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 | | 811-07943 |
Nuveen Multistate Trust III
(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
Nuveen Investments
333 West Wacker Drive
Chicago, Illinois 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917‑7700
Date of fiscal year end: May 31
Date of reporting period: May 31, 2024
| Item 1. | Reports to Stockholders. |
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Annual Shareholder Report
May 31, 2024 |
Nuveen Georgia Municipal Bond Fund
Class A Shares/FGATX
Annual Shareholder Report
This annual shareholder report contains important information about the Class A Shares of the Nuveen Georgia Municipal Bond Fund for the period of June 1, 2023 to May 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.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (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 | | $84 | | 0.84% |
How did the Fund perform last year? What affected the Fund’s performance?
| | |
Performance Highlights • The Nuveen Georgia Municipal Bond Fund returned 2.84% for Class A shares at net asset value (NAV) for the 12 months ended May 31, 2024. The Fund performed in line with the S&P Municipal Bond Georgia Index, which returned 2.98%. • Top contributors to relative performance » Duration positioning, primarily an overweight to bonds with durations of 12 years and longer, which outperformed as the yield curve flattened. » Overweight to the public power sector, which outperformed, and underweight to the multi-family housing sector, which underperformed. » Credit ratings allocation, especially an overweight to A rated bonds, which benefited from narrowing credit spreads, and an underweight to AAA rated bonds, which lagged. • Top detractors from relative performance » Sector allocation, particularly an underweight to the industrial development revenue (IDR) sector, which outperformed, and overweights to the ports and life care sectors, which underperformed. » Overweight to 10‑ to 12‑year duration bonds, which underperformed as the yield curve flattened. » Underweight to non‑rated bonds, which outperformed as credit spreads narrowed. | | Performance Attribution  12+ year duration bonds Public power and multi-family housing sectors Credit ratings allocation  IDR, ports and life care sectors 10‑ to 12‑year duration bonds Non‑rated bonds |
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2014 through May 31, 2024) Initial Investment of $10,000
Average Annual Total Returns
| | | | | | | | | | | | |
| | | 1‑Year | | | 5‑Year | | | 10‑Year | |
| Class A Shares at NAV (excluding maximum sales charge) | | | 2.84 | % | | | 0.08 | % | | | 1.46 | % |
| Class A Shares at maximum sales charge (Offering Price) | | | (1.45 | )% | | | (0.77 | )% | | | 1.03 | % |
| S&P Municipal Bond Index | | | 2.88 | % | | | 1.06 | % | | | 2.30 | % |
| S&P Municipal Bond Georgia Index | | | 2.98 | % | | | 0.90 | % | | | 2.01 | % |
| Lipper Other States Municipal Debt Funds Classification Average | | | 2.59 | % | | | 0.29 | % | | | 1.56 | % |
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
Fund Statistics (as of May 31, 2024)
| | | | |
| Fund net assets | | $ | 178,096,651 | |
| Total number of portfolio holdings | | | 92 | |
| Portfolio turnover (%) | | | 13% | |
| Total advisory fees paid for the year | | $ | 921,884 | |
What did the Fund invest in? (as of May 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.
How has the Fund changed?
| | • | | Portfolio manager update: Effective October 13, 2023, Joel Levy and Timothy Ryan, CFA were added as portfolio managers of the Fund. | |
| | • | | Management fees: As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion | |
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
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.
| | |
67065P501_AR_0524 3668589-INV-Y-07/25 (A, C, I) | |  |
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| |
Annual Shareholder Report
May 31, 2024 |
Nuveen Georgia Municipal Bond Fund
Class I Shares/FGARX
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Georgia Municipal Bond Fund for the period of June 1, 2023 to May 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.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (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 | | $64 | | 0.64% |
How did the Fund perform last year? What affected the Fund’s performance?
| | |
Performance Highlights • The Nuveen Georgia Municipal Bond Fund returned 2.93% for Class I shares at net asset value (NAV) for the 12 months ended May 31, 2024. The Fund performed in line with the S&P Municipal Bond Georgia Index, which returned 2.98%. • Top contributors to relative performance » Duration positioning, primarily an overweight to bonds with durations of 12 years and longer, which outperformed as the yield curve flattened. » Overweight to the public power sector, which outperformed, and underweight to the multi-family housing sector, which underperformed. » Credit ratings allocation, especially an overweight to A rated bonds, which benefited from narrowing credit spreads, and an underweight to AAA rated bonds, which lagged. • Top detractors from relative performance » Sector allocation, particularly an underweight to the industrial development revenue (IDR) sector, which outperformed, and overweights to the ports and life care sectors, which underperformed. » Overweight to 10‑ to 12‑year duration bonds, which underperformed as the yield curve flattened. » Underweight to non‑rated bonds, which outperformed as credit spreads narrowed. | | Performance Attribution 12+ year duration bonds Public power and multi-family housing sectors Credit ratings allocation IDR, ports and life care sectors 10‑ to 12‑year duration bonds Non‑rated bonds |
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2014 through May 31, 2024) Initial Investment of $10,000
Average Annual Total Returns
| | | | | | | | | | | | |
| | | 1‑Year | | | 5‑Year | | | 10‑Year | |
| Class I at NAV | | | 2.93 | % | | | 0.27 | % | | | 1.66 | % |
| S&P Municipal Bond Index | | | 2.88 | % | | | 1.06 | % | | | 2.30 | % |
| S&P Municipal Bond Georgia Index | | | 2.98 | % | | | 0.90 | % | | | 2.01 | % |
| Lipper Other States Municipal Debt Funds Classification Average | | | 2.59 | % | | | 0.29 | % | | | 1.56 | % |
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
Fund Statistics (as of May 31, 2024)
| | | | |
| Fund net assets | | $ | 178,096,651 | |
| Total number of portfolio holdings | | | 92 | |
| Portfolio turnover (%) | | | 13% | |
| Total advisory fees paid for the year | | $ | 921,884 | |
What did the Fund invest in? (as of May 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.
How has the Fund changed?
| | • | | Portfolio manager update: Effective October 13, 2023, Joel Levy and Timothy Ryan, CFA were added as portfolio managers of the Fund. | |
| | • | | Management fees: As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion | |
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
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.
May 31, 2024
| | |
67065P808_AR_0524 3668589-INV-Y-07/25 (A, C, I) | | |
| | |
| |
Annual Shareholder Report
May 31, 2024 |
Nuveen Georgia Municipal Bond Fund
Class C Shares/FGCCX
Annual Shareholder Report
This annual shareholder report contains important information about the Class C Shares of the Nuveen Georgia Municipal Bond Fund for the period of June 1, 2023 to May 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.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (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 | | $164 | | 1.64% |
How did the Fund perform last year? What affected the Fund’s performance?
| | |
Performance Highlights • The Nuveen Georgia Municipal Bond Fund returned 2.00% for Class C shares at net asset value (NAV) for the 12 months ended May 31, 2024. The Fund underperformed the S&P Municipal Bond Georgia Index, which returned 2.98%. • Top detractors from relative performance » Sector allocation, particularly an underweight to the industrial development revenue (IDR) sector, which outperformed, and overweights to the ports and life care sectors, which underperformed. » Overweight to 10‑ to 12‑year duration bonds, which underperformed as the yield curve flattened. » Underweight to non‑rated bonds, which outperformed as credit spreads narrowed. • Top contributors to relative performance » Duration positioning, primarily an overweight to bonds with durations of 12 years and longer, which outperformed as the yield curve flattened. » Overweight to the public power sector, which outperformed, and underweight to the multi-family housing sector, which underperformed. » Credit ratings allocation, especially an overweight to A rated bonds, which benefited from narrowing credit spreads, and an underweight to AAA rated bonds, which lagged. | | Performance Attribution IDR, ports and life care sectors 10‑ to 12‑year duration bonds Non‑rated bonds 12+ year duration bonds Public power and multi-family housing sectors Credit ratings allocation |
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2014 through May 31, 2024) Initial Investment of $10,000
Average Annual Total Returns
| | | | | | | | | | | | |
| | | 1‑Year | | | 5‑Year | | | 10‑Year | |
| Class C Shares at NAV (excluding maximum sales charge) | | | 2.00 | % | | | (0.72 | )% | | | 0.81 | % |
| S&P Municipal Bond Index | | | 2.88 | % | | | 1.06 | % | | | 2.30 | % |
| S&P Municipal Bond Georgia Index | | | 2.98 | % | | | 0.90 | % | | | 2.01 | % |
| Lipper Other States Municipal Debt Funds Classification Average | | | 2.59 | % | | | 0.29 | % | | | 1.56 | % |
Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
Fund Statistics (as of May 31, 2024)
| | | | |
| Fund net assets | | $ | 178,096,651 | |
| Total number of portfolio holdings | | | 92 | |
| Portfolio turnover (%) | | | 13% | |
| Total advisory fees paid for the year | | $ | 921,884 | |
What did the Fund invest in? (as of May 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.
How has the Fund changed?
| | • | | Portfolio manager update: Effective October 13, 2023, Joel Levy and Timothy Ryan, CFA were added as portfolio managers of the Fund. | |
| | • | | Management fees: As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion | |
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
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.
May 31, 2024
| | |
67065P717_AR_0524 3668589-INV-Y-07/25 (A, C, I) | | |
| | |
| |
Annual Shareholder Report
May 31, 2024 |
Nuveen Louisiana Municipal Bond Fund
Class A Shares/FTLAX
Annual Shareholder Report
This annual shareholder report contains important information about the Class A Shares of the Nuveen Louisiana Municipal Bond Fund for the period of June 1, 2023 to May 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.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (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 | | $80 | | 0.80% |
How did the Fund perform last year? What affected the Fund’s performance?
| | |
Performance Highlights • The Nuveen Louisiana Municipal Bond Fund returned 4.41% for Class A shares at net asset value (NAV) for the 12 months ended May 31, 2024. The Fund outperformed the S&P Municipal Bond Louisiana Index, which returned 3.38%. • Top contributors to relative performance » Yield curve positioning, particularly an allocation to longer-maturity bonds, which outperformed. » Credit ratings allocation, specifically an overweight to bonds rated BBB and below, which benefited from contracting spreads. » Sector allocation, primarily driven by an overweight to the industrial development revenue (IDR) sector. • Top detractors from relative performance » Overweight to the hospital sector, which underperformed. » Overweight to the tobacco sector, which underperformed. | | Performance Attribution Yield curve positioning Credit ratings allocation Sector allocation Hospital sector Tobacco sector |
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2014 through May 31, 2024) Initial Investment of $10,000
Average Annual Total Returns
| | | | | | | | | | | | |
| | | 1‑Year | | | 5‑Year | | | 10‑Year | |
| Class A Shares at NAV (excluding maximum sales charge) | | | 4.41 | % | | | 1.32 | % | | | 2.52 | % |
| Class A Shares at maximum sales charge (Offering Price) | | | (0.01 | )% | | | 0.45 | % | | | 2.08 | % |
| S&P Municipal Bond Index | | | 2.88 | % | | | 1.06 | % | | | 2.30 | % |
| S&P Municipal Bond Louisiana Index | | | 3.38 | % | | | 1.53 | % | | | 2.48 | % |
| Lipper Other States Municipal Debt Funds Classification Average | | | 2.59 | % | | | 0.29 | % | | | 1.56 | % |
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
Fund Statistics (as of May 31, 2024)
| | | | |
| Fund net assets | | $ | 213,713,461 | |
| Total number of portfolio holdings | | | 162 | |
| Portfolio turnover (%) | | | 15% | |
| Total advisory fees paid for the year | | $ | 1,074,719 | |
What did the Fund invest in? (as of May 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.
How has the Fund changed?
| | • | | Portfolio manager update: Effective October 13, 2023, Paul Brennan, CFA was added as a portfolio manager of the Fund. | |
| | • | | Management fees: As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion. | |
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
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.
| | |
67065P881_AR_0524 3668607-INV-Y-07/25 (A, C, I) | | |
| | |
| |
Annual Shareholder Report
May 31, 2024 |
Nuveen Louisiana Municipal Bond Fund
Class I Shares/FTLRX
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Louisiana Municipal Bond Fund for the period of June 1, 2023 to May 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.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (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 | | $60 | | 0.60% |
How did the Fund perform last year? What affected the Fund’s performance?
| | |
Performance Highlights • The Nuveen Louisiana Municipal Bond Fund returned 4.64% for Class I shares at net asset value (NAV) for the 12 months ended May 31, 2024. The Fund outperformed the S&P Municipal Bond Louisiana Index, which returned 3.38%. • Top contributors to relative performance » Yield curve positioning, particularly an allocation to longer-maturity bonds, which outperformed. » Credit ratings allocation, specifically an overweight to bonds rated BBB and below, which benefited from contracting spreads. » Sector allocation, primarily driven by an overweight to the industrial development revenue (IDR) sector. • Top detractors from relative performance » Overweight to the hospital sector, which underperformed. » Overweight to the tobacco sector, which underperformed. | | Performance Attribution Yield curve positioning Credit ratings allocation Sector allocation Hospital sector Tobacco sector |
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2014 through May 31, 2024) Initial Investment of $10,000
Average Annual Total Returns
| | | | | | | | | | | | |
| | | 1‑Year | | | 5‑Year | | | 10‑Year | |
| Class I Shares at NAV | | | 4.64 | % | | | 1.54 | % | | | 2.72 | % |
| S&P Municipal Bond Index | | | 2.88 | % | | | 1.06 | % | | | 2.30 | % |
| S&P Municipal Bond Louisiana Index | | | 3.38 | % | | | 1.53 | % | | | 2.48 | % |
| Lipper Other States Municipal Debt Funds Classification Average | | | 2.59 | % | | | 0.29 | % | | | 1.56 | % |
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
Fund statistics (as of May 31, 2024)
| | | | |
| Fund net assets | | $ | 213,713,461 | |
| Total number of portfolio holdings | | | 162 | |
| Portfolio turnover (%) | | | 15% | |
| Total advisory fees paid for the year | | $ | 1,074,719 | |
What did the Fund invest in? (as of May 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.
How has the Fund changed?
| | • | | Portfolio manager update: Effective October 13, 2023, Paul Brennan, CFA was added as a portfolio manager of the Fund. | |
| | • | | Management fees: As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion. | |
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
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.
| | |
67065P857_AR_0524 3668607-INV-Y-07/25 (A, C, I) | | |
| | |
| |
Annual Shareholder Report
May 31, 2024 |
Nuveen Louisiana Municipal Bond Fund
Class C Shares/FAFLX
Annual Shareholder Report
This annual shareholder report contains important information about the Class C Shares of the Nuveen Louisiana Municipal Bond Fund for the period of June 1, 2023 to May 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.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (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 | | $160 | | 1.60% |
How did the Fund perform last year? What affected the Fund’s performance?
| | |
Performance Highlights • The Nuveen Louisiana Municipal Bond Fund returned 3.61% for Class C shares at net asset value (NAV) for the 12 months ended May 31, 2024. The Fund performed in line with the S&P Municipal Bond Louisiana Index, which returned 3.38%. • Top contributors to relative performance » Yield curve positioning, particularly an allocation to longer-maturity bonds, which outperformed. » Credit ratings allocation, specifically an overweight to bonds rated BBB and below, which benefited from contracting spreads. » Sector allocation, primarily driven by an overweight to the industrial development revenue (IDR) sector. • Top detractors from relative performance » Overweight to the hospital sector, which underperformed. » Overweight to the tobacco sector, which underperformed. | | Performance Attribution Yield curve positioning Credit ratings allocation Sector allocation Hospital sector Tobacco sector |
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2014 through May 31, 2024) Initial Investment of $10,000
Average Annual Total Returns
| | | | | | | | | | | | |
| | | 1‑Year | | | 5‑Year | | | 10‑Year | |
| Class C Shares at NAV (excluding maximum sales charge) | | | 3.61 | % | | | 0.52 | % | | | 1.87 | % |
| S&P Municipal Bond Index | | | 2.88 | % | | | 1.06 | % | | | 2.30 | % |
| S&P Municipal Bond Louisiana Index | | | 3.38 | % | | | 1.53 | % | | | 2.48 | % |
| Lipper Other States Municipal Debt Funds Classification Average | | | 2.59 | % | | | 0.29 | % | | | 1.56 | % |
Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
Fund Statistics (as of May 31, 2024)
| | | | |
| Fund net assets | | $ | 213,713,461 | |
| Total number of portfolio holdings | | | 162 | |
| Portfolio turnover (%) | | | 15% | |
| Total advisory fees paid for the year | | $ | 1,074,719 | |
What did the Fund invest in? (as of May 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.
How has the Fund changed?
| | • | | Portfolio manager update: Effective October 13, 2023, Paul Brennan, CFA was added as a portfolio manager of the Fund. | |
| | • | | Management fees: As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion. | |
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257‑8787.
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.
| | |
67065P691_AR_0524 3668607-INV-Y-07/25 (A, C, I) | | |
| | |
| |
Annual Shareholder Report
May 31, 2024 |
Nuveen North Carolina Municipal Bond Fund
Class A Shares/FLNCX
Annual Shareholder Report
This annual shareholder report contains important information about the Class A Shares of the Nuveen North Carolina Municipal Bond Fund for the period of June 1, 2023 to May 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.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (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 | | $78 | | 0.78% |
How did the Fund perform last year? What affected the Fund’s performance?
| | |
Performance Highlights • The Nuveen North Carolina Municipal Bond Fund returned 2.32% for Class A shares at net asset value (NAV) for the 12 months ended May 31, 2024. The Fund outperformed the S&P Municipal Bond North Carolina Index, which returned 2.03%. • Top contributors to relative performance » Sector allocation, particularly an overweight to toll roads, which outperformed, and exposures to hospitals, dedicated tax and multi-family housing bonds. » Duration positioning, especially an overweight to longer-duration bonds, which benefited from the yield curve flattening. » Credit ratings allocation, driven by an overweight to A rated and non‑rated bonds, which outperformed as spreads narrowed, and an underweight to AAA rated bonds, which underperformed. • Top detractors from relative performance » Allocation to shorter-maturity bonds along with an overweight to intermediate-maturity bonds. » Underweight allocation to the life care sector, which outperformed, and overweight allocations to higher education and appropriation-backed bonds, which underperformed. » An overweight allocation to BBB rated bonds. | | Performance Attribution Toll road, hospital, dedicated tax and multi-family housing sectors Longer-duration bonds Credit ratings allocation Short- and intermediate-maturity bonds Life care, higher education and appropriation sectors BBB rated bonds |
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2014 through May 31, 2024) Initial Investment of $10,000
Average Annual Total Returns
| | | | | | | | | | | | |
| | | 1‑Year | | | 5‑Year | | | 10‑Year | |
| Class A Shares at NAV (excluding maximum sales charge) | | | 2.32 | % | | | 0.03 | % | | | 1.53 | % |
| Class A Shares at maximum sales charge (Offering Price) | | | (2.02 | )% | | | (0.82 | )% | | | 1.10 | % |
| S&P Municipal Bond Index | | | 2.88 | % | | | 1.06 | % | | | 2.30 | % |
| S&P Municipal Bond North Carolina Index | | | 2.03 | % | | | 0.70 | % | | | 1.79 | % |
| Lipper Other States Municipal Debt Funds Classification Average | | | 2.59 | % | | | 0.29 | % | | | 1.56 | % |
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
Fund Statistics (as of May 31, 2024)
| | | | |
| Fund net assets | | $ | 523,928,929 | |
| Total number of portfolio holdings | | | 221 | |
| Portfolio turnover (%) | | | 20% | |
| Total advisory fees paid for the year | | $ | 2,606,682 | |
What did the Fund invest in? (as of May 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.
How has the Fund changed?
| | • | | Portfolio manager update: Effective October 13, 2023, Joel Levy and Timothy Ryan, CFA were added as portfolio managers of the Fund. | |
| | • | | Management fees: As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion. | |
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
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.
| | |
67065P840_AR_0524 3668628-INV-Y-07/25 (A, C, I) | | |
| | |
| |
Annual Shareholder Report
May 31, 2024 |
Nuveen North Carolina Municipal Bond Fund
Class I Shares/FCNRX
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen North Carolina Municipal Bond Fund for the period of June 1, 2023 to May 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.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (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 | | $58 | | 0.58% |
How did the Fund perform last year? What affected the Fund’s performance?
| | |
Performance Highlights • The Nuveen North Carolina Municipal Bond Fund returned 2.45% for Class I shares at net asset value (NAV) for the 12 months ended May 31, 2024. The Fund outperformed the S&P Municipal Bond North Carolina Index, which returned 2.03%. • Top contributors to relative performance » Sector allocation, particularly an overweight to toll roads, which outperformed, and exposures to hospitals, dedicated tax and multi-family housing bonds. » Duration positioning, especially an overweight to longer-duration bonds, which benefited from the yield curve flattening. » Credit ratings allocation, driven by an overweight to A rated and non-rated bonds, which outperformed as spreads narrowed, and an underweight to AAA rated bonds, which underperformed. • Top detractors from relative performance » Allocation to shorter-maturity bonds along with an overweight to intermediate-maturity bonds. » Underweight allocation to the life care sector, which outperformed, and overweight allocations to higher education and appropriation-backed bonds, which underperformed. » An overweight allocation to BBB rated bonds. | | Performance Attribution Toll road, hospital, dedicated tax and multi-family housing sectors Longer-duration bonds Credit ratings allocation Short- and intermediate-maturity bonds Life care, higher education and appropriation sectors BBB rated bonds |
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2014 through May 31, 2024) Initial Investment of $10,000
Average Annual Total Returns
| | | | | | | | | | | | |
| | | 1‑Year | | | 5‑Year | | | 10‑Year | |
| Class I Shares at NAV | | | 2.45 | % | | | 0.22 | % | | | 1.73 | % |
| S&P Municipal Bond Index | | | 2.88 | % | | | 1.06 | % | | | 2.30 | % |
| S&P Municipal Bond North Carolina Index | | | 2.03 | % | | | 0.70 | % | | | 1.79 | % |
| Lipper Other States Municipal Debt Funds Classification Average | | | 2.59 | % | | | 0.29 | % | | | 1.56 | % |
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
Fund Statistics (as of May 31, 2024)
| | | | |
| Fund net assets | | $ | 523,928,929 | |
| Total number of portfolio holdings | | | 221 | |
| Portfolio turnover (%) | | | 20% | |
| Total advisory fees paid for the year | | $ | 2,606,682 | |
What did the Fund invest in? (as of May 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.
How has the Fund changed?
| | • | | Portfolio manager update: Effective October 13, 2023, Joel Levy and Timothy Ryan, CFA were added as portfolio managers of the Fund. | |
| | • | | Management fees: As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion. | |
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
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.
| | |
67065P816_AR_0524 3668628-INV-Y-07/25 (A, C, I) | | |
| | |
| |
Annual Shareholder Report
May 31, 2024 |
Nuveen North Carolina Municipal Bond Fund
Class C Shares/FDCCX
Annual Shareholder Report
This annual shareholder report contains important information about the Class C Shares of the Nuveen North Carolina Municipal Bond Fund for the period of June 1, 2023 to May 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.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (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 | | $158 | | 1.58% |
How did the Fund perform last year? What affected the Fund’s performance?
| | |
Performance Highlights • The Nuveen North Carolina Municipal Bond Fund returned 1.43% for Class C shares at net asset value (NAV) for the 12 months ended May 31, 2024. The Fund underperformed the S&P Municipal Bond North Carolina Index, which returned 2.03%. • Top detractors from relative performance » Allocation to shorter-maturity bonds along with an overweight to intermediate-maturity bonds. » Underweight allocation to the life care sector, which outperformed, and overweight allocations to higher education and appropriation-backed bonds, which underperformed. » An overweight allocation to BBB rated bonds. • Top contributors to relative performance » Sector allocation, particularly an overweight to toll roads, which outperformed, and exposures to hospitals, dedicated tax and multi-family housing bonds. » Duration positioning, especially an overweight to longer-duration bonds, which benefited from the yield curve flattening. » Credit ratings allocation, driven by an overweight to A rated and non-rated bonds, which outperformed as spreads narrowed, and an underweight to AAA rated bonds, which underperformed. | | Performance Attribution Toll road, hospital, dedicated tax and multi-family housing sectors Longer-duration bonds Credit ratings allocation Short- and intermediate-maturity bonds Life care, higher education and appropriation sectors BBB rated bonds |
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2014 through May 31, 2024) Initial Investment of $10,000
Average Annual Total Returns
| | | | | | | | | | | | |
| | | 1‑Year | | | 5‑Year | | | 10‑Year | |
| Class C Shares at NAV (excluding maximum sales charge) | | | 1.43 | % | | | (0.78 | )% | | | 0.90 | % |
| S&P Municipal Bond Index | | | 2.88 | % | | | 1.06 | % | | | 2.30 | % |
| S&P Municipal Bond North Carolina Index | | | 2.03 | % | | | 0.70 | % | | | 1.79 | % |
| Lipper Other States Municipal Debt Funds Classification Average | | | 2.59 | % | | | 0.29 | % | | | 1.56 | % |
Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
Fund Statistics (as of May 31, 2024)
| | | | |
| Fund net assets | | $ | 523,928,929 | |
| Total number of portfolio holdings | | | 221 | |
| Portfolio turnover (%) | | | 20% | |
| Total advisory fees paid for the year | | $ | 2,606,682 | |
What did the Fund invest in? (as of May 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.
How has the Fund changed?
| | • | | Portfolio manager update: Effective October 13, 2023, Joel Levy and Timothy Ryan, CFA were added as portfolio managers of the Fund. | |
| | • | | Management fees: As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion. | |
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
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.
| | |
67065P683_AR_0524 3668628-INV-Y-07/25 (A, C, I) | | |
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. Upon request, a copy of the registrant’s code of ethics is available without charge by calling 800-257-8787.
| Item 3. | Audit Committee Financial Expert. |
As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) had determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The members of the registrant’s audit committee that have been designated as audit committee financial experts are Joseph A. Boateng, Albin F. Moschner, John K. Nelson, Loren M. Starr and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.
Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees’ Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1 (2019-2023).
Mr. Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was as a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995.
Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).
Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and member of the Audit Committee for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 (2022-2023).
Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses and co-led these activities for J.P. Morgan’s global retail and institutional
investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.
| Item 4. | Principal Accountant Fees and Services. |
The following tables show the amount of fees that PricewaterhouseCoopers, the Funds’ auditor, billed to the Funds during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in his absence, any other member of the Audit Committee).
| | | | | | | | | | | | | | | | |
| Fiscal Year Ended May 31, 2024 | | Audit Fees Billed to Funds1 | | | Audit-Related Fees Billed to Funds2 | | | Tax Fees Billed to Funds3 | | | All Other Fees Billed to Funds4 | |
Nuveen Georgia Municipal Bond Fund | | | $32,259 | | | | $0 | | | | $0 | | | | $0 | |
| | | | | | | | | | | | | | | | |
Nuveen Louisiana Municipal Bond Fund | | | $32,259 | | | | $0 | | | | $0 | | | | $0 | |
| | | | | | | | | | | | | | | | |
Nuveen North Carolina Municipal Bond Fund | | | $32,259 | | | | $0 | | | | $0 | | | | $0 | |
| | | | | | | | | | | | | | | | |
Total | | | $96,777 | | | | $0 | | | | $0 | | | | $0 | |
| 1 | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
| 2 | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
| 3 | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
| 4 | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
| | | | | | | | | | | | | | | | |
| | | Percentage Approved Pursuant to Pre-approval Exception | |
| Fiscal Year Ended May 31, 2024 | | Audit Fees Billed to Funds | | | Audit-Related Fees Billed to Funds | | | Tax Fees Billed to Funds | | | All Other Fees Billed to Funds | |
| Nuveen Georgia Municipal Bond Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
| | | | | | | | | | | | | | | | |
| Nuveen Louisiana Municipal Bond Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
| | | | | | | | | | | | | | | | |
| Nuveen North Carolina Municipal Bond Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
| | | | | | | | | | | | | | | | |
| Fiscal Year Ended May 31, 2023 | | Audit Fees Billed to Funds1 | | | Audit-Related Fees Billed to Funds2 | | | Tax Fees Billed to Funds3 | | | All Other Fees Billed to Funds4 | |
| Nuveen Georgia Municipal Bond Fund | | | $37,988 | | | | $0 | | | | $0 | | | | $0 | |
| | | | | | | | | | | | | | | | |
| Nuveen Louisiana Municipal Bond Fund | | | $37,988 | | | | $0 | | | | $0 | | | | $0 | |
| | | | | | | | | | | | | | | | |
| Nuveen North Carolina Municipal Bond Fund | | | $37,988 | | | | $0 | | | | $0 | | | | $0 | |
| | | | | | | | | | | | | | | | |
Total | | | $113,964 | | | | $0 | | | | $0 | | | | $0 | |
| 1 | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
| 2 | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
| 3 | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
| 4 | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
| | | | | | | | | | | | | | | | |
| | | Percentage Approved Pursuant to Pre-approval Exception | |
| Fiscal Year Ended May 31, 2023 | | Audit Fees Billed to Funds | | | Audit-Related Fees
Billed to Funds | | | Tax Fees Billed to Funds | | | All Other Fees Billed to Funds | |
| Nuveen Georgia Municipal Bond Fund | | | 0 | % | | | 0% | | | | 0 | % | | | 0 | % |
| | | | | | | | | | | | | | | | |
| Nuveen Louisiana Municipal Bond Fund | | | 0 | % | | | 0% | | | | 0 | % | | | 0 | % |
| | | | | | | | | | | | | | | | |
| Nuveen North Carolina Municipal Bond Fund | | | 0 | % | | | 0% | | | | 0 | % | | | 0 | % |
| | | | | | | | | | | | |
| Fiscal Year Ended May 31, 2024 | | Audit-Related Fees Billed to Adviser and Affiliated Fund
Service Providers | | | Tax Fees Billed to Adviser and Affiliated Fund
Service Providers | | | All Other Fees Billed to Adviser and Affiliated Fund
Service Providers | |
| Nuveen Multistate Trust III | | | $0 | | | | $0 | | | | $0 | |
| | | | | | | | | | | | |
| | | Percentage Approved Pursuant to Pre-approval Exception | |
| | | Audit-Related Fees Billed to Adviser and Affiliated Fund
Service Providers | | | Tax Fees Billed to Adviser and Affiliated Fund
Service Providers | | | All Other Fees Billed to Adviser and Affiliated Fund
Service Providers | |
| | | 0% | | | | 0% | | | | 0% | |
| | | |
| | | | | | | | | | | | |
| Fiscal Year Ended May 31, 2023 | | Audit-Related Fees Billed to Adviser and Affiliated Fund
Service Providers | | | Tax Fees Billed to Adviser and Affiliated Fund
Service Providers | | | All Other Fees Billed to Adviser and Affiliated Fund
Service Providers | |
| Nuveen Multistate Trust III | | | $0 | | | | $0 | | | | $0 | |
| | | | | | | | | | | | |
| | | Percentage Approved Pursuant to Pre-approval Exception | |
| | | Audit-Related Fees Billed to Adviser and Affiliated Fund
Service Providers | | | Tax Fees Billed to Adviser and Affiliated Fund
Service Providers | | | All Other Fees Billed to Adviser and Affiliated Fund
Service Providers | |
| | | 0% | | | | 0% | | | | 0% | |
| | | | | | | | | | | | | | | | |
| Fiscal Year Ended May 31, 2024 | | Total Non-Audit Fees
Billed to Fund | | | Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial
reporting of the Trust) | | | Total Non-Audit Fees
Billed to Adviser and Affiliated Fund Service
Providers (all other
engagements) | | | Total | |
| Nuveen Georgia Municipal Bond Fund | | | $0 | | | | $0 | | | | $0 | | | | $0 | |
| | | | | | | | | | | | | | | | |
| Nuveen Louisiana Municipal Bond Fund | | | $0 | | | | $0 | | | | $0 | | | | $0 | |
| | | | | | | | | | | | | | | | |
| Fiscal Year Ended May 31, 2024 | | Total Non-Audit Fees
Billed to Fund | | | Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial
reporting of the Trust) | | | Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (all other engagements) | | | Total | |
| Nuveen North Carolina Municipal Bond Fund | | | $0 | | | | $0 | | | | $0 | | | | $0 | |
| | | | | | | | | | | | | | | | |
Total | | | $0 | | | | $0 | | | | $0 | | | | $0 | |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
| | | | | | | | | | | | | | | | |
| Fiscal Year Ended May 31, 2023 | | Total Non-Audit Fees
Billed to Fund | | | Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust) | | | Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (all other engagements) | | | Total | |
| Nuveen Georgia Municipal Bond Fund | | | $0 | | | | $0 | | | | $0 | | | | $0 | |
| | | | | | | | | | | | | | | | |
| Nuveen Louisiana Municipal Bond Fund | | | $0 | | | | $0 | | | | $0 | | | | $0 | |
| | | | | | | | | | | | | | | | |
| Nuveen North Carolina Municipal Bond Fund | | | $0 | | | | $0 | | | | $0 | | | | $0 | |
| | | | | | | | | | | | | | | | |
Total | | | $0 | | | | $0 | | | | $0 | | | | $0 | |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit and non-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chair for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
Item 4(i) and Item 4(j) are not applicable to the registrant.
| Item 5. | Audit Committee of Listed Registrants. |
Not applicable to this registrant.
| (a) | Schedule of Investments is included as part of the financial statements filed under Item 7 of this Form N-CSR. |
| Item 7. | Financial Statements and Financial Highlights for Open-End Management Investment Companies. |
Item
7.
Financial
Statements
and
Financial
Highlights
for
Open-End
Management
Investment
Companies
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Board
of
Trustees
of
Nuveen
Multistate
Trust
III
and
Shareholders
of
Nuveen
Georgia
Municipal
Bond
Fund,
Nuveen
Louisiana
Municipal
Bond
Fund
and
Nuveen
North
Carolina
Municipal
Bond
Fund
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
portfolios
of
investments,
of
Nuveen
Georgia
Municipal
Bond
Fund,
Nuveen
Louisiana
Municipal
Bond
Fund
and
Nuveen
North
Carolina
Municipal
Bond
Fund
(constituting
Nuveen
Multistate
Trust
III,
hereafter
collectively
referred
to
as
the
"Funds")
as
of
May
31,
2024,
the
related
statements
of
operations
for
the
year
ended
May
31,
2024,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
May
31,
2024,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
May
31,
2024
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
May
31,
2024,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
May
31,
2024
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
May
31,
2024
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
May
31,
2024
by
correspondence
with
the
custodian,
portfolio
company
and
brokers;
when
replies
were
not
received
from
the
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/
PricewaterhouseCoopers
LLP
Chicago,
Illinois
July
25,
2024
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
Nuveen
Funds
since
2002.
Nuveen
Georgia
Municipal
Bond
Fund
Portfolio
of
Investments
May
31,
2024
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
LONG-TERM
INVESTMENTS
-
97.6%
X
173,883,950
MUNICIPAL
BONDS
-
97.6%
X
173,883,950
Consumer
Discretionary
-
1.0%
$
2,200
Geo.
L.
Smith
II
Georgia
World
Congress
Center
Authority,
Georgia,
Convention
Center
Hotel
Revenue
Bonds, First
Tier
Series
2021A,
4.000%,
1/01/54
1/31
at
100.00
$
1,879,958
Total
Consumer
Discretionary
1,879,958
Education
and
Civic
Organizations
-
7.6%
750
Cobb
County
Development
Authority,
Georgia,
Charter
School
Revenue
Bonds,
Northwest
Classical
Academy,
Inc.
Project,
Series
2023A,
6.375%,
6/15/58
6/31
at
100.00
753,133
1,000
Fulton
County
Development
Authority,
Georgia,
General
Revenue
Bonds,
Spelman
College,
Refunding
Series
2015,
5.000%,
6/01/32
6/25
at
100.00
1,008,900
2,000
Fulton
County
Development
Authority,
Georgia,
Revenue
Bonds,
Robert
W.
Woodruff
Arts
Center,
Inc.
Project,
Refunding
Series
2015A,
5.000%,
3/15/36
3/26
at
100.00
2,034,299
2,000
Fulton
County
Development
Authority,
Georgia,
Revenue
Bonds,
Robert
W.
Woodruff
Arts
Center,
Inc.
Project,
Series
2019A,
5.000%,
3/15/44
3/29
at
100.00
2,059,660
2,750
Gwinnett
County
Development
Authority, Georgia,
Revenue
Bonds,
Georgia
Gwinnett
College
Student
Housing
Project,
Refunding
Series
2017B,
5.000%,
7/01/40
7/27
at
100.00
2,820,393
4,000
Private
Colleges
and
Universities
Authority,
Georgia,
Revenue
Bonds,
Emory
University,
Refunding
Series
2016A,
5.000%,
10/01/46
10/26
at
100.00
4,064,478
605
Private
Colleges
and
Universities
Authority,
Georgia,
Revenue
Bonds,
Mercer
University,
Series
2012B,
5.000%,
10/01/24
No
Opt.
Call
606,687
250
Private
Colleges
and
Universities
Authority,
Georgia,
Revenue
Bonds,
Mercer
University,
Series
2021,
4.000%,
10/01/50
10/31
at
100.00
235,508
Total
Education
and
Civic
Organizations
13,583,058
Health
Care
-
10.0%
5,590
Brookhaven
Development
Authority,
Georgia,
Revenue
Bonds,
Children's
Healthcare
of
Atlanta,
Inc.
Project,
Series
2019A,
4.000%,
7/01/49
7/29
at
100.00
5,279,240
550
Cobb
County
Kennestone
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Wellstar
Health
System,
Inc.
Project,
Series
2022A,
4.000%,
4/01/52
4/32
at
100.00
511,154
420
Cobb
County
Kennestone
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Wellstar
Health
System,
Series
2017A,
5.000%,
4/01/36
4/27
at
100.00
431,453
Columbia
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
WellStar
Health
System,
Inc.
Project,
Series
2023B:
2,000
5.125%,
4/01/53
4/33
at
100.00
2,089,717
2,100
5.750%,
4/01/53
4/33
at
100.00
2,329,281
2,355
Fulton
County
Development
Authority,
Georgia,
Revenue
Bonds,
Piedmont
Healthcare,
Inc.
Project,
Series
2014A,
5.000%,
7/01/44
7/24
at
100.00
2,345,497
2,500
Fulton
County
Development
Authority,
Georgia,
Revenue
Bonds,
Piedmont
Healthcare,
Inc.
Project,
Series
2019A,
4.000%,
7/01/49
-
BAM
Insured
7/29
at
100.00
2,371,985
2,500
Savannah
Hospital
Authority,
Georgia,
Revenue
Bonds,
Saint
Joseph's/
Candler
Health
System,
Inc.,
Anticipation
Certificate
Series
2019A,
4.000%,
7/01/43
7/29
at
100.00
2,395,844
Total
Health
Care
17,754,171
Housing/Multifamily
-
2.0%
3,600
DeKalb
County
Housing
Authority,
Georgia,
Multifamily
Housing
Revenue
Bonds,
Kensington
Station
Project,
Series
2023,
4.000%,
12/01/33
12/30
at
100.00
3,540,552
Total
Housing/Multifamily
3,540,552
Nuveen
Georgia
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2024
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/General
-
19.7%
Atlanta,
Georgia,
General
Obligation
Bonds,
Public
Improvement
Social
Series
2022A-1:
$
2,000
5.000%,
12/01/39
12/32
at
100.00
$
2,222,852
2,845
5.000%,
12/01/41
12/32
at
100.00
3,127,955
1,880
Carroll
City-County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Tanner
Medical
Center
Inc.
Project,
Series
2020,
4.000%,
7/01/50
7/30
at
100.00
1,777,519
2,000
Carroll
City-County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Tanner
Medical
Center,
Inc.
Project,
Series
2015,
5.000%,
7/01/41
7/25
at
100.00
2,010,480
2,000
Carrollton
Independent
School
System,
Carroll
County,
Georgia,
General
Obligation
Bonds,
Series
2015,
5.000%,
4/01/32
4/26
at
100.00
2,054,210
825
Cherokee
County
School
System,
Georgia,
General
Obligation
Bonds,
Series
2017,
5.000%,
2/01/28
2/27
at
100.00
858,120
850
Coweta
County
Public
Facilities
Authority,
Georgia,
Revenue
Bonds,
Coweta
County
Project,
Series
2022,
5.000%,
9/01/42
9/32
at
100.00
924,966
1,815
Crisp
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Crisp
County
Hospital
Project,
Series
2021,
4.000%,
7/01/46
7/31
at
100.00
1,654,401
1,100
East
Point
Building
Authority,
Georgia,
Revenue
Bonds,
Water
&
Sewer
Project,
Refunding
Series
2017,
5.000%,
2/01/34
-
AGM
Insured
2/27
at
100.00
1,139,878
800
Effingham
County
School
District,
Georgia,
General
Obligation
Bonds,
Series
2022,
4.000%,
9/01/47
9/32
at
100.00
772,298
5,000
Gainesville
and
Hall
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Northeast
Georgia
Health
Services
Inc.,
Series
2017B,
5.250%,
2/15/45
2/27
at
100.00
5,119,592
Georgia
State
Road
and
Tollway
Authority,
Guaranteed
Revenue
Bonds,
Managed
Lane
System,
Series
2021A:
1,120
4.000%,
7/15/37
7/31
at
100.00
1,156,198
2,380
4.000%,
7/15/38
7/31
at
100.00
2,444,372
1,625
Greene
County
School
District,
Georgia,
General
Obligation
Bonds,
Series
2023,
4.000%,
6/01/48
6/33
at
100.00
1,566,933
2,000
Gwinnett
County
School
District,
Georgia,
General
Obligation
Bonds,
Series
2019,
5.000%,
2/01/41
2/29
at
100.00
2,118,286
1,360
Lawrenceville
Building
Authority,
Georgia,
Revenue
Bonds,
Lawrenceville
Performing
Arts
Complex
Project,
Series
2019A,
4.000%,
10/01/32
10/28
at
100.00
1,378,558
500
Valdosta
and
Lowndes
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Refunding
Series
2019A,
5.000%,
10/01/35
10/29
at
100.00
536,806
2,000
Vidalia
School
District,
Toombs
County,
Georgia,
General
Obligation
Bonds,
Series
2016,
5.000%,
8/01/37
2/26
at
100.00
2,043,475
2,325
Walton
County
Water
and
Sewerage
Authority,
Georgia,
Revenue
Bonds,
Oconee-Hard
Creek
Reservoir
Project,
Series
2023,
4.000%,
2/01/47
2/33
at
100.00
2,255,613
Total
Tax
Obligation/General
35,162,512
Tax
Obligation/Limited
-
7.4%
1,500
Atlanta
Development
Authority,
Georgia,
Revenue
Bonds,
New
Downtown
Atlanta
Stadium
Project,
Second
Lien
Series
2015B,
5.000%,
7/01/44
7/25
at
100.00
1,482,742
2,500
Atlanta
Development
Authority,
Georgia,
Revenue
Bonds,
New
Downtown
Atlanta
Stadium
Project,
Senior
Lien
Series
2015A-1,
5.250%,
7/01/44
7/25
at
100.00
2,527,243
425
Atlanta,
Georgia,
Tax
Allocation
Bonds
Atlanta
Station
Project,
Refunding
Series
2017,
5.000%,
12/01/24
No
Opt.
Call
426,609
1,055
Atlanta,
Georgia,
Tax
Allocation
Bonds,
Beltline
Project,
Series
2016D,
5.000%,
1/01/30
1/27
at
100.00
1,084,592
595
Atlanta,
Georgia,
Tax
Allocation
Bonds,
Perry
Bolton
Project
Series
2014,
5.000%,
7/01/34
7/24
at
100.00
595,371
110
Cobb-Marietta
Coliseum
and
Exhibit
Hall
Authority,
Georgia,
Revenue
Bonds,
Refunding
Series
1993,
5.625%,
10/01/26
-
NPFG
Insured
No
Opt.
Call
112,296
95
Cobb-Marietta
Coliseum
and
Exhibit
Hall
Authority,
Georgia,
Revenue
Bonds,
Refunding
Series
2005,
5.500%,
10/01/26
-
NPFG
Insured
No
Opt.
Call
97,243
1,405
Downtown
Smyrna
Development
Authority,
Georgia,
General
Obligation
Bonds,
Series
2005,
5.250%,
2/01/28
No
Opt.
Call
1,465,779
1,671
Georgia
Local
Governments,
Certificates
of
Participation,
Georgia
Municipal
Association,
Series
1998A,
4.750%,
6/01/28
-
NPFG
Insured
No
Opt.
Call
1,676,271
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/Limited
(continued)
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
$
1,225
0.000%,
7/01/33
7/28
at
86.06
$
856,581
1,825
4.500%,
7/01/34
7/25
at
100.00
1,828,937
985
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
981,918
Total
Tax
Obligation/Limited
13,135,582
Transportation
-
12.9%
2,000
Atlanta,
Georgia,
Airport
General
Revenue
Bonds,
Series
2022A,
5.000%,
7/01/47
7/32
at
100.00
2,134,665
2,000
Atlanta,
Georgia,
Airport
Passenger
Facilities
Charge
and
General
Revenue
Bonds,
Subordinate
Lien
Series
2019D,
4.000%,
7/01/38,
(AMT)
7/29
at
100.00
1,961,273
Augusta,
Georgia,
Airport
Revenue
Bonds,
Refunding
General
Series
2015A:
160
5.000%,
1/01/32
1/25
at
100.00
160,596
170
5.000%,
1/01/33
1/25
at
100.00
170,632
100
5.000%,
1/01/34
1/25
at
100.00
100,376
150
5.000%,
1/01/35
1/25
at
100.00
150,638
Georgia
Ports
Authority,
Revenue
Bonds,
Series
2021:
4,875
4.000%,
7/01/46
7/31
at
100.00
4,752,493
2,000
4.000%,
7/01/51
7/31
at
100.00
1,902,088
Georgia
Ports
Authority,
Revenue
Bonds,
Series
2022:
7,380
4.000%,
7/01/47
7/32
at
100.00
7,146,869
4,200
5.000%,
7/01/47
7/32
at
100.00
4,482,795
Total
Transportation
22,962,425
U.S.
Guaranteed
-
7.5%
(c)
Atlanta,
Georgia,
Water
and
Wastewater
Revenue
Bonds,
Refunding
Series
2015:
7,150
5.000%,
11/01/35,
(Pre-refunded
5/01/25)
5/25
at
100.00
7,248,910
1,980
Gainesville
and
Hall
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Northeast
Georgia
Health
Services
Inc.,
Series
2014A,
5.500%,
8/15/54,
(Pre-refunded
2/15/25)
2/25
at
100.00
2,006,048
4,000
Sandy
Springs
Public
Facilities
Authority,
Georgia,
Revenue
Bonds,
Sandy
Springs
City
Center
Project,
Series
2015,
5.000%,
5/01/47,
(Pre-refunded
5/01/26)
5/26
at
100.00
4,121,024
Total
U.S.
Guaranteed
13,375,982
Utilities
-
29.5%
Atlanta,
Georgia,
Water
and
Wastewater
Revenue
Bonds,
Refunding
Series
2015:
500
5.000%,
11/01/40
5/25
at
100.00
503,498
1,000
Atlanta,
Georgia,
Water
and
Wastewater
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
11/01/37
11/27
at
100.00
1,048,533
1,635
Atlanta,
Georgia,
Water
and
Wastewater
Revenue
Bonds,
Refunding
Series
2018A,
5.000%,
11/01/41
11/27
at
100.00
1,700,938
Bainbridge,
Georgia,
Combined
Utilities
Revenue
Bonds,
Series
2021:
1,000
4.000%,
12/01/46
-
BAM
Insured
12/31
at
100.00
946,642
1,170
4.000%,
12/01/51
-
BAM
Insured
12/31
at
100.00
1,096,158
2,000
Burke
County
Development
Authority,
Georgia,
Pollution
Control
Revenue
Bonds,
Georgia
Power
Company,
Fifth
Series
1994,
3.700%,
10/01/32,
(Mandatory
Put
6/13/28)
,
(WI/DD)
No
Opt.
Call
2,002,194
1,250
Burke
County
Development
Authority,
Georgia,
Pollution
Control
Revenue
Bonds,
Oglethorpe
Power
Corporation
Vogtle
Project,
Series
2017C,
4.125%,
11/01/45
2/28
at
100.00
1,108,578
2,010
Burke
County
Development
Authority,
Georgia,
Pollution
Control
Revenue
Bonds,
Oglethorpe
Power
Corporation
Vogtle
Project,
Series
2017D,
4.125%,
11/01/45
2/28
at
100.00
1,782,593
2,000
Cartersville,
Georgia,
Water
and
Sewer
Revenue
Bonds,
Series
2018,
5.000%,
6/01/48
6/28
at
100.00
2,044,345
625
Cherokee
County
Water
and
Sewerage
Authority,
Georgia,
Water
and
Sewerage
Revenue
Bonds,
Series
2023,
5.000%,
8/01/33
No
Opt.
Call
713,333
Nuveen
Georgia
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2024
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Utilities
(continued)
$
1,900
Dalton,
Georgia,
Combined
Utilities
Revenue
Bonds,
Series
2017,
5.000%,
3/01/31
3/27
at
100.00
$
1,951,048
1,000
Dalton,
Georgia,
Combined
Utilities
Revenue
Bonds,
Series
2020,
4.000%,
3/01/41
3/30
at
100.00
942,293
1,150
DeKalb
County,
Georgia,
Water
and
Sewerage
Revenue
Bonds,
Refunding
Series
2006B,
5.250%,
10/01/32
-
AGM
Insured
10/26
at
100.00
1,192,072
4,000
DeKalb
County,
Georgia,
Water
and
Sewerage
Revenue
Bonds,
Second
Resolution
Series
Series
2022,
5.000%,
10/01/52
10/32
at
100.00
4,241,190
1,000
Fulton
County,
Georgia,
Water
and
Sewerage
Revenue
Bonds,
Refunding
Series
2013,
5.000%,
1/01/33
7/24
at
100.00
1,000,420
2,000
Georgia
Municipal
Electric
Authority,
General
Power
Revenue
Bonds,
Series
2012GG,
5.000%,
1/01/43
6/24
at
100.00
1,999,672
3,000
Georgia
Municipal
Electric
Authority,
Plant
Vogtle
Units
3
&
4
Project
P
Bonds,
Series
2019B,
5.000%,
1/01/48
7/28
at
100.00
3,019,801
2,630
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Project
Revenue
Bonds,
Series
2007A,
5.500%,
9/15/27
No
Opt.
Call
2,695,213
2,750
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2019A,
5.000%,
5/15/43
5/29
at
100.00
2,766,578
1,525
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2019B,
4.000%,
8/01/49,
(Mandatory
Put
12/02/24)
9/24
at
100.43
1,524,508
3,500
Monroe,
Georgia,
Combined
Utilities
Revenue
Bonds,
Series
2020,
4.000%,
12/01/50
-
AGM
Insured
12/30
at
100.00
3,334,896
1,000
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
M
Bonds,
Series
2021A,
4.000%,
1/01/51
1/30
at
100.00
887,294
905
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
P
Bonds,
Series
2021A,
5.000%,
1/01/56
1/30
at
100.00
907,555
3,500
Municipal
Electric
Authority
of
Georgia,
Project
One
Revenue
Bonds,
Subordinate
Lien
Series
2015A,
0.000%,
1/01/32
No
Opt.
Call
2,486,203
Municipal
Electric
Authority
of
Georgia,
Project
One
Revenue
Bonds,
Subordinate
Lien
Series
2020A:
2,000
5.000%,
1/01/45
1/31
at
100.00
2,067,734
2,500
5.000%,
1/01/50
1/31
at
100.00
2,561,813
2,405
5.000%,
1/01/59
7/28
at
100.00
2,410,118
1,500
Sinclair
Water
Authority,
Georgia,
Revenue
Bonds,
Refunding
Series
2019,
4.000%,
4/01/44
4/29
at
100.00
1,443,818
1,000
South
Fulton
Municipal
Regional
Water
and
Sewer
Authority,
Georgia,
Revenue
Bonds,
Refunding
Series
2014,
5.000%,
1/01/31
7/24
at
100.00
1,005,073
1,045
Walton
County
Water
and
Sewerage
Authority,
Georgia,
Revenue
Bonds,
Walton-Hard
Labor
Creek
Reservoir
Water
Treatment
Facility
Project,
Series
2022,
5.000%,
2/01/53
8/32
at
100.00
1,105,599
Total
Utilities
52,489,710
Total
Municipal
Bonds
(cost
$176,612,774)
173,883,950
Total
Long-Term
Investments
(cost
$176,612,774)
173,883,950
Other
Assets
&
Liabilities,
Net
-
2.4%
4,212,701
Net
Assets
-
100%
$
178,096,651
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(c)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
AMT
Alternative
Minimum
Tax
WI/DD
When-issued
or
delayed
delivery
security.
See
Notes
to
Financial
Statements
Nuveen
Louisiana
Municipal
Bond
Fund
Portfolio
of
Investments
May
31,
2024
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
LONG-TERM
INVESTMENTS
-
99.1%
X
203,790,485
MUNICIPAL
BONDS
-
95.3%
X
203,790,485
Consumer
Staples
-
1.9%
$
2,770
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1,
3.000%,
6/01/48
6/30
at
100.00
$
2,025,782
600
Guam
Economic
Development
&
Commerce
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A,
5.250%,
6/01/32
6/24
at
100.00
590,780
315
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
291,102
175
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018B,
5.000%,
6/01/46
6/28
at
100.00
176,193
1,160
TSASC
Inc.,
New
York,
Tobacco
Asset-Backed
Bonds,
Series
2006,
5.000%,
6/01/48
6/27
at
100.00
982,252
Total
Consumer
Staples
4,066,109
Education
and
Civic
Organizations
-
29.0%
1,025
(c)
Jefferson
Parish
Economic
Development
and
Port
District,
Louisiana,
Kenner
Discovery
Health
Sciences
Academy
Project,
Series
2018A,
5.500%,
6/15/38
6/28
at
100.00
1,031,227
815
Lafayette
Public
Trust
Financing
Authority,
Louisiana,
Revenue
Bonds,
Ragin'
Cajun
Facilities
Inc.
Project,
Refunding
Series
2012,
5.000%,
10/01/27
-
AGM
Insured
7/24
at
100.00
815,598
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
Ragin'
Cajun
Facilities
Inc.-
Athletic
Facilities
Project,
Refunding
Series
2021:
500
4.000%,
10/01/40
-
AGM
Insured
10/30
at
100.00
477,543
720
4.000%,
10/01/42
-
AGM
Insured
10/30
at
100.00
679,868
3,000
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
Ragin'
Cajun
Facilities
Inc.-
Student
Housing
&
Parking
Project,
Series
2018,
5.000%,
10/01/48
-
AGM
Insured
10/27
at
100.00
3,021,838
1,030
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
Ragin'
Cajun
Facilities
Inc.-
Student
Union/University
Facilities
Project,
Series
2021,
4.000%,
10/01/39
-
AGM
Insured
10/30
at
100.00
1,033,314
750
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
Ragin
Cajun
Facilities,
Inc.-Lewis
Street
Parking
Garage
Project,
Refunding
Series
2021,
4.000%,
10/01/42
-
AGM
Insured
10/30
at
100.00
708,195
1,000
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Revenue
Bonds,
Louisiana
Tech
University
Student
Housing
&
Recreational
Facilities/Innovative
Student
Facilities
Inc.
Project,
Refunding
Series
2015,
5.000%,
10/01/34
-
AGM
Insured
10/25
at
100.00
1,002,607
2,000
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Revenue
Bonds,
Louisiana
Tech
University
Student
Housing/Innovative
Student
Facilities
Inc.
Project,
Refunding
Series
2013,
5.000%,
7/01/33
7/24
at
100.00
2,000,934
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Revenue
Bonds,
McNeese
State
University
Student
Parking
-
Cowboy
Facilities,
Inc.
Project,
Refunding
Series
2021:
500
3.000%,
3/01/33
3/31
at
100.00
446,167
1,200
3.000%,
3/01/37
3/31
at
100.00
1,007,530
1,270
3.000%,
3/01/39
3/31
at
100.00
1,007,898
1,000
3.000%,
3/01/42
3/31
at
100.00
758,223
2,385
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Revenue
Bonds,
Nicholls
State
University
Student
Recreation
Center/NSU
Facilities
Corporation
Project,
Refunding
Series
2021,
4.000%,
10/01/38
10/30
at
100.00
2,109,371
Nuveen
Louisiana
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2024
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Education
and
Civic
Organizations
(continued)
$
2,000
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Revenue
Bonds,
Ragin'
Cajun
Facilities
Inc.-
Student
Housing
&
Parking
Project,
Series
2017,
5.000%,
10/01/39
-
AGM
Insured
10/27
at
100.00
$
2,037,192
1,500
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Revenue
Bonds,
Southeastern
Louisiana
University
student
Housing/University
Facilities
Project,
Series
2017,
5.000%,
8/01/42
-
AGM
Insured
8/27
at
100.00
1,538,808
1,300
(c)
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Lake
Charles
College
Prep
Project,
Series
2019A,
5.000%,
6/01/39
6/27
at
100.00
1,238,026
220
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Tulane
University,
Refunding
Series
2017A,
5.000%,
12/15/30
12/27
at
100.00
230,355
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Young
Audiences
Charter
School,
Series
2019A:
1,680
(c)
5.000%,
4/01/39
4/27
at
100.00
1,538,016
1,000
(c)
5.000%,
4/01/57
4/27
at
100.00
826,436
Louisiana
Public
Facilities
Authority,
Lease
Revenue
Bonds,
Provident
Group-Flagship
Properties
LLC
-
Louisiana
State
University
GreenHouse
District
Phase
II
Project,
Series
2017:
200
5.000%,
7/01/42
7/27
at
100.00
202,689
1,500
5.000%,
7/01/47
7/27
at
100.00
1,511,193
Louisiana
Public
Facilities
Authority,
Lease
Revenue
Bonds,
Provident
Group-Flagship
Properties
LLC
-
Louisiana
State
University
GreenHouse
District
Phase
III
Project,
Series
2019A:
2,365
4.000%,
7/01/54
7/29
at
100.00
2,048,585
4,510
5.000%,
7/01/59
7/29
at
100.00
4,517,700
Louisiana
Public
Facilities
Authority,
Lease
Revenue
Bonds,
Provident
Group-Flagship
Properties
LLC
-
Louisiana
State
University
Nicolson
Gateway
Project,
Series
2016A:
1,500
5.000%,
7/01/46
7/26
at
100.00
1,508,896
6,000
5.000%,
7/01/51
7/26
at
100.00
6,015,252
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Jefferson
Rise
Charter
School
Project,
Series
2022A:
500
(c)
6.250%,
6/01/52
6/31
at
100.00
488,380
540
(c)
6.375%,
6/01/62
6/31
at
100.00
523,150
270
(c)
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Lincoln
Preparatory
School
Project,
Series
2022A,
6.500%,
6/01/62
6/31
at
100.00
256,574
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Loyola
University
of
New
Orleans
Project,
Refunding
Series
2021:
1,275
4.000%,
10/01/40
10/31
at
100.00
1,202,476
20
4.000%,
10/01/41
10/31
at
100.00
18,692
3,350
4.000%,
10/01/51
10/31
at
100.00
2,894,844
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Loyola
University
of
New
Orleans
Project,
Refunding
Series
2023A:
1,400
5.250%,
10/01/48
4/33
at
100.00
1,451,055
2,000
5.250%,
10/01/53
4/33
at
100.00
2,057,611
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Tulane
University,
Refunding
Series
2020A:
2,000
4.000%,
4/01/40
4/30
at
100.00
1,962,291
3,000
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Tulane
University,
Refunding
Series
2023A,
5.000%,
10/15/48
10/32
at
100.00
3,179,646
1,000
(d)
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Archdiocese
of
New
Orleans,
Refunding
Series
2017,
5.000%,
7/01/37
7/27
at
100.00
800,000
1,035
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Lake
Charles
Charter
Academy
Foundation
Project,
Series
2011A,
8.000%,
12/15/41
7/24
at
100.00
1,037,054
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Loyola
University
Project,
Refunding
Series
2017:
2,835
5.250%,
10/01/31
No
Opt.
Call
3,066,805
2,040
5.250%,
10/01/46
10/33
at
100.00
2,129,269
1,500
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Southwest
Louisiana
Charter
Academy
Foundation
Project,
Series
2013A,
8.375%,
12/15/43
7/24
at
100.00
1,501,465
Total
Education
and
Civic
Organizations
61,882,773
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Health
Care
-
12.5%
$
715
Calcasieu
Parish
Memorial
Hospital
Service
District,
Louisiana,
Revenue
Bonds,
Lake
Charles
Memorial
Hospital,
Refunding
Series
2019,
5.000%,
12/01/34
12/29
at
100.00
$
686,221
390
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2,
5.000%,
8/01/39
8/29
at
100.00
406,261
505
Illinois
Finance
Authority,
Revenue
Bonds,
Ascension
Health/fkaPresence
Health
Network,
Series
2016C,
5.000%,
2/15/36
2/27
at
100.00
515,599
3,000
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
Womans
Hospital
Foundation
Project,
Refunding
Series
2017A,
5.000%,
10/01/41
10/27
at
100.00
3,049,894
2,000
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Christus
Health,
Refunding
Series
2019A,
5.000%,
7/01/48
1/29
at
100.00
2,020,273
1,610
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Refunding
Series
2017,
5.000%,
5/15/46
5/27
at
100.00
1,616,816
Louisiana
Public
Facilities
Authority,
Hospital
Revenue
Bonds,
Franciscan
Missionaries
of
Our
Lady
Health
System,
Series
1998A:
645
5.750%,
7/01/25
No
Opt.
Call
654,281
4,000
Louisiana
Public
Facilities
Authority,
Hospital
Revenue
Bonds,
Franciscan
Missionaries
of
Our
Lady
Health
System,
Series
2017A,
5.000%,
7/01/47
7/27
at
100.00
4,007,970
3,000
Louisiana
Public
Facilities
Authority,
Hospital
Revenue
Bonds,
Louisiana
Children's
Medical
Center
Hospital,
Series
2015A-1.
Fixed
Rate
Mode,
5.000%,
6/01/45
6/28
at
100.00
3,048,704
300
Louisiana
Public
Facilities
Authority,
Hospital
Revenue
Bonds,
Louisiana
Children's
Medical
Center
Hospital,
Series
2020A,
4.000%,
6/01/50
6/30
at
100.00
272,421
200
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Series
2015,
5.000%,
5/15/47
5/25
at
100.00
200,649
Puerto
Rico
Industrial,
Tourist,
Educational,
Medical
and
Environmental
Control
Facilities
Financing
Authority,
Hospital
Revenue
Bonds,
(Hospital
Auxilio
Mutuo
Obligated
Group
Project,
Refunding
Series
2021:
310
5.000%,
7/01/31
No
Opt.
Call
323,836
1,000
5.000%,
7/01/32
7/31
at
100.00
1,044,477
Saint
Tammany
Parish
Hospital
Service
District
1,
Louisiana,
Hospital
Revenue
Bonds,
St.
Tammany
Parish
Hospital
Project,
Refunding
Series
2018A:
1,715
5.000%,
7/01/36
7/28
at
100.00
1,782,451
1,400
5.000%,
7/01/37
7/28
at
100.00
1,447,380
1,000
4.000%,
7/01/43
7/28
at
100.00
896,784
Saint
Tammany
Parish
Hospital
Service
District
2,
Louisiana,
Hospital
Revenue
Bonds,
Series
2021:
1,305
4.000%,
3/01/38
-
BAM
Insured
3/31
at
100.00
1,304,724
1,430
4.000%,
3/01/40
-
BAM
Insured
3/31
at
100.00
1,406,116
1,000
Tangipahoa
Parish
Hospital
Service
District
1,
Louisiana,
Hospital
Revenue
Bonds,
North
Oaks
Health
System
Project,
Refunding
Series
2021,
4.000%,
2/01/39
2/31
at
100.00
920,880
1,085
Terrebonne
Parish
Hospital
Service
District
1,
Louisiana,
Hospital
Revenue
Bonds,
Terrebonne
General
Medical
Center,
Refunding
Series
2013,
4.000%,
4/01/33
7/24
at
100.00
1,067,821
Total
Health
Care
26,673,558
Housing/Multifamily
-
1.3%
1,825
Louisiana
Housing
Finance
Agency,
Multifamily
Housing
Revenue
Bonds,
Mallard
Crossings
Apartments,
Series
2011,
4.750%,
10/01/29
6/24
at
100.00
1,825,396
1,000
(c)
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Provident
Group
-
HSC
Properties
Inc
-
LSU
Health
Foundation,
New
Orleans
Project,
Senior
Lien
Series
2020A-1,
5.500%,
1/01/50
1/30
at
100.00
956,360
Total
Housing/Multifamily
2,781,756
Nuveen
Louisiana
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2024
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Housing/Single
Family
-
2.2%
$
1,535
Louisiana
Housing
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Home
Ownership
Program,
Series
2020B,
3.500%,
6/01/50
6/29
at
101.21
$
1,501,644
2,305
Louisiana
Housing
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Home
Ownership
Program,
Series
2021D,
3.250%,
12/01/52
6/30
at
101.20
2,223,680
1,090
Louisiana
Housing
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Home
Ownership
Program,
Series
2024A,
4.650%,
12/01/54
6/33
at
100.00
1,086,368
Total
Housing/Single
Family
4,811,692
Industrials
-
5.2%
835
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Alcoa
Inc.
Project,
Series
2012,
4.750%,
8/01/42
7/24
at
100.00
819,013
195
(c)
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
Cameron
Parish
GOMESA
Project,
Green
Series
2018,
5.650%,
11/01/37
11/28
at
100.00
206,364
3,155
(c)
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
Jefferson
Parish
GOMESA
Project,
Series
2019,
4.000%,
11/01/44
11/29
at
100.00
2,828,759
900
(c)
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
New
Orleans
GOMESA
Project,
Series
2021,
4.000%,
11/01/46
11/30
at
100.00
801,780
85
(c)
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
Saint
John
the
Baptist
Parish
GOMESA
Project,
Series
2019,
3.900%,
11/01/44
11/29
at
100.00
75,112
100
(c)
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
Saint
Martin
Parish
GOMESA
Project,
Series
2019,
4.400%,
11/01/44
11/28
at
100.00
96,724
1,910
(c)
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
Saint
Tammany
Parish
GOMESA
Project,
Series
2020,
3.875%,
11/01/45
11/29
at
100.00
1,675,174
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
Terrebonne
Parish
GOMESA
Project,
Series
2018:
100
(c)
5.375%,
11/01/38
11/28
at
100.00
103,722
100
(c)
5.500%,
11/01/39
11/28
at
100.00
104,567
1,645
(c)
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
Vermilion
Parish
GOMESA
Project,
Green
Series
2019,
4.625%,
11/01/38
11/28
at
100.00
1,669,518
1,000
(c),(d)
Louisiana
Public
Facilities
Authority,
Solid
Waste
Disposal
Facility
Revenue
Bonds, Lousiana
Pellets
Inc
Project,
Series
2015,
7.000%,
7/01/24,
(AMT)
No
Opt.
Call
10
2,000
(c)
Saint
James
Parish,
Louisiana,
Revenue
Bonds,
NuStar
Logistics,
L.P.
Project,
Series
2008,
6.100%,
6/01/38,
(Mandatory
Put
6/01/30)
No
Opt.
Call
2,186,246
205
(c)
Saint
James
Parish,
Louisiana,
Revenue
Bonds,
NuStar
Logistics,
L.P.
Project,
Series
2010B,
6.100%,
12/01/40,
(Mandatory
Put
6/01/30)
No
Opt.
Call
224,086
250
(c)
Saint
Paul
Port
Authority,
Minnesota,
Solid
Waste
Disposal
Revenue
Bonds,
Gerdau
Saint
Paul
Steel
Mill
Project,
Series
2012-7,
4.500%,
10/01/37,
(AMT)
7/24
at
100.00
242,628
Total
Industrials
11,033,703
Long-Term
Care
-
1.1%
2,800
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Revenue
Bonds,
The
Glen
Retirement
System
Project,
Series
2019A,
5.000%,
1/01/49
1/26
at
103.00
2,004,719
400
Saint
Tammany
Public
Trust
Financing
Authority,
Louisiana,
Revenue
Bonds,
Christwood
Project,
Refunding
Series
2015,
5.250%,
11/15/37
11/24
at
100.00
379,994
Total
Long-Term
Care
2,384,713
Materials
-
0.4%
1,000
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Revenue
Bonds,
Westlake
Chemical
Corporation
Projects,
Refunding
Series
2017,
3.500%,
11/01/32
11/27
at
100.00
947,397
Total
Materials
947,397
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/General
-
8.0%
Calcasieu
Parish
School
District
23,
Louisiana,
General
Obligation
Bonds,
Public
School
Improvement
Series
2019:
$
1,055
4.000%,
9/01/37
-
BAM
Insured
9/29
at
100.00
$
1,059,467
1,600
4.000%,
9/01/38
-
BAM
Insured
9/29
at
100.00
1,596,574
Cameron
Parish
School
District
15,
Louisiana,
General
Obligtion
Bonds,
Series
2021:
265
4.000%,
10/01/37
10/30
at
100.00
258,713
350
4.000%,
10/01/39
10/30
at
100.00
329,685
425
4.000%,
10/01/40
10/30
at
100.00
397,481
Livingston
Parish
School
District
1,
Louisiana,
General
Obligation
Bonds,
Series
2021:
1,050
4.000%,
5/01/38
-
BAM
Insured
5/31
at
100.00
1,050,027
545
4.000%,
5/01/39
-
BAM
Insured
5/31
at
100.00
539,725
1,000
4.000%,
5/01/41
-
BAM
Insured
5/31
at
100.00
980,036
980
Louisiana
State,
General
Obligation
Bonds,
Series
2021A,
5.000%,
3/01/41
3/31
at
100.00
1,051,859
3,130
New
Orleans,
Louisiana,
General
Obligation
Bonds,
Audubon
Commission
Projects,
Series
2021,
4.000%,
10/01/37
10/31
at
100.00
3,137,572
New
Orleans,
Louisiana,
General
Obligation
Bonds,
Public
Improvement
Series
2021A:
1,720
5.000%,
12/01/37
12/30
at
100.00
1,846,991
2,000
5.000%,
12/01/46
12/30
at
100.00
2,086,632
New
Orleans,
Louisiana,
General
Obligation
Bonds,
Refunding
Series
2015:
125
5.000%,
12/01/27
12/25
at
100.00
127,549
525
5.000%,
12/01/29
12/25
at
100.00
535,016
1,835
New
Orleans,
Louisiana,
General
Obligation
Bonds,
Refunding
Series
2022,
5.250%,
12/01/38
12/32
at
100.00
2,029,990
Total
Tax
Obligation/General
17,027,317
Tax
Obligation/Limited
-
13.0%
170
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D,
4.000%,
11/15/39
11/25
at
100.00
158,378
3,000
Jefferson
Sales
Tax
District,
Jefferson
Parish,
Louisiana,
Special
Sales
Tax
Revenue
Bonds,
Series
2017B,
5.000%,
12/01/42
-
AGM
Insured
12/27
at
100.00
3,078,367
Jefferson
Sales
Tax
District,
Jefferson
Parish,
Louisiana,
Special
Sales
Tax
Revenue
Bonds,
Series
2019B:
2,000
4.000%,
12/01/38
-
AGM
Insured
12/29
at
100.00
2,001,851
3,000
4.000%,
12/01/39
-
AGM
Insured
12/29
at
100.00
2,976,100
1,000
(c)
Juban
Trails
Community
Development
District,
Livingston
Parish,
Louisiana,
Special
Assessment Revenue
Bonds,
Series
2022,
4.250%,
6/01/51
6/32
at
100.00
825,528
1,000
Lakeshore
Villages
Master
Community
Development
District,
Louisiana,
Special
Assessment
Revenue
Bonds,
Series
2022,
5.500%,
6/01/52
6/32
at
100.00
997,748
505
Louisiana
Citizens
Property
Insurance
Corporation,
Assessment
Revenue
Bonds,
Refunding
Series
2016A,
5.000%,
6/01/26
No
Opt.
Call
518,051
1,435
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Revenue
Bonds,
Bossier
City
Projects,
Series
2015,
5.000%,
6/01/30
6/25
at
100.00
1,450,286
Louisiana
Stadium
and
Exposition
District,
Revenue
Bonds,
Senior
Series
2023A:
2,325
5.000%,
7/01/48
7/33
at
100.00
2,449,738
1,735
5.250%,
7/01/53
7/33
at
100.00
1,857,237
Louisiana
State
Correctional
Facilities
Corporation,
Lease
Revenue
Bonds,
Correctional
Institution
for
Women
Series
2023:
725
4.000%,
10/01/41
10/33
at
100.00
701,335
1,000
4.000%,
10/01/43
10/33
at
100.00
956,455
Louisiana
State
Correctional
Facilities
Corporation,
Lease
Revenue
Bonds,
Office
of
Juvenile
Justice
Project,
Series
2021:
1,435
4.000%,
10/01/38
10/30
at
100.00
1,407,314
1,490
4.000%,
10/01/39
10/30
at
100.00
1,451,356
4,160
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A,
5.000%,
10/01/39
10/32
at
100.00
4,317,399
Nuveen
Louisiana
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2024
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/Limited
(continued)
$
365
(c)
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
PILOT
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017,
5.000%,
12/01/27
No
Opt.
Call
$
346,165
344
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1,
0.000%,
7/01/46
7/28
at
41.38
110,184
Saint
Charles
Parish
School
Board,
Louisiana,
Sales
&
Use
Tax
Bonds,
Series
2019:
750
4.000%,
8/01/37
8/29
at
100.00
753,440
680
4.000%,
8/01/39
8/29
at
100.00
677,715
1,000
The
Industrial
Development
Authority
of
the
City
of
Saint
Louis,
Missouri,
Development
Financing
Revenue
Bonds,
Ballpark
Village
Development
Project,
Series
2017A,
4.750%,
11/15/47
11/26
at
100.00
756,198
42
West
Trace
Community
Development
District,
Westlake,
Louisiana,
Special
Assessment
Revenue
Bonds,
Series
2018,
6.875%,
12/01/46
No
Opt.
Call
35,852
Total
Tax
Obligation/Limited
27,826,697
Transportation
-
9.9%
1,300
Ascension
Parish
Industrial
development
Board,
Louisiana,
Revenue
Bonds,
Impala
Warehousing
(US)
LLC
Project,
Series
2013,
6.000%,
7/01/36
7/24
at
100.00
1,300,322
785
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes
Revenue
Bonds,
Senior
Lien
Series
2017,
5.000%,
12/31/51
12/24
at
100.00
786,253
1,000
Greater
New
Orleans
Expressway
Commission,
Louisiana,
Toll
Revenue
Bonds,
Subordinate
Lien
Series
2017,
5.000%,
11/01/47
-
AGM
Insured
11/25
at
100.00
1,003,901
2,000
Lake
Charles
Harbor
and
Terminal
District,
Louisiana,
Revenue
Bonds,
Series
2013B,
5.000%,
1/01/34,
(AMT)
7/24
at
100.00
2,000,803
1,255
(c)
Louisiana
Public
Facilities
Authority,
Dock
and
Wharf
Revenue
Bonds,
Impala
Warehousing
(US)
LLC
Project,
Series
2013,
6.500%,
7/01/36,
(AMT)
7/24
at
100.00
1,255,286
New
Orleans
Aviation
Board,
Louisiana,
General
Airport
Revenue
Bonds,
Gilf
Opportunity
Zone
Project,
Refunding
Series
2019:
200
4.000%,
1/01/37
1/29
at
100.00
197,434
1,000
4.000%,
1/01/38
1/29
at
100.00
987,376
1,015
4.000%,
1/01/39
1/29
at
100.00
990,423
2,000
New
Orleans
Aviation
Board,
Louisiana,
General
Airport
Revenue
Bonds,
North
Terminal
Project,
Series
2015B,
5.000%,
1/01/35,
(AMT)
1/25
at
100.00
2,006,584
1,880
New
Orleans
Aviation
Board,
Louisiana,
General
Airport
Revenue
Bonds,
North
Terminal
Project,
Series
2017B,
5.000%,
1/01/48,
(AMT)
1/27
at
100.00
1,882,231
3,100
New
Orleans
Aviation
Board,
Louisiana,
Special
Facility
Revenue
Bonds,
Parking
Facilities
Corporation
Consolidated
Garage
System,
Series
2018A,
5.000%,
10/01/43
-
AGM
Insured
10/28
at
100.00
3,181,232
840
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
5.000%,
7/01/46,
(AMT)
7/24
at
100.00
836,058
2,750
Port
New
Orleans
Board
of
Commissioners,
Louisiana,
Revenue
Bonds,
Port
Facilities,
Refunding
Series
2018B,
5.000%,
4/01/45
-
AGM
Insured,
(AMT)
4/28
at
100.00
2,770,495
2,000
Port
New
Orleans
Board
of
Commissioners,
Louisiana,
Revenue
Bonds,
Port
Facilities,
Series
2020
D
(Non-AMT)
and
Series
2020E
(AMT),
5.000%,
4/01/50
4/30
at
100.00
2,041,638
Total
Transportation
21,240,036
U.S.
Guaranteed
-
2.5%
(e)
1,000
East
Baton
Rouge
Sewerage
Commission,
Louisiana,
Revenue
Bonds,
Refunding
Series
2014B,
5.000%,
2/01/39,
(Pre-refunded
2/01/25)
2/25
at
100.00
1,009,464
1,575
Louisiana
Public
Facilities
Authority,
Hospital
Revenue
and
Refunding
Bonds,
Lafayette
General
Medical
Center
Project,
Series
2016A,
5.000%,
11/01/41,
(Pre-refunded
11/01/25)
11/25
at
100.00
1,606,615
Louisiana
Public
Facilities
Authority,
Hospital
Revenue
Bonds,
Franciscan
Missionaries
of
Our
Lady
Health
System,
Series
1998A:
25
5.750%,
7/01/25,
(ETM)
No
Opt.
Call
25,589
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
U.S.
Guaranteed
(e)
(continued)
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Tulane
University,
Refunding
Series
2020A:
$
355
4.000%,
4/01/50,
(Pre-refunded
4/01/30)
4/30
at
100.00
$
366,764
800
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
University
of
New
Orleans
Research
and
Technology
Foundation,
Inc.-
Student
Housing
Project,
Refunding
Series
2014,
5.000%,
9/01/31,
(Pre-refunded
9/01/24)
-
AGM
Insured
9/24
at
100.00
801,950
1,315
New
Orleans,
Louisiana,
Sewerage
Service
Revenue
Bonds,
Series
2015,
5.000%,
6/01/40,
(Pre-refunded
6/01/25)
6/25
at
100.00
1,333,375
200
New
Orleans,
Louisiana,
Water
Revenue
Bonds,
Refunding
Series
2014,
5.000%,
12/01/34,
(Pre-refunded
12/01/24)
12/24
at
100.00
201,177
Total
U.S.
Guaranteed
5,344,934
Utilities
-
8.3%
1,665
East
Baton
Rouge
Sewerage
Commission,
Louisiana,
Revenue
Bonds,
Refunding
Series
2019A,
4.000%,
2/01/45
2/29
at
100.00
1,615,990
505
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds, Refunding
Series
2024A,
5.000%,
7/01/35
7/34
at
100.00
554,252
1,000
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2020A,
5.000%,
1/01/50
7/30
at
100.00
1,018,308
1,000
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
Entergy
Lousiana,
LLC
Project,
Refunding
Series
2021B,
2.500%,
4/01/36
4/26
at
100.00
813,069
2,750
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Cleco
Power
LLC
Project,
Series
2008,
4.250%,
12/01/38
7/24
at
100.00
2,579,415
New
Orleans,
Louisiana,
Sewerage
Service
Revenue
Bonds,
Series
2020B:
1,085
5.000%,
6/01/45
6/30
at
100.00
1,114,323
1,000
4.000%,
6/01/50
6/30
at
100.00
904,925
1,000
Ohio
Water
Development
Authority,
Pollution
Control
Revenue
Refunding
Bonds,
FirstEnergy
Nuclear
Generating
Corporation
Project,
Series
2009A,
4.750%,
6/01/33
No
Opt.
Call
1,036,326
Pineville,
Louisiana,
Utility
Revenue
Bonds,
Series
2022:
1,505
4.000%,
5/01/42
-
BAM
Insured
5/32
at
100.00
1,474,222
1,000
4.000%,
5/01/47
-
BAM
Insured
5/32
at
100.00
951,938
365
Shreveport,
Louisiana,
Water
and
Sewer
Revenue
Bonds,
Junior
Lien
Series
2019B,
4.000%,
12/01/49
-
AGM
Insured
12/28
at
100.00
330,967
1,500
Shreveport,
Louisiana,
Water
and
Sewer
Revenue
Bonds,
Refunding
Series
2020B,
3.000%,
12/01/50
12/30
at
100.00
1,049,520
1,500
Shreveport,
Louisiana,
Water
and
Sewer
Revenue
Bonds,
Series
2003A
Refunding,
5.000%,
12/01/32
-
BAM
Insured
12/28
at
100.00
1,551,133
2,000
Shreveport,
Louisiana,
Water
and
Sewer
Revenue
Bonds,
Series
2016B,
5.000%,
12/01/41
-
BAM
Insured
12/26
at
100.00
2,022,812
295
Tangipahoa
Water
District,
Tangipahoa,
Louisiana,
Water
Revenue
Bonds,
Series
2021,
4.000%,
12/01/38
-
BAM
Insured
12/31
at
100.00
294,966
500
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Series
2007B,
5.000%,
7/01/31
7/24
at
100.00
457,634
Total
Utilities
17,769,800
Total
Municipal
Bonds
(cost
$217,512,467)
203,790,485
Shares
Description
(a)
Value
X
8,045,620
COMMON
STOCKS
-
3.8%
X
8,045,620
Utilities
-
3
.8
%
3,178
(f),(g)
Vistra
Vision
$
8,045,620
Total
Utilities
8,045,620
Total
Common
Stocks
(cost
$2,755,685)
8,045,620
Total
Long-Term
Investments
(cost
$220,268,152)
211,836,105
Other
Assets
&
Liabilities,
Net
-
0.9%
1,877,356
Net
Assets
-
100%
$
213,713,461
Nuveen
Louisiana
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2024
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(c)
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
$19,499,838
or
9.2%
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)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(g)
On
March
1,
2024,
Vistra
Corp.
(“Vistra”)
completed
its
acquisition
of
Energy
Harbor
Corp
(“ENGH”). ENGH
has
been
merged
into
a
newly
formed
subsidiary
of
Vistra,
Vistra
Vision. In
connection
with
the
transaction,
holders
of
ENGH
common
stock
received
a
combination
of
cash
and
membership
interests
in
Vistra
Vision.
These
Vistra
Vision
interests
were
issued
in
a
private
transaction
and
may
have
reduced
secondary
market
liquidity.
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
See
Notes
to
Financial
Statements
Nuveen
North
Carolina
Municipal
Bond
Fund
Portfolio
of
Investments
May
31,
2024
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
LONG-TERM
INVESTMENTS
-
100.9%
X
528,837,598
MUNICIPAL
BONDS
-
100.9%
X
528,837,598
Education
and
Civic
Organizations
-
16.8%
$
1,995
Appalachian
State
University,
North
Carolina,
General
Revenue
Bonds,
Millennial
Campus
End
Zone
Project,
Series
2018,
5.000%,
5/01/44
5/28
at
100.00
$
2,060,887
3,415
Appalachian
State
University,
North
Carolina,
General
Revenue
Bonds,
Series
2019,
4.000%,
10/01/48
10/29
at
100.00
3,213,202
2,000
East
Carolina
University,
North
Carolina,
General
Revenue
Bonds,
Series
2016A,
5.000%,
10/01/29
4/26
at
100.00
2,046,204
Elizabeth
City
State
University,
North
Carolina,
General
Revenue
Bonds,
Series
2019:
620
5.000%,
4/01/26
-
AGM
Insured
No
Opt.
Call
631,921
645
5.000%,
4/01/27
-
AGM
Insured
No
Opt.
Call
665,333
425
5.000%,
4/01/28
-
AGM
Insured
No
Opt.
Call
440,994
465
5.000%,
4/01/29
-
AGM
Insured
No
Opt.
Call
486,829
745
5.000%,
4/01/30
-
AGM
Insured
4/29
at
100.00
781,543
1,500
5.000%,
4/01/40
-
AGM
Insured
4/29
at
100.00
1,549,092
4,500
North
Carolina
Agricultural
&
Technical
State
University,
General
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
10/01/40
10/25
at
100.00
4,542,294
1,000
North
Carolina
Capital
Facilities
Finance
Agency,
Educational
Facilities
Revenue
Bonds,
Campbell
University,
Refunding
Series
2021A,
5.000%,
10/01/33
10/31
at
100.00
1,036,083
North
Carolina
Capital
Facilities
Financing
Agency,
Educational
Facilities
Revenue
Bond,
Meredith
College,
Refunding
Series
2016:
800
4.000%,
6/01/33
6/26
at
100.00
777,233
685
4.000%,
6/01/34
6/26
at
100.00
662,541
5,000
North
Carolina
Capital
Facilities
Financing
Agency,
Educational
Facilities
Revenue
Bond,
Meredith
College,
Refunding
Series
2018,
5.000%,
6/01/38
6/26
at
100.00
5,045,498
5,000
North
Carolina
Capital
Facilities
Financing
Agency,
Educational
Facility
Revenue
Bonds,
Wake
Forest
University,
Refunding
Series
2016,
4.000%,
1/01/35
7/26
at
100.00
5,019,646
7,500
North
Carolina
Capital
Facilities
Financing
Agency,
Educational
Facility
Revenue
Bonds,
Wake
Forest
University,
Series
2018,
5.000%,
1/01/48
1/28
at
100.00
7,712,048
North
Carolina
Central
University,
General
Revenue
Bonds,
Refunding
Series
2016:
3,140
5.000%,
10/01/26
4/26
at
100.00
3,192,657
3,215
5.000%,
10/01/27
4/26
at
100.00
3,275,638
1,035
North
Carolina
Central
University,
General
Revenue
Bonds,
Series
2019,
5.000%,
4/01/38
4/29
at
100.00
1,070,161
1,000
North
Carolina
State
Education
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Senior
Series
2020A,
5.000%,
6/01/28,
(AMT)
No
Opt.
Call
1,033,875
North
Carolina
State
University
at
Raleigh,
General
Revenue
Bonds,
Refunding
Series
2018:
1,700
4.000%,
10/01/40
10/34
at
100.00
1,699,949
1,790
4.000%,
10/01/41
10/34
at
100.00
1,787,401
5,000
University
of
North
Carolina,
Asheville,
General
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
6/01/42
6/26
at
100.00
5,043,848
University
of
North
Carolina,
Charlotte,
General
Revenue
Bonds,
Refunding
Series
2017A:
230
5.000%,
10/01/31
10/27
at
100.00
241,553
4,415
4.000%,
10/01/40
10/27
at
100.00
4,399,158
University
of
North
Carolina,
Charlotte,
General
Revenue
Bonds,
Series
2017:
2,165
5.000%,
10/01/42
10/27
at
100.00
2,240,744
6,600
5.000%,
10/01/47
10/27
at
100.00
6,795,130
University
of
North
Carolina,
Greensboro,
General
Revenue
Bonds,
Refunding
Series
2017:
1,000
5.000%,
4/01/30
4/28
at
100.00
1,049,779
835
5.000%,
4/01/31
4/28
at
100.00
876,687
Nuveen
North
Carolina
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2024
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Education
and
Civic
Organizations
(continued)
$
6,000
University
of
North
Carolina,
Greensboro,
General
Revenue
Bonds,
Series
2018,
5.000%,
4/01/43
4/28
at
100.00
$
6,210,620
750
University
of
North
Carolina,
Wilmington,
General
Revenue
Bonds,
Series
2021,
4.000%,
10/01/41
10/29
at
100.00
743,360
4,500
Western
Carolina
University,
North
Carolina,
General
Revenue
Bonds,
Series
2018,
5.000%,
10/01/43
4/28
at
100.00
4,618,131
Western
Carolina
University,
North
Carolina,
General
Revenue
Bonds,
Series
2020B:
6,000
4.000%,
4/01/45
4/30
at
100.00
5,934,791
1,000
4.000%,
4/01/50
4/30
at
100.00
950,804
Total
Education
and
Civic
Organizations
87,835,634
Health
Care
-
12.6%
Charlotte-Mecklenburg
Hospital
Authority,
North
Carolina,
Health
Care
Revenue
Bonds,
DBA
Carolinas
HealthCare
System,
Refunding
Series
2016A:
2,000
5.000%,
1/15/25
No
Opt.
Call
2,015,142
3,000
5.000%,
1/15/36
1/26
at
100.00
3,053,713
1,685
5.000%,
1/15/40
1/26
at
100.00
1,701,780
2,000
Charlotte-Mecklenburg
Hospital
Authority,
North
Carolina,
Health
Care
Revenue
Bonds,
DBA
Carolinas
HealthCare
System,
Variable
Rate
Demand
Series
2021B,
5.000%,
1/15/50,
(Mandatory
Put
12/02/24)
No
Opt.
Call
2,011,755
3,750
Charlotte-Mecklenburg
Hospital
Authority,
North
Carolina,
Health
Care
Revenue
Bonds,
Doing
Business
as
Atrium
Health,
Refunding
Series
2018A,
4.000%,
1/15/39
1/29
at
100.00
3,749,157
500
Charlotte-Mecklenburg
Hospital
Authority,
North
Carolina,
Health
Care
Revenue
Bonds,
Doing
Business
as
Atrium
Health,
Refunding
Series
2018D,
3.625%,
1/15/48,
(Mandatory
Put
6/15/27)
No
Opt.
Call
491,814
555
North
Carolina
Medical
Care
Commission,
Health
Care
Facilities
Revenue
Bonds,
Duke
University
Health
System,
Refunding
Series
2016A,
5.000%,
6/01/28
No
Opt.
Call
587,216
28,995
North
Carolina
Medical
Care
Commission,
Health
Care
Facilities
Revenue
Bonds,
Novant
Health
Obligated
Group,
Series
2019A,
4.000%,
11/01/49
11/29
at
100.00
27,693,812
2,950
North
Carolina
Medical
Care
Commission,
Health
Care
Facilities
Revenue
Bonds,
Rex
Healthcare,
Series
2015A,
5.000%,
7/01/44
7/25
at
100.00
2,964,466
North
Carolina
Medical
Care
Commission,
Health
Care
Facilities
Revenue
Bonds,
Vidant
Health,
Refunding
Series
2015:
5,860
5.000%,
6/01/40
6/25
at
100.00
5,899,208
3,000
5.000%,
6/01/45
6/25
at
100.00
3,010,059
2,000
North
Carolina
Medical
Care
Commission,
Health
Care
Facilities
Revenue
Bonds,
Wake
Forest
Baptist
Obligated
Group,
Series
2012A,
5.000%,
12/01/45
7/24
at
100.00
2,000,563
North
Carolina
Medical
Care
Commission,
Health
Care
Facilities
Revenues
Bonds,
Wake
Forest
Baptist
Obligated
Group,
Series
2019A:
1,000
5.000%,
12/01/31
12/28
at
100.00
1,052,805
1,000
5.000%,
12/01/33
12/28
at
100.00
1,051,988
8,010
University
of
North
Carolina,
Chapel
Hill,
Revenue
Bonds,
Hospital
System,
Series
2019,
5.000%,
2/01/45
No
Opt.
Call
8,911,526
Total
Health
Care
66,195,004
Housing/Single
Family
-
1.2%
5,000
North
Carolina
Housing
Finance
Agency,
Home
Ownership
Revenue
Bonds,
Series
52-A,
4.900%,
7/01/43
7/32
at
100.00
5,079,527
1,000
North
Carolina
Housing
Finance
Agency,
Home
Ownership
Revenue
Bonds,
Social
Series
52-A,
5.000%,
7/01/46
7/32
at
100.00
1,016,227
Total
Housing/Single
Family
6,095,754
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Long-Term
Care
-
1.3%
North
Carolina
Medical
Care
Commission,
Health
Care
Facilities
Revenue
Bonds,
Lutheran
Services
for
the
Aging,
Series
2021A:
$
280
4.000%,
3/01/29
3/28
at
103.00
$
270,925
285
4.000%,
3/01/30
3/28
at
103.00
273,377
295
4.000%,
3/01/31
3/28
at
103.00
280,378
550
4.000%,
3/01/41
3/28
at
103.00
460,432
2,970
North
Carolina
Medical
Care
Commission,
Retirement
Facilities
First
Mortgage
Revenue
Bonds,
EveryAge,
Series
2021A,
4.000%,
9/01/47
9/28
at
103.00
2,385,956
1,105
North
Carolina
Medical
Care
Commission,
Retirement
Facilities
First
Mortgage
Revenue
Bonds,
Sharon
Towers,
Series
2019A,
5.000%,
7/01/44
7/26
at
103.00
987,642
950
North
Carolina
Medical
Care
Commission,
Retirement
Facilities
First
Mortgage
Revenue
Bonds,
The
Forest
at
Duke,
Inc.,
Series
2021,
4.000%,
9/01/46
9/28
at
103.00
776,792
North
Carolina
Medical
Care
Commission,
Retirement
Facilities
First
Mortgage
Revenue
Bonds,
United
Methodist
Retirement
Homes,
Refunding
Series
2016A:
550
5.000%,
10/01/30
10/26
at
100.00
565,655
225
5.000%,
10/01/31
10/26
at
100.00
231,354
725
North
Carolina
Medical
Care
Commission,
Revenue
Bonds,
First
Mortgage
Galloway
Ridge
Project,
Refunding
Series
2019A,
5.000%,
1/01/39
1/27
at
103.00
673,814
Total
Long-Term
Care
6,906,325
Tax
Obligation/General
-
9.2%
Asheville,
North
Carolina,
General
Obligation
Bonds,
Refunding
Series
2023:
500
5.000%,
6/01/35
6/33
at
100.00
569,390
500
4.000%,
6/01/39
6/33
at
100.00
514,324
Charlotte,
North
Carolina,
General
Obligation
Bonds,
Refunding
Series
2016A:
1,250
5.000%,
7/01/30
7/26
at
100.00
1,289,441
1,750
4.000%,
7/01/36
7/26
at
100.00
1,758,463
County
of
Durham,
North
Carolina,
General
Obligation
Bonds,
Refunding
Series
2023:
2,020
4.000%,
6/01/40
6/33
at
100.00
2,057,475
1,000
4.000%,
6/01/41
6/33
at
100.00
1,010,636
1,870
4.000%,
6/01/42
6/33
at
100.00
1,876,195
Davidson
County,
North
Carolina,
General
Obligation
Bonds,
Limited
Obligation
Series
2016:
1,000
5.000%,
6/01/28
6/26
at
100.00
1,027,633
1,795
5.000%,
6/01/30
6/26
at
100.00
1,838,992
300
Davidson
County,
North
Carolina,
General
Obligation
Bonds,
Refunding
Series
2016,
5.000%,
6/01/25
No
Opt.
Call
304,633
1,000
Guilford
County,
North
Carolina,
General
Obligation
Bonds,
Public
Improvement
Series
2017B,
5.000%,
5/01/26
No
Opt.
Call
1,030,443
3,000
Guilford
County,
North
Carolina,
General
Obligation
Bonds,
School
Series
2024,
4.000%,
3/01/41
3/34
at
100.00
3,033,968
11,570
North
Carolina
State,
General
Obligation
Bonds,
Series
2015A,
5.000%,
6/01/24
No
Opt.
Call
11,570,000
1,260
Sampson
County
Water
&
Sewer
District
II,
North
Carolina,
General
Obligation
Bonds,
Refunding
Series
2015,
5.000%,
6/01/40
6/25
at
100.00
1,268,188
2,970
Union
County,
North
Carolina,
General
Obligation
Bonds,
School
Series
2023,
5.000%,
9/01/42
9/33
at
100.00
3,280,610
810
Wake
County,
North
Carolina,
General
Obligation
Bonds,
Parks,
Greenways,
Recreation
and
Open
Space,
Series
2022C,
5.000%,
2/01/29
No
Opt.
Call
874,382
5,000
Wake
County,
North
Carolina,
General
Obligation
Bonds,
Public
Improvement
Series
2023A,
5.000%,
5/01/39
5/33
at
100.00
5,604,764
500
Wake
County,
North
Carolina,
Limited
Obligation
Bonds,
Refunding
Series
2016A,
5.000%,
12/01/35
12/26
at
100.00
517,405
2,045
Wake
County,
North
Carolina,
Limited
Obligation
Bonds,
Series
2018A,
5.000%,
8/01/36
8/28
at
100.00
2,165,919
Wake
County,
North
Carolina,
Limited
Obligation
Bonds,
Series
2019:
2,000
5.000%,
9/01/30
9/29
at
100.00
2,171,367
2,000
5.000%,
9/01/36
9/29
at
100.00
2,155,720
Nuveen
North
Carolina
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2024
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/General
(continued)
$
2,000
Wake
County,
North
Carolina,
Limited
Obligation
Bonds,
Series
2024,
5.000%,
5/01/36
5/34
at
100.00
$
2,289,870
Total
Tax
Obligation/General
48,209,818
Tax
Obligation/Limited
-
19.7%
Buncombe
County,
North
Carolina,
Limited
Obligation
Bonds,
Series
2015:
1,250
5.000%,
6/01/33
6/25
at
100.00
1,265,033
2,375
5.000%,
6/01/34
6/25
at
100.00
2,403,498
1,375
5.000%,
6/01/35
6/25
at
100.00
1,391,471
Burke
County,
North
Carolina,
Limited
Obligation
Bonds,
Series
2018:
400
5.000%,
4/01/29
4/27
at
100.00
415,981
100
5.000%,
4/01/31
4/27
at
100.00
103,580
4,675
Cabarrus
County,
North
Carolina,
Limited
Obligation
Installment
Financing
Contract
Bonds,
Refunding
Series
2022A,
5.000%,
6/01/40
6/32
at
100.00
5,124,464
Charlotte,
North
Carolina,
Certificates
of
Participation,
Convention
Facilities
Project,
Series
2019A:
310
5.000%,
6/01/33
6/29
at
100.00
333,990
1,010
5.000%,
6/01/40
6/29
at
100.00
1,071,027
3,500
5.000%,
6/01/44
6/29
at
100.00
3,679,372
1,465
Charlotte,
North
Carolina,
Certificates
of
Participation,
Nascar
Hall
of
Fame
Public
Facilities,
Refunding
Series
2019C,
4.000%,
6/01/37
6/29
at
100.00
1,473,420
Charlotte,
North
Carolina,
Certificates
of
Participation,
Refunding
Cultural
Arts
Facilities
Series
2019B:
4,080
5.000%,
6/01/35
6/29
at
100.00
4,392,833
1,930
5.000%,
6/01/37
6/29
at
100.00
2,067,788
2,505
Charlotte,
North
Carolina,
Storm
Water
Fee
Revenue
Bonds,
Refunding
Series
2014,
5.000%,
12/01/39
12/24
at
100.00
2,517,451
Davidson
County,
North
Carolina,
Limited
Obligation
Bonds,
Series
2020:
500
4.000%,
6/01/38
6/30
at
100.00
505,112
500
4.000%,
6/01/39
6/30
at
100.00
502,014
Duplin
County,
North
Carolina,
Limited
Obligation
Bonds,
County
Water
Districts,
Series
2016:
1,475
5.000%,
4/01/32
4/26
at
100.00
1,508,402
1,000
5.000%,
4/01/34
4/26
at
100.00
1,021,678
1,265
Durham
Capital
Financing
Corporation,
Durham
County,
North
Carolina,
Limited
Obligation
Bonds,
Refunding
Series
2016,
5.000%,
12/01/30
12/26
at
100.00
1,312,773
1,000
Durham
County,
North
Carolina,
Limited
Obligation
Bonds,
Installment
Financing
Agreement,
Series
2023A,
5.000%,
6/01/24
No
Opt.
Call
1,000,000
555
Johnston
County
Finance
Corporation,
North
Carolina,
Limited
Obligation
Bonds,
Series
2020A,
5.000%,
4/01/33
4/30
at
100.00
606,594
600
Lee
County,
North
Carolina,
Limited
Obligation
Bonds,
Series
2018,
4.000%,
5/01/36
5/28
at
100.00
600,515
Mooresville,
North
Carolina,
Special
Assessment
Revenue
Bonds,
Series
2015:
120
(c)
4.375%,
3/01/25
No
Opt.
Call
118,730
1,600
(c)
5.375%,
3/01/40
3/25
at
100.00
1,460,082
Nags
Head,
North
Carolina,
Limited
Obligation
Bonds,
Series
2023:
660
5.000%,
6/01/37
6/33
at
100.00
742,751
920
5.000%,
6/01/39
6/33
at
100.00
1,023,903
930
5.000%,
6/01/41
6/33
at
100.00
1,021,120
935
5.000%,
6/01/42
6/33
at
100.00
1,023,095
3,620
New
Hanover
County,
North
Carolina,
Limited
Obligation
Bonds,
New
Hanover
County
Financing
Corporation,
Series
2021,
5.000%,
8/01/29
No
Opt.
Call
3,929,879
4,500
North
Carolina
State,
Federal
Grant
Anticipation
Revenue,
Vehicle
Series
2021,
5.000%,
3/01/31
No
Opt.
Call
4,971,873
North
Carolina
State,
Limited
Obligation
Bonds,
Refunding
Series
2017B:
260
5.000%,
5/01/28
5/27
at
100.00
271,458
5,275
5.000%,
5/01/29
5/27
at
100.00
5,510,342
8,950
5.000%,
5/01/30
5/27
at
100.00
9,339,433
2,500
North
Carolina
State,
Limited
Obligation
Bonds,
Series
2019A,
5.000%,
5/01/32
5/29
at
100.00
2,702,416
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/Limited
(continued)
$
2,165
North
Carolina
State,
Limited
Obligation
Bonds,
Series
2020B,
5.000%,
5/01/32
5/30
at
100.00
$
2,373,986
1,785
North
Carolina
State,
Limited
Obligation
Bonds,
Series
2022A,
5.000%,
5/01/32
No
Opt.
Call
2,008,683
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
3,554
0.000%,
7/01/33
7/28
at
86.06
2,485,133
5,296
4.500%,
7/01/34
7/25
at
100.00
5,307,426
2,200
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
Cofina
Project
Series
2019A-2A,
4.550%,
7/01/40
7/28
at
100.00
2,215,718
7,405
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
7,381,830
Raleigh,
North
Carolina,
Limited
Obligation
Bonds,
Series
2014A:
455
5.000%,
10/01/33
10/24
at
100.00
456,634
750
5.000%,
10/01/34
10/24
at
100.00
752,687
1,000
Rocky
Mount,
North
Carolina,
Special
Obligation
Bonds,
Series
2016,
5.000%,
5/01/29
5/26
at
100.00
1,023,057
985
Sampson
Area
Development
Corporation,
Sampson
County,
North
Carolina,
Installment
Payment
Revenue
Bonds,
Refunding
Series
2010,
5.250%,
6/01/24
-
AGM
Insured
No
Opt.
Call
985,000
2,445
Sampson
County,
North
Carolina,
Limited
Obligaiton
Bonds,
Refunding
Series
2015,
5.000%,
12/01/35
12/25
at
100.00
2,482,614
3,570
Sampson
County,
North
Carolina,
Limited
Obligaiton
Bonds,
Refunding
Series
2017,
5.000%,
9/01/40
9/27
at
100.00
3,663,728
Scotland
County,
North
Carolina,
Limited
Obligation
Bonds,
Series
2017:
500
5.000%,
12/01/30
12/27
at
100.00
518,502
250
5.000%,
12/01/33
12/27
at
100.00
258,426
Scotland
County,
North
Carolina,
Limited
Obligation
Bonds,
Series
2018:
660
5.000%,
12/01/33
12/28
at
100.00
693,616
690
5.000%,
12/01/35
12/28
at
100.00
723,047
1,000
Wilmington,
North
Carolina,
Limited
Obligation
Bonds,
Refunding
Series
2016,
5.000%,
6/01/30
6/26
at
100.00
1,030,335
Wilmington,
North
Carolina,
Limited
Obligation
Bonds,
Series
2023D:
500
5.000%,
9/01/40
9/33
at
100.00
555,226
1,250
5.000%,
9/01/41
9/33
at
100.00
1,377,321
1,250
5.000%,
9/01/43
9/33
at
100.00
1,366,867
Total
Tax
Obligation/Limited
103,071,914
Transportation
-
20.3%
Charlotte,
North
Carolina,
Airport
Revenue
Bonds,
Charlotte
Douglas
International,
Refunding
Series
2014A:
4,000
5.000%,
7/01/32
7/24
at
100.00
4,003,458
5,000
5.000%,
7/01/33
7/24
at
100.00
5,004,316
4,935
5.000%,
7/01/34
7/24
at
100.00
4,939,249
Charlotte,
North
Carolina,
Airport
Revenue
Bonds,
Charlotte
Douglas
International,
Refunding
Series
2017A:
1,925
5.000%,
7/01/42
7/27
at
100.00
1,982,649
6,610
5.000%,
7/01/47
7/27
at
100.00
6,767,631
5,000
Charlotte,
North
Carolina,
Airport
Revenue
Bonds,
Charlotte
Douglas
International,
Series
2021A,
4.000%,
7/01/51
7/31
at
100.00
4,739,898
North
Carolina
Department
of
Transportation,
Private
Activity
Revenue
Bonds,
I-77
Hot
Lanes
Project,
Series
2015:
1,500
5.000%,
12/31/37,
(AMT)
6/25
at
100.00
1,505,356
11,170
5.000%,
6/30/54,
(AMT)
6/25
at
100.00
10,491,969
Nuveen
North
Carolina
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2024
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Transportation
(continued)
North
Carolina
Turnpike
Authority,
Monroe
Expressway
Toll Revenue
Bonds,
Capital
Appreciation
Series
2017C:
$
865
0.000%,
7/01/27
7/26
at
96.08
$
748,106
880
0.000%,
7/01/29
7/26
at
87.76
695,441
175
0.000%,
7/01/32
7/26
at
75.72
120,352
1,500
0.000%,
7/01/34
7/26
at
68.37
931,379
2,905
0.000%,
7/01/35
7/26
at
64.91
1,712,326
3,735
0.000%,
7/01/38
7/26
at
55.68
1,873,067
3,995
0.000%,
7/01/39
7/26
at
52.96
1,871,266
2,385
0.000%,
7/01/40
7/26
at
50.36
1,052,206
1,200
North
Carolina
Turnpike
Authority,
Monroe
Expressway
Toll Revenue
Bonds,
Series
2017A,
5.000%,
7/01/47
7/26
at
100.00
1,205,935
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Capital
Appreciation
Series
2019:
5,150
0.000%,
1/01/42
1/30
at
68.97
2,329,018
15,500
0.000%,
1/01/47
1/30
at
58.00
5,340,761
6,000
0.000%,
1/01/48
1/30
at
55.97
1,956,952
3,600
0.000%,
1/01/49
1/30
at
54.10
1,112,467
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Refunding
Senior
Lien
Series
2017:
1,000
5.000%,
1/01/31
-
AGM
Insured
1/27
at
100.00
1,036,218
1,415
5.000%,
1/01/39
-
AGM
Insured
1/27
at
100.00
1,449,152
4,875
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Refunding
Series
2018A,
4.000%,
1/01/36
1/28
at
100.00
4,947,513
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Senior
Lien
Series
2009B:
70
0.000%,
1/01/34
-
AGC
Insured
No
Opt.
Call
47,598
3,760
0.000%,
1/01/35
-
AGC
Insured
No
Opt.
Call
2,447,544
21,205
0.000%,
1/01/36
-
AGC
Insured
No
Opt.
Call
13,175,345
20,150
0.000%,
1/01/37
-
AGC
Insured
No
Opt.
Call
11,929,199
15,615
0.000%,
1/01/38
-
AGC
Insured
No
Opt.
Call
8,737,645
Raleigh
Durham
Airport
Authority,
North
Carolina,
Airport
Revenue
Bonds,
Refunding
Series
2015A:
1,225
5.000%,
5/01/29
5/25
at
100.00
1,238,035
300
5.000%,
5/01/30
5/25
at
100.00
303,007
790
Raleigh
Durham
Airport
Authority,
North
Carolina,
Airport
Revenue
Bonds,
Refunding
Series
2020A,
5.000%,
5/01/36,
(AMT)
5/30
at
100.00
835,230
Total
Transportation
106,530,288
U.S.
Guaranteed
-
2.5%
(d)
Cary,
North
Carolina,
Combined
Enterprise
System
Revenue
Bonds,
Series
2017:
400
4.000%,
12/01/38,
(Pre-refunded
12/01/26)
12/26
at
100.00
405,781
1,700
5.000%,
12/01/41,
(Pre-refunded
12/01/26)
12/26
at
100.00
1,764,905
1,000
High
Point,
North
Carolina,
Combined
Enterprise
System
Revenue
Bonds,
Series
2014,
5.000%,
11/01/39,
(Pre-refunded
11/01/24)
11/24
at
100.00
1,005,123
New
Hanover
County,
North
Carolina,
Hospital
Revenue
Bonds,
New
Hanover
Regional
Medical
Center,
Series
2017:
2,895
5.000%,
10/01/35,
(Pre-refunded
10/01/27)
10/27
at
100.00
3,027,176
2,990
5.000%,
10/01/42,
(Pre-refunded
10/01/27)
10/27
at
100.00
3,126,514
960
5.000%,
10/01/47,
(Pre-refunded
10/01/27)
10/27
at
100.00
1,003,830
2,420
North
Carolina
Capital
Facilities
Finance
Agency,
Revenue
Bonds,
Duke
University
Project,
Series
2015
A,
5.000%,
10/01/55,
(Pre-refunded
10/01/25)
10/25
at
100.00
2,467,117
310
North
Carolina
Eastern
Municipal
Power
Agency,
Power
System
Revenue
Bonds,
Refunding
Series
1993B,
6.000%,
1/01/26,
(ETM)
No
Opt.
Call
321,037
Total
U.S.
Guaranteed
13,121,483
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Utilities
-
17.3%
Brunswick
County,
North
Carolina,
Enterprise
System
Revenue
Bonds,
Series
2020:
$
800
5.000%,
4/01/32
4/30
at
100.00
$
874,449
1,800
3.000%,
4/01/46
4/30
at
100.00
1,399,667
Cape
Fear
Public
Utility
Authority,
North
Carolina, Water
and
Sewer
System
Revenue
Bonds,
Refunding
Series
2019A:
1,895
4.000%,
8/01/38
8/29
at
100.00
1,916,196
6,615
4.000%,
8/01/44
8/29
at
100.00
6,408,082
940
Charlotte,
North
Carolina,
Water
and
Sewer
System
Revenue
Bonds,
Refunding
Series
2015,
5.000%,
7/01/32
7/25
at
100.00
952,720
500
Charlotte,
North
Carolina,
Water
and
Sewer
System
Revenue
Bonds,
Refunding
Series
2018,
5.000%,
7/01/44
7/28
at
100.00
522,610
3,875
City
of
Raleigh,
North
Carolina,
Combined
Enterprise
System
Revenue
and
Refunding
Bonds,
Series
2023,
5.000%,
9/01/48
9/33
at
100.00
4,203,352
1,900
Clayton,
North
Carolina,
Water
and
Sewer
System
Revenue
Bonds,
Series
2022,
5.000%,
8/01/45
8/32
at
100.00
2,032,346
1,000
Concord,
North
Carolina,
Utilities
Systems
Revenue
Bonds,
Refunding
Series
2016,
5.000%,
12/01/33
6/26
at
100.00
1,029,476
5,000
Greensboro,
North
Carolina,
Combined
Enterprise
System
Revenue
Bonds,
Series
2017A,
4.000%,
6/01/47
6/27
at
100.00
4,878,509
13,060
Greensboro,
North
Carolina,
Combined
Enterprise
System
Revenue
Bonds,
Series
2022,
5.250%,
6/01/47
6/32
at
100.00
14,284,184
1,000
Greensboro,
North
Carolina,
Combined
Enterprise
System
Revenue
Bonds,
Series
2049,
5.000%,
6/01/49
,
(WI/DD)
No
Opt.
Call
1,080,048
3,000
Greensboro,
North
Carolina,
Combined
Enterprise
System
Revenue
Bonds,
Series
2054,
5.000%,
6/01/54
,
(WI/DD)
No
Opt.
Call
3,208,385
Greenville
Utilities
Commission,
North
Carolina,
Combined
Enterprise
System
Revenue
Bonds,
Series
2022:
330
4.000%,
12/01/41
12/32
at
100.00
327,991
325
4.000%,
12/01/42
12/32
at
100.00
318,919
300
4.125%,
12/01/43
12/32
at
100.00
295,810
330
4.125%,
12/01/44
12/32
at
100.00
323,426
725
5.000%,
12/01/46
12/32
at
100.00
781,371
3,330
Greenville,
North
Carolina,
Combined
Enterprise
System
Revenue
Bonds,
Series
2016,
4.000%,
4/01/46
4/26
at
100.00
3,200,649
4,950
Greenville,
North
Carolina,
Combined
Enterprise
System
Revenue
Bonds,
Series
2019,
5.000%,
8/01/44
8/29
at
100.00
5,211,096
600
Jacksonville
City,
North
Carolina,
Enterprise
System
Revenue
Bonds,
Refunding
Series
2016,
5.250%,
5/01/29
No
Opt.
Call
649,886
Johnston
County,
North
Carolina,
Water
and
Sewer
Revenue
Bonds,
Series
2023:
3,500
4.000%,
4/01/48
4/33
at
100.00
3,375,279
4,125
4.000%,
4/01/53
4/33
at
100.00
3,951,636
1,750
Metropolitan
Sewerage
District
of
Buncombe
County,
North
Carolina,
Sewerage
System
Revenue
Bonds,
Series
2014,
5.000%,
7/01/39
7/24
at
100.00
1,751,279
1,430
Monroe,
North
Carolina,
Combined
Enterprise
System
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
3/01/43
3/27
at
100.00
1,449,609
295
North
Carolina
Municipal
Power
Agency
1,
Catawba
Electric
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
1/01/27
1/26
at
100.00
300,846
North
Carolina
Municipal
Power
Agency
1,
Catawba
Electric
Revenue
Bonds,
Refunding
Series
2016A:
3,065
5.000%,
1/01/29
7/26
at
100.00
3,139,136
740
5.000%,
1/01/30
7/26
at
100.00
757,032
Oak
Island,
North
Carolina,
Enterprise
System
Revenue
Bonds,
Refunding
Series
2015:
3,185
5.000%,
6/01/34
6/25
at
100.00
3,218,559
3,345
5.000%,
6/01/35
6/25
at
100.00
3,380,177
Oak
Island,
North
Carolina,
Enterprise
System
Revenue
Bonds,
Refunding
Series
2017:
1,215
5.000%,
6/01/27
No
Opt.
Call
1,262,982
1,335
5.000%,
6/01/28
6/27
at
100.00
1,385,589
1,000
5.000%,
6/01/33
6/27
at
100.00
1,040,665
Nuveen
North
Carolina
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2024
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Utilities
(continued)
Onslow
County,
North
Carolina,
Combined
Enterprise
System
Revenue
Bonds,
Refunding
Series
2016:
$
600
5.000%,
12/01/25
No
Opt.
Call
$
613,248
940
5.000%,
12/01/28
12/26
at
100.00
972,896
1,800
Onslow
County,
North
Carolina,
Combined
Enterprise
System
Revenue
Bonds,
Series
2023,
5.000%,
12/01/53
12/33
at
100.00
1,911,200
2,805
Sanford,
North
Carolina,
Enterprise
Systems
Revenue
Bonds,
Refunding
Series
2019,
4.000%,
6/01/45
6/29
at
100.00
2,711,725
Union
County,
North
Carolina,
Enterprise
System
Revenue
Bonds,
Series
2015:
1,020
5.000%,
6/01/31
12/25
at
100.00
1,038,330
500
5.000%,
6/01/32
12/25
at
100.00
508,966
Union
County,
North
Carolina,
Enterprise
System
Revenue
Bonds,
Series
2017:
400
5.000%,
6/01/24
No
Opt.
Call
400,000
400
5.000%,
6/01/28
6/27
at
100.00
418,162
1,400
Union
County,
North
Carolina,
Enterprise
System
Revenue
Bonds,
Series
2019A,
4.000%,
6/01/44
6/29
at
100.00
1,356,500
1,275
Union
County,
North
Carolina,
Enterprise
System
Revenue
Bonds,
Series
2021,
3.000%,
6/01/51
6/31
at
100.00
939,756
365
Winston-Salem,
North
Carolina,
Water
and
Sewer
System
Revenue
Bonds,
Refunding
Series
2016A,
5.000%,
6/01/29
6/26
at
100.00
375,871
680
Winston-Salem,
North
Carolina,
Water
and
Sewer
System
Revenue
Bonds,
Series
2022,
4.000%,
6/01/34
6/32
at
100.00
712,763
Total
Utilities
90,871,378
Total
Municipal
Bonds
(cost
$530,491,975)
528,837,598
Total
Long-Term
Investments
(cost
$530,491,975)
528,837,598
Other
Assets
&
Liabilities,
Net
-
(0.9)%
(
4,908,669
)
Net
Assets
-
100%
$
523,928,929
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(c)
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
$1,578,812
or
0.3%
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.
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
WI/DD
When-issued
or
delayed
delivery
security.
See
Notes
to
Financial
Statements
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements
May
31,
2024
Georgia
Louisiana
North
Carolina
ASSETS
Long-term
investments,
at
value
†
$
173,883,950
$
211,836,105
$
528,837,598
Cash
4,056,297
–
–
Receivables:
Interest
2,593,753
3,081,885
7,188,115
Investments
sold
–
75,191
1,215,000
Shares
sold
66,601
75,068
302,820
Other
11,562
8,651
41,131
Total
assets
180,612,163
215,076,900
537,584,664
LIABILITIES
Cash
overdraft
–
629,653
7,528,879
Payables:
Management
fees
76,462
91,427
220,742
Dividends
59,559
66,172
261,763
Interest
654
—
–
Investments
purchased
-
when-issued/delayed-delivery
settlement
2,000,000
–
4,281,460
Shares
redeemed
288,011
484,190
1,131,901
Accrued
expenses:
Custodian
fees
24,155
27,600
54,214
Trustees
fees
2,700
3,155
33,363
Professional
fees
5,709
6,738
17,878
Shareholder
reporting
expenses
9,300
8,177
20,035
Shareholder
servicing
agent
fees
27,364
18,392
68,431
12b-1
distribution
and
service
fees
21,598
27,935
37,069
Total
liabilities
2,515,512
1,363,439
13,655,735
Net
assets
$
178,096,651
$
213,713,461
$
523,928,929
NET
ASSETS
CONSIST
OF:
Paid-in
capital
$
199,691,923
$
227,250,543
$
579,427,601
Total
distributable
earnings
(loss)
(
21,595,272
)
(
13,537,082
)
(
55,498,672
)
Net
assets
$
178,096,651
$
213,713,461
$
523,928,929
†
Long-term
investments,
cost
$
176,612,774
$
220,268,152
$
530,491,975
Georgia
Louisiana
North
Carolina
CLASS
A:
Net
assets
$
114,336,734
$
131,662,323
$
189,767,406
Shares
outstanding
11,862,019
12,464,964
19,154,483
Net
asset
value
("NAV")
per
share
$
9.64
$
10.56
$
9.91
Maximum
sales
charge
4.20%
4.20%
4.20%
Offering
price
per
share
(NAV
per
share
plus
maximum
sales
charge)
$
10.06
$
11.02
$
10.34
CLASS
C:
Net
assets
$
2,389,073
$
6,367,707
$
5,239,552
Shares
outstanding
248,567
605,804
528,561
NAV
and
offering
price
per
share
$
9.61
$
10.51
$
9.91
CLASS
I:
Net
assets
$
61,370,844
$
75,683,431
$
328,921,971
Shares
outstanding
6,383,848
7,152,173
33,083,377
NAV
and
offering
price
per
share
$
9.61
$
10.58
$
9.94
Authorized
shares
-
per
class
Unlimited
Unlimited
Unlimited
Par
value
per
share
$
0.01
$
0.01
$
0.01
See
Notes
to
Financial
Statements
Year
Ended
May
31,
2024
Georgia
Louisiana
North
Carolina
INVESTMENT
INCOME
Dividends
$
—
$
31,776
$
—
Interest
6,804,115
7,974,966
18,355,883
Total
investment
income
6,804,115
8,006,742
18,355,883
EXPENSES
–
–
–
Management
fees
921,884
1,074,719
2,606,682
12b-1
service
fees
-
Class
A
240,385
271,690
385,404
12b-1
distribution
and
service
fees
-
Class
C
26,128
74,884
66,041
Shareholder
servicing
agent
fees
-
Class
A
73,713
46,520
100,558
Shareholder
servicing
agent
fees
-
Class
C
1,601
2,566
3,449
Shareholder
servicing
agent
fees
-
Class
I
36,425
23,779
171,717
Interest
expense
22,041
60,288
86,810
Trustees
fees
6,655
7,801
19,534
Custodian
expenses,
net
24,129
27,151
21,829
Registration
fees
4,155
4,047
4,796
Professional
fees
59,145
62,220
84,686
Shareholder
reporting
expenses
26,402
23,227
50,543
Other
14,799
15,098
19,868
Total
expenses
1,457,462
1,693,990
3,621,917
Net
investment
income
(loss)
5,346,653
6,312,752
14,733,966
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
(
1,728,357
)
959,548
(
9,714,893
)
Net
realized
gain
(loss)
(
1,728,357
)
959,548
(
9,714,893
)
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
1,287,055
2,227,291
4,769,854
Net
change
in
unrealized
appreciation
(depreciation)
1,287,055
2,227,291
4,769,854
Net
realized
and
unrealized
gain
(loss)
(
441,302
)
3,186,839
(
4,945,039
)
Net
increase
(decrease)
in
net
assets
from
operations
$
4,905,351
$
9,499,591
$
9,788,927
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
Georgia
Louisiana
Year
Ended
5/31/24
Year
Ended
5/31/23
Year
Ended
5/31/24
Year
Ended
5/31/23
OPERATIONS
Net
investment
income
(loss)
$
5,346,653
$
1,966,859
$
6,312,752
$
6,053,326
Net
realized
gain
(loss)
(
1,728,357
)
(
10,088,757
)
959,548
(
2,125,661
)
Net
change
in
unrealized
appreciation
(depreciation)
1,287,055
5,042,722
2,227,291
(
5,364,968
)
Net
increase
(decrease)
in
net
assets
from
operations
4,905,351
(
3,079,176
)
9,499,591
(
1,437,303
)
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends:
Class
A
(
3,483,988
)
(
3,079,497
)
(
3,923,015
)
(
3,893,443
)
Class
C
(
54,266
)
(
63,232
)
(
157,546
)
(
188,990
)
Class
I
(
1,834,889
)
(
1,536,233
)
(
2,164,549
)
(
1,753,446
)
Total
distributions
(
5,373,143
)
(
4,678,962
)
(
6,245,110
)
(
5,835,879
)
FUND
SHARE
TRANSACTIONS
Subscriptions
58,587,426
111,540,677
40,004,044
41,830,615
Reinvestments
of
distributions
4,673,005
4,015,416
5,483,235
4,965,616
Redemptions
(
65,761,830
)
(
119,688,183
)
(
46,752,216
)
(
56,315,262
)
Net
increase
(decrease)
from
Fund
share
transactions
(
2,501,399
)
(
4,132,090
)
(
1,264,937
)
(
9,519,031
)
Net
increase
(decrease)
in
net
assets
(
2,969,191
)
(
11,890,228
)
1,989,544
(
16,792,213
)
Net
assets
at
the
beginning
of
period
181,065,842
192,956,070
211,723,917
228,516,130
Net
assets
at
the
end
of
period
$
178,096,651
$
181,065,842
$
213,713,461
$
211,723,917
See
Notes
to
Financial
Statements
Statement
of
Changes
in
Net
Assets
(continued)
North
Carolina
Year
Ended
5/31/24
Year
Ended
5/31/23
OPERATIONS
Net
investment
income
(loss)
$
14,733,966
$
13,539,088
Net
realized
gain
(loss)
(
9,714,893
)
(
25,244,437
)
Net
change
in
unrealized
appreciation
(depreciation)
4,769,854
3,449,696
Net
increase
(decrease)
in
net
assets
from
operations
9,788,927
(
8,255,653
)
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends:
Class
A
(
4,986,648
)
(
4,270,912
)
Class
C
(
119,560
)
(
122,428
)
Class
I
(
9,280,409
)
(
8,191,304
)
Total
distributions
(
14,386,617
)
(
12,584,644
)
FUND
SHARE
TRANSACTIONS
Subscriptions
228,396,646
308,795,305
Reinvestments
of
distributions
11,377,202
9,984,611
Redemptions
(
254,802,621
)
(
379,431,659
)
Net
increase
(decrease)
from
Fund
share
transactions
(
15,028,773
)
(
60,651,743
)
Net
increase
(decrease)
in
net
assets
(
19,626,463
)
(
81,492,040
)
Net
assets
at
the
beginning
of
period
543,555,392
625,047,432
Net
assets
at
the
end
of
period
$
523,928,929
$
543,555,392
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
Georgia
Class
A
5/31/24
$
9.65
$
0.28
$
(
0.01
)
$
0.27
$
(
0.28
)
$
—
$
(
0.28
)
$
9.64
5/31/23
10.05
0.10
(
0.26
)
(
0.16
)
(
0.24
)
—
(
0.24
)
9.65
5/31/22
11.22
0.22
(
1.18
)
(
0.96
)
(
0.21
)
—
(
0.21
)
10.05
5/31/21
10.92
0.24
0.30
0.54
(
0.24
)
—
(
0.24
)
11.22
5/31/20
10.81
0.27
0.10
0.37
(
0.26
)
—
(
0.26
)
10.92
Class
C
5/31/24
9.62
0.20
(
0.01
)
0.19
(
0.20
)
—
(
0.20
)
9.61
5/31/23
10.02
0.02
(
0.26
)
(
0.24
)
(
0.16
)
—
(
0.16
)
9.62
5/31/22
11.18
0.13
(
1.17
)
(
1.04
)
(
0.12
)
—
(
0.12
)
10.02
5/31/21
10.88
0.15
0.30
0.45
(
0.15
)
—
(
0.15
)
11.18
5/31/20
10.77
0.18
0.10
0.28
(
0.17
)
—
(
0.17
)
10.88
Class
I
5/31/24
9.63
0.30
(
0.02
)
0.28
(
0.30
)
—
(
0.30
)
9.61
5/31/23
10.02
0.12
(
0.25
)
(
0.13
)
(
0.26
)
—
(
0.26
)
9.63
5/31/22
11.19
0.24
(
1.17
)
(
0.93
)
(
0.24
)
—
(
0.24
)
10.02
5/31/21
10.89
0.26
0.30
0.56
(
0.26
)
—
(
0.26
)
11.19
5/31/20
10.78
0.29
0.10
0.39
(
0.28
)
—
(
0.28
)
10.89
(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.
See
Notes
to
Financial
Statements
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
2
.84
%
$
114,337
0
.85
%
0
.84
%
2
.88
%
13
%
(
1
.58
)
121,565
0
.84
0
.83
1
.01
40
(
8
.66
)
124,199
0
.83
0
.83
1
.98
19
5
.01
144,796
0
.82
0
.82
2
.18
2
3
.42
107,819
0
.83
0
.83
2
.43
15
2
.00
2,389
1
.65
1
.64
2
.08
13
(
2
.39
)
3,125
1
.65
1
.64
0
.19
40
(
9
.35
)
4,704
1
.63
1
.63
1
.18
19
4
.18
6,343
1
.62
1
.62
1
.39
2
2
.59
6,851
1
.63
1
.63
1
.63
15
2
.93
61,371
0
.65
0
.64
3
.08
13
(
1
.29
)
56,375
0
.64
0
.63
1
.20
40
(
8
.48
)
64,053
0
.63
0
.63
2
.19
19
5
.23
68,891
0
.62
0
.62
2
.38
2
3
.60
52,098
0
.63
0
.63
2
.63
15
Financial
Highlights
(continued)
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
ugh
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
Louisiana
Class
A
5/31/24
$
10.41
$
0.31
$
0.14
$
0.45
$
(
0.30
)
$
—
$
(
0.30
)
$
10.56
5/31/23
10.75
0.29
(
0.35
)
(
0.06
)
(
0.28
)
—
(
0.28
)
10.41
5/31/22
11.64
0.26
(
0.90
)
(
0.64
)
(
0.25
)
—
(
0.25
)
10.75
5/31/21
11.17
0.31
0.47
0.78
(
0.31
)
—
(
0.31
)
11.64
5/31/20
11.32
0.34
(
0.14
)
0.20
(
0.35
)
—
(
0.35
)
11.17
Class
C
5/31/24
10.36
0.22
0.15
0.37
(
0.22
)
—
(
0.22
)
10.51
5/31/23
10.70
0.21
(
0.35
)
(
0.14
)
(
0.20
)
—
(
0.20
)
10.36
5/31/22
11.58
0.17
(
0.90
)
(
0.73
)
(
0.15
)
—
(
0.15
)
10.70
5/31/21
11.11
0.22
0.47
0.69
(
0.22
)
—
(
0.22
)
11.58
5/31/20
11.26
0.25
(
0.15
)
0.10
(
0.25
)
—
(
0.25
)
11.11
Class
I
5/31/24
10.43
0.33
0.15
0.48
(
0.33
)
—
(
0.33
)
10.58
5/31/23
10.78
0.31
(
0.36
)
(
0.05
)
(
0.30
)
—
(
0.30
)
10.43
5/31/22
11.66
0.29
(
0.90
)
(
0.61
)
(
0.27
)
—
(
0.27
)
10.78
5/31/21
11.19
0.33
0.47
0.80
(
0.33
)
—
(
0.33
)
11.66
5/31/20
11.34
0.36
(
0.14
)
0.22
(
0.37
)
—
(
0.37
)
11.19
(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.
See
Notes
to
Financial
Statements
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
4
.41
%
$
131,662
0
.83
%
0
.80
%
2
.93
%
15
%
(
0
.53
)
140,021
0
.80
0
.80
2
.78
12
(
5
.61
)
156,506
0
.79
0
.79
2
.31
18
7
.08
160,148
0
.80
0
.80
2
.70
8
1
.73
135,199
0
.82
0
.81
3
.00
8
3
.61
6,368
1
.63
1
.60
2
.13
15
(
1
.32
)
8,586
1
.60
1
.60
1
.98
12
(
6
.34
)
11,782
1
.59
1
.59
1
.51
18
6
.25
13,801
1
.60
1
.60
1
.90
8
0
.90
13,866
1
.62
1
.61
2
.20
8
4
.64
75,683
0
.63
0
.60
3
.13
15
(
0
.39
)
63,117
0
.60
0
.60
2
.98
12
(
5
.31
)
60,228
0
.59
0
.59
2
.51
18
7
.29
60,160
0
.60
0
.60
2
.89
8
1
.94
43,182
0
.62
0
.61
3
.20
8
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
North
Carolina
Class
A
5/31/24
$
9.94
$
0.27
$
(
0.04
)
$
0.23
$
(
0.26
)
$
—
$
(
0.26
)
$
9.91
5/31/23
10.26
0.23
(
0.34
)
(
0.11
)
(
0.21
)
—
(
0.21
)
9.94
5/31/22
11.40
0.18
(
1.14
)
(
0.96
)
(
0.18
)
—
(
0.18
)
10.26
5/31/21
11.14
0.22
0.26
0.48
(
0.22
)
—
(
0.22
)
11.40
5/31/20
10.99
0.25
0.15
0.40
(
0.25
)
—
(
0.25
)
11.14
Class
C
5/31/24
9.95
0.19
(
0.05
)
0.14
(
0.18
)
—
(
0.18
)
9.91
5/31/23
10.28
0.15
(
0.35
)
(
0.20
)
(
0.13
)
—
(
0.13
)
9.95
5/31/22
11.41
0.09
(
1.13
)
(
1.04
)
(
0.09
)
—
(
0.09
)
10.28
5/31/21
11.15
0.13
0.26
0.39
(
0.13
)
—
(
0.13
)
11.41
5/31/20
11.00
0.16
0.15
0.31
(
0.16
)
—
(
0.16
)
11.15
Class
I
5/31/24
9.98
0.29
(
0.05
)
0.24
(
0.28
)
—
(
0.28
)
9.94
5/31/23
10.31
0.25
(
0.35
)
(
0.10
)
(
0.23
)
—
(
0.23
)
9.98
5/31/22
11.45
0.20
(
1.14
)
(
0.94
)
(
0.20
)
—
(
0.20
)
10.31
5/31/21
11.19
0.25
0.26
0.51
(
0.25
)
—
(
0.25
)
11.45
5/31/20
11.04
0.28
0.15
0.43
(
0.28
)
—
(
0.28
)
11.19
(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.
See
Notes
to
Financial
Statements
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
2
.32
%
$
189,767
0
.80
%
0
.78
%
2
.67
%
20
%
(
1
.06
)
201,018
0
.81
0
.78
2
.27
23
(
8
.56
)
201,287
0
.77
0
.76
1
.62
18
4
.36
267,521
0
.77
0
.76
1
.96
10
3
.68
212,327
0
.80
0
.77
2
.28
7
1
.43
5,240
1
.60
1
.58
1
.87
20
(
1
.92
)
7,570
1
.61
1
.58
1
.47
23
(
9
.20
)
11,535
1
.57
1
.56
0
.83
18
3
.53
15,194
1
.57
1
.56
1
.18
10
2
.85
17,209
1
.60
1
.57
1
.48
7
2
.45
328,922
0
.60
0
.58
2
.87
20
(
0
.91
)
334,967
0
.61
0
.58
2
.47
23
(
8
.32
)
412,225
0
.57
0
.56
1
.83
18
4
.56
496,334
0
.57
0
.56
2
.16
10
3
.89
388,595
0
.60
0
.57
2
.48
7
Notes
to
Financial
Statements
1.
General
Information
Trust
and
Fund
Information:
The
Nuveen
Multistate
Trust
III
(the
“Trust”)
is
an
open-end
investment
company
registered
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
as
amended.
The
Trust
is
comprised
of
Nuveen
Georgia
Municipal
Bond
Fund
(“Georgia”),
Nuveen
Louisiana
Municipal
Bond
Fund
(“Louisiana”)
and
Nuveen
North
Carolina
Municipal
Bond
Fund
(“North
Carolina”)
(each
a
“Fund”
and
collectively,
the
“Funds”)
.
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
May
31,
2024,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
fiscal
year
ended
May
31,
2024
(the
"current
fiscal
period").
Investment
Adviser
and
Sub-Adviser:
The
Funds’
investment
adviser
is
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”),
a
subsidiary
of
Nuveen,
LLC
(“Nuveen”).
Nuveen
is
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(TIAA).
The
Adviser
has
overall
responsibility
for
management
of
the
Funds,
oversees
the
management
of
the
Funds’
portfolios,
manages
the
Funds’
business
affairs
and
provides
certain
clerical,
bookkeeping
and
other
administrative
services,
and,
if
necessary,
asset
allocation
decisions.
The
Adviser
has
entered
into
sub-
advisory
agreements
with
Nuveen
Asset
Management,
LLC,
(the
“Sub-Adviser”),
a
subsidiary
of
the
Adviser,
under
which
the
Sub-Adviser
manages
the
investment
portfolios
of
the
Funds.
Share
Classes
and
Sales
Charges:
Class
A
Shares
are
generally
sold
with
an
up-front
sales
charge.
Class
A
Shares
purchases
of
$250,000
or
more
are
sold
at
net
asset
value
(“NAV”)
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(“CDSC”)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
are
sold
without
an
up-front
sales
charge
but
are
subject
to
a
CDSC
of
1%
if
redeemed
within
twelve
months
of
purchase.
Class
C
Shares
automatically
convert
to
Class
A
Shares
eight
years
after
purchase.
Class
I
Shares
are
sold
without
an
up-front
sales
charge.
2.
Significant
Accounting
Policies
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
the
use
of
estimates
made
by
management
and
the
evaluation
of
subsequent
events.
Actual
results
may
differ
from
those
estimates.
Each
Fund
is
an
investment
company
and
follows
accounting
guidance
in
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
946,
Financial
Services
—
Investment
Companies.
The
NAV
for
financial
reporting
purposes
may
differ
from
the
NAV
for
processing
security
and shareholder
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and
common
share
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
common
share
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds.
Compensation:
The Trust
pays
no
compensation
directly
to
those
of
its officers,
all
of
whom
receive
remuneration
for
their
services
to the
Trust
from
the
Adviser
or
its
affiliates.
The
Funds'
Board
of Trustees
(the
"Board") has
adopted
a
deferred
compensation
plan
for
independent
trustees
that
enables
trustees
to
elect
to
defer
receipt
of
all
or
a
portion
of
the
annual
compensation
they
are
entitled
to
receive
from
certain
Nuveen-advised
funds.
Under
the
plan,
deferred
amounts
are
treated
as
though
equal
dollar
amounts
had
been
invested
in
shares
of
select
Nuveen-advised
funds.
Custodian
Fee
Credit:
As
an
alternative
to
overnight
investments,
each
Fund
has
an
arrangement
with
its
custodian
bank,
State
Street
Bank
and
Trust
Company,
(the
“Custodian”)
whereby
certain
custodian
fees
and
expenses
are
reduced
by
net
credits
earned
on
each
Fund’s
cash
on
deposit
with
the
bank.
Credits
for
cash
balances
may
be
offset
by
charges
for
any
days
on
which
a
Fund
overdraws
its
account
at
the
Custodian.
The
amount
of
custodian
fee
credit
earned
by
a
Fund
is
recognized
on
the
Statement
of
Operations
as
a
component
of
“Custodian
expenses,
net.”
During
the
current
reporting
period,
the
custodian
fee
credit
earned
by
each
Fund
was
as
follows:
Distributions
to
Shareholders:
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
The
amount,
character
and
timing
of
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
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.
Fund
Gross
Custodian
Fee
Credits
Georgia
$
4,772
Louisiana
9,301
North
Carolina
30,591
Notes
to
Financial
Statements
(continued)
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
dividend
income
and
interest
income.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Non-cash
dividends
received
the
form
of
stock,
if
any,
are
recognized
on
the
ex-dividend
date
and
recorded
at
fair
value.
Interest
income,
which
is
recorded
on
an
accrual
basis
and
includes
the
accretion
of
discounts
and
the
amortization
of
premiums
for
financial
reporting
purposes.
Interest
income
also
reflects
payment-in-kind
(
“
PIK
”
)
interest
and
paydown
gains
and
losses,
if
any.
PIK
interest
represents
income
received
in
the
form
of
securities
in
lieu
of
cash.
Multiclass
Operations
and
Allocations:
Income
and
expenses
of
the
Funds
that
are
not
directly
attributable
to
a
specific
class
of
shares
are
prorated
among
the
classes
based
on
the
relative
value
of
the
settled
shares of
each
class.
Expenses
directly
attributable
to
a
class
of
shares
are
recorded
to
the
specific
class.
12b-1
distribution
and
service
fees
are
allocated
on
a
class-specific
basis.
Realized
and
unrealized
capital
gains
and
losses
of
the
Funds
are
prorated
among
the
classes
based
on
the
relative
net
assets
of
each
class.
Netting
Agreements:
In
the
ordinary
course
of
business,
the
Funds
may
enter
into
transactions
subject
to
enforceable International
Swaps
and
Derivatives
Association,
Inc.
(ISDA)
master
agreements
or
other
similar
arrangements
(“netting
agreements”).
Generally,
the
right
to
offset
in
netting
agreements
allows
each
Fund
to
offset
certain
securities
and
derivatives
with
a
specific
counterparty,
when
applicable,
as
well
as
any
collateral
received
or
delivered
to
that
counterparty
based
on
the
terms
of
the
agreements.
Generally,
each
Fund
manages
its
cash
collateral
and
securities
collateral
on
a
counterparty
basis.
With
respect
to
certain
counterparties,
in
accordance
with
the
terms
of
the
netting
agreements,
collateral
posted
to
the
Funds
is
held
in
a
segregated
account
by
the
Funds’
custodian
and/or
with
respect
to
those
amounts
which
can
be
sold
or
repledged,
are
presented
in
the
Funds’
Portfolio
of
Investments
or
Statement
of
Assets
and
Liabilities.
The
Funds’
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
later
in
these
Notes
to
Financial
Statements.
New
Accounting
Pronouncement
: In
June
2022,
the
FASB
issued
ASU
2022-03
to
clarify
the
guidance
in
Topic
820,
Fair
Value
Measurement
(“Topic
820”).
The
amendments
in
ASU
2022-03
affect
all
entities
that
have
investments
in
equity
securities
measured
at
fair
value
that
are
subject
to
a
contractual
sale
restriction.
ASU
2022-03
(1)
clarifies
the
guidance
in
Topic
820,
when
measuring
the
fair
value
of
an
equity
security
subject
to
contractual
restrictions
that
prohibit
the
sale
of
an
equity
security,
(2)
amends
a
related
illustrative
example,
and
(3)
introduces
new
disclosure
requirements
for
equity
securities
subject
to
contractual
sale
restrictions
that
are
measured
at
fair
value
in
accordance
with
Topic
820.
For
public
business
entities,
the
amendments
in
ASU
2022-03
are
effective
for
fiscal
years
beginning
after
December
15,
2023,
and
interim
periods
within
those
fiscal
years.
For
all
other
entities,
the
amendments
are
effective
for
fiscal
years
beginning
after
December
15,
2024,
and
interim
periods
within
those
fiscal
years.
Early
adoption
is
permitted
for
both
interim
and
annual
financial
statements
that
have
not
yet
been
issued
or
made
available
for
issuance.
During
the
current
fiscal
period,
the Funds adopted
the
new
guidance
and
there
was
no
material
impact
to
the
Funds.
3.
Investment
Valuation
and
Fair
Value
Measurements
The
Funds’
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Adviser,
subject
to
oversight
of
the Board.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
A
description
of
the
valuation
techniques
applied
to
the
Funds’
major
classifications
of
assets
and
liabilities
measured
at
fair
value
follows:
Equity
securities
and
exchange-traded
funds
listed
or
traded
on
a
national
market
or
exchange
are
valued
based
on
their
last
reported sales
price
or
official
closing
price of such
market
or
exchange
on
the
valuation
date.
Foreign
equity
securities
and
registered
investment
companies
that
trade
on
a
foreign
exchange
are
valued
at
the
last
reported sales
price
or
official
closing
price
on
the
principal
exchange
where
traded,
and
converted
to
U.S.
dollars
at
the
prevailing
rates
of
exchange
on
the valuation
date.
For
events affecting
the value
of
foreign
securities
between
the
time
when
the
exchange
on
which
they
are
traded
closes
and
the
time
when
the
Funds'
net
assets
are
calculated,
such
securities
will
be
valued
at
fair
value
in
accordance
with
procedures
adopted
by
the
Adviser,
subject
to
the
oversight
of
the
Board. To
the
extent
these
securities
are
actively
traded
and
no
valuation
adjustments
are
applied,
they
are
generally
classified
as
Level
1. When
valuation
adjustments
are
applied
to
the
most
recent
last
sales
price
or
official
closing
price, these
securities
are
generally
classified
as
Level
2.
Prices
of
fixed-income
securities
are
generally
provided
by
pricing
services
approved
by
the
Adviser,
which
is
subject
to
review
by
the
Adviser
and
oversight
of
the
Board. Pricing
services
establish
a
security’s
fair
value
using
methods
that
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
In
pricing
certain
securities,
particularly
less
liquid
and
lower
quality
securities,
pricing
services
may
consider
information
about
a
security,
its
issuer
or
market
activity
provided
by
the
Adviser.
These
securities
are
generally
classified
as
Level
2.
For
any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
Adviser
deems
the
valuations
derived
using
the
valuation
procedures
described
above
not
to
reflect
fair
value,
the
Adviser
will
determine
a
fair
value
in
good
faith
using
alternative
procedures
approved
by
the
Adviser,
subject
to
the
oversight
of
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
is
the
amount
that
the
owner
might
reasonably
expect
to
receive
for
it
in
a
current
sale.
A
variety
of
factors
may
be
considered
in
determining
the
fair
value
of
such
securities,
which
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
To
the
extent
the
inputs
are
observable
and
timely,
the
values
would
be
classified
as
Level
2;
otherwise
they
would
be
classified
as
Level
3.
The
following
table
summarizes
the
market
value
of
the
Funds’
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
The
Funds
hold
liabilities
in
floating
rate
obligations,
where
applicable,
which
are
not
reflected
in
the
tables
above.
The
fair
values
of
the
Funds'
liabilities
for
floating
rate
obligations
approximate
their
liquidation
values.
Floating
rate
obligations
are
generally
classified
as
Level
2
and
further
described
in
these
Notes
to
Financial
Statements.
The
following
is
a
reconciliation
of
the
Funds’
Level
3
investments
held
at
the
beginning
and
end
of
the
measurement
period.
The
table
below
presents
the
transfers
in
and
out
of
the
three
valuation
levels
for
the
Funds
as
of
the
end
of
the
reporting
period
when
compared
to
the
valuation
levels
at
the
end
of
the
previous
fiscal
year.
Changes
in
valuation
inputs
or
methodologies
may
result
in
transfers
into
or
out
of
an
assigned
level
within
the
fair
value
hierarchy.
Transfers
in
or
out
of
levels
are
generally
due
to
the
availability
of
publicly
available
information
and
to
the
significance
or
extent
the
Adviser
determines
that
the
valuation
inputs
or
methodologies
may
impact
the
valuation
of
those
securities.
Georgia
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
173,883,950
$
–
$
173,883,950
Total
$
–
$
173,883,950
$
–
$
173,883,950
Louisiana
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
203,790,485
$
–
$
203,790,485
Common
Stocks
–
–
8,045,620
8,045,620
Total
$
–
$
203,790,485
$
8,045,620
$
211,836,105
North
Carolina
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
528,837,598
$
–
$
528,837,598
Total
$
–
$
528,837,598
$
–
$
528,837,598
Louisiana
Level
3
Common
Stocks
Balance
at
the
beginning
of
period
$-
Gains
(losses):
Net
realized
gains
(losses)
-
Change
in
net
unrealized
appreciation
(depreciation)
-
Purchases
at
cost
-
Sales
at
proceeds
-
Net
discounts
(premiums)
-
Transfers
into
8,045,620
Transfers
(out
of)
-
Balance
at
the
end
of
period
$8,045,620
Change
in
net
unrealized
appreciation
(depreciation)
during
the
period
of
Level
3
securities
held
as
of
period
end
$(489,964)
Notes
to
Financial
Statements
(continued)
The
valuation
techniques
and
significant
unobservable
inputs
used
in
recurring
Level
3
fair
value
measurements
of
assets
as
of
the
end
of
the
reporting
period,
were
as
follows
4.
Portfolio
Securities
Inverse
Floating
Rate
Securities:
Each
Fund
is
authorized
to
invest
in
inverse
floating
rate
securities.
An
inverse
floating
rate
security
is
created
by
depositing
a
municipal
bond
(referred
to
as
an
“Underlying
Bond”),
typically
with
a
fixed
interest
rate,
into
a
special
purpose
tender
option
bond
(“TOB”)
trust
(referred
to
as
the
“TOB
Trust”)
created
by
or
at
the
direction
of
one
or
more
Funds.
In
turn,
the
TOB
Trust
issues
(a)
floating
rate
certificates
(referred
to
as
“Floaters”),
in
face
amounts
equal
to
some
fraction
of
the
Underlying
Bond’s
par
amount
or
market
value,
and
(b)
an
inverse
floating
rate
certificate
(referred
to
as
an
“Inverse
Floater”)
that
represents
all
remaining
or
residual
interest
in
the
TOB
Trust.
Floaters
typically
pay
short-term
tax-exempt
interest
rates
to
third
parties
who
are
also
provided
a
right
to
tender
their
certificate
and
receive
its
par
value,
which
may
be
paid
from
the
proceeds
of
a
remarketing
of
the
Floaters,
by
a
loan
to
the
TOB
Trust
from
a
third
party
liquidity
provider
(“Liquidity
Provider”),
or
by
the
sale
of
assets
from
the
TOB
Trust.
The
Inverse
Floater
is
issued
to
a
long
term
investor,
such
as
one
or
more
of
the
Funds.
The
income
received
by
the
Inverse
Floater
holder
varies
inversely
with
the
short-term
rate
paid
to
holders
of
the
Floaters,
and
in
most
circumstances
the
Inverse
Floater
holder
bears
substantially
all
of
the
Underlying
Bond’s
downside
investment
risk
and
also
benefits
disproportionately
from
any
potential
appreciation
of
the
Underlying
Bond’s
value.
The
value
of
an
Inverse
Floater
will
be
more
volatile
than
that
of
the
Underlying
Bond
because
the
interest
rate
is
dependent
on
not
only
the
fixed
coupon
rate
of
the
Underlying
Bond
but
also
on
the
short-term
interest
paid
on
the
Floaters,
and
because
the
Inverse
Floater
essentially
bears
the
risk
of
loss
(and
possible
gain)
of
the
greater
face
value
of
the
Underlying
Bond.
The
Inverse
Floater
held
by
a
Fund
gives
the
Fund
the
right
to
(a)
cause
the
holders
of
the
Floaters
to
tender
their
certificates
at
par
(or
slightly
more
than
par
in
certain
circumstances),
and
(b)
have
the
trustee
of
the
TOB
Trust
(the
“Trustee”)
transfer
the
Underlying
Bond
held
by
the
TOB
Trust
to
the
Fund,
thereby
collapsing
the
TOB
Trust.
The
Fund
may
acquire
an
Inverse
Floater
in
a
transaction
where
it
(a)
transfers
an
Underlying
Bond
that
it
owns
to
a
TOB
Trust
created
by
a
third
party
or
(b)
transfers
an
Underlying
Bond
that
it
owns,
or
that
it
has
purchased
in
a
secondary
market
transaction
for
the
purpose
of
creating
an
Inverse
Floater,
to
a
TOB
Trust
created
at
its
direction,
and
in
return
receives
the
Inverse
Floater
of
the
TOB
Trust
(referred
to
as
a
“self-deposited
Inverse
Floater”).
A
Fund
may
also
purchase
an
Inverse
Floater
in
a
secondary
market
transaction
from
a
third
party
creator
of
the
TOB
Trust
without
first
owning
the
Underlying
Bond
(referred
to
as
an
“externally-deposited
Inverse
Floater”).
An
investment
in
a
self-deposited
Inverse
Floater
is
accounted
for
as
a
“financing”
transaction
(i.e.,
a
secured
borrowing).
For
a
self-deposited
Inverse
Floater,
the
Underlying
Bond
deposited
into
the
TOB
Trust
is
identified
in
the
Fund’s
Portfolio
of
Investments
as
“(UB)
–
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction,”
with
the
Fund
recognizing
as
liabilities,
labeled
“Floating
rate
obligations”
on
the
Statement
of
Assets
and
Liabilities,
(a)
the
liquidation
value
of
Floaters
issued
by
the
TOB
Trust,
and
(b)
the
amount
of
any
borrowings
by
the
TOB
Trust
from
a
Liquidity
Provider
to
enable
the
TOB
Trust
to
purchase
outstanding
Floaters
in
lieu
of
a
remarketing.
In
addition,
the
Fund
recognizes
in
“Investment
Income”
the
entire
earnings
of
the
Underlying
Bond,
and
recognizes
(a)
the
interest
paid
to
the
holders
of
the
Floaters
or
on
the
TOB
Trust’s
borrowings,
and
(b)
other
expenses
related
to
remarketing,
administration,
trustee,
liquidity
and
other
services
to
a
TOB
Trust,
as
a
component
of
“Interest
expense”
on
the
Statement
of
Operations.
Earnings
due
from
the
Underlying
Bond
and
interest
due
to
the
holders
of
the
Floaters
as
of
the
end
of
the
reporting
period
are
recognized
as
components
of
“Receivable
for
interest”
and
“Payable
for
interest”
on
the
Statement
of
Assets
and
Liabilities,
respectively.
In
contrast,
an
investment
in
an
externally-deposited
Inverse
Floater
is
accounted
for
as
a
purchase
of
the
Inverse
Floater
and
is
identified
in
the
Fund’s
Portfolio
of
Investments
as
“(IF)
–
Inverse
floating
rate
investment.”
For
an
externally-deposited
Inverse
Floater,
a
Fund’s
Statement
of
Assets
and
Liabilities
recognizes
the
Inverse
Floater
and
not
the
Underlying
Bond
as
an
asset,
and
the
Fund
does
not
recognize
the
Floaters,
or
any
related
borrowings
from
a
Liquidity
Provider,
as
a
liability.
Additionally,
the
Fund
reflects
in
“Investment
Income”
only
the
net
amount
of
earnings
on
the
Inverse
Floater
(net
of
the
interest
paid
to
the
holders
of
the
Floaters
or
the
Liquidity
Provider
as
lender,
and
the
expenses
of
the
Trust),
and
does
not
show
the
amount
of
that
interest
paid
or
the
expenses
of
the
TOB
Trust
as
described
above
as
interest
expense
on
the
Statement
of
Operations.
Fees
paid
upon
the
creation
of
a
TOB
Trust
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
are
recognized
as
part
of
the
cost
basis
of
the
Inverse
Floater
and
are
capitalized
over
the
term
of
the
TOB
Trust.
During
the
current
fiscal
period,
the
Funds
did
not
have
any
transactions
in
self-deposited
Inverse
Floaters
and/or
externally-deposited
Inverse
Floaters.
Level
1
Level
2
Level
3
Transfers
In
(Transfers
Out)
Transfers
In
(Transfers
Out)
Transfers
In
(Transfers
Out)
Common
Stocks
$-
$-
$-
$(8,045,620)
$8,045,620
$-
Fund
Asset
Class
Market
Value
Techniques
Unobservable
Inputs
Range
Weighted
Average
Louisiana
Common
Stocks
$8,045,620
Enterprise
Value
EBITDA
Multiples
11.50-13.50
N/A
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.
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.
Market
and
Counterparty
Credit
Risk:
In
the
normal
course
of
business
each
Fund
may
invest
in
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk)
or
failure
of
the
other
party
to
the
transaction
to
perform
(counterparty
credit
risk).
The
potential
loss
could
exceed
the
value
of
the
financial
assets
recorded
on
the
financial
statements.
Financial
assets,
which
potentially
expose
each
Fund
to
counterparty
credit
risk,
consist
principally
of
cash
due
from
counterparties
on
forward,
option
and
swap
transactions,
when
applicable.
The
extent
of
each
Fund’s
exposure
to
counterparty
credit
risk
in
respect
to
these
financial
assets
approximates
their
carrying
value
as
recorded
on
the
Statement
of
Assets
and
Liabilities.
Each
Fund
helps
manage
counterparty
credit
risk
by
entering
into
agreements
only
with
counterparties
the
Adviser
believes
have
the
financial
resources
to
honor
their
obligations
and
by
having
the
Adviser
monitor
the
financial
stability
of
the
counterparties.
Additionally,
counterparties
may
be
required
to
pledge
collateral
daily
(based
on
the
daily
valuation
of
the
financial
asset)
on
behalf
of
each
Fund
with
a
value
approximately
equal
to
the
amount
of
any
unrealized
gain
above
a
pre-determined
threshold.
Reciprocally,
when
each
Fund
has
an
unrealized
loss,
the
Funds
have
instructed
the
custodian
to
pledge
assets
of
the
Funds
as
collateral
with
a
value
approximately
equal
to
the
amount
of
the
unrealized
loss
above
a
pre-determined
threshold.
Collateral
pledges
are
monitored
and
subsequently
adjusted
if
and
when
the
valuations
fluctuate,
either
up
or
down,
by
at
least
the
pre-determined
threshold
amount.
Fund
Non-U.S.
Government
Purchases
Non-U.S.
Government
Sales
and
Maturities
Georgia
$
23,903,676
$
27,391,638
Louisiana
35,431,218
32,412,475
North
Carolina
111,140,844
105,511,941
Notes
to
Financial
Statements
(continued)
6.
Fund
Shares
Transactions
in Fund
shares
during
the
current
and
prior
fiscal
period
were
as
follows:
Year
Ended
5/31/24
Year
Ended
5/31/23
Georgia
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
2,785,928
$25,952,482
9,305,706
$89,016,146
Class
A
-
automatic
conversion
of
Class
C
—
—
8,759
85,777
Class
C
48,210
463,794
36,271
356,101
Class
I
3,340,722
32,171,150
2,286,604
22,082,653
Total
subscriptions
6,174,860
58,587,426
11,637,340
111,540,677
Reinvestments
of
distributions:
Class
A
319,757
3,081,978
276,816
2,674,870
Class
C
5,363
51,518
6,217
59,850
Class
I
160,208
1,539,509
132,937
1,280,696
Total
reinvestments
of
distributions
485,328
4,673,005
415,970
4,015,416
Redemptions:
Class
A
(3,836,524)
(36,490,834)
(9,355,712)
(89,465,291)
Class
C
(129,776)
(1,246,269)
(178,431)
(1,721,447)
Class
C
-
automatic
conversion
to
Class
A
—
—
(8,786)
(85,777)
Class
I
(2,972,899)
(28,024,727)
(2,954,083)
(28,415,668)
Total
redemptions
(6,939,199)
(65,761,830)
(12,497,012)
(119,688,183)
Net
increase
(decrease)
(279,011)
$(2,501,399)
(443,702)
$(4,132,090)
Year
Ended
5/31/24
Year
Ended
5/31/23
Louisiana
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
1,049,593
$10,963,735
1,727,516
$17,983,675
Class
A
-
automatic
conversion
of
Class
C
—
—
1,116
11,643
Class
C
58,005
609,897
38,663
401,507
Class
I
2,733,112
28,430,412
2,245,027
23,433,790
Total
subscriptions
3,840,710
40,004,044
4,012,322
41,830,615
Reinvestments
of
distributions:
Class
A
322,025
3,362,113
311,584
3,240,948
Class
C
14,804
153,657
17,541
181,610
Class
I
187,891
1,967,465
147,966
1,543,058
Total
reinvestments
of
distributions
524,720
5,483,235
477,091
4,965,616
Redemptions:
Class
A
(2,356,241)
(24,716,388)
(3,148,440)
(32,743,661)
Class
C
(295,567)
(3,082,548)
(327,437)
(3,399,864)
Class
C
-
automatic
conversion
to
Class
A
—
—
(1,122)
(11,643)
Class
I
(1,819,061)
(18,953,280)
(1,932,197)
(20,160,094)
Total
redemptions
(4,470,869)
(46,752,216)
(5,409,196)
(56,315,262)
Net
increase
(decrease)
(105,439)
$(1,264,937)
(919,783)
$(9,519,031)
7.
Income
Tax
Information
Each
Fund
is
a
separate
taxpayer
for
federal
income
tax
purposes.
Each
Fund
intends
to
distribute
substantially
all
of
its
net
investment
income
and
net
capital
gains
to
shareholders
and
otherwise
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies.
Therefore,
no
federal
income
tax
provision
is
required.
Each
Fund
intends
to
satisfy
conditions
that
will
enable
interest
from
municipal
securities,
which
is
exempt
from
regular
federal
and
designated
state
income
taxes,
to
retain
such
tax-exempt
status
when
distributed
to
shareholders
of
the
Funds.
Net
realized
capital
gains
and
ordinary
income
distributions
paid
by
the
Funds
are
subject
to
federal
taxation.
Each
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund's
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
each
Fund's
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund's
financial
statements.
Differences
between
amounts
for
financial
statement
and
federal
income
tax
purposes
are
primarily
due
to
timing
differences
in
recognizing
gains
and
losses
on
investment
transactions.
Temporary
differences
do
not
require
reclassification.
As
of
year
end,
permanent
differences
that
resulted
in
reclassifications
among
the
components
of
net
assets
relate
primarily
to
taxable
market
discount.
Temporary
and
permanent
differences
have
no
impact
on
a
Fund's
net
assets.
As
of
year
end,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
were
as
follows:
For
purposes
of
this
disclosure,
tax
cost
generally
includes
the
cost
of
portfolio
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
year
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
Year
Ended
5/31/24
Year
Ended
5/31/23
North
Carolina
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
7,950,321
$77,822,727
14,781,977
$145,800,022
Class
A
-
automatic
conversion
of
Class
C
14,172
143,873
29,375
296,682
Class
C
87,344
865,913
64,147
633,726
Class
I
15,030,387
149,564,133
16,253,502
162,064,875
Total
subscriptions
23,082,224
228,396,646
31,129,001
308,795,305
Reinvestments
of
distributions:
Class
A
463,821
4,601,565
389,716
3,878,729
Class
C
11,285
111,989
11,259
112,135
Class
I
669,455
6,663,648
600,112
5,993,747
Total
reinvestments
of
distributions
1,144,561
11,377,202
1,001,087
9,984,611
Redemptions:
Class
A
(9,491,237)
(92,641,385)
(14,595,945)
(143,276,536)
Class
C
(316,605)
(3,154,207)
(407,925)
(4,064,950)
Class
C
-
automatic
conversion
to
Class
A
(14,158)
(143,873)
(29,345)
(296,682)
Class
I
(16,174,849)
(158,863,156)
(23,292,539)
(231,793,491)
Total
redemptions
(25,996,849)
(254,802,621)
(38,325,754)
(379,431,659)
Net
increase
(decrease)
(1,770,064)
$(15,028,773)
(6,195,666)
$(60,651,743)
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Georgia
$
176,794,964
$
1,506,846
$
(4,417,860)
$
(2,911,014)
Louisiana
219,786,988
6,624,975
(14,575,858)
(7,950,883)
North
Carolina
532,210,966
11,637,296
(15,010,664)
(3,373,368)
Notes
to
Financial
Statements
(continued)
The
tax
character
of
distributions
paid
was
as
follows:
As
of
year
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
As
of
year
end,
the
Funds
utilized
the
following
capital
loss
carry
forwards:
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.
Annual
fund-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
Georgia
$
750,630
$
—
$
—
$
(2,911,014)
$
(18,983,905)
$
—
$
(450,983)
$
(21,595,272)
Louisiana
637,202
24,733
—
(7,950,883)
(5,702,207)
—
(545,927)
(13,537,082)
North
Carolina
1,863,927
—
—
(3,373,368)
(52,706,103)
—
(1,283,128)
(55,498,672)
1
Undistributed
tax-exempt
income
(on
a
tax
basis)
has
not
been
reduced
for
the
dividends
declared
during
the
period
May
1,
2024
through
May
31,
2024
and
paid
on
June
3,
2024.
5/31/24
5/31/23
Fund
Tax-Exempt
Income
1
Ordinary
Income
Long-Term
Capital
Gains
Tax-Exempt
Income
Ordinary
Income
Long-Term
Capital
Gains
Georgia
$
5,373,143
$
—
$
—
$
4,678,756
$
206
$
—
Louisiana
6,241,075
4,035
—
5,821,119
14,760
—
North
Carolina
14,386,617
—
—
12,579,769
4,875
—
1
Each
Fund
designates
these
amounts
paid
during
the
period
as
Exempt
Interest
Dividends.
Fund
Short-Term
Long-Term
Total
Georgia
$
5,126,196
$
13,857,709
$
18,983,905
Louisiana
3,606,956
2,095,251
5,702,207
North
Carolina
17,547,147
35,158,956
52,706,103
Fund
Utilized
Georgia
$
—
Louisiana
960,429
North
Carolina
—
Average
Daily
Net
Assets
Georgia
Louisiana
North
Carolina
For
the
first
$125
million
0.3500
%
0.3500
%
0.3500
%
For
the
next
$125
million
0.3375
0.3375
0.3375
For
the
next
$250
million
0.3250
0.3250
0.3250
For
the
next
$500
million
0.3125
0.3125
0.3125
For
the
next
$1
billion
0.3000
0.3000
0.3000
For
the
next
$3
billion
0.2750
0.2750
0.2750
For
the
next
$5
billion
0.2500
0.2500
0.2500
For
net
assets
over
$10
billion
0.2375
0.2375
0.2375
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
May
31,
2024,
the
complex-level
fee
rate
for
each
Fund
was
as
follows:
Complex-Level
Eligible
Asset
Breakpoint
Level*
Effective
Complex-Level
Fee
Rate
at
Breakpoint
Level
$55
billion
0.2000
%
$56
billion
0.1996
$57
billion
0.1989
$60
billion
0.1961
$63
billion
0.1931
$66
billion
0.1900
$71
billion
0.1851
$76
billion
0.1806
$80
billion
0.1773
$91
billion
0.1691
$125
billion
0.1599
$200
billion
0.1505
$250
billion
0.1469
$300
billion
0.1445
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
Georgia
0
.1577%
Louisiana
0
.1577%
North
Carolina
0
.1577%
Notes
to
Financial
Statements
(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
(“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
did
not
engage
in
cross-trades
pursuant
to
these
procedures.
During
the
current
fiscal
period,
the
Distributor,
collected
sales
charges
on
purchases
of
Class
A
Shares,
the
majority
of
which
were
paid
out
as
concessions
to
financial
intermediaries
as
follows:
The
Distributor
also
received
12b-1
service
fees
on
Class
A
Shares,
substantially
all
of
which
were
paid
to
compensate
financial
intermediaries
for
providing
services
to
shareholders
relating
to
their
investments.
During
the
current
fiscal
period,
the
Distributor
compensated
financial
intermediaries
directly
with
commission
advances
at
the
time
of
purchase
as
follows:
To
compensate
for
commissions
advanced
to
financial
intermediaries,
all
12b-1
service
and
distribution
fees
collected
on
Class
C
Shares
during
the
first
year
following
a
purchase
are
retained
by
the
Distributor.
During
the
current
fiscal
period,
the
Distributor
retained
such
12b-1
fees
as
follows:
The
remaining
12b-1
fees
charged
to
each
Fund
were
paid
to
compensate
financial
intermediaries
for
providing
services
to
shareholders
relating
to
their
investments.
The
Distributor
also
collected
and
retained
CDSC
on
share
redemptions
during
the
current
fiscal
period,
as
follows:
Fund
Sales
Charges
Collected
(Unaudited)
Paid
to
Financial
Intermediaries
(Unaudited)
Georgia
$
36,020
$
33,450
Louisiana
75,302
70,425
North
Carolina
64,506
61,133
Fund
Commission
Advances
(Unaudited)
Georgia
$
22,504
Louisiana
44,891
North
Carolina
43,994
Fund
12b-1
Fees
Retained
(Unaudited)
Georgia
$
2,832
Louisiana
3,905
North
Carolina
4,431
Fund
CDSC
Retained
(Unaudited)
Georgia
$
—
Louisiana
529
North
Carolina
6,469
9.
Borrowing
Arrangements
Committed
Line
of
Credit:
The
Funds,
along
with
certain
other
funds
managed
by
the
Adviser
(“Participating
Funds”),
have
established
a
364-day,
$2.700
billion
standby
credit
facility
with
a
group
of
lenders,
under
which
the
Participating
Funds
may
borrow
for
temporary
purposes
(other
than
on-
going
leveraging
for
investment
purposes).
Each
Participating
Fund
is
allocated
a
designated
proportion
of
the
facility’s
capacity
(and
its
associated
costs,
as
described
below)
based
upon
a
multi-factor
assessment
of
the
likelihood
and
frequency
of
its
need
to
draw
on
the
facility,
the
size
of
the
Fund
and
its
anticipated
draws,
and
the
potential
importance
of
such
draws
to
the
operations
and
well-being
of
the
Fund,
relative
to
those
of
the
other
Funds.
A
Fund
may
effect
draws
on
the
facility
in
excess
of
its
designated
capacity
if
and
to
the
extent
that
other
Participating
Funds
have
undrawn
capacity.
The
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. The
Participating
Funds
also
incurred
a
0.05%
upfront
fee
on
the
increased
commitments
from
select
lenders.
Interest
expense
incurred
by
the
Participating
Funds,
when
applicable,
is
recognized
as
a
component
of
“Interest
expense”
on
the
Statement
of
Operations.
Participating
Funds
paid
administration,
legal
and
arrangement
fees,
which
are
recognized
as
a
component
of
“Interest
expense”
on
the
Statement
of
Operations,
and
along
with
commitment
fees,
have
been
allocated
among
such
Participating
Funds
based
upon
the
relative
proportions
of
the
facility’s
aggregate
capacity
reserved
for
them
and
other
factors
deemed
relevant
by
the
Adviser
and
the
Board
of
each
Participating
Fund.
During
the
current
period,
the
following
Funds
utilized
this
facility.
The
Funds'
maximum
outstanding
balance
during
the
utilization
period
was
as
follows:
During
each
Fund’s
utilization
period(s)
during
the
current
fiscal
period,
the
average
daily
balance
outstanding
and
average
annual
interest
rate
on
the
Borrowings
were
as
follows:
Borrowings
outstanding
as
of
the
end
of
the
reporting
period,
if
any,
are
recognized
as
“Borrowings”
on
the
Statement
of
Assets
and
Liabilities.
Fund
Maximum
Outstanding
Balance
Georgia
$
2,031,594
Louisiana
4,541,474
North
Carolina
12,900,000
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
Georgia
8
$
1,102,989
6.53
%
Louisiana
11
2,703,089
6.46
North
Carolina
11
10,604,640
6.53
Important
Tax
Information
(Unaudited)
As
required
by
the
Internal
Revenue
Code
and
Treasury
Regulations,
certain
tax
information,
as
detailed
below,
must
be
provided
to
shareholders.
Shareholders
are
advised
to
consult
their
tax
advisor
with
respect
to
the
tax
implications
of
their
investment.
The
amounts
listed
below
may
differ
from
the
actual
amounts
reported
on
Form
1099-DIV,
which
will
be
sent
to
shareholders
shortly
after
calendar
year
end.
Long-Term
Capital
Gains
As
of
year
end,
each
Fund
designates
the
following
distribution
amounts,
or
maximum
amount
allowable,
as
being
from
net
long-term
capital
gains
pursuant
to
Section
852(b)(3)
of
the
Internal
Revenue
Code:
Dividends
Received
Deduction
(DRD)
1
Each
Fund
listed
below
had
the
following
percentage,
or
maximum
amount
allowable,
of
ordinary
income
distributions
eligible
for
the
dividends
received
deduction
for
corporate
shareholders:
Qualified
Dividend
Income
(QDI)
1
Each
Fund
listed
below
had
the
following
percentage,
or
maximum
amount
allowable,
of
ordinary
income
distributions
treated
as
qualified
dividend
income
for
individuals
pursuant
to
Section
1(h)(11)
of
the
Internal
Revenue
Code:
Fund
Net
Long-Term
Capital
Gains
Georgia
$
—
Louisiana
—
North
Carolina
—
Fund
Percentage
Georgia
–
%
Louisiana
100
.0
North
Carolina
–
1
Exempt
Interest
Dividends
are
not
DRD
eligible.
Fund
Percentage
Georgia
–
%
Louisiana
100
.0
North
Carolina
–
1
Exempt
Interest
Dividends
are
not
QDI
eligible.
| Item 8. | Changes in and Disagreements with Accountants for Open-End Management Investment Companies. |
Not applicable.
| 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. |
Nuveen Georgia Municipal Bond Fund
Nuveen Louisiana Municipal Bond Fund
Nuveen North Carolina Municipal Bond Fund
The Approval Process
At meetings held on April 18 and 19, 2024 (the “Meeting”), the Board of Trustees (collectively, the “Board” and each Trustee, a “Board Member”) of Nuveen Multistate Trust III approved, for each respective 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.
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| 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
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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 Georgia 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 the Fund ranked in the fourth quartile of its Performance Peer Group for the three-year period ended December 31, 2023, the Fund outperformed its benchmark for the one-year period ended December 31, 2023 and ranked in the second quartile of its Performance Peer Group for the one-year period and third quartile for the five-year period ended December 31, 2023. In addition, although the Fund’s performance was below the performance of its benchmark for the one-, three-and five-year periods ended March 31, 2024 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 ranked in the third quartile for the one-year period 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 Louisiana Municipal Bond Fund, the Board considered that although the Fund’s performance was below the performance of its benchmark for the five-year periods ended December 31, 2023 and March 31, 2024, the Fund outperformed its benchmark for the one-and three-year periods ended December 31, 2023 and March 31, 2024. The Fund also ranked in the first quartile of its Performance Peer Group for the one-, three- and five-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.
● For Nuveen North Carolina 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 the Fund ranked in the fourth quartile of its Performance Peer Group for the three-year period ended December 31, 2023, the Fund outperformed its benchmark for the one-year period ended December 31, 2023 and ranked in the third quartile of its Performance Peer Group for the one-and five-year periods ended December 31, 2023. In addition, 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. 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 |
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.
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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 Georgia 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 third 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 slightly above (within 5 basis points of) the Expense Group median.
● For Nuveen Louisiana 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 third 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 slightly above (within 5 basis points of) the Expense Group median.
● For Nuveen North Carolina 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 and net total expense ratio ranked in the third quartile of its Expense Group. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, third 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 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.
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| Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract (continued) |
| | 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.
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.
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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.
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.
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| Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract (continued) |
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.
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.
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)(1) | Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report. |
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 III
| | | | | | |
Date: August 6, 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: August 6, 2024 | | | | By: | | /s/ Jordan M. Farris |
| | | | | | Jordan M. Farris |
| | | | | | Chief Administrative Officer (principal executive officer) |
| | | |
Date: August 6, 2024 | | | | By: | | /s/ E. Scott Wickerham |
| | | | | | E. Scott Wickerham |
| | | | | | Vice President and Controller (principal financial officer) |
