Nuveen Multistate Trust Ii N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-07755

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 29

Date of reporting period: February 29, 2024

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

29,

2024

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

2

Table

of

Contents

Important

Notices

3

Portfolio

Managers’

Comments

4

Risk

Considerations

and

Dividend

Information

11

About

the

Funds’

Benchmarks

12

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

13

Yields

26

Expense

Examples

28

Report

of

Independent

Registered

Public

Accounting

Firm

31

Portfolios

of

Investments

32

Statement

of

Assets

and

Liabilities

99

Statement

of

Operations

101

Statement

of

Changes

in

Net

Assets

103

Statement

of

Cash

Flows

106

Financial

Highlights

107

Notes

to

Financial

Statements

119

Important

Tax

Information

134

Shareholder

Meeting

Report

135

Additional

Fund

Information

136

Glossary

of

Terms

Used

in

this

Report

137

Liquidity

Risk

Management

Program

138

Annual

Investment

Management

Agreement

Approval

Process

139

Trustees

and

Officers

146

Important

Notices

3

Securities

and

Exchange

Commission

(the

“SEC”)

Adopts

Amendments

for

Tailored

Shareholder

Reports

On

October

26,

2022,

the

SEC

adopted

rule

and

form

amendments

(the

“Amendments”)

that

require

mutual

funds

and

exchange-

traded

funds

registered

on

Form

N-1A

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

(“Tailored

Shareholder

Reports”).

The

Amendments

require

funds

to

prepare

a

separate

Tailored

Shareholder

Report

for

each

share

class

of

each

series

of

a

fund.

As

a

result,

shareholders

will

receive

a

report

that

covers

only

the

class

of

a

multi-class

fund

in

which

the

shareholder

invests.

Tailored

Shareholder

Reports

are

meant

to

be

three

to

four

pages

in

length

and

will

highlight

key

information

such

as

a

fund’s

expenses,

performance

and

portfolio

holdings.

Other,

more

detailed

information

that

currently

appears

in

fund

shareholder

reports

will

be

made

available

online,

filed

with

the

SEC,

and

delivered

to

investors

free

of

charge

in

paper

or

electronically

upon

request.

The

first

Tailored

Shareholder

Reports

to

be

prepared

for

these

Funds

will

be

for

the

reporting

period

ended

August

31,

2024.

Nuveen

California

High

Yield

Municipal

Bond

Fund

–

Portfolio

Manager

Update

Effective

May

31,

2023,

John

Miller

no

longer

serves

as

a

portfolio

manager

of

the

Fund.

There

were

no

other

changes

to

the

portfolio

management

of

the

Fund

during

the

reporting

period.

Nuveen

California

Municipal

Bond

Fund

and

Nuveen

New

York

Municipal

Bond

Fund

–

Portfolio

Manager

Update

Effective

October

13,

2023,

Kristen

DeJong,

CFA,

was

added

as

a

portfolio

manager.

There

were

no

other

changes

to

the

portfolio

management

of

the

Fund

during

the

reporting

period.

Nuveen

Connecticut

Municipal

Bond

Fund

and

Nuveen

Massachusetts

Municipal

Bond

Fund

–

Portfolio

Manager

Update

Effective

October

13,

2023,

Stephen

Candido,

CFA,

was

added

as

a

portfolio

manager.

There

were

no

other

changes

to

the

portfolio

management

of

the

Funds

during

the

reporting

period.

Nuveen

New

Jersey

Municipal

Bond

Fund

–

Portfolio

Manager

Update

Effective

October

13,

2023,

Steven

Hlavin

was

added

as

a

portfolio

manager.

There

were

no

other

changes

to

the

portfolio

management

of

the

Fund

during

the

reporting

period.

4

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.

The

portfolio

managers

for

the

Nuveen

California

High

Yield

Municipal

Bond

Fund

are

Scott

Romans,

PhD,

Daniel

Close,

CFA,

and

Stephen

Candido,

CFA.

The

portfolio

managers

for

the

Nuveen

California

Municipal

Bond

Fund

and

the

Nuveen

New

York

Municipal

Bond

Fund

are

Scott

Romans,

PhD,

and

Kristen

DeJong,

CFA.

The

portfolio

managers

for

the

Nuveen

Connecticut

Municipal

Bond

Fund

and

the

Nuveen

Massachusetts

Municipal

Bond

Fund

are

Michael

Hamilton

and

Stephen

Candido,

CFA.

The

portfolio

managers

for

the

Nuveen

New

Jersey

Municipal

Bond

Fund

are

Paul

Brennan,

CFA,

and

Steven

Hlavin.

Effective

October

13,

2023,

Kristen

DeJong

was

added

as

a

portfolio

manager

for

the

Nuveen

California

Municipal

Bond

Fund

and

the

Nuveen

New

York

Municipal

Bond

Fund,

Stephen

Candido

was

added

as

a

portfolio

manager

for

the

Nuveen

Connecticut

Municipal

Bond

Fund

and

Nuveen

Massachusetts

Municipal

Bond

Fund

and

Steven

Hlavin

was

added

as

a

portfolio

manager

for

the

Nuveen

New

Jersey

Municipal

Bond

Fund.

Effective

May

31,

2023,

John

Miller

no

longer

serves

as

a

portfolio

manager

of

the

Nuveen

California

High

Yield

Municipal

Bond

Fund.

Daniel

Close,

Scott

Romans

and

Stephen

Candido

continue

to

serve

as

portfolio

managers

of

the

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

29,

2024.

For

more

information

on

the

Funds’

investment

objectives

and

policies,

please

refer

to

the

prospectus.

What

factors

affected

the

U.S.

economy

and

market

conditions

during

the

twelve-month

annual

reporting

period

ended

February

29,

2024?

The

U.S.

economy

performed

better

than

expected

despite

persistent

inflationary

pressure

and

elevated

interest

rates

during

the

twelve-month

period

ended

February

29,

2024.

Gross

domestic

product

rose

at

an

annualized

rate

of

3.4%

in

the

fourth

quarter

of

2023,

after

increasing

at

an

annualized

rate

of

4.9%

in

third

quarter

of

2023,

according

to

the

U.S.

Bureau

of

Economic

Analysis

second

estimate.

In

2023

as

a

whole,

GDP

was

up

2.5%

(from

the

2022

annual

level

to

the

2023

annual

level),

compared

with

an

increase

of

1.9%

in

2022.

During

the

reporting

period,

price

pressures

eased

in

comparison

to

2022

given

normalization

in

supply

chains,

falling

energy

prices

and

aggressive

measures

by

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

to

tighten

financial

conditions

and

slow

demand

in

their

economies.

Nevertheless,

during

the

reporting

period,

inflation

levels

remained

higher

than

central

banks’

target

levels.

The

Fed

raised

its

target

fed

funds

rate

three

times

during

the

reporting

period,

bringing

it

to

a

range

of

5.25%

to

5.50%

as

of

July

2023

and

voting

to

hold

it

at

that

level

at

its

subsequent

meetings

in

2023

and

2024.

Early

in

the

reporting

period,

the

Fed’s

activity

led

to

significant

volatility

in

bond

and

stock

markets,

given

the

uncertainty

of

how

rising

interest

rates

would

affect

the

economy.

One

of

the

most

highly

visible

impacts

occurred

in

the

U.S.

regional

banking

sector

in

March

2023,

when

Silicon

Valley

Bank,

Signature

Bank,

First

Republic

Bank

and

Silvergate

Bank

failed.

In

the

same

month,

Swiss

bank

UBS

agreed

to

buy

Credit

Suisse,

which

was

considered

vulnerable

in

the

current

environment.

The

Fed’s

monetary

tightening

policy

also

contributed

to

an

increase

in

the

U.S.

dollar’s

value

relative

to

major

world

currencies,

which

acts

as

a

headwind

to

the

profits

of

international

companies

and

U.S.

domestic

companies

with

overseas

earnings.

During

the

reporting

period,

elevated

inflation

and

higher

borrowing

costs

weighed

on

some

segments

of

the

economy,

including

the

real

estate

market.

Consumer

spending,

however,

has

remained

more

resilient

than

expected,

in

part

because

of

a

still-strong

labor

market,

another

key

gauge

of

the

economy’s

health.

As

of

February

2024,

the

unemployment

rate

was

3.9%,

near

its

pre-

pandemic

low,

with

monthly

job

growth

continuing

to

moderate

from

the

faster

pace

earlier

in

the

post-pandemic

recovery.

The

strong

labor

market

and

wage

gains

helped

the

U.S.

economy

during

the

reporting

period,

even

as

the

Fed

sought

to

soften

job

growth

to

help

curb

inflation

pressures.

5

During

the

reporting

period,

investors

also

continued

to

monitor

government

funding

and

deficits.

The

U.S.

government

avoided

a

default

scenario

after

approving

an

increase

to

the

debt

ceiling

limit

in

June

2023.

At

the

same

time,

the

potential

for

a

government

shutdown

loomed

but

was

ultimately

avoided

with

funding

resolutions

passed

in

September

and

November

2023

and

February

2024.

Notably,

in

August

2023,

ratings

agency

Fitch

downgraded

U.S.

debt

from

AAA

to

AA+

based

on

concerns

about

the

U.S.’s

growing

fiscal

debt

and

reduced

confidence

in

fiscal

management

The

broad

municipal

bond

market

was

impacted

by

interest

rate

volatility

and

economic

uncertainty

during

the

reporting

period.

Municipal

yields

fell

across

most

of

the

maturity

spectrum,

with

a

very

slight

increase

in

30-year

maturities.

Much

of

the

decline

in

yields

was

concentrated

in

November-December

2023,

when

Treasury

markets

moved

sharply

to

reassess

the

timing

of

potential

Fed

rate

cuts

and

municipal

yields

followed

in

kind.

While

municipal

bonds

continued

to

exhibit

relatively

strong

credit

fundamentals,

the

change

in

yields

was

the

dominant

driver

of

municipal

market

performance,

overpowering

the

impact

of

credit

spread

movements

in

this

reporting

period.

What

were

the

economic

and

market

environments

in

California,

Connecticut,

Massachusetts,

New

Jersey

and

New

York

during

the

twelve-month

reporting

period

ended

February

29,

2024?

California’s

$3.9

trillion

economy

is

the

largest

in

the

United

States,

representing

14.1%

of

U.S.

gross

domestic

product

(based

on

preliminary

data),

and

on

a

standalone

basis

would

be

the

fifth

largest

economy

in

the

world.

The

state’s

economy

is

diverse

and

generally

mirrors

the

nation’s

economic

composition

but

with

a

higher

concentration

in

the

information

technology

sector.

The

state’s

unemployment

rate

was

5.3%

as

of

February

2024,

compared

to

the

national

rate

of

3.9%.

The

state’s

general

fund

budget

for

fiscal

year

2024

(July

1,

2023,

to

June

30,

2024)

totals

$225.9

billion,

which

is

3.6%

lower

than

the

revised

fiscal

year

2023

budget.

The

fiscal

year

2024

budget

balanced

a

$31.7

billion

shortfall,

driven

by

“a

declining

stock

market

and

persistently

high

inflation

experienced

in

2022,

rising

interest

rates

and

job

losses

in

high

wage

sectors,”

which

have

resulted

in

slower

growth

in

revenues.

California’s

proposed

budget

of

$208.7

billion

for

fiscal

year

2024-2025

(July

1,

2024,

to

June

30,

2025)

represents

a

9.6%

decrease

over

the

prior

year.

The

proposed

budget

projects

a

$37.9

billion

budget

gap

because

of

substantial

decline

in

the

stock

market

that

lowered

revenues

in

2022

and

the

delayed

income

tax

collections

caused

by

storms

in

2022.

The

state

has

released

plans

to

address

the

deficit

that

include

use

of

reserves,

expenditure

cuts,

internal

borrowing,

delay,

fund

shifts

and

deferrals.

As

of

February

2024,

S&P

affirmed

its

AA-

rating

on

California

general

obligation

(GO)

debt

but

changed

its

outlook

to

stable

from

positive,

and

Moody’s

rates

the

state’s

GO

Aa2

with

a

stable

outlook.

California

municipal

bond

supply

totaled

$54.5

billion

for

the

twelve-month

period

ended

February

29,

2024,

an

11.6%

increase

from

the

same

period

a

year

earlier.

Connecticut’s

economy

is

led

by

manufacturing,

financial

services,

education

and

health

care,

and

enjoys

a

high

per

capita

income.

As

of

February

2024,

the

state’s

unemployment

rate

stands

at

4.5%,

compared

to

3.9%

for

the

nation.

The

general

fund

ended

fiscal

year

2023

(June

1,

2022,

to

June

30,

2023)

with

a

surplus

of

$555

million

on

a

budgetary

basis.

The

state

projects

a

$167

million

surplus

in

fiscal

year

2024

(June

1,

2023,

to

June

30,

2024).

The

proposed

general

fund

budget

for

fiscal

year

2025

of

$22.94

billion

provides

a

$291.0

million

operating

surplus.

The

budget

for

fiscal

year

2025

is

2.7%

above

the

estimated

fiscal

year

2024

expenditures.

As

of

February

2024,

Moody’s

rated

Connecticut

Aa3

with

a

stable

outlook,

and

S&P

rated

Connecticut

AA-

with

a

stable

outlook.

Approximately

$5.4

billion

in

Connecticut

municipal

bonds

were

issued

during

the

twelve

months

ending

February

29,

2024,

a

1.4%

year-over-year

decrease.

Massachusetts’

economy

is

led

by

health

care,

education,

financial

services

and

technology

and

enjoys

the

highest

per

capita

income

among

the

50

states.

Massachusetts’

unemployment

rate

stood

at

2.9%

in

February

2024,

compared

to

3.9%

for

the

nation.

Unaudited

fiscal

year

2023

(July

1,

2022,

to

June

30,

2023)

financials

indicate

that

the

rainy

day

fund

grew

by

15%

to

approximately

$8.0

billion,

and

projections

for

fiscal

year

2024

estimate

that

the

fund

balance

will

increase

further

to

$8.7

billion.

As

of

February

2024,

the

commonwealth’s

ratings

of

AA+

and

Aa1

are

maintained

by

S&P

and

Moody’s,

respectively.

The

outlooks

for

both

are

stable.

Massachusetts

municipal

bond

new

issuance

totaled

$12.2

billion

for

the

twelve-month

period

ended

February

29,

2024,

a

3.8%

increase

from

the

same

period

a

year

earlier.

New

Jersey

continued

its

post-pandemic

recovery

in

2023,

with

nominal

GDP

growing

approximately

5.9%

to

$799

billion

(based

on

preliminary

data).

The

state’s

unemployment

rate

as

of

February

2024

was

4.8%,

compared

to

the

national

rate

of

3.9%.

The

state

concluded

fiscal

year

2023

(July

1,

2022,

to

June

30,

2023)

with

a

large

surplus

for

the

third

consecutive

year,

driven

primarily

by

federal

assistance

under

various

federal

pandemic

relief

bills

and

tax

revenues

exceeding

initial

estimates.

As

a

result,

the

state’s

undesignated

cash

basis

fund

balance

grew

to

a

record

high

$10.5

billion

at

the

end

of

fiscal

year

2023,

or

roughly

19%

of

appropriations.

New

Jersey’s

adopted

budget

for

fiscal

year

2024

(July

1,

2023,

to

June

30,

2024)

and

proposed

budget

for

fiscal

year

2025

(July

1,

2024,

to

June

30,

2025)

both

reflect

a

return

to

structural

deficits

while

maintaining

the

state’s

recent

commitment

to

fully

funding

its

annual

pension

contribution

requirements.

The

state’s

undesignated

reserves

are

forecast

to

decline

to

$6.1

billion

by

the

end

of

fiscal

year

2025,

which

is

approximately

11%

of

appropriations.

In

April

2023,

Moody’s,

S&P

and

Fitch

each

upgraded

the

state’s

rating

to

A1,

A

and

A+,

respectively.

Concurrently,

all

three

rating

agencies

revised

their

outlooks

to

stable

from

Portfolio

Managers’

Comments

(continued)

6

positive.

New

Jersey

municipal

bond

supply

totaled

$9.1

billion

for

the

twelve-month

period

ended

February

29,

2024,

a

25.3%

increase

from

the

same

period

a

year

earlier.

New

York

state’s

$2.2

trillion

economy

represented

7.9%

of

U.S.

gross

domestic

product

in

2023

(based

on

preliminary

data).

New

York

was

hit

harder

than

most

states

by

the

pandemic

and

its

recovery

lags

the

nation.

As

of

February

2024,

the

state’s

unemployment

rate

stood

at

4.4%,

compared

to

3.9%

for

the

nation.

Despite

the

pandemic-related

challenges,

New

York

state’s

finances

have

held

up

well,

primarily

driven

by

federal

assistance

under

various

federal

pandemic

relief

bills

and

tax

revenues

exceeding

initial

estimates.

The

state’s

general

fund

posted

a

$15.4

billion

surplus

in

fiscal

year

2023

(April

1,

2022,

to

March

31,

2023),

equal

to

16.6%

of

general

fund

revenues.

Fiscal

year

2024

(April

1,

2023,

to

March

31,

2024)

is

also

projected

to

end

with

a

surplus.

New

York

State’s

proposed

general

fund

budget

for

fiscal

year

2025

(April

1,

2024,

to

March

31,

2025)

is

projected

to

be

balanced.

It

is

4%

higher

than

the

adopted

fiscal

year

2024

budget

and

includes

a

new

tax

credit

for

childcare

and

several

proposed

tax

increases,

such

as

hikes

in

the

state

cigarette

tax

and

extending

a

temporary

tax

on

business

income

over

$5

million.

Moody’s

affirmed

its

Aa1

rating

on

New

York

state

in

July

2023

citing

the

state’s

historically

high

reserve

levels

and

history

of

strong

financial

management.

S&P

confirmed

its

AA+

stable

rating

for

New

York

State

in

September

2023.

New

York

municipal

bond

supply

totaled

$43.2

billion

for

the

twelve-month

period

ended

February

29,

2024,

a

12.9%

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

29,

2024?

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.

During

the

twelve-month

reporting

period,

the

portfolio

management

team

unwound

the

Fund’s

derivative

positions

in

order

to

better

mitigate

basis

risk

and

transition

to

a

more

cash-based

portfolio

management

approach.

As

of

the

end

of

the

reporting

period,

the

Fund

owned

no

derivatives.

The

portfolio

management

team

also

engaged

in

opportunistic

purchases

during

the

reporting

period,

particularly

in

the

charter

school,

higher

education

and

tax-increment-finance

sectors.

The

higher

yield

environment

during

this

reporting

period

was

favorable

for

the

Fund

to

reset

embedded

yields

higher

in

its

portfolio,

primarily

by

executing

on

tax-loss

swap

opportunities.

This

strategy

involves

selling

depreciated

bonds

with

lower

embedded

yields

to

reinvest

in

similarly

structured,

higher

income-producing

bonds

to

support

the

Fund’s

income

earnings

and

capture

tax

efficiencies.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

February

29,

2024?

The

Class

A

Shares

of

the

Nuveen

California

High

Yield

Municipal

Bond

Fund

significantly

underperformed

the

S&P

Municipal

Yield

Index

for

the

twelve-month

reporting

period

ended

February

29,

2024.

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

S&P

Municipal

Yield

Index.

The

largest

detractor

from

the

Fund’s

relative

performance

was

an

overweight

to

California

debt

relative

to

the

national

high

yield

benchmark.

Because

the

California

municipal

market

generally

underperformed

the

national

market

during

this

reporting

period,

the

Fund’s

higher

exposure

to

California

debt

detracted

from

relative

performance.

A

second

relative

detractor

was

the

Fund’s

underweight

and

security

selection

in

the

outperforming

Puerto

Rico

market.

The

Fund’s

sector

positioning,

especially

overweights

in

the

utility

and

multi-family

housing

segments

and

an

underweight

in

the

tobacco

sector,

also

detracted

from

relative

performance.

Partially

offsetting

the

Fund’s

underperformance

was

favorable

duration

positioning.

An

overweight

in

longer-duration

bonds

added

relative

value

because

longer-duration

bonds

generally

performed

well

as

interest

rates

fell

in

late

2023.

During

the

period,

the

Fund

used

US

Treasury

futures

as

part

of

an

overall

portfolio

construction

strategy

to

manage

portfolio

duration

and

yield

curve

exposure.

The

futures

had

a

negligible

impact

on

relative

performance

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

benchmark

was

the

Fund’s

use

of

leverage

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.

In

general,

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.

However,

use

7

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

will

typically

increase

when

short-term

interest

rates

decrease.

In

recent

quarters,

fund

leverage

expenses

have

generally

tracked

the

overall

movement

of

short-term

tax-exempt

interest

rates.

While

fund

leverage

expenses

are

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

of

February

29,

2024,

the

effective

leverage

was

20.1%

which

is

within

the

Fund’s

expected

range

and

is

regularly

monitored.

The

Fund’s

use

of

leverage

through

inverse

floating

rate

securities

contributed

to

relative

performance

during

the

reporting

period.

Nuveen

California

Municipal

Bond

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

February

29,

2024?

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.

The

higher

yield

environment

during

this

reporting

period

was

favorable

for

the

Fund

to

reset

embedded

yields

higher

in

its

portfolio,

primarily

by

executing

on

tax-loss

swap

opportunities.

This

strategy

involves

selling

depreciated

bonds

with

lower

embedded

yields

to

reinvest

in

similarly

structured,

higher

income-producing

bonds

to

support

the

Fund’s

income

earnings

and

capture

tax

efficiencies.

The

higher

interest

rate

environment

during

the

reporting

period

also

provided

an

opportunity

for

the

portfolio

management

team

to

buy

lower

rated

credits

in

the

Fund

at

wider-than-average

credit

spreads

and

with

incrementally

higher

yields.

These

new

purchases

were

funded

by

selling

higher

quality,

lower

yielding

paper

that

had

been

bought

when

prevailing

interest

rates

were

lower.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

February

29,

2024?

The

Class

A

Shares

of

the

Nuveen

California

Municipal

Bond

Fund

underperformed

the

S&P

Municipal

Bond

California

Index

for

the

twelve-month

reporting

period

ended

February

29,

2024.

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

S&P

Municipal

Bond

California

Index.

Contributing

to

the

Fund’s

relative

performance

during

the

reporting

period

was

a

longer

average

portfolio

duration.

This

was

primarily

driven

by

an

overweight

to

bonds

on

the

long

end

of

the

yield

curve,

which

generally

performed

well

as

interest

rates

fell

in

late

2023.

Partially

offsetting

the

Fund’s

underperformance

was

its

sector

positioning,

especially

in

the

tobacco,

higher

education,

utility

and

industrial

development

revenue

bond

categories.

Credit

quality

positioning

also

detracted,

especially

an

overweight

to

non-rated

bonds,

which

underperformed

during

the

reporting

period.

Nuveen

Connecticut

Municipal

Bond

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

February

29,

2024?

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.

The

higher

yield

environment

during

this

reporting

period

was

favorable

for

the

Fund

to

reset

embedded

yields

higher

in

its

portfolio,

primarily

by

executing

on

tax-loss

swap

opportunities.

This

strategy

involves

selling

depreciated

bonds

with

lower

embedded

yields

to

reinvest

in

similarly

structured,

higher

income-producing

bonds

to

support

the

Fund’s

income

earnings

and

capture

tax

efficiencies.

Late

in

the

reporting

period,

the

portfolio

management

team

purchased

variable

rate

demand

notes.

These

very

short-term

securities

were

offering

relatively

attractive

yields

and

served

as

effective

placeholders

while

the

portfolio

management

team

sought

out

attractive

longer-term

investment

opportunities.

Portfolio

Managers’

Comments

(continued)

8

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

February

29,

2024?

The

Class

A

Shares

of

the

Nuveen

Connecticut

Municipal

Bond

Fund

outperformed

the

S&P

Municipal

Bond

Connecticut

Index

for

the

twelve-month

reporting

period

ended

February

29,

2024.

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

S&P

Municipal

Bond

Connecticut

Index.

Contributing

to

the

Fund’s

relative

performance

during

the

reporting

period

was

a

longer

average

portfolio

duration.

This

was

primarily

driven

by

an

overweight

to

bonds

on

the

long

end

of

the

yield

curve,

which

generally

performed

well

as

interest

rates

fell

in

late

2023.

Credit

quality

positioning

also

added

value.

In

particular,

an

overweight

to

bonds

rated

BBB

and

underweights

to

the

two

highest

rating

credit

tiers,

AAA

and

AA,

added

value,

as

lower

rated

bonds

outperformed

their

higher

rated

counterparts

during

the

reporting

period.

Partially

offsetting

the

Fund’s

outperformance

was

its

overweight

to

the

utility

bond

sector,

particularly

water/sewer

bonds,

detracted.

In

addition,

an

overweight

to

shorter-duration

transportation

bonds

detracted,

as

these

securities

underperformed

during

the

reporting

period.

Nuveen

Massachusetts

Municipal

Bond

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

February

29,

2024?

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

higher

yield

environment

during

this

reporting

period

was

favorable

for

the

Fund

to

reset

embedded

yields

higher

in

its

portfolio,

primarily

by

executing

on

tax-loss

swap

opportunities.

This

strategy

involves

selling

depreciated

bonds

with

lower

embedded

yields

to

reinvest

in

similarly

structured,

higher

income-producing

bonds

to

support

the

Fund’s

income

earnings

and

capture

tax

efficiencies.

Additionally,

late

in

the

reporting

period,

the

portfolio

management

team

purchased

variable

rate

demand

notes.

These

very

short-term

securities

were

offering

relatively

attractive

yields

and

served

as

effective

placeholders

while

the

portfolio

management

team

sought

out

attractive

longer-term

investment

opportunities.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

February

29,

2024?

The

Class

A

Shares

of

the

Nuveen

Massachusetts

Municipal

Bond

Fund

underperformed

the

S&P

Municipal

Bond

Massachusetts

Index

for

the

twelve-month

reporting

period

ended

February

29,

2024.

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

S&P

Municipal

Bond

Massachusetts

Index.

Detracting

from

the

Fund’s

relative

performance

was

an

overweight

to

transportation

bonds,

particularly

those

of

airport

issuers.

An

overweight

to

the

higher

education

sector

also

detracted

from

relative

performance.

Partially

the

Fund’s

underperformance

was

its

longer

average

portfolio

duration.

This

was

primarily

driven

by

an

overweight

to

bonds

on

the

long

end

of

the

yield

curve,

which

performed

well

as

interest

rates

fell

in

late

2023.

Also

adding

value

was

the

Fund’s

underweight

to

tax-supported

bonds,

especially

Massachusetts

general

obligation

debt,

and

an

overweight

to

longer-duration

water/sewer

bonds.

Nuveen

New

Jersey

Municipal

Bond

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

February

29,

2024?

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.

During

the

twelve-month

reporting

period,

the

portfolio

management

team

engaged

in

tactical

bond

purchases

and

sales

that

roughly

tracked

cash

flows

into

and

out

of

the

Fund.

The

higher

yield

environment

during

this

reporting

period

was

favorable

for

the

Fund

to

reset

embedded

yields

higher

in

its

portfolio,

primarily

by

executing

on

tax-loss

swap

opportunities.

This

strategy

involves

selling

depreciated

bonds

with

lower

embedded

yields

to

reinvest

in

similarly

structured,

higher

income-producing

bonds

to

support

the

Fund’s

income

earnings

and

capture

tax

efficiencies.

9

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

February

29,

2024?

The

Class

A

Shares

of

the

Nuveen

New

Jersey

Municipal

Bond

Fund

performed

in

line

with

the

S&P

Municipal

Bond

New

Jersey

Index

for

the

twelve-month

reporting

period

ended

February

29,

2024.

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

S&P

Municipal

Bond

New

Jersey

Index.

During

the

reporting

period,

the

primary

contributor

to

the

Fund’s

relative

performance

was

its

longer

duration

positioning,

especially

an

overweight

to

bonds

with

durations

of

ten

years

and

longer,

which

performed

well

as

interest

rates

fell

in

late

2023.

Largely

offsetting

the

Fund’s

contributors

was

its

underweight

to

New

Jersey

state-backed

debt,

as

this

market

segment

generally

outperformed.

Although

the

Fund

held

a

sizable

allocation

to

state-backed

bonds,

the

S&P

Municipal

Bond

New

Jersey

Index’s

allocation

is

notably

higher

given

the

state’s

heavier

issuance

of

debt.

Based

on

a

variety

of

factors

including

the

portfolio

management

team’s

assessment,

the

Fund

holds

a

relative

underweight.

Nuveen

New

York

Municipal

Bond

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

February

29,

2024?

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.

The

higher

yield

environment

during

this

reporting

period

was

favorable

for

the

Fund

to

reset

embedded

yields

higher

in

its

portfolio,

primarily

by

executing

on

tax-loss

swap

opportunities.

This

strategy

involves

selling

depreciated

bonds

with

lower

embedded

yields

to

reinvest

in

similarly

structured,

higher

income-producing

bonds

to

support

the

Fund’s

income

earnings

and

capture

tax

efficiencies.

The

higher

interest

rate

environment

during

the

reporting

period

also

provided

an

opportunity

for

the

portfolio

management

team

to

buy

lower

rated

credits

in

the

Fund

at

wider-than-average

credit

spreads

and

with

incrementally

higher

yields.

These

new

purchases

were

funded

by

selling

higher

quality,

lower

yielding

paper

that

had

been

bought

when

prevailing

interest

rates

were

lower.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

February

29,

2024?

The

Class

A

Shares

of

the

Nuveen

New

York

Municipal

Bond

Fund

performed

in

line

with

the

S&P

Municipal

Bond

New

York

Index

for

the

twelve-month

reporting

period

ended

February

29,

2024.

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

S&P

Municipal

Bond

New

York

Index.

Contributing

to

the

Fund’s

relative

performance

during

the

reporting

period

was

a

longer

average

portfolio

duration,

driven

by

an

overweight

to

bonds

on

the

long

end

of

the

yield

curve,

which

performed

well

as

interest

rates

fell

in

late

2023.

The

Fund’s

credit

quality

positioning

also

contributed

to

relative

performance,

especially

overweights

to

lower

rated

municipal

bonds,

including

non-

rated,

BBB,

and

A

rated

bonds,

which

outperformed

during

the

reporting

period.

Largely

offsetting

these

detractors

was

the

Fund’s

sector

positioning,

especially

in

the

transportation,

industrial

development

revenue

and

health

care

segments.

Portfolio

Managers’

Comments

(continued)

10

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

11

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

Notes

to

Financial

Statements

for

additional

information

regarding

the

amounts

of

undistributed

net

ordinary

income

and

undistributed

net

long-term

capital

gains

and

the

character

of

the

actual

distributions

paid

by

the

Fund

during

the

period.

All

monthly

dividends

paid

by

each

Fund

during

the

current

reporting

period

were

paid

from

net

investment

income.

If

a

portion

of

the

Fund’s

monthly

distributions

is

sourced

or

comprised

of

elements

other

than

net

investment

income,

including

capital

gains

and/

or

a

return

of

capital,

shareholders

will

be

notified

of

those

sources.

For

financial

reporting

purposes,

the

per

share

amounts

of

the

Fund’s

distributions

for

the

reporting

period

are

presented

in

this

report’s

Financial

Highlights.

For

income

tax

purposes,

distribution

information

for

the

Fund

as

of

its

most

recent

tax

year

end

is

presented

in

the

Notes

to

Financial

Statements

of

this

report.

12

About

the

Funds’

Benchmarks

Lipper

California

Municipal

Debt

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

California

Municipal

Debt

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions

but

do

not

reflect

any

applicable

sales

charges.

Lipper

Massachusetts

Municipal

Debt

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

Massachusetts

Municipal

Debt

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

Lipper

New

Jersey

Municipal

Debt

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

New

Jersey

Municipal

Debt

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

.

Lipper

New

York

Municipal

Debt

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

New

York

Municipal

Debt

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

Other

States

Municipal

Debt

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

S&P

Municipal

Bond

California

Index:

A

index

designed

to

measure

the

performance

of

the

tax-exempt

California

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Connecticut

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Connecticut

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

U.S.

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

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.

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

13

The

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summaries

for

each

Fund

are

shown

within

this

section

of

the

report.

Fund

Performance

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Investment

returns

and

principal

value

will

fluctuate

so

that

when

shares

are

redeemed,

they

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

shown.

Total

returns

for

a

period

of

less

than

one

year

are

not

annualized

(i.e.

cumulative

returns).

Since

inception

returns

are

shown

for

share

classes

that

have

less

than

10-years

of

performance.

Returns

at

net

asset

value

(NAV)

would

be

lower

if

the

sales

charge

were

included.

Returns

assume

reinvestment

of

dividends

and

capital

gains.

For

performance,

current

to

the

most

recent

month-end

visit

Nuveen.com

or

call

(800)

257-8787.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Income

is

generally

exempt

from

regular

federal

income

taxes.

Some

income

may

be

subject

to

state

and

local

income

taxes

and

to

the

federal

alternative

minimum

tax.

Capital

gains,

if

any,

are

subject

to

tax.

Returns

may

reflect

fee

waivers

and/or

expense

reimbursements

by

the

investment

adviser

during

the

periods

presented.

If

any

such

waivers

and/or

reimbursements

had

not

been

in

place,

returns

would

have

been

reduced.

See

Notes

to

Financial

Statements

for

more

information.

Returns

reflect

differences

in

sales

charges

and

expenses,

which

are

primarily

differences

in

distribution

and

service

fees,

and

assume

reinvestment

of

dividends

and

capital

gains.

Comparative

index

and

Lipper

return

information

is

provided

for

Class

A

Shares

at

NAV

only.

Expense

Ratios

The

expense

ratios

shown

are

as

of

the

Fund’s

most

recent

prospectus.

The

expense

ratios

shown

reflect

total

operating

expenses

(before

fee

waivers

and/or

expense

reimbursements,

if

any).

The

expense

ratios

include

management

fees

and

other

fees

and

expenses.

Refer

to

the

Financial

Highlights

later

in

this

report

for

the

Fund’s

expense

ratios

as

of

the

end

of

the

reporting

period.

Effective

Leverage

Ratios

Leverage

is

created

whenever

a

Fund

has

investment

exposure

(both

reward

and/or

risk)

equivalent

to

more

than

100%

of

its

investment

capital.

The

effective

leverage

ratio

shown

for

each

Fund

is

the

amount

of

investment

exposure

created

either

directly

through

borrowings

or

indirectly

through

inverse

floaters,

divided

by

the

assets

invested,

including

those

assets

that

were

purchased

with

the

proceeds

of

the

leverage,

or

referenced

by

the

levered

instrument.

A

Fund

may

also

from

time

to

time

borrow

on

a

typically

transient

basis

in

connection

with

its

day-to-day

operations,

primarily

in

connection

with

the

need

to

pay

cash

out

to

redeeming

shareholders

or

to

settle

portfolio

trades.

Such

incidental

borrowings,

described

generally

in

Notes

to

Financial

Statements,

are

excluded

from

the

calculation

of

a

Fund’s

effective

leverage

ratio.

Holdings

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

each

Fund’s

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund’s

Portfolio

of

Investments

for

individual

security

information. 

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

(except

for

Nuveen

California

High

Yield

Municipal

Bond

Fund,

which

uses

lowest

rating)

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below

investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

14

Nuveen

California

High

Yield

Municipal

Bond

Fund

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

February

29,

2024

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summa-

ries section

for

further

explanation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Yield

Index.

**

Class

A

Shares

have

a

maximum

4.20%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is reflected

in

the

maximum

Offering

Price total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods. Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Effective

Leverage

Ratio

as

of

February

29,

2024

Growth

of

an

Assumed

$10,000

Investment

as

of February

29,

2024 -

Class

A 

The

graphs

do

not

reflect

the

deduction

of

taxes,

such

as

state

and

local

income

taxes

or

capital

gains

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemptions

of

Fund

shares.

Total

Returns

as

of

February

29,

2024**

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

10-Year

Class

A

at

NAV

3/28/06

4.28%

0.32%

3.09%

1.51%

Class

A

at

maximum

Offering

Price

3/28/06

(0.14)%

(0.54)%

2.66%

—

S&P

Municipal

Yield

Index

—

8.69%

3.33%

4.47%

—

Lipper

California

Municipal

Debt

Funds

Classification

Average

—

5.78%

1.57%

2.67%

—

Class

C

at

NAV

2/10/14

3.48%

(0.48)%

2.44%

2.31%

Class

C

at

maximum

Offering

Price

2/10/14

3.48%

(0.48)%

2.44%

—

Class

I

3/28/06

4.53%

0.52%

3.31%

1.31%

Effective

Leverage

Ratio

20.11%

15

Holdings

Summaries

as

of

February

29,

2024

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

120.9‌%

Repurchase

Agreements

0.4‌%

Other

Assets

&

Liabilities,

Net

3.5%

Floating

Rate

Obligations

(24.8)%

Net

Assets

100‌%

States

and

Territories

1

(%

of

total

municipal

bonds)

California

93.6%

Puerto

Rico

4.3%

Florida

1.2%

Virgin

Islands

0.6%

Guam

0.3%

Tennessee

0.0%

Illinois

0.0%

Missouri

0.0%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Tax

Obligation/Limited

26.9%

Education

and

Civic

Organizations

15.4%

Housing/Multifamily

14.0%

Transportation

11.8%

Utilities

11.3%

Tax

Obligation/General

9.0%

Health

Care

7.2%

Other

4.0%

Repurchase

Agreements

0.4%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

0.2%

AA

9.4%

A

20.0%

BBB

10.7%

BB

or

Lower

6.9%

N/R

(not

rated)

52.8%

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

California

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

2

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

16

Nuveen

California

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

February

29,

2024

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summa-

ries section

for

further

explanation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

California

Index.

**

Class

A

Shares

have

a

maximum

4.20%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is reflected

in

the

maximum

Offering

Price total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods. Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Effective

Leverage

Ratio

as

of

February

29,

2024

Growth

of

an

Assumed

$10,000

Investment

as

of February

29,

2024 -

Class

A 

The

graphs

do

not

reflect

the

deduction

of

taxes,

such

as

state

and

local

income

taxes

or

capital

gains

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemptions

of

Fund

shares.

Total

Returns

as

of

February

29,

2024**

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

10-Year

Class

A

at

NAV

9/07/94

5.06%

1.30%

2.81%

0.76%

Class

A

at

maximum

Offering

Price

9/07/94

0.63%

0.44%

2.38%

—

S&P

Municipal

Bond

Index

—

5.50%

1.97%

2.71%

—

S&P

Municipal

Bond

California

Index

—

5.41%

1.89%

2.80%

—

Lipper

California

Municipal

Debt

Funds

Classification

Average

—

5.78%

1.57%

2.67%

—

Class

C

at

NAV

2/10/14

4.26%

0.49%

2.15%

1.56%

Class

C

at

maximum

Offering

Price

2/10/14

4.26%

0.49%

2.15%

—

Class

I

7/01/86

5.41%

1.52%

3.02%

0.56%

Effective

Leverage

Ratio

0.00%

17

Holdings

Summaries

as

of

February

29,

2024

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

96

.9‌

%

Short-Term

Municipal

Bonds

0

.8‌

%

Other

Assets

&

Liabilities,

Net

2.3%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

California

95.9%

Puerto

Rico

3.5%

Guam

0.6%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Transportation

19.5%

Housing/Multifamily

14.8%

Health

Care

13.1%

Utilities

12.1%

U.S.

Guaranteed

11.8%

Tax

Obligation/Limited

11.3%

Tax

Obligation/General

10.9%

Other

6.5%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

11.3%

AAA

5.4%

AA

29.2%

A

23.2%

BBB

8.9%

BB

or

Lower

3.5%

N/R

(not

rated)

18.5%

Total

100‌

%

1

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

California

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

2

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

18

Nuveen

Connecticut

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

February

29,

2024

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summa-

ries section

for

further

explanation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Connecticut

Index.

**

Class

A

Shares

have

a

maximum

4.20%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is reflected

in

the

maximum

Offering

Price total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods. Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Effective

Leverage

Ratio

as

of

February

29,

2024

Growth

of

an

Assumed

$10,000

Investment

as

of February

29,

2024 -

Class

A 

The

graphs

do

not

reflect

the

deduction

of

taxes,

such

as

state

and

local

income

taxes

or

capital

gains

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemptions

of

Fund

shares.

Total

Returns

as

of

February

29,

2024**

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

10-Year

Class

A

at

NAV

7/13/87

5.60%

1.13%

2.10%

0.81%

Class

A

at

maximum

Offering

Price

7/13/87

1.18%

0.25%

1.66%

—

S&P

Municipal

Bond

Index

—

5.50%

1.97%

2.71%

—

S&P

Municipal

Bond

Connecticut

Index

—

4.77%

2.15%

2.34%

—

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average

—

4.90%

1.10%

1.98%

—

Class

C

at

NAV

2/10/14

4.76%

0.32%

1.44%

1.61%

Class

C

at

maximum

Offering

Price

2/10/14

4.76%

0.32%

1.44%

—

Class

I

2/25/97

5.79%

1.32%

2.31%

0.61%

Effective

Leverage

Ratio

0.00%

19

Holdings

Summaries

as

of

February

29,

2024

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

93

.4‌

%

Short-Term

Municipal

Bonds

4

.6‌

%

Other

Assets

&

Liabilities,

Net

2.0%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

Connecticut

94.9%

Puerto

Rico

3.4%

Guam

1.4%

Virgin

Islands

0.3%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Tax

Obligation/General

26.1%

Education

and

Civic

Organizations

19.8%

Health

Care

16.6%

Tax

Obligation/Limited

15.3%

Utilities

7.1%

Housing/Single

Family

4.9%

Long-Term

Care

2.9%

Other

7.3%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

2.5%

AAA

7.9%

AA

48.4%

A

25.1%

BBB

7.8%

BB

or

Lower

2.8%

N/R

(not

rated)

5.5%

Total

100‌

%

1

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Connecticut

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

2

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

20

Nuveen

Massachusetts

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

February

29,

2024

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summa-

ries section

for

further

explanation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Massachusetts

Index.

**

Class

A

Shares

have

a

maximum

4.20%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is reflected

in

the

maximum

Offering

Price total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods. Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Effective

Leverage

Ratio

as

of

February

29,

2024

Growth

of

an

Assumed

$10,000

Investment

as

of February

29,

2024 -

Class

A 

The

graphs

do

not

reflect

the

deduction

of

taxes,

such

as

state

and

local

income

taxes

or

capital

gains

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemptions

of

Fund

shares.

Total

Returns

as

of

February

29,

2024**

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

10-Year

Class

A

at

NAV

9/07/94

4.70%

1.12%

2.21%

0.78%

Class

A

at

maximum

Offering

Price

9/07/94

0.33%

0.24%

1.77%

—

S&P

Municipal

Bond

Index

—

5.50%

1.97%

2.71%

—

S&P

Municipal

Bond

Massachusetts

Index

—

5.00%

1.67%

2.37%

—

Lipper

Massachusetts

Municipal

Debt

Funds

Classification

Average

—

4.99%

1.08%

1.96%

—

Class

C

at

NAV

2/10/14

3.75%

0.30%

1.56%

1.58%

Class

C

at

maximum

Offering

Price

2/10/14

3.75%

0.30%

1.56%

—

Class

I

12/22/86

4.90%

1.32%

2.40%

0.58%

Effective

Leverage

Ratio

0.00%

21

Holdings

Summaries

as

of

February

29,

2024

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

95

.9‌

%

Short-Term

Municipal

Bonds

3

.1‌

%

Other

Assets

&

Liabilities,

Net

1.0%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

Massachusetts

94.3%

Puerto

Rico

3.4%

Guam

2.0%

Virgin

Islands

0.3%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Education

and

Civic

Organizations

23.3%

Health

Care

22.8%

Tax

Obligation/Limited

18.7%

Tax

Obligation/General

18.5%

Utilities

5.7%

Transportation

3.2%

U.S.

Guaranteed

3.0%

Other

4.8%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

3.0%

AAA

15.1%

AA

51.3%

A

13.6%

BBB

11.0%

BB

or

Lower

1.6%

N/R

(not

rated)

4.4%

Total

100‌

%

1

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Massachusetts

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

2

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

22

Nuveen

New

Jersey

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

February

29,

2024

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summa-

ries section

for

further

explanation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

New

Jersey

Index.

**

Class

A

Shares

have

a

maximum

4.20%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is reflected

in

the

maximum

Offering

Price total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods. Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Effective

Leverage

Ratio

as

of

February

29,

2024

Growth

of

an

Assumed

$10,000

Investment

as

of February

29,

2024 -

Class

A 

The

graphs

do

not

reflect

the

deduction

of

taxes,

such

as

state

and

local

income

taxes

or

capital

gains

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemptions

of

Fund

shares.

Total

Returns

as

of

February

29,

2024**

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

10-Year

Class

A

at

NAV

9/06/94

6.10%

1.65%

2.74%

0.84%

Class

A

at

maximum

Offering

Price

9/06/94

1.66%

0.78%

2.30%

—

S&P

Municipal

Bond

Index

—

5.50%

1.97%

2.71%

—

S&P

Municipal

Bond

New

Jersey

Index

—

5.86%

2.58%

3.27%

—

Lipper

New

Jersey

Municipal

Debt

Funds

Classification

Average

—

5.61%

1.72%

2.56%

—

Class

C

at

NAV

2/10/14

5.18%

0.85%

2.09%

1.64%

Class

C

at

maximum

Offering

Price

2/10/14

5.18%

0.85%

2.09%

—

Class

I

2/28/92

6.32%

1.86%

2.95%

0.64%

Effective

Leverage

Ratio

0.00%

23

Holdings

Summaries

as

of

February

29,

2024

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

98

.7‌

%

Short-Term

Municipal

Bonds

1

.7‌

%

Other

Assets

&

Liabilities,

Net

(0.4)%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

New

Jersey

91.2%

New

York

2.8%

Puerto

Rico

2.1%

Pennsylvania

2.1%

Delaware

1.8%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Tax

Obligation/Limited

17.7%

Tax

Obligation/General

15.4%

Transportation

14.2%

Education

and

Civic

Organizations

13.8%

Utilities

11.5%

Health

Care

8.6%

Housing/Multifamily

6.4%

Other

12.4%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

3.0%

AAA

15.1%

AA

40.9%

A

22.6%

BBB

11.1%

BB

or

Lower

2.3%

N/R

(not

rated)

5.0%

Total

100‌

%

1

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

New

Jersey

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

2

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

24

Nuveen

New

York

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

February

29,

2024

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summa-

ries section

for

further

explanation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

New

York

Index.

**

Class

A

Shares

have

a

maximum

4.20%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is reflected

in

the

maximum

Offering

Price total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods. Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Effective

Leverage

Ratio

as

of

February

29,

2024

Growth

of

an

Assumed

$10,000

Investment

as

of February

29,

2024 -

Class

A 

The

graphs

do

not

reflect

the

deduction

of

taxes,

such

as

state

and

local

income

taxes

or

capital

gains

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemptions

of

Fund

shares.

Total

Returns

as

of

February

29,

2024**

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

10-Year

Class

A

at

NAV

9/07/94

5.97%

1.26%

2.48%

0.76%

Class

A

at

maximum

Offering

Price

9/07/94

1.56%

0.40%

2.04%

—

S&P

Municipal

Bond

Index

—

5.50%

1.97%

2.71%

—

S&P

Municipal

Bond

New

York

Index

—

5.83%

1.86%

2.60%

—

Lipper

New

York

Municipal

Debt

Funds

Classification

Average

—

6.32%

1.55%

2.49%

—

Class

C

at

NAV

2/10/14

5.11%

0.47%

1.81%

1.56%

Class

C

at

maximum

Offering

Price

2/10/14

5.11%

0.47%

1.81%

—

Class

I

12/22/86

6.16%

1.47%

2.68%

0.56%

Effective

Leverage

Ratio

0.00%

25

Holdings

Summaries

as

of

February

29,

2024

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

97

.4‌

%

Other

Assets

&

Liabilities,

Net

2.6%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

New

York

95.6%

Puerto

Rico

4.1%

Guam

0.3%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Transportation

31.3%

Tax

Obligation/Limited

20.8%

Health

Care

18.9%

Education

and

Civic

Organizations

9.5%

Utilities

5.1%

Tax

Obligation/General

4.8%

Consumer

Staples

3.7%

Other

5.9%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

2.0%

AAA

3.1%

AA

33.1%

A

19.9%

BBB

25.2%

BB

or

Lower

6.8%

N/R

(not

rated)

9.9%

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

table

above.

26

Yields

as

of

February

29,

2024

Dividend

Yield

is

the

most

recent

dividend

per

share

(annualized)

divided

by

the

offering

price

per

share.

The

SEC

30-Day

Yield

is

a

standardized

measure

of

a

fund’s

yield

that

accounts

for

the

future

amortization

of

premiums

or

discounts

of

bonds

held

in

the

fund’s

portfolio.

The

SEC

30-Day

Yield

is

computed

under

an

SEC

standardized

formula

and

is

based

on

the

maximum

offer

price

per

share. 

Dividend

Yield

may

differ

from

the

SEC

30-Day

Yield

because

the

fund

may

be

paying

out

more

or

less

than

it

is

earning

and

it

may

not

include

the

effect

of

amortization

of

bond

premium

or

discounts.

The

Taxable-Equivalent

Yield

represents

the

yield

that

must

be

earned

on

a

fully

taxable

investment

in

order

to

equal

the

yield

of

the

Fund

on

an

after-tax

basis

at

an

assumed

tax

rate.

Your

actual

combined

federal

and

state

income

tax

rates

may

differ

from

the

assumed

rate.

Taxable-Equivalent

Yield

also

takes

into

account

the

percentage

of

the

Fund’s

income

generated

and

paid

by

the

Fund

(based

on

payments

made

during

the

previous

calendar

year)

that

was

either

exempt

from

federal

income

tax

but

not

from

state

income

tax

(e.g.,

income

from

an

out-of-state

municipal

bond),

or

was

exempt

from

neither

federal

nor

state

income

tax.

Separately,

if

the

comparison

were

instead

to

investments

that

generate

qualified

dividend

income,

which

is

taxable

at

a

rate

lower

than

an

individual’s

ordinary

graduated

tax

rate,

the

fund’s

Taxable-Equivalent

Yield

would

be

lower.

Nuveen

California

High

Yield

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

3

.85

%

3

.27

%

4

.25

%

SEC

30-Day

Yield

3

.84

%

3

.21

%

4

.20

%

Taxable-Equivalent

Yield

(54.1%)

2

8

.09

%

6

.76

%

8

.85

%

Nuveen

California

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

3

.46

%

2

.85

%

3

.85

%

SEC

30-Day

Yield

3

.16

%

2

.49

%

3

.49

%

Taxable-Equivalent

Yield

(54.1%)

2

6

.86

%

5

.41

%

7

.58

%

Nuveen

Connecticut

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

2

.81

%

2

.12

%

3

.11

%

SEC

30-Day

Yield

2

.94

%

2

.27

%

3

.25

%

Taxable-Equivalent

Yield

(47.8%)

2

5

.63

%

4

.35

%

6

.23

%

Nuveen

Massachusetts

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

2

.89

%

2

.20

%

3

.21

%

SEC

30-Day

Yield

2

.89

%

2

.22

%

3

.21

%

Taxable-Equivalent

Yield

(49.8%)

2

5

.76

%

4

.42

%

6

.39

%

Nuveen

New

Jersey

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

2

.97

%

2

.33

%

3

.32

%

SEC

30-Day

Yield

2

.80

%

2

.14

%

3

.11

%

Taxable-Equivalent

Yield

(51.6%)

2

5

.78

%

4

.42

%

6

.42

%

27

Nuveen

New

York

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

3

.72

%

3

.10

%

4

.06

%

SEC

30-Day

Yield

3

.45

%

2

.80

%

3

.78

%

Taxable-Equivalent

Yield

(51.7%)

2

7

.11

%

5

.77

%

7

.79

%

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.

28

Expense

Examples

As

a

shareholder

of

one

or

more

of

the

Funds,

you

incur

two

types

of

costs:

(1)

transaction

costs, including

up-front

and

back-end

sales

charges

(loads)

or

redemption

fees,

where

applicable;

and

(2)

ongoing

costs,

including

management

fees;

distribution

and

service

(12b-1)

fees,

where

applicable;

and

other

Fund

expenses.

The

Examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Funds

and

to

compare

these

costs

with

the

ongoing

costs

of investing

in

other

mutual

funds.

The

Examples

below

include

the

interest

and

related

expenses

from

inverse

floaters

that

are

reflected

in

the

financial

statements

later

within

this

report,

when

applicable.

The

Examples

below

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

period

ended

February

29,

2024.

The

beginning

of

the

period

is

September

1,

2023.

The

information

under

“Actual

Performance,”

together

with

the

amount

you

invested,

allows

you

to

estimate

actual

expenses

incurred

over

the

reporting

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.60)

and

multiply

the

result

by

the

cost

shown

for

your

share

class,

in

the

row

entitled

“Expenses

Incurred

During

Period”

to

estimate

the

expenses

incurred

on

your

account

during

this

period.

The

information

under

“Hypothetical

Performance,”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

each

Fund’s

actual

expense

ratios

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expense

you

incurred

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

following

tables

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs.

Therefore,

the

hypothetical

information

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds

or

share

classes.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Nuveen

California

High

Yield

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,060.10

$

1,054.60

$

1,060.00

Expenses

Incurred

During

the

Period

$

4.41

$

8.48

$

3.38

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,020.58

$

1,016.61

$

1,021.58

Expenses

Incurred

During

the

Period

$

4.32

$

8.32

$

3.32

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.86%,

1.66%

and

0.66%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182

/366

(to

reflect

the

one-half

year

period).

29

Nuveen

California

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,043.40

$

1,039.50

$

1,045.70

Expenses

Incurred

During

the

Period

$

3.81

$

7.86

$

2.80

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,021.12

$

1,017.14

$

1,022.12

Expenses

Incurred

During

the

Period

$

3.77

$

7.77

$

2.77

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.75%,

1.55%

and

0.55%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182

/366

(to

reflect

the

one-half

year

period).

Nuveen

Connecticut

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,046.20

$

1,042.10

$

1,047.10

Expenses

Incurred

During

the

Period

$

4.07

$

8.12

$

3.05

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,020.91

$

1,016.93

$

1,021.88

Expenses

Incurred

During

the

Period

$

4.02

$

8.02

$

3.02

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.80%,

1.60%

and

0.60%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182

/366

(to

reflect

the

one-half

year

period).

Nuveen

Massachusetts

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,036.10

$

1,031.00

$

1,037.20

Expenses

Incurred

During

the

Period

$

4.10

$

8.13

$

3.04

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,020.84

$

1,016.87

$

1,021.87

Expenses

Incurred

During

the

Period

$

4.07

$

8.07

$

3.02

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.81%,

1.61%

and

0.60%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182

/366

(to

reflect

the

one-half

year

period).

Nuveen

New

Jersey

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,048.10

$

1,044.20

$

1,049.10

Expenses

Incurred

During

the

Period

$

4.23

$

8.28

$

3.21

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,020.74

$

1,016.76

$

1,021.74

Expenses

Incurred

During

the

Period

$

4.17

$

8.17

$

3.17

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.83%,

1.63%

and

0.63%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182

/366

(to

reflect

the

one-half

year

period).

Expense

Examples

(continued)

30

Nuveen

New

York

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,043.00

$

1,038.70

$

1,044.00

Expenses

Incurred

During

the

Period

$

4.01

$

8.06

$

3.00

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,020.94

$

1,016.96

$

1,021.94

Expenses

Incurred

During

the

Period

$

3.97

$

7.97

$

2.97

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.79%,

1.59%

and

0.59%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182

/366

(to

reflect

the

one-half

year

period).

Report

of

Independent

Registered

Public

Accounting

Firm

31

To

the

Shareholders

and

Board

of

Trustees

Nuveen

Multistate

Trust

II:

Opinion

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

29,

2024,

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

29,

2024,

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

29,

2024,

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 26,

2024

32

Nuveen

California

High

Yield

Municipal

Bond

Fund

Portfolio

of

Investments

February

29,

2024

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

120.9%   

X

1,332,024,916

MUNICIPAL

BONDS

-

120.9%  

X

1,332,024,916

Consumer

Staples

-

3.2%

$

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

3/24

at

20.19

$

5,440,254

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

3/24

at

100.00

1,114,896

20,000

California

County

Tobacco

Securitization

Agency,

Tobacco

Settlement

Asset-

Backed

Bonds,

Stanislaus

County

Tobacco

Funding

Corporation,

Series

2006A,

0.000%,

6/01/46

3/24

at

28.40

5,499,284

27,000

Golden

State

Tobacco

Securitization

Corporation,

California,

Tobacco

Settlement

Asset-Backed

Bonds,

Capital

Appreciation

Series

2021B-2,

0.000%,

6/01/66

12/31

at

27.75

3,073,483

12,500

Golden

State

Tobacco

Securitization

Corporation,

California,

Tobacco

Settlement

Asset-Backed

Bonds,

Taxable

Senior

Series

2021A-1,

4.214%,

6/01/50

12/31

at

100.00

9,523,358

3,460

Guam

Economic

Development

&

Commerce

Authority,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007A,

5.625%,

6/01/47

3/24

at

100.00

3,459,872

17,600

Inland

Empire

Tobacco

Securitization

Authority,

California,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007C-2.

Turbo

Capital

Appreciation,

0.000%,

6/01/47

3/24

at

21.43

3,762,125

7,500

Silicon

Valley

Tobacco

Securitization

Authority,

California,

Tobacco

Settlement

Asset-Backed

Bonds,

Santa

Clara

County

Tobacco

Securitization

Corporation,

Series

2007A,

0.000%,

6/01/47

4/24

at

27.20

2,031,234

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

3/24

at

25.50

1,082,364

Total

Consumer

Staples

34,986,870

Education

and

Civic

Organizations

-

18.7%

2,000

California

Enterprise

Development

Authority,

Charter

School

Revenue

Bonds,

Norton

Science

&

Language

Academy

Project,

Series

2021,

4.000%,

7/01/61,

144A

7/27

at

100.00

1,508,671

4,210

California

Enterprise

Development

Authority,

Charter

School

Revenue

Bonds,

Norton

Science

and

Language

Academy

Project,

Series

2020,

6.250%,

7/01/58,

144A

7/27

at

102.00

4,359,536

4,250

(c)

California

Infrastructure

and

Economic

Development

Bank,

Revenue

Bonds,

Los

Angeles

County

Museum

of

Natural

History

Foundation,

Series

2020,

4.000%,

7/01/50,

(UB)

7/30

at

100.00

4,118,917

California

Municipal

Finance

Authority

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

Project,

Series

2015A:

900

5.000%,

10/01/35

4/24

at

101.00

901,582

1,335

5.250%,

10/01/45

4/24

at

101.00

1,326,421

4,115

California

Municipal

Finance

Authority

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

Project,

Series

2017A,

5.000%,

10/01/47,

144A

4/24

at

101.00

3,917,869

California

Municipal

Finance

Authority

Charter

School

Revenue

Bonds,

River

Charter

Schools

Project,

Series

2018A:

1,000

5.500%,

6/01/48,

144A

6/26

at

100.00

1,000,741

250

5.500%,

6/01/53,

144A

6/26

at

100.00

248,178

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

449,571

2,200

4.500%,

11/01/46,

144A

11/26

at

100.00

1,893,872

1,150

California

Municipal

Finance

Authority,

Charter

School

Lease

Revenue

Bonds,

Bella

Mente

Montessori

Academy

Project,

Series

2018A,

5.000%,

6/01/48,

144A

6/28

at

100.00

1,067,611

33

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

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

$

403,360

425

5.375%,

7/01/45,

144A

7/25

at

100.00

426,555

410

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

-

Lincoln

Project,

Series

2019A,

4.000%,

10/01/29,

144A

10/27

at

100.00

398,011

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

-

Lincoln

Project,

Taxable

Series

2019B:

90

5.000%,

10/01/39,

144A

10/27

at

100.00

89,419

1,515

5.000%,

10/01/49,

144A

10/27

at

100.00

1,427,437

1,000

5.000%,

10/01/57,

144A

10/27

at

100.00

915,212

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

Project,

Series

2014A:

1,400

5.000%,

10/01/34

4/24

at

101.00

1,403,407

465

5.000%,

10/01/44

4/24

at

101.00

449,326

3,695

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

Palmdale

Aerospace

Academy

Project,

Series

2016A,

5.000%,

7/01/41,

144A

7/26

at

100.00

3,590,468

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

Palmdale

Aerospace

Academy

Project,

Series

2018A:

1,000

5.000%,

7/01/38,

144A

7/28

at

100.00

989,551

1,800

5.000%,

7/01/49,

144A

7/28

at

100.00

1,684,632

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

Urban

Discovery

Academy

Project,

Series

2014A:

715

5.500%,

8/01/34,

144A

8/24

at

100.00

716,358

1,650

6.000%,

8/01/44,

144A

8/24

at

100.00

1,655,023

1,715

California

Municipal

Finance

Authority,

Education

Revenue

Bonds,  American

Heritage

Foundation

Project,

Series

2016A,

5.000%,

6/01/46

6/26

at

100.00

1,710,353

1,145

California

Municipal

Finance

Authority,

Education

Revenue

Bonds,

Literacy

First

Charter

Schools

Project,

Series

2019A,

5.000%,

12/01/39

12/29

at

100.00

1,175,777

2,260

California

Municipal

Finance

Authority,

Education

Revenue

Bonds,

STREAM

Charter

Schools

Project,

Series

2020A,

5.000%,

6/15/51,

144A

6/30

at

100.00

2,042,164

6,465

California

Municipal

Finance

Authority,

Revenue

Bonds,

American

Musical

and

Dramatic

Academy

Inc.,

Series

2023A,

7.250%,

7/01/53

7/33

at

100.00

6,725,951

California

Municipal

Finance

Authority,

Revenue

Bonds,

Azusa

Pacific

University

Project,

Refunding

Series

2015B:

1,435

5.000%,

4/01/35

4/25

at

100.00

1,439,111

8,640

5.000%,

4/01/41

4/25

at

100.00

8,472,178

California

Municipal

Finance

Authority,

Revenue

Bonds,

California

Baptist

University,

Series

2016A:

1,500

5.000%,

11/01/36,

144A

11/26

at

100.00

1,514,387

1,555

5.000%,

11/01/46,

144A

11/26

at

100.00

1,530,040

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

956,859

1,000

5.000%,

10/01/54,

144A

10/30

at

100.00

944,689

270

California

Municipal

Finance

Authority,

Revenue

Bonds,

Goodwill

Industries

of

Sacramento

Valley

&

Northern

Nevada

Project,

Series

2012A,

6.625%,

1/01/32,

144A

4/24

at

100.00

265,615

3,700

California

Municipal

Finance

Authority,

Revenue

Bonds,

Goodwill

Industries

of

Sacramento

Valley

&

Northern

Nevada

Project,

Series

2014A,

5.250%,

1/01/45

1/25

at

100.00

2,913,388

1,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Linxs

APM

Project,

Senior

Lien

Series

2018A,

4.000%,

12/31/47,

(AMT)

6/28

at

100.00

889,731

7,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Simpson

University,

Series

2020A,

6.000%,

10/01/50,

144A

10/27

at

103.00

7,109,614

1,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

The

Master's

University

&

Seminary,

Series

2019,

5.000%,

8/01/34

8/29

at

100.00

1,058,116

2,000

California

Public

Finance

Authority,

Charter

School

Lease

Revenue

Bonds,

California

Crosspoint

Academy

Project,

Series

2020A,

5.125%,

7/01/55,

144A

7/28

at

100.00

1,704,262

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

708,587

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

34

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

$

4,500

California

Public

Finance

Authority,

Educational

Facility

Revenue

Bonds,

Crossroads

Christian

Schools,

Series

2020,

5.000%,

1/01/56,

144A

1/26

at

100.00

$

3,880,915

1,075

California

School

Finance

Authority

Charter

School

Facility

Revenue

Bonds,

Grimmway

Schools-Obligated

Group,

Series

2016A,

5.000%,

7/01/46,

144A

7/26

at

100.00

1,075,158

California

School

Finance

Authority

Charter

School

Revenue

Bonds,

Bright

Star

Schools

-

Obligated

Group,

Series

2017:

755

5.000%,

6/01/37,

144A

6/27

at

100.00

755,837

2,000

5.000%,

6/01/47,

144A

6/27

at

100.00

1,892,550

2,090

5.000%,

6/01/54,

144A

6/27

at

100.00

1,934,451

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

914,673

960

California

School

Finance

Authority

Charter

School

Revenue

Bonds,

Fenton

Schools

-

Obligated

Group,

Series

2020A,

5.000%,

7/01/40,

144A

7/27

at

100.00

963,555

California

School

Finance

Authority

Charter

School

Revenue

Bonds,

John

Adams

Academy

Obligated

Group,

Series

2022A:

3,175

5.000%,

7/01/52,

144A

7/30

at

102.00

2,969,373

8,125

5.125%,

7/01/62,

144A

7/30

at

102.00

7,578,507

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

305,648

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

986,894

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2015A:

585

5.000%,

8/01/35,

144A

8/25

at

100.00

593,096

1,040

5.000%,

8/01/40,

144A

8/25

at

100.00

1,047,417

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2016:

1,600

5.000%,

8/01/41,

144A

8/25

at

100.00

1,610,166

460

5.000%,

8/01/46,

144A

8/25

at

100.00

461,406

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

861,878

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

813,901

500

4.000%,

6/01/61,

144A

6/31

at

100.00

348,947

2,300

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Lighthouse

Community

Public

Schools

Obligated

Group,

Series

2022A,

6.500%,

6/01/62,

144A

6/29

at

100.00

2,378,954

1,300

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

TEACH

Public

Schools

Obligated

Group,

Series

2016A,

5.875%,

6/01/52

6/26

at

100.00

1,312,202

1,600

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

TEACH

Public

Schools

Obligated

Group,

Series

2019A,

5.000%,

6/01/58,

144A

6/26

at

100.00

1,481,729

California

School

Finance

Authority,

Charter

School

Lease

Revenue

Bonds,

Pathways

to

College

Project,

Series

2023A:

2,075

7.250%,

6/15/43,

144A

6/31

at

102.00

2,126,713

6,740

7.375%,

6/15/53,

144A

6/31

at

102.00

6,907,040

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Arts

in

Action

Charter

Schools

-

Obligated

Group,

Series

2020A:

2,510

5.000%,

6/01/40,

144A

6/27

at

100.00

1,987,939

5,550

5.000%,

6/01/50,

144A

6/27

at

100.00

4,072,264

8,200

5.000%,

6/01/59,

144A

6/27

at

100.00

5,752,653

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Aspire

Public

School

-

Obligated

Group,Issue

No.6,

Series

2020A:

1,000

5.000%,

8/01/42,

144A

8/28

at

100.00

1,016,092

5,315

5.000%,

8/01/61,

144A

8/28

at

100.00

5,283,672

5,045

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

CIty

Charter

School

Obligated

Group,

Series

2016A,

5.000%,

6/01/42,

144A

6/26

at

100.00

4,823,537

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

806,618

35

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Community

High

School

Foundation

Inc,

Series

2017:

$

235

5.000%,

6/01/37,

144A

6/27

at

100.00

$

234,982

235

5.000%,

6/01/47,

144A

6/27

at

100.00

221,137

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Downtown

College

Prep

-

Obligated

Group,

Series

2016:

1,500

4.750%,

6/01/36,

144A

6/26

at

100.00

1,484,803

1,180

5.000%,

6/01/46,

144A

6/26

at

100.00

1,126,563

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Ivy

Academia,

Series

2021A:

1,150

4.000%,

6/01/41,

144A

6/28

at

103.00

918,672

1,500

4.000%,

6/01/51,

144A

6/28

at

103.00

1,091,839

1,000

4.000%,

6/01/61,

144A

6/28

at

103.00

688,032

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

681,331

1,135

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Larchmont

Charter

School

Project

,

Series

2018A,

5.000%,

6/01/55,

144A

6/27

at

100.00

1,124,278

2,475

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Lifeline

Education

Charter

School

Project,

Series

2020A,

5.000%,

7/01/55,

144A

7/28

at

100.00

2,301,372

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Orange

County

Educational

Arts

Academy

Project,

Series

2023A:

560

5.625%,

6/01/43,

144A

6/30

at

100.00

566,698

700

5.875%,

6/01/53,

144A

6/30

at

100.00

708,302

425

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Partnerships

to

Uplift

Communities

Project,

Refunding

Social

Series

2023,

5.500%,

8/01/47,

144A

8/33

at

100.00

433,736

2,500

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Rocketship

Education

Obligated

Group,

Series

2016A,

5.000%,

6/01/46,

144A

6/25

at

100.00

2,493,153

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

951,616

1,000

5.250%,

6/01/52,

144A

6/26

at

100.00

1,002,637

925

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Rocketship

Public

Schools

?

Obligated

Group,

Series

2017G,

5.000%,

6/01/53,

144A

6/27

at

100.00

906,816

990

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Rocketship

Public

Schools

Obligated

Group,

Series

2017G,

5.000%,

6/01/37,

144A

6/27

at

100.00

1,001,947

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Russell

Westbrook

Academy

Obligated

Group,

Series

2021A:

3,000

4.000%,

6/01/51,

144A

6/27

at

100.00

2,225,361

3,000

4.000%,

6/01/61,

144A

6/27

at

100.00

2,107,040

605

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Russell

Westbrook

Obligated

Group,

Series

2021A,

4.000%,

6/01/31,

144A

6/27

at

100.00

562,999

400

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Santa

Clarita

Valley

International

School

Project,

Series

2021A,

4.000%,

6/01/41

6/31

at

100.00

342,486

3,000

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Scholarship

Prep

Public

Schools

Obligated

Group,

Series

2020A,

5.000%,

6/01/60,

144A

6/28

at

100.00

2,601,717

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

546,515

1,435

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Scholarship

Prep

Public

Schools

Obligated

Group,

Series

2023A,

6.000%,

6/01/63,

144A

6/31

at

100.00

1,439,851

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Social

Bonds

iLead

Lancaster

Project,

Series

2021A:

440

5.000%,

6/01/41,

144A

6/29

at

100.00

414,257

1,200

5.000%,

6/01/51,

144A

6/29

at

100.00

1,076,783

1,320

5.000%,

6/01/61,

144A

6/29

at

100.00

1,150,647

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

36

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Valley

International

Preparatory

High

School

Project,

Series

2022A:

$

1,000

5.125%,

3/01/52,

144A

3/31

at

100.00

$

745,867

1,000

5.250%,

3/01/62,

144A

3/31

at

100.00

731,709

750

California

School

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

New

Designs

Charter

School

Adams

Campus

Project,

Series

2019A,

5.000%,

6/01/40,

144A

6/27

at

100.00

744,177

California

School

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

New

Designs

Charter

School

Project,

Series

2014A:

1,000

5.750%,

6/01/34,

144A

6/24

at

100.00

1,003,900

1,500

6.000%,

6/01/44,

144A

6/24

at

100.00

1,504,070

California

School

Finance

Authority,

Educational

Facility

Revenue

Bonds,

River

Springs

Charter

School

Project,

Series

2017A:

1,725

5.000%,

7/01/47,

144A

7/27

at

100.00

1,620,907

1,340

5.000%,

7/01/52,

144A

7/27

at

100.00

1,235,271

1,245

California

School

Finance

Authority,

Educational

Facility

Revenue

Bonds,

River

Springs

Charter

School

Project,

Series

2023A,

5.750%,

7/01/42,

144A

7/31

at

100.00

1,276,263

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

577,181

1,000

5.875%,

10/01/44

10/24

at

100.00

1,002,211

520

6.000%,

10/01/49

10/24

at

100.00

521,104

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alliance

for

College-Ready

Public

Schools

Project,

Series

2015A:

3,050

4.125%,

7/01/35,

144A

7/25

at

100.00

2,991,673

1,000

5.000%,

7/01/45,

144A

7/25

at

100.00

1,000,748

1,015

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alta

Public

Schools

Project,

Series

2014A,

6.500%,

11/01/34,

144A

11/24

at

100.00

1,023,591

1,200

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Granada

Hills

Charter

High

School

Obligated

Group,

Series

2019,

5.000%,

7/01/54,

144A

7/26

at

100.00

1,167,975

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Green

Dot

Public

Schools

California

Projects,

Series

2022A:

1,200

5.375%,

8/01/42

8/32

at

100.00

1,260,646

1,150

5.750%,

8/01/52

8/32

at

100.00

1,214,200

600

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

KIPP

LA

Projects,

Series

2014A,

5.000%,

7/01/34,

144A

7/24

at

100.00

601,863

725

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Value

Schools,

Refunding

Series

2023A,

5.250%,

7/01/48,

144A

7/28

at

103.00

733,085

1,355

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Value

Schools,

Series

2016A,

6.000%,

7/01/51,

144A

7/26

at

100.00

1,389,378

6,325

California

Statewide

Communities

Development

Authority

Revenue

Bonds,

California

Baptist

University,

Refunding

Series

2017A,

5.000%,

11/01/41,

144A

11/27

at

100.00

6,339,239

University

of

Puerto

Rico,

University

System

Revenue

Bonds,

Refunding

Series

2006P:

1,005

5.000%,

6/01/24

4/24

at

100.00

1,003,225

580

5.000%,

6/01/30

4/24

at

100.00

562,712

University

of

Puerto

Rico,

University

System

Revenue

Bonds,

Series

2006Q:

125

5.000%,

6/01/30

4/24

at

100.00

121,274

1,580

5.000%,

6/01/36

4/24

at

100.00

1,512,881

Total

Education

and

Civic

Organizations

205,337,055

Health

Care

-

8.8%

Antelope

Valley

Healthcare

District,

California,

Revenue

Bonds,

Series

2016A:

2,765

5.000%,

3/01/31

3/26

at

100.00

2,794,897

5,160

5.250%,

3/01/36

3/26

at

100.00

5,248,868

5,280

5.000%,

3/01/41

3/26

at

100.00

5,282,335

10,600

5.000%,

3/01/46

3/26

at

100.00

10,230,164

4,000

(c)

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2017A,

4.000%,

11/15/48,

(UB)

11/27

at

100.00

3,854,428

4,740

(c)

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Cedars-Sinai

Health

System,

Series

2021A,

4.000%,

8/15/48,

(UB)

8/31

at

100.00

4,681,399

37

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

$

2,485

(c)

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

City

of

Hope

National

Medical

Center,

Series

2019,

5.000%,

11/15/49

11/26

at

100.00

$

2,537,042

5,000

(c)

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Lucile

Salter

Packard

Children's

Hospital

at

Stanford,

Refunding

Forward

Delivery

Series

2022A,

4.000%,

5/15/51,

(UB)

5/32

at

100.00

4,899,152

7,800

(c)

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Lucile

Salter

Packard

Children's

Hosptial

at

Stanford,

Series

2017A,

5.000%,

11/15/56,

(UB)

11/27

at

100.00

8,104,618

1,455

California

Municipal

Finance

Authority,

Revenue

Bonds,

Clinicas

del

Camino

Real,

Inc.,

Series

2020,

4.000%,

3/01/28

No

Opt.

Call

1,402,694

2,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Community

Health

Centers

of

the

Central

Coast,

Inc.,

Series

2021A,

5.000%,

12/01/46,

144A

12/30

at

100.00

1,978,470

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2017A:

5,480

5.250%,

11/01/41

11/26

at

100.00

5,509,787

8,200

5.000%,

11/01/47

11/26

at

100.00

7,650,275

1,000

5.250%,

11/01/47

11/26

at

100.00

990,578

1,565

California

Municipal

Financing

Authority,

Certificates

of

Participation,

Palomar

Health,

Series

2022A,

5.250%,

11/01/52

-

AGM

Insured

11/32

at

100.00

1,755,532

16,700

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2014A,

5.500%,

12/01/54

12/24

at

100.00

16,491,309

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A:

2,055

5.000%,

12/01/41,

144A

6/26

at

100.00

2,057,597

2,280

5.250%,

12/01/56,

144A

6/26

at

100.00

2,290,569

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

320,301

California

Statewide

Community

Development

Authority,

Revenue

Bonds,

Daughters

of

Charity

Health

System,

Series

2005A:

38

(d),(e)

5.750%,

7/01/24

4/24

at

100.00

38,378

22

(d),(e)

5.750%,

7/01/30

4/24

at

100.00

22,216

24

(d),(e)

5.750%,

7/01/35

4/24

at

100.00

24,000

100

(d),(e)

5.500%,

7/01/39

4/24

at

100.00

100,323

2

(d),(e)

California

Statewide

Community

Development

Authority,

Revenue

Bonds,

Daughters

of

Charity

Health

System,

Series

2005H,

5.750%,

7/01/25

4/24

at

100.00

2,000

1,500

Palomar

Pomerado

Health

Care

District,

California,

Certificates

of

Participation,

Series

2017,

4.000%,

11/01/47

11/27

at

100.00

1,295,068

Palomar

Pomerado

Health

System,

California,

Revenue

Bonds,

Refunding

Series

2016:

6,235

5.000%,

11/01/36

11/26

at

100.00

6,317,634

710

5.000%,

11/01/39

11/26

at

100.00

715,172

200

Washington

Township

Health

Care

District,

California,

Revenue

Bonds,

Series

2017A,

5.000%,

7/01/42

7/27

at

100.00

200,523

Total

Health

Care

96,795,329

Housing/Multifamily

-

17.0%

35,685

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Creekwood,

Series

2021A,

4.000%,

2/01/56,

144A

8/31

at

100.00

23,881,348

10,500

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Exchange

at

Bayfront

Apartments,

Junior

Series

2021A-2,

4.000%,

8/01/51,

144A

8/32

at

100.00

6,195,960

2,500

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Fountains

at

Emerald

Park,

Senior

Lien

Series

2021A-1,

3.000%,

8/01/56,

144A

8/31

at

100.00

1,757,604

8,750

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Glendale

Properties,

Junior

Series

2021A-2,

4.000%,

8/01/47,

144A

8/31

at

100.00

7,142,891

4,000

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

K

Street

Flats,

Series

2021A-2,

4.000%,

8/01/50,

144A

8/32

at

100.00

3,101,272

13,145

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Mira

Vista

Hills  Apartments,

Series

2021A,

4.000%,

2/01/56,

144A

8/31

at

100.00

9,298,442

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

38

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Housing/Multifamily

(continued)

$

15,960

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Serenity

at

Larkspur

Apartments,

Series

2020A,

5.000%,

2/01/50,

144A

2/30

at

100.00

$

12,181,478

11,960

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Summit

at

Sausalito

Apartments,

Series

2021A-2,

4.000%,

2/01/50,

144A

8/32

at

100.00

8,822,076

6,085

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

The

Arbors,

Series

2020A,

5.000%,

8/01/50,

144A

8/30

at

100.00

5,768,884

1,585

California

Housing

Finance

Agency,

Multifamily

Housing

Revenue

Bonds,

Redwood

Gardens

Apartments,

Subordinate

Lien

Series

2021N-S,

4.000%,

3/01/37,

144A

3/31

at

100.00

1,325,848

60

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series2019-1,

4.250%,

1/15/35

No

Opt.

Call

59,431

8,438

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Social

Certificates

Series

2023-1,

4.375%,

9/20/36

No

Opt.

Call

8,356,244

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

240,830

1,270

California

Municipal

Finance

Authority,

Mobile

Home

Park

Revenue

Bonds,

Caritas

Affordable

Housing

Inc

Projects,

Series

2014B,

5.875%,

8/15/49

8/24

at

100.00

1,272,709

2,375

California

Municipal

Finance

Authority,

Mobile

Home

Park

Revenue

Bonds,

Royal

York

Estates

Projects

Series

2020A,

4.000%,

2/15/55

2/30

at

100.00

1,904,756

3,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Catalyst

Impact

Fund

1

LLC

Series

2024-II,

7.000%,

1/01/39,

144A

1/34

at

100.00

3,156,232

California

Public

Finance

Authority,

University

Housing

Revenue

Bonds,

National

Campus

Community

Development

-

Claremont

Properties

LLC

Claremont

Colleges

Project,

Refunding

Series

2023A:

1,335

5.500%,

7/01/50,

144A

7/33

at

105.00

1,362,802

1,715

6.000%,

7/01/53,

144A

7/33

at

105.00

1,792,147

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

451,831

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

Lancer

Educational

Student

Housing

Project,

Refunding

Series

2016A:

4,600

5.000%,

6/01/36,

144A

6/26

at

100.00

4,656,036

2,090

5.000%,

6/01/46,

144A

6/26

at

100.00

2,087,055

4,385

CMFA

Special

Finance

Agency

I,

California,

Essential

Housing

Revenue

Bonds,

The

Mix

at

Center

City,

Series

2021A-2,

4.000%,

4/01/56,

144A

4/31

at

100.00

3,183,550

1,000

CMFA

Special

Finance

Agency

I,

California,

Essential

Housing

Revenue

Bonds,

The

Mix

at

Center

City,

Subordinate

Series

2021B,

8.000%,

4/01/56,

144A

4/31

at

100.00

762,802

2,500

CMFA

Special

Finance

Agency

XII,

California,

Essential

Housing

Revenue

Bonds,

Allure

Apartments

Project,

Series

2022A-2,

3.250%,

2/01/57,

144A

2/32

at

100.00

1,835,744

1,000

CMFA

Special

Financing

Agency

VIII,

California,

Essential

Housing

Revenue

Bonds,

Elan

Huntington

Beach,

Senior

Lien

Series

2021A-1,

3.000%,

8/01/56,

144A

8/31

at

100.00

677,056

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

2,076,810

11,580

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Acacia

on

Santa

Rosa

Creek,

Mezzanine

Lien

Series

2021B,

4.000%,

10/01/46,

144A

10/31

at

100.00

9,010,890

9,000

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Altana

Glendale,

Series

2021A-1,

3.500%,

10/01/46,

144A

10/31

at

100.00

7,216,582

3,000

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Center

City

Anaheim,

Series

2020A,

5.000%,

1/01/54,

144A

1/31

at

100.00

2,422,165

5,715

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Link-Glendale,

Series

2021A-2,

4.000%,

7/01/56,

144A

7/31

at

100.00

4,200,656

2,270

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Millennium

South

Bay-Hawthorne,

Series

2021A-1

and

A-2,

3.250%,

7/01/56,

144A

7/32

at

100.00

1,564,397

39

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Housing/Multifamily

(continued)

$

20,010

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Moda

at

Monrovia

Station,

Social

Series

2021A-2,

4.000%,

10/01/56,

144A

10/31

at

100.00

$

14,717,415

9,360

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Monterrey

Station

Apartments,

Senior

Lien

Series

2021A-1,

3.125%,

7/01/56,

144A

7/32

at

100.00

6,313,212

2,000

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Monterrey

Station

Apartments,

Series

2021B,

4.000%,

7/01/58,

144A

7/32

at

100.00

1,379,570

4,000

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Oceanaire-Long

Beach,

Social

Series

2021A-2,

4.000%,

9/01/56,

144A

9/31

at

100.00

3,037,341

2,110

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Pasadena

Portfolio

Social

Bond,

Mezzanine

Senior

Series

2021B,

4.000%,

12/01/56,

144A

12/31

at

100.00

1,558,191

2,500

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Union

South

Bay,

Series

2021A-2,

4.000%,

7/01/56,

144A

7/31

at

100.00

1,914,500

2,625

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Vineyard

Gardens

Apartments,

Senior

Lien

Series

2021A,

3.250%,

10/01/58,

144A

4/32

at

100.00

1,804,637

2,000

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Waterscape

Apartments,

Senior

Lien

Series

2021A,

3.000%,

9/01/56,

144A

9/31

at

100.00

1,336,805

2,000

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Westgate

Phase

1-Pasadena

Apartments,

Mezzanine

Lien

Series

2021B,

4.000%,

6/01/57,

144A

6/31

at

100.00

1,291,531

2,200

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Westgate

Phase

1-Pasadena

Apartments,

Senior

Lien

Series

2021A-2,

3.125%,

6/01/57,

144A

6/31

at

100.00

1,394,405

5,000

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Wood

Creek

Apartments,

Mezzanine

Lien

Series

2021A-2,

4.000%,

12/01/58

6/32

at

100.00

3,830,545

2,145

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Wood

Creek

Apartments,

Mezzanine

Lien

Series

2021B,

4.000%,

12/01/59

6/32

at

100.00

1,399,468

8,655

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Wood

Creek

Apartments,

Senior

Lien

Series

2021A-1,

3.000%,

12/01/49

6/32

at

100.00

5,913,015

1,000

Independent

Cities

Finance

Authority,

California,

Mobile

Home

Park

Revenue

Bonds,

Palomar

Estates

West,

Refunding

Series

2015,

5.000%,

9/15/36

9/25

at

100.00

1,012,762

315

La

Verne,

California,

Mobile

Home

Park

Revenue

Bonds,

Copacabana

Mobile

Home

Park,

Refunding

Series

2014,

5.000%,

6/15/49

6/24

at

100.00

315,660

2,110

Palmdale

Housing

Authority,

California,

Multifamily

Housing

Revenue

Bonds,

Impression,

La

Quinta,

Park

Vista

&

Summerwood

Apartments,

Series

2015,

5.250%,

6/01/45

6/25

at

100.00

1,978,901

410

Santa

Clara

County

Housing

Authority,

California,

Multifamily

Housing

Revenue

Bonds,

Blossom

River

Project,

Series

1998A,

6.500%,

9/01/39,

(AMT)

4/24

at

100.00

409,204

455

(d)

Wilson

County

Health

and

Educational

Facilities

Board,

Tennessee,

Senior

Living

Revenue

Bonds,

Rutland

Place

Inc.

Project,

Series

2015A,

4.400%,

1/01/46,

144A

4/24

at

100.00

283,561

Total

Housing/Multifamily

187,657,251

Industrials

-

0.0%

2,830

(d)

California

Pollution

Control

Financing

Authority,

Solid

Waste

Disposal

Revenue

Bonds,

Aemerge

Redpak

Services,

LLC.,

Series

2016,

7.000%,

12/01/27,

(AMT),

144A

4/24

at

102.00

283,000

Total

Industrials

283,000

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

40

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Long-Term

Care

-

1.5%

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

899

Charleston

Project,

Refunding

Series

2014A:

$

4,700

5.000%,

11/01/34,

144A

11/24

at

100.00

$

4,368,458

8,825

5.250%,

11/01/44,

144A

11/24

at

100.00

7,570,851

5,385

5.375%,

11/01/49,

144A

11/24

at

100.00

4,533,149

Total

Long-Term

Care

16,472,458

Tax

Obligation/General

-

10.9%

1,115

Denair

Unified

School

District,

Stanislaus

County,

California,

General

Obligation

Bonds,

Series

2002A,

0.000%,

8/01/26

-

FGIC

Insured

No

Opt.

Call

1,025,890

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

1,033,167

650

(c),(f)

Newman-Crows

Landing

Unified

School

District,

Stanislaus

County,

California,

General

Obligation

Bonds,

2008

Election,

Series

2010B,

0.000%,

8/01/49

-

AGM

Insured

No

Opt.

Call

557,353

2,000

Northern

Inyo

County

Local

Hospital

District,

California,

General

Obligation

Bonds,

Election

2005

Series

2009,

0.000%,

11/01/38

-

AGC

Insured

No

Opt.

Call

1,058,059

5,000

(c)

Oakland

Unified

School

District,

Alameda

County,

California,

General

Obligation

Bonds,

Election

2020,

Series

2023A,

5.250%,

8/01/48

-

AGM

Insured,

(UB)

8/33

at

100.00

5,731,125

5,000

(c)

Oxnard

School

District,

Ventura

County,

California,

General

Obligation

Bonds,

Election

of

2022

Series

2023A,

4.125%,

8/01/50

-

BAM

Insured,

(UB)

8/33

at

100.00

5,030,415

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

943,381

9,470

(c)

Pittsburg

Unified

School

District,

Contra

Costa

County,

California,

General

Obligation

Bonds,

Refunding

Series

2016,

4.000%,

8/01/44,

(UB)

8/26

at

100.00

9,474,629

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1:

2,000

0.000%,

7/01/33

7/31

at

89.94

1,289,085

11,187

4.000%,

7/01/41

7/31

at

103.00

10,391,081

14,952

4.000%,

7/01/46

7/31

at

103.00

13,513,681

5,750

(c)

San

Diego

Public

Facilities

Financing

Authority,

California,

Lease

Revenue

Bonds,

Capital

Improvement

Projects,

Series

2021A,

4.000%,

10/15/50,

(UB)

10/30

at

100.00

5,762,765

10,000

(c)

San

Diego

Unified

School

District,

San

Diego

County,

California,

General

Obligation

Bonds,

Election

of

2012

Series

2017I,

4.000%,

7/01/47,

(UB)

7/27

at

100.00

10,019,664

5,000

(c)

San

Luis

Coastal

Unified

School

District,

San

Luis

Obispo

County,

California,

General

Obligation

Bonds,

Election

of

2022

Series

2023A,

4.000%,

8/01/53,

(UB)

8/32

at

100.00

4,945,760

Santa

Ana

Unified

School

District,

Orange

County,

California,

General

Obligation

Bonds,

2018

Election

Series

2022C:

3,045

(c)

4.000%,

8/01/44,

(UB)

8/32

at

100.00

3,107,881

5,680

(c)

4.000%,

8/01/45,

(UB)

8/32

at

100.00

5,779,842

17,585

(c)

4.250%,

8/01/50,

(UB)

8/32

at

100.00

17,963,566

500

Selma

Unified

School

District,

Fresno

County,

California,

General

Obligation

Bonds,

Election

2016

Series

2020C,

3.000%,

8/01/49

-

AGM

Insured

8/30

at

100.00

399,828

12,460

(c)

Washington

Township

Health

Care

District,

Alameda

County,

California,

General

Obligation

Bonds,

2012

Election

Series

2015B,

4.000%,

8/01/45,

(UB)

8/25

at

100.00

12,241,506

10,100

(c)

West

Contra

Costa

Unified

School

District,

Contra

Costa

County,

California,

General

Obligation

Bonds,

Election

2012,

Series

2015B,

4.000%,

8/01/54,

(UB)

8/25

at

100.00

9,882,330

Total

Tax

Obligation/General

120,151,008

Tax

Obligation/Limited

-

32.6%

1,000

Adelanto

Community

Facilities

District

Number

2006-2,

San

Bernadino

County,

California,

Special

Tax

Bonds,

Series

2015A,

5.000%,

9/01/45

9/25

at

100.00

1,009,638

Alameda

Community

Facilities

District

No.

22-1,

California,

Alameda

Marina,

Special

Tax

Bonds,

Green

Series

2023:

850

5.000%,

9/01/48

9/29

at

103.00

838,811

1,250

5.000%,

9/01/53

9/29

at

103.00

1,215,231

41

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

Anaheim

Public

Financing

Authority,

California,

Lease

Revenue

Bonds,

Public

Improvement

Project,

Series

1997C:

$

330

0.000%,

9/01/28

-

AGM

Insured

No

Opt.

Call

$

287,406

240

0.000%,

9/01/30

-

AGM

Insured

No

Opt.

Call

195,907

4,475

0.000%,

9/01/34

-

AGM

Insured

No

Opt.

Call

3,143,303

1,985

0.000%,

9/01/35

-

AGM

Insured

No

Opt.

Call

1,335,519

2,580

Beaumont

Financing

Authority,

California,

Local

Agency

Revenue

Bonds,

Improvement

Area

7A-1,

Series

2015A,

5.000%,

9/01/45

9/25

at

100.00

2,604,866

Beaumont

Unified

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2020-1,

Improvement

Area

2

Series

2023:

660

5.000%,

9/01/48

9/29

at

103.00

674,441

875

5.000%,

9/01/53

9/29

at

103.00

887,992

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

309,894

400

5.000%,

9/01/49

9/25

at

103.00

410,361

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

776,931

1,115

5.000%,

9/01/48

9/25

at

103.00

1,143,152

1,900

Blythe

Redevelopment

Agency

Successor

Agency,

California,

Tax

Allocation

Bonds,

Redevelopment

Project

1,

Refunding

Series

2015,

5.000%,

5/01/38

11/25

at

100.00

1,933,034

1,500

Brea

Redevelopment

Agency,

Orange

County,

California,

Tax

Allocation

Bonds,

Project

Area

AB,

Series

2003,

0.000%,

8/01/28

-

AMBAC

Insured

No

Opt.

Call

1,286,096

1,700

Brentwood

Infrastructure

Financing

Authority,

California,

Infrastructure

Revenue

Bonds,

Refunding

Subordinated

Series

2014B,

5.000%,

9/02/36

9/24

at

100.00

1,709,123

4,590

California

Community

College

Financing

Authority,

Lease

Revenue

Bonds,

Refunding

Series

2003,

0.000%,

6/01/33

-

AMBAC

Insured

No

Opt.

Call

3,135,666

700

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2020A,

4.000%,

9/01/45

9/26

at

103.00

636,316

3,150

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2020B,

4.000%,

9/01/50

9/27

at

103.00

2,638,744

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2021A:

1,095

4.000%,

9/01/46

9/28

at

103.00

985,082

1,505

4.000%,

9/01/51

9/28

at

103.00

1,305,803

3,990

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2022C,

6.250%,

9/01/52

9/29

at

103.00

4,277,427

3,000

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2022D,

6.125%,

9/01/52

9/29

at

103.00

3,175,842

1,000

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

2020-06,

Series

2022B,

6.000%,

9/01/52

9/29

at

103.00

1,065,641

2,160

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

2020-6,

County

of

Placer-PV400,

Series

2022,

5.250%,

9/01/52

9/29

at

103.00

2,211,968

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

2023-5,

Improvement

Area

1

Series

2023:

400

5.250%,

9/01/43

9/30

at

103.00

414,330

1,060

5.625%,

9/01/53

9/30

at

103.00

1,099,429

345

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

351,233

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

4/24

at

100.00

1,001,158

2,000

5.125%,

9/01/42

4/24

at

100.00

2,001,336

3,420

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

3,493,513

2,500

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2015-2

Rio

Bravo,

Series

2015A,

5.625%,

9/01/45

9/25

at

100.00

2,546,432

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

42

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

3,000

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2016-02

Delta

Coves,

Series

2019,

5.000%,

9/01/49

9/29

at

100.00

$

3,094,528

5,250

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2017-01

Horse

Creek,

Series

2018,

5.000%,

9/01/48

9/28

at

100.00

5,397,638

1,200

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2018-02,

McSweeny,

Improvement

Area

1

Series

2023,

5.250%,

9/01/53

9/30

at

103.00

1,219,263

340

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2020-02

Improvement

Area

2

Atwell,

Series

2022,

5.250%,

9/01/52

9/32

at

100.00

348,418

2,000

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2021-01

Meadowlands,

Series

2021-01,

4.000%,

9/01/51

9/31

at

100.00

1,727,140

2,000

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2021-02

Citro,

Series

2023,

5.000%,

9/01/53

9/30

at

103.00

2,082,026

1,635

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2022-07,

Improvement

Area

Number

1,

Watson

Ranch,

Series

2023,

5.000%,

9/01/53

9/30

at

103.00

1,662,794

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Refunding

Series

2015R-1:

3,510

5.000%,

9/02/35

9/25

at

100.00

3,585,756

1,120

5.000%,

9/02/40

9/25

at

100.00

1,134,323

480

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2011A,

8.000%,

9/02/41

3/24

at

100.00

472,200

2,275

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2014A,

5.000%,

9/02/43

4/24

at

100.00

2,276,216

2,060

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2014B,

5.000%,

9/02/44

9/24

at

100.00

2,067,602

2,240

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2016A,

5.000%,

9/02/45

9/26

at

100.00

2,279,596

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2016B:

1,690

5.000%,

9/02/36

9/26

at

100.00

1,744,630

3,310

5.000%,

9/02/46

9/26

at

100.00

3,358,787

480

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2017A,

5.000%,

9/02/46

9/27

at

100.00

490,797

375

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2017B,

5.000%,

9/02/47

9/27

at

100.00

382,945

920

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2018B,

5.000%,

9/02/48

9/28

at

100.00

941,359

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2019B:

1,150

5.000%,

9/02/44

9/29

at

100.00

1,186,363

1,685

5.000%,

9/02/49

9/29

at

100.00

1,728,184

725

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2019C,

5.000%,

9/02/44

9/29

at

100.00

746,496

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2020A:

850

4.000%,

9/02/50

9/30

at

100.00

728,747

805

5.000%,

9/02/50

9/30

at

100.00

818,073

43

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2022C:

$

1,495

5.125%,

9/02/42

9/32

at

100.00

$

1,525,269

1,990

5.375%,

9/02/52

9/32

at

100.00

2,025,944

3,965

California

Statewide

Communities

Development

Authority,

Statewide

Infrastructure

Program

Revenue

Bonds,

Series

2020C,

4.000%,

9/02/40

9/30

at

100.00

3,654,015

1,085

Cathedral

City

Public

Financing

Authority,

California,

Tax

Allocation

Bonds,

Merged

Redevelopment

Project,

Series

2000A,

0.000%,

8/01/33

-

NPFG

Insured

No

Opt.

Call

759,481

1,540

Chino,

California,

Special

Tax

Bonds,

Community

Facilities

District

2016-3,

Series

2017,

5.000%,

9/01/47

9/24

at

103.00

1,571,102

Chula

Vista,

California,

Special

Tax

Bonds,

Community

Facilities

District

16-I

Millenia

Improvement

Area

1,

Series

2018:

895

5.000%,

9/01/43

9/25

at

103.00

927,138

1,115

5.000%,

9/01/48

9/25

at

103.00

1,144,523

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

326,567

Compton

Public

Finance

Authority,

California,

Lease

Revenue

Bonds,

Refunding

&

Various

Capital

Projects,

Series

2008:

410

5.250%,

9/01/27

-

AMBAC

Insured

4/24

at

100.00

410,287

210

5.000%,

9/01/32

-

AMBAC

Insured

4/24

at

100.00

210,055

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

694,099

Corona,

California,

Special

Tax

Bonds,

Community

Facilities

District

2018-1

Bedford,

Series

2018A:

2,155

5.000%,

9/01/43

9/24

at

103.00

2,219,890

1,250

5.000%,

9/01/48

9/24

at

103.00

1,279,117

345

Corona,

California,

Special

Tax

Bonds,

Community

Facilities

District

2018-2

Sierra

Bella,

Series

2022A,

5.000%,

9/01/51

9/29

at

103.00

358,060

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

869,029

Dublin

Community

Facilities

District

2015-1

Dublin

Crossing,

California,

Special

Tax

Bonds,  Improvement

Area

4,

Series

2022:

1,000

5.500%,

9/01/47

9/29

at

103.00

1,047,641

1,000

5.500%,

9/01/51

9/29

at

103.00

1,040,597

1,250

Dublin

Community

Facilities

District

2015-1

Dublin

Crossing,

California,

Special

Tax

Bonds,  Improvement

Area

5,

Series

2023,

5.375%,

9/01/51

9/29

at

103.00

1,288,253

6,300

Dublin

Community

Facilities

District

2015-1

Dublin

Crossing,

California,

Special

Tax

Bonds,

Improvement  Area

2,

Series

2019,

5.000%,

9/01/39

9/26

at

103.00

6,629,168

250

El

Dorado

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2005-2,

Series

2006,

5.100%,

9/01/36

9/24

at

100.00

251,905

Elsinore

Valley

Municipal

Water

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2020-1

Horsethief

Area

1A,

Series

2021A:

1,685

4.000%,

9/01/41,

144A

9/28

at

103.00

1,557,502

1,245

4.000%,

9/01/51,

144A

9/28

at

103.00

1,061,786

Elsinore

Valley

Municipal

Water

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2020-1

Horsethief

Improvement

Area

2A,

Series

2021A:

1,565

4.000%,

9/01/41,

144A

9/28

at

103.00

1,446,582

2,325

4.000%,

9/01/51,

144A

9/28

at

103.00

1,985,948

430

Fairfield,

California,

Special

Tax

Bonds,

Community

Facilities

District

2007-1

Fairfield

Commons

Project,

Series

2008,

6.875%,

9/01/38

9/24

at

100.00

437,405

Folsom

Ranch

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Folsom

Community

Facilities

District

20

Russell

Ranch,

Series

2020:

1,250

5.125%,

9/01/47

9/29

at

103.00

1,283,324

1,300

5.125%,

9/01/52

9/29

at

103.00

1,322,810

1,075

Folsom

Ranch

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Folsom

Community

Facilities

District

23

Folsom

Ranch

Improvement

Area

1,

Series

2020,

4.000%,

9/01/45

9/27

at

103.00

941,391

4,000

Folsom

Ranch

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Folsom

Community

Facilities

District

23

Folsom

Ranch

Improvement

Area

1,

Series

2022,

5.000%,

9/01/52

9/29

at

103.00

4,046,846

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

44

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

1,000

Folsom

Ranch

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Series

2022,

5.000%,

9/01/52

9/29

at

103.00

$

1,020,791

Folsom,

California,

Special

Tax

Bonds,

Community

Facilities

District

16

Islands

at

Parkshore

Improvement

Area

1,

Series

2018:

500

4.000%,

9/01/43

4/24

at

103.00

469,877

1,545

4.000%,

9/01/48

4/24

at

103.00

1,391,838

Fontana,

California,  Special

Tax

Bonds,

Community

Facilities

District

106,

Mountain

View,

Series

2022:

375

4.250%,

9/01/38

9/29

at

103.00

375,493

500

4.500%,

9/01/43

9/29

at

103.00

497,679

4,040

Golden

State

Tobacco

Securitization

Corporation,

California,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Series

2022A-1,

5.000%,

6/01/51

12/31

at

100.00

4,240,517

Hemet

Unified

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2021-7,

Series

2023:

1,000

5.000%,

9/01/43

9/30

at

103.00

1,044,871

1,000

5.000%,

9/01/53

9/30

at

103.00

1,016,236

375

HTA

Claas

6,

Puerto

Rico

Highway

and

Transportation

Authority

Highway

Revenue

Bonds,

Series

2022,

5.250%,

7/01/38

3/24

at

100.00

375,277

1,030

Imperial,

California,

Special

Tax

Bonds,

Community

Facilities

District

2005-1

Springfield,

Series

2015A,

5.000%,

9/01/36

9/25

at

100.00

1,050,578

155

Indio

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Merged

Area

Redevelopment

Project,

Subordinate

Lien

Refunding

Series

2008A,

5.250%,

8/15/28

4/24

at

100.00

155,378

500

Irvine,

California,

Special

Tax

Bonds,

Community

Facilities

District

2013-3

Great

Park,

Improvement

Area

1,

Refunding

Series

2014,

5.000%,

9/01/39

9/24

at

100.00

502,837

3,380

Jurupa

Unified

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

9,

Series

2015A,

5.000%,

9/01/45

9/25

at

100.00

3,412,576

1,220

Lake

Elsinore

Unified

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2004-2,

Series

2005,

5.350%,

9/01/35

9/24

at

100.00

1,231,350

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

898,174

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

752,875

1,000

4.000%,

9/01/47

9/24

at

103.00

905,044

475

Lake

Elsinore,

California,

Special

Tax

Bonds,

Community

Facilities

District

2006-1

Summerly

Improvement

Area

KK,

Series

2021,

4.000%,

9/01/42

9/28

at

103.00

448,163

600

Lammersville

Joint

Unified

School

District,

San

Joaquin

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2014-1

Improvement

Area

1

Mountain

House

School

Facilities,

Series

2017,

5.000%,

9/01/47

9/27

at

100.00

610,757

Lathrop,

California,

Special

Tax

Bonds,

Community

Facilities

District

2018-1

Central

Lathrop

Specific

Plan

Improvement

Areas

5,

Series

2019:

595

5.650%,

9/01/38

9/26

at

103.00

614,484

945

5.750%,

9/01/43

9/26

at

103.00

967,010

Lee

Lake

Public

Financing

Authority,

California,

Junior

Lien

Revenue

Bonds,

Series

2013B:

775

5.125%,

9/01/28

4/24

at

100.00

775,881

390

5.250%,

9/01/32

4/24

at

100.00

390,502

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

929,306

1,815

5.000%,

9/01/43

9/24

at

100.00

1,821,487

1,750

Los

Angeles

County

Community

Facilities

District

2021-01,

California,

Special

Tax

Bond,

Valencia-Facilities

Improvement

Area

1,

Series

2022,

5.000%,

9/01/47

9/29

at

103.00

1,769,310

8,660

Madera

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2021-1

Tesoro

Viejo

II

Improvement

Area

1,

Series

2022,

5.750%,

9/01/53

9/29

at

103.00

8,708,965

2,022

Manteca

Unified

School

District,

San

Joaquin

County,

California,

Certificates

of

Participation,

Series

2004,

0.000%,

9/15/33

-

NPFG

Insured

No

Opt.

Call

1,454,808

450

Marina

Redevelopment

Agency

Successor

Agency,

California,

Housing

Tax

Allocation

Bonds,

Series

2018B,

5.000%,

9/01/38

9/25

at

103.00

469,839

45

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

3,000

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A,

5.000%,

10/01/39

10/32

at

100.00

$

3,138,162

Menifee

Union

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2006-1,

Series

2014:

500

4.125%,

9/01/39

9/24

at

100.00

496,166

500

4.250%,

9/01/44

9/24

at

100.00

482,290

500

Menifee

Union

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2011-1,

Improvement

Area

6,

Series

2021,

4.000%,

9/01/50

9/28

at

103.00

451,011

Menifee

Union

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2011-1,

Improvement

Area

7,

Series

2021:

1,325

5.125%,

9/01/47

9/29

at

103.00

1,369,682

2,000

5.250%,

9/01/52

9/29

at

103.00

2,067,769

1,000

Menifee

Union

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2014-2,

Series

2017,

5.000%,

9/01/47

9/24

at

103.00

1,021,820

Menifee

Union

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilties

District

2011-1,

Improvement

Area

1,

Series

2015:

2,000

5.000%,

9/01/39

9/24

at

100.00

2,010,571

500

4.250%,

9/01/44

9/24

at

100.00

484,240

1,000

5.000%,

9/01/44

9/24

at

100.00

1,003,812

1,000

Menifee

Union

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilties

District

2016-1,

Improvement

Area

B,

Series

2022,

4.625%,

9/01/52

9/29

at

103.00

975,985

750

Menifee,

California,

Special

Tax

Bonds,

Community

Facilities

District

2021-1,

Banner

Park

Series

2023A,

5.000%,

9/01/53

9/29

at

103.00

761,136

Menifee,

California,

Special

Tax

Bonds,

Community

Facilities

District

2022-1,

Quartz

Ranch

Series

2023A:

700

5.000%,

9/01/48

9/30

at

103.00

722,715

1,000

5.000%,

9/01/53

9/30

at

103.00

1,020,060

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

841,373

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

991,713

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

1,009,189

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

845,962

Northstar

Community

Services

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

1,

Refunding

Series

2005:

980

(d)

1.908%,

9/01/28

9/24

at

100.00

333,363

2,927

(d)

1.943%,

9/01/36

9/24

at

100.00

995,039

1,250

Oceanside,

California,

Special

Tax

Bonds,

Community

Facilities

District

2006-

1,

Pacific

Coast

Business

Park,

Series

2017,

5.000%,

9/01/38

9/25

at

102.00

1,293,124

1,200

Ontario,

California,

Special

Tax

Bonds,

Community

Facilities

District

28

New

Haven

Facilities

-

Area

A,

Series

2017,

5.000%,

9/01/47

9/24

at

103.00

1,224,625

845

Ontario,

California,

Special

Tax

Bonds,

Community

Facilities

District

55

Parklane

Facilities,

Series

2022,

5.000%,

9/01/53

9/29

at

103.00

858,136

Orange

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2021-1

Rienda,

Series

2022A:

350

5.000%,

8/15/42

8/29

at

103.00

365,137

3,400

5.000%,

8/15/47

8/29

at

103.00

3,487,057

500

Orange

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2023-1

Rienda

Phase

2B,

Series

2023A,

5.500%,

8/15/53

8/31

at

102.00

520,724

Palm

Desert,

California,

Special

Tax

Bonds,

Community

Facilities

District

2021-

1

University

Park,

Series

2021:

315

3.000%,

9/01/31

9/28

at

103.00

294,945

1,340

4.000%,

9/01/51

9/28

at

103.00

1,166,300

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

46

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

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

$

982,258

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

1,004,232

2,990

Pittsburg

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Los

Medanos

Community

Development

Project,

Series

1999,

0.000%,

8/01/27

-

AMBAC

Insured

No

Opt.

Call

2,663,781

3,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1,

4.750%,

7/01/53

7/28

at

100.00

3,001,716

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2:

4,645

4.329%,

7/01/40

7/28

at

100.00

4,623,764

2,610

4.536%,

7/01/53

7/28

at

100.00

2,528,361

2,670

4.784%,

7/01/58

7/28

at

100.00

2,663,331

Rancho

Cardova,

California,

Special

Tax

Bonds,

Community

Facilities

District

2005-1

Sunridge

North

Douglas

Series

2015:

1,200

5.000%,

9/01/40

9/25

at

100.00

1,214,623

1,250

5.000%,

9/01/45

9/25

at

100.00

1,262,047

1,590

Rancho

Cordova,

California,

Special

Tax

Bonds,

Communities

Facilities

District

2014-1

Montelena,

Series

2022,

5.000%,

9/01/42

9/28

at

103.00

1,646,058

Rancho

Cordova,

California,

Special

Tax

Bonds,

Community

Facilities

District

2022-1

Arista

Del

Sol,

Improvement

Area

1

Series

2023:

250

5.000%,

9/01/38

9/29

at

103.00

262,314

525

5.125%,

9/01/43

9/29

at

103.00

545,836

1,300

5.375%,

9/01/53

9/29

at

103.00

1,344,742

Redwood

City

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Project

Area

2,

Series

2003A:

1,755

0.000%,

7/15/29

-

AMBAC

Insured

No

Opt.

Call

1,469,341

1,260

0.000%,

7/15/31

-

AMBAC

Insured

No

Opt.

Call

986,652

1,185

Rio

Vista,

California,

Special

Tax

Bonds,

Community

Faciliites

District

2018-1

Liberty

Community,

Series

2018-1,

5.000%,

9/01/48

9/25

at

103.00

1,203,810

1,185

River

Islands

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

2003-1

Improvement

Area

1,

Refunding

Series

2022A-1,

4.250%,

9/01/47

-

AGM

Insured

9/29

at

103.00

1,199,979

River

Islands

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

2003-1

Improvement

Area

1,

Subordinate

Series

2022B-2:

1,000

5.000%,

9/01/42

9/29

at

103.00

1,034,139

1,525

5.250%,

9/01/47

9/29

at

103.00

1,574,549

2,015

5.000%,

9/01/52

9/29

at

103.00

2,017,731

1,000

River

Islands

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

2019-1

Phase

2

Public

Improvements,

Series

2019,

4.000%,

9/01/46

9/26

at

103.00

872,002

1,295

Riverside

County

Asset

Leasing

Corporation,

California,

Leasehold

Revenue

Bonds,

Riverside

County

Hospital

Project,

Series

1997,

0.000%,

6/01/26

-

NPFG

Insured

No

Opt.

Call

1,197,311

2,115

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

03-1

Newport

Road,

Series

2014,

5.000%,

9/01/30

9/24

at

100.00

2,131,626

870

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

04-2

Lake

Hill

Crest,

Series

2012,

5.000%,

9/01/35

9/24

at

100.00

876,537

660

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

05-8

Scott

Road,

Series

2013,

5.000%,

9/01/32

4/24

at

100.00

660,769

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

07-2

Clinton

Keith,

Series

2017:

1,000

5.000%,

9/01/42

9/27

at

100.00

1,026,004

535

5.000%,

9/01/45

9/27

at

100.00

546,576

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

694,241

1,155

0.000%,

9/01/35

-

NPFG

Insured

No

Opt.

Call

763,178

47

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

815

Rocklin,

Placer

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

10

Whitney

Ranch,

Series

2015,

5.000%,

9/01/39

9/25

at

100.00

$

829,847

935

Rohnert

Park

Community

Development

Agency,

California,

Tax

Allocation

Bonds,

Series

1999,

0.000%,

8/01/33

No

Opt.

Call

671,013

2,635

Romoland

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2004-1

Heritage

Lake

Improvement

Area

3,

Series

2013,

5.000%,

9/01/43

4/24

at

100.00

2,636,247

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

1

Creekview

Improvement

Area

2,

Series

2023:

480

5.000%,

9/01/43

9/29

at

103.00

487,763

1,500

5.250%,

9/01/53

9/29

at

103.00

1,516,878

2,360

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

1

Hewlett

Parkard

Campus

Oaks,

Series

2016,

5.500%,

9/01/46

9/26

at

100.00

2,405,574

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

1

Ranch

at

Sierra

Vista,

Public

Facilities

Series

2023:

1,000

5.000%,

9/01/43

9/30

at

103.00

1,040,149

1,150

5.000%,

9/01/53

9/30

at

103.00

1,165,168

625

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

1

Villages

at

Sierra

Vista,

Series

2022,

4.500%,

9/01/52

9/29

at

103.00

585,896

1,100

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

1

Westbrook,

Series

2014,

5.000%,

9/01/34

9/24

at

100.00

1,107,361

2,050

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

5

Fiddyment

Ranch

Public

Facilities,

Series

2017,

5.000%,

9/01/47,

144A

9/27

at

100.00

2,089,408

2,755

Roseville,

California,

Special

Tax

Bonds,

SVSP

Westpark-Federico

Community

Facilities

District

1,

Series

2022,

5.000%,

9/01/52

9/29

at

103.00

2,791,096

230

Sabal

Palm

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Series

2016,

5.500%,

11/01/46

11/26

at

100.00

232,315

1,510

(c)

Sacramento

City

Financing

Authority

California,

Lease

Revenue

Bonds,

Master

Lease

Program

Facilities

Projects,

Tender

Option

Bond

Trust

2016-

XG0100,

9.797%,

12/01/33

-

AMBAC

Insured,

144A,

(IF)

No

Opt.

Call

2,722,171

Sacramento

City

Financing

Authority,

California,

Tax

Allocation

Revenue

Bonds,

Merged

Downtown

Sacramento

and

Oak

Park

Projects,

Series

2005A:

4,295

0.000%,

12/01/31

-

FGIC

Insured

No

Opt.

Call

3,283,075

4,435

0.000%,

12/01/32

-

FGIC

Insured

No

Opt.

Call

3,257,844

265

Sacramento,

California,

Special

Tax

Bonds,

Community

Facilities

District

05-1

College

Square,

Series

2007,

5.900%,

9/01/37

9/24

at

100.00

267,886

1,600

Sacramento,

California,

Special

Tax

Bonds,

Community

Facilities

District

2018-

01

Railyards,

Improvements

Series

2022,

5.375%,

9/01/52,

144A

9/29

at

103.00

1,650,010

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

735,289

1,900

5.000%,

9/01/47,

144A

9/24

at

103.00

1,937,756

428

(d)

Saint

Louis,

Missouri,

Tax

Increment

Financing

Revenue

Bonds,

Grace

Lofts

Redevelopment

Projects,

Series

2007A,

2.100%,

12/31/26

No

Opt.

Call

21,400

1,485

San

Bernardino

Community

Facilities

District

Number

2020-1,

California,

Special

Tax

Bonds,

Series

2022,

4.500%,

9/01/52

9/29

at

103.00

1,383,477

375

San

Bernardino

County

Financing

Authority,

California,

Revenue

Bonds,

Courthouse

Facilities

Project,

Series

2007,

5.500%,

6/01/37

-

NPFG

Insured

No

Opt.

Call

387,810

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

556,782

San

Francisco

City

and

County

Infrastructure

and

Revitalization

Financing

District

1

Treasure

Island,

California,

Tax

Increment

Revenue

Bonds,

Facilities

Increment

Series

2023A:

905

5.000%,

9/01/43,

144A

9/33

at

100.00

887,754

1,525

5.500%,

9/01/53,

144A

9/33

at

100.00

1,525,538

1,500

San

Francisco

City

and

County

Infrastructure

and

Revitalization

Financing

District

1

Treasure

Island,

California,

Tax

Increment

Revenue

Bonds,

Housing

Increment

Series

2022B,

5.000%,

9/01/52,

144A

9/32

at

100.00

1,429,946

830

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

833,332

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

48

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

1,250

San

Francisco

City

and

County

Redevelopment

Agency

Successor

Agency,

California,

Tax

Allocation

Bonds,

Mission

Bay

South

Redevelopment

Project,

Series

2014A,

5.000%,

8/01/43

8/24

at

100.00

$

1,253,346

12,610

San

Francisco

City

and

County

Redevelopment

Agency

Successor

Agency,

California,

Tax

Allocation

Bonds,

Mission

Bay

South

Redevelopment

Project,

Subordinate

Series

2016D,

0.000%,

8/01/43,

144A

4/24

at

38.49

4,838,558

1,450

San

Francisco

City

and

County

Special

Tax

District

2020-1,

California,

Special

Tax

Bonds,

Mission

Rock

Facilities

and

Services,

Series

2023B,

5.750%,

9/01/53,

144A

9/30

at

103.00

1,496,523

1,000

San

Francisco

City

and

County

Special

Tax

District

2020-1,

California,

Special

Tax

Bonds,

Mission

Rock

Facilities

and

Services,

Shoreline

Tax

Zone

1

Series

2023C,

5.750%,

9/01/53,

144A

9/30

at

103.00

1,032,085

11,755

(c)

San

Francisco

City

and

County,

California,

Certificates

of

Participation,

49

South

Van

Ness

Avenue

Project,

Green

Series

2019A,

4.000%,

4/01/45,

(UB)

4/27

at

100.00

11,819,543

3,900

San

Francisco

City

and

County,

California,

Development

Special

Tax

Bonds,

Mission

Rock

Facilities

and

Services

Special

Tax

District

2020-1,

Series

2021C,

4.000%,

9/01/51,

144A

9/28

at

103.00

3,284,960

San

Francisco

City

and

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2014-1

Transbay

Transit

Center,

Green

Series

2022A:

1,000

(c)

5.000%,

9/01/42,

(UB)

9/32

at

100.00

1,078,751

1,735

(c)

5.000%,

9/01/47,

(UB)

9/32

at

100.00

1,842,196

1,150

(c)

5.000%,

9/01/52,

(UB)

9/32

at

100.00

1,207,580

2,900

San

Francisco

City

and

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2016-1

Treasure

Island

Improvement

Area

1,

Series

2020,

4.000%,

9/01/50

9/27

at

103.00

2,520,184

San

Francisco

City

and

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2016-1

Treasure

Island

Improvement

Area

2,

Series

2023A:

965

5.250%,

9/01/48,

144A

9/30

at

103.00

948,721

2,050

5.500%,

9/01/53,

144A

9/30

at

103.00

2,050,722

Santa

Ana

Financing

Authority,

California,

Lease

Revenue

Bonds,

Police

Administration

and

Housing

Facility,

Series

1994A:

55

6.250%,

7/01/24

No

Opt.

Call

55,514

5,000

Stockton,

California,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

19-1,

Cannery

Park

II,

Series

2022,

5.000%,

9/01/52

9/29

at

103.00

5,030,861

1,335

Sulphur

Springs

Union

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2006-1,

Series

2018,

5.000%,

9/01/43

9/24

at

103.00

1,368,209

5,400

Sulphur

Springs

Union

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2014-1,

Series

2022,

4.500%,

9/01/52

9/29

at

103.00

5,070,013

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

4/24

at

100.00

4,003,406

2,000

Tejon

Ranch

Public

Facilities

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

2008-1,

Tejon

Industrial

Complex

Public

Improvements-East,

Series

2015A,

5.000%,

9/01/45

9/25

at

100.00

2,021,868

3,250

Tejon

Ranch

Public

Facilities

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

2008-1,

Tejon

Industrial

Complex

Public

Improvements-East,

Series

2020,

4.000%,

9/01/50

9/27

at

103.00

2,890,707

1,045

Temecula

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

16-01,

Series

2017,

6.250%,

9/01/47,

144A

9/27

at

100.00

1,095,573

1,750

Temecula

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

16-01,

Series

2023A,

5.000%,

9/01/49

9/29

at

103.00

1,775,542

400

Temecula

Valley

Unified

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2011-1,

Series

2014,

4.250%,

9/01/44

9/24

at

100.00

383,765

1,195

Tracy,

California,

Special

Tax

Bonds,

Community

Facilities

District

2016-1

Tracy

Hills,  Improvement

Area

1,

Series

2019,

5.000%,

9/01/49

9/25

at

103.00

1,211,836

2,700

Tracy,

California,

Special

Tax

Bonds,

Community

Facilities

District

2016-1

Tracy

Hills,  Improvement

Area

2,

Series

2023,

5.875%,

9/01/53

9/29

at

103.00

2,878,155

1,000

Val

Verde

Unified

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2018-2,

Stratford

Improvement

Area

2

Series

2023,

5.000%,

9/01/54

9/29

at

103.00

1,014,864

49

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

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

3/24

at

100.00

$

700,234

1,000

Virgin

Islands

Public

Finance

Authority,

Gross

Receipts

Taxes

Loan

Note,

Refunding

Series

2014C,

5.000%,

10/01/39,

144A

10/24

at

100.00

924,433

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

359,214

785

5.250%,

9/01/45

9/25

at

100.00

796,505

2,805

West

Sacramento,

California,

Special

Tax

Bonds,

Community

Facilities

District

27

Bridge

District,

Refunding

Series

2016,

5.000%,

9/01/40

9/26

at

100.00

2,861,625

5,605

West

Sacramento,

California,

Special

Tax

Bonds,

Community

Facilities

District

27

Bridge

District,

Series

2017,

5.000%,

9/01/47

9/27

at

100.00

5,683,770

1,890

Westside

Union

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2016-1

Improvement

Area

B,

Series

2023,

5.250%,

9/01/52

9/29

at

103.00

1,901,546

1,445

William

S.

Hart

Union

High

School

District,

Los

Angeles

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2015-1,

Series

2017,

5.000%,

9/01/47

9/26

at

100.00

1,468,315

1,855

Woodland,

California,

Special

Tax

Bonds,

Community

Facilities

District

2004-1

Spring

Lake,

Refunding

&

Capital

Projects

Series

2016,

4.000%,

9/01/45

9/26

at

100.00

1,738,899

290

(d)

Yorkville

United

City

Business

District,

Illinois,

Storm

Water

and

Water

Improvement

Project

Revenue

Bonds,

Series

2007,

4.800%,

1/01/27

3/24

at

100.00

121,800

Total

Tax

Obligation/Limited

359,591,365

Transportation

-

14.3%

Alameda

Corridor

Transportation

Authority,

California,

Revenue

Bonds,

Refunding

Second

Subordinate

Lien

Series

2022C:

9,400

(c)

5.400%,

10/01/49

-

AGM

Insured,

(UB)

10/37

at

100.00

5,211,558

24,890

(c),(f)

0.000%,

10/01/52

-

AGM

Insured,

(UB)

10/37

at

100.00

13,567,902

Alameda

Corridor

Transportation

Authority,

California,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2022B:

4,000

(c)

5.300%,

10/01/47,

(UB)

10/37

at

100.00

2,208,440

8,405

(c)

5.350%,

10/01/48,

(UB)

10/37

at

100.00

4,619,020

5,185

(c)

5.375%,

10/01/49,

(UB)

10/37

at

100.00

2,836,750

7,080

(c)

5.400%,

10/01/50,

(UB)

10/37

at

100.00

3,838,771

7,410

(c),(f)

0.000%,

10/01/51

-

AGM

Insured,

(UB)

10/37

at

100.00

4,049,501

7,000

California

Municipal

Finance

Authority,

Special

Facility

Revenue

Bonds,

United

Airlines,

Inc.

Los

Angeles

International

Airport

Project,

Series

2019,

4.000%,

7/15/29,

(AMT)

No

Opt.

Call

6,908,378

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

4/24

at

107.00

10,249,838

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

4/24

at

101.00

4,994,762

10,845

(c)

Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021A,

4.000%,

1/15/46,

(UB)

1/31

at

100.00

10,551,731

5,000

Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Refunding

Series

2013A,

0.000%,

1/15/37

-

AGM

Insured

No

Opt.

Call

3,109,373

2,500

Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Refunding

Term

Rate

Sub-Series

2013B-1,

3.950%,

1/15/53

-

AGM

Insured

7/27

at

100.00

2,397,901

Guam

Port

Authority,

Port

Revenue

Bonds,

Private

Activity

Series

2018B:

250

5.000%,

7/01/36,

(AMT)

7/28

at

100.00

263,065

400

5.000%,

7/01/37,

(AMT)

7/28

at

100.00

418,728

10,000

(c)

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2018C,

5.000%,

5/15/44,

(AMT),

(UB)

11/27

at

100.00

10,289,077

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

International

Senior

Series

2023B:

6,680

5.000%,

7/01/53,

(AMT)

7/33

at

100.00

6,991,214

10,000

(c)

5.250%,

7/01/58,

(AMT),

(UB)

7/33

at

100.00

10,679,390

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

50

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Transportation

(continued)

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Subordinate

Series

2021B:

$

5,000

(c)

5.000%,

7/01/51,

(AMT),

(UB)

7/31

at

100.00

$

5,189,143

13,330

5.000%,

7/01/56,

(AMT)

7/31

at

100.00

13,779,097

20,000

(c)

San

Francisco

Airport

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Refunding

Second

Series

2023C,

5.750%,

5/01/48,

(AMT),

(UB)

5/33

at

100.00

22,506,074

5,165

(c)

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2018D,

5.000%,

5/01/48,

(AMT),

(UB)

5/28

at

100.00

5,300,120

200

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Toll

Road

Revenue

Bonds,

Refunding

Junior

Lien

Series

2014B,

5.250%,

1/15/49

1/25

at

100.00

202,162

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

39,389

6,650

(c)

San

Jose,

California,

Airport

Revenue

Bonds,

Refunding

Series

2017A,

4.000%,

3/01/42

-

BAM

Insured,

(AMT),

(UB)

3/27

at

100.00

6,539,712

1,200

West

Indian

Company

Limited,

Virgin

Islands,

Port

Facilities

Revenue

Bonds,

WICO

Financing,

Series

2022B,

6.500%,

4/01/52,

(AMT),

144A

10/29

at

104.00

1,166,774

Total

Transportation

157,907,870

U.S.

Guaranteed

-

0.2%

(g)

Anaheim

Public

Financing

Authority,

California,

Lease

Revenue

Bonds,

Public

Improvement

Project,

Series

1997C:

2,320

0.000%,

9/01/35

-

AGM

Insured,

(ETM)

No

Opt.

Call

1,626,503

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2016:

40

5.000%,

8/01/46,

(Pre-refunded

8/01/25),

144A

8/25

at

100.00

41,125

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Community

High

School

Foundation

Inc,

Series

2017:

265

5.000%,

6/01/37,

(Pre-refunded

6/01/27),

144A

6/27

at

100.00

280,678

265

5.000%,

6/01/47,

(Pre-refunded

6/01/27),

144A

6/27

at

100.00

280,679

Santa

Ana

Financing

Authority,

California,

Lease

Revenue

Bonds,

Police

Administration

and

Housing

Facility,

Series

1994A:

55

6.250%,

7/01/24,

(ETM)

No

Opt.

Call

55,520

Total

U.S.

Guaranteed

2,284,505

Utilities

-

13.7%

17,780

(c)

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2023F,

5.500%,

10/01/54,

(Mandatory

Put

11/01/30),

(UB)

8/30

at

100.12

19,488,701

44,950

(c)

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2023G,

5.250%,

11/01/54,

(Mandatory

Put

4/01/30),

(UB)

1/30

at

100.19

47,992,319

50,000

(c)

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2024A,

5.000%,

5/01/54,

(Mandatory

Put

4/01/32),

(UB)

1/32

at

100.21

53,700,315

1,100

California

Pollution

Control

Financing

Authority

Water

Furnishing

Revenue

Bonds

(Poseidon

Resources

(Channelside)

LP

Desalination

Project),

Series

2023

(AMT),

5.000%,

11/21/45,

(AMT),

144A

7/33

at

100.00

1,142,292

500

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2016,

5.000%,

1/01/46

7/26

at

100.00

507,085

25

Long

Beach

Bond

Finance

Authority,

California,

Natural

Gas

Purchase

Revenue

Bonds,

Series

2007A,

5.500%,

11/15/28

No

Opt.

Call

26,868

50

M-S-R

Energy

Authority,

California,

Gas

Revenue

Bonds,

Citigroup

Prepay

Contracts,

Series

2009A,

6.500%,

11/01/39

No

Opt.

Call

64,284

420

Pico

Rivera

Water

Authority,

California,

Revenue

Bonds,

Refunding

Water

System

Project,

Series

1999A,

5.500%,

5/01/29

-

NPFG

Insured

No

Opt.

Call

443,459

3,000

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A,

5.000%,

7/01/47,

144A

7/30

at

100.00

3,028,938

5

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B,

5.000%,

7/01/37,

144A

7/31

at

100.00

5,151

51

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Utilities

(continued)

$

8,000

(d)

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Federally

Taxable

Build

America

Bonds,

Series

2010YY,

6.125%,

7/01/40

4/24

at

100.00

$

2,120,000

1,140

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Refunding

National

Series

2007VV,

5.250%,

7/01/34

-

NPFG

Insured

No

Opt.

Call

1,132,740

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Refunding

Series

2010DDD:

1,030

(d)

3.625%,

1/01/24

No

Opt.

Call

270,375

1,000

(d)

5.000%,

1/01/24

No

Opt.

Call

262,500

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2010AAA:

3,000

(d)

5.250%,

7/01/27

4/24

at

100.00

795,000

1,020

(d)

5.250%,

7/01/31

4/24

at

100.00

270,300

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2010ZZ:

1,695

(d)

5.000%,

1/01/24

No

Opt.

Call

444,938

165

(d)

5.000%,

1/01/24

No

Opt.

Call

43,312

275

(d)

5.250%,

7/01/25

4/24

at

100.00

72,875

1,000

(d)

5.250%,

7/01/26

4/24

at

100.00

265,000

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2013A:

2,925

(d)

5.050%,

1/01/24

4/24

at

100.00

775,125

1,415

(d)

4.800%,

7/01/29

4/24

at

100.00

374,975

2,000

(d)

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Taxable

Series

2010BBB,

5.400%,

7/01/28

4/24

at

100.00

530,000

25

(d)

Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Refunding

Series

2005SS,

4.625%,

7/01/30

4/24

at

100.00

6,625

85

(d)

Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2003NN,

5.500%,

1/31/24

No

Opt.

Call

22,312

1,950

(d)

Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2007TT,

5.000%,

7/01/32

4/24

at

100.00

516,750

Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2008WW:

915

(d)

5.375%,

1/01/24

No

Opt.

Call

242,475

1,000

(d)

5.250%,

7/01/33

4/24

at

100.00

265,000

295

(d)

5.500%,

7/01/38

4/24

at

100.00

78,175

500

(d)

Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2010AAA,

5.250%,

7/01/24

4/24

at

100.00

132,500

Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2010CCC:

135

(d)

5.000%,

7/01/24

4/24

at

100.00

35,775

200

(d)

4.800%,

7/01/27

4/24

at

100.00

53,000

Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2010XX:

1,445

(d)

4.625%,

7/01/25

4/24

at

100.00

382,925

95

(d)

5.250%,

7/01/26

4/24

at

100.00

25,175

1,000

(d)

5.250%,

7/01/35

4/24

at

100.00

265,000

Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2013A:

220

(d)

7.250%,

7/01/30

4/24

at

100.00

58,300

4,430

(d)

6.750%,

7/01/36

4/24

at

100.00

1,173,950

5,385

(d)

5.000%,

7/01/42

4/24

at

100.00

1,427,025

2,380

(d)

Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Taxable

Series

2010EEE,

5.950%,

7/01/30

4/24

at

100.00

630,700

San

Joaquin

County,

California,

Revenue

Bonds,

CSA

County

Service

Area

31,

Refunding

Series

2018A:

1,250

5.000%,

8/01/38

8/28

at

100.00

1,282,000

1,500

5.000%,

8/01/42

8/28

at

100.00

1,528,334

Southern

California

Public

Power

Authority,

Natural

Gas

Project

1

Revenue

Bonds,

Series

2007A:

1,000

5.000%,

11/01/29

No

Opt.

Call

1,054,919

220

5.000%,

11/01/33

No

Opt.

Call

237,433

2,190

Virgin

Islands

Water

and

Power

Authority,

Electric

System

Revenue

Bonds,

Bond

Anticipation

Notes,

Taxable

Series

2022A,

7.750%,

7/01/24

No

Opt.

Call

2,173,893

150

Virgin

Islands

Water

and

Power

Authority,

Electric

System

Revenue

Bonds,

Bond

Anticipation

Notes,

Taxable

Series

2022B,

10.000%,

7/01/24

No

Opt.

Call

149,474

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

52

See

Notes

to

Financial

Statements

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Utilities

(continued)

$

5,020

(c)

West

County

Facilities

Financing

Authority,

California,

Wastewater

Revenue

Bonds,

Green

Series

2021,

4.000%,

6/01/46,

(UB)

6/31

at

100.00

$

5,059,913

Total

Utilities

150,558,205

Total

Municipal

Bonds

(cost

$1,368,756,508)

1,332,024,916

Total

Long-Term

Investments

(cost

$1,368,756,508)

1,332,024,916

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 0.4%  

X

4,925,000

REPURCHASE

AGREEMENTS

-

0.4%  

X

4,925,000

$

4,925

(h)

Fixed

Income

Clearing

Corp

(FICC)

5.280%

3/01/24

$

4,925,000

Total

Repurchase

Agreements

(cost

$4,925,000)

4,925,000

Total

Short-Term

Investments

(cost

$4,925,000)

4,925,000

Total

Investments

(cost

$1,373,681,508)

-

121.3%

1,336,949,916

Floating

Rate

Obligations

-

(24.8)%  

(

272,904,000

)

Other

Assets

&

Liabilities,

Net

-

3.5%

38,129,262

Net

Assets

-

100%

$

1,102,175,178

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(c)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(d)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(e)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(f)

Step-up

coupon

bond,

a

bond

with

a

coupon

that

increases

("steps

up"),

usually

at

regular

intervals,

while

the

bond

is

outstanding.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(g)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

(h)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.280%

dated

2/29/24

to

be

repurchased

at

$4,925,722

on

3/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.250%

and

maturity

date

2/28/29,

valued

at

$5,023,579.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

ETM

Escrowed

to

maturity

IF

Inverse

floating

rate

security

issued

by

a

tender

option

bond

(“TOB”)

trust,

the

interest

rate

on

which

varies

inversely

with

the

Securities

Industry

Financial

Markets

Association

(SIFMA)

short-term

rate,

which

resets

weekly,

or

a

similar

short-term

rate,

and

is

reduced

by

the

expenses

related

to

the

TOB

trust.

UB

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction.

53

Nuveen

California

Municipal

Bond

Fund

Portfolio

of

Investments

February

29,

2024

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

96.9%   

X

1,656,493,230

MUNICIPAL

BONDS

-

96.9%  

X

1,656,493,230

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

$

360,784

Total

Consumer

Staples

360,784

Education

and

Civic

Organizations

-

6.3%

5,000

California

Educational

Facilities

Authority,

Revenue

Bonds,

Chapman

University,

Series

2015,

5.000%,

4/01/45

4/25

at

100.00

5,042,733

3,000

California

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

the

Pacific,

Refunding

Series

2015,

5.000%,

11/01/36

11/25

at

100.00

3,066,721

California

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

the

Pacific,

Series

2023:

2,040

5.000%,

11/01/43

11/33

at

100.00

2,264,812

3,240

4.250%,

11/01/48

11/33

at

100.00

3,226,405

3,000

California

Infrastructure

and

Economic

Development

Bank,

Revenue

Bonds,

Los

Angeles

County

Museum

of

Natural

History

Foundation,

Series

2020,

4.000%,

7/01/50

7/30

at

100.00

2,907,471

500

California

Municipal

Finance

Authority

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

Project,

Series

2015A,

5.250%,

10/01/45

4/24

at

101.00

496,787

1,275

California

Municipal

Finance

Authority,

Revenue

Bonds,

Goodwill

Industries

of

Sacramento

Valley

&

Northern

Nevada

Project,

Series

2014A,

5.000%,

1/01/35

1/25

at

100.00

1,092,348

California

Municipal

Finance

Authority,

Revenue

Bonds,

Linxs

APM

Project,

Senior

Lien

Series

2018A:

8,595

4.000%,

12/31/47,

(AMT)

6/28

at

100.00

7,647,237

6,980

5.000%,

12/31/47,

(AMT)

6/28

at

100.00

6,979,530

California

School

Finance

Authority

Charter

School

Revenue

Bonds,

Bright

Star

Schools

-

Obligated

Group,

Series

2017:

920

5.000%,

6/01/27,

144A

No

Opt.

Call

925,397

250

5.000%,

6/01/54,

144A

6/27

at

100.00

231,394

2,935

California

School

Finance

Authority

Charter

School

Revenue

Bonds,

Fenton

Schools

-

Obligated

Group,

Series

2020A,

5.000%,

7/01/50,

144A

7/27

at

100.00

2,859,402

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2015A:

1,045

5.000%,

8/01/40,

144A

8/25

at

100.00

1,052,453

1,100

5.000%,

8/01/45,

144A

8/25

at

100.00

1,104,019

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2016:

450

5.000%,

8/01/36,

144A

8/25

at

100.00

455,524

460

5.000%,

8/01/46,

144A

8/25

at

100.00

461,406

815

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Aspire

Public

School

-

Obligated

Group,Issue

No.6,

Series

2020A,

5.000%,

8/01/52,

144A

8/28

at

100.00

817,194

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Community

High

School

Foundation

Inc,

Series

2017:

235

5.000%,

6/01/47,

144A

6/27

at

100.00

221,137

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

391,433

500

5.000%,

6/01/51,

144A

6/26

at

100.00

466,873

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

378,517

550

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Partnerships

to

Uplift

Communities

Project,

Refunding

Social

Series

2023,

5.500%,

8/01/43,

144A

8/33

at

100.00

567,080

Nuveen

California

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

54

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

$

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

$

286,854

280

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Stem

Preparatory

Schools

?

Obligated

Group,

Series

2023A,

5.000%,

6/01/43,

144A

6/31

at

100.00

282,074

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

750,561

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

830,155

5,235

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alliance

for

College-Ready

Public

Schools

Project,

Series

2016C,

5.250%,

7/01/52,

144A

7/25

at

101.00

5,251,601

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

572,641

545

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Value

Schools,

Refunding

Series

2023A,

5.000%,

7/01/40,

144A

7/28

at

103.00

555,039

California

State

University,

Systemwide

Revenue

Bonds,

Series

2018A:

3,100

5.000%,

11/01/43

11/28

at

100.00

3,351,670

15,665

5.000%,

11/01/48

11/28

at

100.00

16,772,388

5,210

California

State

University,

Systemwide

Revenue

Bonds,

Series

2019A,

5.000%,

11/01/51

11/29

at

100.00

5,606,865

1,115

San

Diego

County,

California,

Limited

Revenue

Obligations,

Sanford

Burnham

Prebys

Medical

Discovery

Institute,

Series

2015A,

5.000%,

11/01/28

11/25

at

100.00

1,159,759

15,325

University

of

California,

General

Revenue

Bonds,

Limited

Project

Series

2017M,

5.000%,

5/15/47

5/27

at

100.00

16,165,896

11,620

University

of

California,

General

Revenue

Bonds,

Limited

Project

Series

2018O,

5.000%,

5/15/43

5/28

at

100.00

12,479,241

Total

Education

and

Civic

Organizations

106,720,617

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

2,183

Total

Financials

2,183

Health

Care

-

12.8%

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2016B:

17,205

5.000%,

11/15/46

11/26

at

100.00

17,606,460

3,815

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2017A,

5.000%,

11/15/48

11/27

at

100.00

3,946,173

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Series

2018A:

1,225

5.000%,

11/15/36

11/27

at

100.00

1,303,635

11,100

5.000%,

11/15/48

11/27

at

100.00

11,493,242

7,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Cedars-Sinai

Health

System,

Series

2021A,

4.000%,

8/15/48

8/31

at

100.00

6,913,458

3,850

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Children's

Hospital

Los

Angeles,

Series

2017A,

5.000%,

8/15/47

8/27

at

100.00

3,902,159

6,100

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

City

of

Hope

National

Medical

Center,

Series

2012A,

4.000%,

11/15/39

4/24

at

100.00

6,055,587

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

City

of

Hope

National

Medical

Center,

Series

2019:

7,850

4.000%,

11/15/45

11/29

at

100.00

7,620,116

2,700

5.000%,

11/15/49

11/26

at

100.00

2,756,545

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2020A:

10,750

4.000%,

4/01/40

4/30

at

100.00

10,792,557

3,175

4.000%,

4/01/45

4/30

at

100.00

3,082,721

36,320

4.000%,

4/01/49

4/30

at

100.00

34,921,422

55

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

$

3,940

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

El

Camino

Hospital,

Refunding

Series

2015A,

5.000%,

2/01/40

2/25

at

100.00

$

3,967,957

1,825

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Series

2014B,

5.000%,

10/01/44

10/24

at

100.00

1,832,269

250

California

Municipal

Finance

Authority,

Revenue

Bonds,

Eisenhower

Medical

Center,

Refunding

Series

2017A,

5.000%,

7/01/47

7/27

at

100.00

252,728

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2017A:

1,810

5.250%,

11/01/36

11/26

at

100.00

1,828,481

11,500

5.250%,

11/01/41

11/26

at

100.00

11,562,509

6,750

5.000%,

11/01/47

11/26

at

100.00

6,297,482

3,810

5.250%,

11/01/47

11/26

at

100.00

3,774,102

5,300

California

Municipal

Finance

Authority,

Reveue

Bonds,

Community

Medical

Centers,

Series

2017A,

5.000%,

2/01/47

2/27

at

100.00

5,384,877

2,950

California

Municipal

Financing

Authority,

Certificates

of

Participation,

Palomar

Health,

Series

2022A,

5.250%,

11/01/52

-

AGM

Insured

11/32

at

100.00

3,309,150

2,000

California

Public

Finance

Authority,

Revenue

Bonds,

Henry

Mayo

Newhall

Hospital,

Series

2017,

5.000%,

10/15/47

10/26

at

100.00

2,004,263

2,500

California

Statewide

Communities

Development

Authority,

California,

Redlands

Community

Hospital,

Revenue

Bonds,

Series

2016,

5.000%,

10/01/46

10/26

at

100.00

2,548,922

6,000

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2014A,

5.250%,

12/01/44

12/24

at

100.00

5,986,869

20,750

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A,

5.250%,

12/01/56,

144A

6/26

at

100.00

20,846,191

8,400

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2018A,

5.500%,

12/01/58,

144A

6/28

at

100.00

8,543,642

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

Adventist

Health

System/West,

Series

2015A:

1,305

5.000%,

3/01/35

3/26

at

100.00

1,342,053

1,000

5.000%,

3/01/45

3/26

at

100.00

1,014,451

4,650

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

Adventist

Health

System/West,

Series

2018A,

5.000%,

3/01/48

3/28

at

100.00

4,767,393

10,000

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

Marin

General

Hospital,

Green

Series

2018A,

4.000%,

8/01/45

3/24

at

100.00

9,041,687

1,365

California

Statewide

Community

Development

Authority,

Health

Revenue

Bonds,

Enloe

Medical

Center,

Refunding

Series

2022A,

5.250%,

8/15/52

-

AGM

Insured

8/32

at

100.00

1,494,433

California

Statewide

Community

Development

Authority,

Revenue

Bonds,

Daughters

of

Charity

Health

System,

Series

2005A:

22

(c),(d)

5.750%,

7/01/24

4/24

at

100.00

22,378

26

(c),(d)

5.750%,

7/01/30

4/24

at

100.00

25,729

2

(c),(d)

5.750%,

7/01/35

4/24

at

100.00

1,676

24

(c),(d)

California

Statewide

Community

Development

Authority,

Revenue

Bonds,

Daughters

of

Charity

Health

System,

Series

2005G,

5.500%,

7/01/24

No

Opt.

Call

24,216

3,000

Kaweah

Delta

Health

Care

District,

California,

Revenue

Bonds,

Series

2015B,

5.000%,

6/01/40

6/25

at

100.00

2,800,646

5,000

Palomar

Health

System,

California,

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

11/01/42

11/27

at

100.00

5,020,963

1,630

Upland,

California,

Certificates

of

Participation,

San

Antonio

Regional

Hospital,

Series

2017,

5.000%,

1/01/47

1/28

at

100.00

1,663,991

2,800

Washington

Township

Health

Care

District,

California,

Revenue

Bonds,

Series

2017A,

5.000%,

7/01/42

7/27

at

100.00

2,807,322

Total

Health

Care

218,560,455

Nuveen

California

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

56

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Housing/Multifamily

-

14.5%

$

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

$

12,829,072

15,920

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Glendale

Properties,

Junior

Series

2021A-2,

4.000%,

8/01/47,

144A

8/31

at

100.00

12,995,980

26,675

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Serenity

at

Larkspur

Apartments,

Series

2020A,

5.000%,

2/01/50,

144A

2/30

at

100.00

20,359,707

3,950

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Stoneridge

Apartments,

Series

2021A,

4.000%,

2/01/56,

144A

2/31

at

100.00

3,058,425

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

413,074

440

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

The

Arbors,

Series

2020A,

5.000%,

8/01/50,

144A

8/30

at

100.00

417,142

2,850

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Verdant

at

Green

Valley

Apartments,

Series

2019A,

5.000%,

8/01/49,

144A

8/29

at

100.00

2,715,923

21,320

California

Community

Housing

Agency,

Workforce

Housing

Revenue

Bonds,

Annadel

Apartments,

Series

2019A,

5.000%,

4/01/49,

144A

4/29

at

100.00

17,731,673

11,025

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2019-2,

4.000%,

3/20/33

No

Opt.

Call

11,048,446

12,326

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2021-1,

3.500%,

11/20/35

No

Opt.

Call

11,647,189

1,508

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series2019-1,

4.250%,

1/15/35

No

Opt.

Call

1,504,356

9,757

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Social

Certificates

Series

2023-1,

4.375%,

9/20/36

No

Opt.

Call

9,661,908

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

170,954

455

5.250%,

8/15/49

8/24

at

100.00

456,574

3,050

California

Statewide

Community

Development

Authority,

Multifamily

Housing

Revenue

Senior

Bonds,

Westgate

Courtyards

Apartments,

Series

2001X-1,

5.420%,

12/01/34

-

AMBAC

Insured,

(AMT)

4/24

at

100.00

2,981,806

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

15,032,020

5,675

CMFA

Special

Finance

Agency,

California,

Essential

Housing

Revenue

Bonds,

Enclave

Apartments,

Senior

Series

2022A-1,

4.000%,

8/01/58,

144A

2/32

at

100.00

4,424,071

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

762,126

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

6,014,509

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

976,569

5,230

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Acacia

on

Santa

Rosa

Creek,

Senior

Lien

Series

2021A,

4.000%,

10/01/56,

144A

10/31

at

100.00

4,490,413

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

20,899,428

14,755

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Center

City

Anaheim,

Series

2020A,

5.000%,

1/01/54,

144A

1/31

at

100.00

11,913,013

2,750

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Jefferson-Anaheim

Series

2021A-1,

2.875%,

8/01/41,

144A

8/31

at

100.00

2,454,122

4,640

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Jefferson-Anaheim

Series

2021A-2,

3.125%,

8/01/56,

144A

8/31

at

100.00

3,320,825

3,205

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Millennium

South

Bay-Hawthorne,

Series

2021A-1

and

A-2,

3.250%,

7/01/56,

144A

7/32

at

100.00

2,208,763

57

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Housing/Multifamily

(continued)

$

17,875

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Moda

at

Monrovia

Station,

Social

Series

2021A-2,

4.000%,

10/01/56,

144A

10/31

at

100.00

$

13,147,116

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Monterrey

Station

Apartments,

Senior

Lien

Series

2021A-1:

1,615

3.000%,

7/01/43,

144A

7/32

at

100.00

1,267,068

4,750

3.125%,

7/01/56,

144A

7/32

at

100.00

3,203,820

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

289,631

15,375

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Parallel-Anaheim

Series

2021A,

4.000%,

8/01/56,

144A

8/31

at

100.00

12,833,989

3,765

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Pasadena

Portfolio

Social

Bond,

Mezzanine

Senior

Series

2021B,

4.000%,

12/01/56,

144A

12/31

at

100.00

2,780,374

5,730

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Union

South

Bay,

Series

2021A-2,

4.000%,

7/01/56,

144A

7/31

at

100.00

4,388,033

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

5,138,919

2,100

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Waterscape

Apartments,

Mezzanine

Lien

Series

2021B,

4.000%,

9/01/46,

144A

9/31

at

100.00

1,726,920

3,995

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Westgate

Phase

1-Pasadena

Apartments,

Senior

Lien

Series

2021A-1,

3.000%,

6/01/47,

144A

6/31

at

100.00

2,926,143

16,280

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Westgate

Phase

1-Pasadena

Apartments,

Senior

Lien

Series

2021A-2,

3.125%,

6/01/57,

144A

6/31

at

100.00

10,318,596

3,100

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Wood

Creek

Apartments,

Mezzanine

Lien

Series

2021A-2,

4.000%,

12/01/58

6/32

at

100.00

2,374,938

10,045

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Wood

Creek

Apartments,

Senior

Lien

Series

2021A-1,

3.000%,

12/01/49

6/32

at

100.00

6,862,650

520

Independent

Cities

Finance

Authority,

California,

Mobile

Home

Park

Revenue

Bonds,

Palomar

Estates

West,

Refunding

Series

2015,

5.000%,

9/15/25

No

Opt.

Call

523,764

Total

Housing/Multifamily

248,270,049

Long-Term

Care

-

0.1%

1,300

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Northern

California

Presbyterian

Homes

&

Services

Inc.,

Refunding

Series

2015,

5.000%,

7/01/39

7/25

at

100.00

1,327,598

Total

Long-Term

Care

1,327,598

Tax

Obligation/General

-

10.6%

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

929,945

5,570

(e)

Bakersfield

City

School

District,

Kern

County,

California,

General

Obligation

Bonds,

Series

2012C,

0.000%,

5/01/42

5/40

at

100.00

4,380,213

11,350

California

State,

General

Obligation

Bonds,

Refunding

Various

Purpose

Series

2019,

5.000%,

4/01/25

No

Opt.

Call

11,598,521

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2016:

2,500

5.000%,

9/01/45

9/26

at

100.00

2,596,873

835

5.000%,

9/01/46

9/26

at

100.00

866,459

22,700

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2018,

5.000%,

10/01/47

4/26

at

100.00

23,393,594

1,770

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2020,

4.000%,

11/01/45

11/25

at

100.00

1,770,894

3,385

Chino

Valley

Unified

School

District,

San

Bernardino

County,

California,

General

Obligation

Bonds,

2016

Election

Series

2020B,

5.000%,

8/01/55

8/30

at

100.00

3,646,950

4,900

Corona-Norco

Unified

School

District,

Riverside

County,

California,

General

Obligation

Bonds,

Election

2014,

Series

2019C,

4.000%,

8/01/49

8/28

at

100.00

4,896,261

Nuveen

California

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

58

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

(continued)

$

3,965

Desert

Community

College

District,

Riverside

County,

California,

General

Obligation

Bonds,

Election

of

2016

Series

2024,

4.000%,

8/01/51

8/33

at

100.00

$

3,965,467

14,500

Grossmont

Healthcare

District,

California,

General

Obligation

Bonds,

Refunding

Series

2015D,

4.000%,

7/15/40

7/25

at

100.00

14,504,348

2,745

Grossmont-Cuyamaca

Community

College

District,

California,

General

Obligation

Bonds,

Refunding

Series

2018,

4.000%,

8/01/47

8/28

at

100.00

2,746,169

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

7,002,305

30

Long

Beach

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

of

2008,

Series

2009A,

5.500%,

8/01/29

4/24

at

100.00

30,048

6,225

Manteca

Unified

School

District,

San

Joaquin

County,

California,

General

Obligation

Bonds,

Election

2014

Series

2017B,

4.000%,

8/01/42

8/27

at

100.00

6,253,003

10,000

Marin

Healthcare

District,

Marin

County,

California,

General

Obligation

Bonds,

2013

Election,

Series

2015A,

4.000%,

8/01/40

8/25

at

100.00

9,931,753

4,040

Morgan

Hill

Unified

School

District,

Santa

Clara

County,

California,

General

Obligation

Bonds,

Election

2012

Series

2017B,

4.000%,

8/01/47

8/27

at

100.00

4,054,117

2,290

Mount

San

Antonio

Community

College

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

of

2018,

Series

2019A,

5.000%,

8/01/44

8/29

at

100.00

2,495,355

9,440

Paramount

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

2006

Series

2011,

6.375%,

8/01/45

2/33

at

100.00

11,521,166

7,070

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1,

0.000%,

7/01/33

7/31

at

89.94

4,556,974

30,295

San

Francisco

Bay

Area

Rapid

Transit

District,

California,

General

Obligation

Bonds,

Election

of

2016,

Green

Series

2020C-1,

4.000%,

8/01/45

8/29

at

100.00

30,567,340

1,535

(e)

San

Leandro

Unified

School

District,

Alameda

County,

California,

General

Obligation

Bonds,

Election

2006

Series

2010C,

0.000%,

8/01/39

-

AGC

Insured

8/28

at

100.00

1,519,257

2,000

Victor

Valley

Union

High

School

District,

San

Bernardino

County,

California,

General

Obligation

Bonds,

20008

Election

Series

2009A,

5.750%,

8/01/31

-

AGC

Insured

8/26

at

100.00

2,161,029

10,000

Walnut

Creek

School

District,

Contra

Costa

County,

California,

General

Obligation

Bonds,

Election

2022

Series

2023A,

4.000%,

9/01/52

9/32

at

100.00

9,944,919

3,080

Washington

Township

Health

Care

District,

Alameda

County,

California,

General

Obligation

Bonds,

2004

Election

Series

2013B,

5.000%,

8/01/43

8/24

at

100.00

3,089,989

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

648,487

8,640

Washington

Township

Health

Care

District,

Alameda

County,

California,

General

Obligation

Bonds,

2012

Election

Series

2015B,

4.000%,

8/01/45

8/25

at

100.00

8,488,492

1,100

West

Contra

Costa

Unified

School

District,

Contra

Costa

County,

California,

General

Obligation

Bonds,

Series

2008B,

6.000%,

8/01/24

No

Opt.

Call

1,112,498

3,500

(e)

Yosemite

Community

College

District,

California,

General

Obligation

Bonds,

Capital

Appreciation,

Election

2004,

Series

2010D,

0.000%,

8/01/42

No

Opt.

Call

2,912,023

Total

Tax

Obligation/General

181,584,449

Tax

Obligation/Limited

-

11.0%

995

Beaumont

Financing

Authority,

California,

Local

Agency

Revenue

Bonds,

Improvement

Area

19A,

Series

2015B,

5.000%,

9/01/35

9/25

at

100.00

1,016,442

1,035

Beaumont,

California,

Special

Tax

Bonds,

Community

Facilities

District

93-1

Improvement

Area

8D,

Series

2018A,

5.000%,

9/01/48

9/25

at

103.00

1,063,255

1,655

Bell

Community

Housing

Authority,

California,

Lease

Revenue

Bonds,

Series

2005,

5.000%,

10/01/36

-

AMBAC

Insured

4/24

at

100.00

1,661,092

1,025

Brea

and

Olinda

Unified

School

District,

Orange

County,

California,

Certificates

of

Participation

Refunding,

Series

2002A,

5.125%,

8/01/26

-

AGM

Insured

4/24

at

100.00

1,025,942

200

Brentwood

Infrastructure

Financing

Authority,

California,

Infrastructure

Revenue

Bonds,

Refunding

Subordinated

Series

2014B,

5.000%,

9/02/36

9/24

at

100.00

201,073

2,235

California

Community

College

Financing

Authority,

Lease

Revenue

Bonds,

Refunding

Series

2003,

0.000%,

6/01/33

-

AMBAC

Insured

No

Opt.

Call

1,526,844

2,040

California

Infrastructure

and

Economic

Development

Bank,

Lease

Revenue

Bonds,

California

State

Teachers

Retirement

System

Headquarters

Expansion,

Green

Bond-Climate

Bond

Certified

Series

2019,

5.000%,

8/01/44

8/29

at

100.00

2,199,636

59

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

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

4/24

at

100.00

$

1,962,714

750

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2020A,

4.000%,

9/01/45

9/26

at

103.00

681,767

4,325

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

California

Air

Resources

Board,

Southern

California

Headquarters

-

Mary

D.

Nichols

Campus,

Green

Series

2022D,

4.000%,

5/01/47

5/32

at

100.00

4,351,810

2,000

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

Department

of

Corrections

&

Rehabilitation,

Various

Correctional

Facilities

Series

2014A,

5.000%,

9/01/39

9/24

at

100.00

2,011,148

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

Judicial

Council

of

California,

New

Stockton

Courthouse,

Series

2014B:

5,120

5.000%,

10/01/32

10/24

at

100.00

5,164,871

2,600

5.000%,

10/01/33

10/24

at

100.00

2,622,046

3,820

5.000%,

10/01/34

10/24

at

100.00

3,851,737

2,000

5.000%,

10/01/39

10/24

at

100.00

2,013,091

355

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2011A,

8.000%,

9/02/41

3/24

at

100.00

349,231

1,000

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2018A,

5.000%,

9/02/47

9/28

at

100.00

1,024,638

Chula

Vista

Municipal

Finance

Authority,

California,

Special

Tax

Revenue

Bonds,

Refunding

Series

2013:

1,915

5.500%,

9/01/27

4/24

at

100.00

1,918,987

2,165

5.500%,

9/01/29

4/24

at

100.00

2,169,532

1,520

5.500%,

9/01/30

4/24

at

100.00

1,523,122

775

City

of

Dublin,

California,

Community

Facilities

District

No.

2015-1,

Dublin

Crossing,

Improvement

Area

No.

1,

Special

Tax

Bonds,

Series

2017,

5.000%,

9/01/37

9/27

at

100.00

807,377

1,800

Dublin

Community

Facilities

District

2015-1

Dublin

Crossing,

California,

Special

Tax

Bonds,

Improvement  Area

2,

Series

2019,

5.000%,

9/01/44

9/26

at

103.00

1,872,042

1,500

Elk

Grove

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Series

2015,

5.000%,

9/01/38

-

BAM

Insured

9/25

at

100.00

1,529,761

1,000

Folsom

Ranch

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Folsom

Community

Facilities

District

19

Mangini

Ranch,

Series

2019,

5.000%,

9/01/49

9/26

at

103.00

1,022,684

310

Golden

State

Tobacco

Securitization

Corporation,

California,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Series

2022A-1,

5.000%,

6/01/51

12/31

at

100.00

325,386

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D:

6,000

5.000%,

11/15/32

11/25

at

100.00

6,125,613

3,725

5.000%,

11/15/39

11/25

at

100.00

3,766,229

1,000

Huntington

Beach,

California,

Special

Tax

Bonds,

Community

Facilities

District

2003-1

Huntington

Center,

Refunding

Series

2013,

5.375%,

9/01/33

4/24

at

100.00

1,001,289

1,090

Irvine,

California,

Limited

Obligation

Improvement

Bonds,

Reassessment

District

15-2,

Series

2015,

5.000%,

9/02/42

9/25

at

100.00

1,104,843

Irvine,

California,

Special

Tax

Bonds,

Community

Facilities

District

2013-3

Great

Park,

Improvement

Area

1,

Refunding

Series

2014:

500

5.000%,

9/01/39

9/24

at

100.00

502,837

750

5.000%,

9/01/44

9/24

at

100.00

753,222

1,000

5.000%,

9/01/49

9/24

at

100.00

1,003,513

3,260

Jurupa

Community

Services

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

33

Eastvale

Area,

Series

2014,

5.000%,

9/01/43

9/24

at

100.00

3,272,755

790

Lake

Elsinore

Public

Financing

Authority,

California,

Local

Agency

Revenue

Bonds,

Canyon

Hills

Improvement

Area

A

&

C,

Series

2014C,

5.000%,

9/01/40

9/24

at

100.00

793,501

1,620

Lake

Elsinore

Public

Financing

Authority,

California,

Local

Agency

Revenue

Bonds,

Refunding

Series

2015,

5.000%,

9/01/40

9/25

at

100.00

1,640,443

1,400

Lammersville

Joint

Unified

School

District,

San

Joaquin

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2014-1

Improvement

Area

1

Mountain

House

School

Facilities,

Series

2017,

5.000%,

9/01/47

9/27

at

100.00

1,425,099

1,000

Lathrop,

California,

Limited

Obligation

Improvement

Bonds,

Crossroads

Assessment

District,

Series

2015,

5.000%,

9/02/40

9/25

at

100.00

1,007,738

Nuveen

California

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

60

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

1,000

Los

Angeles

County

Facilities

Inc,

California,

Lease

Revenue

Bonds,

Vermont

Corridor

County

Administration

Building,

Series

2018A,

5.000%,

12/01/51

12/28

at

100.00

$

1,055,783

5,075

Los

Angeles

County

Metropolitan

Transportation

Authority,

California,

Proposition

C

Sales

Tax

Revenue

Bonds,

Green

Senior

Lien

Series

2019A,

5.000%,

7/01/44

7/28

at

100.00

5,450,953

3,000

Los

Angeles

County

Public

Works

Financing

Authority,

California,

Lease

Revenue

Bonds,

Multiple

Capital

Project,

Series

2015A,

5.000%,

12/01/39

12/24

at

100.00

3,028,476

Los

Angeles

County

Public

Works

Financing

Authority,

California,

Lease

Revenue

Bonds,

Series

2019E-1:

7,000

5.000%,

12/01/44

12/29

at

100.00

7,651,550

3,495

5.000%,

12/01/49

12/29

at

100.00

3,777,200

115

Menifee

Union

School

District

Public

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Series

2016A,

5.000%,

9/01/36

-

BAM

Insured

9/25

at

100.00

118,225

325

Menifee,

California,

Special

Tax

Bonds,

Community

Facilities

District

2021-1,

Banner

Park

Series

2023A,

5.000%,

9/01/48

9/29

at

103.00

332,340

1,455

Modesto,

California,

Speical

Tax

Bonds,

Community

Faclities

District

2004-1

Village

One

2,

Refunding

Series

2014,

5.000%,

9/01/28

9/24

at

100.00

1,469,453

570

ndio,

California,

Special

Tax

Bonds,

Community

Facilities

District

2004-3

Terra

Lago,

Improvement

Area

1,

Series

2015,

5.000%,

9/01/35

9/25

at

100.00

581,451

Oakland

Redevelopment

Successor

Agency,

California,

Tax

Allocation

Bonds,

Refunding

Subordinated

Series

2015-TE:

3,250

5.000%,

9/01/35

-

AGM

Insured

9/25

at

100.00

3,335,527

3,215

5.000%,

9/01/36

-

AGM

Insured

9/25

at

100.00

3,290,042

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

258,266

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

15,907

0.000%,

7/01/46

7/28

at

41.38

5,178,785

31,031

5.000%,

7/01/58

7/28

at

100.00

31,263,670

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2:

5,920

4.536%,

7/01/53

7/28

at

100.00

5,734,826

5,025

4.784%,

7/01/58

7/28

at

100.00

5,012,449

Rancho

Cucamonga

Redevelopment

Agency

Successor

Agency,

California,

Tax

Allocation

Bonds,

Rancho

Redevelopment

Project,

Series

2014:

1,600

5.000%,

9/01/30

9/24

at

100.00

1,613,747

2,800

5.000%,

9/01/31

9/24

at

100.00

2,823,875

2,400

5.000%,

9/01/32

9/24

at

100.00

2,420,125

4,180

River

Islands

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

2003-1

Improvement

Area

1,

Refunding

Series

2022A-1,

5.250%,

9/01/52

-

AGM

Insured

9/29

at

103.00

4,561,744

415

Riverside

Unified

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

32,

Series

2020,

4.000%,

9/01/45

9/27

at

103.00

382,006

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

1

Westpark,

Refunding

Series

2015:

1,000

5.000%,

9/01/28

9/25

at

100.00

1,022,944

1,000

5.000%,

9/01/29

9/25

at

100.00

1,022,759

1,000

5.000%,

9/01/30

9/25

at

100.00

1,022,298

3,390

San

Francisco

Bay

Area

Rapid

Transit

District,

California,

Sales

Tax

Revenue

Bonds,

Series

2019A,

4.000%,

7/01/38

7/27

at

100.00

3,448,560

375

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

376,505

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

4/24

at

100.00

1,957,759

110

Signal

Hill

Redevelopment

Agency,

California,

Project

1

Tax

Allocation

Bonds,

Series

2011,

7.000%,

10/01/26

4/24

at

100.00

110,293

2,235

Stockton

Public

Financing

Authority,

California,

Revenue

Bonds,

Arch

Road

East

Community

Facility

District

99-02,

Series

2018A,

5.000%,

9/01/43

9/25

at

103.00

2,301,397

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

111,876

61

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

1,345

Tracy,

California,

Special

Tax

Bonds,

Community

Facilities

District

2016-1

Tracy

Hills,  Improvement

Area

2,

Series

2023,

5.625%,

9/01/43

9/29

at

103.00

$

1,439,434

3,120

Transbay

Joint

Powers

Authority,

California,

Tax

Allocation

Bonds,

Senior

Green

Series

2020A,

5.000%,

10/01/45

4/30

at

100.00

3,209,434

395

Tustin,

California,

Special

Tax

Bonds,

Community

Facilities

District

06-1

Tustin

Legacy/Columbus

Villages,

Refunding

Series

2015A,

5.000%,

9/01/37

9/25

at

100.00

403,346

Tustin,

California,Special

Tax

Bonds,

Community

Facilities

District

14-1

Tustin

Legacy/Standard

Pacific,

Refunding

Series

2015A:

50

5.000%,

9/01/40

9/25

at

100.00

50,682

100

5.000%,

9/01/45

9/25

at

100.00

101,050

625

Val

Verde

Unified

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2018-2,

Stratford

Improvement

Area

2

Series

2023,

5.000%,

9/01/48

9/29

at

103.00

637,798

Vista

Community

Development

Commission

Taxable

Non-Housing

Tax

Allocation

Revenue

Bonds,

California,

Vista

Redevelopment

Project,

Series

2011:

7,600

6.000%,

9/01/33

4/24

at

100.00

7,619,842

7,920

6.125%,

9/01/37

4/24

at

100.00

7,939,441

Total

Tax

Obligation/Limited

188,409,221

Transportation

-

19.1%

50

Alameda

Corridor

Transportation

Authority,

California,

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2016A,

5.000%,

10/01/25

No

Opt.

Call

50,694

18,840

Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021A,

4.000%,

1/15/46

1/31

at

100.00

18,330,531

5,050

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Green

Series

2022G,

5.000%,

5/15/52,

(AMT)

11/31

at

100.00

5,292,691

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Refunding

&

Subordinate

Series

2022C:

1,550

4.000%,

5/15/37,

(AMT)

5/32

at

100.00

1,569,447

1,250

4.000%,

5/15/38,

(AMT)

5/32

at

100.00

1,254,533

1,930

4.000%,

5/15/39,

(AMT)

5/32

at

100.00

1,929,304

2,255

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Refunding

Subordinate

Lien

Private

Activity

Series

2021A,

5.000%,

5/15/46,

(AMT)

5/31

at

100.00

2,377,407

3,135

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Senior

Lien

Series

2015D,

5.000%,

5/15/35,

(AMT)

5/25

at

100.00

3,180,324

355

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Senior

Lien

Series

2015E,

5.000%,

5/15/41

5/25

at

100.00

361,733

6,925

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2016B,

5.000%,

5/15/46,

(AMT)

5/26

at

100.00

7,015,047

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2018C:

1,935

5.000%,

5/15/36,

(AMT)

11/27

at

100.00

2,030,332

24,440

5.000%,

5/15/44,

(AMT)

11/27

at

100.00

25,146,504

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2019D:

2,000

5.000%,

5/15/30,

(AMT)

11/28

at

100.00

2,143,911

2,415

5.000%,

5/15/34,

(AMT)

11/28

at

100.00

2,584,246

1,695

5.000%,

5/15/35,

(AMT)

11/28

at

100.00

1,810,292

3,500

5.000%,

5/15/39,

(AMT)

11/28

at

100.00

3,676,969

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2019F:

3,600

5.000%,

5/15/37,

(AMT)

5/29

at

100.00

3,838,591

10,000

5.000%,

5/15/44,

(AMT)

5/29

at

100.00

10,427,879

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2021D:

9,680

5.000%,

5/15/37,

(AMT)

11/31

at

100.00

10,590,576

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2022A:

6,995

5.000%,

5/15/45,

(AMT)

5/32

at

100.00

7,441,378

1,000

4.000%,

5/15/49,

(AMT)

5/32

at

100.00

951,297

Nuveen

California

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

62

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Transportation

(continued)

$

16,305

Riverside

County

Transportation

Commission,

California,

Toll

Revenue

Second

Lien

Bonds,

RCTC

91

Express

Lanes,

Refunding

Series

2021C,

4.000%,

6/01/47

6/31

at

100.00

$

15,752,901

Riverside

County

Transportation

Commission,

California,

Toll

Revenue

Senior

Lien

Bonds,

RCTC

91

Express

Lanes,

Refunding

Series

2021B-1:

3,085

4.000%,

6/01/40

6/31

at

100.00

3,123,831

10,815

4.000%,

6/01/46

6/31

at

100.00

10,580,666

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Subordinate

Series

2017A:

2,625

5.000%,

7/01/47

7/27

at

100.00

2,736,563

2,000

5.000%,

7/01/47,

(AMT)

7/27

at

100.00

2,035,388

4,000

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Subordinate

Series

2019B,

5.000%,

7/01/49,

(AMT)

7/29

at

100.00

4,114,745

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Subordinate

Series

2021B:

2,500

5.000%,

7/01/46,

(AMT)

7/31

at

100.00

2,621,664

7,000

5.000%,

7/01/51,

(AMT)

7/31

at

100.00

7,264,800

16,055

San

Francisco

Airport

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Refunding

Second

Series

2023C,

5.500%,

5/01/41,

(AMT)

5/33

at

100.00

18,206,824

14,120

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

14,691,700

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Refunding

Second

Series

2019A:

5,150

5.000%,

5/01/44,

(AMT)

5/29

at

100.00

5,368,901

3,515

5.000%,

5/01/49,

(AMT)

5/29

at

100.00

3,629,402

4,435

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2014A,

5.000%,

5/01/39,

(AMT)

5/24

at

100.00

4,439,421

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2016B:

10,000

5.000%,

5/01/41,

(AMT)

5/26

at

100.00

10,169,872

17,855

5.000%,

5/01/46,

(AMT)

5/26

at

100.00

18,083,340

5,000

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2017A,

5.000%,

5/01/47,

(AMT)

5/27

at

100.00

5,099,105

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2018D:

7,170

5.000%,

5/01/43,

(AMT)

5/28

at

100.00

7,412,335

9,320

5.000%,

5/01/48,

(AMT)

5/28

at

100.00

9,563,818

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2019E:

1,025

5.000%,

5/01/40,

(AMT)

5/29

at

100.00

1,079,679

18,500

5.000%,

5/01/45,

(AMT)

5/29

at

100.00

19,243,774

16,460

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Refunding

Senior

Lien

Toll

Road

Revenue

Bonds,

Series

2021A,

4.000%,

1/15/50

1/32

at

100.00

16,336,481

10,000

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Toll

Road

Revenue

Bonds,

Refunding

Junior

Lien

Series

2014B,

5.250%,

1/15/44

1/25

at

100.00

10,117,621

23,160

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Toll

Road

Revenue

Bonds,

Refunding

Series

1997A,

0.000%,

1/15/25

-

NPFG

Insured

No

Opt.

Call

22,464,028

Total

Transportation

326,140,545

U.S.

Guaranteed

-

11.5%

(f)

8,310

Antelope

Valley

Community

College

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

2016

Series

2017A,

5.250%,

8/01/42,

(Pre-refunded

2/15/27)

2/27

at

100.00

8,979,271

8,455

Antelope

Valley

Community

College

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Refunding

Series

2015,

0.000%,

8/01/30,

(Pre-

refunded

2/15/25)

2/25

at

80.12

6,583,887

3,915

California

Educational

Facilities

Authority,

Revenue

Bonds,

Pepperdine

University,

Series

2015,

5.000%,

9/01/40,

(Pre-refunded

9/01/25)

9/25

at

100.00

4,043,652

63

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

U.S.

Guaranteed

(f)

(continued)

$

2,430

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2015A,

5.000%,

8/15/43,

(Pre-refunded

8/15/25)

8/25

at

100.00

$

2,500,238

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2016B:

5,360

5.000%,

11/15/46,

(Pre-refunded

11/15/26)

11/26

at

100.00

5,678,604

10,845

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Series

2016A,

5.000%,

11/15/41,

(Pre-refunded

11/15/25)

11/25

at

100.00

11,248,052

1,245

California

Municipal

Finance

Authority,

Revenue

Bonds,

Touro

College

and

University

System,

Series

2014A,

5.250%,

1/01/34,

(Pre-refunded

7/01/24)

7/24

at

100.00

1,253,513

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2016:

40

5.000%,

8/01/46,

(Pre-refunded

8/01/25),

144A

8/25

at

100.00

41,125

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Community

High

School

Foundation

Inc,

Series

2017:

265

5.000%,

6/01/47,

(Pre-refunded

6/01/27),

144A

6/27

at

100.00

280,679

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

Cottage

Health

System

Obligated

Group,

Series

2015:

1,310

5.000%,

11/01/28,

(Pre-refunded

11/01/24)

11/24

at

100.00

1,323,357

1,100

5.000%,

11/01/31,

(Pre-refunded

11/01/24)

11/24

at

100.00

1,111,216

1,690

5.000%,

11/01/32,

(Pre-refunded

11/01/24)

11/24

at

100.00

1,707,232

5,270

Charter

Oak

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

2012

Refunding

Series

2015A,

5.000%,

8/01/40,

(Pre-refunded

8/01/25)

-

AGM

Insured

8/25

at

100.00

5,425,631

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

568,877

Golden

State

Tobacco

Securitization

Corporation,

California,

Enhanced

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Series

2015A:

17,210

5.000%,

6/01/40,

(Pre-refunded

6/01/25)

6/25

at

100.00

17,670,476

21,090

5.000%,

6/01/40,

(Pre-refunded

6/01/25)

6/25

at

100.00

21,654,290

4,390

Golden

State

Tobacco

Securitization

Corporation,

California,

Enhanced

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Series

2005A,

0.000%,

6/01/28

-

AMBAC

Insured,

(ETM)

No

Opt.

Call

3,891,517

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2021D:

545

5.000%,

5/15/37,

(Pre-refunded

11/15/31),

(AMT)

11/31

at

100.00

614,477

Ohlone

Community

College

District,

Alameda

County,

California,

General

Obligation

Bonds,

Election

2010

Series

2014B:

2,060

0.000%,

8/01/33,

(Pre-refunded

8/01/24)

8/24

at

66.18

1,345,813

2,245

0.000%,

8/01/34,

(Pre-refunded

8/01/24)

8/24

at

62.90

1,394,090

2,445

0.000%,

8/01/35,

(Pre-refunded

8/01/24)

8/24

at

59.60

1,438,643

2,645

0.000%,

8/01/36,

(Pre-refunded

8/01/24)

8/24

at

56.53

1,476,131

2,860

0.000%,

8/01/37,

(Pre-refunded

8/01/24)

8/24

at

53.57

1,512,400

3,315

0.000%,

8/01/39,

(Pre-refunded

8/01/24)

8/24

at

48.31

1,580,869

5,870

Riverside

Community

College

District,

California,

General

Obligation

Bonds,

Refunding  Series

2015,

5.000%,

8/01/29,

(Pre-refunded

8/01/25)

8/25

at

100.00

6,047,460

2,000

San

Diego

Community

College

District,

San

Diego

County,

California,

General

Obligation

Bonds,

Refunding

Series

2016,

5.000%,

8/01/41,

(Pre-

refunded

8/01/26)

8/26

at

100.00

2,113,479

62,000

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

62,576,823

4,960

San

Dieguito

Union

High

School

District,

San

Diego

County,

California,

General

Obligation

Bonds,

Election

2012,

Series

2015B-2,

4.000%,

8/01/32,

(Pre-refunded

8/01/25)

8/25

at

100.00

5,041,942

6,240

San

Mateo

Union

High

School

District,

San

Mateo

County,

California,

General

Obligation

Bonds,

Election

of

2010,

Series

2015A,

4.000%,

9/01/31,

(Pre-

refunded

9/01/25)

9/25

at

100.00

6,354,458

7,800

Southwestern

Community

College

District,

San

Diego

County,

California,

General

Obligation

Bonds,

Election

of

2008,

Series

2015D,

5.000%,

8/01/44,

(Pre-refunded

8/01/25)

8/25

at

100.00

8,030,346

Nuveen

California

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

64

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

U.S.

Guaranteed

(f)

(continued)

$

1,395

Walnut

Valley

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

2007

Measure

S,

Series

2014C,

5.000%,

8/01/39,

(Pre-refunded

8/01/24)

8/24

at

100.00

$

1,406,039

1,700

Yosemite

Community

College

District,

California,

General

Obligation

Bonds,

Refunding

Series

2015,

5.000%,

8/01/32,

(Pre-refunded

8/01/25)

8/25

at

100.00

1,751,394

Total

U.S.

Guaranteed

196,645,981

Utilities

-

11.0%

16,040

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2024A,

5.000%,

5/01/54,

(Mandatory

Put

4/01/32)

1/32

at

100.21

17,227,061

California

Pollution

Control

Financing

Authority,

Water

Furnishing

Revenue

Bonds,

Poseidon

Resources

Channelside

LP

Desalination

Project,

Series

2012:

5,000

5.000%,

7/01/37,

(AMT),

144A

7/24

at

100.00

5,004,790

18,060

5.000%,

11/21/45,

(AMT),

144A

7/24

at

100.00

18,069,714

4,405

California

Pollution

Control

Financing

Authority,

Water

Furnishing

Revenue

Bonds,

San

Diego

County

Water

Authoriity

Desalination

Project

Pipeline,

Refunding

Series

2019,

5.000%,

7/01/39,

144A

1/29

at

100.00

4,557,212

2,930

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2017A,

5.000%,

7/01/47

1/27

at

100.00

3,045,506

32,975

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2020B,

5.000%,

7/01/50

7/30

at

100.00

35,900,915

11,065

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2021B,

5.000%,

7/01/51

1/31

at

100.00

12,099,850

2,040

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2022B,

5.000%,

7/01/47

7/32

at

100.00

2,285,844

5,165

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2022C,

5.000%,

7/01/52

1/32

at

100.00

5,702,165

5,000

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2023D,

5.000%,

7/01/43

7/33

at

100.00

5,756,975

6,640

Los

Angeles

Department

of

Water

and

Power,

California,

Water

System

Revenue

Bonds,

Series

2022D,

5.000%,

7/01/52

7/32

at

100.00

7,389,013

5,000

Los

Angeles

Department

of

Water

and

Power,

California,

Waterworks

Revenue

Bonds,

Series

2016A,

5.000%,

7/01/46

1/26

at

100.00

5,137,507

5,000

Los

Angeles

Department

of

Water

and

Power,

California,

Waterworks

Revenue

Bonds,

Series

2018B,

5.000%,

7/01/48

7/28

at

100.00

5,355,459

16,990

Los

Angeles

Department

of

Water

and

Power,

California,

Waterworks

Revenue

Bonds,

Series

2020C,

5.000%,

7/01/39

7/30

at

100.00

19,170,823

1,000

Los

Angeles,

California,

Wastewater

System

Revenue

Bonds,

Green

Series

2015C,

5.000%,

6/01/45

6/25

at

100.00

1,018,916

9,000

Los

Angeles,

California,

Wastewater

System

Revenue

Bonds,

Refunding

Green

Series

2015A,

5.000%,

6/01/44

6/25

at

100.00

9,174,078

2,600

Los

Angeles,

California,

Wastewater

System

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2013A,

5.000%,

6/01/35

3/24

at

100.00

2,604,953

16,465

Metropolitan

Water

District

of

Southern

California,

Water

Revenue

Bonds,

Refunding

Series

2023A,

5.000%,

4/01/53

4/33

at

100.00

18,499,871

3,160

Pico

Rivera

Water

Authority,

California,

Revenue

Bonds,

Refunding

Water

System

Project,

Series

1999A,

5.500%,

5/01/29

-

NPFG

Insured

No

Opt.

Call

3,336,499

2,180

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A,

5.000%,

7/01/47,

144A

7/30

at

100.00

2,201,028

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

230,092

5,110

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B,

4.000%,

7/01/42,

144A

7/31

at

100.00

4,703,077

Total

Utilities

188,471,348

Total

Municipal

Bonds

(cost

$1,683,951,038)

1,656,493,230

Total

Long-Term

Investments

(cost

$1,683,951,038)

1,656,493,230

65

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

SHORT-TERM

INVESTMENTS

-

 0.8%  

X

13,000,000

MUNICIPAL

BONDS

-

0.8%  

X

13,000,000

Total

Municipal

Bonds

(cost

$13,000,000)

$

13,000,000

Utilities

-

0.8%

$

13,000

(g)

Eastern

Municipal

Water

District,

California,

Water

and

Wastewater

Revenue

Bonds,

Refunding

Series

2018A,

3.250%,

7/01/46,

(Mandatory

Put

2/29/24)

2/24

at

100.00

13,000,000

Total

Utilities

13,000,000

Total

Municipal

Bonds

(cost

$13,000,000)

13,000,000

Total

Short-Term

Investments

(cost

$13,000,000)

13,000,000

Total

Investments

(cost

$1,696,951,038)

-

97.7%

1,669,493,230

Other

Assets

&

Liabilities,

Net

-

2.3%

39,683,009

Net

Assets

-

100%

$

1,709,176,239

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(c)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(d)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(e)

Step-up

coupon

bond,

a

bond

with

a

coupon

that

increases

("steps

up"),

usually

at

regular

intervals,

while

the

bond

is

outstanding.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(f)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

(g)

Investment

has

a

maturity

of

greater

than

one

year,

but

has

variable

rate

and/or

demand

features

which

qualify

it

as

a

short-term

investment.

The

rate

disclosed,

as

well

as

the

reference

rate

and

spread,

where

applicable,

is

that

in

effect

as

of

the

end

of

the

reporting

period.

This

rate

changes

periodically

based

on

market

conditions

or

a

specified

market

index.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

ETM

Escrowed

to

maturity

See

Notes

to

Financial

Statements

66

Nuveen

Connecticut

Municipal

Bond

Fund

Portfolio

of

Investments

February

29,

2024

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

93.4%   

X

224,608,488

MUNICIPAL

BONDS

-

93.4%  

X

224,608,488

Education

and

Civic

Organizations

-

19.4%

$

1,220

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Avon

Old

Farms

School,

Series

2021D-1,

4.000%,

7/01/41

7/31

at

100.00

$

1,205,220

380

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Choate

Rosemary

Hall,

Series

2020F,

4.000%,

7/01/39

7/30

at

100.00

385,109

1,250

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Connecticut

College,

Series

2022M,

4.000%,

7/01/52

7/32

at

100.00

1,163,959

1,885

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Fairfield

University,

Series

2016Q-1,

5.000%,

7/01/46

7/26

at

100.00

1,916,856

750

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Fairfield

University,

Series

2017R,

4.000%,

7/01/47

7/27

at

100.00

725,466

2,500

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Fairfield

University,

Series

2022U,

4.000%,

7/01/52

7/32

at

100.00

2,374,376

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Hopkins

School,

Series

2022E:

1,545

5.250%,

7/01/47

7/32

at

100.00

1,685,671

1,000

5.000%,

7/01/53

7/32

at

100.00

1,062,031

1,130

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Loomis

Chaffe

School,

Series

2023L,

4.000%,

7/01/43

7/33

at

100.00

1,123,971

5,095

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Quinnipiac

University,

Refunding

Series

2015L,

5.000%,

7/01/45

7/25

at

100.00

5,150,622

1,750

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Quinnipiac

University,

Series

2016M,

5.000%,

7/01/35

7/26

at

100.00

1,805,796

2,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Quinnipiac

University,

Series

2023N,

5.000%,

7/01/48

7/33

at

100.00

2,127,674

5,110

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Sacred

Heart

University,

Series

2017I-1,

5.000%,

7/01/42

7/27

at

100.00

5,199,915

2,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Sacred

Heart

University,

Series

2020K,

5.000%,

7/01/40

7/30

at

100.00

2,130,058

3,465

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Sacred

Heart

University,

Series

L,

5.000%,

7/01/42

7/32

at

100.00

3,732,758

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

677,889

2,210

3.000%,

7/01/46

7/31

at

100.00

1,761,695

1,500

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Trinity

College,

Series

2020R,

4.000%,

6/01/45

6/30

at

100.00

1,467,009

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Trinity

College,

Series

2021S:

4,000

4.000%,

6/01/46

12/31

at

100.00

3,906,225

1,925

4.000%,

6/01/51

12/31

at

100.00

1,822,490

1,900

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

Hartford,

Series

2022P,

5.375%,

7/01/52

7/32

at

100.00

1,775,688

2,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

New

Haven,

Series

2018K-1,

5.000%,

7/01/37

7/28

at

100.00

2,031,389

1,200

University

of

Connecticut,

Student

Fee

Revenue

Bonds,

Special

Obligation

Series

2023A,

5.250%,

11/15/48

11/33

at

100.00

1,359,261

Total

Education

and

Civic

Organizations

46,591,128

Health

Care

-

16.2%

4,600

Connecticut

Health

and

Educational

Facilities

Authority

Revenue

Bonds,

Hartford

HealthCare,

Series

2015F,

5.000%,

7/01/45

7/25

at

100.00

4,646,075

2,430

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Connecticut

Children?s

Medical

Center

and

Subsidiaries,

Series

2023E,

4.250%,

7/15/53

1/33

at

100.00

2,404,729

1,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Connecticut

Children's

Medical

Center

and

Subsidiaries,

Series

2023E,

5.250%,

7/15/48

1/33

at

100.00

1,087,994

67

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

$

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

$

681,629

1,085

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Hartford

HealthCare

Issue,

Series

2020A,

4.000%,

7/01/40

1/30

at

100.00

1,058,878

3,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Hartford

HealthCare

Issue,

Series

2021A,

4.000%,

7/01/51

7/31

at

100.00

2,758,072

500

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Hartford

HealthCare,

Series

2014E,

5.000%,

7/01/42

7/24

at

100.00

501,156

1,995

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Middlesex

Hospital,

Series

2015O,

5.000%,

7/01/36

7/25

at

100.00

2,022,515

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Nuvance

Health

Series

2019A:

2,455

4.000%,

7/01/34

7/29

at

100.00

2,404,530

2,860

4.000%,

7/01/41

7/29

at

100.00

2,677,228

6,020

4.000%,

7/01/49

7/29

at

100.00

5,425,367

1,500

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Stamford

Hospital,

Forward

Delivery

Series

2022M,

4.000%,

7/01/42

7/32

at

100.00

1,430,160

1,885

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Stamford

Hospital,

Series

2016K,

4.000%,

7/01/46

7/26

at

100.00

1,718,332

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Trinity

Health

Credit

Group,

Series

2016CT:

2,350

5.000%,

12/01/41

6/26

at

100.00

2,406,986

2,000

5.000%,

12/01/45

6/26

at

100.00

2,039,831

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Yale-

New

Haven

Health

Issue,

Series

2014E:

2,400

5.000%,

7/01/32

7/24

at

100.00

2,411,181

2,520

5.000%,

7/01/33

7/24

at

100.00

2,531,665

830

5.000%,

7/01/34

7/24

at

100.00

833,791

Total

Health

Care

39,040,119

Housing/Multifamily

-

0.7%

1,890

Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Series

2019B-1,

3.300%,

11/15/39

11/28

at

100.00

1,763,151

Total

Housing/Multifamily

1,763,151

Housing/Single

Family

-

1.5%

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

1,026,370

1,560

2.300%,

11/15/46

11/30

at

100.00

1,037,759

195

Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Series

2020E-3,

1.850%,

5/15/38

5/30

at

100.00

141,766

1,430

Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Social

Series

2024A,

4.599%,

11/15/49

,

(WI/DD)

11/32

at

100.00

1,434,106

Total

Housing/Single

Family

3,640,001

Long-Term

Care

-

2.9%

1,100

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Duncaster,

Inc.,

Series

2014A,

5.000%,

8/01/44

8/24

at

100.00

1,083,355

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

1,035,672

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Mary

Wade

Home

Issue,

Series

2019A-1:

900

4.500%,

10/01/34,

144A

10/24

at

104.00

790,223

200

5.000%,

10/01/54,

144A

10/24

at

104.00

153,692

2,650

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

McLean

Affiliates,

Series

2020A,

5.000%,

1/01/45,

144A

1/26

at

102.00

2,231,554

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

609,354

1,250

4.000%,

7/01/51

7/28

at

103.00

944,711

Total

Long-Term

Care

6,848,561

Nuveen

Connecticut

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

68

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

-

25.6%

Bridgeport,

Connecticut,

General

Obligation

Bonds,

Series

2014A:

$

600

5.000%,

7/01/32

-

AGM

Insured

7/24

at

100.00

$

603,030

1,000

5.000%,

7/01/33

-

AGM

Insured

7/24

at

100.00

1,004,857

1,065

5.000%,

7/01/34

-

AGM

Insured

7/24

at

100.00

1,070,037

2,000

Bridgeport,

Connecticut,

General

Obligation

Bonds,

Series

2016D,

5.000%,

8/15/41

-

AGM

Insured

8/26

at

100.00

2,046,544

2,425

Connecticut

Health

and

Educational

Facilities

Authoroity,

Revneue

Bonds,

Connecticut

State

University

System,

Series

2016P-1,

5.000%,

11/01/28

11/26

at

100.00

2,552,383

Connecticut

Housing

Finance

Authority,

State

Supported

Special

Obligation

Bonds,

Series

2021-27:

1,000

2.400%,

6/15/41

6/31

at

100.00

758,473

1,000

2.550%,

6/15/46

6/31

at

100.00

709,076

1,000

Connecticut

Housing

Finance

Authority,

State

Supported

Special

Obligation

Bonds,

Series

2021-28,

2.375%,

6/15/40

6/31

at

100.00

770,844

2,400

Connecticut

State,

General

Obligation

Bonds,

Series

2014A,

5.000%,

3/01/31

4/24

at

100.00

2,403,651

3,000

Connecticut

State,

General

Obligation

Bonds,

Series

2014F,

5.000%,

11/15/34

11/24

at

100.00

3,023,742

2,370

Connecticut

State,

General

Obligation

Bonds,

Series

2015F,

5.000%,

11/15/34

11/25

at

100.00

2,433,069

Connecticut

State,

General

Obligation

Bonds,

Series

2017A:

1,000

5.000%,

4/15/34

4/27

at

100.00

1,061,447

3,270

5.000%,

4/15/35

4/27

at

100.00

3,462,744

1,510

Connecticut

State,

General

Obligation

Bonds,

Series

2018A,

5.000%,

4/15/37

4/28

at

100.00

1,621,150

1,325

Connecticut

State,

General

Obligation

Bonds,

Series

2018C,

5.000%,

6/15/38

6/28

at

100.00

1,419,958

Connecticut

State,

General

Obligation

Bonds,

Series

2019A:

1,150

5.000%,

4/15/36

4/29

at

100.00

1,266,630

1,450

4.000%,

4/15/37

4/29

at

100.00

1,491,148

650

5.000%,

4/15/39

4/29

at

100.00

704,680

2,000

Connecticut

State,

General

Obligation

Bonds,

Series

2020A,

4.000%,

1/15/37

1/30

at

100.00

2,089,234

2,000

Connecticut

State,

General

Obligation

Bonds,

Series

2021A,

3.000%,

1/15/40

1/31

at

100.00

1,745,313

300

East

Haddam,

Connecticut,

General

Obligation

Bonds,

Series

2020A,

3.000%,

12/01/37

12/28

at

100.00

278,746

East

Lyme,

Connecticut,

General

Obligation

Bonds,

Series

2020:

500

3.000%,

7/15/39

7/28

at

100.00

438,772

325

3.000%,

7/15/40

7/28

at

100.00

280,882

500

Hamden,

Connecticut,

General

Obligation

Bonds,

Series

2016,

5.000%,

8/15/33

-

BAM

Insured

8/24

at

100.00

503,618

1,035

Hartford

County

Metropolitan

District,

Connecticut,

General

Obligation

Bonds,

Series

2018,

5.000%,

7/15/35

7/28

at

100.00

1,127,122

1,075

Hartford

County

Metropolitan

District,

Connecticut,

General

Obligation

Bonds,

Series

2019A,

4.000%,

7/15/39

7/29

at

100.00

1,090,902

3,000

Hartford

County

Metropolitan

District,

Connecticut,

General

Obligation

Bonds,

Series

2023,

4.000%,

8/01/43

8/33

at

100.00

3,031,053

Naugatuck,

Connecticut,

General

Obligation

Bonds,

Tax

Increment

Series

2023:

2,285

5.250%,

10/15/48

10/33

at

100.00

2,540,966

1,000

4.625%,

10/15/53

10/33

at

100.00

1,035,093

5,000

New

Britain,

Connecticut,

General

Obligation

Bonds,

Series

2022A,

5.000%,

3/01/47

-

BAM

Insured

3/32

at

100.00

5,342,673

1,000

New

Haven,

Connecticut,

General

Obligation

Bonds,

Refunding

Series

2016A,

5.000%,

8/15/36

-

AGM

Insured

8/26

at

100.00

1,035,190

New

Haven,

Connecticut,

General

Obligation

Bonds,

Series

2015:

795

5.000%,

9/01/32

-

AGM

Insured

9/25

at

100.00

814,445

1,620

5.000%,

9/01/33

-

AGM

Insured

9/25

at

100.00

1,658,088

500

5.000%,

9/01/35

-

AGM

Insured

9/25

at

100.00

511,250

485

North

Haven,

Connecticut,

General

Obligation

Bonds,

Series

2006,

5.000%,

7/15/24

No

Opt.

Call

488,304

1,035

Oxford,

Connecticut,

General

Obligation

Bonds,

Series

2019A,

4.000%,

8/01/39

8/29

at

100.00

1,054,781

2,370

Stratford,

Connecticut,

General

Obligation

Bonds,

Series

2017,

4.000%,

1/01/39

-

BAM

Insured

1/27

at

100.00

2,386,973

69

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

(continued)

Waterbury,

Connecticut,

General

Obligation

Bonds,

Lot

A

Series

2015:

$

555

5.000%,

8/01/30

-

BAM

Insured

8/25

at

100.00

$

572,579

485

5.000%,

8/01/31

-

BAM

Insured

8/25

at

100.00

500,346

765

5.000%,

8/01/32

-

BAM

Insured

8/25

at

100.00

789,090

555

5.000%,

8/01/33

-

BAM

Insured

8/25

at

100.00

572,371

555

5.000%,

8/01/34

-

BAM

Insured

8/25

at

100.00

572,352

2,000

West

Haven,

Connecticut,

General

Obligation

Bonds,

Series

2012,

5.000%,

8/01/24

-

AGM

Insured

4/24

at

100.00

2,001,912

750

West

Haven,

Connecticut,

General

Obligation

Bonds,

Series

2020,

4.000%,

3/15/40

-

BAM

Insured

3/30

at

100.00

750,297

Total

Tax

Obligation/General

61,615,815

Tax

Obligation/Limited

-

15.0%

1,930

Connecticut

Higher

Education

Supplemental

Loan

Authority,

State

Supported

Revenue

Bonds,

CHESLA

Loan

Program,

Series

2020B,

3.250%,

11/15/36,

(AMT)

11/29

at

100.00

1,758,272

1,390

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes

Series

2015A,

5.000%,

8/01/33

8/25

at

100.00

1,423,222

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes

Series

2016A:

1,000

5.000%,

9/01/32

9/26

at

100.00

1,048,880

3,500

5.000%,

9/01/33

9/26

at

100.00

3,665,966

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes

Series

2018A:

2,000

5.000%,

1/01/37

1/28

at

100.00

2,140,103

2,000

5.000%,

1/01/38

1/28

at

100.00

2,132,171

1,500

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes,

Series

2021A,

4.000%,

5/01/40

5/31

at

100.00

1,540,007

2,080

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes,

Series

2023A,

5.250%,

7/01/44

1/34

at

100.00

2,388,377

1,000

Great

Pond

Improvement

District,

Connecticut,

Special

Obligation

Revenue

Bonds,

Great

Pond

Phase

1

Project,

Series

2019,

4.750%,

10/01/48,

144A

10/26

at

102.00

956,023

500

Great

Pond

Improvement

District,

Connecticut,

Special

Obligation

Revenue

Bonds,

Great

Pond

Phase

2

Project,

Series

2022,

5.750%,

10/01/52,

144A

10/28

at

103.00

517,181

2,720

Harbor

Point

Infrastructure

Improvement

District,

Connecticut,

Special

Obligation

Revenue

Bonds,

Harbor

Point

Project,

Refunding

Series

2017,

5.000%,

4/01/39,

144A

4/27

at

100.00

2,745,335

635

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A,

5.000%,

10/01/39

10/32

at

100.00

664,244

1,825

Naugatuck,

Connecticut,

Certificates

of

Participation,

Incineration

Facilities

Project,

Series

2021A,

4.000%,

8/15/41,

(AMT)

8/29

at

100.00

1,750,439

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

1,860

0.000%,

7/01/46

7/28

at

41.38

605,553

4,250

4.750%,

7/01/53

7/28

at

100.00

4,252,431

1,000

5.000%,

7/01/58

7/28

at

100.00

1,007,498

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

77,126

1,590

University

of

Connecticut,

General

Obligation

Bonds,

Series

2015A,

5.000%,

2/15/34

2/25

at

100.00

1,609,593

3,000

University

of

Connecticut,

General

Obligation

Bonds,

Series

2017A,

5.000%,

1/15/36

1/27

at

100.00

3,142,729

University

of

Connecticut,

General

Obligation

Bonds,

Series

2019A:

1,000

5.000%,

11/01/36

11/28

at

100.00

1,085,701

1,000

4.000%,

11/01/38

11/28

at

100.00

1,017,032

420

University

of

Connecticut,

General

Obligation

Bonds,

Series

2023A,

5.000%,

8/15/43

8/33

at

100.00

471,157

Total

Tax

Obligation/Limited

35,999,040

Nuveen

Connecticut

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

70

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Transportation

-

2.7%

Connecticut

Airport

Authority,

Connecticut,

Customer

Facility

Charge

Revenue

Bonds,

Ground

Transportation

Center

Project,

Series

2019A:

$

1,500

4.000%,

7/01/49,

(AMT)

7/29

at

100.00

$

1,372,680

5,000

5.000%,

7/01/49,

(AMT)

7/29

at

100.00

5,124,340

Total

Transportation

6,497,020

U.S.

Guaranteed

-

2.4%

(c)

950

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Westminster

School,

Series

2014H,

3.250%,

7/01/32,

(Pre-refunded

7/01/24)

7/24

at

100.00

949,862

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

504,007

1,000

5.000%,

8/15/32,

(Pre-refunded

8/15/24)

8/24

at

100.00

1,008,014

2,250

Hartford

County

Metropolitan

District,

Connecticut,

Clean

Water

Project

Revenue

Bonds,

Refunding

Green

Bond

Series

2014A,

5.000%,

11/01/35,

(Pre-refunded

11/01/24)

11/24

at

100.00

2,276,619

1,055

South

Central

Connecticut

Regional

Water

Authority

Water

System

Revenue

Bonds,

Thirtieth

Series

2014A,

5.000%,

8/01/44,

(Pre-refunded

8/01/24)

8/24

at

100.00

1,062,703

Total

U.S.

Guaranteed

5,801,205

Utilities

-

7.0%

2,000

Connecticut,

State

Revolving

Fund

General

Revenue

Bonds,

Green

Series

2019A,

5.000%,

2/01/39

2/29

at

100.00

2,166,731

60

Greater

New

Haven

Water

Pollution

Control

Authority,

Connecticut,

Regional

Wastewater

System

Revenue

Bonds,

Series

2005A,

5.000%,

8/15/35

-

NPFG

Insured

4/24

at

100.00

60,028

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Series

2017:

1,000

5.000%,

7/01/37

7/27

at

100.00

1,036,337

1,000

5.000%,

7/01/40

7/27

at

100.00

1,026,439

295

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2020A,

5.000%,

1/01/50

7/30

at

100.00

304,386

1,000

Guam

Power

Authority,

Revenue

Bonds,

Series

2014A,

5.000%,

10/01/39

10/24

at

100.00

1,006,716

2,000

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B,

5.000%,

7/01/33,

144A

7/31

at

100.00

2,089,611

2,685

South

Central

Connecticut

Regional

Water

Authority,

Connecticut,

Water

System

Revenue

Bonds,

Thirty-Seventh

Series

2023A-1,

5.000%,

8/01/51

8/33

at

100.00

2,935,667

1,685

South

Central

Connecticut

Regional

Water

Authority,

Water

System

Revenue

Bonds,

Refunding

Thirty-third

Series

2017B-1,

5.000%,

8/01/41

8/28

at

100.00

1,799,908

2,915

South

Central

Connecticut

Regional

Water

Authority,

Water

System

Revenue

Bonds,

Thirty-Fourth

Series

2019C,

5.000%,

8/01/44

8/29

at

100.00

3,132,900

500

Stamford,

Connecticut,

Water

Pollution

Control

System

and

Facility

Revenue

Bonds,

Series

2013A,

5.250%,

8/15/43

4/24

at

100.00

500,387

750

Stamford,

Connecticut,

Water

Pollution

Control

System

and

Facility

Revenue

Bonds,

Series

2019,

4.000%,

4/01/44

4/29

at

100.00

753,338

Total

Utilities

16,812,448

Total

Municipal

Bonds

(cost

$231,228,242)

224,608,488

Total

Long-Term

Investments

(cost

$231,228,242)

224,608,488

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

SHORT-TERM

INVESTMENTS

-

 4.6%  

X

11,000,000

MUNICIPAL

BONDS

-

4.6%  

X

11,000,000

Housing/Multifamily

-

1

.3

%

$

3,000

(d)

Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Series

2016E-3,

3.110%,

11/15/46,

(Mandatory

Put

3/07/24)

2/24

at

100.00

$

3,000,000

Total

Housing/Multifamily

3,000,000

71

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Housing/Single

Family

-

3

.3

%

$

8,000

(d)

Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Series

2017F-3,

3.110%,

5/15/40,

(Mandatory

Put

3/07/24)

2/24

at

100.00

$

8,000,000

Total

Housing/Single

Family

8,000,000

Total

Municipal

Bonds

(cost

$11,000,000)

11,000,000

Total

Short-Term

Investments

(cost

$11,000,000)

11,000,000

Total

Investments

(cost

$242,228,242)

-

98.0%

235,608,488

Other

Assets

&

Liabilities,

Net

-

2.0%

4,925,308

Net

Assets

-

100%

$

240,533,796

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(c)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

(d)

Investment

has

a

maturity

of

greater

than

one

year,

but

has

variable

rate

and/or

demand

features

which

qualify

it

as

a

short-term

investment.

The

rate

disclosed,

as

well

as

the

reference

rate

and

spread,

where

applicable,

is

that

in

effect

as

of

the

end

of

the

reporting

period.

This

rate

changes

periodically

based

on

market

conditions

or

a

specified

market

index.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

WI/DD

When-issued

or

delayed

delivery

security.

See

Notes

to

Financial

Statements

72

Nuveen

Massachusetts

Municipal

Bond

Fund

Portfolio

of

Investments

February

29,

2024

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

95.9%   

X

563,192,259

MUNICIPAL

BONDS

-

95.9%  

X

563,192,259

Education

and

Civic

Organizations

-

22.2%

Lowell,

Massachusetts,

Collegiate

Charter

School

Revenue

Bonds,

Series

2019:

$

2,065

5.000%,

6/15/39

6/26

at

100.00

$

2,062,656

1,750

5.000%,

6/15/49

6/26

at

100.00

1,663,183

650

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Babson

College,

Refunding

Series

2022,

4.000%,

10/01/44

4/32

at

100.00

651,083

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Berklee

College

of

Music,

Series

2016:

1,260

5.000%,

10/01/39

10/26

at

100.00

1,296,747

5,165

5.000%,

10/01/46

10/26

at

100.00

5,255,974

3,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

College,

Series

2013S,

5.000%,

7/01/32

3/24

at

100.00

3,001,615

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

College,

Series

2017T:

2,350

5.000%,

7/01/39

7/27

at

100.00

2,481,933

1,020

5.000%,

7/01/42

7/27

at

100.00

1,069,330

3,110

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

University,

Refunding

Series

2023FF,

5.000%,

10/01/48

10/33

at

100.00

3,421,635

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Brandeis

University

Issue,

Series

2018R:

1,195

5.000%,

10/01/37

10/28

at

100.00

1,288,240

840

5.000%,

10/01/38

10/28

at

100.00

900,958

1,000

5.000%,

10/01/39

10/28

at

100.00

1,068,586

3,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emerson

College,

Series

2015,

5.000%,

1/01/35

1/25

at

100.00

3,027,227

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emerson

College,

Series

2016A:

1,510

5.250%,

1/01/42

1/27

at

100.00

1,541,175

1,500

5.000%,

1/01/47

1/27

at

100.00

1,506,954

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emerson

College,

Series

2017A:

1,600

5.000%,

1/01/37

1/28

at

100.00

1,648,426

6,020

5.000%,

1/01/40

1/28

at

100.00

6,137,281

2,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emerson

College,

Series

2018,

5.000%,

1/01/43

1/28

at

100.00

2,025,813

2,500

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emmanuel

College,

Series

2016A,

5.000%,

10/01/43

10/26

at

100.00

2,517,531

2,055

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Lesley

University,

Series

2016,

5.000%,

7/01/36

7/26

at

100.00

2,102,346

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

MCPHS

University

Issue,

Series

2015H:

550

3.500%,

7/01/35

7/25

at

100.00

542,385

235

5.000%,

7/01/37

7/25

at

100.00

240,114

700

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Merrimack

College,

Series

2017,

5.000%,

7/01/37

7/26

at

100.00

713,110

1,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Merrimack

College,

Series

2022,

5.000%,

7/01/52

7/32

at

100.00

1,002,621

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Northeastern

University,

Series

2014A:

1,125

5.000%,

3/01/39

3/24

at

100.00

1,125,285

2,065

5.000%,

3/01/44

3/24

at

100.00

2,065,345

2,080

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Northeastern

University,

Series

2022,

5.000%,

10/01/44

10/32

at

100.00

2,328,102

1,680

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Simmons

University

Issue,

Series

2020M,

5.000%,

10/01/39

10/30

at

100.00

1,725,102

2,750

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Springfield

College,

Green

Series

2021B,

4.000%,

6/01/41

6/30

at

100.00

2,519,196

73

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

$

2,495

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Sterling

and

Francine

Clark

Art

Institute,

Series

2015,

5.000%,

7/01/33

7/25

at

100.00

$

2,555,037

2,415

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Sterling

and

Francine

Clark

Art

Institute,

Series

2016,

4.000%,

7/01/41

1/27

at

100.00

2,429,900

610

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Suffolk

University,

Refunding

Series

2019,

5.000%,

7/01/37

7/29

at

100.00

631,148

1,500

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

The

Broad

Institute,

Series

2017,

5.000%,

4/01/36

10/27

at

100.00

1,592,652

875

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Tufts

University,

Series

2015Q,

5.000%,

8/15/38

8/25

at

100.00

893,414

1,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Wheaton

College,

Series

2017H,

5.000%,

1/01/37

1/28

at

100.00

1,031,337

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Woods

Hole

Oceanographic

Institution,

Series

2018:

1,000

5.000%,

6/01/37

6/28

at

100.00

1,068,580

1,000

5.000%,

6/01/38

6/28

at

100.00

1,062,624

6,210

5.000%,

6/01/48

6/28

at

100.00

6,466,115

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Worcester

Polytechnic

Institute,

Series

2017B:

5,000

5.000%,

9/01/42

9/27

at

100.00

5,217,083

7,000

5.000%,

9/01/45

9/27

at

100.00

7,268,159

745

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Worcester

Polytechnic

Institute,

Series

2019,

5.000%,

9/01/33

9/29

at

100.00

821,689

Massachusetts

Development

Finance

Authority,

Revenue

Bonds,

Suffolk

University,

Refunding

Series

2017:

700

5.000%,

7/01/35

7/27

at

100.00

723,316

500

5.000%,

7/01/36

7/27

at

100.00

514,444

2,345

Massachusetts

Development

Finance

Authority,

Revenue

Bonds,

WGBH

Educational

Foundation,

Refunding

Series

2016,

5.000%,

1/01/36

7/26

at

100.00

2,448,227

2,100

Massachusetts

Development

Finance

Authority,

Revenue

Bonds,

WGBH

Educational

Foundation,

Series

2002A,

5.750%,

1/01/42

-

AMBAC

Insured

No

Opt.

Call

2,619,505

1,655

Massachusetts

Educational

Financing

Authority,

Education

Loan

Revenue

Bonds,

Issue

J,

Series

2016,

5.000%,

7/01/24,

(AMT)

No

Opt.

Call

1,661,810

Massachusetts

Educational

Financing

Authority,

Education

Loan

Revenue

Bonds,

Issue

K,

Series

2017A:

1,480

5.000%,

7/01/24,

(AMT)

No

Opt.

Call

1,486,090

2,800

5.000%,

7/01/26,

(AMT)

No

Opt.

Call

2,885,902

Massachusetts

Educational

Financing

Authority,

Education

Loan

Revenue

Bonds,

Issue

L,

Senior

Series

2020B:

850

5.000%,

7/01/29,

(AMT)

No

Opt.

Call

903,524

1,000

5.000%,

7/01/30,

(AMT)

No

Opt.

Call

1,074,290

1,000

Massachusetts

Educational

Financing

Authority,

Student

Loan

Revenue

Bonds,

Issue

I

Series

2014,

5.000%,

1/01/27,

(AMT)

1/25

at

100.00

1,009,659

6,855

University

of

Massachusetts

Building

Authority,

Project

Revenue

Bonds,

Senior

Series

2015-1,

5.000%,

11/01/40

11/25

at

100.00

6,974,173

University

of

Massachusetts

Building

Authority,

Project

Revenue

Bonds,

Senior

Series

2022-1:

5,550

4.000%,

11/01/46

5/32

at

100.00

5,560,034

10,605

5.000%,

11/01/52

5/30

at

100.00

11,371,521

University

of

Massachusetts

Building

Authority,

Revenue

Bonds,

Refunding

Senior

Series

2019-1:

1,000

5.000%,

5/01/38

5/29

at

100.00

1,096,696

2,000

5.000%,

5/01/39

5/29

at

100.00

2,185,871

Total

Education

and

Civic

Organizations

130,482,753

Health

Care

-

21.2%

2,160

Massachusetts

Development

Finance

Agency

Revenue

Bonds,

South

Shore

Hospital,

Series

2016I,

5.000%,

7/01/41

7/26

at

100.00

2,178,890

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Baystate

Medical

Center

Issue,

Series

2014N:

1,000

5.000%,

7/01/34

7/24

at

100.00

1,004,274

5,700

5.000%,

7/01/44

7/24

at

100.00

5,712,900

Nuveen

Massachusetts

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

74

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Beth

Israel

Lahey

Health

Issue,

Series

2019K:

$

1,250

5.000%,

7/01/36

7/29

at

100.00

$

1,348,884

1,400

5.000%,

7/01/38

7/29

at

100.00

1,491,510

15,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

Children's

Hospital

Series

2024T,

5.250%,

3/01/54

3/34

at

100.00

16,656,012

7,800

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

Medical

Center

Issue,

Green

Bonds,

Series

2015D,

5.000%,

7/01/44

7/25

at

100.00

7,802,739

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

Medical

Center

Issue,

Series

2016E:

2,000

5.000%,

7/01/32

7/26

at

100.00

2,068,173

1,825

5.000%,

7/01/36

7/26

at

100.00

1,871,538

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

Medical

Center

Issue,

Series

2023G:

3,000

5.250%,

7/01/48

7/33

at

100.00

3,263,824

9,500

5.250%,

7/01/52

7/33

at

100.00

10,254,793

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CareGroup

Issue,

Refunding

Series

2016-I:

1,675

5.000%,

7/01/30

7/26

at

100.00

1,739,201

1,500

5.000%,

7/01/37

7/26

at

100.00

1,543,626

1,935

5.000%,

7/01/38

7/26

at

100.00

1,983,023

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CareGroup

Issue,

Series

2015H-1:

900

5.000%,

7/01/30

7/25

at

100.00

915,386

1,000

5.000%,

7/01/32

7/25

at

100.00

1,017,004

500

5.000%,

7/01/33

7/25

at

100.00

508,442

4,100

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CareGroup

Issue,

Series

2018J-2,

5.000%,

7/01/48

7/28

at

100.00

4,223,989

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Dana-Farber

Cancer

Institute

Issue,

Series

2016N:

1,925

5.000%,

12/01/41

12/26

at

100.00

1,985,754

6,100

5.000%,

12/01/46

12/26

at

100.00

6,237,852

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Lahey

Health

System

Obligated

Group

Issue,

Series

2015F:

2,645

5.000%,

8/15/35

8/25

at

100.00

2,690,351

5,325

5.000%,

8/15/45

8/25

at

100.00

5,370,255

3,535

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Mass

General

Brigham,

Series

2020A-2,

4.000%,

7/01/40

1/30

at

100.00

3,503,483

11,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Mass

General

Brigham,

Series

2024D,

5.000%,

7/01/47

1/34

at

100.00

11,988,606

1,545

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Milford

Regional

Medical

Center

Issue,

Series

2014F,

5.750%,

7/15/43

4/24

at

100.00

1,545,032

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Milford

Regional

Medical

Center

Issue,

Series

2020G:

100

5.000%,

7/15/30,

144A

No

Opt.

Call

103,112

100

5.000%,

7/15/37,

144A

7/30

at

100.00

101,306

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Partners

HealthCare

System

Issue,

Series

2016Q:

1,250

4.000%,

7/01/41

7/26

at

100.00

1,231,804

4,710

5.000%,

7/01/47

7/26

at

100.00

4,788,719

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Partners

HealthCare

System

Issue,

Series

2017S-1:

2,200

5.000%,

7/01/37

1/28

at

100.00

2,340,252

6,330

4.000%,

7/01/41

1/28

at

100.00

6,222,453

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Southcoast

Health

System

Obligated

Group

Issue,

Series

2013F:

1,750

5.000%,

7/01/27

4/24

at

100.00

1,751,532

1,000

5.000%,

7/01/37

4/24

at

100.00

1,000,750

3,800

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

The

Lowell

General

Hospital,

Series

2013G,

5.000%,

7/01/44

4/24

at

100.00

3,692,614

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

909,739

75

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

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

$

368,360

1,855

5.000%,

7/01/44

7/27

at

100.00

1,880,555

555

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

UMass

Memorial

Health

Care,

Series

2016I,

5.000%,

7/01/36

7/26

at

100.00

570,897

500

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Wellforce

Issue,

Series

2019A,

5.000%,

7/01/44

1/29

at

100.00

495,757

Total

Health

Care

124,363,391

Housing/Multifamily

-

2.2%

5,000

Massachusetts

Development

Finance

Agency,

Multifamily

Housing

Revenue

Bonds,

Salem

Heights

II

Preservation

Associates

LP,

Social

Series

2021A,

2.300%,

1/01/42

No

Opt.

Call

3,493,441

1,995

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Series

2019B-1,

3.100%,

12/01/44

12/28

at

100.00

1,606,918

2,000

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Series

2020A-1,

3.000%,

12/01/45

12/28

at

100.00

1,555,045

1,800

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Sustainability

Green

Series

2020C-1,

2.450%,

12/01/45

12/29

at

100.00

1,262,795

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Sustainability

Green

Series

2020D-1:

1,500

2.200%,

12/01/40

6/30

at

100.00

1,111,704

1,100

2.375%,

12/01/45

6/30

at

100.00

758,223

500

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Sustainability

Green

Series

2021A-1,

2.000%,

12/01/36

6/30

at

100.00

391,573

2,685

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Sustainability

Green

Series

2022C-1,

5.000%,

12/01/47

6/32

at

100.00

2,867,185

Total

Housing/Multifamily

13,046,884

Housing/Single

Family

-

1.8%

1,500

Massachusetts

Housing

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2020-218,

2.400%,

6/01/44

12/29

at

100.00

1,092,572

5,000

Massachusetts

Housing

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2023,

3.250%,

6/01/24

4/24

at

100.00

4,996,007

1,500

Massachusetts

Housing

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2021-221,

2.300%,

6/01/44

6/30

at

100.00

1,068,280

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

1,005,526

750

2.000%,

12/01/32

12/30

at

100.00

643,201

1,380

2.050%,

6/01/33

12/30

at

100.00

1,179,175

500

2.100%,

12/01/33

12/30

at

100.00

426,833

Total

Housing/Single

Family

10,411,594

Long-Term

Care

-

0.7%

Massachusetts

Development

Finance

Agency

Revenue

Refunding

Bonds,

NewBridge

on

the

Charles,

Inc.

Issue,

Series

2017:

1,910

4.125%,

10/01/42,

144A

3/24

at

104.00

1,711,385

275

5.000%,

10/01/47,

144A

3/24

at

104.00

273,857

560

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Berkshire

Retirement

Community

Lennox,

Series

2015,

5.000%,

7/01/31

7/25

at

100.00

566,910

400

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Orchard

Cove,

Inc.,

Refunding

Series

2019,

5.000%,

10/01/39

10/24

at

104.00

408,504

1,020

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Salem

Community

Corporation,

Refunding

Series

2022,

5.125%,

1/01/40

1/32

at

100.00

943,270

Total

Long-Term

Care

3,903,926

Nuveen

Massachusetts

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

76

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

-

18.4%

$

825

Andover,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2022,

4.000%,

7/15/42

7/31

at

100.00

$

855,807

Central

Berkshire

Regional

School

District,

Dalton,

Massachusetts,

General

Obligation

Bonds,

State

Qualified

Series

2019:

1,400

3.000%,

6/01/38

6/28

at

100.00

1,246,028

1,440

3.000%,

6/01/39

6/28

at

100.00

1,263,328

1,490

3.000%,

6/01/40

6/28

at

100.00

1,283,311

1,610

Fall

River,

Massachusetts,

General

Obligation

Bonds,

State

Qualified

Municipal

Purpose

Loan

Series

2021,

4.000%,

12/01/33

12/29

at

100.00

1,706,239

1,740

Hudson,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2011,

5.000%,

2/15/32

4/24

at

100.00

1,742,992

7,400

Lincoln,

Massachusetts,

General

Obligation

Bonds,

School

Series

2019,

4.000%,

3/01/49

3/28

at

100.00

7,355,151

2,000

Massachusetts

Development

Finance

Agency,

Special

Obligation

Bonds,

Commonwealth

Contract  Assistance,

Series

2015A,

4.000%,

5/01/45

5/25

at

100.00

1,978,627

3,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2015C,

5.000%,

7/01/45

7/25

at

100.00

3,051,554

3,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2017A,

5.000%,

4/01/42

4/27

at

100.00

3,129,895

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2018A:

3,750

5.000%,

1/01/42

1/28

at

100.00

3,953,476

2,490

5.000%,

1/01/45

1/28

at

100.00

2,608,366

5,000

5.000%,

1/01/47

1/28

at

100.00

5,220,541

11,110

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2019A,

5.000%,

1/01/49

1/29

at

100.00

11,672,758

7,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2022C,

5.250%,

10/01/47

10/32

at

100.00

7,840,006

5,450

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2024A,

5.000%,

1/01/54

1/34

at

100.00

5,937,506

10,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Series

2023D,

5.000%,

10/01/53

10/33

at

100.00

10,892,423

15,000

Massachusetts

State,

General

Obligation

Bonds,

Series

2022E,

5.000%,

11/01/52

11/32

at

100.00

16,247,490

1,000

North

Reading,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2012,

5.000%,

5/15/35

4/24

at

100.00

1,001,763

1,950

Pentucket

Regional

School

District,

Massachusetts,

General

Obligation

Bonds,

Series

2019,

3.000%,

9/01/42

9/27

at

100.00

1,613,538

3,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1,

4.000%,

7/01/46

7/31

at

103.00

2,711,413

2,000

Quincy,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2022A,

5.000%,

6/01/50

6/32

at

100.00

2,182,122

3,000

Quincy,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2022B,

5.000%,

7/01/47

7/32

at

100.00

3,297,414

3,215

Scituate,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2015,

4.000%,

9/15/33

9/24

at

100.00

3,223,502

2,170

Tisbury,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2022,

4.000%,

8/15/42

8/30

at

100.00

2,228,124

3,440

Webster,

Massachusetts,

General

Obligation

Bonds,

Qualified

School

Project,

Chapter

70B,

Loan

Series

2022,

4.000%,

12/01/42

12/31

at

100.00

3,508,409

Total

Tax

Obligation/General

107,751,783

Tax

Obligation/Limited

-

17.7%

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D:

1,355

5.000%,

11/15/27

11/25

at

100.00

1,385,468

1,000

5.000%,

11/15/39

11/25

at

100.00

1,011,068

Guam

Government,

Limited

Obligation

Section

30

Revenue

Bonds,

Series

2016A:

1,160

5.000%,

12/01/31

12/26

at

100.00

1,191,465

2,000

5.000%,

12/01/46

12/26

at

100.00

1,967,872

1,010

Martha's

Vineyard

Land

Bank,

Massachusetts,

Revenue

Bonds,

Refunding

Green

Series

2014,

5.000%,

5/01/33

-

BAM

Insured

11/24

at

100.00

1,020,277

77

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

500

Martha's

Vineyard

Land

Bank,

Massachusetts,

Revenue

Bonds,

Refunding

Green

Series

2017,

5.000%,

5/01/36

-

BAM

Insured

5/27

at

100.00

$

530,533

10,000

Massachusetts

Bay

Transportation

Authority,

Sales

Tax

Revenue

Bonds,

Senior

Series

2023A-1,

5.250%,

7/01/48

7/33

at

100.00

11,292,741

Massachusetts

Bay

Transportation

Authority,

Sales

Tax

Revenue

Bonds,

Subordinated

Series

2017A-2:

2,050

5.000%,

7/01/44

7/27

at

100.00

2,137,330

3,065

5.000%,

7/01/46

7/27

at

100.00

3,186,503

4,330

Massachusetts

Bay

Transportation

Authority,

Sales

Tax

Revenue

Bonds,

Subordinated

Series

2021A-1,

4.000%,

7/01/39

7/31

at

100.00

4,465,045

2,505

Massachusetts

Bay

Transportation

Authority,

Sales

Tax

Revenue

Bonds,

Subordinated

Sustainability

Series

2017A-1,

5.000%,

7/01/41

7/27

at

100.00

2,623,769

1,310

Massachusetts

College

Building

Authority,

Revenue

Bonds,

Refunding

Series

2011A,

5.000%,

5/01/24

No

Opt.

Call

1,313,728

650

Massachusetts

School

Building

Authority,

Dedicated

Sales

Tax

Revenue

Bonds,

Refunding

Senior

Series

2015C,

5.000%,

8/15/37

8/25

at

100.00

664,200

Massachusetts

School

Building

Authority,

Dedicated

Sales

Tax

Revenue

Bonds,

Senior

Social

Series

2020A:

5,000

4.000%,

8/15/45

8/30

at

100.00

4,946,234

3,020

5.000%,

8/15/50

8/30

at

100.00

3,226,009

7,000

Massachusetts

School

Building

Authority,

Dedicated

Sales

Tax

Revenue

Bonds,

Subordinated

Series

2018A,

5.250%,

2/15/48

2/28

at

100.00

7,428,030

4,480

Massachusetts

School

Building

Authority,

Dedicated

Sales

Tax

Revenue

Bonds,

Subordinated

Series

2019A,

5.000%,

2/15/44

2/29

at

100.00

4,787,624

5,000

Massachusetts

State,

Special

Obligation

Dedicated

Tax

Revenue

Bonds,

Refunding

Series

2005,

5.500%,

1/01/34

-

NPFG

Insured

No

Opt.

Call

5,831,007

2,800

Massachusetts

State,

Transportation

Fund

Revenue

Bonds,

Rail

Enhancement

&

Accelerated

Bridge

Program,

Series

2016A,

5.000%,

6/01/41

6/26

at

100.00

2,896,002

8,180

Massachusetts

State,

Transportation

Fund

Revenue

Bonds,

Rail

Enhancement

&

Accelerated

Bridge

Programs,

Series

2017A,

5.000%,

6/01/47

6/27

at

100.00

8,496,534

5,540

Massachusetts

State,

Transportation

Fund

Revenue

Bonds,

Rail

Enhancement

&

Accelerated

Bridge

Programs,

Series

2019A,

5.000%,

6/01/49

6/29

at

100.00

5,855,993

10,000

Massachusetts

State,

Transportation

Fund

Revenue

Bonds,

Rail

Enhancement

Program,

Sustainability  Green

Series

2022A,

5.000%,

6/01/50

6/31

at

100.00

10,761,543

1,665

Massachusetts

State,

Transportation

Fund

Revenue

Bonds,

Refunding

Series

2021A,

5.000%,

6/01/42

6/31

at

100.00

1,849,144

1,510

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A,

5.000%,

10/01/39

10/32

at

100.00

1,579,542

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

3,177

4.550%,

7/01/40

7/28

at

100.00

3,201,630

4,725

4.750%,

7/01/53

7/28

at

100.00

4,727,702

5,840

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2,

4.784%,

7/01/58

7/28

at

100.00

5,825,413

Total

Tax

Obligation/Limited

104,202,406

Transportation

-

3.1%

1,250

Massachusetts

Department

of

Transportation,

Metropolitan

Highway

System

Revenue

Bonds,

Refunding

Senior

Lien

Series

2019A,

5.000%,

1/01/37

1/29

at

100.00

1,353,599

1,500

Massachusetts

Port

Authority,

Revenue

Bonds,

Refunding

Series

2017A,

5.000%,

7/01/42,

(AMT)

7/27

at

100.00

1,537,188

5,750

Massachusetts

Port

Authority,

Revenue

Bonds,

Refunding

Series

2021B,

5.000%,

7/01/44,

(AMT)

7/24

at

100.00

5,755,196

1,780

Massachusetts

Port

Authority,

Revenue

Bonds,

Series

2014A,

5.000%,

7/01/34

7/24

at

100.00

1,788,536

Massachusetts

Port

Authority,

Revenue

Bonds,

Series

2015A:

1,425

5.000%,

7/01/40

7/25

at

100.00

1,449,243

2,000

5.000%,

7/01/45

7/25

at

100.00

2,027,373

1,750

Massachusetts

Port

Authority,

Revenue

Bonds,

Series

2015B,

5.000%,

7/01/45,

(AMT)

7/25

at

100.00

1,759,333

2,500

Massachusetts

Port

Authority,

Revenue

Bonds,

Series

2021E,

5.000%,

7/01/46,

(AMT)

7/31

at

100.00

2,631,322

Total

Transportation

18,301,790

Nuveen

Massachusetts

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

78

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

U.S.

Guaranteed

-

3.0%

(c)

$

1,890

Massachusetts

College

Building

Authority,

Project

Revenue

Bonds,

Green

Series

2014B,

5.000%,

5/01/44,

(Pre-refunded

5/01/24)

5/24

at

100.00

$

1,894,923

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

5,975,616

6,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Atrius

Health

Issue,

Series

2019A,

5.000%,

6/01/39,

(Pre-refunded

6/01/29)

6/29

at

100.00

6,733,112

1,820

Massachusetts

Water

Resources

Authority,

General

Revenue

Bonds,

Green

Series

2016C,

5.000%,

8/01/40,

(Pre-refunded

8/01/26)

8/26

at

100.00

1,918,462

1,000

Massachusetts

Water

Resources

Authority,

General

Revenue

Bonds,

Series

2016B,

5.000%,

8/01/40,

(Pre-refunded

8/01/26)

8/26

at

100.00

1,054,100

Total

U.S.

Guaranteed

17,576,213

Utilities

-

5.6%

4,000

Boston

Water

and

Sewer

Commission,

Massachusetts,

General

Revenue

Bonds,

Senior

Series

2018A,

4.000%,

11/01/40

5/26

at

100.00

4,048,662

2,805

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

7/01/40

7/27

at

100.00

2,879,161

920

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2016,

5.000%,

1/01/46

7/26

at

100.00

933,037

2,500

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2020A,

5.000%,

1/01/50

7/30

at

100.00

2,579,540

1,650

Massachusetts

Clean

Water

Trust,

State

Revolving

Fund

Bonds,

Green

23B

Series

2021,

5.000%,

2/01/41

2/31

at

100.00

1,845,074

5,785

Massachusetts

Clean

Water

Trust,

State

Revolving

Fund

Bonds,

Sustainabilty

24B

Series

2022,

5.000%,

2/01/43

2/32

at

100.00

6,500,397

Massachusetts

Municipal

Wholesale

Electric

Company,

MMWEC,

Revenue

Bonds,

Project

2015A,

Series

2021A:

1,000

4.000%,

7/01/39

1/32

at

100.00

1,026,836

1,310

4.000%,

7/01/40

1/32

at

100.00

1,337,437

1,400

4.000%,

7/01/41

1/32

at

100.00

1,421,952

2,000

4.000%,

7/01/46

1/32

at

100.00

1,994,116

1,250

Massachusetts

Water

Resources

Authority,

General

Revenue

Bonds,

Green

Series

2023B,

5.250%,

8/01/48

8/33

at

100.00

1,412,831

Massachusetts

Water

Resources

Authority,

General

Revenue

Bonds,

Series

2017B:

1,000

5.000%,

8/01/39

8/27

at

100.00

1,052,608

1,870

5.000%,

8/01/42

8/27

at

100.00

1,956,783

3,000

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B,

5.000%,

7/01/37,

144A

7/31

at

100.00

3,090,591

1,010

Springfield

Water

and

Sewer

Commission,

Massachusetts,

General

Revenue

Bonds,

Series

2017C,

5.000%,

4/15/33

4/27

at

100.00

1,072,494

Total

Utilities

33,151,519

Total

Municipal

Bonds

(cost

$565,502,472)

563,192,259

Total

Long-Term

Investments

(cost

$565,502,472)

563,192,259

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

SHORT-TERM

INVESTMENTS

-

 3.1%  

X

18,245,000

MUNICIPAL

BONDS

-

3.1%  

X

18,245,000

Education

and

Civic

Organizations

-

0

.9

%

$

5,470

(d)

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

University,

Variable

Rate

Demand

Series

2008U-6C,

3.550%,

10/01/42,

(Mandatory

Put

2/29/24)

2/24

at

100.00

$

5,470,000

Total

Education

and

Civic

Organizations

5,470,000

79

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

-

1

.4

%

$

8,000

(d)

Massachusetts

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Partners

HealthCare

System

Inc.,

Variable

Rate

Demand

Obligations,

Series

1997P,

3.150%,

7/01/27,

(Mandatory

Put

3/07/24)

3/24

at

100.00

$

8,000,000

Total

Health

Care

8,000,000

Tax

Obligation/Limited

-

0

.8

%

$

4,775

(d)

Massachusetts

Bay

Transportation

Authority,

Sales

Tax

Revenue

Bonds,

Subordinated

Variable

Rate

Demand

Obligations

Series

2022A,

3.250%,

7/01/52,

(Mandatory

Put

3/07/24)

2/24

at

100.00

4,775,000

Total

Tax

Obligation/Limited

4,775,000

Total

Municipal

Bonds

(cost

$18,245,000)

18,245,000

Total

Short-Term

Investments

(cost

$18,245,000)

18,245,000

Total

Investments

(cost

$583,747,472)

-

99.0%

581,437,259

Other

Assets

&

Liabilities,

Net

-

1.0%

5,691,313

Net

Assets

-

100%

$

587,128,572

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(c)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

(d)

Investment

has

a

maturity

of

greater

than

one

year,

but

has

variable

rate

and/or

demand

features

which

qualify

it

as

a

short-term

investment.

The

rate

disclosed,

as

well

as

the

reference

rate

and

spread,

where

applicable,

is

that

in

effect

as

of

the

end

of

the

reporting

period.

This

rate

changes

periodically

based

on

market

conditions

or

a

specified

market

index.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

See

Notes

to

Financial

Statements

80

Nuveen

New

Jersey

Municipal

Bond

Fund

Portfolio

of

Investments

February

29,

2024

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

98.7%   

X

384,860,176

MUNICIPAL

BONDS

-

98.7%  

X

384,860,176

Consumer

Discretionary

-

0.2%

Middlesex

County

Improvement

Authority,

New

Jersey,

Senior

Revenue

Bonds,

Heldrich

Center

Hotel/Conference

Center

Project,

Series

2005A:

$

935

(c)

5.000%,

1/01/32

4/24

at

100.00

$

682,923

240

(c)

5.125%,

1/01/37

4/24

at

100.00

176,428

Total

Consumer

Discretionary

859,351

Consumer

Staples

-

3.3%

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018A:

3,460

4.000%,

6/01/37

6/28

at

100.00

3,515,597

3,610

5.000%,

6/01/46

6/28

at

100.00

3,694,702

5,575

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018B,

5.000%,

6/01/46

6/28

at

100.00

5,681,209

Total

Consumer

Staples

12,891,508

Education

and

Civic

Organizations

-

13.9%

2,240

Atlantic

County

Improvement

Authority,

New

Jersey,

General

Obligation

Lease

Revenue

Bonds,

Stockton

University

Atlantic

City

Campus

Phase

II,

Series

2021A,

4.000%,

7/01/47

-

AGM

Insured

7/31

at

100.00

2,169,960

715

Camden

County

Improvement

Authority,

New

Jersey,

School

Revenue

Bonds,

KIPP:

Cooper

Norcross

Academy

2022

Project,

Social

Series

2022,

6.000%,

6/15/62

12/30

at

100.00

769,887

1,000

Essex

County

Improvement

Authority,

New

Jersey,

General

Obligation

Lease

Revenue

Bonds,

Institute

of

Technology

CHF-Newark,

LLC-NJIT

Student

Housing

Project,

Series

2021A,

4.000%,

8/01/60

-

BAM

Insured

8/31

at

100.00

971,035

Gloucester

County

Improvement

Authority,

New

Jersey,

Revenue

Bonds,

Rowan

University

Project,

County

Gauranteed

Loan,

Series

2019:

1,050

5.000%,

7/01/44

7/29

at

100.00

1,123,936

1,000

4.000%,

7/01/48

7/29

at

100.00

1,000,303

Gloucester

County

Improvement

Authority,

New

Jersey,

Revenue

Bonds,

Rowan

University

Project,

County

Guaranteed

Loan,

Series

2024:

1,080

5.000%,

7/01/49

-

BAM

Insured

1/32

at

100.00

1,164,574

1,000

5.000%,

7/01/54

-

BAM

Insured

1/32

at

100.00

1,072,480

1,000

Gloucester

County

Improvement

Authority,

New

Jersey,

Revenue

Bonds,

Rowan

University

Student

Center

Project,

Series

2024,

4.000%,

2/27/25

12/24

at

100.00

1,005,022

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

228,444

New

Jersey

Economic

Development

Authority,

Charter

School

Revenue

Bonds,

North

Star

Academy

Charter

School

of

Newark,

Series

2017:

2,805

4.000%,

7/15/37

7/27

at

100.00

2,773,777

100

5.000%,

7/15/47

7/27

at

100.00

101,166

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

96,023

945

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

The

Seeing

Eye

Inc.,

Refunding

Series

2015,

5.000%,

3/01/25

No

Opt.

Call

960,437

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

The

Seeing

Eye

Inc.,

Refunding

Series

2017:

355

3.000%,

6/01/32

12/27

at

100.00

350,098

195

5.000%,

6/01/32

12/27

at

100.00

205,891

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

976,981

1,470

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Kean

University,

Refunding

Series

2015H,

4.000%,

7/01/39

-

AGM

Insured

7/25

at

100.00

1,470,527

81

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Montclair

State

University,

Refunding

Series

2015D:

$

1,000

5.000%,

7/01/31

7/25

at

100.00

$

1,023,516

1,055

3.750%,

7/01/33

7/25

at

100.00

1,058,816

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Princeton

University,

Refunding

Series

2024C:

2,500

5.000%,

3/01/26

,

(WI/DD)

No

Opt.

Call

2,605,314

3,000

5.000%,

3/01/27

,

(WI/DD)

No

Opt.

Call

3,208,553

2,000

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Princeton

University,

Series

2024B,

5.250%,

3/01/54

,

(WI/DD)

3/34

at

100.00

2,264,904

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Rider

University,

Series   2017F:

360

3.750%,

7/01/37

7/27

at

100.00

279,119

1,370

4.000%,

7/01/42

7/27

at

100.00

1,003,795

2,265

5.000%,

7/01/47

7/27

at

100.00

1,773,625

1,225

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Seton

Hall

University,

Refunding

Series

2015C,

5.000%,

7/01/32

7/25

at

100.00

1,248,859

710

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Seton

Hall

University,

Series

2013D,

5.000%,

7/01/38

4/24

at

100.00

710,487

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Seton

Hall

University,

Series

2016C:

1,870

3.000%,

7/01/41

7/26

at

100.00

1,489,085

2,430

3.000%,

7/01/46

7/26

at

100.00

1,810,166

1,085

4.000%,

7/01/46

7/26

at

100.00

980,658

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

823,855

3,500

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Stevens

Institute

of

Technology

Issue,

Green

Series

2020A,

4.000%,

7/01/50

7/30

at

100.00

3,227,989

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Stevens

Institute

of

Technology,

Series

2017A:

500

4.000%,

7/01/47

7/27

at

100.00

468,914

380

5.000%,

7/01/47

7/27

at

100.00

387,194

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

768,940

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Refunding

Series

2018A:

910

3.750%,

12/01/31,

(AMT)

6/28

at

100.00

892,791

205

4.000%,

12/01/35,

(AMT)

6/28

at

100.00

204,112

1,375

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Refunding

Series

2023B,

4.000%,

12/01/44,

(AMT)

12/33

at

100.00

1,355,139

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

587,087

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Senior

Lien

Series

2016-1A:

615

3.500%,

12/01/32,

(AMT)

12/25

at

100.00

605,545

145

4.000%,

12/01/39,

(AMT)

12/25

at

100.00

144,535

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Senior

Lien

Series

2017-1A:

170

3.750%,

12/01/33,

(AMT)

12/26

at

100.00

168,592

15

4.000%,

12/01/40,

(AMT)

12/26

at

100.00

14,915

765

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

729,412

485

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

468,409

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Series

2014-1A-1:

255

4.250%,

12/01/32,

(AMT)

3/24

at

100.00

254,099

240

4.500%,

12/01/36,

(AMT)

3/24

at

100.00

239,207

725

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

713,440

1,740

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Subordinate

Series

2017-C,

4.250%,

12/01/47,

(AMT)

12/26

at

100.00

1,714,321

Nuveen

New

Jersey

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

82

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

$

1,460

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Subordinate

Series

2019C,

3.625%,

12/01/49,

(AMT)

6/28

at

100.00

$

1,204,413

2,005

New

Jersey

Institute

of

Technology,

New

Jersey,

General

Obligation

Bonds,

Series

2015A,

5.000%,

7/01/45

7/25

at

100.00

2,025,047

1,335

Passaic

County

Improvement

Authority,

New

Jersey,

Charter

School

Revenue

Bonds,

Paterson

Arts

&

Science

Charter

School,

Series

2023,

5.375%,

7/01/53

7/31

at

100.00

1,369,811

Total

Education

and

Civic

Organizations

54,265,205

Financials

-

0.1%

373

New

Jersey

Economic

Development

Authority,

Revenue

Refunding

Bonds,

Kapkowski

Road

Landfill

Project,

Series

2002,

6.500%,

4/01/28

No

Opt.

Call

374,502

Total

Financials

374,502

Health

Care

-

7.6%

New

Jersey

Health

Care

Facilities

Authority,

Revenue

Bonds,

Atlanticare

Health

System

Obligated

Group

Issue,

Series

2021:

1,800

2.375%,

7/01/46

7/31

at

100.00

1,198,602

1,800

3.000%,

7/01/46

7/31

at

100.00

1,386,649

1,000

3.000%,

7/01/51

7/31

at

100.00

752,981

160

New

Jersey

Health

Care

Facilities

Finance

Authority,

Revenue

Bonds,

AHS

Hospital

Corporation,

Series

2008A,

5.000%,

7/01/27

4/24

at

100.00

160,130

2,025

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

AHS

Hospital

Corporation,

Refunding

Series

2016,

4.000%,

7/01/41

1/27

at

100.00

2,025,017

965

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Hackensack

Meridian

Health

Obligated

Group,

Refunding

Series

2017A,

5.000%,

7/01/57

7/27

at

100.00

985,219

3,315

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Inspira

Health

Obligated

Group

Issue,

Refunding

Series

2016A,

4.000%,

7/01/41

7/26

at

100.00

3,308,867

2,540

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

2,615,567

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Princeton

HealthCare

System,

Series

2016A:

610

5.000%,

7/01/33

7/26

at

100.00

637,242

600

5.000%,

7/01/34

7/26

at

100.00

626,079

2,135

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

RWJ

Barnabas

Health

Obligated

Group,

Refunding

Series

2016A,

5.000%,

7/01/43

7/26

at

100.00

2,184,231

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

RWJ

Barnabas

Health

Obligated

Group,

Series

2021A:

2,755

4.000%,

7/01/45

7/31

at

100.00

2,719,735

2,145

3.000%,

7/01/51

7/31

at

100.00

1,620,638

490

4.000%,

7/01/51

7/31

at

100.00

480,674

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Saint

Joseph's

Healthcare

System

Obligated

Group

Issue,

Refunding

Series

2016:

2,710

3.000%,

7/01/32

7/26

at

100.00

2,452,391

370

4.000%,

7/01/34

7/26

at

100.00

363,304

1,835

5.000%,

7/01/41

7/26

at

100.00

1,849,438

1,600

4.000%,

7/01/48

7/26

at

100.00

1,444,044

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Valley

Health

System

Obligated

Group,

Series

2019:

1,990

4.000%,

7/01/44

7/29

at

100.00

1,953,704

1,215

3.000%,

7/01/49

7/29

at

100.00

950,796

Total

Health

Care

29,715,308

Housing/Multifamily

-

5.7%

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

Provident

Group

-

Kean

Properties

LLC

-

Kean

University

Student

Housing

Project,

Series

2017A:

150

5.000%,

7/01/47

1/27

at

100.00

141,137

450

5.000%,

1/01/50

1/27

at

100.00

418,547

2,440

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

West

Campus

Housing

LLC

-

New

Jersey

City

University

Student

Housing

Project,

Series

2015,

5.000%,

7/01/47

7/25

at

100.00

2,108,126

520

New

Jersey

Housing

&

Mortgage

Finance

Agency,

5.250%,

12/20/65

3/34

at

100.00

542,562

83

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Housing/Multifamily

(continued)

$

1,453

New

Jersey

Housing

&

Mortgage

Finance

Agency,

Multifamily

Conduit

Revenue

Bonds,

Cherry

Garden

Apartments

Project,

Series

2021B,

2.375%,

1/01/39

No

Opt.

Call

$

1,131,379

1,310

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2015A,

4.000%,

11/01/45

11/24

at

100.00

1,257,605

1,135

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2016A,

3.750%,

11/01/45

11/25

at

100.00

1,048,312

2,145

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2016B,

3.600%,

11/01/40

11/25

at

100.00

2,021,986

875

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2017D,

3.900%,

11/01/32,

(AMT)

5/26

at

100.00

865,312

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2018A:

1,935

3.600%,

11/01/33

11/27

at

100.00

1,921,546

1,865

3.875%,

11/01/38

11/27

at

100.00

1,854,514

1,045

3.950%,

11/01/43

11/27

at

100.00

1,006,619

650

4.000%,

11/01/48

11/27

at

100.00

611,022

500

4.100%,

11/01/53

11/27

at

100.00

475,392

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2019A:

1,750

2.900%,

11/01/39

11/28

at

100.00

1,504,869

530

3.000%,

11/01/44

11/28

at

100.00

418,278

870

3.050%,

11/01/49

11/28

at

100.00

661,847

490

3.150%,

5/01/53

11/28

at

100.00

358,951

600

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2020A,

2.450%,

11/01/45

11/29

at

100.00

410,188

2,470

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2021A,

2.450%,

11/01/41

11/30

at

100.00

1,885,138

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2023C:

1,090

4.850%,

5/01/33,

(AMT)

5/32

at

100.00

1,137,811

250

5.000%,

11/01/38,

(AMT)

5/32

at

100.00

262,941

Total

Housing/Multifamily

22,044,082

Housing/Single

Family

-

5.2%

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2018A:

1,725

3.600%,

4/01/33

10/27

at

100.00

1,711,013

1,130

3.750%,

10/01/35

10/27

at

100.00

1,128,189

2,150

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2018B,

3.800%,

10/01/32,

(AMT)

10/27

at

100.00

2,073,052

2,710

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2019C,

4.000%,

4/01/49

4/28

at

100.00

2,527,195

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2020E:

1,540

2.250%,

10/01/40

4/29

at

100.00

1,156,870

1,350

3.500%,

4/01/51

4/29

at

102.44

1,327,883

7,090

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2021H,

2.300%,

10/01/46

4/30

at

100.00

4,783,463

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2022I:

1,885

4.500%,

10/01/42

4/31

at

100.00

1,907,604

1,445

4.600%,

10/01/46

4/31

at

100.00

1,455,452

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2023J:

1,000

4.500%,

10/01/43

4/32

at

100.00

1,008,740

1,150

4.700%,

10/01/48

4/32

at

100.00

1,168,931

Total

Housing/Single

Family

20,248,392

Nuveen

New

Jersey

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

84

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Long-Term

Care

-

0.6%

$

530

New

Jersey

Economic

Development

Authority,

Fixed

Rate

Revenue

Bonds,

Lions

Gate

Project,

Series

2014,

5.250%,

1/01/44

4/24

at

100.00

$

498,251

2,170

(c)

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

White

Horse

HMT

Urban

Renewal

LLC

Project,

Series

2020,

5.000%,

1/01/40,

144A

1/28

at

102.00

1,506,119

490

(c)

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

363,023

Total

Long-Term

Care

2,367,393

Tax

Obligation/General

-

15.5%

5,000

Bridgewater

&

Raritan

School

District,

Somerset

County,

New

Jersey,

General

Obligation

Bonds,

Series

2024,

4.000%,

7/15/45

1/33

at

100.00

5,069,959

800

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

764,862

1,470

Cumberland

County,

New

Jersey,

General

Obligation

Bonds,

Series

2021,

2.000%,

5/15/29

5/28

at

100.00

1,355,604

2,400

Essex

County

Improvement

Authority,

New

Jersey,

Lease

Revenue

Bonds,

Essex

County

Family

Court

Building

House

Projects,

County

Guaranteed

Series

2023,

5.000%,

7/03/24

No

Opt.

Call

2,413,078

15

Flemington-Raritan

Regional

School

District,

Hunterdon

County,

New

Jersey,

General

Obligation

Bonds,

Series

2019,

2.375%,

9/01/34

9/26

at

100.00

12,861

Gloucester

Township,

New

Jersey,

General

Obligation

Bonds,

Series

2019:

1,065

2.000%,

2/01/28

-

BAM

Insured

No

Opt.

Call

999,240

1,500

2.250%,

2/01/29

-

BAM

Insured

No

Opt.

Call

1,407,590

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

167,961

1,040

Harrison,

New

Jersey,

General

Obligation

Bonds,

Parking

Utility

Series

2018,

3.375%,

3/01/34

-

BAM

Insured

3/28

at

100.00

1,047,305

1,125

Hudson

County

Improvement

Authority,

New

Jersey,

County

Secured

Lease

Revenue

Bonds,

Hudson

County

Courthouse

Project,

Series

2020,

4.000%,

10/01/51

10/30

at

100.00

1,108,034

6,490

Hudson

County

Improvement

Authority,

New

Jersey,

County

Secured

Lease

Revenue

Bonds,

Hudson

County

Vocational

Technical

Schools

Project,

Series

2016,

5.000%,

5/01/46

5/26

at

100.00

6,647,149

1,000

Jersey

City

Board

of

Education,

Hudson

County,

New

Jersey,

General

Obligation

Bonds,

School

Energy

Savings

Refunding

Series

2023,

4.250%,

8/15/45

-

AGM

Insured

8/33

at

100.00

1,030,157

1,295

Jersey

City,

New

Jersey,

General

Obligation

Bonds,

General

Improvement

Series

2022A,

3.000%,

2/15/37

2/29

at

100.00

1,245,089

2,000

Livingston

Township,

New

Jersey,

General

Obligation

Bonds,

Series

2023,

5.000%,

12/10/24

No

Opt.

Call

2,026,872

Monmouth

County

Improvement

Authority,

New

Jersey,

Governmental

Pooled

Loan

Revenue

Bonds,

Series

2022C:

1,045

5.000%,

8/15/39

8/32

at

100.00

1,200,561

1,125

5.000%,

8/15/40

8/32

at

100.00

1,282,783

Monmouth

County

Improvement

Authority,

New

Jersey,

Governmental

Pooled

Loan

Revenue

Bonds,

Series

2023:

1,000

5.000%,

12/01/34

12/33

at

100.00

1,215,702

650

5.000%,

12/01/35

12/33

at

100.00

788,704

575

5.000%,

12/01/36

12/33

at

100.00

688,466

500

5.000%,

12/01/41

12/33

at

100.00

575,870

1,900

New

Brunswick

Parking

Authority,

Middlesex

County,

New

Jersey,

Guaranteed

Parking

Revenue

Bonds,

Refunding

Series

2016A,

5.000%,

9/01/32

-

BAM

Insured

9/26

at

100.00

1,978,694

New

Jersey

State,

General

Obligation

Bonds,

Covid-19

Emergency

Series

2020A:

560

5.000%,

6/01/24

No

Opt.

Call

562,131

2,610

4.000%,

6/01/31

No

Opt.

Call

2,837,276

1,270

3.000%,

6/01/32

No

Opt.

Call

1,250,906

140

4.000%,

6/01/32

No

Opt.

Call

153,378

605

Newark

Board

of

Education,

Essex

County,

New

Jersey,

General

Obligation

Bonds,

School

Energy

Savings

Series

2021,

4.000%,

7/15/36

-

BAM

Insured

7/31

at

100.00

627,518

85

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

(continued)

Newark,

Essex

County,

New

Jersey,

Mass

Transit

Access

Tax

Revenue

Bonds,

Mulberry

Pedestrian

Bridge

Redevelopment

Project,

Series

2022:

$

500

5.375%,

11/15/52

-

AGM

Insured

11/32

at

100.00

$

559,002

600

6.000%,

11/15/62

-

AGM

Insured

11/32

at

100.00

690,952

1,500

Ocean

City,

New

Jersey,

General

Obligation

Bonds,

General

Improvement

Series

2019,

2.250%,

9/15/33

9/26

at

100.00

1,337,614

2,625

Passaic

County,

New

Jersey,

General

Obligation

Bonds,

General

Improvement

Series

2019A,

1.000%,

12/01/34

12/27

at

100.00

2,050,595

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1:

1,054

5.625%,

7/01/29

No

Opt.

Call

1,143,238

1,477

4.000%,

7/01/33

7/31

at

103.00

1,450,976

669

4.000%,

7/01/37

7/31

at

103.00

638,949

1,145

Somers

Point,

New

Jersey,

General

Obligation

Bonds,

Improvement

Sewer

Utility

Series

2019,

2.000%,

10/01/31

10/26

at

100.00

1,024,886

2,460

South

Orange

&

Maplewood

School

District,

Essex

County,

New

Jersey,

General

Obligation

Bonds,

Series

2021,

2.375%,

8/15/46

8/29

at

100.00

1,705,541

1,000

South

Orange

Village

Township,

New

Jersey,

General

Obligation

Bonds,

Series

2023,

5.000%,

6/28/24

No

Opt.

Call

1,004,983

3,630

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)

4/24

at

100.00

3,634,005

2,515

Union

County

Utilities

Authority,

New

Jersey,

Solid

Waste

System

County

Deficiency

Revenue

Bonds,

Series

2011A,

5.000%,

6/15/41

4/24

at

100.00

2,516,428

2,000

Union

Township,

Union

County,

New

Jersey,

General

Obligation

Bonds,

Bond

Anticipation

Notes

Series

2024,

4.500%,

1/21/25

No

Opt.

Call

2,023,107

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

989,791

1,020

Woodbury

School

District,

New

Jersey,

General

Obligation

Bonds,

Series

2023,

4.000%,

8/15/41

-

BAM

Insured

8/30

at

100.00

1,036,447

Total

Tax

Obligation/General

60,264,264

Tax

Obligation/Limited

-

17.8%

650

Bergen

County

Improvement

Authority,

New

Jersey,

Guaranteed

Lease

Revenue

Bonds,

County

Administration

Complex

Project,

Series

2005,

5.000%,

11/15/26

No

Opt.

Call

689,293

1,000

Burlington

County

Bridge

Commission,

New

Jersey,

Governmental

Leasing

Program

Revenue

Bonds,

Series

2023D,

5.000%,

12/13/24

No

Opt.

Call

1,011,275

225

Camden

County

Improvement

Authority,

New

Jersey,

County

Guaranteed

Loan

Revenue

Bonds,

Capital

Program,

Series

2022,

5.000%,

1/15/33

1/32

at

100.00

262,586

2,435

Camden

County

Improvement

Authority,

New

Jersey,

County

Guaranteed

Loan

Revenue

Bonds,

City

Hall

Project,

Series

2018,

3.250%,

12/01/37

12/28

at

100.00

2,378,824

430

Garden

State

Preservation

Trust,

New

Jersey,

Open

Space

and

Farmland

Preservation

Bonds,

Series

2005A,

5.750%,

11/01/28

-

AGM

Insured

No

Opt.

Call

456,629

Middlesex

County

Improvement

Authority,

New

Jersey,

General

Obligation

Lease

Revenue

Bonds,

New

Jersey

Health

+

Life

Science

Exchange

-

H-1

Project

Series

2023A:

2,940

5.000%,

8/15/49

8/33

at

100.00

3,252,525

2,000

4.000%,

8/15/53

8/33

at

100.00

1,947,851

1,050

5.000%,

8/15/53

8/33

at

100.00

1,147,019

New

Jersey

Economic

Development

Authority,

New

Jersey,

Transit

Transportation

Project

Revenue

Bonds,

Portal

North

Bridge

Project

Series

2022A:

3,600

5.250%,

11/01/47

11/32

at

100.00

3,941,494

4,025

5.000%,

11/01/52

11/32

at

100.00

4,287,452

3,150

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

Motor

Vehicle

Surcharge,

Refunding

Subordinate

Series

2017A,

3.375%,

7/01/30

7/27

at

100.00

3,101,532

2,010

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

New

Jersey

Transit

Corporation

Projects

Sublease,

Refunding

Series

2017B,

5.000%,

11/01/25

No

Opt.

Call

2,070,712

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

266,009

175

5.000%,

6/15/30

6/26

at

100.00

182,421

Nuveen

New

Jersey

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

86

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

3,845

New

Jersey

Transportation

Trust

Fund

Authority,

Federal

Highway

Reimbursement

Revenue

Notes,

Series

2018A,

5.000%,

6/15/31

6/26

at

100.00

$

4,002,572

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2022CC:

1,000

5.250%,

6/15/41

12/32

at

100.00

1,129,299

1,170

5.250%,

6/15/46

12/32

at

100.00

1,288,310

1,500

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2023AA,

4.250%,

6/15/44

6/33

at

100.00

1,520,492

14,360

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Capital

Appreciation

Series

2010A,

0.000%,

12/15/30

No

Opt.

Call

11,551,771

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Refunding

Series

2006C:

6,925

0.000%,

12/15/32

-

AGM

Insured

No

Opt.

Call

5,252,525

4,765

0.000%,

12/15/33

-

AGM

Insured

No

Opt.

Call

3,488,640

1,045

0.000%,

12/15/34

-

AGM

Insured

No

Opt.

Call

732,479

1,550

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2010D,

5.000%,

12/15/24

No

Opt.

Call

1,569,744

775

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2019AA,

5.000%,

6/15/46

12/28

at

100.00

805,662

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2019BB:

2,360

3.500%,

6/15/46

12/28

at

100.00

2,081,918

1,000

4.000%,

6/15/50

12/28

at

100.00

961,660

1,140

Passaic

County

Improvement

Authority,

New

Jersey,

Lease

Revenue

Bonds,

Preakness

Healthcare

Center

Expansion

Project,

Refunding

Series

2015,

3.750%,

5/01/36

5/25

at

100.00

1,144,893

1,520

Passaic

County

Improvement

Authority,

New

Jersey,

Lease

Revenue

Bonds,

Preakness

Healthcare

Center

Expansion

Project,

Series

2012,

3.500%,

5/01/35

4/24

at

100.00

1,520,373

575

Puerto

Rico

Public

Finance

Corporation,

Commonwealth

Appropriation

Bonds,

Series

1998A,

5.125%,

6/01/24

-

AMBAC

Insured

No

Opt.

Call

577,289

2,740

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1,

5.000%,

7/01/58

7/28

at

100.00

2,760,545

1,749

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

1,741,004

1,895

Union

County

Improvement

Authority,

New

Jersey,

Lease

Revenue

Bonds,

Plainfield

-

Park

Madison

Redevelopment

Project,

Refunding

Series

2013A,

5.000%,

3/01/34

No

Opt.

Call

2,154,613

Total

Tax

Obligation/Limited

69,279,411

Transportation

-

14.3%

1,000

Delaware

River

and

Bay

Authority,

Delaware

and

New

Jersey,

Revenue

Bonds,

Refunding

Series

2024B,

5.000%,

1/01/41

1/34

at

100.00

1,126,850

Delaware

River

and

Bay

Authority,

Delaware

and

New

Jersey,

Revenue

Bonds,

Series

2014A:

360

5.000%,

1/01/34

5/24

at

100.00

360,851

2,000

5.000%,

1/01/44

5/24

at

100.00

2,004,728

3,100

Delaware

River

and

Bay

Authority,

Delaware

and

New

Jersey,

Revenue

Bonds,

Series

2019,

4.000%,

1/01/44

1/29

at

100.00

3,071,136

335

Delaware

River

and

Bay

Authority,

Delaware

and

New

Jersey,

Revenue

Bonds,

Series

2024A,

5.000%,

1/01/49

1/34

at

100.00

365,304

1,090

Delaware

River

Joint

Toll

Bridge

Commission,

New

Jersey

and

Pennsylvania,

Bridge

System

Revenue

Bonds,

Refunding

Series

2015,

4.000%,

7/01/35

-

BAM

Insured

7/25

at

100.00

1,096,762

Delaware

River

Joint

Toll

Bridge

Commission,

New

Jersey

and

Pennsylvania,

Bridge

System

Revenue

Bonds,

Series

2017:

1,000

5.000%,

7/01/42

7/27

at

100.00

1,046,870

3,865

5.000%,

7/01/47

7/27

at

100.00

3,997,211

Delaware

River

Joint

Toll

Bridge

Commission,

New

Jersey

and

Pennsylvania,

Bridge

System

Revenue

Bonds,

Series

2019A:

1,285

5.000%,

7/01/31

7/29

at

100.00

1,434,227

1,000

3.000%,

7/01/49

7/29

at

100.00

724,491

2,760

Delaware

River

Port

Authority,

New

Jersey

and

Pennsylvania,

Revenue

Bonds,  Series

2013,

5.000%,

1/01/40

4/24

at

100.00

2,763,410

87

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Transportation

(continued)

New

Jersey

Economic

Development

Authority,

Private

Activity

Bonds,

The

Goethals

Bridge

Replacement

Project,

Series

2013:

$

1,705

5.000%,

1/01/31

-

AGM

Insured,

(AMT)

4/24

at

100.00

$

1,705,997

1,645

5.625%,

1/01/52,

(AMT)

4/24

at

100.00

1,646,857

1,765

New

Jersey

Economic

Development

Authority,

Special

Facilities

Revenue

Bonds,

Continental

Airlines

Inc.,

Series

1999,

5.250%,

9/15/29,

(AMT)

4/24

at

100.50

1,769,065

380

New

Jersey

Economic

Development

Authority,

Special

Facilities

Revenue

Bonds,

Continental

Airlines

Inc.,

Series

2000A

&

2000B,

5.625%,

11/15/30,

(AMT)

4/24

at

101.00

383,922

New

Jersey

Economic

Development

Authority,

Special

Facility

Revenue

Bonds,

Port

Newark

Container

Terminal

LLC

Project,

Refunding

Series

2017:

1,000

5.000%,

10/01/37,

(AMT)

10/27

at

100.00

1,030,957

2,390

5.000%,

10/01/47,

(AMT)

10/27

at

100.00

2,420,313

1,315

New

Jersey

Turnpike

Authority,

Revenue

Bonds,

Series

2005A,

5.250%,

1/01/29

-

AGM

Insured

No

Opt.

Call

1,475,689

1,910

New

Jersey

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Series

2021A,

4.000%,

1/01/51

1/31

at

100.00

1,898,808

New

Jersey

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Series

2022A:

1,250

4.000%,

1/01/42

7/32

at

100.00

1,281,202

2,500

4.000%,

1/01/43

7/32

at

100.00

2,549,204

New

Jersey

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Series

2022B:

1,000

5.000%,

1/01/46

1/33

at

100.00

1,113,738

1,530

4.500%,

1/01/48

1/33

at

100.00

1,593,393

2,250

5.250%,

1/01/52

1/33

at

100.00

2,514,593

2,950

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Forty

Second

Series

2023,

5.000%,

12/01/53,

(AMT)

12/33

at

100.00

3,099,531

1,000

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Second

Series

2017,

5.000%,

10/15/33,

(AMT)

4/27

at

100.00

1,043,505

5,000

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Thirty

Series

2022,

3.000%,

12/01/31

No

Opt.

Call

4,974,510

2,000

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Twelfth

Series

2019,

4.000%,

9/01/38

9/29

at

100.00

2,043,383

1,000

South

Jersey

Transportation

Authority,

New

Jersey,

Transportation

System

Revenue

Bonds,

Refunding

Series

2014A,

5.000%,

11/01/39

11/24

at

100.00

1,003,646

1,000

South

Jersey

Transportation

Authority,

New

Jersey,

Transportation

System

Revenue

Bonds,

Refunding

Series

2019A,

5.000%,

11/01/33

-

AGM

Insured

11/29

at

100.00

1,092,877

South

Jersey

Transportation

Authority,

New

Jersey,

Transportation

System

Revenue

Bonds,

Series

2022A:

2,350

4.625%,

11/01/47

11/32

at

100.00

2,394,400

650

5.250%,

11/01/52

-

BAM

Insured

11/32

at

100.00

701,026

Total

Transportation

55,728,456

U.S.

Guaranteed

-

3.0%

(d)

1,945

Cumberland

County

Improvement

Authority,

New

Jersey,

County

General

Obligation

Revenue

Bonds,

Technical

High

School

Project,

Series

2014,

5.000%,

9/01/39,

(Pre-refunded

9/01/24)

-

AGM

Insured

9/24

at

100.00

1,962,378

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

United

Methodist

Homes

of

New

Jersey

Obligated

Group

Issue,

Refunding

Series

2014A:

85

3.750%,

7/01/24,

(ETM)

No

Opt.

Call

84,912

405

5.000%,

7/01/29,

(Pre-refunded

7/01/24)

7/24

at

100.00

406,522

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Series

2015WW:

4,110

5.250%,

6/15/40,

(Pre-refunded

6/15/25)

6/25

at

100.00

4,226,226

250

5.250%,

6/15/40,

(Pre-refunded

6/15/25)

6/25

at

100.00

257,069

1,625

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Financing

Program

Bonds,

Refunding

Series

2014PP,

5.000%,

6/15/26,

(Pre-

refunded

6/15/24)

6/24

at

100.00

1,631,053

280

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Kennedy

Health

System

Obligated

Group

Issue,

Refunding

Series

2012,

3.750%,

7/01/27,

(ETM)

No

Opt.

Call

282,635

Nuveen

New

Jersey

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

88

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

U.S.

Guaranteed

(d)

(continued)

$

3,000

New

Jersey

Turnpike

Authority,

Revenue

Bonds,

Series

2014A,

5.000%,

1/01/31,

(Pre-refunded

7/01/24)

7/24

at

100.00

$

3,016,645

Total

U.S.

Guaranteed

11,867,440

Utilities

-

11.5%

New

Jersey

Economic

Development

Authority,

Energy

Facilities

Revenue

Bonds,

UMM

Energy

Partners,

LLC

Project,

Series

2012A:

500

5.000%,

6/15/37,

(AMT)

4/24

at

100.00

500,128

1,000

5.125%,

6/15/43,

(AMT)

4/24

at

100.00

1,000,183

1,975

New

Jersey

Economic

Development

Authority,

Natural

Gas

Facilities

Revenue

Bonds,

New

Jersey

Natural

Gas

Company

Project,

Refunding

Series

2011A,

2.750%,

8/01/39

8/24

at

100.00

1,665,505

500

New

Jersey

Economic

Development

Authority,

Natural

Gas

Facilities

Revenue

Bonds,

New

Jersey

Natural

Gas

Company

Project,

Refunding

Series

2011C,

3.000%,

8/01/41,

(AMT)

8/24

at

100.00

415,110

3,195

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

2,822,942

5,000

New

Jersey

Economic

Development

Authority,

Water

Facilities

Revenue

Bonds,

New

Jersey-American

Water

Company

Inc.

Project,

Refunding

Series

2019A,

2.200%,

10/01/39,

(AMT),

(Mandatory

Put

12/03/29)

12/29

at

100.00

4,445,239

New

Jersey

Infrastructure

Bank,

Environmental

Infrastructure

Bonds,

Green

Series

2021A-1:

1,205

3.000%,

9/01/31

9/30

at

100.00

1,213,362

4,935

3.000%,

9/01/32

9/30

at

100.00

4,932,767

5,085

3.000%,

9/01/33

9/30

at

100.00

5,032,863

New

Jersey

Infrastructure

Bank,

Environmental

Infrastructure

Bonds,

Green

Series

2022A-2:

6,295

5.000%,

9/01/47

9/32

at

100.00

6,975,028

2,000

5.000%,

9/01/52

9/32

at

100.00

2,199,810

New

Jersey

Infrastructure

Bank,

Environmental

Infrastructure

Bonds,

Green

Series

2023A-W1:

1,500

5.000%,

9/01/30

No

Opt.

Call

1,732,827

500

5.000%,

9/01/34

No

Opt.

Call

616,638

North

Hudson

Sewerage

Authority,

New

Jersey,

Gross

Revenue

Lease

Certificates,

Senior

Lien

Series

2023:

700

5.000%,

6/01/36

-

BAM

Insured

12/33

at

100.00

820,376

500

5.000%,

6/01/37

-

BAM

Insured

12/33

at

100.00

579,338

500

5.000%,

6/01/38

-

BAM

Insured

12/33

at

100.00

575,546

750

5.000%,

6/01/39

-

BAM

Insured

12/33

at

100.00

858,337

375

5.000%,

6/01/44

-

BAM

Insured

12/33

at

100.00

419,788

695

Passaic

County

Utilities

Authority,

New

Jersey,

Solid

Waste

Disposal

Revenue

Bonds,

Refunding

Series

2018,

5.000%,

3/01/37

No

Opt.

Call

807,209

Passaic

Valley

Water

Commission,

New

Jersey,

Water

System

Revenue

Bonds,

Series

2023:

515

4.000%,

12/01/48

-

AGM

Insured

12/32

at

100.00

516,476

2,245

4.000%,

12/01/53

-

AGM

Insured

12/32

at

100.00

2,202,710

5,000

Salem

County

Pollution

Control

Financing

Authority,

New

Jersey,

Revenue

Bonds,

Atlantic

City

Electric

Company

Project,

Refunding

Series

2020,

2.250%,

6/01/29

No

Opt.

Call

4,622,682

Total

Utilities

44,954,864

Total

Municipal

Bonds

(cost

$394,270,366)

384,860,176

Total

Long-Term

Investments

(cost

$394,270,366)

384,860,176

89

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

SHORT-TERM

INVESTMENTS

-

 1.7%  

X

6,905,000

MUNICIPAL

BONDS

-

1.7%  

X

6,905,000

Health

Care

-

1

.0

%

$

4,000

(e)

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Virtua

Health,

Series

2009E,

2.400%,

7/01/43,

(Mandatory

Put

3/07/24)

2/24

at

100.00

$

4,000,000

Total

Health

Care

4,000,000

Housing/Multifamily

-

0

.7

%

2,905

(e)

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Housing

Revenue

Bonds,

Meadow

Brook

Apartments

Project,

Series

2006A,

3.250%,

3/15/40,

(AMT),

(Mandatory

Put

3/07/24)

3/24

at

100.00

2,905,000

Total

Housing/Multifamily

2,905,000

Total

Municipal

Bonds

(cost

$6,905,000)

6,905,000

Total

Short-Term

Investments

(cost

$6,905,000)

6,905,000

Total

Investments

(cost

$401,175,366)

-

100.4%

391,765,176

Other

Assets

&

Liabilities,

Net

-

(0.4)%

(

1,733,011

)

Net

Assets

-

100%

$

390,032,165

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(c)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(d)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

(e)

Investment

has

a

maturity

of

greater

than

one

year,

but

has

variable

rate

and/or

demand

features

which

qualify

it

as

a

short-term

investment.

The

rate

disclosed,

as

well

as

the

reference

rate

and

spread,

where

applicable,

is

that

in

effect

as

of

the

end

of

the

reporting

period.

This

rate

changes

periodically

based

on

market

conditions

or

a

specified

market

index.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

ETM

Escrowed

to

maturity

WI/DD

When-issued

or

delayed

delivery

security.

See

Notes

to

Financial

Statements

90

Nuveen

New

York

Municipal

Bond

Fund

Portfolio

of

Investments

February

29,

2024

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

97.4%   

X

1,029,593,557

MUNICIPAL

BONDS

-

97.4%  

X

1,029,593,557

Consumer

Staples

-

3.6%

$

15,110

Erie

County

Tobacco

Asset

Securitization

Corporation,

New

York,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2005A,

5.000%,

6/01/38

4/24

at

100.00

$

14,927,047

76,105

Erie

County

Tobacco

Asset

Securitization

Corporation,

New

York,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2005C,

0.000%,

6/01/50,

144A

4/24

at

19.36

9,378,001

New

York

Counties

Tobacco

Trust

VI,

New

York,

Tobacco

Settlement

Pass-

Through

Bonds,

Series

Series

2016A-1:

1,075

5.625%,

6/01/35

No

Opt.

Call

1,104,950

6,885

5.750%,

6/01/43

No

Opt.

Call

7,095,392

1,330

New

York

Counties

Tobacco

Trust

VI,

New

York,

Tobacco

Settlement

Pass-

Through

Bonds,

Turbo

Term

Series

2016A.

Including

2016A-1,

2016A-2A

and

2016A-2B,

5.000%,

6/01/45

6/26

at

100.00

1,285,971

10,000

Suffolk

Tobacco

Asset

Securitization

Corporation,

New

York,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2021B-2,

0.000%,

6/01/66

6/31

at

27.72

1,176,934

3,000

TSASC

Inc.,

New

York,

Tobacco

Asset-Backed

Bonds,

Series

2006,

5.000%,

6/01/48

6/27

at

100.00

2,714,702

Total

Consumer

Staples

37,682,997

Education

and

Civic

Organizations

-

9.3%

1,990

Buffalo

and

Erie

County

Industrial

Land

Development

Corporation,

New

York,

Revenue

Bonds,

Enterprise

Charter

School

Project,

Series

2011A,

7.500%,

12/01/40

4/24

at

100.00

1,764,523

1,360

Build

New

York

City

Resource

Corporation,

New

York,

Revenue

Bonds,

Classical

Charter

Schools

Series

2023A,

4.500%,

6/15/43

6/31

at

100.00

1,353,651

550

Build

New

York

City

Resource

Corporation,

New

York,

Revenue

Bonds,

Global

Community

Charter

School

Project,

Series

2022A,

5.000%,

6/15/52

6/32

at

100.00

541,769

3,360

Build

New

York

City

Resource

Corporation,

New

York,

Revenue

Bonds,

KIPP

New

York

City

Public

School

Facilities,

Canal

West

Project,

Series

2022,

5.250%,

7/01/52

7/32

at

100.00

3,485,841

Build

New

York

City

Resource

Corporation,

New

York,

Revenue

Bonds,

Metropolitan

College

of

New

York,

Series

2014:

2,240

5.000%,

11/01/39

11/24

at

100.00

1,344,000

2,200

5.500%,

11/01/44

11/24

at

100.00

1,320,000

1,265

Build

New

York

City

Resource

Corporation,

New

York,

Revenue

Bonds,

New

World

Preparatory

Charter

School

Project,

Series

2021A,

4.000%,

6/15/41

6/31

at

100.00

1,034,111

2,395

Build

NYC

Resource

Corporation,

New

York,

Revenue

Bonds,

Family

Life

Academy

Charter

School,

Series

2020C-1,

5.000%,

6/01/55,

144A

12/30

at

100.00

1,994,323

Build

NYC

Resource

Corporation,

New

York,

Revenue

Bonds,

Richmond

Preparatory

Charter

School

Project,

Social

Impact

Project

Series

2021A:

580

5.000%,

6/01/41,

144A

6/29

at

100.00

570,091

2,620

5.000%,

6/01/56,

144A

6/29

at

100.00

2,430,446

2,965

Dormitory

Authority

of

the

State

of

New

York,

General

Revenue

Bonds,

American

Musical

and

Dramatic

Academy

Inc.,

Series

2023A,

7.250%,

7/01/53,

144A

7/33

at

100.00

3,084,678

Dormitory

Authority

of

the

State

of

New

York,

General

Revenue

Bonds,

Yeshiva

University,

Series

2022A:

3,835

5.000%,

7/15/42

7/32

at

100.00

3,907,872

3,015

5.000%,

7/15/50

7/32

at

100.00

3,007,445

Dormitory

Authority

of

the

State

of

New

York,

Housing

Revenue

Bonds,

Fashion

Institute

of

Technology,

Series

2007:

1,670

5.250%,

7/01/29

-

FGIC

Insured

No

Opt.

Call

1,740,996

735

5.250%,

7/01/34

-

FGIC

Insured

No

Opt.

Call

782,621

9,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Fordham

University,

Series

2020,

4.000%,

7/01/46

7/29

at

100.00

8,757,671

91

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

New

School

University,

Series

2015A:

$

1,480

5.000%,

7/01/40

7/25

at

100.00

$

1,498,486

2,790

5.000%,

7/01/45

7/25

at

100.00

2,815,794

1,055

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

New

York

University,

Series

2001-1,

5.500%,

7/01/40

-

AMBAC

Insured

No

Opt.

Call

1,270,877

3,250

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Rockefeller

University,

Green

Series

2019B,

5.000%,

7/01/50

7/29

at

100.00

3,438,362

1,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Rockefeller

University,

Series

2020A,

5.000%,

7/01/53

7/30

at

100.00

1,065,979

8,665

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Rockefeller

University,

Series

2022A,

4.000%,

7/01/42

7/32

at

100.00

8,768,836

3,450

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Vaughn

College

of

Aeronautics

&

Technology,

Series

2016A,

5.500%,

12/01/36,

144A

12/26

at

100.00

3,437,182

7,010

Glen

Cove

Local

Economic

Assistance

Corporation,

New

York,

Revenue

Bonds,

Garvies

Point

Public

Improvement

Project,

Capital

Appreciation

Series

2016B,

0.000%,

1/01/45

No

Opt.

Call

1,978,570

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

2,764,088

200

Hempstead

Town

Local

Development

Corporation,

New

York,

Education

Revenue

Bonds,

Evergreen

Charter

School

Project,

Series

2022A,

5.500%,

6/15/57

6/32

at

100.00

201,835

7,835

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,  University

of

Rochester

Project,

Series

2020A,

4.000%,

7/01/50

7/30

at

100.00

7,617,710

5,750

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,  University

of

Rochester

Project,

Series

2023A,

5.000%,

7/01/53

7/33

at

100.00

6,265,961

300

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,

Academy

of

Health

Sciences

Charter

School

Project,

Social

Impact

Series

2022,

5.875%,

7/01/52,

144A

7/32

at

100.00

301,024

405

New

Rochelle

Corporation,

New

York,

Local

Development

Revenue

Bonds,

Iona

College

Project,

Series

2015A,

5.000%,

7/01/40

7/25

at

100.00

406,988

2,095

New

York

City

Industrial

Development

Agency,

New

York,

PILOT

Payment

in

Lieu

of

Taxes

Revenue

Bonds,

Queens

Baseball

Stadium

Project,

Refunding

Series

2021A,

3.000%,

1/01/37

-

AGM

Insured

1/31

at

100.00

1,910,525

2,620

New

York

City

Industrial

Development

Agency,

New

York,

PILOT

Payment

in

Lieu

of

Taxes

Revenue

Bonds,

Yankee

Stadium

Project,

Series

2020A,

4.000%,

3/01/45

-

AGM

Insured

9/30

at

100.00

2,566,930

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

695,180

10,000

Onondaga

County

Trust

For

Cultural

Resources,

New

York,

Revenue

Bonds,

Syracuse

University

Project,

Series

2019,

5.000%,

12/01/45

12/29

at

100.00

10,731,291

1,285

Troy

Capital

Resource

Corporation,

New

York,  Revenue

Bonds,

Rensselaer

Polytechnic

Institute,

Refunding

Series

2020A.

Forward

Delivery,

4.000%,

9/01/40

9/30

at

100.00

1,265,496

1,765

Westchester

County

Local

Development

Corporation,

New

York,

Revenue

Bonds,

Pace

University,

Series

2014A,

5.500%,

5/01/42

5/24

at

100.00

1,766,461

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

197,322

205

5.000%,

10/15/39

10/29

at

100.00

206,986

Total

Education

and

Civic

Organizations

98,291,921

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

6,785,051

3,475

Liberty

Development

Corporation,

New

York,

Goldman

Sachs

Headquarters

Revenue

Bonds

Series

2007,

5.500%,

10/01/37

No

Opt.

Call

4,202,901

Total

Financials

10,987,952

Nuveen

New

York

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

92

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

-

18.4%

Dormitory

Authority

of

the

State

of

New

York,

General

Revenue

Bonds,

Northwell

Health

Obligated

Group,

Series

2022A:

$

15,600

4.000%,

5/01/45

5/32

at

100.00

$

15,010,348

18,290

4.250%,

5/01/52

5/32

at

100.00

17,951,843

9,255

5.000%,

5/01/52

5/32

at

100.00

9,830,841

15,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Memorial

Sloan

Kettering

Cancer

Center

Series

2022-1A,

4.000%,

7/01/51

7/32

at

100.00

14,523,012

3,600

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Montefiore

Obligated

Group,

Series

2018A,

5.000%,

8/01/35

8/28

at

100.00

3,732,679

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Montefiore

Obligated

Group,

Series

2020A:

1,200

5.000%,

9/01/30

3/30

at

100.00

1,264,463

2,680

5.000%,

9/01/34

3/30

at

100.00

2,740,746

2,620

5.000%,

9/01/35

3/30

at

100.00

2,680,613

11,400

4.000%,

9/01/50

3/30

at

100.00

10,014,625

2,300

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

North

Shore

Long

Island

Jewish

Obligated

Group,

Series

2015A,

5.000%,

5/01/43

5/25

at

100.00

2,315,468

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

NYU

Langone

Hospitals

Obligated

Group,

Series

2020A:

14,500

4.000%,

7/01/50

7/30

at

100.00

14,097,869

33,955

4.000%,

7/01/53

7/30

at

100.00

32,916,320

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Orange

Regional

Medical

Center

Obligated

Group,

Series

2015:

600

5.000%,

12/01/24,

144A

No

Opt.

Call

600,462

500

5.000%,

12/01/25,

144A

6/25

at

100.00

501,370

450

5.000%,

12/01/29,

144A

6/25

at

100.00

450,525

1,100

5.000%,

12/01/32,

144A

6/25

at

100.00

1,100,928

1,100

5.000%,

12/01/33,

144A

6/25

at

100.00

1,100,794

1,000

5.000%,

12/01/35,

144A

6/25

at

100.00

1,000,328

1,300

5.000%,

12/01/40,

144A

6/25

at

100.00

1,262,747

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Orange

Regional

Medical

Center

Obligated

Group,

Series

2017:

1,510

5.000%,

12/01/24,

144A

No

Opt.

Call

1,511,162

2,000

5.000%,

12/01/26,

144A

No

Opt.

Call

1,984,045

1,200

5.000%,

12/01/27,

144A

6/27

at

100.00

1,188,815

4,250

5.000%,

12/01/36,

144A

6/27

at

100.00

3,876,892

Dutchess

County

Local

Development

Corporation,

New

York,

Revenue

Bonds,

Health

Quest

Systems,

Inc.

Project,

Series

2016B:

6,280

5.000%,

7/01/35

7/26

at

100.00

6,378,688

2,385

4.000%,

7/01/41

7/26

at

100.00

2,290,740

12,325

5.000%,

7/01/46

7/26

at

100.00

12,388,619

1,000

Dutchess

County

Local

Development

Corporation,

New

York,

Revenue

Bonds,

Nuvance

Health

Issue,

Series

2019B,

5.000%,

7/01/26

No

Opt.

Call

1,011,736

1,395

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,

Rochester

General

Hospital

Project,

Series

2013A,

5.000%,

12/01/42

4/24

at

100.00

1,395,324

6,605

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,

Rochester

General

Hospital

Project,

Series

2017,

5.000%,

12/01/46

12/26

at

100.00

6,685,473

2,600

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,

Rochester

Regional

Health

Project,

Series

2020A,

4.000%,

12/01/46

12/30

at

100.00

2,340,592

375

Monroe

County

Industrial

Development

Corporation,

New

York,

Tax-Exempt

Revenue

Bonds,

Highland

Hospital

of

Rochester

Project,

Series

2015,

5.000%,

7/01/34

7/25

at

100.00

382,818

20,010

Westchester

County

Local

Development

Corporation,

New

York,

Revenue

Bonds,

Westchester

Medical

Center

Obligated

Group

Project,

Refunding

Series

2016,

5.000%,

11/01/46

11/25

at

100.00

19,506,060

380

Westchester

County

Local

Development

Corporation,

New

York,

Revenue

Bonds,

Westchester

Medical

Center

Obligated

Group

Project,

Series

2023,

6.250%,

11/01/52

11/33

at

100.00

436,412

Total

Health

Care

194,473,357

93

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Housing/Multifamily

-

0.1%

$

1,275

New

York

State

Housing

Finance

Agency,

Multifamily

Housing

Revenue

Bonds,

Cannon

Street

Senior

Housing

Project,

Series

2007A,

5.300%,

2/15/39,

(AMT)

4/24

at

100.00

$

1,275,712

Total

Housing/Multifamily

1,275,712

Industrials

-

2.3%

17,020

New

York

Liberty

Development

Corporation,

New

York,

Liberty

Revenue

Bonds,

3

World

Trade

Center

Project,

Class

1

Series

2014,

5.000%,

11/15/44,

144A

11/24

at

100.00

17,024,519

7,550

New

York

Liberty

Development

Corporation,

New

York,

Liberty

Revenue

Bonds,

3

World

Trade

Center

Project,

Class

2

Series

2014,

5.150%,

11/15/34,

144A

11/24

at

100.00

7,580,222

80

New

York

Liberty

Development

Corporation,

New

York,

Liberty

Revenue

Bonds,

7

World

Trade

Center

Project,

Refunding

Green

Series

2022A-CL2,

3.500%,

9/15/52

3/30

at

100.00

63,192

Total

Industrials

24,667,933

Long-Term

Care

-

0.1%

535

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

4/24

at

100.00

527,834

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

482,493

New

York

City

Industrial

Development

Agency,

New

York,

Civic

Facility

Revenue

Bonds,

Special

Needs

Facilities

Pooled

Program,

Series

2008A-1:

395

6.100%,

7/01/28,

144A

4/24

at

100.00

340,044

210

6.200%,

7/01/33,

144A

4/24

at

100.00

160,597

Total

Long-Term

Care

1,510,968

Materials

-

0.2%

Build

New

York

City

Resource

Corporation,

New

York,

Solid

Waste

Disposal

Revenue

Bonds,

Pratt

Paper

NY,

Inc.

Project,

Series

2014:

220

4.500%,

1/01/25,

(AMT),

144A

No

Opt.

Call

220,103

2,145

5.000%,

1/01/35,

(AMT),

144A

1/25

at

100.00

2,157,780

Total

Materials

2,377,883

Tax

Obligation/General

-

4.6%

5,845

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2018

Series

B-1,

5.000%,

10/01/39

10/27

at

100.00

6,156,609

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2018

Series

E-1:

7,210

5.000%,

3/01/39

3/28

at

100.00

7,669,661

6,050

5.000%,

3/01/40

3/28

at

100.00

6,418,022

3,875

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2018

Series

F-1,

5.000%,

4/01/45

4/28

at

100.00

4,071,975

5,450

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2022

Series

A-1,

5.000%,

8/01/47

8/31

at

100.00

5,857,757

5,790

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2023

Series

B-1,

5.250%,

10/01/47

10/32

at

100.00

6,403,822

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1:

10,000

4.000%,

7/01/33

7/31

at

103.00

9,823,806

2,770

4.000%,

7/01/41

7/31

at

103.00

2,572,870

Total

Tax

Obligation/General

48,974,522

Tax

Obligation/Limited

-

20.3%

Dormitory

Authority

of

the

State

of

New

York,

Residential

Insitutions

for

Children

Revenue

Bonds,

Series

2008-A1:

1,585

5.000%,

6/01/33

4/24

at

100.00

1,595,768

1,985

5.000%,

6/01/38

4/24

at

100.00

1,986,901

20

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

School

Districts

Financing

Program,

Series

2009C,

5.125%,

10/01/36

-

AGC

Insured

4/24

at

100.00

20,030

3,115

Dormitory

Authority

of

the

State

of

New

York,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose

Series

2014C.

Group

C,

5.000%,

3/15/42

4/24

at

100.00

3,116,507

Nuveen

New

York

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

94

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

8,865

Dormitory

Authority

of

the

State

of

New

York,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose,

Series

2019D,

4.000%,

2/15/38

2/30

at

100.00

$

9,122,530

2,040

Dormitory

Authority

of

the

State

of

New

York,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose,

Series

2021A,

5.000%,

3/15/49

3/31

at

100.00

2,186,036

17,140

Dormitory

Authority

of

the

State

of

New

York,

State

Sales

Tax

Revenue

Bonds,

Series

2017A

Group

C,

5.000%,

3/15/41

3/27

at

100.00

17,804,878

10,000

Dormitory

Authority

of

the

State

of

New

York,

State

Sales

Tax

Revenue

Bonds,

Series

2018A,

5.000%,

3/15/42

3/28

at

100.00

10,572,852

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D:

2,135

5.000%,

11/15/26

11/25

at

100.00

2,180,809

1,455

5.000%,

11/15/29

11/25

at

100.00

1,487,767

2,170

Hudson

Yards

Infrastructure

Corporation,

New

York,

Revenue

Bonds,

Green

Fiscal

2022

Series

A,

4.000%,

2/15/36

2/32

at

100.00

2,306,169

Hudson

Yards

Infrastructure

Corporation,

New

York,

Revenue

Bonds,

Second

Indenture

Fiscal

2017

Series

A:

5,710

5.000%,

2/15/39

2/27

at

100.00

5,978,296

3,955

5.000%,

2/15/42

2/27

at

100.00

4,117,259

1,045

5.000%,

2/15/45

2/27

at

100.00

1,083,601

5,450

Metropolitan

Transportation

Authority,

New

York,

Dedicated

Tax

Fund

Bonds,

Series

2022A,

5.000%,

11/15/46

5/32

at

100.00

5,994,313

4,000

Monroe

County

Industrial

Development

Agency,

New

York,

School

Facility

Revenue

Bonds,

Rochester

Schools

Modernization

Project,

Series

2013,

5.000%,

5/01/28

4/24

at

100.00

4,004,442

9,335

New

York

City

Transitional

Finance

Authority,

New

York,

Building

Aid

Revenue

Bonds,

Fiscal

2020

Subseries

S-1B,

4.000%,

7/15/43

7/29

at

100.00

9,295,561

New

York

City

Transitional

Finance

Authority,

New

York,

Building

Aid

Revenue

Bonds,

Fiscal

Series

2016S-1:

1,615

5.000%,

7/15/34

1/26

at

100.00

1,665,486

1,165

5.000%,

7/15/35

1/26

at

100.00

1,200,566

5,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

2015

Series

E-1,

5.000%,

2/01/34

2/25

at

100.00

5,073,365

5,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

2017

Series

A-1,

5.000%,

5/01/40

5/26

at

100.00

5,158,093

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

5,215,849

5,375

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

2017

Series

E-1,

5.000%,

2/01/43

2/27

at

100.00

5,576,923

5,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

2017

Series

F-1,

5.000%,

5/01/38

5/27

at

100.00

5,259,840

4,020

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

2020

Subseries

B-1,

4.000%,

11/01/47

11/29

at

100.00

3,939,529

5,000

New

York

City,

New

York,

Educational

Construction

Fund

Revenue

Bonds,

Series

2021B,

5.000%,

4/01/52

4/31

at

100.00

5,339,502

9,585

New

York

State

Thruway

Authority,

State

Personal

Income

Tax

Revenue

Bonds,

Bidding

Group

1

Series

2022A,

5.000%,

3/15/45

9/32

at

100.00

10,588,548

15,000

New

York

State

Thruway

Authority,

State

Personal

Income

Tax

Revenue

Bonds,

Climate

Certified

Green

Series

2022C,

4.125%,

3/15/57

9/32

at

100.00

14,552,377

New

York

State

Urban

Development

Corporation,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose,

Series

2020C:

7,000

5.000%,

3/15/47

9/30

at

100.00

7,494,256

3,800

4.000%,

3/15/49

9/30

at

100.00

3,717,371

500

Oneida

Indian

Nation,

New

York,

Tax

Revenue

Bonds,

Series

2024B,

6.000%,

9/01/43

9/31

at

102.00

521,555

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

2,393

0.000%,

7/01/46

7/28

at

41.38

779,080

28,646

5.000%,

7/01/58

7/28

at

100.00

28,860,788

Syracuse

Industrial

Development

Authority,

New

York,

PILOT

Revenue

Bonds,

Carousel

Center

Project,

Refunding

Series

2016A:

5,750

5.000%,

1/01/29,

(AMT)

1/26

at

100.00

4,346,912

1,930

5.000%,

1/01/32,

(AMT)

1/26

at

100.00

1,457,584

1,250

5.000%,

1/01/34,

(AMT)

1/26

at

100.00

945,533

5,430

5.000%,

1/01/36,

(AMT)

1/26

at

100.00

4,115,943

95

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

2,340

Triborough

Bridge

and

Tunnel

Authority,

New

York,

Payroll

Mobility

Tax

Bonds,

Senior

Lien

Series

2021B-1,

4.000%,

5/15/56

5/31

at

100.00

$

2,235,860

9,500

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

9,187,600

1,650

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

1,768,870

2,255

Triborough

Bridge

and

Tunnel

Authority,

New

York,

Payroll

Mobility

Tax

Senior

Lien

Bonds,

Series

2022C,

4.125%,

5/15/52

5/32

at

100.00

2,214,136

Total

Tax

Obligation/Limited

214,069,285

Transportation

-

30.5%

2,700

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Green

Climate

Bond

Certified

Series

2016A-1,

5.250%,

11/15/56

5/26

at

100.00

2,759,455

2,000

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Green

Climate

Bond

Certified

Series

2020A-1,

5.000%,

11/15/48

5/30

at

100.00

2,100,054

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Green

Climate

Bond

Certified

Series

2020C-1:

3,600

4.750%,

11/15/45

5/30

at

100.00

3,706,870

9,200

5.000%,

11/15/50

5/30

at

100.00

9,629,847

2,000

5.250%,

11/15/55

5/30

at

100.00

2,119,009

2,500

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Refunding

Green

Series

2016B,

5.000%,

11/15/37

11/26

at

100.00

2,595,409

7,500

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Refunding

Series

2015D-1,

5.000%,

11/15/30

11/25

at

100.00

7,697,551

6,655

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Refunding

Series

2017D,

4.000%,

11/15/42

5/28

at

100.00

6,530,826

5,800

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Series

2014D-1,

5.000%,

11/15/39

11/24

at

100.00

5,834,001

8,450

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Series

2015C-1,

5.250%,

11/15/30

11/25

at

100.00

8,707,112

2,500

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Series

2016C-1,

5.000%,

11/15/34

11/26

at

100.00

2,611,805

New

York

City

Industrial

Development

Agency,

New

York,

Civic

Facility

Revenue

Bonds,

Bronx

Parking

Development

Company,

LLC

Project,

Series

2007:

2,800

(c)

5.750%,

10/01/37

4/24

at

100.00

1,960,000

2,000

(c)

2.350%,

10/01/46

4/24

at

100.00

1,400,000

8,195

New

York

City,

Industrial

Development

Agency,

Senior

Airport

Facilities

Revenue

Refunding

Bonds,

TrIPs

Obligated

Group,

Series

2012A,

5.000%,

7/01/28,

(AMT)

4/24

at

100.00

8,197,054

2,695

New

York

Liberty

Development

Corporation,

New

York,

Liberty

Revenue

Bonds,

Secured

by

Port

Authority

Consolidated

Bonds,

Refunding

Series

1WTC-2021,

4.000%,

2/15/43

-

BAM

Insured

2/30

at

100.00

2,710,137

New

York

State

Thruway

Authority,

General

Revenue

Bonds,

Series

2020N:

5,000

4.000%,

1/01/42

1/30

at

100.00

5,002,191

3,000

4.000%,

1/01/43

1/30

at

100.00

2,985,927

8,515

New

York

State

Thruway

Authority,

General

Revenue

Junior

Indebtedness

Obligations,

Series

2016A,

5.000%,

1/01/51

1/26

at

100.00

8,632,732

New

York

Transportation

Development

Corporation,

New

York,

Facility

Revenue

Bonds,

Thruway

Service

Areas

Project,

Series

2021:

1,915

4.000%,

10/31/41,

(AMT)

10/31

at

100.00

1,766,936

3,720

4.000%,

10/31/46,

(AMT)

10/31

at

100.00

3,292,751

23,765

4.000%,

4/30/53,

(AMT)

10/31

at

100.00

20,152,815

New

York

Transportation

Development

Corporation,

New

York,

Special

Facilities

Bonds,

LaGuardia

Airport

Terminal

B

Redevelopment

Project,

Series

2016A:

4,750

4.000%,

7/01/31,

(AMT)

7/24

at

100.00

4,663,988

12,020

5.000%,

7/01/46,

(AMT)

7/24

at

100.00

11,955,504

24,965

5.250%,

1/01/50,

(AMT)

7/24

at

100.00

24,971,878

Nuveen

New

York

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

96

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Transportation

(continued)

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

American

Airlines,

Inc.

John

F

Kennedy

International

Airport

Project,

Refunding

Series

2016:

$

8,865

5.000%,

8/01/26,

(AMT)

3/24

at

100.00

$

8,867,261

12,610

5.000%,

8/01/31,

(AMT)

3/24

at

100.00

12,610,604

1,745

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

American

Airlines,

Inc.

John

F

Kennedy

International

Airport

Project,

Series

2020,

5.375%,

8/01/36,

(AMT)

8/30

at

100.00

1,823,359

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

New

Terminal

1

John

F

Kennedy

International

Airport

Project,

Green

Series

2023:

2,080

6.000%,

6/30/54,

(AMT)

6/31

at

100.00

2,291,056

14,915

5.375%,

6/30/60,

(AMT)

6/31

at

100.00

15,658,902

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

Terminal

4

John

F

Kennedy

International

Airport

Project,

Series

2020A:

2,500

5.000%,

12/01/24,

(AMT)

No

Opt.

Call

2,513,154

1,280

5.000%,

12/01/37,

(AMT)

12/30

at

100.00

1,350,905

215

4.000%,

12/01/38,

(AMT)

12/30

at

100.00

209,098

120

4.000%,

12/01/39,

(AMT)

12/30

at

100.00

116,271

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

Terminal

4

John

F

Kennedy

International

Airport

Project,

Series

2020C:

1,540

5.000%,

12/01/34

12/30

at

100.00

1,673,526

1,745

5.000%,

12/01/35

12/30

at

100.00

1,888,255

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

Terminal

4

John

F

Kennedy

International

Airport

Project,

Series

2022:

2,010

5.000%,

12/01/35,

(AMT)

12/32

at

100.00

2,188,494

10,000

5.000%,

12/01/36,

(AMT)

12/32

at

100.00

10,781,466

3,000

5.000%,

12/01/37,

(AMT)

12/32

at

100.00

3,207,488

1,000

5.000%,

12/01/40,

(AMT)

12/32

at

100.00

1,054,311

New

York

Transportation

Development

Corporation,

Special

Facility

Revenue

Bonds,

Delta

Air

Lines,

Inc.

-

LaGuardia

Airport

Terminals

C&D

Redevelopment

Project,

Series

2018:

1,300

5.000%,

1/01/27,

(AMT)

No

Opt.

Call

1,337,155

10,200

5.000%,

1/01/28,

(AMT)

No

Opt.

Call

10,594,569

10,035

5.000%,

1/01/31,

(AMT)

1/28

at

100.00

10,375,191

1,300

New

York

Transportation

Development

Corporation,

Special

Facility

Revenue

Bonds,

Delta

Air

Lines,

Inc.

-

LaGuardia

Airport

Terminals

C&D

Redevelopment

Project,

Series

2020,

4.375%,

10/01/45,

(AMT)

10/30

at

100.00

1,282,744

5,400

New

York

Transportation

Development

Corporation,

Special

Facility

Revenue

Bonds,

Delta

Air

Lines,

Inc.

-

LaGuardia

Airport

Terminals

C&D

Redevelopment

Project,

Series

2023,

6.000%,

4/01/35,

(AMT)

4/31

at

100.00

6,098,475

Niagara

Frontier

Transportation

Authority,

New

York,

Airport

Revenue

Bonds,

Buffalo

International

Airport,

Series

2014A:

2,000

5.000%,

4/01/25,

(AMT)

4/24

at

100.00

2,001,347

3,775

5.000%,

4/01/26,

(AMT)

4/24

at

100.00

3,775,979

480

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

One

Hundred

Eighty-Ninth

Series

2015,

5.000%,

5/01/45

5/25

at

100.00

485,736

15,000

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

One

Hundred

Ninety-Eighth

Series

2016,

5.250%,

11/15/56

11/26

at

100.00

15,433,875

2,500

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Eighteen

Series

2019,

5.000%,

11/01/44,

(AMT)

11/29

at

100.00

2,603,903

10,230

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Fifth

Series

2017,

5.000%,

11/15/47

11/27

at

100.00

10,681,496

5,000

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Thirty-Six

Series

2022,

5.000%,

1/15/47,

(AMT)

1/33

at

100.00

5,304,682

4,800

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Twentieth

Series

2019,

4.000%,

11/01/59,

(AMT)

11/29

at

100.00

4,403,527

8,055

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

8,489,785

97

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Transportation

(continued)

$

3,905

Triborough

Bridge

and

Tunnel

Authority,

New

York,

General

Purpose

Revenue

Bonds,

MTA

Bridges

&

Tunnels,

Series

2014A,

5.000%,

11/15/39

5/24

at

100.00

$

3,912,801

10,900

Triborough

Bridge

and

Tunnel

Authority,

New

York,

General

Purpose

Revenue

Bonds,

MTA

Bridges

&

Tunnels,

Series

2019A,

5.000%,

11/15/49

5/29

at

100.00

11,464,431

5,000

Triborough

Bridge

and

Tunnel

Authority,

New

York,

General

Revenue

Bonds,

MTA

Bridges

&

Tunnels,

Series

2021A,

5.000%,

11/15/56

5/31

at

100.00

5,340,398

Total

Transportation

321,804,096

U.S.

Guaranteed

-

2.0%

(d)

1,230

Build

New

York

City

Resource

Corporation,

New

York,

Revenue

Bonds,

YMCA

of

Greater

New

York

Project,

Series

2015,

4.000%,

8/01/36,

(Pre-refunded

8/01/25)

8/25

at

100.00

1,247,934

Dormitory

Authority

of

the

State

of

New

York,

Insured

Revenue

Bonds,

Touro

College

and

University

System,

Series

2014A:

2,930

5.500%,

1/01/39,

(Pre-refunded

7/01/24)

7/24

at

100.00

2,951,037

3,065

5.500%,

1/01/44,

(Pre-refunded

7/01/24)

7/24

at

100.00

3,087,006

5

Dormitory

Authority

of

the

State

of

New

York,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose

Series

2015B

Group

B,

5.000%,

2/15/32,

(Pre-refunded

2/15/25)

2/25

at

100.00

5,094

3,290

Dormitory

Authority

of

the

State

of

New

York,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose

Series

2015E,

4.000%,

3/15/28,

(Pre-

refunded

9/15/25)

9/25

at

100.00

3,350,382

7,255

Dormitory

Authority

of

the

State

of

New

York,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose

Series

2022A,

5.000%,

3/15/25,

(ETM)

No

Opt.

Call

7,410,629

2,885

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Water

and

Sewer

System

Second

General

Resolution

Revenue

Bonds,

Fiscal

2015

Series

GG,

5.000%,

6/15/27,

(Pre-refunded

6/15/25)

6/25

at

100.00

2,961,632

Total

U.S.

Guaranteed

21,013,714

Utilities

-

5.0%

4,875

Long

Island

Power

Authority,

New

York,

Electric

System

General

Revenue

Bonds,

Green

Series

2023E,

5.000%,

9/01/53

9/33

at

100.00

5,364,005

Long

Island

Power

Authority,

New

York,

Electric

System

General

Revenue

Bonds,

Series

2000A:

2,000

0.000%,

6/01/24

-

AGM

Insured

No

Opt.

Call

1,981,520

2,000

0.000%,

6/01/25

-

AGM

Insured

No

Opt.

Call

1,910,554

Long

Island

Power

Authority,

New

York,

Electric

System

General

Revenue

Bonds,

Series

2017:

2,215

5.000%,

9/01/42

9/27

at

100.00

2,318,740

695

5.000%,

9/01/47

9/27

at

100.00

721,800

5,000

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Water

and

Sewer

System

Second

General

Resolution

Revenue

Bonds,

Fiscal

2017

Series

DD,

5.250%,

6/15/47

12/26

at

100.00

5,234,897

7,465

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

7,744,344

9,885

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Water

and

Sewer

System

Second

General

Resolution

Revenue

Bonds,

Fiscal

2020

Series

CC-1,

4.000%,

6/15/49

12/29

at

100.00

9,669,074

4,980

New

York

State

Power

Authority,

General

Revenue

Bonds,

Series

2020A,

4.000%,

11/15/55

5/30

at

100.00

4,810,486

4,080

New

York

State

Power

Authority,

Green

Transmission

Project

Revenue

Bonds,

Green

Series

2023A,

5.000%,

11/15/48

-

AGM

Insured

11/33

at

100.00

4,540,748

Nuveen

New

York

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

February

29,

2024

98

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Utilities

(continued)

$

9,400

Niagara

Area

Development

Corporation,

New

York,

Solid

Waste

Disposal

Facility

Revenue

Refunding

Bonds,

Covanta

Energy

Project,

Series

2018A,

4.750%,

11/01/42,

(AMT),

144A

4/24

at

100.00

$

8,167,049

Total

Utilities

52,463,217

Total

Municipal

Bonds

(cost

$1,015,799,614)

1,029,593,557

Total

Long-Term

Investments

(cost

$1,015,799,614)

1,029,593,557

Other

Assets

&

Liabilities,

Net

-

2.6%

26,987,289

Net

Assets

-

100%

$

1,056,580,846

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(c)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(d)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

ETM

Escrowed

to

maturity

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

99

February

29,

2024

California

High

Yield

California

Connecticut

Massachusetts

New

Jersey

New

York

ASSETS

Long-term

investments,

at

value

†

$

1,332,024,916‌

$

1,656,493,230‌

$

224,608,488‌

$

563,192,259‌

$

384,860,176‌

$

1,029,593,557‌

Short-term

investments,

at

value

◊

4,925,000‌

13,000,000‌

11,000,000‌

18,245,000‌

6,905,000‌

–‌

Cash

20,813,116‌

22,605,587‌

4,501,195‌

–‌

1,782,736‌

15,542,316‌

Receivables:

Interest

21,205,498‌

19,392,157‌

2,343,250‌

5,791,540‌

3,977,504‌

12,529,568‌

Investments

sold

45,000‌

–‌

–‌

2,826,312‌

412,040‌

1,934,105‌

Shares

sold

1,424,107‌

3,387,581‌

49,800‌

290,878‌

1,387,323‌

729,993‌

Unfunded

commitments

1,360,388‌

–‌

–‌

–‌

–‌

–‌

Other

114,858‌

204,506‌

77,190‌

45,782‌

34,426‌

243,168‌

Total

assets

1,381,912,883‌

1,715,083,061‌

242,579,923‌

590,391,771‌

399,359,205‌

1,060,572,707‌

LIABILITIES

Cash

overdraft

–‌

–‌

–‌

1,573,297‌

–‌

–‌

Floating

rate

obligations

272,904,000‌

–‌

–‌

–‌

–‌

–‌

Payables:

Management

fees

465,649‌

639,729‌

95,121‌

229,140‌

152,911‌

402,482‌

Dividends

410,780‌

1,038,296‌

73,131‌

154,965‌

144,490‌

473,061‌

Interest

2,382,193‌

3,484‌

444‌

1,356‌

855‌

2,432‌

Investments

purchased

-

when-issued/delayed-

delivery

settlement

–‌

–‌

1,430,000‌

–‌

8,074,225‌

–‌

Shares

redeemed

3,102,920‌

3,511,677‌

275,436‌

1,040,301‌

751,125‌

2,541,004‌

Accrued

expenses:

Custodian

fees

105,545‌

117,458‌

28,294‌

65,112‌

43,310‌

112,284‌

Trustees

fees

80,999‌

201,842‌

72,795‌

29,928‌

33,568‌

211,712‌

Professional

fees

60,481‌

56,141‌

33,232‌

39,857‌

36,377‌

47,531‌

Shareholder

reporting

expenses

16,257‌

16,562‌

728‌

5,731‌

3,984‌

5,011‌

Shareholder

servicing

agent

fees

97,989‌

174,709‌

14,651‌

76,996‌

47,756‌

104,030‌

12b-1

distribution

and

service

fees

108,964‌

146,031‌

21,884‌

45,831‌

37,642‌

91,580‌

Other

1,928‌

893‌

411‌

685‌

797‌

734‌

Total

liabilities

279,737,705‌

5,906,822‌

2,046,127‌

3,263,199‌

9,327,040‌

3,991,861‌

Commitments

and

contingencies

(1)

Net

assets

$

1,102,175,178‌

$

1,709,176,239‌

$

240,533,796‌

$

587,128,572‌

$

390,032,165‌

$

1,056,580,846‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

$

1,366,751,956‌

$

1,902,650,659‌

$

262,296,572‌

$

643,627,332‌

$

410,605,850‌

$

1,169,186,307‌

Total

distributable

earnings

(loss)

(

264,576,778‌

)

(

193,474,420‌

)

(

21,762,776‌

)

(

56,498,760‌

)

(

20,573,685‌

)

(

112,605,461‌

)

Net

assets

$

1,102,175,178‌

$

1,709,176,239‌

$

240,533,796‌

$

587,128,572‌

$

390,032,165‌

$

1,056,580,846‌

†

Long-term

investments,

cost

$

1,368,756,508‌

$

1,683,951,038‌

$

231,228,242‌

$

565,502,472‌

$

394,270,366‌

$

1,015,799,614‌

◊

Short-term

investments,

cost

$

4,925,000‌

$

13,000,000‌

$

11,000,000‌

$

18,245,000‌

$

6,905,000‌

$

—‌

Statement

of

Assets

and

Liabilities

(continued)

See

Notes

to

Financial

Statements

100

California

High

Yield

California

Connecticut

Massachusetts

New

Jersey

New

York

CLASS

A:

Net

assets

$

525,971,690‌

$

777,264,075‌

$

118,240,776‌

$

262,818,778‌

$

190,652,775‌

$

485,499,221‌

Shares

outstanding

66,515,171‌

76,726,065‌

12,283,263‌

28,149,862‌

17,937,313‌

49,144,497‌

Net

asset

value

("NAV")

per

share

$

7.91‌

$

10.13‌

$

9.63‌

$

9.34‌

$

10.63‌

$

9.88‌

Maximum

sales

charge

4.20%

4.20%

4.20%

4.20%

4.20%

4.20%

Offering

price

per

share

(NAV

per

share

plus

maximum

sales

charge)

$

8.26‌

$

10.57‌

$

10.05‌

$

9.75‌

$

11.10‌

$

10.31‌

CLASS

C:

Net

assets

$

29,844,434‌

$

28,730,966‌

$

4,035,925‌

$

4,637,910‌

$

9,236,636‌

$

18,114,748‌

Shares

outstanding

3,777,221‌

2,847,904‌

420,110‌

500,598‌

873,204‌

1,835,512‌

NAV

and

offering

price

per

share

$

7.90‌

$

10.09‌

$

9.61‌

$

9.26‌

$

10.58‌

$

9.87‌

CLASS

I:

Net

assets

$

546,359,054‌

$

903,181,198‌

$

118,257,095‌

$

319,671,884‌

$

190,142,754‌

$

552,966,877‌

Shares

outstanding

69,155,044‌

89,112,505‌

12,258,598‌

34,224,608‌

17,828,645‌

55,939,021‌

NAV

and

offering

price

per

share

$

7.90‌

$

10.14‌

$

9.65‌

$

9.34‌

$

10.67‌

$

9.89‌

Authorized

shares

-

per

class

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

per

share

$

0.01

$

0.01

$

0.01

$

0.01

$

0.01

$

0.01

(1)

As

disclosed

in

Notes

to

Financial

Statements.

Statement

of

Operations

See

Notes

to

Financial

Statements

101

Year

Ended

February

29,

2024

California

High

Yield

California

Connecticut

Massachusetts

INVESTMENT

INCOME

Interest

$

66,533,862‌

$

73,556,813‌

$

8,116,848‌

$

22,491,803‌

Total

investment

income

66,533,862‌

73,556,813‌

8,116,848‌

22,491,803‌

EXPENSES

–

–

–

–

Management

fees

5,879,059‌

7,967,940‌

1,100,323‌

3,005,575‌

12b-1

service

fees

-

Class

A

1,078,995‌

1,487,645‌

233,127‌

498,182‌

12b-1

distribution

and

service

fees

-

Class

C

344,945‌

322,805‌

42,283‌

50,830‌

Shareholder

servicing

agent

fees

-

Class

A

179,030‌

266,282‌

39,694‌

127,775‌

Shareholder

servicing

agent

fees

-

Class

C

11,498‌

11,360‌

1,437‌

2,547‌

Shareholder

servicing

agent

fees

-

Class

I

175,973‌

319,406‌

32,882‌

178,005‌

Interest

expense

11,096,059‌

237,046‌

51,118‌

96,566‌

Trustees

fees

36,973‌

55,819‌

7,275‌

20,243‌

Custodian

expenses,

net

87,507‌

115,173‌

23,358‌

45,401‌

Registration

fees

39,073‌

8,621‌

6,927‌

6,930‌

Professional

fees

453,762‌

22,039‌

30,361‌

28,714‌

Shareholder

reporting

expenses

57,474‌

65,984‌

15,269‌

33,895‌

Other

26,525‌

30,188‌

15,003‌

20,609‌

Total

expenses

19,466,873‌

10,910,308‌

1,599,057‌

4,115,272‌

Net

investment

income

(loss)

47,066,989‌

62,646,505‌

6,517,791‌

18,376,531‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

(

53,524,182‌

)

(

9,825,082‌

)

(

2,296,563‌

)

(

21,992,068‌

)

Futures

contracts

(

665,095‌

)

—‌

—‌

—‌

Net

realized

gain

(loss)

(

54,189,277‌

)

(

9,825,082‌

)

(

2,296,563‌

)

(

21,992,068‌

)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

56,713,967‌

30,700,696‌

7,815,476‌

27,454,171‌

Futures

contracts

(

323,835‌

)

—‌

—‌

—‌

Net

change

in

unrealized

appreciation

(depreciation)

56,390,132‌

30,700,696‌

7,815,476‌

27,454,171‌

Net

realized

and

unrealized

gain

(loss)

2,200,855‌

20,875,614‌

5,518,913‌

5,462,103‌

Net

increase

(decrease)

in

net

assets

from

operations

$

49,267,844‌

$

83,522,119‌

$

12,036,704‌

$

23,838,634‌

Statement

of

Operations

(continued)

See

Notes

to

Financial

Statements

102

Year

Ended

February

29,

2024

New

Jersey

New

York

INVESTMENT

INCOME

Interest

$

15,219,905‌

$

49,338,195‌

Total

investment

income

15,219,905‌

49,338,195‌

EXPENSES

–

–

Management

fees

1,984,732‌

5,233,656‌

12b-1

service

fees

-

Class

A

410,799‌

1,043,286‌

12b-1

distribution

and

service

fees

-

Class

C

93,371‌

215,492‌

Shareholder

servicing

agent

fees

-

Class

A

94,130‌

211,725‌

Shareholder

servicing

agent

fees

-

Class

C

4,293‌

8,692‌

Shareholder

servicing

agent

fees

-

Class

I

84,255‌

218,858‌

Interest

expense

161,329‌

225,840‌

Trustees

fees

13,131‌

35,618‌

Custodian

expenses,

net

49,288‌

80,252‌

Registration

fees

3,079‌

4,680‌

Professional

fees

22,640‌

35,060‌

Shareholder

reporting

expenses

25,618‌

52,648‌

Other

18,787‌

29,298‌

Total

expenses

2,965,452‌

7,395,105‌

Net

investment

income

(loss)

12,254,453‌

41,943,090‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

(

7,767,232‌

)

(

15,161,768‌

)

Net

realized

gain

(loss)

(

7,767,232‌

)

(

15,161,768‌

)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

14,077,877‌

31,160,744‌

Net

change

in

unrealized

appreciation

(depreciation)

14,077,877‌

31,160,744‌

Net

realized

and

unrealized

gain

(loss)

6,310,645‌

15,998,976‌

Net

increase

(decrease)

in

net

assets

from

operations

$

18,565,098‌

$

57,942,066‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

103

California

High

Yield

California

Year

Ended

2/29/24

Year

Ended

2/28/23

Year

Ended

2/29/24

Year

Ended

2/28/23

OPERATIONS

Net

investment

income

(loss)

$

47,066,989‌

$

53,899,600‌

$

62,646,505‌

$

64,589,687‌

Net

realized

gain

(loss)

(

54,189,277‌

)

(

139,804,221‌

)

(

9,825,082‌

)

(

112,059,844‌

)

Net

change

in

unrealized

appreciation

(depreciation)

56,390,132‌

(

143,368,420‌

)

30,700,696‌

(

136,851,956‌

)

Net

increase

(decrease)

in

net

assets

from

operations

49,267,844‌

(

229,273,041‌

)

83,522,119‌

(

184,322,113‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

(

22,579,161‌

)

(

27,018,250‌

)

(

27,112,106‌

)

(

25,353,088‌

)

Class

C

(

1,176,943‌

)

(

1,747,787‌

)

(

924,819‌

)

(

959,001‌

)

Class

I

(

23,509,180‌

)

(

27,506,860‌

)

(

34,796,759‌

)

(

34,165,662‌

)

Total

distributions

(

47,265,284‌

)

(

56,272,897‌

)

(

62,833,684‌

)

(

60,477,751‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

520,621,315‌

1,108,231,529‌

833,336,788‌

1,818,458,016‌

Reinvestments

of

distributions

41,870,306‌

49,195,525‌

50,334,162‌

48,451,888‌

Redemptions

(

617,717,505‌

)

(

1,200,890,075‌

)

(

894,089,614‌

)

(

2,239,129,227‌

)

Net

increase

(decrease)

from

Fund

share

transactions

(

55,225,884‌

)

(

43,463,021‌

)

(

10,418,664‌

)

(

372,219,323‌

)

Net

increase

(decrease)

in

net

assets

(

53,223,324‌

)

(

329,008,959‌

)

10,269,771‌

(

617,019,187‌

)

Net

assets

at

the

beginning

of

period

1,155,398,502‌

1,484,407,461‌

1,698,906,468‌

2,315,925,655‌

Net

assets

at

the

end

of

period

$

1,102,175,178‌

$

1,155,398,502‌

$

1,709,176,239‌

$

1,698,906,468‌

See

Notes

to

Financial

Statements

104

Statement

of

Changes

in

Net

Assets

(continued)

Connecticut

Massachusetts

Year

Ended

2/29/24

Year

Ended

2/28/23

Year

Ended

2/29/24

Year

Ended

2/28/23

OPERATIONS

Net

investment

income

(loss)

$

6,517,791‌

$

6,086,566‌

$

18,376,531‌

$

14,884,333‌

Net

realized

gain

(loss)

(

2,296,563‌

)

(

8,410,205‌

)

(

21,992,068‌

)

(

20,683,203‌

)

Net

change

in

unrealized

appreciation

(depreciation)

7,815,476‌

(

20,343,263‌

)

27,454,171‌

(

44,563,114‌

)

Net

increase

(decrease)

in

net

assets

from

operations

12,036,704‌

(

22,666,902‌

)

23,838,634‌

(

50,361,984‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

(

3,289,051‌

)

(

3,279,022‌

)

(

7,159,982‌

)

(

4,332,832‌

)

Class

C

(

84,969‌

)

(

77,632‌

)

(

103,532‌

)

(

96,534‌

)

Class

I

(

2,930,546‌

)

(

2,515,037‌

)

(

10,889,096‌

)

(

9,254,748‌

)

Total

distributions

(

6,304,566‌

)

(

5,871,691‌

)

(

18,152,610‌

)

(

13,684,114‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

98,140,662‌

53,358,459‌

315,430,756‌

554,548,104‌

Reinvestments

of

distributions

5,441,452‌

4,877,965‌

16,138,304‌

11,959,762‌

Redemptions

(

82,633,702‌

)

(

99,936,740‌

)

(

378,046,582‌

)

(

591,620,238‌

)

Net

increase

(decrease)

from

Fund

share

transactions

20,948,412‌

(

41,700,316‌

)

(

46,477,522‌

)

(

25,112,372‌

)

Net

increase

(decrease)

in

net

assets

26,680,550‌

(

70,238,909‌

)

(

40,791,498‌

)

(

89,158,470‌

)

Net

assets

at

the

beginning

of

period

213,853,246‌

284,092,155‌

627,920,070‌

717,078,540‌

Net

assets

at

the

end

of

period

$

240,533,796‌

$

213,853,246‌

$

587,128,572‌

$

627,920,070‌

See

Notes

to

Financial

Statements

105

New

Jersey

New

York

Year

Ended

2/29/24

Year

Ended

2/28/23

Year

Ended

2/29/24

Year

Ended

2/28/23

OPERATIONS

Net

investment

income

(loss)

$

12,254,453‌

$

11,799,839‌

$

41,943,090‌

$

40,108,051‌

Net

realized

gain

(loss)

(

7,767,232‌

)

(

3,680,942‌

)

(

15,161,768‌

)

(

72,551,004‌

)

Net

change

in

unrealized

appreciation

(depreciation)

14,077,877‌

(

35,499,545‌

)

31,160,744‌

(

69,974,677‌

)

Net

increase

(decrease)

in

net

assets

from

operations

18,565,098‌

(

27,380,648‌

)

57,942,066‌

(

102,417,630‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

(

6,064,783‌

)

(

5,468,531‌

)

(

19,510,462‌

)

(

16,774,425‌

)

Class

C

(

202,780‌

)

(

208,787‌

)

(

628,686‌

)

(

671,232‌

)

Class

I

(

5,849,312‌

)

(

5,451,636‌

)

(

21,290,301‌

)

(

19,973,011‌

)

Total

distributions

(

12,116,875‌

)

(

11,128,954‌

)

(

41,429,449‌

)

(

37,418,668‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

150,343,480‌

346,156,508‌

455,467,099‌

870,935,359‌

Reinvestments

of

distributions

10,398,555‌

9,565,719‌

35,148,859‌

31,345,056‌

Redemptions

(

192,953,009‌

)

(

336,095,819‌

)

(

584,203,082‌

)

(

888,636,395‌

)

Net

increase

(decrease)

from

Fund

share

transactions

(

32,210,974‌

)

19,626,408‌

(

93,587,124‌

)

13,644,020‌

Net

increase

(decrease)

in

net

assets

(

25,762,751‌

)

(

18,883,194‌

)

(

77,074,507‌

)

(

126,192,278‌

)

Net

assets

at

the

beginning

of

period

415,794,916‌

434,678,110‌

1,133,655,353‌

1,259,847,631‌

Net

assets

at

the

end

of

period

$

390,032,165‌

$

415,794,916‌

$

1,056,580,846‌

$

1,133,655,353‌

Statement

of

Cash

Flows

See

Notes

to

Financial

Statements

106

Year

Ended

February

29,

2024

California

High

Yield

CASH

FLOWS

FROM

OPERATING

ACTIVITIES

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

$

49,267,844‌

Adjustments

to

reconcile

the

net

increase

(decrease)

in

net

assets

from

operations

to

net

cash

provided

by

(used

in)

operating

activities:

Purchases

of

investments

(

511,870,434‌

)

Proceeds

from

sale

and

maturities

of

investments

732,135,723‌

Proceeds

from

(Purchase

of)

short-term

investments,

net

(

4,925,000‌

)

Amortization

(Accretion)

of

premiums

and

discounts,

net

(

6,938,906‌

)

(Increase)

Decrease

in:

Receivable

for

interest

6,454,441‌

Receivable

for

investments

sold

8,471,550‌

Other

assets

(

2,194‌

)

Increase

(Decrease)

in:

Payable

for

interest

(

2,710,923‌

)

Payable

for

investments

purchased

-

regular

settlement

(

5,334,507‌

)

Payable

for

investments

purchased

-

when-issued/delayed-delivery

settlement

(

6,694,537‌

)

Payable

for

variation

margin

on

futures

contracts

(

14,828‌

)

Payable

for

management

fees

(

43,814‌

)

Accrued

custodian

fees

(

26,153‌

)

Accrued

12b-1

distribution

and

service

fees

(

19,208‌

)

Accrued

Trustees

fees

5,885‌

Accrued

professional

fees

32,403‌

Accrued

shareholder

reporting

expenses

(

12,328‌

)

Accrued

shareholder

servicing

agent

fees

(

31,100‌

)

Accrued

other

expenses

(

32,889‌

)

Net

realized

(gain)

loss

from

investments

53,524,182‌

Net

realized

(gain)

loss

from

paydowns

(

8,323‌

)

Net

change

in

unrealized

(appreciation)

depreciation

of

investments

(

56,713,967‌

)

Net

cash

provided

by

(used

in)

operating

activities

254,512,917‌

CASH

FLOWS

FROM

FINANCING

ACTIVITIES

Proceeds

from

borrowings

96,786,411‌

(Repayments)

of

borrowings

(

149,486,411‌

)

Proceeds

from

floating

rate

obligations

129,215,000‌

(Repayments

of)

floating

rate

obligations

(

209,924,000‌

)

Increase

(Decrease)

in:

Cash

overdraft

(

36,924‌

)

Cash

distributions

paid

to

common

shareholders

(

5,504,298‌

)

Subscriptions

520,625,000‌

Redemptions

(

617,119,829‌

)

Net

cash

provided

by

(used

in)

financing

activities

(

235,445,051‌

)

Net

increase

(decrease)

in

Cash

19,067,866‌

Cash

at

the

beginning

of

period

1,745,250‌

Cash

at

the

end

of

period

$

20,813,116‌

SUPPLEMENTAL

DISCLOSURE

OF

CASH

FLOW

INFORMATION

California

High

Yield

Cash

paid

for

interest

$

13,543,095‌

Non-cash

financing

activities

not

included

herein

consists

of

reinvestments

of

share

distributions

41,870,306‌

Financial

Highlights

107

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

California

High

Yield

Class

A

2/29/24

$

7.91

$

0.33

$

(

0.01

)

$

0.32

$

(

0.32

)

$

—

$

(

0.32

)

$

7.91

2/28/23

9.89

0.36

(

1.96

)

(

1.60

)

(

0.38

)

—

(

0.38

)

7.91

2/28/22

10.17

0.38

(

0.27

)

0.11

(

0.39

)

—

(

0.39

)

9.89

2/28/21

10.62

0.40

(

0.47

)

(

0.07

)

(

0.38

)

—

(

0.38

)

10.17

2/29/20

9.51

0.37

1.11

1.48

(

0.37

)

—

(

0.37

)

10.62

Class

C

2/29/24

7.90

0.26

—

0.26

(

0.26

)

—

(

0.26

)

7.90

2/28/23

9.88

0.30

(

1.97

)

(

1.67

)

(

0.31

)

—

(

0.31

)

7.90

2/28/22

10.16

0.30

(

0.27

)

0.03

(

0.31

)

—

(

0.31

)

9.88

2/28/21

10.61

0.32

(

0.47

)

(

0.15

)

(

0.30

)

—

(

0.30

)

10.16

2/29/20

9.50

0.29

1.11

1.40

(

0.29

)

—

(

0.29

)

10.61

Class

I

2/29/24

7.90

0.34

—

0.34

(

0.34

)

—

(

0.34

)

7.90

2/28/23

9.89

0.38

(

1.97

)

(

1.59

)

(

0.40

)

—

(

0.40

)

7.90

2/28/22

10.17

0.40

(

0.27

)

0.13

(

0.41

)

—

(

0.41

)

9.89

2/28/21

10.61

0.42

(

0.46

)

(

0.04

)

(

0.40

)

—

(

0.40

)

10.17

2/29/20

9.50

0.39

1.11

1.50

(

0.39

)

—

(

0.39

)

10.61

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.  

(c)

The

Fund

has

a

contractual

fee

waiver/expense

reimbursement

agreement

with

the

Adviser,

but

did

not

receive

a

fee

waiver/expense

reimbursement

during

the

periods

presented

herein.

See

Notes

to

Financial

Statements

for

more

information.

(d)

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Notes

to

Financial

Statements

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Notes

to

Financial

Statements.

See

Notes

to

Financial

Statements

108

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Expenses

Including

Interest(c),(d)

Expenses

Excluding

Interest(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate

4

.28‌

%

$

525,972

1

.83‌

%

0

.83‌

%

4

.20‌

%

38‌

%

(

16

.24‌

)

557,165

1

.51‌

0

.81‌

4

.37‌

59‌

0

.97‌

730,028

0

.97‌

0

.78‌

3

.66‌

13‌

(

0

.53‌

)

635,387

1

.09‌

0

.80‌

4

.00‌

22‌

15

.84‌

659,621

1

.21‌

0

.80‌

3

.64‌

2‌

3

.48‌

29,844

2

.63‌

1

.63‌

3

.37‌

38‌

(

16

.95‌

)

40,345

2

.31‌

1

.61‌

3

.56‌

59‌

0

.15‌

64,538

1

.77‌

1

.58‌

2

.86‌

13‌

(

1

.33‌

)

71,002

1

.89‌

1

.60‌

3

.20‌

22‌

14

.94‌

86,897

2

.01‌

1

.60‌

2

.85‌

2‌

4

.53‌

546,359

1

.63‌

0

.63‌

4

.36‌

38‌

(

16

.16‌

)

557,889

1

.31‌

0

.61‌

4

.53‌

59‌

1

.14‌

689,842

0

.77‌

0

.58‌

3

.85‌

13‌

(

0

.26‌

)

607,992

0

.89‌

0

.60‌

4

.19‌

22‌

16

.06‌

695,396

1

.01‌

0

.60‌

3

.84‌

2‌

109

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

California

Class

A

2/29/24

$

10.00

$

0.36

$

0.13

$

0.49

$

(

0.36

)

$

—

$

(

0.36

)

$

10.13

2/28/23

11.17

0.33

(

1.19

)

(

0.86

)

(

0.31

)

—

(

0.31

)

10.00

2/28/22

11.49

0.26

(

0.32

)

(

0.06

)

(

0.26

)

—

(

0.26

)

11.17

2/28/21

11.81

0.29

(

0.33

)

(

0.04

)

(

0.28

)

—

(

0.28

)

11.49

2/29/20

10.96

0.32

0.87

1.19

(

0.34

)

—

(

0.34

)

11.81

Class

C

2/29/24

9.96

0.28

0.14

0.42

(

0.29

)

—

(

0.29

)

10.09

2/28/23

11.13

0.25

(

1.19

)

(

0.94

)

(

0.23

)

—

(

0.23

)

9.96

2/28/22

11.45

0.17

(

0.33

)

(

0.16

)

(

0.16

)

—

(

0.16

)

11.13

2/28/21

11.76

0.20

(

0.32

)

(

0.12

)

(

0.19

)

—

(

0.19

)

11.45

2/29/20

10.92

0.23

0.86

1.09

(

0.25

)

—

(

0.25

)

11.76

Class

I

2/29/24

10.00

0.38

0.15

0.53

(

0.39

)

—

(

0.39

)

10.14

2/28/23

11.19

0.35

(

1.21

)

(

0.86

)

(

0.33

)

—

(

0.33

)

10.00

2/28/22

11.51

0.28

(

0.32

)

(

0.04

)

(

0.28

)

—

(

0.28

)

11.19

2/28/21

11.82

0.31

(

0.31

)

—

(

0.31

)

—

(

0.31

)

11.51

2/29/20

10.97

0.35

0.86

1.21

(

0.36

)

—

(

0.36

)

11.82

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.  

(c)

The

Fund

has

a

contractual

fee

waiver/expense

reimbursement

agreement

with

the

Adviser,

but

did

not

receive

a

fee

waiver/expense

reimbursement

during

the

periods

presented

herein.

See

Notes

to

Financial

Statements

for

more

information.

(d)

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Notes

to

Financial

Statements

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Notes

to

Financial

Statements.

(e)

Value

rounded

to

zero.

See

Notes

to

Financial

Statements

110

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Expenses

Including

Interest(c),(d)

Expenses

Excluding

Interest(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate

5

.06‌

%

$

777,264

0

.74‌

%

0

.73‌

%

3

.65‌

%

29‌

%

(

7

.69‌

)

736,628

0

.76‌

0

.74‌

3

.23‌

87‌

(

0

.61‌

)

860,807

0

.72‌

0

.72‌

2

.22‌

27‌

(

0

.29‌

)

921,120

0

.73‌

0

.73‌

2

.51‌

25‌

11

.00‌

743,072

0

.74‌

0

.74‌

2

.84‌

13‌

4

.26‌

28,731

1

.54‌

1

.53‌

2

.85‌

29‌

(

8

.48‌

)

37,046

1

.56‌

1

.54‌

2

.42‌

87‌

(

1

.42‌

)

58,842

1

.52‌

1

.52‌

1

.43‌

27‌

(

0

.99‌

)

70,693

1

.53‌

1

.53‌

1

.73‌

25‌

10

.06‌

80,258

1

.54‌

1

.54‌

2

.05‌

13‌

5

.41‌

903,181

0

.54‌

0

.53‌

3

.85‌

29‌

(

7

.64‌

)

925,232

0

.56‌

0

.54‌

3

.42‌

87‌

(

0

.40‌

)

1,396,276

0

.52‌

0

.52‌

2

.43‌

27‌

0

.00‌

(e)

1,370,713

0

.53‌

0

.53‌

2

.72‌

25‌

11

.20‌

1,146,758

0

.54‌

0

.54‌

3

.05‌

13‌

111

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Connecticut

Class

A

2/29/24

$

9.38

$

0.27

$

0.25

$

0.52

$

(

0.27

)

$

—

$

(

0.27

)

$

9.63

2/28/23

10.44

0.24

(

1.07

)

(

0.83

)

(

0.23

)

—

(

0.23

)

9.38

2/28/22

10.72

0.23

(

0.27

)

(

0.04

)

(

0.24

)

—

(

0.24

)

10.44

2/28/21

10.99

0.28

(

0.25

)

0.03

(

0.30

)

—

(

0.30

)

10.72

2/29/20

10.39

0.31

0.60

0.91

(

0.31

)

—

(

0.31

)

10.99

Class

C

2/29/24

9.36

0.20

0.24

0.44

(

0.19

)

—

(

0.19

)

9.61

2/28/23

10.41

0.16

(

1.06

)

(

0.90

)

(

0.15

)

—

(

0.15

)

9.36

2/28/22

10.69

0.15

(

0.28

)

(

0.13

)

(

0.15

)

—

(

0.15

)

10.41

2/28/21

10.97

0.20

(

0.26

)

(

0.06

)

(

0.22

)

—

(

0.22

)

10.69

2/29/20

10.37

0.22

0.61

0.83

(

0.23

)

—

(

0.23

)

10.97

Class

I

2/29/24

9.40

0.29

0.24

0.53

(

0.28

)

—

(

0.28

)

9.65

2/28/23

10.46

0.26

(

1.07

)

(

0.81

)

(

0.25

)

—

(

0.25

)

9.40

2/28/22

10.74

0.25

(

0.27

)

(

0.02

)

(

0.26

)

—

(

0.26

)

10.46

2/28/21

11.02

0.30

(

0.25

)

0.05

(

0.33

)

—

(

0.33

)

10.74

2/29/20

10.42

0.33

0.61

0.94

(

0.34

)

—

(

0.34

)

11.02

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.  

(c)

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Notes

to

Financial

Statements

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Notes

to

Financial

Statements.

See

Notes

to

Financial

Statements

112

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Expenses

Including

Interest(c)

Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate

5

.60‌

%

$

118,241

0

.80‌

%

0

.78‌

%

2

.92‌

%

14‌

%

(

7

.94‌

)

122,309

0

.81‌

0

.79‌

2

.51‌

16‌

(

0

.43‌

)

158,274

0

.78‌

0

.78‌

2

.16‌

17‌

0

.34‌

160,706

0

.80‌

0

.79‌

2

.63‌

9‌

8

.90‌

159,680

0

.81‌

0

.80‌

2

.87‌

11‌

4

.76‌

4,036

1

.60‌

1

.58‌

2

.11‌

14‌

(

8

.63‌

)

4,573

1

.61‌

1

.59‌

1

.72‌

16‌

(

1

.25‌

)

5,790

1

.58‌

1

.58‌

1

.36‌

17‌

(

0

.54‌

)

7,002

1

.60‌

1

.59‌

1

.83‌

9‌

8

.07‌

6,529

1

.60‌

1

.59‌

2

.05‌

11‌

5

.79‌

118,257

0

.60‌

0

.58‌

3

.12‌

14‌

(

7

.72‌

)

86,971

0

.61‌

0

.59‌

2

.69‌

16‌

(

0

.21‌

)

120,028

0

.58‌

0

.58‌

2

.35‌

17‌

0

.47‌

102,331

0

.60‌

0

.59‌

2

.83‌

9‌

9

.12‌

90,739

0

.60‌

0

.59‌

3

.06‌

11‌

113

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Massachusetts

Class

A

2/29/24

$

9.18

$

0.27

$

0.15

$

0.42

$

(

0.26

)

$

—

$

(

0.26

)

$

9.34

2/28/23

10.20

0.22

(

1.03

)

(

0.81

)

(

0.21

)

—

(

0.21

)

9.18

2/28/22

10.41

0.19

(

0.22

)

(

0.03

)

(

0.18

)

—

(

0.18

)

10.20

2/28/21

10.66

0.23

(

0.25

)

(

0.02

)

(

0.23

)

—

(

0.23

)

10.41

2/29/20

9.93

0.25

0.75

1.00

(

0.27

)

—

(

0.27

)

10.66

Class

C

2/29/24

9.11

0.19

0.15

0.34

(

0.19

)

—

(

0.19

)

9.26

2/28/23

10.12

0.15

(

1.03

)

(

0.88

)

(

0.13

)

—

(

0.13

)

9.11

2/28/22

10.32

0.10

(

0.20

)

(

0.10

)

(

0.10

)

—

(

0.10

)

10.12

2/28/21

10.58

0.14

(

0.25

)

(

0.11

)

(

0.15

)

—

(

0.15

)

10.32

2/29/20

9.85

0.17

0.75

0.92

(

0.19

)

—

(

0.19

)

10.58

Class

I

2/29/24

9.18

0.28

0.16

0.44

(

0.28

)

—

(

0.28

)

9.34

2/28/23

10.20

0.24

(

1.04

)

(

0.80

)

(

0.22

)

—

(

0.22

)

9.18

2/28/22

10.41

0.21

(

0.22

)

(

0.01

)

(

0.20

)

—

(

0.20

)

10.20

2/28/21

10.66

0.25

(

0.25

)

—

(

0.25

)

—

(

0.25

)

10.41

2/29/20

9.92

0.27

0.76

1.03

(

0.29

)

—

(

0.29

)

10.66

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.  

(c)

The

Fund

has

a

contractual

fee

waiver/expense

reimbursement

agreement

with

the

Adviser,

but

did

not

receive

a

fee

waiver/expense

reimbursement

during

the

periods

presented

herein.

See

Notes

to

Financial

Statements

for

more

information.

(d)

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Notes

to

Financial

Statements

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Notes

to

Financial

Statements.

See

Notes

to

Financial

Statements

114

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Expenses

Including

Interest(c),(d)

Expenses

Excluding

Interest(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate

4

.70‌

%

$

262,819

0

.79‌

%

0

.77‌

%

2

.90‌

%

31‌

%

(

7

.99‌

)

234,024

0

.78‌

0

.77‌

2

.39‌

35‌

(

0

.30‌

)

260,770

0

.77‌

0

.77‌

1

.76‌

13‌

(

0

.11‌

)

280,258

0

.78‌

0

.78‌

2

.18‌

11‌

10

.19‌

206,362

0

.79‌

0

.79‌

2

.45‌

7‌

3

.75‌

4,638

1

.59‌

1

.57‌

2

.08‌

31‌

(

8

.74‌

)

6,068

1

.58‌

1

.57‌

1

.57‌

35‌

(

1

.00‌

)

9,182

1

.57‌

1

.57‌

0

.97‌

13‌

(

1

.02‌

)

9,569

1

.58‌

1

.58‌

1

.39‌

11‌

9

.38‌

8,538

1

.59‌

1

.59‌

1

.65‌

7‌

4

.90‌

319,672

0

.59‌

0

.57‌

3

.08‌

31‌

(

7

.82‌

)

387,828

0

.58‌

0

.57‌

2

.58‌

35‌

(

0

.13‌

)

447,127

0

.57‌

0

.57‌

1

.97‌

13‌

0

.06‌

384,795

0

.58‌

0

.58‌

2

.39‌

11‌

10

.50‌

346,995

0

.59‌

0

.59‌

2

.65‌

7‌

115

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

New

Jersey

Class

A

2/29/24

$

10.32

$

0.31

$

0.31

$

0.62

$

(

0.31

)

$

—

$

(

0.31

)

$

10.63

2/28/23

11.32

0.29

(

1.02

)

(

0.73

)

(

0.27

)

—

(

0.27

)

10.32

2/28/22

11.67

0.28

(

0.36

)

(

0.08

)

(

0.27

)

—

(

0.27

)

11.32

2/28/21

11.99

0.30

(

0.32

)

(

0.02

)

(

0.30

)

—

(

0.30

)

11.67

2/29/20

11.20

0.32

0.81

1.13

(

0.34

)

—

(

0.34

)

11.99

Class

C

2/29/24

10.28

0.23

0.30

0.53

(

0.23

)

—

(

0.23

)

10.58

2/28/23

11.27

0.20

(

1.01

)

(

0.81

)

(

0.18

)

—

(

0.18

)

10.28

2/28/22

11.62

0.18

(

0.35

)

(

0.17

)

(

0.18

)

—

(

0.18

)

11.27

2/28/21

11.93

0.20

(

0.30

)

(

0.10

)

(

0.21

)

—

(

0.21

)

11.62

2/29/20

11.14

0.23

0.81

1.04

(

0.25

)

—

(

0.25

)

11.93

Class

I

2/29/24

10.36

0.33

0.31

0.64

(

0.33

)

—

(

0.33

)

10.67

2/28/23

11.37

0.31

(

1.03

)

(

0.72

)

(

0.29

)

—

(

0.29

)

10.36

2/28/22

11.71

0.30

(

0.34

)

(

0.04

)

(

0.30

)

—

(

0.30

)

11.37

2/28/21

12.03

0.32

(

0.31

)

0.01

(

0.33

)

—

(

0.33

)

11.71

2/29/20

11.24

0.35

0.80

1.15

(

0.36

)

—

(

0.36

)

12.03

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.  

(c)

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Notes

to

Financial

Statements

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Notes

to

Financial

Statements.

See

Notes

to

Financial

Statements

116

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Expenses

Including

Interest(c)

Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate

6

.10‌

%

$

190,653

0

.82‌

%

0

.78‌

%

3

.00‌

%

25‌

%

(

6

.45‌

)

218,230

0

.84‌

0

.79‌

2

.73‌

24‌

(

0

.73‌

)

201,268

0

.78‌

0

.77‌

2

.36‌

10‌

(

0

.09‌

)

203,304

0

.81‌

0

.79‌

2

.56‌

14‌

10

.22‌

213,869

0

.83‌

0

.79‌

2

.78‌

13‌

5

.18‌

9,237

1

.62‌

1

.58‌

2

.19‌

25‌

(

7

.16‌

)

10,274

1

.64‌

1

.59‌

1

.92‌

24‌

(

1

.55‌

)

13,918

1

.58‌

1

.57‌

1

.55‌

10‌

(

0

.81‌

)

14,867

1

.61‌

1

.59‌

1

.76‌

14‌

9

.39‌

17,094

1

.63‌

1

.59‌

1

.98‌

13‌

6

.32‌

190,143

0

.62‌

0

.58‌

3

.19‌

25‌

(

6

.31‌

)

187,291

0

.64‌

0

.59‌

2

.92‌

24‌

(

0

.44‌

)

219,492

0

.58‌

0

.57‌

2

.56‌

10‌

0

.12‌

206,403

0

.61‌

0

.59‌

2

.76‌

14‌

10

.41‌

197,104

0

.63‌

0

.59‌

2

.97‌

13‌

117

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

New

York

Class

A

2/29/24

$

9.68

$

0.37

$

0.19

$

0.56

$

(

0.36

)

$

—

$

(

0.36

)

$

9.88

2/28/23

10.89

0.33

(

1.23

)

(

0.90

)

(

0.31

)

—

(

0.31

)

9.68

2/28/22

11.16

0.28

(

0.26

)

0.02

(

0.29

)

—

(

0.29

)

10.89

2/28/21

11.54

0.31

(

0.38

)

(

0.07

)

(

0.31

)

—

(

0.31

)

11.16

2/29/20

10.80

0.32

0.75

1.07

(

0.33

)

—

(

0.33

)

11.54

Class

C

2/29/24

9.67

0.29

0.20

0.49

(

0.29

)

—

(

0.29

)

9.87

2/28/23

10.87

0.25

(

1.22

)

(

0.97

)

(

0.23

)

—

(

0.23

)

9.67

2/28/22

11.15

0.19

(

0.27

)

(

0.08

)

(

0.20

)

—

(

0.20

)

10.87

2/28/21

11.52

0.22

(

0.37

)

(

0.15

)

(

0.22

)

—

(

0.22

)

11.15

2/29/20

10.78

0.23

0.75

0.98

(

0.24

)

—

(

0.24

)

11.52

Class

I

2/29/24

9.69

0.39

0.19

0.58

(

0.38

)

—

(

0.38

)

9.89

2/28/23

10.89

0.35

(

1.22

)

(

0.87

)

(

0.33

)

—

(

0.33

)

9.69

2/28/22

11.17

0.31

(

0.28

)

0.03

(

0.31

)

—

(

0.31

)

10.89

2/28/21

11.55

0.34

(

0.38

)

(

0.04

)

(

0.34

)

—

(

0.34

)

11.17

2/29/20

10.81

0.34

0.75

1.09

(

0.35

)

—

(

0.35

)

11.55

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.  

(c)

The

Fund

has

a

contractual

fee

waiver/expense

reimbursement

agreement

with

the

Adviser,

but

did

not

receive

a

fee

waiver/expense

reimbursement

during

the

periods

presented

herein.

See

Notes

to

Financial

Statements

for

more

information.

(d)

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Notes

to

Financial

Statements

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Notes

to

Financial

Statements.

See

Notes

to

Financial

Statements

118

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Expenses

Including

Interest(c),(d)

Expenses

Excluding

Interest(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate

5

.97‌

%

$

485,499

0

.76‌

%

0

.74‌

%

3

.78‌

%

32‌

%

(

8

.28‌

)

540,518

0

.76‌

0

.75‌

3

.36‌

86‌

0

.09‌

509,874

0

.73‌

0

.73‌

2

.51‌

12‌

(

0

.52‌

)

516,697

0

.76‌

0

.75‌

2

.83‌

31‌

10

.03‌

534,311

0

.76‌

0

.75‌

2

.85‌

7‌

5

.11‌

18,115

1

.56‌

1

.54‌

2

.99‌

32‌

(

8

.96‌

)

24,639

1

.56‌

1

.55‌

2

.51‌

86‌

(

0

.80‌

)

40,015

1

.53‌

1

.53‌

1

.71‌

12‌

(

1

.24‌

)

43,211

1

.56‌

1

.55‌

2

.04‌

31‌

9

.19‌

50,740

1

.56‌

1

.55‌

2

.04‌

7‌

6

.16‌

552,967

0

.56‌

0

.54‌

3

.97‌

32‌

(

7

.99‌

)

568,498

0

.56‌

0

.55‌

3

.53‌

86‌

0

.21‌

709,958

0

.53‌

0

.53‌

2

.71‌

12‌

(

0

.31‌

)

666,168

0

.56‌

0

.55‌

3

.03‌

31‌

10

.26‌

661,362

0

.56‌

0

.55‌

3

.04‌

7‌

Notes

to

Financial

Statements

119

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

29,

2024,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

February

29,

2024

(the

"current

fiscal

period").

Investment

Adviser

and

Sub-Adviser:

The

Funds’

investment

adviser,

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

is

a

subsidiary

of

Nuveen,

LLC

(“Nuveen”).

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(TIAA).

The

Adviser

has

overall

responsibility

for

management

of

the

Funds,

oversees

the

management

of

the

Funds’

portfolios,

manages

the

Funds’

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

The

Adviser

has

entered

into

sub-

advisory

agreements

with

Nuveen

Asset

Management,

LLC,

(the

“Sub-Adviser”),

a

subsidiary

of

the

Adviser,

under

which

the

Sub-Adviser

manages

the

investment

portfolios

of

the

Funds.

Share

Classes

and

Sales

Charges:

Class

A

Shares

are

generally

sold

with

an

up-front

sales

charge.

Class

A

Shares

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

(“NAV”)

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(“CDSC”)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

are

sold

without

an

up-front

sales

charge

but

are

subject

to

a

CDSC

of

1%

if

redeemed

within

twelve

months

of

purchase.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Class

I

Shares

are

sold

without

an

up-front

sales

charge.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies.

The

NAV

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

common

share

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

common

share

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation:

The Trust

pays

no

compensation

directly

to

those

of

its officers,

all

of

whom

receive

remuneration

for

their

services

to the

Trust

from

the

Adviser

or

its

affiliates.

The

Funds'

Board

of Trustees

(the

"Board") has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Custodian

Fee

Credit:

As

an

alternative

to

overnight

investments,

each

Fund

has

an

arrangement

with

its

custodian

bank,

State

Street

Bank

and

Trust

Company,

(the

“Custodian”)

whereby

certain

custodian

fees

and

expenses

are

reduced

by

net

credits

earned

on

each

Fund’s

cash

on

deposit

with

the

bank.

Credits

for

cash

balances

may

be

offset

by

charges

for

any

days

on

which

a

Fund

overdraws

its

account

at

the

Custodian.

The

amount

of

custodian

fee

credit

earned

by

a

Fund

is

recognized

on

the

Statement

of

Operations

as

a

component

of

“Custodian

expenses,

net.”

During

the

current

reporting

period,

the

custodian

fee

credit

earned

by

each

Fund

was

as

follows:

Distributions

to

Shareholders:

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Fund

Gross

Custodian

Fee

Credits

California

High

Yield

$

44,959

California

1,754

Connecticut

11,453

Massachusetts

18,145

New

Jersey

11,079

New

York

21,302

120

Notes

to

Financial

Statements

(continued)

Indemnifications:

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Trust’s

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

However,

the

Trust

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Investment

income

is

comprised

of

interest

income,

which

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums

for

financial

reporting

purposes.

Investment

income

also

reflects

payment-in-kind

(

“

PIK

”

)

interest

and

paydown

gains

and

losses,

if

any.

PIK

interest

represents

income

received

in

the

form

of

securities

in

lieu

of

cash.

Securities

lending

income

is

comprised

of

fees

earned

from

borrowers

and

income

earned

on

cash

collateral

investments.

Multiclass

Operations

and

Allocations:

Income

and

expenses

of

the

Funds

that

are

not

directly

attributable

to

a

specific

class

of

shares

are

prorated

among

the

classes

based

on

the

relative

value

of

the

settled

shares

of

each

class.

Expenses

directly

attributable

to

a

class

of

shares

are

recorded

to

the

specific

class.

12b-1

distribution

and

service

fees

are

allocated

on

a

class-specific

basis.

Realized

and

unrealized

capital

gains

and

losses

of

the

Funds

are

prorated

among

the

classes

based

on

the

relative

net

assets

of

each

class. 

Netting

Agreements:

In

the

ordinary

course

of

business,

the

Funds

may

enter

into

transactions

subject

to

enforceable

master

repurchase

agreements, International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the

Funds

is

held

in

a

segregated

account

by

the

Funds’

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged,

are

presented

in

the

Funds’

Portfolio

of

Investments

or

Statement

of

Assets

and

Liabilities.

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

later

in

these

Notes

to

Financials.

3.

Investment

Valuation

and

Fair

Value

Measurements 

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Prices

of

fixed-income

securities

are

generally

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser

and

oversight

of

the

Board. Pricing

services

establish

a

security’s

fair

value

using

methods

that

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2;

otherwise

they

would

be

classified

as

Level

3.

121

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:

*

Unfunded

commitments

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

The

Funds

hold

liabilities

in

floating

rate

obligations,

where

applicable,

which

are

not

reflected

in

the

tables

above.

The

fair

values

of

the

Funds'

liabilities

for

floating

rate

obligations

approximate

their

liquidation

values.

Floating

rate

obligations

are

generally

classified

as

Level

2

and

further

described

in

these

Notes

to

Financial

Statements.

4.

Portfolio

Securities

Repurchase

Agreements:

In

connection

with

transactions

in

repurchase

agreements,

it

is

each

Fund's

policy

that

its

custodian

take

possession

of

the

underlying

collateral

securities,

the

fair

value

of

which

exceeds

the

principal

amount

of

the

repurchase

transaction,

including

accrued

interest,

at

all

times.

If

the

counterparty

defaults,

and

the

fair

value

of

the

collateral

declines,

realization

of

the

collateral

may

be

delayed

or

limited.

The

following

table

presents

the

repurchase

agreements

for

the

Funds

that

are

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

and

the

collateral

delivered

related

to

those

repurchase

agreements.

California

High

Yield

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

1,331,837,999

$

186,917

$

1,332,024,916

Short-Term

Investments:

Repurchase

Agreements

–

4,925,000

–

4,925,000

Unfunded

Commitments*

–

–

1,360,388

1,360,388

Total

$

–

$

1,336,762,999

$

1,547,305

$

1,33

8,310,304

California

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

1,656,419,231

$

73,999

$

1,656,493,230

Short-Term

Investments:

Municipal

Bonds

–

13,000,000

–

13,000,000

Total

$

–

$

1,669,419,231

$

73,999

$

1,669,493,230

Connecticut

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

224,608,488

$

–

$

224,608,488

Short-Term

Investments:

Municipal

Bonds

–

11,000,000

–

11,000,000

Total

$

–

$

235,608,488

$

–

$

235,608,488

Massachusetts

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

563,192,259

$

–

$

563,192,259

Short-Term

Investments:

Municipal

Bonds

–

18,245,000

–

18,245,000

Total

$

–

$

581,437,259

$

–

$

581,437,259

New

Jersey

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

384,860,176

$

–

$

384,860,176

Short-Term

Investments:

Municipal

Bonds

–

6,905,000

–

6,905,000

Total

$

–

$

391,765,176

$

–

$

391,765,176

New

York

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

1,029,593,557

$

–

$

1,029,593,557

Total

$

–

$

1,029,593,557

$

–

$

1,029,593,557

122

Notes

to

Financial

Statements

(continued)

Inverse

Floating

Rate

Securities:

Each

Fund

is

authorized

to

invest

in

inverse

floating

rate

securities.

An

inverse

floating

rate

security

is

created

by

depositing

a

municipal

bond

(referred

to

as

an

“Underlying

Bond”),

typically

with

a

fixed

interest

rate,

into

a

special

purpose

tender

option

bond

(“TOB”)

trust

(referred

to

as

the

“TOB

Trust”)

created

by

or

at

the

direction

of

one

or

more

Funds.

In

turn,

the

TOB

Trust

issues

(a)

floating

rate

certificates

(referred

to

as

“Floaters”),

in

face

amounts

equal

to

some

fraction

of

the

Underlying

Bond’s

par

amount

or

market

value,

and

(b)

an

inverse

floating

rate

certificate

(referred

to

as

an

“Inverse

Floater”)

that

represents

all

remaining

or

residual

interest

in

the

TOB

Trust.

Floaters

typically

pay

short-term

tax-exempt

interest

rates

to

third

parties

who

are

also

provided

a

right

to

tender

their

certificate

and

receive

its

par

value,

which

may

be

paid

from

the

proceeds

of

a

remarketing

of

the

Floaters,

by

a

loan

to

the

TOB

Trust

from

a

third

party

liquidity

provider

(“Liquidity

Provider”),

or

by

the

sale

of

assets

from

the

TOB

Trust.

The

Inverse

Floater

is

issued

to

a

long

term

investor,

such

as

one

or

more

Funds.

The

income

received

by

the

Inverse

Floater

holder

varies

inversely

with

the

short-term

rate

paid

to

holders

of

the

Floaters,

and

in

most

circumstances

the

Inverse

Floater

holder

bears

substantially

all

of

the

Underlying

Bond’s

downside

investment

risk

and

also

benefits

disproportionately

from

any

potential

appreciation

of

the

Underlying

Bond’s

value.

The

value

of

an

Inverse

Floater

will

be

more

volatile

than

that

of

the

Underlying

Bond

because

the

interest

rate

is

dependent

on

not

only

the

fixed

coupon

rate

of

the

Underlying

Bond

but

also

on

the

short-term

interest

paid

on

the

Floaters,

and

because

the

Inverse

Floater

essentially

bears

the

risk

of

loss

(and

possible

gain)

of

the

greater

face

value

of

the

Underlying

Bond.

The

Inverse

Floater

held

by

a

Fund

gives

the

Fund

the

right

to

(a)

cause

the

holders

of

the

Floaters

to

tender

their

certificates

at

par

(or

slightly

more

than

par

in

certain

circumstances),

and

(b)

have

the

trustee

of

the

TOB

Trust

(the

“Trustee”)

transfer

the

Underlying

Bond

held

by

the

TOB

Trust

to

the

Fund,

thereby

collapsing

the

TOB

Trust.

A Fund

may

acquire

an

Inverse

Floater

in

a

transaction

where

it

(a)

transfers

an

Underlying

Bond

that

it

owns

to

a

TOB

Trust

created

by

a

third

party

or

(b)

transfers

an

Underlying

Bond

that

it

owns,

or

that

it

has

purchased

in

a

secondary

market

transaction

for

the

purpose

of

creating

an

Inverse

Floater,

to

a

TOB

Trust

created

at

its

direction,

and

in

return

receives

the

Inverse

Floater

of

the

TOB

Trust

(referred

to

as

a

“self-deposited

Inverse

Floater”).

A

Fund

may

also

purchase

an

Inverse

Floater

in

a

secondary

market

transaction

from

a

third

party

creator

of

the

TOB

Trust

without

first

owning

the

Underlying

Bond

(referred

to

as

an

“externally-deposited

Inverse

Floater”).

An

investment

in

a

self-deposited

Inverse

Floater

is

accounted

for

as

a

“financing”

transaction

(i.e.,

a

secured

borrowing).

For

a

self-deposited

Inverse

Floater,

the

Underlying

Bond

deposited

into

the

TOB

Trust

is

identified

in

the

Fund’s

Portfolio

of

Investments

as

“(UB)

–

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction,”

with

the

Fund

recognizing

as

liabilities,

labeled

“Floating

rate

obligations”

on

the

Statement

of

Assets

and

Liabilities,

(a)

the

liquidation

value

of

Floaters

issued

by

the

TOB

Trust,

and

(b)

the

amount

of

any

borrowings

by

the

TOB

Trust

from

a

Liquidity

Provider

to

enable

the

TOB

Trust

to

purchase

outstanding

Floaters

in

lieu

of

a

remarketing.

In

addition,

the

Fund

recognizes

in

“Investment

Income”

the

entire

earnings

of

the

Underlying

Bond,

and

recognizes

(a)

the

interest

paid

to

the

holders

of

the

Floaters

or

on

the

TOB

Trust’s

borrowings,

and

(b)

other

expenses

related

to

remarketing,

administration,

trustee,

liquidity

and

other

services

to

a

TOB

Trust,

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations.

Earnings

due

from

the

Underlying

Bond

and

interest

due

to

the

holders

of

the

Floaters

as

of

the

end

of

the

reporting

period

are

recognized

as

components

of

“Receivable

for

interest”

and

“Payable

for

interest”

on

the

Statement

of

Assets

and

Liabilities,

respectively.

In

contrast,

an

investment

in

an

externally-deposited

Inverse

Floater

is

accounted

for

as

a

purchase

of

the

Inverse

Floater

and

is

identified

in

the

Fund’s

Portfolio

of

Investments

as

“(IF)

–

Inverse

floating

rate

investment.”

For

an

externally-deposited

Inverse

Floater,

a

Fund’s

Statement

of

Assets

and

Liabilities

recognizes

the

Inverse

Floater

and

not

the

Underlying

Bond

as

an

asset,

and

the

Fund

does

not

recognize

the

Floaters,

or

any

related

borrowings

from

a

Liquidity

Provider,

as

a

liability.

Additionally,

the

Fund

reflects

in

“Investment

Income”

only

the

net

amount

of

earnings

on

the

Inverse

Floater

(net

of

the

interest

paid

to

the

holders

of

the

Floaters

or

the

Liquidity

Provider

as

lender,

and

the

expenses

of

the

Trust),

and

does

not

show

the

amount

of

that

interest

paid

or

the

expenses

of

the

TOB

Trust

as

described

above

as

interest

expense

on

the

Statement

of

Operations.

Fees

paid

upon

the

creation

of

a

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

are

recognized

as

part

of

the

cost

basis

of

the

Inverse

Floater

and

are

capitalized

over

the

term

of

the

TOB

Trust.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

Floaters

issued

by

each

Fund’s

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

Fund

Counterparty

Short-term

Investments,

at

Value

Collateral

Pledged

(From)

Counterparty

California

High

Yield

Fixed

Income

Clearing

Corporation

$    4,925,000

$  

5,023,579

123

During

the

current

fiscal

period,

the

average

amount

of

Floaters

(including

any

borrowings

from

a

Liquidity

Provider)

outstanding,

and

the

average

annual

interest

rates

and

fees

related

to

self-deposited

Inverse

Floaters,

were

as

follows:

TOB

Trusts

are

supported

by

a

liquidity

facility

provided

by

a

Liquidity

Provider

pursuant

to

which

the

Liquidity

Provider

agrees,

in

the

event

that

Floaters

are

(a)

tendered

to

the

Trustee

for

remarketing

and

the

remarketing

does

not

occur,

or

(b)

subject

to

mandatory

tender

pursuant

to

the

terms

of

the

TOB

Trust

agreement,

to

either

purchase

Floaters

or

to

provide

the

Trustee

with

an

advance

from

a

loan

facility

to

fund

the

purchase

of

Floaters

by

the

TOB

Trust.

In

certain

circumstances,

the

Liquidity

Provider

may

otherwise

elect

to

have

the

Trustee

sell

the

Underlying

Bond

to

retire

the

Floaters

that

were

tendered

and

not

remarketed

prior

to

providing

such

a

loan.

In

these

circumstances,

the

Liquidity

Provider

remains

obligated

to

provide

a

loan

to

the

extent

that

the

proceeds

of

the

sale

of

the

Underlying

Bond

are

not

sufficient

to

pay

the

purchase

price

of

the

Floaters.

The

size

of

the

commitment

under

the

loan

facility

for

a

given

TOB

Trust

is

at

least

equal

to

the

balance

of

that

TOB

Trust’s

outstanding

Floaters

plus

any

accrued

interest.

In

consideration

of

the

loan

facility,

fee

schedules

are

in

place

and

are

charged

by

the

Liquidity

Provider(s).

Any

loans

made

by

the

Liquidity

Provider

will

be

secured

by

the

purchased

Floaters

held

by

the

TOB

Trust.

Interest

paid

on

any

outstanding

loan

balances

will

be

effectively

borne

by

the

Fund

that

owns

the

Inverse

Floaters

of

the

TOB

Trust

that

has

incurred

the

borrowing

and

may

be

at

a

rate

that

is

greater

than

the

rate

that

would

have

been

paid

had

the

Floaters

been

successfully

remarketed.

As

described

above,

any

amounts

outstanding

under

a

liquidity

facility

are

recognized

as

a

component

of

“Floating

rate

obligations”

on

the

Statement

of

Assets

and

Liabilities

by

the

Fund

holding

the

corresponding

Inverse

Floaters

issued

by

the

borrowing

TOB

Trust.

As

of

the

end

of

the

reporting

period,

there

were

no

loans

outstanding

under

any such

facility.

Each

Fund

may

also

enter

into

shortfall

and

forbearance

agreements

(sometimes

referred

to

as

a

“recourse

arrangement”)

(TOB

Trusts

involving

such

agreements

are

referred

to

herein

as

“Recourse

Trusts”),

under

which

a

Fund

agrees

to

reimburse

the

Liquidity

Provider

for

the

Trust’s

Floaters,

in

certain

circumstances,

for

the

amount

(if

any)

by

which

the

liquidation

value

of

the

Underlying

Bond

held

by

the

TOB

Trust

may

fall

short

of

the

sum

of

the

liquidation

value

of

the

Floaters

issued

by

the

TOB

Trust

plus

any

amounts

borrowed

by

the

TOB

Trust

from

the

Liquidity

Provider,

plus

any

shortfalls

in

interest

cash

flows.

Under

these

agreements,

a

Fund’s

potential

exposure

to

losses

related

to

or

on

an

Inverse

Floater

may

increase

beyond

the

value

of

the

Inverse

Floater

as

a

Fund

may

potentially

be

liable

to

fulfill

all

amounts

owed

to

holders

of

the

Floaters

or

the

Liquidity

Provider.

Any

such

shortfall

amount

in

the

aggregate

is

recognized

as

“Unrealized

depreciation

on

Recourse

Trusts”

on

the

Statement

of

Assets

and

Liabilities.

As

of

the

end

of

the

reporting

period, each

Fund's

maximum

exposure

to

the

Floaters

issued

by

Recourse

Trusts

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

Fund

Floating

Rate

Obligations:

Self-

Deposited

Inverse

Floaters

Floating

Rate

Obligations:

Externally-Deposited

Inverse

Floaters

Total

California

High

Yield

$

272,904,000

$

4,530,000

$

277,434,000

California

—

—

—

Connecticut

—

—

—

Massachusetts

—

—

—

New

Jersey

—

—

—

New

York

—

—

—

Fund

Average

Floating

Rate

Obligations

Outstanding

Average

Annual

Interest

Rate

And

Fees

California

High

Yield

$

274,043,811

3.87

%

California

—

—

Connecticut

671,014

3.70

Massachusetts

—

—

New

Jersey

1,831,808

3.65

New

York

—

—

124

Notes

to

Financial

Statements

(continued)

Zero

Coupon

Securities:

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Securities

Lending:

Each

Fund

may

lend

securities

representing

up

to

one-third

of

the

value

of

its

total

assets

to

broker-dealers,

banks,

and

other

institutions

in

order

to

generate

additional

income.

When

loaning

securities,

the

Fund

retains

the

benefits

of

owning

the

securities,

including

the

economic

equivalent

of

dividends

or

interest

generated

by

the

security.

The

loans

are

continuous,

can

be

recalled

at

any

time,

and

have

no

set

maturity.

The

Funds’

custodian,

State

Street

Bank

and

Trust

Company,

serves

as

the

securities

lending

agent

(the

“Agent”).

When

a

Fund

loans

its

portfolio

securities,

it

will

receive,

at

the

inception

of

each

loan,

cash

collateral

equal

to

an

amount

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

actual

percentage

of

the

cash

collateral

will

vary

depending

upon

the

asset

type

of

the

loaned

securities.

Collateral

for

the

loaned

securities

is

invested

in

a

government

money

market

vehicle

maintained

by

the

Agent,

which

is

subject

to

the

requirements

of

Rule

2a-7

under

the

1940

Act.

The

value

of

the

loaned

securities

and

the

liability

to

return

the

cash

collateral

received

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

If

the

market

value

of

the

loaned

securities

increases,

the

borrower

must

furnish

additional

collateral

to

the

Fund,

which

is

also

recognized

on

the

Statement

of

Assets

and

Liabilities.

Securities

out

on

loan

are

subject

to

termination

at

any

time

at

the

option

of

the

borrower

or

the

Fund.

Upon

termination,

the

borrower

is

required

to

return

to

the

Fund

securities

identical

to

the

securities

loaned.

During

the

term

of

the

loan,

the

Fund

bears

the

market

risk

with

respect

to

the

investment

of

collateral

and

the

risk

that

the

Agent

may

default

on

its

contractual

obligations

to

the

Fund.

The

Agent

bears

the

risk

that

the

borrower

may

default

on

its

obligation

to

return

the

loaned

securities

as

the

Agent

is

contractually

obligated

to

indemnify

the

Fund

if

at

the

time

of

a

default

by

a

borrower

some

or

all

of

the

loan

securities

have

not

been

returned.

Securities

lending

income

recognized

by

a

Fund

consists

of

earnings

on

invested

collateral

and

lending

fees,

net

of

any

rebates

to

the

borrower

and

compensation

to

the

Agent.

Such

income

is

recognized

on

the

Statement

of

Operations.

As

of

the

end

of

the

reporting

period,

the

Fund

did

not

have

any

securities

out

of

loan.

Purchases

and

Sales:

Long-term

purchases

and

sales

during

the

current

fiscal

period

were

as

follows:

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period. If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

California

High

Yield

has

invested

in

an

unfunded

commitment,

in

which,

the

Fund

assumes

the

rights

and

risks

of

ownership

of

the

security,

including

the

risk

of

price

and

yield

fluctuations.

In

the

event

of

default

by

the

counterparty,

the

Fund’s

maximum

amount

of

loss

is

the

unrealized

appreciation

of

the

unsettled

transaction.

An

unfunded

commitment

is

marked-

to-market

and

any

unrealized

appreciation

(depreciation)

is

separately

presented

on

the

Statements

of

Assets

and

Liabilities.

Fund

Maximum

Exposure

to

Recourse

Trusts:

Self-Deposited

Inverse

Floaters

Maximum

Exposure

to

Recourse

Trusts:

Externally-Deposited

Inverse

Floaters

Total

California

High

Yield

$

272,904,000

$

4,530,000

$

277,434,000

California

—

—

—

Connecticut

—

—

—

Massachusetts

—

—

—

New

Jersey

—

—

—

New

York

—

—

—

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

and

Maturities

California

High

Yield

$

511,870,434

$

732,135,723

California

482,120,714

523,711,097

Connecticut

38,615,382

29,332,732

Massachusetts

181,952,096

228,005,426

New

Jersey

97,965,289

135,423,468

New

York

339,183,984

446,848,578

125

5.

Derivative

Investments

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

Futures

Contracts:

During

the

current

fiscal

period,

the

Fund

used

U.S

Treasury

futures

as

part

of

an

overall

portfolio

construction

strategy

to

manage

portfolio

duration

and

yield

curve

exposure.

A

futures

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

financial

instrument

for

a

set

price

on

a

future

date.

Upon

execution

of

a

futures

contract,

the

Fund

is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

Portfolio

of

Investments

and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statement

of

Assets

and

Liabilities.

During

the

period

the

futures

contract

is

open,

changes

in

the

market

value

of

the

contract

are

recognized

as

an

unrealized

gain

or

loss

by

“marking-

to-market”

on

a

daily

basis.

The

Fund

and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin”

and

is

recognized

on

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

for

variation

margin

on

futures

contracts.

When

the

contract

is

closed

or

expired,

the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

on

the

closing

date

and

value

of

the

contract

when

originally

entered

into.

The

net

realized

gain

or

loss

and

the

change

in

unrealized

appreciation

(depreciation)

on

futures

contracts

held

during

the

period

is

included

on

the

Statement

of

Operations.

Risks

of

investments

in

futures

contracts

include

the

possible

adverse

movement

in

the

price

of

the

securities

or

indices

underlying

the

contracts,

the

possibility

that

there

may

not

be

a

liquid

secondary

market

for

the

contracts

and/or

that

a

change

in

the

value

of

the

contract

may

not

correlate

with

a

change

in

the

value

of

the

underlying

securities

or

indices.

During

the

period,

California

High

Yield

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

amount

of

net

realized

gain

(loss)

and

change

in

net

unrealized

appreciation

(depreciation)

recognized

on

futures

contracts

on

the

Statement

of

Operations

during

the

current

fiscal

period,

and

the

primary

underlying

risk

exposure.

Market

and

Counterparty

Credit

Risk:

In

the

normal

course

of

business

each

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose

each

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

Each

Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of

each

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

pre-determined

threshold

amount.

Fund

Average

Notional

Amount

of

Futures

Contracts

Outstanding*

California

High

Yield

$41,318,582

*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

notional

amount

of

contracts

outstanding

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

California

High

Yield

Futures

contracts

Interest

rate

$

(665,095)

$

(323,835)

126

Notes

to

Financial

Statements

(continued)

6.

Fund

Shares

Transactions

in Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

Year

Ended

2/29/24

Year

Ended

2/28/23

California

High

Yield

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

20,648,461

$158,443,043

43,792,659

$355,770,540

Class

C

472,224

3,636,631

1,044,962

8,470,217

Class

I

46,878,737

358,541,641

89,554,361

743,990,772

Total

subscriptions

67,999,422

520,621,315

134,391,982

1,108,231,529

Reinvestments

of

distributions:

Class

A

2,605,679

20,102,293

2,915,503

24,000,437

Class

C

141,822

1,094,257

196,139

1,616,144

Class

I

2,676,810

20,673,756

2,866,583

23,578,944

Total

reinvestments

of

distributions

5,424,311

41,870,306

5,978,225

49,195,525

Redemptions:

Class

A

(27,214,778)

(209,277,802)

(50,045,392)

(416,038,154)

Class

C

(1,943,372)

(14,983,976)

(2,664,060)

(22,289,977)

Class

I

(51,015,787)

(393,455,727)

(91,572,101)

(762,561,944)

Total

redemptions

(80,173,937)

(617,717,505)

(144,281,553)

(1,200,890,075)

Net

increase

(decrease)

(6,750,204)

$(55,225,884)

(3,911,346)

$(43,463,021)

Year

Ended

2/29/24

Year

Ended

2/28/23

California

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

31,922,114

$311,720,731

110,583,741

$1,129,342,524

Class

C

545,396

5,435,685

595,492

5,986,550

Class

I

52,279,195

516,180,372

67,224,192

683,128,942

Total

subscriptions

84,746,705

833,336,788

178,403,425

1,818,458,016

Reinvestments

of

distributions:

Class

A

2,445,698

24,321,067

2,230,397

22,610,533

Class

C

89,926

890,677

90,836

916,744

Class

I

2,524,063

25,122,418

2,455,984

24,924,611

Total

reinvestments

of

distributions

5,059,687

50,334,162

4,777,217

48,451,888

Redemptions:

Class

A

(31,339,010)

(306,234,642)

(116,167,133)

(1,176,028,689)

Class

C

(1,507,802)

(14,885,564)

(2,253,993)

(22,924,034)

Class

I

(58,176,300)

(572,969,408)

(102,029,210)

(1,040,176,504)

Total

redemptions

(91,023,112)

(894,089,614)

(220,450,336)

(2,239,129,227)

Net

increase

(decrease)

(1,216,720)

$(10,418,664)

(37,269,694)

$(372,219,323)

127

Year

Ended

2/29/24

Year

Ended

2/28/23

Connecticut

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

2,057,571

$19,570,329

1,056,199

$10,185,165

Class

A

-

automatic

conversion

of

Class

C

3,919

35,620

2,740

26,364

Class

C

63,299

599,441

121,855

1,143,975

Class

I

8,356,747

77,935,272

4,387,541

42,002,955

Total

subscriptions

10,481,536

98,140,662

5,568,335

53,358,459

Reinvestments

of

distributions:

Class

A

294,301

2,773,134

274,634

2,611,831

Class

C

7,072

66,531

6,543

61,998

Class

I

275,467

2,601,787

231,161

2,204,136

Total

reinvestments

of

distributions

576,840

5,441,452

512,338

4,877,965

Redemptions:

Class

A

(3,107,106)

(29,329,108)

(3,464,857)

(32,956,572)

Class

C

(134,705)

(1,271,493)

(193,305)

(1,861,543)

Class

C

-

automatic

conversion

to

Class

A

(3,927)

(35,620)

(2,746)

(26,364)

Class

I

(5,623,780)

(51,997,481)

(6,843,782)

(65,092,261)

Total

redemptions

(8,869,518)

(82,633,702)

(10,504,690)

(99,936,740)

Net

increase

(decrease)

2,188,858

$20,948,412

(4,424,017)

$(41,700,316)

Year

Ended

2/29/24

Year

Ended

2/28/23

Massachusetts

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

15,045,601

$133,463,257

27,267,424

$252,560,486

Class

A

-

automatic

conversion

of

Class

C

—

—

1,434

13,126

Class

C

92,714

849,256

161,387

1,497,266

Class

I

19,733,928

181,118,243

32,295,411

300,477,226

Total

subscriptions

34,872,243

315,430,756

59,725,656

554,548,104

Reinvestments

of

distributions:

Class

A

717,813

6,608,229

418,615

3,891,417

Class

C

10,027

91,624

8,840

81,503

Class

I

1,026,078

9,438,451

859,245

7,986,842

Total

reinvestments

of

distributions

1,753,918

16,138,304

1,286,700

11,959,762

Redemptions:

Class

A

(13,111,147)

(118,021,526)

(27,758,369)

(263,323,335)

Class

C

(268,510)

(2,456,126)

(410,105)

(3,787,997)

Class

C

-

automatic

conversion

to

Class

A

—

—

(1,446)

(13,126)

Class

I

(28,772,604)

(257,568,930)

(34,741,382)

(324,495,780)

Total

redemptions

(42,152,261)

(378,046,582)

(62,911,302)

(591,620,238)

Net

increase

(decrease)

(5,526,100)

$(46,477,522)

(1,898,946)

$(25,112,372)

128

Notes

to

Financial

Statements

(continued)

7.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

intends

to

satisfy

conditions

that

will

enable

interest

from

municipal

securities,

which

is

exempt

from

regular

federal

and

designated

state

income

taxes,

to

retain

such

tax-exempt

status

when

distributed

to

shareholders

of

the

Funds.

Net

realized

capital

gains

and

ordinary

income

distributions

paid

by

the

Funds

are

subject

to

federal

taxation. 

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

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,

tax

basis

earnings

and

profits

adjustments,

and

taxable

market

discount.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund's

net

assets.

Year

Ended

2/29/24

Year

Ended

2/28/23

New

Jersey

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

2,897,943

$29,711,178

22,901,747

$236,028,204

Class

A

-

automatic

conversion

of

Class

C

—

—

15,086

159,910

Class

C

180,714

1,880,552

232,455

2,424,231

Class

I

11,436,840

118,751,750

10,290,709

107,544,163

Total

subscriptions

14,515,497

150,343,480

33,439,997

346,156,508

Reinvestments

of

distributions:

Class

A

526,469

5,469,661

474,903

4,932,986

Class

C

17,119

177,226

17,967

186,171

Class

I

455,577

4,751,668

425,621

4,446,562

Total

reinvestments

of

distributions

999,165

10,398,555

918,491

9,565,719

Redemptions:

Class

A

(6,626,332)

(67,379,072)

(20,026,284)

(205,644,784)

Class

C

(324,484)

(3,355,677)

(470,337)

(4,865,463)

Class

C

-

automatic

conversion

to

Class

A

—

—

(15,150)

(159,910)

Class

I

(12,138,240)

(122,218,260)

(11,952,749)

(125,425,662)

Total

redemptions

(19,089,056)

(192,953,009)

(32,464,520)

(336,095,819)

Net

increase

(decrease)

(3,574,394)

$(32,210,974)

1,893,968

$19,626,408

Year

Ended

2/29/24

Year

Ended

2/28/23

New

York

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

13,938,758

$133,553,174

61,965,731

$603,826,571

Class

A

-

automatic

conversion

of

Class

C

47,612

455,194

11,257

111,813

Class

C

176,247

1,701,218

286,510

2,826,308

Class

I

33,540,820

319,757,513

26,688,581

264,170,667

Total

subscriptions

47,703,437

455,467,099

88,952,079

870,935,359

Reinvestments

of

distributions:

Class

A

1,767,083

17,147,082

1,475,124

14,473,793

Class

C

56,639

549,251

57,400

563,753

Class

I

1,795,267

17,452,526

1,658,072

16,307,510

Total

reinvestments

of

distributions

3,618,989

35,148,859

3,190,596

31,345,056

Redemptions:

Class

A

(22,437,797)

(212,425,274)

(54,454,802)

(529,353,771)

Class

C

(897,653)

(8,660,916)

(1,465,085)

(14,515,675)

Class

C

-

automatic

conversion

to

Class

A

(47,669)

(455,194)

(11,268)

(111,813)

Class

I

(38,088,552)

(362,661,698)

(34,823,873)

(344,655,136)

Total

redemptions

(61,471,671)

(584,203,082)

(90,755,028)

(888,636,395)

Net

increase

(decrease)

(10,149,245)

$(93,587,124)

1,387,647

$13,644,020

129

As

of

year

end,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

1

Undistributed

tax-exempt

income

(on

a

tax

basis)

has

not

been

reduced

for

the

dividends

declared

during

the

period

February

1,

2024

through

February

29,

2024

and

paid

on

March

1,

2024.

The

tax

character

of

distributions

paid

was

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

$

1,104,434,576

$

37,377,134

$

(76,405,406)

$

(39,028,272)

California

1,696,066,182

41,431,029

(68,003,981)

(26,572,952)

Connecticut

242,191,166

2,468,471

(9,051,149)

(6,582,678)

Massachusetts

583,948,997

7,861,789

(10,373,527)

(2,511,738)

New

Jersey

400,830,442

8,549,359

(17,614,626)

(9,065,267)

New

York

1,015,829,341

29,816,956

(16,052,740)

13,764,216

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

$

—

$

—

$

—

$

(39,028,272)

$

(221,738,963)

$

—

$

(3,809,543)

$

(264,576,778)

California

8,393,540

49,136

—

(26,572,952)

(170,068,349)

—

(5,275,795)

(193,474,420)

Connecticut

788,357

—

—

(6,582,678)

(15,370,006)

—

(598,449)

(21,762,776)

Massachusetts

2,488,608

—

—

(2,511,738)

(54,945,983)

—

(1,529,647)

(56,498,760)

New

Jersey

1,403,530

149

—

(9,065,267)

(11,878,365)

—

(1,033,732)

(20,573,685)

New

York

4,690,586

190

—

13,764,216

(127,577,744)

—

(3,482,709)

(112,605,461)

2/29/24

2/28/23

Fund

Tax-Exempt

Income

1

Ordinary

Income

Long-Term

Capital

Gains

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital

Gains

California

High

Yield

$

45,384,993

$

1,880,291

$

—

$

55,393,794

$

879,103

$

—

California

62,652,805

180,879

—

60,465,133

12,618

—

Connecticut

6,304,566

—

—

5,871,691

—

—

Massachusetts

18,152,610

—

—

13,656,100

28,014

—

New

Jersey

12,108,842

8,033

—

11,128,681

273

—

New

York

41,251,673

177,776

—

37,226,174

192,494

—

1

Each

Fund

designates

these

amounts

paid

during

the

period

as

Exempt

Interest

Dividends.

Fund

Short-Term

Long-Term

Total

California

High

Yield

$

84,647,544

$

137,091,419

$

221,738,963

California

108,082,689

61,985,660

170,068,349

Connecticut

6,969,324

8,400,682

15,370,006

Massachusetts

18,192,513

36,753,470

54,945,983

New

Jersey

2,104,762

9,773,603

11,878,365

New

York

77,392,990

50,184,754

127,577,744

130

Notes

to

Financial

Statements

(continued)

8.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees:

Each

Fund’s

management

fee

compensates

the

Adviser

for

the

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

The

Sub-Adviser

is

compensated

for

its

services

to

the

Funds

from

the

management

fees

paid

to

the

Adviser.

Each

Fund’s

management

fee

consists

of

two

components

–

a

fund-level

fee,

based

only

on

the

amount

of

assets

within

each

individual

Fund,

and

a

complex-level

fee,

based

on

the

aggregate

amount

of

all

eligible

fund

assets

managed

by

the

Adviser.

This

pricing

structure

enables

each

Fund’s

shareholders

to

benefit

from

growth

in

the

assets

within

their

respective

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

The

annual

fund-level

fee,

payable

monthly,

for

each

Fund

was

calculated

according

to

the

following

schedule:

The

annual

complex-level

fee,

payable

monthly,

for

each

Fund

is

calculated

according

to

the

following

schedule:

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

-

-

-

-

-

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

131

*

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

29,

2024,

the

complex-level

fee

rate

for

each

Fund

was

as

follows:

The

Adviser

has

agreed

to

waive

fees

and/or

reimburse

expenses

(“Expense

Cap”)

of

the

following

Funds

so

that

the

total

annual

Fund

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

the

average

daily

net

assets

of

any

class

of

Fund

shares

in

the

amounts

and

for

the

time

periods

stated

in

the

following

table:

Distribution

and

Service

Fees:

Each

Fund

has

adopted

a

distribution

and

service

plan

under

rule

12b-1

under

the

1940

Act.

Class

A

Shares

incur

a

0.20%

annual

12b-1

service

fee.

Class

C

Shares

incur

a

0.75%

annual

12b-1

distribution

fee

and

a

0.25%

annual

12b-1

service

fee. Class

I

Shares

are

not

subject

to

12b-1

distribution

or

service

fees.

The

fees

under

this

plan

compensate

Nuveen

Securities,

LLC,

(the

“Distributor”),

a

wholly-owned

subsidiary

of

Nuveen,

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Funds

and

establishing

and

maintaining

shareholder

accounts.

Other

Transactions

with

Affiliates:

Each

Fund

is

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Sub-Adviser

or

by

an

affiliate

of

the

Adviser

(each

an,  “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

Distributor,

collected

sales

charges

on

purchases

of

Class

A

Shares,

the

majority

of

which

were

paid

out

as

concessions

to

financial

intermediaries

as

follows:

Fund

Complex-Level

Fee

California

High

Yield

0

.1601%

California

0

.1621%

Connecticut

0

.1601%

Massachusetts

0

.1601%

New

Jersey

0

.1601%

New

York

0

.1601%

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.

Fund

Purchases

Sales

Realized

Gain

(Loss)

California

High

Yield

$

11,066,770

$

66,982,775

$

(6,217,532)

California

32,110,725

2,579,655

(42,669)

Connecticut

4,473,998

—

—

Massachusetts

7,657,854

4,009,666

(543,074)

New

Jersey

—

—

—

New

York

337,984

476,565

(72,469)

132

Notes

to

Financial

Statements

(continued)

The

Distributor

also

received

12b-1

service

fees

on

Class

A

Shares,

substantially

all

of

which

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

During

the

current

fiscal

period,

the

Distributor

compensated

financial

intermediaries

directly

with

commission

advances

at

the

time

of

purchase

as

follows:

To

compensate

for

commissions

advanced

to

financial

intermediaries,

all

12b-1

service

and

distribution

fees

collected

on

Class

C

Shares

during

the

first

year

following

a

purchase

are

retained

by

the

Distributor.

During

the

current

fiscal

period,

the

Distributor

retained

such

12b-1

fees

as

follows:

The

remaining

12b-1

fees

charged

to

each

Fund

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

The

Distributor

also

collected

and

retained

CDSC

on

share

redemptions

during

the

current

fiscal

period,

as

follows: 

Fund

Sales

Charges

Collected

(Unaudited)

Paid

to

Financial

Intermediaries

(Unaudited)

California

High

Yield

$

642,561

$

634,332

California

839,650

829,204

Connecticut

133,324

127,973

Massachusetts

65,444

63,397

New

Jersey

97,106

95,635

New

York

480,853

469,780

Fund

Commission

Advances

(Unaudited)

California

High

Yield

$

608,043

California

806,621

Connecticut

97,568

Massachusetts

52,453

New

Jersey

95,094

New

York

407,119

Fund

12b-1

Fees

Retained

(Unaudited)

California

High

Yield

$

35,106

California

25,885

Connecticut

1,539

Massachusetts

5,041

New

Jersey

6,539

New

York

7,776

Fund

CDSC

Retained

(Unaudited)

California

High

Yield

$

45,877

California

63,295

Connecticut

(985)

Massachusetts

4,460

New

Jersey

4,663

New

York

1,324

133

9.

Commitments

and

Contingencies

In

the

normal

course

of

business,

each

Fund

enters

into

a

variety

of

agreements

that

may

expose

the

Funds

to

some

risk

of

loss.

These

could

include

recourse

arrangements

for

certain

TOB

Trusts,

which

are

described

elsewhere

in

these

Notes

to

Financial

Statements.

The

risk

of

future

loss

arising

from

such

agreements,

while

not

quantifiable,

is

expected

to

be

remote.

As

of

the

end

of

the

reporting

period,

the

Funds

did

not

have

any

unfunded

commitments,

other

than

those

disclosed

in

the

Notes

to

Financial

Statements.

From

time

to

time,

the

Funds

may

be

a

party

to

certain

legal

proceedings

in

the

ordinary

course

of

business,

including

proceedings

relating

to

the

enforcement

of

the

Funds’

rights

under

contracts.

As

of

the

end

of

the

reporting

period,

the

Funds

are

not

subject

to

any

material

legal

proceedings.

10.

Borrowing

Arrangements

Committed

Line

of

Credit:

The

Funds,

along

with

certain

other

funds

managed

by

the

Adviser

(“Participating

Funds”),

have

established

a

364-day,

$2.700

billion

standby

credit

facility

with

a

group

of

lenders,

under

which

the

Participating

Funds

may

borrow

for

temporary

purposes

(other

than

on-

going

leveraging

for

investment

purposes).

Each

Participating

Fund

is

allocated

a

designated

proportion

of

the

facility’s

capacity

(and

its

associated

costs,

as

described

below)

based

upon

a

multi-factor

assessment

of

the

likelihood

and

frequency

of

its

need

to

draw

on

the

facility,

the

size

of

the

Fund

and

its

anticipated

draws,

and

the

potential

importance

of

such

draws

to

the

operations

and

well-being

of

the

Fund,

relative

to

those

of

the

other

Funds.

A

Fund

may

effect

draws

on

the

facility

in

excess

of

its

designated

capacity

if

and

to

the

extent

that

other

Participating

Funds

have

undrawn

capacity.

The

current

credit

facility

was

entered

into

on

June

21,

2023

expiring

on

June

19,

2024,

replacing

the

previous

facility,

which

expired

in June

2023.

The

credit

facility

has

the

following

terms:

0.15%

per

annum

on

unused

commitment

amounts

and

a

drawn

interest

rate

equal

to

the

higher

of

(a)

OBFR

(Overnight

Bank

Funding

Rate)

plus

1.20%

per

annum

or

(b)

the

Fed

Funds

Effective

Rate

plus

1.20%

per

annum

on

amounts

borrowed.

The

Participating

Funds

also

incurred

a

0.05%

upfront

fee

on

the

increased

commitments

from

select

lenders.

Interest

expense

incurred

by

the

Participating

Funds,

when

applicable,

is

recognized

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations.

Participating

Funds

paid

administration,

legal

and

arrangement

fees,

which

are

recognized

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations,

and

along

with

commitment

fees,

have

been

allocated

among

such

Participating

Funds

based

upon

the

relative

proportions

of

the

facility’s

aggregate

capacity

reserved

for

them

and

other

factors

deemed

relevant

by

the

Adviser

and

the

Board

of

each

Participating

Fund.

During

the

current

period,

the

following

Funds

utilized

this

facility.

The

Funds’

maximum

outstanding

balance

during

the

utilization

period

was

as

follows:

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

$

50,700,000

California

71,900,000

Connecticut

3,008,754

Massachusetts

22,500,000

New

Jersey

29,100,000

New

York

58,600,000

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

California

High

Yield

84

$

13,826,896

6.29

%

California

35

18,270,254

6.41

Connecticut

26

819,132

6.27

Massachusetts

25

14,847,220

6.50

New

Jersey

38

11,444,667

6.51

New

York

62

14,556,977

6.46

134

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

—

Shareholder

Meeting

Report

(Unaudited)

135

The

special

meeting

of

shareholders

was

held

on

November

20,

2023

for

Nuveen

Multistate

Trust

II;

at

this

meeting,

the

shareholders

were

asked

to

elect

Board

members.

Nuveen

Multistate

Trust

II

Approval

of

the

Board

Members

was

reached

as

follows:

Joseph

A.

Boateng

For

437,646,916

Withhold

13,278,146

Total

450,925,062

Michael

A.

Forrester

For

437,460,796

Withhold

13,464,266

Total

450,925,062

Thomas

J.

Kenny

For

437,756,943

Withhold

13,168,119

Total

450,925,062

Amy

B.R.

Lancellotta

For

437,925,212

Withhold

12,999,850

Total

450,925,062

Joanne

T.

Medero

For

438,047,030

Withhold

12,878,032

Total

450,925,062

Albin

F.

Moschner

For

437,564,353

Withhold

13,360,709

Total

450,925,062

John

K.

Nelson

For

437,464,506

Withhold

13,460,556

Total

450,925,062

Loren

M.

Starr

For

437,855,784

Withhold

13,069,278

Total

450,925,062

Matthew

Thornton

III

For

437,712,058

Withhold

13,213,004

Total

450,925,062

Terence

J.

Toth

For

437,823,915

Withhold

13,101,147

Total

450,925,062

Margaret

L.

Wolff

For

437,425,228

Withhold

13,499,834

Total

450,925,062

Robert

L.

Young

For

438,313,249

Withhold

12,611,813

Total

450,925,062

136

Additional

Fund

Information

(Unaudited)

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Sub-Adviser

Nuveen

Asset

Management,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Independent

Registered

Public

Accounting

Firm

KPMG

LLP

200

East

Randolph

Street

Chicago,

IL

60601

Custodian

State

Street

Bank

&

Trust

Company

One

Congress

Street

Suite

1

Boston,

MA

02114-2016

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Transfer

Agent

and

Shareholder

Services

SS&C

Global

Investor

&

Distribution

Solutions,

Inc.

(SS&C

GICS)

P.O.

Box

219140

Kansas

City,

MO

64121-9140

(800)

257-8787

Portfolio

of

Investments

Information

Each

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

FINRA

BrokerCheck

:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

137

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

are

the

residual

interest

in

a

tender

option

bond

(TOB)

trust

sometimes

referred

to

as

“inverse

floaters”,

are

created

by

depositing

a

municipal

bond,

typically

with

a

fixed

interest

rate,

into

a

special

purpose

trust.

This

trust,

in

turn,

(a)

issues

floating

rate

certificates

typically

paying

short-term

tax-exempt

interest

rates

to

third

parties

in

amounts

equal

to

some

fraction

of

the

deposited

bond’s

par

amount

or

market

value,

and

(b)

issues

an

inverse

floating

rate

certificate

(sometimes

referred

to

as

an

“inverse

floater”)

to

an

investor

(such

as

a

fund)

interested

in

gaining

investment

exposure

to

a

long-term

municipal

bond.

The

income

received

by

the

holder

of

the

inverse

floater

varies

inversely

with

the

short-term

rate

paid

to

the

floating

rate

certificates’

holders,

and

in

most

circumstances

the

holder

of

the

inverse

floater

bears

substantially

all

of

the

underlying

bond’s

downside

investment

risk.

The

holder

of

the

inverse

floater

typically

also

benefits

disproportionately

from

any

potential

appreciation

of

the

underlying

bond’s

value.

Hence,

an

inverse

floater

essentially

represents

an

investment

in

the

underlying

bond

on

a

leveraged

basis.

Leverage:

Leverage

is

created

whenever

a

fund

has

investment

exposure

(both

reward

and/or

risk)

equivalent

to

more

than

100%

of

the

investment

capital.

Net

Assets

Value

(NAV)

per

Share:

A

fund’s

Net

Assets

is

equal

to

its

total

assets

(securities,

cash

and

accrued

earnings)

less

its

total

liabilities.

For

funds

with

multiple

classes,

Net

Assets

are

determined

separately

for

each

share

class.

NAV

per

share

is

equal

to

the

fund’s

(or

share

class’)

Net

Assets

divided

by

its

number

of

shares

outstanding.

Total

Investment

Exposure:

Total

investment

exposure

is

a

fund’s

assets

managed

by

the

Adviser

that

are

attributable

to

financial

leverage.

For

these

purposes,

financial

leverage

includes

a

fund’s

use

of

preferred

stock

and

borrowings

and

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities.

138

Liquidity

Risk

Management

Program

(Unaudited)

Discussion

of

the

operation

and

effectiveness

of

the

Funds’

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

each

Fund

covered

in

this

Report

(the

“Funds”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

designed

to

manage

the

Fund’s

liquidity

risk.

The

Program

consists

of

various

protocols

for

assessing

and

managing

each

Fund’s

liquidity

risk.

The

Funds’

Board

of

Trustees

previously

designated

Nuveen

Fund

Advisors,

LLC,

the

Funds’

investment

adviser,

as

the

Administrator

of

the

Program.

The

adviser’s

Liquidity

Monitoring

and

Analysis

Team

(“LMAT”)

carries

out

day-to-day

Program

management

with

oversight

by

the

adviser’s

Liquidity

Oversight

Sub-Committee

(the

“LOSC”).

The

LOSC

is

composed

of

personnel

from

the

adviser

and

Teachers

Advisors,

LLC,

an

affiliate

of

the

adviser.

At

a

May

23-25,

2023

meeting

of

the

Board,

the

Administrator

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy

and

effectiveness

of

implementation

for

calendar

year

2022

(the

“Review

Period”),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

each

Fund’s

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

each

Fund’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(1)

the

Fund’s

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii)

cash

flow

projections,

and

(ii)

holdings

of

cash

and

cash

equivalents,

borrowing

arrangements,

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Each

Fund

portfolio

investment

is

classified

into

one

of

four

liquidity

categories

(including

the

most

liquid,

“Highly

Liquid”,

and

the

least

liquid,

“llliquid”,

discussed

below),

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-specific

considerations,

as

well

as

market

depth,

and

use

third-

party

vendor

data.

Any

Fund

that

does

not

primarily

hold

highly

liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

Fund

assets

that

must

be

invested

in

highly

liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period,

California

High

Yield

Municipal

Bond

Fund

determined

that

it

would

hold

a

minimum

of

25%

of

its

assets

in

highly

liquid

investments,

and

it

maintained

at

least

that

amount

during

the

Review

Period.

All

of

the

other

Funds

in

this

Report

primarily

held

Highly

Liquid

investments

and

therefore

was

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

a

Fund’s

investments

in

Illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

a

Fund

from

acquiring

Illiquid

investments

if

doing

so

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

illiquid

investments,

and

requires

certain

reporting

to

the

Fund

Board

and

the

Securities

and

Exchange

Commission

any

time

a

Fund’s

holdings

of

Illiquid

investments

exceeds

15%

of

net

assets.

During

the

Review

Period,

no

Fund

exceeded

the

15%

limit

on

Illiquid

investments.

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

139

At

a

meeting

held

on

May

23-25,

2023

(the

“May

Meeting”),

the

Board

of

Trustees

(the

“Board”

and

each

Trustee,

a

“Board

Member”)

of

the

Funds,

which

is

comprised

entirely

of

Board

Members

who

are

not

“interested

persons”

(as

defined

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”))

(the

“Independent

Board

Members”),

approved,

for

each

Fund,

the

renewal

of

the

management

agreement

(each,

an

“Investment

Management

Agreement”)

with

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”)

pursuant

to

which

the

Adviser

serves

as

investment

adviser

to

such

Fund

and

the

sub-advisory

agreement

(each,

a

“Sub-Advisory

Agreement”)

with

Nuveen

Asset

Management,

LLC

(the

“Sub-Adviser”)

pursuant

to

which

the

Sub-Adviser

serves

as

the

sub-adviser

to

such

Fund

for

an

additional

one-year

term.

As

the

Board

is

comprised

of

all

Independent

Board

Members,

the

references

to

the

Board

and

the

Independent

Board

Members

are

interchangeable.

Following

up

to

an

initial

two-year

period,

the

Board

considers

the

renewal

of

each

Investment

Management

Agreement

and

Sub-Advisory

Agreement

on

behalf

of

the

applicable

Fund

on

an

annual

basis.

The

Investment

Management

Agreements

and

Sub-Advisory

Agreements

are

collectively

referred

to

as

the

“Advisory

Agreements,”

and

the

Adviser

and

the

Sub-Adviser

are

collectively,

the

“Fund

Advisers”

and

each,

a

“Fund

Adviser.”

The

Independent

Board

Members

considered

the

review

of

the

advisory

agreements

for

the

Nuveen

funds

to

be

an

ongoing

process

and

employed

the

accumulated

information,

knowledge

and

experience

the

Board

Members

had

gained

during

their

tenure

on

the

boards

governing

the

Nuveen

funds

and

working

with

the

Adviser

and

the

applicable

sub-advisers

in

their

annual

review

of

the

advisory

agreements.

Throughout

the

year,

the

Board

and

its

committees

meet

regularly

and,

at

these

meetings,

receive

regular

and/or

special

reports

that

cover

an

extensive

array

of

topics

and

information

that

are

relevant

to

the

Board’s

annual

consideration

of

the

renewal

of

the

advisory

agreements

for

the

Nuveen

funds.

Such

information

may

address,

among

other

things,

fund

performance

and

risk

information;

the

Adviser’s

strategic

plans;

product

initiatives

for

various

funds;

the

review

of

the

funds

and

investment

teams;

compliance,

regulatory

and

risk

management

matters;

the

trading

practices

of

the

various

sub-advisers

to

the

Nuveen

funds;

management

of

distributions;

valuation

of

securities;

fund

expenses;

payments

to

financial

intermediaries,

including

12b-1

fees

and

sub-transfer

agency

fees,

if

applicable;

securities

lending;

liquidity

management;

and

overall

market

and

regulatory

developments.

The

Board

also

seeks

to

meet

periodically

with

the

Nuveen

funds’

sub-advisers

and/or

portfolio

teams,

when

feasible.

The

presentations,

discussions,

and

meetings

throughout

the

year

also

provide

a

means

for

the

Board

to

evaluate

the

level,

breadth

and

quality

of

services

provided

by

the

Adviser

and

how

such

services

have

changed

over

time

in

light

of

new

or

modified

regulatory

requirements,

changes

to

market

conditions

or

other

factors.

In

connection

with

its

annual

consideration

of

the

advisory

agreements

for

the

Nuveen

funds,

the

Board,

through

its

independent

legal

counsel,

requested

and

received

extensive

materials

and

information

prepared

specifically

for

its

review

of

such

advisory

agreements

by

the

Adviser

and

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data.

The

materials

cover

a

wide

range

of

topics

including,

but

not

limited

to,

a

description

of

the

nature,

extent

and

quality

of

services

provided

by

the

Fund

Advisers;

a

review

of

product

actions

advanced

in

2022

for

the

benefit

of

particular

Nuveen

funds

and/or

the

Nuveen

fund

complex;

a

review

of

each

sub-adviser

to

the

Nuveen

funds

and/or

the

applicable

investment

team;

an

analysis

of

fund

performance

with

a

focus

on

any

Nuveen

funds

considered

performance

outliers;

an

analysis

of

the

fees

and

expense

ratios

of

the

Nuveen

funds

with

a

focus

on

any

Nuveen

funds

considered

expense

outliers;

a

review

of

management

fee

schedules;

a

review

of

temporary

and

permanent

expense

caps

and

fee

waivers

for

open-end

funds

(as

applicable)

and

related

expense

savings;

a

description

of

portfolio

manager

compensation;

a

description

of

the

profitability

or

financial

data

of

Nuveen

and

the

sub-advisers

to

the

Nuveen

funds;

and

a

description

of

indirect

benefits

received

by

the

Adviser

and

the

sub-advisers

as

a

result

of

their

relationships

with

the

Nuveen

funds.

The

information

prepared

specifically

for

the

annual

review

supplemented

the

information

provided

to

the

Board

and

its

committees

and

the

evaluations

of

the

Nuveen

funds

by

the

Board

and

its

committees

during

the

year.

The

Board’s

review

of

the

advisory

agreements

for

the

Nuveen

funds

is

based

on

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

information

prepared

specifically

with

respect

to

the

annual

review

of

such

advisory

agreements.

The

performance,

fee

and

expense

data

and

other

information

provided

by

a

Fund

Adviser,

Broadridge

or

other

service

providers

were

not

independently

verified

by

the

Independent

Board

Members.

As

part

of

its

review,

the

Board

met

on

April

11-12,

2023

(the

“April

Meeting”)

to

review

and

discuss,

in

part,

the

performance

of

the

Nuveen

funds

and

the

Adviser’s

evaluation

of

each

sub-adviser

to

the

Nuveen

funds

and/or

its

investment

teams.

At

the

April

Meeting,

the

Board

Members

asked

questions

and

requested

additional

information

that

was

provided

for

the

May

Meeting.

The

Independent

Board

Members

were

advised

by

independent

legal

counsel

during

the

annual

review

process

as

well

as

throughout

the

year,

including

meeting

in

executive

sessions

with

such

counsel

at

which

no

representatives

from

the

Adviser

or

the

Sub-Adviser

were

present.

In

connection

with

their

annual

review,

the

Independent

Board

Members

also

received

a

memorandum

from

independent

legal

counsel

outlining

their

fiduciary

duties

and

legal

standards

in

reviewing

the

Advisory

Agreements,

including

guidance

from

court

cases

evaluating

advisory

fees.

The

Board’s

decision

to

renew

the

Advisory

Agreements

was

not

based

on

a

single

identified

factor,

but

rather

the

decision

reflected

the

comprehensive

consideration

of

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

materials

prepared

specifically

in

connection

with

the

renewal

process.

The

contractual

arrangements

are

a

result

of

multiple

years

of

review,

negotiation

and

information

provided

in

connection

with

the

Board’s

annual

review

of

the

Nuveen

funds’

advisory

arrangements

and

oversight

of

the

Nuveen

funds.

Each

Board

Member

may

have

attributed

different

levels

of

importance

to

the

various

factors

and

information

considered

in

connection

with

the

approval

process

and

may

place

different

emphasis

on

the

relevant

information

year

to

year

in

light

of,

among

other

things,

changing

market

and

economic

conditions.

A

summary

of

the

principal

factors

and

information,

but

not

all

the

factors,

the

Board

considered

in

deciding

to

renew

the

Advisory

Agreements

is

set

forth

below.

140

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

A.

Nature,

Extent

and

Quality

of

Services

In

evaluating

the

renewal

of

the

Advisory

Agreements,

the

Independent

Board

Members

received

and

considered

information

regarding

the

nature,

extent

and

quality

of

the

applicable

Fund

Adviser’s

services

provided

to

the

respective

Fund

with

particular

focus

on

the

services

and

enhancements

or

changes

to

such

services

provided

during

the

last

year.

The

Independent

Board

Members

considered

the

Investment

Management

Agreements

and

the

Sub-Advisory

Agreements

separately

in

the

course

of

their

review.

With

this

approach,

they

considered

the

respective

roles

of

the

Adviser

and

the

Sub-Adviser

in

providing

services

to

the

Funds.

The

Board

recognized

that

the

Adviser

provides

a

wide

array

of

management,

oversight

and

administrative

services

to

manage

and

operate

the

Nuveen

funds

and

that

the

scope

and

complexity

of

these

services,

along

with

the

undertakings

required

of

the

Adviser

in

connection

with

providing

these

services,

have

expanded

over

time

as

a

result

of,

among

other

things,

regulatory,

market

and

other

developments.

The

Board

noted

the

Adviser’s

dedication

of

resources,

time,

personnel

and

capital

and

commitment

to

continuing

to

develop

improvements

and

innovations

that

seek

to

enhance

the

Nuveen

fund

complex

and

meet

the

needs

of

the

Nuveen

funds

in

an

increasingly

complex

regulatory

environment.

The

Board

received

and

reviewed

information

regarding,

among

other

things,

the

Adviser’s

investment

oversight

responsibilities,

regulatory

and

compliance

services,

administrative

duties

and

other

services.

The

Board

considered

the

breadth

and

the

quality

of

the

services

the

Adviser

and

its

various

teams

provide

in

overseeing

the

investment

management

of

the

Nuveen

funds,

including,

among

other

things,

overseeing

and

reviewing

the

services

provided

by

the

various

sub-advisers

to

the

Nuveen

funds

and

their

investment

teams;

evaluating

fund

performance

and

market

conditions;

overseeing

operational

and

investment

risks;

evaluating

investment

strategies

and

recommending

any

changes

thereto;

managing

liquidity;

managing

the

daily

valuation

of

portfolio

securities;

overseeing

trade

execution

and

securities

lending;

and

setting

and

managing

distributions

consistent

with

the

respective

fund’s

product

design.

The

Board

also

reviewed

the

structure

of

investment

personnel

compensation

of

each

Fund

Adviser

and

considered

whether

the

structure

provides

appropriate

incentives

to

attract

and

maintain

qualified

personnel

and

to

act

in

the

best

interests

of

the

respective

Nuveen

fund.

Given

the

Nuveen

funds

operate

in

a

highly

regulated

industry,

the

Board

further

considered

the

extensive

compliance,

regulatory

and

administrative

services

the

Adviser

and

its

various

teams

provide

to

manage

and

operate

the

Nuveen

funds.

The

Board

recognized

such

services

included,

but

were

not

limited

to,

managing

compliance

policies;

monitoring

compliance

with

applicable

policies,

laws

and

regulations;

devising

internal

compliance

programs

in

seeking

to

enhance

compliance

with

regulatory

requirements

and

creating

a

framework

to

review

and

assess

compliance

programs;

overseeing

sub-adviser

compliance

testing;

preparing

compliance

training

materials;

and

responding

to

regulatory

requests.

The

Board

reviewed

highlights

of

the

various

initiatives

Nuveen

compliance

had

taken

in

2022

including,

among

other

things,

additional

due

diligence

of

service

providers

as

their

operating

environments

evolve

post-Covid

to

more

hybrid

in-person

working

arrangements;

investments

in

supporting

and

expanding

international

trading

capabilities;

continuing

efforts

to

enhance

policies

and

controls

to

address

compliance

risks

including

those

related

to

environmental,

social

and

governance

(“ESG”)

matters

and

new

regulatory

developments

or

guidance;

and

establishing

and

maintaining

compliance

policies

and

comprehensive

compliance

training

programs.

The

Board

also

considered

information

regarding

the

Adviser’s

business

continuity,

disaster

recovery

and

information

security

programs

and

the

periodic

testing

and

review

of

such

programs.

In

addition

to

the

above

functions,

the

Board

considered

the

quality

and

extent

of

other

non-advisory

services

the

Adviser

provides

including,

among

other

things,

various

fund

administration

services

(such

as

preparing,

overseeing

or

assisting

with

the

preparation

of

tax

and

regulatory

filings);

product

management

services

(such

as

evaluating

and

enhancing

products

and

strategies);

legal

support

services;

shareholder

services

and

transfer

agency

function

oversight

services;

and

board

support

and

reporting

services.

With

respect

to

board

support

services,

the

Board

reviewed

a

summary

of

the

annual,

quarterly,

and

special

reports

the

Adviser

and/or

its

affiliates

provided

to

the

Board

throughout

2022.

The

Board

further

acknowledged

various

initiatives

the

Adviser

had

undertaken

or

continued

in

2022

in

seeking

to

improve

the

effectiveness

of

its

organization,

the

Nuveen

funds

product

line-up

as

well

as

particular

Nuveen

fund(s)

through,

among

other

things,

rationalizing

the

product

line

and

gaining

efficiencies

through

mergers,

repositionings

and

liquidations;

launching

new

funds;

reviewing

and

updating

investment

policies

and

benchmarks;

reopening

certain

funds

previously

closed

to

new

investors;

adding

or

modifying

the

share

classes

offered

by

certain

funds;

implementing

fee

waivers

and

expense

cap

changes

for

certain

funds

and

evaluating

and

adjusting

portfolio

management

teams

as

appropriate

for

various

funds;

and

developing

policy

positions

on

a

broad

range

of

regulatory

proposals

that

may

impact

the

funds

and

communicating

with

lawmakers

and

other

regulatory

authorities

to

help

ensure

these

positions

are

represented.

Aside

from

the

services

provided,

the

Board

recognized

the

financial

resources

of

the

Adviser

and

its

affiliates

and

their

willingness

to

make

investments

in

the

technology,

personnel

and

infrastructure

to

support

the

Nuveen

funds,

including

maintaining

a

seed

capital

budget

to

support

new

or

existing

funds

and/or

facilitate

changes

for

a

respective

fund.

The

Board

noted

the

benefits

to

shareholders

of

investing

in

a

fund

that

is

a

part

of

a

large

fund

complex

with

a

variety

of

investment

disciplines,

capabilities,

expertise

and

resources

available

to

navigate

and

support

the

Nuveen

funds

including

during

stressed

times.

The

Board

recognized

the

overall

reputation

and

capabilities

of

the

Adviser

and

its

affiliates,

the

Adviser’s

continuing

commitment

to

provide

high

quality

services,

its

willingness

to

implement

operational

or

organizational

changes

in

seeking,

among

other

things,

to

enhance

efficiencies

and

services

to

the

Nuveen

funds

and

its

responsiveness

to

the

Board’s

questions

and/or

concerns

raised

throughout

the

year

and

during

the

annual

review

of

advisory

agreements.

The

Board

also

considered

the

significant

risks

borne

by

the

Adviser

and

its

affiliates

in

connection

with

their

services

to

the

Nuveen

funds,

including

entrepreneurial

risks

in

sponsoring

new

funds

and

ongoing

risks

with

managing

the

funds

such

as

investment,

operational,

reputational,

regulatory,

compliance

and

litigation

risks.

The

Board

further

considered

the

division

of

responsibilities

between

the

Adviser

and

the

Sub-Adviser

and

recognized

that

the

Sub-Adviser

and

its

investment

personnel

generally

are

responsible

for

the

management

of

each

Fund’s

portfolio

under

the

oversight

of

the

Adviser

and

the

Board.

The

Board

considered

an

analysis

of

the

Sub-Adviser

provided

by

the

Adviser

which

included,

among

other

things,

the

assets

under

management

of

the

applicable

investment

team

and

changes

thereto,

a

summary

of

the

applicable

investment

team

and

changes

to

such

team,

the

investment

process

and

philosophy

of

the

applicable

investment

team,

the

performance

of

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser

over

various

periods

141

of

time

and

a

summary

of

any

significant

policy

and/or

other

changes

to

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser.

The

Board

further

considered

at

the

May

Meeting

or

prior

meetings

evaluations

of

the

Sub-Adviser’s

compliance

programs

and

trade

execution.

The

Board

noted

that

the

Adviser

recommended

the

renewal

of

the

Sub-Advisory

Agreements.

Based

on

its

review,

the

Board

determined,

in

the

exercise

of

its

reasonable

business

judgment,

that

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

respective

Funds

under

each

applicable

Advisory

Agreement.

B.

The

Investment

Performance

of

the

Funds

and

Fund

Advisers

In

evaluating

the

quality

of

the

services

provided

by

the

Fund

Advisers,

the

Board

also

considered

a

variety

of

investment

performance

data

of

the

Nuveen

funds

prepared

specifically

for

the

annual

review

of

the

advisory

agreements

as

well

as

the

performance

data

the

Board

received

throughout

the

year

representing

different

time

periods.

In

this

regard,

leading

into

the

May

Meeting,

the

Board

reviewed,

among

other

things,

Fund

performance

over

the

quarter,

one-,

three-

and

five-year

periods

ending

December 31,

2022

and

March

31,

2023.

The

performance

data

was

based

on

Class

A

shares;

however,

the

performance

of

other

classes

should

be

substantially

similar

as

they

invest

in

the

same

portfolio

of

securities

and

differences

in

performance

among

the

classes

would

be

principally

attributed

to

the

variations

in

the

expense

structures

of

the

classes.

In

addition,

the

Board

reviewed

and

discussed

performance

data

at

its

regularly

scheduled

quarterly

meetings

during

the

year.

The

Board

therefore

took

into

account

the

performance

data,

presentations

and

discussions

(written

and

oral)

that

have

been

provided

for

the

annual

review

as

well

as

in

prior

meetings

over

time

in

evaluating

fund

performance,

including

the

Adviser’s

analysis

of

a

fund’s

performance

with

particular

focus

on

performance

outliers

(both

overperformance

and

underperformance),

the

factors

contributing

to

performance

(including

relative

to

a

fund’s

benchmark

and

peers

and

the

impact

of

market

conditions)

and

any

recommendations

or

steps

that

had

been

taken

or

were

proposed

to

be

taken

to

address

significant

performance

concerns.

In

this

regard,

the

Board

noted,

among

other

things,

that

certain

Nuveen

funds

had

changes

in

portfolio

managers

or

other

significant

changes

to

their

investment

strategies

or

policies

since

March

2020,

and,

as

a

result,

the

Board

reviewed

certain

tracking

performance

data

comparing

the

performance

of

such

funds

before

and

after

such

changes.

The

Board

recognized

that

performance

data

reflects

performance

over

a

specified

period

which

may

differ

significantly

depending

on

the

ending

dates

selected,

particularly

during

periods

of

market

volatility.

Further,

the

Board

noted

that

shareholders

may

evaluate

performance

based

on

their

own

respective

holding

periods

which

may

differ

from

the

performance

periods

reviewed

by

the

Board

and

lead

to

differing

results.

In

its

evaluation,

the

Board

reviewed

Nuveen

fund

performance

results

from

different

perspectives.

In

general,

subject

to

certain

exceptions,

the

Board

reviewed

both

absolute

and

relative

fund

performance

during

the

annual

review

over

the

various

time

periods

and

evaluated

performance

results

in

light

of

a

fund’s

investment

objective(s),

strategies

and

risks.

With

respect

to

the

relative

performance,

the

Board

considered

fund

performance

in

comparison

to

the

performance

of

peer

funds

(the

“Performance

Peer

Group”)

and

recognized

and/or

customized

benchmarks

(i.e.,

generally

benchmarks

derived

from

multiple

recognized

benchmarks).

In

reviewing

such

comparative

performance,

the

Board

was

cognizant

of

the

inherent

limitations

of

such

data

which

can

make

meaningful

performance

comparisons

generally

difficult.

As

an

illustration,

differences

in

the

composition

of

the

Performance

Peer

Group,

the

investment

objective(s),

strategies

and

other

characteristics

of

the

peers

in

the

Performance

Peer

Group,

the

level,

type

and

cost

of

leverage

(if

any)

of

the

peers,

and

the

varying

sizes

of

peers

all

may

contribute

to

differences

in

the

performance

results

of

a

Performance

Peer

Group

compared

to

the

applicable

Nuveen

fund.

With

respect

to

relative

performance

of

a

Nuveen

fund

compared

to

a

benchmark

index,

differences,

among

other

things,

in

the

investment

objective(s)

and

strategies

of

a

fund

and

the

benchmark

(particularly

an

actively

managed

fund

that

does

not

directly

follow

an

index)

as

well

as

the

costs

of

operating

a

fund

would

necessarily

contribute

to

differences

in

performance

results

and

limit

the

value

of

the

comparative

performance

information.

To

assist

the

Board

in

its

review

of

the

comparability

of

the

relative

performance,

the

Adviser

has

ranked

the

relevancy

of

the

peer

group

to

the

Funds

as

low,

medium

or

high.

The

Board

also

evaluated

Nuveen

fund

performance

in

light

of

various

relevant

factors

which

may

include,

among

other

things,

general

market

conditions,

issuer-specific

information,

asset

class

information,

leverage

and

fund

cash

flows.

The

Board

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance

and

that

a

single

investment

theme

could

disproportionately

affect

performance.

Further,

the

Board

recognized

that

the

market

and

economic

conditions

may

significantly

impact

a

fund’s

performance,

particularly

over

shorter

periods,

and

such

performance

may

be

more

reflective

of

such

economic

or

market

events

and

not

necessarily

reflective

of

management

skill.

Although

the

Board

reviews

short-,

intermediate-

and

longer-term

performance

data,

the

Board

recognized

that

longer

periods

of

performance

may

reflect

full

market

cycles.

In

relation

to

recent

general

market

conditions,

the

Board

had

recognized

the

general

market

volatility

and

underperformance

of

the

market

in

2022

in

considering

Nuveen

fund

performance.

The

Board

took

into

account

the

Adviser’s

assessment

of

a

fund’s

performance

during

the

recent

period

of

significant

market

volatility.

In

their

review

from

year

to

year,

the

Board

Members

consider

and

may

place

different

emphasis

on

the

relevant

information

in

light

of

changing

circumstances

in

market

and

economic

conditions.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

However,

depending

on

the

facts

and

circumstances

including

any

differences

between

the

respective

fund

and

its

benchmark

and/or

Performance

Peer

Group,

the

Board

may

be

satisfied

with

a

fund’s

performance

notwithstanding

that

its

performance

may

be

below

that

of

its

benchmark

and/or

peer

group

for

certain

periods.

With

respect

to

any

funds

for

which

the

Board

has

identified

performance

issues,

the

Board

seeks

to

monitor

such

funds

closely

until

performance

improves,

discusses

with

the

Adviser

the

reasons

for

such

results,

considers

whether

any

steps

are

necessary

or

appropriate

to

address

such

issues,

and

reviews

the

results

of

any

steps

undertaken.

The

Board’s

determinations

with

respect

to

each

Fund

are

summarized

below.

For

Nuveen

California

High

Yield

Municipal

Bond

Fund

(the

“California

High

Yield

Fund”),

the

Board

noted

that

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-,

three-

and

five-year

periods

ended

December

31,

2022

and

March

31,

2023.

In

its

review,

the

Board

noted

that

the

Fund’s

Performance

Peer

Group

was

classified

as

low

for

relevancy.

The

Board

took

into

account

management’s

discussion

of

the

Fund’s

performance,

including

the

reasons

for

the

Fund’s

challenged

performance

for

certain

periods,

and

the

Fund’s

more

recent

improved

performance

for

the

quarter

ended

March

31,

2023.

On

the

basis

of

the

142

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

California

Municipal

Bond

Fund

(the

“California

Fund”),

the

Board

noted

that

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December

31,

2022

and

March

31,

2023.

Further,

although

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

three-

and

five-year

periods

ended

December

31,

2022

and

March

31,

2023,

the

Fund

ranked

in

the

third

quartile

for

the

one-year

periods

ended

December

31,

2022

and

March

31,

2023.

The

Board

took

into

account

management’s

discussion

of

the

Fund’s

performance,

including

the

reasons

for

the

Fund’s

challenged

performance

for

certain

periods.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

Connecticut

Municipal

Bond

Fund

(the

“Connecticut

Fund”),

the

Board

noted

that

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-,

three-

and

five-year

periods

ended

December

31,

2022.

Further,

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

March

31,

2023

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-

and

five-year

periods

but

the

third

quartile

for

the

three-year

period

ended

March

31,

2023.

The

Board

took

into

account

management’s

discussion

of

the

Fund’s

performance,

including

the

reasons

for

the

Fund’s

challenged

performance

for

certain

periods,

and

the

Fund’s

more

recent

improved

performance

for

the

quarter

ended

March

31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

Massachusetts

Municipal

Bond

Fund

(the

“Massachusetts

Fund”),

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December

31,

2022

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

December

31,

2022,

the

Fund

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

three-year

period

and

second

quartile

for

the

five-year

period

ended

December

31,

2022.

In

addition,

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

March

31,

2023

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

March

31,

2023,

the

Fund

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

three-

and

five-year

periods

ended

March

31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

New

Jersey

Municipal

Bond

Fund

(the

“New

Jersey

Fund”),

the

Board

noted

that

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2022

and

March

31,

2023.

The

Fund,

however,

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-,

three-

and

five-year

periods

ended

December

31,

2022

and

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

and

third

quartile

for

the

three-

and

five-year

periods

ended

March

31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

New

York

Municipal

Bond

Fund

(the

“New

York

Fund”),

the

Board

noted

that

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-,

three-

and

five-year

periods

ended

December

31,

2022.

In

addition,

the

Board

noted

that

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

March

31,

2023

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-

and

five-year

periods

ended

March

31,

2023

but

the

third

quartile

for

the

three-year

period

ended

March

31,

2023.

The

Board

took

into

account

management’s

discussion

of

the

Fund’s

performance,

including

the

reasons

for

the

Fund’s

challenged

performance

for

certain

periods,

and

the

Fund’s

more

recent

improved

performance

for

the

quarter

ended

March

31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

143

C.

Fees,

Expenses

and

Profitability

1.

Fees

and

Expenses

As

part

of

its

annual

review,

the

Board

generally

reviewed,

among

other

things,

with

respect

to

the

Nuveen

open-end

funds,

the

contractual

management

fee

and

net

management

fee

(i.e.,

the

management

fee

after

taking

into

consideration

fee

waivers

and/or

expense

reimbursements,

if

any)

paid

by

a

fund

to

the

Adviser

in

light

of

the

nature,

extent

and

quality

of

the

services

provided.

The

Board

also

considered

the

total

operating

expense

ratio

of

a

fund

(after

any

fee

waivers

and/or

expense

reimbursements).

More

specifically,

the

Independent

Board

Members

reviewed,

among

other

things,

each

Nuveen

open-end

fund’s

gross

and

net

management

fee

rates

(i.e.,

before

and

after

fee

waivers

and/or

expense

reimbursements,

if

any)

and

net

total

expense

ratio

in

relation

to

those

of

a

comparable

universe

of

funds

(the

“Peer

Universe”)

and

to

a

more

focused

subset

of

comparable

funds

(the

“Peer

Group”)

established

by

Broadridge

(subject

to

certain

exceptions).

The

Independent

Board

Members

reviewed

the

methodology

Broadridge

employed

to

establish

its

Peer

Universe

and

Peer

Group

(as

applicable)

and

recognized

that

differences

between

the

applicable

fund

and

its

respective

Peer

Universe

and/

or

Peer

Group

as

well

as

changes

to

the

composition

of

the

Peer

Group

and/or

Peer

Universe

from

year

to

year

may

limit

some

of

the

value

of

the

comparative

data.

The

Independent

Board

Members

take

these

limitations

and

differences

into

account

when

reviewing

comparative

peer

data.

The

Independent

Board

Members

also

considered

a

fund’s

operating

expense

ratio

as

it

more

directly

reflected

the

shareholder’s

costs

in

investing

in

the

respective

fund.

In

their

review,

the

Independent

Board

Members

considered,

in

particular,

each

Nuveen

fund

with

a

net

total

expense

ratio

of

six

basis

points

or

higher

compared

to

that

of

its

peer

average

(each,

an

“Expense

Outlier

Fund”)

and

an

analysis

as

to

the

factors

contributing

to

each

such

fund’s

higher

relative

net

total

expense

ratio.

Accordingly,

in

reviewing

the

comparative

data

between

a

fund

and

its

peers,

the

Board

generally

considered

the

fund’s

net

total

expense

ratio

and

fees

to

be

higher

if

they

were

over

10

basis

points

higher,

slightly

higher

if

they

were

6

to

10

basis

points

higher,

in

line

if

they

were

within

approximately

5

basis

points

higher

than

the

peer

average

and

below

if

they

were

below

the

peer

average

of

the

Peer

Group.

The

Independent

Board

Members

also

considered,

in

relevant

part,

a

Nuveen

fund’s

management

fee

and

net

total

expense

ratio

in

light

of

its

performance

history,

including

reviewing

certain

funds

identified

by

the

Adviser

and/or

the

Board

as

having

a

higher

net

total

expense

ratio

or

management

fee

compared

to

their

respective

peers

coupled

with

experiencing

periods

of

challenged

performance

and

considering

the

reasons

for

such

comparative

positions.

In

addition,

in

their

review

of

the

fee

arrangements

for

the

Nuveen

funds,

the

Independent

Board

Members

considered

the

management

fee

schedules,

including

the

complex-wide

and

fund-level

breakpoint

schedules,

and

the

expense

reimbursements

and/or

fee

waivers

provided

by

Nuveen

for

each

fund,

as

applicable.

The

Board

noted

that

across

the

Nuveen

fund

complex,

the

complex-wide

fee

breakpoints

reduced

fees

by

approximately

$62.4 million

and

fund-level

breakpoints

reduced

fees

by

approximately

$76.1 million

in

2022.

Further,

fee

caps

and

waivers

for

all

applicable

Nuveen

funds

saved

shareholders

approximately

$13.4 million

in

fees

in

2022.

With

respect

to

the

Sub-Adviser,

the

Board

also

considered,

among

other

things,

the

sub-advisory

fee

schedule

paid

to

the

Sub-Adviser

in

light

of

the

sub-advisory

services

provided

to

the

respective

Fund

and

comparative

data

of

the

fees

the

Sub-Adviser

charges

to

other

clients,

if

any.

In

its

review,

the

Board

recognized

that

the

compensation

paid

to

the

Sub-Adviser

is

the

responsibility

of

the

Adviser,

not

the

Funds.

The

Independent

Board

Members

noted

that

(a)

the

California

High

Yield

Fund

had

a

net

management

fee

that

was

slightly

higher

than

the

peer

average,

but

a

net

total

expense

ratio

that

was

in

line

with

the

peer

average;

(b)

the

California

Fund,

Massachusetts

Fund,

New

Jersey

Fund

and

New

York

Fund

each

had

a

net

management

fee

that

was

in

line

with

the

respective

peer

average

and

a

net

total

expense

ratio

that

was

below

the

respective

peer

average;

and

(c)

the

Connecticut

Fund

had

a

net

management

fee

that

was

higher

than

the

peer

average,

but

a

net

total

expense

ratio

that

was

below

the

peer

average.

Based

on

its

review

of

the

information

provided,

the

Board

determined

that

each

Fund’s

management

fees

(as

applicable)

to

a

Fund

Adviser

were

reasonable

in

light

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

2.

Comparisons

with

the

Fees

of

Other

Clients

In

evaluating

the

appropriateness

of

fees,

the

Board

also

considered

information

regarding

the

fee

rates

the

respective

Fund

Advisers

charged

to

certain

other

types

of

clients

and

the

type

of

services

provided

to

these

other

clients.

With

respect

to

the

municipal

Nuveen

funds,

such

other

clients

may

include

retail

and

institutional

municipal

managed

accounts

sub-advised

by

the

Sub-Adviser,

municipal

exchange-traded

funds

(“ETFs”)

sub-advised

by

the

Sub-Adviser

that

are

offered

by

another

fund

complex,

municipal

managed

accounts

offered

by

an

unaffiliated

adviser

and

certain

municipal

private

limited

partnerships

offered

by

Nuveen.

The

Board

reviewed,

among

other

things,

the

fee

range

and

average

fee

of

municipal

retail

advisory

accounts

and

municipal

institutional

accounts,

the

sub-advisory

fee

the

Sub-Adviser

received

for

serving

as

sub-adviser

to

certain

municipal

ETFs

offered

outside

the

Nuveen

family

and

the

management

fee

rates

paid

by

the

municipal

private

limited

partnerships

operated

by

Nuveen.

144

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

In

considering

the

comparative

fee

data,

the

Board

recognized

that

differences,

including

but

not

limited

to,

the

amount,

type

and

level

of

services

provided

by

the

Adviser

to

the

Nuveen

funds

compared

to

that

provided

to

other

clients

as

well

as

differences

in

investment

policies;

eligible

portfolio

assets

and

the

manner

of

managing

such

assets;

product

structure;

investor

profiles;

account

sizes;

and

regulatory

requirements

contribute

to

the

variations

in

the

fee

schedules.

The

Board

acknowledged

the

wide

range

of

services

in

addition

to

investment

management

that

the

Adviser

had

provided

to

the

Nuveen

funds

compared

to

other

types

of

clients

as

well

as

the

increased

entrepreneurial,

legal

and

regulatory

risks

that

the

Adviser

incurs

in

sponsoring

and

managing

the

Nuveen

funds.

In

general,

higher

fee

levels

reflect

higher

levels

of

service

provided

by

the

Adviser,

increased

investment

management

complexity,

greater

product

management

requirements,

and

higher

levels

of

business

risk

or

some

combination

of

these

factors.

The

Board

further

considered

that

the

Sub-Adviser’s

fee

is

essentially

for

portfolio

management

services

and

therefore

more

comparable

to

the

fees

it

receives

for

retail

wrap

accounts

and

other

external

sub-advisory

mandates.

The

Board

concluded

the

varying

levels

of

fees

were

justified

given,

among

other

things,

the

more

extensive

services,

regulatory

requirements

and

legal

liabilities,

and

the

entrepreneurial,

legal

and

regulatory

risks

incurred

in

sponsoring

and

advising

a

registered

investment

company

compared

to

that

required

in

advising

other

types

of

clients.

3.

Profitability

of

Fund

Advisers

In

their

review,

the

Independent

Board

Members

considered

estimated

profitability

information

of

Nuveen

as

a

result

of

its

advisory

services

to

the

Nuveen

funds

as

well

as

profitability

data

of

other

publicly

traded

asset

management

firms.

Such

profitability

information

included,

among

other

things,

gross

and

net

revenue

margins

(excluding

distribution)

of

Nuveen

Investments,

Inc.

(“Nuveen

Investments”)

for

services

to

the

Nuveen

funds

on

a

pre-tax

and

after-tax

basis

for

the

2022

and

2021

calendar

years

as

well

as

the

revenues

earned

(less

any

expense

reimbursements/fee

waivers)

and

expenses

incurred

by

Nuveen

Investments

for

its

advisory

activities

to

the

Nuveen

funds

(excluding

distribution

and

certain

other

expenses)

for

the

2022

and

2021

calendar

years.

The

Independent

Board

Members

also

considered

a

summary

of

some

of

the

key

factors

that

impacted

Nuveen’s

profitability

in

2022.

In

addition,

the

Board

reviewed

the

revenues,

expenses

and

operating

margin

(pre-

and

after-tax)

the

Adviser

derived

from

its

ETF

product

line

for

the

2022

and

2021

calendar

years.

In

developing

the

profitability

data

of

the

Adviser

for

its

advisory

services

to

the

Nuveen

funds,

the

Independent

Board

Members

recognized

the

subjective

nature

of

calculating

profitability

as

the

information

is

not

audited

and

is

necessarily

dependent

on

cost

allocation

methodologies

to

allocate

expenses

throughout

the

complex

and

among

the

various

advisory

products.

Given

there

is

no

perfect

expense

allocation

methodology

and

that

other

reasonable

and

valid

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results,

the

Board

reviewed,

among

other

things,

a

description

of

the

cost

allocation

methodologies

employed

to

develop

the

financial

information,

a

summary

of

the

history

of

changes

to

the

methodology

over

the

years

from

2010

through

2022,

and

a

historical

expense

analysis

of

Nuveen

Investments’

revenues,

expenses

and

pre-tax

net

revenue

margins

derived

from

its

advisory

services

to

the

Nuveen

funds

(excluding

distribution)

for

the

calendar

years

from

2017

through

2022.

The

Board

had

also

appointed

four

Independent

Board

Members

to

serve

as

the

Board’s

liaisons,

with

the

assistance

of

independent

counsel,

to

meet

with

representatives

of

the

Adviser

and

review

the

development

of

the

profitability

data

and

to

report

to

the

full

Board.

In

addition,

the

Board

considered

certain

comparative

operating

margin

data.

In

this

regard,

the

Board

reviewed

the

operating

margins

of

Nuveen

Investments

compared

to

the

adjusted

operating

margins

of

a

peer

group

of

asset

management

firms

with

publicly

available

data

and

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

to

Nuveen.

The

Board

recognized

that

the

operating

margins

of

the

peers

were

adjusted

generally

to

address

that

certain

services

provided

by

the

peers

were

not

provided

by

Nuveen.

The

Board

also

reviewed,

among

other

things,

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

on

a

company-wide

basis

and

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

derived

from

its

services

to

the

Nuveen

funds

only

(including

and

excluding

distribution)

compared

to

the

adjusted

operating

margins

of

the

peer

group

for

each

calendar

year

from

2012

to

2022.

Although

the

total

company

operating

margins

of

Nuveen

Investments

were

in

the

bottom

half

of

the

peer

group

range

for

2022

and

2021,

the

Independent

Board

Members

recognized

the

limitations

of

the

comparative

data

given

that

peer

data

is

not

generally

public

and

the

calculation

of

profitability

is

subjective

and

affected

by

numerous

factors

(such

as

types

of

funds

a

peer

manages,

its

business

mix,

its

cost

of

capital,

the

numerous

assumptions

underlying

the

methodology

used

to

allocate

expenses

and

other

factors)

that

can

have

a

significant

impact

on

the

results.

Aside

from

Nuveen’s

profitability,

the

Board

recognized

that

the

Adviser

is

a

subsidiary

of

Nuveen,

LLC,

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

Accordingly,

the

Board

also

reviewed

a

balance

sheet

for

TIAA

reflecting

its

assets,

liabilities

and

capital

and

contingency

reserves

for

the

2022

and

2021

calendar

years

to

consider

the

financial

strength

of

TIAA.

The

Board

recognized

the

benefit

of

an

investment

adviser

and

its

parent

with

significant

resources,

particularly

during

periods

of

market

volatility.

The

Board

also

noted

the

reinvestments

Nuveen,

its

parent

and/or

other

affiliates

made

into

its

business

through,

among

other

things,

the

investment

of

seed

capital

in

certain

Nuveen

funds

and

continued

investments

in

enhancements

to

technological

capabilities.

In

addition

to

Nuveen,

the

Independent

Board

Members

considered

the

profitability

of

the

Sub-Adviser

from

its

relationships

with

the

respective

Nuveen

funds.

In

this

regard,

the

Independent

Board

Members

reviewed,

among

other

things,

the

Sub-Adviser’s

revenues,

expenses

and

net

revenue

margins

(pre-

and

after-tax)

for

its

advisory

activities

to

the

respective

Nuveen

funds

for

the

calendar

years

ended

December 31,

2022

and

December

31,

2021.

The

Independent

Board

Members

also

reviewed

a

profitability

analysis

reflecting

the

revenues,

expenses

and

revenue

margin

(pre-

and

after-tax)

by

asset

type

for

the

Sub-Adviser

for

the

calendar

years

ending

December 31,

2022

and

December

31,

2021.

In

evaluating

the

reasonableness

of

the

compensation,

the

Independent

Board

Members

also

considered

any

other

ancillary

benefits

derived

by

the

respective

Fund

Adviser

from

its

relationship

with

the

Nuveen

funds

as

discussed

in

further

detail

below.

Based

on

a

consideration

of

all

the

information

provided,

the

Board

noted

that

Nuveen’s

and

the

Sub-Adviser’s

level

of

profitability

was

acceptable

and

not

unreasonable

in

light

of

the

services

provided.

145

D.

Economies

of

Scale

and

Whether

Fee

Levels

Reflect

These

Economies

of

Scale

The

Board

considered

whether

there

have

been

economies

of

scale

with

respect

to

the

management

of

the

Nuveen

funds,

whether

these

economies

of

scale

have

been

appropriately

shared

with

the

funds

and

whether

there

is

potential

for

realization

of

further

economies

of

scale.

Although

the

Board

recognized

that

economies

of

scale

are

difficult

to

measure

with

any

precision

and

certain

expenses

may

not

decline

with

a

rise

in

assets,

the

Board

considered

that

Nuveen

shares

the

benefits

of

economies

of

scale,

if

any,

in

a

number

of

ways

including

through

the

use

of

breakpoints

in

the

management

fee

schedule,

fee

waivers

and/or

expense

limitations,

the

pricing

of

funds

at

scale

at

inception

and

investments

in

Nuveen’s

business

which

can

enhance

the

services

provided

to

the

funds

for

the

fees

paid.

In

this

regard,

the

Board

recognized

that

the

management

fee

of

the

Adviser

is

generally

comprised

of

a

fund-level

component

and

a

complex-level

component

each

with

its

own

breakpoint

schedule,

subject

to

certain

exceptions.

The

Board

reviewed

the

fund-level

and

complex-level

fee

schedules.

With

this

structure,

the

Board

noted

that

the

complex-level

breakpoint

schedule

is

designed

to

deliver

the

benefits

of

economies

of

scale

to

shareholders

when

the

eligible

assets

in

the

complex

pass

certain

thresholds

even

if

the

assets

of

a

particular

fund

are

unchanged

or

have

declined,

and

the

fund-level

breakpoint

schedules

are

designed

to

share

economies

of

scale

with

shareholders

if

the

particular

fund

grows.

In

addition

to

the

fund-level

and

complex-level

fee

schedules,

the

Independent

Board

Members

considered

the

temporary

and/or

permanent

expense

caps

applicable

to

certain

Nuveen

funds

(including

the

amounts

of

fees

waived

or

amounts

reimbursed

to

the

respective

funds

in

2022

and

2021),

including

the

permanent

expense

caps

applicable

to

the

California

High

Yield

Fund,

California

Fund,

Massachusetts

Fund

and

New

York

Fund.

The

Board

recognized

that

such

waivers

and

reimbursements

applicable

to

the

respective

Nuveen

funds

are

another

means

for

potential

economies

of

scale

to

be

shared

with

shareholders

of

such

funds

and

can

provide

a

protection

from

an

increase

in

expenses

if

the

assets

of

the

applicable

funds

decline.

As

noted

above,

the

Independent

Board

Members

also

recognized

the

continued

reinvestment

in

Nuveen’s

business

to

enhance

its

capabilities

and

services

to

the

benefit

of

its

various

clients.

The

Board

understood

that

many

of

these

investments

in

the

Nuveen

business

were

not

specific

to

individual

Nuveen

funds

but

rather

incurred

across

of

a

variety

of

products

and

services

pursuant

to

which

the

family

of

Nuveen

funds

as

a

whole

may

benefit.

In

addition,

the

Board

also

considered

that

Nuveen

has

provided,

without

raising

advisory

fees

to

the

Nuveen

funds,

certain

additional

services,

including,

but

not

limited

to,

services

required

by

new

regulations

and

regulatory

interpretations,

and

this

was

also

a

means

of

sharing

economies

of

scale

with

the

funds

and

their

shareholders.

Based

on

its

review,

the

Board

was

satisfied

that

the

current

fee

arrangements

together

with

the

reinvestment

in

Nuveen’s

business

appropriately

shared

any

economies

of

scale

with

shareholders.

E.

Indirect

Benefits

The

Independent

Board

Members

received

and

considered

information

regarding

other

benefits

the

respective

Fund

Adviser

or

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Nuveen

funds.

The

Independent

Board

Members

recognized

that

an

affiliate

of

the

Adviser

serves

as

principal

underwriter

providing

distribution

and/or

shareholder

services

to

the

open-end

funds

for

which

it

may

be

compensated.

The

Independent

Board

Members

further

noted

that,

subject

to

certain

exceptions,

certain

classes

of

the

Nuveen

open-end

funds

pay

12b-1

fees

and

while

a

majority

of

such

fees

were

paid

to

third

party

financial

intermediaries,

the

Board

reviewed

the

amount

retained

by

the

Adviser’s

affiliate.

In

addition,

the

Independent

Board

Members

noted

that

the

various

sub-advisers

to

the

Nuveen

funds

do

not

generally

benefit

from

soft

dollar

arrangements

with

respect

to

Nuveen

fund

portfolio

transactions.

Based

on

its

review,

the

Board

concluded

that

any

indirect

benefits

received

by

a

Fund

Adviser

as

a

result

of

its

relationship

with

the

Funds

were

reasonable

in

light

of

the

services

provided.

F.

Other

Considerations

The

Independent

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Independent

Board

Members

concluded

that

the

terms

of

each

Advisory

Agreement

were

reasonable,

that

the

respective

Fund

Adviser’s

fees

were

reasonable

in

light

of

the

services

provided

to

each

Fund

and

that

the

Advisory

Agreements

be

renewed

for

an

additional

one-year

period.

146

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 Directors/Trustees

of

the

Funds.

The

number

of Directors/Trustees of

the

Funds

is

currently

set

at

twelve.

None

of

the Directors/Trustees

who

are

not

“interested”

persons

of

the

Funds

(referred

to

herein

as

“Independent

Directors/Trustees”)

has

ever

been

a Directors/Trustees

or

employee

of,

or

consultant

to,

Nuveen

or

its

affiliates.

The

names

and

business

addresses

of

the Directors/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

Directors/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

Director/Trustee

Independent

Trustees:

Terence

J.

Toth

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Co-Chair

and

Director/Trustee

2008

Formerly,

a

Co–Founding

Partner,

Promus

Capital

(investment

advisory

firm)

(2008–2017);

formerly,

Director,

Quality

Control

Corporation

(manufacturing)

(2012–2021);

Chair

and

Member

of

the

Board

of

Directors

(since

2021),

Kehrein

Center

for

the

Arts

(philanthropy);

Member

of

the

Board

of

Directors

(since

2008),

Catalyst

Schools

of

Chicago

(philanthropy);

Member

of

the

Board

of

Directors

(since

2012),

formerly,

Investment

Committee

Chair

(2017–2022),

Mather

Foundation

Board

(philanthropy);

formerly,

Member

(2005–2016),

Chicago

Fellowship

Board

(philanthropy);

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).

216

Joseph

A.

Boateng

1963

730

Third

Avenue

New

York,

NY

10017

Director/Trustee

2024

Chief

Investment

Officer,

Casey

Family

Programs

(since

2007);

formerly,

Director

of

U.S.

Pension

Plans,

Johnson

&

Johnson

(2002–2006);

Board

Member,

Lumina

Foundation

(since

2019)

and

Waterside

School

(since

2021);

Board

Member

(2012–2019)

and

Emeritus

Board

Member

(since

2020),

Year-Up

Puget

Sound;

Investment

Advisory

Committee

Member

and

Former

Chair

(since

2007),

Seattle

City

Employees’

Retirement

System;

Investment

Committee

Member

(since

2019),

The

Seattle

Foundation;

Trustee

(2018–2023),

the

College

Retirement

Equities

Fund;

Manager

(2019–2023),

TIAA

Separate

Account

VA-1.

195

Michael

A.

Forrester

1967

730

Third

Avenue

New

York,

NY

10017

Director/Trustee

2024

Formerly,

Chief

Executive

Officer

(2014–2021)

and

Chief

Operating

Officer

(2007–2014),

Copper

Rock

Capital

Partners,

LLC;

Trustee,

Dexter

Southfield

School

(since

2019);

Member

(since

2020),

Governing

Council

of

the

Independent

Directors

Council

(IDC);

Trustee,

the

College

Retirement

Equities

Fund

and

Manager,

TIAA

Separate

Account

VA-1

(2007–2023).

195

147

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

Director/Trustee

Thomas

J.

Kenny

1963

730

Third

Avenue

New

York,

NY

10017

Co-Chair

and

Director/Trustee

2024

Formerly,

Advisory

Director

(2010–2011),

Partner

(2004–2010),

Managing

Director

(1999–2004)

and

Co-Head

of

Global

Cash

and

Fixed

Income

Portfolio

Management

Team

(2002–2010),

Goldman

Sachs

Asset

Management;

Director

(since

2015)

and

Chair

of

the

Finance

and

Investment

Committee

(since

2018),

Aflac

Incorporated;

Director

(since

2018),

ParentSquare;

formerly,

Director

(2021–2022)

and

Finance

Committee

Chair

(2016–2022),

Sansum

Clinic;

formerly,

Advisory

Board

Member

(2017–2019),

B’Box;

formerly,

Member

(2011–2012),

the

University

of

California

at

Santa

Barbara

Arts

and

Lectures

Advisory

Council;

formerly,

Investment

Committee

Member

(2012–2020),

Cottage

Health

System;

formerly,

Board

member

(2009–2019)

and

President

of

the

Board

(2014–2018),

Crane

Country

Day

School;

Trustee

(2011–

2023)

and

Chairman

(2017–2023),

the

College

Retirement

Equities

Fund;

Manager

(2011–2023)

and

Chairman

(2017–2023),

TIAA

Separate

Account

VA-1.

216

Amy

B.

R.

Lancellotta

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Director/Trustee

2021

Formerly,

Managing

Director,

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);

President

(since

2023)

and

Member

(since

2020)

of

the

Board

of

Directors,

Jewish

Coalition

Against

Domestic

Abuse

(JCADA).

216

Joanne

T.

Medero

1954

333

W.

Wacker

Drive

Chicago,

IL

60606

Director/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).

216

Albin

F.

Moschner

1952

333

W.

Wacker

Drive

Chicago,

IL

60606

Director/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).

216

148

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

Director/Trustee

John

K.

Nelson

1962

333

W.

Wacker

Drive

Chicago,

IL

60606

Director/Trustee

2013

Formerly,

Member

of

Board

of

Directors

of

Core12

LLC

(2008–

2023)

(private

firm

which

develops

branding,

marketing

and

communications

strategies

for

clients);

formerly,

Member

of

The

President’s

Council

of

Fordham

University

(2010-2019);

formerly,

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.

216

Loren

M.

Starr

1961

730

Third

Avenue

New

York,

NY

10017

Director/Trustee

2024

Independent

Consultant/Advisor

(since

2021);

formerly,

Vice

Chair,

Senior

Managing

Director

(2020–2021),

Chief

Financial

Officer,

Senior

Managing

Director

(2005–2020),

Invesco

Ltd.;

Director

(since

2023)

and

Audit

Committee

member

(since

2024),

AMG;

formerly,

Chair

and

Member

of

the

Board

of

Directors

(2014–2021),

Georgia

Leadership

Institute

for

School

Improvement

(GLISI);

formerly,

Chair

and

Member

of

the

Board

of

Trustees

(2014–2018),

Georgia

Council

on

Economic

Education

(GCEE);

Trustee,

the

College

Retirement

Equities

Fund

and

Manager,

TIAA

Separate

Account

VA-1

(2022–2023).

215

Matthew

Thornton

III

1958

333

W.

Wacker

Drive

Chicago,

IL

60606

Director/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).

216

Margaret

L.

Wolff

1955

333

W.

Wacker

Drive

Chicago,

IL

60606

Director/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

of

the

Board

of

Trustees

(since

2004)

formerly,

Chair

(2015-2022)

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.

216

Robert

L.

Young

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Director/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).

216

149

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:

Jordan

Farris

1980

333

W.

Wacker

Drive

Chicago,

IL

60606

Chief

Administrative

Officer

2021

Head

of

Public

Product

Strategy

&

Development,

Global

Wealth,

of

Nuveen;

Managing

Director

of

Nuveen

Fund

Advisors,

LLC.

Brett

E.

Black

1972

333

West

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Chief

Compliance

Officer

2022

Managing

Director,

Chief

Compliance

Officer

of

Nuveen;

formerly,

Vice

President

(2014-2022),

Chief

Compliance

Officer

and

Anti-Money

Laundering

Compliance

Officer

(2017-2022)

of

BMO

Funds,

Inc.

Mark

J.

Czarniecki

1979

901

Marquette

Avenue

Minneapolis,

MN

55402

Vice

President

and

Secretary

2013

Managing

Director

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

and

Nuveen

Fund

Advisors,

LLC;

Managing

Director

and

Associate

General

Counsel

of

Nuveen;

Managing

Director

Assistant

Secretary

and

Associate

General

Counsel

of

Nuveen

Asset

Management,

LLC;

has

held

various

positions

with

Nuveen

since

2013;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC.

Jeremy

D.

Franklin

1983

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2024

Managing

Director

and

Assistant

Secretary,

Nuveen

Fund

Advisors,

LLC;

Vice

President

Associate

General

Counsel

and

Assistant

Secretary,

Nuveen

Asset

Management,

LLC,

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Vice

President

and

Associate

General

Counsel,

Teachers

Insurance

and

Annuity

Association

of

America;

Vice

President

and

Assistant

Secretary,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Vice

President,

Associate

General

Counsel,

and

Assistant

Secretary,

TIAA

Separate

Account

VA-1

and

College

Retirement

Equities

Fund.

Diana

R.

Gonzalez

1978

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2017

Vice

President

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC;

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC,

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Vice

President

and

Associate

General

Counsel

of

Nuveen.

Nathaniel

T.

Jones

1979

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Treasurer

2016

Senior

Managing

Director

of

Nuveen;

Senior

Managing

Director

of

Nuveen

Fund

Advisors,

LLC;

has

previously

held

various

positions

with

Nuveen;

Chartered

Financial

Analyst.

Brian

H.

Lawrence

1982

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2023

Vice

President

and

Associate

General

Counsel

of

Nuveen;

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

formerly

Corporate

Counsel

of

Franklin

Templeton

(2018-2022).

Tina

M.

Lazar

1961

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2016

Managing

Director

of

Nuveen

Securities,

LLC.

Brian

J.

Lockhart

1974

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2019

Senior

Managing

Director

and

Head

of

Investment

Oversight

of

Nuveen;

Senior

Managing

Director

of

Nuveen

Fund

Advisors,

LLC;

has

previously

held

various

positions

with

Nuveen;

Chartered

Financial

Analyst

and

Certified

Financial

Risk

Manager.

John

M.

McCann

1975

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2022

Managing

Director,

General

Counsel

and

Secretary

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC;

Managing

Director

and

Assistant

Secretary

of

TIAA

SMA

Strategies

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

College

Retirement

Equities

Fund,

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds,

TIAA-CREF

Life

Funds,

Teachers

Insurance

and

Annuity

Association

of

America,

Teacher

Advisors

LLC,

TIAA-CREF

Investment

Management,

LLC

and

Nuveen

Alternative

Advisors

LLC;

has

previously  held

various

positions

with

Nuveen/TIAA.

150

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

Kevin

J.

McCarthy

1966

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2016

Executive

Vice

President,

Secretary

and

General

Counsel

of

Nuveen

Investments,

Inc.;

Executive

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

and

Nuveen

Fund

Advisors,

LLC;

Executive

Vice

President

and

Secretary

of

Nuveen

Asset

Management,

LLC;

Executive

Vice

President,

General

Counsel

and

Secretary

of

Teachers

Advisors,

LLC,

TIAA-CREF

Investment

Management,

LLC

and

Nuveen

Alternative

Investments,

LLC;

Executive

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

has

previously

held

various

positions

with

Nuveen;

Vice

President

and

Secretary

of

Winslow

Capital

Management,

LLC;

formerly,

Vice

President

(2007-2021)

and

Secretary

(2016-2021)

of

NWQ

Investment

Management

Company,

LLC

and

Santa

Barbara

Asset

Management,

LLC.

Jon

Scott

Meissner

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2019

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

of

Nuveen,

TIAA-CREF

Funds,

TIAA-CREF

Life

Funds,

TIAA

Separate

Account

VA-1

and

the

CREF

Accounts;

Managing

Director

of

Nuveen

Fund

Advisors,

LLC,

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

has

previously

held

various

positions

with

TIAA.

James

Nelson

III

1976

730

Third

Avenue

New

York,

NY

10017

Vice

President

2024

Senior

Managing

Director,

Global

Head

of

Product,

Publics,

Nuveen;

formerly,

Head

of

North

American

Product

Management

&

Pricing,

Invesco

(2018-2023).

Mary

Beth

Ramsay

1965

8500

Andrew

Carnegie

Blvd.                                     

Charlotte,

NC

28262

Vice

President

2024

Chief

Risk

Officer,

Nuveen

and

TIAA

Financial

Risk;

Head

of

Nuveen

Risk

&

Compliance;

Executive

Vice

President,

Teachers

Insurance

and

Annuity

Association

of

America;

Executive

Vice

President,

Risk,

TIAA

Separate

Account

VA-1

and

the

College

Retirement

Equities

Fund;

formerly,

Senior

Vice

President,

Head

of

Sales

and

Client

Solutions

(2019-2022)

and

U.S.

Chief

Pricing

Actuary

(2016-2019),

SCOR

Global

Life

Americas;

Member

of

the

Board

of

Directors

of

Society

of

Actuaries.

Briton

Ryan

1978

8500

Andrew

Carnegie

Blvd.                                     

Charlotte,

NC

28262

Chief

Administrative

Officer

2024

Managing

Director,

Head,

Product-Capital

Markets,

Nuveen

(since

2016).

William

A.

Siffermann

1975

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2017

Managing

Director

of

Nuveen.

E.

Scott

Wickerham

1973

8500

Andrew

Carnegie

Blvd.                                     

Charlotte,

NC

28262

Vice

President

and

Controller

2019

Senior

Managing

Director,

Head

of

Public

Investment

Finance

of

Nuveen;

Senior

Managing

Director

of

Nuveen

Fund

Advisors,

LLC

and

Nuveen

Asset

Management,

LLC;

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

of

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

2006.

Mark

L.

Winget

1968

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2016

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

and

Nuveen

Fund

Advisors,

LLC;

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

and

Nuveen

Asset

Management,

LLC;

Vice

President

and

Associate

General

Counsel

of

Nuveen.

Rachael

Zufall

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2022

Managing

Director

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

the

CREF

Accounts,

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teacher

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

of

Nuveen,

LLC

and

of

TIAA.

(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-MS3-0224P

3479076-INV-Y-04/25

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800)

257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

333

W.

Wacker

Dr.,

Chicago,

IL

60606.

Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/mutual-funds

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

ITEM 2. CODE OF ETHICS.

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 Joseph A. Boateng, Albin F. Moschner, John K. Nelson, Loren M. Starr and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.

Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees’ Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1 (2019-2023).

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

Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and member of the Audit Committee for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 (2022-2023).

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The following tables show the amount of fees that KPMG LLP, 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 KPMG LLP 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.

The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in his absence, any other member of the Audit Committee).

	Audit Fees Billed		Audit-Related Fees		Tax Fees Billed		All Other Fees
Fiscal Year Ended February 29, 2024	to Funds 1		Billed to Funds 2		to Funds 3		Billed to Funds 4
Fund Name
Nuveen California High Yield Municipal Bond Fund		39,900		0		0		0
Nuveen California Municipal Bond Fund		26,600		0		0		0
Nuveen Connecticut Municipal Bond Fund		26,600		0		0		0
Nuveen Massachusetts Municipal Bond Fund		26,600		0		0		0
Nuveen New Jersey Municipal Bond Fund		26,600		0		0		0
Nuveen New York Municipal Bond Fund		26,600		0		0		0
Total	$	172,900	$	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			Audit-Related Fees			Tax Fees			All Other Fees
	to Funds			Billed to Funds			Billed to Funds			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	%
	Audit Fees Billed			Audit-Related Fees			Tax Fees			All Other Fees
February 28, 2023	to Funds 1			Billed to Funds 2			Billed to Funds 3			Billed to Funds 4
Fund Name
Nuveen California High Yield Municipal Bond Fund		48,000			0			0			0
Nuveen California Municipal Bond Fund		28,000			0			0			0
Nuveen Connecticut Municipal Bond Fund		28,000			0			0			0
Nuveen Massachusetts Municipal Bond Fund		28,000			0			0			0
Nuveen New Jersey Municipal Bond Fund		28,000			0			0			0
Nuveen New York Municipal Bond Fund		28,000			0			0			0
Total	$	188,000		$	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			Audit-Related Fees			Tax Fees			All Other Fees
	to Funds			Billed to Funds			Billed to Funds			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	%

	Audit-Related Fees			Tax Fees Billed to			All Other Fees
	Billed to Adviser and			Adviser and			Billed to Adviser
	Affiliated Fund			Affiliated Fund			and Affiliated Fund
Fiscal Year Ended February 29, 2024	Service Providers			Service Providers			Service Providers
Nuveen MultiState Trust II	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval  Exception
	Audit-Related Fees			Tax Fees Billed to			All Other Fees
	Billed to Adviser and			Adviser and			Billed to Adviser
	Affiliated Fund			Affiliated Fund			and Affiliated Fund
	Service Providers			Service Providers			Service Providers
		0	%		0	%		0	%
	Audit-Related Fees			Tax Fees Billed to			All Other Fees
	Billed to Adviser and			Adviser and			Billed to Adviser
	Affiliated Fund			Affiliated Fund			and Affiliated Fund
Fiscal Year Ended February 28, 2023	Service Providers			Service Providers			Service Providers
Nuveen MultiState Trust II	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees			Tax Fees Billed to			All Other Fees
	Billed to Adviser and			Adviser and			Billed to Adviser
	Affiliated Fund			Affiliated Fund			and Affiliated Fund
	Service Providers			Service Providers			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 29, 2024	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, 2023	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 his 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 4(i) and Item 4(j) are not applicable to the registrant.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this registrant.

ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

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

Not applicable to this registrant.

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

Not applicable to this registrant.

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

Not applicable to this registrant.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

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

Not applicable.

ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

(a	)(1)	Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/fund-governance and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)
(a	)(2)	A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule  30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
(a	)(3)	Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
(a	)(4)	Change in the registrant’s independent public accountant. Not applicable.
(b	)	If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

SIGNATURES

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

(Registrant) Nuveen Multistate Trust II

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

Date: May 3, 2024

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

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

Date: May 3, 2024

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

Date: May 3, 2024