# EDGAR Filing Document

**Accession Number:** 0001020661
**File Stem:** 0001193125-23-023540
**Filing Date:** 2023-2
**Character Count:** 232774
**Document Hash:** ea5e3868aad30ae1abdfd898231b8e34
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-023540.hdr.sgml**: 20230203

**ACCESSION NUMBER**: 0001193125-23-023540

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230203

**DATE AS OF CHANGE**: 20230203

**EFFECTIVENESS DATE**: 20230203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NUVEEN MULTISTATE TRUST III
- **CENTRAL INDEX KEY:** 0001020661
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07943
- **FILM NUMBER:** 23584036

**BUSINESS ADDRESS:**
- **STREET 1:** JOHN NUVEEN & CO INC
- **STREET 2:** 333 W WACKER DRIVE 32ND FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3129178200

**MAIL ADDRESS:**
- **STREET 1:** JOHN NUVEEN & CO INC
- **STREET 2:** 333 W WACKER DR 32ND FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NUVEEN  MULTISTATE TRUST III
- **DATE OF NAME CHANGE:** 20040108

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NUVEEN FLAGSHIP MULTISTATE TRUST III
- **DATE OF NAME CHANGE:** 19960807

## Series and Classes Contracts Data

### Nuveen Georgia Municipal Bond Fund (Series ID: S000000560)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000001548 | Nuveen Georgia Municipal Bond Fund - Class A | FGATX           |
| C000001551 | Nuveen Georgia Municipal Bond Fund - Class I | FGARX           |
| C000137683 | Class C                                      | FGCCX           |

### Nuveen Louisiana Municipal Bond Fund (Series ID: S000000561)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000001552 | Nuveen Louisiana Municipal Bond Fund - Class A | FTLAX           |
| C000001555 | Nuveen Louisiana Municipal Bond Fund - Class I | FTLRX           |
| C000137684 | Class C                                        | FAFLX           |

### Nuveen North Carolina Municipal Bond Fund (Series ID: S000000562)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000001556 | Nuveen North Carolina Municipal Bond Fund - Class A | FLNCX           |
| C000001559 | Nuveen North Carolina Municipal Bond Fund - Class I | FCNRX           |
| C000137685 | Class C                                             | FDCCX           |

**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, IL 60606** 

(Address of principal executive offices) (Zip code)

**Mark J. Czarniecki** 

**Vice President and Secretary** 

**333 West Wacker Drive,** 

**Chicago, IL 60606** 

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2022

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

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

------

---

| | |
|:---|:---|
| **ITEM 1.** | **REPORTS TO STOCKHOLDERS.**  |

---

------

Bond

Funds

Mutual

Funds

Nuveen

Municipal

November

30,

2022

#### Semiannual

#### Report
Fund

Name

Class

A

Class

C

Class

I

Nuveen

Georgia

Municipal

Bond

Fund

FGATX

FGCCX

FGARX

Nuveen

Louisiana

Municipal

Bond

Fund

FTLAX

FAFLX

FTLRX

Nuveen

North

Carolina

Municipal

Bond

Fund

FLNCX

FDCCX

FCNRX

#### Life

#### is

#### Complex.
Nuveen

makes

things

e-simple.

It

only

takes

a

minute

to

sign

up

for

e-Reports.

Once

enrolled,

you'll

receive

an

e-mail

as

soon

as

your

Nuveen

Fund

information

is

ready.

No

more

waiting

for

delivery

by

regular

mail.

Just

click

on

the

link

within

the

e-mail

to

see

the

report

and

save

it

on

your

computer

if

you

wish.

#### Free

#### e-Reports

#### right

#### to

#### your

#### email!
www.investordelivery.com

If

you

receive

your

Nuveen

Fund

distributions

and

statements

from

your

financial

advisor

or

brokerage

account.

#### or
www.nuveen.com/client-access

If

you

receive

your

Nuveen

Fund

distributions

and

statements

directly

from

Nuveen.

Must

be

preceded

by

or

accompanied

by

a

prospectus.

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

#### Table

#### of

#### Contents

Chair's

Letter

to

Shareholders

Important

Notices

Risk

Considerations

and

Dividend

Information

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

Yields

Expense

Examples

Portfolios

of

Investments

Statement

of

Assets

and

Liabilities

Statement

of

Operations

Statement

of

Changes

in

Net

Assets

Financial

Highlights

Notes

to

Financial

Statements

Additional

Fund

Information

Glossary

of

Terms

Used

in

this

Report

Liquidity

Risk

Management

Program

#### Chair's

#### Letter

#### to

#### Shareholders
Dear

Shareholders,

With

more

economic

indicators

pointing

to

a

broadening

contraction

across

the

world's

economies,

the

conversation

has

shifted

from

debating

whether

a

global

recession

would

happen

to

considering

by

how

much

and

for

how

long.

Higher

than

expected

inflation

has

made

the

outcome

more

unpredictable,

as

it

has

dampened

consumer

sentiment,

pushed

central

banks

into

raising

interest

rates

more

aggressively

and

contributed

to

considerable

turbulence

in

the

markets

this

year.

Inflation

has

surged

partially

due

to

pandemic-related

supply

chain

bottlenecks,

exacerbated

by

Russia's

war

in

Ukraine

and

China's

recurring

lockdowns

throughout

the

year

until

their

zero-COVID

policy

effectively

ended

in

December

2022. This

has

necessitated

increasingly

forceful

responses

from

the

U.S.

Federal

Reserve

(Fed)

and

other

central

banks,

who

have

signaled

their

intentions

to

slow

inflation

while

tolerating

materially

slower

economic

growth

and

some

softening

in

the

labor

market.

In

March

2022,

the

Fed

began

the

fastest

interest

rate

hiking

cycle

in

its

history,

raising

the

target

fed

funds

rate

by

4.25%

over

a

nine-

month

span

to

a

range

of

4.25%

to

4.50%

by

year-end.

While

inflation

began

to

ease

over

the

second

half

of

2022,

it

remains

far

higher

than

the

Fed's

inflation

target.

Additional

rate

hikes

are

expected

in

2023,

as

Fed

officials

closely

monitor

inflation

data

along

with

other

economic

measures

and

will

modify

their

rate

setting

policy

based

upon

these

factors.

After

contracting

in

the

first

half

of

2022,

U.S.

gross

domestic

product

resumed

positive

growth

in

the

third

quarter,

according

to

the

government's

estimates.

The

recent

strength

was

largely

attributed

to

a

narrowing

in

the

trade

deficit

while

consumer

and

business

activity

has

remained

slower

in

part

due

to

higher

prices

and

borrowing

costs.

The

sharp

increase

in

the

U.S.

dollar's

value

relative

to

other

currencies

in

2022

has

added

further

uncertainty

to

the

economic

outlook.

However,

the

still

strong

labor

market

suggests

not

all

areas

of

the

economy

are

weakening

in

unison.

While

markets

will

likely

continue

fluctuating

with

the

daily

headlines,

we

encourage

investors

to

keep

a

long-term

perspective.

To

learn

more

about

how

well

your

portfolio

is

aligned

to

your

time

horizon,

risk

tolerance

and

investment

goals,

consider

reviewing

it

with

your

financial

professional.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J. Toth

Chair

of

the

Board

January

20,

2023

#### Important

#### Notices

For

Shareholders

of

Nuveen

Georgia

Municipal

Bond

Fund

Nuveen

Louisiana

Municipal

Bond

Fund

Nuveen

North

Carolina

Municipal

Bond

Fund

Portfolio

Manager

Commentaries

in

Semiannual

Shareholder

Reports

The

Funds

include

portfolio

manager

commentary

in

their

annual

shareholder

reports.

For

the

Funds'

most

recent

annual

portfolio

manager

discussion,

please

refer

to

the

Portfolio

Managers'

Comments

section

of

each

Funds'

May

31,

2021

annual

shareholder

report.

For

current

information

on

your

Fund's

investment

objectives,

portfolio

management

team

and

average

annual

total

returns

please

refer

to

the

Fund's

website

at

www.nuveen.com.

For

changes

that

occurred

to

your

Fund

both

during

and

subsequent

to

this

reporting

period,

please

refer

to

the

Notes

to

Financial

Statements

section

of

this

report.

For

average

annual

total

returns

as

of

the

end

of

this

reporting

period,

please

refer

to

the

Performance

Overview

and

Holding

Summaries

section

within

this

report.

#### Risk

#### Considerations

#### and

#### Dividend

#### Information
Risk

Considerations

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Funds,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

call

risk,

state

concentration

risk,

tax

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

Credit

risk

refers

to

an

issuers

ability

to

make

interest

and

principal

payments

when

due.

Below

investment

grade

or

high

yield

debt

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

The

Funds'

use

of

inverse

floaters

creates

effective

leverage.

Leverage

involves

the

risk

that

the

Funds

could

lose

more

than

its

original

investment

and

also

increases

the

Funds'

exposure

to

volatility

and

interest

rate

risk.

Dividend

Information

Each

Fund

seeks

to

pay

regular

monthly

dividends

out

of

its

net

investment

income

at

a

rate

that

reflects

its

past

and

projected

net

income

performance.

To

permit

each

Fund

to

maintain

a

more

stable

monthly

dividend,

the

Fund

may

pay

dividends

at

a

rate

that

may

be

more

or

less

than

the

amount

of

net

income

actually

earned

by

the

Fund

during

the

period.

Distributions

to

shareholders

are

determined

on

a

tax

basis,

which

may

differ

from

amounts

recorded

in

the

accounting

records.

In

instances

where

the

monthly

dividend

exceeds

the

earned

net

investment

income,

the

Fund

would

report

a

negative

undistributed

net

ordinary

income.

Refer

to

Note

–

Income

Tax

Information

for

additional

information

regarding

the

amounts

of

undistributed

net

ordinary

income

and

undistributed

net

long-term

capital

gains

and

the

character

of

the

actual

distributions

paid

by

the

Fund

during

the

period.

All

monthly

dividends

paid

by

each

Fund

during

the

current

reporting

period

were

paid

from

net

investment

income.

If

a

portion

of

the

Fund's

monthly

distributions

is

sourced

or

comprised

of

elements

other

than

net

investment

income,

including

capital

gains

and/

or

a

return

of

capital,

shareholders

will

be

notified

of

those

sources.

For

financial

reporting

purposes,

the

per

share

amounts

of

the

Fund's

distributions

for

the

reporting

period

are

presented

in

this

report's

Financial

Highlights.

For

income

tax

purposes,

distribution

information

for

the

Fund

as

of

its

most

recent

tax

year

end

is

presented

in

Note

–

Income

Tax

Information

within

the

Notes

to

Financial

Statements

of

this

report.

#### Fund

#### Performance,

#### Expense

#### Ratios,

#### Effective

#### Leverage

#### and

#### Holdings

#### Summaries

The

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summaries

for

each

Fund

are

shown

within

this

section

of

the

report.

Fund

Performance

P

erformance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Investment

returns

and

principal

value

will

fluctuate

so

that

when

shares

are

redeemed,

they

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

shown.

Total

returns

for

a

period

of

less

than

one

year

are

not

annualized

(i.e.

cumulative

returns).

Since

inception

returns

are

shown

for

share

classes

that

have

less

than

10-years

of

performance.

Returns

at

net

asset

value

(NAV)

would

be

lower

if

the

sales

charge

were

included.

Returns

assume

reinvestment

of

dividends

and

capital

gains.

For

performance,

current

to

the

most

recent

month-end

visit

Nuveen.com

or

call

(800) 257-8787.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares,

Income

is

generally

exempt

from

regular

federal

income

taxes.

Some

income

may

be

subject

to

state

and

local

income

taxes

and

to

the

federal

alternative

minimum

tax.

Capital

gains,

if

any,

are

subject

to

tax.

Returns

may

reflect

fee

waivers

and/or

expense

reimbursements

by

the

investment

adviser

during

the

periods

presented.

If

any

such

waivers

and/or

reimbursements

had

not

been

in

place,

returns

would

have

been

reduced.

See

Notes

to

Financial

Statements,

Note

7—Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

Returns

reflect

differences

in

sales

charges

and

expenses,

which

are

primarily

differences

in

distribution

and

service

fees,

and

assume

reinvestment

of

dividends

and

capital

gains.

Comparative

index

and

Lipper

return

information

is

provided

for

Class

A

Shares

at

NAV

only.

Expense

Ratios

The

expense

ratios

shown

are

as

of

the

Fund's

most

recent

prospectus.

The

expense

ratios

shown

reflect

total

operating

expenses

(before

fee

waivers

and/or

expense

reimbursements,

if

any).

The

expense

ratios

include

management

fees

and

other

fees

and

expenses.

Refer

to

the

Financial

Highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

Effective

Leverage

Ratios

Leverage

is

created

whenever

a

Fund

has

investment

exposure

(both

reward

and/or

risk)

equivalent

to

more

than

100%

of

its

investment

capital.

The

effective

leverage

ratio

shown

for

each

Fund

is

the

amount

of

investment

exposure

created

either

directly

through

borrowings

or

indirectly

through

inverse

floaters,

divided

by

the

assets

invested,

including

those

assets

that

were

purchased

with

the

proceeds

of

the

leverage,

or

referenced

by

the

levered

instrument.

A

Fund

may

also

from

time

to

time

borrow

on

a

typically

transient

basis

in

connection

with

its

day-to-day

operations,

primarily

in

connection

with

the

need

to

pay

cash

out

to

redeeming

shareholders

or

to

settle

portfolio

trades.

Such

incidental

borrowings,

described

generally

in

Notes

to

Financial

Statements,

Note

9—Borrowing

Arrangements,

are

excluded

from

the

calculation

of

a

Fund's

effective

leverage

ratio.

Holdings

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

each

Fund's

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund's

Portfolio

of

Investments

for

individual

security

information.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor's,

Moody's

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below

investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

#### Nuveen

#### Georgia

#### Municipal

#### Bond

#### Fund
(continued)

#### Performance,

#### Expense

#### Ratios,

#### Effective

#### Leverage

#### and

#### Holdings

#### Summaries

#### November

#### 30,

#### 2022
Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summa-

ries section

for

further

explanation

of the

information

included

within

this

section.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios\*

\*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Georgia

Index.

\*\*

Class

A

Shares

have

a

maximum

4.20%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Effective

Leverage

Ratio

as

of

November

30,

2022

Total

Returns

as

of

November

30,

2022\*\*

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

Shares

at

NAV

3/27/86

(2.78)%

(11.57)%

0.43%

1.21%

0.83%

Class

A

Shares

at

maximum

Offering

Price

3/27/86

(6.85)%

(15.29)%

(0.43)%

0.78%

—

S&P

Municipal

Bond

Index

—

(1.43)%

(7.94)%

1.51%

2.05%

—

S&P

Municipal

Bond

Georgia

Index

—

(1.35)%

(8.12)%

1.17%

1.73%

—

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average

—

(2.22)%

(9.43)%

0.64%

1.18%

—

Class

I

Shares

2/14/97

(2.68)%

(11.49)%

0.62%

1.41%

0.63%

Total

Returns

as

of

November

30,

2022\*\*

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Class

C

Shares

at

NAV

2/10/14

(3.19)%

(12.35)%

(0.37)%

0.80%

1.63%

Class

C

Shares

at

maximum

Offering

Price

2/10/14

(4.15)%

(12.35)%

(0.37)%

0.80%

–

Effective

Leverage

Ratio

0.00%

Holdings

Summaries

as

of

November

30,

2022

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

94.7%

Other

Assets

Less

Liabilities

5.3%

Net

Assets

100%

States

and

Territories

(%

of

total

municipal

bonds)

Georgia

99.2%

Puerto

Rico

0.8%

Total

100%

Portfolio

Composition

(%

of

total

investments)

Utilities

31.6%

Tax

Obligation/General

18.1%

Transportation

11.3%

Tax

Obligation/Limited

10.4%

U.S.

Guaranteed

9.7%

Health

Care

8.9%

Education

and

Civic

Organizations

7.5%

Consumer

Discretionary

2.5%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

7.3%

AAA

8.4%

AA

49.7%

A

25.0%

BBB

8.6%

N/R

(not

rated)

1.0%

Total

100%

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Georgia

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

#### Nuveen

#### Louisiana

#### Municipal

#### Bond

#### Fund
(continued)

#### Performance,

#### Expense

#### Ratios,

#### Effective

#### Leverage

#### and

#### Holdings

#### Summaries

#### November

#### 30,

#### 2022
Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summa-

ries section

for

further

explanation

of the

information

included

within

this

section.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios\*

\*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Louisiana

Index.

\*\*

Class

A

Shares

have

a

maximum

4.20%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Effective

Leverage

Ratio

as

of

November

30,

2022

Total

Returns

as

of

November

30,

2022\*\*

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

Shares

at

NAV

9/12/89

(1.98)%

(8.90)%

1.51%

2.12%

0.79%

Class

A

Shares

at

maximum

Offering

Price

9/12/89

(6.09)%

(12.71)%

0.64%

1.69%

—

S&P

Municipal

Bond

Index

—

(1.43)%

(7.94)%

1.51%

2.05%

—

S&P

Municipal

Bond

Louisiana

Index

—

(1.06)%

(6.45)%

1.83%

2.32%

—

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average

—

(2.22)%

(9.43)%

0.64%

1.18%

—

Class

I

Shares

2/25/97

(1.96)%

(8.68)%

1.70%

2.33%

0.59%

Total

Returns

as

of

November

30,

2022\*\*

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Class

C

Shares

at

NAV

2/10/14

(2.39)%

(9.62)%

0.70%

2.02%

1.59%

Class

C

Shares

at

maximum

Offering

Price

2/10/14

(3.36)%

(9.62)%

0.70%

2.02%

–

Effective

Leverage

Ratio

0.00%

Holdings

Summaries

as

of

November

30,

2022

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

97.8%

Common

Stocks

4.1%

Other

Assets

Less

Liabilities

(1.9)%

Net

Assets

100%

States

and

Territories

(%

of

total

municipal

bonds)

Louisiana

89.8%

Ohio

2.3%

Puerto

Rico

1.9%

Guam

1.8%

New

York

1.0%

Colorado

0.6%

Texas

0.5%

Virginia

0.5%

Iowa

0.4%

Missouri

0.4%

Illinois

0.3%

Virgin

Islands

0.2%

Wisconsin

0.1%

Minnesota

0.1%

New

Jersey

0.1%

Pennsylvania

0.0%

Total

100%

Portfolio

Composition

(%

of

total

investments)

Education

and

Civic

Organizations

25.6%

Health

Care

13.8%

Tax

Obligation/Limited

10.1%

Utilities

9.8%

Transportation

9.5%

Tax

Obligation/General

8.6%

U.S.

Guaranteed

6.1%

Other

12.5%

Common

Stocks

4.0%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

6.1%

AAA

2.4%

AA

27.0%

A

33.7%

BBB

13.2%

BB

or

Lower

3.4%

N/R

(not

rated)

10.2%

N/A

(not

applicable)

4.0%

Total

100%

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Louisiana

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising "Other"

and

not

listed

in

the

table

above.

#### Nuveen

#### North

#### Carolina

#### Municipal

#### Bond

#### Fund
(continued)

#### Performance,

#### Expense

#### Ratios,

#### Effective

#### Leverage

#### and

#### Holdings

#### Summaries

#### November

#### 30,

#### 2022
Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summa-

ries section

for

further

explanation

of the

information

included

within

this

section.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios\*

\*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

North

Carolina

Index.

\*\*

Class

A

Shares

have

a

maximum

4.20%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Effective

Leverage

Ratio

as

of

November

30,

2022

Total

Returns

as

of

November

30,

2022\*\*

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

Shares

at

NAV

3/27/86

(2.48)%

(11.15)%

0.38%

1.28%

0.77%

Class

A

Shares

at

maximum

Offering

Price

3/27/86

(6.58)%

(14.90)%

(0.49)%

0.84%

—

S&P

Municipal

Bond

Index

—

(1.43)%

(7.94)%

1.51%

2.05%

—

S&P

Municipal

Bond

North

Carolina

Index

—

(1.23)%

(7.66)%

1.15%

1.65%

—

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average

—

(2.22)%

(9.43)%

0.64%

1.18%

—

Class

I

Shares

2/05/97

(2.45)%

(10.98)%

0.59%

1.47%

0.57%

Total

Returns

as

of

November

30,

2022\*\*

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Class

C

Shares

at

NAV

2/10/14

(2.86)%

(11.77)%

(0.38)%

1.04%

1.57%

Class

C

Shares

at

maximum

Offering

Price

2/10/14

(3.83)%

(11.77)%

(0.38)%

1.04%

–

Effective

Leverage

Ratio

0.00%

Holdings

Summaries

as

of

November

30,

2022

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

99.3%

Other

Assets

Less

Liabilities

0.7%

Net

Assets

100%

States

and

Territories

(%

of

total

municipal

bonds)

North

Carolina

97.6%

Puerto

Rico

2.4%

Total

100%

Portfolio

Composition

(%

of

total

investments)

Tax

Obligation/Limited

19.7%

Transportation

18.4%

Utilities

17.7%

Education

and

Civic

Organizations

17.2%

Health

Care

11.9%

Tax

Obligation/General

8.5%

U.S.

Guaranteed

5.1%

Other

1.5%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

4.5%

AAA

18.1%

AA

59.8%

A

7.7%

BBB

6.5%

N/R

(not

rated)

3.4%

Total

100%

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

North

Carolina

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising "Other"

and

not

listed

in

the

table

above.

#### Yields

#### as

#### of

#### November

#### 30,

#### 2022
Dividend

Yield

is

the

most

recent

dividend

per

share

(annualized)

divided

by

the

offering

price

per

share.

The

SEC

30-Day

Yield

is

a

standardized

measure

of

a

fund's

yield

that

accounts

for

the

future

amortization

of

premiums

or

discounts

of

bonds

held

in

the

fund's

portfolio.

The

SEC

30-Day

Yield

is

computed

under

an

SEC

standardized

formula

and

is

based

on

the

maximum

offer

price

per

share.

Dividend

Yield

may

differ

from

the

SEC

30-Day

Yield

because

the

fund

may

be

paying

out

more

or

less

than

it

is

earning

and

it

may

not

include

the

effect

of

amortization

of

bond

premium

or

discounts.

The

Taxable-Equivalent

Yield

represents

the

yield

that

must

be

earned

on

a

fully

taxable

investment

in

order

to

equal

the

yield

of

the

Fund

on

an

after-tax

basis

at

an

assumed

tax

rate.

Your

actual

combined

federal

and

state

income

tax

rates

may

differ

from

the

assumed

rate.

Taxable-Equivalent

Yield

also

takes

into

account

the

percentage

of

the

Fund's

income

generated

and

paid

by

the

Fund

(based

on

payments

made

during

the

previous

calendar

year)

that

was

either

exempt

from

federal

income

tax

but

not

from

state

income

tax

(e.g.,

income

from

an

out-of-state

municipal

bond),

or

was

exempt

from

neither

federal

nor

state

income

tax.

Separately,

if

the

comparison

were

instead

to

investments

that

generate

qualified

dividend

income,

which

is

taxable

at

a

rate

lower

than

an

individual's

ordinary

graduated

tax

rate,

the

fund's

Taxable-Equivalent

Yield

would

be

lower.

Nuveen

Georgia

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Dividend

Yield

.44

%

.74

%

.74

%

SEC

30-Day

Yield

.95

%

.30

%

.28

%

Taxable-Equivalent

Yield

(46.6%)

.50

%

.29

%

.12

%

Nuveen

Louisiana

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Dividend

Yield

.54

%

.91

%

.88

%

SEC

30-Day

Yield

.33

%

.70

%

.68

%

Taxable-Equivalent

Yield

(45.1%)

.02

%

.88

%

.65

%

Nuveen

North

Carolina

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Dividend

Yield

.09

%

.45

%

.41

%

SEC

30-Day

Yield

.85

%

.20

%

.18

%

Taxable-Equivalent

Yield

(45.8%)

.26

%

.06

%

.87

%

The

SEC

Yield

for

Class

A

shares

quoted

in

the

table

reflects

the

maximum

sales

load.

Investors

paying

a

reduced

load

because

of

volume

discounts,

investors

paying

no

load

because

they

qualify

for

one

of

the

several

exclusions

from

the

load

and

existing

shareholders

who

previously

paid

a

load

but

would

like

to

know

the

SEC

Yield

applicable

to

their

shares

on

a

going-forward

basis,

should

understand

the

SEC

Yield

effectively

applicable

to

them

would

be

higher

than

the

figure

quoted

in

the

table.

The

Taxable-Equivalent

Yield

is

based

on

the

Fund's

SEC

30-Day

Yield

on

the

indicated

date

and

a

combined

federal

and

state

income

tax

rate

shown

in

the

respective

table

above.

#### Expense

#### Examples

As

a

shareholder

of

one

or

more

of

the

Funds,

you

incur

two

types

of

costs:

(1) transaction

costs, including

up-front

and

back-end

sales

charges

(loads)

or

redemption

fees,

where

applicable;

and

(2) ongoing

costs,

including

management

fees;

distribution

and

service

(12b-1)

fees,

where

applicable;

and

other

Fund

expenses.

The

Examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Funds

and

to

compare

these

costs

with

the

ongoing

costs

of investing

in

other

mutual

funds.

The

Examples

below

do

not

include

the

interest

and

related

expenses

from

inverse

floaters

that

are

reflected

in

the

financial

statements

later

within

this

report,

when

applicable.

The

Examples

below

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

period

ended

November

30,

2022. The

beginning

of

the

period

is

June

1,

2022. The

information

under

"Actual

Performance,"

together

with

the

amount

you

invested,

allows

you

to

estimate

actual

expenses

incurred

over

the

reporting

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.60)

and

multiply

the

result

by

the

cost

shown

for

your

share

class,

in

the

row

entitled

"Expenses

Incurred

During

Period"

to

estimate

the

expenses

incurred

on

your

account

during

this

period.

The

information

under

"Hypothetical

Performance,"

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

each

Fund's

actual

expense

ratios

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund's

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expense

you

incurred

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

following

tables

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs.

Therefore,

the

hypothetical

information

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds

or

share

classes.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Nuveen

Georgia

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$972.25

$968.13

$973.17

Expenses

Incurred

During

the

Period

$4.15

$8.09

$3.17

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,020.86

$1,016.85

$1,021.86

Expenses

Incurred

During

the

Period

$4.26

$8.29

$3.24

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund's

annualized

net

expense

ratio

of

0.84%,

1.64%

and

0.64%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

/365

(to

reflect

the

one-half

year

period).

Nuveen

Louisiana

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$980.20

$976.12

$980.45

Expenses

Incurred

During

the

Period

$3.97

$7.93

$2.98

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,021.06

$1,017.05

$1,022.06

Expenses

Incurred

During

the

Period

$4.05

$8.09

$3.04

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund's

annualized

net

expense

ratio

of

0.80%,

1.60%

and

0.60%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

/365

(to

reflect

the

one-half

year

period).

#### Expense

#### Examples
(continued)

Nuveen

North

Carolina

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$975.17

$971.39

$975.50

Expenses

Incurred

During

the

Period

$3.86

$7.81

$2.87

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,021.16

$1,017.15

$1,022.16

Expenses

Incurred

During

the

Period

$3.95

$7.99

$2.94

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund's

annualized

net

expense

ratio

of

0.78%,

1.58%

and

0.58%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

/365

(to

reflect

the

one-half

year

period).

#### Nuveen

#### Georgia

#### Municipal

#### Bond

#### Fund

#### Portfolio

#### of

#### Investments

#### November

#### 30,

#### 2022
(Unaudited)

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

LONG-TERM

INVESTMENTS

-

94.7%

X

181,077,729

MUNICIPAL

BONDS

-

94.7%

X

181,077,729

Consumer

Discretionary

-

2.4%

Geo.

L. Smith

II

Georgia

World

Congress

Center

Authority,

Georgia,

Convention

Center

Hotel

Revenue

Bonds, First

Tier

Series

2021A:

$

3,000

4.000%,

1/01/36

1/31

at

100.00 BBB-

$

2,768,400

2,200

4.000%,

1/01/54

1/31

at

100.00 BBB-

1,790,690

5,200

Total

Consumer

Discretionary

4,559,090

Education

and

Civic

Organizations

-

7.1%

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 A1

1,040,890

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 A2

2,098,440

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 A2

2,105,520

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 A+

2,856,920

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 AA

4,149,320

605

Private

Colleges

and

Universities

Authority,

Georgia,

Revenue

Bonds,

Mercer

University,

Series

2012B,

5.000%,

10/01/24

No

Opt.

Call

A3

626,677

830

Private

Colleges

and

Universities

Authority,

Georgia,

Revenue

Bonds,

Mercer

University,

Series

2021,

4.000%,

10/01/50

10/31

at

100.00 A3

740,468

13,185

Total

Education

and

Civic

Organizations

13,618,235

Health

Care

-

8.4%

3,270

Baldwin

County

Hospital

Authority,

Georgia,

Revenue

Bonds,

Oconee

Regional

Medical

Center,

Series

1998,

5.375%,

12/01/28

(4),(5)

1/23

at

100.00 N/R

224,845

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 AA+

5,368,189

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 A+

499,345

715

Cobb

County

Kennestone

Hospital

Authority,

Georgia,

Revenue

Anticipation

Certificates,

Wellstar

Health

System,

Series

2020A,

5.000%,

4/01/50

4/30

at

100.00 A+

719,540

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 AA-

2,366,257

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 AA

2,381,650

2,500

Gainesville

and

Hall

County

Hospital

Authority,

Georgia,

Revenue

Anticipation

Certificates,

Northeast

Georgia

Health

Services

Inc.,

Series

2020A,

4.000%,

2/15/39

2/30

at

100.00 A

2,429,350

2,000

Paulding

County

Hospital

Authority,

Georgia,

Revenue

Anticipation

Certificates,

WellStar

Health

System

Inc.,

Series

2022A,

5.000%,

4/01/42

4/32

at

100.00 A+

2,050,960

19,480

Total

Health

Care

16,040,136

Tax

Obligation/General

-

17.2%

2,845

Atlanta,

Georgia,

General

Obligation

Bonds,

Public

Improvement

Social

Series

2022A-1,

5.000%,

12/01/41

12/32

at

100.00 Aa1

3,196,585

500

Bleckley

County

School

District,

Georgia,

General

Obligation

Bonds,

Series

2020,

5.000%,

10/01/42

10/30

at

100.00 Aa1

545,260

Bryan

County

School

District,

Georgia,

General

Obligation

Bonds,

Series

2021,

5.000%,

8/01/25

No

Opt.

Call

AA+

477,545

#### Nuveen

#### Georgia

#### Municipal

#### Bond

#### Fund
(continued)

#### Portfolio

#### of

#### Investments

#### November

#### 30,

#### 2022
(Unaudited)

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Tax

Obligation/General

(continued)

$

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 AA

$

843,788

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 AA

2,038,040

Carroll

County,

Georgia,

General

Obligation

Bonds,

Sales

Tax

Series

2021,

5.000%,

6/01/27

No

Opt.

Call

AA

290,790

2,000

Carrollton

Independent

School

System,

Carroll

County,

Georgia,

General

Obligation

Bonds,

Series

2015,

5.000%,

4/01/32

4/26

at

100.00 AA+

2,138,320

825

Cherokee

County

School

System,

Georgia,

General

Obligation

Bonds,

Series

2017,

5.000%,

2/01/28

2/27

at

100.00 AA+

898,730

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 A1

1,722,362

4,490

Douglasville

Convention

and

Conference

Center

Authority,

Georgia,

Revenue

Bonds,

Series

2021,

2.250%,

2/01/47

2/31

at

100.00 AA

2,779,086

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 AA

1,177,748

800

Effingham

County

School

District,

Georgia,

General

Obligation

Bonds,

Series

2022,

4.000%,

9/01/47

9/32

at

100.00 Aa1

791,488

500

Franklin

County

School

District,

Georgia,

General

Obligation

Bonds,

Series

2022,

5.000%,

3/01/28

No

Opt.

Call

Aa1

555,475

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 AA

5,223,600

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 AAA

1,161,093

2,380

4.000%,

7/15/38

7/31

at

100.00 AAA

2,456,993

2,000

Gwinnett

County

School

District,

Georgia,

General

Obligation

Bonds,

Series

2019,

5.000%,

2/01/41

2/29

at

100.00 AAA

2,199,540

Jackson

County

School

District,

Georgia,

General

Obligation

Bonds,

School

Series

2019,

5.000%,

3/01/32

3/29

at

100.00 AA+

269,683

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 AA

1,415,311

500

Valdosta

and

Lowndes

County

Hospital

Authority,

Georgia,

Revenue

Anticipation

Certificates,

Refunding

Series

2019A,

5.000%,

10/01/35

10/29

at

100.00 Aa2

555,620

2,000

Vidalia

School

District,

Toombs

County,

Georgia,

General

Obligation

Bonds,

Series

2016,

5.000%,

8/01/37

2/26

at

100.00 Aa1

2,099,240

33,070

Total

Tax

Obligation/General

32,836,297

Tax

Obligation/Limited

-

9.8%

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 A2

1,533,795

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 A1

2,575,200

Atlanta,

Georgia,

Tax

Allocation

Bonds

Atlanta

Station

Project,

Refunding

Series

2017,

5.000%,

12/01/24

No

Opt.

Call

A3

441,787

1,055

Atlanta,

Georgia,

Tax

Allocation

Bonds,

Beltline

Project,

Series

2016D,

5.000%,

1/01/30

1/27

at

100.00 A2

1,127,384

595

Atlanta,

Georgia,

Tax

Allocation

Bonds,

Perry

Bolton

Project

Series

2014,

5.000%,

7/01/34

7/23

at

100.00 A

599,998

Cobb-Marietta

Coliseum

and

Exhibit

Hall

Authority,

Georgia,

Revenue

Bonds,

Refunding

Series

1993,

5.625%,

10/01/26

-

NPFG

Insured

No

Opt.

Call

Baa2

152,612

Cobb-Marietta

Coliseum

and

Exhibit

Hall

Authority,

Georgia,

Revenue

Bonds,

Refunding

Series

2005,

5.500%,

10/01/26

-

NPFG

Insured

No

Opt.

Call

AA-

132,183

850

Coweta

County

Public

Facilities

Authority,

Georgia,

Revenue

Bonds,

Coweta

County

Project,

Series

2022,

5.000%,

9/01/42

9/32

at

100.00 Aa1

950,810

2,010

Downtown

Smyrna

Development

Authority,

Georgia,

General

Obligation

Bonds,

Series

2005,

5.250%,

2/01/28

2021

579872

No

Opt.

Call

AAA

2,152,710

1,671

Georgia

Local

Governments,

Certificates

of

Participation,

Georgia

Municipal

Association,

Series

1998A,

4.750%,

6/01/28

-

NPFG

Insured

No

Opt.

Call

AAA

1,759,229

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Tax

Obligation/Limited

(continued)

Jefferson

Public

Building

Authority,

Georgia,

Revenue

Bonds,

Jackson

County

Project,

Series

2021:

$

4.000%,

3/01/26

No

Opt.

Call

Aa2

$

353,307

610

4.000%,

3/01/27

No

Opt.

Call

Aa2

640,195

655

4.000%,

3/01/28

No

Opt.

Call

Aa2

692,558

Metropolitan

Atlanta

Rapid

Transit

Authority,

Georgia,

Sales

Tax

Revenue

Bonds,

Third

Indenture,

Series

2015B:

2,000

5.000%,

7/01/41

7/26

at

100.00 AA+

2,095,080

2,000

5.000%,

7/01/42

7/26

at

100.00 AA+

2,093,260

1,585

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1,

4.500%,

7/01/34

7/25

at

100.00 N/R

1,496,303

18,066

Total

Tax

Obligation/Limited

18,796,411

Transportation

-

10.7%

2,000

Atlanta,

Georgia,

Airport

General

Revenue

Bonds,

Series

2022A,

5.000%,

7/01/47

7/32

at

100.00 Aa3

2,164,700

Atlanta,

Georgia,

Airport

Passenger

Facilities

Charge

and

General

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2014A:

2,425

5.000%,

1/01/32

1/24

at

100.00 AA-

2,474,834

2,000

5.000%,

1/01/33

1/24

at

100.00 AA-

2,039,140

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 AA-

1,927,840

Augusta,

Georgia,

Airport

Revenue

Bonds,

Refunding

General

Series

2015A:

5.000%,

1/01/32

1/25

at

100.00 BBB+

163,256

5.000%,

1/01/33

1/25

at

100.00 BBB+

173,318

5.000%,

1/01/34

1/25

at

100.00 BBB+

101,825

5.000%,

1/01/35

1/25

at

100.00 BBB+

152,570

Georgia

Ports

Authority,

Revenue

Bonds,

Series

2021:

4,875

4.000%,

7/01/46

7/31

at

100.00 AA

4,745,520

2,000

4.000%,

7/01/51

7/31

at

100.00 AA

1,895,620

4,200

Georgia

Ports

Authority,

Revenue

Bonds,

Series

2022,

5.000%,

7/01/47

7/32

at

100.00 AA

4,619,748

20,080

Total

Transportation

20,458,371

U.S.

Guaranteed

-

9.2%

(6) 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 Aa2

7,548,970

500

Columbus,

Georgia,

Water

and

Sewerage

Revenue

Bonds,

Refunding

Series

2014A,

5.000%,

5/01/31,

(Pre-refunded

5/01/24)

5/24

at

100.00 AA+

516,860

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 AA

2,102,384

1,000

Habersham

County

Hospital

Authority,

Georgia,

Revenue

Anticipation

Certificates,

Series

2014B,

5.000%,

2/01/37,

(Pre-refunded

2/01/24)

2/24

at

100.00 Aa3

1,027,950

2,000

Private

Colleges

and

Universities

Authority,

Georgia,

Revenue

Bonds,

Savannah

College

of

Art

&

Design

Projects,

Series

2014,

5.000%,

4/01/44,

(Pre-refunded

4/01/24)

4/24

at

100.00 A2

2,063,600

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 AAA

4,308,000

16,630

Total

U.S.

Guaranteed

17,567,764

Utilities

-

29.9%

Atlanta,

Georgia,

Water

and

Wastewater

Revenue

Bonds,

Refunding

Series

2015:

500

5.000%,

11/01/40

5/25

at

100.00 Aa2

519,550

1,000

Atlanta,

Georgia,

Water

and

Wastewater

Revenue

Bonds,

Refunding

Series

2017A,

5.000%,

11/01/37

11/27

at

100.00 Aa2

1,073,090

1,635

Atlanta,

Georgia,

Water

and

Wastewater

Revenue

Bonds,

Refunding

Series

2018A,

5.000%,

11/01/41

11/27

at

100.00 Aa2

1,736,239

#### Nuveen

#### Georgia

#### Municipal

#### Bond

#### Fund
(continued)

#### Portfolio

#### of

#### Investments

#### November

#### 30,

#### 2022
(Unaudited)

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Utilities

(continued)

Bainbridge,

Georgia,

Combined

Utilities

Revenue

Bonds,

Series

2021:

$

1,000

4.000%,

12/01/46

-

BAM

Insured

12/31

at

100.00 AA

$

985,120

1,170

4.000%,

12/01/51

-

BAM

Insured

12/31

at

100.00 AA

1,136,807

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 BBB+

1,135,138

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 BBB+

1,825,301

2,000

Cartersville,

Georgia,

Water

and

Sewer

Revenue

Bonds,

Series

2018,

5.000%,

6/01/48

6/28

at

100.00 AA-

2,117,440

1,900

Dalton,

Georgia,

Combined

Utilities

Revenue

Bonds,

Series

2017,

5.000%,

3/01/31

3/27

at

100.00 A2

2,029,846

Dalton,

Georgia,

Combined

Utilities

Revenue

Bonds,

Series

2020:

500

5.000%,

3/01/30

No

Opt.

Call

A2

557,980

1,250

4.000%,

3/01/35

3/30

at

100.00 A2

1,249,625

1,000

4.000%,

3/01/41

3/30

at

100.00 A2

960,730

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 AAA

1,248,199

2,500

DeKalb

County,

Georgia,

Water

and

Sewerage

Revenue

Bonds,

Second

Resolution

Series

2011A,

5.250%,

10/01/41

1/23

at

100.00 Aa3

2,503,075

605

Etowah

Water

and

Sewer

Authority,

Georgia,

Revenue

Bonds,

Series

2019,

5.000%,

3/01/31

-

BAM

Insured

3/29

at

100.00 AA

672,978

1,000

Fulton

County,

Georgia,

Water

and

Sewerage

Revenue

Bonds,

Refunding

Series

2013,

5.000%,

1/01/33

1/23

at

100.00 AA

1,001,720

2,000

Georgia

Municipal

Electric

Authority,

General

Power

Revenue

Bonds,

Series

2012GG,

5.000%,

1/01/43

1/23

at

100.00 A1

2,000,500

1,500

Georgia

Municipal

Electric

Authority,

Plant

Vogtle

Units

&

Project

M

Bonds,

Series

2019A,

5.000%,

1/01/56

7/28

at

100.00 A

1,504,605

3,000

Georgia

Municipal

Electric

Authority,

Plant

Vogtle

Units

&

Project

P

Bonds,

Series

2019B,

5.000%,

1/01/48

7/28

at

100.00 BBB+

3,009,120

550

Henry

County

Water

and

Sewerage

Authority,

Georgia,

Revenue

Bonds,

Refunding

Series

2021,

5.000%,

2/01/25

No

Opt.

Call

Aa2

577,786

Jackson

County

Water

and

Sewerage

Authority,

Georgia,

Revenue

Bonds,

Series

2021:

500

4.000%,

9/01/38

-

BAM

Insured

9/31

at

100.00 AA

504,375

500

4.000%,

9/01/41

-

BAM

Insured

9/31

at

100.00 AA

496,540

Macon

Water

Authority,

Georgia,

Water

and

Sewer

Revenue

Bonds,

Series

2020B,

4.000%,

10/01/39

10/30

at

100.00 Aa1

326,406

Main

Street

Natural

Gas

Inc.,

Georgia,

Gas

Project

Revenue

Bonds,

Series

2007A:

5.500%,

9/15/23

No

Opt.

Call

A+

365,591

2,630

5.500%,

9/15/27

No

Opt.

Call

A+

2,815,467

2,750

Main

Street

Natural

Gas

Inc.,

Georgia,

Gas

Supply

Revenue

Bonds,

Series

2019A,

5.000%,

5/15/49

No

Opt.

Call

A

2,753,548

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 Aa2

1,535,172

2,000

Main

Street

Natural

Gas

Inc.,

Georgia,

Gas

Supply

Revenue

Bonds,

Variable

Rate

Demand

Bonds

Series

2018A,

4.000%,

4/01/48,

(Mandatory

Put

9/01/23)

6/23

at

100.40 Aa1

2,007,560

1,000

Monroe

County

Development

Authority,

Georgia,

Pollution

Control

Revenue

Bonds,

Georgia

Power

Company

-

Scherer

Plant,

First

Series

1995,

2.250%,

7/01/25

6/24

at

100.00 BBB+

950,340

3,500

Monroe,

Georgia,

Combined

Utilities

Revenue

Bonds,

Series

2020,

4.000%,

12/01/50

-

AGM

Insured

12/30

at

100.00 AA

3,405,220

1,000

Municipal

Electric

Authority

of

Georgia,

Plant

Vogtle

Units

&

Project

M

Bonds,

Series

2021A,

4.000%,

1/01/51

1/30

at

100.00 A

894,220

905

Municipal

Electric

Authority

of

Georgia,

Plant

Vogtle

Units

&

Project

P

Bonds,

Series

2021A,

5.000%,

1/01/56

1/30

at

100.00 BBB+

896,927

3,500

Municipal

Electric

Authority

of

Georgia,

Project

One

Revenue

Bonds,

Subordinate

Lien

Series

2015A,

0.000%,

1/01/32

No

Opt.

Call

A2

2,420,075

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Utilities

(continued)

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 A2

$

2,022,480

2,500

5.000%,

1/01/50

1/31

at

100.00 A2

2,512,300

2,405

5.000%,

1/01/59

7/28

at

100.00 BBB+

2,382,850

500

Rockdale

County,

Georgia,

Water

and

Sewerage

Revenue

Bonds,

Series

2020,

5.000%,

7/01/31

7/30

at

100.00 Aa2

574,010

1,500

Sinclair

Water

Authority,

Georgia,

Revenue

Bonds,

Refunding

Series

2019,

4.000%,

4/01/44

4/29

at

100.00 AA

1,472,475

1,000

South

Fulton

Municipal

Regional

Water

and

Sewer

Authority,

Georgia,

Revenue

Bonds,

Refunding

Series

2014,

5.000%,

1/01/31

1/24

at

100.00 AA

1,021,020

57,915

Total

Utilities

57,201,425

$

183,626

Total

Long-Term

Investments

(cost

$191,128,180)

181,077,729

Other

Assets

Less

Liabilities

-

5.3%

10,199,546

Net

Assets

-

100%

$

191,277,275

(1) All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2) Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

(3) For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor's

Group

("Standard

&

Poor's"),

Moody's

Investors

Service,

Inc.

("Moody's")

or

Fitch,

Inc.

("Fitch")

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor's,

Baa

by

Moody's

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

(4) Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(5) For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3. (6) Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

AMT

Alternative

Minimum

Tax

See

accompanying

notes

to

financial

statements.

#### Nuveen

#### Louisiana

#### Municipal

#### Bond

#### Fund

#### Portfolio

#### of

#### Investments

#### November

#### 30,

#### 2022
(Unaudited)

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

LONG-TERM

INVESTMENTS

-

101.9%

X

208,899,852

MUNICIPAL

BONDS

-

97.8%

X

208,899,852

Consumer

Staples

-

4.1%

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A-2

Class

1:

$

2,770

3.000%,

6/01/48

6/30

at

100.00 BBB+

$

1,986,533

2,080

4.000%,

6/01/48

6/30

at

100.00 BBB+

1,812,283

640

Guam

Economic

Development

&

Commerce

Authority,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007A,

5.250%,

6/01/32

12/22

at

100.00 N/R

611,046

New

York

Counties

Tobacco

Trust

VI,

New

York,

Tobacco

Settlement

Pass-

Through

Bonds,

Turbo

Term

Series

2016A.

Including

2016A-1,

2016A-

2A

and

2016A-2B,

5.000%,

6/01/51

6/26

at

100.00 N/R

291,186

2,665

Tobacco

Settlement

Financing

Corporation,

Louisiana,

Tobacco

Settlement

Asset-Backed

Refunding

Bonds,

Series

2013A,

5.250%,

5/15/35

5/23

at

100.00 A-

2,706,308

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018B,

5.000%,

6/01/46

6/28

at

100.00 BBB-

193,556

1,160

TSASC

Inc.,

New

York,

Tobacco

Asset-Backed

Bonds,

Series

2006,

5.000%,

6/01/48

6/27

at

100.00 N/R

1,076,480

9,830

Total

Consumer

Staples

8,677,392

Education

and

Civic

Organizations

-

26.1%

1,025

Jefferson

Parish

Economic

Development

and

Port

District,

Louisiana,

Kenner

Discovery

Health

Sciences

Academy

Project,

Series

2018A,

5.500%,

6/15/38,

144A

6/28

at

100.00 N/R

1,020,736

815

Lafayette

Public

Trust

Financing

Authority,

Louisiana,

Revenue

Bonds,

Ragin'

Cajun

Facilities

Inc.

Project,

Refunding

Series

2012,

5.000%,

10/01/27

-

AGM

Insured

1/23

at

100.00 AA

816,540

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 AA

477,265

720

4.000%,

10/01/42

-

AGM

Insured

10/30

at

100.00 AA

667,008

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 AA

3,059,580

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 AA

1,047,325

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 AA

694,800

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 AA

1,040,880

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

7/23

at

100.00 A3

2,019,040

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Education

and

Civic

Organizations

(continued)

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 A3

$

454,615

1,200

3.000%,

3/01/37

3/31

at

100.00 A3

1,001,256

1,270

3.000%,

3/01/39

3/31

at

100.00 A3

1,020,470

1,000

3.000%,

3/01/42

3/31

at

100.00 A3

783,530

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 BBB

2,169,944

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 AA

2,046,120

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 AA

1,591,380

1,300

Louisiana

Publc

Facilities

Authority,

Lousiana,

Revenue

Bonds,

Lake

Charles

College

Prep

Project,

Series

2019A,

5.000%,

6/01/39,

144A

6/27

at

100.00 N/R

1,125,748

Louisiana

Publc

Facilities

Authority,

Lousiana,

Revenue

Bonds,

Tulane

University,

Refunding

Series

2017A,

5.000%,

12/15/30

12/27

at

100.00 A+

235,919

1,680

Louisiana

Publc

Facilities

Authority,

Lousiana,

Revenue

Bonds,

Young

Audiences

Charter

School,

Series

2019A,

5.000%,

4/01/39,

144A

4/27

at

100.00 N/R

1,535,906

Louisiana

Public

Facilities

Authority,

Lease

Revenue

Bonds,

Provident

Group-Flagship

Properties

LLC

-

Louisiana

State

University

GreenHouse

District

Phase

II

Project,

Series

2017:

5.000%,

7/01/42

7/27

at

100.00 A

204,760

1,500

5.000%,

7/01/47

7/27

at

100.00 A

1,527,675

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 A

2,067,388

4,510

5.000%,

7/01/59

7/29

at

100.00 A

4,568,946

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 A

1,523,100

5,300

5.000%,

7/01/56

7/26

at

100.00 A

5,345,421

Louisiana

Public

Facilities

Authority,

Louisiana,

Revenue

Bonds,

Jefferson

Rise

Charter

School

Project,

Series

2022A:

500

6.250%,

6/01/52,

144A

6/31

at

100.00 N/R

472,445

540

6.375%,

6/01/62,

144A

6/31

at

100.00 N/R

504,479

Louisiana

Public

Facilities

Authority,

Louisiana,

Revenue

Bonds,

Lincoln

Preparatory

School

Project,

Series

2022A,

6.500%,

6/01/62,

144A

6/31

at

100.00 N/R

255,420

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 Baa1

1,147,934

4.000%,

10/01/41

10/31

at

100.00 Baa1

17,818

3,350

4.000%,

10/01/51

10/31

at

100.00 Baa1

2,779,026

Louisiana

Public

Facilities

Authority,

Louisiana,

Revenue

Bonds,

Tulane

University,

Refunding

Series

2020A:

2,000

4.000%,

4/01/40

4/30

at

100.00 A+

1,936,560

2,645

4.000%,

4/01/50

4/30

at

100.00 A+

2,416,393

1,000

Louisiana

Public

Facilities

Authority,

Revenue

Bonds,

Archdiocese

of

New

Orleans,

Refunding

Series

2017,

5.000%,

7/01/37

(4) 7/27

at

100.00 Caa1

900,000

#### Nuveen

#### Louisiana

#### Municipal

#### Bond

#### Fund
(continued)

#### Portfolio

#### of

#### Investments

#### November

#### 30,

#### 2022
(Unaudited)

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Education

and

Civic

Organizations

(continued)

$

1,035

Louisiana

Public

Facilities

Authority,

Revenue

Bonds,

Lake

Charles

Charter

Academy

Foundation

Project,

Series

2011A,

8.000%,

12/15/41

1/23

at

100.00 N/R

$

1,036,915

Louisiana

Public

Facilities

Authority,

Revenue

Bonds,

Loyola

University

Project,

Refunding

Series

2017:

2,835

0.000%,

10/01/31

(5) No

Opt.

Call

Baa1

2,839,541

2,040

5.250%,

10/01/46

10/33

at

100.00 Baa1

1,932,778

1,500

Louisiana

Public

Facilities

Authority,

Revenue

Bonds,

Southwest

Louisiana

Charter

Academy

Foundation

Project,

Series

2013A,

8.375%,

12/15/43

12/23

at

100.00 N/R

1,518,405

58,280

Total

Education

and

Civic

Organizations

55,803,066

Energy

-

0.1%

Saint

John

the

Baptist

Parish,

Louisiana,

Revenue

Bonds,

Marathon

Oil

Corporation

Project,

Refunding

Series

2017A-1,

2.000%,

6/01/37,

(Mandatory

Put

4/01/23)

No

Opt.

Call

BBB-

173,549

Health

Care

-

14.1%

Calcasieu

Parish

Memorial

Hospital

Service

District,

Louisiana,

Revenue

Bonds,

Lake

Charles

Memorial

Hospital,

Refunding

Series

2019:

715

5.000%,

12/01/34

12/29

at

100.00 BB

739,968

2,750

5.000%,

12/01/39

12/29

at

100.00 BB

2,785,200

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2,

5.000%,

8/01/39

8/29

at

100.00 A-

402,398

505

Illinois

Finance

Authority,

Revenue

Bonds,

Ascension

Health/fkaPresence

Health

Network,

Series

2016C,

5.000%,

2/15/36

2/27

at

100.00 AA+

531,755

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 A

3,078,330

2,000

Louisiana

Publc

Facilities

Authority,

Lousiana,

Revenue

Bonds,

Christus

Health,

Refunding

Series

2019A,

5.000%,

7/01/48

1/29

at

100.00 A+

2,035,980

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 A

1,648,109

Louisiana

Public

Facilities

Authority,

Hospital

Revenue

Bonds,

Franciscan

Missionaries

of

Our

Lady

Health

System,

Series

1998A:

950

5.750%,

7/01/25

No

Opt.

Call

A2

987,820

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 A

4,039,200

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 A+

3,066,510

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 A+

276,486

Louisiana

Public

Facilities

Authority,

Revenue

Bonds,

Ochsner

Clinic

Foundation

Project,

Series

2015,

5.000%,

5/15/47

5/25

at

100.00 A

202,532

Puerto

Rico

Industrial,

Tourist,

Educational,

Medical

and

Environmental

Control

Facilities

Financing

Authority,

Hospital

Revenue

Bonds,

(Hospital

Auxilio

Mutuo

Obligated

Group

Project,

Refunding

Series

2021:

5.000%,

7/01/31

No

Opt.

Call

BBB+

340,166

1,000

5.000%,

7/01/32

7/31

at

100.00 BBB+

1,087,240

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 AA-

1,795,776

1,400

5.000%,

7/01/37

7/28

at

100.00 AA-

1,450,736

1,000

4.000%,

7/01/43

7/28

at

100.00 AA-

958,880

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 AA

1,325,240

1,430

4.000%,

3/01/40

-

BAM

Insured

3/31

at

100.00 AA

1,427,040

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Health

Care

(continued)

$

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 A-

$

907,920

1,085

Terrebonne

Parish

Hospital

Service

District

1,

Louisiana,

Hospital

Revenue

Bonds,

Terrebonne

General

Medical

Center,

Refunding

Series

2013,

4.000%,

4/01/33

4/23

at

100.00 A

1,085,369

29,665

Total

Health

Care

30,172,655

Housing/Multifamily

-

1.3%

1,870

Louisiana

Housing

Finance

Agency,

Multifamily

Housing

Revenue

Bonds,

Mallard

Crossings

Apartments,

Series

2011,

4.750%,

10/01/29

12/22

at

100.00 AA+

1,871,833

1,000

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,

144A

1/30

at

100.00 N/R

948,770

2,870

Total

Housing/Multifamily

2,820,603

Housing/Single

Family

-

2.0%

1,810

Louisiana

Housing

Corporation,

Single

Family

Mortgage

Revenue

Bonds,

Home

Ownership

Program,

Series

2020B,

3.500%,

6/01/50

6/29

at

101.21 Aaa

1,783,556

2,580

Louisiana

Housing

Corporation,

Single

Family

Mortgage

Revenue

Bonds,

Home

Ownership

Program,

Series

2021D,

3.250%,

12/01/52

6/30

at

101.20 Aaa

2,502,110

4,390

Total

Housing/Single

Family

4,285,666

Industrials

-

2.1%

835

Iowa

Finance

Authority,

Iowa,

Midwestern

Disaster

Area

Revenue

Bonds,

Alcoa

Inc.

Project,

Series

2012,

4.750%,

8/01/42

1/23

at

100.00 BBB-

761,186

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority,

Louisiana,

Revenue

Bonds,

Cameron

Parish

GOMESA

Project,

Green

Series

2018,

5.650%,

11/01/37,

144A

11/28

at

100.00 N/R

221,855

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority,

Louisiana,

Revenue

Bonds,

Jefferson

Parish

GOMESA

Project,

Series

2019,

4.000%,

11/01/44,

144A

11/29

at

100.00 N/R

212,487

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,

144A

11/29

at

100.00 N/R

70,942

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority,

Louisiana,

Revenue

Bonds,

Saint

Martin

Parish

GOMESA

Project,

Series

2019,

4.400%,

11/01/44,

144A

11/28

at

100.00 N/R

82,774

2,000

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority,

Louisiana,

Revenue

Bonds,

Saint

Tammany

Parish

GOMESA

Project,

Series

2020,

3.875%,

11/01/45,

144A

11/29

at

100.00 N/R

1,470,360

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority,

Louisiana,

Revenue

Bonds,

Terrebonne

Parish

GOMESA

Project,

Series

2018:

5.375%,

11/01/38,

144A

11/28

at

100.00 N/R

98,057

5.500%,

11/01/39,

144A

11/28

at

100.00 N/R

99,018

1,000

Louisiana

Public

Facilities

Authority,

Solid

Waste

Disposal

Facility

Revenue

Bonds, Lousiana

Pellets

Inc

Project,

Series

2015,

7.000%,

7/01/24,

(AMT),

144A

(4) No

Opt.

Call

N/R

1,000

Saint

James

Parish,

Louisiana,

Revenue

Bonds,

NuStar

Logistics,

L.P.

Project,

Series

2010A,

6.350%,

10/01/40,

144A

6/30

at

100.00 BB-

1,070,610

Saint

James

Parish,

Louisiana,

Revenue

Bonds,

NuStar

Logistics,

L.P.

Project,

Series

2010B,

6.100%,

12/01/40,

(Mandatory

Put

6/01/30),

144A

No

Opt.

Call

BB-

218,954

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),

144A

1/23

at

100.00 BBB

234,780

6,185

Total

Industrials

4,541,033

#### Nuveen

#### Louisiana

#### Municipal

#### Bond

#### Fund
(continued)

#### Portfolio

#### of

#### Investments

#### November

#### 30,

#### 2022
(Unaudited)

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

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 N/R

$

1,978,816

Saint

Tammany

Public

Trust

Financing

Authority,

Louisiana,

Revenue

Bonds,

Christwood

Project,

Refunding

Series

2015,

5.250%,

11/15/37

11/24

at

100.00 N/R

385,540

3,200

Total

Long-Term

Care

2,364,356

Materials

-

2.0%

4,570

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 BBB

4,224,874

Tax

Obligation/General

-

8.7%

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 AA

1,071,827

1,600

4.000%,

9/01/38

-

BAM

Insured

9/29

at

100.00 AA

1,616,416

Cameron

Parish

School

District

15,

Louisiana,

General

Obligation

Bonds,

Series

2021,

4.000%,

10/01/37

10/30

at

100.00 BBB

257,712

Cameron

Parish

School

District

15,

Louisiana,

General

Obligtion

Bonds,

Series

2021:

4.000%,

10/01/39

10/30

at

100.00 BBB

330,876

4.000%,

10/01/40

10/30

at

100.00 BBB

398,935

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 AA

1,063,776

545

4.000%,

5/01/39

-

BAM

Insured

5/31

at

100.00 AA

551,099

1,000

4.000%,

5/01/41

-

BAM

Insured

5/31

at

100.00 AA

999,130

980

Louisiana

State,

General

Obligation

Bonds,

Series

2021A,

5.000%,

3/01/41

3/31

at

100.00 Aa2

1,076,902

3,130

New

Orleans,

Louisiana,

General

Obligation

Bonds,

Audubon

Commission

Projects,

Series

2021,

4.000%,

10/01/37

10/31

at

100.00 A+

3,077,760

New

Orleans,

Louisiana,

General

Obligation

Bonds,

Public

Improvement

Series

2021A:

1,720

5.000%,

12/01/37

12/30

at

100.00 A+

1,852,251

2,000

5.000%,

12/01/46

12/30

at

100.00 A+

2,091,420

New

Orleans,

Louisiana,

General

Obligation

Bonds,

Refunding

Series

2015:

5.000%,

12/01/27

12/25

at

100.00 A+

132,618

525

5.000%,

12/01/29

12/25

at

100.00 A+

555,602

1,835

New

Orleans,

Louisiana,

General

Obligation

Bonds,

Refunding

Series

2022,

5.250%,

12/01/38

,

(WI/DD,

Settling

12/01/22)

12/32

at

100.00 A+

2,031,987

2,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1,

4.000%,

7/01/46

7/31

at

103.00 N/R

1,544,680

18,605

Total

Tax

Obligation/General

18,652,991

Tax

Obligation/Limited

-

10.3%

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D,

4.000%,

11/15/39

11/25

at

100.00 BB

151,747

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 AA

3,192,030

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 AA

2,009,000

3,000

4.000%,

12/01/39

-

AGM

Insured

12/29

at

100.00 AA

3,005,760

2,000

4.000%,

12/01/42

-

AGM

Insured

12/29

at

100.00 AA

1,961,980

1,000

Juban

Trails

Community

Development

District,

Livingston

Parish,

Louisiana,

Special

Assessment Revenue

Bonds,

Series

2022,

4.250%,

6/01/51,

144A

6/32

at

100.00 N/R

814,980

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 N/R

989,910

505

Louisiana

Citizens

Property

Insurance

Corporation,

Assessment

Revenue

Bonds,

Refunding

Series

2016A,

5.000%,

6/01/26

No

Opt.

Call

A1

536,588

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Tax

Obligation/Limited

(continued)

$

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 AA

$

1,506,693

500

Louisiana

Stadium

and

Exposition

District,

Revenue

Bonds,

Bond

Anticipation

Notes

Series

2020,

5.000%,

7/03/23

1/23

at

100.00 BBB+

500,825

675

Louisiana

Stadium

and

Exposition

District,

Revenue

Refunding

Bonds,

Senior

Lien

Series

2013A,

5.000%,

7/01/36

7/23

at

100.00 A2

681,007

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 A+

1,448,891

1,490

4.000%,

10/01/39

10/30

at

100.00 A+

1,487,407

Public

Finance

Authority

of

Wisconsin,

Limited

Obligation

PILOT

Revenue

Bonds,

American

Dream

@

Meadowlands

Project,

Series

2017,

5.000%,

12/01/27,

144A

No

Opt.

Call

N/R

319,667

1,000

Puerto

Rico

Highway

and

Transportation

Authority,

Highway

Revenue

Bonds,

Series

2007N,

5.250%,

7/01/36

-

AGC

Insured

No

Opt.

Call

AAA

991,710

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1,

0.000%,

7/01/46

7/28

at

41.38 N/R

86,695

Saint

Charles

Parish

School

Board,

Louisiana,

Sales

&

Use

Tax

Bonds,

Series

2019:

750

4.000%,

8/01/37

8/29

at

100.00 AA

760,853

680

4.000%,

8/01/39

8/29

at

100.00 AA

681,516

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 N/R

745,440

West

Trace

Community

Development

District,

Westlake,

Louisiana,

Special

Assessment

Revenue

Bonds,

Series

2018,

6.875%,

12/01/46

No

Opt.

Call

N/R

91,698

22,457

Total

Tax

Obligation/Limited

21,964,397

Transportation

-

9.7%

1,345

Ascension

Parish

Industrial

development

Board,

Louisiana,

Revenue

Bonds,

Impala

Warehousing

(US)

LLC

Project,

Series

2013,

6.000%,

7/01/36

7/23

at

100.00 N/R

1,350,999

785

Colorado

High

Performance

Transportation

Enterprise,

Express

Lanes

Revenue

Bonds,

Senior

Lien

Series

2017,

5.000%,

12/31/51

12/24

at

100.00 BBB

785,895

805

Greater

New

Orleans

Expressway

Commission,

Louisiana,

Revenue

Bonds,

Refunding

Series

2013,

5.000%,

11/01/23

-

AGM

Insured

No

Opt.

Call

AA

822,307

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 AA

1,047,070

1,000

Houston,

Texas,

Airport

System

Special

Facilities

Revenue

Bonds,

United

Airlines

Inc.

Terminal

Improvement

Project,

Refunding

Series

2015B-1,

5.000%,

7/15/30,

(AMT)

7/25

at

100.00 B

1,006,280

2,000

Lake

Charles

Harbor

and

Terminal

District,

Louisiana,

Revenue

Bonds,

Series

2013B,

5.000%,

1/01/34,

(AMT)

1/24

at

100.00 AA

2,039,580

1,295

Louisiana

Public

Facilities

Authority,

Dock

and

Wharf

Revenue

Bonds,

Impala

Warehousing

(US)

LLC

Project,

Series

2013,

6.500%,

7/01/36,

(AMT),

144A

7/23

at

100.00 N/R

1,305,166

New

Orleans

Aviation

Board,

Louisiana,

General

Airport

Revenue

Bonds,

Gilf

Opportunity

Zone

Project,

Refunding

Series

2019:

4.000%,

1/01/37

1/29

at

100.00 A

198,660

1,000

4.000%,

1/01/38

1/29

at

100.00 A

986,550

1,015

4.000%,

1/01/39

1/29

at

100.00 A

993,441

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 A

2,037,060

New

Orleans

Aviation

Board,

Louisiana,

Special

Facility

Revenue

Bonds,

Parking

Facilities

Corporation

Consolidated

Garage

System,

Series

2018A:

1,300

5.000%,

10/01/43

-

AGM

Insured

10/28

at

100.00 AA

1,359,163

2,000

5.000%,

10/01/48

-

AGM

Insured

10/28

at

100.00 AA

2,079,140

#### Nuveen

#### Louisiana

#### Municipal

#### Bond

#### Fund
(continued)

#### Portfolio

#### of

#### Investments

#### November

#### 30,

#### 2022
(Unaudited)

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Transportation

(continued)

$

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 Baa2

$

834,448

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 AA

2,798,730

1,000

Virginia

Small

Business

Financing

Authority,

Private

Activity

Revenue

Bonds,

Transform

P3

Project,

Senior

Lien

Series

2017,

5.000%,

12/31/56,

(AMT)

6/27

at

100.00 BBB

991,860

20,335

Total

Transportation

20,636,349

U.S.

Guaranteed

-

6.2%

(6) 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 AA-

1,047,070

1,500

Louisiana

Energy

and

Power

Authority,

Power

Project

Revenue

Bonds,

LEPA

Unit

1,

Series

2013A,

5.250%,

6/01/38,

(Pre-refunded

6/01/23)

-

AGM

Insured

6/23

at

100.00 AA

1,520,295

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority

Revenue

Bonds,

LCTCS

Act

Project,

Series

2014:

2,000

5.000%,

10/01/35,

(Pre-refunded

10/01/24)

10/24

at

100.00 A+

2,086,220

2,000

5.000%,

10/01/37,

(Pre-refunded

10/01/24)

10/24

at

100.00 A+

2,086,220

1,500

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority,

Revenue

Bonds,

East

Baton

Rouge

Sewerage

Commission

Projects,

Subordinate

Lien

Series

2014A,

5.000%,

2/01/39,

(Pre-refunded

2/01/24)

2/24

at

100.00 A+

1,541,925

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 N/R

1,673,028

Louisiana

Public

Facilities

Authority,

Hospital

Revenue

Bonds,

Franciscan

Missionaries

of

Our

Lady

Health

System,

Series

1998A:

5.750%,

7/01/25,

(ETM)

No

Opt.

Call

A2

26,918

Louisiana

Public

Facilities

Authority,

Louisiana,

Revenue

Bonds,

Tulane

University,

Refunding

Series

2020A:

4.000%,

4/01/50,

(Pre-refunded

4/01/30)

4/30

at

100.00 N/R

380,248

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 AA

830,208

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 A

1,389,166

New

Orleans,

Louisiana,

Water

Revenue

Bonds,

Refunding

Series

2014,

5.000%,

12/01/34,

(Pre-refunded

12/01/24)

12/24

at

100.00 A-

209,368

500

Port

New

Orleans

Board

of

Commissioners,

Louisiana,

Revenue

Bonds,

Port

Facilities,

Refunding

Series

2013B,

5.000%,

4/01/32,

(Pre-refunded

4/01/23),

(AMT)

4/23

at

100.00 A

503,860

12,770

Total

U.S.

Guaranteed

13,294,526

Utilities

-

10.0%

1,665

East

Baton

Rouge

Sewerage

Commission,

Louisiana,

Revenue

Bonds,

Refunding

Series

2019A,

4.000%,

2/01/45

2/29

at

100.00 AA-

1,604,094

1,000

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2020A,

5.000%,

1/01/50

7/30

at

100.00 A-

1,004,670

2,000

Guam

Power

Authority,

Revenue

Bonds,

Refunding

Series

2017A,

5.000%,

10/01/37

10/27

at

100.00 BBB

2,055,720

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 A

798,950

4,750

Louisiana

Public

Facilities

Authority,

Revenue

Bonds,

Cleco

Power

LLC

Project,

Series

2008,

4.250%,

12/01/38

5/23

at

100.00 A3

4,455,310

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Utilities

(continued)

New

Orleans,

Louisiana,

Sewerage

Service

Revenue

Bonds,

Series

2020B:

$

1,085

5.000%,

6/01/45

6/30

at

100.00 A

$

1,132,556

1,000

4.000%,

6/01/50

6/30

at

100.00 A

911,540

2,130

Ohio

Air

Quality

Development

Authority,

Ohio,

Air

Quality

Development

Revenue

Bonds,

FirstEnergy

Generation

Corporation

Project,

Series

2009A,

5.700%,

8/01/23

No

Opt.

Call

N/R

2,662

1,000

Ohio

Air

Quality

Development

Authority,

Ohio,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Generation

Project,

Refunding

Series

2006A,

3.750%,

12/01/23

(4) No

Opt.

Call

N/R

1,250

1,000

Ohio

Water

Development

Authority,

Pollution

Control

Revenue

Refunding

Bonds,

FirstEnergy

Nuclear

Generating

Corporation

Project,

Series

2009A,

4.750%,

6/01/33,

(Mandatory

Put

6/01/22)

No

Opt.

Call

BBB-

947,730

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

Shippingport

Project,

First

Energy

Guarantor.,

Series

2005A,

3.750%,

12/01/40

(4) No

Opt.

Call

N/R

Pineville,

Louisiana,

Utility

Revenue

Bonds,

Series

2022:

1,505

4.000%,

5/01/42

-

BAM

Insured

5/32

at

100.00 AA

1,469,331

1,000

4.000%,

5/01/47

-

BAM

Insured

5/32

at

100.00 AA

962,570

Shreveport,

Louisiana,

Water

and

Sewer

Revenue

Bonds,

Junior

Lien

Series

2019B,

4.000%,

12/01/49

-

AGM

Insured

12/28

at

100.00 AA

349,780

1,500

Shreveport,

Louisiana,

Water

and

Sewer

Revenue

Bonds,

Refunding

Series

2020B,

3.000%,

12/01/50

12/30

at

100.00 A-

1,097,025

1,500

Shreveport,

Louisiana,

Water

and

Sewer

Revenue

Bonds,

Series

2003A

Refunding,

5.000%,

12/01/32

-

BAM

Insured

12/28

at

100.00 AA

1,623,720

2,000

Shreveport,

Louisiana,

Water

and

Sewer

Revenue

Bonds,

Series

2016B,

5.000%,

12/01/41

-

BAM

Insured

12/26

at

100.00 AA

2,109,160

Tangipahoa

Water

District,

Tangipahoa,

Louisiana,

Water

Revenue

Bonds,

Series

2021,

4.000%,

12/01/38

-

BAM

Insured

12/31

at

100.00 AA

299,779

500

Virgin

Islands

Water

and

Power

Authority,

Electric

System

Revenue

Bonds,

Series

2007B,

5.000%,

7/01/31

1/23

at

100.00 CCC

462,160

25,605

Total

Utilities

21,288,395

$

218,937

Total

Municipal

Bonds

(cost

$226,752,185)

208,899,852

Shares

Description

(1) Value

X

8,806,439

COMMON

STOCKS

-

4.1%

X

8,806,439

Independent

Power

And

Renewable

Electricity

Producers

-

4.1%

$

111,006

Energy

Harbor

Corp

(7),(8)

$

8,806,439

Total

Common

Stocks

(cost

$2,755,685)

8,806,439

Total

Long-Term

Investments

(cost

$229,507,870)

217,706,291

Other

Assets

Less

Liabilities

-

(1.9)%

(4,054,481)

Net

Assets

-

100%

$

213,651,810

(1) All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2) Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

(3) For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor's

Group

("Standard

&

Poor's"),

Moody's

Investors

Service,

Inc.

("Moody's")

or

Fitch,

Inc.

("Fitch")

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor's,

Baa

by

Moody's

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

(4) Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(5) Step-up

coupon

bond,

a

bond

with

a

coupon

that

increases

("steps

up"),

usually

at

regular

intervals,

while

the

bond

is

outstanding.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(6) Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

(7) Common

Stock

received

as

part

of

the

bankruptcy

settlements

during

February

2020

for

Ohio

Air

Quality

Development

Authority,

Ohio,

Air

Quality

Development

Revenue

Bonds,

FirstEnergy

Generation

Corporation

Project,

Series

2009A;

Ohio

Air

Quality

Development

Authority,

Ohio,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Generation

Project,

Refunding

Series

2006A;

and

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

Shippingport

Project,

First

Energy

Guarantor,

Series

2005A.

(8) Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

#### Nuveen

#### Louisiana

#### Municipal

#### Bond

#### Fund
(continued)

#### Portfolio

#### of

#### Investments

#### November

#### 30,

#### 2022
(Unaudited)

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

ETM

Escrowed

to

maturity

WI/DD

Purchased

on

a

when-issued

or

delayed

delivery

basis.

See

accompanying

notes

to

financial

statements.

#### Nuveen

#### North

#### Carolina

#### Municipal

#### Bond

#### Fund

#### Portfolio

#### of

#### Investments

#### November

#### 30,

#### 2022
(Unaudited)

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

LONG-TERM

INVESTMENTS

-

99.3%

X

544,658,465

MUNICIPAL

BONDS

-

99.3%

X

544,658,465

Education

and

Civic

Organizations

-

17.1%

$

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 A1

$

2,127,169

2,000

Appalachian

State

University,

North

Carolina,

General

Revenue

Bonds,

Series

2019,

4.000%,

10/01/48

10/29

at

100.00 Aa3

1,893,660

2,000

East

Carolina

University,

North

Carolina,

General

Revenue

Bonds,

Series

2016A,

5.000%,

10/01/29

4/26

at

100.00 AA-

2,129,480

Elizabeth

City

State

University,

North

Carolina,

General

Revenue

Bonds,

Series

2019:

620

5.000%,

4/01/26

-

AGM

Insured

No

Opt.

Call

AA

656,295

645

5.000%,

4/01/27

-

AGM

Insured

No

Opt.

Call

AA

692,743

5.000%,

4/01/28

-

AGM

Insured

No

Opt.

Call

AA

459,225

5.000%,

4/01/29

-

AGM

Insured

No

Opt.

Call

AA

506,957

745

5.000%,

4/01/30

-

AGM

Insured

4/29

at

100.00 AA

811,238

1,500

5.000%,

4/01/40

-

AGM

Insured

4/29

at

100.00 AA

1,583,055

4,500

North

Carolina

Agricultural

&

Technical

State

University,

General

Revenue

Bonds,

Refunding

Series

2015A,

5.000%,

10/01/40

10/25

at

100.00 AA-

4,685,175

1,000

North

Carolina

Capital

Facilities

Finance

Agency,

Educational

Facilities

Revenue

Bonds,

Campbell

University,

Refunding

Series

2021A,

5.000%,

10/01/32

10/31

at

100.00 Baa2

1,082,360

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 BBB+

801,816

685

4.000%,

6/01/34

6/26

at

100.00 BBB+

683,760

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 BBB+

5,164,900

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 AA

7,970,400

North

Carolina

Central

University,

General

Revenue

Bonds,

Refunding

Series

2016:

3,140

5.000%,

10/01/26

4/26

at

100.00 A3

3,295,869

3,215

5.000%,

10/01/27

4/26

at

100.00 A3

3,380,637

1,035

North

Carolina

Central

University,

General

Revenue

Bonds,

Series

2019,

5.000%,

4/01/38

4/29

at

100.00 A3

1,085,218

960

University

of

North

Carolina

at

Chapel

Hill,

General

Revenue

Bonds,

Series

2021B,

5.000%,

12/01/38

12/31

at

100.00 AAA

1,089,322

5,000

University

of

North

Carolina,

Asheville,

General

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

6/01/42

6/26

at

100.00 A2

5,168,450

University

of

North

Carolina,

Asheville,

General

Revenue

Bonds,

Refunding

Series

2019:

1,025

5.000%,

6/01/30

6/29

at

100.00 A2

1,129,519

1,000

5.000%,

6/01/31

6/29

at

100.00 A2

1,095,400

1,125

5.000%,

6/01/32

6/29

at

100.00 A2

1,229,456

1,180

5.000%,

6/01/33

6/29

at

100.00 A2

1,285,645

1,240

5.000%,

6/01/34

6/29

at

100.00 A2

1,344,272

University

of

North

Carolina,

Charlotte,

General

Revenue

Bonds,

Refunding

Series

2017A:

5.000%,

10/01/31

10/27

at

100.00 Aa3

249,577

4,415

4.000%,

10/01/40

10/27

at

100.00 Aa3

4,303,654

University

of

North

Carolina,

Charlotte,

General

Revenue

Bonds,

Series

2017:

2,165

5.000%,

10/01/42

10/27

at

100.00 Aa3

2,288,405

6,600

5.000%,

10/01/47

10/27

at

100.00 Aa3

6,937,722

#### Nuveen

#### North

#### Carolina

#### Municipal

#### Bond

#### Fund
(continued)

#### Portfolio

#### of

#### Investments

#### November

#### 30,

#### 2022
(Unaudited)

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Education

and

Civic

Organizations

(continued)

University

of

North

Carolina,

Greensboro,

General

Revenue

Bonds,

Refunding

Series

2017:

$

1,000

5.000%,

4/01/30

4/28

at

100.00 Aa3

$

1,104,290

835

5.000%,

4/01/31

4/28

at

100.00 Aa3

921,590

1,085

University

of

North

Carolina,

Greensboro,

General

Revenue

Bonds,

Series

2014,

5.000%,

4/01/32

4/24

at

100.00 Aa3

1,113,753

6,000

University

of

North

Carolina,

Greensboro,

General

Revenue

Bonds,

Series

2018,

5.000%,

4/01/43

4/28

at

100.00 Aa3

6,417,960

University

of

North

Carolina,

Wilmington,

General

Revenue

Bonds,

Refunding

Series

2019B:

1,000

5.000%,

10/01/34

10/29

at

100.00 Aa3

1,099,550

1,275

5.000%,

10/01/35

10/29

at

100.00 Aa3

1,395,526

595

4.000%,

10/01/36

10/29

at

100.00 Aa3

598,028

University

of

North

Carolina,

Wilmington,

General

Revenue

Bonds,

Series

2021:

750

4.000%,

10/01/41

10/29

at

100.00 Aa3

726,555

1,000

4.000%,

10/01/50

10/29

at

100.00 Aa3

919,780

4,500

Western

Carolina

University,

North

Carolina,

General

Revenue

Bonds,

Series

2018,

5.000%,

10/01/43

4/28

at

100.00 Aa3

4,768,605

Western

Carolina

University,

North

Carolina,

General

Revenue

Bonds,

Series

2020B:

7,910

4.000%,

4/01/45

4/30

at

100.00 Aa3

7,591,781

2,000

4.000%,

4/01/50

4/30

at

100.00 Aa3

1,871,540

90,160

Total

Education

and

Civic

Organizations

93,660,337

Health

Care

-

11.8%

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

AA-

2,090,220

3,000

5.000%,

1/15/36

1/26

at

100.00 AA-

3,112,560

1,685

5.000%,

1/15/40

1/26

at

100.00 AA-

1,731,371

6,000

Charlotte-Mecklenburg

Hospital

Authority,

North

Carolina,

Health

Care

Revenue

Bonds,

DBA

Carolinas

HealthCare

System,

Variable

Rate

Demand

Series

2021C,

5.000%,

1/15/50,

(Mandatory

Put

12/01/28)

No

Opt.

Call

AA-

6,627,000

5,500

Charlotte-Mecklenburg

Hospital

Authority,

North

Carolina,

Health

Care

Revenue

Bonds,

Doing

Business

as

Atrium

Health,

Refunding

Series

2022A,

4.000%,

1/15/43

1/32

at

100.00 AA-

5,378,505

4,735

North

Carolina

Medial

Care

Commission,

Health

Care

Facilities

Revenue

Bonds,

Rex

Healthcare,

Series

2020A,

4.000%,

7/01/49

1/30

at

100.00 AA-

4,453,646

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

AA

605,572

North

Carolina

Medical

Care

Commission,

Health

Care

Facilities

Revenue

Bonds,

Novant

Health

Obligated

Group,

Series

2019A:

13,660

4.000%,

11/01/49

11/29

at

100.00 AA-

12,946,402

6,245

4.000%,

11/01/52

11/29

at

100.00 AA-

5,686,822

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 AA-

2,996,935

5,860

North

Carolina

Medical

Care

Commission,

Health

Care

Facilities

Revenue

Bonds,

Vidant

Health,

Refunding

Series

2015,

5.000%,

6/01/40

6/25

at

100.00 A+

5,927,038

2,000

North

Carolina

Medical

Care

Commission,

Health

Care

Facilities

Revenue

Bonds,

Wake

Forest

Baptist

Obligated

Group,

Series

2012A,

5.000%,

12/01/45

1/23

at

100.00 AA-

2,000,840

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 AA-

1,073,460

1,000

5.000%,

12/01/33

12/28

at

100.00 AA-

1,067,410

8,070

University

of

North

Carolina,

Chapel

Hill,

Revenue

Bonds,

Hospital

System,

Series

2019,

5.000%,

2/01/49

No

Opt.

Call

AA

9,046,631

64,260

Total

Health

Care

64,744,412

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Long-Term

Care

-

1.2%

North

Carolina

Medical

Care

Commission,

Health

Care

Facilities

Revenue

Bonds,

Lutheran

Services

for

the

Aging,

Series

2021A:

$

4.000%,

3/01/29

3/28

at

103.00 N/R

$

262,394

4.000%,

3/01/30

3/28

at

103.00 N/R

262,762

4.000%,

3/01/31

3/28

at

103.00 N/R

267,597

550

4.000%,

3/01/41

3/28

at

103.00 N/R

434,665

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 BBB-

2,233,885

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 N/R

1,036,965

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 BBB

788,690

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 BBB

560,510

5.000%,

10/01/31

10/26

at

100.00 BBB

228,904

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 N/R

647,389

7,935

Total

Long-Term

Care

6,723,761

Materials

-

0.3%

1,775

Columbus

County

Industrial

Facilities

and

Pollution

Control

Financing

Authority,

North

Carolina,

Recovery

Zone

Facility

Bonds,

International

Paper

Company

Project,

Refunding

Series

2020A,

1.375%,

5/01/34,

(Mandatory

Put

6/16/25)

No

Opt.

Call

BBB

1,653,785

Tax

Obligation/General

-

8.5%

Charlotte,

North

Carolina,

General

Obligation

Bonds,

Refunding

Series

2016A:

1,000

5.000%,

7/01/28

7/26

at

100.00 AAA

1,081,120

1,250

5.000%,

7/01/30

7/26

at

100.00 AAA

1,350,250

Davidson

County,

North

Carolina,

General

Obligation

Bonds,

Limited

Obligation

Series

2016:

1,000

5.000%,

6/01/28

6/26

at

100.00 Aa2

1,075,560

1,795

5.000%,

6/01/30

6/26

at

100.00 Aa2

1,927,758

Davidson

County,

North

Carolina,

General

Obligation

Bonds,

Refunding

Series

2016:

5.000%,

6/01/25

No

Opt.

Call

Aa1

317,292

1,150

5.000%,

6/01/26

No

Opt.

Call

Aa1

1,240,540

1,000

Guilford

County,

North

Carolina,

General

Obligation

Bonds,

Public

Improvement

Series

2017B,

5.000%,

5/01/26

No

Opt.

Call

AAA

1,078,700

2,160

Guilford

County,

North

Carolina,

General

Obligation

Bonds,

Public

Improvement

Series

2022A,

5.000%,

3/01/31

No

Opt.

Call

AAA

2,531,542

2,285

Guilford

County,

North

Carolina,

General

Obligation

Bonds,

Refunding

Series

2017,

5.000%,

3/01/27

No

Opt.

Call

AAA

2,504,451

Holly

Springs,

North

Carolina,

Limited

Obligation

Bonds,

Series

2021:

715

5.000%,

4/01/29

No

Opt.

Call

AA+

807,736

965

5.000%,

4/01/31

No

Opt.

Call

AA+

1,121,243

5.000%,

4/01/32

4/31

at

100.00 AA+

520,956

500

4.000%,

4/01/34

4/31

at

100.00 AA+

528,975

2,000

Mecklenburg

County,

North

Carolina,

General

Obligation

Bonds,

Refunding

Series

2013A,

5.000%,

12/01/26

No

Opt.

Call

AAA

2,181,580

2,500

North

Carolina

State,

General

Obligation

Bonds,

Connect

NC

Public

Improvement

Series

2020A,

5.000%,

6/01/30

No

Opt.

Call

AAA

2,897,725

4,000

North

Carolina

State,

General

Obligation

Bonds,

Refunding

Series

2014A,

5.000%,

6/01/23

No

Opt.

Call

AAA

4,051,600

11,570

North

Carolina

State,

General

Obligation

Bonds,

Series

2015A,

5.000%,

6/01/24

No

Opt.

Call

AAA

11,989,297

#### Nuveen

#### North

#### Carolina

#### Municipal

#### Bond

#### Fund
(continued)

#### Portfolio

#### of

#### Investments

#### November

#### 30,

#### 2022
(Unaudited)

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Tax

Obligation/General

(continued)

$

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 A1

$

1,298,417

500

Wake

County,

North

Carolina,

Limited

Obligation

Bonds,

Refunding

Series

2016A,

5.000%,

12/01/35

12/26

at

100.00 AA+

535,710

2,045

Wake

County,

North

Carolina,

Limited

Obligation

Bonds,

Series

2018A,

5.000%,

8/01/36

8/28

at

100.00 AA+

2,231,729

Wake

County,

North

Carolina,

Limited

Obligation

Bonds,

Series

2019:

2,000

5.000%,

9/01/30

9/29

at

100.00 AA+

2,272,820

2,000

5.000%,

9/01/36

9/29

at

100.00 AA+

2,213,380

Winston-Salem,

North

Carolina,

General

Obligation

Bonds,

Refunding

Series

2020D:

5.000%,

6/01/29

No

Opt.

Call

AAA

285,255

5.000%,

6/01/31

No

Opt.

Call

AAA

340,976

42,985

Total

Tax

Obligation/General

46,384,612

Tax

Obligation/Limited

-

19.5%

Asheville,

North

Carolina,

Special

Obligation

Bonds,

Series

2021:

650

5.000%,

4/01/30

No

Opt.

Call

AA

744,848

655

5.000%,

4/01/31

No

Opt.

Call

AA

761,051

Buncombe

County,

North

Carolina,

Limited

Obligation

Bonds,

Refunding

Series

2015:

1,250

5.000%,

6/01/33

6/25

at

100.00 AA+

1,315,263

1,375

5.000%,

6/01/35

6/25

at

100.00 AA+

1,440,656

Burke

County,

North

Carolina,

Limited

Obligation

Bonds,

Series

2018:

5.000%,

4/01/29

4/27

at

100.00 Aa3

435,932

5.000%,

4/01/31

4/27

at

100.00 Aa3

108,840

Charlotte,

North

Carolina,

Certificates

of

Participation,

Convention

Facilities

Project,

Series

2019A:

1,010

5.000%,

6/01/40

6/29

at

100.00 AA+

1,099,789

3,500

5.000%,

6/01/44

6/29

at

100.00 AA+

3,766,910

990

Charlotte,

North

Carolina,

Certificates

of

Participation,

Government

Facilities

&

Equipment,

Series

2021B,

5.000%,

12/01/29

No

Opt.

Call

AA+

1,130,115

Charlotte,

North

Carolina,

Certificates

of

Participation,

Refunding

Cultural

Arts

Facilities

Series

2019B:

4,080

5.000%,

6/01/35

6/29

at

100.00 AA+

4,525,251

1,930

5.000%,

6/01/37

6/29

at

100.00 AA+

2,122,498

2,450

4.000%,

6/01/38

6/29

at

100.00 AA+

2,496,305

2,505

Charlotte,

North

Carolina,

Storm

Water

Fee

Revenue

Bonds,

Refunding

Series

2014,

5.000%,

12/01/39

12/24

at

100.00 AAA

2,597,334

Charlotte,

North

Carolina,

Storm

Water

Fee

Revenue

Bonds,

Series

2020:

710

5.000%,

12/01/30

No

Opt.

Call

AAA

829,450

520

5.000%,

12/01/31

12/30

at

100.00 AAA

606,081

800

5.000%,

12/01/32

12/30

at

100.00 AAA

929,992

625

4.000%,

12/01/34

12/30

at

100.00 AAA

661,644

Chatham

County,

North

Carolina,

Limited

Obligation

Bonds,

Series

2021A:

5.000%,

11/01/31

No

Opt.

Call

AA+

321,665

5.000%,

11/01/33

11/31

at

100.00 AA+

375,528

575

5.000%,

11/01/34

11/31

at

100.00 AA+

660,209

Davidson

County,

North

Carolina,

Limited

Obligation

Bonds,

Series

2020:

500

4.000%,

6/01/38

6/30

at

100.00 Aa2

509,400

500

4.000%,

6/01/39

6/30

at

100.00 Aa2

507,695

Duplin

County,

North

Carolina,

Limited

Obligation

Bonds,

County

Water

Districts,

Series

2016:

1,475

5.000%,

4/01/32

4/26

at

100.00 A+

1,564,945

1,000

5.000%,

4/01/34

4/26

at

100.00 A+

1,055,050

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Tax

Obligation/Limited

(continued)

$

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 AA+

$

1,374,966

Henderson

County,

North

Carolina,

Limited

Obligation

Bonds,

Series

2021:

4.000%,

6/01/32

6/31

at

100.00 AA

211,586

4.000%,

6/01/33

6/31

at

100.00 AA

442,588

Hillsborough,

North

Carolina,

Special

Assessement

Revenue

Bonds,

Series

2013,

7.750%,

2/01/24

2/23

at

100.00 N/R

214,847

Hoke

County,

North

Carolina,

Limited

General

Obligation

Bonds,

Series

2021:

5.000%,

6/01/29

No

Opt.

Call

Aa3

558,182

695

5.000%,

6/01/30

No

Opt.

Call

Aa3

794,899

5.000%,

6/01/31

No

Opt.

Call

Aa3

462,088

Johnston

County

Finance

Corporation,

North

Carolina,

Limited

Obligation

Bonds,

Series

2020A:

800

5.000%,

4/01/32

4/30

at

100.00 AA

912,528

555

5.000%,

4/01/33

4/30

at

100.00 AA

631,124

1,000

3.000%,

4/01/38

4/30

at

100.00 AA

870,760

Moore

County,

North

Carolina,

Limited

Obligation

Bonds,

Series

2021:

5.000%,

6/01/31

No

Opt.

Call

AA

558,821

775

4.000%,

6/01/33

6/31

at

100.00 AA

816,679

Mooresville,

North

Carolina,

Limited

Obligation

Bonds,

Series

2020A:

4.000%,

10/01/30

No

Opt.

Call

Aa1

235,248

4.000%,

10/01/32

10/30

at

100.00 Aa1

132,690

4.000%,

10/01/33

10/30

at

100.00 Aa1

158,534

Mooresville,

North

Carolina,

Special

Assessment

Revenue

Bonds,

Series

2015:

4.375%,

3/01/25,

144A

No

Opt.

Call

N/R

346,217

1,600

5.375%,

3/01/40,

144A

3/25

at

100.00 N/R

1,457,072

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

AA+

4,111,017

4,500

North

Carolina

State,

Federal

Grant

Anticipation

Revenue,

Vehicle

Series

2021,

5.000%,

3/01/31

No

Opt.

Call

AA

5,205,510

5,000

North

Carolina

State,

Limited

Obligation

Bonds,

Refunding

Series

2014C,

5.000%,

5/01/25

5/24

at

100.00 AA+

5,167,600

North

Carolina

State,

Limited

Obligation

Bonds,

Refunding

Series

2017B:

4,395

5.000%,

5/01/29

5/27

at

100.00 AA+

4,796,791

8,950

5.000%,

5/01/30

5/27

at

100.00 AA+

9,763,644

2,500

North

Carolina

State,

Limited

Obligation

Bonds,

Series

2019A,

5.000%,

5/01/32

5/29

at

100.00 AA+

2,811,075

2,165

North

Carolina

State,

Limited

Obligation

Bonds,

Series

2020B,

5.000%,

5/01/32

5/30

at

100.00 AA+

2,472,149

1,785

North

Carolina

State,

Limited

Obligation

Bonds,

Series

2022A,

5.000%,

5/01/32

No

Opt.

Call

AA+

2,097,928

1,000

Onslow

County,

North

Carolina,

Limited

Obligation

Bonds,

Series

2016,

5.000%,

10/01/27

10/26

at

100.00 Aa2

1,084,620

500

Orange

County,

North

Carolina,

Limited

Obligation

Bonds,

Series

2021A,

5.000%,

11/15/28

No

Opt.

Call

AA+

562,030

11,946

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1,

4.500%,

7/01/34

7/25

at

100.00 N/R

11,277,502

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 N/R

2,048,926

Raleigh,

North

Carolina,

Limited

Obligation

Bonds,

Series

2014A:

5.000%,

10/01/33

10/24

at

100.00 AA+

472,363

750

5.000%,

10/01/34

10/24

at

100.00 AA+

777,217

1,000

Rocky

Mount,

North

Carolina,

Special

Obligation

Bonds,

Series

2016,

5.000%,

5/01/29

5/26

at

100.00 AA+

1,072,010

#### Nuveen

#### North

#### Carolina

#### Municipal

#### Bond

#### Fund
(continued)

#### Portfolio

#### of

#### Investments

#### November

#### 30,

#### 2022
(Unaudited)

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Tax

Obligation/Limited

(continued)

$

1,970

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

AA

$

2,017,556

2,445

Sampson

County,

North

Carolina,

Limited

Obligaiton

Bonds,

Refunding

Series

2015,

5.000%,

12/01/35

12/25

at

100.00 A1

2,556,516

Sampson

County,

North

Carolina,

Limited

Obligaiton

Bonds,

Refunding

Series

2017:

5.000%,

9/01/29

9/27

at

100.00 A1

325,818

3,570

5.000%,

9/01/40

9/27

at

100.00 A1

3,760,567

Scotland

County,

North

Carolina,

Limited

Obligation

Bonds,

Series

2017:

500

5.000%,

12/01/30

12/27

at

100.00 A

543,630

5.000%,

12/01/33

12/27

at

100.00 A

268,775

Scotland

County,

North

Carolina,

Limited

Obligation

Bonds,

Series

2018:

660

5.000%,

12/01/33

12/28

at

100.00 A

718,535

690

5.000%,

12/01/35

12/28

at

100.00 A

742,192

1,000

Wilmington,

North

Carolina,

Limited

Obligation

Bonds,

Refunding

Series

2016,

5.000%,

6/01/30

6/26

at

100.00 AA+

1,076,730

550

Winston-Salem,

North

Carolina,

Limited

Obligation

Bonds,

Series

2020A,

5.000%,

6/01/25

No

Opt.

Call

AA+

582,109

100,651

Total

Tax

Obligation/Limited

107,058,090

Transportation

-

18.3%

Charlotte,

North

Carolina,

Airport

Revenue

Bonds,

Charlotte

Douglas

International,

Refunding

Series

2014A:

4,000

5.000%,

7/01/32

7/24

at

100.00 Aa3

4,125,680

5,000

5.000%,

7/01/33

7/24

at

100.00 Aa3

5,152,650

4,935

5.000%,

7/01/34

7/24

at

100.00 Aa3

5,078,460

Charlotte,

North

Carolina,

Airport

Revenue

Bonds,

Charlotte

Douglas

International,

Refunding

Series

2017A:

1,925

5.000%,

7/01/42

7/27

at

100.00 Aa3

2,017,150

6,610

5.000%,

7/01/47

7/27

at

100.00 Aa3

6,884,381

3,500

Charlotte,

North

Carolina,

Airport

Revenue

Bonds,

Charlotte

Douglas

International,

Series

2019A,

4.000%,

7/01/44

7/29

at

100.00 Aa3

3,367,525

North

Carolina

Department

of

Transportation,

Private

Activity

Revenue

Bonds,

Hot

Lanes

Project,

Series

2015:

1,500

5.000%,

12/31/37,

(AMT)

6/25

at

100.00 BBB

1,514,265

11,170

5.000%,

6/30/54,

(AMT)

6/25

at

100.00 BBB

11,186,755

North

Carolina

Turnpike

Authority,

Monroe

Expressway

Toll Revenue

Bonds,

Capital

Appreciation

Series

2017C:

865

0.000%,

7/01/27

7/26

at

96.08 BBB

720,225

880

0.000%,

7/01/29

7/26

at

87.76 BBB

667,682

0.000%,

7/01/32

7/26

at

75.72 BBB

113,869

1,500

0.000%,

7/01/34

7/26

at

68.37 BBB

876,960

2,905

0.000%,

7/01/35

7/26

at

64.91 BBB

1,606,378

3,735

0.000%,

7/01/38

7/26

at

55.68 BBB

1,752,836

3,995

0.000%,

7/01/39

7/26

at

52.96 BBB

1,779,453

2,385

0.000%,

7/01/40

7/26

at

50.36 BBB

1,006,088

1,200

North

Carolina

Turnpike

Authority,

Monroe

Expressway

Toll Revenue

Bonds,

Series

2017A,

5.000%,

7/01/47

7/26

at

100.00 BBB

1,214,112

15,500

North

Carolina

Turnpike

Authority,

Triangle

Expressway

System

Revenue

Bonds,

Capital

Appreciation

Series

2019,

0.000%,

1/01/47

1/30

at

58.00 AA+

5,030,370

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 AA

1,066,140

1,415

5.000%,

1/01/39

-

AGM

Insured

1/27

at

100.00 AA

1,475,718

4,625

North

Carolina

Turnpike

Authority,

Triangle

Expressway

System

Revenue

Bonds,

Refunding

Series

2018A,

4.000%,

1/01/33

1/28

at

100.00 AA+

4,819,019

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Transportation

(continued)

North

Carolina

Turnpike

Authority,

Triangle

Expressway

System

Revenue

Bonds,

Senior

Lien

Series

2009B:

$

0.000%,

1/01/34

-

AGC

Insured

No

Opt.

Call

AA

$

44,001

3,760

0.000%,

1/01/35

-

AGC

Insured

No

Opt.

Call

AA

2,225,018

21,205

0.000%,

1/01/36

-

AGC

Insured

No

Opt.

Call

AA

11,830,694

20,150

0.000%,

1/01/37

-

AGC

Insured

No

Opt.

Call

AA

10,544,293

15,615

0.000%,

1/01/38

-

AGC

Insured

No

Opt.

Call

AA

7,692,261

4,000

North

Carolina

Turnpike

Authority,

Triangle

Expressway

System

Revenue

Bonds,

Senior

Lien

Series

2019,

5.000%,

1/01/49

-

AGM

Insured

1/30

at

100.00 AA

4,114,960

Raleigh

Durham

Airport

Authority,

North

Carolina,

Airport

Revenue

Bonds,

Refunding

Series

2015A:

1,225

5.000%,

5/01/29

5/25

at

100.00 Aa3

1,285,870

5.000%,

5/01/30

5/25

at

100.00 Aa3

314,751

790

Raleigh

Durham

Airport

Authority,

North

Carolina,

Airport

Revenue

Bonds,

Refunding

Series

2020A,

5.000%,

5/01/36,

(AMT)

5/30

at

100.00 Aa3

837,155

145,935

Total

Transportation

100,344,719

U.S.

Guaranteed

-

5.1%

(4) 1,215

Cape

Fear

Public

Utility

Authority,

North

Carolina,

Water

&

Sewer

System

Revenue

Bonds,

Refunding

Series

2014A,

5.000%,

6/01/40,

(Pre-

refunded

6/01/24)

6/24

at

100.00 AA+

1,258,302

Cary,

North

Carolina,

Combined

Enterprise

System

Revenue

Bonds,

Series

2017:

4.000%,

12/01/38,

(Pre-refunded

12/01/26)

12/26

at

100.00 AAA

420,136

1,700

5.000%,

12/01/41,

(Pre-refunded

12/01/26)

12/26

at

100.00 AAA

1,850,977

2,535

Greensboro,

North

Carolina,

Limited

Obligation

Bonds,

Coliseum

Complex

Project,

Series

2018A,

5.000%,

4/01/42,

(Pre-refunded

4/01/28)

4/28

at

100.00 AA+

2,826,905

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 AAA

1,044,020

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 N/R

3,199,988

2,990

5.000%,

10/01/42,

(Pre-refunded

10/01/27)

10/27

at

100.00 N/R

3,304,997

960

5.000%,

10/01/47,

(Pre-refunded

10/01/27)

10/27

at

100.00 N/R

1,061,136

6,420

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 Aa1

6,843,142

1,000

North

Carolina

Capital

Facilities

Finance

Agency,

Revenue

Bonds,

Johnson

&

Wales

University,

Series

2013A,

5.000%,

4/01/28,

(Pre-refunded

4/01/23)

4/23

at

100.00 A-

1,008,050

North

Carolina

Eastern

Municipal

Power

Agency,

Power

System

Revenue

Bonds,

Refunding

Series

1993B,

6.000%,

1/01/26,

(ETM)

No

Opt.

Call

N/R

340,461

2,735

North

Carolina

Medical

Care

Commission,

Retirement

Facilities

First

Mortgage

Revenue

Bonds,

United

Methodist

Retirement

Homes,

Refunding

Series

2013A,

5.000%,

10/01/33,

(Pre-refunded

10/01/23)

10/23

at

100.00 N/R

2,786,856

1,975

University

of

North

Carolina,

Charlotte,

General

Revenue

Bonds,

Series

2014,

5.000%,

4/01/31,

(Pre-refunded

4/01/24)

4/24

at

100.00 Aa3

2,037,805

26,135

Total

U.S.

Guaranteed

27,982,775

Utilities

-

17.5%

800

Brunswick

County,

North

Carolina,

Enterprise

System

Revenue

Bonds,

Series

2020,

5.000%,

4/01/32

4/30

at

100.00 Aa2

912,528

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 AA+

1,936,046

2,115

4.000%,

8/01/44

8/29

at

100.00 AA+

2,116,142

Cary,

North

Carolina,

Combined

Enterprise

System

Revenue

Bonds,

Refunding

Series

2020B,

5.000%,

12/01/29

No

Opt.

Call

AAA

471,402

940

Charlotte,

North

Carolina,

Water

and

Sewer

System

Revenue

Bonds,

Refunding

Series

2015,

5.000%,

7/01/32

7/25

at

100.00 AAA

993,072

#### Nuveen

#### North

#### Carolina

#### Municipal

#### Bond

#### Fund
(continued)

#### Portfolio

#### of

#### Investments

#### November

#### 30,

#### 2022
(Unaudited)

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Utilities

(continued)

$

500

Charlotte,

North

Carolina,

Water

and

Sewer

System

Revenue

Bonds,

Refunding

Series

2018,

5.000%,

7/01/44

7/28

at

100.00 AAA

$

539,810

15,000

Charlotte,

North

Carolina,

Water

and

Sewer

System

Revenue

Bonds,

Series

2022A,

5.000%,

7/01/45

7/32

at

100.00 AAA

16,831,050

1,000

Concord,

North

Carolina,

Utilities

Systems

Revenue

Bonds,

Refunding

Series

2016,

5.000%,

12/01/33

6/26

at

100.00 AA+

1,067,470

Greensboro,

North

Carolina,

Combined

Enterprise

System

Revenue

Bonds,

Refunding

Series

2017B:

1,815

5.000%,

12/01/26

No

Opt.

Call

AAA

1,979,076

1,000

5.000%,

12/01/27

No

Opt.

Call

AAA

1,111,200

2,535

5.000%,

12/01/28

12/27

at

100.00 AAA

2,814,813

5,000

Greensboro,

North

Carolina,

Combined

Enterprise

System

Revenue

Bonds,

Series

2017A,

4.000%,

6/01/47

6/27

at

100.00 AAA

5,002,350

4,500

Greensboro,

North

Carolina,

Combined

Enterprise

System

Revenue

Bonds,

Series

2020A,

4.000%,

6/01/45

6/30

at

100.00 AAA

4,502,970

13,060

Greensboro,

North

Carolina,

Combined

Enterprise

System

Revenue

Bonds,

Series

2022,

5.250%,

6/01/47

6/32

at

100.00 AAA

14,895,061

Greenville

Utilities

Commission,

North

Carolina,

Combined

Enterprise

System

Revenue

Bonds,

Refunding

Series

2021A:

550

5.000%,

5/01/30

No

Opt.

Call

Aa1

631,054

4.000%,

5/01/32

5/31

at

100.00 Aa1

441,791

3,330

Greenville,

North

Carolina,

Combined

Enterprise

System

Revenue

Bonds,

Series

2016,

4.000%,

4/01/46

4/26

at

100.00 Aa1

3,320,843

4,950

Greenville,

North

Carolina,

Combined

Enterprise

System

Revenue

Bonds,

Series

2019,

5.000%,

8/01/44

8/29

at

100.00 Aa1

5,335,803

600

Jacksonville

City,

North

Carolina,

Enterprise

System

Revenue

Bonds,

Refunding

Series

2016,

5.250%,

5/01/29

No

Opt.

Call

Aa3

684,456

Lincoln

County,

North

Carolina,

Enterprise

Systems

Revenue

Bonds,

Series

2020,

5.000%,

8/01/31

8/30

at

100.00 AA

246,119

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 Aaa

1,801,328

1,430

Monroe,

North

Carolina,

Combined

Enterprise

System

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

3/01/43

3/27

at

100.00 A+

1,493,606

740

North

Carolina

Municipal

Power

Agency

1,

Catawba

Electric

Revenue

Bonds,

Refunding

Series

2016A,

5.000%,

1/01/30

7/26

at

100.00 A

790,068

Oak

Island,

North

Carolina,

Enterprise

System

Revenue

Bonds,

Refunding

Series

2015:

3,185

5.000%,

6/01/34

6/25

at

100.00 AA

3,328,580

3,345

5.000%,

6/01/35

6/25

at

100.00 AA

3,488,333

Oak

Island,

North

Carolina,

Enterprise

System

Revenue

Bonds,

Refunding

Series

2017:

1,215

5.000%,

6/01/27

No

Opt.

Call

AA

1,321,422

1,335

5.000%,

6/01/28

6/27

at

100.00 AA

1,448,288

1,000

5.000%,

6/01/33

6/27

at

100.00 AA

1,076,140

Onslow

County,

North

Carolina,

Combined

Enterprise

System

Revenue

Bonds,

Refunding

Series

2016:

600

5.000%,

12/01/25

No

Opt.

Call

Aa3

639,948

940

5.000%,

12/01/28

12/26

at

100.00 Aa3

1,018,490

2,805

Sanford,

North

Carolina,

Enterprise

Systems

Revenue

Bonds,

Refunding

Series

2019,

4.000%,

6/01/45

6/29

at

100.00 Aa3

2,727,975

Union

County,

North

Carolina,

Enterprise

System

Revenue

Bonds,

Series

2015:

1,020

5.000%,

6/01/31

12/25

at

100.00 AA+

1,086,688

500

5.000%,

6/01/32

12/25

at

100.00 AA+

531,925

Union

County,

North

Carolina,

Enterprise

System

Revenue

Bonds,

Series

2017:

5.000%,

6/01/24

No

Opt.

Call

AA+

414,436

5.000%,

6/01/28

6/27

at

100.00 AA+

438,356

1,400

Union

County,

North

Carolina,

Enterprise

System

Revenue

Bonds,

Series

2019A,

4.000%,

6/01/44

6/29

at

100.00 AA+

1,400,798

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Utilities

(continued)

Winston-Salem,

North

Carolina,

Water

and

Sewer

System

Revenue

Bonds,

Refunding

Series

2016A:

$

1,150

5.000%,

6/01/25

No

Opt.

Call

AAA

$

1,217,424

2,800

5.000%,

6/01/26

No

Opt.

Call

AAA

3,024,336

5.000%,

6/01/29

6/26

at

100.00 AAA

393,660

Winston-Salem,

North

Carolina,

Water

and

Sewer

System

Revenue

Bonds,

Series

2022:

650

5.000%,

6/01/28

No

Opt.

Call

AAA

728,715

500

5.000%,

6/01/29

No

Opt.

Call

AAA

570,190

525

5.000%,

6/01/30

No

Opt.

Call

AAA

608,522

680

4.000%,

6/01/34

6/32

at

100.00 AAA

723,690

89,360

Total

Utilities

96,105,974

$

569,196

Total

Long-Term

Investments

(cost

$559,108,829)

544,658,465

Other

Assets

Less

Liabilities

-

0.7%

3,907,143

Net

Assets

-

100%

$

548,565,608

(1) All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2) Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

(3) For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor's

Group

("Standard

&

Poor's"),

Moody's

Investors

Service,

Inc.

("Moody's")

or

Fitch,

Inc.

("Fitch")

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor's,

Baa

by

Moody's

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

(4) Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

ETM

Escrowed

to

maturity

See

accompanying

notes

to

financial

statements.

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### November

#### 30,

#### 2022
(Unaudited)

See

accompanying

notes

to

financial

statements.

Georgia

Louisiana

North

Carolina

Assets

Long-term

investments,

at

value

†

$

181,077,729

$

217,706,291

$

544,658,465

Cash

6,959,756

–

–

Receivable

for

interest

2,571,545

3,116,026

7,907,394

Receivable

for

investments

sold

810,000

47,000

6,948,809

Receivable

for

shares

sold

404,791

383,972

1,515,471

Other

assets

3,898

4,242

74,020

Total

assets

191,827,719

221,257,531

561,104,159

Liabilities

Cash

overdraft

–

4,802,686

1,623,241

Payable

for

dividends

57,969

71,739

211,332

Payable

for

interest

–

–

408,765

Payable

for

investments

purchased

-

regular

settlement

–

—

7,702,214

Payable

for

investments

purchased

-

when-issued/delayed-delivery

settlement

–

1,923,741

–

Payable

for

shares

redeemed

289,136

594,654

2,058,352

Accrued

expenses:

Custodian

fees

38,347

41,900

85,771

Management

fees

77,287

85,661

220,334

Trustees

fees

2,260

2,613

72,643

Shareholder

servicing

agent

fees

28,527

19,623

70,608

12b-1

distribution

and

service

fees

23,859

31,292

40,148

Other

33,059

31,812

45,143

Total

liabilities

550,444

7,605,721

12,538,551

Net

assets

$

191,277,275

$

213,651,810

$

548,565,608

†

Long-term

investments,

cost

$

191,128,180

$

229,507,870

$

559,108,829

Georgia

Louisiana

North

Carolina

Class

A

Shares

Net

Assets

$

129,132,567

$

144,503,542

$

203,092,359

Shares

outstanding

13,366,954

13,893,530

20,485,188

Net

asset

value

("NAV")

per

share

$

9.66 $

10.40 $

9.91 Maximum

sales

charge

4.20%

4.20%

4.20%

Offering

price

per

share

(NAV

per

share

plus

maximum

sales

charge)

$

10.08 $

10.86 $

10.34 Class

C

Shares

Net

Assets

$

3,882,163

$

10,049,160

$

9,528,912

Shares

outstanding

403,111

970,607

960,071

NAV

and

offering

price

per

share

$

9.63 $

10.35 $

9.93 Class

I

Shares

Net

Assets

$

58,262,545

$

59,099,108

$

335,944,337

Shares

outstanding

6,047,778

5,670,147

33,748,795

NAV

and

offering

price

per

share

$

9.63 $

10.42 $

9.95 Fund

level

net

assets

consist

of:

Capital

paid-in

$

212,244,301

$

230,654,439

$

600,772,118

Total

distributable

earnings

(loss)

(20,967,026)

(17,002,629)

(52,206,510)

Fund

level

net

assets

$

191,277,275

$

213,651,810

$

548,565,608

Authorized

shares

-

per

class

Unlimited

Unlimited

Unlimited

Par

value

per

share

$

0.01 $

0.01 $

0.01 #### Statement

#### of

#### Operations

#### Six

#### Months

#### Ended

#### November

#### 30,

#### 2022
(Unaudited)

See

accompanying

notes

to

financial

statements.

Georgia

Louisiana

North

Carolina

Investment

Income

Interest

$

3,175,048

$

3,824,031

$

8,687,167

Total

Investment

Income

3,175,048

3,824,031

8,687,167

Expenses

–

–

–

Management

fees

478,249

544,122

1,436,374

12b-1

service

fees

-

Class

A

Shares

125,776

148,040

206,465

12b-1

distribution

and

service

fees

-

Class

C

Shares

21,226

53,973

51,519

Shareholder

servicing

agent

fees

57,647

35,877

136,020

Interest

expense

2,447

4,704

150,838

Custodian

expenses,

net

18,052

16,060

43,552

Trustees

fees

3,408

3,967

10,213

Professional

fees

28,294

29,760

45,470

Shareholder

reporting

expenses

11,856

9,784

19,852

Federal

and

state

registration

fees

2,256

2,201

2,584

Other

3,647

4,100

7,039

Total

expenses

752,858

852,588

2,109,926

Net

investment

income

(loss)

2,422,190

2,971,443

6,577,241

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from

investments

(6,833,889)

(1,111,811)

(18,208,327)

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

(991,850)

(6,507,209)

(4,576,437)

Net

realized

and

unrealized

gain

(loss)

(7,825,739)

(7,619,020)

(22,784,764)

Net

increase

(decrease)

in

net

assets

from

operations

$

(5,403,549)

$

(4,647,577)

$

(16,207,523)

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets
See

accompanying

notes

to

financial

statements.

Georgia

Louisiana

Unaudited

Six

Months

Ended

11/30/22

Year

Ended

5/31/22

Unaudited

Six

Months

Ended

11/30/22

Year

Ended

5/31/22

Operations

Net

investment

income

(loss)

$

2,422,190

$

4,409,608

$

2,971,443

$

5,761,575

Net

realized

gain

(loss)

from

investments

(6,833,889)

(2,056,830)

(1,111,811)

(1,334,477)

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

(991,850)

(20,853,250)

(6,507,209)

(18,826,465)

Net

increase

(decrease)

in

net

assets

from

operations

(5,403,549)

(18,500,472)

(4,647,577)

(14,399,367)

Distributions

to

Shareholders

Dividends:

Class

A

Shares

(1,420,453)

(2,745,773)

(1,923,071)

(3,705,606)

Class

C

Shares

(30,534)

(61,750)

(96,968)

(180,612)

Class

I

Shares

(743,147)

(1,539,063)

(816,632)

(1,534,439)

Decrease

in

net

assets

from

distributions

to

shareholders

(2,194,134)

(4,346,586)

(2,836,671)

(5,420,657)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

92,541,859

95,952,643

21,371,137

59,601,354

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

1,866,735

3,572,486

2,390,474

4,501,999

94,408,594

99,525,129

23,761,611

64,103,353

Cost

of

shares

redeemed

(88,489,706)

(104,274,688)

(31,141,683)

(50,538,545)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

5,918,888

(4,749,559)

(7,380,072)

13,564,808

Net

increase

(decrease)

in

net

assets

(1,678,795)

(27,596,617)

(14,864,320)

(6,255,216)

Net

assets

at

the

beginning

of

period

192,956,070

220,552,687

228,516,130

234,771,346

Net

assets

at

the

end

of

period

$

191,277,275

$

192,956,070

$

213,651,810

$

228,516,130

See

accompanying

notes

to

financial

statements.

North

Carolina

Unaudited

Six

Months

Ended

11/30/22

Year

Ended

5/31/22

Operations

Net

investment

income

(loss)

$

6,577,241

$

13,346,296

Net

realized

gain

(loss)

from

investments

(18,208,327)

(11,003,506)

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

(4,576,437)

(69,457,429)

Net

increase

(decrease)

in

net

assets

from

operations

(16,207,523)

(67,114,639)

Distributions

to

Shareholders

Dividends:

Class

A

Shares

(1,949,575)

(3,982,255)

Class

C

Shares

(57,020)

(108,346)

Class

I

Shares

(3,931,707)

(8,881,416)

Decrease

in

net

assets

from

distributions

to

shareholders

(5,938,302)

(12,972,017)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

199,444,974

251,578,675

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

4,686,468

10,154,762

204,131,442

261,733,437

Cost

of

shares

redeemed

(258,467,441)

(337,060,346)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

(54,335,999)

(75,326,909)

Net

increase

(decrease)

in

net

assets

(76,481,824)

(155,413,565)

Net

assets

at

the

beginning

of

period

625,047,432

780,460,997

Net

assets

at

the

end

of

period

$

548,565,608

$

625,047,432

#### Financial

#### Highlights

Georgia

The

Fund's

fiscal

year

end

is

May

31st.

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

Class

A

2023(e)

$

10.05 $

0.12 $

(0.40)

$

(0.28)

$

(0.11)

$

—

$

(0.11)

$

9.66 2022

11.22 0.22 (1.18)

(0.96)

(0.21)

—

(0.21)

10.05 2021

10.92 0.24 0.30 0.54 (0.24)

—

(0.24)

11.22 2020

10.81 0.27 0.10 0.37 (0.26)

—

(0.26)

10.92 2019

10.53 0.28 0.29 0.57 (0.29)

—

(0.29)

10.81 2018

10.79 0.31 (0.24)

0.07 (0.33)

—

(0.33)

10.53 Class

C

2023(e)

10.02 0.08 (0.40)

(0.32)

(0.07)

—

(0.07)

9.63 2022

11.18 0.13 (1.17)

(1.04)

(0.12)

—

(0.12)

10.02 2021

10.88 0.15 0.30 0.45 (0.15)

—

(0.15)

11.18 2020

10.77 0.18 0.10 0.28 (0.17)

—

(0.17)

10.88 2019

10.50 0.20 0.27 0.47 (0.20)

—

(0.20)

10.77 2018

10.74 0.23 (0.23)

—

(0.24)

—

(0.24)

10.50 Class

I

2023(e)

10.02 0.13 (0.40)

(0.27)

(0.12)

—

(0.12)

9.63 2022

11.19 0.24 (1.17)

(0.93)

(0.24)

—

(0.24)

10.02 2021

10.89 0.26 0.30 0.56 (0.26)

—

(0.26)

11.19 2020

10.78 0.29 0.10 0.39 (0.28)

—

(0.28)

10.89 2019

10.50 0.30 0.28 0.58 (0.30)

—

(0.30)

10.78 2018

10.75 0.33 (0.24)

0.09 (0.34)

—

(0.34)

10.50 (a) Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

daily

shares

method.

(b) Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c) The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Note

-

Portfolio

Securities

and

Investments

in

Derivatives

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Note

-

Borrowing

Arrangements.

(d) Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(e) Unaudited. For

the

six

months

ended

November

30,

2022. (f) Annualized.

See

accompanying

notes

to

financial

statements.

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000) Expenses

Including

Interest(c)

Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate(d)

(2

.78)

%

$

129,133

.84

%

(f) 0

.84

%

(f) 2

.50

%

(f) 31

%

(8

.66)

124,199

.83

.83

.98

.01

144,796

.82

.82

.18

.42

107,819

.83

.83

.43

.48

100,544

.84

.84

.68

.63

95,507

.85

.83

.96

(3

.19)

3,882

.64

(f) 1

.64

(f) 1

.70

(f) 31

(9

.35)

4,704

.63

.63

.18

.18

6,343

.62

.62

.39

.59

6,851

.63

.63

.63

.54

6,347

.64

.64

.88

.03

8,670

.65

.63

.15

(2

.68)

58,263

.64

(f) 0

.64

(f) 2

.70

(f) 31

(8

.48)

64,053

.63

.63

.19

.23

68,891

.62

.62

.38

.60

52,098

.63

.63

.63

.68

47,268

.64

.64

.87

.89

38,896

.65

.63

.14

#### Financial

#### Highlights
(continued)

Louisiana

The

Fund's

fiscal

year

end

is

May

31st.

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

Class

A

2023(e)

$

10.75 $

0.14 $

(0.35)

$

(0.21)

$

(0.14)

$

—

$

(0.14)

$

10.40 2022

11.64 0.26 (0.90)

(0.64)

(0.25)

—

(0.25)

10.75 2021

11.17 0.31 0.47 0.78 (0.31)

—

(0.31)

11.64 2020

11.32 0.34 (0.14)

0.20 (0.35)

—

(0.35)

11.17 2019

11.05 0.37 0.26 0.63 (0.36)

—

(0.36)

11.32 2018

11.19 0.38 (0.14)

0.24 (0.38)

—

(0.38)

11.05 Class

C

2023(e)

10.70 0.10 (0.36)

(0.26)

(0.09)

—

(0.09)

10.35 2022

11.58 0.17 (0.90)

(0.73)

(0.15)

—

(0.15)

10.70 2021

11.11 0.22 0.47 0.69 (0.22)

—

(0.22)

11.58 2020

11.26 0.25 (0.15)

0.10 (0.25)

—

(0.25)

11.11 2019

11.00 0.28 0.25 0.53 (0.27)

—

(0.27)

11.26 2018

11.13 0.29 (0.13)

0.16 (0.29)

—

(0.29)

11.00 Class

I

2023(e)

10.78 0.15 (0.36)

(0.21)

(0.15)

—

(0.15)

10.42 2022

11.66 0.29 (0.90)

(0.61)

(0.27)

—

(0.27)

10.78 2021

11.19 0.33 0.47 0.80 (0.33)

—

(0.33)

11.66 2020

11.34 0.36 (0.14)

0.22 (0.37)

—

(0.37)

11.19 2019

11.08 0.40 0.24 0.64 (0.38)

—

(0.38)

11.34 2018

11.22 0.41 (0.15)

0.26 (0.40)

—

(0.40)

11.08 (a) Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

daily

shares

method.

(b) Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c) The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Note

-

Portfolio

Securities

and

Investments

in

Derivatives

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Note

-

Borrowing

Arrangements.

(d) Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(e) Unaudited. For

the

six

months

ended

November

30,

2022. (f) Annualized.

See

accompanying

notes

to

financial

statements.

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000) Expenses

Including

Interest(c)

Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate(d)

(1

.98)

%

$

144,504

.80

%

(f) 0

.80

%

(f) 2

.73

%

(f) 9

%

(5

.61)

156,506

.79

.79

.31

.08

160,148

.80

.80

.70

.73

135,199

.82

.81

.00

.81

110,922

.85

.84

.39

.16

100,312

.85

.84

.45

(2

.39)

10,049

.60

(f) 1

.60

(f) 1

.93

(f) 9

(6

.34)

11,782

.59

.59

.51

.25

13,801

.60

.60

.90

.90

13,866

.62

.61

.20

.88

11,797

.65

.64

.58

.43

10,645

.65

.64

.65

(1

.96)

59,099

.60

(f) 0

.60

(f) 2

.93

(f) 9

(5

.31)

60,228

.59

.59

.51

.29

60,160

.60

.60

.89

.94

43,182

.62

.61

.20

.93

35,521

.65

.64

.58

.37

27,716

.65

.64

.65

#### Financial

#### Highlights
(continued)

North

Carolina

The

Fund's

fiscal

year

end

is

May

31st.

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

Class

A

2023(e)

$

10.26 $

0.11 $

(0.37)

$

(0.26)

$

(0.09)

$

—

$

(0.09)

$

9.91 2022

11.40 0.18 (1.14)

(0.96)

(0.18)

—

(0.18)

10.26 2021

11.14 0.22 0.26 0.48 (0.22)

—

(0.22)

11.40 2020

10.99 0.25 0.15 0.40 (0.25)

—

(0.25)

11.14 2019

10.69 0.28 0.31 0.59 (0.29)

—

(0.29)

10.99 2018

10.94 0.30 (0.24)

0.06 (0.31)

—

(0.31)

10.69 Class

C

2023(e)

10.28 0.07 (0.36)

(0.29)

(0.06)

—

(0.06)

9.93 2022

11.41 0.09 (1.13)

(1.04)

(0.09)

—

(0.09)

10.28 2021

11.15 0.13 0.26 0.39 (0.13)

—

(0.13)

11.41 2020

11.00 0.16 0.15 0.31 (0.16)

—

(0.16)

11.15 2019

10.69 0.19 0.32 0.51 (0.20)

—

(0.20)

11.00 2018

10.94 0.21 (0.24)

(0.03)

(0.22)

—

(0.22)

10.69 Class

I

2023(e)

10.31 0.12 (0.37)

(0.25)

(0.11)

—

(0.11)

9.95 2022

11.45 0.20 (1.14)

(0.94)

(0.20)

—

(0.20)

10.31 2021

11.19 0.25 0.26 0.51 (0.25)

—

(0.25)

11.45 2020

11.04 0.28 0.15 0.43 (0.28)

—

(0.28)

11.19 2019

10.74 0.30 0.31 0.61 (0.31)

—

(0.31)

11.04 2018

10.98 0.32 (0.23)

0.09 (0.33)

—

(0.33)

10.74 (a) Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

daily

shares

method.

(b) Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c) The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Note

-

Portfolio

Securities

and

Investments

in

Derivatives

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Note

-

Borrowing

Arrangements.

(d) Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(e) Unaudited. For

the

six

months

ended

November

30,

2022. (f) Annualized.

See

accompanying

notes

to

financial

statements.

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000) Expenses

Including

Interest(c)

Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate(d)

(2

.48)

%

$

203,092

.83

%

(f) 0

.78

%

(f) 2

.12

%

(f) 13

%

(8

.56)

201,287

.77

.76

.62

.36

267,521

.77

.76

.96

.68

212,327

.80

.77

.28

.59

189,556

.82

.78

.59

.55

174,257

.81

.78

.77

(2

.86)

9,529

.63

(f) 1

.58

(f) 1

.33

(f) 13

(9

.20)

11,535

.57

.56

.83

.53

15,194

.57

.56

.18

.85

17,209

.60

.57

.48

.80

17,622

.62

.58

.79

(0

.28)

19,364

.61

.58

.97

(2

.45)

335,944

.63

(f) 0

.58

(f) 2

.32

(f) 13

(8

.32)

412,225

.57

.56

.83

.56

496,334

.57

.56

.16

.89

388,595

.60

.57

.48

.77

320,072

.62

.58

.80

.87

291,153

.61

.58

.97

#### Notes

#### to

#### Financial

#### Statements
(Unaudited)

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"),

as

diversified

funds,

among

others.

The

Trust

was

organized

as

a

Massachusetts

business

trust

on

July

1,

1996. The

Funds

were

each

organized

as

a

series

of

predecessor

trusts

or

corporations

prior

to

that

date.

Current

Fiscal

Period

The

end

of

the

reporting

period

for

the

Funds

is

November

30,

2022,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

November

30,

2022

(the

"current

fiscal

period").

Investment

Adviser

and

Sub-Adviser

The

Funds'

investment

adviser,

Nuveen

Fund

Advisors,

LLC

(the

"Adviser"),

is

a

subsidiary

of

Nuveen,

LLC

("Nuveen").

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(TIAA).

The

Adviser

has

overall

responsibility

for

management

of

the

Funds,

oversees

the

management

of

the

Funds'

portfolios,

manages

the

Funds'

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

The

Adviser

has

entered

into

sub-advisory

agreements

with

Nuveen

Asset

Management,

LLC,

(the

"Sub-Adviser"),

a

subsidiary

of

the

Adviser,

under

which

the

Sub-Adviser

manages

the

investment

portfolios

of

the

Funds.

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

shareholder

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

shareholder

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation

The Trust

pays

no

compensation

directly

to

those

of

its

trustees

or

to

its

officers,

all

of

whom

receive

remuneration

for

their

services

to the

Trust

from

the

Adviser

or

its

affiliates.

The

Funds'

Board

of Trustees

(the

"Board") has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Custodian

Fee

Credit

As

an

alternative

to

overnight

investments,

each

Fund

has

an

arrangement

with

its

custodian

bank,

State

Street

Bank

and

Trust

Company,

(the

"Custodian")

whereby

certain

custodian

fees

and

expenses

are

reduced

by

net

credits

earned

on

each

Fund's

cash

on

deposit

with

the

bank.

Credits

for

cash

balances

may

be

offset

by

charges

for

any

days

on

which

a

Fund

overdraws

its

account

at

the

Custodian.

The

amount

of

custodian

fee

credit

earned

by

a

Fund

is

recognized

on

the

Statement

of

Operations

as

a

component

of

"Custodian

expenses,

net."

During

the

current

reporting

period,

the

custodian

fee

credit

earned

by

each

Fund

was

as

follows:

Fund

Gross

Custodian

Fee

Credits

Georgia

$

1,634

Louisiana

6,241

North

Carolina

2,122

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications

Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

However,

the

Trust

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Investment

income

is

comprised

of

interest

income,

which

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums

for

financial

reporting

purposes.

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

master

repurchase

agreements,

International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

("netting

agreements").

Generally,

the

right

to

offset

in

netting

agreements

allows

each

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

The

Funds'

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

in

Note

-

Portfolio

Securities

and

Investments

in

Derivatives.

New

Accounting

Pronouncements

and

Rule

Issuances

Reference

Rate

Reform

In

March

2020,

FASB

issued

Accounting

Standards

Update

("ASU")

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

change

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Funds

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022. In

December

2022,

FASB

deferred

ASU

2022-04

and

issued

ASU

2022-06,

Reference

Rate

Reform:

Deferral

of

the

Sunset

Date

of

Topic

848,

which

extends

the

application

of

the

amendments

through

December

31,

2024. Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Funds'

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU's

adoption

will

have

a

significant

impact

on

the

Funds'

financial

statements

and

various

filings.

New

Rules

to

Modernize

Fund

Valuation

Framework

Take

Effect

A

new

rule

adopted

by

the

Securities

and

Exchange

Commission

(the

"SEC")

governing

fund

valuation

practices,

Rule

2a-5

under

the

1940

Act,

has

established

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

"readily

available"

for

purposes

of

Section

2(a)(41)

of

the

1940

Act,

which

requires

a

fund

to

fair

value

a

security

when

market

quotations

are

not

readily

available.

Separately,

new

SEC

Rule

31a-4

under

the

1940

Act

sets

forth

the

recordkeeping

requirements

associated

with

fair

value

determinations.

The

Funds

adopted

a

valuation

policy

conforming

to

the

new

rules,

effective

September

1,

2022,

and

there

was

no

material

impact

to

the

Funds.

#### Notes

#### to

#### Financial

#### Statements
(Unaudited)

(continued)

FASB

issues

ASU

2022-03-Fair

Value

Measurement

(Topic

820),

Fair

Value

Measurement

of

Equity

Securities

to

Contractual

Sale

Restrictions

("ASU

2022-03")

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-

(1) clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

equity

security,

(2) amends

a

related

illustrative

example,

and

(3) introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820. For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

Management

is

currently

assessing

the

impact

of

these

provisions

on

the

Funds'

financial

statements.

3. Investment

Valuation

and

Fair

Value

Measurements

The

Funds'

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

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

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

–

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

and

further

described

in

Note

–

Portfolio

Securities

and

Investments

in

Derivatives.

4. Portfolio

Securities

and

Investments

in

Derivatives

Portfolio

Securities

Inverse

Floating

Rate

Securities

Each

Fund

is

authorized

to

invest

in

inverse

floating

rate

securities.

An

inverse

floating

rate

security

is

created

by

depositing

a

municipal

bond

(referred

to

as

an

"Underlying

Bond"),

typically

with

a

fixed

interest

rate,

into

a

special

purpose

tender

option

bond

("TOB")

trust

(referred

to

as

the

"TOB

Trust")

created

by

or

at

the

direction

of

one

or

more

Funds.

In

turn,

the

TOB

Trust

issues

(a) floating

rate

certificates

(referred

to

as

"Floaters"),

in

face

amounts

equal

to

some

fraction

of

the

Underlying

Bond's

par

amount

or

market

value,

and

(b) an

inverse

floating

rate

certificate

(referred

to

as

an

"Inverse

Floater")

that

represents

all

remaining

or

residual

interest

in

the

TOB

Trust.

Floaters

typically

pay

short-term

tax-exempt

interest

rates

to

third

parties

who

are

also

provided

a

right

to

tender

their

certificate

and

receive

its

par

value,

which

may

be

paid

from

the

proceeds

of

a

remarketing

of

the

Floaters,

by

a

loan

to

the

TOB

Trust

from

a

third

party

liquidity

provider

("Liquidity

Provider"),

or

by

the

sale

of

assets

from

the

TOB

Trust.

The

Inverse

Floater

is

issued

to

a

long

term

investor,

such

as

one

or

more

Funds.

The

income

received

by

the

Inverse

Floater

holder

varies

inversely

with

the

short-term

rate

paid

to

holders

of

the

Floaters,

and

in

most

circumstances

the

Inverse

Floater

holder

bears

substantially

all

of

the

Underlying

Bond's

downside

investment

risk

and

also

benefits

disproportionately

from

any

potential

appreciation

of

the

Underlying

Bond's

value.

The

value

of

an

Inverse

Floater

will

be

more

volatile

than

that

of

the

Underlying

Bond

because

the

interest

rate

is

dependent

on

not

only

the

fixed

coupon

rate

of

the

Underlying

Bond

but

also

on

the

short-term

interest

paid

on

the

Floaters,

and

because

the

Inverse

Floater

essentially

bears

the

risk

of

loss

(and

possible

gain)

of

the

greater

face

value

of

the

Underlying

Bond.

The

Inverse

Floater

held

by

a

Fund

gives

the

Fund

the

right

to

(a) cause

the

holders

of

the

Floaters

to

tender

their

certificates

at

par

(or

slightly

more

than

par

in

certain

circumstances),

and

(b) have

the

trustee

of

the

TOB

Trust

(the

"Trustee")

transfer

the

Underlying

Bond

held

by

the

TOB

Trust

to

the

Fund,

thereby

collapsing

the

TOB

Trust.

The

Fund

may

acquire

an

Inverse

Floater

in

a

transaction

where

it

(a) transfers

an

Underlying

Bond

that

it

owns

to

a

TOB

Trust

created

by

a

third

party

or

(b) transfers

an

Underlying

Bond

that

it

owns,

or

that

it

has

purchased

in

a

secondary

market

transaction

for

the

purpose

of

creating

an

Inverse

Floater,

to

a

TOB

Trust

created

at

its

direction,

and

in

return

receives

the

Inverse

Floater

of

the

TOB

Trust

(referred

to

as

a

"self-deposited

Inverse

Floater").

A

Fund

may

also

purchase

an

Inverse

Floater

in

a

secondary

market

transaction

from

a

third

party

creator

of

the

TOB

Trust

without

first

owning

the

Underlying

Bond

(referred

to

as

an

"externally-deposited

Inverse

Floater").

An

investment

in

a

self-deposited

Inverse

Floater

is

accounted

for

as

a

"financing"

transaction

(i.e.,

a

secured

borrowing).

For

a

self-deposited

Inverse

Floater,

the

Underlying

Bond

deposited

into

the

TOB

Trust

is

identified

in

the

Fund's

Portfolio

of

Investments

as

"(UB)

–

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction,"

with

the

Fund

recognizing

as

liabilities,

labeled

"Floating

rate

obligations"

on

the

Statement

of

Assets

and

Liabilities,

(a) the

liquidation

value

of

Floaters

issued

by

the

TOB

Trust,

and

(b) the

amount

of

any

borrowings

by

the

TOB

Trust

from

a

Liquidity

Provider

to

enable

the

TOB

Trust

to

purchase

outstanding

Floaters

in

lieu

of

a

remarketing.

In

addition,

the

Fund

recognizes

in

"Investment

Income"

the

entire

earnings

of

the

Underlying

Bond,

and

recognizes

(a) the

interest

paid

to

the

holders

of

the

Floaters

or

on

the

TOB

Trust's

borrowings,

and

(b) other

expenses

related

to

remarketing,

administration,

trustee,

liquidity

and

other

services

to

a

TOB

Trust,

as

a

component

Georgia

Level

Level

Level

Total

Long-Term

Investments\*:

Municipal

Bonds

$

–

$

180,852,884

$

224,845\*\*

$

181,077,729

Total

$

–

$

180,852,884

$

224,845

$

181,077,729

Louisiana

Level

Level

Level

Total

Long-Term

Investments\*:

Municipal

Bonds

$

–

$

208,899,852

$

–

$

208,899,852

Common

Stocks

–

8,806,439

–

8,806,439

Total

$

–

$

217,706,291

$

–

$

217,706,291

North

Carolina

Level

Level

Level

Total

Long-Term

Investments\*:

Municipal

Bonds

$

–

$

544,658,465

$

–

$

544,658,465

Total

$

–

$

544,658,465

$

–

$

544,658,465

\*

Refer

to

the

Fund's

Portfolio

of

Investments

for

industry

classifications.

\*\*

Refer

to

the

Fund's

Portfolio

of

Investments

for

securities

classified

as

Level

3. 54

#### Notes

#### to

#### Financial

#### Statements
(Unaudited)

(continued)

of

"Interest

expense"

on

the

Statement

of

Operations.

Earnings

due

from

the

Underlying

Bond

and

interest

due

to

the

holders

of

the

Floaters

as

of

the

end

of

the

reporting

period

are

recognized

as

components

of

"Receivable

for

interest"

and

"Payable

for

interest"

on

the

Statement

of

Assets

and

Liabilities,

respectively.

In

contrast,

an

investment

in

an

externally-deposited

Inverse

Floater

is

accounted

for

as

a

purchase

of

the

Inverse

Floater

and

is

identified

in

the

Fund's

Portfolio

of

Investments

as

"(IF)

–

Inverse

floating

rate

investment."

For

an

externally-deposited

Inverse

Floater,

a

Fund's

Statement

of

Assets

and

Liabilities

recognizes

the

Inverse

Floater

and

not

the

Underlying

Bond

as

an

asset,

and

the

Fund

does

not

recognize

the

Floaters,

or

any

related

borrowings

from

a

Liquidity

Provider,

as

a

liability.

Additionally,

the

Fund

reflects

in

"Investment

Income"

only

the

net

amount

of

earnings

on

the

Inverse

Floater

(net

of

the

interest

paid

to

the

holders

of

the

Floaters

or

the

Liquidity

Provider

as

lender,

and

the

expenses

of

the

Trust),

and

does

not

show

the

amount

of

that

interest

paid

or

the

expenses

of

the

TOB

Trust

as

described

above

as

interest

expense

on

the

Statement

of

Operations.

Fees

paid

upon

the

creation

of

a

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

are

recognized

as

part

of

the

cost

basis

of

the

Inverse

Floater

and

are

capitalized

over

the

term

of

the

TOB

Trust.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

Floaters

issued

by

each

Fund's

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

During

the

current

fiscal

period,

the

average

amount

of

Floaters

(including

any

borrowings

from

a

Liquidity

Provider)

outstanding,

and

the

average

annual

interest

rates

and

fees

related

to

self-deposited

Inverse

Floaters,

were

as

follows:

TOB

Trusts

are

supported

by

a

liquidity

facility

provided

by

a

Liquidity

Provider

pursuant

to

which

the

Liquidity

Provider

agrees,

in

the

event

that

Floaters

are

(a) tendered

to

the

Trustee

for

remarketing

and

the

remarketing

does

not

occur,

or

(b) subject

to

mandatory

tender

pursuant

to

the

terms

of

the

TOB

Trust

agreement,

to

either

purchase

Floaters

or

to

provide

the

Trustee

with

an

advance

from

a

loan

facility

to

fund

the

purchase

of

Floaters

by

the

TOB

Trust.

In

certain

circumstances,

the

Liquidity

Provider

may

otherwise

elect

to

have

the

Trustee

sell

the

Underlying

Bond

to

retire

the

Floaters

that

were

tendered

and

not

remarketed

prior

to

providing

such

a

loan.

In

these

circumstances,

the

Liquidity

Provider

remains

obligated

to

provide

a

loan

to

the

extent

that

the

proceeds

of

the

sale

of

the

Underlying

Bond

are

not

sufficient

to

pay

the

purchase

price

of

the

Floaters.

The

size

of

the

commitment

under

the

loan

facility

for

a

given

TOB

Trust

is

at

least

equal

to

the

balance

of

that

TOB

Trust's

outstanding

Floaters

plus

any

accrued

interest.

In

consideration

of

the

loan

facility,

fee

schedules

are

in

place

and

are

charged

by

the

Liquidity

Provider(s).

Any

loans

made

by

the

Liquidity

Provider

will

be

secured

by

the

purchased

Floaters

held

by

the

TOB

Trust.

Interest

paid

on

any

outstanding

loan

balances

will

be

effectively

borne

by

the

Fund

that

owns

the

Inverse

Floaters

of

the

TOB

Trust

that

has

incurred

the

borrowing

and

may

be

at

a

rate

that

is

greater

than

the

rate

that

would

have

been

paid

had

the

Floaters

been

successfully

remarketed.

As

described

above,

any

amounts

outstanding

under

a

liquidity

facility

are

recognized

as

a

component

of

"Floating

rate

obligations"

on

the

Statement

of

Assets

and

Liabilities

by

the

Fund

holding

the

corresponding

Inverse

Floaters

issued

by

the

borrowing

TOB

Trust.

As

of

the

end

of

the

reporting

period,

there

were

no

loans

outstanding

under

any such

facilities.

Each

Fund

may

also

enter

into

shortfall

and

forbearance

agreements

(sometimes

referred

to

as

a

"recourse

arrangement")

(TOB

Trusts

involving

such

agreements

are

referred

to

herein

as

"Recourse

Trusts"),

under

which

a

Fund

agrees

to

reimburse

the

Liquidity

Provider

for

the

Trust's

Floaters,

in

certain

circumstances,

for

the

amount

(if

any)

by

which

the

liquidation

value

of

the

Underlying

Bond

held

by

the

TOB

Trust

may

fall

short

of

the

sum

of

the

liquidation

value

of

the

Floaters

issued

by

the

TOB

Trust

plus

any

amounts

borrowed

by

the

TOB

Trust

from

the

Liquidity

Provider,

plus

any

shortfalls

in

interest

cash

flows.

Under

these

agreements,

a

Fund's

potential

exposure

to

losses

related

to

or

on

an

Inverse

Floater

may

increase

beyond

the

value

of

the

Inverse

Floater

as

a

Fund

may

potentially

be

liable

to

fulfill

all

amounts

owed

to

holders

of

the

Floaters

or

the

Liquidity

Provider.

Any

such

shortfall

amount

in

the

aggregate

is

recognized

as

"Unrealized

depreciation

on

Recourse

Trusts"

on

the

Statement

of

Assets

and

Liabilities.

Fund

Floating

Rate

Obligations:

Self-

Deposited

Inverse

Floaters

Floating

Rate

Obligations:

Externally-Deposited

Inverse

Floaters

Total

Georgia

$

—

$

—

$

—

Louisiana

—

—

—

North

Carolina

—

—

—

Fund

Average

Floating

Rate

Obligations

Outstanding

Average

Annual

Interest

Rate

And

Fees

Georgia

$

—

—

%

Louisiana

—

—

North

Carolina

10,463,260

2.49 55

As

of

the

end

of

the

reporting

period,

the

Funds

maximum

exposure

to

the

Floaters

issued

by

Recourse

Trusts

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

Zero

Coupon

Securities

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Investment

Transactions

Long-term

purchases

and

sales

(including

maturities)

during

the

current fiscal

period

were

as

follows:

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period.

The

Funds

have

earmarked

securities

in

their

portfolios

with

a

current

value

at

least

equal

to

the

amount

of

the

when-issued/

delayed

delivery

purchase

commitments.

If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

Investments

in

Derivatives

In

addition

to

the

inverse

floating

rate

securities

in

which each

Fund

may

invest,

which

are

considered

portfolio

securities

for

financial

reporting

purposes, each

Fund

is

authorized

to

invest

in

certain

other

derivative

instruments.

The

Funds

record

derivative

instruments

at

fair

value,

with

changes

in

fair

value

recognized

on

the

Statement

of

Operations,

where

applicable.

Even

though

the

Funds'

investments

in

derivatives

may

represent

economic

hedges,

they

are

not

considered

to

be

hedge

transactions

for

financial

reporting

purposes.

Although

the

Funds

are

authorized

to

invest

in

derivative

instruments,

and

may

do

so

in

the

future,

they

did

not

make

any

such

investments

during

the

current

fiscal

period.

Market

and

Counterparty

Credit

Risk

In

the

normal

course

of

business

each

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose

each

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

Fund's

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

Each

Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of

each

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

predetermined

threshold

amount.

Fund

Maximum

Exposure

to

Recourse

Trusts:

Self-Deposited

Inverse

Floaters

Maximum

Exposure

to

Recourse

Trusts:

Externally-Deposited

Inverse

Floaters

Total

Georgia

$

—

$

—

$

—

Louisiana

—

—

—

North

Carolina

—

—

—

Fund

Purchases

Sales

and

Maturities

Georgia

$

62,708,584

$

56,134,219

Louisiana

18,927,526

19,264,597

North

Carolina

76,306,827

127,801,849

#### Notes

#### to

#### Financial

#### Statements
(Unaudited)

(continued)

5. Fund

Shares

Transactions

in Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

Six

Months

Ended

11/30/22

Year

Ended

5/31/22

Georgia

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

8,383,058

$80,016,074

7,210,007

$75,176,802

Class

A

-

automatic

conversion

of

Class

C

Shares

1,033

10,220

—

—

Class

A

-

automatic

conversion

of

Class

C2

Shares

(1) —

—

46,535

522,593

Class

C

17,939

176,846

38,330

396,865

Class

I

1,283,413

12,338,719

1,842,037

19,856,383

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

127,079

1,222,257

213,621

2,318,155

Class

C

2,995

28,693

5,336

57,759

Class

I

64,214

615,785

110,875

1,196,572

9,879,731

94,408,594

9,466,741

99,525,129

Shares

redeemed:

Class

A

(7,501,505)

(71,467,677)

(8,023,693)

(84,075,344)

Class

C

(86,285)

(829,267)

(141,702)

(1,552,766)

Class

C

-

automatic

conversion

to

Class

A

Shares

(1,037)

(10,220)

—

—

Class

C2

-

automatic

conversion

to

Class

A

Shares

(1) —

—

(46,703)

(522,603)

Class

I

(1,690,208)

(16,182,542)

(1,720,340)

(18,123,975)

(9,279,035)

(88,489,706)

(9,932,438)

(104,274,688)

Net

increase

(decrease)

600,696

$5,918,888

(465,697)

$(4,749,559)

(1) Class

C2

Shares

were

converted

to

Class

A

Shares

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

Six

Months

Ended

11/30/22

Year

Ended

5/31/22

Louisiana

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

1,060,271

$10,971,392

3,001,852

$34,766,088

Class

A

-

automatic

conversion

of

Class

C2

Shares

(1) —

—

56,975

664,327

Class

C

19,568

200,629

168,273

1,943,075

Class

I

985,545

10,199,116

1,950,067

22,227,864

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

153,778

1,589,511

269,632

3,074,792

Class

C

8,970

92,329

14,628

166,124

Class

I

68,401

708,634

110,472

1,261,083

2,296,533

23,761,611

5,571,899

64,103,353

Shares

redeemed:

Class

A

(1,878,330)

(19,425,541)

(2,532,005)

(28,567,958)

Class

C

(158,848)

(1,638,614)

(273,618)

(3,078,973)

Class

C2

-

automatic

conversion

to

Class

A

Shares

(1) —

—

(57,225)

(664,386)

Class

I

(973,234)

(10,077,528)

(1,628,568)

(18,227,228)

(3,010,412)

(31,141,683)

(4,491,416)

(50,538,545)

Net

increase

(decrease)

(713,879)

$(7,380,072)

1,080,483

$13,564,808

(1) Class

C2

Shares

were

converted

to

Class

A

Shares

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

6. Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

intends

to

satisfy

conditions

that

will

enable

interest

from

municipal

securities,

which

is

exempt

from

regular

federal

and

designated

state

income

taxes,

to

retain

such

tax-exempt

status

when

distributed

to

shareholders

of

the

Funds.

Net

realized

capital

gains

and

ordinary

income

distributions

paid

by

the

Funds

are

subject

to

federal

taxation.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

As

of

the

end

of

the

reporting

period,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

prior

fiscal

period

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

Six

Months

Ended

11/30/22

Year

Ended

5/31/22

North

Carolina

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

11,519,428

$113,123,998

9,471,398

$100,533,823

Class

A

-

automatic

conversion

of

Class

C

Shares

22,179

224,020

—

—

Class

A

-

automatic

conversion

of

Class

C2

Shares

(1) —

—

123,860

1,414,480

Class

C

49,281

485,221

159,622

1,790,351

Class

I

8,647,003

85,611,735

13,491,064

147,840,021

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

178,466

1,764,000

326,797

3,614,948

Class

C

5,253

51,950

8,650

95,815

Class

I

289,343

2,870,518

581,729

6,443,999

20,710,953

204,131,442

24,163,120

261,733,437

Shares

redeemed:

Class

A

(10,847,168)

(105,830,671)

(13,770,919)

(146,605,610)

Class

C

(194,865)

(1,927,142)

(376,855)

(4,147,444)

Class

C

-

automatic

conversion

to

Class

A

Shares

(22,157)

(224,020)

—

—

Class

C2

-

automatic

conversion

to

Class

A

Shares

(1) —

—

(123,864)

(1,414,528)

Class

I

(15,184,860)

(150,485,608)

(17,419,583)

(184,892,764)

(26,249,050)

(258,467,441)

(31,691,221)

(337,060,346)

Net

increase

(decrease)

(5,538,097)

$(54,335,999)

(7,528,101)

$(75,326,909)

(1) Class

C2

Shares

were

converted

to

Class

A

Shares

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Georgia

$

191,102,072

$

1,871,749

$

(11,896,092)

$

(10,024,343)

Louisiana

229,154,780

7,077,147

(18,525,636)

(11,448,489)

North

Carolina

559,095,994

9,578,481

(24,016,010)

(14,437,529)

#### Notes

#### to

#### Financial

#### Statements
(Unaudited)

(continued)

As

of

prior

fiscal

period

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

7. Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees

Each

Fund's

management

fee

compensates

the

Adviser

for

the

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

The

Sub-Adviser

is

compensated

for

its

services

to

the

Funds

from

the

management

fees

paid

to

the

Adviser.

Each

Fund's

management

fee

consists

of

two

components

–

a

fund-level

fee,

based

only

on

the

amount

of

assets

within

each

individual

Fund,

and

a

complex-level

fee,

based

on

the

aggregate

amount

of

all

eligible

fund

assets

managed

by

the

Adviser.

This

pricing

structure

enables

each

Fund's

shareholders

to

benefit

from

growth

in

the

assets

within

their

respective

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

The

annual

fund-level

fee,

payable

monthly,

for

each

Fund

is

calculated

according

to

the

following

schedule:

Fund

Undistributed

Tax-Exempt

Income

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

$

238,202

$

$

—

$

(9,037,495)

$

(4,237,553)

$

—

$

(332,702)

$

(13,369,342)

Louisiana

434,148

14,760

—

(4,981,856)

(4,545,047)

—

(440,386)

(9,518,381)

North

Carolina

470,211

4,875

—

(9,865,585)

(19,719,268)

—

(950,918)

(30,060,685)

Undistributed

tax-exempt

income

(on

a

tax

basis)

has

not

been

reduced

for

the

dividend

declared

during

the

period

May

1,

2022

through

May

31,

2022

and

paid

on

June

1,

2022. Fund

Short-Term

Long-Term

Total

Georgia

$

3,018,717

$

1,218,836

$

4,237,553

Louisiana

3,356,230

1,188,817

4,545,047

North

Carolina

12,459,842

7,259,426

19,719,268

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 59

The

annual

complex-level

fee,

payable

monthly,

for

each

Fund

is

calculated

according

to

the

following

schedule:

\*

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

"eligible

assets"

of

all

Nuveen

open-end

and

closed-end

funds.

Eligible

assets

do

not

include

assets

attributable

to

investments

in

other

Nuveen

funds

or

assets

in

excess

of

a

determined

amount

(originally

$2

billion)

added

to

the

Nuveen

fund

complex

in

connection

with

the

Adviser's

assumption

of

the

management

of

the

former

First

American

Funds

effective

January

1,

2011,

but

do

include

certain

assets

of

certain

Nuveen

funds

that

were

reorganized

into

funds

advised

by

an

affiliate

of

the

Adviser

during

the

2019

calendar

year.

Eligible

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

certain

types

of

leverage.

For

these

purposes,

leverage

includes

the

closed-end

funds'

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust's

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

eligible

assets

in

certain

circumstances.

As

of

November

30,

2022,

the

complex-level

fee

rate

for

each

Fund

was

as

follows:

Distribution

and

Service

Fees

Each

Fund

has

adopted

a

distribution

and

service

plan

under

rule

12b-1

under

the

1940

Act.

Class

A

Shares

incur

a

0.20%

annual

12b-1

service

fee.

Class

C

Shares

incur

a

0.75%

annual

12b-1

distribution

fee

and

a

0.25%

annual

12b-1

service

fee. Class

I

Shares

are

not

subject

to

12b-1

distribution

or

service

fees.

The

fees

under

this

plan

compensate

Nuveen

Securities,

LLC,

(the

"Distributor"),

a

wholly-owned

subsidiary

of

Nuveen,

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Funds

and

establishing

and

maintaining

shareholder

accounts.

Other

Transactions

with

Affiliates

Each

Fund

is

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Sub-Adviser

("Affiliated

Entity")

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board

("cross-trade").

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

an

Affiliated

Entity

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

adviser),

common

officer

and/or

common

trustee

complies

with

Rule

17a-7

under

the

1940

Act.

These

transactions

are

effected

at

the

current

market

price

(as

provided

by

an

independent

pricing

service)

without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Funds

engaged

in

cross-trades

pursuant

to

these

procedures

as

follows:

During

the

current

fiscal

period,

the

Distributor,

collected

sales

charges

on

purchases

of

Class

A

Shares,

the

majority

of

which

were

paid

out

as

concessions

to

financial

intermediaries

as

follows:

Complex-Level

Eligible

Asset

Breakpoint

Level\*

Effective

Complex-Level

Fee

Rate

at

Breakpoint

Level

$55

billion

0.2000 %

$56

billion

0.1996 $57

billion

0.1989 $60

billion

0.1961 $63

billion

0.1931 $66

billion

0.1900 $71

billion

0.1851 $76

billion

0.1806 $80

billion

0.1773 $91

billion

0.1691 $125

billion

0.1599 $200

billion

0.1505 $250

billion

0.1469 $300

billion

0.1445 Fund

Complex-Level

Fee

Georgia

.1585%

Louisiana

.1585%

North

Carolina

.1585%

Fund

Purchases

Sales

Realized

Gain

(Loss)

Georgia

$

8,205,367

$

8,103,393

$

(1,063,481)

Louisiana

—

—

—

North

Carolina

4,646,446

4,683,362

(732,387)

#### Notes

#### to

#### Financial

#### Statements
(Unaudited)

(continued)

The

Distributor

also

received

12b-1

service

fees

on

Class

A

Shares,

substantially

all

of

which

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

During

the

current

fiscal

period,

the

Distributor

compensated

financial

intermediaries

directly

with

commission

advances

at

the

time

of

purchase

as

follows:

To

compensate

for

commissions

advanced

to

financial

intermediaries,

all

12b-1

service

and

distribution

fees

collected

on

Class

C

Shares

during

the

first

year

following

a

purchase

are

retained

by

the

Distributor.

During

the

current

fiscal

period,

the

Distributor

retained

such

12b-1

fees

as

follows:

The

remaining

12b-1

fees

charged

to

each

Fund

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

The

Distributor

also

collected

and

retained

CDSC

on

share

redemptions

during

the

current

fiscal

period,

as

follows:

8. Commitments

and

Contingencies

In

the

normal

course

of

business,

each

Fund

enters

into

a

variety

of

agreements

that

may

expose

the

Funds

to

some

risk

of

loss.

These

could

include

recourse

arrangements

for

certain

TOB

Trusts,

which

are

described

elsewhere

in

these

Notes

to

Financial

Statements.

The

risk

of

future

loss

arising

from

such

agreements,

while

not

quantifiable,

is

expected

to

be

remote.

As

of

the

end

of

the

reporting

period,

the

Funds

did

not

have

any

unfunded

commitments.

From

time

to

time,

the

Funds

may

be

a

party

to

certain

legal

proceedings

in

the

ordinary

course

of

business,

including

proceedings

relating

to

the

enforcement

of

the

Funds'

rights

under

contracts.

As

of

the

end

of

the

reporting

period,

the

Funds

are

not

subject

to

any

material

legal

proceedings.

9. Borrowing

Arrangements

Committed

Line

of

Credit

The

Funds,

along

with

certain

other

funds

managed

by

the

Adviser

("Participating

Funds"),

have

established

a

364-day,

$2.700

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

2023

unless

extended

or

renewed.

Fund

Sales

Charges

Collected

Paid

to

Financial

Intermediaries

Georgia

$

16,238

$

15,100

Louisiana

40,013

38,391

North

Carolina

19,689

18,376

Fund

Commission

Advances

Georgia

$

9,056

Louisiana

29,381

North

Carolina

12,094

Fund

12b-1

Fees

Retained

Georgia

$

1,378

Louisiana

8,973

North

Carolina

3,350

Fund

CDSC

Retained

Georgia

$

2,068

Louisiana

8,548

North

Carolina

5,794

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

$

4,500,000

Louisiana

2,900,000

North

Carolina

22,000,000

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

Georgia

$

2,261,538

4.28 %

Louisiana

1,370,000

4.13 North

Carolina

10,380,952

3.78 62

#### Additional

#### Fund

#### Information
(Unaudited)

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

West

Wacker

Drive

Chicago,

IL

60606

Sub-Adviser

Nuveen

Asset

Management,

LLC

West

Wacker

Drive

Chicago,

IL

60606

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

One

North

Wacker

Drive

Chicago,

IL

60606

Custodian

State

Street

Bank

&

Trust

Company

One

Lincoln

Street

Boston,

MA

02111

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Transfer

Agent

and

Shareholder

Services

DST

Asset

Manager

Solutions,

Inc.

(DST)

P.O.

Box

219140

Kansas

City,

MO

64121-9140

(800) 257-8787

Portfolio

of

Investments

Information:

Each

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC's

website

at

http://www.sec.gov.

Nuveen

Funds'

Proxy

Voting

Information:

You

may

obtain

(i) information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800) 257-8787

or

on

Nuveen's

website

at

www.nuveen.com

and

(ii) a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800) 257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

FINRA

BrokerCheck:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800) 289-9999

or

by

visiting

www.FINRA.org.

#### Glossary

#### of

#### Terms

#### Used

#### in

#### this

#### Report
(Unaudited)

Average

Annual

Total

Return:

This

is

a

commonly

used

method

to

express

an

investment's

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment's

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Duration:

Duration

is

a

measure

of

the

expected

period

over

which

a

bond's

principal

and

interest

will

be

paid,

and

consequently

is

a

measure

of

the

sensitivity

of

a

bond's

(or

bond

fund's)

value

to

changes

when

market

interest

rates

change.

Generally,

the

longer

a

bond

or

fund's

duration,

the

more

the

price

of

the

bond

or

fund

will

change

as

interest

rates

change.

Effective

Leverage

(Effective

Leverage

Ratio):

Effective

leverage

is

investment

exposure

created

either

directly

through

certain

borrowings

or

indirectly

through

inverse

floaters,

divided

by

the

assets

invested,

including

those

assets

that

were

purchased

with

the

proceeds

of

the

leverage,

or

referenced

by

the

levered

instrument.

The

calculation

of

the

Effective

Leverage

Ratio

reflects

borrowings

effected

on

a

long-term

basis

for

investment

purposes,

but

excludes

borrowings

that

may

occur,

on

a

transient

basis,

in

connection

with

a

Fund's

day-to-day

operations

primarily

in

connection

with

the

need

to

pay

cash

out

to

redeeming

shareholders

or

to

settle

portfolio

trades.

Inverse

Floating

Rate

Securities:

Inverse

floating

rate

securities

are

the

residual

interest

in

a

tender

option

bond

(TOB)

trust,

sometimes

referred

to

as

"inverse

floaters",

are

created

by

depositing

a

municipal

bond,

typically

with

a

fixed

interest

rate,

into

a

special

purpose

trust.

This

trust,

in

turn,

(a) issues

floating

rate

certificates

typically

paying

short-term

tax-exempt

interest

rates

to

third

parties

in

amounts

equal

to

some

fraction

of

the

deposited

bond's

par

amount

or

market

value,

and

(b) issues

an

inverse

floating

rate

certificate

(sometimes

referred

to

as

an

"inverse

floater")

to

an

investor

(such

as

a

fund)

interested

in

gaining

investment

exposure

to

a

long-term

municipal

bond.

The

income

received

by

the

holder

of

the

inverse

floater

varies

inversely

with

the

short-term

rate

paid

to

the

floating

rate

certificates'

holders,

and

in

most

circumstances

the

holder

of

the

inverse

floater

bears

substantially

all

of

the

underlying

bond's

downside

investment

risk.

The

holder

of

the

inverse

floater

typically

also

benefits

disproportionately

from

any

potential

appreciation

of

the

underlying

bond's

value.

Hence,

an

inverse

floater

essentially

represents

an

investment

in

the

underlying

bond

on

a

leveraged

basis.

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average

:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

Other

States

Municipal

Debt

Funds

Classification.

Shareholders

should

note

that

the

performance

of

the

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average

represents

the

overall

average

of

returns

for

funds

from

multiple

states

with

a

wide

variety

of

municipal

market

conditions,

making

direct

comparisons

less

meaningful.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charge.

Net

Assets

Value

(NAV)

per

Share:

A

fund's

Net

Assets

is

equal

to

its

total

assets

(securities,

cash

and

accrued

earnings)

less

its

total

liabilities.

For

funds

with

multiple

classes,

Net

Assets

are

determined

separately

for

each

share

class.

NAV

per

share

is

equal

to

the

fund's

(or

share

class')

Net

Assets

divided

by

its

number

of

shares

outstanding.

Pre-Refunded

Bond/Pre-Refunding:

Pre-Refunded

Bond/Pre-Refunding,

also

known

as

advanced

refundings

or

refinancings,

is

a

procedure

used

by

state

and

local

governments

to

refinance

municipal

bonds

to

lower

interest

expenses.

The

issuer

sells

new

bonds

with

a

lower

yield

and

uses

the

proceeds

to

buy

U.S.

Treasury

securities,

the

interest

from

which

is

used

to

make

payments

on

the

higher

yielding

bonds.

Because

of

this

collateral,

pre-refunding

generally

raises

a

bond's

credit

rating

and

thus

its

value.

S&P

Municipal

Bond

Georgia

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Georgia

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Louisiana

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Louisiana

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

#### Glossary

#### of

#### Terms

#### Users

#### in

#### the

#### Report
(Unaudited)

(continued)

S&P

Municipal

Bond

North

Carolina

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

North

Carolina

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

U.S.

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Tax

Obligation/General

Bonds:

Bonds

backed

by

the

general

revenues

of

an

issuer,

including

taxes,

where

the

issuer

has

the

ability

to

increase

taxes

by

an

unlimited

amount

to

pay

the

bonds

back.

Tax

Obligation/Limited

Bonds:

Bonds

backed

by

the

general

revenues

of

an

issuer,

including

taxes,

where

the

issuer

doesn't

have

the

ability

to

increase

taxes

by

an

unlimited

amount

to

pay

the

bonds

back.

Total

Investment

Exposure:

Total

investment

exposure

is

a

fund's

assets

managed

by

the

Adviser

that

are

attributable

to

financial

leverage.

For

these

purposes,

financial

leverage

includes

a

fund's

use

of

preferred

stock

and

borrowings

and

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust's

issuance

of

floating

rate

securities.

Zero

Coupon

Bond:

A

zero

coupon

bond

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

bond.

Income

to

the

holder

of

the

bond

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

bond

at

issuance

and

the

par

value

of

the

bond

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

bonds

generally

are

more

volatile

than

the

market

prices

of

bonds

that

pay

interest

periodically.

#### Liquidity

#### Risk

#### Management

#### Program
(Unaudited)

Discussion

of

the

operation

and

effectiveness

of

the

Funds'

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"Liquidity

Rule"),

each

Fund

covered

in

this

Report

the

"Funds")

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

"Program"),

which

is

designed

to

manage

the

Fund's

liquidity

risk.

The

Program

consists

of

various

protocols

for

assessing

and

managing

each

Fund's

liquidity

risk.

The

Funds'

Board

of

Trustees

previously

designated

Nuveen

Fund

Advisors,

LLC,

the

Funds'

investment

adviser,

as

the

Administrator

of

the

Program.

The

adviser's

Liquidity

Monitoring

and

Analysis

Team

("LMAT")

carries

out

day-to-day

Program

management

with

oversight

by

the

adviser's

Liquidity

Oversight

Sub-Committee

(the

LOSC").

The

LOSC

is

composed

of

personnel

from

the

adviser

and

Teachers

Advisors,

LLC,

an

affiliate

of

the

adviser.

At

a

May

23-25,

2022

meeting

of

the

Board,

the

Administrator

provided

the

Board

with

a

written

report

addressing

the

Program's

operation,

adequacy

and

effectiveness

of

implementation

for

calendar

year

2021

(the

"Review

Period"),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

each

Fund's

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

each

Fund's

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(1) the

Fund's

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii) cash

flow

projections,

and

(ii) holdings

of

cash

and

cash

equivalents,

borrowing

arrangements,

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Each

Fund

portfolio

investment

is

classified

into

one

of

four

liquidity

categories

(including

the

most

liquid,

"Highly

Liquid",

and

the

least

liquid,

"lliquid",

discussed

below),

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-specific

considerations,

as

well

as

market

depth,

and

use

third-

party

vendor

data.

Any

Fund

that

does

not

primarily

hold

highly

liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

Fund

assets

that

must

be

invested

in

highly

liquid

investments

(a

"Highly

Liquid

Investment

Minimum").

During

the

Review

Period,

each

Fund

primarily

held

Highly

Liquid

investments

and

therefore

was

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

a

Fund's

investments

in

Illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

a

Fund

from

acquiring

Illiquid

investments

if

doing

so

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

illiquid

investments,

and

requires

certain

reporting

to

the

Fund

Board

and

the

Securities

and

Exchange

Commission

any

time

a

Fund's

holdings

of

Illiquid

investments

exceeds

15%

of

net

assets.

During

the

Review

Period,

no

Fund

exceeded

the

15%

limit

on

Illiquid

investments.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

MSA-MS5-1122P

2655323-INV-B-01/24

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world's

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800) 257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

W. Wacker

Dr.,

Chicago,

IL

60606. Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/mutual-funds

------

---

| | |
|:---|:---|
| **ITEM 2.** | **CODE OF ETHICS.**  |

---

Not applicable to this filing.

---

| | |
|:---|:---|
| **ITEM 3.** | **AUDIT COMMITTEE FINANCIAL EXPERT.**  |

---

Not applicable to this filing.

---

| | |
|:---|:---|
| **ITEM 4.** | **PRINCIPAL ACCOUNTANT FEES AND SERVICES.**  |

---

Not applicable to this filing.

---

| | |
|:---|:---|
| **ITEM 5.** | **AUDIT COMMITTEE OF LISTED REGISTRANTS.**  |

---

Not applicable to this registrant.

---

| | |
|:---|:---|
| **ITEM 6.** | **SCHEDULE OF INVESTMENTS.**  |

---

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

---

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

---

Not applicable to this registrant.

---

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

---

Not applicable to this registrant.

---

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

---

Not applicable to this registrant.

---

| | |
|:---|:---|
| **ITEM 10.** | **SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.**  |

---

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

---

| | |
|:---|:---|
| **ITEM 11.** | **CONTROLS AND PROCEDURES.**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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)).

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

---

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

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 13.** | **EXHIBITS.**  |

---

File the exhibits listed below as part of this Form.

---

| | |
|:---|:---|
| (a | Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing. |
| (a | [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.](d414222dex99cert.htm) |
| (a | Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant. |
| (a | Change in the registrant's independent public accountant. Not applicable. |
| (b | [If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.](d414222dex99906cert.htm) |

---

------

**SIGNATURES** 

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

(Registrant) Nuveen Multistate Trust III

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Mark J. Czarniecki |
|  | Mark J. Czarniecki |
|  | Vice President and Secretary |

---

Date: February 3, 2023

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

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Christopher E. Stickrod |
|  | Christopher E. Stickrod |
|  | Chief Administrative Officer |
|  | (principal executive officer) |

---

Date: February 3, 2023

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ E. Scott Wickerham |
|  | E. Scott Wickerham<br> Vice President and Controller<br> (principal financial officer) |

---

Date: February 3, 2023

## Ex-99.Cert

**EX-99.CERT** 

**CERTIFICATIONS** 

I, Christopher E. Stickrod, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Multistate Trust III;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets,
and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and
internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within
90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 3, 2023

---

| |
|:---|
| /s/ Christopher E. Stickrod |
| Christopher E. Stickrod<br> Chief Administrative Officer<br> (principal executive officer) |

---

------

I, E. Scott Wickerham, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Multistate Trust III;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets,
and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and
internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within
90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 3, 2023

---

| |
|:---|
| /s/ E. Scott Wickerham |
| E. Scott Wickerham<br> Vice President and Controller<br> (principal financial officer) |

---

## Exhibit 99.906

**EX-99.906CERT** 

Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officer's knowledge and belief.

The undersigned officers of Nuveen Multistate Trust III (the "Registrant"), certify that, to the best of each such officer's knowledge and belief:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant for the period ended November 30, 2022 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: February 3, 2023

---

| |
|:---|
| /s/ Christopher E. Stickrod |
| Christopher E. Stickrod |
| Chief Administrative Officer |
| (principal executive officer) |
| /s/ E. Scott Wickerham |
| E. Scott Wickerham |
| Vice President and Controller |
| (principal financial officer) |

---