5.250%,
7/01/31,
(Pre-refunded
7/01/23)
7/23
at
100.00
N/R
152,704
360
5.500%,
7/01/43,
(Pre-refunded
7/01/23)
7/23
at
100.00
N/R
381,298
80
5.500%,
7/01/43,
(Pre-refunded
7/01/23)
7/23
at
100.00
N/R
84,513
470
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Saint
Luke's
Warren
Hospital
Obligated
Group,
Series
2013,
4.000%,
8/15/37,
(Pre-refunded
8/15/23)
8/23
at
100.00
A-
490,036
New
Jersey
Institute
of
Technology,
New
Jersey,
General
Obligation
Bonds,
Series
2012A:
990
5.000%,
7/01/42,
(Pre-refunded
7/01/22)
7/22
at
100.00
A1
1,004,444
435
5.000%,
7/01/42,
(Pre-refunded
7/01/22)
7/22
at
100.00
N/R
441,273
8,600
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2012A,
5.000%,
6/15/42,
(Pre-refunded
6/15/22)
6/22
at
100.00
Baa1
8,707,156
1,500
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Series
2012B,
5.000%,
1/01/28,
(Pre-refunded
1/01/23)
1/23
at
100.00
A+
1,551,780
2,465
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Series
2013A,
5.000%,
1/01/43,
(Pre-refunded
7/01/22)
7/22
at
100.00
N/R
2,500,964
North
Hudson
Sewerage
Authority,
New
Jersey,
Gross
Revenue
Lease
Certificates,
Senior
Lien
Series
2012A:
930
5.000%,
6/01/27,
(Pre-refunded
6/01/22)
6/22
at
100.00
A+
940,128
570
5.000%,
6/01/27,
(Pre-refunded
6/01/22)
6/22
at
100.00
N/R
576,281
70
5.000%,
6/01/42,
(Pre-refunded
6/01/22)
6/22
at
100.00
N/R
70,772
1,415
Rutgers
State
University,
New
Jersey,
Revenue
Bonds,
Refunding
Series
2013L,
5.000%,
5/01/43,
(Pre-refunded
5/01/23)
5/23
at
100.00
Aa3
1,481,774
34,970
Total
U.S.
Guaranteed
35,994,785
Utilities
-
8.9%
New
Jersey
Economic
Development
Authority,
Energy
Facilities
Revenue
Bonds,
UMM
Energy
Partners,
LLC
Project,
Series
2012A:
500
5.000%,
6/15/37,
(AMT)
6/22
at
100.00
Baa2
504,120
1,000
5.125%,
6/15/43,
(AMT)
6/22
at
100.00
Baa2
1,008,380
1,975
New
Jersey
Economic
Development
Authority,
Natural
Gas
Facilities
Revenue
Bonds,
New
Jersey
Natural
Gas
Company
Project,
Refunding
Series
2011A,
2.750%,
8/01/39
8/24
at
100.00
A1
1,978,674
New
Jersey
Economic
Development
Authority,
Water
Facilities
Revenue
Bonds,
Middlesex
Water
Company,
Series
2012C:
1,045
5.000%,
10/01/23
No
Opt.
Call
A+
1,106,070
4,195
New
Jersey
Economic
Development
Authority,
Water
Facilities
Revenue
Bonds,
Middlesex
Water
Company,
Series
2019,
4.000%,
8/01/59,
(AMT)
8/29
at
100.00
A+
4,465,703
5,000
New
Jersey
Economic
Development
Authority,
Water
Facilities
Revenue
Bonds,
New
Jersey-American
Water
Company
Inc.
Project,
Refunding
Series
2019A,
2.200%,
10/01/39,
(AMT),
(Mandatory
Put
12/03/29)
12/29
at
100.00
A+
5,039,400
3,150
New
Jersey
Economic
Development
Authority,
Water
Facilities
Revenue
Bonds,
New
Jersey-American
Water
Company
Inc.
Project,
Refunding
Series
2020B,
1.200%,
11/01/34,
(AMT),
(Mandatory
Put
6/01/23)
No
Opt.
Call
A+
3,143,858
Nuveen
New
Jersey
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
114
Investments
in
Derivatives
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
New
Jersey
Infrastructure
Bank,
Environmental
Infrastructure
Bonds,
Green
Series
2021A-1:
$
4,090
3.000%,
9/01/31
9/30
at
100.00
AAA
$
4,385,012
4,935
3.000%,
9/01/32
9/30
at
100.00
AAA
5,258,094
5,085
3.000%,
9/01/33
9/30
at
100.00
AAA
5,388,015
695
Passaic
County
Utilities
Authority,
New
Jersey,
Solid
Waste
Disposal
Revenue
Bonds,
Refunding
Series
2018,
5.000%,
3/01/37
No
Opt.
Call
AA
903,208
395
Salem
County
Pollution
Control
Financing
Authority,
New
Jersey,
Pollution
Control
Revenue
Bonds,
Chambers
Project,
Refunding
Series
2014A,
5.000%,
12/01/23,
(AMT)
No
Opt.
Call
BBB
409,216
5,000
Salem
County
Pollution
Control
Financing
Authority,
New
Jersey,
Revenue
Bonds,
Atlantic
City
Electric
Company
Project,
Refunding
Series
2020,
2.250%,
6/01/29
No
Opt.
Call
A
4,929,100
37,065
Total
Utilities
38,518,850
$
422,398
Total
Long-Term
Investments
(cost
$426,573,295)
438,625,884
Floating
Rate
Obligations
-
(1.7)%
(
7,590,000
)
Other
Assets
Less
Liabilities
-
0.8%
(7)
3,642,226
Net
Assets
-
100%
$
434,678,110
Futures
Contracts
-
Short
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
Variation
Margin
Receivable/
(Payable)
U.S.
Treasury
Long
Bond
(24)
6/22
$
(
3,719,389
)
$
(
3,760,500
)
$
(
41,111
)
$
(
65,250
)
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(3)
The
ratings
disclosed
are
the
highest
of
the
Standard
&
Poor's
Group
("Standard
&
Poor's"),
Moody's
Investors
Service,
Inc.
("Moody's")
or
Fitch,
Inc.
("Fitch")
rating.
Ratings
below
BBB
by
Standard
&
Poor's,
Baa
by
Moody's
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(4)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(5)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(6)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(7)
Other
assets
less
liabilities
includes
the
unrealized
appreciation
(depreciation)
of
certain
over-the-counter
("OTC")
derivatives
as
well
as
the
OTC
cleared
and
exchange-traded
derivatives,
when
applicable.
The
unrealized
appreciation
(depreciation)
of
OTC
cleared
and
exchange-
traded
derivatives
is
recognized
as
part
of
the
cash
collateral
at
brokers
and/or
the
receivable
or
payable
for
variation
margin
as
presented
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
115
Nuveen
New
York
Municipal
Bond
Fund
Portfolio
of
Investments
February
28,
2022
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
99.5%
MUNICIPAL
BONDS
-
99.5%
Consumer
Staples
-
3.3%
$
15,110
Erie
County
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2005A,
5.000%,
6/01/38
3/22
at
100.00
B-
$
15,515,401
76,105
Erie
County
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2005C,
0.000%,
6/01/50,
144A
3/22
at
17.07
N/R
11,147,861
New
York
Counties
Tobacco
Trust
VI,
New
York,
Tobacco
Settlement
Pass-Through
Bonds,
Series
Series
2016A-1:
1,550
5.625%,
6/01/35
No
Opt.
Call
BBB
1,650,161
6,885
5.750%,
6/01/43
No
Opt.
Call
BB+
8,352,813
1,565
New
York
Counties
Tobacco
Trust
VI,
New
York,
Tobacco
Settlement
Pass-
Through
Bonds,
Turbo
Term
Series
2016A.
Including
2016A-1,
2016A-
2A
and
2016A-2B,
5.000%,
6/01/51
6/26
at
100.00
N/R
1,688,870
3,000
TSASC
Inc.,
New
York,
Tobacco
Asset-Backed
Bonds,
Series
2006,
5.000%,
6/01/48
6/27
at
100.00
N/R
3,151,110
104,215
Total
Consumer
Staples
41,506,216
Education
and
Civic
Organizations
-
11.8%
2,095
Buffalo
and
Erie
County
Industrial
Land
Development
Corporation,
New
York,
Revenue
Bonds,
Enterprise
Charter
School
Project,
Series
2011A,
7.500%,
12/01/40
3/22
at
100.00
CCC
2,096,886
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
Bronx
Charter
School
for
Excellence,
Series
2013A:
1,630
5.000%,
4/01/33
4/23
at
100.00
BBB-
1,676,113
1,250
5.500%,
4/01/43
4/23
at
100.00
BBB-
1,288,462
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
Children?s
Aid
Society
Project,
Series
2015.
BUILD
NYC
CHILDRENS
AID
SOCIETY:
2,500
5.000%,
7/01/40
7/25
at
100.00
A+
2,758,100
2,500
5.000%,
7/01/45
7/25
at
100.00
A+
2,756,250
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
City
University
of
New
York
-
Queens
College,
Q
Student
Residences,
LLC
Project,
Refunding
Series
2014A:
1,000
5.000%,
6/01/38
6/24
at
100.00
Aa2
1,076,180
4,050
5.000%,
6/01/43
6/24
at
100.00
Aa2
4,339,899
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
Metropolitan
College
of
New
York,
Series
2014:
2,240
5.000%,
11/01/39
11/24
at
100.00
BB
2,381,568
2,200
5.500%,
11/01/44
11/24
at
100.00
BB
2,357,806
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
South
Bronx
Charter
School
for
International
Cultures
and
the
Arts
Project,
Series
2013A:
1,050
5.000%,
4/15/33
4/23
at
100.00
BB+
1,076,765
1,875
5.000%,
4/15/43
4/23
at
100.00
BB+
1,914,656
2,395
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Family
Life
Academy
Charter
School,
Series
2020C-1,
5.000%,
6/01/55,
144A
12/30
at
100.00
N/R
2,415,070
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Richmond
Preparatory
Charter
School
Project,
Social
Impact
Project
Series
2021A:
500
5.000%,
6/01/41,
144A
6/29
at
100.00
N/R
548,955
310
5.000%,
6/01/56,
144A
6/29
at
100.00
N/R
334,986
595
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Saint
Johns
University,
Series
2015A,
5.000%,
7/01/37
7/25
at
100.00
A-
655,303
Nuveen
New
York
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
116
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
Dormitory
Authority
of
the
State
of
New
York,
Housing
Revenue
Bonds,
Fashion
Institute
of
Technology,
Series
2007:
$
1,670
5.250%,
7/01/29
-
FGIC
Insured
No
Opt.
Call
Baa2
$
1,866,626
735
5.250%,
7/01/34
-
FGIC
Insured
No
Opt.
Call
Baa2
841,509
Dormitory
Authority
of
the
State
of
New
York,
Insured
Revenue
Bonds,
Touro
College
and
University
System,
Series
2014A:
2,930
5.500%,
1/01/39
7/24
at
100.00
BBB-
3,138,001
3,065
5.500%,
1/01/44
7/24
at
100.00
BBB-
3,269,619
1,600
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Barnard
College,
Refunding
Series
2015A,
5.000%,
7/01/43
7/25
at
100.00
A2
1,764,112
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Fordham
University,
Series
2020:
5,500
4.000%,
7/01/46
7/29
at
100.00
A
6,033,390
3,500
4.000%,
7/01/50
7/29
at
100.00
A
3,827,040
2,760
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Icahn
School
of
Medicine
at
Mount
Sinai,
Refunding
Series
2015A,
5.000%,
7/01/40
7/25
at
100.00
A-
3,036,469
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
School
University,
Series
2015A:
4,270
5.000%,
7/01/45
7/25
at
100.00
N/R
4,694,566
3,760
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
School
University,
Series
2016A,
5.000%,
7/01/46
1/27
at
100.00
A3
4,269,179
1,055
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
York
University,
Series
2001-1,
5.500%,
7/01/40
-
AMBAC
Insured
No
Opt.
Call
Aa2
1,494,439
3,450
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
York
University,
Series
2015A,
5.000%,
7/01/35
7/25
at
100.00
Aa2
3,821,255
1,500
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
York
University,
Series
2018A,
5.000%,
7/01/48
7/28
at
100.00
Aa2
1,777,860
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
York
University,
Series
2019A:
1,700
5.000%,
7/01/42
7/29
at
100.00
Aa2
2,075,921
11,215
5.000%,
7/01/49
7/29
at
100.00
Aa2
13,572,842
1,355
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Rochester
Institute
of
Technology,
Series
2019A,
5.000%,
7/01/49
7/29
at
100.00
A1
1,611,298
8,665
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Rockefeller
University,
Green
Series
2019B,
5.000%,
7/01/50
7/29
at
100.00
Aa1
10,401,726
5,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Rockefeller
University,
Series
2020A,
5.000%,
7/01/53
7/30
at
100.00
Aa1
6,093,500
100
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Saint
Joseph?s
College,
Series
2021,
5.000%,
7/01/51
7/30
at
100.00
BBB-
114,549
3,450
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Vaughn
College
of
Aeronautics
&
Technology,
Series
2016A,
5.500%,
12/01/36,
144A
12/26
at
100.00
BB-
3,742,871
7,500
Glen
Cove
Local
Economic
Assistance
Corporation,
New
York,
Revenue
Bonds,
Garvies
Point
Public
Improvement
Project,
Capital
Appreciation
Series
2016B,
0.000%,
1/01/45
No
Opt.
Call
N/R
2,643,525
3,040
Glen
Cove
Local
Economic
Assistance
Corporation,
New
York,
Revenue
Bonds,
Garvies
Point
Public
Improvement
Project,
Capital
Appreciation
Series
2016C,
5.625%,
1/01/55
1/34
at
100.00
N/R
3,053,771
760
New
Rochelle
Corporation,
New
York,
Local
Development
Revenue
Bonds,
Iona
College
Project,
Series
2015A,
5.000%,
7/01/45
7/25
at
100.00
BBB
824,288
New
York
City
Industrial
Development
Agency,
New
York,
PILOT
Payment
in
Lieu
of
Taxes
Revenue
Bonds,
Queens
Baseball
Stadium
Project,
Refunding
Series
2021A:
3,225
3.000%,
1/01/39
-
AGM
Insured
1/31
at
100.00
AA
3,221,033
5,185
3.000%,
1/01/40
-
AGM
Insured
1/31
at
100.00
AA
5,148,031
2,620
New
York
City
Industrial
Development
Agency,
New
York,
PILOT
Payment
in
Lieu
of
Taxes
Revenue
Bonds,
Yankee
Stadium
Project,
Series
2020A,
4.000%,
3/01/45
9/30
at
100.00
AA
2,861,721
117
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
$
6,500
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
Bank
of
America
Tower
at
One
Bryant
Park
Project,
Second
Priority
Refunding
Series
2019
Class
1,
2.450%,
9/15/69
3/29
at
100.00
Aa2
$
6,570,850
3,740
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
Bank
of
America
Tower
at
One
Bryant
Park
Project,
Second
Priority
Refunding
Series
2019
Class
2,
2.625%,
9/15/69
3/29
at
100.00
A2
3,735,736
2,810
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
Bank
of
America
Tower
at
One
Bryant
Park
Project,
Second
Priority
Refunding
Series
2019
Class
3,
2.800%,
9/15/69
3/29
at
100.00
Baa2
2,788,869
750
Oneida
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Utica
College
Project,
Series
2019,
4.000%,
7/01/39
7/29
at
100.00
BBB-
785,940
10,000
Onondaga
County
Trust
For
Cultural
Resources,
New
York,
Revenue
Bonds,
Syracuse
University
Project,
Series
2019,
5.000%,
12/01/45
12/29
at
100.00
AA-
12,028,500
Yonkers
Economic
Development
Corporation,
New
York,
Educational
Revenue
Bonds,
Lamartine/Warburton
LLC-
Charter
School
of
Educational
Excellence
Project,
Series
2019A:
200
4.000%,
10/15/29
No
Opt.
Call
N/R
209,958
205
5.000%,
10/15/39
10/29
at
100.00
N/R
226,121
140,005
Total
Education
and
Civic
Organizations
149,222,114
Financials
-
1.0%
5,710
Liberty
Development
Corporation,
New
York,
Goldman
Sachs
Headquarter
Revenue
Bonds,
Series
2005,
5.250%,
10/01/35
No
Opt.
Call
A2
7,450,236
3,475
Liberty
Development
Corporation,
New
York,
Goldman
Sachs
Headquarters
Revenue
Bonds
Series
2007,
5.500%,
10/01/37
No
Opt.
Call
A2
4,749,804
9,185
Total
Financials
12,200,040
Health
Care
-
5.7%
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Montefiore
Obligated
Group,
Series
2020A:
9,400
4.000%,
9/01/45
3/30
at
100.00
BBB-
10,137,618
11,935
4.000%,
9/01/50
3/30
at
100.00
BBB-
12,820,338
2,300
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
North
Shore
Long
Island
Jewish
Obligated
Group,
Series
2015A,
5.000%,
5/01/43
5/25
at
100.00
A-
2,515,418
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
NYU
Langone
Hospitals
Obligated
Group,
Series
2020A:
10,620
4.000%,
7/01/50
7/30
at
100.00
A
11,708,656
19,365
4.000%,
7/01/53
7/30
at
100.00
A
21,304,599
1,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2015,
5.000%,
12/01/29,
144A
6/25
at
100.00
BBB-
1,103,960
200
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2017,
5.000%,
12/01/36,
144A
6/27
at
100.00
BBB-
229,380
Dutchess
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Health
Quest
Systems,
Inc.
Project,
Series
2016B:
2,000
4.000%,
7/01/41
7/26
at
100.00
A-
2,151,980
1,325
5.000%,
7/01/46
7/26
at
100.00
A-
1,486,663
1,395
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
Rochester
General
Hospital
Project,
Series
2013A,
5.000%,
12/01/42
12/22
at
100.00
BBB+
1,427,001
2,600
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
Rochester
Regional
Health
Project,
Series
2020A,
4.000%,
12/01/38
12/30
at
100.00
BBB+
2,916,888
375
Monroe
County
Industrial
Development
Corporation,
New
York,
Tax-
Exempt
Revenue
Bonds,
Highland
Hospital
of
Rochester
Project,
Series
2015,
5.000%,
7/01/34
7/25
at
100.00
A
413,048
2,000
New
York
City
Health
and
Hospitals
Corporation,
New
York,
Health
System
Revenue
Bonds,
Series
2020A,
4.000%,
2/15/45
2/31
at
100.00
Aa3
2,260,920
Nuveen
New
York
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
118
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
$
1,000
Westchester
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Westchester
Medical
Center
Obligated
Group
Project,
Refunding
Series
2016,
5.000%,
11/01/46
11/25
at
100.00
Baa2
$
1,107,650
65,515
Total
Health
Care
71,584,119
Housing/Multifamily
-
0.1%
1,380
New
York
State
Housing
Finance
Agency,
Multifamily
Housing
Revenue
Bonds,
Cannon
Street
Senior
Housing
Project,
Series
2007A,
5.300%,
2/15/39,
(AMT)
3/22
at
100.00
Aa1
1,382,732
Industrials
-
2.3%
19,020
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
1
Series
2014,
5.000%,
11/15/44,
144A
11/24
at
100.00
N/R
20,264,669
7,550
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
2
Series
2014,
5.150%,
11/15/34,
144A
11/24
at
100.00
N/R
8,157,926
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
7
World
Trade
Center
Project,
Refunding
Green
Series
2022A-CL2:
160
3.250%,
9/15/52,
(WI/DD,
Settling
3/15/22)
3/30
at
100.00
N/R
157,510
80
3.500%,
9/15/52,
(WI/DD,
Settling
3/15/22)
3/30
at
100.00
N/R
78,212
26,810
Total
Industrials
28,658,317
Long-Term
Care
-
0.2%
650
Dormitory
Authority
of
the
State
of
New
York,
Non-State
Supported
Debt,
Ozanam
Hall
of
Queens
Nursing
Home
Revenue
Bonds,
Series
2006,
5.000%,
11/01/31
3/22
at
100.00
A2
655,271
550
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
Saint
Ann?s
Community
Project,
Series
2019,
5.000%,
1/01/40
1/26
at
103.00
N/R
563,706
New
York
City
Industrial
Development
Agency,
New
York,
Civic
Facility
Revenue
Bonds,
Special
Needs
Facilities
Pooled
Program,
Series
2008A-1:
230
5.800%,
7/01/23
3/22
at
100.00
N/R
223,236
395
6.100%,
7/01/28
3/22
at
100.00
N/R
349,855
210
6.200%,
7/01/33
3/22
at
100.00
N/R
174,122
2,035
Total
Long-Term
Care
1,966,190
Materials
-
0.2%
Build
New
York
City
Resource
Corporation,
New
York,
Solid
Waste
Disposal
Revenue
Bonds,
Pratt
Paper
NY,
Inc.
Project,
Series
2014:
655
4.500%,
1/01/25,
(AMT),
144A
No
Opt.
Call
N/R
689,329
2,145
5.000%,
1/01/35,
(AMT),
144A
1/25
at
100.00
N/R
2,318,080
2,800
Total
Materials
3,007,409
Tax
Obligation/General
-
6.4%
3,325
Nassau
County,
New
York,
General
Obligation
Bonds,
General
Improvement
Bonds
Series
2019B,
5.000%,
4/01/37
-
AGM
Insured
4/30
at
100.00
AA
4,066,508
1,955
Nassau
County,
New
York,
General
Obligation
Bonds,
General
Improvement
Series
2019A,
5.000%,
4/01/37
-
AGM
Insured
4/29
at
100.00
AA
2,375,266
2,500
Nassau
County,
New
York,
General
Obligation
Bonds,
General
Improvement
Series
2021A,
4.000%,
4/01/44
-
AGM
Insured
4/31
at
100.00
N/R
2,845,200
Nassau
County,
New
York,
General
Obligation
Bonds,
General
Improvment
Series
2016C:
2,000
5.000%,
4/01/39
-
BAM
Insured
4/26
at
100.00
AA
2,240,260
1,000
5.000%,
4/01/40
-
BAM
Insured
4/26
at
100.00
AA
1,118,460
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2013
Series
F-1:
35
5.000%,
3/01/37
3/23
at
100.00
AA
36,352
2,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2014
Series
D-1,
5.000%,
8/01/30
8/23
at
100.00
AA
2,107,800
119
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
2,500
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2015
Series
A,
5.000%,
8/01/32
8/24
at
100.00
AA
$
2,716,350
1,650
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2017
Series
B-1,
5.000%,
12/01/41
12/26
at
100.00
AA
1,877,700
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2018
Series
E-1:
10,420
5.000%,
3/01/39
3/28
at
100.00
AA
12,210,990
11,000
5.000%,
3/01/40
3/28
at
100.00
AA
12,868,460
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2018
Series
F-1:
14,420
5.000%,
4/01/40
4/28
at
100.00
AA
16,901,250
5,000
5.000%,
4/01/45
4/28
at
100.00
AA
5,825,500
7,500
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2021
Series
C,
5.000%,
8/01/42
8/30
at
100.00
AA
9,111,375
4,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2022
Series
A-1,
5.000%,
8/01/47
8/31
at
100.00
AA
4,864,760
5
New
York
City,
New
York,
General
Obligation
Bonds,
Series
2011D-I,
5.000%,
10/01/34
3/22
at
100.00
AA
5,017
69,310
Total
Tax
Obligation/General
81,171,248
Tax
Obligation/Limited
-
27.0%
8,300
Battery
Park
City
Authority,
New
York,
Revenue
Bonds,
Senior
Sustainability
Series
2019A,
5.000%,
11/01/49
11/29
at
100.00
Aaa
10,085,745
9,185
Dormitory
Authority
of
the
State
of
New
York, State
Personal
Income
Tax
Revenue
Bonds, General
Purpose,
Series
2021B,
4.000%,
3/15/47
3/31
at
100.00
AA+
10,231,631
2,945
Dormitory
Authority
of
the
State
of
New
York,
Master
BOCES
Program,
Revenue
Bonds,
Onondaga,
Cortland
and
Madison
Issue,
Series
2020,
4.000%,
8/15/41
8/28
at
100.00
Aa3
3,254,372
Dormitory
Authority
of
the
State
of
New
York,
Residential
Insitutions
for
Children
Revenue
Bonds,
Series
2008-A1:
1,585
5.000%,
6/01/33
3/22
at
100.00
Aa1
1,590,833
1,985
5.000%,
6/01/38
3/22
at
100.00
Aa1
1,992,305
20
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
School
Districts
Financing
Program,
Series
2009C,
5.125%,
10/01/36
3/22
at
100.00
AA
20,076
3,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Series
2014C.
Group
C,
5.000%,
3/15/44
3/24
at
100.00
AA+
3,201,240
6,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Series
2015A,
5.000%,
3/15/31
3/25
at
100.00
AA+
6,620,100
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Series
2015B
Group
B:
2,830
5.000%,
2/15/32
2/25
at
100.00
AA+
3,114,330
1,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Series
2015B
Group
C,
5.000%,
2/15/38
2/25
at
100.00
AA+
1,098,640
7,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2017A,
5.000%,
2/15/37
2/27
at
100.00
AA+
8,051,680
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2019A.
Bidding
Group
1,2,3,4:
4,150
5.000%,
3/15/38
3/29
at
100.00
AA+
5,025,858
3,850
5.000%,
3/15/40
3/29
at
100.00
AA+
4,651,724
6,255
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2021A,
4.000%,
3/15/39
3/31
at
100.00
AA+
7,085,789
2,825
Dormitory
Authority
of
the
State
of
New
York,
State
Sales
Tax
Revenue
Bonds,
Series
2015B.
Group
A,B&C,
5.000%,
3/15/35
9/25
at
100.00
AA+
3,164,424
2,710
Dormitory
Authority
of
the
State
of
New
York,
State
Sales
Tax
Revenue
Bonds,
Series
2017A,
5.000%,
3/15/37
3/27
at
100.00
AA+
3,129,969
15,000
Dormitory
Authority
of
the
State
of
New
York,
State
Sales
Tax
Revenue
Bonds,
Series
2018C,
4.000%,
3/15/45
3/28
at
100.00
AA+
16,667,250
Nuveen
New
York
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
120
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
Dormitory
Authority
of
the
State
of
New
York,
State
Sales
Tax
Revenue
Bonds,
Series
2018E
Group
4:
$
10,000
5.000%,
3/15/44
9/28
at
100.00
AA+
$
11,872,800
9,000
5.000%,
3/15/45
9/28
at
100.00
AA+
10,674,540
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D:
2,000
5.000%,
11/15/28
11/25
at
100.00
BB
2,223,760
2,000
5.000%,
11/15/32
11/25
at
100.00
BB
2,210,360
2,750
Hudson
Yards
Infrastructure
Corporation,
New
York,
Revenue
Bonds,
Green
Fiscal
2022
Series
A,
4.000%,
2/15/44
2/32
at
100.00
N/R
3,120,342
Hudson
Yards
Infrastructure
Corporation,
New
York,
Revenue
Bonds,
Second
Indenture
Fiscal
2017
Series
A:
5,000
5.000%,
2/15/39
2/27
at
100.00
Aa3
5,748,650
5,710
5.000%,
2/15/42
2/27
at
100.00
Aa3
6,547,486
8,335
Metropolitan
Transportation
Authority,
New
York,
Dedicated
Tax
Fund
Bonds,
Climate
Bond
Certified,
Green
Series
2017A,
5.000%,
11/15/42
5/27
at
100.00
AA
9,583,916
5,450
Metropolitan
Transportation
Authority,
New
York,
Dedicated
Tax
Fund
Bonds,
Climate
Bond
Certified,
Green
Series
2017B-1,
5.000%,
11/15/47
11/27
at
100.00
AA
6,316,877
4,000
Monroe
County
Industrial
Development
Agency,
New
York,
School
Facility
Revenue
Bonds,
Rochester
Schools
Modernization
Project,
Series
2013,
5.000%,
5/01/28
5/23
at
100.00
AA
4,172,560
New
York
City
Transitional
Finance
Authority,
New
York,
Building
Aid
Revenue
Bonds,
Fiscal
2018
Series
Subseries
S-4A:
4,000
5.250%,
7/15/35
7/28
at
100.00
AA
4,868,960
4,200
5.250%,
7/15/36
7/28
at
100.00
AA
5,105,604
New
York
City
Transitional
Finance
Authority,
New
York,
Building
Aid
Revenue
Bonds,
Fiscal
2019
Subseries
S-1:
14,300
5.000%,
7/15/43
7/28
at
100.00
AA
16,955,081
3,000
5.000%,
7/15/45
7/28
at
100.00
AA
3,548,700
2,780
New
York
City
Transitional
Finance
Authority,
New
York,
Building
Aid
Revenue
Bonds,
Fiscal
2019
Subseries
S-3A,
5.000%,
7/15/36
7/28
at
100.00
AA
3,319,042
5,715
New
York
City
Transitional
Finance
Authority,
New
York,
Building
Aid
Revenue
Bonds,
Fiscal
2021
Subseries
S-1,
3.000%,
7/15/47
7/30
at
100.00
N/R
5,626,760
8,500
New
York
City
Transitional
Finance
Authority,
New
York,
Building
Aid
Revenue
Bonds,
Fiscal
Series
2015S-2,
5.000%,
7/15/40
7/25
at
100.00
AA
9,406,610
3,950
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2013
Series
I,
5.000%,
5/01/38
5/23
at
100.00
AAA
4,118,033
2,480
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2014
Series
B-1,
5.000%,
11/01/36
5/24
at
100.00
AAA
2,666,893
5,715
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2014
Series
D-1,
5.000%,
2/01/35
2/24
at
100.00
AAA
6,104,420
10,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2015
Series
E-1,
5.000%,
2/01/41
2/25
at
100.00
AAA
10,927,000
5,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2017
Series
B-1,
5.000%,
8/01/36
8/26
at
100.00
AAA
5,679,700
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2019
Series
A-1:
1,375
5.000%,
8/01/38
8/28
at
100.00
AAA
1,629,072
10,000
5.000%,
8/01/40
8/28
at
100.00
AAA
11,815,800
5,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2021
Subseries
E-1,
4.000%,
2/01/38
2/31
at
100.00
N/R
5,675,550
4,000
New
York
State
Thruway
Authority,
State
Personal
Income
Tax
Revenue
Bonds,
Series
2021A-1,
3.000%,
3/15/51
3/31
at
100.00
AA+
3,937,600
2,500
New
York
State
Urban
Development
Corporation,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2020A,
4.000%,
3/15/38
9/30
at
100.00
AA+
2,826,925
6,500
New
York
State
Urban
Development
Corporation,
State
Sales
Tax
Revenue
Bonds,
Series
2021A,
3.000%,
3/15/50
9/31
at
100.00
N/R
6,497,790
121
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
$
1,044
0.000%,
7/01/33
7/28
at
86.06
N/R
$
760,366
53,350
0.000%,
7/01/46
7/28
at
41.38
N/R
17,331,281
11,058
5.000%,
7/01/58
7/28
at
100.00
N/R
12,400,994
2,000
Suffolk
County
Judicial
Facilities
Agency,
New
York,
Lease
Revenue
Bonds,
H.
Lee
Dennison
Building,
Series
2013,
5.000%,
11/01/33
11/23
at
100.00
BBB
2,106,500
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A:
5,750
5.000%,
1/01/29,
(AMT)
1/26
at
100.00
Caa1
5,337,783
1,930
5.000%,
1/01/32,
(AMT)
1/26
at
100.00
Caa1
1,716,889
1,250
5.000%,
1/01/34,
(AMT)
1/26
at
100.00
Caa1
1,083,125
5,430
5.000%,
1/01/36,
(AMT)
1/26
at
100.00
Caa1
4,619,464
6,350
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
Senior
Lien
Series
2021C-1A,
4.000%,
5/15/46
11/31
at
100.00
N/R
7,153,656
7,055
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
Senior
Lien
Series
2022
A,
4.000%,
5/15/51
5/32
at
100.00
N/R
7,947,316
14,035
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
Senior
Lien
Subseries
2021A-1,
5.000%,
5/15/51
5/31
at
100.00
AA+
17,081,297
341,152
Total
Tax
Obligation/Limited
339,705,468
Transportation
-
23.8%
1,500
Buffalo
and
Fort
Erie
Public
Bridge
Authority,
New
York,
Toll
Bridge
System
Revenue
Bonds,
Series
2017,
5.000%,
1/01/47
1/27
at
100.00
A+
1,710,870
15,905
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020A-1,
4.000%,
11/15/45
5/30
at
100.00
A3
17,078,789
3,600
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020C-1,
4.750%,
11/15/45
5/30
at
100.00
A3
4,087,188
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Series
2012H:
960
5.000%,
11/15/31
11/22
at
100.00
A3
984,893
7,500
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Series
2015D-1,
5.000%,
11/15/30
11/25
at
100.00
A3
8,307,225
4,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Series
2017D,
4.000%,
11/15/46
5/28
at
100.00
A3
4,233,040
2,500
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Series
2013D,
5.000%,
11/15/38
11/23
at
100.00
A3
2,629,900
2,500
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Series
2013E,
5.000%,
11/15/32
11/23
at
100.00
A3
2,635,650
1,800
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Series
2014D-1,
5.000%,
11/15/39
11/24
at
100.00
A3
1,932,498
8,450
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Series
2015C-1,
5.250%,
11/15/30
11/25
at
100.00
A3
9,434,594
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Series
2016C-1:
2,500
5.000%,
11/15/34
11/26
at
100.00
A3
2,800,975
2,700
5.000%,
11/15/56
11/26
at
100.00
A3
3,009,015
New
York
City
Industrial
Development
Agency,
New
York,
Civic
Facility
Revenue
Bonds,
Bronx
Parking
Development
Company,
LLC
Project,
Series
2007:
2,800
0.000%,
10/01/37
(4)
3/22
at
100.00
N/R
2,240,000
2,000
0.000%,
10/01/46
(4)
3/22
at
100.00
N/R
1,600,000
9,500
New
York
City,
Industrial
Development
Agency,
Senior
Airport
Facilities
Revenue
Refunding
Bonds,
TrIPs
Obligated
Group,
Series
2012A,
5.000%,
7/01/28,
(AMT)
7/22
at
100.00
BBB+
9,606,305
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
Secured
by
Port
Authority
Consolidated
Bonds,
Refunding
Series
1WTC-2021:
1,755
3.000%,
2/15/42
2/30
at
100.00
N/R
1,739,398
2,695
4.000%,
2/15/43
2/30
at
100.00
N/R
2,980,454
5,000
New
York
State
Thruway
Authority,
General
Revenue
Bonds,
Series
2020N,
4.000%,
1/01/42
1/30
at
100.00
A1
5,526,550
Nuveen
New
York
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
122
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
New
York
State
Thruway
Authority,
General
Revenue
Junior
Indebtedness
Obligations,
Series
2016A:
$
2,225
5.000%,
1/01/36
1/26
at
100.00
A2
$
2,505,083
8,515
5.000%,
1/01/46
1/26
at
100.00
A2
9,512,788
3,000
New
York
State
Thruway
Authority,
General
Revenue
Junior
Indebtedness
Obligations,
Series
2019B,
4.000%,
1/01/53
1/30
at
100.00
A2
3,244,530
7,625
New
York
Transportation
Development
Corporation,
New
York,
Facility
Revenue
Bonds,
Thruway
Service
Areas
Project,
Series
2021,
4.000%,
4/30/53,
(AMT)
10/31
at
100.00
BBB-
8,212,735
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A:
500
4.000%,
7/01/31,
(AMT)
7/24
at
100.00
BBB
522,360
7,000
4.000%,
7/01/41,
(AMT)
7/24
at
100.00
BBB
7,272,860
13,685
5.250%,
1/01/50,
(AMT)
7/24
at
100.00
BBB
14,575,620
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Refunding
Series
2016:
10,435
5.000%,
8/01/26,
(AMT)
3/22
at
100.00
B
10,539,141
12,610
5.000%,
8/01/31,
(AMT)
3/22
at
100.00
B
12,735,848
1,745
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Series
2020,
5.375%,
8/01/36,
(AMT)
8/30
at
100.00
B
2,056,779
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2020A:
215
4.000%,
12/01/38,
(AMT)
12/30
at
100.00
Baa1
229,656
120
4.000%,
12/01/39,
(AMT)
12/30
at
100.00
Baa1
128,033
1,745
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2020C,
5.000%,
12/01/36
12/30
at
100.00
Baa1
2,050,776
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2018:
1,300
5.000%,
1/01/27,
(AMT)
No
Opt.
Call
Baa3
1,475,266
10,200
5.000%,
1/01/28,
(AMT)
No
Opt.
Call
Baa3
11,761,314
10,035
5.000%,
1/01/31,
(AMT)
1/28
at
100.00
Baa3
11,387,718
Niagara
Frontier
Transportation
Authority,
New
York,
Airport
Revenue
Bonds,
Buffalo
International
Airport,
Series
2014A:
2,000
5.000%,
4/01/25,
(AMT)
4/24
at
100.00
A3
2,137,280
3,775
5.000%,
4/01/26,
(AMT)
4/24
at
100.00
A3
4,034,116
3,330
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
One
Hundred
Eighty-Forth
Series
2014,
5.000%,
9/01/39
9/24
at
100.00
Aa3
3,608,455
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
One
Hundred
Eighty-Ninth
Series
2015:
2,520
5.000%,
5/01/40
5/25
at
100.00
Aa3
2,764,163
480
5.000%,
5/01/45
5/25
at
100.00
Aa3
524,184
8,675
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
One
Hundred
Ninety-Fifth
Series
2016,
5.000%,
10/01/35,
(AMT)
10/26
at
100.00
Aa3
9,872,671
10,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
One
Hundred
Ninety-Fourth
Series
2015,
5.250%,
10/15/55
10/25
at
100.00
Aa3
11,216,800
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Eighteen
Series
2019:
2,745
5.000%,
11/01/38,
(AMT)
11/29
at
100.00
Aa3
3,270,695
1,225
5.000%,
11/01/39,
(AMT)
11/29
at
100.00
Aa3
1,456,219
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Eleventh
Series
2018:
4,225
4.000%,
9/01/43
9/28
at
100.00
Aa3
4,628,995
10,230
5.000%,
9/01/48
9/28
at
100.00
Aa3
12,103,522
123
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
$
5,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Series
2017,
5.250%,
10/15/57
4/27
at
100.00
Aa3
$
5,856,850
2,160
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Twenty-Fourth
Series
2021,
4.000%,
7/15/46
7/31
at
100.00
N/R
2,409,761
5,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Twenty-One
Series
2020,
4.000%,
7/15/50,
(AMT)
7/30
at
100.00
Aa3
5,413,000
8,385
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Twenty-Third
Series
2021,
5.000%,
7/15/56,
(AMT)
7/31
at
100.00
Aa3
9,917,275
1,365
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Purpose
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
Refunding
Series
2017B,
5.000%,
11/15/38
5/27
at
100.00
AA-
1,591,808
3,905
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Purpose
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
Series
2014A,
5.000%,
11/15/39
5/24
at
100.00
AA-
4,193,540
19,500
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Purpose
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
Series
2017C-2,
5.000%,
11/15/42
11/27
at
100.00
AA-
22,943,505
8,825
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
Series
2021A,
5.000%,
11/15/51
5/31
at
100.00
AA-
10,756,704
271,965
Total
Transportation
299,447,394
U.S.
Guaranteed
-
4.2%
(5)
1,500
Dormitory
Authority
of
the
State
of
New
York,
Lease
Revenue
Bonds,
State
University
Dormitory
Facilities,
Refunding
Series
2013A,
5.000%,
7/01/27,
(Pre-refunded
7/01/23)
7/23
at
100.00
Aa3
1,579,875
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
School
University,
Series
2015A:
320
5.000%,
7/01/45,
(Pre-refunded
7/01/25)
7/25
at
100.00
N/R
357,526
5,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Pratt
Institute,
Series
2015A,
5.000%,
7/01/44,
(Pre-refunded
7/01/24)
7/24
at
100.00
N/R
5,425,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Series
2015B
Group
B:
5
5.000%,
2/15/32,
(Pre-refunded
2/15/25)
2/25
at
100.00
N/R
5,534
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Series
2012H:
1,165
5.000%,
11/15/31,
(Pre-refunded
11/15/22)
11/22
at
100.00
N/R
1,199,787
3,520
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Series
2013A,
5.000%,
11/15/31,
(Pre-refunded
5/15/23)
5/23
at
100.00
A3
3,691,635
1,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Series
2013C,
5.000%,
11/15/32,
(Pre-refunded
5/15/23)
5/23
at
100.00
A3
1,048,760
5,375
New
York
City
Trust
for
Cultural
Resources,
New
York,
Revenue
Bonds,
Wildlife
Conservation
Society,
Series
2013A,
5.000%,
8/01/33,
(Pre-
refunded
8/01/23)
8/23
at
100.00
A+
5,677,182
New
York
City
Trust
for
Cultural
Resources,
New
York,
Revenue
Bonds,
Wildlife
Conservation
Society,
Series
2014A:
3,800
5.000%,
8/01/38,
(Pre-refunded
8/01/23)
8/23
at
100.00
A+
4,013,636
10,000
5.000%,
8/01/43,
(Pre-refunded
8/01/23)
8/23
at
100.00
A+
10,562,200
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2013
Series
A-1:
1,900
5.000%,
10/01/30,
(Pre-refunded
10/01/22)
10/22
at
100.00
AA
1,947,329
1,915
5.000%,
10/01/31,
(Pre-refunded
10/01/22)
10/22
at
100.00
AA
1,962,703
3,000
5.000%,
10/01/33,
(Pre-refunded
10/01/22)
10/22
at
100.00
AA
3,074,730
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2013
Series
F-1:
1,810
5.000%,
3/01/32,
(Pre-refunded
3/01/23)
3/23
at
100.00
AA
1,884,138
6,065
5.000%,
3/01/37,
(Pre-refunded
3/01/23)
3/23
at
100.00
N/R
6,310,329
Onondaga
Civic
Development
Corporation,
New
York,
Revenue
Bonds,
Le
Moyne
College
Project,
Series
2012:
1,000
5.000%,
7/01/32,
(Pre-refunded
7/01/22)
7/22
at
100.00
Baa2
1,014,080
1,745
5.000%,
7/01/42,
(Pre-refunded
7/01/22)
7/22
at
100.00
Baa2
1,769,570
Nuveen
New
York
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
124
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
(5)
(continued)
Western
Nassau
County
Water
Authority,
New
York,
Water
System
Revenue
Bonds,
Series
2015A:
$
675
5.000%,
4/01/40,
(Pre-refunded
4/01/25)
4/25
at
100.00
AA-
$
749,790
1,050
5.000%,
4/01/45,
(Pre-refunded
4/01/25)
4/25
at
100.00
AA-
1,166,340
50,845
Total
U.S.
Guaranteed
53,440,144
Utilities
-
13.5%
420
Guam
Power
Authority,
Revenue
Bonds,
Series
2012A,
5.000%,
10/01/34
10/22
at
100.00
BBB
428,106
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2000A:
2,000
0.000%,
6/01/24
-
AGM
Insured
No
Opt.
Call
AA
1,932,780
2,000
0.000%,
6/01/25
-
AGM
Insured
No
Opt.
Call
AA
1,897,980
2,980
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2014A,
5.000%,
9/01/44
9/24
at
100.00
A
3,230,707
2,910
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2017,
5.000%,
9/01/47
9/27
at
100.00
A
3,361,166
10,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2013
Series
DD,
5.000%,
6/15/35
6/23
at
100.00
AA+
10,496,600
4,465
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2017
Series
CC-1,
5.000%,
6/15/46
6/26
at
100.00
AA+
5,015,133
5,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2017
Series
DD,
5.000%,
6/15/47
12/26
at
100.00
AA+
5,672,800
3,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2018
Series
CC-1,
5.000%,
6/15/48
6/27
at
100.00
AA+
3,463,860
10,905
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2018
Series
EE,
5.000%,
6/15/40
12/27
at
100.00
AA+
12,846,417
4,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2021
Series
AA-1,
4.000%,
6/15/50
12/30
at
100.00
AA+
4,463,240
6,920
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2021
Series
CC-1,
5.000%,
6/15/51
6/31
at
100.00
AA+
8,479,422
500
New
York
State
Environmental
Facilities
Corporation,
State
Clean
Water
and
Drinking
Water
Revolving
Funds
Revenue
Bonds,
New
York
City
Municipal
Water
Finance
Authority
Projects,
Second
Resolution
Subordinated
Series
2014A,
5.000%,
6/15/30
6/24
at
100.00
AAA
541,865
6,675
New
York
State
Environmental
Facilities
Corporation,
State
Clean
Water
and
Drinking
Water
Revolving
Funds
Revenue
Bonds,
New
York
City
Municipal
Water
Finance
Authority
Projects,
Second
Resolution
Subordinated
SRF
Series
2015A,
5.000%,
6/15/34
6/25
at
100.00
AAA
7,429,942
6,810
New
York
State
Environmental
Facilities
Corporation,
State
Clean
Water
and
Drinking
Water
Revolving
Funds
Revenue
Bonds,
New
York
City
Municipal
Water
Finance
Authority
Projects-Second
Resolution
Bonds,
Series
2016A,
5.000%,
6/15/41
6/26
at
100.00
AAA
7,715,049
New
York
State
Environmental
Facilities
Corporation,
State
Clean
Water
and
Drinking
Water
Revolving
Funds
Revenue
Bonds,
New
York
City
Municipal
Water
Finance
Authority
Projects-Second
Resolution
Bonds,
Subordinated
SRF
Series
2017A:
2,000
5.000%,
6/15/42
6/27
at
100.00
AAA
2,311,420
2,000
5.000%,
6/15/46
6/27
at
100.00
AAA
2,302,720
New
York
State
Environmental
Facilities
Corporation,
State
Clean
Water
and
Drinking
Water
Revolving
Funds
Revenue
Bonds,
New
York
City
Municipal
Water
Finance
Authority
Projects-Second
Resolution
Bonds,
Subordinated
SRF
Series
2017E:
1,710
5.000%,
6/15/38
6/27
at
100.00
AAA
1,987,482
8,800
5.000%,
6/15/47
6/27
at
100.00
AAA
10,122,464
125
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
$
1,000
New
York
State
Environmental
Facilities
Corporation,
State
Clean
Water
and
Drinking
Water
Revolving
Funds
Revenue
Bonds,
New
York
City
Municipal
Water
Finance
Authority
Projects-Second
Resolution
Bonds,
Subordinated
SRF
Series
2018B,
5.000%,
6/15/43
6/28
at
100.00
AAA
$
1,197,800
3,065
New
York
State
Environmental
Facilities
Corporation,
State
Revolving
Funds
Revenue
Bonds,
2010
Master
Financing
Program,
Green
Series
2017C,
5.000%,
8/15/47
8/27
at
100.00
AAA
3,537,133
3,280
New
York
State
Environmental
Facilities
Corporation,
State
Revolving
Funds
Revenue
Bonds,
2010
Master
Financing
Program,
Green
Series
2021B,
4.000%,
8/15/46
2/32
at
100.00
N/R
3,751,139
5,500
New
York
State
Power
Authority,
General
Revenue
Bonds,
Series
2020A,
4.000%,
11/15/50
5/30
at
100.00
AA
6,103,185
2,430
Niagara
Area
Development
Corporation,
New
York,
Solid
Waste
Disposal
Facility
Revenue
Refunding
Bonds,
Covanta
Energy
Project,
Series
2018A,
4.750%,
11/01/42,
(AMT),
144A
7/23
at
100.00
B1
2,472,525
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Senior
Lien
Series
2012A:
1,000
4.250%,
7/01/25
7/22
at
100.00
CCC
1,011,110
505
5.500%,
7/01/28
7/22
at
100.00
CCC
512,686
1,875
5.750%,
7/01/37
7/22
at
100.00
CCC
1,905,094
4,000
5.250%,
7/01/42
7/22
at
100.00
CCC
4,057,600
1,530
6.000%,
7/01/47
7/22
at
100.00
CCC
1,555,750
1,565
Suffolk
County
Industrial
Development
Agency,
New
York,
Revenue
Bonds,
Nissequogue
Cogeneration
Partners
Facility,
Series
1998,
5.500%,
1/01/23,
(AMT)
3/22
at
100.00
N/R
1,579,179
5,000
Suffolk
County
Water
Authority,
New
York,
Waterworks
Revenue
Bonds,
Series
2020B,
3.000%,
6/01/45
6/30
at
100.00
AAA
5,127,350
10,000
Utility
Debt
Securitization
Authority,
New
York,
Restructuring
Bonds,
Refunding
Series
2015,
5.000%,
12/15/36
12/25
at
100.00
AAA
11,261,500
1,795
Utility
Debt
Securitization
Authority,
New
York,
Restructuring
Bonds,
Series
2013TE,
5.000%,
12/15/41
12/23
at
100.00
AAA
1,904,836
Utility
Debt
Securitization
Authority,
New
York,
Restructuring
Bonds,
Series
2017:
15,500
5.000%,
12/15/38
12/27
at
100.00
AAA
18,231,565
3,000
5.000%,
12/15/39
12/27
at
100.00
AAA
3,526,890
7,000
5.000%,
12/15/40
12/27
at
100.00
AAA
8,220,940
151,140
Total
Utilities
169,655,435
$
1,236,357
Total
Long-Term
Investments
(cost
$1,200,338,950)
1,252,946,826
Borrowings
-
(0.7)%
(6)
(
9,400,000
)
Other
Assets
Less
Liabilities
-
1.2%
16,300,805
Net
Assets
-
100%
$
1,259,847,631
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(3)
The
ratings
disclosed
are
the
highest
of
the
Standard
&
Poor's
Group
("Standard
&
Poor's"),
Moody's
Investors
Service,
Inc.
("Moody's")
or
Fitch,
Inc.
("Fitch")
rating.
Ratings
below
BBB
by
Standard
&
Poor's,
Baa
by
Moody's
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(4)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(5)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(6)
Borrowings
as
a
percentage
of
Total
investments
is
0.8%.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
AMT
Alternative
Minimum
Tax
WI/DD
Purchased
on
a
when-issued
or
delayed
delivery
basis.
Statement
of
Assets
and
Liabilities
February
28,
2022
See
accompanying
notes
to
financial
statements.
126
California
High
Yield
California
Connecticut
Massachusetts
New
Jersey
New
York
Assets
Long-term
investments,
at
value
†
$
1,958,443,667
$
2,312,288,558
$
281,448,378
$
704,490,308
$
438,625,884
$
1,252,946,826
Cash
–
45,160,483
–
9,492,838
279,897
–
Cash
collateral
at
brokers
for
investments
in
futures
contracts
(1)
1,779,351
–
–
–
100,000
–
Receivable
for
Interest
25,821,217
25,421,652
2,501,990
6,419,623
4,214,177
13,212,986
Receivable
for
investments
sold
2,896,811
350,150
4,713,855
–
–
15,704,249
Receivable
for
shares
sold
1,575,919
5,315,975
134,970
2,266,371
847,086
1,213,655
Other
assets
96,878
181,962
75,842
25,513
29,804
202,471
Total
assets
1,990,613,843
2,388,718,780
288,875,035
722,694,653
444,096,848
1,283,280,187
Liabilities
Borrowings
40,200,000
48,400,000
–
–
–
9,400,000
Cash
overdraft
549,702
–
622,819
–
–
9,875,238
Floating
rate
obligations
456,954,000
–
1,570,000
–
7,590,000
–
Payable
for
dividends
660,432
1,058,267
87,732
121,478
115,775
555,080
Payable
for
Interest
533,108
—
3,159
—
15,305
—
Payable
for
investments
purchased
-
regular
settlement
—
14,135,189
—
—
—
—
Payable
for
investments
purchased
-
when-issued/
delayed-delivery
settlement
1,513,894
—
—
748,069
—
240,000
Payable
for
shares
redeemed
3,144,896
7,346,143
2,158,392
4,132,376
1,207,665
2,214,476
Payable
for
variation
margin
on
futures
contracts
1,347,047
–
–
–
65,250
–
Accrued
expenses:
Management
fees
606,607
841,228
110,086
271,505
164,282
461,940
Trustees
fees
72,577
190,860
73,354
23,782
30,572
206,535
12b-1
distribution
and
service
fees
164,351
183,767
29,356
49,475
41,895
110,215
Other
459,768
637,671
127,982
269,428
187,994
369,072
Total
liabilities
506,206,382
72,793,125
4,782,880
5,616,113
9,418,738
23,432,556
Commitments
and
contingencies
(as
disclosed
in
Note
8)
Net
assets
$
1,484,407,461
$
2,315,925,655
$
284,092,155
$
717,078,540
$
434,678,110
$
1,259,847,631
†
Long-term
investments,
cost
$
1,905,903,521
$
2,233,595,106
$
275,540,345
$
689,691,578
$
426,573,295
$
1,200,338,950
California
High
Yield
California
Connecticut
Massachusetts
New
Jersey
New
York
Class
A
Shares
Net
Assets
$
730,027,563
$
860,807,424
$
158,274,360
$
260,770,095
$
201,268,283
$
509,874,130
Shares
outstanding
73,813,039
77,050,258
15,165,862
25,568,491
17,773,781
46,831,531
Net
asset
value
("NAV")
per
share
$
9.89
$
11.17
$
10.44
$
10.20
$
11.32
$
10.89
Offering
price
per
share
(NAV
per
share
plus
maximum
sales
charge
of
4.20%
of
offering
price)
$
10.32
$
11.66
$
10.90
$
10.65
$
11.82
$
11.37
Class
C
Shares
Net
Assets
$
64,538,203
$
58,841,822
$
5,789,950
$
9,181,650
$
13,917,577
$
40,015,314
Shares
outstanding
6,529,506
5,288,049
556,024
907,691
1,234,920
3,680,391
NAV
and
offering
price
per
share
$
9.88
$
11.13
$
10.41
$
10.12
$
11.27
$
10.87
Class
I
Shares
Net
Assets
$
689,841,695
$
1,396,276,409
$
120,027,845
$
447,126,795
$
219,492,250
$
709,958,187
Shares
outstanding
69,766,441
124,834,581
11,475,244
43,823,932
19,310,887
65,168,706
NAV
and
offering
price
per
share
$
9.89
$
11.19
$
10.46
$
10.20
$
11.37
$
10.89
Fund
level
net
assets
consist
of:
Capital
paid-in
$
1,465,467,250
$
2,285,288,646
$
283,048,476
$
715,217,226
$
423,190,416
$
1,249,129,411
Total
distributable
earnings
(loss)
18,940,211
30,637,009
1,043,679
1,861,314
11,487,694
10,718,220
Fund
level
net
assets
$
1,484,407,461
$
2,315,925,655
$
284,092,155
$
717,078,540
$
434,678,110
$
1,259,847,631
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
February
28,
2022
See
accompanying
notes
to
financial
statements.
127
California
High
Yield
California
Connecticut
Massachusetts
New
Jersey
New
York
Investment
Income
Interest
$
71,406,491
$
73,735,069
$
8,507,914
$
18,814,269
$
14,037,019
$
42,248,565
Total
Investment
Income
71,406,491
73,735,069
8,507,914
18,814,269
14,037,019
42,248,565
Expenses
Management
fees
8,040,628
11,491,603
1,435,384
3,564,259
2,188,838
6,140,437
12b-1
service
fees
-
Class
A
Shares
1,496,772
1,955,266
335,018
599,798
420,198
1,071,360
12b-1
distribution
and
service
fees
-
Class
C
Shares
717,510
668,370
65,348
96,200
145,407
426,492
12b-1
distribution
and
service
fees
-
Class
C2
Shares
(1)
4,395
4,987
1,384
1,123
2,376
2,229
Shareholder
servicing
agent
fees
495,985
1,015,751
91,073
439,182
191,847
456,119
Interest
expense
2,631,215
63,205
12,133
8,470
46,556
30,131
Custodian
expenses,
net
166,189
209,366
50,963
83,792
69,619
118,732
Trustees
fees
45,491
72,241
8,415
21,533
12,982
37,860
Professional
fees
184,348
120,178
42,192
64,605
49,165
86,970
Shareholder
reporting
expenses
41,356
55,035
19,185
34,818
25,033
50,978
Federal
and
state
registration
fees
59,598
16,113
7,704
15,922
6,559
13,637
Other
25,427
26,918
14,427
17,162
16,090
19,730
Total
expenses
13,908,914
15,699,033
2,083,226
4,946,864
3,174,670
8,454,675
Net
investment
income
(loss)
57,497,577
58,036,036
6,424,688
13,867,405
10,862,349
33,793,890
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
from
investments
6,099,718
(11,390,263)
(6,519)
(785,513)
45,439
(3,875,539)
Net
realized
gain
(loss)
from
futures
contracts
4,382,926
—
—
—
76,263
—
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(58,727,819)
(61,549,866)
(7,936,702)
(16,131,315)
(14,029,407)
(29,785,485)
Change
in
net
unrealized
appreciation
(depreciation)
on
futures
contracts
(1,914,860)
—
—
—
(86,372)
—
Net
realized
and
unrealized
gain
(loss)
(50,160,035)
(72,940,129)
(7,943,221)
(16,916,828)
(13,994,077)
(33,661,024)
Net
increase
(decrease)
in
net
assets
from
operations
$
7,337,542
$
(14,904,093)
$
(1,518,533)
$
(3,049,423)
$
(3,131,728)
$
132,866
(1)
Class
C2
Shares
were
converted
to
Class
A
Shares
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
Statement
of
Changes
in
Net
Assets
See
accompanying
notes
to
financial
statements.
128
California
High
Yield
California
Year
Ended
2/28/22
Year
Ended
2/28/21
Year
Ended
2/28/22
Year
Ended
2/28/21
Operations
Net
investment
income
(loss)
$
57,497,577
$
51,251,027
$
58,036,036
$
54,937,391
Net
realized
gain
(loss)
from
investments
6,099,718
(17,190,882)
(11,390,263)
(18,892,585)
Net
realized
gain
(loss)
from
futures
contracts
4,382,926
(4,894,971)
—
—
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(58,727,819)
(58,263,762)
(61,549,866)
(40,827,605)
Change
in
net
unrealized
appreciation
(depreciation)
of
futures
contracts
(1,914,860)
3,096,323
–
–
Net
increase
(decrease)
in
net
assets
from
operations
7,337,542
(26,002,265)
(14,904,093)
(4,782,799)
Distributions
to
Shareholders
Dividends:
Class
A
Shares
(28,002,953)
(22,367,357)
(21,567,674)
(19,373,593)
Class
C
Shares
(2,107,343)
(2,174,557)
(936,313)
(1,256,046)
Class
C2
Shares
(1)
(18,236)
(415,015)
(16,190)
(259,763)
Class
I
Shares
(28,508,451)
(23,539,249)
(35,057,373)
(32,804,442)
Decrease
in
net
assets
from
distributions
to
shareholders
(58,636,983)
(48,496,178)
(57,577,550)
(53,693,844)
Fund
Share
Transactions
Proceeds
from
sale
of
shares
637,100,525
523,465,180
643,385,826
870,568,388
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
50,908,959
41,356,947
44,511,861
41,370,164
688,009,484
564,822,127
687,897,687
911,938,552
Cost
of
shares
redeemed
(475,572,761)
(628,020,930)
(670,941,833)
(471,400,253)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
212,436,723
(63,198,803)
16,955,854
440,538,299
Net
increase
(decrease)
in
net
assets
161,137,282
(137,697,246)
(55,525,789)
382,061,656
Net
assets
at
the
beginning
of
period
1,323,270,179
1,460,967,425
2,371,451,444
1,989,389,788
Net
assets
at
the
end
of
period
$
1,484,407,461
$
1,323,270,179
$
2,315,925,655
$
2,371,451,444
See
accompanying
notes
to
financial
statements.
129
Connecticut
Massachusetts
Year
Ended
2/28/22
Year
Ended
2/28/21
Year
Ended
2/28/22
Year
Ended
2/28/21
Operations
Net
investment
income
(loss)
$
6,424,688
$
6,980,694
$
13,867,405
$
13,237,558
Net
realized
gain
(loss)
from
investments
(6,519)
(587,220)
(785,513)
(1,594,983)
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(7,936,702)
(5,632,189)
(16,131,315)
(13,788,177)
Net
increase
(decrease)
in
net
assets
from
operations
(1,518,533)
761,285
(3,049,423)
(2,145,602)
Distributions
to
Shareholders
Dividends:
Class
A
Shares
(3,704,845)
(4,404,832)
(5,194,971)
(5,116,797)
Class
C
Shares
(91,622)
(135,715)
(90,996)
(127,346)
Class
C2
Shares
(1)
(4,832)
(100,769)
(1,856)
(50,595)
Class
I
Shares
(2,801,293)
(2,851,001)
(8,205,693)
(8,193,073)
Decrease
in
net
assets
from
distributions
to
shareholders
(6,602,592)
(7,492,317)
(13,493,516)
(13,487,811)
Fund
Share
Transactions
Proceeds
from
sale
of
shares
57,292,889
47,897,935
212,974,888
255,594,703
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
5,482,886
6,137,623
12,129,074
11,974,726
62,775,775
54,035,558
225,103,962
267,569,429
Cost
of
shares
redeemed
(42,884,364)
(38,881,600)
(167,973,397)
(142,071,213)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
19,891,411
15,153,958
57,130,565
125,498,216
Net
increase
(decrease)
in
net
assets
11,770,286
8,422,926
40,587,626
109,864,803
Net
assets
at
the
beginning
of
period
272,321,869
263,898,943
676,490,914
566,626,111
Net
assets
at
the
end
of
period
$
284,092,155
$
272,321,869
$
717,078,540
$
676,490,914
See
accompanying
notes
to
financial
statements.
130
New
Jersey
New
York
Year
Ended
2/28/22
Year
Ended
2/28/21
Year
Ended
2/28/22
Year
Ended
2/28/21
Operations
Net
investment
income
(loss)
$
10,862,349
$
10,907,003
$
33,793,890
$
34,428,725
Net
realized
gain
(loss)
from
investments
45,439
(1,763)
(3,875,539)
(19,681,311)
Net
realized
gain
(loss)
from
futures
contracts
76,263
(53,260)
—
—
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(14,029,407)
(11,767,840)
(29,785,485)
(23,682,000)
Change
in
net
unrealized
appreciation
(depreciation)
of
futures
contracts
(86,372)
189,826
–
–
Net
increase
(decrease)
in
net
assets
from
operations
(3,131,728)
(726,034)
132,866
(8,934,586)
Distributions
to
Shareholders
Dividends:
Class
A
Shares
(4,842,466)
(5,303,375)
(13,548,720)
(14,066,108)
Class
C
Shares
(217,789)
(280,918)
(740,707)
(914,202)
Class
C2
Shares
(1)
(5,603)
(144,913)
(6,127)
(224,865)
Class
I
Shares
(5,554,488)
(5,405,315)
(19,785,505)
(19,156,465)
Decrease
in
net
assets
from
distributions
to
shareholders
(10,620,346)
(11,134,521)
(34,081,059)
(34,361,640)
Fund
Share
Transactions
Proceeds
from
sale
of
shares
87,366,596
97,562,873
232,452,984
256,170,228
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
9,239,804
9,573,248
26,951,131
27,197,894
96,606,400
107,136,121
259,404,115
283,368,122
Cost
of
shares
redeemed
(76,964,348)
(105,733,637)
(197,875,304)
(269,938,227)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
19,642,052
1,402,484
61,528,811
13,429,895
Net
increase
(decrease)
in
net
assets
5,889,978
(10,458,071)
27,580,618
(29,866,331)
Net
assets
at
the
beginning
of
period
428,788,132
439,246,203
1,232,267,013
1,262,133,344
Net
assets
at
the
end
of
period
$
434,678,110
$
428,788,132
$
1,259,847,631
$
1,232,267,013
(1)
Class
C2
Shares
were
converted
to
Class
A
Shares
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
Statement
of
Cash
Flows
February
28,
2022
See
accompanying
notes
to
financial
statements.
131
The
following
table
provides
a
reconciliation
of
cash
and
cash
collateral
at
brokers
to
the
statement
of
assets
and
liabilities:
California
High
Yield
Cash
flows
from
operating
activities
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
$
7,337,542
Adjustments
to
reconcile
the
net
increase
(decrease)
in
net
assets
from
operations
to
net
cash
provided
by
(used
in)
operating
activities
Purchases
of
investments
(502,031,822)
Proceeds
from
sale
and
maturity
of
investments
213,610,264
Amortization
(Accretion)
of
premiums
and
discounts,
net
1,606,828
(Increase)
Decrease
in:
Receivable
for
interest
(4,261,717)
Receivable
for
investments
sold
(1,333,161)
Other
assets
19,800
Increase
(Decrease)
in:
Payable
for
interest
132,908
Payable
for
investments
purchased
-
when-issued/delayed-delivery
settlement
(3,324,053)
Payable
for
variation
margin
on
futures
contracts
1,262,203
Accrued
management
fees
47,019
Accrued
12B-1
distribution
and
service
fees
2,685
Accrued
Trustees
fees
7,829
Accrued
other
expenses
7,129
Net
realized
(gain)
loss
from
investments
(6,099,718)
Net
realized
(gain)
loss
from
paydowns
(327,979)
Change
in
net
unrealized
(appreciation)
depreciation
of
investments
58,727,819
Net
cash
from
operating
activities
(234,616,424)
Cash
flows
from
financing
activities
Proceeds
from
borrowings
84,700,000
(Repayments)
of
borrowings
(71,900,000)
Proceeds
from
floating
rate
obligations
76,442,000
Increase
(Decrease)
in
cash
overdraft
(5,730,277)
Cash
distributions
paid
to
common
shareholders
(7,759,920)
Proceeds
from
sale
of
shares
639,265,307
Cost
of
shares
redeemed
(479,411,939)
Net
cash
provided
by
(used
in)
financing
activities
235,605,171
Net
Increase
(Decrease)
in
Cash
and
Cash
Collateral
at
Brokers
988,747
Cash
and
cash
collateral
at
brokers
at
beginning
of
period
790,604
Cash
and
cash
collateral
at
brokers
at
end
of
period
$
1,779,351
Supplemental
Disclosure
of
Cash
Flow
Information
California
High
Yield
Cash
paid
for
interest
((excluding
amortization
of
offering
costs))
$
2,498,308
Non-cash
financing
activities
not
included
herein
consists
of
reinvestments
of
share
distributions
50,908,959
California
High
Yield
Cash
collateral
at
brokers
for
investments
in
futures
contracts
1,779,351
Total
cash
collateral
at
brokers
1,779,351
Financial
Highlights
132
California
High
Yield
The
Fund's
fiscal
year
end
is
February
28th/29th.
The
following
data
is
for
a
share
outstanding
for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Ending
NAV
Class
A
2022
$
10.17
$
0.38
$
(
0.27
)
$
0.11
$
(
0.39
)
$
—
$
(
0.39
)
$
9.89
2021
10.62
0.40
(
0.47
)
(
0.07
)
(
0.38
)
—
(
0.38
)
10.17
2020
9.51
0.37
1.11
1.48
(
0.37
)
—
(
0.37
)
10.62
2019
9.58
0.38
(
0.08
)
0.30
(
0.37
)
—
(
0.37
)
9.51
2018
9.35
0.39
0.21
0.60
(
0.37
)
—
(
0.37
)
9.58
Class
C
2022
10.16
0.30
(
0.27
)
0.03
(
0.31
)
—
(
0.31
)
9.88
2021
10.61
0.32
(
0.47
)
(
0.15
)
(
0.30
)
—
(
0.30
)
10.16
2020
9.50
0.29
1.11
1.40
(
0.29
)
—
(
0.29
)
10.61
2019
9.58
0.30
(
0.09
)
0.21
(
0.29
)
—
(
0.29
)
9.50
2018
9.35
0.31
0.21
0.52
(
0.29
)
—
(
0.29
)
9.58
Class
I
2022
10.17
0.40
(
0.27
)
0.13
(
0.41
)
—
(
0.41
)
9.89
2021
10.61
0.42
(
0.46
)
(
0.04
)
(
0.40
)
—
(
0.40
)
10.17
2020
9.50
0.39
1.11
1.50
(
0.39
)
—
(
0.39
)
10.61
2019
9.57
0.40
(
0.09
)
0.31
(
0.38
)
—
(
0.38
)
9.50
2018
9.34
0.40
0.22
0.62
(
0.39
)
—
(
0.39
)
9.57
(a)
Per
share
Net
Investment
Income
(Loss)
is
calculated
using
the
average
daily
shares
method.
(b)
Total
return
is
the
combination
of
changes
in
NAV
without
any
sales
charge,
reinvested
dividend
income
at
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
Total
returns
are
not
annualized.
(c)
The
Fund
has
a
contractual
fee
waiver/expense
reimbursement
agreement
with
the
Adviser,
but
did
not
receive
a
fee
waiver/expense
reimbursement
during
the
periods
presented
herein.
See
Note
7
-
Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
(d)
The
expense
ratios
reflect,
among
other
things,
the
interest
expense
deemed
to
have
been
paid
by
the
Fund
on
the
floating
rate
certificates
issued
by
the
special
purpose
trusts
for
the
self-deposited
inverse
floaters
held
by
the
Fund,
where
applicable,
as
described
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives
and
the
interest
expense
and
fees
paid
on
borrowings,
as
described
in
Note
9
-
Borrowing
Arrangements.
(e)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives)
divided
by
the
average
long-term
market
value
during
the
period.
See
accompanying
notes
to
financial
statements.
133
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Ending
Net
Assets
(000)
Expenses
Including
Interest(c),(d)
Expenses
Excluding
Interest(c)
NII
(Loss)(c)
Portfolio
Turnover
Rate(e)
0
.97
%
$
730,028
0
.97
%
0
.78
%
3
.66
%
13
%
(
0
.53
)
635,387
1
.09
0
.80
4
.00
22
15
.84
659,621
1
.21
0
.80
3
.64
2
3
.15
417,134
1
.17
0
.83
3
.99
20
6
.46
402,777
1
.01
0
.81
4
.00
5
0
.15
64,538
1
.77
1
.58
2
.86
13
(
1
.33
)
71,002
1
.89
1
.60
3
.20
22
14
.94
86,897
2
.01
1
.60
2
.85
2
2
.20
66,758
1
.97
1
.63
3
.19
20
5
.61
71,740
1
.85
1
.65
3
.17
5
1
.14
689,842
0
.77
0
.58
3
.85
13
(
0
.26
)
607,992
0
.89
0
.60
4
.19
22
16
.06
695,396
1
.01
0
.60
3
.84
2
3
.35
415,991
0
.96
0
.62
4
.19
20
6
.66
430,330
0
.85
0
.65
4
.16
5
134
Financial
Highlights
(continued)
California
The
Fund's
fiscal
year
end
is
February
28th/29th.
The
following
data
is
for
a
share
outstanding
for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Ending
NAV
Class
A
2022
$
11.49
$
0.26
$
(
0.32
)
$
(
0.06
)
$
(
0.26
)
$
—
$
(
0.26
)
$
11.17
2021
11.81
0.29
(
0.33
)
(
0.04
)
(
0.28
)
—
(
0.28
)
11.49
2020
10.96
0.32
0.87
1.19
(
0.34
)
—
(
0.34
)
11.81
2019
11.02
0.35
(
0.05
)
0.30
(
0.36
)
—
(
0.36
)
10.96
2018
11.00
0.37
0.01
0.38
(
0.36
)
—
(
0.36
)
11.02
Class
C
2022
11.45
0.17
(
0.33
)
(
0.16
)
(
0.16
)
—
(
0.16
)
11.13
2021
11.76
0.20
(
0.32
)
(
0.12
)
(
0.19
)
—
(
0.19
)
11.45
2020
10.92
0.23
0.86
1.09
(
0.25
)
—
(
0.25
)
11.76
2019
10.98
0.26
(
0.05
)
0.21
(
0.27
)
—
(
0.27
)
10.92
2018
10.96
0.28
0.01
0.29
(
0.27
)
—
(
0.27
)
10.98
Class
I
2022
11.51
0.28
(
0.32
)
(
0.04
)
(
0.28
)
—
(
0.28
)
11.19
2021
11.82
0.31
(
0.31
)
—
(
0.31
)
—
(
0.31
)
11.51
2020
10.97
0.35
0.86
1.21
(
0.36
)
—
(
0.36
)
11.82
2019
11.03
0.37
(
0.05
)
0.32
(
0.38
)
—
(
0.38
)
10.97
2018
11.01
0.39
0.01
0.40
(
0.38
)
—
(
0.38
)
11.03
(a)
Per
share
Net
Investment
Income
(Loss)
is
calculated
using
the
average
shares
method.
(b)
Total
return
is
the
combination
of
changes
in
NAV
without
any
sales
charge,
reinvested
dividend
income
at
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
Total
returns
are
not
annualized.
(c)
The
Fund
has
a
contractual
fee
waiver/expense
reimbursement
agreement
with
the
Adviser,
but
did
not
receive
a
fee
waiver/expense
reimbursement
during
the
periods
presented
herein.
See
Note
7
-
Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
(d)
The
expense
ratios
reflect,
among
other
things,
the
interest
expense
deemed
to
have
been
paid
by
the
Fund
on
the
floating
rate
certificates
issued
by
the
special
purpose
trusts
for
the
self-deposited
inverse
floaters
held
by
the
Fund,
where
applicable,
as
described
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives
and
the
interest
expense
and
fees
paid
on
borrowings,
as
described
in
Note
9
-
Borrowing
Arrangements.
(e)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives)
divided
by
the
average
long-term
market
value
during
the
period.
(f)
Rounds
to
less
than
0.01%.
See
accompanying
notes
to
financial
statements.
135
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Ending
Net
Assets
(000)
Expenses
Including
Interest(c),(d)
Expenses
Excluding
Interest(c)
NII
(Loss)(c)
Portfolio
Turnover
Rate(e)
(
0
.61
)
%
$
860,807
0
.72
%
0
.72
%
2
.22
%
27
%
(
0
.29
)
921,120
0
.73
0
.73
2
.51
25
11
.00
743,072
0
.74
0
.74
2
.84
13
2
.77
506,038
0
.76
0
.75
3
.20
56
3
.46
460,166
0
.75
0
.74
3
.28
16
(
1
.42
)
58,842
1
.52
1
.52
1
.43
27
(
0
.99
)
70,693
1
.53
1
.53
1
.73
25
10
.06
80,258
1
.54
1
.54
2
.05
13
1
.94
66,305
1
.56
1
.55
2
.40
56
2
.64
75,799
1
.55
1
.55
2
.48
16
(
0
.40
)
1,396,276
0
.52
0
.52
2
.43
27
0
.00
(f)
1,370,713
0
.53
0
.53
2
.72
25
11
.20
1,146,758
0
.54
0
.54
3
.05
13
2
.93
821,588
0
.56
0
.55
3
.40
56
3
.62
817,770
0
.55
0
.55
3
.48
16
136
Financial
Highlights
(continued)
Connecticut
The
Fund's
fiscal
year
end
is
February
28th/29th.
The
following
data
is
for
a
share
outstanding
for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Ending
NAV
Class
A
2022
$
10.72
$
0.23
$
(
0.27
)
$
(
0.04
)
$
(
0.24
)
$
—
$
(
0.24
)
$
10.44
2021
10.99
0.28
(
0.25
)
0.03
(
0.30
)
—
(
0.30
)
10.72
2020
10.39
0.31
0.60
0.91
(
0.31
)
—
(
0.31
)
10.99
2019
10.39
0.33
(
0.01
)
0.32
(
0.32
)
—
(
0.32
)
10.39
2018
10.51
0.33
(
0.11
)
0.22
(
0.34
)
—
(
0.34
)
10.39
Class
C
2022
10.69
0.15
(
0.28
)
(
0.13
)
(
0.15
)
—
(
0.15
)
10.41
2021
10.97
0.20
(
0.26
)
(
0.06
)
(
0.22
)
—
(
0.22
)
10.69
2020
10.37
0.22
0.61
0.83
(
0.23
)
—
(
0.23
)
10.97
2019
10.37
0.24
(
0.01
)
0.23
(
0.23
)
—
(
0.23
)
10.37
2018
10.49
0.25
(
0.12
)
0.13
(
0.25
)
—
(
0.25
)
10.37
Class
I
2022
10.74
0.25
(
0.27
)
(
0.02
)
(
0.26
)
—
(
0.26
)
10.46
2021
11.02
0.30
(
0.25
)
0.05
(
0.33
)
—
(
0.33
)
10.74
2020
10.42
0.33
0.61
0.94
(
0.34
)
—
(
0.34
)
11.02
2019
10.42
0.35
(
0.01
)
0.34
(
0.34
)
—
(
0.34
)
10.42
2018
10.54
0.35
(
0.11
)
0.24
(
0.36
)
—
(
0.36
)
10.42
(a)
Per
share
Net
Investment
Income
(Loss)
is
calculated
using
the
average
shares
method.
(b)
Total
return
is
the
combination
of
changes
in
NAV
without
any
sales
charge,
reinvested
dividend
income
at
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
Total
returns
are
not
annualized.
(c)
The
expense
ratios
reflect,
among
other
things,
the
interest
expense
deemed
to
have
been
paid
by
the
Fund
on
the
floating
rate
certificates
issued
by
the
special
purpose
trusts
for
the
self-deposited
inverse
floaters
held
by
the
Fund,
where
applicable,
as
described
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives
and
the
interest
expense
and
fees
paid
on
borrowings,
as
described
in
Note
9
-
Borrowing
Arrangements.
(d)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives)
divided
by
the
average
long-term
market
value
during
the
period.
See
accompanying
notes
to
financial
statements.
137
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Ending
Net
Assets
(000)
Expenses
Including
Interest(c)
Expenses
Excluding
Interest
NII
(Loss)
Portfolio
Turnover
Rate(d)
(
0
.43
)
%
$
158,274
0
.78
%
0
.78
%
2
.16
%
17
%
0
.34
160,706
0
.80
0
.79
2
.63
9
8
.90
159,680
0
.81
0
.80
2
.87
11
3
.09
138,188
0
.80
0
.80
3
.15
7
2
.07
139,320
0
.81
0
.81
3
.12
12
(
1
.25
)
5,790
1
.58
1
.58
1
.36
17
(
0
.54
)
7,002
1
.60
1
.59
1
.83
9
8
.07
6,529
1
.60
1
.59
2
.05
11
2
.26
4,914
1
.60
1
.60
2
.34
7
1
.26
4,994
1
.61
1
.61
2
.33
12
(
0
.21
)
120,028
0
.58
0
.58
2
.35
17
0
.47
102,331
0
.60
0
.59
2
.83
9
9
.12
90,739
0
.60
0
.59
3
.06
11
3
.32
65,660
0
.60
0
.60
3
.34
7
2
.29
67,824
0
.61
0
.61
3
.32
12
138
Financial
Highlights
(continued)
Massachusetts
The
Fund's
fiscal
year
end
is
February
28th/29th.
The
following
data
is
for
a
share
outstanding
for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Ending
NAV
Class
A
2022
$
10.41
$
0.19
$
(
0.22
)
$
(
0.03
)
$
(
0.18
)
$
—
$
(
0.18
)
$
10.20
2021
10.66
0.23
(
0.25
)
(
0.02
)
(
0.23
)
—
(
0.23
)
10.41
2020
9.93
0.25
0.75
1.00
(
0.27
)
—
(
0.27
)
10.66
2019
9.96
0.28
(
0.02
)
0.26
(
0.29
)
—
(
0.29
)
9.93
2018
10.01
0.29
(
0.05
)
0.24
(
0.29
)
—
(
0.29
)
9.96
Class
C
2022
10.32
0.10
(
0.20
)
(
0.10
)
(
0.10
)
—
(
0.10
)
10.12
2021
10.58
0.14
(
0.25
)
(
0.11
)
(
0.15
)
—
(
0.15
)
10.32
2020
9.85
0.17
0.75
0.92
(
0.19
)
—
(
0.19
)
10.58
2019
9.88
0.20
(
0.03
)
0.17
(
0.20
)
—
(
0.20
)
9.85
2018
9.92
0.21
(
0.05
)
0.16
(
0.20
)
—
(
0.20
)
9.88
Class
I
2022
10.41
0.21
(
0.22
)
(
0.01
)
(
0.20
)
—
(
0.20
)
10.20
2021
10.66
0.25
(
0.25
)
—
(
0.25
)
—
(
0.25
)
10.41
2020
9.92
0.27
0.76
1.03
(
0.29
)
—
(
0.29
)
10.66
2019
9.95
0.30
(
0.02
)
0.28
(
0.31
)
—
(
0.31
)
9.92
2018
10.00
0.31
(
0.05
)
0.26
(
0.31
)
—
(
0.31
)
9.95
(a)
Per
share
Net
Investment
Income
(Loss)
is
calculated
using
the
average
shares
method.
(b)
Total
return
is
the
combination
of
changes
in
NAV
without
any
sales
charge,
reinvested
dividend
income
at
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
Total
returns
are
not
annualized.
(c)
The
Fund
has
a
contractual
fee
waiver/expense
reimbursement
agreement
with
the
Adviser,
but
did
not
receive
a
fee
waiver/expense
reimbursement
during
the
periods
presented
herein.
See
Note
7
-
Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
(d)
The
expense
ratios
reflect,
among
other
things,
the
interest
expense
deemed
to
have
been
paid
by
the
Fund
on
the
floating
rate
certificates
issued
by
the
special
purpose
trusts
for
the
self-deposited
inverse
floaters
held
by
the
Fund,
where
applicable,
as
described
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives
and
the
interest
expense
and
fees
paid
on
borrowings,
as
described
in
Note
9
-
Borrowing
Arrangements.
(e)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives)
divided
by
the
average
long-term
market
value
during
the
period.
See
accompanying
notes
to
financial
statements.
139
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Ending
Net
Assets
(000)
Expenses
Including
Interest(c),(d)
Expenses
Excluding
Interest(c)
NII
(Loss)(c)
Portfolio
Turnover
Rate(e)
(
0
.30
)
%
$
260,770
0
.77
%
0
.77
%
1
.76
%
13
%
(
0
.11
)
280,258
0
.78
0
.78
2
.18
11
10
.19
206,362
0
.79
0
.79
2
.45
7
2
.64
149,468
0
.80
0
.80
2
.86
24
2
.38
149,056
0
.81
0
.81
2
.91
10
(
1
.00
)
9,182
1
.57
1
.57
0
.97
13
(
1
.02
)
9,569
1
.58
1
.58
1
.39
11
9
.38
8,538
1
.59
1
.59
1
.65
7
1
.79
6,792
1
.60
1
.60
2
.07
24
1
.65
8,661
1
.61
1
.61
2
.11
10
(
0
.13
)
447,127
0
.57
0
.57
1
.97
13
0
.06
384,795
0
.58
0
.58
2
.39
11
10
.50
346,995
0
.59
0
.59
2
.65
7
2
.83
227,690
0
.60
0
.60
3
.08
24
2
.56
213,372
0
.61
0
.61
3
.11
10
140
Financial
Highlights
(continued)
New
Jersey
The
Fund's
fiscal
year
end
is
February
28th/29th.
The
following
data
is
for
a
share
outstanding
for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Ending
NAV
Class
A
2022
$
11.67
$
0.28
$
(
0.36
)
$
(
0.08
)
$
(
0.27
)
$
—
$
(
0.27
)
$
11.32
2021
11.99
0.30
(
0.32
)
(
0.02
)
(
0.30
)
—
(
0.30
)
11.67
2020
11.20
0.32
0.81
1.13
(
0.34
)
—
(
0.34
)
11.99
2019
11.20
0.35
0.08
0.43
(
0.35
)
(
0.08
)
(
0.43
)
11.20
2018
11.19
0.35
0.07
0.42
(
0.37
)
(
0.04
)
(
0.41
)
11.20
Class
C
2022
11.62
0.18
(
0.35
)
(
0.17
)
(
0.18
)
—
(
0.18
)
11.27
2021
11.93
0.20
(
0.30
)
(
0.10
)
(
0.21
)
—
(
0.21
)
11.62
2020
11.14
0.23
0.81
1.04
(
0.25
)
—
(
0.25
)
11.93
2019
11.15
0.26
0.07
0.33
(
0.26
)
(
0.08
)
(
0.34
)
11.14
2018
11.14
0.26
0.07
0.33
(
0.28
)
(
0.04
)
(
0.32
)
11.15
Class
I
2022
11.71
0.30
(
0.34
)
(
0.04
)
(
0.30
)
—
(
0.30
)
11.37
2021
12.03
0.32
(
0.31
)
0.01
(
0.33
)
—
(
0.33
)
11.71
2020
11.24
0.35
0.80
1.15
(
0.36
)
—
(
0.36
)
12.03
2019
11.24
0.37
0.08
0.45
(
0.37
)
(
0.08
)
(
0.45
)
11.24
2018
11.22
0.38
0.07
0.45
(
0.39
)
(
0.04
)
(
0.43
)
11.24
(a)
Per
share
Net
Investment
Income
(Loss)
is
calculated
using
the
average
shares
method.
(b)
Total
return
is
the
combination
of
changes
in
NAV
without
any
sales
charge,
reinvested
dividend
income
at
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
Total
returns
are
not
annualized.
(c)
The
expense
ratios
reflect,
among
other
things,
the
interest
expense
deemed
to
have
been
paid
by
the
Fund
on
the
floating
rate
certificates
issued
by
the
special
purpose
trusts
for
the
self-deposited
inverse
floaters
held
by
the
Fund,
where
applicable,
as
described
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives
and
the
interest
expense
and
fees
paid
on
borrowings,
as
described
in
Note
9
-
Borrowing
Arrangements.
(d)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives)
divided
by
the
average
long-term
market
value
during
the
period.
See
accompanying
notes
to
financial
statements.
141
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Ending
Net
Assets
(000)
Expenses
Including
Interest(c)
Expenses
Excluding
Interest
NII
(Loss)
Portfolio
Turnover
Rate(d)
(
0
.73
)
%
$
201,268
0
.78
%
0
.77
%
2
.36
%
10
%
(
0
.09
)
203,304
0
.81
0
.79
2
.56
14
10
.22
213,869
0
.83
0
.79
2
.78
13
3
.92
173,965
0
.82
0
.81
3
.13
22
3
.77
174,582
0
.81
0
.81
3
.12
11
(
1
.55
)
13,918
1
.58
1
.57
1
.55
10
(
0
.81
)
14,867
1
.61
1
.59
1
.76
14
9
.39
17,094
1
.63
1
.59
1
.98
13
3
.01
14,536
1
.62
1
.61
2
.34
22
2
.96
16,282
1
.61
1
.61
2
.32
11
(
0
.44
)
219,492
0
.58
0
.57
2
.56
10
0
.12
206,403
0
.61
0
.59
2
.76
14
10
.41
197,104
0
.63
0
.59
2
.97
13
4
.12
122,168
0
.62
0
.61
3
.33
22
4
.06
117,074
0
.61
0
.61
3
.32
11
142
Financial
Highlights
(continued)
New
York
The
Fund's
fiscal
year
end
is
February
28th/29th.
The
following
data
is
for
a
share
outstanding
for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Ending
NAV
Class
A
2022
$
11.16
$
0.28
$
(
0.26
)
$
0.02
$
(
0.29
)
$
—
$
(
0.29
)
$
10.89
2021
11.54
0.31
(
0.38
)
(
0.07
)
(
0.31
)
—
(
0.31
)
11.16
2020
10.80
0.32
0.75
1.07
(
0.33
)
—
(
0.33
)
11.54
2019
10.79
0.35
(
0.01
)
0.34
(
0.33
)
—
(
0.33
)
10.80
2018
10.85
0.36
(
0.05
)
0.31
(
0.37
)
—
(
0.37
)
10.79
Class
C
2022
11.15
0.19
(
0.27
)
(
0.08
)
(
0.20
)
—
(
0.20
)
10.87
2021
11.52
0.22
(
0.37
)
(
0.15
)
(
0.22
)
—
(
0.22
)
11.15
2020
10.78
0.23
0.75
0.98
(
0.24
)
—
(
0.24
)
11.52
2019
10.78
0.26
(
0.01
)
0.25
(
0.25
)
—
(
0.25
)
10.78
2018
10.83
0.27
(
0.04
)
0.23
(
0.28
)
—
(
0.28
)
10.78
Class
I
2022
11.17
0.31
(
0.28
)
0.03
(
0.31
)
—
(
0.31
)
10.89
2021
11.55
0.34
(
0.38
)
(
0.04
)
(
0.34
)
—
(
0.34
)
11.17
2020
10.81
0.34
0.75
1.09
(
0.35
)
—
(
0.35
)
11.55
2019
10.80
0.37
—
(f)
0.37
(
0.36
)
—
(
0.36
)
10.81
2018
10.86
0.39
(
0.05
)
0.34
(
0.40
)
—
(
0.40
)
10.80
(a)
Per
share
Net
Investment
Income
(Loss)
is
calculated
using
the
average
shares
method.
(b)
Total
return
is
the
combination
of
changes
in
NAV
without
any
sales
charge,
reinvested
dividend
income
at
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
Total
returns
are
not
annualized.
(c)
The
Fund
has
a
contractual
fee
waiver/expense
reimbursement
agreement
with
the
Adviser,
but
did
not
receive
a
fee
waiver/expense
reimbursement
during
the
periods
presented
herein.
See
Note
7
-
Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
(d)
The
expense
ratios
reflect,
among
other
things,
the
interest
expense
deemed
to
have
been
paid
by
the
Fund
on
the
floating
rate
certificates
issued
by
the
special
purpose
trusts
for
the
self-deposited
inverse
floaters
held
by
the
Fund,
where
applicable,
as
described
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives
and
the
interest
expense
and
fees
paid
on
borrowings,
as
described
in
Note
9
-
Borrowing
Arrangements.
(e)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives)
divided
by
the
average
long-term
market
value
during
the
period.
(f)
Rounds
to
less
than
$0.01
per
share.
See
accompanying
notes
to
financial
statements.
143
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Ending
Net
Assets
(000)
Expenses
Including
Interest(c),(d)
Expenses
Excluding
Interest(c)
NII
(Loss)(c)
Portfolio
Turnover
Rate(e)
0
.09
%
$
509,874
0
.73
%
0
.73
%
2
.51
%
12
%
(
0
.52
)
516,697
0
.76
0
.75
2
.83
31
10
.03
534,311
0
.76
0
.75
2
.85
7
3
.25
432,791
0
.78
0
.77
3
.25
37
2
.87
383,306
0
.79
0
.77
3
.30
16
(
0
.80
)
40,015
1
.53
1
.53
1
.71
12
(
1
.24
)
43,211
1
.56
1
.55
2
.04
31
9
.19
50,740
1
.56
1
.55
2
.04
7
2
.32
37,515
1
.58
1
.57
2
.45
37
2
.13
41,221
1
.59
1
.57
2
.50
16
0
.21
709,958
0
.53
0
.53
2
.71
12
(
0
.31
)
666,168
0
.56
0
.55
3
.03
31
10
.26
661,362
0
.56
0
.55
3
.04
7
3
.47
447,980
0
.58
0
.57
3
.45
37
3
.09
412,823
0
.59
0
.57
3
.50
16
144
Notes
to
Financial
Statements
1.
General
Information
Trust
and
Fund
Information
The
Nuveen
Multistate
Trust
II
(the
“Trust”)
is
an
open-end
management
investment
company
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”).
The
Trust
is
comprised
of
Nuveen
California
High
Yield
Municipal
Bond
Fund
(“California
High
Yield”),
Nuveen
California
Municipal
Bond
Fund
(“California”),
Nuveen
Connecticut
Municipal
Bond
Fund
(“Connecticut”),
Nuveen
Massachusetts
Municipal
Bond
Fund
(“Massachusetts”),
Nuveen
New
Jersey
Municipal
Bond
Fund
(“New
Jersey”),
and
Nuveen
New
York
Municipal
Bond
Fund
(“New
York”)
(each
a
“Fund”
and
collectively
the
“Funds”),
as
diversified
funds,
among
others.
The
Trust
was
organized
as
a
Massachusetts
business
trust
on
July
1,
1996.
The
Funds
were
each
organized
as
a
series
of
predecessor
trusts
or
corporations
prior
to
that
date.
Current
Fiscal
Period
The
end
of
the
reporting
period
for
the
Funds
is
February
28,
2022,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
fiscal
year
ended
February
28,
2022
(the
"current
fiscal
period").
Investment
Adviser
and
Sub-Adviser
The
Funds’
investment
adviser,
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”),
is
a
subsidiary
of
Nuveen,
LLC
(“Nuveen”).
Nuveen
is
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(TIAA).
The
Adviser
has
overall
responsibility
for
management
of
the
Funds,
oversees
the
management
of
the
Funds’
portfolios,
manages
the
Funds’
business
affairs
and
provides
certain
clerical,
bookkeeping
and
other
administrative
services,
and,
if
necessary,
asset
allocation
decisions.
The
Adviser
has
entered
into
sub-advisory
agreements
with
Nuveen
Asset
Management,
LLC,
(the
“Sub-Adviser”),
a
subsidiary
of
the
Adviser,
under
which
the
Sub-Adviser
manages
the
investment
portfolios
of
the
Funds.
Soft
Closure
After
the
close
of
business
on
September
30,
2021
(the
“Closing
Date”),
California
High
Yield
suspended
offering
its
shares
to
new
investors.
Investors
in
the
Fund
as
of
the
Closing
Date
may
continue
to
purchase
Fund
shares,
including
through
the
reinvestment
of
dividends
and
capital
gains
distributions.
Shares
of
the
Fund
also
remain
available
to
clients
investing
through
mutual
fund
wrap
and
fee-based
advisory
programs
that
utilized
the
Fund
as
of
the
Closing
Date
and
the
Fund
continues
to
offer
its
shares
to
affiliated
fund
of
funds
and
model
portfolios.
The
closing
is
intended
to
ensure
that
the
Fund
can
be
effectively
managed
in
accordance
with
its
investment
objective.
The
Fund
reserves
the
right
to
modify
the
extent
to
which
sales
of
shares
are
limited
and
may
resume
the
sale
of
its
shares
to
new
investors
as
deemed
appropriate.
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.
The
Funds
issued
Class
C2
Shares
upon
the
exchange
of
Class
C2
Shares
from
another
Nuveen
mutual
fund
or
for
the
purpose
of
dividend
reinvestment
but
Class
C2
Shares
were
not
available
for
new
accounts
or
for
additional
investment
into
existing
accounts.
Class
C2
Shares
were
subject
to
a
CDSC
of
1%
if
redeemed
within
twelve
months
of
purchase.
Class
C2
Shares
converted
to
Class
A
Shares
after
the
close
of
business
on
June
4,
2021.
Other
Matters
The
outbreak
of
the
novel
coronavirus
(“COVID-19”)
and
subsequent
global
pandemic
began
significantly
impacting
the
U.S.
and
global
financial
markets
and
economies
during
the
calendar
quarter
ended
March
31,
2020.
The
worldwide
spread
of
COVID-19
has
created
significant
uncertainty
in
the
global
economy.
The
duration
and
extent
of
COVID-19
over
the
long-term
cannot
be
reasonably
estimated
at
this
time.
The
ultimate
impact
of
COVID-19
and
the
extent
to
which
COVID-19
impacts
the
Funds’
normal
course
of
business,
results
of
operations,
investments,
and
cash
flows
will
depend
on
future
developments,
which
are
highly
uncertain
and
difficult
to
predict.
Management
continues
to
monitor
and
evaluate
this
situation.
2.
Significant
Accounting
Policies
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
the
use
of
estimates
made
by
management
and
the
evaluation
of
subsequent
events.
Actual
results
may
differ
from
those
estimates.
Each
Fund
is
an
investment
company
and
follows
accounting
guidance
in
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
946,
Financial
Services
—
Investment
Companies.
The
NAV
for
financial
reporting
purposes
may
differ
from
the
NAV
for
processing
security
and
shareholder
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and
shareholder
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
shareholder
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds.
145
Compensation
The Trust
pays
no
compensation
directly
to
those
of
its
trustees
who
are
affiliated
with
the
Adviser
or
to
its
officers,
all
of
whom
receive
remuneration
for
their
services
to the
Trust
from
the
Adviser
or
its
affiliates.
The
Funds'
Board
of Trustees
(the
"Board") has
adopted
a
deferred
compensation
plan
for
independent
trustees
that
enables
trustees
to
elect
to
defer
receipt
of
all
or
a
portion
of
the
annual
compensation
they
are
entitled
to
receive
from
certain
Nuveen-advised
funds.
Under
the
plan,
deferred
amounts
are
treated
as
though
equal
dollar
amounts
had
been
invested
in
shares
of
select
Nuveen-advised
funds.
Custodian
Fee
Credit
As
an
alternative
to
overnight
investments,
each
Fund
has
an
arrangement
with
its
custodian
bank,
State
Street
Bank
and
Trust
Company,
(the
“Custodian”)
whereby
certain
custodian
fees
and
expenses
are
reduced
by
net
credits
earned
on
each
Fund’s
cash
on
deposit
with
the
bank.
Credits
for
cash
balances
may
be
offset
by
charges
for
any
days
on
which
a
Fund
overdraws
its
account
at
the
Custodian.
The
amount
of
custodian
fee
credit
earned
by
a
Fund
is
recognized
on
the
Statement
of
Operations
as
a
component
of
“Custodian
expenses,
net.”
During
the
current
reporting
period,
the
custodian
fee
credit
earned
by
each
Fund
was
as
follows:
Distributions
to
Shareholders
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
The
amount,
character
and
timing
of
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Indemnifications
Under
the
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
In
addition,
in
the
normal
course
of
business,
the
Trust
enters
into
contracts
that
provide
general
indemnifications
to
other
parties.
The
Trust’s
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust
that
have
not
yet
occurred.
However,
the
Trust
has
not
had
prior
claims
or
losses
pursuant
to
these
contracts
and
expects
the
risk
of
loss
to
be
remote.
Investments
and
Investment
Income
Securities
transactions
are
accounted
for
as
of
the
trade
date
for
financial
reporting
purposes.
Realized
gains
and
losses
on
securities
transactions
are
based
upon
the
specific
identification
method.
Investment
income
is
comprised
of
interest
income,
which
is
recorded
on
an
accrual
basis
and
includes
accretion
of
discounts
and
amortization
of
premiums
for
financial
reporting
purposes.
Investment
income
also
reflects
payment-in-kind
(“PIK”)
interest
and
paydown
gains
and
losses,
if
any.
PIK
interest
represents
income
received
in
the
form
of
securities
in
lieu
of
cash.
Multiclass
Operations
and
Allocations
Income
and
expenses
of
the
Funds
that
are
not
directly
attributable
to
a
specific
class
of
shares
are
prorated
among
the
classes
based
on
the
relative
value
of
the
settled
shares
of
each
class.
Expenses
directly
attributable
to
a
class
of
shares
are
recorded
to
the
specific
class.
12b-1
distribution
and
service
fees
are
allocated
on
a
class-specific
basis.
Realized
and
unrealized
capital
gains
and
losses
of
the
Funds
are
prorated
among
the
classes
based
on
the
relative
net
assets
of
each
class.
Netting
Agreements
In
the
ordinary
course
of
business,
the
Funds
may
enter
into
transactions
subject
to
enforceable
International
Swaps
and
Derivatives
Association,
Inc.
(ISDA)
master
agreements
or
other
similar
arrangements
(“netting
agreements”).
Generally,
the
right
to
offset
in
netting
agreements
allows
each
Fund
to
offset
certain
securities
and
derivatives
with
a
specific
counterparty,
when
applicable,
as
well
as
any
collateral
received
or
delivered
to
that
counterparty
based
on
the
terms
of
the
agreements.
Generally,
each
Fund
manages
its
cash
collateral
and
securities
collateral
on
a
counterparty
basis.
The
Funds’
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives.
Fund
Gross
Custodian
Fee
Credits
California
High
Yield
$
733
California
579
Connecticut
131
Massachusetts
230
New
Jersey
333
New
York
161
146
Notes
to
Financial
Statements
(continued)
New
Accounting
Pronouncements
and
Rule
Issuances
Reference
Rate
Reform
In
March
2020,
FASB
issued
Accounting
Standards
Update
(“ASU”)
2020-04,
Reference
Rate
Reform:
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
The
main
objective
of
the
new
guidance
is
to
provide
relief
to
companies
that
will
be
impacted
by
the
expected
change
in
benchmark
interest
rates,
when
participating
banks
will
no
longer
be
required
to
submit
London
Interbank
Offered
Rate
(LIBOR)
quotes
by
the
UK
Financial
Conduct
Authority
(FCA).
The
new
guidance
allows
companies
to,
provided
the
only
change
to
existing
contracts
are
a
change
to
an
approved
benchmark
interest
rate,
account
for
modifications
as
a
continuance
of
the
existing
contract
without
additional
analysis.
For
new
and
existing
contracts,
the
Funds
may
elect
to
apply
the
amendments
as
of
March
12,
2020
through
December
31,
2022.
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.
Securities
and
Exchange
Commission
(“SEC”)
Adopts
New
Rules
to
Modernize
Fund
Valuation
Framework
In
December
2020,
the
SEC
voted
to
adopt
a
new
rule
governing
fund
valuation
practices.
New
Rule
2a-5
under
the
1940
Act
establishes
requirements
for
determining
fair
value
in
good
faith
for
purposes
of
the
1940
Act.
Rule
2a-5
will
permit
fund
boards
to
designate
certain
parties
to
perform
fair
value
determinations,
subject
to
board
oversight
and
certain
other
conditions.
Rule
2a-5
also
defines
when
market
quotations
are
“readily
available”
for
purposes
of
Section
2(a)(41)
of
the
1940
Act,
which
requires
a
fund
to
fair
value
a
security
when
market
quotation
are
not
readily
available.
The
SEC
also
adopted
new
Rule
31a-4
under
the
1940
Act,
which
sets
forth
the
recordkeeping
requirements
associated
with
fair
value determinations.
Finally,
the
SEC
is
rescinding
previously
issued
guidance
on
related
issues,
including
the
role
of
a
board
in
determining
fair
value
and
the
accounting
and
auditing
of
fund
investments.
Rule
2a-5
and
Rule
31a-4
became
effective
on
March
8,
2021,
with
a
compliance
date
of
September
8,
2022.
A
fund
may
voluntarily
comply
with
the
rules
after
the
effective
date,
and
in
advance
of
the
compliance
date,
under
certain
conditions.
Management
is
currently
assessing
the
impact
of
these
provisions
on
the
Funds’
financial
statements.
3.
Investment
Valuation
and
Fair
Value
Measurements
The
Funds’
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
A
description
of
the
valuation
techniques
applied
to
the
Funds’
major
classifications
of
assets
and
liabilities
measured
at
fair
value
follows:
Equity
securities
and
exchange-traded
funds
listed
or
traded
on
a
national
market
or
exchange
are
valued
based
on
their
sale
price
at
the
official
close
of
business
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
sale
price
or
official
closing
price
reported
on
the
exchange
where
traded
and
converted
to
U.S.
dollars
at
the
prevailing
rates
of
exchange
on
the
date
of
valuation.
To
the
extent
these
securities
are
actively
traded
and
that
valuation
adjustments
are
not
applied,
they
are
generally
classified
as
Level
1.
If
there
is
no
official
close
of
business,
then
the
latest
available
sale
price
is
utilized.
If
no
sales
are
reported,
then
the
mean
of
the
latest
available
bid
and
ask
prices
is
utilized
and
these
securities
are
generally
classified
as
Level
2.
Prices
of
fixed-income
securities
are
generally
provided
by
an
independent
pricing
service
(“pricing
service”)
approved
by
the
Board.
The
pricing
service
establishes
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,
the
pricing
service
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.
Any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
above
valuation
procedures
are
deemed
not
to
reflect
fair
value
are
valued
at
fair
value,
as
determined
in
good
faith
using
procedures
approved
by
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
would
appear
to
be
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
147
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
of
the
fair
value
hierarchy;
otherwise
they
would
be
classified
as
Level
3.
The
following
table
summarizes
the
market
value
of
the
Funds’
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
The
Funds
hold
liabilities
in
floating
rate
obligations,
which
are
not
reflected
in
the
tables
above.
The
fair
values
of
the
Funds'
liabilities
for
floating
rate
obligations
approximate
their
liquidation
values.
Floating
rate
obligations
are
generally
classified
as
Level
2
and
further
described
in
Note
4
–
Portfolio
Securities
and
Investments
in
Derivatives.
4.
Portfolio
Securities
and
Investments
in
Derivatives
Portfolio
Securities
Inverse
Floating
Rate
Securities
Each
Fund
is
authorized
to
invest
in
inverse
floating
rate
securities.
An
inverse
floating
rate
security
is
created
by
depositing
a
municipal
bond
(referred
to
as
an
“Underlying
Bond”),
typically
with
a
fixed
interest
rate,
into
a
special
purpose
tender
option
bond
(“TOB”)
trust
(referred
to
as
the
“TOB
Trust”)
created
by
or
at
the
direction
of
one
or
more
Funds.
In
turn,
the
TOB
Trust
issues
(a)
floating
rate
certificates
(referred
to
as
“Floaters”),
in
face
amounts
equal
to
some
fraction
of
the
Underlying
Bond’s
par
amount
or
market
value,
and
(b)
an
inverse
floating
rate
certificate
(referred
to
as
an
“Inverse
Floater”)
that
represents
all
remaining
or
residual
interest
in
the
TOB
Trust.
Floaters
typically
pay
short-term
tax-exempt
interest
California
High
Yield
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
1,955,482,152
$
1,338,980
$
1,956,821,132
Common
Stocks
1,622,535
–
–
1,622,535
Investments
in
Derivatives:**
Futures
Contracts
(933,062)
–
–
(933,062)
Total
$
689,473
$
1,955,482,152
$
1,338,980
$
1,957,510,605
California
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
2,311,758,465
$
530,093
$
2,312,288,558
Total
$
–
$
2,311,758,465
$
530,093
$
2,312,288,558
Connecticut
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
281,448,378
$
–
$
281,448,378
Total
$
–
$
281,448,378
$
–
$
281,448,378
Massachusetts
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
704,490,308
$
–
$
704,490,308
Total
$
–
$
704,490,308
$
–
$
704,490,308
New
Jersey
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
438,625,884
$
–
$
438,625,884
Investments
in
Derivatives:**
Futures
Contracts
(41,111)
–
–
(41,111)
Total
$
(41,111)
$
438,625,884
$
–
$
438,584,773
New
York
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
1,252,946,826
$
–
$
1,252,946,826
Total
$
–
$
1,252,946,826
$
–
$
1,252,946,826
*
Refer
to
the
Fund's
Portfolio
of
Investments
for
industry
classifications.
**
Represents
net
unrealized
appreciation
(depreciation).
148
Notes
to
Financial
Statements
(continued)
rates
to
third
parties
who
are
also
provided
a
right
to
tender
their
certificate
and
receive
its
par
value,
which
may
be
paid
from
the
proceeds
of
a
remarketing
of
the
Floaters,
by
a
loan
to
the
TOB
Trust
from
a
third
party
liquidity
provider
(“Liquidity
Provider”),
or
by
the
sale
of
assets
from
the
TOB
Trust.
The
Inverse
Floater
is
issued
to
a
long
term
investor,
such
as
one
or
more
Funds.
The
income
received
by
the
Inverse
Floater
holder
varies
inversely
with
the
short-term
rate
paid
to
holders
of
the
Floaters,
and
in
most
circumstances
the
Inverse
Floater
holder
bears
substantially
all
of
the
Underlying
Bond’s
downside
investment
risk
and
also
benefits
disproportionately
from
any
potential
appreciation
of
the
Underlying
Bond’s
value.
The
value
of
an
Inverse
Floater
will
be
more
volatile
than
that
of
the
Underlying
Bond
because
the
interest
rate
is
dependent
on
not
only
the
fixed
coupon
rate
of
the
Underlying
Bond
but
also
on
the
short-term
interest
paid
on
the
Floaters,
and
because
the
Inverse
Floater
essentially
bears
the
risk
of
loss
(and
possible
gain)
of
the
greater
face
value
of
the
Underlying
Bond.
The
Inverse
Floater
held
by
a
Fund
gives
the
Fund
the
right
to
(a)
cause
the
holders
of
the
Floaters
to
tender
their
certificates
at
par
(or
slightly
more
than
par
in
certain
circumstances),
and
(b)
have
the
trustee
of
the
TOB
Trust
(the
“Trustee”)
transfer
the
Underlying
Bond
held
by
the
TOB
Trust
to
the
Fund,
thereby
collapsing
the
TOB
Trust.
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.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
Floaters
issued
by
each
Fund’s
TOB
Trust
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
was
as
follows:
During
the
current
fiscal
period,
the
average
amount
of
Floaters
(including
any
borrowings
from
a
Liquidity
Provider)
outstanding,
and
the
average
annual
interest
rates
and
fees
related
to
self-deposited
Inverse
Floaters,
were
as
follows:
Fund
Floating
Rate
Obligations:
Self-
Deposited
Inverse
Floaters
Floating
Rate
Obligations:
Externally-
Deposited
Inverse
Floaters
Total
California
High
Yield
$
456,954,000
$
87,455,000
$
544,409,000
California
—
—
—
Connecticut
1,570,000
—
1,570,000
Massachusetts
—
—
—
New
Jersey
7,590,000
—
7,590,000
New
York
—
—
—
149
TOB
Trusts
are
supported
by
a
liquidity
facility
provided
by
a
Liquidity
Provider
pursuant
to
which
the
Liquidity
Provider
agrees,
in
the
event
that
Floaters
are
(a)
tendered
to
the
Trustee
for
remarketing
and
the
remarketing
does
not
occur,
or
(b)
subject
to
mandatory
tender
pursuant
to
the
terms
of
the
TOB
Trust
agreement,
to
either
purchase
Floaters
or
to
provide
the
Trustee
with
an
advance
from
a
loan
facility
to
fund
the
purchase
of
Floaters
by
the
TOB
Trust.
In
certain
circumstances,
the
Liquidity
Provider
may
otherwise
elect
to
have
the
Trustee
sell
the
Underlying
Bond
to
retire
the
Floaters
that
were
tendered
and
not
remarketed
prior
to
providing
such
a
loan.
In
these
circumstances,
the
Liquidity
Provider
remains
obligated
to
provide
a
loan
to
the
extent
that
the
proceeds
of
the
sale
of
the
Underlying
Bond
are
not
sufficient
to
pay
the
purchase
price
of
the
Floaters.
The
size
of
the
commitment
under
the
loan
facility
for
a
given
TOB
Trust
is
at
least
equal
to
the
balance
of
that
TOB
Trust’s
outstanding
Floaters
plus
any
accrued
interest.
In
consideration
of
the
loan
facility,
fee
schedules
are
in
place
and
are
charged
by
the
Liquidity
Provider(s).
Any
loans
made
by
the
Liquidity
Provider
will
be
secured
by
the
purchased
Floaters
held
by
the
TOB
Trust.
Interest
paid
on
any
outstanding
loan
balances
will
be
effectively
borne
by
the
Fund
that
owns
the
Inverse
Floaters
of
the
TOB
Trust
that
has
incurred
the
borrowing
and
may
be
at
a
rate
that
is
greater
than
the
rate
that
would
have
been
paid
had
the
Floaters
been
successfully
remarketed.
As
described
above,
any
amounts
outstanding
under
a
liquidity
facility
are
recognized
as
a
component
of
“Floating
rate
obligations”
on
the
Statement
of
Assets
and
Liabilities
by
the
Fund
holding
the
corresponding
Inverse
Floaters
issued
by
the
borrowing
TOB
Trust.
As
of
the
end
of
the
reporting
period,
there
were
no
loans
outstanding
under
such
facilities.
Each
Fund
may
also
enter
into
shortfall
and
forbearance
agreements
(sometimes
referred
to
as
a
“recourse
arrangement”)
(TOB
Trusts
involving
such
agreements
are
referred
to
herein
as
“Recourse
Trusts”),
under
which
a
Fund
agrees
to
reimburse
the
Liquidity
Provider
for
the
Trust’s
Floaters,
in
certain
circumstances,
for
the
amount
(if
any)
by
which
the
liquidation
value
of
the
Underlying
Bond
held
by
the
TOB
Trust
may
fall
short
of
the
sum
of
the
liquidation
value
of
the
Floaters
issued
by
the
TOB
Trust
plus
any
amounts
borrowed
by
the
TOB
Trust
from
the
Liquidity
Provider,
plus
any
shortfalls
in
interest
cash
flows.
Under
these
agreements,
a
Fund’s
potential
exposure
to
losses
related
to
or
on
an
Inverse
Floater
may
increase
beyond
the
value
of
the
Inverse
Floater
as
a
Fund
may
potentially
be
liable
to
fulfill
all
amounts
owed
to
holders
of
the
Floaters
or
the
Liquidity
Provider.
Any
such
shortfall
amount
in
the
aggregate
is
recognized
as
“Unrealized
depreciation
on
Recourse
Trusts”
on
the
Statement
of
Assets
and
Liabilities.
As
of
the
end
of
the
reporting
period,
the
Funds
maximum
exposure
to
the
Floaters
issued
by
Recourse
Trusts
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
was
as
follows:
Zero
Coupon
Securities
A
zero
coupon
security
does
not
pay
a
regular
interest
coupon
to
its
holders
during
the
life
of
the
security.
Income
to
the
holder
of
the
security
comes
from
accretion
of
the
difference
between
the
original
purchase
price
of
the
security
at
issuance
and
the
par
value
of
the
security
at
maturity
and
is
effectively
paid
at
maturity.
The
market
prices
of
zero
coupon
securities
generally
are
more
volatile
than
the
market
prices
of
securities
that
pay
interest
periodically.
Fund
Average
Floating
Rate
Obligations
Outstanding
Average
Annual
Interest
Rate
And
Fees
California
High
Yield
$
421,749,778
0.56
%
California
—
—
Connecticut
1,570,000
0.51
Massachusetts
—
—
New
Jersey
7,590,000
0.51
New
York
—
—
Fund
Maximum
Exposure
to
Recourse
Trusts:
Self-Deposited
Inverse
Floaters
Maximum
Exposure
to
Recourse
Trusts:
Externally-
Deposited
Inverse
Floaters
Total
California
High
Yield
$
456,954,000
$
87,455,000
$
544,409,000
California
—
—
—
Connecticut
1,570,000
—
1,570,000
Massachusetts
—
—
—
New
Jersey
7,590,000
—
7,590,000
New
York
—
—
—
150
Notes
to
Financial
Statements
(continued)
Investment
Transactions
Long-term
purchases
and
sales
(including
maturities
but
excluding
derivative
transactions,
where
applicable)
during
the
current fiscal
period
were
as
follows:
The
Funds
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis.
Securities
purchased
on
a
when-issued
or
delayed-delivery
basis
may
have
extended
settlement
periods;
interest
income
is
not
accrued
until
settlement
date.
Any
securities
so
purchased
are
subject
to
market
fluctuation
during
this
period.
The
Funds
have
earmarked
securities
in
their
portfolios
with
a
current
value
at
least
equal
to
the
amount
of
the
when-issued/
delayed
delivery
purchase
commitments.
If
a
Fund
has
outstanding
when-issued/delayed-delivery
purchases
commitments
as
of
the
end
of
the
reporting
period,
such
amounts
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
Investments
in
Derivatives
In
addition
to
the
inverse
floating
rate
securities
in
which each
Fund
may
invest,
which
are
considered
portfolio
securities
for
financial
reporting
purposes, each
Fund
is
authorized
to
invest
in
certain
other
derivative
instruments.
The
Funds
record
derivative
instruments
at
fair
value,
with
changes
in
fair
value
recognized
on
the
Statement
of
Operations,
where
applicable.
Even
though
the
Funds'
investments
in
derivatives
may
represent
economic
hedges,
they
are
not
considered
to
be
hedge
transactions
for
financial
reporting
purposes.
Futures
Contracts
Upon
execution
of
a
futures
contract,
a
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.
Cash
held
by
the
broker
to
cover
initial
margin
requirements
on
open
futures
contracts,
if
any,
is
recognized
as
“Cash
collateral
at
brokers
for
investments
in
futures
contracts”
on
the
Statement
of
Assets
and
Liabilities.
Investments
in
futures
contracts
obligate
a
Fund
and
the
clearing
broker
to
settle
monies
on
a
daily
basis
representing
changes
in
the
prior
days
“mark-to-market”
of
the
open
contracts.
If
a
Fund
has
unrealized
appreciation
the
clearing
broker
would
credit
the
Fund’s
account
with
an
amount
equal
to
appreciation
and
conversely
if
a
Fund
has
unrealized
depreciation
the
clearing
broker
would
debit
the
Fund’s
account
with
an
amount
equal
to
depreciation.
These
daily
cash
settlements
are
also
known
as
“variation
margin.”
Variation
margin
is
recognized
as
a
receivable
and/or
payable
for
“Variation
margin
on
futures
contracts”
on
the
Statement
of
Assets
and
Liabilities.
During
the
period
the
futures
contract
is
open,
changes
in
the
value
of
the
contract
are
recognized
as
an
unrealized
gain
or
loss
by
“marking-to-
market”
on
a
daily
basis
to
reflect
the
changes
in
market
value
of
the
contract,
which
is
recognized
as
a
component
of
“Change
in
net
unrealized
appreciation
(depreciation)
of
futures
contracts”
on
the
Statement
of
Operations.
When
the
contract
is
closed
or
expired,
a
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,
which
is
recognized
as
a
component
of
“Net
realized
gain
(loss)
from
futures
contracts”
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.
During
the
current
fiscal
period,
California
High
Yield
and
New
Jersey
used
U.S.
Treasury
futures
as
part
of
an
overall
portfolio
construction
strategy
to
manage
portfolio
duration
and
yield
curve
exposure.
The
average
notional
amount
of
futures
contracts
outstanding
during
the
current
fiscal
period
was
as
follows:
The
following
table
presents
the
fair
value
of
all
futures
contracts
held
by
the
Funds
as
of
the
end
of
the
reporting
period,
the
location
of
these
instruments
of
the
Statement
of
Assets
and
Liabilities
and
the
primary
underlying
risk
exposure.
Fund
Purchases
Sales
and
maturities
California
High
Yield
$
502,031,822
$
213,610,264
California
717,702,858
658,783,829
Connecticut
72,018,243
48,455,572
Massachusetts
154,294,706
62,167,562
New
Jersey
67,160,533
44,926,341
New
York
241,745,344
155,072,125
Fund
Average
Notional
Amount
of
Futures
Contracts
Outstanding*
California
High
Yield
$97,677,932
New
Jersey
$
4,067,785
*
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.
151
The
following
table
presents
the
amount
of
net
realized
gain
(loss)
and
change
in
net
unrealized
appreciation
(depreciation)
recognized
on
futures
contracts
on
the
Statement
of
Operations
during
the
current
fiscal
period,
and
the
primary
underlying
risk
exposure.
Market
and
Counterparty
Credit
Risk
In
the
normal
course
of
business
each
Fund
may
invest
in
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk)
or
failure
of
the
other
party
to
the
transaction
to
perform
(counterparty
credit
risk).
The
potential
loss
could
exceed
the
value
of
the
financial
assets
recorded
on
the
financial
statements.
Financial
assets,
which
potentially
expose
each
Fund
to
counterparty
credit
risk,
consist
principally
of
cash
due
from
counterparties
on
forward,
option
and
swap
transactions,
when
applicable.
The
extent
of
each
Fund’s
exposure
to
counterparty
credit
risk
in
respect
to
these
financial
assets
approximates
their
carrying
value
as
recorded
on
the
Statement
of
Assets
and
Liabilities.
Each
Fund
helps
manage
counterparty
credit
risk
by
entering
into
agreements
only
with
counterparties
the
Adviser
believes
have
the
financial
resources
to
honor
their
obligations
and
by
having
the
Adviser
monitor
the
financial
stability
of
the
counterparties.
Additionally,
counterparties
may
be
required
to
pledge
collateral
daily
(based
on
the
daily
valuation
of
the
financial
asset)
on
behalf
of
each
Fund
with
a
value
approximately
equal
to
the
amount
of
any
unrealized
gain
above
a
pre-determined
threshold.
Reciprocally,
when
each
Fund
has
an
unrealized
loss,
the
Funds
have
instructed
the
custodian
to
pledge
assets
of
the
Funds
as
collateral
with
a
value
approximately
equal
to
the
amount
of
the
unrealized
loss
above
a
pre-determined
threshold.
Collateral
pledges
are
monitored
and
subsequently
adjusted
if
and
when
the
valuations
fluctuate,
either
up
or
down,
by
at
least
the
predetermined
threshold
amount.
Location
on
the
Statement
of
Assets
and
Liabilities
Underlying
Derivative
Asset
Derivatives
(Liability)
Derivatives
Risk
Exposure
Instrument
Location
Value
Location
Value
California
High
Yield
Interest
rate
Futures
contracts
-
-
Payable
for
variation
margin
on
futures
contracts*
$(933,062)
New
Jersey
Interest
rate
Futures
contracts
-
-
Payable
for
variation
margin
on
futures
contracts*
$(41,111)
*
Value
represents
the
cumulative
unrealized
appreciation
(depreciation)
of
futures
contracts
as
reported
in
the
Fund’s
Portfolio
of
Investments
and
not
the
asset
and/or
liability
derivatives
location
as
described
in
the
table
above.
Fund
Underlying
Risk
Exposure
Derivative
Instrument
Net
Realized
Gain
(Loss)
from
Futures
Contracts
Change
in
Net
Unrealized
Appreciation
(Depreciation)
of
Futures
Contracts
California
High
Yield
Interest
rate
Future
contracts
$4,382,926
$(1,914,860)
New
Jersey
Interest
rate
Future
contracts
$76,263
$(86,372)
152
Notes
to
Financial
Statements
(continued)
5.
Fund
Shares
Transactions
in
Fund
shares
during
the
current
and
prior
fiscal
period
were
as
follows:
Year
Ended
2/28/22
Year
Ended
2/28/21
California
High
Yield
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
26,449,587
$276,579,887
24,145,143
$239,147,167
Class
A
-
automatic
conversion
of
Class
C2
Shares
17,291
177,753
—
—
Class
C
908,078
9,475,810
1,113,568
11,032,642
Class
C2
(1)
—
—
2,089
20,618
Class
I
33,750,325
350,867,075
27,696,086
273,264,753
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
2,408,250
24,979,637
1,989,102
19,801,432
Class
C
184,194
1,910,060
193,733
1,925,846
Class
C2
(1)
1,670
17,251
38,075
376,317
Class
I
2,314,890
24,002,011
1,933,819
19,253,352
66,034,285
688,009,484
57,111,615
564,822,127
Shares
redeemed:
Class
A
(17,529,564)
(182,186,532)
(25,788,663)
(251,044,194)
Class
C
(1,547,921)
(16,067,920)
(2,511,075)
(24,609,172)
Class
C2
(1)
(859,723)
(8,815,028)
(961,766)
(9,528,503)
Class
C2
-
automatic
conversion
to
Class
A
Shares
(17,291)
(177,753)
—
—
Class
I
(26,102,307)
(268,325,528)
(35,360,631)
(342,839,061)
(46,056,806)
(475,572,761)
(64,622,135)
(628,020,930)
Net
increase
(decrease)
19,977,479
$212,436,723
(7,510,520)
$(63,198,803)
(1)
Class
C2
Shares
were
converted
to
Class
A
Shares
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
Year
Ended
2/28/22
Year
Ended
2/28/21
California
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
25,579,428
$296,215,636
32,736,266
$377,524,319
Class
A
-
automatic
conversion
of
Class
C2
Shares
43,517
508,429
787
9,058
Class
C
378,468
4,386,579
1,233,064
13,937,564
Class
C2
(1)
—
1
4,716
54,015
Class
I
29,427,092
342,275,181
41,754,156
479,043,432
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
1,643,892
19,051,576
1,472,727
16,922,840
Class
C
76,128
878,962
99,536
1,137,192
Class
C2
(1)
1,341
15,559
19,315
220,948
Class
I
2,117,688
24,565,764
2,007,844
23,089,184
59,267,554
687,897,687
79,328,411
911,938,552
Shares
redeemed:
Class
A
(30,351,457)
(348,242,547)
(17,006,674)
(192,807,046)
Class
C
(1,341,956)
(15,511,060)
(1,980,803)
(22,403,017)
Class
C2
(1)
(735,687)
(8,512,592)
(882,641)
(10,179,885)
Class
C2
-
automatic
conversion
to
Class
A
Shares
(43,627)
(508,429)
(788)
(9,058)
Class
I
(25,813,815)
(298,167,205)
(21,657,452)
(246,001,247)
(58,286,542)
(670,941,833)
(41,528,358)
(471,400,253)
Net
increase
(decrease)
981,012
$16,955,854
37,800,053
$440,538,299
(1)
Class
C2
Shares
were
converted
to
Class
A
Shares
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
153
Year
Ended
2/28/22
Year
Ended
2/28/21
Connecticut
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
2,084,955
$22,588,863
1,634,351
$17,564,735
Class
A
-
automatic
conversion
of
Class
C2
Shares
29,628
318,798
27,216
293,334
Class
C
74,029
802,476
187,612
2,002,748
Class
C2
(1)
—
—
646
6,789
Class
I
3,098,084
33,582,752
2,619,041
28,030,329
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
275,068
2,966,481
325,126
3,473,778
Class
C
6,895
74,223
10,610
113,148
Class
C2
(1)
348
3,755
6,630
70,663
Class
I
225,686
2,438,427
231,394
2,480,034
5,794,693
62,775,775
5,042,626
54,035,558
Shares
redeemed:
Class
A
(2,218,225)
(23,871,438)
(1,521,464)
(16,244,320)
Class
C
(179,777)
(1,938,394)
(138,763)
(1,479,124)
Class
C2
(1)
(183,807)
(1,983,397)
(399,600)
(4,286,502)
Class
C2
-
automatic
conversion
to
Class
A
Shares
(29,654)
(318,798)
(27,216)
(293,334)
Class
I
(1,373,107)
(14,772,337)
(1,560,648)
(16,578,320)
(3,984,570)
(42,884,364)
(3,647,691)
(38,881,600)
Net
increase
(decrease)
1,810,123
$19,891,411
1,394,935
$15,153,958
(1)
Class
C2
Shares
were
converted
to
Class
A
Shares
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
Year
Ended
2/28/22
Year
Ended
2/28/21
Massachusetts
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
7,343,514
$77,126,696
13,464,345
$139,994,558
Class
A
-
automatic
conversion
of
Class
C
Shares
42
435
—
—
Class
A
-
automatic
conversion
of
Class
C2
Shares
3,615
37,857
2,416
25,166
Class
C
115,049
1,202,493
241,685
2,480,295
Class
C2
(1)
—
—
556
5,602
Class
I
12,770,549
134,607,407
10,874,082
113,089,082
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
458,460
4,823,252
452,962
4,695,841
Class
C
7,267
75,809
10,321
105,935
Class
C2
(1)
172
1,799
3,767
38,648
Class
I
687,391
7,228,214
688,873
7,134,302
21,386,059
225,103,962
25,739,007
267,569,429
Shares
redeemed:
Class
A
(9,161,978)
(95,609,282)
(6,347,794)
(65,024,620)
Class
C
(141,432)
(1,474,751)
(132,403)
(1,345,806)
Class
C
-
automatic
conversion
to
Class
A
Shares
(43)
(435)
—
—
Class
C2
(1)
(177,274)
(1,845,559)
(267,901)
(2,762,344)
Class
C2
-
automatic
conversion
to
Class
A
Shares
(3,636)
(37,857)
(2,433)
(25,166)
Class
I
(6,598,478)
(69,005,513)
(7,145,658)
(72,913,277)
(16,082,841)
(167,973,397)
(13,896,189)
(142,071,213)
Net
increase
(decrease)
5,303,218
$57,130,565
11,842,818
$125,498,216
(1)
Class
C2
Shares
were
converted
to
Class
A
Shares
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
154
Notes
to
Financial
Statements
(continued)
6.
Income
Tax
Information
Each
Fund
is
a
separate
taxpayer
for
federal
income
tax
purposes.
Each
Fund
intends
to
distribute
substantially
all
of
its
net
investment
income
and
net
capital
gains
to
shareholders
and
otherwise
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies.
Therefore,
no
federal
income
tax
provision
is
required.
Each
Fund
intends
to
satisfy
conditions
that
will
enable
interest
from
municipal
securities,
which
is
exempt
from
regular
federal
and
designated
state
income
taxes,
to
retain
such
tax-exempt
status
when
distributed
to
shareholders
of
the
Funds.
Net
realized
capital
gains
and
ordinary
income
distributions
paid
by
the
Funds
are
subject
to
federal
taxation.
Year
Ended
2/28/22
Year
Ended
2/28/21
New
Jersey
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
2,701,639
$31,790,602
3,812,398
$43,865,330
Class
A
-
automatic
conversion
of
Class
C2
Shares
21,218
249,101
949
10,553
Class
C
188,828
2,209,000
198,367
2,289,663
Class
C2
(1)
—
—
13,898
159,451
Class
I
4,494,304
53,117,893
4,428,875
51,237,876
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
369,466
4,337,456
409,138
4,721,108
Class
C
16,674
194,837
20,659
237,260
Class
C2
(1)
413
4,851
9,547
109,483
Class
I
399,111
4,702,660
388,688
4,505,397
8,191,653
96,606,400
9,282,519
107,136,121
Shares
redeemed:
Class
A
(2,737,773)
(32,098,562)
(4,645,683)
(53,270,845)
Class
C
(250,545)
(2,937,936)
(372,055)
(4,275,541)
Class
C2
(1)
(341,482)
(3,994,290)
(596,212)
(6,870,050)
Class
C2
-
automatic
conversion
to
Class
A
Shares
(21,291)
(249,101)
(952)
(10,553)
Class
I
(3,201,997)
(37,684,459)
(3,582,063)
(41,306,648)
(6,553,088)
(76,964,348)
(9,196,965)
(105,733,637)
Net
increase
(decrease)
1,638,565
$19,642,052
85,554
$1,402,484
(1)
Class
C2
Shares
were
converted
to
Class
A
Shares
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
Year
Ended
2/28/22
Year
Ended
2/28/21
New
York
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
6,515,721
$73,597,494
9,768,654
$108,296,365
Class
A
-
automatic
conversion
of
Class
C2
Shares
40,276
451,904
28,168
306,433
Class
C
347,369
3,925,724
609,037
6,762,764
Class
C2
(1)
27
303
12,769
139,343
Class
I
13,676,715
154,477,559
12,740,865
140,665,323
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
974,412
10,977,777
1,054,970
11,644,273
Class
C
53,735
604,798
67,398
742,654
Class
C2
(1)
483
5,426
16,948
186,386
Class
I
1,362,764
15,363,130
1,323,108
14,624,581
22,971,502
259,404,115
25,621,917
283,368,122
Shares
redeemed:
Class
A
(6,978,998)
(78,332,161)
(10,878,566)
(118,668,780)
Class
C
(596,176)
(6,730,222)
(1,204,784)
(13,279,925)
Class
C2
(1)
(515,181)
(5,768,382)
(810,173)
(8,947,936)
Class
C2
-
automatic
conversion
to
Class
A
Shares
(40,312)
(451,904)
(28,194)
(306,433)
Class
I
(9,495,142)
(106,592,635)
(11,709,304)
(128,735,153)
(17,625,809)
(197,875,304)
(24,631,021)
(269,938,227)
Net
increase
(decrease)
5,345,693
$61,528,811
990,896
$13,429,895
(1)
Class
C2
Shares
were
converted
to
Class
A
Shares
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
155
Each
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund's
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
each
Fund's
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund's
financial
statements.
Differences
between
amounts
for
financial
statement
and
federal
income
tax
purposes
are
primarily
due
to
timing
differences
in
recognizing
gains
and
losses
on
investment
transactions.
Temporary
differences
do
not
require
reclassification.
As
of
year
end,
permanent
differences
that
resulted
in
reclassifications
among
the
components
of
net
assets
relate
primarily
to
paydowns
and
taxable
market
discount.
Temporary
and
permanent
differences
have
no
impact
on
a
Fund's
net
assets.
As
of
year
end,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
was
as
follows:
For
purposes
of
this
disclosure,
tax
cost
generally
includes
the
cost
of
portfolio
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
year
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
The
tax
character
of
distributions
paid
were
as
follows:
As
of
year
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
California
High
Yield
$
1,445,619,415
$
100,594,942
$
(45,655,006)
$
54,939,936
California
2,234,799,403
100,490,244
(23,001,089)
77,489,155
Connecticut
274,035,876
9,469,240
(3,626,726)
5,842,514
Massachusetts
689,899,032
23,354,803
(8,763,527)
14,591,276
New
Jersey
418,666,287
17,301,999
(4,973,452)
12,328,547
New
York
1,200,664,690
62,190,925
(9,908,789)
52,282,136
Fund
Undistributed
Tax-Exempt
Income
(1)
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Unrealized
Appreciation
(Depreciation)
Capital
Loss
Carryforwards
Late-Year
Loss
Deferrals
Other
Book-to-Tax
Differences
Total
California
High
Yield
$
5,824,218
$
111,311
$
—
$
54,939,937
$
(36,927,483)
$
—
$
(5,007,772)
$
18,940,211
California
4,597,299
7,821
—
77,489,155
(46,814,146)
—
(4,643,120)
30,637,009
Connecticut
327,022
—
—
5,842,514
(4,596,196)
—
(529,661)
1,043,679
Massachusetts
735,571
—
—
14,591,276
(12,330,889)
—
(1,134,644)
1,861,314
New
Jersey
607,146
101
—
12,328,546
(575,585)
—
(872,514)
11,487,694
New
York
1,393,465
157,422
—
52,282,136
(40,390,628)
—
(2,724,175)
10,718,220
(1)
Undistributed
tax-exempt
income
(on
a
tax
basis)
has
not
been
reduced
for
the
dividend
declared
during
the
period
February
1,
2022
through
February
28,
2022
and
paid
on
March
1,
2022.
February
28,
2022
February
28,
2021
Fund
Tax-Exempt
Income
(1)
Ordinary
Income
Long-Term
Capital
Gains
Tax-Exempt
Income
Ordinary
Income
Long-Term
Capital
Gains
California
High
Yield
$
57,810,486
$
826,497
$
—
$
47,924,179
$
571,999
$
—
California
57,328,524
249,026
—
53,612,763
81,081
—
Connecticut
6,596,258
6,334
—
7,351,081
141,236
—
Massachusetts
13,487,121
6,395
—
13,443,958
43,853
—
New
Jersey
10,620,089
257
—
11,134,439
82
—
New
York
34,017,586
63,473
—
34,340,383
21,256
—
(1)
Each
Fund
designates
these
amounts
paid
during
the
period
as
Exempt
Interest
Dividends.
156
Notes
to
Financial
Statements
(continued)
As
of
year
end,
the
Funds
utilized
the
following
capital
loss
carryforwards:
7.
Management
Fees
and
Other
Transactions
with
Affiliates
Management
Fees
Each
Fund’s
management
fee
compensates
the
Adviser
for
the
overall
investment
advisory
and
administrative
services
and
general
office
facilities.
The
Sub-Adviser
is
compensated
for
its
services
to
the
Funds
from
the
management
fees
paid
to
the
Adviser.
Each
Fund’s
management
fee
consists
of
two
components
–
a
fund-level
fee,
based
only
on
the
amount
of
assets
within
each
individual
Fund,
and
a
complex-level
fee,
based
on
the
aggregate
amount
of
all
eligible
fund
assets
managed
by
the
Adviser.
This
pricing
structure
enables
each
Fund’s
shareholders
to
benefit
from
growth
in
the
assets
within
their
respective
Fund
as
well
as
from
growth
in
the
amount
of
complex-wide
assets
managed
by
the
Adviser.
The
annual
fund-level
fee,
payable
monthly,
for
each
Fund
was
calculated
according
to
the
following
schedule:
Fund
Short-Term
Long-Term
Total
California
High
Yield
$
36,754,748
$
172,735
$
36,927,483
California
45,431,448
1,382,698
46,814,146
Connecticut
4,596,196
—
4,596,196
Massachusetts
5,824,201
6,506,688
12,330,889
New
Jersey
307,204
268,381
575,585
New
York
36,060,981
4,329,647
40,390,628
Fund
Utilized
California
High
Yield
$
8,632,885
California
—
Connecticut
—
Massachusetts
—
New
Jersey
78,114
New
York
—
Average
Daily
Net
Assets
California
High
Yield
California
Connecticut
Massachusetts
New
Jersey
New
York
For
the
first
$125
million
0.4000
%
0.3500
%
0.3500
%
0.3500
%
0.3500
%
0.3500
%
For
the
next
$125
million
0.3875
0.3375
0.3375
0.3375
0.3375
0.3375
For
the
next
$250
million
0.3750
0.3250
0.3250
0.3250
0.3250
0.3250
For
the
next
$500
million
0.3625
0.3125
0.3125
0.3125
0.3125
0.3125
For
the
next
$1
billion
0.3500
0.3000
0.3000
0.3000
0.3000
0.3000
For
the
next
$3
billion
-
0.2750
0.2750
0.2750
0.2750
0.2750
For
the
next
$8
billion
0.3250
-
-
-
-
-
For
the
next
$5
billion
0.3150
0.2500
0.2500
0.2500
0.2500
0.2500
For
the
next
$5
billion
0.3000
-
-
-
-
-
For
net
assets
over
$10
billion
-
0.2375
0.2375
0.2375
0.2375
0.2375
For
net
assets
over
$20
billion
0.2875
-
-
-
-
-
157
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
February
28,
2022,
the
complex-level
fee
rate
for
each
Fund
was
as
follows:
The
Adviser
has
agreed
to
waive
fees
and/or
reimburse
expenses
(“Expense
Cap”)
of
the
following
Funds
so
that
the
total
annual
Fund
operating
expenses
(excluding
12b-1
distribution
and/or
service
fees,
interest
expenses,
taxes,
acquired
fund
fees
and
expenses,
fees
incurred
in
acquiring
and
disposing
of
portfolio
securities
and
extraordinary
expenses)
do
not
exceed
the
average
daily
net
assets
of
any
class
of
Fund
shares
in
the
amounts
and
for
the
time
periods
stated
in
the
following
table:
Distribution
and
Service
Fees
The
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
C2
Shares
incurred
a
0.55%
annual
12b-1
distribution
fee
and
a
0.20%
annual
12-1
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
Fund
and
establishing
and
maintaining
shareholder
accounts.
Complex-Level
Eligible
Asset
Breakpoint
Level*
Effective
Complex-Level
Fee
Rate
at
Breakpoint
Level
$55
billion
0.2000
%
$56
billion
0.1996
$57
billion
0.1989
$60
billion
0.1961
$63
billion
0.1931
$66
billion
0.1900
$71
billion
0.1851
$76
billion
0.1806
$80
billion
0.1773
$91
billion
0.1691
$125
billion
0.1599
$200
billion
0.1505
$250
billion
0.1469
$300
billion
0.1445
Fund
Complex-Level
Fee
California
High
Yield
0
.1540%
California
0
.1557%
Connecticut
0
.1540%
Massachusetts
0
.1540%
New
Jersey
0
.1540%
New
York
0
.1540%
Fund
Temporary
Expense
Cap
Temporary
Expense
Cap
Expiration
Date
Permanent
Expense
Cap
California
High
Yield
N/A
N/A
1.00%
California
N/A
N/A
0.75%
Massachusetts
N/A
N/A
0.75%
New
York
N/A
N/A
0.75%
N/A
-
Not
Applicable.
158
Notes
to
Financial
Statements
(continued)
Other
Transactions
with
Affiliates
Each
Fund
is
permitted
to
purchase
or
sell
securities
from
or
to
certain
other
funds
or
accounts
managed
by
the
Sub-Adviser
(“Affiliated
Entity”)
under
specified
conditions
outlined
in
procedures
adopted
by
the
Board
("cross-trade").
These
procedures
have
been
designed
to
ensure
that
any
cross-trade
of
securities
by
the
Fund
from
or
to
an
Affiliated
Entity
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
adviser),
common
officer
and/or
common
trustee
complies
with
Rule
17a-7
under
the
1940
Act.
These
transactions
are
effected
at
the
current
market
price
(as
provided
by
an
independent
pricing
service)
without
incurring
broker
commissions.
During
the
current
fiscal
period,
the
Funds
engaged
in
cross-trades
pursuant
to
these
procedures
as
follows:
During
the
current
fiscal
period,
the
Distributor,
collected
sales
charges
on
purchases
of
Class
A
Shares,
the
majority
of
which
were
paid
out
as
concessions
to
financial
intermediaries
as
follows:
The
Distributor
also
received
12b-1
service
fees
on
Class
A
Shares,
substantially
all
of
which
were
paid
to
compensate
financial
intermediaries
for
providing
services
to
shareholders
relating
to
their
investments.
During
the
current
fiscal
period,
the
Distributor
compensated
financial
intermediaries
directly
with
commission
advances
at
the
time
of
purchase
as
follows:
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:
Fund
Purchases
Sales
Realized
Gain
(Loss)
California
High
Yield
$
15,278,150
$
—
$
—
California
21,442,950
17,748,585
(520,588)
Connecticut
2,796,175
3,371,850
(188,922)
Massachusetts
8,459,625
6,050,259
(253,822)
New
Jersey
—
1,042,278
28
New
York
32,404,987
32,252,063
(1,378,825)
Fund
Sales
Charges
Collected
(Unaudited)
Paid
to
Financial
Intermediaries
(Unaudited)
California
High
Yield
$
1,609,098
$
1,581,318
California
817,118
806,288
Connecticut
171,634
167,137
Massachusetts
150,223
145,857
New
Jersey
188,251
183,390
New
York
557,790
544,493
Fund
Commission
Advances
(Unaudited)
California
High
Yield
$
1,488,677
California
778,728
Connecticut
144,282
Massachusetts
129,206
New
Jersey
173,201
New
York
497,081
159
The
remaining
12b-1
fees
charged
to
each
Fund
were
paid
to
compensate
financial
intermediaries
for
providing
services
to
shareholders
relating
to
their
investments.
The
Distributor
also
collected
and
retained
CDSC
on
share
redemptions
during
the
current
fiscal
period,
as
follows:
8.
Commitments
and
Contingencies
In
the
normal
course
of
business,
each
Fund
enters
into
a
variety
of
agreements
that
may
expose
the
Funds
to
some
risk
of
loss.
These
could
include
recourse
arrangements
for
certain
TOB
Trusts,
which
are
described
elsewhere
in
these
Notes
to
Financial
Statements.
The
risk
of
future
loss
arising
from
such
agreements,
while
not
quantifiable,
is
expected
to
be
remote.
As
of
the
end
of
the
reporting
period,
the
Funds
did
not
have
any
unfunded
commitments.
From
time
to
time,
the
Funds
may
be
a
party
to
certain
legal
proceedings
in
the
ordinary
course
of
business,
including
proceedings
relating
to
the
enforcement
of
the
Funds’
rights
under
contracts.
As
of
the
end
of
the
reporting
period,
the
Funds
are
not
subject
to
any
material
legal
proceedings.
9.
Borrowing
Arrangements
Committed
Line
of
Credit
The
Funds,
along
with
certain
other
funds
managed
by
the
Adviser
(“Participating
Funds”),
have
established
a
364-day,
$2.635
billion
standby
credit
facility
with
a
group
of
lenders,
under
which
the
Participating
Funds
may
borrow
for
temporary
purposes
(other
than
on-going
leveraging
for
investment
purposes).
Each
Participating
Fund
is
allocated
a
designated
proportion
of
the
facility’s
capacity
(and
its
associated
costs,
as
described
below)
based
upon
a
multi-factor
assessment
of
the
likelihood
and
frequency
of
its
need
to
draw
on
the
facility,
the
size
of
the
Fund
and
its
anticipated
draws,
and
the
potential
importance
of
such
draws
to
the
operations
and
well
being
of
the
Fund,
relative
to
those
of
the
other
Funds.
A
Fund
may
effect
draws
on
the
facility
in
excess
of
its
designated
capacity
if
and
to
the
extent
that
other
Participating
Funds
have
undrawn
capacity.
The
credit
facility
expires
in
June
2022
unless
extended
or
renewed.
The
credit
facility
has
the
following
terms:
0.15%
per
annum
on
unused
commitment
amounts
and
a
drawn
interest
rate
equal
to
the
higher
of
(a)
OBFR
(Overnight
Bank
Funding
Rate)
plus
1.20%
per
annum
or
(b)
the
Fed
Funds
Effective
Rate
plus
1.20%
per
annum
on
amounts
borrowed.
Prior
to
June
23,
2021,
the
drawn
interest
rate
was
equal
to
the
higher
of
(a)
one-month
LIBOR
(London
Inter-Bank
Offered
Rate)
plus
1.25%
per
annum
or
(b)
the
Fed
Funds
rate
plus
1.25%
per
annum
on
amounts
borrowed. The
Participating
Funds
also
incurred
a
0.05%
upfront
fee
on
the
increase
of
the
$230
million
commitment
amount
during
the
reporting
period. Interest
expense
incurred
by
the
Participating
Funds,
when
applicable,
is
recognized
as
a
component
of
“Interest
expense”
on
the
Statement
of
Operations.
Participating
Funds
paid
administration,
legal
and
arrangement
fees,
which
are
recognized
as
a
component
of
“Interest
expense”
on
the
Statement
of
Operations,
and
along
with
commitment
fees,
have
been
allocated
among
such
Participating
Funds
based
upon
the
relative
proportions
of
the
facility’s
aggregate
capacity
reserved
for
them
and
other
factors
deemed
relevant
by
the
Adviser
and
the
Board
of
each
Participating
Fund.
Fund
12b-1
Fees
Retained
(Unaudited)
California
High
Yield
$
109,510
California
59,977
Connecticut
13,094
Massachusetts
16,504
New
Jersey
21,757
New
York
52,103
Fund
CDSC
Retained
(Unaudited)
California
High
Yield
$
127,624
California
116,209
Connecticut
14,525
Massachusetts
989
New
Jersey
4,756
New
York
59,280
160
Notes
to
Financial
Statements
(continued)
During
each
Fund’s
utilization
period(s)
during
the
current
fiscal
period,
the
average
daily
balance
outstanding
and
average
annual
interest
rate
on
the
Borrowings
were
as
follows:
Borrowings
outstanding
as
of
the
end
of
the
reporting
period,
if
any,
are
recognized
as
“Borrowings”
on
the
Statement
of
Assets
and
Liabilities.
Fund
Maximum
Outstanding
Balance
California
High
Yield
$
40,200,000
California
48,400,000
Connecticut
186,648
Massachusetts
—
New
Jersey
11,900,000
New
York
9,400,000
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
California
High
Yield
72
$
24,041,667
1.31
%
California
64
17,014,063
1.28
Connecticut
3
186,648
1.27
Massachusetts
—
—
—
New
Jersey
4
11,125,000
1.32
New
York
22
7,826,152
1.30
161
Important
Tax
Information
(Unaudited)
As
required
by
the
Internal
Revenue
Code
and
Treasury
Regulations,
certain
tax
information,
as
detailed
below,
must
be
provided
to
shareholders.
Shareholders
are
advised
to
consult
their
tax
advisor
with
respect
to
the
tax
implications
of
their
investment.
The
amounts
listed
below
may
differ
from
the
actual
amounts
reported
on
Form
1099-DIV,
which
will
be
sent
to
shareholders
shortly
after
calendar
year
end.
Long-Term
Capital
Gains
As
of
year
end,
each
Fund
designates
the
following
distribution
amounts,
or
maximum
amount
allowable,
as
being
from
net
long-term
capital
gains
pursuant
to
Section
852(b)(3)
of
the
Internal
Revenue
Code:
Fund
Net
Long-Term
Capital
Gains
California
High
Yield
$
—
California
—
Connecticut
—
Massachusetts
—
New
Jersey
—
New
York
—
162
Additional
Fund
Information
(Unaudited)
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Sub-Adviser
Nuveen
Asset
Management,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Independent
Registered
Public
Accounting
Firm
KPMG
LLP
200
East
Randolph
Street
Chicago,
IL
60601
Custodian
State
Street
Bank
&
Trust
Company
One
Lincoln
Street
Boston,
MA
02111
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Transfer
Agent
and
Shareholder
Services
DST
Asset
Manager
Solutions,
Inc.
(DST)
P.O.
Box
219140
Kansas
City,
MO
64121-9140
(800)
257-8787
Portfolio
of
Investments
Information
Each
Fund
is
required
to
file
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
You
may
obtain
this
information
on
the
SEC’s
website
at
http://www.sec.gov.
Nuveen
Funds’
Proxy
Voting
Information
You
may
obtain
(i)
information
regarding
how
each
fund
voted
proxies
relating
to
portfolio
securities
held
during
the
most
recent
twelve-month
period
ended
June
30,
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787
or
on
Nuveen’s
website
at
www.nuveen.com
and
(ii)
a
description
of
the
policies
and
procedures
that
each
fund
used
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787.
You
may
also
obtain
this
information
directly
from
the
SEC.
Visit
the
SEC
on-line
at
http://www.sec.gov.
FINRA
BrokerCheck
:
The
Financial
Industry
Regulatory
Authority
(FINRA)
provides
information
regarding
the
disciplinary
history
of
FINRA
member
firms
and
associated
investment
professionals.
This
information
as
well
as
an
investor
brochure
describing
FINRA
BrokerCheck
is
available
to
the
public
by
calling
the
FINRA
BrokerCheck
Hotline
number
at
(800)
289-9999
or
by
visiting
www.FINRA.org.
Glossary
of
Terms
Used
in
this
Report
(Unaudited)
163
Average
Annual
Total
Return:
This
is
a
commonly
used
method
to
express
an
investment’s
performance
over
a
particular,
usually
multi-year
time
period.
It
expresses
the
return
that
would
have
been
necessary
each
year
to
equal
the
investment’s
actual
cumulative
performance
(including
change
in
NAV
or
offer
price
and
reinvested
dividends
and
capital
gains
distributions,
if
any)
over
the
time
period
being
considered.
Effective
Leverage
(Effective
Leverage
Ratio):
Effective
leverage
is
investment
exposure
created
either
through
borrowings
or
indirectly
through
inverse
floaters,
divided
by
the
assets
invested,
including
those
assets
that
were
purchased
with
the
proceeds
of
the
leverage,
or
referenced
by
the
levered
instrument.
The
calculation
of
the
Effective
Leverage
Ratio
reflects
borrowings
effected
on
a
long-term
basis
for
investment
purposes,
but
excludes
borrowings
that
may
occur,
on
a
transient
basis,
in
connection
with
a
Fund’s
day-to-day
operations
primarily
in
connection
with
the
need
to
pay
cash
out
to
redeeming
shareholders
or
to
settle
portfolio
trades.
Gross
Domestic
Product
(GDP):
The
total
market
value
of
all
final
goods
and
services
produced
in
a
country/region
in
a
given
year,
equal
to
total
consumer,
investment
and
government
spending,
plus
the
value
of
exports,
minus
the
value
of
imports.
Inverse
Floating
Rate
Securities:
Inverse
floating
rate
securities,
also
known
as
inverse
floaters
or
tender
option
bonds
(TOBs),
are
created
by
depositing
a
municipal
bond,
typically
with
a
fixed
interest
rate,
into
a
special
purpose
trust.
This
trust,
in
turn,
(a)
issues
floating
rate
certificates
typically
paying
short-term
tax-exempt
interest
rates
to
third
parties
in
amounts
equal
to
some
fraction
of
the
deposited
bond’s
par
amount
or
market
value,
and
(b)
issues
an
inverse
floating
rate
certificate
(sometimes
referred
to
as
an
“inverse
floater”)
to
an
investor
(such
as
a
fund)
interested
in
gaining
investment
exposure
to
a
long-term
municipal
bond.
The
income
received
by
the
holder
of
the
inverse
floater
varies
inversely
with
the
short-term
rate
paid
to
the
floating
rate
certificates’
holders,
and
in
most
circumstances
the
holder
of
the
inverse
floater
bears
substantially
all
of
the
underlying
bond’s
downside
investment
risk.
The
holder
of
the
inverse
floater
typically
also
benefits
disproportionately
from
any
potential
appreciation
of
the
underlying
bond’s
value.
Hence,
an
inverse
floater
essentially
represents
an
investment
in
the
underlying
bond
on
a
leveraged
basis.
Leverage:
Leverage
is
created
whenever
a
fund
has
investment
exposure
(both
reward
and/or
risk)
equivalent
to
more
than
100%
of
the
investment
capital.
Lipper
California
Municipal
Debt
Funds
Classification
Average:
Represents
the
average
annualized
total
return
for
all
reporting
funds
in
the
Lipper
California
Municipal
Debt
Funds
Classification.
Lipper
returns
account
for
the
effects
of
management
fees
and
assume
reinvestment
of
distributions
but
do
not
reflect
any
applicable
sales
charges.
Lipper
Massachusetts
Municipal
Debt
Funds
Classification
Average:
Represents
the
average
annualized
total
return
for
all
reporting
funds
in
the
Lipper
Massachusetts
Municipal
Debt
Funds
Classification.
Lipper
returns
account
for
the
effects
of
management
fees
and
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges.
Lipper
New
Jersey
Municipal
Debt
Funds
Classification
Average:
Represents
the
average
annualized
total
return
for
all
reporting
funds
in
the
Lipper
New
Jersey
Municipal
Debt
Funds
Classification.
Lipper
returns
account
for
the
effects
of
management
fees
and
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges.
Lipper
New
York
Municipal
Debt
Funds
Classification
Average:
Represents
the
average
annualized
total
return
for
all
reporting
funds
in
the
Lipper
New
York
Municipal
Debt
Funds
Classification.
Lipper
returns
account
for
the
effects
of
management
fees
and
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges.
Lipper
Other
States
Municipal
Debt
Funds
Classification
Average:
Represents
the
average
annualized
total
return
for
all
reporting
funds
in
the
Lipper
Other
States
Municipal
Debt
Funds
Classification.
Shareholders
should
note
that
the
performance
of
the
Lipper
Other
States
Classification
represents
the
overall
average
of
returns
for
funds
from
ten
states
with
a
wide
variety
of
municipal
market
conditions,
making
direct
comparisons
less
meaningful.
Lipper
returns
account
for
the
effects
of
management
fees
and
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges.
Glossary
of
Terms
Users
in
the
Report
(continued)
164
Net
Assets
Value
(NAV)
per
Share:
A
fund’s
Net
Assets
is
equal
to
its
total
assets
(securities,
cash
and
accrued
earnings)
less
its
total
liabilities.
For
funds
with
multiple
classes,
Net
Assets
are
determined
separately
for
each
share
class.
NAV
per
share
is
equal
to
the
fund’s
(or
share
class’)
Net
Assets
divided
by
its
number
of
shares
outstanding.
S&P
Municipal
Bond
California
Index:
A
index
designed
to
measure
the
performance
of
the
tax-exempt
California
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
Connecticut
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
Connecticut
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
U.S.
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
Massachusetts
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
Massachusetts
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
New
Jersey
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
New
Jersey
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
New
York
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
New
York
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Yield
Index:
An
index
that
is
structured
so
that
70%
of
the
index
consists
of
bonds
that
are
either
not
rated
or
are
rated
below
investment
grade,
20%
are
rated
BBB/Baa,
and
10%
are
rated
single
A.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Annual
Investment
Management
Agreement
Approval
Process
165
At
a
meeting
held
on
May
25-27,
2021
(the
“May
Meeting”),
the
Board
of
Trustees
(the
“Board”
and
each
Trustee,
a
“Board
Member”)
of
the
Funds,
which
is
comprised
entirely
of
Board
Members
who
are
not
“interested
persons”
(as
defined
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”))
(the
“Independent
Board
Members”),
approved,
for
each
Fund,
the
renewal
of
the
management
agreement
(each,
an
“Investment
Management
Agreement”)
with
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”)
pursuant
to
which
the
Adviser
serves
as
investment
adviser
to
such
Fund
and
the
sub-advisory
agreement
(each,
a
“Sub-Advisory
Agreement”)
with
Nuveen
Asset
Management,
LLC
(the
“Sub-Adviser”)
pursuant
to
which
the
Sub-Adviser
serves
as
the
sub-adviser
to
such
Fund.
Although
the
1940
Act
requires
that
continuances
of
the
Advisory
Agreements
(as
defined
below)
be
approved
by
the
in-person
vote
of
a
majority
of
the
Independent
Board
Members,
the
May
Meeting
was
held
virtually
through
the
internet
in
view
of
the
health
risks
associated
with
holding
an
in-person
meeting
during
the
COVID-19
pandemic
and
governmental
restrictions
on
gatherings.
The
May
Meeting
was
held
virtually
in
reliance
on
certain
exemptive
relief
the
Securities
and
Exchange
Commission
provided
to
registered
investment
companies
providing
temporary
relief
from
the
in-person
voting
requirements
of
the
1940
Act
with
respect
to
the
approval
of
a
fund’s
advisory
agreement
in
light
of
these
challenges.
Following
up
to
an
initial
two-year
period,
the
Board
considers
the
renewal
of
each
Investment
Management
Agreement
and
Sub-Advisory
Agreement
on
behalf
of
the
applicable
Fund
on
an
annual
basis.
The
Investment
Management
Agreements
and
Sub-Advisory
Agreements
are
collectively
referred
to
as
the
“Advisory
Agreements”
and
the
Adviser
and
the
Sub-Adviser
are
collectively,
the
“Fund
Advisers”
and
each,
a
“Fund
Adviser.”
Throughout
the
year,
the
Board
and
its
committees
meet
regularly
and,
at
these
meetings,
receive
regular
and/or
special
reports
that
cover
an
extensive
array
of
topics
and
information
that
are
relevant
to
its
annual
consideration
of
the
renewal
of
the
advisory
agreements
for
the
Nuveen
funds.
Such
information
may
address,
among
other
things,
fund
performance
and
risk
information;
the
Adviser’s
strategic
plans;
product
initiatives
for
various
funds;
the
review
of
the
funds
and
investment
teams;
compliance,
regulatory
and
risk
management
matters;
the
trading
practices
of
the
various
sub-advisers
to
the
funds;
valuation
of
securities;
fund
expenses;
payments
to
financial
intermediaries,
including
12b-1
fees
and
sub-transfer
agency
fees,
if
applicable;
securities
lending;
liquidity
management;
and
overall
market
and
regulatory
developments.
The
Board
also
seeks
to
meet
periodically
with
the
Nuveen
funds’
sub-advisers
and
portfolio
teams,
when
feasible.
In
addition,
in
connection
with
the
annual
consideration
of
the
advisory
agreements
for
the
Nuveen
funds,
the
Board,
through
its
independent
legal
counsel,
requested
and
received
extensive
materials
and
information
prepared
specifically
for
its
annual
consideration
of
the
renewal
of
such
advisory
agreements
by
the
Adviser
and
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data.
The
materials
cover
a
wide
range
of
topics
including,
but
not
limited
to,
a
description
of
the
nature,
extent
and
quality
of
services
provided
by
the
Fund
Advisers;
a
review
of
product
actions
taken
during
2020
(such
as
mergers,
liquidations,
fund
launches,
changes
to
investment
teams,
and
changes
to
investment
policies);
a
review
of
each
sub-adviser
to
the
Nuveen
funds
and
the
applicable
investment
teams;
an
analysis
of
fund
performance
in
absolute
terms
and
as
compared
to
the
performance
of
certain
peer
funds
and
benchmarks
with
a
focus
on
any
performance
outliers;
an
analysis
of
the
fees
and
expense
ratios
of
the
Nuveen
funds
in
absolute
terms
and
as
compared
to
those
of
certain
peer
funds
with
a
focus
on
any
expense
outliers;
a
review
of
management
fee
schedules;
a
review
of
temporary
and
permanent
expense
caps
and
fee
waivers
for
open-
end
funds
(as
applicable)
and
related
expense
savings;
a
description
of
portfolio
manager
compensation;
a
review
of
the
performance
of
various
service
providers;
a
description
of
various
initiatives
Nuveen
had
undertaken
or
continued
during
the
year
for
the
benefit
of
particular
fund(s)
and/
or
the
complex;
a
description
of
the
profitability
or
financial
data
of
Nuveen
and
the
sub-advisers
to
the
Nuveen
funds;
and
a
description
of
indirect
benefits
received
by
the
Adviser
and
the
sub-advisers
as
a
result
of
their
relationships
with
the
Nuveen
funds.
The
information
prepared
specifically
for
the
annual
review
supplemented
the
information
provided
to
the
Board
and
its
committees
and
the
evaluations
of
the
Nuveen
funds
by
the
Board
and
its
committees
during
the
year.
In
continuing
its
practice,
the
Board
met
prior
to
the
May
Meeting
to
begin
its
considerations
of
the
renewal
of
the
Advisory
Agreements.
Accordingly,
on
April
21-22,
2021
(the
“April
Meeting”),
the
Board
met
to
review
and
discuss,
in
part,
the
performance
of
the
Nuveen
funds
and
the
Adviser’s
evaluation
of
each
sub-adviser
to
the
Nuveen
funds.
At
the
April
Meeting,
the
Board
Members
asked
questions
and
requested
additional
information
that
was
provided
for
the
May
Meeting.
The
Board
reviewed
fund
performance
throughout
the
year
and
in
its
review,
the
Board
recognized
the
volatile
market
conditions
that
occurred
in
early
2020
arising,
in
part,
from
the
public
health
crisis
caused
by
the
novel
coronavirus
known
as
COVID-19
and
the
resulting
impact
on
a
fund’s
performance
for
2020
and
thereafter.
Accordingly,
the
Board
considered
performance
data
measured
over
various
periods
of
time
as
summarized
in
more
detail
below.
The
Independent
Board
Members
considered
the
review
of
the
advisory
agreements
for
the
Nuveen
funds
to
be
an
ongoing
process
and
employed
the
accumulated
information,
knowledge
and
experience
the
Board
Members
had
gained
during
their
tenure
on
the
boards
governing
the
Nuveen
funds
and
working
with
the
Adviser
and
sub-advisers
in
their
review
of
the
advisory
agreements.
The
contractual
arrangements
are
a
result
of
multiple
years
of
review,
negotiation
and
information
provided
in
connection
with
the
boards’
annual
review
of
the
Nuveen
funds’
advisory
arrangements
and
oversight
of
the
Nuveen
funds.
The
Independent
Board
Members
were
advised
by
independent
legal
counsel
during
the
annual
review
process
as
well
as
throughout
the
year,
including
meeting
in
executive
sessions
with
such
counsel
at
which
no
representatives
from
the
Adviser
or
the
Sub-Adviser
were
present.
In
connection
with
their
annual
review,
the
Independent
Board
Members
also
received
a
memorandum
from
independent
legal
counsel
outlining
their
fiduciary
duties
and
legal
standards
in
reviewing
the
Advisory
Agreements.
The
Board’s
decision
to
renew
the
Advisory
Agreements
was
not
based
on
a
single
identified
factor,
but
rather
the
decision
reflected
the
comprehensive
consideration
of
all
the
information
provided
throughout
the
year
and
at
the
April
and
May
Meetings,
and
each
Board
Member
may
have
attributed
different
levels
of
importance
to
the
various
factors
and
information
considered
in
connection
with
the
approval
process.
The
following
summarizes
the
principal
factors
and
information,
but
not
all
the
factors,
the
Board
considered
in
deciding
to
renew
the
Advisory
Agreements
as
well
as
the
Board’s
conclusions.
166
Annual
Investment
Management
Agreement
Approval
Process
(continued)
A.
Nature,
Extent
and
Quality
of
Services
In
evaluating
the
renewal
of
the
Advisory
Agreements,
the
Independent
Board
Members
received
and
considered
information
regarding
the
nature,
extent
and
quality
of
the
applicable
Fund
Adviser’s
services
provided
to
the
respective
Fund
with
particular
focus
on
the
services
and
enhancements
to
such
services
provided
during
the
last
year.
The
Independent
Board
Members
considered
the
Investment
Management
Agreements
and
the
Sub-Advisory
Agreements
separately
in
the
course
of
their
review.
With
this
approach,
they
considered
the
respective
roles
of
the
Adviser
and
the
Sub-Adviser
in
providing
services
to
the
Funds.
The
Board
recognized
that
the
Nuveen
funds
operate
in
a
highly
regulated
industry
and,
therefore,
the
Adviser
has
provided
a
wide
array
of
management,
oversight
and
administrative
services
to
manage
and
operate
the
funds,
and
the
scope
and
complexity
of
these
services
have
expanded
over
time
as
a
result
of,
among
other
things,
regulatory
and
other
developments.
The
Board
accordingly
considered
the
extensive
resources,
tools
and
capabilities
available
to
the
Adviser
to
operate
and
manage
the
Nuveen
funds.
With
respect
to
the
Adviser,
as
a
general
matter,
some
of
these
services
it
and
its
affiliates
provide
to
the
Nuveen
funds
include,
but
are
not
limited
to:
product
management
(such
as
setting
dividends,
analyzing
fund
expenses,
providing
competitive
analysis,
and
providing
due
diligence
support);
investment
oversight,
risk
management
and
securities
valuation
services
(such
as
overseeing
and
reviewing
the
various
sub-advisers
to
the
Nuveen
funds
and
their
investment
teams;
analyzing
fund
performance
and
risk
data;
overseeing
operational
and
risk
management;
participating
in
financial
statement,
marketing
and
risk
disclosures;
providing
daily
valuation
services
and
developing
related
valuation
policies,
procedures
and
methodologies;
periodic
testing
of
audit
and
regulatory
requirements;
participating
in
product
development
and
management
processes;
participating
in
leverage
management,
liquidity
monitoring
and
counterparty
credit
oversight;
providing
due
diligence
and
overseeing
fund
accounting
and
custody
providers;
overseeing
third
party
pricing
services
and
periodically
assessing
investment
and
liquidity
risks);
fund
administration
(such
as
preparing
fund
tax
returns
and
other
tax
compliance
services;
preparing
regulatory
filings;
overseeing
the
funds’
independent
public
accountants
and
other
service
providers;
analyzing
products
and
enhancements;
and
managing
fund
budgets
and
expenses);
oversight
of
shareholder
services
and
transfer
agency
functions
(such
as
overseeing
transfer
agent
service
providers
which
include
registered
shareholder
customer
service
and
transaction
processing;
overseeing
proxy
solicitation
and
tabulation
services;
and
overseeing
the
production
and
distribution
of
financial
reports
by
service
providers);
Board
relations
services
(such
as
organizing
and
administering
Board
and
committee
meetings,
preparing
various
reports
to
the
Board
and
committees
and
providing
other
support
services);
compliance
and
regulatory
oversight
services
(such
as
managing
compliance
policies;
monitoring
compliance
with
applicable
fund
policies
and
laws
and
regulations;
devising
internal
compliance
programs
and
a
framework
to
review
and
assess
compliance
programs;
evaluating
the
compliance
programs
of
the
various
sub-advisers
to
the
Nuveen
funds
and
certain
other
service
providers;
responding
to
regulatory
requests;
and
preparing
compliance
training
materials);
and
legal
support
and
oversight
of
outside
law
firms
(such
as
helping
to
prepare
and
file
registration
statements
and
proxy
statements;
overseeing
fund
activities
and
providing
legal
interpretations
regarding
such
activities;
maintaining
regulatory
registrations
and
negotiating
agreements
with
other
fund
service
providers;
and
monitoring
changes
in
regulatory
requirements
and
commenting
on
rule
proposals
impacting
investment
companies).
In
evaluating
services,
the
Board
reviewed
various
highlights
of
the
initiatives
the
Adviser
and
its
affiliates
have
undertaken
or
continued
in
2020
to
benefit
the
Nuveen
complex
and/or
particular
Nuveen
funds
and
meet
the
requirements
of
an
increasingly
complex
regulatory
environment
including,
but
not
limited
to:
Centralization
of
Functions
–
ongoing
initiatives
to
centralize
investment
leadership,
market
approach
and
shared
support
functions
within
Nuveen
and
its
affiliates
in
seeking
to
operate
more
effectively
the
business
and
enhance
the
services
to
the
Nuveen
funds;
Fund
Improvements
and
Product
Management
Initiatives
–
continuing
to
proactively
manage
the
Nuveen
fund
complex
as
a
whole
and
at
the
individual
fund
level
with
an
aim
to
continually
improve
product
platforms
and
investment
strategies
to
better
serve
shareholders
through,
among
other
things,
rationalizing
the
product
line
and
gaining
efficiencies
through
mergers,
repositionings
and
liquidations;
launching
new
funds;
reviewing
and
updating
investment
policies
and
benchmarks;
and
modifying
portfolio
management
teams
for
various
funds;
Investment
Team
Integrations
–
continuing
to
integrate
and
adjust
the
members
of
certain
investment
teams,
in
part,
to
allow
greater
access
to
tools
and
resources
within
the
Nuveen
organization
and
its
affiliates;
Capital
Initiatives
–
continuing
to
invest
capital
to
support
new
Nuveen
funds
with
initial
capital
as
well
as
to
support
existing
funds
and
facilitate
regulatory
or
logistical
changes;
Liquidity
Management
–
continuing
to
operate
the
liquidity
management
program
of
the
applicable
Nuveen
funds
including
monitoring
daily
their
liquidity
profile
and
assessing
annually
the
overall
liquidity
risk
of
such
funds;
Compliance
Program
Initiatives
–
continuing
efforts
to
mitigate
compliance
risk,
increase
operating
efficiencies,
implement
enhancements
to
strengthen
key
compliance
program
elements
and
support
international
business
growth
and
other
corporate
objectives;
Investment
Oversight
–
preparing
reports
to
the
Board
addressing,
among
other
things,
fund
performance;
market
conditions;
investment
teams;
new
products;
changes
to
mandates,
policies
and
benchmarks;
and
other
management
proposals;
167
Risk
Management
and
Valuation
Services
–
continuing
to
oversee
and
manage
risk
including,
among
other
things,
conducting
daily
calculations
and
monitoring
of
risk
measures
across
the
Nuveen
funds,
instituting
appropriate
investment
risk
controls,
providing
risk
reporting
throughout
the
firm,
participating
in
internal
oversight
committees,
and
continuing
to
implement
an
operational
risk
framework
that
seeks
to
provide
greater
transparency
of
operational
risk
matters
across
the
complex
as
well
as
provide
multiple
other
risk
programs
that
seek
to
provide
a
more
disciplined
and
consistent
approach
to
identifying
and
mitigating
Nuveen’s
operational
risks.
Further,
the
securities
valuation
team
continues,
among
other
things,
to
oversee
the
daily
valuation
process
of
the
portfolio
securities
of
the
funds,
maintains
the
valuation
policies
and
procedures,
facilitates
valuation
committee
meetings,
manages
relationships
with
pricing
vendors,
and
prepares
relevant
valuation
reports
and
designs
methods
to
simplify
and
enhance
valuation
workflow
within
the
organization;
Regulatory
Matters
–
continuing
efforts
to
monitor
regulatory
trends
and
advocate
on
behalf
of
Nuveen
and/or
the
Nuveen
funds,
to
implement
and
comply
with
new
or
revised
rules
and
mandates
and
to
respond
to
regulatory
inquiries
and
exams;
Government
Relations
–
continuing
efforts
of
various
Nuveen
teams
and
Nuveen’s
affiliates
to
develop
policy
positions
on
a
broad
range
of
issues
that
may
impact
the
Nuveen
funds,
advocate
and
communicate
these
positions
to
lawmakers
and
other
regulatory
authorities
and
work
with
trade
associations
to
ensure
these
positions
are
represented;
Business
Continuity,
Disaster
Recovery
and
Information
Security
–
continuing
efforts
of
Nuveen
to
periodically
test
and
update
business
continuity
and
disaster
recovery
plans
and,
together
with
its
affiliates,
to
maintain
an
information
security
program
designed
to
identify
and
manage
information
security
risks,
and
provide
reports
to
the
Board,
at
least
annually,
addressing,
among
other
things,
management’s
security
risk
assessment,
cyber
risk
profile,
potential
impact
of
new
or
revised
laws
and
regulations,
incident
tracking
and
other
relevant
information
technology
risk-related
reports;
and
Dividend
Management
Services
–
continuing
to
manage
the
dividends
among
the
varying
types
of
Nuveen
funds
within
the
Nuveen
complex
to
be
consistent
with
the
respective
fund’s
product
design
and
positioning
in
striving
to
deliver
those
earnings
to
shareholders
in
a
relatively
consistent
manner
over
time
as
well
as
assisting
in
the
development
of
new
products
or
the
restructuring
of
existing
funds.
In
its
review,
the
Board
recognized
that
Nuveen’s
risk
management,
compliance,
technology
and
operations
capabilities
are
all
integral
to
providing
its
investment
management
services
to
the
Nuveen
funds.
Further,
the
Board
noted
the
benefits
to
shareholders
of
investing
in
a
Nuveen
fund,
as
each
Nuveen
fund
is
a
part
of
a
large
fund
complex
with
a
variety
of
investment
disciplines,
capabilities,
expertise
and
resources
available
to
navigate
and
support
the
funds
including
during
stressed
times
as
occurred
in
the
market
in
the
first
half
of
2020.
The
Board
recognized
the
impact
of
the
COVID-19
pandemic
during
the
year
and
the
adaptations
required
by
service
providers
to
continue
to
deliver
their
services
to
the
Nuveen
funds,
including
working
remotely.
In
this
regard,
the
Board
noted
the
ability
of
the
Adviser
and
the
various
sub-advisers
to
the
Nuveen
funds
to
provide
continuously
their
services
notwithstanding
the
significant
disruptions
caused
by
the
pandemic.
In
addition
to
the
services
provided
by
the
Adviser,
the
Board
also
considered
the
risks
borne
by
the
Adviser
and
its
affiliates
in
managing
the
Nuveen
funds,
including
entrepreneurial,
operational,
reputational,
regulatory
and
litigation
risks.
The
Board
further
considered
the
division
of
responsibilities
between
the
Adviser
and
the
Sub-Adviser
and
recognized
that
the
Sub-Adviser
and
its
investment
personnel
generally
are
responsible
for
the
management
of
each
Fund’s
portfolio
under
the
oversight
of
the
Adviser
and
the
Board.
The
Board
considered
an
analysis
of
the
Sub-Adviser
provided
by
the
Adviser
which
included,
among
other
things,
the
assets
under
management
of
the
applicable
investment
team
and
changes
thereto,
a
summary
of
the
applicable
investment
team
and
changes
thereto,
the
investment
process
and
philosophy
of
the
applicable
investment
team,
the
performance
of
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser
over
various
periods
of
time
and
a
summary
of
any
significant
policy
and/or
other
changes
to
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser.
The
Board
further
considered
at
the
May
Meeting
or
prior
meetings
evaluations
of
the
Sub-Adviser’s
compliance
programs
and
trade
execution.
The
Board
also
considered
the
structure
of
investment
personnel
compensation
programs
and
whether
this
structure
provides
appropriate
incentives
to
act
in
the
best
interests
of
the
respective
Nuveen
funds.
The
Board
noted
that
the
Adviser
recommended
the
renewal
of
the
Sub-Advisory
Agreements.
Based
on
its
review,
the
Board
determined,
in
the
exercise
of
its
reasonable
business
judgment,
that
it
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
to
the
respective
Funds
under
each
applicable
Advisory
Agreement.
B.
The
Investment
Performance
of
the
Funds
and
Fund
Advisers
In
evaluating
the
quality
of
the
services
provided
by
the
Fund
Advisers,
the
Board
also
received
and
considered
a
variety
of
investment
performance
data
of
the
Nuveen
funds
they
advise.
In
evaluating
performance,
the
Board
recognized
that
performance
data
may
differ
significantly
depending
on
the
ending
date
selected,
particularly
during
periods
of
market
volatility,
and
therefore
considered
performance
over
a
variety
of
time
periods
that
may
include
full
market
cycles.
In
this
regard,
the
Board
reviewed,
among
other
things,
Fund
performance
over
the
quarter,
one-,
three-
and
five-
year
periods
ending
December 31,
2020
as
well
as
performance
data
periods
ending
nearer
to
the
May
Meeting,
including
the
quarter,
one-,
three-
and
five-year
periods
ending
March
31,
2021
and
May
14,
2021.
The
performance
data
was
based
on
Class
A
shares;
however,
the
performance
of
other
classes
should
be
substantially
similar
as
they
invest
in
the
same
portfolio
of
securities
and
differences
in
performance
among
the
classes
would
be
principally
attributed
to
the
variations
in
the
expense
structures
of
the
classes.
The
performance
data
prepared
for
the
annual
review
of
the
advisory
agreements
for
the
Nuveen
funds
supplemented
the
fund
performance
data
that
the
Board
received
throughout
the
year
at
its
meetings
representing
differing
time
periods.
In
its
review,
the
Board
took
into
account
the
discussions
with
representatives
of
the
Adviser;
the
Adviser’s
analysis
regarding
fund
performance
that
occurred
at
these
Board
meetings
with
particular
focus
on
funds
that
were
considered
performance
outliers
(both
overperformance
and
underperformance);
the
factors
contributing
to
the
performance;
and
any
recommendations
or
steps
taken
to
address
performance
concerns.
Regardless
of
the
time
period
reviewed
by
the
Board,
the
Board
recognized
that
shareholders
may
evaluate
performance
based
on
their
own
holding
periods
which
may
differ
from
the
periods
reviewed
by
the
Board
and
lead
to
differing
results.
168
Annual
Investment
Management
Agreement
Approval
Process
(continued)
In
its
review,
the
Board
reviewed
both
absolute
and
relative
fund
performance
during
the
annual
review
over
the
various
time
periods.
With
respect
to
the
latter,
the
Board
considered
fund
performance
in
comparison
to
the
performance
of
peer
funds
(the
“Performance
Peer
Group”)
and
recognized
and/or
customized
benchmarks
(i.e.,
generally
benchmarks
derived
from
multiple
recognized
benchmarks).
For
Nuveen
funds
that
had
changes
in
portfolio
managers
since
2018
or
significant
changes,
among
other
things,
to
their
investment
strategies
or
policies
since
2019,
the
Board
reviewed
certain
performance
data
comparing
the
performance
of
such
funds
before
and
after
such
changes.
In
considering
performance
data,
the
Board
is
aware
of
certain
inherent
limitations
with
such
data,
including
that
differences
between
the
objective(s),
strategies
and
other
characteristics
of
the
Nuveen
funds
compared
to
the
respective
Performance
Peer
Group
and/or
benchmark(s)
(such
as
differences
in
the
use
of
leverage)
as
well
as
differences
in
the
composition
of
the
Performance
Peer
Group
over
time
will
necessarily
contribute
to
differences
in
performance
results
and
limit
the
value
of
the
comparative
information.
To
assist
the
Board
in
its
review
of
the
comparability
of
the
relative
performance,
the
Adviser
has
ranked
the
relevancy
of
the
peer
group
to
the
funds
as
low,
medium
or
high.
The
Board
also
evaluated
performance
in
light
of
various
relevant
factors,
including,
among
other
things,
general
market
conditions,
issuer-specific
information,
asset
class
information,
leverage
and
fund
cash
flows.
In
relation
to
general
market
conditions,
the
Board
recognized
the
significant
market
decline
in
the
early
part
of
2020
in
connection
with,
among
other
things,
the
impact
of
the
COVID-19
pandemic
and
that
such
a
period
of
underperformance
and
market
volatility
may
significantly
weigh
on
the
longer
term
performance
results.
Accordingly,
depending
on
the
facts
and
circumstances
including
any
differences
between
the
respective
Nuveen
fund
and
its
benchmark
and/or
Performance
Peer
Group,
the
Board
may
be
satisfied
with
a
fund’s
performance
notwithstanding
that
its
performance
may
be
below
that
of
its
benchmark
or
peer
group
for
certain
periods.
However,
with
respect
to
any
Nuveen
funds
for
which
the
Board
had
identified
performance
issues,
the
Board
monitors
such
funds
closely
until
performance
improves,
discusses
with
the
Adviser
the
reasons
for
such
results,
considers
whether
any
steps
are
necessary
or
appropriate
to
address
such
issues,
and
reviews
the
results
of
any
steps
undertaken.
The
Board’s
determinations
with
respect
to
each
Fund
are
summarized
below.
For
Nuveen
California
High
Yield
Municipal
Bond
Fund
(the
“California
High
Yield
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
three-
and
five-year
periods
ended
December
31,
2020,
the
Fund’s
performance
was
approximately
the
same
as
the
performance
of
its
benchmark
for
the
one-year
period
ended
December
31,
2020.
The
Fund
also
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2020.
Although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2021
and
May
14,
2021,
the
Fund
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
such
periods.
In
its
review,
however,
the
Board
recognized
that
the
Performance
Peer
Group
was
classified
as
low
for
relevancy.
Based
on
its
review,
the
Board
was
satisfied
with
the
Fund’s
overall
performance.
For
Nuveen
California
Municipal
Bond
Fund
(the
“California
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
three-year
period
ended
December
31,
2020,
the
Fund
outperformed
its
benchmark
for
the
one-
and
five-year
periods
ended
December
31,
2020.
The
Fund
further
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
December
31,
2020,
third
quartile
for
the
three-year
period
ended
December
31,
2020
and
second
quartile
for
the
five-year
period
ended
December
31,
2020.
In
addition,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
three-year
period
ended
March
31,
2021,
the
Fund
outperformed
its
benchmark
for
the
one-year
period
ended
March
31,
2021
and
approximately
matched
the
performance
of
its
benchmark
for
the
five-year
period
ended
March
31,
2021.
The
Fund
further
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2021.
Further,
the
Fund
outperformed
its
benchmark
and
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
May
14,
2021.
Based
on
its
review,
the
Board
was
satisfied
with
the
Fund’s
overall
performance.
For
Nuveen
Connecticut
Municipal
Bond
Fund
(the
“Connecticut
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2020,
the
Fund
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
ended
December
31,
2020
and
the
third
quartile
for
the
five-year
period
ended
December
31,
2020.
Although
the
Fund’s
performance
was
also
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2021,
the
Fund
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
such
periods.
In
addition,
for
the
periods
ended
May
14,
2021,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
three-
and
five-year
periods,
the
Fund
outperformed
its
benchmark
for
the
one-year
period
and
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
and
the
second
quartile
for
the
three-
and
five-year
periods.
Based
on
its
review,
the
Board
was
satisfied
with
the
Fund’s
overall
performance.
For
Nuveen
Massachusetts
Municipal
Bond
Fund
(the
“Massachusetts
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2020,
the
Fund
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
December
31,
2020
and
the
first
quartile
for
the
three-
and
five-year
periods
ended
December
31,
2020.
Similarly,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2021,
the
Fund
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
March
31,
2021
and
the
first
quartile
for
the
three-
and
five-year
periods
ended
March
31,
2021.
Further,
for
the
periods
ended
May
14,
2021,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
three-
and
five-year
periods,
the
Fund
outperformed
its
benchmark
for
the
one-
year
period
and
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
and
the
first
quartile
for
the
three-
and
five-year
periods.
Based
on
its
review,
the
Board
was
satisfied
with
the
Fund’s
overall
performance.
For
Nuveen
New
Jersey
Municipal
Bond
Fund
(the
“New
Jersey
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-
and
three-year
periods
ended
December
31,
2020,
the
Fund
outperformed
its
benchmark
for
the
five-
year
period
ended
December
31,
2020
and
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
December
31,
2020
and
the
second
quartile
for
the
three-
and
five-year
periods
ended
December
31,
2020.
In
addition,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
three-year
period
ended
March
31,
2021,
the
Fund
outperformed
its
benchmark
for
the
one-
and
five-year
periods
ended
March
31,
2021.
The
Fund
further
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
March
31,
2021
and
the
second
quartile
for
the
three-
and
five-year
periods
ended
March
31,
2021.
For
the
periods
ended
May
14,
2021,
169
the
Fund
outperformed
its
benchmark
for
the
one-,
three-
and
five-year
periods
and
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
and
the
second
quartile
for
the
three-
and
five-year
periods.
Based
on
its
review,
the
Board
was
satisfied
with
the
Fund’s
overall
performance.
For
Nuveen
New
York
Municipal
Bond
Fund
(the
“New
York
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-
and
three-year
periods
ended
December
31,
2020,
the
Fund
matched
the
performance
of
its
benchmark
for
the
five-year
period
ended
December
31,
2020
and
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
ended
December
31,
2020
and
the
second
quartile
for
the
five-year
period
ended
December
31,
2020.
Further,
while
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
three-year
period
ended
March
31,
2021,
the
Fund
outperformed
its
benchmark
for
the
one-
and
five-year
periods
ended
March
31,
2021
and
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-
and
five-year
periods
ended
March
31,
2021
and
the
third
quartile
for
the
three-year
period
ended
March
31,
2021.
In
addition,
for
the
periods
ended
May
14,
2021,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
three-year
period,
the
Fund
outperformed
its
benchmark
for
the
one-
and
five-year
periods
and
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-
and
five-year
periods
and
the
third
quartile
for
the
three-year
period.
Based
on
its
review,
the
Board
was
satisfied
with
the
Fund’s
overall
performance.
C.
Fees,
Expenses
and
Profitability
1.
Fees
and
Expenses
As
part
of
its
annual
review,
the
Board
considered
the
contractual
management
fee
and
net
management
fee
(the
management
fee
after
taking
into
consideration
fee
waivers
and/or
expense
reimbursements,
if
any)
paid
by
a
Nuveen
fund
to
the
Adviser
in
light
of
the
nature,
extent
and
quality
of
the
services
provided.
The
Board
also
considered
the
total
operating
expense
ratio
of
each
fund
before
and
after
any
fee
waivers
and/or
expense
reimbursements.
More
specifically,
the
Independent
Board
Members
reviewed,
among
other
things,
each
fund’s
gross
and
net
management
fee
rates
(i.e.,
before
and
after
expense
reimbursements
and/or
fee
waivers,
if
any)
and
net
total
expense
ratio
in
relation
to
those
of
a
comparable
universe
of
funds
(the
“Peer
Universe”)
and/or
to
a
more
focused
subset
of
comparable
funds
(the
“Peer
Group”)
established
by
Broadridge
(subject
to
certain
exceptions).
The
Independent
Board
Members
reviewed
the
methodology
Broadridge
employed
to
establish
its
Peer
Universe
and
Peer
Group
and
recognized
that
differences
between
the
applicable
fund
and
its
respective
Peer
Universe
and/or
Peer
Group
as
well
as
changes
to
the
composition
of
the
Peer
Group
and/or
Peer
Universe
from
year
to
year
may
limit
some
of
the
value
of
the
comparative
data.
The
Independent
Board
Members
also
considered
a
fund’s
operating
expense
ratio
as
it
more
directly
reflected
the
shareholder’s
costs
in
investing
in
the
respective
fund.
In
their
review,
the
Independent
Board
Members
considered,
in
particular,
each
fund
with
a
net
expense
ratio
of
six
basis
points
or
higher
compared
to
that
of
its
peer
average
(each,
an
“Expense
Outlier
Fund”)
and
an
analysis
as
to
the
factors
contributing
to
each
such
fund’s
higher
relative
net
expense
ratio.
Accordingly,
in
reviewing
the
comparative
data
between
a
fund
and
its
peers,
the
Board
generally
considered
the
fund’s
net
expense
ratio
and
fees
to
be
higher
if
they
were
over
10
basis
points
higher,
slightly
higher
if
they
were
6
to
10
basis
points
higher,
in
line
if
they
were
within
approximately
5
basis
points
higher
than
the
peer
average
and
below
if
they
were
below
the
peer
average
of
the
Peer
Group.
The
Independent
Board
Members
also
considered,
in
relevant
part,
a
fund’s
net
management
fee
and
net
total
expense
ratio
in
light
of
its
performance
history.
In
their
review
of
the
fee
arrangements
for
the
Nuveen
funds,
the
Independent
Board
Members
considered
the
management
fee
schedules,
including
the
complex-wide
and
fund-level
breakpoint
schedules,
and
the
expense
reimbursements
and/or
fee
waivers
provided
by
Nuveen
for
each
fund,
as
applicable.
The
Board
noted
that
across
the
Nuveen
fund
complex,
the
complex-wide
fee
breakpoints
reduced
fees
by
approximately
$58.4
million
and
fund-level
breakpoints
reduced
fees
by
approximately
$69.6
million
in
2020.
Further,
fee
caps
and
waivers
for
all
applicable
Nuveen
funds
saved
approximately
an
additional
$13.2
million
in
fees
for
shareholders
in
2020.
With
respect
to
the
Sub-Adviser,
the
Board
also
considered
the
sub-advisory
fee
schedule
paid
to
the
Sub-Adviser
in
light
of
the
sub-
advisory
services
provided
to
the
respective
Fund,
the
breakpoint
schedule
and
comparative
data
of
the
fees
the
Sub-Adviser
charges
to
other
clients,
if
any.
In
its
review,
the
Board
recognized
that
the
compensation
paid
to
the
Sub-Adviser
is
the
responsibility
of
the
Adviser,
not
the
Funds.
The
Independent
Board
Members
noted
that
(a)
the
California
Fund,
the
Massachusetts
Fund,
the
New
Jersey
Fund
and
the
New
York
Fund
each
had
a
net
management
fee
that
was
in
line
with
the
respective
peer
average
and
a
net
expense
ratio
that
was
below
the
respective
peer
average;
(b)
the
California
High
Yield
Fund
had
a
net
management
fee
that
was
slightly
higher
than
the
peer
average,
but
a
net
expense
ratio
that
was
in
line
with
the
peer
average;
and
(c)
the
Connecticut
Fund
had
a
net
management
fee
that
was
slightly
higher
than
the
peer
average,
but
a
net
expense
ratio
that
was
below
the
peer
average.
Based
on
its
review
of
the
information
provided,
the
Board
determined
that
each
Fund’s
management
fees
(as
applicable)
to
a
Fund
Adviser
were
reasonable
in
light
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
170
Annual
Investment
Management
Agreement
Approval
Process
(continued)
2.
Comparisons
with
the
Fees
of
Other
Clients
In
determining
the
appropriateness
of
fees,
the
Board
also
considered
information
regarding
the
fee
rates
the
respective
Fund
Advisers
charged
to
certain
other
types
of
clients
and
the
type
of
services
provided
to
these
other
clients.
With
respect
to
the
Adviser
and/or
the
Sub-Adviser,
such
other
clients
may
include
retail
and
institutional
managed
accounts,
passively
managed
exchange-traded
funds
(“ETFs”)
sub-advised
by
the
Sub-Adviser
that
are
offered
by
another
fund
complex
and
municipal
managed
accounts
offered
by
an
unaffiliated
adviser.
With
respect
to
the
Sub-Adviser,
the
Board
reviewed,
among
other
things,
the
fee
range
and
average
fee
of
municipal
retail
advisory
accounts
and
municipal
institutional
accounts
as
well
as
the
sub-advisory
fee
the
Sub-Adviser
received
for
serving
as
sub-adviser
to
passive
ETFs
offered
outside
the
Nuveen
family.
In
considering
the
fee
data
of
other
clients,
the
Board
recognized,
among
other
things,
the
differences
in
the
amount,
type
and
level
of
services
provided
to
the
Nuveen
funds
relative
to
other
clients
as
well
as
the
differences
in
portfolio
investment
policies,
investor
profiles,
account
sizes
and
regulatory
requirements,
all
of
which
contribute
to
the
variations
in
the
fee
schedules.
The
Board
recognized
the
breadth
of
services
the
Adviser
had
provided
to
the
Nuveen
funds
compared
to
the
other
types
of
clients
as
the
funds
operate
in
a
highly
regulated
industry
with
increasing
regulatory
requirements
as
well
as
the
increased
entrepreneurial,
legal
and
regulatory
risks
that
the
Adviser
incurs
in
sponsoring
and
managing
the
funds.
Further,
with
respect
to
ETFs,
the
Board
considered
that
Nuveen
ETFs
were
passively
managed
compared
to
the
active
management
of
the
other
Nuveen
funds
which
contributed
to
the
differences
in
fee
levels
between
the
Nuveen
ETFs
and
other
Nuveen
funds.
In
general,
higher
fee
levels
reflect
higher
levels
of
service
provided
by
the
Adviser,
increased
investment
management
complexity,
greater
product
management
requirements,
and
higher
levels
of
business
risk
or
some
combination
of
these
factors.
The
Board
further
considered
that
the
Sub-Adviser’s
fee
is
essentially
for
portfolio
management
services
and
therefore
more
comparable
to
the
fees
it
receives
for
retail
wrap
accounts
and
other
external
sub-advisory
mandates.
The
Board
concluded
the
varying
levels
of
fees
were
justified
given,
among
other
things,
the
inherent
differences
in
the
products
and
the
level
of
services
provided
to
the
Nuveen
funds
versus
other
clients,
the
differing
regulatory
requirements
and
legal
liabilities
and
the
entrepreneurial,
legal
and
regulatory
risks
incurred
in
sponsoring
and
advising
a
registered
investment
company.
3.
Profitability
of
Fund
Advisers
In
their
review,
the
Independent
Board
Members
considered
information
regarding
Nuveen’s
level
of
profitability
for
its
advisory
services
to
the
Nuveen
funds
for
the
calendar
years
2020
and
2019.
The
Board
reviewed,
among
other
things,
Nuveen’s
net
margins
(pre-tax)
(both
including
and
excluding
distribution
expenses);
gross
and
net
revenue
margins
(pre-
and
post-tax
and
excluding
distribution)
from
Nuveen
funds
only;
revenues,
expenses
and
net
income
(pre-
and
post-tax
and
before
distribution
expenses)
of
Nuveen
for
fund
advisory
services;
and
comparative
profitability
data
comparing
the
operating
margins
of
Nuveen
compared
to
the
adjusted
operating
margins
of
certain
peers
that
had
publicly
available
data
and
with
the
most
comparable
assets
under
management
(based
on
asset
size
and
asset
composition)
for
each
of
the
last
two
calendar
years.
In
reviewing
the
peer
comparison
data,
the
Independent
Board
Members
noted
that
Nuveen
Investments,
Inc.’s
operating
margins
were
on
the
low
range
compared
to
the
total
company
adjusted
operating
margins
of
the
peers.
The
Board
also
reviewed
the
revenues
and
expenses
the
Adviser
derived
from
its
ETF
product
line
for
the
2019
and
2020
calendar
years.
In
reviewing
the
profitability
data,
the
Independent
Board
Members
recognized
the
subjective
nature
of
calculating
profitability
as
the
information
is
not
audited
and
is
dependent
on
cost
allocation
methodologies
to
allocate
corporate-wide
expenses
to
the
Nuveen
complex
and
its
affiliates
and
to
further
allocate
such
Nuveen
complex
expenses
between
the
Nuveen
fund
and
non-fund
businesses.
Generally,
fund-specific
expenses
are
allocated
to
the
Nuveen
funds
and
partial
fund-related
expenses
and/or
corporate
overhead
and
shared
costs
(such
as
legal
and
compliance,
accounting
and
finance,
information
technology
and
human
resources
and
office
services)
are
partially
attributed
to
the
funds
pursuant
to
cost
allocation
methodologies.
The
Independent
Board
Members
reviewed
a
description
of
the
cost
allocation
methodologies
employed
to
develop
the
financial
information,
a
summary
of
the
history
of
changes
to
the
methodology
over
the
years
from
2010
to
2020,
and
the
net
revenue
margins
derived
from
the
Nuveen
funds
(pre-tax
and
including
and
excluding
distribution)
and
total
company
margins
from
Nuveen
Investments,
Inc.
compared
to
the
firm-wide
adjusted
margins
of
the
peers
for
each
calendar
year
from
2010
to
2020.
The
Board
had
also
appointed
three
Independent
Board
Members
to
serve
as
the
Board’s
liaisons,
with
the
assistance
of
independent
counsel,
to
review
the
development
of
the
profitability
data
and
any
proposed
changes
to
the
cost
allocation
methodology
prior
to
incorporating
any
such
changes
and
to
report
to
the
full
Board.
The
Board
recognized
that
other
reasonable
and
valid
allocation
methodologies
could
be
employed
and
could
lead
to
significantly
different
results.
The
Independent
Board
Members
also
considered
the
key
drivers
behind
the
revenue
and
expense
changes
that
impacted
Nuveen’s
net
margins
between
2019
and
2020.
The
Board
also
noted
the
reinvestments
Nuveen
and/or
its
parent
made
into
its
business
through,
among
other
things,
the
investment
of
seed
capital
in
certain
Nuveen
funds
and
continued
investments
in
enhancements
to
information
technology,
portfolio
accounting
systems
and
the
global
trading
platform.
In
reviewing
the
comparative
peer
data
noted
above,
the
Board
considered
that
the
operating
margins
of
Nuveen
Investments,
Inc.
were
in
the
lower
half
of
the
peer
group
range;
however,
the
Independent
Board
Members
also
recognized
the
limitations
of
the
comparative
data
given
that
peer
data
is
not
generally
public
and
the
calculation
of
profitability
is
subjective
and
affected
by
numerous
factors
(such
as
types
of
funds
a
peer
manages,
its
business
mix,
its
cost
of
capital,
the
numerous
assumptions
underlying
the
methodology
used
to
allocate
expenses
and
other
factors)
that
can
have
a
significant
impact
on
the
results.
Aside
from
Nuveen’s
profitability,
the
Board
recognized
that
the
Adviser
is
a
subsidiary
of
Nuveen,
LLC,
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(“TIAA”).
Accordingly,
the
Board
also
reviewed
a
balance
sheet
for
TIAA
reflecting
its
assets,
liabilities
and
capital
and
contingency
reserves
for
the
2020
and
2019
calendar
years
to
consider
the
financial
strength
of
TIAA.
The
Board
recognized
the
benefit
of
an
investment
adviser
and
its
parent
with
significant
resources,
particularly
during
periods
of
market
volatility
as
experienced
with
the
COVID-19
pandemic.
171
In
addition
to
Nuveen,
the
Independent
Board
Members
considered
the
profitability
of
the
Sub-Adviser
from
its
relationships
with
the
Nuveen
funds.
In
this
regard,
the
Independent
Board
Members
reviewed,
among
other
things,
the
Sub-Adviser’s
revenues,
expenses
and
net
revenue
margins
(pre-
and
post-tax)
for
its
advisory
activities
for
the
calendar
year
ended
December
31,
2020
as
well
as
its
pre-
and
post-tax
net
revenue
margins
for
2020
compared
to
such
margins
for
2019.
The
Independent
Board
Members
also
reviewed
a
profitability
analysis
reflecting
the
revenues,
expenses
and
revenue
margin
(pre-
and
post-tax)
by
asset
type
for
the
Sub-Adviser
for
the
calendar
year
ending
December
31,
2020
and
the
pre-
and
post-tax
revenue
margins
from
2020
and
2019.
In
evaluating
the
reasonableness
of
the
compensation,
the
Independent
Board
Members
also
considered
any
other
ancillary
benefits
derived
by
the
respective
Fund
Adviser
from
its
relationship
with
the
Nuveen
funds
as
discussed
in
further
detail
below.
Based
on
a
consideration
of
all
the
information
provided,
the
Board
noted
that
Nuveen’s
and
the
Sub-Adviser’s
level
of
profitability
was
acceptable
and
not
unreasonable
in
light
of
the
services
provided.
D.
Economies
of
Scale
and
Whether
Fee
Levels
Reflect
These
Economies
of
Scale
The
Board
considered
whether
there
have
been
economies
of
scale
with
respect
to
the
management
of
the
Nuveen
funds
and
whether
these
economies
of
scale
have
been
appropriately
shared
with
the
funds.
The
Board
recognized
that
although
economies
of
scale
are
difficult
to
measure
and
certain
expenses
may
not
decline
with
a
rise
in
assets,
there
are
several
methods
to
help
share
the
benefits
of
economies
of
scale,
including
breakpoints
in
the
management
fee
schedule,
fee
waivers
and/or
expense
limitations,
the
pricing
of
Nuveen
funds
at
scale
at
inception
and
investments
in
Nuveen’s
business
which
can
enhance
the
services
provided
to
the
funds
for
the
fees
paid.
The
Board
noted
that
Nuveen
generally
has
employed
these
various
methods,
and
the
Board
considered
the
extent
to
which
the
Nuveen
funds
will
benefit
from
economies
of
scale
as
their
assets
grow.
In
this
regard,
the
Board
noted
that
the
management
fee
of
the
Adviser
is
generally
comprised
of
a
fund-level
component
and
a
complex-level
component
each
with
its
own
breakpoint
schedule,
subject
to
certain
exceptions.
The
Board
reviewed
the
fund-level
and
complex-
level
fee
schedules.
The
Board
considered
that
the
fund-level
breakpoint
schedules
are
designed
to
share
economies
of
scale
with
shareholders
if
the
particular
fund
grows,
and
the
complex-level
breakpoint
schedule
is
designed
to
deliver
the
benefits
of
economies
of
scale
to
shareholders
when
the
eligible
assets
in
the
complex
pass
certain
thresholds
even
if
the
assets
of
a
particular
fund
are
unchanged
or
have
declined.
In
the
calculation
of
the
complex-level
component,
the
Board
noted
that
it
had
approved
the
acquisition
of
several
Nuveen
funds
by
similar
TIAA-CREF
funds
in
2019.
However,
to
mitigate
the
loss
of
the
assets
of
these
Nuveen
funds
deemed
eligible
to
be
included
in
the
calculation
of
the
complex-wide
fee
when
these
Nuveen
funds
left
the
complex
upon
acquisition,
Nuveen
agreed
to
credit
approximately
$604.5
million
to
assets
under
management
to
the
Nuveen
complex
in
calculating
the
complex-wide
component.
In
addition
to
the
fund-level
and
complex-level
fee
schedules,
the
Independent
Board
Members
considered
the
temporary
and/or
permanent
expense
caps
applicable
to
certain
Nuveen
funds
(including
the
amounts
of
fees
waived
or
amounts
reimbursed
to
the
respective
funds
in
2019
and
2020),
including
the
permanent
expense
caps
applicable
to
the
California
High
Yield
Fund,
the
California
Fund,
the
Massachusetts
Fund
and
the
New
York
Fund.
The
Independent
Board
Members
also
recognized
the
Adviser’s
continued
reinvestment
in
its
business
through
various
initiatives
including
maintaining
a
seed
account
available
for
investments
into
Nuveen
funds
and
investing
in
its
internal
infrastructure,
information
technology
and
other
systems
that
will,
among
other
things,
consolidate
and
enhance
accounting
systems,
integrate
technology
platforms
to
support
growth
and
efficient
data
processing,
and
further
develop
its
global
trading
platform
to
enhance
the
investment
process
for
the
investment
teams.
Based
on
its
review,
the
Board
concluded
that
the
current
fee
arrangements
together
with
the
Adviser’s
reinvestment
in
its
business
appropriately
shared
any
economies
of
scale
with
shareholders.
E.
Indirect
Benefits
The
Independent
Board
Members
received
and
considered
information
regarding
other
benefits
the
respective
Fund
Adviser
or
its
affiliates
may
receive
as
a
result
of
their
relationship
with
the
Nuveen
funds.
The
Independent
Board
Members
recognized
that
an
affiliate
of
the
Adviser
serves
as
principal
underwriter
providing
distribution
and/or
shareholder
services
to
the
open-end
funds.
The
Independent
Board
Members
further
noted
that,
subject
to
certain
exceptions,
the
Nuveen
open-end
funds
pay
12b-1
fees
and
while
a
majority
of
such
fees
were
paid
to
third
party
broker-dealers,
the
Board
reviewed
the
amount
retained
by
the
Adviser’s
affiliate.
In
addition,
the
Independent
Board
Members
also
noted
that
various
sub-advisers
(including
the
Sub-Adviser)
may
engage
in
soft
dollar
transactions
pursuant
to
which
they
may
receive
the
benefit
of
research
products
and
other
services
provided
by
broker-dealers
executing
portfolio
transactions
on
behalf
of
the
applicable
Nuveen
funds.
However,
the
Board
noted
that
any
benefits
for
the
Sub-Adviser
when
transacting
in
fixed-income
securities
may
be
more
limited
as
such
securities
generally
trade
on
a
principal
basis
and
therefore
do
not
generate
brokerage
commissions.
Based
on
its
review,
the
Board
concluded
that
any
indirect
benefits
received
by
a
Fund
Adviser
as
a
result
of
its
relationship
with
the
Funds
were
reasonable
and
within
acceptable
parameters.
F.
Other
Considerations
The
Board
Members
did
not
identify
any
single
factor
discussed
previously
as
all-important
or
controlling.
The
Board
Members,
including
the
Independent
Board
Members,
concluded
that
the
terms
of
each
Advisory
Agreement
were
fair
and
reasonable,
that
the
respective
Fund
Adviser’s
fees
were
reasonable
in
light
of
the
services
provided
to
each
Fund
and
that
the
Advisory
Agreements
be
renewed.
172
Liquidity
Risk
Management
Program
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
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”),
which
is
designed
to
manage
each
Fund’s
liquidity
risk.
The
Program
consists
of
various
protocols
for
assessing
and
managing
each
Fund’s
liquidity
risk.
The
Funds’
Board
of
Directors
(the
“Board”)
previously
designated
Nuveen
Fund
Advisors,
LLC,
the
Funds’
investment
adviser
(the
“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
(“LOSC”).
LMAT
and
LOSC
are
composed
of
personnel
from
the
Adviser
and
Teachers
Advisors,
LLC,
an
affiliate
of
the
Adviser.
At
a
May
26,
2021
meeting
of
the
Board,
the
Adviser
provided
the
Board
with
a
written
report
addressing
the
Program’s
operation,
adequacy
and
effectiveness
of
implementation
for
the
calendar
year
2020
(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,
LMAT
assesses
each
Fund’s
liquidity
risk
no
less
frequently
than
annually
based
on
various
factors,
such
as
(i)
the
Fund’s
investment
strategy
and
the
liquidity
of
its
portfolio
investments,
(ii)
cash
flow
projections,
and
(iii)
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
of
the
Funds’
portfolio
investments
are
classified
into
one
of
four
liquidity
categories
(including
the
most
liquid,
“Highly
Liquid,”
and
the
least
liquid,
“Illiquid,”
as
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,
using
third-party
vendor
data.
A
fund
that
does
not
primarily
hold
Highly
Liquid
investments
must,
among
other
things,
determine
a
minimum
percentage
of
the
fund’s
net
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’s
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,
the
Funds
did
not
exceed
the
15%
limit
on
Illiquid
investments.
173
Trustees
and
Officers
(Unaudited)
The
management
of
the
Funds,
including
general
supervision
of
the
duties
performed
for
the
Funds
by
the
Adviser,
is
the
responsibility
of
the
Board
of Trustees
of
the
Funds.
The
number
of
Trustees of
the
Funds
is
currently
set
at
ten.
None
of
the Trustees
who
are
not
“interested”
persons
of
the
Funds
(referred
to
herein
as
“Independent
Trustees”)
has
ever
been
a Trustee
or
employee
of,
or
consultant
to,
Nuveen
or
its
affiliates.
The
names
and
business
addresses
of
the Trustees
and
officers
of
the
Funds,
their
principal
occupations
and
other
affiliations
during
the
past
five
years,
the
number
of
portfolios
each
oversees
and
other
directorships
they
hold
are
set
forth
below.
The
Funds’
Statement
of
Additional
Information
(“SAI”)
includes
more
information
about
the
Trustees.
To
request
a
free
copy,
call
Nuveen
Investments
at
(800)
257-8787
or
visit
the
Funds’
website
at
www.nuveen.com.
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Trustee
Independent
Trustees:
Terence
J.
Toth
1959
333
W.
Wacker
Drive
Chicago,
IL
60606
Chair
and
Trustee
2008
Formerly,
a
Co-Founding
Partner,
Promus
Capital
(investment
advisory
firm)
(2008-2017);
formerly,
Director,
Quality
Control
Corporation
(manufacturing)
(2012-2021);
Chair
of
the
Board
of
the
Kehrein
Center
for
the
Arts
(philanthropy)
(since
2021);
member:
Catalyst
Schools
of
Chicago
Board
(since
2008)
and
Mather
Foundation
Board
(philanthropy)
(since
2012),
and
chair
of
its
investment
committee;
formerly,
Member,
Chicago
Fellowship
Board
(philanthropy)
2005-2016);
formerly,
Director,
Fulcrum
IT
Services
LLC
(information
technology
services
firm
to
government
entities)
(2010-2019);
formerly,
Director,
LogicMark
LLC
(health
services)
(2012-2016);
formerly,
Director,
Legal
&
General
Investment
Management
America,
Inc.
(asset
management)
(2008-
2013);
formerly,
CEO
and
President,
Northern
Trust
Global
Investments
(financial
services)
(2004-2007);
Executive
Vice
President,
Quantitative
Management
&
Securities
Lending
(2000-2004);
prior
thereto,
various
positions
with
Northern
Trust
Company
(financial
services)
(since
1994);
formerly,
Member,
Northern
Trust
Mutual
Funds
Board
(2005-2007),
Northern
Trust
Global
Investments
Board
(2004-2007),
Northern
Trust
Japan
Board
(2004-2007),
Northern
Trust
Securities
Inc.
Board(2003-2007)
and
Northern
Trust
Hong
Kong
Board
(1997-2004).
142
Jack
B.
Evans
1948
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
1999
Chairman
(since
2019),
formerly,
President
(1996-2019),
The
Hall-Perrine
Foundation,
(private
philanthropic
corporation);
Life
Trustee
of
Coe
College;
formerly,
Member
and
President
Pro-Tem
of
the
Board
of
Regents
for
the
State
of
Iowa
University
System
(2007-
2013);
Director
and
Chairman
(2009-2021),
United
Fire
Group,
a
publicly
held
company;
Director,
Public
Member,
American
Board
of
Orthopaedic
Surgery
(2015-2020);
Director
(2000-2004),
Alliant
Energy;
Director
(1996-2015),
The
Gazette
Company
(media
and
publishing);
Director
(1997-
2003),
Federal
Reserve
Bank
of
Chicago;
President
and
Chief
Operating
Officer
(1972-1995),
SCI
Financial
Group,
Inc.,
(regional
financial
services
firm).
142
William
C.
Hunter
1948
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2003
Dean
Emeritus,
formerly,
Dean,
Tippie
College
of
Business,
University
of
Iowa
(2006-2012);
Director
of
Wellmark,
Inc.
(since
2009);
past
Director
(2005-2015),
and
past
President
(2010-
2014)
Beta
Gamma
Sigma,
Inc.,
The
International
Business
Honor
Society;
formerly,
Director
(2004-2018)
of
Xerox
Corporation;
formerly,
Dean
and
Distinguished
Professor
of
Finance,
School
of
Business
at
the
University
of
Connecticut
(2003-2006);
previously,
Senior
Vice
President
and
Director
of
Research
at
the
Federal
Reserve
Bank
of
Chicago
(1995-2003);
formerly,
Director
(1997-2007),
Credit
Research
Center
at
Georgetown
University.
142
174
Trustees
and
Officers
(Unaudited)
(continued)
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Trustee
Amy
B.
R.
Lancellotta
1959
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2021
Formerly,
Managing
Director,
Independent
Directors
Council
(IDC)
(supports
the
fund
independent
director
community
and
is
part
of
the
Investment
Company
Institute
(ICI),
which
represents
regulated
investment
companies)
(2006-2019);
formerly,
various
positions
with
ICI
(1989-2006);
Member
of
the
Board
of
Directors,
Jewish
Coalition
Against
Domestic
Abuse
(JCADA)
(since
2020).
142
Joanne
T.
Medero
1954
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2021
Formerly,
Managing
Director,
Government
Relations
and
Public
Policy
(2009-2020)
and
Senior
Advisor
to
the
Vice
Chairman
(2018-2020),
BlackRock,
Inc.
(global
investment
management
firm);
formerly,
Managing
Director,
Global
Head
of
Government
Relations
and
Public
Policy,
Barclays
Group
(IBIM)
(investment
banking,
investment
management
and
wealth
management
businesses)(2006-2009);
formerly,
Managing
Director,
Global
General
Counsel
and
Corporate
Secretary,
Barclays
Global
Investors
(global
investment
management
firm)
(1996-2006);
formerly,
Partner,
Orrick,
Herrington
&
Sutcliffe
LLP
(law
firm)
(1993-1995);
formerly,
General
Counsel,
Commodity
Futures
Trading
Commission
(government
agency
overseeing
U.S.
derivatives
markets)
(1989-1993);
formerly,
Deputy
Associate
Director/Associate
Director
for
Legal
and
Financial
Affairs,
Office
of
Presidential
Personnel,
The
White
House
(1986-1989);
Member
of
the
Board
of
Directors,
Baltic-American
Freedom
Foundation
(seeks
to
provide
opportunities
for
citizens
of
the
Baltic
states
to
gain
education
and
professional
development
through
exchanges
in
the
U.S.)
(since
2019).
142
Albin
F.
Moschner
1952
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2016
Founder
and
Chief
Executive
Officer,
Northcroft
Partners,
LLC,
(management
consulting)
(since
2012);
formerly,
Chairman
(2019),
and
Director
(2012-2019),
USA
Technologies,
Inc.,
(provider
of
solutions
and
services
to
facilitate
electronic
payment
transactions);
formerly,
Director,
Wintrust
Financial
Corporation
(1996-2016);
previously,
held
positions
at
Leap
Wireless
International,
Inc.
(consumer
wireless
services),
including
Consultant
(2011-2012),
Chief
Operating
Officer
(2008-2011),
and
Chief
Marketing
Officer
(2004-2008);
formerly,
President,
Verizon
Card
Services
division
of
Verizon
Communications,
Inc.
(2000-2003);
formerly,
President,
One
Point
Services
at
One
Point
Communications
(telecommunication
services)
(1999-2000);
formerly,
Vice
Chairman
of
the
Board,
Diba,
Incorporated
(internet
technology
provider)
(1996-1997);
formerly,
various
executive
positions
(1991-1996)
including
Chief
Executive
Officer
(1995-1996)
of
Zenith
Electronics
Corporation
(consumer
electronics).
142
John
K.
Nelson
1962
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2013
Member
of
Board
of
Directors
of
Core12
LLC.
(private
firm
which
develops
branding,
marketing
and
communications
strategies
for
clients)
(since
2008);
served
The
President’s
Council
of
Fordham
University
(2010-2019)
and
previously
a
Director
of
the
Curran
Center
for
Catholic
American
Studies
(2009-2018);
formerly,
senior
external
advisor
to
the
Financial
Services
practice
of
Deloitte
Consulting
LLP.
(2012-2014);
former
Chair
of
the
Board
of
Trustees
of
Marian
University
(2010-2014
as
trustee,
2011-2014
as
Chair);
formerly
Chief
Executive
Officer
of
ABN
AMRO
Bank
N.V.,
North
America,
and
Global
Head
of
the
Financial
Markets
Division
(2007-2008),
with
various
executive
leadership
roles
in
ABN
AMRO
Bank
N.V.
between
1996
and
2007.
142
175
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Trustee
Judith
M.
Stockdale
1947
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
1997
Board
Member,
Land
Trust
Alliance
(national
public
charity
addressing
natural
land
and
water
conservation
in
the
U.S.)
(since
2013);
formerly,
Board
Member,
U.S.
Endowment
for
Forestry
and
Communities
(national
endowment
addressing
forest
health,
sustainable
forest
production
and
markets,
and
economic
health
of
forest-reliant
communities
in
the
U.S.)
(2013-2019);
formerly,
Executive
Director
(1994-2012),
Gaylord
and
Dorothy
Donnelley
Foundation
(private
foundation
endowed
to
support
both
natural
land
conservation
and
artistic
vitality);
prior
thereto,
Executive
Director,
Great
Lakes
Protection
Fund
(endowment
created
jointly
by
seven
of
the
eight
Great
Lakes
states’
Governors
to
take
a
regional
approach
to
improving
the
health
of
the
Great
Lakes)
(1990-1994).
142
Carole
E.
Stone
1947
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2007
Former
Director,
Chicago
Board
Options
Exchange
(2006-2017),
and
C2
Options
Exchange,
Incorporated
(2009-2017);
formerly,
Director,
Cboe
Global
Markets,
Inc.,
(2010-2020)
(formerly
named
CBOE
Holdings,
Inc.);
formerly,
Commissioner,
New
York
State
Commission
on
Public
Authority
Reform
(2005-2010).
142
Matthew
Thornton
III
1958
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2020
Formerly,
Executive
Vice
President
and
Chief
Operating
Officer
(2018-2019),
FedEx
Freight
Corporation,
a
subsidiary
of
FedEx
Corporation
(FedEx)
(provider
of
transportation,
e-commerce
and
business
services
through
its
portfolio
of
companies);
formerly,
Senior
Vice
President,
U.S.
Operations
(2006-2018),
Federal
Express
Corporation,
a
subsidiary
of
FedEx;
formerly
Member
of
the
Board
of
Directors
(2012-2018),
Safe
Kids
Worldwide®
(a
non-profit
organization
dedicated
to
preventing
childhood
injuries).
Member
of
the
Board
of
Directors
(since
2014),
The
Sherwin-Williams
Company
(develops,
manufactures,
distributes
and
sells
paints,
coatings
and
related
products);
Director
(since
2020),
Crown
Castle
International
(provider
of
communications
infrastructure).
142
Margaret
L.
Wolff
1955
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2016
Formerly,
member
of
the
Board
of
Directors
(2013-2017)
of
Travelers
Insurance
Company
of
Canada
and
The
Dominion
of
Canada
General
Insurance
Company
(each,
a
part
of
Travelers
Canada,
the
Canadian
operation
of
The
Travelers
Companies,
Inc.);
formerly,
Of
Counsel,
Skadden,
Arps,
Slate,
Meagher
&
Flom
LLP
(Mergers
&
Acquisitions
Group)
(legal
services)
(2005-2014);
Member
of
the
Board
of
Trustees
of
New
York-Presbyterian
Hospital
(since
2005);
Member
(since
2004)
and
Chair
(since
2015)
of
the
Board
of
Trustees
of
The
John
A.
Hartford
Foundation
(a
philanthropy
dedicated
to
improving
the
care
of
older
adults);
formerly,
Member
(2005-2015)
and
Vice
Chair
(2011-2015)
of
the
Board
of
Trustees
of
Mt.
Holyoke
College.
142
Robert
L.
Young
1963
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2017
Formerly,
Chief
Operating
Officer
and
Director,
J.P.
Morgan
Investment
Management
Inc.
(financial
services)
(2010-2016);
formerly,
President
and
Principal
Executive
Officer
(2013-2016),
and
Senior
Vice
President
and
Chief
Operating
Officer
(2005-2010),
of
J.P.
Morgan
Funds;
formerly,
Director
and
various
officer
positions
for
J.P.
Morgan
Investment
Management
Inc.
(formerly,
JPMorgan
Funds
Management,
Inc.
and
formerly,
One
Group
Administrative
Services)
and
JPMorgan
Distribution
Services,
Inc.
(financial
services)
(formerly,
One
Group
Dealer
Services,
Inc.)
(1999-2017).
142
176
Trustees
and
Officers
(Unaudited)
(continued)
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(2)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Officers
of
the
Funds:
Christopher
E.
Stickrod
1976
333
W.
Wacker
Drive
Chicago,
IL
60606
Chief
Administrative
Officer
2020
Senior
Managing
Director
(since
2017)
and
Head
of
Advisory
Product
(since
2020),
formerly,
Managing
Director
(2016-2017)
and
Senior
Vice
President
(2013-
2016)
of
Nuveen;
Senior
Managing
Director
of
Nuveen
Securities,
LLC
(since
2018)
and
of
Nuveen
Fund
Advisors,
LLC
(since
2019).
Mark
J.
Czarniecki
1979
901
Marquette
Avenue
Minneapolis,
MN
55402
Vice
President
and
Secretary
2013
Vice
President
and
Assistant
Secretary
of
Nuveen
Securities,
LLC
(since
2016)
and
Nuveen
Fund
Advisors,
LLC
(since
2017);
Managing
Director
and
Associate
General
Counsel
(since
January
2022),
formerly,
Vice
President
and
Associate
General
Counsel
of
Nuveen
(-2021)
and
Vice
President,
Assistant
Secretary
and
Associate
General
Counsel
of
Nuveen
Asset
Management,
LLC
(since
2018).
Diana
R.
Gonzalez
1978
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Assistant
Secretary
2017
Vice
President
and
Assistant
Secretary
of
Nuveen
Fund
Advisors,
LLC
(since
2017);
Vice
President
and
Associate
General
Counsel
of
Nuveen
(since
2017);
Associate
General
Counsel
of
Jackson
National
Asset
Management,
LLC
(2012-2017).
Nathaniel
T.
Jones
1979
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Treasurer
2016
Senior
Managing
Director
(since
2021),
formerly,
Managing
Director
(2017-2021),
Senior
Vice
President
(2016-2017),
formerly,
Vice
President
(2011-
2016)
of
Nuveen;
Managing
Director
(since
2015)
of
Nuveen
Fund
Advisors,
LLC;
Chartered
Financial
Analyst.
Tina
M.
Lazar
1961
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2002
Managing
Director
(since
2017),
formerly,
Senior
Vice
President
(2014-2017)
of
Nuveen
Securities,
LLC.
Brian
J.
Lockhart
1974
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2019
Managing
Director
(since
2019)
of
Nuveen
Fund
Advisors,
LLC;
Senior
Managing
Director
(since
2021),
formerly,
Managing
Director
(2017-2021),
Vice
President
(2010-2017)
of
Nuveen;
Head
of
Investment
Oversight
(since
2017),
formerly,
Team
Leader
of
Manager
Oversight
(2015-2017);
Chartered
Financial
Analyst
and
Certified
Financial
Risk
Manager.
Jacques
M.
Longerstaey
1963
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
2019
Senior
Managing
Director,
Chief
Risk
Officer,
Nuveen,
LLC
(since
May
2019);
Senior
Managing
Director
(since
May
2019)
of
Nuveen
Fund
Advisors,
LLC;
formerly,
Chief
Investment
and
Model
Risk
Officer,
Wealth
&
Investment
Management
Division,
Wells
Fargo
Bank
(NA)
(2013-2019).
John
M.
McCann
1975
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
2022
Managing
Director
and
Assistant
Secretary
of
Nuveen
Fund
Advisors,
LLC
(since
2021);
Managing
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC
(since
2021);
Managing
Director
of
TIAA
SMA
Strategies
LLC
(since
2021);
Managing
Director
(since
2019,
formerly,
Vice
President
and
Director),
Associate
General
Counsel
and
Assistant
Secretary
of
College
Retirement
Equities
Fund,
TIAA
Separate
Account
VA-1,
TIAA-CREF
Funds
and
TIAA-CREF
Life
Funds;
Managing
Director
(since
2018),
formerly,
Vice
President
and
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
Teachers
Insurance
and
Annuity
Association
of
America,
Teacher
Advisors
LLC
and
TIAA-CREF
Investment
Management,
LLC;
Vice
President
(since
2017),
Associate
General
Counsel
and
Assistant
Secretary
(since
2011)
of
Nuveen
Alternative
Advisors
LLC;
General
Counsel
and
Assistant
Secretary
of
Covariance
Capital
Management,
Inc.
(2014-2017).
177
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(2)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Kevin
J.
McCarthy
1966
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Assistant
Secretary
2007
Senior
Managing
Director
(since
2017)
and
Secretary
and
General
Counsel
(since
2016)
of
Nuveen
Investments,
Inc.,
formerly,
Executive
Vice
President
(2016-2017)
and
Managing
Director
and
Assistant
Secretary
(2008-2016);
Senior
Managing
Director
(since
2017)
and
Assistant
Secretary
(since
2008)
of
Nuveen
Securities,
LLC,
formerly
Executive
Vice
President
(2016-2017)
and
Managing
Director
(2008-2016);
Senior
Managing
Director
(since
2017)
and
Secretary
(since
2016)
of
Nuveen
Fund
Advisors,
LLC,
formerly,
Co-General
Counsel
(2011-2020),
Executive
Vice
President
(2016-2017),
Managing
Director
(2008-2016)
and
Assistant
Secretary
(2007-2016);
Senior
Managing
Director
(since
2017),
Secretary
(since
2016)
of
Nuveen
Asset
Management,
LLC,
formerly,
Associate
General
Counsel
(2011-2020),
Executive
Vice
President
(2016-2017)
and
Managing
Director
and
Assistant
Secretary
(2011-2016);
formerly
Vice
President
(2007-2021)
and
Secretary
(2016-2021),
of
NWQ
Investment
Management
Company,
LLC
and
Santa
Barbara
Asset
Management,
LLC;
Vice
President
and
Secretary
of
Winslow
Capital
Management,
LLC
(since
2010).
Senior
Managing
Director
(since
2017)
and
Secretary
(since
2016)
of
Nuveen
Alternative
Investments,
LLC.
Jon
Scott
Meissner
1973
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2019
Managing
Director
of
Mutual
Fund
Tax
and
Financial
Reporting
groups
at
Nuveen
(since
2017);
Managing
Director
of
Nuveen
Fund
Advisors,
LLC
(since
2019);
Senior
Director
of
Teachers
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC
(since
2016);
Senior
Director
(since
2015)
Mutual
Fund
Taxation
to
the
TIAA-CREF
Funds,
the
TIAA-CREF
Life
Funds,
the
TIAA
Separate
Account
VA-1
and
the
CREF
Accounts;
has
held
various
positions
with
TIAA
since
2004.
Deann
D.
Morgan
1969
730
Third
Avenue
New
York,
NY
10017
Vice
President
2020
President,
Nuveen
Fund
Advisors,
LLC
(since
2020);
Executive
Vice
President,
Global
Head
of
Product
at
Nuveen
(since
2019);
Co-Chief
Executive
Officer
of
Nuveen
Securities,
LLC
(since
2020);
Managing
Member
of
MDR
Collaboratory
LLC
(since
2018);
Managing
Director,
Head
of
Wealth
Management
Product
Structuring
&
COO
Multi
Asset
Investing.
The
Blackstone
Group
(2013-2017).
William
A.
Siffermann
1975
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2017
Managing
Director
(since
2017),
formerly
Senior
Vice
President
(2016-2017)
and
Vice
President
(2011-2016)
of
Nuveen.
E.
Scott
Wickerham
1973
TIAA
730
Third
Avenue
New
York,
NY
10017
Vice
President
and
Controller
2019
Senior
Managing
Director,
Head
of
Public
Investment
Finance
at
Nuveen
(since
2019),
formerly,
Managing
Director;
Senior
Managing
Director
(since
2019)
of
Nuveen
Fund
Advisors,
LLC;
Principal
Financial
Officer,
Principal
Accounting
Officer
and
Treasurer
(since
2017)
of
the
TIAA-CREF
Funds,
the
TIAA-CREF
Life
Funds,
the
TIAA
Separate
Account
VA-1
and
Principal
Financial
Officer,
Principal
Accounting
Officer
(since
2020)
and
Treasurer
(since
2017)
of
the
CREF
Accounts;
formerly,
Senior
Director,
TIAA-CREF
Fund
Administration
(2014-2015);
has
held
various
positions
with
TIAA
since
2006.
Mark
L.
Winget
1968
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Assistant
Secretary
2008
Vice
President
and
Assistant
Secretary
of
Nuveen
Securities,
LLC
(since
2008),
and
Nuveen
Fund
Advisors,
LLC
(since
2019);
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC
(since
2020);
Vice
President
(since
2010)
and
Associate
General
Counsel
(since
2019),
formerly,
Assistant
General
Counsel
(2008-2016)
of
Nuveen.
Gifford
R.
Zimmerman
1956
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Chief
Compliance
Officer
1988
Formerly:
Managing
Director
(2002-2020)
and
Assistant
Secretary
(2002-2020)
of
Nuveen
Securities,
LLC;
formerly,
Managing
Director
(2002-2020),
Assistant
Secretary
(1997-2020)
and
Co-General
Counsel
(2011-2020)
of
Nuveen
Fund
Advisors,
LLC;
formerly,
Managing
Director
(2004-2020)
and
Assistant
Secretary
(1994-2020)
of
Nuveen
Investments,
Inc.;
formerly,
Managing
Director,
Assistant
Secretary
and
Associate
General
Counsel
of
Nuveen
Asset
Management,
LLC
(2011-2020);
formerly,
Vice
President
and
Assistant
Secretary
of
NWQ
Investment
Management
Company,
LLC
(2002-2020),
Santa
Barbara
Asset
Management,
LLC
(2006-2020)
and
Winslow
Capital
Management,
LLC
(2010-2020);
Chartered
Financial
Analyst.
(1)
Trustees
serve
an
indefinite
term
until
his/her
successor
is
elected
or
appointed.
The
year
first
elected
or
appointed
represents
the
year
in
which
the
director
was
first
elected
or
appointed
to
any
fund
in
the
Nuveen
Fund
Complex.
(2)
Officers
serve
one
year
terms
through
August
of
each
year.
The
year
first
elected
or
appointed
represents
the
year
in
which
the
officer
was
first
elected
or
appointed
to
any
fund
in
the
Nuveen
Fund
Complex.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
MAN-MS3-0222D
2104114-INV-Y-04/23
Nuveen:
Serving
Investors
for
Generations
Since
1898,
financial
advisors
and
their
clients
have
relied
on
Nuveen
to
provide
dependable
investment
solutions
through
continued
adherence
to
proven,
long-term
investing
principles.
Today,
we
offer
a
range
of
high
quality
solutions
designed
to
be
integral
components
of
a
well-diversified
core
portfolio.
Focused
on
meeting
investor
needs.
Nuveen
is
the
investment
manager
of
TIAA.
We
have
grown
into
one
of
the
world’s
premier
global
asset
managers,
with
specialist
knowledge
across
all
major
asset
classes
and
particular
strength
in
solutions
that
provide
income
for
investors
and
that
draw
on
our
expertise
in
alternatives
and
responsible
investing.
Nuveen
is
driven
not
only
by
the
independent
investment
processes
across
the
firm,
but
also
the
insights,
risk
management,
analytics
and
other
tools
and
resources
that
a
truly
world-class
platform
provides.
As
a
global
asset
manager,
our
mission
is
to
work
in
partnership
with
our
clients
to
create
solutions
which
help
them
secure
their
financial
future.
Find
out
how
we
can
help
you.
To
learn
more
about
how
the
products
and
services
of
Nuveen
may
be
able
to
help
you
meet
your
financial
goals,
talk
to
your
financial
advisor,
or
call
us
at
(800)
257-8787.
Please
read
the
information
provided
carefully
before
you
invest.
Investors
should
consider
the
investment
objective
and
policies,
risk
considerations,
charges
and
expenses
of
any
investment
carefully.
Where
applicable,
be
sure
to
obtain
a
prospectus,
which
contains
this
and
other
relevant
information.
To
obtain
a
prospectus,
please
contact
your
securities
representative
or
Nuveen,
333
W.
Wacker
Dr.,
Chicago,
IL
60606.
Please
read
the
prospectus
carefully
before
you
invest
or
send
money.
Learn
more
about
Nuveen
Funds
at:
www.nuveen.com/mutual-funds
| ITEM 2. | CODE OF ETHICS. |
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans and Albin F. Moschner, who are “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
Mr. Moschner, Founder and Chief Executive Officer, Northcroft Partners, LLC, (management consulting) (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., (provider of solutions and services to facilitate electronic payment transactions); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc., (consumer wireless services) including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (telecommunication services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996-1997); formerly, various executive positions (1991-1996), including Chief Executive Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics).
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
The following tables show the amount of fees that PricewaterhouseCoopers the Funds’ auditor, billed to the Funds’ during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.
Fiscal Year Ended February 28, 2022 | Audit Fees Billed to Funds 1 | Audit-Related Fees Billed to Funds 2 | Tax Fees Billed to Funds 3 | All Other Fees Billed to Funds 4 | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen California High Yield Municipal Bond Fund | 49,300 | 0 | 0 | 0 | ||||||||||||
Nuveen California Municipal Bond Fund | 28,300 | 0 | 0 | 0 | ||||||||||||
Nuveen Connecticut Municipal Bond Fund | 28,300 | 0 | 0 | 0 | ||||||||||||
Nuveen Massachusetts Municipal Bond Fund | 28,300 | 0 | 0 | 0 | ||||||||||||
Nuveen New Jersey Municipal Bond Fund | 28,300 | 0 | 0 | 0 | ||||||||||||
Nuveen New York Municipal Bond Fund | 28,300 | 0 | 0 | 0 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 190,800 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| 1 | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
| 2 | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
| 3 | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
| 4 | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
| Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||||||
| Audit Fees Billed to Funds | Audit-Related Fees Billed to Funds | Tax Fees Billed to Funds | All Other Fees Billed to Funds | |||||||||||||
Fund Name | ||||||||||||||||
Nuveen California High Yield Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen California Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Connecticut Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Massachusetts Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen New Jersey Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen New York Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
February 28, 2021 | Audit Fees Billed to Funds 1 | Audit-Related Fees Billed to Funds 2 | Tax Fees Billed to Funds 3 | All Other Fees Billed to Funds 4 | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen California High Yield Municipal Bond Fund | 27,230 | 0 | 0 | 0 | ||||||||||||
Nuveen California Municipal Bond Fund | 27,230 | 0 | 0 | 0 | ||||||||||||
Nuveen Connecticut Municipal Bond Fund | 27,230 | 0 | 0 | 0 | ||||||||||||
Nuveen Massachusetts Municipal Bond Fund | 27,230 | 0 | 0 | 0 | ||||||||||||
Nuveen New Jersey Municipal Bond Fund | 27,230 | 0 | 0 | 0 | ||||||||||||
Nuveen New York Municipal Bond Fund | 27,230 | 0 | 0 | 0 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 163,380 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| 1 | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
| 2 | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
| 3 | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
| 4 | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
| Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||||||
| Audit Fees Billed to Funds | Audit-Related Fees Billed to Funds | Tax Fees Billed to Funds | All Other Fees Billed to Funds | |||||||||||||
Fund Name | ||||||||||||||||
Nuveen California High Yield Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen California Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Connecticut Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Massachusetts Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen New Jersey Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen New York Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Fiscal Year Ended February 28, 2022 | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | |||||||||
Nuveen MultiState Trust II | $ | 0 | $ | 0 | $ | 0 | ||||||
| Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||
| Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | ||||||||||
| 0 | % | 0 | % | 0 | % | |||||||
Fiscal Year Ended February 28, 2021 | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | |||||||||
Nuveen MultiState Trust II | $ | 0 | $ | 0 | $ | 0 | ||||||
| Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||
| Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | ||||||||||
| 0 | % | 0 | % | 0 | % | |||||||
| Total Non-Audit Fees | ||||||||||||||||
| billed to Adviser and | ||||||||||||||||
| Affiliated Fund Service | Total Non-Audit Fees | |||||||||||||||
| Providers (engagements | billed to Adviser and | |||||||||||||||
| related directly to the | Affiliated Fund Service | |||||||||||||||
| Total Non-Audit Fees | operations and financial | Providers (all other | ||||||||||||||
Fiscal Year Ended February 28, 2022 | Billed to Trust | reporting of the Trust) | engagements) | Total | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen California High Yield Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen California Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Connecticut Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Massachusetts Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen New Jersey Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen New York Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
| Total Non-Audit Fees | ||||||||||||||||
| billed to Adviser and | ||||||||||||||||
| Affiliated Fund Service | Total Non-Audit Fees | |||||||||||||||
| Providers (engagements | billed to Adviser and | |||||||||||||||
| related directly to the | Affiliated Fund Service | |||||||||||||||
| Total Non-Audit Fees | operations and financial | Providers (all other | ||||||||||||||
Fiscal Year Ended February 28, 2021 | Billed to Trust | reporting of the Trust) | engagements) | Total | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen California High Yield Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen California Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Connecticut Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Massachusetts Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen New Jersey Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen New York Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit and non-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chair for her verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable to this registrant.
| ITEM 6. | SCHEDULE OF INVESTMENTS. |
| a) | See Portfolio of Investments in Item 1. |
| b) | Not applicable. |
| ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to this registrant.
| ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to this registrant.
| ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable to this registrant.
| ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees implemented after the registrant last provided disclosure in response to this Item.
| ITEM 11. | CONTROLS AND PROCEDURES. |
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 13. | EXHIBITS. |
File the exhibits listed below as part of this Form.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Multistate Trust II
| By (Signature and Title) | /s/ Mark J. Czarniecki | |
| Mark J. Czarniecki | ||
| Vice President and Secretary |
Date: May 6, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ Christopher E. Stickrod | |
| Christopher E. Stickrod | ||
| Chief Administrative Officer | ||
| (principal executive officer) |
Date: May 6, 2022
| By (Signature and Title) | /s/ E. Scott Wickerham | |
| E. Scott Wickerham | ||
| Vice President and Controller | ||
| (principal financial officer) |
Date: May 6, 2022