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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N‑CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07755

Nuveen Multistate Trust II

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark J. Czarniecki

Vice President and Secretary

901 Marquette Avenue

Minneapolis, Minnesota 55402

(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: August 31, 2024

Item 1. Reports to Stockholders.

    
Semi-Annual Shareholder Report     August 31, 2024  

Nuveen California High Yield Municipal Bond Fund

Class A Shares/NCHAX

Semi-Annual Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen California High Yield Municipal Bond Fund for the period of March 1, 2024 to August 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six-months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class A Shares	$94	1.84%

* Annualized for period less than one year.

Fund Statistics (as of August 31, 2024)

Fund net assets	$	1,129,101,752
Total number of portfolio holdings		531
Portfolio turnover (%)		10%

What did the Fund invest in? (as of August 31, 2024)

⁽¹⁾ Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s 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.

⁽²⁾ The ratings disclosed are 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.

1 continued>>

Changes in independent registered public accounting firm

On October 24, 2024, the Fund’s Board of Trustees engaged PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund’s fiscal years ended February 29, 2024 and February 28, 2023, and for the period March 1, 2024 through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

67065N589_SAR_0824 3855810‑INV‑B‑10/25 (A, C, I)

2

    
Semi-Annual Shareholder Report     August 31, 2024  

Nuveen California High Yield Municipal Bond Fund

Class C Shares/NAWSX

Semi-Annual Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen California High Yield Municipal Bond Fund for the period of March 1, 2024 to August 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class C Shares	$135	2.64%

* Annualized for period less than one year.

Fund Statistics (as of August 31, 2024)

Fund net assets	$	1,129,101,752
Total number of portfolio holdings		531
Portfolio turnover (%)		10%

What did the Fund invest in? (as of August 31, 2024)

⁽¹⁾ Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s 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.

⁽²⁾ The ratings disclosed are 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.

1 continued>>

Changes in independent registered public accounting firm

On October 24, 2024, the Fund’s Board of Trustees engaged PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund’s fiscal years ended February 29, 2024 and February 28, 2023, and for the period March 1, 2024 through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

67065N480_SAR_0824 3855810‑INV‑B‑10/25 (A, C, I)

2

    
Semi-Annual Shareholder Report      August 31, 2024  

Nuveen California High Yield Municipal Bond Fund

Class I Shares/NCHRX

Semi-Annual Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen California High Yield Municipal Bond Fund for the period of March 1, 2024 to August 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class I Shares	$84	1.64%

* Annualized for period less than one year.

Fund Statistics (as of August 31, 2024)

Fund net assets	$	1,129,101,752
Total number of portfolio holdings		531
Portfolio turnover (%)		10%

What did the Fund invest in? (as of August 31, 2024)

⁽¹⁾ Total investments include the Fund’s assets attributable to financial leverage. For these purposes, financial leverage includes the Fund’s 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.

⁽²⁾ The ratings disclosed are 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.

1 continued>>

Changes in independent registered public accounting firm

On October 24, 2024, the Fund’s Board of Trustees engaged PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund’s fiscal years ended February 29, 2024 and February 28, 2023, and for the period March 1, 2024 through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

67065N555_SAR_0824 3855810‑INV‑B‑10/25 (A, C, I)

2

    
Semi-Annual Shareholder Report     August 31, 2024  

Nuveen California Municipal Bond Fund

Class A Shares/NCAAX

Semi-Annual Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen California Municipal Bond Fund for the period of March 1, 2024 to August 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class A Shares	$38	0.75%

* Annualized for period less than one year.

Fund Statistics (as of August 31, 2024)

Fund net assets	$	1,743,823,078
Total number of portfolio holdings		315
Portfolio turnover (%)		7%

What did the Fund invest in? (as of August 31, 2024)

⁽¹⁾ The ratings disclosed are the highest 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.

1 continued>>

Changes in independent registered public accounting firm

On October 24, 2024, the Fund’s Board of Trustees engaged PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund’s fiscal years ended February 29, 2024 and February 28, 2023, and for the period March 1, 2024 through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

67065N100_SAR_0824 3855821‑INV‑B‑10/25 (A, C, I)    

2

    
Semi-Annual Shareholder Report     August 31, 2024  

Nuveen California Municipal Bond Fund

Class C Shares/NAKFX

Semi-Annual Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen California Municipal Bond Fund for the period of March 1, 2024 to August 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class C Shares	$78	1.55%

* Annualized for period less than one year.

Fund Statistics (as of August 31, 2024)

Fund net assets	$	1,743,823,078
Total number of portfolio holdings		315
Portfolio turnover (%)		7%

What did the Fund invest in? (as of August 31, 2024)

⁽¹⁾ The ratings disclosed are the highest 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.

1 continued>>

Changes in independent registered public accounting firm

On October 24, 2024, the Fund’s Board of Trustees engaged PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund’s fiscal years ended February 29, 2024 and February 28, 2023, and for the period March 1, 2024 through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

67065N548_SAR_0824 3855821‑INV‑B‑10/25 (A, C, I)    

2

    
Semi-Annual Shareholder Report     August 31, 2024  

Nuveen California Municipal Bond Fund

Class I Shares/NCSPX

Semi-Annual Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen California Municipal Bond Fund for the period of March 1, 2024 to August 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class I Shares	$28	0.55%

* Annualized for period less than one year.

Fund Statistics (as of August 31, 2024)

Fund net assets	$	1,743,823,078
Total number of portfolio holdings		315
Portfolio turnover (%)		7%

What did the Fund invest in? (as of August 31, 2024)

⁽¹⁾ The ratings disclosed are the highest 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.

1 continued>>

Changes in independent registered public accounting firm

On October 24, 2024, the Fund’s Board of Trustees engaged PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund’s fiscal years ended February 29, 2024 and February 28, 2023, and for the period March 1, 2024 through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

67065N407_SAR_0824 3855821‑INV‑B‑10/25 (A, C, I)    

2

    
Semi-Annual Shareholder Report     August 31, 2024  

Nuveen Connecticut Municipal Bond Fund

Class A Shares/FCTTX

Semi-Annual Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Connecticut Municipal Bond Fund for the period of March 1, 2024 to August 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class A Shares	$40	0.80%

* Annualized for period less than one year.

Fund Statistics (as of August 31, 2024)

Fund net assets	$	238,042,852
Total number of portfolio holdings		138
Portfolio turnover (%)		6%

What did the Fund invest in? (as of August 31, 2024)

⁽¹⁾ The ratings disclosed are the highest 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.

1 continued>>

Changes in independent registered public accounting firm

On October 24, 2024, the Fund’s Board of Trustees engaged PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund’s fiscal years ended February 29, 2024 and February 28, 2023, and for the period March 1, 2024 through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

67065N886_SAR_0824 3855836‑INV‑B‑10/25 (A, C, I)

2

    
Semi-Annual Shareholder Report     August 31, 2024  

Nuveen Connecticut Municipal Bond Fund

Class C Shares/FDCDX

Semi-Annual Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Connecticut Municipal Bond Fund for the period of March 1, 2024 to August 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class C Shares	$81	1.60%

* Annualized for period less than one year.

Fund Statistics (as of August 31, 2024)

Fund net assets	$	238,042,852
Total number of portfolio holdings		138
Portfolio turnover (%)		6%

What did the Fund invest in? (as of August 31, 2024)

⁽¹⁾ The ratings disclosed are the highest 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.

1 continued>>

Changes in independent registered public accounting firm

On October 24, 2024, the Fund’s Board of Trustees engaged PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund’s fiscal years ended February 29, 2024 and February 28, 2023, and for the period March 1, 2024 through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

67065N530_SAR_0824 3855836‑INV‑B‑10/25 (A, C, I)

2

    
Semi-Annual Shareholder Report     August 31, 2024  

Nuveen Connecticut Municipal Bond Fund

Class I Shares/FCTRX

Semi-Annual Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Connecticut Municipal Bond Fund for the period of March 1, 2024 to August 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class I Shares	$30	0.60%

* Annualized for period less than one year.

Fund Statistics (as of August 31, 2024)

Fund net assets	$	238,042,852
Total number of portfolio holdings		138
Portfolio turnover (%)		6%

What did the Fund invest in? (as of August 31, 2024)

⁽¹⁾ The ratings disclosed are the highest 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.

1 continued>>

Changes in independent registered public accounting firm

On October 24, 2024, the Fund’s Board of Trustees engaged PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund’s fiscal years ended February 29, 2024 and February 28, 2023, and for the period March 1, 2024 through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

67065N852_SAR_0824 3855836‑INV‑B‑10/25 (A, C, I)

2

    
Semi-Annual Shareholder Report     August 31, 2024  

Nuveen Massachusetts Municipal Bond Fund

Class A Shares/NMAAX

Semi-Annual Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Massachusetts Municipal Bond Fund for the period of March 1, 2024 to August 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class A Shares	$40	0.79%

* Annualized for period less than one year.

Fund Statistics (as of August 31, 2024)

Fund net assets	$	573,329,637
Total number of portfolio holdings		195
Portfolio turnover (%)		7%

What did the Fund invest in? (as of August 31, 2024)

⁽¹⁾ The ratings disclosed are the highest 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.

1 continued>>

Changes in independent registered public accounting firm

On October 24, 2024, the Fund’s Board of Trustees engaged PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund’s fiscal years ended February 29, 2024 and February 28, 2023, and for the period March 1, 2024 through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

67065N845_SAR_0824 3855848‑INV‑B‑10/25 (A, C, I)

2

    
Semi-Annual Shareholder Report     August 31, 2024  

Nuveen Massachusetts Municipal Bond Fund

Class C Shares/NAAGX

Semi-Annual Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Massachusetts Municipal Bond Fund for the period of March 1, 2024 to August 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class C Shares	$80	1.59%

* Annualized for period less than one year.

Fund Statistics (as of August 31, 2024)

Fund net assets	$	573,329,637
Total number of portfolio holdings		195
Portfolio turnover (%)		7%

What did the Fund invest in? (as of August 31, 2024)

⁽¹⁾ The ratings disclosed are the highest 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.

1 continued>>

Changes in independent registered public accounting firm

On October 24, 2024, the Fund’s Board of Trustees engaged PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund’s fiscal years ended February 29, 2024 and February 28, 2023, and for the period March 1, 2024 through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

67065N522_SAR_0824 3855848‑INV‑B‑10/25 (A, C, I)  

2

    
Semi-Annual Shareholder Report     August 31, 2024  

Nuveen Massachusetts Municipal Bond Fund

Class I Shares/NBMAX

Semi-Annual Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Massachusetts Municipal Bond Fund for the period of March 1, 2024 to August 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class I Shares	$30	0.59%

* Annualized for period less than one year.

Fund Statistics (as of August 31, 2024)

Fund net assets	$	573,329,637
Total number of portfolio holdings		195
Portfolio turnover (%)		7%

What did the Fund invest in? (as of August 31, 2024)

⁽¹⁾ The ratings disclosed are the highest 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.

1 continued>>

Changes in independent registered public accounting firm

On October 24, 2024, the Fund’s Board of Trustees engaged PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund’s fiscal years ended February 29, 2024 and February 28, 2023, and for the period March 1, 2024 through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

67065N811_SAR_0824 3855848‑INV‑B‑10/25 (A, C, I)

2

    
Semi-Annual Shareholder Report     August 31, 2024  

Nuveen New Jersey Municipal Bond Fund

Class A Shares/NNJAX

Semi-Annual Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen New Jersey Municipal Bond Fund for the period of March 1, 2024 to August 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class A Shares	$40	0.80%

* Annualized for period less than one year.

Fund Statistics (as of August 31, 2024)

Fund net assets	$	391,593,569
Total number of portfolio holdings		256
Portfolio turnover (%)		7%

What did the Fund invest in? (as of August 31, 2024)

⁽¹⁾ The ratings disclosed are the highest 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.

1 continued>>

Changes in independent registered public accounting firm

On October 24, 2024, the Fund’s Board of Trustees engaged PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund’s fiscal years ended February 29, 2024 and February 28, 2023, and for the period March 1, 2024 through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

67065N753_SAR_0824 3855858‑INV‑B‑10/25 (A, C, I)

2

    
Semi-Annual Shareholder Report     August 31, 2024  

Nuveen New Jersey Municipal Bond Fund

Class C Shares/NJCCX

Semi-Annual Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen New Jersey Municipal Bond Fund for the period of March 1, 2024 to August 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class C Shares	$81	1.60%

* Annualized for period less than one year.

Fund Statistics (as of August 31, 2024)

Fund net assets	$	391,593,569
Total number of portfolio holdings		256
Portfolio turnover (%)		7%

What did the Fund invest in? (as of August 31, 2024)

⁽¹⁾ The ratings disclosed are the highest 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.

1 continued>>

Changes in independent registered public accounting firm

On October 24, 2024, the Fund’s Board of Trustees engaged PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund’s fiscal years ended February 29, 2024 and February 28, 2023, and for the period March 1, 2024 through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

67065N514_SAR_0824 3855858‑INV‑B‑10/25 (A, C, I)

2

    
Semi-Annual Shareholder Report     August 31, 2024  

Nuveen New Jersey Municipal Bond Fund

Class I Shares/NMNJX

Semi-Annual Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen New Jersey Municipal Bond Fund for the period of March 1, 2024 to August 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class I Shares	$30	0.60%

* Annualized for period less than one year.

Fund Statistics (as of August 31, 2024)

Fund net assets	$	391,593,569
Total number of portfolio holdings		256
Portfolio turnover (%)		7%

What did the Fund invest in? (as of August 31, 2024)

⁽¹⁾ The ratings disclosed are the highest 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.

1 continued>>

Changes in independent registered public accounting firm

On October 24, 2024, the Fund’s Board of Trustees engaged PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund’s fiscal years ended February 29, 2024 and February 28, 2023, and for the period March 1, 2024 through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

67065N720_SAR_0824 3855858‑INV‑B‑10/25 (A, C, I)

2

    
Semi-Annual Shareholder Report     August 31, 2024  

Nuveen New York Municipal Bond Fund

Class A Shares/NNYAX

Semi-Annual Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen New York Municipal Bond Fund for the period of March 1, 2024 to August 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class A Shares	$39	0.77%

* Annualized for period less than one year.

Fund Statistics (as of August 31, 2024)

Fund net assets	$	1,089,358,251
Total number of portfolio holdings		216
Portfolio turnover (%)		2%

What did the Fund invest in? (as of August 31, 2024)

⁽¹⁾ The ratings disclosed are the highest 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.

1 continued>>

Changes in independent registered public accounting firm

On October 24, 2024, the Fund’s Board of Trustees engaged PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund’s fiscal years ended February 29, 2024 and February 28, 2023, and for the period March 1, 2024 through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

67065N670_SAR_0824 3855866-INV-B-10/25 (A, C, I)

2

    
Semi-Annual Shareholder Report     August 31, 2024  

Nuveen New York Municipal Bond Fund

Class C Shares/NAJPX

Semi-Annual Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen New York Municipal Bond Fund for the period of March 1, 2024 to August 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class C Shares	$79	1.57%

Fund Statistics (as of August 31, 2024)

Fund net assets	$	1,089,358,251
Total number of portfolio holdings		216
Portfolio turnover (%)		2%

What did the Fund invest in? (as of August 31, 2024)

⁽¹⁾ The ratings disclosed are the highest 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.

1 continued>>

Changes in independent registered public accounting firm

On October 24, 2024, the Fund’s Board of Trustees engaged PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund’s fiscal years ended February 29, 2024 and February 28, 2023, and for the period March 1, 2024 through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

67065N498_SAR_0824 3855866‑INV‑B‑10/25 (A, C, I)

2

    
Semi-Annual Shareholder Report     August 31, 2024  

Nuveen New York Municipal Bond Fund

Class I Shares/NTNYX

Semi-Annual Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen New York Municipal Bond Fund for the period of March 1, 2024 to August 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class I Shares	$29	0.57%

Fund Statistics (as of August 31, 2024)

Fund net assets	$	1,089,358,251
Total number of portfolio holdings		216
Portfolio turnover (%)		2%

What did the Fund invest in? (as of August 31, 2024)

⁽¹⁾ The ratings disclosed are the highest 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.

1 continued>>

Changes in independent registered public accounting firm

On October 24, 2024, the Fund’s Board of Trustees engaged PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund’s fiscal years ended February 29, 2024 and February 28, 2023, and for the period March 1, 2024 through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

67065N647_SAR_0824 3855866‑INV‑B‑10/25 (A, C, I)

2

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this registrant.

Item 6. Investments.

(a) Schedule of Investments is included as part of the financial statements filed under Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

other

information

Six

Months

Ended

Financial

statements

and

August

31,

2024

The

information

contained

herein

includes

the

financial

statements

and

certain

other

information

as

required

by

Items

7-11

of

Form

N-CSR.

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

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

3

Portfolios

of

Investments

4

Statement

of

Assets

and

Liabilities

71

Statement

of

Operations

73

Statement

of

Changes

in

Net

Assets

75

Statement

of

Cash

Flows

78

Financial

Highlights

79

Notes

to

Financial

Statements

91

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies

105

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies

106

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies

107

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

108

4

Nuveen

California

High

Yield

Municipal

Bond

Fund

Portfolio

of

Investments

August

31,

2024

(Unaudited)

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

118.7%   

X

1,339,892,304

MUNICIPAL

BONDS

-

118.7%  

X

1,339,892,304

CONSUMER

STAPLES

-

2.9%

$

27,000

California

County

Tobacco

Securitization

Agency,

Tobacco

Settlement

Asset-Backed

Bonds,

Alameda

County

Tobacco

Asset

Securitization

Corporation,

Subordinate

Series

2006A,

0.000%,

6/01/50

9/24

at

20.81

$

5,607,841

1,155

California

County

Tobacco

Securitization

Agency,

Tobacco

Settlement

Asset-Backed

Bonds,

Golden

Gate

Tobacco

Funding

Corporation,

Turbo,

Series

2007A,

5.000%,

6/01/47

9/24

at

100.00

1,133,368

20,000

California

County

Tobacco

Securitization

Agency,

Tobacco

Settlement

Asset-Backed

Bonds,

Stanislaus

County

Tobacco

Funding

Corporation,

Series

2006A,

0.000%,

6/01/46

9/24

at

29.21

5,589,052

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

9,835,520

3,460

Guam

Economic

Development

&

Commerce

Authority,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007A,

5.625%,

6/01/47

9/24

at

100.00

3,448,874

17,600

Inland

Empire

Tobacco

Securitization

Authority,

California,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007C-2.

Turbo

Capital

Appreciation,

0.000%,

6/01/47

9/24

at

22.15

3,888,301

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

9/24

at

27.97

2,079,604

5,000

Tobacco

Securitization

Authority

of

Southern

California,

Tobacco

Settlement

Asset-Backed

Bonds,

San

Diego

County

Tobacco

Asset

Securitization

Corporation,

First

Subordinate

CABs,

Series

2006B,

0.000%,

6/01/46

9/24

at

26.29

1,092,157

TOTAL

CONSUMER

STAPLES

32,674,717

EDUCATION

AND

CIVIC

ORGANIZATIONS

-

19.3%

2,000

(c)

California

Enterprise

Development

Authority,

Charter

School

Revenue

Bonds,

Norton

Science

&

Language

Academy

Project,

Series

2021,

4.000%,

7/01/61

7/27

at

100.00

1,602,522

4,175

(c)

California

Enterprise

Development

Authority,

Charter

School

Revenue

Bonds,

Norton

Science

and

Language

Academy

Project,

Series

2020,

6.250%,

7/01/58

7/27

at

102.00

4,369,751

4,250

(d)

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

4,094,986

California

Municipal

Finance

Authority

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

Project,

Series

2015A:

900

5.000%,

10/01/35

9/24

at

101.00

900,183

1,335

5.250%,

10/01/45

9/24

at

101.00

1,316,526

4,115

(c)

California

Municipal

Finance

Authority

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

Project,

Series

2017A,

5.000%,

10/01/47

9/24

at

101.00

4,037,491

California

Municipal

Finance

Authority

Charter

School

Revenue

Bonds,

River

Charter

Schools

Project,

Series

2018A:

700

(c)

5.500%,

6/01/38

6/26

at

100.00

707,583

2,000

(c)

5.500%,

6/01/48

6/26

at

100.00

2,004,093

250

(c)

5.500%,

6/01/53

6/26

at

100.00

250,470

California

Municipal

Finance

Authority,  Revenue

Bonds,

Creative

Center

of

Los

Altos

Project

Pinewood

&

Oakwood

Schools,

Series

2016B:

500

(c)

4.000%,

11/01/36

11/26

at

100.00

468,716

2,200

(c)

4.500%,

11/01/46

11/26

at

100.00

1,993,270

1,150

(c)

California

Municipal

Finance

Authority,

Charter

School

Lease

Revenue

Bonds,

Bella

Mente

Montessori

Academy

Project,

Series

2018A,

5.000%,

6/01/48

6/28

at

100.00

1,154,584

5

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

(c)

5.125%,

7/01/35

7/25

at

100.00

$

403,475

425

(c)

5.375%,

7/01/45

7/25

at

100.00

427,376

405

(c)

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

-

Lincoln

Project,

Series

2019A,

4.000%,

10/01/29

10/27

at

100.00

398,773

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

-

Lincoln

Project,

Taxable

Series

2019B:

90

(c)

5.000%,

10/01/39

10/27

at

100.00

90,455

1,515

(c)

5.000%,

10/01/49

10/27

at

100.00

1,472,749

1,000

(c)

5.000%,

10/01/57

10/27

at

100.00

953,385

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

Project,

Series

2014A:

1,400

5.000%,

10/01/34

9/24

at

101.00

1,400,395

465

5.000%,

10/01/44

9/24

at

101.00

458,032

3,695

(c)

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

Palmdale

Aerospace

Academy

Project,

Series

2016A,

5.000%,

7/01/41

7/26

at

100.00

3,708,180

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

Palmdale

Aerospace

Academy

Project,

Series

2018A:

1,000

(c)

5.000%,

7/01/38

7/28

at

100.00

1,014,530

1,800

(c)

5.000%,

7/01/49

7/28

at

100.00

1,804,223

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

Urban

Discovery

Academy

Project,

Series

2014A:

590

(c)

5.500%,

8/01/34

9/24

at

100.00

583,761

1,650

(c)

6.000%,

8/01/44

9/24

at

100.00

1,629,148

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

1,725,101

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

1,188,443

2,260

(c)

California

Municipal

Finance

Authority,

Education

Revenue

Bonds,

STREAM

Charter

Schools

Project,

Series

2020A,

5.000%,

6/15/51

6/30

at

100.00

2,123,463

1,000

(c)

California

Municipal

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

Westside

Neighborhood

School

Project,

Series

2024,

6.375%,

6/15/64

6/31

at

102.00

1,083,457

6,465

California

Municipal

Finance

Authority,

Revenue

Bonds,

American

Musical

and

Dramatic

Academy

Inc.,

Series

2023A,

12.250%,

7/01/53

7/33

at

100.00

6,497,472

California

Municipal

Finance

Authority,

Revenue

Bonds,

California

Baptist

University,

Series

2016A:

1,500

(c)

5.000%,

11/01/36

11/26

at

100.00

1,526,634

1,555

(c)

5.000%,

11/01/46

11/26

at

100.00

1,557,733

California

Municipal

Finance

Authority,

Revenue

Bonds,

Claremont

Graduate

University,

Refunding

Series

2020B:

1,000

(c)

5.000%,

10/01/49

10/30

at

100.00

988,686

1,000

(c)

5.000%,

10/01/54

10/30

at

100.00

978,640

270

(c)

California

Municipal

Finance

Authority,

Revenue

Bonds,

Goodwill

Industries

of

Sacramento

Valley

&

Northern

Nevada

Project,

Series

2012A,

6.625%,

1/01/32

9/24

at

100.00

269,973

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

3,030,191

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

921,663

7,000

(c)

California

Municipal

Finance

Authority,

Revenue

Bonds,

Simpson

University,

Series

2020A,

6.000%,

10/01/50

10/27

at

103.00

7,185,648

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

1,045,872

California

Municipal

Finance

Authority,

Revenue

Bonds,

Turning

Point

School,

Series

2024:

1,100

(c)

5.250%,

6/01/44

6/34

at

100.00

1,104,912

1,300

(c)

5.500%,

6/01/54

6/34

at

100.00

1,304,741

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

6

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

EDUCATION

AND

CIVIC

ORGANIZATIONS

(continued)

California

Municipal

Finance

Authority,

School

Facility

Revenue

Bonds,

Saint

Mary's

School-Aliso

Viejo,

Series

2024A:

$

350

(c)

5.500%,

5/01/44

5/31

at

100.00

$

363,398

435

(c)

5.750%,

5/01/54

5/31

at

100.00

453,008

2,000

(c)

California

Public

Finance

Authority,

Charter

School

Lease

Revenue

Bonds,

California

Crosspoint

Academy

Project,

Series

2020A,

5.125%,

7/01/55

7/28

at

100.00

1,762,914

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

713,668

4,500

(c)

California

Public

Finance

Authority,

Educational

Facility

Revenue

Bonds,

Crossroads

Christian

Schools,

Series

2020,

5.000%,

1/01/56

1/26

at

100.00

4,018,033

1,075

(c)

California

School

Finance

Authority

Charter

School

Facility

Revenue

Bonds,

Grimmway

Schools-Obligated

Group,

Series

2016A,

5.000%,

7/01/46

7/26

at

100.00

1,082,762

California

School

Finance

Authority

Charter

School

Revenue

Bonds,

Bright

Star

Schools

-

Obligated

Group,

Series

2017:

755

(c)

5.000%,

6/01/37

6/27

at

100.00

759,748

2,000

(c)

5.000%,

6/01/47

6/27

at

100.00

1,965,174

2,090

(c)

5.000%,

6/01/54

6/27

at

100.00

2,026,907

1,000

(c)

California

School

Finance

Authority

Charter

School

Revenue

Bonds,

Ednovate

Obligated

Group,

Series

2018,

5.000%,

6/01/48

6/27

at

100.00

959,661

960

(c)

California

School

Finance

Authority

Charter

School

Revenue

Bonds,

Fenton

Schools

-

Obligated

Group,

Series

2020A,

5.000%,

7/01/40

7/27

at

100.00

969,505

California

School

Finance

Authority

Charter

School

Revenue

Bonds,

John

Adams

Academy

Obligated

Group,

Series

2022A:

3,175

(c)

5.000%,

7/01/52

7/30

at

102.00

3,104,762

8,125

(c)

5.125%,

7/01/62

7/30

at

102.00

7,958,179

305

(c)

California

School

Finance

Authority

School

Facility

Revenue

Bonds,

Green

Dot

Public

Schools

California

Projects,

Series

2018A,

5.000%,

8/01/48

8/28

at

100.00

310,237

1,000

(c)

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Alta

Public

Schools

-

Obligated

Group,

Series

2020A,

6.000%,

6/01/59

6/28

at

102.00

1,006,154

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2015A:

585

(c)

5.000%,

8/01/35

8/25

at

100.00

591,197

1,040

(c)

5.000%,

8/01/40

8/25

at

100.00

1,047,189

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2016:

1,600

(c)

5.000%,

8/01/41

8/25

at

100.00

1,609,392

460

(c)

5.000%,

8/01/46

8/25

at

100.00

461,766

1,100

(c)

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Encore

Education

Obligated

Group,

Series

2016A,

5.000%,

6/01/52

6/26

at

100.00

904,849

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Girls

Athletic

Leadership

School

Los

Angeles

Project,

Series

2021A:

1,000

(c)

4.000%,

6/01/41

6/31

at

100.00

849,861

500

(c)

4.000%,

6/01/61

6/31

at

100.00

369,751

2,300

(c)

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Lighthouse

Community

Public

Schools

Obligated

Group,

Series

2022A,

6.500%,

6/01/62

6/29

at

100.00

2,406,364

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

1,317,144

1,600

(c)

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

TEACH

Public

Schools

Obligated

Group,

Series

2019A,

5.000%,

6/01/58

6/26

at

100.00

1,566,666

California

School

Finance

Authority,

Charter

School

Lease

Revenue

Bonds,

Pathways

to

College

Project,

Series

2023A:

2,075

(c)

7.250%,

6/15/43

6/31

at

102.00

2,171,968

6,740

(c)

7.375%,

6/15/53

6/31

at

102.00

7,057,883

7

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

EDUCATION

AND

CIVIC

ORGANIZATIONS

(continued)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Arts

in

Action

Charter

Schools

-

Obligated

Group,

Series

2020A:

$

2,510

(c)

5.000%,

6/01/40

6/27

at

100.00

$

2,066,607

5,550

(c)

5.000%,

6/01/50

6/27

at

100.00

4,265,857

8,200

(c)

5.000%,

6/01/59

6/27

at

100.00

6,037,687

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Aspire

Public

School

-

Obligated

Group,Issue

No.6,

Series

2020A:

1,000

(c)

5.000%,

8/01/42

8/28

at

100.00

1,021,597

5,315

(c)

5.000%,

8/01/61

8/28

at

100.00

5,349,811

5,045

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

CIty

Charter

School

Obligated

Group,

Series

2016A,

5.000%,

6/01/42

6/26

at

100.00

5,021,122

805

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Classical

Academies

Project,

Series

2017A,

5.000%,

10/01/44

10/27

at

100.00

815,813

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Community

High

School

Foundation

Inc,

Series

2017:

235

(c)

5.000%,

6/01/37

6/27

at

100.00

237,562

235

(c)

5.000%,

6/01/47

6/27

at

100.00

233,404

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Downtown

College

Prep

-

Obligated

Group,

Series

2016:

1,500

(c)

4.750%,

6/01/36

6/26

at

100.00

1,420,894

1,180

(c)

5.000%,

6/01/46

6/26

at

100.00

1,064,083

1,890

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Envision

Education,

Series

2024A,

5.000%,

6/01/64

6/32

at

100.00

1,894,717

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Ivy

Academia,

Series

2021A:

1,150

(c)

4.000%,

6/01/41

6/28

at

103.00

959,386

1,500

(c)

4.000%,

6/01/51

6/28

at

103.00

1,152,037

1,000

(c)

4.000%,

6/01/61

6/28

at

103.00

728,724

675

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Kepler

Neighborhood

School,

Series

2017A,

5.750%,

5/01/37

5/27

at

100.00

686,072

1,135

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Larchmont

Charter

School

Project

,

Series

2018A,

5.000%,

6/01/55

6/27

at

100.00

1,113,241

2,475

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Lifeline

Education

Charter

School

Project,

Series

2020A,

5.000%,

7/01/55

7/28

at

100.00

2,490,238

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Orange

County

Educational

Arts

Academy

Project,

Series

2023A:

560

(c)

5.625%,

6/01/43

6/30

at

100.00

575,695

700

(c)

5.875%,

6/01/53

6/30

at

100.00

719,820

425

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Partnerships

to

Uplift

Communities

Project,

Refunding

Social

Series

2023,

5.500%,

8/01/47

8/33

at

100.00

448,869

2,500

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Rocketship

Education

Obligated

Group,

Series

2016A,

5.000%,

6/01/46

6/25

at

100.00

2,476,908

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Rocketship

Education

Obligated

Group,

Series

2017A:

950

(c)

5.125%,

6/01/47

6/26

at

100.00

950,472

1,000

(c)

5.250%,

6/01/52

6/26

at

100.00

1,001,234

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Rocketship

Public

Schools

Obligated

Group,

Series

2017G:

990

(c)

5.000%,

6/01/37

6/27

at

100.00

998,692

925

(c)

5.000%,

6/01/53

6/27

at

100.00

905,590

3,000

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Russell

Westbrook

Academy

Obligated

Group,

Series

2021A,

4.000%,

6/01/51

6/27

at

100.00

2,348,754

605

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Russell

Westbrook

Why

Not

Academy

Obligated

Group,

Series

2021A,

4.000%,

6/01/31

6/27

at

100.00

576,686

3,000

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Russell

Westbrook

Why

Not?

Academy

?

Obligated

Group,

Series

2021A,

4.000%,

6/01/61

6/27

at

100.00

2,233,104

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

334,859

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

8

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

EDUCATION

AND

CIVIC

ORGANIZATIONS

(continued)

$

3,000

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Scholarship

Prep

Public

Schools

Obligated

Group,

Series

2020A,

5.000%,

6/01/60

6/28

at

100.00

$

2,748,791

575

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Scholarship

Prep

Public

Schools

Obligated

Group,

Series

2020B,

5.000%,

6/01/27

No

Opt.

Call

558,909

1,435

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Scholarship

Prep

Public

Schools

Obligated

Group,

Series

2023A,

6.000%,

6/01/63

6/31

at

100.00

1,467,536

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Social

Bonds

?  iLead

Lancaster

Project,

Series

2021A:

1,200

(c)

5.000%,

6/01/51

6/29

at

100.00

1,157,050

1,320

(c)

5.000%,

6/01/61

6/29

at

100.00

1,245,946

440

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Social

Bonds

iLead

Lancaster

Project,

Series

2021A,

5.000%,

6/01/41

6/29

at

100.00

437,499

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Valley

International

Preparatory

High

School

Project,

Series

2022A:

1,000

(c)

5.125%,

3/01/52

3/31

at

100.00

781,576

1,000

(c)

5.250%,

3/01/62

3/31

at

100.00

767,886

750

(c)

California

School

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

New

Designs

Charter

School

Adams

Campus

Project,

Series

2019A,

5.000%,

6/01/40

6/27

at

100.00

762,046

California

School

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

New

Designs

Charter

School

Adams

Campus

Project,

Series

2024A:

650

(c)

5.000%,

6/01/54

6/31

at

100.00

654,017

1,700

(c)

5.000%,

6/01/64

6/31

at

100.00

1,700,833

California

School

Finance

Authority,

Educational

Facility

Revenue

Bonds,

River

Springs

Charter

School

Project,

Series

2017A:

1,725

(c)

5.000%,

7/01/47

7/27

at

100.00

1,732,097

1,340

(c)

5.000%,

7/01/52

7/27

at

100.00

1,342,356

1,230

(c)

California

School

Finance

Authority,

Educational

Facility

Revenue

Bonds,

River

Springs

Charter

School

Project,

Series

2023A,

5.750%,

7/01/42

7/31

at

100.00

1,303,124

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

575,168

1,000

5.875%,

10/01/44

10/24

at

100.00

1,000,280

520

6.000%,

10/01/49

10/24

at

100.00

520,149

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alliance

for

College-Ready

Public

Schools

Project,

Series

2015A:

3,050

(c)

4.125%,

7/01/35

7/25

at

100.00

3,052,986

1,000

(c)

5.000%,

7/01/45

7/25

at

100.00

1,004,355

2,000

(c)

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alliance

for

College-Ready

Public

Schools

Project,

Series

2016C,

5.000%,

7/01/46

7/25

at

101.00

2,018,272

1,015

(c)

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alta

Public

Schools

Project,

Series

2014A,

6.500%,

11/01/34

11/24

at

100.00

1,017,554

1,200

(c)

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Granada

Hills

Charter

High

School

Obligated

Group,

Series

2019,

5.000%,

7/01/54

7/26

at

100.00

1,210,906

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

1,289,693

1,150

5.750%,

8/01/52

8/32

at

100.00

1,240,465

600

(c)

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

KIPP

LA

Projects,

Series

2014A,

5.000%,

7/01/34

9/24

at

100.00

600,503

725

(c)

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Value

Schools,

Refunding

Series

2023A,

5.250%,

7/01/48

7/28

at

103.00

753,373

1,355

(c)

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Value

Schools,

Series

2016A,

6.000%,

7/01/51

7/26

at

100.00

1,387,475

9,000

(d)

California

State

University,

Systemwide

Revenue

Bonds,

Series

2024A,

4.000%,

11/01/49,

(UB)

11/34

at

100.00

9,018,634

9

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

EDUCATION

AND

CIVIC

ORGANIZATIONS

(continued)

$

6,325

(c)

California

Statewide

Communities

Development

Authority

Revenue

Bonds,

California

Baptist

University,

Refunding

Series

2017A,

5.000%,

11/01/41

11/27

at

100.00

$

6,377,890

580

University

of

Puerto

Rico,

University

System

Revenue

Bonds,

Refunding

Series

2006P,

5.000%,

6/01/30

9/24

at

100.00

563,048

University

of

Puerto

Rico,

University

System

Revenue

Bonds,

Series

2006Q:

125

5.000%,

6/01/30

9/24

at

100.00

121,347

1,580

5.000%,

6/01/36

9/24

at

100.00

1,510,871

TOTAL

EDUCATION

AND

CIVIC

ORGANIZATIONS

217,637,596

HEALTH

CARE

-

10.0%

Antelope

Valley

Healthcare

District,

California,

Revenue

Bonds,

Series

2016A:

3,275

5.250%,

3/01/36

3/26

at

100.00

3,290,519

3,000

5.000%,

3/01/41

3/26

at

100.00

2,989,461

9,100

5.000%,

3/01/46

3/26

at

100.00

8,911,841

4,000

(d)

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2017A,

4.000%,

11/15/48,

(UB)

11/27

at

100.00

3,869,156

4,740

(d)

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Cedars-

Sinai

Health

System,

Series

2021A,

4.000%,

8/15/48,

(UB)

8/31

at

100.00

4,741,533

2,485

(d)

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

2,524,793

1,665

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2024A,

5.000%,

12/01/54

6/34

at

100.00

1,796,352

5,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Lucile

Salter

Packard

Children's

Hospital

at

Stanford,

Refunding

Forward

Delivery

Series

2022A,

4.000%,

5/15/51

5/32

at

100.00

4,940,486

7,800

(d)

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

8,061,728

1,455

California

Municipal

Finance

Authority,

Revenue

Bonds,

Clinicas

del

Camino

Real,

Inc.,

Series

2020,

4.000%,

3/01/28

No

Opt.

Call

1,431,802

2,000

(c)

California

Municipal

Finance

Authority,

Revenue

Bonds,

Community

Health

Centers

of

the

Central

Coast,

Inc.,

Series

2021A,

5.000%,

12/01/46

12/30

at

100.00

1,970,724

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2017A:

5,480

5.250%,

11/01/41

11/26

at

100.00

5,497,162

8,200

5.000%,

11/01/47

11/26

at

100.00

8,208,093

1,000

5.250%,

11/01/47

11/26

at

100.00

1,000,370

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

1,674,790

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

16,724,577

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A:

2,055

(c)

5.000%,

12/01/41

6/26

at

100.00

2,083,226

2,280

(c)

5.250%,

12/01/56

6/26

at

100.00

2,306,192

315

(c)

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2018A,

5.250%,

12/01/48

6/28

at

100.00

324,183

16,250

(d)

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

John

Muir

Health,

Series

2024A,

5.250%,

12/01/54,

(UB)

12/34

at

100.00

18,199,321

California

Statewide

Community

Development

Authority,

Revenue

Bonds,

Daughters

of

Charity

Health

System,

Series

2005A:

18

(e),(f)

5.750%,

10/01/24

1/22

at

100.00

17,501

10

(e),(f)

5.750%,

7/01/30

1/22

at

100.00

10,131

11

(e),(f)

5.750%,

7/01/35

1/22

at

100.00

10,945

46

(e),(f)

5.500%,

7/01/39

1/22

at

100.00

45,751

1

(e),(f)

California

Statewide

Community

Development

Authority,

Revenue

Bonds,

Daughters

of

Charity

Health

System,

Series

2005H,

5.750%,

7/01/25

1/22

at

100.00

912

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

10

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

HEALTH

CARE

(continued)

$

6,100

Oroville,

California,

Revenue

Bonds,

Oroville

Hospital

Series

2019,

5.250%,

4/01/54

4/29

at

100.00

$

4,531,442

1,500

Palomar

Pomerado

Health

Care

District,

California,

Certificates

of

Participation,

Series

2017,

4.000%,

11/01/47

11/27

at

100.00

1,217,738

Palomar

Pomerado

Health

System,

California,

Revenue

Bonds,

Refunding

Series

2016:

2,245

5.000%,

11/01/36

11/26

at

100.00

2,221,921

4,790

5.000%,

11/01/39

11/26

at

100.00

4,653,186

200

Washington

Township

Health

Care

District,

California,

Revenue

Bonds,

Series

2017A,

5.000%,

7/01/42

7/27

at

100.00

202,023

TOTAL

HEALTH

CARE

113,457,859

HOUSING/MULTIFAMILY

-

16.0%

9,185

(c)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Creekwood,

Series

2021A,

4.000%,

2/01/56

8/31

at

100.00

6,404,216

1,000

(c)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Exchange

at

Bayfront

Apartments,

Series

2021A-1,

3.000%,

2/01/57

8/32

at

100.00

647,903

8,750

(c)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Glendale

Properties,

Junior

Series

2021A-2,

4.000%,

8/01/47

8/31

at

100.00

7,250,856

4,000

(c)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

K

Street

Flats,

Series

2021A-2,

4.000%,

8/01/50

8/32

at

100.00

3,247,488

13,145

(c)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Mira

Vista

Hills  Apartments,

Series

2021A,

4.000%,

2/01/56

8/31

at

100.00

7,968,454

21,640

(c)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Serenity

at

Larkspur

Apartments,

Series

2020A,

5.000%,

2/01/50

2/30

at

100.00

16,454,982

11,960

(c)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Summit

at

Sausalito

Apartments,

Series

2021A-2,

4.000%,

2/01/50

8/32

at

100.00

9,422,992

5,880

(c)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

The

Arbors,

Series

2020A,

5.000%,

8/01/50

8/30

at

100.00

5,795,704

16,500

(c)

California

Community

Housing

Agency,

Workforce

Housing

Revenue

Bonds,

Annadel

Apartments,

Series

2019A,

5.000%,

4/01/49

4/29

at

100.00

14,278,445

1,000

California

Housing

Finance

Agency,

California,

Multifamily

Housing

Revenue

Bonds,

Power

Station

Block

7B,

Limited

Obligation

Senior

Series

2024L,

5.200%,

12/01/27

6/27

at

100.00

1,011,128

1,585

(c)

California

Housing

Finance

Agency,

Multifamily

Housing

Revenue

Bonds,

Redwood

Gardens

Apartments,

Subordinate

Lien

Series

2021N-S,

4.000%,

3/01/37

3/31

at

100.00

1,368,287

59

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series2019-1,

4.250%,

1/15/35

No

Opt.

Call

61,730

8,405

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Social

Certificates

Series

2023-1,

4.375%,

9/20/36

No

Opt.

Call

8,882,380

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

1,999,012

2,980

(c)

California

Municipal

Finance

Authority,

Revenue

Bonds,

Catalyst

Impact

Fund

1

LLC

Series

2024-II,

7.000%,

1/01/39

1/34

at

100.00

3,190,179

California

Public

Finance

Authority,

University

Housing

Revenue

Bonds,

National

Campus

Community

Development

-

Claremont

Properties

LLC

Claremont

Colleges

Project,

Refunding

Series

2023A:

1,335

(c)

5.500%,

7/01/50

7/33

at

105.00

1,398,237

1,715

(c)

6.000%,

7/01/53

7/33

at

105.00

1,836,695

450

(c)

California

Statewide

Communities

Development

Authority,

College

Housing

Revenue

Bonds,

National

Campus

Community

Development

-

Hooper

Street

LLC

Project,

Series

2019,

5.250%,

7/01/52

7/29

at

100.00

456,860

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

Lancer

Educational

Student

Housing

Project,

Refunding

Series

2016A:

4,600

(c)

5.000%,

6/01/36

6/26

at

100.00

4,674,156

2,090

(c)

5.000%,

6/01/46

6/26

at

100.00

2,100,233

11

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

HOUSING/MULTIFAMILY

(continued)

$

6,885

(c)

CMFA

Special

Finance

Agency

I,

California,

Essential

Housing

Revenue

Bonds,

The

Mix

at

Center

City,

Series

2021A-2,

4.000%,

4/01/56

4/31

at

100.00

$

5,530,535

1,000

(c)

CMFA

Special

Finance

Agency

I,

California,

Essential

Housing

Revenue

Bonds,

The

Mix

at

Center

City,

Subordinate

Series

2021B,

8.000%,

4/01/56

4/31

at

100.00

780,708

2,500

(c)

CMFA

Special

Finance

Agency

XII,

California,

Essential

Housing

Revenue

Bonds,

Allure

Apartments

Project,

Series

2022A-2,

3.250%,

2/01/57

2/32

at

100.00

1,896,372

1,000

(c)

CMFA

Special

Financing

Agency

VIII,

California,

Essential

Housing

Revenue

Bonds,

Elan

Huntington

Beach,

Senior

Lien

Series

2021A-1,

3.000%,

8/01/56

8/31

at

100.00

721,714

2,905

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

1818

Platinum

Triangle-Anaheim,

Mezzanine

Lien

Series

2021B,

4.000%,

4/01/57

4/32

at

100.00

2,219,263

11,580

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Acacia

on

Santa

Rosa

Creek,

Mezzanine

Lien

Series

2021B,

4.000%,

10/01/46

10/31

at

100.00

9,464,404

9,000

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Altana

Glendale,

Series

2021A-1,

3.500%,

10/01/46

10/31

at

100.00

7,558,686

3,000

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Center

City

Anaheim,

Series

2020A,

5.000%,

1/01/54

1/31

at

100.00

2,694,371

5,715

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Link-Glendale,

Series

2021A-2,

4.000%,

7/01/56

7/31

at

100.00

4,483,121

20,010

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Moda

at

Monrovia

Station,

Social

Series

2021A-2,

4.000%,

10/01/56

10/31

at

100.00

15,312,879

9,360

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Monterrey

Station

Apartments,

Senior

Lien

Series

2021A-

1,

3.125%,

7/01/56

7/32

at

100.00

6,578,502

2,000

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Monterrey

Station

Apartments,

Series

2021B,

4.000%,

7/01/58

7/32

at

100.00

1,423,440

4,000

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Oceanaire-Long

Beach,

Social

Series

2021A-2,

4.000%,

9/01/56

9/31

at

100.00

3,202,883

2,110

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Pasadena

Portfolio

Social

Bond,

Mezzanine

Senior

Series

2021B,

4.000%,

12/01/56

12/31

at

100.00

1,613,699

2,500

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Union

South

Bay,

Series

2021A-2,

4.000%,

7/01/56

7/31

at

100.00

2,055,631

2,625

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Vineyard

Gardens

Apartments,

Senior

Lien

Series

2021A,

3.250%,

10/01/58

4/32

at

100.00

1,887,426

5,050

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Westgate

Phase

1-Pasadena

Apartments,

Senior

Lien

Series

2021A-2,

3.125%,

6/01/57

6/31

at

100.00

3,146,341

2,000

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

1,579,521

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

1,438,688

6,155

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

4,428,566

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

1,011,425

315

La

Verne,

California,

Mobile

Home

Park

Revenue

Bonds,

Copacabana

Mobile

Home

Park,

Refunding

Series

2014,

5.000%,

6/15/49

9/24

at

100.00

315,176

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

2,050,106

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

12

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

HOUSING/MULTIFAMILY

(continued)

$

400

Santa

Clara

County

Housing

Authority,

California,

Multifamily

Housing

Revenue

Bonds,

Blossom

River

Project,

Series

1998A,

6.500%,

9/01/39,

(AMT)

9/24

at

100.00

$

400,026

455

(c),(e)

Wilson

County

Health

and

Educational

Facilities

Board,

Tennessee,

Senior

Living

Revenue

Bonds,

Rutland

Place

Inc.

Project,

Series

2015A,

4.400%,

1/01/46

9/24

at

100.00

295,750

TOTAL

HOUSING/MULTIFAMILY

180,539,170

LONG-TERM

CARE

-

1.7%

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

899

Charleston

Project,

Refunding

Series

2014A:

4,700

(c)

5.000%,

11/01/34

11/24

at

100.00

4,701,044

8,825

(c)

5.250%,

11/01/44

11/24

at

100.00

8,823,683

5,385

(c)

5.375%,

11/01/49

11/24

at

100.00

5,366,172

TOTAL

LONG-TERM

CARE

18,890,899

TAX

OBLIGATION/GENERAL

-

10.7%

1,115

Denair

Unified

School

District,

Stanislaus

County,

California,

General

Obligation

Bonds,

Series

2002A,

0.000%,

8/01/26

-

FGIC

Insured

No

Opt.

Call

1,051,524

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

1,063,190

650

(d),(g)

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

581,420

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

1,108,286

5,000

(d)

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

5,627,220

5,000

(d)

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

5,023,012

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

974,263

9,470

(d)

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

9,350,467

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1:

2,000

0.000%,

7/01/33

7/31

at

89.94

1,347,955

11,187

4.000%,

7/01/41

7/31

at

103.00

10,633,025

14,952

4.000%,

7/01/46

7/31

at

103.00

13,883,445

5,750

(d)

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

5,708,656

10,000

(d)

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

10,003,940

5,000

(d)

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

4,937,631

Santa

Ana

Unified

School

District,

Orange

County,

California,

General

Obligation

Bonds,

2018

Election

Series

2022C:

3,045

(d)

4.000%,

8/01/44,

(UB)

8/32

at

100.00

3,089,880

5,680

(d)

4.000%,

8/01/45,

(UB)

8/32

at

100.00

5,753,506

17,585

(d)

4.250%,

8/01/50,

(UB)

8/32

at

100.00

17,829,404

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

399,854

12,460

(d)

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

12,201,076

13

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TAX

OBLIGATION/GENERAL

(continued)

$

10,100

(d)

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

$

9,939,725

TOTAL

TAX

OBLIGATION/GENERAL

120,507,479

TAX

OBLIGATION/LIMITED

-

30.4%

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

1,007,317

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

873,958

1,250

5.000%,

9/01/53

9/29

at

103.00

1,292,115

Anaheim

Public

Financing

Authority,

California,

Lease

Revenue

Bonds,

Public

Improvement

Project,

Series

1997C:

330

0.000%,

9/01/28

-

AGM

Insured

No

Opt.

Call

295,676

240

0.000%,

9/01/30

-

AGM

Insured

No

Opt.

Call

202,252

4,475

0.000%,

9/01/34

-

AGM

Insured

No

Opt.

Call

3,258,214

1,985

0.000%,

9/01/35

-

AGM

Insured

No

Opt.

Call

1,384,683

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

2,598,877

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

688,026

875

5.000%,

9/01/53

9/29

at

103.00

904,481

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

309,785

400

5.000%,

9/01/49

9/25

at

103.00

410,726

1,115

Beaumont,

California,

Special

Tax

Bonds,

Community

Facilities

District

93-1

Improvement

Area

17C,

Series

2018,

5.000%,

9/01/48

9/25

at

103.00

1,145,629

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

1,924,781

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

1,323,973

1,700

Brentwood

Infrastructure

Financing

Authority,

California,

Infrastructure

Revenue

Bonds,

Refunding

Subordinated

Series

2014B,

5.000%,

9/02/36

9/24

at

100.00

1,700,788

4,095

California

Community

College

Financing

Authority,

Lease

Revenue

Bonds,

Refunding

Series

2003,

0.000%,

6/01/33

-

AMBAC

Insured

No

Opt.

Call

2,893,249

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2021A:

1,095

4.000%,

9/01/46

9/28

at

103.00

1,013,234

1,505

4.000%,

9/01/51

9/28

at

103.00

1,352,628

3,990

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2022C,

6.250%,

9/01/52

9/29

at

103.00

4,323,056

3,000

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2022D,

6.125%,

9/01/52

9/29

at

103.00

3,233,975

1,000

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2024A,

5.125%,

9/01/54

9/30

at

103.00

1,035,849

1,070

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2024B,

5.000%,

9/01/49

9/31

at

103.00

1,119,461

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

1,080,877

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

2,271,626

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

2023-11

Improvement

Area

A

Hesperia

Silverwood,

Series

2024:

340

5.000%,

9/01/49

9/31

at

103.00

355,717

800

5.000%,

9/01/54

9/31

at

103.00

831,058

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

14

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TAX

OBLIGATION/LIMITED

(continued)

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

$

430,356

1,060

5.625%,

9/01/53

9/30

at

103.00

1,146,772

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

349,352

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2012-02,

Manteca

Lifestyle

Center,

Series

2013A:

945

5.000%,

9/01/33

9/24

at

100.00

946,052

2,000

5.125%,

9/01/42

9/24

at

100.00

2,001,458

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

3,493,525

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

2,533,350

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

3,087,678

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

5,400,045

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

1,263,824

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

358,740

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2020-02

Improvement

Area

3

Atwell,

Series

2024:

475

5.000%,

9/01/49

9/30

at

103.00

495,166

650

5.000%,

9/01/54

9/30

at

103.00

673,186

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

1,791,855

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

2,092,330

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

1,701,840

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

3,558,848

1,120

5.000%,

9/02/40

9/25

at

100.00

1,130,465

465

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2011A,

8.000%,

9/02/41

9/24

at

100.00

464,962

2,275

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2014A,

5.000%,

9/02/43

9/24

at

100.00

2,276,371

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

2,061,163

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

2,275,679

15

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

2016B:

$

1,690

5.000%,

9/02/36

9/26

at

100.00

$

1,732,984

3,310

5.000%,

9/02/46

9/26

at

100.00

3,355,135

480

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2017A,

5.000%,

9/02/46

9/27

at

100.00

490,569

375

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2017B,

5.000%,

9/02/47

9/27

at

100.00

384,875

920

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2018B,

5.000%,

9/02/48

9/28

at

100.00

938,510

725

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2019C,

5.000%,

9/02/44

9/29

at

100.00

749,043

850

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2020A,

4.000%,

9/02/50

9/30

at

100.00

756,523

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

1,549,869

1,990

5.375%,

9/02/52

9/32

at

100.00

2,098,498

3,965

California

Statewide

Communities

Development

Authority,

Statewide

Infrastructure

Program

Revenue

Bonds,

Series

2020C,

4.000%,

9/02/40

9/30

at

100.00

3,826,453

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

786,246

740

Chino,

California,

Special

Tax

Bonds,

Community

Facilities

District

2003-3

Improvement

Area

10,

Series

2024.,

5.000%,

9/01/54

9/31

at

103.00

766,319

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

926,504

1,115

5.000%,

9/01/48

9/25

at

103.00

1,145,629

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

326,609

Compton

Public

Finance

Authority,

California,

Lease

Revenue

Bonds,

Refunding

&

Various

Capital

Projects,

Series

2008:

315

5.250%,

9/01/27

-

AMBAC

Insured

9/24

at

100.00

315,293

210

5.000%,

9/01/32

-

AMBAC

Insured

9/24

at

100.00

210,103

670

Corona,

California,

Special

Tax

Bonds,

Community

Facilities

District

2002-1

Dos

Lagos

Improvement

Area

1,

Refunding

Series

2017,

5.000%,

9/01/37

3/25

at

103.00

694,383

Corona,

California,

Special

Tax

Bonds,

Community

Facilities

District

2018-1

Bedford,

Series

2018A:

2,155

5.000%,

9/01/43

3/25

at

103.00

2,216,660

1,250

5.000%,

9/01/48

3/25

at

103.00

1,278,743

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

362,306

Dixon,

California,

Special

Tax

Bonds,

Community

Facilities

District

2019-1

Homestead,

Improvement

Area

2,

Series

2024:

625

5.000%,

9/01/46

9/31

at

103.00

657,110

1,000

5.000%,

9/01/54

9/31

at

103.00

1,038,823

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

1,073,073

1,000

5.500%,

9/01/51

9/29

at

103.00

1,069,763

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

1,311,360

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

6,616,043

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

16

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TAX

OBLIGATION/LIMITED

(continued)

$

250

El

Dorado

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2005-2,

Series

2006,

5.100%,

9/01/36

3/25

at

100.00

$

251,873

Elsinore

Valley

Municipal

Water

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2020-1

Horsethief

Area

1A,

Series

2021A:

1,685

(c)

4.000%,

9/01/41

9/28

at

103.00

1,583,449

1,245

(c)

4.000%,

9/01/51

9/28

at

103.00

1,087,802

Elsinore

Valley

Municipal

Water

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2020-1

Horsethief

Improvement

Area

2A,

Series

2021A:

1,565

(c)

4.000%,

9/01/41

9/28

at

103.00

1,470,681

2,325

(c)

4.000%,

9/01/51

9/28

at

103.00

2,034,609

430

Fairfield,

California,

Special

Tax

Bonds,

Community

Facilities

District

2007-

1

Fairfield

Commons

Project,

Series

2008,

6.875%,

9/01/38

3/25

at

100.00

437,878

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

1,310,694

1,300

5.125%,

9/01/52

9/29

at

103.00

1,356,361

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

992,766

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

4,140,124

Folsom

Ranch

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Folsom

Community

Facilities

District

23

Folsom

Ranch

Improvement

Area

2,

Series

2024:

400

5.000%,

9/01/49

9/30

at

103.00

416,982

460

5.000%,

9/01/53

9/30

at

103.00

477,078

1,000

Folsom

Ranch

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Series

2022,

5.000%,

9/01/52

9/29

at

103.00

1,035,031

Folsom,

California,

Special

Tax

Bonds,

Community

Facilities

District

16

Islands

at

Parkshore

Improvement

Area

1,

Series

2018:

500

4.000%,

9/01/43

9/24

at

103.00

475,240

1,545

4.000%,

9/01/48

9/24

at

103.00

1,412,193

Fontana,

California,  Special

Tax

Bonds,

Community

Facilities

District

106,

Mountain

View,

Series

2022:

375

4.250%,

9/01/38

9/29

at

103.00

379,790

500

4.500%,

9/01/43

9/29

at

103.00

505,458

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

4,196,277

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

1,063,502

1,000

5.000%,

9/01/53

9/30

at

103.00

1,042,387

375

HTA

Claas

6,

Puerto

Rico

Highway

and

Transportation

Authority

Highway

Revenue

Bonds,

Series

2022,

5.250%,

7/01/38

9/24

at

100.00

375,271

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

1,043,483

155

Indio

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Merged

Area

Redevelopment

Project,

Subordinate

Lien

Refunding

Series

2008A,

5.250%,

8/15/28

9/24

at

100.00

155,384

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

3,404,730

1,220

Lake

Elsinore

Unified

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2004-2,

Series

2005,

5.350%,

9/01/35

3/25

at

100.00

1,231,344

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

950,333

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

455,438

17

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TAX

OBLIGATION/LIMITED

(continued)

$

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

$

611,040

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

617,456

945

5.750%,

9/01/43

9/26

at

103.00

972,749

Lee

Lake

Public

Financing

Authority,

California,

Junior

Lien

Revenue

Bonds,

Series

2013B:

775

5.125%,

9/01/28

9/24

at

100.00

775,988

390

5.250%,

9/01/32

9/24

at

100.00

390,492

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

925,636

1,815

5.000%,

9/01/43

9/24

at

100.00

1,816,011

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

1,842,051

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

8,824,490

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

1,485,017

450

Marina

Redevelopment

Agency

Successor

Agency,

California,

Housing

Tax

Allocation

Bonds,

Series

2018B,

5.000%,

9/01/38

9/25

at

103.00

468,083

3,000

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A,

5.000%,

10/01/39

10/32

at

100.00

3,128,339

Menifee

Union

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2006-1,

Series

2014:

500

4.125%,

9/01/39

3/25

at

100.00

499,426

500

4.250%,

9/01/44

3/25

at

100.00

488,385

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

468,223

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

1,391,158

2,000

5.250%,

9/01/52

9/29

at

103.00

2,107,480

1,000

Menifee

Union

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2014-2,

Series

2017,

5.000%,

9/01/47

3/25

at

103.00

1,021,781

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

1,000,069

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

775,269

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

732,772

1,000

5.000%,

9/01/53

9/30

at

103.00

1,037,126

835

Moorpark,

California,

Special

Tax

Bonds,

Community

Facilities

District

2004-1,

Refunding

Junior

Lien

Series

2014B,

5.000%,

9/01/33

3/25

at

100.00

835,904

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

993,066

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

1,019,930

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

845,014

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

18

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TAX

OBLIGATION/LIMITED

(continued)

Northstar

Community

Services

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

1,

Refunding

Series

2005:

$

980

(e)

1.908%,

9/01/28

3/25

at

100.00

$

254,925

2,927

(e)

1.943%,

9/01/36

3/25

at

100.00

760,912

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

1,288,069

1,200

Ontario,

California,

Special

Tax

Bonds,

Community

Facilities

District

28

New

Haven

Facilities

-

Area

A,

Series

2017,

5.000%,

9/01/47

3/25

at

103.00

1,224,783

845

Ontario,

California,

Special

Tax

Bonds,

Community

Facilities

District

55

Parklane

Facilities,

Series

2022,

5.000%,

9/01/53

9/29

at

103.00

873,470

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

372,600

3,400

5.000%,

8/15/47

8/29

at

103.00

3,547,584

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

538,953

Palm

Desert,

California,

Special

Tax

Bonds,

Community

Facilities

District

2021-1

University

Park,

Series

2021:

275

3.000%,

9/01/31

9/28

at

103.00

257,302

1,340

4.000%,

9/01/51

9/28

at

103.00

1,178,144

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

1,013,266

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

2,735,333

3,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1,

4.750%,

7/01/53

7/28

at

100.00

2,977,498

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

4,593,864

2,610

4.536%,

7/01/53

7/28

at

100.00

2,503,651

2,670

4.784%,

7/01/58

7/28

at

100.00

2,641,991

1,200

Rancho

Cardova,

California,

Special

Tax

Bonds,

Community

Facilities

District

2005-1

Sunridge

North

Douglas

Series

2015,

5.000%,

9/01/40

9/25

at

100.00

1,211,764

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

1,669,164

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

268,302

525

5.125%,

9/01/43

9/29

at

103.00

556,704

1,300

5.375%,

9/01/53

9/29

at

103.00

1,376,238

1,400

Rancho

Mirage,

California,

Special

Tax

Bonds,

Community

Facilities

District

5

Section

31,

Improvement

Area

1

Series

2024A,

5.000%,

9/01/54

9/34

at

100.00

1,454,352

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

1,514,965

1,260

0.000%,

7/15/31

-

AMBAC

Insured

No

Opt.

Call

1,017,590

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

1,213,179

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

1,201,204

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

1,041,994

1,525

5.250%,

9/01/47

9/29

at

103.00

1,590,888

2,015

5.000%,

9/01/52

9/29

at

103.00

2,047,655

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

887,027

19

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TAX

OBLIGATION/LIMITED

(continued)

$

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

$

1,226,753

2,115

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

03-1

Newport

Road,

Series

2014,

5.000%,

9/01/30

3/25

at

100.00

2,132,343

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

1,024,781

535

5.000%,

9/01/45

9/27

at

100.00

546,312

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

717,520

1,155

0.000%,

9/01/35

-

NPFG

Insured

No

Opt.

Call

789,317

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

825,287

935

Rohnert

Park

Community

Development

Agency,

California,

Tax

Allocation

Bonds,

Series

1999,

0.000%,

8/01/33

No

Opt.

Call

693,759

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

9/24

at

100.00

2,636,628

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

504,952

1,500

5.250%,

9/01/53

9/29

at

103.00

1,575,491

1,050

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

1,070,811

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

1,057,346

1,150

5.000%,

9/01/53

9/30

at

103.00

1,192,694

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

599,642

1,100

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

1

Westbrook,

Series

2014,

5.000%,

9/01/34

9/24

at

100.00

1,101,017

1,500

(c)

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

5

Fiddyment

Ranch

Public

Facilities,

Series

2017,

5.000%,

9/01/47

9/27

at

100.00

1,524,233

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

2,851,510

230

Sabal

Palm

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Series

2016,

5.500%,

11/01/46

11/26

at

100.00

232,982

1,510

(c),(d)

Sacramento

City

Financing

Authority

California,

Lease

Revenue

Bonds,

Master

Lease

Program

Facilities

Projects,

Tender

Option

Bond

Trust

2016-

XG0100,

10.967%,

12/01/33

-

AMBAC

Insured,

(IF)

No

Opt.

Call

2,565,630

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

3,386,514

4,435

0.000%,

12/01/32

-

FGIC

Insured

No

Opt.

Call

3,363,350

250

Sacramento,

California,

Special

Tax

Bonds,

Community

Facilities

District

05-1

College

Square,

Series

2007,

5.900%,

9/01/37

3/25

at

100.00

252,797

1,600

(c)

Sacramento,

California,

Special

Tax

Bonds,

Community

Facilities

District

2018-01

Railyards,

Improvements

Series

2022,

5.375%,

9/01/52

9/29

at

103.00

1,679,553

Sacramento,

California,

Special

Tax

Bonds,

North

Natomas

Community

Facilities

District

7,

Series

2017-01:

710

(c)

5.000%,

9/01/37

9/24

at

103.00

731,903

1,900

(c)

5.000%,

9/01/47

9/24

at

103.00

1,938,169

428

(e)

Saint

Louis,

Missouri,

Tax

Increment

Financing

Revenue

Bonds,

Grace

Lofts

Redevelopment

Projects,

Series

2007A,

2.100%,

12/31/26

No

Opt.

Call

18,832

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

1,415,923

360

San

Bernardino

County

Financing

Authority,

California,

Revenue

Bonds,

Courthouse

Facilities

Project,

Series

2007,

5.500%,

6/01/37

-

NPFG

Insured

No

Opt.

Call

377,870

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

20

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TAX

OBLIGATION/LIMITED

(continued)

$

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

$

555,018

San

Francisco

City

and

County

Infrastructure

and

Revitalization

Financing

District

1

Treasure

Island,

California,

Tax

Increment

Revenue

Bonds,

Facilities

Increment

Series

2023A:

905

(c)

5.000%,

9/01/43

9/33

at

100.00

914,344

1,525

(c)

5.500%,

9/01/53

9/33

at

100.00

1,564,843

1,500

(c)

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

9/32

at

100.00

1,494,636

805

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

2/25

at

100.00

808,378

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

9/24

at

100.00

1,250,708

12,610

(c)

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

9/24

at

39.45

4,959,741

1,450

(c)

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

9/30

at

103.00

1,578,130

1,000

(c)

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

9/30

at

103.00

1,083,945

11,755

(d)

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

11,753,883

3,900

(c)

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

9/28

at

103.00

3,488,619

San

Francisco

City

and

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2014-1

Transbay

Transit

Center,

Green

Series

2022A:

1,000

(d)

5.000%,

9/01/42,

(UB)

9/32

at

100.00

1,079,783

1,735

(d)

5.000%,

9/01/47,

(UB)

9/32

at

100.00

1,848,070

1,150

(d)

5.000%,

9/01/52,

(UB)

9/32

at

100.00

1,214,012

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

2,648,645

San

Francisco

City

and

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2016-1

Treasure

Island

Improvement

Area

2,

Series

2023A:

965

(c)

5.250%,

9/01/48

9/30

at

103.00

1,019,876

2,050

(c)

5.500%,

9/01/53

9/30

at

103.00

2,201,262

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

5,175,154

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

1,367,137

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

5,188,980

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

2,016,767

1,045

(c)

Temecula

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

16-01,

Series

2017,

6.250%,

9/01/47

9/27

at

100.00

1,095,459

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

1,817,406

400

Temecula

Valley

Unified

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2011-1,

Series

2014,

4.250%,

9/01/44

3/25

at

100.00

387,610

21

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TAX

OBLIGATION/LIMITED

(continued)

$

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

$

1,215,628

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

2,926,265

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

1,032,374

700

Victor

Valley

Union

High

School

District,

San

Bernardino

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2007-1,

Series

2013,

5.000%,

9/01/43

9/24

at

100.00

700,264

1,000

(c)

Virgin

Islands

Public

Finance

Authority,

Gross

Receipts

Taxes

Loan

Note,

Refunding

Series

2014C,

5.000%,

10/01/39

10/24

at

100.00

956,062

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

355,981

785

5.250%,

9/01/45

9/25

at

100.00

793,398

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

2,855,321

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

5,692,408

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

1,921,577

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

1,466,672

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

1,758,730

290

(e)

Yorkville

United

City

Business

District,

Illinois,

Storm

Water

and

Water

Improvement

Project

Revenue

Bonds,

Series

2007,

4.800%,

1/01/27

9/24

at

100.00

121,800

TOTAL

TAX

OBLIGATION/LIMITED

343,557,743

TRANSPORTATION

-

9.7%

10,285

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

10,316,219

10,845

(d)

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

10,555,089

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

3,230,112

2,500

Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Refunding

Term

Rate

Sub-Series

2013B-1,

3.950%,

1/15/53

-

AGM

Insured

7/27

at

100.00

2,444,086

Guam

Port

Authority,

Port

Revenue

Bonds,

Private

Activity

Series

2018B:

250

5.000%,

7/01/36,

(AMT)

7/28

at

100.00

258,204

400

5.000%,

7/01/37,

(AMT)

7/28

at

100.00

412,333

10,000

(d)

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

10,231,708

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

7,028,295

10,000

(d)

5.250%,

7/01/58,

(AMT),

(UB)

7/33

at

100.00

10,688,795

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Subordinate

Series

2021B:

5,000

(d)

5.000%,

7/01/51,

(AMT),

(UB)

7/31

at

100.00

5,185,964

13,330

5.000%,

7/01/56,

(AMT)

7/31

at

100.00

13,778,168

20,000

(d)

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

22,422,914

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

22

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TRANSPORTATION

(continued)

$

5,165

(d)

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

$

5,244,867

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

200,991

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

40,298

6,650

(d)

San

Jose,

California,

Airport

Revenue

Bonds,

Refunding

Series

2017A,

4.000%,

3/01/42

-

BAM

Insured,

(AMT),

(UB)

3/27

at

100.00

6,444,743

1,200

(c)

West

Indian

Company

Limited,

Virgin

Islands,

Port

Facilities

Revenue

Bonds,

WICO

Financing,

Series

2022B,

6.500%,

4/01/52,

(AMT)

10/29

at

104.00

1,166,977

TOTAL

TRANSPORTATION

109,649,763

U.S.

GUARANTEED

-

0.2%

(h)

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

1,653,096

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2016:

40

(c)

5.000%,

8/01/46,

(Pre-refunded

8/01/25)

8/25

at

100.00

40,853

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Community

High

School

Foundation

Inc,

Series

2017:

265

(c)

5.000%,

6/01/37,

(Pre-refunded

6/01/27)

6/27

at

100.00

279,303

265

(c)

5.000%,

6/01/47,

(Pre-refunded

6/01/27)

6/27

at

100.00

279,304

TOTAL

U.S.

GUARANTEED

2,252,556

UTILITIES

-

17.8%

27,110

(d)

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2021B-1,

4.000%,

2/01/52,

(Mandatory

Put

8/01/31),

(UB)

5/31

at

100.63

27,578,222

11,000

(d)

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2023E-1,

5.000%,

2/01/54,

(Mandatory

Put

3/01/31),

(UB)

12/30

at

100.16

11,821,043

17,780

(d)

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

19,777,626

44,950

(d)

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

48,485,965

50,000

(d)

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

54,171,655

1,100

(c)

California

Pollution

Control

Financing

Authority

Water

Furnishing

Revenue

Bonds

(Poseidon

Resources

(Channelside)

LP

Desalination

Project),

Series

2023

(AMT),

5.000%,

11/21/45,

(AMT)

7/33

at

100.00

1,170,970

25

Long

Beach

Bond

Finance

Authority,

California,

Natural

Gas

Purchase

Revenue

Bonds,

Series

2007A,

5.500%,

11/15/28

No

Opt.

Call

26,948

50

M-S-R

Energy

Authority,

California,

Gas

Revenue

Bonds,

Citigroup

Prepay

Contracts,

Series

2009A,

6.500%,

11/01/39

No

Opt.

Call

64,869

360

Pico

Rivera

Water

Authority,

California,

Revenue

Bonds,

Refunding

Water

System

Project,

Series

1999A,

5.500%,

5/01/29

-

NPFG

Insured

No

Opt.

Call

379,999

3,000

(c)

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A,

5.000%,

7/01/47

7/30

at

100.00

3,057,473

5

(c)

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B,

5.000%,

7/01/37

7/31

at

100.00

5,256

8,000

(e)

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Federally

Taxable

Build

America

Bonds,

Series

2010YY,

6.125%,

7/01/40

9/24

at

100.00

2,649,742

1,140

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Refunding

National

Series

2007VV,

5.250%,

7/01/34

-

NPFG

Insured

No

Opt.

Call

1,127,001

23

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

UTILITIES

(continued)

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Refunding

Series

2010DDD:

$

1,030

(e)

3.625%,

1/01/26

No

Opt.

Call

$

377,097

1,000

(e)

5.000%,

1/01/26

No

Opt.

Call

346,213

85

(e)

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2003NN,

5.500%,

1/01/26

No

Opt.

Call

28,916

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2010AAA:

3,000

(e)

5.250%,

7/01/27

9/24

at

100.00

1,024,570

1,020

(e)

5.250%,

7/01/31

9/24

at

100.00

351,242

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2010ZZ:

275

(e)

5.250%,

7/01/25

9/24

at

100.00

95,986

1,695

(e)

5.000%,

1/01/26

No

Opt.

Call

597,469

165

(e)

5.000%,

1/01/26

No

Opt.

Call

57,133

1,000

(e)

5.250%,

7/01/26

9/24

at

100.00

356,223

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2013A:

2,925

(e)

5.050%,

1/01/26

7/23

at

100.00

1,022,816

1,415

(e)

4.800%,

7/01/29

9/24

at

100.00

499,736

2,000

(e)

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Taxable

Series

2010BBB,

5.400%,

7/01/28

9/24

at

100.00

686,468

25

(e)

Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Refunding

Series

2005SS,

4.625%,

7/01/30

9/24

at

100.00

9,018

1,950

(e)

Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2007TT,

5.000%,

7/01/32

9/24

at

100.00

674,139

Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2008WW:

915

(e)

5.375%,

1/01/26

0

at

100.00

313,168

1,000

(e)

5.250%,

7/01/33

9/24

at

100.00

345,024

295

(e)

5.500%,

7/01/38

9/24

at

100.00

100,552

500

(e)

Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2010AAA,

5.250%,

7/01/24

7/24

at

100.00

171,004

Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2010CCC:

135

(e)

5.000%,

7/01/24

7/24

at

100.00

46,746

200

(e)

4.800%,

7/01/27

9/24

at

100.00

72,799

Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2010XX:

1,445

(e)

4.625%,

7/01/25

9/24

at

100.00

511,101

95

(e)

5.250%,

7/01/26

9/24

at

100.00

32,782

1,000

(e)

5.250%,

7/01/35

9/24

at

100.00

350,603

Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2013A:

220

(e)

7.250%,

7/01/30

9/24

at

100.00

71,430

4,430

(e)

6.750%,

7/01/36

9/24

at

100.00

1,461,110

5,385

(e)

5.000%,

7/01/42

9/24

at

100.00

1,970,628

2,380

(e)

Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Taxable

Series

2010EEE,

5.950%,

7/01/30

9/24

at

100.00

798,613

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

1,275,956

1,500

5.000%,

8/01/42

8/28

at

100.00

1,520,556

6,135

(d)

Southern

California

Public

Power

Authority,

California,

Revenue

Bonds,

Clean

Energy

Project

Revenue

Bonds,

Series

2024A,

5.000%,

4/01/55,

(Mandatory

Put

9/01/30),

(UB)

6/30

at

100.24

6,607,807

Southern

California

Public

Power

Authority,

Natural

Gas

Project

1

Revenue

Bonds,

Series

2007A:

1,000

5.000%,

11/01/29

No

Opt.

Call

1,053,645

220

5.000%,

11/01/33

No

Opt.

Call

234,043

2,190

Virgin

Islands

Water

and

Power

Authority,

Electric

System

Revenue

Bonds,

Bond

Anticipation

Notes,

Taxable

Series

2022A,

7.750%,

9/03/24

No

Opt.

Call

2,190,000

150

Virgin

Islands

Water

and

Power

Authority,

Electric

System

Revenue

Bonds,

Bond

Anticipation

Notes,

Taxable

Series

2022B,

10.000%,

9/03/24

No

Opt.

Call

150,000

Nuveen

California

High

Yield

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

24

See

Notes

to

Financial

Statements

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

UTILITIES

(continued)

$

5,020

(d)

West

County

Facilities

Financing

Authority,

California,

Wastewater

Revenue

Bonds,

Green

Series

2021,

4.000%,

6/01/46,

(UB)

6/31

at

100.00

$

5,003,160

TOTAL

UTILITIES

200,724,522

TOTAL

MUNICIPAL

BONDS

(cost

$1,339,960,596)

1,339,892,304

TOTAL

LONG-TERM

INVESTMENTS

(cost

$1,339,960,596)

1,339,892,304

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 4.6%  

X

52,425,000

REPURCHASE

AGREEMENTS

-

4.6%  

X

52,425,000

$

52,425

(i)

Fixed

Income

Clearing

Corporation

5.290%

9/03/24

$

52,425,000

TOTAL

REPURCHASE

AGREEMENTS

(cost

$52,425,000)

52,425,000

TOTAL

SHORT-TERM

INVESTMENTS

(cost

$52,425,000)

52,425,000

TOTAL

INVESTMENTS

(cost

$1,392,385,596)

-

123.3%

1,392,317,304

FLOATING

RATE

OBLIGATIONS

-

(26.0)%  

(

293,085,000

)

OTHER

ASSETS

&

LIABILITIES,

NET

-

2.7%

29,869,448

NET

ASSETS

-

100%

$

1,129,101,752

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

(c)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$400,763,124

or

28.8%

of

Total

Investments.

(d)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(e)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(f)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(g)

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.

(h)

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.

(i)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.290%

dated

8/30/24

to

be

repurchased

at

$52,455,814

on

9/3/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.125%

and

maturity

date

7/31/31,

valued

at

$53,473,557.

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.

Inverse

floating

rate

trust

is

a

Recourse

Trust

unless

otherwise

noted.

25

Nuveen

California

Municipal

Bond

Fund

Portfolio

of

Investments

August

31,

2024

(Unaudited)

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

98.0%   

X

1,708,957,886

MUNICIPAL

BONDS

-

98.0%  

X

1,708,957,886

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

$

345,682

TOTAL

CONSUMER

STAPLES

345,682

EDUCATION

AND

CIVIC

ORGANIZATIONS

-

6.6%

5,000

California

Educational

Facilities

Authority,

Revenue

Bonds,

Chapman

University,

Series

2015,

5.000%,

4/01/45

4/25

at

100.00

5,020,709

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

3,041,939

California

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

the

Pacific,

Series

2023:

2,040

5.000%,

11/01/43

11/33

at

100.00

2,258,261

3,240

4.250%,

11/01/48

11/33

at

100.00

3,218,235

2,435

California

Infrastructure

and

Economic

Development

Bank,

Revenue

Bonds,

California

Science

Center

Phase

III

Project,

Green

Series

2021B,

4.000%,

5/01/41

11/31

at

100.00

2,430,174

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

2,890,578

500

California

Municipal

Finance

Authority

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

Project,

Series

2015A,

5.250%,

10/01/45

9/24

at

101.00

493,081

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

1,125,703

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

7,921,690

6,980

5.000%,

12/31/47,

(AMT)

6/28

at

100.00

7,072,066

California

School

Finance

Authority

Charter

School

Revenue

Bonds,

Bright

Star

Schools

-

Obligated

Group,

Series

2017:

555

(c)

5.000%,

6/01/27

No

Opt.

Call

560,822

250

(c)

5.000%,

6/01/54

6/27

at

100.00

242,453

2,935

(c)

California

School

Finance

Authority

Charter

School

Revenue

Bonds,

Fenton

Schools

-

Obligated

Group,

Series

2020A,

5.000%,

7/01/50

7/27

at

100.00

2,945,536

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2015A:

1,045

(c)

5.000%,

8/01/40

8/25

at

100.00

1,052,223

1,100

(c)

5.000%,

8/01/45

8/25

at

100.00

1,104,709

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2016:

450

(c)

5.000%,

8/01/36

8/25

at

100.00

454,290

460

(c)

5.000%,

8/01/46

8/25

at

100.00

461,766

815

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Aspire

Public

School

-

Obligated

Group,Issue

No.6,

Series

2020A,

5.000%,

8/01/52

8/28

at

100.00

822,916

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Community

High

School

Foundation

Inc,

Series

2017:

235

(c)

5.000%,

6/01/47

6/27

at

100.00

233,403

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Downtown

College

Prep

-

Obligated

Group,

Series

2016:

410

(c)

5.000%,

6/01/46

6/26

at

100.00

369,724

500

(c)

5.000%,

6/01/51

6/26

at

100.00

439,790

375

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Kepler

Neighborhood

School,

Series

2017A,

5.750%,

5/01/37

5/27

at

100.00

381,151

Nuveen

California

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

26

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

EDUCATION

AND

CIVIC

ORGANIZATIONS

(continued)

$

550

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Partnerships

to

Uplift

Communities

Project,

Refunding

Social

Series

2023,

5.500%,

8/01/43

8/33

at

100.00

$

586,244

285

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Rocketship

Education

Obligated

Group,

Series

2016A,

5.000%,

6/01/36

6/25

at

100.00

285,971

280

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Stem

Preparatory

Schools

Obligated

Group,

Series

2023A,

5.000%,

6/01/43

6/31

at

100.00

288,755

750

(c)

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alliance

for

College-Ready

Public

Schools

Project,

Series

2015A,

5.000%,

7/01/45

7/25

at

100.00

753,267

830

(c)

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alliance

for

College-Ready

Public

Schools

Project,

Series

2016A,

5.000%,

7/01/46

7/25

at

100.00

833,348

5,235

(c)

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alliance

for

College-Ready

Public

Schools

Project,

Series

2016C,

5.250%,

7/01/52

7/25

at

101.00

5,290,550

680

(c)

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Granada

Hills

Charter

High

School

Obligated

Group,

Series

2021A,

4.000%,

7/01/48

7/28

at

100.00

635,770

545

(c)

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Value

Schools,

Refunding

Series

2023A,

5.000%,

7/01/40

7/28

at

103.00

567,843

California

State

University,

Systemwide

Revenue

Bonds,

Series

2018A:

3,100

5.000%,

11/01/43

11/28

at

100.00

3,300,064

15,665

5.000%,

11/01/48

11/28

at

100.00

16,561,851

5,210

California

State

University,

Systemwide

Revenue

Bonds,

Series

2019A,

5.000%,

11/01/51

11/29

at

100.00

5,538,726

California

State

University,

Systemwide

Revenue

Bonds,

Series

2024A:

5,500

4.000%,

11/01/49

11/34

at

100.00

5,511,387

1,120

4.000%,

11/01/55

11/34

at

100.00

1,120,596

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

1,148,509

15,325

University

of

California,

General

Revenue

Bonds,

Limited

Project

Series

2017M,

5.000%,

5/15/47

5/27

at

100.00

15,844,380

11,620

University

of

California,

General

Revenue

Bonds,

Limited

Project

Series

2018O,

5.000%,

5/15/43

5/28

at

100.00

12,270,270

TOTAL

EDUCATION

AND

CIVIC

ORGANIZATIONS

115,078,750

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

2,218

TOTAL

FINANCIALS

2,218

HEALTH

CARE

-

14.2%

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

17,655,563

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

3,943,512

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Series

2018A:

1,225

5.000%,

11/15/36

11/27

at

100.00

1,284,447

11,100

5.000%,

11/15/48

11/27

at

100.00

11,473,914

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

7,002,264

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

3,937,969

4,750

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Children's

Hospital

of

Orange

County,

Series

2024A,

5.000%,

11/01/54

5/34

at

100.00

5,230,074

6,100

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

City

of

Hope

National

Medical

Center,

Series

2012A,

4.000%,

11/15/39

9/24

at

100.00

5,993,712

27

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

HEALTH

CARE

(continued)

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

$

7,574,394

2,700

5.000%,

11/15/49

11/26

at

100.00

2,743,236

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2020A:

10,750

4.000%,

4/01/40

4/30

at

100.00

10,799,102

3,175

4.000%,

4/01/45

4/30

at

100.00

3,049,685

36,320

4.000%,

4/01/49

4/30

at

100.00

34,837,973

2,055

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2024A,

5.000%,

12/01/54

6/34

at

100.00

2,217,119

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

3,955,811

1,825

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Series

2014B,

5.000%,

10/01/44

10/24

at

100.00

1,825,243

20,335

California

Infrastructure

and

Economic

Development

Bank,

Revenue

Bonds,

Adventist

Health

Energy

Projects,

Series

2024A,

5.250%,

7/01/54

6/34

at

100.00

21,860,186

250

California

Municipal

Finance

Authority,

Revenue

Bonds,

Eisenhower

Medical

Center,

Refunding

Series

2017A,

5.000%,

7/01/47

7/27

at

100.00

251,895

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2017A:

1,810

5.250%,

11/01/36

11/26

at

100.00

1,829,230

11,500

5.250%,

11/01/41

11/26

at

100.00

11,536,014

6,750

5.000%,

11/01/47

11/26

at

100.00

6,756,661

3,810

5.250%,

11/01/47

11/26

at

100.00

3,811,411

5,300

California

Municipal

Finance

Authority,

Reveue

Bonds,

Community

Medical

Centers,

Series

2017A,

5.000%,

2/01/47

2/27

at

100.00

5,346,211

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

3,156,951

2,000

California

Public

Finance

Authority,

Revenue

Bonds,

Henry

Mayo

Newhall

Hospital,

Series

2017,

5.000%,

10/15/47

10/26

at

100.00

2,010,332

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

2,531,235

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

5,999,182

20,750

(c)

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A,

5.250%,

12/01/56

6/26

at

100.00

20,988,370

8,400

(c)

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2018A,

5.500%,

12/01/58

6/28

at

100.00

8,679,132

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

1,329,235

1,000

5.000%,

3/01/45

3/26

at

100.00

1,010,624

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

4,754,321

10,000

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

Marin

General

Hospital,

Green

Series

2018A,

4.000%,

8/01/45

9/24

at

100.00

9,085,810

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

1,477,877

California

Statewide

Community

Development

Authority,

Revenue

Bonds,

Daughters

of

Charity

Health

System,

Series

2005A:

10

(d),(e)

5.750%,

10/01/24

1/22

at

100.00

10,205

12

(d),(e)

5.750%,

7/01/30

1/22

at

100.00

11,734

1

(d),(e)

5.750%,

7/01/35

1/22

at

100.00

764

11

(d),(e)

California

Statewide

Community

Development

Authority,

Revenue

Bonds,

Daughters

of

Charity

Health

System,

Series

2005G,

5.500%,

7/01/24

1/22

at

100.00

11,043

3,000

Kaweah

Delta

Health

Care

District,

California,

Revenue

Bonds,

Series

2015B,

5.000%,

6/01/40

6/25

at

100.00

2,953,390

Nuveen

California

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

28

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

HEALTH

CARE

(continued)

$

5,000

Palomar

Health

System,

California,

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

11/01/42

11/27

at

100.00

$

4,763,386

1,630

Upland,

California,

Certificates

of

Participation,

San

Antonio

Regional

Hospital,

Series

2017,

5.000%,

1/01/47

1/28

at

100.00

1,663,006

2,800

Washington

Township

Health

Care

District,

California,

Revenue

Bonds,

Series

2017A,

5.000%,

7/01/42

7/27

at

100.00

2,828,324

TOTAL

HEALTH

CARE

248,180,547

HOUSING/MULTIFAMILY

-

14.4%

13,670

(c)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Creekwood,

Series

2021A,

4.000%,

2/01/56

8/31

at

100.00

9,531,371

15,920

(c)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Glendale

Properties,

Junior

Series

2021A-2,

4.000%,

8/01/47

8/31

at

100.00

13,192,414

27,675

(c)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Serenity

at

Larkspur

Apartments,

Series

2020A,

5.000%,

2/01/50

2/30

at

100.00

21,043,976

560

(c)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Summit

at

Sausalito

Apartments,

Series

2021A-2,

4.000%,

2/01/50

8/32

at

100.00

441,210

425

(c)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

The

Arbors,

Series

2020A,

5.000%,

8/01/50

8/30

at

100.00

418,907

2,850

(c)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Verdant

at

Green

Valley

Apartments,

Series

2019A,

5.000%,

8/01/49

8/29

at

100.00

2,741,708

21,320

(c)

California

Community

Housing

Agency,

Workforce

Housing

Revenue

Bonds,

Annadel

Apartments,

Series

2019A,

5.000%,

4/01/49

4/29

at

100.00

18,449,482

10,917

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2019-2,

4.000%,

3/20/33

No

Opt.

Call

11,240,911

12,222

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2021-1,

3.500%,

11/20/35

No

Opt.

Call

11,893,878

1,494

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series2019-1,

4.250%,

1/15/35

No

Opt.

Call

1,562,531

9,719

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Social

Certificates

Series

2023-1,

4.375%,

9/20/36

No

Opt.

Call

10,270,252

2,950

California

Statewide

Community

Development

Authority,

Multifamily

Housing

Revenue

Senior

Bonds,

Westgate

Courtyards

Apartments,

Series

2001X-1,

5.420%,

12/01/34

-

AMBAC

Insured,

(AMT)

9/24

at

100.00

2,949,748

23,205

(c)

CMFA

Special

Finance

Agency

I,

California,

Essential

Housing

Revenue

Bonds,

The

Mix

at

Center

City,

Series

2021A-2,

4.000%,

4/01/56

4/31

at

100.00

18,639,952

5,675

(c)

CMFA

Special

Finance

Agency,

California,

Essential

Housing

Revenue

Bonds,

Enclave

Apartments,

Senior

Series

2022A-1,

4.000%,

8/01/58

2/32

at

100.00

4,610,246

920

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

777

Place-Pomona,

Senior

Lien

Series

2021A-1,

3.600%,

5/01/47

5/32

at

100.00

784,362

8,660

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

777

Place-Pomona,

Senior

Lien

Series

2021A-2,

3.250%,

5/01/57

5/32

at

100.00

6,210,855

1,255

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Acacia

on

Santa

Rosa

Creek,

Mezzanine

Lien

Series

2021B,

4.000%,

10/01/46

10/31

at

100.00

1,025,719

5,230

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Acacia

on

Santa

Rosa

Creek,

Senior

Lien

Series

2021A,

4.000%,

10/01/56

10/31

at

100.00

4,698,199

26,965

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Altana

Glendale,

Series

2021A-2,

4.000%,

10/01/56

10/31

at

100.00

22,048,636

15,755

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Center

City

Anaheim,

Series

2020A,

5.000%,

1/01/54

1/31

at

100.00

14,149,940

2,680

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Jefferson-Anaheim

Series

2021A-1,

2.875%,

8/01/41

8/31

at

100.00

2,520,925

4,640

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Jefferson-Anaheim

Series

2021A-2,

3.125%,

8/01/56

8/31

at

100.00

3,594,191

29

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

HOUSING/MULTIFAMILY

(continued)

$

3,205

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Millennium

South

Bay-Hawthorne,

Series

2021A-1

and

A-2,

3.250%,

7/01/56

7/32

at

100.00

$

2,323,397

17,875

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Moda

at

Monrovia

Station,

Social

Series

2021A-2,

4.000%,

10/01/56

10/31

at

100.00

13,679,046

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Monterrey

Station

Apartments,

Senior

Lien

Series

2021A-1:

1,615

(c)

3.000%,

7/01/43

7/32

at

100.00

1,309,508

4,750

(c)

3.125%,

7/01/56

7/32

at

100.00

3,338,449

395

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Orange

City

Portfolio,

Mezzanine

Lien

Series

2021B,

4.000%,

3/01/57

3/32

at

100.00

305,749

15,225

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Parallel-Anaheim

Series

2021A,

4.000%,

8/01/56

8/31

at

100.00

13,703,854

3,765

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Pasadena

Portfolio

Social

Bond,

Mezzanine

Senior

Series

2021B,

4.000%,

12/01/56

12/31

at

100.00

2,879,420

5,730

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Union

South

Bay,

Series

2021A-2,

4.000%,

7/01/56

7/31

at

100.00

4,711,507

7,475

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Vineyard

Gardens

Apartments,

Senior

Lien

Series

2021A,

3.250%,

10/01/58

4/32

at

100.00

5,374,670

2,100

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Waterscape

Apartments,

Mezzanine

Lien

Series

2021B,

4.000%,

9/01/46

9/31

at

100.00

1,796,675

3,995

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Westgate

Phase

1-Pasadena

Apartments,

Senior

Lien

Series

2021A-1,

3.000%,

6/01/47

6/31

at

100.00

2,873,068

16,280

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Westgate

Phase

1-Pasadena

Apartments,

Senior

Lien

Series

2021A-2,

3.125%,

6/01/57

6/31

at

100.00

10,143,057

2,100

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

1,658,497

7,545

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

5,428,680

265

Independent

Cities

Finance

Authority,

California,

Mobile

Home

Park

Revenue

Bonds,

Palomar

Estates

West,

Refunding

Series

2015,

5.000%,

9/15/25

No

Opt.

Call

266,522

TOTAL

HOUSING/MULTIFAMILY

251,811,512

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

1,318,003

TOTAL

LONG-TERM

CARE

1,318,003

TAX

OBLIGATION/GENERAL

-

10.4%

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

949,309

5,570

(f)

Bakersfield

City

School

District,

Kern

County,

California,

General

Obligation

Bonds,

Series

2012C,

0.000%,

5/01/42

5/40

at

100.00

4,464,303

11,350

California

State,

General

Obligation

Bonds,

Refunding

Various

Purpose

Series

2019,

5.000%,

4/01/25

No

Opt.

Call

11,511,339

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2016:

2,500

5.000%,

9/01/45

9/26

at

100.00

2,577,449

835

5.000%,

9/01/46

9/26

at

100.00

860,221

22,700

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2018,

5.000%,

10/01/47

4/26

at

100.00

23,239,400

Nuveen

California

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

30

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TAX

OBLIGATION/GENERAL

(continued)

$

1,770

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2020,

4.000%,

11/01/45

11/25

at

100.00

$

1,737,530

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

3,612,343

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

4,875,902

5,165

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

5,112,394

14,500

Grossmont

Healthcare

District,

California,

General

Obligation

Bonds,

Refunding

Series

2015D,

4.000%,

7/15/40

7/25

at

100.00

14,438,877

2,745

Grossmont-Cuyamaca

Community

College

District,

California,

General

Obligation

Bonds,

Refunding

Series

2018,

4.000%,

8/01/47

8/28

at

100.00

2,726,275

7,000

Hacienda

La

Puente

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

2016

Election,

Series

2017A,

4.000%,

8/01/47

8/27

at

100.00

6,900,776

30

Long

Beach

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

of

2008,

Series

2009A,

5.500%,

8/01/29

9/24

at

100.00

30,053

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

6,250,818

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

9,954,406

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

4,012,440

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

2,450,918

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

11,394,275

7,070

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1,

0.000%,

7/01/33

7/31

at

89.94

4,765,082

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

30,218,387

1,535

(f)

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

1,538,851

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

2,115,621

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

9,877,222

3,080

Washington

Township

Health

Care

District,

Alameda

County,

California,

General

Obligation

Bonds,

2004

Election

Series

2013B,

5.000%,

8/01/43

9/24

at

100.00

3,079,963

645

Washington

Township

Health

Care

District,

Alameda

County,

California,

General

Obligation

Bonds,

2012

Election

Series

2013A,

5.500%,

8/01/40

9/24

at

100.00

646,501

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

8,460,457

3,500

(f)

Yosemite

Community

College

District,

California,

General

Obligation

Bonds,

Capital

Appreciation,

Election

2004,

Series

2010D,

0.000%,

8/01/42

No

Opt.

Call

3,025,388

TOTAL

TAX

OBLIGATION/GENERAL

180,826,500

TAX

OBLIGATION/LIMITED

-

10.7%

995

Beaumont

Financing

Authority,

California,

Local

Agency

Revenue

Bonds,

Improvement

Area

19A,

Series

2015B,

5.000%,

9/01/35

9/25

at

100.00

1,008,812

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

1,063,431

1,655

Bell

Community

Housing

Authority,

California,

Lease

Revenue

Bonds,

Series

2005,

5.000%,

10/01/36

-

AMBAC

Insured

9/24

at

100.00

1,661,473

700

Brea

and

Olinda

Unified

School

District,

Orange

County,

California,

Certificates

of

Participation

Refunding,

Series

2002A,

5.125%,

8/01/26

-

AGM

Insured

9/24

at

100.00

700,952

31

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TAX

OBLIGATION/LIMITED

(continued)

$

200

Brentwood

Infrastructure

Financing

Authority,

California,

Infrastructure

Revenue

Bonds,

Refunding

Subordinated

Series

2014B,

5.000%,

9/02/36

9/24

at

100.00

$

200,093

1,995

California

Community

College

Financing

Authority,

Lease

Revenue

Bonds,

Refunding

Series

2003,

0.000%,

6/01/33

-

AMBAC

Insured

No

Opt.

Call

1,409,532

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

2,180,419

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

9/24

at

100.00

1,963,191

750

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2020A,

4.000%,

9/01/45

9/26

at

103.00

710,090

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

4,345,250

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

2,004,084

7,750

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

Department

of

General

Services,

May

Lee

State

Office

Complex

Series

2024A,

5.000%,

4/01/45

4/34

at

100.00

8,701,943

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

5,128,931

2,600

5.000%,

10/01/33

10/24

at

100.00

2,604,494

3,820

5.000%,

10/01/34

10/24

at

100.00

3,826,300

2,000

5.000%,

10/01/39

10/24

at

100.00

2,002,457

345

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2011A,

8.000%,

9/02/41

9/24

at

100.00

344,971

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

1,030,344

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

804,067

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

1,876,928

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

1,520,166

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

1,028,774

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

321,992

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D:

6,000

5.000%,

11/15/32

11/25

at

100.00

6,090,241

3,725

5.000%,

11/15/39

11/25

at

100.00

3,745,178

1,000

Huntington

Beach,

California,

Special

Tax

Bonds,

Community

Facilities

District

2003-1

Huntington

Center,

Refunding

Series

2013,

5.375%,

9/01/33

9/24

at

100.00

1,001,244

1,090

Irvine,

California,

Limited

Obligation

Improvement

Bonds,

Reassessment

District

15-2,

Series

2015,

5.000%,

9/02/42

9/25

at

100.00

1,100,744

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

790,538

1,620

Lake

Elsinore

Public

Financing

Authority,

California,

Local

Agency

Revenue

Bonds,

Refunding

Series

2015,

5.000%,

9/01/40

9/25

at

100.00

1,635,094

Nuveen

California

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

32

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TAX

OBLIGATION/LIMITED

(continued)

$

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

$

1,425,761

1,000

Lathrop,

California,

Limited

Obligation

Improvement

Bonds,

Crossroads

Assessment

District,

Series

2015,

5.000%,

9/02/40

9/25

at

100.00

1,006,523

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

1,049,035

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

5,373,904

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

3,012,126

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

7,476,275

3,495

5.000%,

12/01/49

12/29

at

100.00

3,694,579

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

117,115

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

338,801

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

1,457,133

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

577,355

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

3,305,320

3,215

5.000%,

9/01/36

-

AGM

Insured

9/25

at

100.00

3,264,013

255

Orange

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2015-1

Esencia

Village,

Series

2015A,

5.250%,

8/15/45

8/25

at

100.00

257,366

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

5,363,737

31,031

5.000%,

7/01/58

7/28

at

100.00

31,168,235

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

5,678,779

5,025

4.784%,

7/01/58

7/28

at

100.00

4,972,286

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

1,602,755

2,800

5.000%,

9/01/31

9/24

at

100.00

2,804,407

2,400

5.000%,

9/01/32

9/24

at

100.00

2,403,504

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

4,544,450

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

390,742

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

1,017,210

1,000

5.000%,

9/01/29

9/25

at

100.00

1,016,682

1,000

5.000%,

9/01/30

9/25

at

100.00

1,015,577

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

3,417,491

365

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

2/25

at

100.00

366,531

33

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TAX

OBLIGATION/LIMITED

(continued)

$

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

9/24

at

100.00

$

1,958,169

75

Signal

Hill

Redevelopment

Agency,

California,

Project

1

Tax

Allocation

Bonds,

Series

2011,

7.000%,

10/01/26

9/24

at

100.00

75,219

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

2,302,032

Stockton,

California,

Special

Tax

Bonds,

Community

Facilities

District

2018-

2

Westlake

Villages

II

Improvement

Area

2,

Series

2024:

380

5.000%,

9/01/44

9/31

at

103.00

397,768

525

5.000%,

9/01/49

9/31

at

103.00

549,268

650

5.000%,

9/01/54

9/31

at

103.00

675,235

105

(c)

Temecula

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

16-01,

Series

2017,

6.125%,

9/01/37

9/27

at

100.00

111,402

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

1,455,885

3,120

Transbay

Joint

Powers

Authority,

California,

Tax

Allocation

Bonds,

Senior

Green

Series

2020A,

5.000%,

10/01/45

4/30

at

100.00

3,222,412

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

400,756

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

50,495

100

5.000%,

9/01/45

9/25

at

100.00

100,790

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

651,540

Vista

Community

Development

Commission

Taxable

Non-Housing

Tax

Allocation

Revenue

Bonds,

California,

Vista

Redevelopment

Project,

Series

2011:

7,600

6.000%,

9/01/33

9/24

at

100.00

7,618,172

7,920

6.125%,

9/01/37

9/24

at

100.00

7,938,695

TOTAL

TAX

OBLIGATION/LIMITED

186,427,263

TRANSPORTATION

-

19.0%

50

Alameda

Corridor

Transportation

Authority,

California,

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2016A,

5.000%,

10/01/25

No

Opt.

Call

50,660

4,375

Burbank-Glendale-Pasadena

Airport

Authority,

California,

Airport

Revenue

Bonds,

Senior

Series

2024B,

4.375%,

7/01/49

-

AGM

Insured,

(AMT)

7/34

at

100.00

4,392,930

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

18,336,365

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

5,278,067

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

1,560,708

1,250

4.000%,

5/15/38,

(AMT)

5/32

at

100.00

1,253,297

1,930

4.000%,

5/15/39,

(AMT)

5/32

at

100.00

1,918,169

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

2,365,938

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

3,164,440

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

358,998

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

7,006,579

Nuveen

California

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

34

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TRANSPORTATION

(continued)

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

$

2,007,561

24,440

5.000%,

5/15/44,

(AMT)

11/27

at

100.00

25,006,294

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

2,132,049

2,415

5.000%,

5/15/34,

(AMT)

11/28

at

100.00

2,548,042

1,695

5.000%,

5/15/35,

(AMT)

11/28

at

100.00

1,785,196

3,500

5.000%,

5/15/39,

(AMT)

11/28

at

100.00

3,646,892

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

3,808,832

10,000

5.000%,

5/15/44,

(AMT)

5/29

at

100.00

10,356,265

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

10,503,811

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

7,401,689

1,000

4.000%,

5/15/49,

(AMT)

5/32

at

100.00

960,063

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

15,880,749

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

3,116,785

10,815

4.000%,

6/01/46

6/31

at

100.00

10,690,043

4,230

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

International

Senior

Series

2023B,

5.000%,

7/01/48,

(AMT)

7/33

at

100.00

4,485,226

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

2,714,408

2,000

5.000%,

7/01/47,

(AMT)

7/27

at

100.00

2,024,138

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

4,085,202

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

2,611,428

7,000

5.000%,

7/01/51,

(AMT)

7/31

at

100.00

7,260,350

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

18,000,084

2,175

San

Francisco

Airport

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Refunding

Second

Series

2024A,

5.250%,

5/01/49,

(AMT)

5/34

at

100.00

2,354,217

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

14,617,425

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

5,318,900

3,515

5.000%,

5/01/49,

(AMT)

5/29

at

100.00

3,606,865

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

10,142,304

17,855

5.000%,

5/01/46,

(AMT)

5/26

at

100.00

18,060,770

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

5,056,991

35

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TRANSPORTATION

(continued)

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

$

7,358,240

9,315

5.000%,

5/01/48,

(AMT)

5/28

at

100.00

9,459,039

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

1,068,829

18,500

5.000%,

5/01/45,

(AMT)

5/29

at

100.00

19,087,536

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

16,269,459

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

10,049,049

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

22,876,610

TOTAL

TRANSPORTATION

332,037,492

U.S.

GUARANTEED

-

10.4%

(g)

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

8,889,092

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

6,702,045

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

4,016,735

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

2,489,332

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

5,650,145

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

11,174,767

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2016:

40

(c)

5.000%,

8/01/46,

(Pre-refunded

8/01/25)

8/25

at

100.00

40,853

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Community

High

School

Foundation

Inc,

Series

2017:

265

(c)

5.000%,

6/01/47,

(Pre-refunded

6/01/27)

6/27

at

100.00

279,304

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

1,313,409

1,100

5.000%,

11/01/31,

(Pre-refunded

11/01/24)

11/24

at

100.00

1,102,862

1,690

5.000%,

11/01/32,

(Pre-refunded

11/01/24)

11/24

at

100.00

1,694,398

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

5,387,166

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

561,017

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

17,536,863

21,090

5.000%,

6/01/40,

(Pre-refunded

6/01/25)

6/25

at

100.00

21,490,554

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

3,956,250

Nuveen

California

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

36

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

U.S.

GUARANTEED

(g)

(continued)

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

$

611,168

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

6,003,181

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

2,097,830

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

5,028,139

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2018D:

5

5.000%,

5/01/48,

(Pre-refunded

5/01/28),

(AMT)

5/28

at

100.00

5,303

60,000

San

Francisco

City

and

County

Public

Utilities

Commission,

California,

Wastewater

Revenue

Notes,

Green

Series

2021A,

1.000%,

10/01/25,

(ETM)

No

Opt.

Call

58,404,402

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

6,341,170

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

7,973,414

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

1,739,812

TOTAL

U.S.

GUARANTEED

180,489,211

UTILITIES

-

12.2%

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

17,378,267

California

Pollution

Control

Financing

Authority,

Water

Furnishing

Revenue

Bonds,

Poseidon

Resources

Channelside

LP

Desalination

Project,

Series

2012:

5,000

(c)

5.000%,

7/01/37,

(AMT)

1/25

at

100.00

5,014,311

18,060

(c)

5.000%,

11/21/45,

(AMT)

1/25

at

100.00

18,091,623

4,405

(c)

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

1/29

at

100.00

4,617,475

5,005

Irvine

Ranch

Water

District,

California,

Certificates

of

Participation,

Irvine

Ranch

Water

District

Series

2016,

5.000%,

3/01/46

9/26

at

100.00

5,137,659

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

3,023,446

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

35,428,604

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

11,938,522

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

2,249,607

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

5,615,100

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

5,643,316

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

7,262,316

7,730

Los

Angeles

Department

of

Water

and

Power,

California,

Waterworks

Revenue

Bonds,

Series

2016A,

5.000%,

7/01/46

1/26

at

100.00

7,875,727

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

5,243,410

16,990

Los

Angeles

Department

of

Water

and

Power,

California,

Waterworks

Revenue

Bonds,

Series

2020C,

5.000%,

7/01/39

7/30

at

100.00

18,913,550

9,000

Los

Angeles,

California,

Wastewater

System

Revenue

Bonds,

Refunding

Green

Series

2015A,

5.000%,

6/01/44

6/25

at

100.00

9,097,263

37

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

UTILITIES

(continued)

$

2,600

Los

Angeles,

California,

Wastewater

System

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2013A,

5.000%,

6/01/35

9/24

at

100.00

$

2,602,060

16,465

Metropolitan

Water

District

of

Southern

California,

Water

Revenue

Bonds,

Refunding

Series

2023A,

5.000%,

4/01/53

4/33

at

100.00

18,212,072

2,700

Pico

Rivera

Water

Authority,

California,

Revenue

Bonds,

Refunding

Water

System

Project,

Series

1999A,

5.500%,

5/01/29

-

NPFG

Insured

No

Opt.

Call

2,849,995

2,180

(c)

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A,

5.000%,

7/01/47

7/30

at

100.00

2,221,764

250

(c)

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021A,

4.000%,

7/01/42

7/31

at

100.00

237,425

5,110

(c)

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B,

4.000%,

7/01/42

7/31

at

100.00

4,852,958

17,000

Southern

California

Public

Power

Authority,

Southern

Transmission

System

Renewal

Project

Revenue

Bonds,

Series

2024-1,

5.000%,

7/01/53

7/34

at

100.00

18,934,238

TOTAL

UTILITIES

212,440,708

TOTAL

MUNICIPAL

BONDS

(cost

$1,723,857,351)

1,708,957,886

TOTAL

LONG-TERM

INVESTMENTS

(cost

$1,723,857,351)

1,708,957,886

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

SHORT-TERM

INVESTMENTS

-

 0.6%  

X

10,000,000

MUNICIPAL

BONDS

-

0.6%  

X

10,000,000

TRANSPORTATION

-

0

.6

%

$

10,000

(h)

Bay

Area

Toll

Authority,

California,

Revenue

Bonds,

San

Francisco

Bay

Area

Toll

Bridge,

Series

2024A,

2.150%,

4/01/59

8/24

at

100.00

$

10,000,000

TOTAL

TRANSPORTATION

10,000,000

TOTAL

Municipal

Bonds

(cost

$10,000,000)

10,000,000

TOTAL

SHORT-TERM

INVESTMENTS

(cost

$10,000,000)

10,000,000

TOTAL

INVESTMENTS

(cost

$1,733,857,351)

-

98.6%

1,718,957,886

OTHER

ASSETS

&

LIABILITIES,

NET

-

1.4%

24,865,192

NET

ASSETS

-

100%

$

1,743,823,078

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

(c)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$289,985,641

or

16.9%

of

Total

Investments.

(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)

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.

AMT

Alternative

Minimum

Tax

ETM

Escrowed

to

maturity

See

Notes

to

Financial

Statements

38

Nuveen

Connecticut

Municipal

Bond

Fund

Portfolio

of

Investments

August

31,

2024

(Unaudited)

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

94.9%   

X

226,012,882

MUNICIPAL

BONDS

-

94.9%  

X

226,012,882

EDUCATION

AND

CIVIC

ORGANIZATIONS

-

20.0%

$

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

$

1,190,868

380

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Choate

Rosemary

Hall,

Series

2020F,

4.000%,

7/01/39

7/30

at

100.00

383,562

1,250

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Connecticut

College,

Series

2022M,

4.000%,

7/01/52

7/32

at

100.00

1,169,740

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

1,907,611

750

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Fairfield

University,

Series

2017R,

4.000%,

7/01/47

7/27

at

100.00

731,838

2,500

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Fairfield

University,

Series

2022U,

4.000%,

7/01/52

7/32

at

100.00

2,374,116

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Hopkins

School,

Series

2022E:

1,545

5.250%,

7/01/47

7/32

at

100.00

1,667,129

1,000

5.000%,

7/01/53

7/32

at

100.00

1,052,705

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

1,122,867

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

5,127,253

1,750

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Quinnipiac

University,

Series

2016M,

5.000%,

7/01/35

7/26

at

100.00

1,792,995

2,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Quinnipiac

University,

Series

2023N,

5.000%,

7/01/48

7/33

at

100.00

2,127,424

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

5,180,388

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

2,121,998

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

3,726,586

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

685,958

2,210

3.000%,

7/01/46

7/31

at

100.00

1,791,502

1,500

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Trinity

College,

Series

2020R,

4.000%,

6/01/45

6/30

at

100.00

1,455,708

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Trinity

College,

Series

2021S:

4,000

4.000%,

6/01/46

12/31

at

100.00

3,810,758

3,100

4.000%,

6/01/51

12/31

at

100.00

2,855,076

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

1,842,521

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

2,036,830

1,200

University

of

Connecticut,

Student

Fee

Revenue

Bonds,

Special

Obligation

Series

2023A,

5.250%,

11/15/48

11/33

at

100.00

1,351,329

TOTAL

EDUCATION

AND

CIVIC

ORGANIZATIONS

47,506,762

HEALTH

CARE

-

15.0%

4,600

Connecticut

Health

and

Educational

Facilities

Authority

Revenue

Bonds,

Hartford

HealthCare,

Series

2015F,

5.000%,

7/01/45

7/25

at

100.00

4,612,386

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Connecticut

Children?s

Medical

Center

and

Subsidiaries,

Series

2023E:

1,000

5.250%,

7/15/48

1/33

at

100.00

1,088,710

2,430

4.250%,

7/15/53

1/33

at

100.00

2,424,908

695

(c)

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Griffin

Hospital,

Series

2020G-1,

5.000%,

7/01/39

7/29

at

100.00

690,973

39

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

HEALTH

CARE

(continued)

$

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

$

1,056,388

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

2,770,514

500

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Hartford

HealthCare,

Series

2014E,

5.000%,

7/01/42

9/24

at

100.00

500,215

1,995

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Middlesex

Hospital,

Series

2015O,

5.000%,

7/01/36

7/25

at

100.00

2,010,476

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Nuvance

Health

Series

2019A:

2,455

4.000%,

7/01/34

7/29

at

100.00

2,473,234

2,860

4.000%,

7/01/41

7/29

at

100.00

2,757,328

6,020

4.000%,

7/01/49

7/29

at

100.00

5,638,537

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

1,449,397

1,885

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Stamford

Hospital,

Series

2016K,

4.000%,

7/01/46

7/26

at

100.00

1,764,645

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

2,391,981

2,000

5.000%,

12/01/45

6/26

at

100.00

2,025,401

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Yale-New

Haven

Health

Issue,

Series

2024A:

985

5.000%,

7/01/45

7/34

at

100.00

1,083,635

795

5.000%,

7/01/47

7/34

at

100.00

869,998

TOTAL

HEALTH

CARE

35,608,726

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

1,718,612

TOTAL

HOUSING/MULTIFAMILY

1,718,612

HOUSING/SINGLE

FAMILY

-

3.0%

Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Green

Series

2021B-3:

1,440

2.150%,

11/15/41

11/30

at

100.00

1,041,600

1,560

2.300%,

11/15/46

11/30

at

100.00

1,046,612

3,450

Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Series

2020C-3,

2.900%,

11/15/50,

(Mandatory

Put

9/06/24)

No

Opt.

Call

3,450,000

195

Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Series

2020E-3,

1.850%,

5/15/38

5/30

at

100.00

143,751

1,430

Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Social

Series

2024A,

4.600%,

11/15/49

11/32

at

100.00

1,448,174

TOTAL

HOUSING/SINGLE

FAMILY

7,130,137

LONG-TERM

CARE

-

3.7%

1,100

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Duncaster,

Inc.,

Series

2014A,

5.000%,

8/01/44

9/24

at

100.00

1,100,022

2,600

(c)

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Healthcare

Facility

Expansion

Church

Home

of

Hartford

Inc.

Project,

Series

2016A,

5.000%,

9/01/46

9/26

at

100.00

2,559,097

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Mary

Wade

Home

Issue,

Series

2019A-1:

900

(c)

4.500%,

10/01/34

10/24

at

104.00

817,383

200

(c)

5.000%,

10/01/54

10/24

at

104.00

160,576

2,650

(c)

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

McLean

Affiliates,

Series

2020A,

5.000%,

1/01/45

1/26

at

102.00

2,446,162

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

660,706

1,250

4.000%,

7/01/51

7/28

at

103.00

1,029,535

TOTAL

LONG-TERM

CARE

8,773,481

Nuveen

Connecticut

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

40

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TAX

OBLIGATION/GENERAL

-

25.3%

Bridgeport,

Connecticut,

General

Obligation

Bonds,

Series

2014A:

$

600

5.000%,

7/01/32

-

AGM

Insured

9/24

at

100.00

$

600,636

1,000

5.000%,

7/01/33

-

AGM

Insured

9/24

at

100.00

1,000,996

1,065

5.000%,

7/01/34

-

AGM

Insured

9/24

at

100.00

1,065,990

2,000

Bridgeport,

Connecticut,

General

Obligation

Bonds,

Series

2016D,

5.000%,

8/15/41

-

AGM

Insured

8/26

at

100.00

2,039,796

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

2,543,543

Connecticut

Housing

Finance

Authority,

State

Supported

Special

Obligation

Bonds,

Series

2021-27:

1,000

2.400%,

6/15/41

6/31

at

100.00

775,194

1,000

2.550%,

6/15/46

6/31

at

100.00

743,223

1,000

Connecticut

Housing

Finance

Authority,

State

Supported

Special

Obligation

Bonds,

Series

2021-28,

2.375%,

6/15/40

6/31

at

100.00

787,518

3,000

Connecticut

State,

General

Obligation

Bonds,

Series

2014F,

5.000%,

11/15/34

11/24

at

100.00

3,006,831

2,370

Connecticut

State,

General

Obligation

Bonds,

Series

2015F,

5.000%,

11/15/34

11/25

at

100.00

2,413,655

Connecticut

State,

General

Obligation

Bonds,

Series

2017A:

1,000

5.000%,

4/15/34

4/27

at

100.00

1,045,025

3,270

5.000%,

4/15/35

4/27

at

100.00

3,410,884

1,510

Connecticut

State,

General

Obligation

Bonds,

Series

2018A,

5.000%,

4/15/37

4/28

at

100.00

1,600,807

1,325

Connecticut

State,

General

Obligation

Bonds,

Series

2018C,

5.000%,

6/15/38

6/28

at

100.00

1,402,911

Connecticut

State,

General

Obligation

Bonds,

Series

2019A:

1,150

5.000%,

4/15/36

4/29

at

100.00

1,248,774

1,450

4.000%,

4/15/37

4/29

at

100.00

1,467,241

650

5.000%,

4/15/39

4/29

at

100.00

698,083

2,000

Connecticut

State,

General

Obligation

Bonds,

Series

2020A,

4.000%,

1/15/37

1/30

at

100.00

2,055,206

2,000

Connecticut

State,

General

Obligation

Bonds,

Series

2021A,

3.000%,

1/15/40

1/31

at

100.00

1,761,290

Connecticut

State,

General

Obligation

Bonds,

Series

2024D:

500

4.000%,

5/01/41

5/34

at

100.00

512,503

2,000

5.000%,

5/01/42

5/34

at

100.00

2,254,192

1,000

5.000%,

5/01/44

5/34

at

100.00

1,118,861

300

East

Haddam,

Connecticut,

General

Obligation

Bonds,

Series

2020A,

3.000%,

12/01/37

12/28

at

100.00

276,951

East

Lyme,

Connecticut,

General

Obligation

Bonds,

Series

2020:

500

3.000%,

7/15/39

7/28

at

100.00

438,953

325

3.000%,

7/15/40

7/28

at

100.00

281,962

500

Hamden,

Connecticut,

General

Obligation

Bonds,

Series

2016,

5.000%,

8/15/33

-

BAM

Insured

11/24

at

100.00

501,920

1,035

Hartford

County

Metropolitan

District,

Connecticut,

General

Obligation

Bonds,

Series

2018,

5.000%,

7/15/35

7/28

at

100.00

1,109,225

1,075

Hartford

County

Metropolitan

District,

Connecticut,

General

Obligation

Bonds,

Series

2019A,

4.000%,

7/15/39

7/29

at

100.00

1,093,404

3,000

Hartford

County

Metropolitan

District,

Connecticut,

General

Obligation

Bonds,

Series

2023,

4.000%,

8/01/43

8/33

at

100.00

3,055,725

Naugatuck,

Connecticut,

General

Obligation

Bonds,

Tax

Increment

Series

2023:

2,285

5.250%,

10/15/48

10/33

at

100.00

2,516,895

1,000

4.625%,

10/15/53

10/33

at

100.00

1,033,036

5,000

New

Britain,

Connecticut,

General

Obligation

Bonds,

Series

2022A,

5.000%,

3/01/47

-

BAM

Insured

3/32

at

100.00

5,332,926

1,000

New

Haven,

Connecticut,

General

Obligation

Bonds,

Refunding

Series

2016A,

5.000%,

8/15/36

-

AGM

Insured

8/26

at

100.00

1,027,364

New

Haven,

Connecticut,

General

Obligation

Bonds,

Series

2015:

795

5.000%,

9/01/32

-

AGM

Insured

9/25

at

100.00

807,992

1,620

5.000%,

9/01/33

-

AGM

Insured

9/25

at

100.00

1,645,000

500

5.000%,

9/01/35

-

AGM

Insured

9/25

at

100.00

507,235

41

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TAX

OBLIGATION/GENERAL

(continued)

$

1,035

Oxford,

Connecticut,

General

Obligation

Bonds,

Series

2019A,

4.000%,

8/01/39

8/29

at

100.00

$

1,050,803

2,370

Stratford,

Connecticut,

General

Obligation

Bonds,

Series

2017,

4.000%,

1/01/39

-

BAM

Insured

1/27

at

100.00

2,384,075

Waterbury,

Connecticut,

General

Obligation

Bonds,

Lot

A

Series

2015:

555

5.000%,

8/01/30

-

BAM

Insured

8/25

at

100.00

567,186

485

5.000%,

8/01/31

-

BAM

Insured

8/25

at

100.00

495,194

765

5.000%,

8/01/32

-

BAM

Insured

8/25

at

100.00

780,644

555

5.000%,

8/01/33

-

BAM

Insured

8/25

at

100.00

566,131

555

5.000%,

8/01/34

-

BAM

Insured

8/25

at

100.00

565,942

750

West

Haven,

Connecticut,

General

Obligation

Bonds,

Series

2020,

4.000%,

3/15/40

-

BAM

Insured

3/30

at

100.00

747,950

TOTAL

TAX

OBLIGATION/GENERAL

60,339,672

TAX

OBLIGATION/LIMITED

-

16.5%

1,800

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

1,661,965

1,390

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes

Series

2015A,

5.000%,

8/01/33

8/25

at

100.00

1,410,834

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes

Series

2016A:

1,000

5.000%,

9/01/32

9/26

at

100.00

1,032,836

3,500

5.000%,

9/01/33

9/26

at

100.00

3,611,321

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes

Series

2018A:

2,000

5.000%,

1/01/37

1/28

at

100.00

2,112,898

2,000

5.000%,

1/01/38

1/28

at

100.00

2,107,667

1,500

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes,

Series

2021A,

4.000%,

5/01/40

5/31

at

100.00

1,518,473

2,080

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes,

Series

2023A,

5.250%,

7/01/44

1/34

at

100.00

2,364,564

965

(c)

Great

Pond

Improvement

District,

Connecticut,

Special

Obligation

Revenue

Bonds,

Great

Pond

Phase

1

Project,

Series

2019,

4.750%,

10/01/48

10/26

at

102.00

935,689

500

(c)

Great

Pond

Improvement

District,

Connecticut,

Special

Obligation

Revenue

Bonds,

Great

Pond

Phase

2

Project,

Series

2022,

5.750%,

10/01/52

10/28

at

103.00

519,516

3,720

(c)

Harbor

Point

Infrastructure

Improvement

District,

Connecticut,

Special

Obligation

Revenue

Bonds,

Harbor

Point

Project,

Refunding

Series

2017,

5.000%,

4/01/39

4/27

at

100.00

3,763,717

635

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A,

5.000%,

10/01/39

10/32

at

100.00

662,165

1,825

Naugatuck,

Connecticut,

Certificates

of

Participation,

Incineration

Facilities

Project,

Series

2021A,

4.000%,

8/15/41,

(AMT)

8/29

at

100.00

1,757,751

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

627,180

4,250

4.750%,

7/01/53

7/28

at

100.00

4,218,123

1,000

5.000%,

7/01/58

7/28

at

100.00

1,004,422

2,050

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

2,028,495

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

85,576

500

(c)

Steel

Point

Infrastructure

Improvement

District,

Connecticut,

Special

Obligation

Revenue

Bonds,

Steelpointe

Harbor

Project,

Series

2024,

6.000%,

4/01/52

4/34

at

100.00

536,666

1,590

University

of

Connecticut,

General

Obligation

Bonds,

Series

2015A,

5.000%,

2/15/34

2/25

at

100.00

1,602,703

3,000

University

of

Connecticut,

General

Obligation

Bonds,

Series

2017A,

5.000%,

1/15/36

1/27

at

100.00

3,121,817

Nuveen

Connecticut

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

42

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TAX

OBLIGATION/LIMITED

(continued)

University

of

Connecticut,

General

Obligation

Bonds,

Series

2019A:

$

1,000

5.000%,

11/01/36

11/28

at

100.00

$

1,069,678

1,000

4.000%,

11/01/38

11/28

at

100.00

1,013,023

420

University

of

Connecticut,

General

Obligation

Bonds,

Series

2023A,

5.000%,

8/15/43

8/33

at

100.00

470,204

TOTAL

TAX

OBLIGATION/LIMITED

39,237,283

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

1,387,894

5,000

5.000%,

7/01/49,

(AMT)

7/29

at

100.00

5,099,981

TOTAL

TRANSPORTATION

6,487,875

U.S.

GUARANTEED

-

0.9%

(d)

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

2,256,848

TOTAL

U.S.

GUARANTEED

2,256,848

UTILITIES

-

7.1%

2,000

Connecticut,

State

Revolving

Fund

General

Revenue

Bonds,

Green

Series

2019A,

5.000%,

2/01/39

2/29

at

100.00

2,154,085

60

Greater

New

Haven

Water

Pollution

Control

Authority,

Connecticut,

Regional

Wastewater

System

Revenue

Bonds,

Series

2005A,

5.000%,

8/15/35

-

NPFG

Insured

9/24

at

100.00

60,037

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

1,035,924

1,000

5.000%,

7/01/40

7/27

at

100.00

1,030,902

295

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2020A,

5.000%,

1/01/50

7/30

at

100.00

305,015

200

Guam

Power

Authority,

Revenue

Bonds,

Refunding

Series

2024A,

5.000%,

10/01/43

10/34

at

100.00

216,502

1,000

Guam

Power

Authority,

Revenue

Bonds,

Series

2014A,

5.000%,

10/01/39

10/24

at

100.00

1,002,629

2,000

(c)

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B,

5.000%,

7/01/33

7/31

at

100.00

2,114,684

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

2,917,404

1,685

South

Central

Connecticut

Regional

Water

Authority,

Water

System

Revenue

Bonds,

Refunding

Thirty-third

Series

2017B-1,

5.000%,

8/01/41

8/28

at

100.00

1,775,669

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

3,087,383

500

Stamford,

Connecticut,

Water

Pollution

Control

System

and

Facility

Revenue

Bonds,

Series

2013A,

5.250%,

8/15/43

9/24

at

100.00

500,466

750

Stamford,

Connecticut,

Water

Pollution

Control

System

and

Facility

Revenue

Bonds,

Series

2019,

4.000%,

4/01/44

4/29

at

100.00

752,786

TOTAL

UTILITIES

16,953,486

TOTAL

MUNICIPAL

BONDS

(cost

$231,439,132)

226,012,882

TOTAL

LONG-TERM

INVESTMENTS

(cost

$231,439,132)

226,012,882

43

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

SHORT-TERM

INVESTMENTS

-

 1.3%  

X

3,000,000

MUNICIPAL

BONDS

-

1.3%  

X

3,000,000

HOUSING/MULTIFAMILY

-

1

.3

%

$

3,000

(e)

Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Series

2016E-3,

2.950%,

11/15/46

8/24

at

100.00

$

3,000,000

TOTAL

HOUSING/MULTIFAMILY

3,000,000

TOTAL

Municipal

Bonds

(cost

$3,000,000)

3,000,000

TOTAL

SHORT-TERM

INVESTMENTS

(cost

$3,000,000)

3,000,000

TOTAL

INVESTMENTS

(cost

$234,439,132)

-

96.2%

229,012,882

OTHER

ASSETS

&

LIABILITIES,

NET

-

3.8%

9,029,970

NET

ASSETS

-

100%

$

238,042,852

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

(c)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$14,544,463

or

6.4%

of

Total

Investments.

(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.

AMT

Alternative

Minimum

Tax

See

Notes

to

Financial

Statements

44

Nuveen

Massachusetts

Municipal

Bond

Fund

Portfolio

of

Investments

August

31,

2024

(Unaudited)

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

97.8%   

X

560,945,193

MUNICIPAL

BONDS

-

97.8%  

X

560,945,193

EDUCATION

AND

CIVIC

ORGANIZATIONS

-

22.6%

Lowell,

Massachusetts,

Collegiate

Charter

School

Revenue

Bonds,

Series

2019:

$

2,065

5.000%,

6/15/39

6/26

at

100.00

$

2,083,421

1,750

5.000%,

6/15/49

6/26

at

100.00

1,753,416

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Berklee

College

of

Music,

Series

2016:

1,260

5.000%,

10/01/39

10/26

at

100.00

1,291,871

5,165

5.000%,

10/01/46

10/26

at

100.00

5,244,918

3,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

College,

Series

2013S,

5.000%,

7/01/32

9/24

at

100.00

3,001,928

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

College,

Series

2017T:

2,350

5.000%,

7/01/39

7/27

at

100.00

2,454,331

1,020

5.000%,

7/01/42

7/27

at

100.00

1,057,497

3,110

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

University,

Refunding

Series

2023FF,

5.000%,

10/01/48

10/33

at

100.00

3,395,422

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Brandeis

University

Issue,

Series

2018R:

1,195

5.000%,

10/01/37

10/28

at

100.00

1,282,117

840

5.000%,

10/01/38

10/28

at

100.00

896,802

1,000

5.000%,

10/01/39

10/28

at

100.00

1,064,648

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CHF

Merrimack,

Inc.

Merrimack

College

Student

Housing

Project,

Series

2024A:

500

(c)

4.250%,

7/01/34

No

Opt.

Call

509,529

200

(c)

5.000%,

7/01/54

7/34

at

100.00

205,459

3,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emerson

College,

Series

2015,

5.000%,

1/01/35

1/25

at

100.00

3,009,938

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emerson

College,

Series

2016A:

1,510

5.250%,

1/01/42

1/27

at

100.00

1,541,632

1,500

5.000%,

1/01/47

1/27

at

100.00

1,514,062

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emerson

College,

Series

2017A:

1,600

5.000%,

1/01/37

1/28

at

100.00

1,649,292

6,020

5.000%,

1/01/40

1/28

at

100.00

6,157,551

2,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emerson

College,

Series

2018,

5.000%,

1/01/43

1/28

at

100.00

2,039,945

2,500

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emmanuel

College,

Series

2016A,

5.000%,

10/01/43

10/26

at

100.00

2,516,707

2,055

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Lesley

University,

Series

2016,

5.000%,

7/01/36

7/26

at

100.00

2,091,706

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

MCPHS

University

Issue,

Series

2015H:

550

3.500%,

7/01/35

7/25

at

100.00

533,165

235

5.000%,

7/01/37

7/25

at

100.00

238,034

700

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Merrimack

College,

Series

2017,

5.000%,

7/01/37

7/26

at

100.00

713,055

1,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Merrimack

College,

Series

2022,

5.000%,

7/01/52

7/32

at

100.00

1,021,766

1,220

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Middlesex

School,

Series

2024,

4.250%,

7/01/54

,

(WI/DD)

7/34

at

100.00

1,177,619

2,080

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Northeastern

University,

Series

2022,

5.000%,

10/01/44

10/32

at

100.00

2,305,668

2,790

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Northeastern

University,

Series

2024A,

5.000%,

10/01/43

10/34

at

100.00

3,172,942

45

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

EDUCATION

AND

CIVIC

ORGANIZATIONS

(continued)

$

1,680

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Simmons

University

Issue,

Series

2020M,

5.000%,

10/01/39

10/30

at

100.00

$

1,721,900

2,750

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Springfield

College,

Green

Series

2021B,

4.000%,

6/01/41

6/30

at

100.00

2,527,945

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

2,532,053

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

2,419,069

610

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Suffolk

University,

Refunding

Series

2019,

5.000%,

7/01/37

7/29

at

100.00

632,183

1,500

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

The

Broad

Institute,

Series

2017,

5.000%,

4/01/36

10/27

at

100.00

1,574,925

875

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Tufts

University,

Series

2015Q,

5.000%,

8/15/38

8/25

at

100.00

890,422

1,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Wheaton

College,

Series

2017H,

5.000%,

1/01/37

1/28

at

100.00

1,031,437

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Woods

Hole

Oceanographic

Institution,

Series

2018:

1,000

5.000%,

6/01/37

6/28

at

100.00

1,060,409

1,000

5.000%,

6/01/38

6/28

at

100.00

1,057,652

6,210

5.000%,

6/01/48

6/28

at

100.00

6,443,111

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Worcester

Polytechnic

Institute,

Series

2017B:

5,000

5.000%,

9/01/42

9/27

at

100.00

5,169,444

7,000

5.000%,

9/01/45

9/27

at

100.00

7,215,492

745

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Worcester

Polytechnic

Institute,

Series

2019,

5.000%,

9/01/33

9/29

at

100.00

810,810

Massachusetts

Development

Finance

Authority,

Revenue

Bonds,

Suffolk

University,

Refunding

Series

2017:

700

5.000%,

7/01/35

7/27

at

100.00

717,788

500

5.000%,

7/01/36

7/27

at

100.00

511,684

2,345

Massachusetts

Development

Finance

Authority,

Revenue

Bonds,

WGBH

Educational

Foundation,

Refunding

Series

2016,

5.000%,

1/01/36

7/26

at

100.00

2,417,844

2,100

Massachusetts

Development

Finance

Authority,

Revenue

Bonds,

WGBH

Educational

Foundation,

Series

2002A,

5.750%,

1/01/42

-

AMBAC

Insured

No

Opt.

Call

2,581,727

2,800

Massachusetts

Educational

Financing

Authority,

Education

Loan

Revenue

Bonds,

Issue

K,

Series

2017A,

5.000%,

7/01/26,

(AMT)

No

Opt.

Call

2,884,089

Massachusetts

Educational

Financing

Authority,

Education

Loan

Revenue

Bonds,

Issue

L,

Senior

Series

2020B:

850

5.000%,

7/01/29,

(AMT)

No

Opt.

Call

899,550

1,000

5.000%,

7/01/30,

(AMT)

No

Opt.

Call

1,065,843

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

1,004,786

4,355

University

of

Massachusetts

Building

Authority,

Project

Revenue

Bonds,

Senior

Series

2015-1,

5.000%,

11/01/40

11/25

at

100.00

4,422,235

University

of

Massachusetts

Building

Authority,

Project

Revenue

Bonds,

Senior

Series

2022-1:

5,550

4.000%,

11/01/46

5/32

at

100.00

5,497,394

10,605

5.000%,

11/01/52

5/30

at

100.00

11,260,778

6,655

University

of

Massachusetts

Building

Authority,

Project

Revenue

Bonds,

Senior

Series

2024-1,

5.000%,

11/01/47

5/34

at

100.00

7,370,329

TOTAL

EDUCATION

AND

CIVIC

ORGANIZATIONS

129,645,340

HEALTH

CARE

-

20.2%

2,160

Massachusetts

Development

Finance

Agency

Revenue

Bonds,

South

Shore

Hospital,

Series

2016I,

5.000%,

7/01/41

7/26

at

100.00

2,178,176

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Baystate

Medical

Center

Issue,

Series

2014N:

1,000

5.000%,

7/01/34

9/24

at

100.00

1,000,807

5,700

5.000%,

7/01/44

9/24

at

100.00

5,702,393

Nuveen

Massachusetts

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

46

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

$

1,339,408

1,400

5.000%,

7/01/38

7/29

at

100.00

1,491,377

15,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

Children's

Hospital

Series

2024T,

5.250%,

3/01/54

3/34

at

100.00

16,590,146

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

7,827,942

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

Medical

Center

Issue,

Series

2016E:

2,000

5.000%,

7/01/32

7/26

at

100.00

2,056,246

1,825

5.000%,

7/01/36

7/26

at

100.00

1,863,417

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

Medical

Center

Issue,

Series

2023G:

3,000

5.250%,

7/01/48

7/33

at

100.00

3,293,982

9,500

5.250%,

7/01/52

7/33

at

100.00

10,365,099

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CareGroup

Issue,

Refunding

Series

2016-I:

1,675

5.000%,

7/01/30

7/26

at

100.00

1,727,943

1,500

5.000%,

7/01/37

7/26

at

100.00

1,535,207

1,935

5.000%,

7/01/38

7/26

at

100.00

1,978,033

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CareGroup

Issue,

Series

2015H-1:

900

5.000%,

7/01/30

7/25

at

100.00

911,885

1,000

5.000%,

7/01/32

7/25

at

100.00

1,012,324

500

5.000%,

7/01/33

7/25

at

100.00

505,963

4,100

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CareGroup

Issue,

Series

2018J-2,

5.000%,

7/01/48

7/28

at

100.00

4,202,883

6,100

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Dana-

Farber

Cancer

Institute

Issue,

Series

2016N,

5.000%,

12/01/46

12/26

at

100.00

6,207,377

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

2,679,627

5,325

5.000%,

8/15/45

8/25

at

100.00

5,359,725

11,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Mass

General

Brigham,

Series

2024D,

5.000%,

7/01/47

1/34

at

100.00

12,002,727

1,545

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Milford

Regional

Medical

Center

Issue,

Series

2014F,

5.750%,

7/15/43

9/24

at

100.00

1,546,048

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Milford

Regional

Medical

Center

Issue,

Series

2020G:

100

(c)

5.000%,

7/15/30

No

Opt.

Call

105,422

100

(c)

5.000%,

7/15/37

7/30

at

100.00

103,533

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Partners

HealthCare

System

Issue,

Series

2016Q:

1,250

4.000%,

7/01/41

7/26

at

100.00

1,246,078

4,710

5.000%,

7/01/47

7/26

at

100.00

4,781,010

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

2,314,290

3,430

4.000%,

7/01/41

1/28

at

100.00

3,397,116

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Southcoast

Health

System

Obligated

Group

Issue,

Series

2013F:

1,750

5.000%,

7/01/27

9/24

at

100.00

1,751,700

1,000

5.000%,

7/01/37

9/24

at

100.00

1,000,838

3,800

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

The

Lowell

General

Hospital,

Series

2013G,

5.000%,

7/01/44

9/24

at

100.00

3,749,751

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

908,578

47

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

$

364,732

1,855

5.000%,

7/01/44

7/27

at

100.00

1,885,350

500

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Wellforce

Issue,

Series

2019A,

5.000%,

7/01/44

1/29

at

100.00

501,774

TOTAL

HEALTH

CARE

115,488,907

HOUSING/MULTIFAMILY

-

2.3%

4,967

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

3,534,486

1,995

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Series

2019B-1,

3.100%,

12/01/44

12/28

at

100.00

1,625,069

2,000

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Series

2020A-1,

3.000%,

12/01/45

12/28

at

100.00

1,578,555

1,800

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Sustainability

Green

Series

2020C-1,

2.450%,

12/01/45

12/29

at

100.00

1,299,357

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Sustainability

Green

Series

2020D-1:

1,500

2.200%,

12/01/40

6/30

at

100.00

1,103,238

1,100

2.375%,

12/01/45

6/30

at

100.00

750,488

500

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Sustainability

Green

Series

2021A-1,

2.000%,

12/01/36

6/30

at

100.00

393,164

2,685

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Sustainability

Green

Series

2022C-1,

5.000%,

12/01/47

6/32

at

100.00

2,838,800

TOTAL

HOUSING/MULTIFAMILY

13,123,157

HOUSING/SINGLE

FAMILY

-

0.9%

1,500

Massachusetts

Housing

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2020-218,

2.400%,

6/01/44

12/29

at

100.00

1,090,131

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

1,057,025

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

1,014,066

750

2.000%,

12/01/32

12/30

at

100.00

636,779

1,380

2.050%,

6/01/33

12/30

at

100.00

1,156,170

500

2.100%,

12/01/33

12/30

at

100.00

417,315

TOTAL

HOUSING/SINGLE

FAMILY

5,371,486

LONG-TERM

CARE

-

0.7%

Massachusetts

Development

Finance

Agency

Revenue

Refunding

Bonds,

NewBridge

on

the

Charles,

Inc.

Issue,

Series

2017:

1,910

(c)

4.125%,

10/01/42

9/24

at

104.00

1,831,109

275

(c)

5.000%,

10/01/47

9/24

at

104.00

278,349

560

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Berkshire

Retirement

Community

Lennox,

Series

2015,

5.000%,

7/01/31

7/25

at

100.00

564,002

400

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Orchard

Cove,

Inc.,

Refunding

Series

2019,

5.000%,

10/01/39

10/24

at

104.00

413,683

1,020

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Salem

Community

Corporation,

Refunding

Series

2022,

5.125%,

1/01/40

1/32

at

100.00

1,016,196

TOTAL

LONG-TERM

CARE

4,103,339

TAX

OBLIGATION/GENERAL

-

20.7%

825

Andover,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2022,

4.000%,

7/15/42

7/31

at

100.00

836,761

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

1,300,736

1,440

3.000%,

6/01/39

6/28

at

100.00

1,315,140

1,490

3.000%,

6/01/40

6/28

at

100.00

1,339,251

Nuveen

Massachusetts

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

48

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TAX

OBLIGATION/GENERAL

(continued)

$

1,740

Hudson,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2011,

5.000%,

2/15/32

9/24

at

100.00

$

1,742,469

7,400

Lincoln,

Massachusetts,

General

Obligation

Bonds,

School

Series

2019,

4.000%,

3/01/49

3/28

at

100.00

7,351,137

2,000

Massachusetts

Development

Finance

Agency,

Special

Obligation

Bonds,

Commonwealth

Contract  Assistance,

Series

2015A,

4.000%,

5/01/45

5/25

at

100.00

1,950,274

3,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2015C,

5.000%,

7/01/45

7/25

at

100.00

3,027,426

3,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2017A,

5.000%,

4/01/42

4/27

at

100.00

3,101,541

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2018A:

3,750

5.000%,

1/01/42

1/28

at

100.00

3,917,647

2,490

5.000%,

1/01/45

1/28

at

100.00

2,589,518

5,000

5.000%,

1/01/47

1/28

at

100.00

5,187,544

11,110

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2019A,

5.000%,

1/01/49

1/29

at

100.00

11,635,624

7,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2022C,

5.250%,

10/01/47

10/32

at

100.00

7,778,275

5,450

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2024A,

5.000%,

1/01/54

1/34

at

100.00

5,935,618

10,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Series

2023D,

5.000%,

10/01/53

10/33

at

100.00

10,886,811

3,530

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Series

2024B,

5.000%,

5/01/54

5/34

at

100.00

3,853,848

15,000

Massachusetts

State,

General

Obligation

Bonds,

Series

2022E,

5.000%,

11/01/52

11/32

at

100.00

16,215,072

1,000

North

Reading,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2012,

5.000%,

5/15/35

9/24

at

100.00

1,001,318

1,685

Northeast

Metropolitan

Regional

Vocational

Technical

School

District,

Massachusetts,

General

Obligation

Bonds,

School

Series

2022,

4.000%,

4/15/47

4/31

at

100.00

1,658,302

1,965

Northeast

Metropolitan

Regional

Vocational

Technical

School

District,

Massachusetts,

General

Obligation

Bonds,

School

Series

2024,

4.000%,

5/15/46

5/33

at

100.00

1,950,724

1,950

Pentucket

Regional

School

District,

Massachusetts,

General

Obligation

Bonds,

Series

2019,

3.000%,

9/01/42

9/27

at

100.00

1,673,653

3,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1,

4.000%,

7/01/46

7/31

at

103.00

2,785,603

2,000

Quincy,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2022A,

5.000%,

6/01/50

6/32

at

100.00

2,171,702

3,000

Quincy,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2022B,

5.000%,

7/01/47

7/32

at

100.00

3,286,720

3,215

Scituate,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2015,

4.000%,

9/15/33

9/24

at

100.00

3,216,672

5,535

Taunton,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2024,

4.000%,

3/01/51

3/33

at

100.00

5,382,182

2,170

Tisbury,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2022,

4.000%,

8/15/42

8/30

at

100.00

2,189,210

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

3,476,121

TOTAL

TAX

OBLIGATION/GENERAL

118,756,899

TAX

OBLIGATION/LIMITED

-

18.8%

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D:

1,355

5.000%,

11/15/27

11/25

at

100.00

1,380,238

1,000

5.000%,

11/15/39

11/25

at

100.00

1,005,417

Guam

Government,

Limited

Obligation

Section

30

Revenue

Bonds,

Series

2016A:

1,160

5.000%,

12/01/31

12/26

at

100.00

1,191,657

2,000

5.000%,

12/01/46

12/26

at

100.00

2,011,213

49

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TAX

OBLIGATION/LIMITED

(continued)

$

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

$

1,012,171

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

523,538

10,000

Massachusetts

Bay

Transportation

Authority,

Sales

Tax

Revenue

Bonds,

Senior

Series

2023A-1,

5.250%,

7/01/48

7/33

at

100.00

11,161,714

5,000

Massachusetts

Bay

Transportation

Authority,

Sales

Tax

Revenue

Bonds,

Senior

Series

2024A,

5.250%,

7/01/52

7/34

at

100.00

5,596,711

Massachusetts

Bay

Transportation

Authority,

Sales

Tax

Revenue

Bonds,

Subordinated

Series

2017A-2:

2,050

5.000%,

7/01/44

7/27

at

100.00

2,122,707

3,065

5.000%,

7/01/46

7/27

at

100.00

3,166,704

4,330

Massachusetts

Bay

Transportation

Authority,

Sales

Tax

Revenue

Bonds,

Subordinated

Series

2021A-1,

4.000%,

7/01/39

7/31

at

100.00

4,458,894

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

2,605,102

650

Massachusetts

School

Building

Authority,

Dedicated

Sales

Tax

Revenue

Bonds,

Refunding

Senior

Series

2015C,

5.000%,

8/15/37

8/25

at

100.00

659,603

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

4,992,485

3,020

5.000%,

8/15/50

8/30

at

100.00

3,209,099

7,000

Massachusetts

School

Building

Authority,

Dedicated

Sales

Tax

Revenue

Bonds,

Subordinated

Series

2018A,

5.250%,

2/15/48

2/28

at

100.00

7,370,280

4,480

Massachusetts

School

Building

Authority,

Dedicated

Sales

Tax

Revenue

Bonds,

Subordinated

Series

2019A,

5.000%,

2/15/44

2/29

at

100.00

4,743,956

5,000

Massachusetts

State,

Special

Obligation

Dedicated

Tax

Revenue

Bonds,

Refunding

Series

2005,

5.500%,

1/01/34

-

NPFG

Insured

No

Opt.

Call

5,740,140

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

2,864,523

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

8,435,652

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

5,847,308

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

10,748,497

1,665

Massachusetts

State,

Transportation

Fund

Revenue

Bonds,

Refunding

Series

2021A,

5.000%,

6/01/42

6/31

at

100.00

1,823,023

1,510

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A,

5.000%,

10/01/39

10/32

at

100.00

1,574,597

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

3,184,563

4,725

4.750%,

7/01/53

7/28

at

100.00

4,689,560

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

5,778,737

TOTAL

TAX

OBLIGATION/LIMITED

107,898,089

TRANSPORTATION

-

2.5%

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

1,346,483

1,500

Massachusetts

Port

Authority,

Revenue

Bonds,

Refunding

Series

2017A,

5.000%,

7/01/42,

(AMT)

7/27

at

100.00

1,531,119

1,780

Massachusetts

Port

Authority,

Revenue

Bonds,

Series

2014A,

5.000%,

7/01/34

9/24

at

100.00

1,781,927

Massachusetts

Port

Authority,

Revenue

Bonds,

Series

2015A:

1,425

5.000%,

7/01/40

7/25

at

100.00

1,440,655

2,000

5.000%,

7/01/45

7/25

at

100.00

2,018,773

Nuveen

Massachusetts

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

50

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TRANSPORTATION

(continued)

$

3,500

Massachusetts

Port

Authority,

Revenue

Bonds,

Series

2019C,

5.000%,

7/01/49,

(AMT)

7/29

at

100.00

$

3,612,866

2,500

Massachusetts

Port

Authority,

Revenue

Bonds,

Series

2021E,

5.000%,

7/01/46,

(AMT)

7/31

at

100.00

2,623,519

TOTAL

TRANSPORTATION

14,355,342

U.S.

GUARANTEED

-

3.4%

(d)

5,915

Massachusetts

Development

Finance

Agency

Revenue

Bonds,

Childrens

Hospital

Issue,

Series

2014P,

5.000%,

10/01/46,

(Pre-refunded

10/01/24)

10/24

at

100.00

5,923,675

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

6,672,634

2,065

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Northeastern

University,

Series

2014A,

5.000%,

3/01/44,

(Pre-refunded

10/01/24)

10/24

at

100.00

2,067,865

1,750

Massachusetts

Port

Authority,

Revenue

Bonds,

Series

2015B,

5.000%,

7/01/45,

(Pre-refunded

7/01/25),

(AMT)

7/25

at

100.00

1,776,764

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

1,906,585

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

1,047,574

TOTAL

U.S.

GUARANTEED

19,395,097

UTILITIES

-

5.7%

4,000

Boston

Water

and

Sewer

Commission,

Massachusetts,

General

Revenue

Bonds,

Senior

Series

2018A,

4.000%,

11/01/40

5/26

at

100.00

4,032,210

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

2,891,680

920

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2016,

5.000%,

1/01/46

7/26

at

100.00

932,923

2,500

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2020A,

5.000%,

1/01/50

7/30

at

100.00

2,584,872

1,650

Massachusetts

Clean

Water

Trust,

State

Revolving

Fund

Bonds,

Green

23B

Series

2021,

5.000%,

2/01/41

2/31

at

100.00

1,821,720

5,785

Massachusetts

Clean

Water

Trust,

State

Revolving

Fund

Bonds,

Sustainabilty

24B

Series

2022,

5.000%,

2/01/43

2/32

at

100.00

6,440,039

Massachusetts

Municipal

Wholesale

Electric

Company,

MMWEC,

Revenue

Bonds,

Project

2015A,

Series

2021A:

1,000

4.000%,

7/01/39

1/32

at

100.00

1,031,685

1,310

4.000%,

7/01/40

1/32

at

100.00

1,340,512

1,400

4.000%,

7/01/41

1/32

at

100.00

1,422,045

2,000

4.000%,

7/01/46

1/32

at

100.00

1,985,423

1,250

Massachusetts

Water

Resources

Authority,

General

Revenue

Bonds,

Green

Series

2023B,

5.250%,

8/01/48

8/33

at

100.00

1,404,475

2,435

Massachusetts

Water

Resources

Authority,

General

Revenue

Bonds,

Green

Series

2024B,

5.000%,

8/01/49

8/34

at

100.00

2,703,531

3,000

(c)

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B,

5.000%,

7/01/37

7/31

at

100.00

3,153,794

1,010

Springfield

Water

and

Sewer

Commission,

Massachusetts,

General

Revenue

Bonds,

Series

2017C,

5.000%,

4/15/33

4/27

at

100.00

1,062,628

TOTAL

UTILITIES

32,807,537

TOTAL

MUNICIPAL

BONDS

(cost

$560,818,208)

560,945,193

TOTAL

LONG-TERM

INVESTMENTS

(cost

$560,818,208)

560,945,193

51

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

SHORT-TERM

INVESTMENTS

-

 1.3%  

X

7,430,000

MUNICIPAL

BONDS

-

1.3%  

X

7,430,000

EDUCATION

AND

CIVIC

ORGANIZATIONS

-

0

.2

%

$

1,275

(e)

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

University,

Series

2008U-6E,

3.800%,

10/01/42

8/24

at

100.00

$

1,275,000

TOTAL

EDUCATION

AND

CIVIC

ORGANIZATIONS

1,275,000

HEALTH

CARE

-

1

.1

%

5,000

(c),(e)

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Sturdy

Memorial

Hospital,

Tender

Option

Bond

2024-008,

3.020%,

5/01/54

5/27

at

100.00

5,000,000

1,155

(e)

Massachusetts

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Baystate

Medical

Center,

Series

2009J-2,

3.800%,

7/01/44

8/24

at

100.00

1,155,000

TOTAL

HEALTH

CARE

6,155,000

TOTAL

Municipal

Bonds

(cost

$7,430,000)

7,430,000

TOTAL

SHORT-TERM

INVESTMENTS

(cost

$7,430,000)

7,430,000

TOTAL

INVESTMENTS

(cost

$568,248,208)

-

99.1%

568,375,193

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.9%

4,954,444

NET

ASSETS

-

100%

$

573,329,637

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

(c)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$11,187,195

or

2.0%

of

Total

Investments.

(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.

AMT

Alternative

Minimum

Tax

WI/DD

When-issued

or

delayed

delivery

security.

See

Notes

to

Financial

Statements

52

Nuveen

New

Jersey

Municipal

Bond

Fund

Portfolio

of

Investments

August

31,

2024

(Unaudited)

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

96.8%   

X

379,189,109

MUNICIPAL

BONDS

-

96.8%  

X

379,189,109

CONSUMER

STAPLES

-

3.2%

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

$

3,464,600

3,610

5.000%,

6/01/46

6/28

at

100.00

3,698,813

5,205

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018B,

5.000%,

6/01/46

6/28

at

100.00

5,254,110

TOTAL

CONSUMER

STAPLES

12,417,523

EDUCATION

AND

CIVIC

ORGANIZATIONS

-

14.4%

1,740

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

1,703,300

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

769,309

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

982,542

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

1,109,878

45

4.000%,

7/01/48

7/29

at

100.00

45,052

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

1,163,723

1,000

5.000%,

7/01/54

-

BAM

Insured

1/32

at

100.00

1,071,240

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

1,001,836

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

229,132

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

2,724,817

100

5.000%,

7/15/47

7/27

at

100.00

100,582

100

(c)

New

Jersey

Economic

Development

Authority,

Charter

School

Revenue

Bonds,

Teaneck

Community

Charter

School,

Series

2017A,

5.125%,

9/01/52

9/27

at

100.00

100,758

945

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

The

Seeing

Eye

Inc.,

Refunding

Series

2015,

5.000%,

3/01/25

No

Opt.

Call

953,803

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

346,554

195

5.000%,

6/01/32

12/27

at

100.00

204,157

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

979,483

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

1,470,273

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

1,014,974

1,055

3.750%,

7/01/33

7/25

at

100.00

1,055,958

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Montclair

State

University,

Refunding

Series

2024A:

1,000

5.000%,

7/01/42

-

AGM

Insured

7/34

at

100.00

1,132,497

1,000

5.000%,

7/01/43

-

AGM

Insured

7/34

at

100.00

1,127,517

53

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

EDUCATION

AND

CIVIC

ORGANIZATIONS

(continued)

$

1,125

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Princeton

University,

Refunding

Series

2017I,

5.000%,

7/01/35

7/27

at

100.00

$

1,185,324

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Princeton

University,

Refunding

Series

2024C:

2,500

5.000%,

3/01/26

No

Opt.

Call

2,596,692

3,000

5.000%,

3/01/27

No

Opt.

Call

3,188,146

2,000

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Princeton

University,

Series

2024B,

5.250%,

3/01/54

3/34

at

100.00

2,257,723

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Rider

University,

Series  2017F:

360

3.750%,

7/01/37

7/27

at

100.00

279,215

1,370

4.000%,

7/01/42

7/27

at

100.00

999,791

2,265

5.000%,

7/01/47

7/27

at

100.00

1,760,731

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

1,238,429

710

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Seton

Hall

University,

Series

2013D,

5.000%,

7/01/38

9/24

at

100.00

710,454

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Seton

Hall

University,

Series

2016C:

1,870

3.000%,

7/01/41

7/26

at

100.00

1,560,671

2,430

3.000%,

7/01/46

7/26

at

100.00

1,883,702

1,085

4.000%,

7/01/46

7/26

at

100.00

1,002,872

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

844,925

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

3,252,662

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Stevens

Institute

of

Technology,

Series

2017A:

500

4.000%,

7/01/47

7/27

at

100.00

472,869

380

5.000%,

7/01/47

7/27

at

100.00

386,200

775

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

708,051

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Refunding

Series

2018A:

805

3.750%,

12/01/31,

(AMT)

6/28

at

100.00

796,318

180

4.000%,

12/01/35,

(AMT)

6/28

at

100.00

179,782

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

1,331,595

500

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Refunding

Series

2024B,

4.250%,

12/01/45,

(AMT)

12/34

at

100.00

507,430

1,270

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

955,554

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Senior

Lien

Series

2016-1A:

600

3.500%,

12/01/32,

(AMT)

12/25

at

100.00

595,606

140

4.000%,

12/01/39,

(AMT)

12/25

at

100.00

139,979

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Senior

Lien

Series

2017-1A:

155

3.750%,

12/01/33,

(AMT)

12/26

at

100.00

154,606

15

4.000%,

12/01/40,

(AMT)

12/26

at

100.00

14,982

635

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

603,674

460

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

447,187

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

718,872

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

1,725,176

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

1,195,119

2,005

New

Jersey

Institute

of

Technology,

New

Jersey,

General

Obligation

Bonds,

Series

2015A,

5.000%,

7/01/45

7/25

at

100.00

2,026,263

Nuveen

New

Jersey

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

54

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

EDUCATION

AND

CIVIC

ORGANIZATIONS

(continued)

$

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

$

1,379,647

TOTAL

EDUCATION

AND

CIVIC

ORGANIZATIONS

56,387,632

FINANCIALS

-

0.1%

351

New

Jersey

Economic

Development

Authority,

Revenue

Refunding

Bonds,

Kapkowski

Road

Landfill

Project,

Series

2002,

6.500%,

4/01/28

No

Opt.

Call

354,121

TOTAL

FINANCIALS

354,121

HEALTH

CARE

-

8.1%

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

1,198,184

1,800

3.000%,

7/01/46

7/31

at

100.00

1,451,889

1,000

3.000%,

7/01/51

7/31

at

100.00

777,911

115

New

Jersey

Health

Care

Facilities

Finance

Authority,

Revenue

Bonds,

AHS

Hospital

Corporation,

Series

2008A,

5.000%,

7/01/27

9/24

at

100.00

115,105

1,525

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

AHS

Hospital

Corporation,

Refunding

Series

2016,

4.000%,

7/01/41

1/27

at

100.00

1,526,092

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

981,898

3,105

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

3,070,282

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

2,611,681

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Inspira

Health

Obligated

Group

Issue,

Series

2024A:

1,660

4.125%,

7/01/54

7/34

at

100.00

1,632,886

2,000

5.250%,

7/01/54

7/34

at

100.00

2,211,697

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

628,682

600

5.000%,

7/01/34

7/26

at

100.00

618,074

2,240

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

2,286,666

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

2,729,276

2,145

3.000%,

7/01/51

7/31

at

100.00

1,677,150

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

2,490,192

370

4.000%,

7/01/34

7/26

at

100.00

360,320

1,835

5.000%,

7/01/41

7/26

at

100.00

1,845,961

1,450

4.000%,

7/01/48

7/26

at

100.00

1,327,735

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Valley

Health

System

Obligated

Group,

Series

2019:

1,185

4.000%,

7/01/44

7/29

at

100.00

1,153,296

1,215

3.000%,

7/01/49

7/29

at

100.00

966,940

TOTAL

HEALTH

CARE

31,661,917

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

150,087

450

5.000%,

1/01/50

1/27

at

100.00

449,327

55

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

HOUSING/MULTIFAMILY

(continued)

$

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

$

2,301,639

1,441

New

Jersey

Housing

&

Mortgage

Finance

Agency,

Multifamily

Conduit

Revenue

Bonds,

Cherry

Garden

Apartments

Project,

Series

2021B,

2.375%,

1/01/39

No

Opt.

Call

1,131,992

520

New

Jersey

Housing

&

Mortgage

Finance

Agency,

Multifamily

Conduit

Revenue

Bonds,

Riverview

Towers

Apartments,

Series

2024B,

5.250%,

12/20/65

3/34

at

100.00

547,894

1,310

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2015A,

4.000%,

11/01/45

11/24

at

100.00

1,242,780

1,135

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2016A,

3.750%,

11/01/45

11/25

at

100.00

1,029,859

2,145

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2016B,

3.600%,

11/01/40

11/25

at

100.00

2,024,548

875

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2017D,

3.900%,

11/01/32,

(AMT)

5/26

at

100.00

878,213

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2018A:

1,935

3.600%,

11/01/33

11/27

at

100.00

1,934,250

1,865

3.875%,

11/01/38

11/27

at

100.00

1,858,134

1,045

3.950%,

11/01/43

11/27

at

100.00

1,011,433

650

4.000%,

11/01/48

11/27

at

100.00

620,091

500

4.100%,

11/01/53

11/27

at

100.00

471,919

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2019A:

1,750

2.900%,

11/01/39

11/28

at

100.00

1,493,998

530

3.000%,

11/01/44

11/28

at

100.00

422,993

870

3.050%,

11/01/49

11/28

at

100.00

685,352

490

3.150%,

5/01/53

11/28

at

100.00

366,989

600

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2020A,

2.450%,

11/01/45

11/29

at

100.00

433,435

2,470

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2021A,

2.450%,

11/01/41

11/30

at

100.00

1,868,430

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

1,121,261

250

5.000%,

11/01/38,

(AMT)

5/32

at

100.00

259,865

TOTAL

HOUSING/MULTIFAMILY

22,304,489

HOUSING/SINGLE

FAMILY

-

5.7%

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

1,720,602

1,130

3.750%,

10/01/35

10/27

at

100.00

1,122,121

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

2,131,025

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

2,535,529

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

1,153,355

1,225

3.500%,

4/01/51

4/29

at

102.44

1,219,711

2,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2024K,

4.150%,

10/01/39

10/32

at

100.00

2,012,877

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

4,850,355

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

1,894,804

1,445

4.600%,

10/01/46

4/31

at

100.00

1,449,615

Nuveen

New

Jersey

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

56

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

HOUSING/SINGLE

FAMILY

(continued)

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

$

1,008,846

1,150

4.700%,

10/01/48

4/32

at

100.00

1,155,308

TOTAL

HOUSING/SINGLE

FAMILY

22,254,148

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

9/24

at

100.00

522,995

2,170

(c),(d)

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

White

Horse

HMT

Urban

Renewal

LLC

Project,

Series

2020,

5.000%,

1/01/40

1/28

at

102.00

1,504,128

490

(c),(d)

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Village

Drive

Healthcare

Urban

Renewal

LLC,

Series

2018,

5.750%,

10/01/38

10/26

at

102.00

365,850

TOTAL

LONG-TERM

CARE

2,392,973

TAX

OBLIGATION/GENERAL

-

16.9%

1,000

Bernardsville,

New

Jersey,

General

Obligation

Bonds,

Bond

Anticipation

Notes

Series

2024,

4.000%,

3/27/25

No

Opt.

Call

1,004,673

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

5,058,360

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

761,114

585

Cumberland

County,

New

Jersey,

General

Obligation

Bonds,

General

Improvement

Series

2024,

2.000%,

8/15/26

No

Opt.

Call

569,631

1,470

Cumberland

County,

New

Jersey,

General

Obligation

Bonds,

Series

2021,

2.000%,

5/15/29

5/28

at

100.00

1,366,721

2,400

East

Brunswick

Township,

Middlesex

County,

New

Jersey,

General

Obligation

Bonds,

General

Improvement

Water

Utility

Bond

Anticipation

Notes

Series

2024,

4.500%,

7/15/25

No

Opt.

Call

2,432,364

635

Essex

County

Improvement

Authority,

New

Jersey,

Lease

Revenue

Bonds,

Essex

County

Family

Court

Building

House

Projects,

County

Guaranteed

Series

2024,

5.000%,

6/18/25

No

Opt.

Call

644,894

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

13,005

Gloucester

Township,

New

Jersey,

General

Obligation

Bonds,

Series

2019:

1,065

2.000%,

2/01/28

-

BAM

Insured

No

Opt.

Call

1,013,166

1,500

2.250%,

2/01/29

-

BAM

Insured

No

Opt.

Call

1,426,686

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

167,221

1,040

Harrison,

New

Jersey,

General

Obligation

Bonds,

Parking

Utility

Series

2018,

3.375%,

3/01/34

-

BAM

Insured

3/28

at

100.00

1,034,822

1,000

Hudson

County

Improvement

Authority,

New

Jersey,

County

Guaranteed

Pooled

Notes,

Series

2024B-1,

4.500%,

7/11/25

No

Opt.

Call

1,012,834

1,000

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

976,513

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

6,609,296

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

1,025,545

1,295

Jersey

City,

New

Jersey,

General

Obligation

Bonds,

General

Improvement

Series

2022A,

3.000%,

2/15/37

2/29

at

100.00

1,201,064

2,000

Livingston

Township,

New

Jersey,

General

Obligation

Bonds,

Series

2023,

5.000%,

12/10/24

No

Opt.

Call

2,010,036

1,000

Madison

Borough

Board

of

Education,

Morris

County,

New

Jersey,

General

Obligation

Bonds,

School

Series

2024,

1.000%,

8/15/30

No

Opt.

Call

870,191

57

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TAX

OBLIGATION/GENERAL

(continued)

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

$

1,190,858

1,125

5.000%,

8/15/40

8/32

at

100.00

1,271,929

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

1,184,492

650

5.000%,

12/01/35

12/33

at

100.00

766,504

575

5.000%,

12/01/36

12/33

at

100.00

674,465

500

5.000%,

12/01/41

12/33

at

100.00

569,722

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

1,966,478

New

Jersey

State,

General

Obligation

Bonds,

Covid-19

Emergency

Series

2020A:

2,065

5.000%,

6/01/25

No

Opt.

Call

2,102,217

120

5.000%,

6/01/26

No

Opt.

Call

125,136

2,610

4.000%,

6/01/31

No

Opt.

Call

2,804,393

1,015

3.000%,

6/01/32

No

Opt.

Call

1,000,920

140

4.000%,

6/01/32

No

Opt.

Call

150,878

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

625,785

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

560,849

600

6.000%,

11/15/62

-

AGM

Insured

11/32

at

100.00

697,122

2,000

North

Brunswick

Township,

New

Jersey,

General

Obligation

Bonds,

Series

2024A,

5.000%,

7/08/25

No

Opt.

Call

2,033,225

1,500

Ocean

City,

New

Jersey,

General

Obligation

Bonds,

General

Improvement

Series

2019,

2.250%,

9/15/33

9/26

at

100.00

1,312,750

2,625

Passaic

County,

New

Jersey,

General

Obligation

Bonds,

General

Improvement

Series

2019A,

1.000%,

12/01/34

12/27

at

100.00

2,019,105

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1:

1,054

5.625%,

7/01/29

No

Opt.

Call

1,133,867

1,477

4.000%,

7/01/33

7/31

at

103.00

1,466,085

669

4.000%,

7/01/37

7/31

at

103.00

654,504

1,145

Somers

Point,

New

Jersey,

General

Obligation

Bonds,

Improvement

Sewer

Utility

Series

2019,

2.000%,

10/01/31

10/26

at

100.00

1,014,936

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

1,673,397

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)

9/24

at

100.00

3,634,580

2,515

Union

County

Utilities

Authority,

New

Jersey,

Solid

Waste

System

County

Deficiency

Revenue

Bonds,

Series

2011A,

5.000%,

6/15/41

9/24

at

100.00

2,516,825

2,015

Union

Township,

Union

County,

New

Jersey,

General

Obligation

Bonds,

Bond

Anticipation

Notes

Series

2024,

4.500%,

1/21/25

No

Opt.

Call

2,026,584

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

982,252

1,020

Woodbury

School

District,

New

Jersey,

General

Obligation

Bonds,

Series

2023,

4.000%,

8/15/41

-

BAM

Insured

8/30

at

100.00

1,031,755

TOTAL

TAX

OBLIGATION/GENERAL

66,389,749

TAX

OBLIGATION/LIMITED

-

17.7%

1,000

Bergen

County

Improvement

Authority,

New

Jersey,

County

Guaranteed

Governmental

Pooled

Project

Notes,

Series

2024,

4.500%,

5/28/25

No

Opt.

Call

1,009,251

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

684,775

1,000

Burlington

County

Bridge

Commission,

New

Jersey,

Governmental

Leasing

Program

Revenue

Bonds,

Series

2023D,

5.000%,

12/13/24

No

Opt.

Call

1,004,319

Nuveen

New

Jersey

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

58

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TAX

OBLIGATION/LIMITED

(continued)

$

600

Burlington

County

Bridge

Commission,

New

Jersey,

Governmental

Leasing

Program

Revenue

Bonds,

Series

2024C,

4.500%,

8/05/25

No

Opt.

Call

$

607,505

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

258,682

1,160

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

1,126,746

Casino

Reinvestement

Development

Authority,

New

Jersey,

Luxury

Tax

Revenue

Bonds,

Series

2024A:

700

5.000%,

11/01/42

,

(WI/DD)

11/34

at

100.00

771,939

250

4.000%,

11/01/44

,

(WI/DD)

11/34

at

100.00

247,386

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

3,242,386

2,000

4.000%,

8/15/53

8/33

at

100.00

1,961,847

1,050

5.000%,

8/15/53

8/33

at

100.00

1,152,032

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

3,912,793

4,025

5.000%,

11/01/52

11/32

at

100.00

4,273,792

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

3,091,382

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

2,061,829

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

263,625

175

5.000%,

6/15/30

6/26

at

100.00

180,472

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

3,958,148

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2022CC:

1,000

5.250%,

6/15/41

12/32

at

100.00

1,119,450

1,170

5.250%,

6/15/46

12/32

at

100.00

1,281,860

1,500

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2023AA,

4.250%,

6/15/44

6/33

at

100.00

1,513,776

14,360

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Capital

Appreciation

Series

2010A,

0.000%,

12/15/30

No

Opt.

Call

11,667,707

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Refunding

Series

2006C:

6,925

0.000%,

12/15/32

-

AGM

Insured

No

Opt.

Call

5,239,784

4,765

0.000%,

12/15/33

-

AGM

Insured

No

Opt.

Call

3,475,276

1,045

0.000%,

12/15/34

-

AGM

Insured

No

Opt.

Call

731,397

1,550

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2010D,

5.000%,

12/15/24

No

Opt.

Call

1,558,695

775

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2019AA,

5.000%,

6/15/46

12/28

at

100.00

800,314

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2019BB:

2,360

3.500%,

6/15/46

12/28

at

100.00

2,067,830

1,000

4.000%,

6/15/50

12/28

at

100.00

962,210

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

1,141,703

1,500

Passaic

County

Improvement

Authority,

New

Jersey,

Lease

Revenue

Bonds,

Preakness

Healthcare

Center

Expansion

Project,

Series

2012,

3.500%,

5/01/35

9/24

at

100.00

1,500,136

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

2,752,118

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

1,729,746

59

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TAX

OBLIGATION/LIMITED

(continued)

$

1,835

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

$

2,051,891

TOTAL

TAX

OBLIGATION/LIMITED

69,402,802

TRANSPORTATION

-

12.5%

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

1,122,087

1,990

Delaware

River

and

Bay

Authority,

Delaware

and

New

Jersey,

Revenue

Bonds,

Series

2019,

4.000%,

1/01/44

1/29

at

100.00

1,993,825

335

Delaware

River

and

Bay

Authority,

Delaware

and

New

Jersey,

Revenue

Bonds,

Series

2024A,

5.000%,

1/01/49

1/34

at

100.00

368,030

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

1,095,536

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

1,037,446

3,685

5.000%,

7/01/47

7/27

at

100.00

3,790,169

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

1,412,428

1,000

3.000%,

7/01/49

7/29

at

100.00

774,549

2,760

Delaware

River

Port

Authority,

New

Jersey

and

Pennsylvania,

Revenue

Bonds,  Series

2013,

5.000%,

1/01/40

9/24

at

100.00

2,763,145

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)

9/24

at

100.00

1,706,930

1,645

5.625%,

1/01/52,

(AMT)

9/24

at

100.00

1,646,349

1,515

New

Jersey

Economic

Development

Authority,

Special

Facilities

Revenue

Bonds,

Continental

Airlines

Inc.,

Series

1999,

5.250%,

9/15/29,

(AMT)

9/24

at

100.00

1,516,441

380

New

Jersey

Economic

Development

Authority,

Special

Facilities

Revenue

Bonds,

Continental

Airlines

Inc.,

Series

2000A

&

2000B,

5.625%,

11/15/30,

(AMT)

9/24

at

101.00

382,804

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

1,033,928

2,390

5.000%,

10/01/47,

(AMT)

10/27

at

100.00

2,431,462

1,315

New

Jersey

Turnpike

Authority,

Revenue

Bonds,

Series

2005A,

5.250%,

1/01/29

-

AGM

Insured

No

Opt.

Call

1,463,072

1,145

New

Jersey

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Series

2021A,

4.000%,

1/01/51

1/31

at

100.00

1,116,400

New

Jersey

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Series

2022A:

1,250

4.000%,

1/01/42

7/32

at

100.00

1,260,393

2,500

4.000%,

1/01/43

7/32

at

100.00

2,510,959

New

Jersey

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Series

2022B:

1,000

5.000%,

1/01/46

1/33

at

100.00

1,098,865

1,530

4.500%,

1/01/48

1/33

at

100.00

1,582,152

2,250

5.250%,

1/01/52

1/33

at

100.00

2,498,978

1,305

New

Jersey

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Series

2024B,

5.250%,

1/01/54

1/34

at

100.00

1,459,974

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

3,107,431

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

1,032,785

1,615

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Thirty

Series

2022,

3.000%,

12/01/31

No

Opt.

Call

1,629,797

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

2,002,569

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

1,001,060

Nuveen

New

Jersey

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

60

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TRANSPORTATION

(continued)

$

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

$

1,084,254

South

Jersey

Transportation

Authority,

New

Jersey,

Transportation

System

Revenue

Bonds,

Series

2022A:

2,350

4.625%,

11/01/47

11/32

at

100.00

2,405,555

650

5.250%,

11/01/52

-

BAM

Insured

11/32

at

100.00

707,295

TOTAL

TRANSPORTATION

49,036,668

U.S.

GUARANTEED

-

1.2%

(e)

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

4,196,797

250

5.250%,

6/15/40,

(Pre-refunded

6/15/25)

6/25

at

100.00

255,279

215

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

218,037

TOTAL

U.S.

GUARANTEED

4,670,113

UTILITIES

-

10.7%

450

Guam

Power

Authority,

Revenue

Bonds,

Refunding

Series

2024A,

5.000%,

10/01/27

No

Opt.

Call

477,504

New

Jersey

Economic

Development

Authority,

Energy

Facilities

Revenue

Bonds,

UMM

Energy

Partners,

LLC

Project,

Series

2012A:

500

5.000%,

6/15/37,

(AMT)

9/24

at

100.00

500,091

1,000

5.125%,

6/15/43,

(AMT)

9/24

at

100.00

1,000,121

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

9/24

at

100.00

1,648,983

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)

9/24

at

100.00

418,032

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

2,950,321

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

4,456,641

New

Jersey

Infrastructure

Bank,

Environmental

Infrastructure

Bonds,

Green

Series

2021A-1:

1,205

3.000%,

9/01/31

9/30

at

100.00

1,207,201

2,265

3.000%,

9/01/32

9/30

at

100.00

2,245,011

5,085

3.000%,

9/01/33

9/30

at

100.00

4,960,679

New

Jersey

Infrastructure

Bank,

Environmental

Infrastructure

Bonds,

Green

Series

2022A-2:

6,295

5.000%,

9/01/47

9/32

at

100.00

6,967,892

2,000

5.000%,

9/01/52

9/32

at

100.00

2,193,893

New

Jersey

Infrastructure

Bank,

Environmental

Infrastructure

Bonds,

Green

Series

2023A-W1:

1,500

5.000%,

9/01/30

No

Opt.

Call

1,707,242

500

5.000%,

9/01/34

No

Opt.

Call

599,406

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

809,675

500

5.000%,

6/01/37

-

BAM

Insured

12/33

at

100.00

574,365

500

5.000%,

6/01/38

-

BAM

Insured

12/33

at

100.00

571,939

750

5.000%,

6/01/39

-

BAM

Insured

12/33

at

100.00

854,237

375

5.000%,

6/01/44

-

BAM

Insured

12/33

at

100.00

418,638

695

Passaic

County

Utilities

Authority,

New

Jersey,

Solid

Waste

Disposal

Revenue

Bonds,

Refunding

Series

2018,

5.000%,

3/01/37

No

Opt.

Call

794,954

1,920

Passaic

Valley

Water

Commission,

New

Jersey,

Water

System

Revenue

Bonds,

Series

2023,

4.000%,

12/01/53

-

AGM

Insured

12/32

at

100.00

1,901,585

61

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

UTILITIES

(continued)

$

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

$

4,658,564

TOTAL

UTILITIES

41,916,974

TOTAL

MUNICIPAL

BONDS

(cost

$387,550,332)

379,189,109

TOTAL

LONG-TERM

INVESTMENTS

(cost

$387,550,332)

379,189,109

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

SHORT-TERM

INVESTMENTS

-

 2.1%  

X

8,010,000

MUNICIPAL

BONDS

-

2.1%  

X

8,010,000

HEALTH

CARE

-

0

.5

%

$

2,010

(f)

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Virtua

Health,

Series

2009B,

3.300%,

7/01/43

8/24

at

100.00

$

2,010,000

TOTAL

HEALTH

CARE

2,010,000

TAX

OBLIGATION/GENERAL

-

0

.8

%

3,000

(c),(f)

Mercer

County,

New

Jersey,

General

Obligation

Bonds,

Tender

Option

Bond

Floater

Series  2024-005,

3.200%,

4/02/25

No

Opt.

Call

3,000,000

TOTAL

TAX

OBLIGATION/GENERAL

3,000,000

TAX

OBLIGATION/LIMITED

-

0

.8

%

3,000

(c),(f)

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Tender

Option

Bond

Trust

Series

2021-XM0929,

3.070%,

12/15/28

No

Opt.

Call

3,000,000

TOTAL

TAX

OBLIGATION/LIMITED

3,000,000

TOTAL

Municipal

Bonds

(cost

$8,010,000)

8,010,000

TOTAL

SHORT-TERM

INVESTMENTS

(cost

$8,010,000)

8,010,000

TOTAL

INVESTMENTS

(cost

$395,560,332)

-

98.9%

387,199,109

OTHER

ASSETS

&

LIABILITIES,

NET

-

1.1%

4,394,460

NET

ASSETS

-

100%

$

391,593,569

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

(c)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$7,970,736

or

2.1%

of

Total

Investments.

(d)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(e)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

(f)

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.

AMT

Alternative

Minimum

Tax

ETM

Escrowed

to

maturity

WI/DD

When-issued

or

delayed

delivery

security.

See

Notes

to

Financial

Statements

62

Nuveen

New

York

Municipal

Bond

Fund

Portfolio

of

Investments

August

31,

2024

(Unaudited)

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

97.9%   

X

1,066,177,591

MUNICIPAL

BONDS

-

97.9%  

X

1,066,177,591

CONSUMER

STAPLES

-

3.4%

$

15,110

Erie

County

Tobacco

Asset

Securitization

Corporation,

New

York,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2005A,

5.000%,

6/01/38

9/24

at

100.00

$

14,527,594

76,105

(c)

Erie

County

Tobacco

Asset

Securitization

Corporation,

New

York,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2005C,

0.000%,

6/01/50

9/24

at

19.97

9,613,789

New

York

Counties

Tobacco

Trust

VI,

New

York,

Tobacco

Settlement

Pass-

Through

Bonds,

Series

2016A-1:

895

5.625%,

6/01/35

No

Opt.

Call

918,953

6,885

5.750%,

6/01/43

No

Opt.

Call

7,043,513

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

1,267,178

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

1,029,874

3,000

TSASC

Inc.,

New

York,

Tobacco

Asset-Backed

Bonds,

Series

2006,

5.000%,

6/01/48

6/27

at

100.00

2,713,869

TOTAL

CONSUMER

STAPLES

37,114,770

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

9/24

at

100.00

1,922,782

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

1,357,026

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

557,034

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

3,505,596

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

1,121,050

2,395

(c)

Build

NYC

Resource

Corporation,

New

York,

Revenue

Bonds,

Family

Life

Academy

Charter

School,

Series

2020C-1,

5.000%,

6/01/55

12/30

at

100.00

2,099,755

Build

NYC

Resource

Corporation,

New

York,

Revenue

Bonds,

Richmond

Preparatory

Charter

School

Project,

Social

Impact

Project

Series

2021A:

580

(c)

5.000%,

6/01/41

6/29

at

100.00

577,352

2,620

(c)

5.000%,

6/01/56

6/29

at

100.00

2,465,246

2,965

(c)

Dormitory

Authority

of

the

State

of

New

York,

General

Revenue

Bonds,

American

Musical

and

Dramatic

Academy

Inc.,

Series

2023A,

12.250%,

7/01/53

7/33

at

100.00

2,979,893

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

3,967,875

3,015

5.000%,

7/15/50

7/32

at

100.00

3,067,119

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

1,736,171

735

5.250%,

7/01/34

-

FGIC

Insured

No

Opt.

Call

769,465

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

8,808,635

63

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

$

1,490,751

2,790

5.000%,

7/01/45

7/25

at

100.00

2,804,046

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

1,254,173

2,250

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Pace

University,

Series

2024A,

5.500%,

5/01/49

5/34

at

100.00

2,475,924

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

3,417,451

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

1,060,884

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

8,728,209

3,450

(c)

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Vaughn

College

of

Aeronautics

&

Technology,

Series

2016A,

5.500%,

12/01/36

12/26

at

100.00

3,292,921

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

1,939,785

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

2,785,391

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

207,541

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

7,635,366

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

6,270,459

300

(c)

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

7/32

at

100.00

309,359

850

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,

St.

John

Fisher

University

Project,

Series

2024,

5.250%,

6/01/54

6/34

at

100.00

922,963

405

New

Rochelle

Corporation,

New

York,

Local

Development

Revenue

Bonds,

Iona

College

Project,

Series

2015A,

5.000%,

7/01/40

7/25

at

100.00

407,341

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

1,953,037

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

2,566,646

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

663,040

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

10,601,501

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

1,273,804

1,765

Westchester

County

Local

Development

Corporation,

New

York,

Revenue

Bonds,

Pace

University,

Series

2014A,

5.500%,

5/01/42

11/24

at

100.00

1,774,437

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

200,050

205

5.000%,

10/15/39

10/29

at

100.00

209,440

TOTAL

EDUCATION

AND

CIVIC

ORGANIZATIONS

101,843,518

Nuveen

New

York

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

64

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

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

$

6,676,277

3,475

Liberty

Development

Corporation,

New

York,

Goldman

Sachs

Headquarters

Revenue

Bonds

Series

2007,

5.500%,

10/01/37

No

Opt.

Call

4,169,934

TOTAL

FINANCIALS

10,846,211

HEALTH

CARE

-

18.1%

Dormitory

Authority

of

the

State

of

New

York,

General

Revenue

Bonds,

Northwell

Health

Obligated

Group,

Series

2022A:

15,600

4.000%,

5/01/45

5/32

at

100.00

14,813,991

18,290

4.250%,

5/01/52

5/32

at

100.00

18,053,431

9,255

5.000%,

5/01/52

5/32

at

100.00

9,876,552

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

14,681,070

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

3,711,635

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

1,263,896

2,680

5.000%,

9/01/34

3/30

at

100.00

2,736,049

2,620

5.000%,

9/01/35

3/30

at

100.00

2,669,538

11,400

4.000%,

9/01/50

3/30

at

100.00

10,347,417

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

2,307,339

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

14,082,132

33,955

4.000%,

7/01/53

7/30

at

100.00

32,923,674

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Orange

Regional

Medical

Center

Obligated

Group,

Series

2015:

600

(c)

5.000%,

12/01/24

No

Opt.

Call

600,281

500

(c)

5.000%,

12/01/25

6/25

at

100.00

501,390

450

(c)

5.000%,

12/01/29

6/25

at

100.00

450,849

1,100

(c)

5.000%,

12/01/32

6/25

at

100.00

1,100,921

1,100

(c)

5.000%,

12/01/33

6/25

at

100.00

1,100,652

1,000

(c)

5.000%,

12/01/35

6/25

at

100.00

999,348

1,300

(c)

5.000%,

12/01/40

6/25

at

100.00

1,272,389

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Orange

Regional

Medical

Center

Obligated

Group,

Series

2017:

1,510

(c)

5.000%,

12/01/24

No

Opt.

Call

1,510,707

2,000

(c)

5.000%,

12/01/26

No

Opt.

Call

2,011,525

1,200

(c)

5.000%,

12/01/27

6/27

at

100.00

1,206,981

4,250

(c)

5.000%,

12/01/36

6/27

at

100.00

4,182,065

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

6,390,629

2,385

4.000%,

7/01/41

7/26

at

100.00

2,352,801

12,325

5.000%,

7/01/46

7/26

at

100.00

12,409,632

1,000

Dutchess

County

Local

Development

Corporation,

New

York,

Revenue

Bonds,

Nuvance

Health

Issue,

Series

2019B,

5.000%,

7/01/26

No

Opt.

Call

1,022,171

1,395

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,

Rochester

General

Hospital

Project,

Series

2013A,

5.000%,

12/01/42

9/24

at

100.00

1,395,228

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

6,660,222

4,600

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

4,229,767

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

379,637

65

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

HEALTH

CARE

(continued)

$

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

$

19,130,018

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

433,619

TOTAL

HEALTH

CARE

196,807,556

HOUSING/MULTIFAMILY

-

0.1%

1,245

New

York

State

Housing

Finance

Agency,

Multifamily

Housing

Revenue

Bonds,

Cannon

Street

Senior

Housing

Project,

Series

2007A,

5.300%,

2/15/39,

(AMT)

9/24

at

100.00

1,245,607

TOTAL

HOUSING/MULTIFAMILY

1,245,607

INDUSTRIALS

-

2.3%

17,020

(c)

New

York

Liberty

Development

Corporation,

New

York,

Liberty

Revenue

Bonds,

3

World

Trade

Center

Project,

Class

1

Series

2014,

5.000%,

11/15/44

11/24

at

100.00

17,034,247

7,550

(c)

New

York

Liberty

Development

Corporation,

New

York,

Liberty

Revenue

Bonds,

3

World

Trade

Center

Project,

Class

2

Series

2014,

5.150%,

11/15/34

11/24

at

100.00

7,564,778

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

67,956

TOTAL

INDUSTRIALS

24,666,981

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

9/24

at

100.00

524,111

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

520,091

New

York

City

Industrial

Development

Agency,

New

York,

Civic

Facility

Revenue

Bonds,

Special

Needs

Facilities

Pooled

Program,

Series

2008A-1:

330

(c)

6.100%,

7/01/28

9/24

at

100.00

288,985

210

(c)

6.200%,

7/01/33

9/24

at

100.00

162,853

TOTAL

LONG-TERM

CARE

1,496,040

MATERIALS

-

0.2%

Build

New

York

City

Resource

Corporation,

New

York,

Solid

Waste

Disposal

Revenue

Bonds,

Pratt

Paper

NY,

Inc.

Project,

Series

2014:

105

(c)

4.500%,

1/01/25,

(AMT)

No

Opt.

Call

105,139

2,145

(c)

5.000%,

1/01/35,

(AMT)

1/25

at

100.00

2,152,122

TOTAL

MATERIALS

2,257,261

TAX

OBLIGATION/GENERAL

-

4.9%

5,165

Nassau

County,

New

York,

General

Obligation

Bonds,

General

Improvement

Series

2023A,

4.000%,

4/01/53

4/33

at

100.00

5,032,734

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

6,109,794

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

7,590,632

6,050

5.000%,

3/01/40

3/28

at

100.00

6,355,314

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

4,042,178

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

5,831,067

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

6,365,714

Nuveen

New

York

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

66

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TAX

OBLIGATION/GENERAL

(continued)

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1:

$

10,000

4.000%,

7/01/33

7/31

at

103.00

$

9,926,098

2,770

4.000%,

7/01/41

7/31

at

103.00

2,632,776

TOTAL

TAX

OBLIGATION/GENERAL

53,886,307

TAX

OBLIGATION/LIMITED

-

20.6%

Dormitory

Authority

of

the

State

of

New

York,

Residential

Insitutions

for

Children

Revenue

Bonds,

Series

2008-A1:

1,585

5.000%,

6/01/33

9/24

at

100.00

1,596,021

1,985

5.000%,

6/01/38

9/24

at

100.00

1,987,215

20

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

School

Districts

Financing

Program,

Series

2009C,

5.125%,

10/01/36

-

AGC

Insured

9/24

at

100.00

20,033

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

9,054,508

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

2,178,880

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

17,706,772

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

10,479,032

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D:

2,135

5.000%,

11/15/26

11/25

at

100.00

2,175,378

1,455

5.000%,

11/15/29

11/25

at

100.00

1,481,626

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

2,284,583

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

5,929,013

3,955

5.000%,

2/15/42

2/27

at

100.00

4,085,363

1,045

5.000%,

2/15/45

2/27

at

100.00

1,076,012

2,935

Metropolitan

Transportation

Authority,

New

York,

Dedicated

Tax

Fund

Bonds,

Green

Series

2024A,

4.000%,

11/15/51

11/34

at

100.00

2,866,547

5,450

Metropolitan

Transportation

Authority,

New

York,

Dedicated

Tax

Fund

Bonds,

Series

2022A,

5.000%,

11/15/46

5/32

at

100.00

5,923,642

4,000

Monroe

County

Industrial

Development

Agency,

New

York,

School

Facility

Revenue

Bonds,

Rochester

Schools

Modernization

Project,

Series

2013,

5.000%,

5/01/28

9/24

at

100.00

4,005,074

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

9,362,786

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

1,654,275

1,165

5.000%,

7/15/35

1/26

at

100.00

1,192,860

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

5,038,878

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

5,126,740

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

5,157,958

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

5,543,754

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

5,213,832

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

3,946,751

5,000

New

York

City,

New

York,

Educational

Construction

Fund

Revenue

Bonds,

Series

2021B,

5.000%,

4/01/52

4/31

at

100.00

5,295,061

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

10,464,495

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

14,714,905

67

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TAX

OBLIGATION/LIMITED

(continued)

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

$

7,469,235

3,800

4.000%,

3/15/49

9/30

at

100.00

3,727,307

500

Oneida

Indian

Nation,

New

York,

Tax

Revenue

Bonds,

Series

2024B,

6.000%,

9/01/43

9/31

at

102.00

550,951

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

806,904

28,646

5.000%,

7/01/58

7/28

at

100.00

28,772,687

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

4,464,885

1,930

5.000%,

1/01/32,

(AMT)

1/26

at

100.00

1,481,889

1,250

5.000%,

1/01/34,

(AMT)

1/26

at

100.00

958,234

5,430

5.000%,

1/01/36,

(AMT)

1/26

at

100.00

4,162,952

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

2,285,149

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

9,345,714

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

1,758,277

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

2,231,762

9,500

Triborough

Bridge

and

Tunnel

Authority,

New

York,

Sales

Tax

Revenue

Bonds,

MTA

Bridges

&

Tunnels,

TBTA

Capital

Lockbox-City

Sales

Tax,

Series

2024A-1,

5.250%,

5/15/59

5/34

at

100.00

10,492,197

TOTAL

TAX

OBLIGATION/LIMITED

224,070,137

TRANSPORTATION

-

29.9%

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

2,739,432

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

2,093,557

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

3,692,655

9,200

5.000%,

11/15/50

5/30

at

100.00

9,606,906

2,000

5.250%,

11/15/55

5/30

at

100.00

2,103,272

2,500

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Refunding

Green

Series

2016B,

5.000%,

11/15/37

11/26

at

100.00

2,575,545

7,500

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Refunding

Series

2015D-1,

5.000%,

11/15/30

11/25

at

100.00

7,666,373

6,655

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Refunding

Series

2017D,

4.000%,

11/15/42

5/28

at

100.00

6,570,655

5,800

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Series

2014D-1,

5.000%,

11/15/39

11/24

at

100.00

5,813,130

8,450

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Series

2015C-1,

5.250%,

11/15/30

11/25

at

100.00

8,662,125

2,500

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Series

2016C-1,

5.000%,

11/15/34

11/26

at

100.00

2,584,658

New

York

City

Industrial

Development

Agency,

New

York,

Civic

Facility

Revenue

Bonds,

Bronx

Parking

Development

Company,

LLC

Project,

Series

2007:

2,800

(d)

2.300%,

10/01/37

9/24

at

100.00

1,792,000

2,000

(d)

2.350%,

10/01/46

9/24

at

100.00

1,280,000

6,645

New

York

City,

Industrial

Development

Agency,

Senior

Airport

Facilities

Revenue

Refunding

Bonds,

TrIPs

Obligated

Group,

Series

2012A,

5.000%,

7/01/28,

(AMT)

9/24

at

100.00

6,646,970

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

2,676,597

Nuveen

New

York

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

68

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TRANSPORTATION

(continued)

New

York

State

Thruway

Authority,

General

Revenue

Bonds,

Series

2020N:

$

5,000

4.000%,

1/01/42

1/30

at

100.00

$

4,988,325

3,000

4.000%,

1/01/43

1/30

at

100.00

2,965,138

8,515

New

York

State

Thruway

Authority,

General

Revenue

Junior

Indebtedness

Obligations,

Series

2016A,

5.000%,

1/01/51

1/26

at

100.00

8,637,040

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

1,766,374

3,720

4.000%,

10/31/46,

(AMT)

10/31

at

100.00

3,307,051

23,765

4.000%,

4/30/53,

(AMT)

10/31

at

100.00

20,411,706

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)

9/24

at

100.00

4,750,166

12,020

5.000%,

7/01/46,

(AMT)

9/24

at

100.00

12,019,531

24,965

5.250%,

1/01/50,

(AMT)

9/24

at

100.00

24,964,696

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

American

Airlines,

Inc.

John

F

Kennedy

International

Airport

Project,

Refunding

Series

2016:

6,055

5.000%,

8/01/26,

(AMT)

9/24

at

100.00

6,064,201

12,610

5.000%,

8/01/31,

(AMT)

9/24

at

100.00

12,624,189

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

1,861,966

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

2,273,831

14,915

5.375%,

6/30/60,

(AMT)

6/31

at

100.00

15,564,037

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

2,507,922

1,280

5.000%,

12/01/37,

(AMT)

12/30

at

100.00

1,352,584

215

4.000%,

12/01/38,

(AMT)

12/30

at

100.00

212,691

120

4.000%,

12/01/39,

(AMT)

12/30

at

100.00

118,305

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

1,673,160

1,745

5.000%,

12/01/35

12/30

at

100.00

1,888,884

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

2,172,326

10,000

5.000%,

12/01/36,

(AMT)

12/32

at

100.00

10,756,177

3,000

5.000%,

12/01/37,

(AMT)

12/32

at

100.00

3,216,410

1,000

5.000%,

12/01/40,

(AMT)

12/32

at

100.00

1,056,310

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

1,337,234

10,200

5.000%,

1/01/28,

(AMT)

No

Opt.

Call

10,623,592

10,035

5.000%,

1/01/31,

(AMT)

1/28

at

100.00

10,389,652

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

1,252,252

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

6,074,686

69

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

TRANSPORTATION

(continued)

Niagara

Frontier

Transportation

Authority,

New

York,

Airport

Revenue

Bonds,

Buffalo

International

Airport,

Series

2014A:

$

2,000

5.000%,

4/01/25,

(AMT)

9/24

at

100.00

$

2,001,028

3,775

5.000%,

4/01/26,

(AMT)

9/24

at

100.00

3,777,450

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

484,576

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

15,445,406

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

2,577,021

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

10,615,426

7,495

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Forty-Fourth

Series

2024,

5.000%,

7/15/54

7/34

at

100.00

8,226,976

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

5,294,693

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

4,431,224

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

8,376,645

3,905

Triborough

Bridge

and

Tunnel

Authority,

New

York,

General

Purpose

Revenue

Bonds,

MTA

Bridges

&

Tunnels,

Series

2014A,

5.000%,

11/15/39

11/24

at

100.00

3,920,279

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

11,396,848

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

5,311,250

TOTAL

TRANSPORTATION

325,193,133

U.S.

GUARANTEED

-

0.7%

(e)

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

1,242,564

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

5,049

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

3,337,953

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

2,938,336

TOTAL

U.S.

GUARANTEED

7,523,902

UTILITIES

-

7.3%

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

5,304,109

2,000

Long

Island

Power

Authority,

New

York,

Electric

System

General

Revenue

Bonds,

Series

2000A,

0.000%,

6/01/25

-

AGM

Insured

No

Opt.

Call

1,949,779

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

2,312,399

695

5.000%,

9/01/47

9/27

at

100.00

721,826

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

5,204,745

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

7,708,032

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

9,672,696

Nuveen

New

York

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

August

31,

2024

(Unaudited)

70

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

UTILITIES

(continued)

$

25,000

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Water

and

Sewer

System

Second

General

Resolution

Revenue

Bonds,

Fiscal

2024

Series

CC-1,

5.250%,

6/15/54

6/34

at

100.00

$

27,887,465

4,980

New

York

State

Power

Authority,

General

Revenue

Bonds,

Series

2020A,

4.000%,

11/15/55

5/30

at

100.00

4,907,162

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

4,545,193

9,400

(c)

Niagara

Area

Development

Corporation,

New

York,

Solid

Waste

Disposal

Facility

Revenue

Refunding

Bonds,

Covanta

Energy

Project,

Series

2018A,

4.750%,

11/01/42,

(AMT)

9/24

at

100.00

9,012,762

TOTAL

UTILITIES

79,226,168

TOTAL

MUNICIPAL

BONDS

(cost

$1,051,354,475)

1,066,177,591

TOTAL

LONG-TERM

INVESTMENTS

(cost

$1,051,354,475)

1,066,177,591

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

SHORT-TERM

INVESTMENTS

-

 0.3%  

X

3,100,000

MUNICIPAL

BONDS

-

0.3%  

X

3,100,000

EDUCATION

AND

CIVIC

ORGANIZATIONS

-

0

.3

%

$

3,100

(f)

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Columbia

University,

Variable

Supported

Debt

Series

2003B,

2.800%,

7/01/28

9/24

at

100.00

$

3,100,000

TOTAL

EDUCATION

AND

CIVIC

ORGANIZATIONS

3,100,000

TOTAL

Municipal

Bonds

(cost

$3,100,000)

3,100,000

TOTAL

SHORT-TERM

INVESTMENTS

(cost

$3,100,000)

3,100,000

TOTAL

INVESTMENTS

(cost

$1,054,454,475)

-

98.2%

1,069,277,591

OTHER

ASSETS

&

LIABILITIES,

NET

-

1.8%

20,080,660

NET

ASSETS

-

100%

$

1,089,358,251

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

(c)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$72,596,309

or

6.8%

of

Total

Investments.

(d)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(e)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

(f)

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.

AMT

Alternative

Minimum

Tax

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

71

August

31,

2024

(Unaudited)

California

High

Yield

California

Connecticut

Massachusetts

New

Jersey

New

York

ASSETS

Long-term

investments,

at

value

†

$

1,339,892,304‌

$

1,708,957,886‌

$

226,012,882‌

$

560,945,193‌

$

379,189,109‌

$

1,066,177,591‌

Short-term

investments,

at

value

◊

52,425,000‌

10,000,000‌

3,000,000‌

7,430,000‌

8,010,000‌

3,100,000‌

Cash

1,644,989‌

5,974,152‌

3,251,356‌

1,663,558‌

50,317‌

8,466,943‌

Receivables:

Interest

25,322,139‌

19,925,108‌

2,300,911‌

6,203,190‌

4,101,397‌

12,828,238‌

Investments

sold

10,630,049‌

6,437,370‌

3,425,014‌

–‌

2,195,000‌

–‌

Shares

sold

1,802,709‌

1,822,446‌

526,199‌

295,138‌

184,636‌

2,391,345‌

Other

95,610‌

111,468‌

51,433‌

46,418‌

26,773‌

98,462‌

Total

assets

1,431,812,800‌

1,753,228,430‌

238,567,795‌

576,583,497‌

393,757,232‌

1,093,062,579‌

LIABILITIES

Floating

rate

obligations

293,085,000‌

–‌

–‌

–‌

–‌

–‌

Payables:

Management

fees

505,022‌

696,035‌

100,491‌

238,172‌

163,511‌

438,189‌

Dividends

435,088‌

1,140,036‌

70,799‌

159,855‌

152,621‌

507,784‌

Interest

5,830,191‌

–‌

–‌

–‌

–‌

–‌

Investments

purchased

-

when-issued/delayed-

delivery

settlement

–‌

–‌

–‌

1,177,910‌

1,021,575‌

–‌

Shares

redeemed

2,421,434‌

6,922,911‌

213,991‌

1,395,590‌

625,620‌

2,295,477‌

Accrued

expenses:

Custodian

fees

101,138‌

130,914‌

41,120‌

76,457‌

51,229‌

97,665‌

Trustees

fees

48,314‌

91,233‌

23,471‌

19,989‌

18,393‌

76,219‌

Professional

fees

60,475‌

73,621‌

23,849‌

37,348‌

30,094‌

53,909‌

Shareholder

reporting

expenses

22,211‌

31,333‌

6,526‌

18,292‌

13,200‌

25,116‌

Shareholder

servicing

agent

fees

88,479‌

165,854‌

20,705‌

85,757‌

49,137‌

113,503‌

12b-1

distribution

and

service

fees

113,329‌

152,984‌

23,712‌

44,177‌

37,990‌

95,835‌

Other

367‌

431‌

279‌

313‌

293‌

631‌

Total

liabilities

302,711,048‌

9,405,352‌

524,943‌

3,253,860‌

2,163,663‌

3,704,328‌

Commitments

and

contingencies

(1)

Net

assets

$

1,129,101,752‌

$

1,743,823,078‌

$

238,042,852‌

$

573,329,637‌

$

391,593,569‌

$

1,089,358,251‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

$

1,372,798,869‌

$

1,928,045,615‌

$

258,591,768‌

$

628,488,507‌

$

412,196,517‌

$

1,200,958,078‌

Total

distributable

earnings

(loss)

(

243,697,117‌

)

(

184,222,537‌

)

(

20,548,916‌

)

(

55,158,870‌

)

(

20,602,948‌

)

(

111,599,827‌

)

Net

assets

$

1,129,101,752‌

$

1,743,823,078‌

$

238,042,852‌

$

573,329,637‌

$

391,593,569‌

$

1,089,358,251‌

†

Long-term

investments,

cost

$

1,339,960,596‌

$

1,723,857,351‌

$

231,439,132‌

$

560,818,208‌

$

387,550,332‌

$

1,051,354,475‌

◊

Short-term

investments,

cost

$

52,425,000‌

$

10,000,000‌

$

3,000,000‌

$

7,430,000‌

$

8,010,000‌

$

3,100,000‌

Statement

of

Assets

and

Liabilities

(continued)

See

Notes

to

Financial

Statements

72

California

High

Yield

California

Connecticut

Massachusetts

New

Jersey

New

York

CLASS

A:

Net

assets

$

539,545,991‌

$

773,033,309‌

$

123,304,028‌

$

235,875,973‌

$

181,679,756‌

$

489,918,110‌

Shares

outstanding

66,936,547‌

75,898,983‌

12,745,240‌

25,202,522‌

17,094,230‌

49,546,959‌

Net

asset

value

("NAV")

per

share

$

8.06‌

$

10.19‌

$

9.67‌

$

9.36‌

$

10.63‌

$

9.89‌

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)

$

8.41‌

$

10.64‌

$

10.09‌

$

9.77‌

$

11.10‌

$

10.32‌

CLASS

C:

Net

assets

$

25,405,319‌

$

25,110,295‌

$

3,331,433‌

$

4,287,042‌

$

8,160,723‌

$

15,946,650‌

Shares

outstanding

3,155,368‌

2,476,273‌

345,058‌

461,579‌

771,631‌

1,614,492‌

NAV

and

offering

price

per

share

$

8.05‌

$

10.14‌

$

9.65‌

$

9.29‌

$

10.58‌

$

9.88‌

CLASS

I:

Net

assets

$

564,150,442‌

$

945,679,474‌

$

111,407,391‌

$

333,166,622‌

$

201,753,090‌

$

583,493,491‌

Shares

outstanding

70,061,443‌

92,820,863‌

11,489,962‌

35,580,506‌

18,919,906‌

58,967,904‌

NAV

and

offering

price

per

share

$

8.05‌

$

10.19‌

$

9.70‌

$

9.36‌

$

10.66‌

$

9.90‌

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

73

Six

Months

Ended

August

31,

2024

(Unaudited)

California

High

Yield

California

Connecticut

Massachusetts

INVESTMENT

INCOME

Interest

$

36,795,454‌

$

37,445,087‌

$

4,489,975‌

$

11,147,500‌

Total

investment

income

36,795,454‌

37,445,087‌

4,489,975‌

11,147,500‌

EXPENSES

–

–

–

–

Management

fees

2,936,006‌

4,083,302‌

607,667‌

1,421,272‌

12b-1

service

fees

-

Class

A

530,097‌

777,873‌

119,675‌

249,715‌

12b-1

distribution

and

service

fees

-

Class

C

138,819‌

133,372‌

18,549‌

22,243‌

Shareholder

servicing

agent

fees

-

Class

A

73,387‌

135,070‌

21,138‌

64,349‌

Shareholder

servicing

agent

fees

-

Class

C

3,846‌

4,617‌

654‌

1,143‌

Shareholder

servicing

agent

fees

-

Class

I

76,318‌

160,694‌

20,920‌

84,293‌

Interest

expense

5,794,193‌

211,450‌

4,653‌

32,158‌

Trustees

fees

20,757‌

32,245‌

4,617‌

10,871‌

Custodian

expenses,

net

55,389‌

70,810‌

18,416‌

34,148‌

Registration

fees

19,557‌

3,684‌

3,513‌

3,771‌

Professional

fees

100,972‌

68,497‌

30,655‌

39,589‌

Shareholder

reporting

expenses

22,411‌

35,735‌

14,597‌

25,790‌

Other

9,344‌

13,029‌

4,172‌

8,198‌

Total

expenses

9,781,096‌

5,730,378‌

869,226‌

1,997,540‌

Net

investment

income

(loss)

27,014,358‌

31,714,709‌

3,620,749‌

9,149,960‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

(15,487,050‌)

(2,996,816‌)

18,346‌

(1,130,999‌)

Net

realized

gain

(loss)

(15,487,050‌)

(2,996,816‌)

18,346‌

(1,130,999‌)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

31,924,390‌

12,558,343‌

1,193,504‌

2,437,198‌

Net

change

in

unrealized

appreciation

(depreciation)

31,924,390‌

12,558,343‌

1,193,504‌

2,437,198‌

Net

realized

and

unrealized

gain

(loss)

16,437,340‌

9,561,527‌

1,211,850‌

1,306,199‌

Net

increase

(decrease)

in

net

assets

from

operations

$

43,451,698‌

$

41,276,236‌

$

4,832,599‌

$

10,456,159‌

Statement

of

Operations

(continued)

See

Notes

to

Financial

Statements

74

Six

Months

Ended

August

31,

2024

(Unaudited)

New

Jersey

New

York

INVESTMENT

INCOME

Interest

$

7,468,393‌

$

24,778,900‌

Total

investment

income

7,468,393‌

24,778,900‌

EXPENSES

–

–

Management

fees

961,937‌

2,572,543‌

12b-1

service

fees

-

Class

A

185,099‌

486,193‌

12b-1

distribution

and

service

fees

-

Class

C

44,135‌

83,708‌

Shareholder

servicing

agent

fees

-

Class

A

42,082‌

99,237‌

Shareholder

servicing

agent

fees

-

Class

C

2,006‌

3,420‌

Shareholder

servicing

agent

fees

-

Class

I

44,315‌

116,155‌

Interest

expense

26,024‌

97,741‌

Trustees

fees

7,313‌

20,156‌

Custodian

expenses,

net

29,871‌

46,236‌

Registration

fees

1,613‌

2,452‌

Professional

fees

34,923‌

52,262‌

Shareholder

reporting

expenses

20,611‌

39,287‌

Other

5,294‌

9,672‌

Total

expenses

1,405,223‌

3,629,062‌

Net

investment

income

(loss)

6,063,170‌

21,149,838‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

(931,858‌)

16,627‌

Net

realized

gain

(loss)

(931,858‌)

16,627‌

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

1,048,967‌

1,029,173‌

Net

change

in

unrealized

appreciation

(depreciation)

1,048,967‌

1,029,173‌

Net

realized

and

unrealized

gain

(loss)

117,109‌

1,045,800‌

Net

increase

(decrease)

in

net

assets

from

operations

$

6,180,279‌

$

22,195,638‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

75

California

High

Yield

California

Unaudited

Six

Months

Ended

8/31/24

Year

Ended

2/29/24

Unaudited

Six

Months

Ended

8/31/24

Year

Ended

2/29/24

OPERATIONS

Net

investment

income

(loss)

$

27,014,358‌

$

47,066,989‌

$

31,714,709‌

$

62,646,505‌

Net

realized

gain

(loss)

(

15,487,050‌

)

(

54,189,277‌

)

(

2,996,816‌

)

(

9,825,082‌

)

Net

change

in

unrealized

appreciation

(depreciation)

31,924,390‌

56,390,132‌

12,558,343‌

30,700,696‌

Net

increase

(decrease)

in

net

assets

from

operations

43,451,698‌

49,267,844‌

41,276,236‌

83,522,119‌

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

(

10,533,488‌

)

(

22,579,161‌

)

(

13,966,617‌

)

(

27,112,106‌

)

Class

C

(

447,861‌

)

(

1,176,943‌

)

(

378,256‌

)

(

924,819‌

)

Class

I

(

11,590,689‌

)

(

23,509,180‌

)

(

17,679,480‌

)

(

34,796,759‌

)

Total

distributions

(

22,572,038‌

)

(

47,265,284‌

)

(

32,024,353‌

)

(

62,833,684‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

131,391,347‌

520,621,315‌

198,091,835‌

833,336,788‌

Reinvestments

of

distributions

20,029,415‌

41,870,306‌

25,451,202‌

50,334,162‌

Redemptions

(

145,373,848‌

)

(

617,717,505‌

)

(

198,148,081‌

)

(

894,089,614‌

)

Net

increase

(decrease)

from

Fund

share

transactions

6,046,914‌

(

55,225,884‌

)

25,394,956‌

(

10,418,664‌

)

Net

increase

(decrease)

in

net

assets

26,926,574‌

(

53,223,324‌

)

34,646,839‌

10,269,771‌

Net

assets

at

the

beginning

of

period

1,102,175,178‌

1,155,398,502‌

1,709,176,239‌

1,698,906,468‌

Net

assets

at

the

end

of

period

$

1,129,101,752‌

$

1,102,175,178‌

$

1,743,823,078‌

$

1,709,176,239‌

See

Notes

to

Financial

Statements

76

Statement

of

Changes

in

Net

Assets

(continued)

Connecticut

Massachusetts

Unaudited

Six

Months

Ended

8/31/24

Year

Ended

2/29/24

Unaudited

Six

Months

Ended

8/31/24

Year

Ended

2/29/24

OPERATIONS

Net

investment

income

(loss)

$

3,620,749‌

$

6,517,791‌

$

9,149,960‌

$

18,376,531‌

Net

realized

gain

(loss)

18,346‌

(

2,296,563‌

)

(

1,130,999‌

)

(

21,992,068‌

)

Net

change

in

unrealized

appreciation

(depreciation)

1,193,504‌

7,815,476‌

2,437,198‌

27,454,171‌

Net

increase

(decrease)

in

net

assets

from

operations

4,832,599‌

12,036,704‌

10,456,159‌

23,838,634‌

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

(

1,743,843‌

)

(

3,289,051‌

)

(

3,791,326‌

)

(

7,159,982‌

)

Class

C

(

39,175‌

)

(

84,969‌

)

(

49,413‌

)

(

103,532‌

)

Class

I

(

1,835,721‌

)

(

2,930,546‌

)

(

5,275,530‌

)

(

10,889,096‌

)

Total

distributions

(

3,618,739‌

)

(

6,304,566‌

)

(

9,116,269‌

)

(

18,152,610‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

30,466,003‌

98,140,662‌

41,236,223‌

315,430,756‌

Reinvestments

of

distributions

3,191,738‌

5,441,452‌

8,178,116‌

16,138,304‌

Redemptions

(

37,362,545‌

)

(

82,633,702‌

)

(

64,553,164‌

)

(

378,046,582‌

)

Net

increase

(decrease)

from

Fund

share

transactions

(

3,704,804‌

)

20,948,412‌

(

15,138,825‌

)

(

46,477,522‌

)

Net

increase

(decrease)

in

net

assets

(

2,490,944‌

)

26,680,550‌

(

13,798,935‌

)

(

40,791,498‌

)

Net

assets

at

the

beginning

of

period

240,533,796‌

213,853,246‌

587,128,572‌

627,920,070‌

Net

assets

at

the

end

of

period

$

238,042,852‌

$

240,533,796‌

$

573,329,637‌

$

587,128,572‌

See

Notes

to

Financial

Statements

77

New

Jersey

New

York

Unaudited

Six

Months

Ended

8/31/24

Year

Ended

2/29/24

Unaudited

Six

Months

Ended

8/31/24

Year

Ended

2/29/24

OPERATIONS

Net

investment

income

(loss)

$

6,063,170‌

$

12,254,453‌

$

21,149,838‌

$

41,943,090‌

Net

realized

gain

(loss)

(

931,858‌

)

(

7,767,232‌

)

16,627‌

(

15,161,768‌

)

Net

change

in

unrealized

appreciation

(depreciation)

1,048,967‌

14,077,877‌

1,029,173‌

31,160,744‌

Net

increase

(decrease)

in

net

assets

from

operations

6,180,279‌

18,565,098‌

22,195,638‌

57,942,066‌

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

(

2,874,245‌

)

(

6,064,783‌

)

(

9,409,284‌

)

(

19,510,462‌

)

Class

C

(

102,667‌

)

(

202,780‌

)

(

258,361‌

)

(

628,686‌

)

Class

I

(

3,232,631‌

)

(

5,849,312‌

)

(

11,522,359‌

)

(

21,290,301‌

)

Total

distributions

(

6,209,543‌

)

(

12,116,875‌

)

(

21,190,004‌

)

(

41,429,449‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

33,248,331‌

150,343,480‌

119,397,364‌

455,467,099‌

Reinvestments

of

distributions

5,310,468‌

10,398,555‌

18,202,334‌

35,148,859‌

Redemptions

(

36,968,131‌

)

(

192,953,009‌

)

(

105,827,927‌

)

(

584,203,082‌

)

Net

increase

(decrease)

from

Fund

share

transactions

1,590,668‌

(

32,210,974‌

)

31,771,771‌

(

93,587,124‌

)

Net

increase

(decrease)

in

net

assets

1,561,404‌

(

25,762,751‌

)

32,777,405‌

(

77,074,507‌

)

Net

assets

at

the

beginning

of

period

390,032,165‌

415,794,916‌

1,056,580,846‌

1,133,655,353‌

Net

assets

at

the

end

of

period

$

391,593,569‌

$

390,032,165‌

$

1,089,358,251‌

$

1,056,580,846‌

Statement

of

Cash

Flows

See

Notes

to

Financial

Statements

78

Six

Months

Ended

August

31,

2024

(Unaudited)

California

High

Yield

CASH

FLOWS

FROM

OPERATING

ACTIVITIES

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

$

43,451,698‌

Adjustments

to

reconcile

the

net

increase

(decrease)

in

net

assets

from

operations

to

net

cash

provided

by

(used

in)

operating

activities:

Purchases

of

investments

(

129,236,190‌

)

Proceeds

from

sale

and

maturities

of

investments

140,149,474‌

Proceeds

from

(Purchase

of)

short-term

investments,

net

(

47,500,000‌

)

Amortization

(Accretion)

of

premiums

and

discounts,

net

(

982,822‌

)

(Increase)

Decrease

in:

Receivable

for

interest

(

4,116,641‌

)

Receivable

for

investments

sold

(

10,585,049‌

)

Other

assets

19,248‌

Increase

(Decrease)

in:

Payable

for

interest

3,447,998‌

Payable

for

management

fees

39,373‌

Accrued

custodian

fees

(

4,407‌

)

Accrued

12b-1

distribution

and

service

fees

4,365‌

Accrued

Trustees

fees

(

32,685‌

)

Accrued

professional

fees

(

6‌

)

Accrued

shareholder

reporting

expenses

5,954‌

Accrued

shareholder

servicing

agent

fees

(

9,510‌

)

Accrued

other

expenses

(

1,561‌

)

Net

realized

(gain)

loss

from

investments

15,487,050‌

Net

realized

(gain)

loss

from

paydowns

(

122‌

)

Net

change

in

unrealized

(appreciation)

depreciation

of

investments

(

31,924,390‌

)

Net

cash

provided

by

(used

in)

operating

activities

(

21,788,223‌

)

CASH

FLOWS

FROM

FINANCING

ACTIVITIES

Proceeds

from

floating

rate

obligations

53,130,000‌

(Repayments

of)

floating

rate

obligations

(

32,949,000‌

)

Cash

distributions

paid

to

common

shareholders

(

2,518,315‌

)

Subscriptions

131,012,745‌

Redemptions

(

146,055,334‌

)

Net

cash

provided

by

(used

in)

financing

activities

2,620,096‌

Net

increase

(decrease)

in

Cash

(

19,168,127‌

)

Cash

at

the

beginning

of

period

20,813,116‌

Cash

at

the

end

of

period

$

1,644,989‌

SUPPLEMENTAL

DISCLOSURE

OF

CASH

FLOW

INFORMATION

California

High

Yield

Cash

paid

for

interest

$

2,176,437‌

Non-cash

financing

activities

not

included

herein

consists

of

reinvestments

of

share

distributions

20,029,415‌

Financial

Highlights

79

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

California

High

Yield

Class

A

8/31/24(e)

$

7.91

$

0.19

$

0.12

$

0.31

$

(

0.16

)

$

—

$

(

0.16

)

$

8.06

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

8/31/24(e)

7.90

0.16

0.12

0.28

(

0.13

)

—

(

0.13

)

8.05

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

8/31/24(e)

7.90

0.20

0.12

0.32

(

0.17

)

—

(

0.17

)

8.05

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)

Total

returns

are

at

NAV

and

do

not

include

any

sales

charge.

Total

returns

are

not

annualized.  

(c)

The

Fund

has

a

contractual

fee

waiver/expense

reimbursement

agreement

with

the

Adviser,

but

did

not

receive

a

fee

waiver/expense

reimbursement

during

the

periods

presented

herein.

See

Notes

to

Financial

Statements

for

more

information.

(d)

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Notes

to

Financial

Statements

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Notes

to

Financial

Statements.

(e)

Unaudited.

(f)

Annualized.

See

Notes

to

Financial

Statements

80

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

3

.96‌

%

$

539,546

1

.84‌

%

(f)

0

.80‌

%

(f)

4

.79‌

%

(f)

10‌

%

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

.57‌

25,405

2

.64‌

(f)

1

.60‌

(f)

3

.98‌

(f)

10‌

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

.08‌

564,150

1

.64‌

(f)

0

.60‌

(f)

4

.99‌

(f)

10‌

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

81

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

California

Class

A

8/31/24(e)

$

10.13

$

0.18

$

0.06

$

0.24

$

(

0.18

)

$

—

$

(

0.18

)

$

10.19

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

8/31/24(e)

10.09

0.14

0.05

0.19

(

0.14

)

—

(

0.14

)

10.14

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

8/31/24(e)

10.14

0.19

0.06

0.25

(

0.20

)

—

(

0.20

)

10.19

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)

Total

returns

are

at

NAV

and

do

not

include

any

sales

charge.

Total

returns

are

not

annualized.  

(c)

The

Fund

has

a

contractual

fee

waiver/expense

reimbursement

agreement

with

the

Adviser,

but

did

not

receive

a

fee

waiver/expense

reimbursement

during

the

periods

presented

herein.

See

Notes

to

Financial

Statements

for

more

information.

(d)

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Notes

to

Financial

Statements

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Notes

to

Financial

Statements.

(e)

Unaudited.

(f)

Annualized.

(g)

Value

rounded

to

zero.

See

Notes

to

Financial

Statements

82

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

2

.43‌

%

$

773,033

0

.75‌

%

(f)

0

.73‌

%

(f)

3

.57‌

%

(f)

7‌

%

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

1

.94‌

25,110

1

.55‌

(f)

1

.53‌

(f)

2

.77‌

(f)

7‌

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

2

.45‌

945,679

0

.55‌

(f)

0

.53‌

(f)

3

.77‌

(f)

7‌

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

(g)

1,370,713

0

.53‌

0

.53‌

2

.72‌

25‌

11

.20‌

1,146,758

0

.54‌

0

.54‌

3

.05‌

13‌

83

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Connecticut

Class

A

8/31/24(d)

$

9.63

$

0.14

$

0.04

$

0.18

$

(

0.14

)

$

—

$

(

0.14

)

$

9.67

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

8/31/24(d)

9.61

0.10

0.04

0.14

(

0.10

)

—

(

0.10

)

9.65

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

8/31/24(d)

9.65

0.15

0.05

0.20

(

0.15

)

—

(

0.15

)

9.70

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)

Total

returns

are

at

NAV

and

do

not

include

any

sales

charge.

Total

returns

are

not

annualized.  

(c)

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Notes

to

Financial

Statements

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Notes

to

Financial

Statements.

(d)

Unaudited.

(e)

Annualized.

See

Notes

to

Financial

Statements

84

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Expenses

Including

Interest(c)

Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate

1

.90‌

%

$

123,304

0

.80‌

%

(e)

0

.80‌

%

(e)

2

.91‌

%

(e)

6‌

%

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

1

.49‌

3,331

1

.60‌

(e)

1

.60‌

(e)

2

.10‌

(e)

6‌

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

2

.10‌

111,407

0

.60‌

(e)

0

.60‌

(e)

3

.11‌

(e)

6‌

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

85

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Massachusetts

Class

A

8/31/24(e)

$

9.34

$

0.14

$

0.02

$

0.16

$

(

0.14

)

$

—

$

(

0.14

)

$

9.36

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

8/31/24(e)

9.26

0.10

0.03

0.13

(

0.10

)

—

(

0.10

)

9.29

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

8/31/24(e)

9.34

0.15

0.02

0.17

(

0.15

)

—

(

0.15

)

9.36

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)

Total

returns

are

at

NAV

and

do

not

include

any

sales

charge.

Total

returns

are

not

annualized.  

(c)

The

Fund

has

a

contractual

fee

waiver/expense

reimbursement

agreement

with

the

Adviser,

but

did

not

receive

a

fee

waiver/expense

reimbursement

during

the

periods

presented

herein.

See

Notes

to

Financial

Statements

for

more

information.

(d)

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Notes

to

Financial

Statements

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Notes

to

Financial

Statements.

(e)

Unaudited.

(f)

Annualized.

See

Notes

to

Financial

Statements

86

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Expenses

Including

Interest(c),(d)

Expenses

Excluding

Interest(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate

1

.76‌

%

$

235,876

0

.79‌

%

(f)

0

.78‌

%

(f)

3

.04‌

%

(f)

7‌

%

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

1

.46‌

4,287

1

.59‌

(f)

1

.58‌

(f)

2

.24‌

(f)

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

1

.86‌

333,167

0

.59‌

(f)

0

.58‌

(f)

3

.25‌

(f)

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

87

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

New

Jersey

Class

A

8/31/24(d)

$

10.63

$

0.16

$

0.01

$

0.17

$

(

0.17

)

$

—

$

(

0.17

)

$

10.63

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

8/31/24(d)

10.58

0.12

—

0.12

(

0.12

)

—

(

0.12

)

10.58

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

8/31/24(d)

10.67

0.17

—

0.17

(

0.18

)

—

(

0.18

)

10.66

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)

Total

returns

are

at

NAV

and

do

not

include

any

sales

charge.

Total

returns

are

not

annualized.  

(c)

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Notes

to

Financial

Statements

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Notes

to

Financial

Statements.

(d)

Unaudited.

(e)

Annualized.

See

Notes

to

Financial

Statements

88

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Expenses

Including

Interest(c)

Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate

1

.58‌

%

$

181,680

0

.80‌

%

(e)

0

.79‌

%

(e)

3

.04‌

%

(e)

7‌

%

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

1

.18‌

8,161

1

.60‌

(e)

1

.59‌

(e)

2

.23‌

(e)

7‌

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

1

.60‌

201,753

0

.60‌

(e)

0

.59‌

(e)

3

.24‌

(e)

7‌

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

89

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

New

York

Class

A

8/31/24(e)

$

9.88

$

0.19

$

0.01

$

0.20

$

(

0.19

)

$

—

$

(

0.19

)

$

9.89

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

8/31/24(e)

9.87

0.15

0.01

0.16

(

0.15

)

—

(

0.15

)

9.88

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

8/31/24(e)

9.89

0.20

0.01

0.21

(

0.20

)

—

(

0.20

)

9.90

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)

Total

returns

are

at

NAV

and

do

not

include

any

sales

charge.

Total

returns

are

not

annualized.  

(c)

The

Fund

has

a

contractual

fee

waiver/expense

reimbursement

agreement

with

the

Adviser,

but

did

not

receive

a

fee

waiver/expense

reimbursement

during

the

periods

presented

herein.

See

Notes

to

Financial

Statements

for

more

information.

(d)

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Notes

to

Financial

Statements

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Notes

to

Financial

Statements.

(e)

Unaudited.

(f)

Annualized.

See

Notes

to

Financial

Statements

90

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

2

.08‌

%

$

489,918

0

.77‌

%

(f)

0

.75‌

%

(f)

3

.85‌

%

(f)

2‌

%

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

1

.67‌

15,947

1

.57‌

(f)

1

.55‌

(f)

3

.05‌

(f)

2‌

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

2

.17‌

583,493

0

.57‌

(f)

0

.55‌

(f)

4

.05‌

(f)

2‌

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

(Unaudited)

91

1.

General

Information 

Trust

and

Fund

Information:

The

Nuveen

Multistate

Trust

II

(the

“Trust”)

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”).

The

Trust

is

comprised

of

Nuveen

California

High

Yield

Municipal

Bond

Fund

(“California

High

Yield”),

Nuveen

California

Municipal

Bond

Fund

(“California”),

Nuveen

Connecticut

Municipal

Bond

Fund

(“Connecticut”),

Nuveen

Massachusetts

Municipal

Bond

Fund

(“Massachusetts”),

Nuveen

New

Jersey

Municipal

Bond

Fund

(“New

Jersey”),

and

Nuveen

New

York

Municipal

Bond

Fund

(“New

York”)

(each

a

“Fund”

and

collectively

the

“Funds”),

as

diversified

funds,

among

others.

The

Trust

was

organized

as

a

Massachusetts

business

trust

on

July

1,

1996.

The

Funds

were

each

organized

as

a

series

of

predecessor

trusts

or

corporations

prior

to

that

date.

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

August

31,

2024,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

August

31,

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

$

—

California

—

Connecticut

—

Massachusetts

—

New

Jersey

—

New

York

—

92

Notes

to

Financial

Statements

(Unaudited)

(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

Financial

Statements.

3.

Investment

Valuation

and

Fair

Value

Measurements 

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

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.

93

The

following

table

summarizes

the

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

The

Funds

hold

liabilities

in

floating

rate

obligations,

where

applicable,

which

are

not

reflected

in

the

tables

above.

The

fair

values

of

the

Funds'

liabilities

for

floating

rate

obligations

approximate

their

liquidation

values.

Floating

rate

obligations

are

generally

classified

as

Level

2

and

further

described

in

these

Notes

to

Financial

Statements.

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

$

–

$

1,339,807,064

$

85,240

$

1,339,892,304

Short-Term

Investments:

Repurchase

Agreements

–

52,425,000

–

52,425,000

Total

$

–

$

1,392,232,064

$

85,240

$

1,392,317,304

California

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

1,708,924,140

$

33,746

$

1,708,957,886

Short-Term

Investments:

Municipal

Bonds

–

10,000,000

–

10,000,000

Total

$

–

$

1,718,924,140

$

33,746

$

1,718,957,886

Connecticut

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

226,012,882

$

–

$

226,012,882

Short-Term

Investments:

Municipal

Bonds

–

3,000,000

–

3,000,000

Total

$

–

$

229,012,882

$

–

$

229,012,882

Massachusetts

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

560,945,193

$

–

$

560,945,193

Short-Term

Investments:

Municipal

Bonds

–

7,430,000

–

7,430,000

Total

$

–

$

568,375,193

$

–

$

568,375,193

New

Jersey

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

379,189,109

$

–

$

379,189,109

Short-Term

Investments:

Municipal

Bonds

–

8,010,000

–

8,010,000

Total

$

–

$

387,199,109

$

–

$

387,199,109

New

York

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

1,066,177,591

$

–

$

1,066,177,591

Short-Term

Investments:

Municipal

Bonds

–

3,100,000

–

3,100,000

Total

$

–

$

1,069,277,591

$

–

$

1,069,277,591

94

Notes

to

Financial

Statements

(Unaudited)

(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

$    

52,425,000

$  

53,473,557

95

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

$

293,085,000

$

4,530,000

$

297,615,000

California

—

—

—

Connecticut

—

—

—

Massachusetts

—

—

—

New

Jersey

—

—

—

New

York

—

—

—

Fund

Average

Floating

Rate

Obligations

Outstanding

Average

Annual

Interest

Rate

And

Fees

California

High

Yield

$

272,719,307

4.00

%

California

—

—

Connecticut

—

—

Massachusetts

—

—

New

Jersey

—

—

New

York

—

—

96

Notes

to

Financial

Statements

(Unaudited)

(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:

California

High

Yield

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.

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.

Fund

Maximum

Exposure

to

Recourse

Trusts:

Self-Deposited

Inverse

Floaters

Maximum

Exposure

to

Recourse

Trusts:

Externally-Deposited

Inverse

Floaters

Total

California

High

Yield

$

293,085,000

$

4,530,000

$

297,615,000

California

—

—

—

Connecticut

—

—

—

Massachusetts

—

—

—

New

Jersey

—

—

—

New

York

—

—

—

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

and

Maturities

California

High

Yield

$

129,236,190

$

140,149,474

California

157,457,654

112,896,141

Connecticut

15,422,145

14,312,488

Massachusetts

36,659,835

38,099,384

New

Jersey

28,498,047

33,940,410

New

York

58,679,022

23,219,747

97

Market

and

Counterparty

Credit

Risk:

In

the

normal

course

of

business

each

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose

each

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

Each

Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of

each

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

pre-determined

threshold

amount.

6.

Fund

Shares

Transactions

in Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

Six

Months

Ended

8/31/24

Year

Ended

2/29/24

California

High

Yield

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

6,579,689

$52,399,217

20,648,461

$158,443,043

Class

C

162,490

1,289,698

472,224

3,636,631

Class

I

9,817,379

77,702,432

46,878,737

358,541,641

Total

subscriptions

16,559,558

131,391,347

67,999,422

520,621,315

Reinvestments

of

distributions:

Class

A

1,177,997

9,333,236

2,605,679

20,102,293

Class

C

52,465

415,016

141,822

1,094,257

Class

I

1,298,868

10,281,163

2,676,810

20,673,756

Total

reinvestments

of

distributions

2,529,330

20,029,415

5,424,311

41,870,306

Redemptions:

Class

A

(7,336,310)

(58,180,137)

(27,214,778)

(209,277,802)

Class

C

(836,808)

(6,630,537)

(1,943,372)

(14,983,976)

Class

I

(10,209,848)

(80,563,174)

(51,015,787)

(393,455,727)

Total

redemptions

(18,382,966)

(145,373,848)

(80,173,937)

(617,717,505)

Net

increase

(decrease)

705,922

$6,046,914

(6,750,204)

$(55,225,884)

Six

Months

Ended

8/31/24

Year

Ended

2/29/24

California

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

7,038,137

$71,219,915

31,922,114

$311,720,731

Class

C

219,104

2,209,800

545,396

5,435,685

Class

I

12,335,052

124,662,120

52,279,195

516,180,372

Total

subscriptions

19,592,293

198,091,835

84,746,705

833,336,788

Reinvestments

of

distributions:

Class

A

1,246,963

12,582,562

2,445,698

24,321,067

Class

C

36,545

367,145

89,926

890,677

Class

I

1,238,217

12,501,495

2,524,063

25,122,418

Total

reinvestments

of

distributions

2,521,725

25,451,202

5,059,687

50,334,162

Redemptions:

Class

A

(9,112,182)

(92,144,742)

(31,339,010)

(306,234,642)

Class

C

(627,280)

(6,318,351)

(1,507,802)

(14,885,564)

Class

I

(9,864,911)

(99,684,988)

(58,176,300)

(572,969,408)

Total

redemptions

(19,604,373)

(198,148,081)

(91,023,112)

(894,089,614)

Net

increase

(decrease)

2,509,645

$25,394,956

(1,216,720)

$(10,418,664)

98

Notes

to

Financial

Statements

(Unaudited)

(continued)

Six

Months

Ended

8/31/24

Year

Ended

2/29/24

Connecticut

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

1,492,597

$14,351,946

2,057,571

$19,570,329

Class

A

-

automatic

conversion

of

Class

C

—

—

3,919

35,620

Class

C

6,601

63,310

63,299

599,441

Class

I

1,668,730

16,050,747

8,356,747

77,935,272

Total

subscriptions

3,167,928

30,466,003

10,481,536

98,140,662

Reinvestments

of

distributions:

Class

A

154,917

1,483,596

294,301

2,773,134

Class

C

3,102

29,630

7,072

66,531

Class

I

174,925

1,678,512

275,467

2,601,787

Total

reinvestments

of

distributions

332,944

3,191,738

576,840

5,441,452

Redemptions:

Class

A

(1,185,537)

(11,376,040)

(3,107,106)

(29,329,108)

Class

C

(84,755)

(810,597)

(134,705)

(1,271,493)

Class

C

-

automatic

conversion

to

Class

A

—

—

(3,927)

(35,620)

Class

I

(2,612,291)

(25,175,908)

(5,623,780)

(51,997,481)

Total

redemptions

(3,882,583)

(37,362,545)

(8,869,518)

(82,633,702)

Net

increase

(decrease)

(381,711)

$(3,704,804)

2,188,858

$20,948,412

Six

Months

Ended

8/31/24

Year

Ended

2/29/24

Massachusetts

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

387,865

$3,610,048

15,045,601

$133,463,257

Class

C

35,310

325,191

92,714

849,256

Class

I

4,008,156

37,300,984

19,733,928

181,118,243

Total

subscriptions

4,431,331

41,236,223

34,872,243

315,430,756

Reinvestments

of

distributions:

Class

A

381,936

3,544,141

717,813

6,608,229

Class

C

4,918

45,296

10,027

91,624

Class

I

494,169

4,588,679

1,026,078

9,438,451

Total

reinvestments

of

distributions

881,023

8,178,116

1,753,918

16,138,304

Redemptions:

Class

A

(3,717,141)

(34,551,990)

(13,111,147)

(118,021,526)

Class

C

(79,247)

(729,201)

(268,510)

(2,456,126)

Class

I

(3,146,427)

(29,271,973)

(28,772,604)

(257,568,930)

Total

redemptions

(6,942,815)

(64,553,164)

(42,152,261)

(378,046,582)

Net

increase

(decrease)

(1,630,461)

$(15,138,825)

(5,526,100)

$(46,477,522)

Six

Months

Ended

8/31/24

Year

Ended

2/29/24

New

Jersey

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

854,339

$8,992,553

2,897,943

$29,711,178

Class

C

35,284

367,869

180,714

1,880,552

Class

I

2,258,520

23,887,909

11,436,840

118,751,750

Total

subscriptions

3,148,143

33,248,331

14,515,497

150,343,480

Reinvestments

of

distributions:

Class

A

244,096

2,563,445

526,469

5,469,661

Class

C

8,414

87,935

17,119

177,226

Class

I

252,299

2,659,088

455,577

4,751,668

Total

reinvestments

of

distributions

504,809

5,310,468

999,165

10,398,555

Redemptions:

Class

A

(1,941,518)

(20,443,931)

(6,626,332)

(67,379,072)

Class

C

(145,271)

(1,522,715)

(324,484)

(3,355,677)

Class

I

(1,419,558)

(15,001,485)

(12,138,240)

(122,218,260)

Total

redemptions

(3,506,347)

(36,968,131)

(19,089,056)

(192,953,009)

Net

increase

(decrease)

146,605

$1,590,668

(3,574,394)

$(32,210,974)

99

7.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

intends

to

satisfy

conditions

that

will

enable

interest

from

municipal

securities,

which

is

exempt

from

regular

federal

and

designated

state

income

taxes,

to

retain

such

tax-exempt

status

when

distributed

to

shareholders

of

the

Funds.

Net

realized

capital

gains

and

ordinary

income

distributions

paid

by

the

Funds

are

subject

to

federal

taxation. 

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

As

of

the

end

of

the

reporting

period,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

prior

fiscal

period

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

Six

Months

Ended

8/31/24

Year

Ended

2/29/24

New

York

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

5,260,177

$51,875,111

13,938,758

$133,553,174

Class

A

-

automatic

conversion

of

Class

C

—

—

47,612

455,194

Class

C

122,729

1,210,625

176,247

1,701,218

Class

I

6,734,655

66,311,628

33,540,820

319,757,513

Total

subscriptions

12,117,561

119,397,364

47,703,437

455,467,099

Reinvestments

of

distributions:

Class

A

842,491

8,265,658

1,767,083

17,147,082

Class

C

23,486

230,142

56,639

549,251

Class

I

988,645

9,706,534

1,795,267

17,452,526

Total

reinvestments

of

distributions

1,854,622

18,202,334

3,618,989

35,148,859

Redemptions:

Class

A

(5,700,206)

(56,056,726)

(22,437,797)

(212,425,274)

Class

C

(367,235)

(3,604,158)

(897,653)

(8,660,916)

Class

C

-

automatic

conversion

to

Class

A

—

—

(47,669)

(455,194)

Class

I

(4,694,417)

(46,167,043)

(38,088,552)

(362,661,698)

Total

redemptions

(10,761,858)

(105,827,927)

(61,471,671)

(584,203,082)

Net

increase

(decrease)

3,210,325

$31,771,771

(10,149,245)

$(93,587,124)

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

California

High

Yield

$

1,102,594,906

$

51,151,579

$

(54,514,181)

$

(3,362,602)

California

1,732,451,040

40,231,840

(53,724,994)

(13,493,154)

Connecticut

234,381,766

2,578,575

(7,947,459)

(5,368,884)

Massachusetts

568,423,105

8,248,840

(8,296,752)

(47,912)

New

Jersey

395,210,062

7,827,314

(15,838,267)

(8,010,953)

New

York

1,054,135,740

31,042,023

(15,900,172)

15,141,851

100

Notes

to

Financial

Statements

(Unaudited)

(continued)

As

of

prior

fiscal

period

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

8.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees:

Each

Fund’s

management

fee

compensates

the

Adviser

for

the

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

The

Sub-Adviser

is

compensated

for

its

services

to

the

Funds

from

the

management

fees

paid

to

the

Adviser.

Each

Fund’s

management

fee

consists

of

two

components

–

a

fund-level

fee,

based

only

on

the

amount

of

assets

within

each

individual

Fund,

and

a

complex-level

fee,

based

on

the

aggregate

amount

of

all

eligible

fund

assets

managed

by

the

Adviser.

This

pricing

structure

enables

each

Fund’s

shareholders

to

benefit

from

growth

in

the

assets

within

their

respective

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

The

annual

complex-level

fee,

payable

monthly,

for

each

Fund

is

calculated

according

to

the

following

schedule:

Fund

Undistributed

Tax-Exempt

Income

1

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

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)

1

Undistributed

tax-exempt

income

(on

a

tax

basis)

has

not

been

reduced

for

the

dividend

declared

during

the

period

February

1,

2024

through

February

29,

2024

and

paid

on

March

1,

2024.

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

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

-

-

-

-

-

101

For

the

period

June

1,

2023

through

April

30,

2024,

the

annual

complex-level

fee,

payable

monthly,

for

each

Fund

was

calculated

according

to

the

following

schedule:

*  

 The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

“eligible

assets”

of

all

Nuveen

open-end

and

closed-end

funds.

Eligible

assets

do

not

include

assets

attributable

to

investments

in

other

Nuveen

funds

or

assets

in

excess

of

a

determined

amount

(originally

$2

billion)

added

to

the

Nuveen

fund

complex

in

connection

with

the

Adviser’s

assumption

of

the

management

of

the

former

First

American

Funds

effective

January

1,

2011,

but

do

include

certain

assets

of

certain

Nuveen

funds

that

were

reorganized

into

funds

advised

by

an

affiliate

of

the

Adviser

during

the

2019

calendar

year.

Eligible

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

certain

types

of

leverage.

For

these

purposes,

leverage

includes

the

closed-end

funds’

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

eligible

assets

in

certain

circumstances.

Effective

May

1,

2024,

the

annual

complex-level

fee,

payable

monthly,

for

each

Fund

is

calculated

according

to

the

following

schedule:

*

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

“eligible

assets”

of

all

Nuveen-branded

closed-end

funds

and

Nuveen

branded

open-end

funds

(“Nuveen

Mutual

Funds”).

Except

as

described

below,

eligible

assets

include

the

assets

of

all

Nuveen-branded

closed-end

funds

and

Nuveen

Mutual

Funds

organized

in

the

United

States.

Eligible

assets

do

not

include

the

net

assets

of:

Nuveen

fund-of-funds,

Nuveen

money

market

funds,

Nuveen

index

funds,

Nuveen

Large

Cap

Responsible

Equity

Fund

or

Nuveen

Life

Large

Cap

Responsible

Equity

Fund.

In

addition,

eligible

assets

include

a

fixed

percentage

of

the

aggregate

net

assets

of

the

active

equity

and

fixed

income

Nuveen

Mutual

Funds

advised

by

the

Adviser’s

affiliate,

Teachers

Advisors,

LLC

(except

those

identified

above).

The

fixed

percentage

will

increase

annually

until

May

1,

2033,

at

which

time

eligible

assets

will

include

all

of

the

aggregate

net

assets

of

the

active

equity

and

fixed

income

Nuveen

Mutual

Funds

advised

by

Teachers

Advisors,

LLC

(except

those

identified

above).

Eligible

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

financial

leverage.

For

these

purposes,

financial

leverage

includes

the

closed-end

funds’

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

eligible

assets

in

certain

circumstances.

As

of

August

31,

2024,

the

complex-level

fee

rate

for

the

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:

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

Complex-Level

Asset

Breakpoint

Level*

Complex-Level

Fee

For

the

first

$124.3

billion

0.1600

%

For

the

next

$75.7

billion

0.1350

For

the

next

$200

billion

0.1325

For

eligible

assets

over

$400

billion

0.1300

Fund

Complex-Level

Fee

California

High

Yield

0.1570%

California

0.1570%

Connecticut

0.1570%

Massachusetts

0.1570%

New

Jersey

0.1570%

New

York

0.1570%

102

Notes

to

Financial

Statements

(Unaudited)

(continued)

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

Funds

engaged

in

cross-trades

pursuant

to

these

procedures

as

follows:

During

the

current

fiscal

period,

the

Distributor,

collected

sales

charges

on

purchases

of

Class

A

Shares,

the

majority

of

which

were

paid

out

as

concessions

to

financial

intermediaries

as

follows:

The

Distributor

also

received

12b-1

service

fees

on

Class

A

Shares,

substantially

all

of

which

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

During

the

current

fiscal

period,

the

Distributor

compensated

financial

intermediaries

directly

with

commission

advances

at

the

time

of

purchase

as

follows:

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

$

—

$

—

$

—

California

—

—

—

Connecticut

1,114,053

—

—

Massachusetts

1,639,084

—

—

New

Jersey

1,057,389

—

—

New

York

—

—

—

Fund

Sales

Charges

Collected

Paid

to

Financial

Intermediaries

California

High

Yield

$

337,989

$

335,129

California

582,398

578,699

Connecticut

115,878

113,024

Massachusetts

18,456

17,151

New

Jersey

77,935

75,902

New

York

393,916

389,596

103

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: 

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,

when

applicable.

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

credit

facility

expires

in

June

2025

unless

extended

or

renewed. 

The

credit

facility

has

the

following

terms:

0.15%

per

annum

on

unused

commitment

amounts

and

a

drawn

interest

rate

equal

to

the

higher

of

(a)

OBFR

(Overnight

Bank

Funding

Rate)

plus

1.20%

per

annum

or

(b)

the

Fed

Funds

Effective

Rate

plus

1.20%

per

annum

on

amounts

borrowed. 

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”

Fund

Commission

Advances

California

High

Yield

$

338,218

California

574,655

Connecticut

102,681

Massachusetts

6,165

New

Jersey

60,484

New

York

369,715

Fund

12b-1

Fees

Retained

California

High

Yield

$

13,029

California

20,042

Connecticut

1,827

Massachusetts

2,191

New

Jersey

3,630

New

York

5,621

Fund

CDSC

Retained

California

High

Yield

$

15,180

California

7,945

Connecticut

69

Massachusetts

—

New

Jersey

—

New

York

24,627

104

Notes

to

Financial

Statements

(Unaudited)

(continued)

on

the

Statement

of

Operations,

and

along

with

commitment

fees,

have

been

allocated

among

such

Participating

Funds

based

upon

the

relative

proportions

of

the

facility’s

aggregate

capacity

reserved

for

them

and

other

factors

deemed

relevant

by

the

Adviser

and

the

Board

of

each

Participating

Fund.

During

the

current

fiscal

period,

the

following

Funds

utilized

this

facility.

The

Funds’

maximum

outstanding

balance

during

the

utilization

period

was

as

follows:

During

each

Fund’s

utilization

period(s)

during

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Borrowings

were

as

follows:

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

$

—

California

47,200,000

Connecticut

558,171

Massachusetts

47,267

New

Jersey

673,531

New

York

6,900,000

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

California

High

Yield

—

$

—

—

%

California

42

13,604,762

6.53

Connecticut

3

558,171

6.53

Massachusetts

3

47,267

6.53

New

Jersey

4

673,531

6.53

New

York

18

4,836,085

6.53

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Changes in Independent Registered Public Accounting Firm

(a) Previous independent registered public accounting firm: On October 24, 2024, the Funds’ Board of Directors/Trustees (the “Board”), upon recommendation from the Audit Committee, dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Funds. KPMG’s audit reports on the Funds’ financial statements as of and for the fiscal years ended February 29, 2024 and February 28, 2023 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the Funds’ fiscal years ended February 29, 2024 and February 28, 2023, and for the period March 1, 2024 through October 24, 2024, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements if not resolved to the satisfaction of KPMG would have caused them to make reference in connection with their opinion to the subject matter of the disagreement. During the Funds’ fiscal years ended February 29, 2024 and February 28, 2023 and for the period March 1, 2024 through October 24, 2024, there were no reportable events (as defined in Regulation S-K Item 304(a)(1)(v)).

The Funds provided KPMG with a copy of the foregoing disclosures and requested that KPMG furnish the Funds with a letter addressed to the U.S. Securities and Exchange Commission stating whether KPMG agrees with the above statements.

(b) New independent registered public accounting firm: On October 24, 2024, the Board, upon recommendation from the Audit Committee, engaged PricewaterhouseCoopers LLP (“PwC”) as the new independent registered public accounting firm for the Funds. During the Funds’ fiscal years ended February 29, 2024 and February 28, 2023 and for the period March 1, 2024 through October 24, 2024, the Funds have not consulted with PwC regarding any of the matters described in Regulation S-K Item 304 (“S-K 304”), S-K 304(a)(2)(i) or S-K 304(a)(2)(ii) disclosure.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration paid to directors, officers and others is included in the Statement of Operations under the line items “Trustee Fees” and “Management Fees” as part of the financial statements filed under Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

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

The Approval Process

At meetings held on April 18 and 19, 2024 (the “Meeting”), the Board of Trustees of Nuveen Multistate Trust II (the “Board” and each Trustee, a “Board Member”) approved, for each fund listed above (each a “Fund”), the renewal of the investment management agreement (each an “Investment Management Agreement”) with Nuveen Fund Advisors, LLC (“NFAL”; NFAL is an “Adviser”) pursuant to which NFAL serves as investment adviser to such Fund. Similarly, for each Fund, the Board approved the renewal of 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. The Board Members are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) and, therefore, the Board is deemed to be comprised of all disinterested Board Members. References to the Board and the Board Members are interchangeable. Below is a summary of the annual review process the Board undertook related to its most recent renewal of each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund.

In accordance with applicable law, 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 NFAL and the Sub-Adviser are collectively, the “Fund Advisers” and each a “Fund Adviser.” In addition, the fund complex consists of the group of funds advised by NFAL (collectively referred to as the “Nuveen funds”) and the group of funds advised by Teachers Advisors, LLC (“TAL” and such funds are collectively, the “TC funds”). For clarity, NFAL serves as Adviser to the Nuveen funds, including the Funds, and TAL serves as “Adviser” to the TC funds. The Board Members considered that the prior separate boards of the TC funds and Nuveen funds were consolidated effective in January 2024. Accordingly, at the Meeting, the Board Members considered the review of the advisory agreements for the Nuveen funds as well as reviewed the investment management agreements for the TC funds. Depending on the appropriate context, references to “the Adviser” may be to NFAL with respect to the Nuveen funds and/or TAL with respect to the TC funds.

The Board Members considered the review of the advisory agreements of the Nuveen funds and the TC funds to be an ongoing process. The Board Members therefore employed the accumulated information, knowledge and experience they had gained during their tenure on the respective board of the TC funds or Nuveen funds (as the case may be) governing the applicable funds and working with the respective investment advisers and sub- advisers, as applicable, in their review of the advisory agreements for the fund complex.

During the course of the year prior to the Meeting, the Board and/or its committees received a wide variety of materials that covered a range of topics relevant to the Board’s annual consideration of the renewal of the advisory agreements, including reports on fund investment results over various periods; product initiatives for various funds; fund expenses; compliance, regulatory and risk management matters; trading practices, including soft dollar arrangements (as applicable); the liquidity and derivatives risk management programs; management of distributions; valuation of securities; payments to financial intermediaries, including 12b-1 expenses (as applicable); securities lending (as applicable); and overall market and regulatory developments. The Board also met periodically with and/or received presentations by key investment professionals managing a fund’s portfolio. In particular, at the Board meeting held on February 27-29, 2024 (the “February Meeting”), the Board and/or its Investment Committee received the annual performance review of the funds as described in further detail below. The presentations, discussions and meetings throughout the year also provide a means for the Board to evaluate and consider the level, breadth and quality of services provided by the Adviser and sub- advisers, as applicable, 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, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the advisory agreements. The materials provided at the Meeting and/or prior meetings covered a wide range of matters including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; the consolidation of the Nuveen fund family and TC fund family; a review of product actions advanced in 2023 for the benefit of particular funds and/or the fund complex; a review of each sub-adviser, if applicable, and/or applicable investment team; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an analysis of the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; a list of management fee and, if applicable, sub-advisory fee schedules; a review of temporary and permanent expense caps and fee waivers for open-end funds (as applicable); a description of portfolio manager compensation; a description of the profitability and/or financial data of Nuveen, TAL and the sub-advisers; and a description of indirect benefits received by the Adviser and the sub-advisers as a result of their relationships with the funds, as applicable. The Board also considered information provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, comparing fee and expense levels of each respective fund to those of a peer universe and, with respect to open-end funds, also to a peer group of funds selected by Broadridge, subject to certain exceptions.

1

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the funds by the Board and its committees during the year. The Board’s review of the advisory agreements for the fund complex is based on all the information provided to the Board and its committees over time. 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 Board Members.

As part of their review, the Board Members and independent legal counsel met by videoconference in executive session on April 10, 2024 (the “April Executive Session”) to review and discuss materials provided in connection with their annual review of the advisory agreements for the fund complex. After reviewing this information, the Board Members requested, directly or through independent legal counsel, additional information, and the Board subsequently reviewed and discussed the responses to these follow-up questions and requests.

The 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 of management were present. In connection with their annual review, the 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 decisions to renew each Advisory Agreement were not based on a single identified factor, but rather each 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 annual review process. The contractual arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board’s annual review of the funds’ advisory arrangements and oversight of the funds. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the annual review process and may have placed 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.

A.  Nature, Extent and Quality of Services

In evaluating the renewal of the Advisory Agreements, the Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser’s services provided to each respective Fund with particular focus on the services and enhancements or changes to such services provided during the last year. The 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 roles of NFAL and the Sub-Adviser in providing services to the Funds.

The Board considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the applicable funds. The Board considered the Adviser’s and its affiliates’ dedication of resources, time, people and capital as well as continual program of improvement and innovation aimed at enhancing the funds and fund complex for investors and meeting the needs of an increasingly complex regulatory environment. In particular, over the past several years, the Board considered the significant resources, both financial and personnel, the Adviser and its affiliates have committed in working to consolidate the Nuveen fund family and TC fund family under one centralized umbrella. The Board considered that the organizational changes in bringing together Nuveen, its affiliates and TIAA’s (as defined below) asset management businesses, consolidating the Nuveen and TC fund families and other initiatives were anticipated to provide various benefits for the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. As part of these efforts, the boards of the TC funds and Nuveen funds were consolidated effective in January 2024. In addition, in conjunction with these consolidation efforts, the Board approved at the Meeting changes to fee and breakpoint structures (as applicable) that could provide cost savings to participating funds, as described in further detail below.

The Board also reviewed information regarding other product actions undertaken or continued by management in the 2023 calendar year in seeking to improve the effectiveness of the organization, the product line-up as well as particular funds through, among other things, continuing to review and optimize the product line and gaining efficiencies through mergers and liquidations; reviewing and updating investment policies and benchmarks; implementing fee waivers and/or expense cap changes for certain funds; 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 considered. In its review, the Board considered that the funds operated in a highly regulated industry and the scope and complexity of the services and resources that the Adviser and its affiliates must provide to manage and operate the applicable funds have expanded over the years as a result of, among other things, regulatory, market and other developments, such as the adoption of the tailored shareholder report or the revised fund name rule.

In considering the breadth and quality of services the Adviser and its various teams provide, the Board considered that the Adviser provides investment advisory services. With respect to the Nuveen funds, such funds utilize sub-advisers to manage the portfolios of the funds subject to the supervision of NFAL. Accordingly, the Board considered that NFAL and its affiliates, among other things, oversee and review the performance of the respective sub-adviser and its investment team(s); evaluate Nuveen fund performance and market conditions; evaluate investment strategies and recommend changes thereto; set and manage distributions consistent with the respective Nuveen fund’s product design; oversee trade execution and, as applicable, securities lending; evaluate investment risks; and manage valuation matters. The Board further considered that over the course of the 2023 calendar year, the Nuveen global public product team which supports the funds in the fund complex and their shareholders assessed the investment personnel across the investment leadership teams which resulted in additions or other modifications to the portfolio management teams of various funds. The Board also reviewed a description of the compensation structure applicable to certain portfolio managers.

In addition to the above investment advisory services, the Board further considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds. Given the highly regulated industry in which the funds operate, the Board considered the breadth of the Adviser’s compliance program and related policies and procedures. The Board reviewed various initiatives the Adviser’s compliance team undertook or continued in 2023, in part, to address new regulatory requirements, support

2       

international business growth and product development, enhance international trading capabilities, enhance monitoring capabilities in light of the new regulatory requirements and guidance and maintain a comprehensive training program. The Board further considered, among other things, that other non-advisory services provided included, among other things, board support and reporting; establishing and reviewing the services provided by other fund service providers (such as a fund’s custodian, accountant, and transfer agent); risk management, including reviews of the liquidity risk management and derivatives risk management programs; legal support services; regulatory advocacy; and cybersecurity, business continuity and disaster recovery planning and testing.

Aside from the services provided, the Board considered the financial resources of the Adviser and/or its affiliates and their willingness to make investments in the technology, personnel and infrastructure to support the funds, including to enhance global talent, middle office systems, software and international and internal capabilities. The Board considered the access provided by the Adviser and its affiliates to a seed capital budget to support new or existing funds and/or facilitate changes for a respective fund. The Board considered 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 funds including during stressed times. The Board considered the overall reputation and capabilities of the Adviser and its affiliates and the Adviser’s continuing commitment to provide high quality services.

In its review, the Board also considered the significant risks borne by the Adviser and its affiliates in connection with their services to the applicable funds, including entrepreneurial risks in sponsoring and supporting new funds and smaller funds and ongoing risks with managing the funds, such as investment, operational, reputational, regulatory, compliance and litigation risks.

With respect to the Funds, the Board considered the division of responsibilities between NFAL and the Sub-Adviser and considered that the Sub- Adviser and its investment personnel generally are responsible for the management of each Fund’s portfolio under the oversight of NFAL and the Board. The Board considered an analysis of the Sub-Adviser provided by NFAL which included, among other things, a summary of changes in the leadership teams and/or portfolio manager teams; the performance of the Nuveen funds sub-advised by the Sub-Adviser over various periods of time; and data reflecting product changes (if any) taken with respect to certain Nuveen funds. The Board considered that NFAL 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 Funds. In this regard, the Board and/or its Investment Committee reviewed, among other things, performance of the Funds over the quarter, one-, three- and five-year periods ending December 31, 2023 and March 31, 2024. For those Funds with multiple share classes, the performance data was based on Class I shares; however, the performance of other share classes was substantially similar as those other share classes 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 share classes. The Board performed its annual review of fund performance at its February Meeting and an additional review at the April Executive Session and also reviewed and discussed performance data at its other regularly scheduled quarterly meetings throughout the year. The Board therefore took into account the performance data, presentations and discussions (written and oral) that were provided at the Meeting and in prior meetings over time in evaluating fund performance, including management’s analysis of a fund’s performance with particular focus on funds that met certain challenged performance measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by management’s investment analysts. As various Nuveen funds have modified their portfolio teams and/or made significant changes to their portfolio strategies over time, the Board reviewed, among other things, certain tracking performance data over specific periods comparing performance before and after such changes.

The Board considered 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 considered 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 fund performance results from different perspectives. In general, subject to certain exceptions, the Board reviewed both absolute and relative fund performance over the various time periods and considered 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”), subject to certain exceptions, 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, dates of fund inception 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 fund. With respect to relative performance of a 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, management generally has ranked the relevancy of the Performance Peer Groups to the Funds as low, medium or high. In its review of relative performance, the Board considered a Fund’s performance relative to its Performance Peer Group, among other things, by evaluating its quartile ranking with the 1st quartile representing the top performing funds within the Performance Peer Group and the 4th quartile representing the lowest performing funds.

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

The Board evaluated 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 considered 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 considered that 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 considered that longer periods of performance may reflect full market cycles.

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 more closely until performance improves, discuss with the Adviser the reasons for such results, consider whether any steps are necessary or appropriate to address such issues, discuss and evaluate the potential consequences of such steps and review the results of any steps undertaken.

The performance determinations with respect to each Fund are summarized below.

• For Nuveen California High Yield Municipal Bond Fund, the Board considered 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, 2023 and March 31, 2024. In its review, the Board considered that the Fund’s Performance Peer Group was classified as low for relevancy. The Board took into account management’s analysis of the Fund’s performance, including the reasons for the Fund’s challenged performance for certain periods and factors that contributed to or detracted from performance and the improved relative performance in the fourth quarter of 2023 and first quarter of 2024. In its review, the Board considered that the Fund had experienced periods of challenged performance but determined to renew the Advisory Agreements and to continue to monitor the performance of the Fund.

• For Nuveen California Municipal Bond Fund, the Board considered 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, 2023. Further, although 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 three- and five-year periods ended March 31, 2024, the Fund outperformed its benchmark and ranked in the third quartile of its Performance Peer Group for the one-year period ended March 31, 2024. The Board took into account management’s analysis of the Fund’s performance, including the factors that contributed to or detracted from performance and the improved relative performance in the first quarter of 2024. 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 the Fund’s performance supported renewal of the Advisory Agreements.

• For Nuveen Connecticut Municipal Bond Fund, the Board considered that although the Fund’s performance was below the performance of its benchmark for the three- and five-year periods ended December 31, 2023 and March 31, 2024, the Fund outperformed its benchmark for the one-year periods ended December 31, 2023 and March 31, 2024. In addition, the Fund 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 December 31, 2023. The Fund also ranked in the first quartile of its Performance Peer Group for the one-year period and third quartile for the three- and five-year periods ended March 31, 2024. 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 the Fund’s performance supported renewal of the Advisory Agreements.

• For Nuveen Massachusetts Municipal Bond Fund, the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2023 and the Fund ranked in the fourth quartile of its Performance Peer Group for the one-year period ended December 31, 2023, the Fund ranked in the third quartile of its Performance Peer Group for the three- and five-year periods ended December 31, 2023. In addition, although the Fund’s performance was below the performance of its benchmark for the three- and five-year periods ended March 31, 2024 and the Fund ranked in the fourth quartile of its Performance Peer Group for the one- and three-year periods ended March 31, 2024, the Fund outperformed its benchmark for the one- year period and ranked in the third quartile of its Performance Peer Group for the five-year period ended March 31, 2024. In its review, the Board considered that the Performance Peer Group was classified as low for relevancy. 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 the Fund’s performance supported renewal of the Advisory Agreements.

• For Nuveen New Jersey Municipal Bond Fund, the Board considered that although the Fund’s performance was below the performance of its benchmark for the three- and five-year periods ended December 31, 2023 and March 31, 2024, the Fund outperformed its benchmark for the one-year periods ended December 31, 2023 and March 31, 2024. In addition, the Fund ranked in the second quartile of its Performance Peer Group for the one- and three-year periods and third quartile for the five-year period ended December 31, 2023. Further, the Fund ranked in the third quartile of its Performance Peer Group for the one-, three- and five-year periods ended March 31, 2024. 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 the Fund’s performance supported renewal of the Advisory Agreements.

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• For Nuveen New York Municipal Bond Fund, the Board considered that although 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 three- and five-year periods ended December 31, 2023 and March 31, 2024, the Fund outperformed its benchmark and ranked in the third quartile of its Performance Peer Group for the one-year periods ended December 31, 2023 and March 31, 2024. 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 the Fund’s performance supported renewal of the Advisory Agreements.

C.  Fees, Expenses and Profitability

1. Fees and Expenses

As part of its annual review, the Board generally reviewed, among other things, the contractual management fee and the net/actual 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 reviewed information about other expenses and the total operating expense ratio of each Fund (after any fee waivers and/or expense reimbursements). More specifically, the Board Members reviewed, among other things, each Fund’s management fee rates and net total expense ratio in relation to similar data for a comparable universe of funds (the “Expense Universe”) and for a more focused subset of comparable funds (the “Expense Group”) established by Broadridge (subject to certain exceptions). The Board Members reviewed the methodology Broadridge employed to establish its Expense Universe and Expense Group (as applicable) and considered that differences between the applicable fund and its respective Expense Universe and/or Expense Group, as well as changes to the composition of the Expense Universe and/or Expense Group from year to year, may limit some of the value of the comparative data. The Board Members also considered that it can be difficult to compare management fees among funds as there are variations in the services that are included for the fees paid. The Board Members took these limitations and differences into account when reviewing comparative peer data.

The Board Members also considered a Fund’s operating expense ratio as it more directly reflected a shareholder’s total costs in investing in the respective fund. In their review, the Board Members considered, in particular, each fund with a net total expense ratio meeting certain expense or fee criteria when compared to its Expense Universe and Expense Group (if any) and an analysis as to the factors contributing to each such fund’s relative net total expense ratio.

The Board Members also considered, in relevant part, a Fund’s management fee and net total expense ratio in light of the Fund’s performance history, including reviewing certain funds identified by management 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 their evaluation of the fee arrangements for the Funds, the Board Members also reviewed the management fee schedules and the expense reimbursements and/or fee waivers agreed to by the Adviser for the respective fund (if any). In its review, the Board considered that the management fees of the Nuveen funds were generally comprised of two components, a fund-level component and a complex-level component, each with its own breakpoint schedule, subject to certain exceptions. As indicated above, the Board approved a revised fee schedule which would reduce and streamline the asset thresholds necessary to meet breakpoints in the complex-level fee component. The Board considered that management anticipated approximately $50 million in savings for Nuveen fund shareholders as a result of the revised fee schedule as well as additional estimated savings over time. The Board further considered management’s representation that there will be no increase to any Nuveen fund’s respective advisory agreement fee rate as a result of the revised complex-level fee schedule.

In its review, the Board considered that across the Nuveen fund and TC fund complex, management estimated that fund-level breakpoints resulted in approximately $82.5 million in reduced fees overall in 2023 and expense caps and reimbursements generated approximately an additional $91 million in savings to shareholders. In addition, the Board considered that management determined that the Nuveen funds achieved additional fee reductions of approximately $49 million due to the complex-wide management fee structure in 2023.

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. In its review, the Board considered that the compensation paid to the Sub-Adviser is the responsibility of NFAL, not the Funds.

The Board’s considerations regarding the comparative fee data for each of the Funds are set forth below. With respect to the quartile rankings noted below, the first quartile represents the range of funds with the lowest management fee rate or net total expense ratio, as applicable, and the fourth quartile represents the range of funds with the highest management fee rate or net total expense ratio, as applicable. The Board considered that Broadridge only calculates quartiles if a minimum number of peers is available and therefore quartile rankings may not be available for certain Expense Groups and/or Expense Universes.

• For Nuveen California High Yield Municipal Bond Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the fourth quartile of its Expense Group and Expense Universe. In addition, the Fund’s actual management fee rate and net total expense ratio were above the Expense Group median. The Board, however, considered the differences between the strategies of the Fund and those of various peers in the Expense Group, which limited the comparability of the peer expense data. The Board further considered that the Fund’s net total expense ratio was comparable to one of the peers in the Expense Group with a high yield strategy.

5

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

• For Nuveen California Municipal Bond Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the fourth quartile of its Expense Group. In addition, although the Fund’s contractual management fee rate and actual management fee rate ranked in the fourth quartile of its Expense Universe, the Fund’s net total expense ratio ranked in the third quartile of its Expense Universe. Further, the Fund’s actual management fee rate and net total expense ratio were slightly above (within 5 basis points of) the Expense Group median.

• For Nuveen Connecticut Municipal Bond Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the third quartile, fourth quartile and third quartile of its Expense Group, respectively. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, fourth quartile and second quartile of its Expense Universe, respectively. Further, although the Fund’s actual management fee rate was above the Expense Group median, the Fund’s net total expense ratio was generally in-line with the Expense Group median.

• For Nuveen Massachusetts Municipal Bond Fund, although the Fund’s contractual management fee rate and actual management fee rate each ranked in the fourth quartile of its Expense Group and Expense Universe, the Fund’s net total expense ratio ranked in the second quartile of its Expense Group and Expense Universe. In addition, although the Fund’s actual management fee rate was above the Expense Group median, the Fund’s net total expense ratio was below the Expense Group median.

• For Nuveen New Jersey Municipal Bond Fund, although the Fund’s actual management fee rate ranked in the fourth quartile of its Expense Group, the Fund’s contractual management fee rate ranked in the second quartile and the Fund’s net total expense ratio ranked in the third quartile of its Expense Group. In addition, although the Fund’s actual management fee rate ranked in the fourth quartile of its Expense Universe, the Fund’s contractual management fee rate ranked in the second quartile and the Fund’s net total expense ratio ranked in the third quartile of its Expense Universe. Further, although the Fund’s actual management fee rate was above the Expense Group median, the Fund’s net total expense ratio was generally in-line with the Expense Group median.

• For Nuveen New York Municipal Bond Fund, although the Fund’s contractual management fee rate and actual management fee rate each ranked in the fourth quartile of its Expense Group and Expense Universe, the Fund’s net total expense ratio ranked in the third quartile of its Expense Group and Expense Universe. Further, the Fund’s actual management fee rate and net total expense ratio were slightly above (within 5 basis points of) the Expense Group median.

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 that the Adviser, affiliated sub-advisers and/or their affiliate(s) provide investment management services to other types of clients which may include: separately managed accounts, retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts. The Board reviewed the equal weighted average fee or other fee data for the other types of clients managed in a similar manner to certain of the Nuveen funds and TC funds. The Board considered the Adviser’s rationale for the differences in the management fee rates of the funds compared to the management fee rates charged to these other types of clients. In this regard, the Board considered that differences, including but not limited to, the amount, type and level of services provided by the Adviser to the funds compared to that provided to other clients as well as differences in investment policies; regulatory, disclosure and governance requirements; servicing relationships with vendors; the manner of managing such assets; product structure; investor profiles; and account sizes all may contribute to variations in relative fee rates. Further, differences in the client base, governing bodies, distribution, jurisdiction and operational complexities also would contribute to variations in management fees assessed the funds compared to foreign fund clients. In addition, differences in the level of advisory services required for passively managed funds also contribute to differences in the management fee levels of such funds compared to actively managed funds. As a general matter, 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 considered the wide range of services in addition to investment management that the Adviser had provided to the 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 funds. The Board further considered that a 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 that the varying levels of fees were reasonable 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 Board Members considered various profitability data relating to the Fund Advisers’ services to the Nuveen funds.

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With respect to the Nuveen funds, the Board Members reviewed the estimated profitability information of Nuveen as a result of its advisory services to the Nuveen funds overall as well as profitability data of certain other 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 2023 and 2022 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) for the 2023 and 2022 calendar years. The Board Members also considered the rationale for the change in Nuveen’s profitability from 2022 to 2023. In addition, the Board reviewed the revenues, expenses and operating margin (pre- and after-tax) NFAL derived from its exchange-traded fund product line for the 2023 and 2022 calendar years.

In developing the profitability data, the Board Members considered 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 single universally recognized 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 refinements Nuveen had made to the methodology that had occurred over the years from 2010 through 2021 to provide Nuveen’s profitability analysis, 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 2023. The Board of the Nuveen funds had also appointed two Board Members to serve as the Board’s liaisons to meet with representatives of NFAL 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 considered 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 2014 to 2023. In their review of the comparative data, the Board Members considered 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 the profitability data, the Board considered that NFAL and TAL are affiliates of Teachers Insurance and Annuity Association of America (“TIAA”). NFAL is a subsidiary of Nuveen, LLC, the investment management arm of TIAA, and TAL is an indirect wholly owned subsidiary of TIAA. Accordingly, the Board also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2023 and 2022 calendar years to consider the financial strength of TIAA. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also considered the reinvestments the Adviser, its parent and/or other affiliates made into their business through, among other things, the investment of seed capital in certain funds, initiatives in international expansion, investments in infrastructure and continued investments in enhancements to technological capabilities.

The Board Members considered the profitability of the Sub-Adviser from its relationships with the respective Nuveen funds. In this regard, the 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, 2023 and December 31, 2022. The Board Members also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre- and after-tax) grouped by similar types of funds (such as municipal, taxable fixed income, equity, real assets and index/asset allocation) for the Sub-Adviser for the calendar years ending December 31, 2023 and December 31, 2022.

In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits NFAL or the Sub-Adviser received that were directly attributable to the management of the applicable funds as discussed in further detail below. Based on its review, the Board was satisfied that each Fund Adviser’s level of profitability from its relationship with each Nuveen fund was not unreasonable over various time frames in light of the nature, extent and quality of services provided.

D.  Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

The Board considered whether there have been economies of scale with respect to the management of the funds in the fund complex, including the Funds, whether these economies of scale have been appropriately shared with such funds and whether there is potential for realization of further economies of scale. Although the Board considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline with a rise in assets, the Board considered that there are various methods that may be employed to help share the benefits of economies of scale, including, among other things, 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 the Adviser’s business which can enhance the services provided to the applicable funds for the fees paid. The Board considered that the Adviser has generally employed one or more of these various methods among the applicable funds.

7

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

In this regard, the Board considered, as noted above, that the management fee of NFAL generally was comprised of a fund-level component and a complex-level component each with its own breakpoint schedule, subject to certain exceptions. With this structure, the Board considered that the complex-level breakpoint schedule was designed to deliver the benefits of economies of scale to shareholders when the assets of eligible funds 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 were designed to share economies of scale with shareholders if the particular fund grows. The Board reviewed the fund-level and complex-level fee schedules. As summarized above, the Board approved a new complex-level breakpoint schedule which would simplify and reduce the complex-level fee rates at various thresholds and expanded the eligible funds whose assets would be included in calculating the complex-level fee, effective May 1, 2024. Among other things, the assets of certain TC funds advised by TAL would be phased into the calculation of the complex-wide assets in determining the complex-level fee over a ten-year period. The Board considered the cost savings and additional potential sharing of economies of scale as a result of the reduced complex-level breakpoint schedule and the additional assets from more eligible funds in calculating the assets of the complex for determining the complex-level fee component. The Board reviewed the projected shareholder savings derived from such modifications over a ten-year period from 2024 to 2033. The Board considered management’s representation that there will be no increase to any fund’s respective advisory agreement fee rate.

In addition to the fund-level and complex-level fee schedules (if applicable), the Board Members considered the temporary and/or permanent expense caps (if any) applicable to a Fund. The Board considered that such waivers and reimbursements applicable to the respective 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.

The Board Members also considered the continued reinvestment in Nuveen/TIAA’s business to enhance its capabilities and services to the benefit of its various clients. The Board understood that many of these investments were not specific to individual funds, but rather incurred across a variety of products and services pursuant to which the family of funds as a whole may benefit. The Board further considered that the Adviser and its affiliates have provided certain additional services, including, but not limited to, services required by new regulations and regulatory interpretations, without raising advisory fees to the funds, and this was also a means of sharing economies of scale with the funds and their shareholders. The Board considered the Adviser’s and/or its affiliates’ ongoing efforts to streamline the product line-up, among other things, to create more scaled funds which may help improve both expense and trading economies.

Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in management’s business appropriately shared any economies of scale with shareholders.

E.  Indirect Benefits

The Board Members received and considered information regarding various indirect benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the funds in the fund complex, including the Funds. These benefits included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. The funds may also be used as investment options for other products or businesses offered by the Adviser and/or its affiliates, such as variable products, fund of funds and 529 education savings plans, and affiliates of the Adviser may serve as sub-advisers to various funds in which case all advisory and sub-advisory fees generated by such funds stay within Nuveen.

Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board Members considered 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 Board Members also considered that certain share classes of the open-end funds (subject to certain exceptions) pay 12b-1 fees, some of which may be retained by the Adviser’s affiliate. In addition, the Board Members considered that the Adviser and Sub-Adviser may utilize soft dollar brokerage arrangements attributable to the respective funds to obtain research and other services for any or all of their clients, although the Board Members also considered reimbursements of such costs by the Adviser and/or Sub-Adviser.

The Adviser and its affiliates may also benefit from the advisory relationships with the funds in the fund complex to the extent this relationship results in potential investors viewing the TIAA group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.

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 Board Members did not identify any single factor discussed previously as all-important or controlling. The 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.

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Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 15. 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 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a) Not applicable to open-end investment companies.

(b) Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable to this filing.

(a)(2) Not applicable to this filing.

(a)(3) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(4) Not applicable.

(a)(5) Change in the registrant’s independent public accountant. Filed herewith.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is 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.

Nuveen Multistate Trust II

Date: November 7, 2024		By:	/s/ Jordan M. Farris
			Jordan M. Farris
			Chief Administrative Officer

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.

Date: November 7, 2024		By:	/s/ Jordan M. Farris
			Jordan M. Farris
			Chief Administrative Officer
			(principal executive officer)
Date: November 7, 2024		By:	/s/ E. Scott Wickerham
			E. Scott Wickerham
			Vice President and Controller
			(principal financial officer)