# EDGAR Filing Document

**Accession Number:** 0001018972
**File Stem:** 0001193125-23-023539
**Filing Date:** 2023-2
**Character Count:** 442035
**Document Hash:** b7f8d3940f1740e104f0342c3b9c984e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-023539.hdr.sgml**: 20230203

**ACCESSION NUMBER**: 0001193125-23-023539

**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 I
- **CENTRAL INDEX KEY:** 0001018972
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07747
- **FILM NUMBER:** 23584026

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NUVEEN FLAGSHIP MULTISTATE TRUST I
- **DATE OF NAME CHANGE:** 19960716

## Series and Classes Contracts Data

### Nuveen Arizona Municipal Bond Fund (Series ID: S000000545)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000001474 | Nuveen Arizona Municipal Bond Fund - Class A | FAZTX           |
| C000001477 | Nuveen Arizona Municipal Bond Fund - Class I | NMARX           |
| C000137693 | Class C                                      | FZCCX           |

### Nuveen Colorado Municipal Bond Fund (Series ID: S000000546)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000001478 | Nuveen Colorado Municipal Bond Fund - Class A | FCOTX           |
| C000001481 | Nuveen Colorado Municipal Bond Fund - Class I | FCORX           |
| C000137694 | Class C                                       | FAFKX           |

### Nuveen Maryland Municipal Bond Fund (Series ID: S000000548)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000001486 | Nuveen Maryland Municipal Bond Fund - Class A | NMDAX           |
| C000001489 | Nuveen Maryland Municipal Bond Fund - Class I | NMMDX           |
| C000137695 | Class C                                       | NACCX           |

### Nuveen New Mexico Municipal Bond Fund (Series ID: S000000549)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000001490 | Nuveen New Mexico Municipal Bond Fund - Class A | FNMTX           |
| C000001493 | Nuveen New Mexico Municipal Bond Fund - Class I | FNMRX           |
| C000137696 | Class C                                         | FNCCX           |

### Nuveen Pennsylvania Municipal Bond Fund (Series ID: S000000550)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000001494 | Nuveen Pennsylvania Municipal Bond Fund - Class A | FPNTX           |
| C000001497 | Nuveen Pennsylvania Municipal Bond Fund - Class I | NBPAX           |
| C000137697 | Class C                                           | FPCCX           |

### Nuveen Virginia Municipal Bond Fund (Series ID: S000000551)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000001498 | Nuveen Virginia Municipal Bond Fund - Class A | FVATX           |
| C000001501 | Nuveen Virginia Municipal Bond Fund - Class I | NMVAX           |
| C000137698 | Class C                                       | FVCCX           |

**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 811-07747

**Nuveen Multistate Trust I** 

(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

Arizona

Municipal

Bond

Fund

FAZTX

FZCCX

NMARX

Nuveen

Colorado

Municipal

Bond

Fund

FCOTX

FAFKX

FCORX

Nuveen

Maryland

Municipal

Bond

Fund

NMDAX

NACCX

NMMDX

Nuveen

New

Mexico

Municipal

Bond

Fund

FNMTX

FNCCX

FNMRX

Nuveen

Pennsylvania

Municipal

Bond

Fund

FPNTX

FPCCX

NBPAX

Nuveen

Virginia

Municipal

Bond

Fund

FVATX

FVCCX

NMVAX

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

Ratios

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

Arizona

Municipal

Bond

Fund

Nuveen

Colorado

Municipal

Bond

Fund

Nuveen

Maryland

Municipal

Bond

Fund

Nuveen

New

Mexico

Municipal

Bond

Fund

Nuveen

Pennsylvania

Municipal

Bond

Fund

Nuveen

Virginia

Municipal

Bond

Fund

Portfolio

Manager

Commentaries

in

Semiannual

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

Fund's

May

31,

2022

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

Holding

Summaries

for

each

Fund

are

shown

within

this

section

of

the

report.

Fund

Performance

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Investment

returns

and

principal

value

will

fluctuate

so

that

when

shares

are

redeemed,

they

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

shown.

Total

returns

for

a

period

of

less

than

one

year

are

not

annualized

(i.e.

cumulative

returns).

Since

inception

returns

are

shown

for

share

classes

that

have

less

than

10-years

of

performance.

Returns

at

net

asset

value

(NAV)

would

be

lower

if

the

sales

charge

were

included.

Returns

assume

reinvestment

of

dividends

and

capital

gains.

For

performance,

current

to

the

most

recent

month-end

visit

Nuveen.com

or

call

(800) 257-8787.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Income

is

generally

exempt

from

regular

federal

income

taxes.

Some

income

may

be

subject

to

state

and

local

income

taxes

and

to

the

federal

alternative

minimum

tax.

Capital

gains,

if

any,

are

subject

to

tax.

Returns

may

reflect

fee

waivers

and/or

expense

reimbursements

by

the

investment

adviser

during

the

periods

presented.

If

any

such

waivers

and/or

reimbursements

had

not

been

in

place,

returns

would

have

been

reduced.

See

Notes

to

Financial

Statements,

Note

7—Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

Returns

reflect

differences

in

sales

charges

and

expenses,

which

are

primarily

differences

in

distribution

and

service

fees,

and

assume

reinvestment

of

dividends

and

capital

gains.

Comparative

index

and

Lipper

return

information

is

provided

for

Class

A

Shares

at

NAV

only.

Expense

Ratios

The

expense

ratios

shown

are

as

of

the

Fund's

most

recent

prospectus.

The

expense

ratios

shown

reflect

total

operating

expenses

(before

fee

waivers

and/or

expense

reimbursements,

if

any).

The

expense

ratios

include

management

fees

and

other

fees

and

expenses.

Refer

to

the

Financial

Highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

Effective

Leverage

Ratios

Leverage

is

created

whenever

a

Fund

has

investment

exposure

(both

reward

and/or

risk)

equivalent

to

more

than

100%

of

its

investment

capital.

The

effective

leverage

ratio

shown

for

each

Fund

is

the

amount

of

investment

exposure

created

either

directly

through

borrowings

or

indirectly

through

inverse

floaters,

divided

by

the

assets

invested,

including

those

assets

that

were

purchased

with

the

proceeds

of

the

leverage,

or

referenced

by

the

levered

instrument.

A

Fund

may

also

from

time

to

time

borrow

on

a

typically

transient

basis

in

connection

with

its

day-to-day

operations,

primarily

in

connection

with

the

need

to

pay

cash

out

to

redeeming

shareholders

or

to

settle

portfolio

trades.

Such

incidental

borrowings,

described

generally

in

Notes

to

Financial

Statements,

Note

9—Borrowing

Arrangements,

are

excluded

from

the

calculation

of

a

Fund's

effective

leverage

ratio.

Holding

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

each

Fund's

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund's

Portfolio

of

Investments

for

individual

security

information.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

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

Arizona

Municipal

Bond

Fund

(continued)

Fund

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

Arizona

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

10/29/86

(2.23)%

(10.31)%

0.92%

1.68%

0.81%

Class

A

Shares

at

maximum

Offering

Price

10/29/86

(6.32)%

(14.09)%

0.06%

1.24%

—

S&P

Municipal

Bond

Index

—

(1.43)%

(7.94)%

1.51%

2.05%

—

S&P

Municipal

Bond

Arizona

Index

—

(1.59)%

(7.65)%

1.40%

2.00%

—

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average

—

(2.22)%

(9.43)%

0.64%

1.18%

—

Class

I

Shares

2/03/97

(2.21)%

(10.17)%

1.12%

1.87%

0.61%

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

(2.72)%

(11.05)%

0.12%

1.55%

1.61%

Class

C

Shares

at

maximum

Offering

Price

2/10/14

(3.68)%

(11.05)%

0.12%

1.55%

–

Effective

Leverage

Ratio

0.00%

Holdings

Summaries

as

of

November

30,

2022

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

.7

%

Other

Assets

Less

Liabilities

1.3%

Net

Assets

%

States

and

Territories

(%

of

total

municipal

bonds)

Arizona

93.9%

Puerto

Rico

3.6%

Guam

1.6%

Virgin

Islands

0.9%

Total

100%

Portfolio

Composition

(%

of

total

investments)

Education

and

Civic

Organizations

23.8%

Tax

Obligation/Limited

22.7%

Utilities

15.0%

Tax

Obligation/General

15.0%

Health

Care

12.2%

Transportation

5.4%

U.S.

Guaranteed

3.1%

Other

2.8%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

1.2%

AAA

9.5%

AA

55.9%

A

16.2%

BBB

4.4%

BB

or

Lower

3.9%

N/R

(not

rated)

8.9%

Total

%

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

Arizona

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

Colorado

Municipal

Bond

Fund

(continued)

Fund

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

Colorado

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

5/04/87

(2.28)%

(9.98)%

1.08%

2.08%

0.77%

Class

A

Shares

at

maximum

Offering

Price

5/04/87

(6.36)%

(13.79)%

0.22%

1.65%

—

S&P

Municipal

Bond

Index

—

(1.43)%

(7.94)%

1.51%

2.05%

—

S&P

Municipal

Bond

Colorado

Index

—

(1.72)%

(8.60)%

1.66%

2.51%

—

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average

—

(2.22)%

(9.43)%

0.64%

1.18%

—

Class

I

Shares

2/25/97

(2.09)%

(9.71)%

1.30%

2.30%

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

(2.69)%

(10.66)%

0.28%

1.87%

1.57%

Class

C

Shares

at

maximum

Offering

Price

2/10/14

(3.65)%

(10.66)%

0.28%

1.87%

–

Effective

Leverage

Ratio

0.00%

Holdings

Summaries

as

of

November

30,

2022

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

.6

%

Other

Assets

Less

Liabilities

1.4%

Net

Assets

%

States

and

Territories

(%

of

total

municipal

bonds)

Colorado

98.8%

Puerto

Rico

0.8%

California

0.4%

Total

100%

Portfolio

Composition

(%

of

total

investments)

Tax

Obligation/Limited

33.5%

Health

Care

16.2%

Utilities

13.7%

Tax

Obligation/General

9.7%

Education

and

Civic

Organizations

8.5%

U.S.

Guaranteed

8.1%

Transportation

7.2%

Other

3.1%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

8.1%

AAA

3.0%

AA

56.3%

A

15.0%

BBB

6.5%

BB

or

Lower

2.0%

N/R

(not

rated)

9.1%

Total

%

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

Colorado

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

Maryland

Municipal

Bond

Fund

(continued)

Fund

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

Maryland

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

9/07/94

(2.75)%

(10.52)%

0.72%

1.49%

0.78%

Class

A

Shares

at

maximum

Offering

Price

9/07/94

(6.81)%

(14.30)%

(0.15)%

1.06%

—

S&P

Municipal

Bond

Index

—

(1.43)%

(7.94)%

1.51%

2.05%

—

S&P

Municipal

Bond

Maryland

Index

—

(0.93)%

(7.17)%

1.26%

1.70%

—

Lipper

Maryland

Municipal

Debt

Funds

Classification

Average

—

(1.88)%

(8.99)%

0.76%

1.13%

—

Class

I

Shares

2/28/92

(2.65)%

(10.32)%

0.92%

1.70%

0.58%

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

(3.08)%

(11.23)%

(0.08)%

1.42%

1.58%

Class

C

Shares

at

maximum

Offering

Price

2/10/14

(4.04)%

(11.23)%

(0.08)%

1.42%

–

Effective

Leverage

Ratio

0.00%

Holdings

Summaries

as

of

November

30,

2022

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

97.1%

Common

Stocks

0.1%

Other

Assets

Less

Liabilities

2.8%

Net

Assets

100%

States

and

Territories

(%

of

total

municipal

bonds)

Maryland

81.6%

Puerto

Rico

5.4%

Guam

2.8%

District

of

Columbia

2.6%

California

2.3%

New

York

1.2%

Virgin

Islands

1.1%

Pennsylvania

0.9%

Texas

0.9%

New

Jersey

0.4%

Virginia

0.4%

Ohio

0.4%

Total

100%

Portfolio

Composition

(%

of

total

investments)

Tax

Obligation/Limited

19.6%

Health

Care

15.1%

Housing/Multifamily

10.7%

Transportation

10.5%

Tax

Obligation/General

9.9%

Education

and

Civic

Organizations

7.2%

U.S.

Guaranteed

6.7%

Utilities

5.6%

Other

14.6%

Common

Stocks

0.1%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

6.6%

AAA

9.6%

AA

26.5%

A

23.1%

BBB

14.7%

BB

or

Lower

6.5%

N/R

(not

rated)

12.9%

N/A

(not

applicable)

0.1%

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

Maryland

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

New

Mexico

Municipal

Bond

Fund

(continued)

Fund

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

New

Mexico

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

9/16/92

(2.37)%

(9.11)%

0.95%

1.37%

0.84%

Class

A

Shares

at

maximum

Offering

Price

9/16/92

(6.45)%

(12.94)%

0.09%

0.94%

—

S&P

Municipal

Bond

Index

—

(1.43)%

(7.94)%

1.51%

2.05%

—

S&P

Municipal

Bond

New

Mexico

Index

—

(0.98)%

(6.02)%

1.29%

1.66%

—

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average

—

(2.22)%

(9.43)%

0.64%

1.18%

—

Class

I

Shares

2/24/97

(2.34)%

(9.03)%

1.14%

1.56%

0.64%

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)%

(9.92)%

0.12%

1.33%

1.64%

Class

C

Shares

at

maximum

Offering

Price

2/10/14

(3.82)%

(9.92)%

0.12%

1.33%

–

Effective

Leverage

Ratio

0.00%

Holdings

Summaries

as

of

November

30,

2022

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

.2

%

Other

Assets

Less

Liabilities

0.8%

Net

Assets

%

States

and

Territories

(%

of

total

municipal

bonds)

New

Mexico

86.4%

Guam

4.0%

Puerto

Rico

3.9%

Virgin

Islands

2.9%

Minnesota

1.3%

Washington

0.8%

California

0.6%

Ohio

0.1%

Total

100%

Portfolio

Composition

(%

of

total

investments)

Tax

Obligation/Limited

37.8%

Utilities

26.8%

Health

Care

10.2%

Tax

Obligation/General

8.9%

U.S.

Guaranteed

4.8%

Education

and

Civic

Organizations

4.5%

Housing/Single

Family

4.1%

Other

2.9%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

4.8%

AAA

25.1%

AA

41.6%

A

10.4%

BBB

4.2%

BB

or

Lower

3.2%

N/R

(not

rated)

10.7%

Total

%

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

New

Mexico

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

Pennsylvania

Municipal

Bond

Fund

(continued)

Fund

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

Pennsylvania

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

10/29/86

(3.01)%

(10.42)%

1.21%

1.99%

0.76%

Class

A

Shares

at

maximum

Offering

Price

10/29/86

(7.06)%

(14.22)%

0.34%

1.55%

—

S&P

Municipal

Bond

Index

—

(1.43)%

(7.94)%

1.51%

2.05%

—

S&P

Municipal

Bond

Pennsylvania

Index

—

(1.68)%

(8.32)%

1.57%

2.29%

—

Lipper

Pennsylvania

Municipal

Debt

Funds

Classification

Average

—

(2.66)%

(10.22)%

0.96%

1.51%

—

Class

I

Shares

2/03/97

(2.90)%

(10.24)%

1.41%

2.19%

0.56%

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

(3.41)%

(11.11)%

0.41%

1.80%

1.56%

Class

C

Shares

at

maximum

Offering

Price

2/10/14

(4.37)%

(11.11)%

0.41%

1.80%

–

Effective

Leverage

Ratio

0.00%

Holdings

Summaries

as

of

November

30,

2022

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

.8

%

Common

Stocks

.4

%

Other

Assets

Less

Liabilities

1.8%

Net

Assets

%

States

and

Territories

(%

of

total

municipal

bonds)

Pennsylvania

98.2%

Puerto

Rico

0.9%

New

Jersey

0.9%

Total

100%

Portfolio

Composition

(%

of

total

investments)

Tax

Obligation/General

18.9%

Health

Care

18.6%

Education

and

Civic

Organizations

12.5%

Housing/Single

Family

10.2%

Utilities

8.6%

Transportation

8.1%

Long-Term

Care

6.6%

Other

11.0%

Common

Stocks

5.5%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

5.7%

AAA

1.9%

AA

42.7%

A

29.1%

BBB

6.5%

BB

or

Lower

3.5%

N/R

(not

rated)

5.1%

N/A

(not

applicable)

5.5%

Total

%

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

Pennsylvania

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

Virginia

Municipal

Bond

Fund

(continued)

Fund

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

Virginia

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

(2.47)%

(10.38)%

0.77%

1.54%

0.76%

Class

A

Shares

at

maximum

Offering

Price

3/27/86

(6.55)%

(14.15)%

(0.10)%

1.11%

—

S&P

Municipal

Bond

Index

—

(1.43)%

(7.94)%

1.51%

2.05%

—

S&P

Municipal

Bond

Virginia

Index

—

(1.24)%

(7.29)%

1.38%

1.90%

—

Lipper

Virginia

Municipal

Debt

Funds

Classification

Average

—

(2.36)%

(9.89)%

0.60%

1.09%

—

Class

I

Shares

2/03/97

(2.28)%

(10.21)%

0.96%

1.74%

0.56%

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

(2.87)%

(11.12)%

(0.04)%

1.51%

1.56%

Class

C

Shares

at

maximum

Offering

Price

2/10/14

(3.84)%

(11.12)%

(0.04)%

1.51%

–

Effective

Leverage

Ratio

0.00%

Holdings

Summaries

as

of

November

30,

2022

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

.2

%

Common

Stocks

.1

%

Other

Assets

Less

Liabilities

0.7%

Net

Assets

%

States

and

Territories

(%

of

total

municipal

bonds)

Virginia

73.0%

District

of

Columbia

13.1%

Puerto

Rico

6.4%

Guam

3.0%

Virgin

Islands

1.4%

California

1.2%

Pennsylvania

0.9%

Texas

0.6%

Colorado

0.3%

New

York

0.1%

Total

100%

Portfolio

Composition

(%

of

total

investments)

Transportation

23.2%

Tax

Obligation/Limited

18.7%

Health

Care

14.5%

Education

and

Civic

Organizations

10.8%

Utilities

9.3%

U.S.

Guaranteed

8.3%

Tax

Obligation/General

5.0%

Other

10.1%

Common

Stocks

0.1%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

8.3%

AAA

9.9%

AA

40.5%

A

15.8%

BBB

9.8%

BB

or

Lower

6.1%

N/R

(not

rated)

9.5%

N/A

(not

applicable)

0.1%

Total

%

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

Virginia

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

Arizona

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Dividend

Yield

.54

%

.87

%

.83

%

SEC

30-Day

Yield

.21

%

.57

%

.55

%

Taxable-Equivalent

Yield

(45.3%)

.87

%

.70

%

.49

%

Nuveen

Colorado

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Dividend

Yield

.71

%

.05

%

.01

%

SEC

30-Day

Yield

.27

%

.64

%

.61

%

Taxable-Equivalent

Yield

(45.4%)

.99

%

.84

%

.61

%

Nuveen

Maryland

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Dividend

Yield

.73

%

.05

%

.03

%

SEC

30-Day

Yield

.38

%

.75

%

.72

%

Taxable-Equivalent

Yield

(46.6%)

.27

%

.10

%

.90

%

Nuveen

New

Mexico

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Dividend

Yield

.54

%

.89

%

.89

%

SEC

30-Day

Yield

.04

%

.40

%

.38

%

Taxable-Equivalent

Yield

(46.7%)

.68

%

.48

%

.32

%

Nuveen

Pennsylvania

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Dividend

Yield

.39

%

.67

%

.68

%

SEC

30-Day

Yield

.99

%

.34

%

.32

%

Taxable-Equivalent

Yield

(43.9%)

.33

%

.17

%

.91

%

Nuveen

Virginia

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Dividend

Yield

.66

%

.01

%

.02

%

SEC

30-Day

Yield

.22

%

.59

%

.56

%

Taxable-Equivalent

Yield

(46.6%)

.01

%

.83

%

.65

%

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

Arizona

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

$977.71

$972.81

$977.91

Expenses

Incurred

During

the

Period

$4.07

$8.01

$3.02

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,020.96

$1,016.95

$1,022.01

Expenses

Incurred

During

the

Period

$4.15

$8.19

$3.09

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund's

annualized

net

expense

ratio

of

0.82%,

1.62%

and

0.62%

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

Colorado

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

$977.23

$973.11

$979.12

Expenses

Incurred

During

the

Period

$3.87

$7.82

$2.88

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

Maryland

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

$972.52

$969.23

$973.52

Expenses

Incurred

During

the

Period

$3.96

$7.90

$2.97

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).

Nuveen

New

Mexico

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

$976.31

$971.41

$976.65

Expenses

Incurred

During

the

Period

$4.26

$8.20

$3.27

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,020.76

$1,016.75

$1,021.76

Expenses

Incurred

During

the

Period

$4.36

$8.39

$3.35

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund's

annualized

net

expense

ratio

of

0.86%,

1.66%

and

0.66%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

/365

(to

reflect

the

one-half

year

period).

Nuveen

Pennsylvania

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

$969.95

$965.93

$971.00

Expenses

Incurred

During

the

Period

$3.90

$7.84

$2.92

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,021.11

$1,017.10

$1,022.11

Expenses

Incurred

During

the

Period

$4.00

$8.04

$2.99

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund's

annualized

net

expense

ratio

of

0.79%,

1.59%

and

0.59%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

/365

(to

reflect

the

one-half

year

period).

Nuveen

Virginia

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

$975.32

$971.25

$977.17

Expenses

Incurred

During

the

Period

$3.86

$7.81

$2.83

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

$1,022.21

Expenses

Incurred

During

the

Period

$3.95

$7.99

$2.89

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

Arizona

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

-

98.7%

X

162,928,750

MUNICIPAL

BONDS

-

98.7%

X

162,928,750

Education

and

Civic

Organizations

-

23.5%

$

1,000

Arizona

Board

of

Regents,

Arizona

State

University

System

Revenue

Bonds,

Green

Series

2016B,

5.000%,

7/01/47

7/26

at

100.00 AA

$

1,041,440

500

Arizona

Board

of

Regents,

Arizona

State

University

System

Revenue

Bonds,

Refunding

Green

Series

2015A,

5.000%,

7/01/41

7/25

at

100.00 AA

518,425

1,620

Arizona

Board

of

Regents,

Arizona

State

University

System

Revenue

Bonds,

Refunding

Series

2017B,

5.000%,

7/01/42

7/27

at

100.00 AA

1,721,315

Arizona

Board

of

Regents,

Arizona

State

University

System

Revenue

Bonds,

Series

2021C:

5.000%,

7/01/43

7/31

at

100.00 AA

326,991

4.000%,

7/01/44

7/31

at

100.00 AA

221,288

4.000%,

7/01/45

7/31

at

100.00 AA

293,496

4.000%,

7/01/46

7/31

at

100.00 AA

243,380

940

Arizona

Board

of

Regents,

Univeristy

of

Arizona,

SPEED

Revenue

Bonds,

Stimulus

Plan

for

Economic

and

Educational

Development,

Series

2014,

5.000%,

8/01/44

8/24

at

100.00 Aa3

960,793

635

Arizona

Board

of

Regents,

University

of

Arizona,

Speed

Revenue

Bonds,

Stimulus

Plan

for

Economic

and

Educational

Development,

Refunding

Series

2020A,

4.000%,

8/01/44

8/30

at

100.00 Aa3

608,381

1,500

Arizona

Board

of

Regents,

University

of

Arizona,

System

Revenue

Bonds,

Refunding

Series

2015A,

5.000%,

6/01/40

6/25

at

100.00 Aa2

1,551,855

1,250

Arizona

Board

of

Regents,

University

of

Arizona,

System

Revenue

Bonds,

Refunding

Series

2016,

5.000%,

6/01/38

6/26

at

100.00 Aa2

1,313,787

1,000

Arizona

Board

of

Regents,

University

of

Arizona,

System

Revenue

Bonds,

Refunding

Series

2021A,

5.000%,

6/01/42

6/31

at

100.00 Aa2

1,102,530

500

Arizona

Board

of

Regents,

University

of

Arizona,

System

Revenue

Bonds,

Series

2019A,

5.000%,

6/01/38

6/29

at

100.00 Aa2

548,105

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2017A,

5.125%,

7/01/37,

144A

7/26

at

100.00 BB

214,662

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2017C,

5.000%,

7/01/47

7/27

at

100.00 AA-

224,787

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2017D,

5.000%,

7/01/37,

144A

7/27

at

100.00 BB

24,643

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2017F:

5.000%,

7/01/37

7/27

at

100.00 AA-

311,760

705

5.000%,

7/01/47

7/27

at

100.00 AA-

720,341

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2017G,

5.000%,

7/01/47,

144A

7/27

at

100.00 BB

138,432

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Montessori

Academy

Projects,

Refunding

Series

2017A,

6.000%,

11/01/37,

144A

11/27

at

100.00 N/R

199,509

565

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Somerset

Academy

of

Las

Vegas

Aliante

and

Skye

Canyon

Campus

Projects,

Series

2021A,

4.000%,

12/15/51,

144A

12/29

at

100.00 BB

424,897

775

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds, Arizona

Agribusiness

and

Equine

Center,

Inc.

Project,

Series

2017A,

5.000%,

3/01/48

9/27

at

100.00 AA-

799,831

1,150

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Academies

of

Math

&

Science

Projects,

Series

2017A,

5.000%,

7/01/47

7/27

at

100.00 AA-

1,158,912

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Education

and

Civic

Organizations

(continued)

$

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Academies

of

Math

&

Science

Projects,

Series

2017B,

4.250%,

7/01/27,

144A

No

Opt.

Call

BB+

$

93,215

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Academies

of

Math

&

Science

Projects,

Series

2018A,

5.000%,

7/01/38

1/28

at

100.00 AA-

138,336

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

GreatHearts

Arizona

Projects,

Series

2021A:

5.000%,

7/01/28

No

Opt.

Call

AA-

133,763

5.000%,

7/01/29

No

Opt.

Call

AA-

134,819

5.000%,

7/01/30

No

Opt.

Call

AA-

141,102

5.000%,

7/01/31

No

Opt.

Call

AA-

136,012

500

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Pinecrest

Academy

of

Nevada

Horizon,

Inspirada

and

St.

Rose

Campus

Projects,

Series

2018A,

5.750%,

7/15/38,

144A

7/26

at

100.00 BB+

511,245

500

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Pinecrest

Academy

of

Nevada

Sloan

Canyon

Campus

Project,

Series

2020A-2,

6.000%,

9/15/38,

144A

9/23

at

105.00 BB+

523,275

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Social

Bonds

Pensar

Academy

Project,

Series

2020,

4.000%,

7/01/30,

144A

7/28

at

100.00 BB-

87,089

2,950

Arizona

Industrial

Development

Authority,

Arizona,

Lease

Revenue

Bonds,

University

of

Indianapolis

-

Health

Pavilion

Project,

Series

2019A,

5.000%,

10/01/45

10/29

at

100.00 BBB

3,007,968

1,160

Industrial

Development

Authority,

Pima

County,

Arizona,

Education

Revenue

Bonds,

Center

for

Academic

Success

Project,

Refunding

Series

2019,

5.000%,

7/01/37

7/29

at

100.00 BBB

1,187,190

735

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Arizona

Autism

Charter

Schools

Project,

Social

Series

2021A,

4.000%,

7/01/41,

144A

7/29

at

100.00 BB

587,853

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Great

Hearts

Academies

Projects,

Series

2017A,

5.000%,

7/01/37

7/27

at

100.00 AA-

150,623

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Great

Hearts

Academies

Projects,

Series

2017C,

5.000%,

7/01/48

7/27

at

100.00 AA-

215,729

1,000

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Highland

Prep

Project,

Series

2019,

5.000%,

1/01/37

1/30

at

100.00 AA-

1,050,230

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Legacy

Traditional

Schools

Projects,

Series

2019A:

750

5.000%,

7/01/39

7/29

at

100.00 AA-

780,983

5.000%,

7/01/49

7/29

at

100.00 AA-

344,621

570

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Legacy

Traditional

Schools

Projects,

Series

2021A,

4.000%,

7/01/41,

144A

7/31

at

100.00 BB+

466,055

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Paradise

Schools

Projects,

Series

2016,

5.000%,

7/01/47,

144A

7/26

at

100.00 BB+

353,571

825

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Reid

Traditional

School

Projects,

Series

2016,

5.000%,

7/01/36

7/26

at

100.00 Baa3

837,705

3,000

Maricopa

County

Industrial

Development

Authority,

Arizona,

Educational

Facilities

Revenue

Bonds,

Creighton

University

Projects,

Series

2020,

4.000%,

7/01/50

1/30

at

100.00 A2

2,706,000

775

McAllister

Academic

Village

LLC,

Arizona,

Revenue

Bonds,

Arizona

State

University

Hassayampa

Academic

Village

Project,

Refunding

Series

2016,

5.000%,

7/01/37

7/26

at

100.00 AA-

812,905

Northern

Arizona

University,

System

Revenue

Bonds,

Refunding

Series

2014:

695

5.000%,

6/01/40

6/24

at

100.00 A+

708,872

Nuveen

Arizona

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)

$

800

Northern

Arizona

University,

System

Revenue

Bonds,

Refunding

Series

2015,

5.000%,

6/01/35

-

BAM

Insured

6/25

at

100.00 AA

$

831,936

1,000

Northern

Arizona

University,

System

Revenue

Bonds,

Refunding

Series

2020B,

5.000%,

6/01/39

-

BAM

Insured

6/30

at

100.00 AA

1,093,160

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2016A,

5.000%,

7/01/46,

144A

7/25

at

100.00 BB

23,172

690

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Eagle

College

Prep

Project,

Series

2013A,

5.000%,

7/01/43

1/23

at

100.00 BB

646,157

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Great

Hearts

Academies

Project,

Series

2016A,

5.000%,

7/01/41

7/25

at

100.00 BBB-

402,840

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Legacy

Traditional

Schools

Projects,

Series

2015,

5.000%,

7/01/35,

144A

7/25

at

100.00 BB+

218,570

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Legacy

Traditional

Schools

Projects,

Series

2016A,

5.000%,

7/01/41,

144A

7/26

at

100.00 BB+

332,115

1,000

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Northwest

Christian

School

Project,

Series

2020A,

5.000%,

9/01/45,

144A

9/30

at

100.00 Ba2

847,520

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Villa

Montessori,

Inc.

Projects,

Series

2015:

3.250%,

7/01/25

No

Opt.

Call

BBB-

58,959

750

5.000%,

7/01/35

7/25

at

100.00 BBB-

765,480

800

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Vista

College

Preparatory

Project,

Series

2018A,

5.000%,

7/01/43

7/28

at

100.00 AA-

833,824

1,000

Phoenix

Industrial

Development

Authority,

Arizona,

Lease

Revenue

Bonds,

Eastern

Kentucky

University

Project,

Series

2016,

5.000%,

10/01/36

10/26

at

100.00 A3

1,037,970

Pima

County

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Champion

Schools

Project,

Series

2017:

6.000%,

6/15/37,

144A

6/26

at

100.00 N/R

85,124

6.125%,

6/15/47,

144A

6/26

at

100.00 N/R

258,246

Pima

County

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Edkey

Charter

Schools

Project,

Series

2016,

5.250%,

7/01/36

7/26

at

100.00 BB-

97,182

Pima

County

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

San

Tan

Montessori

School

Project,

Series

2016,

6.500%,

2/01/48,

144A

2/24

at

100.00 N/R

25,164

Pima

County

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

San

Tan

Montessori

School

Project,

Series

2017,

6.125%,

2/01/28,

144A

No

Opt.

Call

N/R

78,609

Pima

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Noah

Webster

Schools

Mesa

Project,

Series

2015A,

5.000%,

12/15/34,

144A

6/25

at

100.00 BB

242,950

Pinal

County

Community

College

District,

Arizona,

Revenue

Bonds,

Central

Arizona

College,

Series

2017,

5.000%,

7/01/34

-

BAM

Insured

7/26

at

100.00 AA

153,803

Student

and

Academic

Services

LLC,

Arizona,

Lease

Revenue

Bonds,

Northern

Arizona

University

Project,

Series

2014,

5.000%,

6/01/39

-

BAM

Insured

6/24

at

100.00 AA

481,938

500

Yavapai

County

Industrial

Development

Authority, Arizona,

Education

Revenue

Bonds,

Arizona

Agribusiness

and

Equine

Center

Inc

Project,

Refunding

Series

2015A,

5.000%,

9/01/34,

144A

3/25

at

100.00 BB+

486,540

38,795

Total

Education

and

Civic

Organizations

38,779,980

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Health

Care

-

12.1%

$

1,510

Arizona

Health

Facilities

Authority,

Revenue

Bonds,

Scottsdale

Lincoln

Hospitals

Project,

Refunding

Series

2014A,

5.000%,

12/01/42

12/24

at

100.00 A+

$

1,528,588

Arizona

Industrial

Development

Authority,

Arizona,

Lease

Revenue

Bonds,

Children's

National

Prince

County

Regional

Medical

Center,

Series

2020A:

4.000%,

9/01/36

9/30

at

100.00 A1

104,371

890

4.000%,

9/01/38

9/30

at

100.00 A1

873,588

4.000%,

9/01/39

9/30

at

100.00 A1

395,665

4.000%,

9/01/46

9/30

at

100.00 A1

236,828

Arizona

Industrial

Development

Authority,

Hospital

Revenue

Bonds,

Phoenix

Children's

Hospital,

Series

2020A:

1,100

3.000%,

2/01/39

2/30

at

100.00 AA-

912,120

1,400

5.000%,

2/01/40

2/30

at

100.00 AA-

1,465,044

Arizona

Industrial

Development

Authority,

Hospital

Revenue

Bonds,

Phoenix

Children's

Hospital,

Series

2021A:

1,560

4.000%,

2/01/39

2/32

at

100.00 AA-

1,530,313

1,000

4.000%,

2/01/40

2/32

at

100.00 AA-

970,870

600

Maricopa

County

Industrial

Development

Authority,

Arizona,

Hospital

Revenue

Bonds,

HonorHealth,

Series

2019A,

5.000%,

9/01/36

9/28

at

100.00 A+

626,214

Maricopa

County

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Banner

Health,

Refunding

Series

2016A:

1,750

5.000%,

1/01/32

1/27

at

100.00 AA-

1,873,760

2,000

5.000%,

1/01/35

1/27

at

100.00 AA-

2,112,280

1,145

5.000%,

1/01/38

1/27

at

100.00 AA-

1,192,907

1,000

Maricopa

County

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Banner

Health,

Variable

Rate

Demand

Series

2019F,

4.000%,

1/01/45

7/30

at

100.00 AA-

954,770

Pima

County

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Tucson

Medical

Center,

Series

2021A:

565

4.000%,

4/01/39

4/31

at

100.00 A

545,072

1,350

4.000%,

4/01/46

4/31

at

100.00 A

1,193,535

Yavapai

County

Industrial

Development

Authority,

Arizona,

Hospital

Revenue

Bonds,

Yavapai

Regional

Medical

Center,

Refunding

Series

2016,

5.000%,

8/01/36

8/26

at

100.00 A+

304,921

750

Yavapai

County

Industrial

Development

Authority,

Arizona,

Hospital

Revenue

Bonds,

Yavapai

Regional

Medical

Center,

Series

2013A,

5.250%,

8/01/33

8/23

at

100.00 A+

758,820

Yavapai

County

Industrial

Development

Authority,

Arizona,

Hospital

Revenue

Bonds,

Yavapai

Regional

Medical

Center,

Series

2019:

815

5.000%,

8/01/39

8/29

at

100.00 A+

844,715

1,060

4.000%,

8/01/43

8/29

at

100.00 A+

1,019,094

500

Yuma

Industrial

Development

Authority,

Arizona,

Hospital

Revenue

Bonds,

Yuma

Regional

Medical

Center,

Series

2014A,

5.250%,

8/01/32

8/24

at

100.00 A

511,945

20,050

Total

Health

Care

19,955,420

Housing/Multifamily

-

0.6%

500

Arizona

Industrial

Development

Authority,

Student

Housing

Revenue

Bonds,

Provident

Group

-

NCCU

Properties

LLC-

North

Carolina

Central

University,

Series

2019A,

5.000%,

6/01/38

-

BAM

Insured

6/29

at

100.00 AA

534,840

Sierra

Vista

Industrial

Development

Authority,

Arizona,

Economic

Development

Revenue

Bonds,

Convertible

Capital

Appreciation

Revenue

Bonds,

Series

2021A,

5.375%,

10/01/56

10/29

at

103.00 N/R

154,640

500

Sierra

Vista

Industrial

Development

Authority,

Arizona,

Economic

Development

Revenue

Bonds,

Convertible

Capital

Appreciation

Revenue

Bonds,

Series

2022A,

7.000%,

10/01/56

10/29

at

103.00 N/R

389,680

1,250

Total

Housing/Multifamily

1,079,160

Nuveen

Arizona

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

-

2.0%

$

Arizona

Industrial

Development

Authority,

Multifamily

Housing

Revenue

Bonds,

Bridgewater

Avondale

Project,

Series

2017,

5.375%,

1/01/38

7/25

at

101.00 N/R

$

90,953

1,115

Glendale

Industrial

Development

Authority,

Arizona,

Senior

Living

Revenue

Bonds,

Royal

Oaks

Royal

Oaks

-

Inspirata

Pointe

Project,

Series

2020A,

5.000%,

5/15/56

5/26

at

103.00 BBB-

982,393

915

Phoenix

Industrial

Development

Authority,

Arizona,

Multi-Family

Housing

Revenue

Bonds,

3rd

and

Indian

Road

Assisted

Living

Project,

Series

2016,

5.400%,

10/01/36

10/25

at

101.00 N/R

725,147

1,495

Tempe

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Friendship

Village

of

Tempe

Project,

Refunding

Series

2021A,

4.000%,

12/01/46

12/29

at

102.00 N/R

1,068,043

530

Tempe

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Mirabella

at

ASU

Project,

Series

2017A,

6.000%,

10/01/37,

144A

10/27

at

100.00 N/R

484,706

4,175

Total

Long-Term

Care

3,351,242

Tax

Obligation/General

-

14.8%

550

Buckeye

Union

High

School

District

201,

Maricopa

County,

Arizona,

General

Obligation

Bonds,

School

Improvement

Project,

Refunding

Series

2017,

5.000%,

7/01/34

-

BAM

Insured

7/27

at

100.00 AA

591,888

765

Dysart

Unified

School

District

Number

89,

Maricopa

County,

Arizona,

General

Obligation

Bonds,

Refunding

Series

2014,

5.000%,

7/01/27

7/24

at

100.00 AAA

791,171

Kyrene

Elementary

School

District

28,

Maricopa

County,

Arizona,

School

Improvement

Bonds,

Project

2010,

Series

2013B,

5.500%,

7/01/30

7/23

at

100.00 Aaa

432,382

1,000

Kyrene

Elementary

School

District

28,

Maricopa

County,

Arizona,

School

Improvement

Bonds,

Project

2010,

Series

2015C,

5.000%,

7/01/34

7/25

at

100.00 Aaa

1,047,930

1,500

Marana

Unified

School

District

No.

of

Pima

County,

Arizona,

School

Improvement

Bonds,

Project

of

2014,

Series

2018D,

5.000%,

7/01/38

-

AGM

Insured

7/27

at

100.00 AA

1,606,965

810

Maricopa

County

Elementary

School

District

68,

Alhambra,

Arizona,

General

Obligation

Bonds,

Project

of

2017,

Series

2019B,

4.000%,

7/01/39

7/28

at

100.00 AA

814,350

675

Maricopa

County

Elementary

School

District

Cartwright,

Arizona,

General

Obligation

Bonds,

School

Improvement,

Project

2020,

Series

202A,

4.000%,

7/01/38

-

AGM

Insured

7/30

at

100.00 AA

684,112

1,170

Maricopa

County

School

District

Creighton

Elementary,

Arizona,

General

Obligation

Bonds,

School

Improvement

Series

2021C,

4.000%,

7/01/35

7/31

at

100.00 Aa3

1,221,293

1,065

Maricopa

County

School

District

Tolleson

Union

High,

Arizona,

General

Obligation

Bonds,

School

Improvement

Project

1990,

Series

1990A,

5.000%,

7/01/38

7/28

at

100.00 Aaa

1,157,666

Maricopa

County

School

District

Tolleson

Union

High,

Arizona,

General

Obligation

Bonds,

School

Improvement

Project

2017,

Series

2018A,

5.000%,

7/01/37

7/27

at

100.00 Aaa

398,016

600

Maricopa

County

School

District

Kyrene

Elementary,

Arizona,

General

Obligation

Bonds,

School

Improvement,

Project

2017

Series

2020B,

4.000%,

7/01/40

7/29

at

100.00 Aaa

604,812

1,050

Maricopa

County

Special

Health

Care

District,

Arizona,

General

Obligation

Bonds,

Series

2018C,

5.000%,

7/01/35

7/28

at

100.00 Aa3

1,142,683

1,000

Maricopa

County

Unified

School

District

11,

Peoria,

Arizona,

General

Obligation

Bonds,

School

Improvement,

Series

2018,

5.000%,

7/01/34

-

BAM

Insured

7/27

at

100.00 AA

1,076,600

Maricopa

County

Unified

School

District

Paradise

Valley,

Arizona,

General

Obligation

Bonds,

Improvement

Second

Series

2020,

4.000%,

7/01/40

7/29

at

100.00 AAA

266,359

Maricopa

County

Unified

School

District

Paradise

Valley,

Arizona,

General

Obligation

Bonds,

School

Improvement

Project

of

2015,

Series

2021E:

3.000%,

7/01/39

7/30

at

100.00 AAA

326,696

3.000%,

7/01/40

7/30

at

100.00 AAA

236,577

1,000

Maricopa

County

Unified

School

District

Queen

Creek,

Arizona,

General

Obligation

Bonds,

School

Improvement

Series

2020,

4.000%,

7/01/38

7/29

at

100.00 Aa1

1,012,660

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Tax

Obligation/General

(continued)

$

860

Maricopa

County

Union

High

School

District

Phoenix,

Arizona,

General

Obligation

Bonds,

School

Improvement

&

Project

of

2011

Series

2017E,

5.000%,

7/01/35

7/27

at

100.00 AAA

$

923,219

2,000

Maricopa

County

Union

High

School

District

Phoenix,

Arizona,

General

Obligation

Bonds,

School

Improvement

Project

2011

and

2017,

Series

2018,

5.000%,

7/01/37

7/27

at

100.00 AAA

2,147,020

750

Mohave

County

Union

High

School

District

Colorado

River,

Arizona,

General

Obligation

Bonds,

School

Improvement

Series

2017,

5.000%,

7/01/35

7/27

at

100.00 A1

806,460

690

Northwest

Fire

District

of

Pima

County,

Arizona,

General

Obligation

Bonds,

Series

2017,

5.000%,

7/01/36

7/27

at

100.00 AA-

741,025

1,125

Pima

County

Unified

School

District

Sunnyside,

Arizona,

General

Obligation

Bonds,

School

Improvement

Project

2011,

Series

2014D,

5.000%,

7/01/34

-

AGM

Insured

7/24

at

100.00 AA

1,158,019

500

Pima

County

Unified

School

District

Sunnyside,

Arizona,

General

Obligation

Bonds,

School

Improvement

Project

of

2011,

Series

2013B,

5.000%,

7/01/32

-

BAM

Insured

7/23

at

100.00 AA

505,980

750

Pima

County

Unified

School

District

Vail,

Arizona,

General

Obligation

Bonds,

Refunding

School

Improvement

Series

2015,

5.000%,

7/01/33

-

AGM

Insured

7/25

at

100.00 AA

784,433

750

Pima

County

Unified

School

District

Marana,

Arizona,

General

Obligation

Bonds,

School

Improvement,

Project

of

2014,

Series

2019E,

4.000%,

7/01/39

-

AGM

Insured

7/29

at

100.00 AA

754,665

800

Pinal

County

School

District

Casa

Grande

Elementary,

Arizona,

General

Obligation

Bonds,

School

improvement

Project

2016,

Series

2017A,

5.000%,

7/01/36

-

BAM

Insured

7/27

at

100.00 AA

856,352

950

Tempe,

Arizona,

General

Obligation

Bonds,

Series

2021,

5.000%,

7/01/39

7/31

at

100.00 AAA

1,065,093

500

Tucson,

Arizona,

General

Obligation

Bonds,

2018-A

Series

2020,

4.000%,

7/01/33

7/29

at

100.00 AA+

529,490

Western

Maricopa

Education

Center

District

402,

Maricopa

County,

Arizona,

General

Obligation

Bonds,

School

Improvement

Project

2012,

Series2014B:

4.500%,

7/01/33

7/24

at

100.00 AA-

366,358

4.500%,

7/01/34

7/24

at

100.00 AA-

339,934

23,265

Total

Tax

Obligation/General

24,390,208

Tax

Obligation/Limited

-

22.4%

Arizona

Industrial

Development

Authority,

Arizona,

Economic

Development

Revenue

Bonds,

Linder

Village

Project

in

Meridian,

Ada

County,

Idaho,

Series

2020,

5.000%,

6/01/31,

144A

No

Opt.

Call

N/R

99,213

Buckeye,

Arizona,

Excise

Tax

Revenue

Obligations,

Refunding

Series

2016,

4.000%,

7/01/36

7/26

at

100.00 AA

123,060

1,000

Buckeye,

Arizona,

Excise

Tax

Revenue

Obligations,

Series

2015,

5.000%,

7/01/37

7/25

at

100.00 AA

1,043,630

Cadence

Community

Facilities

District,

Mesa,

Arizona,

Special

Assessment

Revenue

Bonds,

Assessment

District

1,

Series

2019,

4.500%,

7/01/43

7/29

at

100.00 N/R

415,297

675

Cadence

Community

Facilities

District,

Mesa,

Arizona,

Special

Assessment

Revenue

Bonds,

Assessment

District

3,

Series

2020,

4.000%,

7/01/45

7/30

at

100.00 N/R

571,259

Cahava

Springs

Revitalization

District,

Cave

Creek,

Arizona,

Special

Assessment

Bonds,

Series

2017A,

7.000%,

7/01/41,

144A

2021

960240

(4) 7/27

at

100.00 N/R

72,767

500

Cottonwood,

Arizona,

Pledged

Revenue

Bonds,

Series

2015,

5.000%,

7/01/30

-

RAAI

Insured

7/25

at

100.00 AA

527,020

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

General

Obligation

Bonds,

Series

2015,

5.000%,

7/15/39,

144A

7/25

at

100.00 N/R

450,603

500

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

General

Obligation

Bonds,

Series

2017,

5.000%,

7/15/42

-

AGM

Insured

7/27

at

100.00 AA

531,290

1,000

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

General

Obligation

Bonds,

Series

2018,

5.000%,

7/15/38

-

BAM

Insured

7/27

at

100.00 AA

1,063,040

1,300

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

General

Obligation

Bonds,

Series

2019,

4.000%,

7/15/39

-

BAM

Insured

7/29

at

100.00 AA

1,307,774

650

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

General

Obligation

Bonds,

Series

2021,

4.000%,

7/15/41

-

BAM

Insured

7/31

at

100.00 AA

650,241

Nuveen

Arizona

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)

$

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

Special

Assessment

Revenue

Bonds,

Assessment

District

1,

Series

2013,

5.250%,

7/01/38

7/23

at

100.00 N/R

$

136,978

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

Special

Assessment

Revenue

Bonds,

Assessment

District

1,

Series

2019,

5.200%,

7/01/43

7/27

at

100.00 N/R

271,958

500

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

Special

Assessment

Revenue

Bonds,

Assessment

District

12,

Series

2021,

3.250%,

7/01/35

7/30

at

100.00 N/R

396,400

Eastmark

Community

Facilities

District

2,

Mesa,

Arizona,

General

Obligation

Bonds,

Series

2020:

4.000%,

7/15/30

No

Opt.

Call

N/R

317,007

4.000%,

7/15/35

7/30

at

100.00 N/R

439,560

Estrella

Mountain

Ranch

Community

Facilities

District,

Goodyear,

Arizona,

General

Obligation

Bonds,

Refunding

Series

2017:

5.000%,

7/15/32

-

AGM

Insured

7/27

at

100.00 AA

48,453

Festival

Ranch

Community

Facilities

District,

Buckeye,

Arizona,

General

Obligation

Bonds,

Series

2012,

5.000%,

7/15/27

-

BAM

Insured

1/23

at

100.00 AA

345,621

750

Festival

Ranch

Community

Facilities

District,

Buckeye,

Arizona,

General

Obligation

Bonds,

Series

2016,

4.000%,

7/15/36

-

BAM

Insured

7/26

at

100.00 AA

763,380

Festival

Ranch

Community

Facilities

District,

Buckeye,

Arizona,

General

Obligation

Bonds,

Series

2018,

5.000%,

7/15/38

-

BAM

Insured

7/27

at

100.00 AA

273,315

1,500

Festival

Ranch

Community

Facilities

District,

Buckeye,

Arizona,

General

Obligation

Bonds,

Series

2020,

4.000%,

7/15/40

-

BAM

Insured

7/30

at

100.00 AA

1,470,135

Festival

Ranch

Community

Facilities

District,

Buckeye,

Arizona,

Special

Assessment

Revenue

Bonds, Assessment

District

11,

Series

2017,

5.200%,

7/01/37

7/27

at

100.00 N/R

216,747

1,000

Glendale

Municipal

Property

Corporation,

Arizona,

Excise

Tax

Revenue

Bonds,

Subordinate

Series

2012C,

4.000%,

7/01/38

1/23

at

100.00 AA+

1,000,080

Goodyear

Community

Facilities

Utilities

District

1,

Arizona,

General

Obligation

Bonds,

Refunding

Series

2016:

1,170

4.000%,

7/15/32

7/26

at

100.00 A1

1,201,555

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A,

5.000%,

10/01/39

10/32

at

100.00 N/R

473,957

Merrill

Ranch

Community

Facilities

District

2,

Florence,

Arizona,

General

Obligation

Bonds,

Series

2017,

5.000%,

7/15/42

-

BAM

Insured

7/27

at

100.00 AA

174,318

Mesa,

Arizona,

Excise

Tax

Revenue

Obligations,

Series

2020:

3.000%,

7/01/39

7/30

at

100.00 AA+

162,993

4.000%,

7/01/40

7/30

at

100.00 AA+

115,267

810

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

JMF-Higley

2012

LLC

Project,

Series

2012,

5.000%,

12/01/36

1/23

at

100.00 A+

810,915

500

Pinal

County,

Arizona,

Pledged

Revenue

Obligations,

Series

2014,

5.000%,

8/01/33

8/24

at

100.00 AA

516,300

1,500

Pinal

County,

Arizona,

Pledged

Revenue

Obligations,

Series

2019,

4.000%,

8/01/38

8/28

at

100.00 AA

1,515,480

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

1,250

4.550%,

7/01/40

7/28

at

100.00 N/R

1,164,163

1,000

0.000%,

7/01/46

7/28

at

41.38 N/R

252,020

1,350

4.750%,

7/01/53

7/28

at

100.00 N/R

1,233,495

1,372

5.000%,

7/01/58

7/28

at

100.00 N/R

1,301,767

Queen

Creek,

Arizona,

Excise

Tax

&

State

Shared

Revenue

Obligation

Bonds,

Refunding

Series

2016:

520

4.000%,

8/01/33

8/26

at

100.00 AA+

538,236

560

4.000%,

8/01/35

8/26

at

100.00 AA+

572,186

760

Queen

Creek,

Arizona,

Excise

Tax

&

State

Shared

Revenue

Obligation

Bonds,

Series

2018A,

5.000%,

8/01/42

8/28

at

100.00 AA+

816,080

Queen

Creek,

Arizona,

Excise

Tax

&

State

Shared

Revenue

Obligation

Bonds,

Series

2020:

1,915

4.000%,

8/01/38

8/30

at

100.00 AA+

1,943,802

2,400

4.000%,

8/01/50

8/30

at

100.00 AA+

2,287,416

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Tax

Obligation/Limited

(continued)

San

Luis,

Arizona,

Pledged

Excise

Tax

Revenue

Bonds,

Refunding

Series2014A:

$

600

5.000%,

7/01/34

-

BAM

Insured

7/24

at

100.00 AA

$

617,514

900

5.000%,

7/01/38

-

BAM

Insured

7/24

at

100.00 AA

924,588

805

Surprise,

Arizona,

Pledged

Revenue

Bonds,

Refunding

Series

2015,

5.000%,

7/01/30

7/25

at

100.00 AAA

848,502

1,150

Tartesso

West

Community

Facility

District,

Buckeye,

Arizona,

Limited

Tax

General

Obligation

Bonds,

Series

2021,

4.000%,

7/15/41

-

AGM

Insured

7/31

at

100.00 AA

1,173,299

600

Tempe,

Arizona,

Excise

Tax

Revenue

Bonds,

Refunding

Series

2016,

5.000%,

7/01/31

7/26

at

100.00 AAA

642,096

1,005

Virgin

Islands

Public

Finance

Authority,

Gross

Receipts

Taxes

Loan

Note,

Refunding

Series

2012A,

5.000%,

10/01/32

-

AGM

Insured

1/23

at

100.00 AA

1,005,523

1,090

Vistancia

West

Community

Facilities

District,

Peoria,

Arizona,

General

Obligation

Bonds,

Series

2016,

5.000%,

7/15/29,

144A

1/23

at

100.00 N/R

1,092,071

2,260

Yavapai

County

Jail

District,

Arizona,

Pleged

Revenue

Obligation

Bonds,

Series

2020,

4.000%,

7/01/40

-

BAM

Insured

7/29

at

100.00 AA

2,265,921

840

Yuma

County,

Arizona,

Pledge

Revenue

Obligations,

Series

2022,

4.250%,

7/15/42

-

BAM

Insured

7/32

at

100.00 AA

843,234

38,029

Total

Tax

Obligation/Limited

37,027,526

Transportation

-

5.4%

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Junior

Lien

Series

2015A:

670

5.000%,

7/01/40

7/25

at

100.00 A+

687,735

1,315

5.000%,

7/01/45

7/25

at

100.00 A+

1,335,606

1,500

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Junior

Lien

Series

2019B,

5.000%,

7/01/49,

(AMT)

7/29

at

100.00 A+

1,522,575

1,000

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Refunding

Senior

Lien

Series

2013,

5.000%,

7/01/30,

(AMT)

7/23

at

100.00 AA-

1,008,180

2,000

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Senior

Lien

Series

2017A,

5.000%,

7/01/47,

(AMT)

7/27

at

100.00 AA-

2,032,760

Phoenix

Civic

Improvement

Corporation,

Arizona,

Rental

Car

Facility

Charge

Revenue

Bonds,

Series

2019A:

1,000

5.000%,

7/01/32

7/29

at

100.00 A

1,091,840

1,090

5.000%,

7/01/39

7/29

at

100.00 A

1,156,850

8,575

Total

Transportation

8,835,546

U.S.

Guaranteed

-

3.1%

(5) 590

Arizona

Health

Facilities

Authority,

Hospital

Revenue

Bonds,

Banner

Health

Systems,

Series

2014A,

5.000%,

1/01/44,

(Pre-refunded

1/01/24)

1/24

at

100.00 AA-

605,352

Estrella

Mountain

Ranch

Community

Facilities

District,

Goodyear,

Arizona,

General

Obligation

Bonds,

Refunding

Series

2017:

5.000%,

7/15/32,

(Pre-refunded

7/15/27)

-

AGM

Insured

7/27

at

100.00 AA

274,140

Goodyear

Community

Facilities

Utilities

District

1,

Arizona,

General

Obligation

Bonds,

Refunding

Series

2016:

4.000%,

7/15/32,

(Pre-refunded

7/15/26)

7/26

at

100.00 N/R

114,698

500

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2013,

5.250%,

7/01/33,

(Pre-refunded

7/01/23)

7/23

at

100.00 A-

507,825

Northern

Arizona

University,

System

Revenue

Bonds,

Refunding

Series

2014:

5.000%,

6/01/40,

(Pre-refunded

6/01/24)

6/24

at

100.00 N/R

445,325

1,040

Phoenix

Civic

Improvement

Corporation,

Arizona,

Water

System

Revenue

Bonds,

Junior

Lien

Series

2014A,

5.000%,

7/01/39,

(Pre-refunded

7/01/24)

7/24

at

100.00 AAA

1,079,010

1,000

Scottsdale

Municipal

Property

Corporation,

Arizona,

Excise

Tax

Revenue

Bonds,

Refunding

Series

2015,

5.000%,

7/01/35,

(Pre-refunded

7/01/25)

7/25

at

100.00 AAA

1,059,420

880

Scottsdale

Municipal

Property

Corporation,

Arizona,

Excise

Tax

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

7/01/36,

(Pre-refunded

7/01/27)

7/27

at

100.00 AAA

964,304

4,800

Total

U.S.

Guaranteed

5,050,074

Nuveen

Arizona

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Utilities

-

14.8%

$

1,000

Carefree

Utilities

Community

Facilities

District,

Arizona,

Water

System

Revenue

Bonds,

Series

2021,

4.000%,

7/01/51

7/31

at

100.00 A+

$

938,030

1,285

Central

Arizona

Water

Conservation

District,

Arizona,

Water

Delivery

O&M

Revenue

Bonds,

Series

2016,

5.000%,

1/01/35

1/26

at

100.00 AA+

1,352,463

1,500

City

of

Mesa,

Arizona,

Utility

System

Revenue

Bonds,

Series

2022C,

5.000%,

7/01/36

No

Opt.

Call

Aa3

1,738,350

1,805

Glendale,

Arizona,

Water

and

Sewer

Revenue

Bonds,

Senior

Lien

Series

2022A,

5.000%,

7/01/41

7/32

at

100.00 AA

2,012,413

790

Goodyear,

Arizona,

Water

and

Sewer

Revenue

Obligations,

Refunding

Subordinate

Lien

Series

2016,

5.000%,

7/01/45

-

AGM

Insured

7/26

at

100.00 AA

826,245

1,500

Goodyear,

Arizona,

Water

and

Sewer

Revenue

Obligations,

Subordinate

Lien

Series

2020,

4.000%,

7/01/45

-

AGM

Insured

7/29

at

100.00 AA

1,478,310

500

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

7/01/40

7/27

at

100.00 A-

507,945

735

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2016,

5.000%,

7/01/36

7/26

at

100.00 A-

747,782

760

Guam

Power

Authority,

Revenue

Bonds,

Series

2014A,

5.000%,

10/01/39

10/24

at

100.00 AA

782,283

Lake

Havasu

City,

Arizona,

Wastewater

System

Revenue

Bonds,

Refunding

Senior

Lien

Series

2015A,

5.000%,

7/01/36

-

AGM

Insured

7/25

at

100.00 AA

469,179

800

Mesa,

Arizona,

Utility

System

Revenue

Bonds,

Series

2019A,

5.000%,

7/01/43

7/29

at

100.00 Aa2

863,480

Mesa,

Arizona,

Utility

System

Revenue

Bonds,

Series

2020:

510

4.000%,

7/01/42

7/30

at

100.00 Aa2

510,046

500

4.000%,

7/01/43

7/30

at

100.00 Aa2

497,475

1,000

3.000%,

7/01/44

7/30

at

100.00 Aa2

793,500

585

Phoenix

Civic

Improvement

Corporation,

Arizona,

Wastewater

System

Revenue

Bonds,

Refunding

Junior

Lien

Series

2014,

5.000%,

7/01/29

7/24

at

100.00 AA+

603,632

1,325

Phoenix

Civic

Improvement

Corporation,

Arizona,

Water

System

Revenue

Bonds,

Junior

Lien

Sustainability

Series

2020A,

5.000%,

7/01/44

7/30

at

100.00 AAA

1,440,659

Pinal

County

Electrical

District

3,

Arizona,

Electric

System

Revenue

Bonds,

Refunding Series

2016,

5.000%,

7/01/35

7/26

at

100.00 A+

322,882

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B:

1,000

5.000%,

7/01/29,

144A

No

Opt.

Call

N/R

1,011,580

1,000

5.000%,

7/01/37,

144A

7/31

at

100.00 N/R

985,310

Salt

River

Project

Agricultural

Improvement

and

Power

District,

Arizona,

Electric

System

Revenue

Bonds,

Refunding

Series

2015A:

500

5.000%,

12/01/36

6/25

at

100.00 AA+

523,015

1,000

5.000%,

12/01/45

6/25

at

100.00 AA+

1,047,750

1,000

Salt

River

Project

Agricultural

Improvement

and

Power

District,

Arizona,

Electric

System

Revenue

Bonds,

Refunding

Series

2016A,

5.000%,

1/01/38

1/27

at

100.00 AA+

1,064,980

1,000

Salt

River

Project

Agricultural

Improvement

and

Power

District,

Arizona,

Electric

System

Revenue

Bonds,

Series

2019A,

4.000%,

1/01/39

1/30

at

100.00 AA+

1,022,110

1,805

Salt

Verde

Financial

Corporation,

Arizona,

Senior

Gas

Revenue

Bonds,

Citigroup

Energy

Inc

Prepay

Contract

Obligations,

Series

2007,

5.000%,

12/01/37

No

Opt.

Call

A3

1,868,175

1,000

Yuma

Municipal

Property

Corporation,

Arizona,

Utility

System

Revenue

Bonds,

Refunding

Senior

Lien

Series

2015,

5.000%,

7/01/28

7/25

at

100.00 AA-

1,052,000

23,655

Total

Utilities

24,459,594

$

162,594

Total

Long-Term

Investments

(cost

$171,418,360)

162,928,750

Other

Assets

Less

Liabilities

-

1.3%

2,084,402

Net

Assets

-

100%

$

165,013,152

(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) 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

See

accompanying

notes

to

financial

statements.

Nuveen

Colorado

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

-

98.6%

X

439,934,049

MUNICIPAL

BONDS

-

98.6%

X

439,934,049

Consumer

Discretionary

-

0.8%

Denver

Convention

Center

Hotel

Authority,

Colorado,

Revenue

Bonds,

Convention

Center

Hotel,

Refunding

Senior

Lien

Series

2016:

$

500

5.000%,

12/01/29

12/26

at

100.00 Baa2

$

512,695

1,000

5.000%,

12/01/32

12/26

at

100.00 Baa2

1,017,190

2,000

5.000%,

12/01/35

12/26

at

100.00 Baa2

2,014,620

3,500

Total

Consumer

Discretionary

3,544,505

Education

and

Civic

Organizations

-

8.4%

Colorado

Educational

and

Cultural

Facilities

Authority

Charter

School

Revenue

Bonds,

Monument

Academy

Charter

School

Project,

Refunding

Series

2014:

4.000%,

10/01/24

No

Opt.

Call

A+

293,866

720

3.625%,

10/01/29

10/24

at

100.00 A+

708,221

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

Aspen

Ridge

School

Project,

Series

2015A:

500

5.000%,

7/01/36,

144A

7/25

at

100.00 BB

486,525

500

5.250%,

7/01/46,

144A

7/25

at

100.00 BB

474,715

505

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

Community

Leadership

Academy,

Inc.

Second

Campus

Project,

Series

2013,

7.350%,

8/01/43

8/23

at

100.00 BB+

513,630

500

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

Douglas

County

School

District

-

DCS

Montessori

School,

Refunding

&

Improvement

Series

2012,

4.000%,

7/15/27

1/23

at

100.00 A+

500,185

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

Liberty

Common

Charter

School,

Series

2014A:

5.000%,

1/15/29

1/24

at

100.00 A+

320,024

500

5.000%,

1/15/44

1/24

at

100.00 A+

503,705

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

Littleton

Preparatory

Charter

School,

Series

2013,

5.000%,

12/01/33

1/23

at

100.00 BB+

449,622

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

New

Summit

Charter

Academy

Project,

Series

2021A:

4.000%,

7/01/41,

144A

7/31

at

100.00 N/R

81,064

4.000%,

7/01/51,

144A

7/31

at

100.00 N/R

74,457

1,000

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

Skyview

Academy

Project,

Series

2014,

5.125%,

7/01/34,

144A

7/24

at

100.00 BB

1,000,630

1,000

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

The

Classical

Academy

Project,

Refunding

Series

2015A,

5.000%,

12/01/38

12/24

at

100.00 A+

1,015,350

835

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

Twin

Peaks

Charter

Academy,

Series

2011B,

7.500%,

3/15/35

1/23

at

100.00 BB

837,129

600

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

Union

Colony

School

Project,

Series

2018,

5.000%,

4/01/38

4/28

at

100.00 Aa3

619,482

1,000

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

University

of

Northern

Colorado

Lab

School,

Refunding

&

Improvement

Series

2015,

5.000%,

12/15/45,

144A

12/25

at

100.00 BBB-

1,012,050

500

Colorado

Educational

and

Cultural

Facilities

Authority,

Independent

School

Revenue

Bonds,

Kent

Denver

School

Project,

Series

2016,

5.000%,

10/01/36

10/26

at

100.00 A

524,830

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Education

and

Civic

Organizations

(continued)

Colorado

Educational

and

Cultural

Facilities

Authority,

Revenue

Bonds,

Aspen

View

Academy

Project,

Series

2021:

$

4.000%,

5/01/51

5/28

at

103.00 Baa3

$

212,398

750

4.000%,

5/01/61

5/28

at

103.00 Baa3

573,240

2,000

Colorado

Educational

and

Cultural

Facilities

Authority,

Revenue

Bonds,

Pinnacle

Charter

School,

Refunding

&

Improvement

Series

2021A,

4.000%,

12/01/50

12/30

at

100.00 A+

1,773,360

Colorado

Educational

and

Cultural

Facilities

Authority,

Revenue

Bonds,

Rocky

Mountain

Classical

Academy

Project,

Refunding

Series

2019:

5.000%,

10/01/49,

144A

10/27

at

100.00 Ba1

230,918

1,000

5.000%,

10/01/59,

144A

10/27

at

100.00 Ba1

880,140

Colorado

Educational

and

Cultural

Facilities

Authority,

Revenue

Bonds,

University

of

Denver,

Series

2017A:

4.000%,

3/01/34

3/27

at

100.00 AA-

376,864

1,000

4.000%,

3/01/35

3/27

at

100.00 AA-

1,013,640

Colorado

Educational

and

Cultural

Facilities

Authority,

Revenue

Bonds,

West

Ridge

Academy

Charter

School,

Refunding

&

Improvement

Series

2019,

5.000%,

6/01/49

6/24

at

100.00 Aa3

402,516

1,000

Colorado

Mesa

University,

Colorado,

Enterprise

Revenue

Bonds,

Series

2019B,

5.000%,

5/15/44

5/29

at

100.00 Aa2

1,077,570

3,000

Colorado

School

of

Mines

Board

of

Trustees,

Golden,

Colorado,

Institutional

Enterprise

Revenue

Bonds,

Series

2017B,

5.000%,

12/01/42

12/27

at

100.00 A+

3,182,160

Colorado

State

Board

of

Governors,

Colorado

State

University

Auxiliary

Enterprise

System

Revenue

Bonds,

Refunding

Series

2017A:

1,335

4.000%,

3/01/34

9/27

at

100.00 AA

1,378,174

1,450

4.000%,

3/01/40

9/27

at

100.00 AA

1,448,782

2,740

Colorado

State

Board

of

Governors,

Colorado

State

University

Auxiliary

Enterprise

System

Revenue

Bonds,

Refunding

Series

2017E,

4.000%,

3/01/43

3/28

at

100.00 AA

2,701,804

2,510

Colorado

State

Board

of

Governors,

Colorado

State

University

Auxiliary

Enterprise

System

Revenue

Bonds,

Refunding

Series

2019A,

5.000%,

3/01/49

3/30

at

100.00 AA

2,718,882

2,000

Colorado

State

Board

of

Governors,

Colorado

State

University

Auxiliary

Enterprise

System

Revenue

Bonds,

Series

2015A,

4.000%,

3/01/35

3/25

at

100.00 Aa3

2,008,700

1,000

Falcon

Area

Water

and

Wastewater

Authority

(El

Paso

County,

Colorado),

Tap

Fee

Revenue

Bonds,

Series

2022A,

6.750%,

12/01/34,

144A

9/27

at

103.00 N/R

978,780

5,330

University

of

Colorado,

Enterprise

System

Revenue

Bonds,

Refunding

Series

2021C-4,

4.000%,

6/01/51

6/31

at

100.00 Aa1

5,162,851

2,000

University

of

Northern

Colorado

at

Greeley,

Institutional

Enterprise

System

Revenue

Bonds,

Refunding

Series

2015A,

5.000%,

6/01/40

6/25

at

100.00 Aa2

2,068,660

37,820

Total

Education

and

Civic

Organizations

37,604,924

Health

Care

-

15.9%

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

AdventHealth

Obligated

Group,

Series

2019A:

1,760

5.000%,

11/15/37

11/29

at

100.00 AA

1,904,408

1,000

4.000%,

11/15/43

11/29

at

100.00 AA

974,620

1,350

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Adventist

Health

System/Sunbelt

Obligated

Group,

Series

2016A,

4.000%,

11/15/46

5/26

at

100.00 AA

1,272,820

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Adventist

Health

System/Sunbelt

Obligated

Group,

Series

2016B:

5.000%,

11/15/28

5/26

at

100.00 AA

117,433

5.000%,

11/15/29

5/26

at

100.00 AA

239,872

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Adventist

Health

System/Sunbelt

Obligated

Group,

Series

2018A:

2,230

4.000%,

11/15/48

5/28

at

100.00 AA

2,065,760

5,285

5.000%,

11/15/48

5/28

at

100.00 AA

5,464,003

Nuveen

Colorado

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Health

Care

(continued)

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Boulder

Community

Health

Project,

Series

2020:

$

1,300

5.000%,

10/01/29

No

Opt.

Call

A-

$

1,408,498

700

5.000%,

10/01/30

No

Opt.

Call

A-

764,337

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Children's

Hospital

Colorado

Project,

Series

2016A:

2,195

5.000%,

12/01/41

6/26

at

100.00 A+

2,240,634

2,200

5.000%,

12/01/44

6/26

at

100.00 A+

2,236,652

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-1:

5.000%,

8/01/25

No

Opt.

Call

A-

156,620

5,250

4.000%,

8/01/44

8/29

at

100.00 A-

4,559,940

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2:

2,000

5.000%,

8/01/44

8/29

at

100.00 A-

2,027,000

4,000

4.000%,

8/01/49

8/29

at

100.00 A-

3,341,640

1,505

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019B-2,

5.000%,

8/01/49,

(Mandatory

Put

8/01/26)

2/26

at

100.00 A-

1,567,458

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2022A:

500

5.250%,

11/01/38

11/32

at

100.00 A-

533,400

1,365

5.500%,

11/01/47

11/32

at

100.00 A-

1,459,813

3,900

5.250%,

11/01/52

11/32

at

100.00 A-

4,016,649

2,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Intermountain

Healthcare,

Series

2022A,

5.000%,

5/15/52

5/32

at

100.00 AA+

2,130,880

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Parkview

Medical

Center

Inc.

Project,

Refunding

Series

2017:

5.000%,

9/01/24

No

Opt.

Call

Baa1

272,081

5.000%,

9/01/26

No

Opt.

Call

Baa1

246,202

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Parkview

Medical

Center,

Refunding

Series

2015B:

3,530

5.000%,

9/01/31

9/25

at

100.00 Baa1

3,634,205

1,315

4.000%,

9/01/34

9/25

at

100.00 Baa1

1,282,730

1,250

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Parkview

Medical

Center,

Series

2020A,

4.000%,

9/01/50

9/30

at

100.00 Baa1

1,023,788

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Sanford

Health,

Series

2019A:

545

5.000%,

11/01/32

11/29

at

100.00 AA-

588,491

535

5.000%,

11/01/33

11/29

at

100.00 AA-

573,729

2,500

4.000%,

11/01/39

11/29

at

100.00 AA-

2,406,800

3,950

5.000%,

11/01/49

11/29

at

100.00 AA-

3,972,673

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

SCL

Health

System,

Refunding

Series

2019A:

5.000%,

1/01/25

No

Opt.

Call

AA+

492,391

1,245

5.000%,

1/01/31

1/30

at

100.00 AA+

1,403,999

3,500

4.000%,

1/01/35

1/30

at

100.00 AA+

3,577,840

5,500

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

SCL

Health

System,

Refunding

Series

2019B,

4.000%,

1/01/40

1/30

at

100.00 AA+

5,439,225

2,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Valley

View

Hospital

Association,

Series

2015,

5.000%,

5/15/45

5/25

at

100.00 A

2,010,940

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Valley

View

Hospital

Association,

Series

2017A:

4.000%,

5/15/33

5/27

at

100.00 A

226,118

1,920

4.000%,

5/15/34

5/27

at

100.00 A

1,928,909

1,050

4.000%,

5/15/35

5/27

at

100.00 A

1,049,213

1,050

Colorado

Health

Facilities

Authority,

Revenue

Bonds,

Vail

Valley

Medical

Center,

Series

2015,

5.000%,

1/15/35

1/26

at

100.00 A+

1,072,312

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Health

Care

(continued)

Delta

County

Memorial

Hospital

District,

Colorado,

Enterprise

Revenue

Bonds,

Refunding

Series

2010:

$

515

5.500%,

9/01/25

1/23

at

100.00 N/R

$

494,333

600

5.500%,

9/01/30

1/23

at

100.00 N/R

564,240

Denver

Health

and

Hospitals

Authority,

Colorado,

Healthcare

Revenue

Bonds,

Series

2014A,

5.000%,

12/01/39

12/23

at

100.00 BBB

476,173

71,700

Total

Health

Care

71,218,829

Housing/Multifamily

-

0.1%

Denver

City

&

County

Housing

Authority,

Colorado,

Capital

Fund

Program

Revenue

Bonds,

Three

Tower

Rehabilitation,

Series

2007,

5.200%,

11/01/27

-

AGM

Insured,

(AMT)

1/23

at

100.00 A1

280,582

Long-Term

Care

-

2.1%

500

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

American

Baptist

Homes

Project,

Series

2016,

6.125%,

2/01/46,

144A

2/26

at

100.00 N/R

425,405

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Christian

Living

Neighborhoods

Project,

Refunding

Series

2016:

1,315

5.000%,

1/01/31

1/24

at

102.00 N/R

1,260,914

3,000

5.000%,

1/01/37

1/24

at

102.00 N/R

2,712,030

2,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Christian

Living

Neighborhoods

Project,

Refunding

Series

2021,

4.000%,

1/01/42

1/28

at

103.00 N/R

1,495,140

1,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Covenant

Retirement

Communities

Inc.,

Refunding

Series

2015A,

5.000%,

12/01/35

6/25

at

100.00 A-

1,012,700

1,200

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Frasier

Meadows

Project,

Refunding

&

Improvement

Series

2017A,

5.250%,

5/15/47

5/27

at

100.00 BBB-

1,115,760

1,430

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Frasier

Meadows

Project,

Refunding

&

Improvement

Series

2017B,

5.000%,

5/15/48

5/23

at

100.00 BBB-

1,444,772

10,445

Total

Long-Term

Care

9,466,721

Tax

Obligation/General

-

9.6%

Adams

and

Weld

Counties

School

District

27J,

Brighton,

Colorado,

General

Obligation

Bonds,

Series

2015,

5.000%,

12/01/40

12/25

at

100.00 AA

260,773

1,000

Arapahoe

County

School

District

6,

Littleton,

Colorado,

General

Obligation

Bonds,

Series

2019A,

5.500%,

12/01/38

12/28

at

100.00 Aa1

1,122,840

Aspen

Fire

Protection

District,

Pitkin

County,

Colorado,

Certificates

of

Participation,

Series

2019:

500

4.000%,

12/01/31

12/29

at

100.00 AA-

523,395

4.000%,

12/01/32

12/29

at

100.00 AA-

209,628

4.000%,

12/01/36

12/29

at

100.00 AA-

360,339

Boulder

Larimer

&

Weld

Counties

School

District

RE-1J

Saint

Vrain

Valley,

Colorado,

General

Obligation

Bonds,

Series

2016C,

4.000%,

12/15/34

12/26

at

100.00 AA+

153,951

Boulder

Valley

School

District

RE2,

Boulder

County,

Colorado,

General

Obligation

Bonds,

Series

2019A:

2,475

5.000%,

12/01/33

6/29

at

100.00 AA+

2,756,729

1,000

4.000%,

12/01/44

6/29

at

100.00 AA+

1,000,570

1,050

Delta,Colorado,

Sales

and

Use

Tax

Revenue

Bonds,

Refunding

Series

2019,

4.000%,

12/01/36

-

BAM

Insured

12/29

at

100.00 AA

1,084,314

2,375

Denver

School

District

1,

Colorado,

General

Obligation

Bonds,

Series

2022A,

5.000%,

12/01/45

6/32

at

100.00 AA+

2,630,455

2,040

Eagle

River

Fire

Protection

District,

Eagle

County,

Colorado,

General

Obligation

Bonds,

Series

2016,

4.000%,

12/01/46

-

AGM

Insured

12/26

at

100.00 AA

1,961,032

Eagle

River

Water

and

Sanitation

District,

Eagle

County,

Colorado,

General

Obligation

Bonds,

Series

2016:

780

4.500%,

12/01/36

12/26

at

100.00 AA-

817,705

2,500

5.000%,

12/01/45

12/26

at

100.00 AA-

2,625,975

1,345

El

Paso

County

School

District

20,

Academy,

Colorado,

General

Obligation

Bonds,

Series

2017,

4.000%,

12/15/40

12/26

at

100.00 Aa1

1,349,439

Nuveen

Colorado

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)

Foothills

Park

and

Recreation

District,

Subdistrict

A,

Jefferson

County,

Colorado,

General

Obligation

Bonds,

Refunding

Series

2015:

$

600

3.250%,

12/01/29

-

AGM

Insured

12/25

at

100.00 AA

$

605,724

5.000%,

12/01/30

-

AGM

Insured

12/25

at

100.00 AA

466,426

1,275

5.000%,

12/01/31

-

AGM

Insured

12/25

at

100.00 AA

1,351,194

1,300

Fruita,

Colorado,

Sales

and

Use

Tax

Revenue

Bonds,

Refunding

&

improvement,

Series

2019,

4.000%,

10/01/37

10/27

at

100.00 AA-

1,318,356

3,000

Grand

County

School

District

East

Grand,

Colorado,

General

Obligation

Bonds,

Series

2022,

4.000%,

12/01/46

12/31

at

100.00 Aa2

2,932,410

Grand

River

Hospital

District,

Garfield

and

Mesa

Counties,

Colorado,

General

Obligation

Bonds,

Series

2018:

655

5.250%,

12/01/34

-

AGM

Insured

12/28

at

100.00 AA

695,964

1,750

5.250%,

12/01/37

-

AGM

Insured

12/28

at

100.00 AA

1,833,982

1,315

Jefferson

County

School

District

R1,

Colorado,

General

Obligation

Bonds,

Series

2020A,

4.000%,

12/15/33

12/30

at

100.00 Aa1

1,396,727

2,000

Larimer

and

Weld

Counties

School

District

Re-5J,

Colorado,

General

Obligation

Bonds,

Series

2021,

4.000%,

12/01/40

12/30

at

100.00 Aa2

2,002,620

750

Louisville,

Boulder

County,

Colorado,

General

Obligation

Bonds,

Limited

Tax,

Series

2017,

4.000%,

12/01/35

12/26

at

100.00 AA+

767,055

2,000

Pueblo

County

School

District

60,

Pueblo,

Colorado,

General

Obligation

Bonds,

Series

2020,

5.000%,

12/15/38

12/29

at

100.00 AA

2,181,680

1,500

Pueblo

County

School

District

70,

Pueblo

Rural,

Colorado,

General

Obligation

Bonds,

Improvement

Series

2021A,

4.000%,

12/01/33

12/30

at

100.00 AA

1,593,675

South

Suburban

Park

and

Recreation

District,

Arapahoe,

Douglas,

and

Jefferson

Counties,

Colorado,

General

Obligation

Bonds,

Series

2019,

4.000%,

12/15/37

12/29

at

100.00 AA

453,348

Weld

County

School

District

6,

Greeley,

Colorado,

General

Obligation

Bonds,

Series

2020:

2,000

5.000%,

12/01/32

12/29

at

100.00 AA

2,266,300

2,500

5.000%,

12/01/40

12/29

at

100.00 AA

2,737,400

1,125

Weld

County

School

District

6,

Greeley,

Colorado,

General

Obligation

Bonds,

Series

2021,

4.000%,

12/01/45

6/31

at

100.00 AA

1,108,192

2,000

Westminster

Public

Schools,

Adams

County,

Colorado,

Certificates

of

Participation,

Series

2019,

5.000%,

12/01/43

-

AGM

Insured

12/28

at

100.00 AA

2,138,360

40,675

Total

Tax

Obligation/General

42,706,558

Tax

Obligation/Limited

-

33.1%

Aerotropolis

Regional

Transportation

Authority,

Colorado,

Special

Revenue

Bonds,

Series

2019,

5.000%,

12/01/51

12/24

at

102.00 N/R

251,116

850

Aerotropolis

Regional

Transportation

Authority,

Colorado,

Special

Revenue

Bonds,

Series

2021,

4.250%,

12/01/41

12/26

at

103.00 N/R

675,920

Alpine

Mountain

Ranch

Metropolitan

District,

Routt

County,

Colorado,

Special

Assessment

Revenue

Bonds,

Special

Improvement

District

1,

Refunding

Series

2021,

4.000%,

12/01/40

9/26

at

103.00 N/R

364,797

1,650

Anthem

West

Metropolitan

District,

Colorado,

General

Obligation

Bonds,

Refunding

Series

2015,

5.000%,

12/01/35

-

BAM

Insured

12/25

at

100.00 AA

1,736,972

500

Arista

Metropolitan

District,

Broomfield

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Refunding

&

Improvement

Convertible

to

Unlimited

Tax

Series

2018A,

5.125%,

12/01/48

12/23

at

103.00 N/R

456,950

600

Aurora

Crossroads

Metropolitan

District

2,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2020A,

5.000%,

12/01/40

9/25

at

103.00 N/R

550,830

500

Aviation

Station

North

Metropolitan

District

2,

Denver

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2019A,

5.000%,

12/01/48

9/24

at

103.00 N/R

435,470

1,050

Brighton

Crossing

Metropolitan

District

4,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Convertible

to

Unlimited

Tax,

Series

2017A,

5.000%,

12/01/37

1/23

at

103.00 N/R

1,019,792

515

Brighton

Crossing

Metropolitan

District

6,

Brighton,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2020A-3,

5.000%,

12/01/40

12/25

at

103.00 N/R

466,142

600

Broadway

Park

North

Metropolitan

District

2,

Denver,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2020,

3.375%,

12/01/26,

144A

12/25

at

103.00 N/R

555,924

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Tax

Obligation/Limited

(continued)

Buffalo

Ridge

Metropolitan

District

(In

the

City

of

Commerce

City),

Adams

County,

Colorado,

General

Obligation

Refunding

and

Improvement

Bonds,

Series

2018A:

$

1,020

5.000%,

12/01/34

-

BAM

Insured

12/28

at

100.00 AA

$

1,124,468

1,805

4.000%,

12/01/47

-

BAM

Insured

12/28

at

100.00 AA

1,728,035

1,145

Centerra

Metropolitan

District

1,

Loveland,

Colorado,

Special

Revenue

Bonds,

Refunding

&

Improvement

Series

2017,

5.000%,

12/01/47,

144A

1/23

at

103.00 N/R

1,031,725

500

Centerra

Metropolitan

District

1,

Loveland,

Colorado,

Special

Revenue

Improvement

Bonds,

Series

2022,

6.500%,

12/01/53

12/27

at

103.00 N/R

500,305

Cherry

Creek

Corporate

Center

Metropolitan

District,

Arapahoe

County,

Colorado,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2015A,

5.000%,

6/01/37

12/25

at

100.00 N/R

456,691

Cherrylane

Metropolitan

District,

Adams

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Convertible

to

Unlimited

Tax

Series

2018A,

5.250%,

12/01/47

12/23

at

103.00 N/R

458,687

1,725

Colorado

International

Center

Metropolitan

District

14,

Denver,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2018,

5.875%,

12/01/46

12/23

at

103.00 N/R

1,625,743

2,000

Colorado

State,

Building

Excellent

Schools

Today,

Certificates

of

Participation,

Series

2017J,

5.250%,

3/15/42

3/27

at

100.00 Aa2

2,125,280

1,000

Colorado

State,

Building

Excellent

Schools

Today,

Certificates

of

Participation,

Series

2019O,

4.000%,

3/15/44

3/29

at

100.00 Aa2

975,410

1,000

Colorado

State,

Building

Excellent

Schools

Today,

Certificates

of

Participation,

Series

2021S,

4.000%,

3/15/41

3/31

at

100.00 Aa2

994,090

1,780

Colorado

State,

Certificates

of

Participation,

Lease

Purchase

Agreement

Department

of

Transportation

Second

Amended

&

Restated

Headquaters

Facilities,

Refunding

Series

2020,

4.000%,

6/15/38

6/30

at

100.00 Aa2

1,799,776

1,000

Colorado

State,

Certificates

of

Participation,

Rural

Series

2020A,

4.000%,

12/15/34

12/30

at

100.00 Aa2

1,035,240

2,000

Commerce

City,

Colorado,

Sales

and

Use

Tax

Revenue

Bonds,

Refunding

Series

2015,

5.000%,

8/01/36

-

BAM

Insured

8/25

at

100.00 AA

2,076,860

2,295

Copperleaf

Metropolitan

District

2,

Arapahoe

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

Convertible

to

Unlimited

Tax

Series

2020,

4.000%,

12/01/45

-

BAM

Insured

12/30

at

100.00 AA

2,221,560

900

Cottonwood

Highlands

Metropolitan

District

1,

Parker,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Convertible

to

Unlimited

Tax

Series

2019A,

5.000%,

12/01/49

6/24

at

103.00 N/R

797,796

1,000

Cross

Creek

Metropolitan

District

2,

Aurora,

Colorado,

Unlimited

Tax

General

Obligation

Bonds,

Refunding

Series

2018,

4.000%,

12/01/45

-

AGM

Insured

12/28

at

100.00 AA

956,320

949

Cumberland

Green

Metropolitan

District,

El

Paso

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Refunding

&

Improvement

Series

2015,

5.250%,

12/01/45

12/25

at

100.00 N/R

885,816

1,185

Denver

City

and

County

School

District

1,

Colorado,

Lease

Purchase

Program

Certificates

of

Participation,

Series

2015B,

5.000%,

12/15/45

12/25

at

100.00 Aa3

1,233,514

2,155

Denver

City

and

County,

Colorado,

Dedicated

Tax

Revenue

Bonds,

Current

Interest

Series

2018A-1,

5.000%,

8/01/48

8/26

at

100.00 AA-

2,237,774

Denver

City

and

County,

Colorado,

Dedicated

Tax

Revenue

Bonds,

Series

2021A:

1,000

4.000%,

8/01/35

8/31

at

100.00 AA-

1,043,330

1,785

4.000%,

8/01/40

8/31

at

100.00 AA-

1,802,743

Denver

Urban

Renewal

Authority,

Colorado,

Tax

Increment

Revenue

Bonds,

9th

and

Colorado

Urban

Redevelopement

Area,

Series

2018A,

5.250%,

12/01/39,

144A

12/23

at

103.00 N/R

130,836

500

Denver

West

Promenade

Metropolitan

District,

Lakewood,

Colorado,

General

Obligtion

Bonds,

Limited

Tax

Convertible

to

Unlimited

Tax

Series

2013,

5.375%,

12/01/42

6/23

at

100.00 N/R

480,175

1,000

Denver,

Colorado,

Certificates

of

Participation,

Convention

Center

Expansion

Project,

Series

2018A,

4.000%,

6/01/48

6/26

at

100.00 AA+

945,180

1,225

Douglas

County

School

District

RE1,

Douglas

and

Elbert

Counties,

Colorado,

General

Obligation

Bonds,

Series

2019,

5.000%,

12/15/38

12/28

at

100.00 Aa1

1,335,287

Nuveen

Colorado

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)

Dove

Valley

Metropolitan

District,

Arapahoe

County,

Colorado,

General

Obligation

Bonds,

Refunding

Series

2019:

$

500

4.000%,

12/01/35

12/29

at

100.00 AA

$

518,475

700

4.000%,

12/01/36

12/29

at

100.00 AA

723,317

750

4.000%,

12/01/37

12/29

at

100.00 AA

772,950

1,000

4.000%,

12/01/38

12/29

at

100.00 AA

1,005,100

1,000

4.000%,

12/01/39

12/29

at

100.00 AA

1,001,310

5,500

Ebert

Metropolitan

District,

Denver

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

Series

2018A-1,

5.000%,

12/01/43

-

BAM

Insured

12/28

at

100.00 AA

5,847,050

2,000

El

Paso

County

School

District

Falcon,

Colorado,

Certificates

of

Participation,

Series

2017B,

5.000%,

12/15/42

12/26

at

100.00 Aa3

2,065,220

Erie

Farm

Metropolitan

District,

Erie,

Boulder

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Refunding

&

Improvement,

Series

2021:

700

5.000%,

12/01/46

-

AGM

Insured

12/31

at

100.00 AA

753,662

1,010

4.000%,

12/01/51

-

AGM

Insured

12/31

at

100.00 AA

938,179

1,570

Erie,

Colorado,

Certificates

of

Participation,

Series

2010,

5.000%,

11/01/37

11/24

at

100.00 AA

1,623,333

First

Creek

Village

Metropolitan

District,

Denver,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Convertible

to

Unlimited

Tax

Series

2019A:

500

3.000%,

12/01/29

9/24

at

103.00 Ba1

432,895

595

5.000%,

12/01/39

9/24

at

103.00 Ba1

578,185

600

Flying

Horse

Metropolitan

District

2,

El

Paso

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Refunding

&

Improvement

Series

2020A,

4.000%,

12/01/39

-

AGM

Insured

12/30

at

100.00 AA

601,674

500

Foothills

Metropolitan

District,

Fort

Collins,

Colorado,

Special

Revenue

Bonds,

Series

2014,

6.000%,

12/01/38

12/24

at

100.00 N/R

459,530

1,525

Foothills

Park

and

Recreation

District,

Jefferson

County,

Colorado,

Lease

Revenue

Bonds,

Certificates

of

Participation,

Series

2021,

4.000%,

12/01/33

12/31

at

100.00 AA-

1,608,509

890

Four

Corners

Business

Improvement

District,

Erie,

Boulder

County,

Colorado,

Limited

Tax

Supported

Revenue

Bonds,

Series

2022,

6.000%,

12/01/52

9/27

at

103.00 N/R

794,708

Fronterra

Village

Metropolitan

District

2,

Commerce

City,

Adams

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

Series

2019,

4.000%,

12/01/22

-

BAM

Insured

No

Opt.

Call

AA

120,000

500

Future

Legends

Sports

Park

Business

Improvement

District,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2022A

and

Subordinate

Limited

Tax

General

Obligation

Bonds,

Series

2022B,

6.000%,

12/01/52

9/27

at

103.00 N/R

472,835

800

Glen

Metropolitan

District

1,

El

Paso

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2016A,

4.500%,

12/01/45

-

BAM

Insured

12/25

at

100.00 AA

816,864

600

Gold

Hill

Mesa

Metropolitan

District

2,

Colorado

Springs,

El

Paso

County,

Colorado,

Limited

Tax

General

Obligation

and

Special

Revenue

Bonds,

Refunding

&

Improvement

Series

2022A,

5.500%,

12/01/47

-

BAM

Insured

6/32

at

100.00 AA

650,862

Grand

Junction,

Colorado,

Certificates

of

Participation,

Series

2019:

4.000%,

12/01/35

12/29

at

100.00 AA-

494,351

670

4.000%,

12/01/37

12/29

at

100.00 AA-

683,407

635

Gunnison

County,

Colorado,

Certificates

of

Participation,

Series

2020A,

5.000%,

12/01/31

12/29

at

100.00 Aa3

706,317

Harvest

Junction

Metropolitan

District,

Longmont,

Colorado,

General

Obligation

Bonds,

Refunding

and

Improvement

Series

2012,

5.200%,

12/01/32

1/23

at

100.00 N/R

335,107

Heritage

Ridge

Metropolitan

District,

Berthoud,

Colorado,

Senior

Limited

Tax

General

Obligation

Bonds,

Refunding

Series

2021A,

4.000%,

12/01/42

-

AGM

Insured

12/26

at

103.00 AA

339,637

1,000

Heritage

Todd

Creek

Metropolitan

District,

Colorado,

General

Obligation

Bonds

Limited

Tax,

Refunding

&

Improvement

Series

2015,

6.125%,

12/01/44

12/24

at

100.00 N/R

1,001,940

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Tax

Obligation/Limited

(continued)

$

1,125

High

Plains

Metropolitan

District,

Arapahoe

County,

Colorado,

General

Obligation

Bonds,

Refunding

Series

2017,

5.000%,

12/01/35

-

NPFG

Insured

12/27

at

100.00 A2

$

1,211,265

Jefferson

Center

Metropolitan

District

1,

Arvada,

Jefferson

County,

Colorado,

Special

Revenue

Bonds,

Series

2020-A2,

4.125%,

12/01/40

12/23

at

103.00 Ba2

317,330

Lambertson

Farms

Metropolitan

District

1,

Colorado,

Revenue

Bonds,

Refunding

&

Improvement

Series

2015,

5.000%,

12/15/25

12/23

at

100.00 N/R

336,435

2,875

Larimer,

Weld

and

Boulder

Counties

School

District

R2-J,

Thompson,

Colorado,

General

Obligation

Bonds,

Series

2019,

5.000%,

12/15/31

12/28

at

100.00 AA

3,226,095

1,000

Lewis

Pointe

Metropolitan

District,

Thornton,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

Series

2021,

4.000%,

12/01/47

-

BAM

Insured

12/31

at

100.00 AA

922,500

Lincoln

Park

Metropolitan

District,

Douglas

County,

Colorado,

Limited

Tax

General

Obligation

and

Improvement

Bonds,

Refunding

Series

2018:

5.000%,

12/01/42

-

AGM

Insured

12/27

at

100.00 AA

490,254

2,000

5.000%,

12/01/46

-

AGM

Insured

12/27

at

100.00 AA

2,117,440

1,660

Longmont,

Colorado,

Sales

and

Use

Tax

Revenue

Bonds,

Series

2019,

3.000%,

11/15/33

11/28

at

100.00 AA+

1,599,410

Lorson

Ranch

Metropolitan

District

2,

El

Paso

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2016:

825

5.000%,

12/01/36

12/26

at

100.00 BBB+

847,828

1,805

5.000%,

12/01/41

12/26

at

100.00 BBB+

1,842,796

650

Meridian

Metropolitan

District,

Douglas

County,

Colorado,

General

Obligation

Refunding

Bonds,

Series

2017,

5.000%,

12/01/42

-

AGM

Insured

12/27

at

100.00 AA

692,750

1,580

Moffat

County,

Colorado,

Certificates

of

Participation,

Series

2021,

4.000%,

3/01/51

3/31

at

100.00 A+

1,478,959

1,135

Montrose

County,

Colorado,

Certificates

of

Participation,

Series

2014,

5.000%,

12/01/34

12/24

at

100.00 BBB+

1,147,780

1,000

Monument,

El

Paso

County, Colorado,

Certificate

of

Participation,

Series

2020,

4.000%,

12/01/45

-

AGM

Insured

12/28

at

100.00 AA

967,680

500

Mountain

Shadows

Metropolitan

District,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Refunding

Series

2016,

5.000%,

12/01/46

12/25

at

100.00 N/R

452,715

Mountain

Shadows

Metropolitan

District,

Weld

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2015,

5.500%,

12/01/44

12/25

at

100.00 N/R

470,792

570

Nexus

North

at

DIA

Metropolitan

District,

Adams

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2021,

5.000%,

12/01/51

3/26

at

103.00 N/R

482,488

725

North

Range

Metropolitan

District

2,

Adams

County,

Colorado

,

Limited

Tax

General

Obligation

Bonds,

Refunding

Special

Revenue

&

Improvement

Series

2017A,

5.625%,

12/01/37

1/23

at

103.00 N/R

727,016

Northern

Colorado

Water

Conservancy

District,

Certificates

of

Participation,

Series

2022:

2,325

5.000%,

7/01/42

7/31

at

100.00 AA+

2,536,598

3,100

5.250%,

7/01/52

7/31

at

100.00 AA+

3,384,766

Northglenn

Urban

Renewal

Authority,

Northglenn,

Colorado,

Tax

Increment

Revenue

Bonds,

Urban

Renewal

Plan

2,

Series

2019:

4.000%,

12/01/27

No

Opt.

Call

BBB-

237,420

4.000%,

12/01/28

No

Opt.

Call

BBB-

307,617

755

Painted

Prairie

Public

Improvement

Authority,

Aurora,

Colorado,

Special

Revenue

Bonds,

Series

2019,

5.000%,

12/01/49

12/24

at

103.00 N/R

668,424

1,000

Palisade

Park

North

Metropolitan

District

1,

Broomfield

City

and

County,

Colorado,

General

Obligation

Limited

Tax

Convertible

to

Unlimited

Tax,

Refunding

Series

2021A,

4.000%,

12/01/51

-

BAM

Insured

9/31

at

100.00 AA

973,270

Park

Metropolitan

District,

Aurora,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Refunding

&

Improvement

Series

2016:

5.000%,

12/01/24

No

Opt.

Call

Baa3

127,959

1,500

5.000%,

12/01/36

12/26

at

100.00 Baa3

1,529,340

Nuveen

Colorado

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)

Park

Creek

Metropolitan

District,

Colorado,

Senior

Limited

Property

Tax

Supported

Revenue

Bonds,

Refunding

Series

2015A:

$

1,055

5.000%,

12/01/33

-

NPFG

Insured

12/25

at

100.00 A

$

1,094,678

5.000%,

12/01/45

12/25

at

100.00 A

241,284

2,250

Park

Creek

Metropolitan

District,

Colorado,

Senior

Limited

Property

Tax

Supported

Revenue

Bonds,

Series

2017A,

5.000%,

12/01/46

12/25

at

100.00 A

2,337,210

1,225

Park

Creek

Metropolitan

District,

Colorado,

Senior

Limited

Property

Tax

Supported

Revenue

Bonds,

Series

2018A,

4.000%,

12/01/51

12/28

at

100.00 A

1,137,890

2,235

Park

Creek

Metropolitan

District,

Colorado,

Senior

Limited

Property

Tax

Supported

Revenue

Bonds,

Series

2019A,

4.000%,

12/01/38

-

AGM

Insured

12/29

at

100.00 AA

2,253,215

1,500

Plaza

Metropolitan

District

1,

Lakewood,

Colorado,

Tax

Increment

Revenue

Bonds,

Refunding

Series

2013,

5.000%,

12/01/40,

144A

1/23

at

100.00 N/R

1,415,145

Prairiestar

Metropolitan

District

2,

Larimer

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2021A:

500

5.000%,

12/01/41

-

BAM

Insured

12/31

at

100.00 AA

542,480

500

5.000%,

12/01/46

-

BAM

Insured

12/31

at

100.00 AA

538,330

Pueblo

County,

Colorado,

Certificates

of

Participation,

Community

Improvement

Projects,

Series

2019:

1,150

4.000%,

12/01/31

12/27

at

100.00 Aa3

1,203,705

1,235

4.000%,

12/01/32

12/27

at

100.00 Aa3

1,290,983

Pueblo

Urban

Renewal

Authority,

Colorado,

Tax

Increment

Revenue

Bonds,

EVRAZ

Project,

Series

2021A,

4.750%,

12/01/45,

144A

12/30

at

100.00 N/R

190,091

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

2,516

4.500%,

7/01/34

7/25

at

100.00 N/R

2,375,205

1,000

4.750%,

7/01/53

7/28

at

100.00 N/R

913,700

2,500

Rampart

Range

Metropolitan

District

1,

Lone

Tree,

Colorado,

Limited

Tax

Supported

and

Special

Revenue

Bonds,

Refunding

&

Improvement

Series

2017,

5.000%,

12/01/42

12/27

at

100.00 AA

2,656,175

Red

Sky

Ranch

Metropolitan

District,

Eagle

County,

Colorado,

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2015,

5.000%,

12/01/44

12/24

at

100.00 N/R

361,432

2,500

Regional

Transportation

District,

Colorado,

Sales

Tax

Revenue

Bonds,

Fastracks

Project,

Series

2016A,

5.000%,

11/01/46

11/26

at

100.00 AA+

2,591,350

2,385

Regional

Transportation

District,

Colorado,

Sales

Tax

Revenue

Bonds,

Fastracks

Project,

Series

2017B,

4.000%,

11/01/35

11/27

at

100.00 AA+

2,451,351

Reserve

Metropolitan

District

2,

Mount

Crested

Butte,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

Series

2016A,

5.000%,

12/01/45

12/26

at

100.00 N/R

443,440

555

Riverview

Metropolitan

District,

Steamboat

Springs,

Routt

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Convertible

to

Unlimited

Tax

Refunding

Series

2021,

5.000%,

12/01/41

6/26

at

103.00 N/R

485,181

1,000

Roaring

Fork

Transporation

Authority,

Colorado,

Sales

and

Use

Tax

Revenue

Bonds,

Refunding

&

improvement

Series

2019,

4.000%,

12/01/44

12/29

at

100.00 AA

968,490

Sand

Creek

Metropolitan

District,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Refunding

Series

2015A,

4.000%,

12/01/28

12/25

at

100.00 A

195,415

1,995

Sierra

Ridge

Metropolitan

District

2,

Douglas

County,

Colorado,

General

Obligation

Bonds,

Subordinate

Series

2022,

4.000%,

12/01/46

-

AGM

Insured

12/31

at

100.00 AA

1,892,517

565

Silver

Peaks

Metropolitan

District

3,

Colorado,

Limited

Tax

Obligation

Bonds,

Senior

Lien

Series

2020A,

5.000%,

12/01/50

12/25

at

103.00 N/R

480,256

Southlands

Metropolitan

District

1,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2017A-1,

5.000%,

12/01/37

12/27

at

100.00 Ba1

193,870

Southlands

Metropolitan

District

1,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2017A-2,

5.000%,

12/01/47

12/27

at

100.00 Ba1

321,485

Southwest

Timnath

Metropolitan

District

4,

Timnath,

Larimer

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2017A,

5.375%,

12/01/47

1/23

at

103.00 N/R

461,083

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Tax

Obligation/Limited

(continued)

$

1,000

STC

Metropolitan

District

2,

Superior,

Boulder

County,

Colorado,

Limited

Tax

General

Obligation

and

Special

Revenue

Bonds,

Refunding

&

improvement

Series

2019A,

5.000%,

12/01/49

12/24

at

103.00 N/R

$

902,850

750

Sterling

Hills

West

Metropolitan

District,

Arapahoe

County,

Colorado,

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2007,

5.000%,

12/01/39

12/27

at

100.00 A3

788,085

Sterling

Ranch

Community

Authority

Board,

Douglas

County,

Colorado,

Limited

Tax

Supported

District

2,

Refunding

&

Improvement

Senior

Series

2020A,

3.375%,

12/01/30

12/25

at

102.00 N/R

360,266

595

Sterling

Ranch

Metropolitan

District

2,

El

Paso

County,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Convertible

Capital

Appreciation

Series

22,

5.500%,

12/01/42

6/30

at

102.00 N/R

562,650

Stoneridge

Metropolitan

District,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Refunding

&

Improvement

Series

2016,

4.250%,

12/01/28

-

BAM

Insured

12/26

at

100.00 AA

157,252

Tallyn's

Reach

Metropolitan

District

3,

Aurora,

Colorado,

General

Obligation

Bonds,

Refunding

Series

2019:

4.000%,

12/01/27

-

BAM

Insured

No

Opt.

Call

AA

209,010

4.000%,

12/01/28

-

BAM

Insured

No

Opt.

Call

AA

157,854

5.000%,

12/01/29

-

BAM

Insured

No

Opt.

Call

AA

252,432

5.000%,

12/01/30

-

BAM

Insured

12/29

at

100.00 AA

487,170

5.000%,

12/01/31

-

BAM

Insured

12/29

at

100.00 AA

514,418

5.000%,

12/01/32

-

BAM

Insured

12/29

at

100.00 AA

278,428

5.000%,

12/01/33

-

BAM

Insured

12/29

at

100.00 AA

277,432

750

Thompson

Crossing

Metropolitan

District

2,

Johnstown,

Larimer

County,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Convertible

to

Unlimited

Tax,

Series

2016B,

5.000%,

12/01/46

-

AGM

Insured

12/26

at

100.00 AA

787,222

1,640

Thompson

Crossing

Metropolitan

District

6,

Larimer

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Refunding

&

Improvement

Convertible

to

Unlimited

Tax

Series

2020,

5.000%,

12/01/40,

144A

12/30

at

100.00 Ba2

1,550,751

770

Thornton

Development

Authority,

Colorado,

Tax

Increment

Revenue

Bonds,

North

Washington

Street

Corridor

Project,

Refunding

Series

2015,

3.250%,

12/01/28

12/24

at

100.00 A+

771,532

5,000

Thornton,

Colorado,

Certificates

of

Participation,

Series

2018,

4.000%,

12/01/39

12/28

at

100.00 Aa2

4,862,650

2,000

Triview

Metropolitan

District

4,

El

Paso

County,

California,

General

Obligation

Bonds,

Limited

Tax

Series

2018,

5.750%,

12/01/48,

144A

12/23

at

103.00 N/R

1,942,060

Vauxmont

Metropolitan

District,

Arvada,

Colorado,

Limited

Tax

General

Obligation

and

Special

Revenue

Bonds,

Convertible

to

Unlimited

Tax

Refunding

Subordinate

Series

2019:

5.000%,

12/15/26

-

AGM

Insured

12/24

at

103.00 AA

144,612

5.000%,

12/15/27

-

AGM

Insured

12/24

at

103.00 AA

268,018

5.000%,

12/15/29

-

AGM

Insured

12/24

at

103.00 AA

241,310

Vista

Ridge

Metropolitan

District,

In

the

Town

of

Erie,

Weld

County,

Colorado,

General

Obligation

Refunding

Bonds,

Series

2016A:

525

5.000%,

12/01/28

-

BAM

Insured

12/26

at

100.00 AA

564,601

1,250

5.000%,

12/01/31

-

BAM

Insured

12/26

at

100.00 AA

1,335,537

500

4.000%,

12/01/36

-

BAM

Insured

12/26

at

100.00 AA

509,810

Water

Valley

Metropolitan

District

1,

Colorado,

General

Obligation

Bonds,

Refunding

Series

2016:

3.250%,

12/01/24

No

Opt.

Call

N/R

100,733

1,000

4.000%,

12/01/33

12/26

at

100.00 N/R

885,960

5.000%,

12/01/35

12/26

at

100.00 N/R

290,799

645

5.250%,

12/01/40

12/26

at

100.00 N/R

624,573

Water

Valley

Metropolitan

District

2,

Windsor,

Colorado,

General

Obligation

Bonds,

Refunding

Series

2016,

3.000%,

12/01/22

No

Opt.

Call

N/R

130,000

500

Waterview

II

Metropolitan

District,

El

Paso

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2022A,

5.000%,

12/01/41

3/27

at

103.00 N/R

447,180

1,000

West

Globeville

Metropolitan

District

1,

Denver,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2022,

6.750%,

12/01/52

12/29

at

103.00 N/R

915,390

Nuveen

Colorado

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)

$

600

Westerly

Metropolitan

District

4,

Weld

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2021A-1,

4.125%,

12/01/31

3/26

at

103.00 N/R

$

521,898

Westminster,

Colorado,

Certificates

of

Participation,

Series

2015A:

1,500

5.000%,

12/01/35

12/25

at

100.00 AA

1,579,065

1,000

4.000%,

12/01/38

12/25

at

100.00 AA

1,000,950

Wheatlands

Metropolitan

District

2,

Aurora,

Arapahoe

County,

Colorado,

General

Obligation

Bonds,

Refunding

Series

2015:

1,000

5.000%,

12/01/30

-

BAM

Insured

12/25

at

100.00 AA

1,059,760

1,595

4.000%,

12/01/38

-

BAM

Insured

12/25

at

100.00 AA

1,598,748

500

Wildgrass

Metropolitan

District,

Colorado,

General

Obligation

Bonds,

Refunding

Series

2014A,

4.000%,

12/01/34

-

BAM

Insured

12/24

at

100.00 AA

513,195

147,504

Total

Tax

Obligation/Limited

147,589,060

Transportation

-

7.1%

1,000

Colorado

High

Performance

Transportation

Enterprise,

Express

Lanes

Revenue

Bonds,

Senior

Lien

Series

2017,

5.000%,

12/31/56

12/24

at

100.00 BBB

1,000,170

500

Colorado

High

Performance

Transportation

Enterprise,

US

and

Managed

Lanes

Revenue

Bonds,

Senior

Lien

Series

2014,

5.750%,

1/01/44,

(AMT)

1/23

at

100.00 BBB-

500,465

1,750

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2017A,

5.000%,

11/15/29,

(AMT)

11/27

at

100.00 AA-

1,864,188

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022A:

1,995

5.000%,

11/15/39,

(AMT)

11/32

at

100.00 AA-

2,108,296

3,340

5.000%,

11/15/41,

(AMT)

11/32

at

100.00 AA-

3,493,840

500

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022B,

5.000%,

11/15/47

11/32

at

100.00 AA-

540,780

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022D:

500

5.750%,

11/15/45,

(AMT)

11/32

at

100.00 AA-

553,930

1,000

5.000%,

11/15/53,

(AMT)

11/32

at

100.00 AA-

1,022,360

1,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Subordinate

Lien

Series

2013B,

5.250%,

11/15/33

11/23

at

100.00 A+

1,019,520

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Subordinate

Lien

Series

2018A:

2,055

5.000%,

12/01/27,

(AMT)

No

Opt.

Call

A+

2,199,877

1,000

5.000%,

12/01/30,

(AMT)

No

Opt.

Call

A+

1,091,350

8,305

5.000%,

12/01/43,

(AMT)

12/28

at

100.00 A+

8,480,485

1,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Subordinate

Lien

Series

2018B,

5.000%,

12/01/37

12/28

at

100.00 A+

1,073,090

500

Denver

City

and

County,

Colorado,

Special

Facilities

Airport

Revenue

Bonds,

United

Airlines,

Inc.

Project,

Refunding

Series

2017,

5.000%,

10/01/32,

(AMT)

10/23

at

100.00 B

496,410

750

Eagle

County

Air

Terminal

Corporation,

Colorado,

Airport

Terminal

Project

Revenue

Bonds,

Refunding

Series

2011A,

6.000%,

5/01/27,

(AMT)

1/23

at

100.00 Baa2

697,500

Grand

Junction

Regional

Airport

Authority,

Colorado,

General

Airport

Revenue

Bonds,

Refunding

Series

2016A:

680

5.000%,

12/01/25

-

NPFG

Insured

No

Opt.

Call

Baa2

716,639

965

5.000%,

12/01/27

-

NPFG

Insured

12/26

at

100.00 Baa2

1,031,855

1,215

5.000%,

12/01/32

12/26

at

100.00 Baa2

1,274,802

1,275

5.000%,

12/01/33

12/26

at

100.00 Baa2

1,332,923

1,000

5.000%,

12/01/34

12/26

at

100.00 Baa2

1,041,680

30,330

Total

Transportation

31,540,160

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

U.S.

Guaranteed

-

8.0%

(4) $

500

Central

Platte

Valley

Metropolitan

District,

Colorado,

General

Obligation

Bonds,

Refunding

Series

2013A,

5.625%,

12/01/38,

(Pre-refunded

12/01/23)

12/23

at

100.00 BBB

$

514,105

Central

Platte

Valley

Metropolitan

District,

Colorado,

General

Obligation

Bonds,

Refunding

Series

2014,

5.000%,

12/01/43,

(Pre-refunded

12/01/23)

12/23

at

100.00 BB+

132,616

500

Colorado

Educational

and

Cultural

Facilities

Authority,

Revenue

Bonds,

Johnson

&

Wales

University

Project,

Series

2013A,

5.250%,

4/01/43,

(Pre-refunded

4/01/23)

4/23

at

100.00 N/R

504,350

Colorado

Health

Facilities

Authority,

Colorado,

Health

Facilities

Revenue

Bonds,

The

Evangelical

Lutheran

Good

Samaritan

Society

Project,

Refunding

Series

2017:

5.000%,

6/01/37,

(Pre-refunded

6/01/27)

6/27

at

100.00 N/R

54,380

1,585

5.000%,

6/01/42,

(Pre-refunded

6/01/27)

6/27

at

100.00 N/R

1,723,830

3,535

Colorado

Health

Facilities

Authority,

Colorado,

Hospital

Revenue

Bonds,

NCMC

Inc.,

Series

2016,

4.000%,

5/15/32,

(Pre-refunded

5/15/26)

5/26

at

100.00 N/R

3,674,067

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Adventist

Health

System/Sunbelt

Obligated

Group,

Series

2016B:

5.000%,

11/15/29,

(Pre-refunded

5/15/26)

5/26

at

100.00 N/R

69,505

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Catholic

Health

Initiatives,

Series

2013A:

1,510

5.250%,

1/01/40,

(Pre-refunded

1/01/23)

1/23

at

100.00 A-

1,513,231

2,000

5.250%,

1/01/45,

(Pre-refunded

1/01/23)

1/23

at

100.00 A-

2,004,280

1,085

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Evangelical

Lutheran

Good

Samaritan

Society

Project,

Series

2013,

5.625%,

6/01/43,

(Pre-refunded

6/01/23)

6/23

at

100.00 N/R

1,100,331

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Evangelical

Lutheran

Good

Samaritan

Society

Project,

Series

2013A:

5.000%,

6/01/35,

(Pre-refunded

6/01/25)

6/25

at

100.00 N/R

475,380

3,000

5.000%,

6/01/45,

(Pre-refunded

6/01/25)

6/25

at

100.00 N/R

3,169,200

575

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Sisters

of

Charity

of

Leavenworth

Health

Services

Corporation,

Series

2013A,

5.000%,

1/01/44,

(Pre-refunded

1/01/24)

1/24

at

100.00 AA+

589,346

Colorado

State

Board

of

Governors,

Colorado

State

University

Auxiliary

Enterprise

System

Revenue

Bonds,

Refunding

Series

2016B:

500

5.000%,

3/01/34,

(Pre-refunded

3/01/27)

3/27

at

100.00 Aa3

546,760

500

5.000%,

3/01/41,

(Pre-refunded

3/01/27)

3/27

at

100.00 Aa3

546,760

Colorado

State

Board

of

Governors,

Colorado

State

University

Auxiliary

Enterprise

System

Revenue

Bonds,

Series

2013C:

675

5.000%,

3/01/44,

(Pre-refunded

3/01/23)

3/23

at

100.00 N/R

679,165

625

5.000%,

3/01/44,

(Pre-refunded

3/01/23)

3/23

at

100.00 N/R

628,856

1,000

Commerce

City,

Colorado,

Sales

and

Use

Tax

Revenue

Bonds,

Series

2014,

5.000%,

8/01/44,

(Pre-refunded

8/01/24)

-

AGM

Insured

8/24

at

100.00 AA

1,037,720

Commerce

City,

Colorado,

Sales

and

Use

Tax

Revenue

Bonds,

Series

2016:

1,200

5.000%,

8/01/41,

(Pre-refunded

8/01/26)

8/26

at

100.00 AA

1,294,152

6,000

5.000%,

8/01/46,

(Pre-refunded

8/01/26)

8/26

at

100.00 AA

6,470,760

Gunnison

Watershed

School

District

RE1J,

Gunnison

and

Saguache

Counties,

Colorado,

General

Obligation

Bonds,

Refunding

Series

2014A:

1,000

4.000%,

12/01/32,

(Pre-refunded

12/01/24)

12/24

at

100.00 Aa1

1,027,100

1,000

4.000%,

12/01/33,

(Pre-refunded

12/01/24)

12/24

at

100.00 Aa1

1,027,100

1,000

Metropolitan

State

University

of

Denver,

Colorado,

Institutional

Enterprise

Revenue

Bonds,

Aerospace

and

Engineering

Sciences

Building

Project,

Series

2016,

4.000%,

12/01/40,

(Pre-refunded

12/01/25)

12/25

at

100.00 Aa2

1,034,750

500

Powhaton

Road

Metropolitan

District

2,

Arapahoe

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Convertible

to

Unlimited

Tax

Series

2019A,

5.625%,

12/01/48,

(Pre-refunded

12/01/23)

12/23

at

103.00 N/R

528,450

Nuveen

Colorado

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

U.S.

Guaranteed

(4) (continued)

$

1,033

Tallyn's

Reach

Metropolitan

District

3,

Aurora,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Convertible

to

Unlimited

Tax,

Refunding

&

Improvement

Series

2013,

5.000%,

12/01/33,

(Pre-refunded

12/01/23),

144A

12/23

at

100.00 N/R

$

1,053,350

645

University

of

Colorado,

Enterprise

System

Revenue

Bonds,

Refunding

Series

2014B-1,

4.000%,

6/01/34,

(Pre-refunded

6/01/24)

6/24

at

100.00 Aa1

658,384

3,410

University

of

Colorado,

Enterprise

System

Revenue

Bonds,

Refunding

Series

2017A-2,

4.000%,

6/01/36,

(Pre-refunded

6/01/28)

6/28

at

100.00 Aa1

3,627,865

34,073

Total

U.S.

Guaranteed

35,685,793

Utilities

-

13.5%

Arapahoe

County

Water

and

Wastewater

Authority,

Colorado,

Revenue

Bonds,

Refunding

Series

2019:

1,000

4.000%,

12/01/37

No

Opt.

Call

AA

1,010,168

1,845

4.000%,

12/01/38

12/29

at

100.00 AA

1,858,911

1,000

Castle

Rock,

Colorado,

Water

and

Sewer

Enterprise

Revenue

Bonds,

Series

2022,

4.000%,

12/01/42

12/32

at

100.00 AA+

997,370

3,940

Centennial

Water

and

Sanitation

District,

Douglas

County,

Colorado,

Water

and

Wastewater

Revenue

Bonds,

Series

2019,

5.000%,

12/01/43

12/28

at

100.00 AAA

4,260,992

500

Cherokee

Metropolitan

District,

Colorado,

Water

and

Wastewater

Revenue

Bonds,

Series

2020,

4.000%,

8/01/50

-

BAM

Insured

8/30

at

100.00 AA

478,285

4,435

City

of

Colorado

Springs,

Colorado,

Utilities

System

Revenue

Bonds,

Improvement

Series

2022B,

5.250%,

11/15/52

11/32

at

100.00 AA+

4,965,426

500

Colorado

Springs,

Colorado,

Utilities

System

Revenue

Bonds,

Refunding

Series

2015A,

4.000%,

11/15/35

11/25

at

100.00 AA+

507,875

765

Colorado

Water

Resources

and

Power

Development

Authority,

Water

Resources

Revenue

Bonds,

City

of

Fountain,

Electric,

Water

&

Wastewater

Utility

Enterprise

Project,

Series

2014A,

4.000%,

9/01/32

-

BAM

Insured

9/24

at

100.00 AA

779,130

1,000

Colorado

Water

Resources

and

Power

Development

Authority,

Water

Resources

Revenue

Bonds,

Steamboat

Springs

Utilities

Fund,

Series

2011B,

4.125%,

8/01/26

1/23

at

100.00 Aa3

1,002,370

1,090

Colorado

Water

Resources

and

Power

Development

Authority,

Water

Resources

Revenue

Bonds,

Telluride

Town

Project,

Series

2020A,

4.000%,

6/01/35

-

AGM

Insured

6/30

at

100.00 AA

1,117,337

1,250

Denver

City

and

County

Board

of

Water

Commissioners,

Colorado,

Water

Revenue

Bonds,

Green

Series

2017A,

4.000%,

9/15/42

9/27

at

100.00 AAA

1,260,825

7,000

Denver

City

and

County

Board

of

Water

Commissioners,

Colorado,

Water

Revenue

Bonds,

Series

2022A,

5.000%,

12/15/52

12/32

at

100.00 AAA

7,759,780

4,655

Eagle

River

Water

and

Sanitation

District,

Eagle

County,

Colorado,

Enterprise

Wastewater

Revenue

Bonds,

Improvement

Series

2020A,

4.000%,

12/01/49

-

AGM

Insured

12/29

at

100.00 AA

4,361,456

1,000

East

Cherry

Creek

Valley

Water

and

Sanitation

District,

Arapahoe

County,

Colorado,

Water

Revenue

Bonds,

Improvement

Series

2019A,

4.000%,

11/15/38

11/29

at

100.00 AA-

1,008,400

East

Cherry

Creek

Valley

Water

and

Sanitation

District,

Arapahoe

County,

Colorado,

Water

Revenue

Bonds,

Refunding

Series

2015:

650

5.000%,

11/15/32

11/25

at

100.00 AA-

685,100

1,815

4.000%,

11/15/35

11/25

at

100.00 AA-

1,857,834

East

Cherry

Creek

Valley

Water

and

Sanitation

District,

Arapahoe

County,

Colorado,

Water

Revenue

Bonds,

Refunding

Series

2020,

4.000%,

11/15/35

5/30

at

100.00 AA-

229,266

Erie,

Boulder

and

Weld

Counties,

Colorado,

Water

Enterprise

Revenue

Bonds,

Refunding

Series

2015:

500

3.000%,

12/01/29

12/25

at

100.00 AA

501,205

570

4.000%,

12/01/31

12/25

at

100.00 AA

590,913

Firestone,

Colorado,

Water

Enterprise

Revenue

Bones,

Series

2020,

4.000%,

12/01/40

-

BAM

Insured

12/30

at

100.00 AA

104,760

Fort

Lupton,

Colorado,

Water

System

Revenue

Bonds,

Refunding

&

Improvement

Series

2017:

1,140

4.000%,

12/01/42

-

AGM

Insured

12/27

at

100.00 AA

1,119,856

2,430

5.000%,

12/01/47

-

AGM

Insured

12/27

at

100.00 AA

2,576,116

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Utilities

(continued)

Fountain,

El

Paso

County,

Colorado,

Acting

by

and

through

the

City

of

Fountain

Electric,

Water

and

Wastewater

Utility

Enterprise,

Water

and

Electric

Revenue

Bonds,

Series

2019:

$

4.000%,

12/01/35

-

AGM

Insured

12/26

at

100.00 AA

$

327,693

525

4.000%,

12/01/37

-

AGM

Insured

12/26

at

100.00 AA

534,655

1,180

Johnstown,

Colorado,

Wastewater

Revenue

Bonds,

Series

2021,

4.000%,

12/01/51

-

AGM

Insured

12/31

at

100.00 AA

1,096,090

2,000

Loveland,

Colorado,

Electric

and

Communications

Enterprise

Revenue

Bonds,

Series

2019A,

5.000%,

12/01/44

12/28

at

100.00 A+

2,081,900

1,000

Morgan

County

Quality

Water

District,

Morgan

and

Washington

Counties,

Colorado,

Water

Revenue

Bonds,

Series

2020,

4.000%,

12/01/50

-

AGM

Insured

12/30

at

100.00 AA

955,590

1,115

North

Weld

County

Water

District,

Colorado,

Water

Enterprise

Revenue

Bonds, Series

2019,

4.000%,

11/01/30

11/27

at

100.00 AA

1,176,771

Parker

Water

and

Sanitation

District,

Douglas

County,

Colorado,

Water

and

Sewer

Enterprise

Revenue

Bonds,

Refunding

&

Improvement

Series

2020:

745

4.000%,

11/01/38

11/29

at

100.00 AA+

752,592

4.000%,

11/01/40

11/29

at

100.00 AA+

301,608

Parker

Water

and

Sanitation

District,

Douglas

County,

Colorado,

Water

and

Sewer

Enterprise

Revenue

Bonds,

Refunding

&

Improvement

Series

2022:

1,000

4.000%,

11/01/38

11/32

at

100.00 AA+

1,013,860

8,805

4.000%,

11/01/47

11/32

at

100.00 AA+

8,738,434

1,295

Public

Authority

for

Colorado

Energy,

Natural

Gas

Purchase

Revenue

Bonds, Colorado

Springs

Utilities,

Series

2008,

6.250%,

11/15/28

No

Opt.

Call

AA-

1,385,689

1,000

Triview

Metropolitan

District,

El

Paso

County,

Colorado,

Water

and

Wastewater

Enterprise

Revenue

Bonds,

Green

Series

2020,

4.000%,

12/01/40

-

BAM

Insured

12/28

at

100.00 AA

1,003,140

2,000

Upper

Eagle

Regional

Water

Authority,

Eagle

County,

Colorado,

Water

Revenue

Bonds,

Refunding

&

Improvement

Series

2020,

4.000%,

12/01/50

-

AGM

Insured

12/30

at

100.00 AA

1,895,520

58,695

Total

Utilities

60,296,917

$

435,022

Total

Long-Term

Investments

(cost

$453,734,108)

439,934,049

Other

Assets

Less

Liabilities

-

1.4%

6,395,519

Net

Assets

-

100%

$

446,329,568

(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

See

accompanying

notes

to

financial

statements.

Nuveen

Maryland

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

-

97.2%

X

235,984,806

MUNICIPAL

BONDS

-

97.1%

X

235,984,806

Consumer

Discretionary

-

1.8%

$

4,000

Baltimore,

Maryland,

Convention

Center

Hotel

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

9/01/39

9/27

at

100.00 CCC+

$

3,690,920

1,000

Maryland

Economic

Development

Corporation,

Revenue

Bonds,

Chesapeake

Bay

Hyatt

Conference

Center,

Series

2006A,

5.000%,

12/01/31

(4) 1/23

at

100.00 N/R

600,000

5,000

Total

Consumer

Discretionary

4,290,920

Consumer

Staples

-

2.4%

900

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020B-2

Class

2,

5.000%,

6/01/55

6/30

at

100.00 N/R

825,858

545

Children's

Trust

Fund,

Puerto

Rico,

Tobacco

Settlement

Asset-Backed

Bonds,

Refunding

Series

2002,

5.500%,

5/15/39

1/23

at

100.00 BBB

543,637

1,070

Guam

Economic

Development

&

Commerce

Authority,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007A,

5.250%,

6/01/32

12/22

at

100.00 N/R

1,021,593

620

New

York

Counties

Tobacco

Trust

VI,

New

York,

Tobacco

Settlement

Pass-

Through

Bonds,

Series

Series

2016A-1,

5.625%,

6/01/35

No

Opt.

Call

A-

632,549

1,000

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018A,

5.000%,

6/01/46

6/28

at

100.00 BBB+

981,020

Tobacco

Settlement

Financing

Corporation,

Virgin

Islands,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2001,

5.000%,

5/15/31

1/23

at

100.00 Aa3

20,021

1,900

TSASC

Inc.,

New

York,

Tobacco

Asset-Backed

Bonds,

Series

2006,

5.000%,

6/01/48

6/27

at

100.00 N/R

1,763,200

6,055

Total

Consumer

Staples

5,787,878

Education

and

Civic

Organizations

-

7.0%

Baltimore

County,

Maryland,

Economic

Development

Revenue

Bonds,

McDonogh

School

Facility,

Series

2021:

665

4.000%,

9/01/32

9/31

at

100.00 A+

696,222

4.000%,

9/01/35

9/31

at

100.00 A+

454,324

1,000

Chestertown,

Maryland,

Economic

Development

Project

Revenue

Bonds,

Washington

College,

Refunding

Series

2021A,

4.000%,

3/01/36

3/31

at

100.00 BBB

986,770

1,500

Frederick

County,

Maryland,

Educational

Facilities

Revenue

Bonds,

Mount

Saint

Mary's

University

Inc.,

Series

2017A,

5.000%,

9/01/45,

144A

9/27

at

100.00 BB+

1,377,675

500

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Goucher

College,

Series

2017A,

5.000%,

7/01/37

7/27

at

100.00 BBB+

519,180

645

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Imagine

Andrews

Public

Charter

School,

Series

2022A,

5.500%,

5/01/52,

144A

5/30

at

100.00 N/R

594,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Johns

Hopkins

University,

Series

2013B:

500

5.000%,

7/01/38

7/23

at

100.00 AA+

503,445

2,625

4.250%,

7/01/41

7/23

at

100.00 AA+

2,629,384

500

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Loyola

University

Maryland,

Series

2014,

4.000%,

10/01/39

10/24

at

100.00 A

481,415

1,210

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Loyola

University

Maryland,

Series

2019A,

5.000%,

10/01/49

10/29

at

100.00 A

1,283,084

2,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Maryland

Institute

College

of

Art,

Series

2012,

5.000%,

6/01/29

12/22

at

100.00 Baa1

2,001,720

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Maryland

Institute

College

of

Art,

Series

2016:

5.000%,

6/01/29

6/26

at

100.00 Baa1

402,756

700

5.000%,

6/01/33

6/26

at

100.00 Baa1

727,496

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Education

and

Civic

Organizations

(continued)

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Maryland

Institute

College

of

Art,

Series

2017:

$

5.000%,

6/01/36

6/26

at

100.00 Baa1

$

325,045

5.000%,

6/01/42

6/26

at

100.00 Baa1

240,753

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Stevenson

University,

Series

2021A:

1,000

4.000%,

6/01/38

6/31

at

100.00 BBB-

915,260

2,010

4.000%,

6/01/46

6/31

at

100.00 BBB-

1,739,474

1,100

Maryland

Industrial

Development

Financing

Authority,

Economic

Development

Revenue

Bonds,

McDonogh

School

Inc.,

Sereis

2019,

4.000%,

9/01/43

3/29

at

100.00 A+

1,051,611

17,340

Total

Education

and

Civic

Organizations

16,929,614

Energy

-

1.3%

3,260

Maryland

Economic

Development

Corporation,

Port

Facilities

Revenue

Bonds,

CNX

Marine

Terminals

Inc.

Port

of

Baltimore

Facility,

Refunding

Series

2010,

5.750%,

9/01/25

1/23

at

100.00 BB

3,260,620

Health

Care

-

14.7%

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Maryland,

Revenue

Bonds,

Meritus

Medical

Center,

Series

2015:

660

4.000%,

7/01/32

7/25

at

100.00 A

652,806

1,650

4.250%,

7/01/35

7/25

at

100.00 A

1,598,817

1,000

5.000%,

7/01/40

7/25

at

100.00 A

1,009,100

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds

Doctors

Community

Hospital,

Series

2017B:

750

5.000%,

7/01/34

7/27

at

100.00 A3

772,882

500

5.000%,

7/01/38

7/27

at

100.00 A3

507,115

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds, Mercy

Medical

Center,

Series

2016A:

5.000%,

7/01/36

7/26

at

100.00 BBB+

92,073

1,250

5.000%,

7/01/38

7/26

at

100.00 BBB+

1,269,562

4.000%,

7/01/42

7/26

at

100.00 BBB+

386,685

1,750

Maryland

Health

and

HIgher

Educational

Facilities

Authority,

Revenue

Bonds,

Adventist

Healthcare

Inc.,

Series

2021,

5.000%,

1/01/36

1/32

at

100.00 Baa3

1,818,373

1,680

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Adventist

HealthCare

Issue,

Series

2021B,

4.000%,

1/01/51

1/32

at

100.00 BBB

1,435,476

2,020

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Adventist

Healthcare,

Series

2016A,

5.500%,

1/01/46

1/27

at

100.00 Baa3

2,053,189

Maryland

Health

and

HIgher

Educational

Facilities

Authority,

Revenue

Bonds,

Frederick

Health

System

Issue;

Series

2020:

740

3.250%,

7/01/39

7/30

at

100.00 A-

592,710

4.000%,

7/01/40

7/30

at

100.00 A-

46,578

520

4.000%,

7/01/45

7/30

at

100.00 A-

472,384

Maryland

Health

and

HIgher

Educational

Facilities

Authority,

Revenue

Bonds,

Greater

Baltimore

Medical

Center,

Series

2021A:

2,250

4.000%,

7/01/40

7/31

at

100.00 A+

2,169,878

3.000%,

7/01/46

7/31

at

100.00 A+

121,448

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

LifeBridge

Health

Issue,

Series

2016:

1,000

4.000%,

7/01/41

7/26

at

100.00 A+

974,020

500

5.000%,

7/01/47

7/26

at

100.00 A+

505,720

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

LifeBridge

Health

Issue,

Series

2017:

575

5.000%,

7/01/33

7/27

at

100.00 A+

608,551

500

4.000%,

7/01/42

7/27

at

100.00 A+

486,775

Nuveen

Maryland

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Health

Care

(continued)

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

LifeBridge

Health

System,

Series

2015:

$

955

4.125%,

7/01/47

7/25

at

100.00 A+

$

913,228

1,020

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Medstar

Health

Issue,

Series

2013B,

5.000%,

8/15/38

8/23

at

100.00 A

1,026,559

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

MedStar

Health

Issue,

Series

2017A:

2,000

5.000%,

5/15/42

5/27

at

100.00 A

2,056,200

1,500

5.000%,

5/15/45

5/27

at

100.00 A

1,532,970

1,560

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Peninsula

Regional

Medical

Center

Issue,

Series

2020A,

5.000%,

7/01/34

7/30

at

100.00 A

1,653,881

2,075

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Trinity

Health

Credit

Group,

Series

2017MD,

5.000%,

12/01/46

6/27

at

100.00 AA-

2,114,446

2,500

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

Maryland

Medical

System

Issue,

Series

2017B,

5.000%,

7/01/39

7/27

at

100.00 A

2,569,600

2,500

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

Pittsburgh

Medical

Center,

Series

2020B,

4.000%,

4/15/45

4/30

at

100.00 A

2,295,100

Montgomery

County,

Maryland,

Revenue

Bonds,

Trinity

Health

Credit

Group,

Series

2015:

3,000

4.000%,

12/01/44

6/25

at

100.00 AA-

2,893,530

1,000

5.000%,

12/01/44

6/25

at

100.00 AA-

1,017,110

36,200

Total

Health

Care

35,646,766

Housing/Multifamily

-

10.4%

2,000

Howard

County

Housing

Commission,

Maryland,

Revenue

Bonds,

Columbia

Commons

Apartments,

Series

2014A,

5.000%,

6/01/44

6/24

at

100.00 A+

2,042,200

2,000

Howard

County

Housing

Commission,

Maryland,

Revenue

Bonds,

Columbia

Landing

Project,

Refunding

Series

2021A,

1.600%,

6/01/29

6/26

at

100.00 A+

1,793,340

640

Howard

County

Housing

Commission,

Maryland,

Revenue

Bonds,

Gateway

Village

Apartments,

Series

2016,

4.000%,

6/01/46

6/26

at

100.00 A+

587,091

1,660

Howard

County

Housing

Commission,

Maryland,

Revenue

Bonds,

The

Verona

at

Oakland

Mills

Project,

Series

2013,

5.000%,

10/01/28

10/23

at

100.00 A+

1,684,269

1,310

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Housing

Revenue

Bonds,

Green

Series

2021A,

2.200%,

7/01/41

1/31

at

100.00 AA+

950,471

1,000

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Housing

Revenue

Bonds,

Green

Series

2021B,

2.100%,

1/01/41

7/31

at

100.00 AA+

712,940

1,000

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Housing

Revenue

Bonds,

Green

Series

2021C,

2.600%,

1/01/42

7/31

at

100.00 AA+

735,320

935

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Housing

Revenue

Bonds,

Series

2000A,

2.600%,

7/01/40

7/29

at

100.00 AA+

719,763

1,430

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Housing

Revenue

Bonds,

Series

2014D,

4.000%,

7/01/45

1/24

at

100.00 AA+

1,300,928

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Housing

Revenue

Bonds,

Series

2017C,

3.550%,

7/01/42

1/27

at

100.00 AA+

218,632

1,480

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Housing

Revenue

Bonds,

Series

2018A,

3.950%,

7/01/43

1/28

at

100.00 AA+

1,444,687

1,000

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Housing

Revenue

Bonds,

Series

2020E,

2.150%,

7/01/40

1/30

at

100.00 AA+

700,980

1,750

Maryland

Community

Development

Administration,

Department

of

Housing

and

Community

Development,

Multifamily

Development

Revenue

Bonds,

Marlborough

Apartments,

Series

2014I,

3.450%,

12/15/31

12/24

at

100.00 Aaa

1,761,375

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Housing/Multifamily

(continued)

$

575

Maryland

Economic

Development

Corporation,

Senior

Student

Housing

Revenue

Bonds,

Towson

University

Project,

Refunding

Series

2017,

5.000%,

7/01/32

7/27

at

100.00 BB+

$

575,437

1,000

Maryland

Economic

Development

Corporation,

Student

Housing

Revenue

Bonds,

Morgan

State

University

Project,

Senior

Series

2022,

6.000%,

7/01/58

7/32

at

100.00 BBB-

1,068,270

Maryland

Economic

Development

Corporation,

Student

Housing

Revenue

Bonds,

Morgan

State

University

Project,

Series

2020:

4.000%,

7/01/40

7/30

at

100.00 BBB-

180,256

1,150

5.000%,

7/01/50

7/30

at

100.00 BBB-

1,134,694

500

Maryland

Economic

Development

Corporation,

Student

Housing

Revenue

Bonds,

Salisbury

University

Project,

Refunding

Series

2013,

5.000%,

6/01/34

6/23

at

100.00 Baa3

496,115

1,000

Maryland

Economic

Development

Corporation,

Student

Housing

Revenue

Bonds,

Sheppard

Pratt

University

Village,

Series

2012,

5.000%,

7/01/27

1/23

at

100.00 BBB-

1,000,310

Maryland

Economic

Development

Corporation,

Student

Housing

Revenue

Bonds,

University

of

Maryland

-

Baltimore

Project,

Refunding

Senior

Lien

Series

2015:

5.000%,

7/01/31

7/25

at

100.00 BB+

256,520

5.000%,

7/01/35

7/25

at

100.00 BB+

474,098

1,140

Maryland

Economic

Development

Corporation,

Student

Housing

Revenue

Bonds,

University

of

Maryland,

Baltimore

County

Project,

Refunding

Series

2016,

3.600%,

7/01/35

-

AGM

Insured

1/23

at

100.00 AA

1,139,202

Maryland

Economic

Development

Corporation,

Student

Housing

Revenue

Bonds,

University

of

Maryland,

College

Park

Project,

Refunding

Series

2016:

1,145

5.000%,

6/01/31

-

AGM

Insured

6/26

at

100.00 AA

1,198,242

520

5.000%,

6/01/43

-

AGM

Insured

6/26

at

100.00 AA

529,116

1,250

Montgomery

County

Housing

Opportunities

Commission,

Maryland,

Multifamily

Housing

Development

Bonds,

Series

2014A,

3.650%,

7/01/34

7/24

at

100.00 Aaa

1,241,925

750

Montgomery

County

Housing

Opportunities

Commission,

Maryland,

Multifamily

Housing

Development

Bonds,

Series

2021B,

2.250%,

7/01/41

7/30

at

100.00 Aaa

548,895

1,000

Montgomery

County

Housing

Opportunities

Commission,

Maryland,

Multifamily

Housing

Development

Bonds,

Series

2021C,

2.200%,

7/01/36

7/30

at

100.00 Aaa

788,510

27,400

Total

Housing/Multifamily

25,283,586

Housing/Single

Family

-

4.4%

2,500

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Residential

Revenue

Bonds,

Series

2014C,

3.200%,

9/01/28

3/24

at

100.00 Aa1

2,458,075

2,500

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Residential

Revenue

Bonds,

Series

2019B,

3.200%,

9/01/39

9/28

at

100.00 Aa1

2,211,775

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Residential

Revenue

Bonds,

Series

2019C:

550

5.000%,

9/01/28

No

Opt.

Call

Aa1

603,862

800

5.000%,

3/01/30

3/29

at

100.00 Aa1

878,816

725

3.000%,

3/01/42

3/29

at

100.00 Aa1

606,709

1,430

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Residential

Revenue

Bonds,

Series

2021A,

2.000%,

9/01/43

3/30

at

100.00 Aa1

889,088

500

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Residential

Revenue

Bonds,

Series

2021B,

2.100%,

9/01/41

3/30

at

100.00 Aa1

340,500

2,000

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Residential

Revenue

Bonds,

Series

2021C,

2.450%,

9/01/41

9/30

at

100.00 Aa1

1,479,680

Nuveen

Maryland

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Housing/Single

Family

(continued)

$

1,000

Maryland

Community

Development

Administration

Department

of

Housing

and

Community

Development,

Residential

Revenue

Bonds,

Taxable

Series

2019D,

3.200%,

7/01/44

7/29

at

100.00 AA+

$

853,880

Montgomery

County

Housing

Opportunities

Commission,

Maryland,

Program

Revenue

Bonds,

Series

2019C,

3.300%,

7/01/39,

(AMT)

1/28

at

100.00 Aa2

373,199

12,425

Total

Housing/Single

Family

10,695,584

Long-Term

Care

-

4.3%

1,000

Baltimore

County,

Maryland,

Revenue

Bonds,

Oak

Crest

Village,

Series

2016,

5.000%,

1/01/37

1/26

at

100.00 A

1,025,680

1,750

Baltimore

County,

Maryland,

Revenue

Bonds,

Oak

Crest

Village,

Series

2020,

4.000%,

1/01/45

1/27

at

103.00 A

1,556,310

2,000

Baltimore

County,

Maryland,

Revenue

Bonds,

Riderwood

Village

Inc

Facility,

Series

2020,

4.000%,

1/01/50

1/27

at

103.00 A

1,909,200

1,200

Gaithersburg,

Maryland,

Economic

Development

Revenue

Bonds,

Asbury

Methodist

Obligated

Group

Project,

Refunding

Series

2018A,

5.000%,

1/01/33

1/24

at

104.00 BBB

1,210,656

1,250

Howard

County,

Maryland,

Retirement

Community

Revenue

Bonds,

Vantage

House,

Refunding

Series

2017,

5.000%,

4/01/44

4/27

at

100.00 N/R

1,055,388

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Charlestown

Community

Issue,

Series

2016A:

700

5.000%,

1/01/36

7/26

at

100.00 A-

731,633

835

5.000%,

1/01/45

7/26

at

100.00 A-

863,707

Rockville

Mayor

and

Council,

Maryland,

Economic

Development

Revenue

Bonds,

Ingleside

King

Farm

Project,

Series

2017A-1:

575

5.000%,

11/01/30

11/24

at

103.00 B-

557,439

950

5.000%,

11/01/32

11/24

at

103.00 B-

908,428

5.000%,

11/01/37

11/24

at

103.00 B-

92,457

Rockville

Mayor

and

Council,

Maryland,

Economic

Development

Revenue

Bonds,

Series

2017B:

500

5.000%,

11/01/42

11/24

at

103.00 B-

446,045

5.000%,

11/01/47

11/24

at

103.00 B-

86,570

10,960

Total

Long-Term

Care

10,443,513

Tax

Obligation/General

-

9.6%

2,040

Corona-Norco

Unified

School

District,

Riverside

County,

California,

General

Obligation

Bonds,

Capital

Appreciation,

Election

2006

Refunding

Series

2009C,

0.000%,

8/01/32

No

Opt.

Call

AA

1,401,256

1,000

Howard

County,

Maryland,

General

Obligation

Bonds,

Consolidated

Public

Improvement

Project,

Series

2020A,

4.000%,

8/15/39

8/30

at

100.00 AAA

1,021,750

Maryland

State,

General

Obligation

Bonds,

State

and

Local

Facilities

Loan,

First

Series

2017A:

1,000

5.000%,

3/15/23

No

Opt.

Call

AAA

1,007,440

1,000

5.000%,

3/15/31

3/27

at

100.00 AAA

1,097,370

1,000

Maryland

State,

General

Obligation

Bonds,

State

and

Local

Facilities

Loan,

First

Series

2018A,

5.000%,

3/15/29

3/28

at

100.00 AAA

1,116,620

5,645

Murrieta

Valley

Unified

School

District,

Riverside

County,

California,

General

Obligation

Bonds,

Election

2006

Series

2008,

0.000%,

9/01/32

-

AGM

Insured

No

Opt.

Call

AA

3,977,241

3,000

Prince

George's

County,

Maryland,

General

Obligation

Consolidated

Public

Improvement

Bonds,

Series

2019A,

5.000%,

7/15/30

7/29

at

100.00 AAA

3,427,770

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1:

2,000

0.000%,

7/01/33

7/31

at

89.94 N/R

1,097,840

1,000

4.000%,

7/01/46

7/31

at

103.00 N/R

772,340

Washington

Suburban

Sanitary

District,

Montgomery

and

Prince

George's

Counties,

Maryland,

General

Obligation

Bonds,

Consolidated

Public

Improvement,

Second

Series

2016:

2,575

5.000%,

6/01/27

6/26

at

100.00 AAA

2,780,485

1,300

5.000%,

6/01/35

6/26

at

100.00 AAA

1,387,906

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Tax

Obligation/General

(continued)

$

2,500

Washington

Suburban

Sanitary

District,

Montgomery

and

Prince

George's

Counties,

Maryland,

General

Obligation

Bonds,

Consolidated

Public

Improvement,

Series

2018,

4.000%,

6/01/39

6/28

at

100.00 AAA

$

2,540,400

Wylie

Independent

School

District,

Collin

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2015B:

6,220

0.000%,

8/15/49

8/25

at

37.14 Aaa

1,784,829

30,280

Total

Tax

Obligation/General

23,413,247

Tax

Obligation/Limited

-

19.1%

1,800

Anne

Arundel

County,

Maryland,

General

Obligation

Bonds,

Consolidated

General

Improvement,

Series

2017,

5.000%,

10/01/27

10/26

at

100.00 AAA

1,956,438

1,000

Baltimore,

Maryland,

Special

Obligation

Bonds,

Center/West

Development

Project,

Series

2017A,

5.375%,

6/01/36

6/26

at

100.00 N/R

1,004,010

Baltimore,

Maryland,

Special

Obligation

Bonds,

East

Baltimore

Research

Park

Project,

Series

2017A:

4.500%,

9/01/33

9/27

at

100.00 N/R

445,814

5.000%,

9/01/38

9/27

at

100.00 N/R

120,073

755

Baltimore,

Maryland,

Special

Obligation

Bonds,

Harbor

Point

Project,

Refunding

Series

2016,

5.000%,

6/01/36

6/26

at

100.00 N/R

756,925

1,300

Baltimore,

Maryland,

Special

Obligation

Bonds,

Harbor

Point

Project,

Refunding

Series

2019A,

3.500%,

6/01/39,

144A

6/29

at

100.00 N/R

1,036,373

Baltimore,

Maryland,

Special

Obligation

Bonds,

Harbor

Point

Project,

Refunding

Series

2019B,

3.700%,

6/01/39,

144A

6/23

at

100.00 N/R

202,920

1,550

Baltimore,

Maryland,

Special

Obligation

Bonds,

Harbor

Point

Project,

Refunding

Series

2022,

5.000%,

6/01/51,

144A

6/31

at

100.00 N/R

1,460,534

Brunswick,

Frederick

County,

Maryland,

Special

Obligation

Bonds,

Brunswick

Crossing

Special

Taxing

District,

Refunding

Series

2019:

4.000%,

7/01/29

1/29

at

100.00 N/R

368,638

5.000%,

7/01/36

1/29

at

100.00 N/R

336,084

Frederick

County,

Maryland,

Special

Obligation

Bonds,

Lake

Linganore

Village

Community

Development

Series

2001A,

5.700%,

7/01/29

-

RAAI

Insured

1/23

at

100.00 AA

96,222

Frederick

County,

Maryland,

Special

Obligation

Bonds,

Urbana

Community

Development

Authority,

Refunding

Series

2020A:

1,000

4.000%,

7/01/34

7/30

at

100.00 A-

1,008,510

1,250

4.000%,

7/01/35

7/30

at

100.00 A-

1,255,925

Frederick

County,

Maryland,

Special

Obligation

Bonds,

Urbana

Community

Development

Authority,

Refunding

Series

2020B,

4.000%,

7/01/40

7/30

at

100.00 N/R

317,434

Frederick

County,

Maryland,

Special

Obligation

Bonds,

Urbana

Community

Development

Authority,

Refunding

Series

2020C,

4.000%,

7/01/50,

144A

7/30

at

100.00 N/R

45,950

Frederick

County,

Maryland,

Tax

Increment

and

Special

Tax

B

Limited

Obligation

Bonds,

Oakdale-Lake

Linganore

Project,

Series

2019,

3.750%,

7/01/39

7/29

at

100.00 N/R

141,666

Frederick

County,

Maryland,

Tax

Increment

and

Special

Tax

Limited

Obligation

Bonds,

Jefferson

Technology

Park

Project,

Refunding

Series

2020B,

4.625%,

7/01/43,

144A

7/30

at

102.00 N/R

94,097

Guam

Government,

Limited

Obligation

Section

Revenue

Bonds,

Series

2016A:

1,000

5.000%,

12/01/23

No

Opt.

Call

BB

1,010,970

1,015

5.000%,

12/01/33

12/26

at

100.00 BB

1,037,655

500

5.000%,

12/01/46

12/26

at

100.00 BB

496,685

Harford

County,

Maryland,

Special

Obligation

Bonds,

Beechtree

Estates

Project,

Refunding

Series

2021:

750

4.000%,

7/01/36

7/30

at

100.00 A

752,025

675

4.000%,

7/01/40

7/30

at

100.00 A

649,350

725

Howard

County,

Maryland,

Special

Obligation

Bonds,

Annapolis

Junction

Town

Center

Project,

Series

2014,

5.800%,

2/15/34

2/24

at

100.00 N/R

706,882

Nuveen

Maryland

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)

Howard

County,

Maryland,

Special

Obligation

Bonds,

Downtown

Columbia

Project,

Series

2017A:

$

600

4.125%,

2/15/34,

144A

2/26

at

100.00 N/R

$

554,856

550

4.375%,

2/15/39,

144A

2/26

at

100.00 N/R

502,375

1,285

Hyattsville,

Maryland,

Special

Obligation

Bonds,

University

Town

Center

Project,

Series

2016,

5.000%,

7/01/34

7/25

at

100.00 N/R

1,211,177

1,000

Maryland

Community

Development

Administration,

Local

Government

Infrastructure

Bonds,

Subordinate

Obligation

Series

2019B-2,

4.000%,

6/01/49

6/29

at

100.00 Aa3

965,040

Maryland

Economic

Development

Corporation,

Special

Obligation

Bonds,

Metro

Centre

Owings

Mills

Project,

Series

2017,

4.500%,

7/01/44

1/27

at

100.00 N/R

166,136

2,000

Maryland

Economic

Development

Corporation,

Special

Obligation

Bonds,

Port

Covington

Project,

Series

2020,

4.000%,

9/01/50

9/30

at

100.00 N/R

1,585,020

2,000

Maryland

Stadium

Authority,

Lease

Revenue

Bonds,

Built

To

Learn,

Series

2021,

4.000%,

6/01/46

6/31

at

100.00 AA

1,906,700

1,965

Maryland

Stadium

Authority,

Lease

Revenue

Bonds,

Built

To

Learn,

Series

2022A,

5.000%,

6/01/34

6/32

at

100.00 AA

2,242,379

Maryland

Stadium

Authority,

Revenue

Bonds,

Baltimore

City

Public

Schools

Construction

&

Revitalization

Program,

Series

2016:

1,000

5.000%,

5/01/32

5/26

at

100.00 AA

1,055,680

1,250

5.000%,

5/01/33

5/26

at

100.00 AA

1,317,462

2,000

Maryland

Stadium

Authority,

Revenue

Bonds,

Baltimore

City

Public

Schools

Construction

&

Revitalization

Program,

Series

2018A,

5.000%,

5/01/36

5/28

at

100.00 AA

2,145,800

Maryland

Stadium

Authority,

Revenue

Bonds,

Baltimore

City

Public

Schools

Construction

&

Revitalization

Program,

Taxable

Refunding

Series

2022C:

1,500

0.000%,

5/01/51

No

Opt.

Call

AA

418,965

1,500

0.000%,

5/01/52

No

Opt.

Call

AA

396,450

575

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A,

5.000%,

10/01/30

No

Opt.

Call

N/R

593,291

Prince

George's

County

Revenue

Authority,

Maryland,

Special

Obligation

Bonds,

Suitland-Naylor

Road

Project,

Series

2016,

5.000%,

7/01/46,

144A

1/26

at

100.00 N/R

25,033

2,000

Prince

George's

County,

Maryland,

Certificates

of

Participation,

University

of

Maryland

Capital

Region

Medical

Center,

Series

2018,

5.000%,

10/01/38

10/28

at

100.00 AA+

2,153,560

Prince

George's

County,

Maryland,

Special

Tax

District

Bonds,

Victoria

Falls

Project,

Series

2005,

5.250%,

7/01/35

1/23

at

100.00 N/R

356,171

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

0.000%,

7/01/24

No

Opt.

Call

N/R

20,455

0.000%,

7/01/27

No

Opt.

Call

N/R

44,329

0.000%,

7/01/29

7/28

at

98.64 N/R

39,285

0.000%,

7/01/31

7/28

at

91.88 N/R

45,461

0.000%,

7/01/33

7/28

at

86.06 N/R

45,051

2,610

0.000%,

7/01/51

7/28

at

30.01 N/R

491,097

1,000

4.750%,

7/01/53

7/28

at

100.00 N/R

913,700

5,465

5.000%,

7/01/58

7/28

at

100.00 N/R

5,185,247

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2:

500

4.329%,

7/01/40

7/28

at

100.00 N/R

452,960

4.536%,

7/01/53

7/28

at

100.00 N/R

2,617

4.784%,

7/01/58

7/28

at

100.00 N/R

42,963

1,000

Puerto

Rico,

Highway

Revenue

Bonds,

Highway

and

Transportation

Authority,

Refunding

Series

2007CC,

5.500%,

7/01/30

-

AGM

Insured

No

Opt.

Call

AA

1,023,580

1,000

Virgin

Islands

Public

Finance

Authority,

Federal

Highway

Grant

Anticipation

Loan

Note

Revenue

Bonds,

Series

2015,

5.000%,

9/01/33,

144A

9/25

at

100.00 A

1,018,210

1,000

Virgin

Islands

Public

Finance

Authority,

Gross

Receipts

Taxes

Loan

Note,

Refunding

Series

2006,

5.000%,

10/01/28

-

FGIC

Insured

1/23

at

100.00 Baa2

1,011,500

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Tax

Obligation/Limited

(continued)

$

3,250

Washington

Metropolitan

Area

Transit

Authority,

District

of

Columbia,

Dedicated

Revenue

Bonds,

Green

Series

2021A,

4.000%,

7/15/46

7/31

at

100.00 AA

$

3,130,173

51,590

Total

Tax

Obligation/Limited

46,363,903

Transportation

-

10.2%

Guam

Port

Authority,

Port

Revenue

Bonds,

Private

Activity

Series

2018B:

5.000%,

7/01/33,

(AMT)

7/28

at

100.00 A

125,910

5.000%,

7/01/34,

(AMT)

7/28

at

100.00 A

444,563

Maryland

Department

of

Transportation,

Special

Transportation

Project

Revenue

Bonds,

Baltimore/

Washington

International

Thurgood

Marshall

Airport,

Series

2021B:

5,150

5.000%,

8/01/46,

(AMT)

8/31

at

100.00 A1

5,288,844

2,410

4.000%,

8/01/51,

(AMT)

8/31

at

100.00 A1

2,152,853

Maryland

Economic

Development

Corporation

Economic

Development

Revenue

Bonds,

Terminal

Project, Series

2019A,

5.000%,

6/01/44,

(AMT)

6/29

at

100.00 Baa2

304,485

1,940

Maryland

Economic

Development

Corporation

Economic

Development

Revenue

Bonds,

Transportation

Facilities

Project,

Refunding

Series

2017A,

5.000%,

6/01/35

6/28

at

100.00 Baa2

2,017,348

1,500

Maryland

Economic

Development

Corporation

Senior

Economic

Development

Revenue

Bonds

(Annapolis

Mobility

and

Resilience

Project)

Series

2022A,

5.250%,

12/31/47

6/32

at

100.00 N/R

1,564,350

1,600

Maryland

Economic

Development

Corporation,

Air

Cargo

Obligated

Group

Revenue

Bonds,

AFCO

Airport

Real

Estate

Group,

Series

2019,

4.000%,

7/01/39,

(AMT)

7/29

at

100.00 BBB

1,442,400

Maryland

Economic

Development

Corporation,

Parking

Facilities

Revenue

Bonds

Baltimore

City

Project,

Subordinate

Parking

Facilities

Revenue

Bonds,

Series

2018C:

500

4.000%,

6/01/38

6/28

at

100.00 BB+

417,840

4.000%,

6/01/58

6/28

at

100.00 BB+

216,824

1,275

Maryland

Economic

Development

Corporation,

Parking

Facilities

Revenue

Bonds,

Baltimore

City

Project,

Senior

Parking

Facilities

Revenue

Bonds,

Series

2018A,

5.000%,

6/01/58

6/28

at

100.00 BBB-

1,181,568

2,915

Maryland

Economic

Development

Corporation,

Private

Activity

Revenue

Bonds,

Purple

Line

Light

Rail

Project,

Green

Series

2022B,

5.250%,

6/30/52,

(AMT)

6/32

at

100.00 BBB

3,027,023

1,000

Maryland

Transportation

Authority,

Passenger

Facility

Charge

Revenue

Bonds,

Baltimore/Washington

Internatonal

Thurgood

Marshall

Airport

Project,

Series

2019,

5.000%,

6/01/32,

(AMT)

6/29

at

100.00 A+

1,066,410

1,000

Maryland

Transportation

Authority,

Revenue

Bonds,

Transportation

Facilities

Projects,

Series

2021A,

5.000%,

7/01/39

7/31

at

100.00 Aa2

1,117,980

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

American

Airlines,

Inc.

John

F

Kennedy

International

Airport

Project,

Refunding

Series

2016:

5.000%,

8/01/26,

(AMT)

12/22

at

100.00 B

70,004

5.000%,

8/01/31,

(AMT)

12/22

at

100.00 B

340,004

1,260

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

Elizabeth

River

Crossing

OPCO,

LLC

Project,

Refunding

Senior

Lien

Series

2022,

3.000%,

1/01/41,

(AMT)

1/32

at

100.00 BBB

965,790

Washington

Metropolitan

Area

Transit

Authority,

District

of

Columbia,

Gross

Revenue

Bonds,

Series

2017B:

1,500

5.000%,

7/01/30

7/27

at

100.00 AA

1,641,765

1,390

5.000%,

7/01/37

7/27

at

100.00 AA

1,476,722

25,000

Total

Transportation

24,862,683

Nuveen

Maryland

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

U.S.

Guaranteed

-

6.5%

(5) $

565

Baltimore,

Maryland,

Revenue

Bonds,

Water

Projects,

Refunding

Series

1998A,

5.000%,

7/01/28

-

FGIC

Insured,

(ETM)

8/21

at

100.00 N/R

$

597,663

1,065

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Helix

Health,

Series

1997,

5.000%,

7/01/27

-

AMBAC

Insured,

(ETM)

8/21

at

100.00 N/R

1,124,842

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

LifeBridge

Health

System,

Series

2015:

1,000

4.000%,

7/01/35,

(Pre-refunded

7/01/25)

7/25

at

100.00 A+

1,034,120

750

5.000%,

7/01/40,

(Pre-refunded

7/01/25)

7/25

at

100.00 A+

794,565

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Peninsula

Regional

Medical

Center

Issue,

Refunding

Series

2015:

1,340

5.000%,

7/01/33,

(Pre-refunded

7/01/24)

7/24

at

100.00 A

1,388,159

1,250

5.000%,

7/01/45,

(Pre-refunded

7/01/24)

7/24

at

100.00 A

1,294,925

3,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Western

Maryland

Health,

Series

2014,

5.250%,

7/01/26,

(Pre-

refunded

7/01/24)

7/24

at

100.00 N/R

3,121,710

Maryland

Stadium

Authority,

Revenue

Bonds,

Baltimore

City

Public

Schools

Construction

&

Revitalization

Program,

Series

2016:

1,000

5.000%,

5/01/35,

(Pre-refunded

5/01/26)

5/26

at

100.00 AA

1,077,000

3,250

5.000%,

5/01/41,

(Pre-refunded

5/01/26)

5/26

at

100.00 AA

3,500,250

1,500

Washington

County

County

Commissioners,

Maryland,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2019B,

5.000%,

1/01/30,

(Pre-refunded

1/01/29)

1/29

at

100.00 BBB+

1,676,220

Wylie

Independent

School

District,

Collin

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2015B:

780

0.000%,

8/15/49,

(Pre-refunded

8/15/25)

8/25

at

37.14 Aaa

266,464

15,500

Total

U.S.

Guaranteed

15,875,918

Utilities

-

5.4%

2,000

Baltimore,

Maryland,

Revenue

Bonds,

Wastewater

Projects,

Refunding

Series

2022A,

5.250%,

7/01/47

7/32

at

100.00 Aa2

2,214,340

2,000

Baltimore,

Maryland,

Revenue

Bonds,

Wastewater

Projects,

Series

2019A,

5.000%,

7/01/49

7/29

at

100.00 Aa2

2,122,920

2,000

Baltimore,

Maryland,

Revenue

Bonds,

Water

Projects,

Subordinate

Series

2017A,

5.000%,

7/01/41

1/27

at

100.00 Aa3

2,099,680

2,150

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Generation

Project,

Refunding

Series

2006A,

4.375%,

1/01/35,

(Mandatory

Put

7/01/33)

No

Opt.

Call

BBB-

2,148,903

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

7/01/40

7/27

at

100.00 A-

421,594

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2016:

500

5.000%,

7/01/27

7/26

at

100.00 A-

516,025

500

5.000%,

1/01/46

7/26

at

100.00 A-

502,450

Guam

Power

Authority,

Revenue

Bonds,

Refunding

Series

2017A:

825

5.000%,

10/01/33

10/27

at

100.00 BBB

856,705

5.000%,

10/01/38

10/27

at

100.00 BBB

205,156

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A:

1,000

5.000%,

7/01/30,

144A

No

Opt.

Call

N/R

1,011,270

1,000

5.000%,

7/01/47,

144A

7/30

at

100.00 N/R

960,120

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Senior

Lien

Series

2008A,

6.125%,

7/01/24

No

Opt.

Call

CCC

71,411

12,660

Total

Utilities

13,130,574

$

253,670

Total

Municipal

Bonds

(cost

$249,932,010)

235,984,806

Shares

Description

(1) Value

X

204,617

COMMON

STOCKS

-

0.1%

X

204,617

Airlines

-

0.1%

$

14,180

American

Airlines

Group

Inc

(6),(7)

$

204,617

Total

Common

Stocks

(cost

$425,978)

204,617

Total

Long-Term

Investments

(cost

$250,357,988)

236,189,423

Other

Assets

Less

Liabilities

-

2.8%

6,785,436

Net

Assets

-

100%

$

242,974,859

(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) Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

(6) On

November

28,

2011,

AMR

Corp.

("AMR"),

the

parent

company

of

American

Airlines

Group,

Inc.

("AAL")

filed

for

federal

bankruptcy

protection.

On

December

9,

2013,

AMR

emerged

from

federal

bankruptcy

with

the

acceptance

of

its

reorganization

plan

by

the

bankruptcy

court.

Under

the

settlement

agreement

to

meet

AMR's

unsecured

bond

obligations,

the

bondholders

including

the

Fund,

received

a

distribution

of

AAL

preferred

stock

which

was

converted

to

AAL

common

stock

over

a

120-day

period.

Every

days,

a

quarter

of

the

preferred

stock

was

converted

to

AAL

common

stock

based

on

the

5-day

volume-weighted

average

price

and

the

amount

of

preferred

shares

tendered

during

the

optional

preferred

conversion

period.

(7) Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

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.

Nuveen

New

Mexico

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

-

99.2%

X

76,814,348

MUNICIPAL

BONDS

-

99.2%

X

76,814,348

Consumer

Staples

-

0.1%

$

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A-2

Class

1,

4.000%,

6/01/48

6/30

at

100.00 BBB+

$

56,634

Education

and

Civic

Organizations

-

4.4%

2,235

Los

Ranchos

de

Albuquerque,

New

Mexico,

Educational

Facilities

Revenue

Bonds,

Albuquerque

Acadamy

Project,

Refunding

Series

2020,

4.000%,

9/01/40

9/30

at

100.00 A-

2,176,421

685

New

Mexico

Institute

of

Mining

and

Technology,

Revenue

Bonds,

Series

2019,

4.000%,

12/01/37

-

AGM

Insured

12/29

at

100.00 AA

668,923

535

New

Mexico

State

University,

Revenue

Bonds,

Refunding

&

Improvement

Series

2017A,

5.000%,

4/01/42

4/27

at

100.00 A+

565,436

3,455

Total

Education

and

Civic

Organizations

3,410,780

Health

Care

-

10.2%

500

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

City

of

Hope

National

Medical

Center,

Series

2019,

4.000%,

11/15/45

11/29

at

100.00 A+

455,770

New

Mexico

Hospital

Equipment

Loan

Council,

Hospital

Revenue

Bonds,

Presbyterian

Healthcare

Services,

Series

2017A:

1,000

4.000%,

8/01/36

11/27

at

100.00 AA

1,002,960

1,000

4.000%,

8/01/46

11/27

at

100.00 AA

960,280

1,010

5.000%,

8/01/46

11/27

at

100.00 AA

1,049,683

New

Mexico

Hospital

Equipment

Loan

Council,

Hospital

Revenue

Bonds,

Presbyterian

Healthcare

Services,

Series

2019A:

1,250

5.000%,

8/01/39

8/29

at

100.00 AA

1,322,975

5.000%,

8/01/44

8/29

at

100.00 AA

251,472

New

Mexico

Hospital

Equipment

Loan

Council,

Hospital

Revenue

Bonds,

San

Juan

Regional

Medical

Center,

Refunding

&

Improvement

Series

2020:

1,500

4.000%,

6/01/34

6/30

at

100.00 BBB+

1,431,885

785

4.000%,

6/01/35

6/30

at

100.00 BBB+

733,959

750

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-1,

4.000%,

8/01/44

8/29

at

100.00 A-

651,420

8,035

Total

Health

Care

7,860,404

Housing/Multifamily

-

1.3%

1,000

New

Mexico

Mortgage

Finance

Authority,

Multifamily

Housing

Revenue

Bonds,

St

Anthony,

Series

2007A,

5.250%,

9/01/42,

(AMT)

12/22

at

100.00 N/R

1,002,410

Housing/Single

Family

-

4.0%

New

Mexico

Mortgage

Finance

Authority,

Single

Family

Mortgage

Program

Bonds,

Class

Series

2018C,

3.875%,

7/01/43

1/28

at

100.00 Aaa

278,164

1,405

New

Mexico

Mortgage

Finance

Authority,

Single

Family

Mortgage

Program

Bonds,

Class

Series

2019C,

3.600%,

7/01/44

7/28

at

100.00 Aaa

1,322,990

745

New

Mexico

Mortgage

Finance

Authority,

Single

Family

Mortgage

Program

Bonds,

Class

Series

2021A,

2.300%,

7/01/46

7/30

at

100.00 Aaa

523,087

New

Mexico

Mortgage

Finance

Authority,

Single

Family

Mortgage

Program

Bonds,

Class

Series

2021C,

2.250%,

7/01/46

7/30

at

100.00 Aaa

79,233

1,235

New

Mexico

Mortgage

Finance

Authority,

Single

Family

Mortgage

Program

Bonds,

Class

Series

2022A,

2.550%,

9/01/42

3/31

at

100.00 Aaa

928,856

3,795

Total

Housing/Single

Family

3,132,330

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Long-Term

Care

-

1.5%

$

1,365

Santa

Fe,

New

Mexico,

Retirement

Facilities

Revenue

Bonds,

EL

Castillo

Retirement

Residences

Project,

Series

2012,

5.000%,

5/15/42

1/23

at

100.00 BB+

$

1,175,784

Tax

Obligation/General

-

8.8%

1,295

Albuquerque

Municipal

School

District

12,

Bernalillo

and

Sandoval

Counties,

New

Mexico,

General

Obligation

Bonds,

School

Building

Series

2014A,

4.000%,

8/01/28

8/23

at

100.00 AA

1,305,774

1,000

Albuquerque

Municipal

School

District

12,

Bernalillo

and

Sandoval

Counties,

New

Mexico,

General

Obligation

Bonds,

School

Building

Series

2018,

5.000%,

8/01/36

8/28

at

100.00 AA

1,088,610

1,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1,

4.000%,

7/01/46

7/31

at

103.00 N/R

772,340

1,250

Santa

Fe

Public

School

District,

Santa

Fe

County,

New

Mexico,

General

Obligation

School

Building

Bonds,

Series

2022,

5.000%,

8/01/32

8/30

at

100.00 AA-

1,413,412

515

Silver

City

Consolidated

School

District

1,

Grant

County,

New

Mexico,

General

Obligation

Bonds,

School

Building

Series

2017,

4.000%,

8/01/37

8/25

at

100.00 Aa3

521,046

675

Silver

Consolidated

School

District

1,

Grant

County,

New

Mexico,

General

Obligation

Bonds, School

Building

Series

2019,

4.000%,

8/01/37

8/28

at

100.00 Aa3

689,297

1,000

Taos

Municipal

School

District,

Taos

County,

New

Mexico,

General

Obligation

Bonds,

Refunding

Series

2014,

5.000%,

9/01/27

9/24

at

100.00 Aa3

1,039,160

6,735

Total

Tax

Obligation/General

6,829,639

Tax

Obligation/Limited

-

37.5%

Albuquerque,

New

Mexico,

Gross

Receipts

Tax

Revenue

Bonds,

Improvement

Series

2015A:

4.000%,

7/01/35

7/25

at

100.00 AAA

254,090

1,195

5.000%,

7/01/37

7/25

at

100.00 AAA

1,249,552

500

Albuquerque,

New

Mexico,

Gross

Receipts

Tax

Revenue

Bonds,

Improvement

Series

2016C,

4.000%,

7/01/34

7/26

at

100.00 AAA

512,280

755

Albuquerque,

New

Mexico,

Gross

Receipts

Tax

Revenue

Bonds,

Improvement

Series

2022B,

5.000%,

7/01/41

7/32

at

100.00 AAA

838,526

Artesia,

New

Mexico,

Gross

Receipts

Tax

Revenue

Bonds,

Refunding

Series

2019:

1,130

4.000%,

6/01/28

6/26

at

100.00 AA-

1,170,386

570

4.000%,

6/01/29

6/26

at

100.00 AA-

590,075

1,230

Bernalillo

County,

New

Mexico,

Gross

Receipts

Tax

Revenue

Bonds,

Series

1996B,

5.700%,

4/01/27

-

NPFG

Insured

No

Opt.

Call

AAA

1,313,099

1,240

Bernalillo

County,

New

Mexico,

Gross

Receipts

Tax

Revenue

Bonds,

Series

2017A,

4.000%,

6/15/34

6/27

at

100.00 AAA

1,278,874

Boulders

Public

Improvement

District,

Albuquerque,

New

Mexico,

Special

Levy

Revenue

Bonds,

Series

2013,

7.250%,

10/01/43

10/23

at

100.00 N/R

435,352

Boulders

Public

Improvement

District,

Albuquerque,

New

Mexico,

Special

Levy

Revenue

Bonds,

Series

2015,

5.750%,

10/01/44

10/25

at

100.00 N/R

180,890

1,000

Clayton,

New

Mexico,

Jail

Project

Revenue

Bonds,

Refunding

&

Improvement

Series

2015,

5.000%,

11/01/29

11/25

at

100.00 BBB+

1,033,870

600

Colfax

County,

New

Mexico,

Gross

Receipts

Tax

Revenue

Bonds,

Improvement

Series

2015,

4.000%,

8/01/35

-

BAM

Insured

8/24

at

100.00 AA

609,030

1,000

Curry

County,

New

Mexico,

Gross

Receipts

Tax

Improvement

Revenue

Bonds,

Series

2014,

5.000%,

12/01/36

-

BAM

Insured

12/24

at

100.00 AA

1,035,960

500

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D,

5.000%,

11/15/39

11/25

at

100.00 BB

502,265

780

Guam

Government,

Limited

Obligation

Section

Revenue

Bonds,

Series

2016A,

5.000%,

12/01/46

12/26

at

100.00 BB

774,829

Los

Lunas,

Valencia

County,

New

Mexico,

Gross

Receipts

Tax

Revenue

Bonds,

Improvment

Series

2016,

3.000%,

4/01/41

4/26

at

100.00 AA

104,879

500

Lower

Petroglyphs

Public

Improvements

District,

Albuquerque,

New

Mexico,

Special

Levy

Revenue

Bonds,

Refunding

Series

2018,

5.000%,

10/01/38

10/27

at

100.00 N/R

466,120

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A,

5.000%,

10/01/39

10/32

at

100.00 N/R

231,937

810

Mesa

Del

Sol

Public

Improvement

District

1,

Albuquerque,

New

Mexico,

Special

Levy

Revenue

Bonds,

Series

2013,

7.000%,

10/01/33

10/23

at

100.00 N/R

797,242

Nuveen

New

Mexico

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)

$

1,000

Montecito

Estates

Public

Improvement

District,

Albuquerque,

New

Mexico,

Special

Levy

Revenue

Bonds,

Refunding

Series

2016,

4.000%,

10/01/37

10/26

at

100.00 AA

$

1,016,560

1,320

New

Mexico

Finance

Authority,

State

Transportation

Revenue

Bonds,

State

Transportation

Commission

Series

2014A,

5.000%,

6/15/32

6/24

at

100.00 AA

1,361,342

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

1,100

4.550%,

7/01/40

7/28

at

100.00 N/R

1,024,463

725

4.750%,

7/01/53

7/28

at

100.00 N/R

662,432

770

Roswell,

New

Mexico,

Gross

Receipts

Tax

Improvement

Revenue

Bonds,

Series

2017,

4.000%,

8/01/34

8/27

at

100.00 AA

799,884

970

Saltillo

Public

Improvement

District,

Albuquerque,

New

Mexico,

Special

Levy

Revenue

Bonds,

Refunding

Series

2018,

4.000%,

10/01/37

-

BAM

Insured

10/28

at

100.00 AA

993,658

1,015

San

Juan

County,

New

Mexico,

Gross

Receipts

Tax

Revenue

Bonds,

Improvement

Series

2015B,

5.000%,

6/15/33

6/24

at

100.00 A+

1,042,314

2,480

Santa

Fe

County,

New

Mexico,

Correctional

System

Gross

Receipts

Tax

Revenue

Bonds,

Series

1997,

6.000%,

2/01/27

-

AGM

Insured

No

Opt.

Call

AA

2,636,736

Santa

Fe,

Minnesota,

Gross

Receipts

Tax

Revenue

Bonds,

Improvement

Senior

Lien

Series

2018A:

500

5.000%,

6/01/36

6/28

at

100.00 AA+

546,000

5.000%,

6/01/37

6/28

at

100.00 AA+

434,292

555

Trails

Public

Improvement

District,

Albuquerque,

New

Mexico,

Special

Levy

Revenue

Bonds,

Series

2008,

7.750%,

10/01/38

1/23

at

100.00 N/R

554,978

1,000

Ventana

West

Public

Improvement

District,

New

Mexico,

Special

Levy

Revenue

Bonds,

Refunding

Series

2015,

4.000%,

8/01/33

-

BAM

Insured

8/25

at

100.00 AA

1,018,140

2,000

Virgin

Islands

Public

Finance

Authority,

Gross

Receipts

Taxes

Loan

Note,

Refunding

Series

2012A,

5.000%,

10/01/32

-

AGM

Insured

1/23

at

100.00 AA

2,001,040

500

Volterra

Public

Improvement

District,

Albuquerque,

New

Mexico,

Special

Levy

Revenue

Bonds,

Series

2014,

6.750%,

10/01/33

10/24

at

100.00 N/R

480,670

Winrock

Town

Center

Tax

Increment

Development

District

1,

Albuquerque,

New

Mexico,

Gross

Receipts

Tax

Increment

Bonds,

Senior

Lien

Series

2022:

3.750%,

5/01/28,

144A

No

Opt.

Call

N/R

4,659

500

4.000%,

5/01/33,

144A

5/29

at

103.00 N/R

434,115

760

Winrock

Town

Center

Tax

Increment

Development

District

1,

Albuquerque,

New

Mexico,

Gross

Receipts

Tax

Increment

Bonds,

Subordinate

Lien

Series

2020,

8.000%,

5/01/40,

144A

11/23

at

103.00 N/R

671,574

28,650

Total

Tax

Obligation/Limited

29,062,113

U.S.

Guaranteed

-

4.8%

(4) 1,000

Hobbs

Municipal

School

District

33,

Lea

County,

New

Mexico,

General

Obligation

Bonds,

School

Series

2014A,

5.000%,

9/15/28,

(Pre-refunded

9/15/24)

9/24

at

100.00 Aa3

1,040,360

1,550

New

Mexico

Hospital

Equipment

Loan

Council,

Hospital

Revenue

Bonds,

Presbyterian

Healthcare

Services,

Series

2015A,

5.000%,

8/01/44,

(Pre-

refunded

8/01/25)

8/25

at

100.00 AA

1,636,676

1,000

University

of

New

Mexico,

Revenue

Bonds,

Refunding

Subordinate

Lien

System

Series

2014C,

5.000%,

6/01/35,

(Pre-refunded

6/01/24)

6/24

at

100.00 AA-

1,035,640

3,550

Total

U.S.

Guaranteed

3,712,676

Utilities

-

26.6%

Albuquerque

Benralillo

County

Water

Utility

Authority,

New

Mexico,

Joint

Water

and

Sewer

System

Revenue

Bonds,

Refunding

&

Improvement

Senior

Lien

Series

2015:

1,000

5.000%,

7/01/32

7/25

at

100.00 AA+

1,051,240

1,000

4.000%,

7/01/33

7/25

at

100.00 AA+

1,023,990

1,000

Albuquerque

Benralillo

County

Water

Utility

Authority,

New

Mexico,

Joint

Water

and

Sewer

System

Revenue

Bonds,

Refunding

&

Improvement

Senior

Lien

Series

2017,

5.000%,

7/01/32

7/27

at

100.00 AA+

1,081,920

1,970

Albuquerque,

New

Mexico,

Refuse

Removal

and

Disposal

Revenue

Bonds,

Series

2020,

4.000%,

7/01/43

7/30

at

100.00 AA

1,906,467

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Utilities

(continued)

$

1,500

Farmington,

New

Mexico,

Pollution

Control

Revenue

Bonds,

Southern

California

Edison

Company

-

Four

Corners

Project,

Refunding

Series

2005A,

1.800%,

4/01/29

No

Opt.

Call

A-

$

1,272,075

750

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

7/01/37

7/27

at

100.00 A-

763,387

1,015

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2016,

5.000%,

7/01/36

7/26

at

100.00 A-

1,032,651

1,125

New

Mexico

Finance

Authority,

Public

Project

Revolving

Fund

Revenue

Bonds,

Refunding

Senior

Lien

Series

2015A,

5.000%,

6/15/31

6/25

at

100.00 AAA

1,184,265

1,000

New

Mexico

Finance

Authority,

Public

Project

Revolving

Fund

Revenue

Bonds,

Senior

Lien

Series

2016F,

5.000%,

6/01/41

6/26

at

100.00 AAA

1,049,680

New

Mexico

Finance

Authority,

Public

Project

Revolving

Fund

Revenue

Bonds,

Senior

Lien

Series

2017E,

5.000%,

6/01/38

6/27

at

100.00 AAA

267,758

New

Mexico

Finance

Authority,

Public

Project

Revolving

Fund

Revenue

Bonds,

Senior

Lien

Series

2018D,

5.000%,

6/01/37

6/28

at

100.00 AAA

488,579

845

New

Mexico

Finance

Authority,

Public

Project

Revolving

Fund

Revenue

Bonds,

Senior

Lien

Series

2019D,

5.000%,

6/01/40

6/29

at

100.00 AAA

917,560

New

Mexico

Finance

Authority,

Public

Project

Revolving

Fund

Revenue

Bonds,

Senior

Lien

Series

2020B:

1,000

3.000%,

6/01/39

6/30

at

100.00 AAA

871,580

1,000

3.000%,

6/01/40

6/30

at

100.00 AAA

860,670

1,000

New

Mexico

Finance

Authority,

Public

Project

Revolving

Fund

Revenue

Bonds,

Senior

Lien

Series

2022C,

5.000%,

6/01/42

6/32

at

100.00 AAA

1,107,590

New

Mexico

Finance

Authority,

Public

Project

Revolving

Fund

Revenue

Bonds,

Subordinate

Lien

Series

2019A:

915

5.000%,

6/15/35

6/28

at

100.00 AAA

1,002,620

5.000%,

6/15/36

6/28

at

100.00 AAA

288,800

1,040

New

Mexico

Finance

Authority,

Public

Project

Revolving

Fund

Revenue

Bonds,

Subordinate

Lien

Series

2019C-1,

5.000%,

6/15/39

6/29

at

100.00 AAA

1,134,068

500

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B,

5.000%,

7/01/29,

144A

No

Opt.

Call

N/R

505,790

705

Roswell,

New

Mexico,

Joint

Water

and

Sewerage

Revenue

Bonds,

Improvement

Series

2017,

5.000%,

6/01/37

-

BAM

Insured

6/26

at

100.00 AA

745,263

500

Santa

Fe,

New

Mexico,

Net

Wastewater

Utility

System

Environmental

Services

Gross

Receipts

Tax

Improvement

Revenue

Bonds,

Climate

Certified

Green

Series

2019,

4.000%,

6/01/37

6/28

at

100.00 AA+

512,835

1,500

Santa

Fe,

New

Mexico,

Water

Utility

System

Revenue

Bonds,

Refunding

Series

2016,

4.000%,

6/01/39

6/26

at

100.00 AAA

1,502,790

20,330

Total

Utilities

20,571,578

$

76,980

Total

Long-Term

Investments

(cost

$80,341,836)

76,814,348

Other

Assets

Less

Liabilities

-

0.8%

634,896

Net

Assets

-

100%

$

77,449,244

(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

See

accompanying

notes

to

financial

statements.

Nuveen

Pennsylvania

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

-

98.2%

X

438,147,937

MUNICIPAL

BONDS

-

92.8%

X

438,147,937

Consumer

Staples

-

0.3%

$

1,345

Pennsylvania

Economic

Development

Financing

Authority,

Solid

Waste

Disposal

Revenue

Bonds,

Procter

&

Gamble

Paper

Project,

Series

2001,

5.375%,

3/01/31,

(AMT)

No

Opt.

Call

AA-

$

1,528,095

Education

and

Civic

Organizations

-

12.3%

2,500

Allegheny

County

Higher

Education

Building

Authority,

Pennsylvania,

Revenue

Bonds,

Carnegie

Mellon

University,

Series

2020A,

5.000%,

2/01/30

No

Opt.

Call

AA

2,854,100

1,205

Allegheny

County

Higher

Education

Building

Authority,

Pennsylvania,

Revenue

Bonds,

Robert

Morris

University,

Series

2016,

5.000%,

10/15/34

10/26

at

100.00 Baa3

1,212,893

Allegheny

County

Higher

Education

Building

Authority,

Pennsylvania,

Revenue

Bonds,

Robert

Morris

University,

Series

2017,

5.000%,

10/15/37

10/27

at

100.00 Baa3

480,120

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds, Alvernia

University

Project,

Series

2020,

5.000%,

10/01/39

10/29

at

100.00 BB+

270,721

2,600

Bucks

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

George

School

Project,

Series

2019,

3.000%,

9/15/49

9/29

at

100.00 AA-

1,944,046

1,205

Bucks

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

School

Lane

Charter

School

Project,

Series

2016,

5.125%,

3/15/36

3/27

at

100.00 BBB-

1,240,017

Chester

County

Industrial

Development

Authority,

Pennsylvania,

Avon

Grove

Charter

School

Revenue

Bonds,

Series

2017A,

5.000%,

12/15/47

12/27

at

100.00 BBB-

305,284

785

Crawford

County

Industrial

Development

Authority,

Pennsylvania,

College

Revenue

Bonds,

Allegheny

College,

Series

2016,

3.000%,

5/01/34

5/26

at

100.00 A-

711,296

Dallas

Area

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Misericordia

University,

Series

2014,

5.000%,

5/01/37

5/24

at

100.00 Baa3

324,245

3,500

Delaware

County

Authority,

Pennsylvania,

Revenue

Bonds,

Villanova

University,

Series

2015,

5.000%,

8/01/45

8/25

at

100.00 AA-

3,628,170

1,430

Erie

Higher

Education

Building

Authority,

Pennsylvania,

Revenue

Bonds,

Gannon

University,

Series

2016,

4.000%,

5/01/46

11/26

at

100.00 BBB+

1,179,249

Huntingdon

County

General

Authority,

Pennsylvania,

Revenue

Bonds,

Juniata

College,

Series

2016OO2:

3.125%,

5/01/34

5/26

at

100.00 BBB

254,449

3.250%,

5/01/36

5/26

at

100.00 BBB

180,915

3.500%,

5/01/41

5/26

at

100.00 BBB

294,675

1,095

Lackawanna

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

University

of

Scranton,

Series

2017,

4.000%,

11/01/40

11/27

at

100.00 A-

997,808

Lancaster

Higher

Education

Authority,

Pennsylvania,

College

Revenue

Bonds,

Harrisburg

Area

Community

College

Project,

Series

2021:

1,000

5.000%,

10/01/27

-

BAM

Insured

No

Opt.

Call

AA

1,088,780

1,000

5.000%,

10/01/28

-

BAM

Insured

No

Opt.

Call

AA

1,101,960

1,800

Lycoming

County

Authority,

Pennsylvania,

Revenue

Bonds,

Pennsylvania

College

of

Technology,

Series

2016,

3.000%,

10/01/37

10/26

at

100.00 A

1,539,702

1,250

McCandless

IDA,

Pennsylvania,

University

Revenue

Bonds,

Series

A

and

B

of

2022,

La

Roche

University,

6.750%,

12/01/46

12/32

at

100.00 N/R

1,242,650

1,000

Montgomery

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Germantown

Academy

Project,

Series

2021A,

4.000%,

10/01/41

10/26

at

100.00 BBB+

859,900

1,060

Northampton

County

General

Purpose

Authority,

Pennsylvania,

Revenue

Bonds,

Lafayette

College,

Refunding

Series

2018,

4.000%,

11/01/38

11/28

at

100.00 Aa3

1,054,340

4,105

Pennsylvania

Higher

Education

Assistance

Agency,

Education

Loan

Revenue

Bonds,

Senior

Series

2020A,

2.450%,

6/01/41,

(AMT)

6/29

at

100.00 Aa2

3,395,040

1,515

Pennsylvania

Higher

Education

Assistance

Agency,

Education

Loan

Revenue

Bonds,

Senior

Series

2021A,

2.625%,

6/01/42,

(AMT)

6/30

at

100.00 Aa2

1,257,041

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Education

and

Civic

Organizations

(continued)

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

AICUP

Financing

Program-Mount

Aloysius

College,

Series

2016-004:

$

630

2.625%,

11/01/31

5/26

at

100.00 BBB+

$

540,994

690

3.000%,

11/01/42

5/26

at

100.00 BBB+

501,747

1,110

5.000%,

11/01/46

5/26

at

100.00 BBB+

1,123,897

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Bryn

Mawr

College,

Refunding

Series

2014:

815

5.000%,

12/01/38

12/24

at

100.00 AA+

837,926

670

5.000%,

12/01/44

12/24

at

100.00 AA+

687,025

1,025

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Bryn

Mawr

College,

Series

2019,

4.000%,

12/01/48

6/29

at

100.00 AA+

987,096

1,000

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Drexel

University,

Refunding

Series

2016,

4.000%,

5/01/36

5/26

at

100.00 A-

978,710

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

LaSalle

University,

Series

2012:

4.000%,

5/01/32

1/23

at

100.00 BB+

258,282

1,060

5.000%,

5/01/42

1/23

at

100.00 BB+

882,906

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

the

Sciences

in

Philadelphia,

Series

2012:

4.000%,

11/01/39

1/23

at

100.00 N/R

171,993

1,200

5.000%,

11/01/42

1/23

at

100.00 N/R

1,200,228

1,380

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

the

Sciences

in

Philadelphia,

Series

2015A,

5.000%,

11/01/36

11/25

at

100.00 N/R

1,415,797

2,350

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Widener

University,

Series

2021A,

4.000%,

7/15/51

7/31

at

100.00 A-

2,003,939

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Charter

School

Revenue

Bonds,

Philadelphia

Performing

Arts:

A

String

Theory

Charter

School,

Series

2020,

5.000%,

6/15/50,

144A

6/28

at

100.00 BB+

243,166

1,225

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Revenue

Bonds,

La

Salle

University,

Series

2017,

5.000%,

5/01/37

11/27

at

100.00 BB+

1,080,830

2,020

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Revenue

Bonds,

Saint

Josephs

University

Project,

Refunding

Series

2020A,

4.000%,

11/01/45

11/29

at

100.00 A-

1,810,587

2,000

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Revenue

Bonds,

Saint

Josephs

University

Project,

Series

2022,

5.500%,

11/01/60

11/32

at

100.00 A-

2,078,040

2,455

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Revenue

Bonds,

Temple

University,

First

Series

2015,

5.000%,

4/01/45

4/25

at

100.00 Aa3

2,504,198

910

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Revenue

Bonds,

University

of

the

Arts,

Series

2017,

5.000%,

3/15/45,

144A

3/28

at

100.00 BB

822,658

835

Scranton-Lackawanna

Health

and

Welfare

Authority,

Pennsylvania,

Revenue

Bonds,

University

of

Scranton,

Series

2016,

5.000%,

11/01/37

5/26

at

100.00 A-

860,760

1,895

Scranton-Lackawanna

Health

and

Welfare

Authority,

Pennsylvania,

University

Revenue

Bonds,

Marywood

University,

Series

2016,

5.000%,

6/01/46

6/26

at

100.00 BB+

1,697,351

5,010

University

of

Pittsburgh

of

the

Commonwealth

System

of

Higher

Education,

Pennsylvania,

Pitt

Asset

Notes,

Series

2021,

4.000%,

4/15/26

2/26

at

100.00 AA+

5,202,935

2,090

Washington

County

Industrial

Development

Authority,

Pennsylvania,

College

Revenue

Bonds,

AICUP

Financing

Program-Washington

and

Jefferson

College

Project,

Series

2017-PP5,

3.375%,

11/01/36

11/27

at

100.00 BBB+

1,821,978

Wilkes-Barre

Finance

Authority,

Pennsylvania,

Revenue

Bonds,

University

of

Scranton,

Series

2015A:

665

5.000%,

11/01/32

11/25

at

100.00 A-

692,351

5.000%,

11/01/33

11/25

at

100.00 A-

270,200

61,370

Total

Education

and

Civic

Organizations

58,092,995

Nuveen

Pennsylvania

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Health

Care

-

18.3%

$

10,040

Allegheny

County

Hospital

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Allegheny

Health

Network

Obligated

Group

Issue,

Series

2018A,

4.000%,

4/01/44

4/28

at

100.00 A

$

9,138,609

Allegheny

County

Hospital

Development

Authority,

Pennsylvania,

Revenue

Bonds,

University

of

Pittsburgh

Medical

Center,

Series

2019A:

1,080

4.000%,

7/15/36

7/29

at

100.00 A

1,073,228

1,000

4.000%,

7/15/39

7/29

at

100.00 A

960,860

Berks

County

Industrial

Development

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Tower

Health

Project,

Series

2017:

3,705

3.750%,

11/01/42

11/27

at

100.00 BB-

2,115,221

1,740

4.000%,

11/01/47

11/27

at

100.00 BB-

983,796

3,000

5.000%,

11/01/47

11/27

at

100.00 BB-

2,039,760

755

5.000%,

11/01/50

11/27

at

100.00 BB-

502,619

1,090

Bucks

County

Industrial

Development

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Saint

Luke's

University

Health

Network

Project,

Series

2019,

4.000%,

8/15/50

8/28

at

100.00 A-

949,074

5,715

Bucks

County

Industrial

Development

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Saint

Luke's

University

Health

Network

Project,

Series

2021,

3.000%,

8/15/53

8/30

at

100.00 A-

3,892,944

2,150

Butler

County

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Butler

Health

System

Project,

Series

2015A,

5.000%,

7/01/39

7/25

at

100.00 A

2,139,723

4,000

Central

Bradford

Progress

Authority,

Pennsylvania,

Revenue

Bonds,

Guthrie

Health,

Series

2021B,

4.000%,

12/01/51

12/31

at

100.00 A+

3,553,080

Chester

County

Health

and

Education

Facilities

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Main

Line

Health

System,

Series

2017A:

1,000

4.000%,

10/01/36

10/27

at

100.00 AA

1,002,510

1,000

4.000%,

10/01/37

10/27

at

100.00 AA

997,440

4,875

Chester

County

Health

and

Education

Facilities

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Main

Line

Health

System,

Series

2020A,

4.000%,

9/01/50

9/30

at

100.00 AA

4,491,338

1,690

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Penn

State

Health,

Series

2019,

4.000%,

11/01/44

11/29

at

100.00 A+

1,575,621

Dauphin

County

General

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Pinnacle

Health

System

Project,

Refunding

Series

2016A:

605

3.000%,

6/01/33

6/26

at

100.00 A

555,771

585

5.000%,

6/01/35

6/26

at

100.00 A

604,288

500

Doylestown

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Series

2013A,

5.000%,

7/01/28

7/23

at

100.00 BB

502,305

1,025

Doylestown

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Series

2019A,

5.000%,

7/01/49

7/29

at

100.00 BB

856,285

2,320

Dubois

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Penn

Highlands

Healthcare,

Series

2018,

5.000%,

7/15/48

1/28

at

100.00 A-

2,366,446

1,485

Geisinger

Authority,

Montour

County,

Pennsylvania,

Health

System

Revenue

Bonds,

Geisinger

Health

System,

Series

2014A,

5.000%,

6/01/41

6/24

at

100.00 AA-

1,499,211

1,000

Geisinger

Authority,

Montour

County,

Pennsylvania,

Health

System

Revenue

Bonds,

Geisinger

Health

System,

Series

2017A-1,

5.000%,

2/15/45

2/27

at

100.00 AA-

1,015,070

4,510

Geisinger

Authority,

Montour

County,

Pennsylvania,

Health

System

Revenue

Bonds,

Geisinger

Health

System,

Series

2020A,

4.000%,

4/01/50

4/30

at

100.00 AA-

4,098,282

1,000

Lancaster

County

Hospital

Authority,

Pennsylvania,

Revenue

Bonds,

Penn

State

Health,

Series

2021,

5.000%,

11/01/51

11/29

at

100.00 A+

1,018,700

2,750

Lancaster

County

Hospital

Authority,

Revenue

Bonds,

University

of

Pennsylvania

Health

System,

Refunding

Series

2016B,

5.000%,

8/15/46

8/26

at

100.00 AA

2,838,055

2,195

Lancaster

County

Hospital

Authority,

Revenue

Bonds,

University

of

Pennsylvania

Health

System,

Series

2016A,

5.000%,

8/15/42

8/26

at

100.00 AA

2,273,603

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Health

Care

(continued)

$

3,385

Lehigh

County

General

Purpose

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Lehigh

Valley

Health

Network,

Refunding

Series

2016A,

4.000%,

7/01/35

7/26

at

100.00 A+

$

3,389,739

1,295

Lehigh

County

General

Purpose

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Lehigh

Valley

Health

Network,

Series

2019A,

4.000%,

7/01/49

7/29

at

100.00 A+

1,166,614

Lehigh

County

General

Purpose

Authority,

Pennsylvania,

Revenue

Bonds,

Good

Shepherd

Group,

Refunding

Series

2016:

3.000%,

11/01/36

5/26

at

100.00 A-

335,028

3,435

4.000%,

11/01/46

5/26

at

100.00 A-

2,959,321

2,000

Lehigh

County

General

Purpose

Authority,

Pennsylvania,

Revenue

Bonds,

Good

Shepherd

Group,

Series

2021A,

4.000%,

11/01/41

11/31

at

100.00 A-

1,811,620

1,050

Monroe

County

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Pocono

Medical

Center,

Series

2016,

5.000%,

7/01/41

7/26

at

100.00 A+

1,060,132

1,000

Montgomery

County

Higher

Education

and

Health

Authority,

Pennsylvania,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2018A,

5.000%,

9/01/48

9/28

at

100.00 A

1,005,570

Montgomery

County

Higher

Education

and

Health

Authority,

Pennsylvania,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2019:

3,755

4.000%,

9/01/44

9/29

at

100.00 A

3,461,998

4.000%,

9/01/49

9/29

at

100.00 A

216,467

Montgomery

County

Higher

Education

and

Health

Authority,

Pennsylvania,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2022B:

1,910

4.000%,

5/01/52

5/32

at

100.00 A

1,663,705

1,000

5.000%,

5/01/57

5/32

at

100.00 A

1,001,030

535

Pennsylvania

Economic

Development

Financing

Authority,

Revenue

Bonds,

University

of

Pittsburgh

Medical

Center,

Series

2022A,

5.000%,

2/15/47

2/32

at

100.00 A

554,597

2,195

Pennsylvania

HIgher

Educational

Facilities

Authority,

Revenue

Bonds,

Thomas

Jefferson

University,

Refunding

Series

2015A,

5.250%,

9/01/50

3/25

at

100.00 A

2,221,933

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Hospital

Revenue

Bonds,

The

Children's

Hospital

of

Philadelphia,

Series

2021A:

2,500

5.000%,

7/01/29

No

Opt.

Call

AA

2,801,875

3,000

5.000%,

7/01/32

No

Opt.

Call

AA

3,450,840

555

Philadelphia

Hospitals

and

Higher

Education

Facilities

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Temple

University

Health

System

Obligated

Group,

Series

of

2017,

5.000%,

7/01/30

7/27

at

100.00 BBB

575,008

2,000

Pottsville

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Lehigh

Valley

Health

Network,

Series

2016B,

5.000%,

7/01/45

1/27

at

100.00 A+

2,017,560

2,995

Southcentral

Pennsylvania

General

Authority,

Revenue

Bonds,

Wellspan

Health

Obligated

Group,

Series

2019A,

5.000%,

6/01/49

6/29

at

100.00 Aa3

3,107,492

700

Westmoreland

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Excela

Health

Project,

Series

2020A,

4.000%,

7/01/37

1/31

at

100.00 Baa1

635,705

94,775

Total

Health

Care

86,480,073

Housing/Multifamily

-

0.2%

650

Clarion

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Clarion

University

Foundation

Inc.

Student

Housing

Project

at

Clarion

University,

Series

2014A,

5.000%,

7/01/45

7/24

at

100.00 A1

656,363

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

Properties

Inc.

Student

Housing

Project

at

East

Stroudsburg

University

of

Pennsylvania,

Series

2016A,

5.000%,

7/01/35

7/26

at

100.00 Baa3

96,642

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Multifamily

Housing

Revenue

Bonds,

Presbyterian

Homes

Germantown

-

Morrisville

Project,

Series

2005A,

5.625%,

7/01/35

1/23

at

100.00 Baa3

194,887

941

Total

Housing/Multifamily

947,892

Nuveen

Pennsylvania

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Housing/Single

Family

-

10.0%

$

660

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2015-117B,

3.900%,

10/01/35

10/24

at

100.00 AA+

$

642,094

1,120

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2016-119,

3.500%,

10/01/36

4/25

at

100.00 AA+

1,051,669

3,600

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2016-120,

3.200%,

4/01/40

10/25

at

100.00 AA+

3,116,556

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2016-121:

1,485

3.100%,

10/01/36

10/25

at

100.00 AA+

1,303,281

5,820

3.200%,

10/01/41

10/25

at

100.00 AA+

4,786,135

1,200

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2017-123B,

3.450%,

10/01/32

10/26

at

100.00 AA+

1,153,512

2,000

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2017-124B,

3.500%,

10/01/37

10/26

at

100.00 AA+

1,819,080

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2017-125B,

3.700%,

10/01/47

4/27

at

100.00 AA+

169,533

6,000

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2019-129,

3.350%,

10/01/45

10/28

at

100.00 AA+

5,021,820

4,025

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2019-130A,

3.000%,

10/01/46

10/28

at

100.00 AA+

3,109,232

6,605

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2020-133,

2.500%,

10/01/45

10/29

at

100.00 AA+

4,694,636

1,250

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2021-136,

2.550%,

10/01/51

10/30

at

100.00 AA+

804,700

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2021-134A:

5,210

1.850%,

4/01/36

10/29

at

100.00 AA+

3,791,942

3,145

2.050%,

4/01/41

10/29

at

100.00 AA+

2,121,554

2,430

2.100%,

10/01/43

10/29

at

100.00 AA+

1,588,321

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2021-135A:

3,040

2.250%,

10/01/41

10/30

at

100.00 AA+

2,124,230

3,935

2.375%,

10/01/46

10/30

at

100.00 AA+

2,641,251

4,425

2.500%,

10/01/50

10/30

at

100.00 AA+

2,899,039

2,250

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2021-137,

2.600%,

4/01/46

4/31

at

100.00 AA+

1,603,035

1,665

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2022-138A,

3.000%,

4/01/42

10/31

at

100.00 AA+

1,317,231

1,500

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2022-1394A,

4.150%,

10/01/42

4/32

at

100.00 AA+

1,437,375

61,545

Total

Housing/Single

Family

47,196,226

Industrials

-

0.9%

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

KDC

Agribusiness

Fairless

Hills

LLC

Project,

Series

2020A-1,

10.000%,

12/01/40,

144A

6/30

at

100.00 N/R

224,687

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

KDC

Agribusiness

Fairless

Hills

LLC

Project,

Series

2020A-2,

10.000%,

12/01/40,

(AMT),

144A

6/30

at

100.00 N/R

224,688

2,525

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

National

Gypsum

Company,

Refunding

Series

2014,

5.500%,

11/01/44,

(AMT)

11/24

at

100.00 N/R

2,508,966

1,000

Pennsylvania

Economic

Development

Financing

Authority,

Solid

Waste

Disposal

Revenue

Bonds,

Waste

Management

Inc.,

Project,

Series

2011,

2.150%,

7/01/41,

(AMT),

(Mandatory

Put

7/01/24)

No

Opt.

Call

A-

966,430

4,025

Total

Industrials

3,924,771

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Long-Term

Care

-

6.5%

$

1,510

Berks

County

Industrial

Development

Authority,

Pennsylvania,

Healthcare

Facilities

Revenue

Bonds,

Highlands

at

Wyomissing,

Series

2017A,

5.000%,

5/15/42

5/27

at

100.00 BBB

$

1,427,524

1,600

Berks

County

Industrial

Development

Authority,

Pennsylvania,

Healthcare

Facilities

Revenue

Bonds,

The

Highlands

at

Wyomissing,

Series

2018,

5.000%,

5/15/48

5/25

at

102.00 BBB

1,511,968

Chester

County

Health

and

Education

Facilities

Authority,

Pennsylvania,

Revenue

Bonds,

Simpson

Senior

Services

Project,

Series

2015A,

5.000%,

12/01/35

12/25

at

100.00 N/R

83,490

860

Chester

County

Health

and

Education

Facilities

Authority,

Pennsylvania,

Revenue

Bonds,

Simpson

Senior

Services

Project,

Series

2019,

5.000%,

12/01/51

12/25

at

103.00 N/R

723,896

3,440

Chester

County

Health

and

Education

Facilities

Authority,

Pennsylvania,

Revenue

Bonds,

Simpson

Senior

Services

Project,

Series

2021A,

4.000%,

12/01/44

12/28

at

103.00 N/R

2,518,114

3,490

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Asbury

Pennsylvania

Obligated

Group, Refunding

Series

2019,

5.000%,

1/01/45

1/25

at

104.00 N/R

3,172,899

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2015:

705

4.000%,

1/01/33

1/25

at

100.00 BBB+

671,710

1,120

5.000%,

1/01/38

1/25

at

100.00 BBB+

1,129,184

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2016:

5.000%,

1/01/28

1/26

at

100.00 BBB+

363,733

1,000

5.000%,

1/01/29

1/26

at

100.00 BBB+

1,020,820

910

5.000%,

1/01/30

1/26

at

100.00 BBB+

927,108

3.250%,

1/01/36

1/26

at

100.00 BBB+

115,672

1,430

3.250%,

1/01/39

1/26

at

100.00 BBB+

1,175,102

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2019A:

4.125%,

1/01/38

1/29

at

100.00 BBB+

266,546

5.000%,

1/01/39

1/29

at

100.00 N/R

106,037

1,135

East

Hempfield

Township

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Willow

Valley

Communities

Project,

Refunding

Series

2016,

5.000%,

12/01/39

12/25

at

100.00 A

1,167,972

Lancaster

County

Hospital

Authority,

Pennsylvania,

Health

Center

Revenue

Bonds,

Masonic

Villages

Project,

Series

2015,

5.000%,

11/01/35

5/25

at

100.00 A

345,539

Lancaster

County

Hospital

Authority,

Pennsylvania,

Health

Center

Revenue

Bonds,

Saint

Anne's

Retirement

Community,

Inc.,

Series

2020:

610

5.000%,

3/01/45

3/27

at

102.00 BB+

516,377

5.000%,

3/01/50

3/27

at

102.00 BB+

201,826

Lancaster

Industrial

Development

Authority,

Pennsylvania,

Health

Center

Revenue

Bonds,

Landis

Homes

Retirement

Community

Project,

Refunding

Series

2021:

875

4.000%,

7/01/51

7/26

at

103.00 BBB-

669,384

1,400

4.000%,

7/01/56

7/26

at

103.00 BBB-

1,042,314

2,000

Montgomery

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Series

2016,

5.000%,

11/15/36

11/26

at

100.00 A-

2,002,060

2,000

Montgomery

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Meadowood

Senior

Living

Project,

Series

2018A,

5.000%,

12/01/48

12/25

at

102.00 BBB

1,960,080

1,100

Northampton

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Morningstar

Senior

Living,

Inc.,

Series

2019,

5.000%,

11/01/49

11/26

at

103.00 BB

953,953

2,300

Pennsylvania

Economic

Development

Finance

Authority

Revenue

Bonds

Presbyterian

Senior

Living

Project,

Series

2021,

4.000%,

7/01/46

7/26

at

103.00 BBB+

1,902,790

Nuveen

Pennsylvania

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

(continued)

Westmoreland

County

Industrial

Development

Authority,

Pennsylvania,

Retirement

Community

Revenue

Bonds,

Redstone

Presbyterian

SeniorCare

Obligated

Group,

Refunding

Bonds,

Series

2021:

$

2,655

4.000%,

5/15/41

5/28

at

103.00 N/R

$

2,110,141

3,345

4.000%,

5/15/47

5/28

at

103.00 N/R

2,475,367

35,040

Total

Long-Term

Care

30,561,606

Tax

Obligation/General

-

18.5%

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2014C-74:

950

5.000%,

12/01/32

12/24

at

100.00 AA-

983,411

5.000%,

12/01/34

12/24

at

100.00 AA-

428,131

5,660

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2018C-

77,

5.000%,

11/01/43

11/28

at

100.00 AA-

6,065,143

Allentown

City

School

District,

Lehigh

County,

Pennsylvania,

General

Obligation

Bonds,

Limited

Tax

Series

2019C:

1,000

4.000%,

2/01/35

-

BAM

Insured

8/29

at

100.00 AA

1,005,090

760

4.000%,

2/01/36

-

BAM

Insured

8/29

at

100.00 AA

760,912

1,000

Bethel

Park

School

District,

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Limited

Tax

Series

2022,

4.000%,

8/01/38

8/30

at

100.00 Aa2

994,020

Bethel

Park

School

District,

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Refunding

Series

2016:

1,235

5.000%,

8/01/28

8/26

at

100.00 Aa2

1,330,552

1,050

4.000%,

8/01/31

8/26

at

100.00 Aa2

1,082,298

1,205

4.000%,

8/01/32

8/26

at

100.00 Aa2

1,240,584

1,180

4.000%,

8/01/33

8/26

at

100.00 Aa2

1,210,845

705

Boyertown

Area

School

District,

Berks

and

Montgomery

Counties,

Pennsylvania,

General

Obligation

Bonds,

Series

2015,

5.000%,

10/01/38

4/24

at

100.00 AA-

724,430

1,000

Cambria

County,

Pennsylvania,

General

Obligation

Bonds,

Notes

Series

2020B,

4.000%,

8/01/33

-

AGM

Insured

8/27

at

100.00 AA

1,032,770

1,675

Canon-McMillan

School

District,

Washington

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2014D,

5.000%,

12/15/38

-

BAM

Insured

12/24

at

100.00 AA

1,722,285

2,720

Chambersburg

Area

School

District,

Franklin

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2019,

4.000%,

3/01/29

3/27

at

100.00 Aa3

2,852,355

3,125

Chichester

School

District,

Delaware

County,

Pennsylvania,

General

Obligation

Bonds,

Series

1999,

0.000%,

3/01/26

-

FGIC

Insured

No

Opt.

Call

Aa3

2,816,094

Coatesville

Area

School

District,

Chester

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2020A:

4,000

0.000%,

10/01/35

-

BAM

Insured

10/30

at

81.91 AA

2,217,480

1,950

0.000%,

10/01/37

-

BAM

Insured

10/30

at

75.27 AA

963,105

4,005

Colonial

School

District,

Montgomery

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2020,

5.000%,

2/15/44

2/27

at

100.00 Aaa

4,253,791

805

Connellsville

Area

School

District,

Fayette

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2019,

3.125%,

8/15/39

8/26

at

100.00 AA

702,966

2,630

Dallas

School

District,

Luzerne

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2019,

5.000%,

10/15/33

-

AGM

Insured

10/29

at

100.00 AA

2,988,153

2,050

Delaware

Valley

Regional

Finance

Authority,

Pennsylvania,

Local

Government

Revenue

Bonds,

Series

2020B,

5.000%,

11/01/24

No

Opt.

Call

A+

2,135,956

845

Fayette

County,

Pennsylvania,

General

Obligation

Bonds,

Notes

Series

2021A,

2.000%,

11/15/43

-

AGM

Insured

11/30

at

100.00 AA

544,678

580

Gateway

School

District,

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2021,

3.000%,

10/15/35

-

BAM

Insured

10/31

at

100.00 AA

517,198

1,635

Girard

School

District,

Erie

County,

Pennsylvania,

General

Obligation

Bonds,

Series

1999B,

0.000%,

11/15/28

-

FGIC

Insured

No

Opt.

Call

Baa2

1,311,532

2,240

Lehighton

Area

School

District,

Carbon

County,

Pennsylvania,

General

Obligation

Bonds,

Limited

Tax

Series

2015A,

5.000%,

11/15/43

-

BAM

Insured

11/23

at

100.00 AA

2,287,802

4,875

McKeesport

Area

School

District,

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Series

1997D,

0.000%,

10/01/24

-

NPFG

Insured

No

Opt.

Call

A2

4,566,607

3,000

Montgomery

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2022,

5.000%,

7/01/36

7/32

at

100.00 Aaa

3,477,930

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Tax

Obligation/General

(continued)

Norristown

Area

School

District,

Montgomery

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2016:

$

1,025

4.000%,

9/01/31

-

AGM

Insured

9/26

at

100.00 AA

$

1,059,194

1,020

4.000%,

9/01/33

-

AGM

Insured

9/26

at

100.00 AA

1,050,457

North

Allegheny

School

District,

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Limited

Tax

Series

2019:

1,020

4.000%,

5/01/34

5/29

at

100.00 AA

1,058,393

1,030

4.000%,

5/01/44

5/29

at

100.00 AA

1,013,973

Penn

Manor

School

District,

Lancaster

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2019A:

1,500

4.000%,

3/01/33

9/27

at

100.00 AA

1,557,105

1,860

4.000%,

3/01/34

9/27

at

100.00 AA

1,925,119

1,350

Pennsylvania

Economic

Development

Financing

Authority,

Parking

System

Revenue

Bonds,

Capitol

Region

Parking

System,

Junior

Insured

Series

2013C,

5.500%,

1/01/30

-

AGM

Insured

1/24

at

100.00 AA

1,386,153

3,440

Philadelphia

School

District,

Pennsylvania,

General

Obligation

Bonds,

Series

2007A,

5.000%,

6/01/34

-

NPFG

Insured

No

Opt.

Call

A1

3,935,566

5,150

Philadelphia

School

District,

Pennsylvania,

General

Obligation

Bonds,

Series

2021A,

4.000%,

9/01/46

9/31

at

100.00 A1

4,707,100

2,500

Philadelphia,

Pennsylvania,

General

Obligation

Bonds,

Series

2021A,

4.000%,

5/01/42

5/31

at

100.00 A

2,469,100

3,545

Pittsburgh,

Pennsylvania,

General

Obligation

Bonds,

Series

2022,

5.000%,

9/01/40

9/30

at

100.00 AA-

3,818,036

760

Rostraver

Township,

Westmoreland

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2018,

3.500%,

9/01/34

-

AGM

Insured

9/25

at

100.00 AA

760,046

1,285

Scranton,

Lackawanna

County,

Pennsylvania,

General

Obligation

Notes,

Series

2016,

5.000%,

11/15/32

5/24

at

100.00 BB+

1,293,661

2,000

State

College

Area

School

District,

Centre

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2015,

5.000%,

3/15/40

3/25

at

100.00 Aa1

2,068,120

The

Redevelopment

Authority

of

the

City

of

Scranton,

Lackawanna

county,

Pennsylvania,

Guaranteed

Lease

Revenue

Bonds,

Series

2016A,

5.000%,

11/15/28

5/24

at

100.00 BB+

57,349

1,000

Township

of

Upper

Marion,

Pennsylvania,

General

Obligation

Bonds,

Series

of

2022,

4.000%,

12/01/47

12/27

at

100.00 Aaa

992,450

1,000

Upper

Dublin

School

District,

Montgomery

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2021A,

4.000%,

9/15/37

3/29

at

100.00 Aa3

1,004,170

Upper

Merion

Area

School

District,

Montgomery

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2020,

2.000%,

9/01/26

No

Opt.

Call

Aaa

189,498

1,365

Upper

Saint

Clair

Township

School

District,

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2018,

5.000%,

10/01/41

10/24

at

100.00 AA

1,417,375

Upper

Saint

Clair

Township

School

District,

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2020:

1,125

3.000%,

10/01/28

No

Opt.

Call

AA

1,129,084

1,090

3.000%,

10/01/29

10/28

at

100.00 AA

1,090,774

1,100

3.000%,

10/01/30

10/28

at

100.00 AA

1,089,275

1,315

West

Allegheny

School

District,

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2021B,

2.000%,

9/01/26

No

Opt.

Call

Aa2

1,258,981

1,000

West

Mifflin

Area

School

District,

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Limited

Tax

Series

2019,

3.000%,

4/01/34

-

BAM

Insured

10/29

at

100.00 AA

927,800

89,035

Total

Tax

Obligation/General

87,474,897

Nuveen

Pennsylvania

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

-

3.8%

$

Allentown

Neighborhood

Improvement

Zone

Development

Authority,

Pennsylvania,

Tax

Revenue

Bonds,

615

Waterfront

Project,

Senior

Series

2021,

6.000%,

5/01/42,

144A

5/31

at

100.00 N/R

$

114,998

Allentown

Neighborhood

Improvement

Zone

Development

Authority,

Pennsylvania,

Tax

Revenue

Bonds,

City

Center

Project,

Series

2018,

5.000%,

5/01/33,

144A

5/28

at

100.00 Ba3

96,588

1,000

Allentown

Neighborhood

Improvement

Zone

Development

Authority,

Pennsylvania,

Tax

Revenue

Bonds,

City

Center

Project,

Subordinate

Series

2022,

5.250%,

5/01/42,

144A

5/32

at

100.00 N/R

929,000

505

Allentown

Neighborhood

Improvement

Zone

Development

Authority,

Pennsylvania,

Tax

Revenue

Bonds,

City

Center

Refunding

Project,

Series

2017,

5.000%,

5/01/42,

144A

5/27

at

100.00 Ba3

458,540

Chester

County

Industrial

Development

Authority,

Pennsylvania,

Special

Obligation

Bonds,

Woodlands

at

Greystone

Project,

Series

2018,

5.000%,

3/01/38,

144A

3/28

at

100.00 N/R

96,982

1,080

Commonwealth

Financing

Authority,

Pennsylvania,

Revenue

Bonds,

Refunding

Series

2019B,

5.000%,

6/01/30

No

Opt.

Call

A1

1,218,910

Commonwealth

Financing

Authority,

Pennsylvania,

State

Appropriation

Lease

Bonds,

Master

Settlement,

Series

2018:

500

5.000%,

6/01/31

6/28

at

100.00 A1

545,730

3,770

4.000%,

6/01/39

-

AGM

Insured

6/28

at

100.00 AA

3,780,594

528

Monroe

County

Industrial

Development

Authority,

Pennsylvania,

Special

Obligation

Revenue

Bonds,

Tobyhanna

Township

Project,

Series

2014,

6.875%,

7/01/33,

144A

7/24

at

100.00 N/R

516,959

Pennsylvania

Turnpike

Commission,

Motor

License

Fund-

Enhanced

Turnpike

Special

Revenue

Bonds,

Subordinate

Series

2014A:

1,500

0.000%,

12/01/37

(4) 12/26

at

100.00 AA-

1,544,925

1,000

4.900%,

12/01/44

12/26

at

100.00 AA-

1,022,920

2,080

Pennsylvania

Turnpike

Commission,

Oil

Franchise

Tax

Revenue

Bonds,

Subordinate

Series

2018B,

5.000%,

12/01/48

12/28

at

100.00 A+

2,154,464

2,060

Philadelphia

Authority

For

Industrial

Development,

Pennsylvania,

City

Agreement

Revenue

Bonds,

Cultural

and

Commercial

Corridors

Program,

Refunding

Series

2016A,

5.000%,

12/01/30

12/25

at

100.00 A

2,165,554

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

0.000%,

7/01/51

7/28

at

30.01 N/R

32,175

4.750%,

7/01/53

7/28

at

100.00 N/R

376,445

2,022

5.000%,

7/01/58

7/28

at

100.00 N/R

1,918,494

659

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2,

4.784%,

7/01/58

7/28

at

100.00 N/R

602,392

530

Washington

County

Redevelopment

Authority,

Pennsylvania,

Tanger

Outlet

Victory

Center

Tax

Increment

Bonds,

Series

2018,

5.000%,

7/01/35

1/28

at

100.00 BB

514,561

18,132

Total

Tax

Obligation/Limited

18,090,231

Transportation

-

8.0%

4,810

Allegheny

County

Airport

Authority,

Pennsylvania,

Airport

Revenue

Bonds,

Pittsburgh

International

Airport,

Series

2021A,

5.000%,

1/01/56,

(AMT)

1/31

at

100.00 A2

4,878,254

Delaware

River

Joint

Toll

Bridge

Commission,

New

Jersey

and

Pennsylvania,

Bridge

System

Revenue

Bonds,

Refunding

Series

2015:

1,040

4.000%,

7/01/34

-

BAM

Insured

7/25

at

100.00 AA

1,064,138

2,455

4.000%,

7/01/35

-

BAM

Insured

7/25

at

100.00 AA

2,507,979

1,070

Delaware

River

Joint

Toll

Bridge

Commission,

New

Jersey

and

Pennsylvania,

Bridge

System

Revenue

Bonds,

Series

2017,

5.000%,

7/01/47

7/27

at

100.00 A1

1,106,722

2,710

Delaware

River

Port

Authority,

New

Jersey

and

Pennsylvania,

Revenue

Bonds,

Series

2018A,

5.000%,

1/01/38

1/29

at

100.00 A+

2,923,060

1,000

Delaware

River

Port

Authority,

Pennsylvania

and

New

Jersey,

Revenue

Refunding

Bonds,

Port

District

Project,

Series

2012,

5.000%,

1/01/25

1/23

at

100.00 A

1,001,980

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Transportation

(continued)

$

1,850

Pennsylvania

Economic

Development

Financing

Authority,

Parking

System

Revenue

Bonds,

Capitol

Region

Parking

System,

Series

2013A,

5.250%,

1/01/44

-

AGM

Insured

1/24

at

100.00 AA

$

1,883,966

2,675

Pennsylvania

Economic

Development

Financing

Authority,

Private

Activity

Revenue

Bonds,

Pennsylvania

Rapid

Bridge

Replacement

Project,

Series

2015,

5.000%,

6/30/42,

(AMT)

6/26

at

100.00 BBB

2,681,901

4,865

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Capital

Appreciation

Series

2009E,

6.375%,

12/01/38

12/27

at

100.00 A

5,532,089

1,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Refunding

Subordinate

Second

Series

2016B-2,

5.000%,

6/01/39

6/26

at

100.00 A

1,028,960

1,680

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2014C,

5.000%,

12/01/44

12/24

at

100.00 AA-

1,708,375

5,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2015B,

5.000%,

12/01/45

12/25

at

100.00 AA-

5,131,400

2,645

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Subordinate

Series

2009C,

6.250%,

6/01/33

-

AGM

Insured

6/26

at

100.00 AA

2,947,932

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Subordinate

Series

2017B-1:

585

5.000%,

6/01/31

6/27

at

100.00 A

626,407

620

5.000%,

6/01/33

6/27

at

100.00 A

657,857

1,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Subordinate

Series

2021A,

4.000%,

12/01/50

12/30

at

100.00 A

885,680

Philadelphia,

Pennsylvania,

Airport

Revenue

Bonds,

Refunding

Series

2017A,

3.000%,

7/01/34

-

AGM

Insured

7/27

at

100.00 AA

65,831

1,000

Philadelphia,

Pennsylvania,

Airport

Revenue

Bonds,

Refunding

Series

2020A,

4.000%,

7/01/35

7/30

at

100.00 A2

1,002,780

36,075

Total

Transportation

37,635,311

U.S.

Guaranteed

-

5.6%

(5) 1,025

Bristol

Township

School

District,

Bucks

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2013,

5.250%,

6/01/43,

(Pre-refunded

6/01/23)

6/23

at

100.00 A1

1,038,612

Centre

County

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Mount

Nittany

Medical

Center

Project,

Series

2016A:

5.000%,

11/15/41,

(Pre-refunded

11/15/25)

11/25

at

100.00 AA-

314,895

680

5.000%,

11/15/46,

(Pre-refunded

11/15/25)

11/25

at

100.00 AA-

725,859

2,030

Cheltenham

Township

School

District,

Montgomery

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2016B,

5.000%,

2/15/37,

(Pre-

refunded

8/15/24)

8/24

at

100.00 AA-

2,111,768

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2015:

960

4.000%,

1/01/33,

(Pre-refunded

1/01/25)

1/25

at

100.00 N/R

984,855

4.000%,

1/01/33,

(Pre-refunded

1/01/25)

1/25

at

100.00 N/R

343,673

915

5.000%,

1/01/38,

(Pre-refunded

1/01/25)

1/25

at

100.00 N/R

957,456

5.000%,

1/01/38,

(Pre-refunded

1/01/25)

1/25

at

100.00 N/R

230,208

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2016:

625

3.250%,

1/01/39,

(Pre-refunded

1/01/26)

1/26

at

100.00 N/R

632,756

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2019A:

570

5.000%,

1/01/39,

(Pre-refunded

1/01/29)

1/29

at

100.00 N/R

636,963

5.000%,

1/01/39,

(Pre-refunded

1/01/29)

1/29

at

100.00 N/R

78,224

East

Hempfield

Township

Industrial

Development

Authority,

Pennsylvania,

Student

Services

Inc

-

Student

Housing

Project

at

Millersville

University,

Series

2014,

5.000%,

7/01/46,

(Pre-refunded

7/01/24)

7/24

at

100.00 N/R

501,665

Indiana

County

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Indiana

Regional

Medical

Center,

Series

2014A,

6.000%,

6/01/39,

(Pre-

refunded

6/01/23)

6/23

at

100.00 N/R

259,108

Nuveen

Pennsylvania

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

U.S.

Guaranteed

(5) (continued)

Lancaster

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Garden

Spot

Village

Project,

Series

2013:

$

5.375%,

5/01/28,

(Pre-refunded

5/01/23)

5/23

at

100.00 N/R

$

283,304

5.750%,

5/01/35,

(Pre-refunded

5/01/23)

5/23

at

100.00 N/R

435,732

Lehigh

County

Authority,

Pennsylvania,

Water

and

Sewer

Revenue

Bonds,

Allentown

Concession,

Series

2013A:

2,565

5.125%,

12/01/47,

(Pre-refunded

12/01/23)

12/23

at

100.00 N/R

2,629,946

3,230

Montgomery

County

Industrial

Development

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Albert

Einstein

Healthcare

Network

Issue,

Series

2015A,

5.250%,

1/15/45,

(Pre-refunded

1/15/25)

1/25

at

100.00 N/R

3,388,851

1,110

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Philadelphia

University,

Refunding

Series

2013,

5.000%,

6/01/32,

(Pre-

refunded

6/01/23)

6/23

at

100.00 N/R

1,122,832

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Widener

University,

Series

2013A,

5.500%,

7/15/38,

(Pre-refunded

7/15/23)

7/23

at

100.00 N/R

493,682

1,660

Philadelphia,

Pennsylvania,

General

Obligation

Bonds,

Refunding

Series

2014A,

5.000%,

7/15/38,

(Pre-refunded

1/15/24)

1/24

at

100.00 A

1,704,720

5,140

Philadelphia,

Pennsylvania,

Water

and

Wastewater

Revenue

Bonds,

Series

2015A,

5.000%,

7/01/45,

(Pre-refunded

7/01/24)

7/24

at

100.00 A+

5,332,801

2,270

Southcentral

Pennsylvania

General

Authority,

Revenue

Bonds,

WellSpan

Health

Obligated

Group,

Series

2014A,

5.000%,

6/01/44,

(Pre-refunded

6/01/24)

6/24

at

100.00 Aa3

2,350,903

25,635

Total

U.S.

Guaranteed

26,558,813

Utilities

-

8.4%

Allegheny

County

Sanitary

Authority,

Pennsylvania,

Sewer

Revenue

Bonds,

Refunding

Series

2015:

1,840

5.000%,

12/01/40

12/25

at

100.00 AA-

1,919,819

1,365

5.000%,

12/01/45

12/25

at

100.00 AA-

1,422,644

835

Allegheny

County

Sanitary

Authority,

Pennsylvania,

Sewer

Revenue

Bonds,

Series

2022,

5.000%,

6/01/53

6/32

at

100.00 AA-

887,171

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Generation

Project,

Refunding

Series

2006A,

4.375%,

1/01/35,

(Mandatory

Put

7/01/33)

No

Opt.

Call

BBB-

49,974

3,475

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Nuclear

Generation

Project,

Refunding

Series

2005A,

4.000%,

1/01/35

(6) No

Opt.

Call

N/R

4,344

2,270

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Nuclear

Generation

Project,

Series

2006B,

3.500%,

12/01/35

(6) No

Opt.

Call

N/R

2,838

605

Bucks

County

Water

and

Sewer

Authority,

Pennsylvania,

Water

System

Revenue

Bonds,

Series

2021,

2.250%,

12/01/44

-

AGM

Insured

12/30

at

100.00 AA

404,630

Delaware

County

Regional

Water

Quality

Control

Authority,

Pennsylvania,

Sewer

Revenue

Bonds,

Series

2015,

5.000%,

5/01/40

5/25

at

100.00 Aa3

424,981

Lehigh

County

Authority,

Pennsylvania,

Water

and

Sewer

Revenue

Bonds,

Allentown

Concession,

Series

2013A:

1,875

5.125%,

12/01/47

12/23

at

100.00 A

1,881,450

1,325

Luzerne

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Pennsylvania-American

Water

Company

Project,

Refunding

Series

2019,

2.450%,

12/01/39,

(AMT),

(Mandatory

Put

12/03/29)

12/29

at

100.00 A+

1,193,030

4,305

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

Shippingport

Project,

First

Energy

Guarantor.,

Series

2006A,

2.550%,

11/01/41

(6) No

Opt.

Call

N/R

5,381

2,265

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

York

Water

Company

Project,

Refunding

Series

2019A,

3.000%,

10/01/36,

(AMT)

10/29

at

100.00 A-

1,947,741

4,060

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

York

Water

Company

Project,

Refunding

Series

2019B,

3.100%,

11/01/38,

(AMT)

11/29

at

100.00 A-

3,461,191

10,450

Pennsylvania

Economic

Development

Financing

Authority,

Revenue

Bonds,

Pennsylvania-American

Water

Company,

Refunding

Series

2019,

3.000%,

4/01/39

10/29

at

100.00 A+

8,661,587

Investments

in

Derivatives

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Utilities

(continued)

$

2,000

Philadelphia

Gas

Works,

Pennsylvania,

Revenue

Bonds,

1998

General

Ordinance,

Fifteenth

Series

2017,

5.000%,

8/01/47

8/27

at

100.00 A

$

2,064,580

3,165

Philadelphia

Gas

Works,

Pennsylvania,

Revenue

Bonds,

1998

General

Ordinance,

Sixteenth

Series

2020A,

5.000%,

8/01/50

-

AGM

Insured

8/30

at

100.00 AA

3,351,672

2,215

Philadelphia

Gas

Works,

Pennsylvania,

Revenue

Bonds,

Refunding

Thirteenth

Series

2015,

5.000%,

8/01/30

8/25

at

100.00 A

2,312,748

2,100

Philadelphia,

Pennsylvania,

Water

and

Wastewater

Revenue

Bonds,

Series

2019B,

5.000%,

11/01/54

11/29

at

100.00 A+

2,195,277

1,500

Pittsburgh

Water

and

Sewer

Authority,

Pennsylvania,

Water

and

Sewer

System

Revenue

Bonds,

Refunding

First

Lien

Series

2017C,

2.550%,

9/01/40

-

AGM

Insured,

(Mandatory

Put

12/01/23)

(SIFMA

reference

rate

+

0.650%

spread)

(7) 6/23

at

100.00 AA

1,498,500

965

Pittsburgh

Water

and

Sewer

Authority,

Pennsylvania,

Water

and

Sewer

System

Revenue

Bonds,

Refunding

Subordinate

Series

2019B,

4.000%,

9/01/34

-

AGM

Insured

9/29

at

100.00 AA

1,001,303

1,000

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A,

5.000%,

7/01/30,

144A

No

Opt.

Call

N/R

1,011,270

565

University

Area

Joint

Authority,

Centre

County,

Pennsylvania,

Sewer

Revenue

Bonds,

Series

2021,

3.000%,

11/01/35

-

BAM

Insured

11/26

at

100.00 AA

511,325

1,000

Upper

Allegheny

Joint

Sanitary

Authority,

Allegheny

County,

Pennsylvania,

Sewer

Revenue

Bonds,

Refunding

Series

2019A,

3.000%,

9/01/44

-

AGM

Insured

9/29

at

100.00 AA

785,760

Williamsport

Sanitary

Authority,

Lycoming

County,

Pennsylvania,

Sewer

Revenue

Bonds,

Series

2021.:

1,000

5.000%,

1/01/23

-

BAM

Insured

No

Opt.

Call

AA

1,002,000

1,615

5.000%,

1/01/24

-

BAM

Insured

No

Opt.

Call

AA

1,655,811

52,255

Total

Utilities

39,657,027

$

480,173

Total

Municipal

Bonds

(cost

$486,338,804)

438,147,937

Shares

Description

(1) Value

X

25,712,936

COMMON

STOCKS

-

5.4%

X

25,712,936

Independent

Power

And

Renewable

Electricity

Producers

-

5.4%

$

324,114

Energy

Harbor

Corp

(8),(9)

$

25,712,936

Total

Common

Stocks

(cost

$9,068,453)

25,712,936

Total

Long-Term

Investments

(cost

$495,407,257)

463,860,873

Other

Assets

Less

Liabilities

-

1.8%(10)

8,328,378

Net

Assets

-

100%

$

472,189,251

Futures

Contracts

-

Short

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

U.S.

Treasury

10-Year

Note

(31) 3/23

$

(3,514,563)

$

(3,518,500)

$

(3,937)

U.S.

Treasury

Long

Bond

(24) 3/23

(3,067,043)

(3,048,000)

19,043

Total

$(6,581,606)

$(6,566,500)

$15,106

(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.

Nuveen

Pennsylvania

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

(4) 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.

(5) Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

(6) Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(7) Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(8) Common

Stock

received

as

part

of

the

bankruptcy

settlements

during

February

2020

for

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Nuclear

Generation

Project,

Refunding

Series

2005A,

4.000%,

1/01/35,

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Refunding

Bonds,

FirstEnergy

Nuclear

Generation

Project,

Series

2006B,

3.500%,

12/01/35,

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

Shipping

port

Project,

First

Energy

Guarantor,

Series

2006A,

2.550%,

11/01/41.

(9) Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(10) Other

assets

less

liabilities

includes

the

unrealized

appreciation

(depreciation)

of

certain

over-the-counter

("OTC")

derivatives

as

presented

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

The

unrealized

appreciation

(depreciation)

of

OTC

cleared

and

exchange-traded

derivatives

is

recognized

as

part

of

the

cash

collateral

at

brokers

and/or

the

receivable

or

payable

for

variation

margin

as

presented

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

SIFMA

Securities

Industry

and

Financial

Market

Association

See

accompanying

notes

to

financial

statements.

Nuveen

Virginia

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

487,199,838

MUNICIPAL

BONDS

-

99.2%

X

487,199,838

Consumer

Staples

-

2.6%

Guam

Economic

Development

&

Commerce

Authority,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007A:

$

5.250%,

6/01/32

12/22

at

100.00 N/R

$

243,464

600

5.625%,

6/01/47

12/22

at

100.00 N/R

547,032

7,655

Tobacco

Settlement

Financing

Corporation

of

Virginia,

Tobacco

Settlement

Asset

Backed

Bonds,

Series

2007B1,

5.000%,

6/01/47

12/22

at

100.00 B-

7,143,263

4,910

Tobacco

Settlement

Financing

Corporation

of

Virginia,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007B2,

5.200%,

6/01/46

12/22

at

100.00 B-

4,773,748

13,420

Total

Consumer

Staples

12,707,507

Education

and

Civic

Organizations

-

10.7%

1,000

Alexandria

Industrial

Development

Authority,

Virginia,

Educational

Facilities

Revenue

Bonds,

Episcopal

High

School,

Refunding

Series

2021C,

4.000%,

1/01/46

1/31

at

100.00 A1

973,330

1,685

Alexandria

Industrial

Development

Authority,

Virginia,

Educational

Facilities

Revenue

Bonds,

Episcopal

High

School,

Series

2017,

4.000%,

1/01/40

1/27

at

100.00 A1

1,686,955

College

of

William

and

Mary,

Virginia,

General

Pledge

Revenue

Bonds,

Series

2020A:

5.000%,

2/15/32

2/30

at

100.00 AA

425,212

5.000%,

2/15/33

2/30

at

100.00 AA

418,374

4.000%,

2/15/34

2/30

at

100.00 AA

391,433

1,500

Farmville

Industrial

Development

Authority,

Virginia,

Educational

Facilities

Revenue

Bonds,

Convocation

Center

Project,

Series

2021,

5.375%,

7/01/53

-

AGM

Insured,

(Mandatory

Put

7/01/43)

7/28

at

103.00 AA

1,576,650

1,455

Industrial

Development

Authority

of

the

City

of

Lexington,

Virginia,

Washington

and

Lee

University,

Educational

Facility

Revenue

Bonds,

Refunding

Series

2018A,

5.000%,

1/01/48

1/28

at

100.00 AA

1,556,006

1,500

Loudoun

County

Industrial

Development

Authority,

Virginia,

Multi-Modal

Revenue

Bonds,

Howard

Hughes

Medical

Institute,

Series

2022A,

4.000%,

10/01/52

10/32

at

100.00 AAA

1,440,405

2,000

Madison

County

Industrial

Development

Authority,

Virginia,

Educational

Facilities

Revenue

Bonds,

Woodberry

Forest

School,

Series

2021,

3.000%,

10/01/50

10/30

at

100.00 Aa1

1,561,340

500

Montgomery

County

Economic

Development

Authority,

Virginia,

Revenue

Bonds,

Virginia

Tech

Foundation,

Refunding

Series

2017A,

4.000%,

6/01/37

6/27

at

100.00 Aa2

506,440

3,250

Montgomery

County

Economic

Development

Authority,

Virginia,

Revenue

Bonds,

Virginia

Tech

Foundation,

Refunding

Series

2019A,

4.000%,

6/01/34

6/29

at

100.00 Aa2

3,367,650

750

Roanoke

Economic

Development

Authority,

Virginia,

Educational

Facilities

Revenue

Bonds,

Lynchburg

College,

Series

2018A,

5.000%,

9/01/43

9/28

at

100.00 BBB+

765,217

2,500

The

Rector

and

Visitors

of

the

University

of

Virginia,

General

Pledge

Revenue

Bonds,

Green

Series

2015A-2,

5.000%,

4/01/45

4/25

at

100.00 AAA

2,599,775

8,855

The

Rector

and

Visitors

of

the

University

of

Virginia,

General

Pledge

Revenue

Bonds,

Refunding

Series

2017A,

5.000%,

4/01/39

4/27

at

100.00 AAA

9,504,603

5,000

The

Rector

and

Visitors

of

the

University

of

Virginia,

General

Pledge

Revenue

Bonds,

Refunding

Series

2017B,

5.000%,

4/01/46

4/27

at

100.00 AAA

5,323,950

5,000

The

Rector

and

Visitors

of

the

University

of

Virginia,

General

Pledge

Revenue

Bonds,

Series

2019B,

5.000%,

9/01/49

9/29

at

100.00 AAA

5,459,400

1,000

Virginia

College

Building

Authority,

Educational

Facilities

Revenue

Bonds,

Marymount

University

Project,

Green

Series

2015B,

5.000%,

7/01/45,

144A

7/25

at

100.00 BB+

965,110

Nuveen

Virginia

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)

Virginia

College

Building

Authority,

Educational

Facilities

Revenue

Bonds,

Marymount

University

Project,

Refunding

Series

2015A:

$

3,000

5.000%,

7/01/35

7/25

at

100.00 BB+

$

3,015,000

4,465

5.000%,

7/01/45,

144A

7/25

at

100.00 BB+

4,308,993

1,575

Virginia

College

Building

Authority,

Educational

Facilities

Revenue

Bonds,

Washington

and

Lee

University,

Series

1998,

5.250%,

1/01/31

-

NPFG

Insured

No

Opt.

Call

AAA

1,726,499

525

Virginia

Commonwealth

University,

General

Pledge

Revenue

Bonds,

Refunding

Series

2018A,

5.000%,

11/01/38

11/28

at

100.00 AA-

573,158

3,975

Virginia

Commonwealth

University,

General

Pledge

Revenue

Bonds,

Refunding

Series

2020A,

5.000%,

11/01/33

11/30

at

100.00 AA-

4,498,627

50,655

Total

Education

and

Civic

Organizations

52,644,127

Health

Care

-

14.4%

Arlington

County

Industrial

Development

Authority,

Virginia,

Hospital

Facility

Revenue

Bonds,

Virginia

Hospital

Center,

Series

2020:

1,200

5.000%,

7/01/31

7/30

at

100.00 AA-

1,325,856

1,050

5.000%,

7/01/32

7/30

at

100.00 AA-

1,156,344

1,165

5.000%,

7/01/33

7/30

at

100.00 AA-

1,278,343

5.000%,

7/01/37

7/30

at

100.00 AA-

349,742

1,195

4.000%,

7/01/38

7/30

at

100.00 AA-

1,199,601

1,075

4.000%,

7/01/45

7/30

at

100.00 AA-

1,031,720

Chesapeake

Hospital

Authority,

Virginia,

Hospital

Facility

Revenue

Bonds,

Chesapeake

Regional

Medical

Center,

Series

2019:

4,030

5.000%,

7/01/30

7/29

at

100.00 A

4,412,850

560

4.000%,

7/01/35

7/29

at

100.00 A

561,053

1,000

4.000%,

7/01/39

7/29

at

100.00 A

971,310

1,920

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-1,

4.000%,

8/01/44

8/29

at

100.00 A-

1,667,635

3,000

Fairfax

County

Industrial

Development

Authority,

Virginia,

Healthcare

Revenue

Bonds,

Inova

Health

System,

Refunding

Series

2022,

4.000%,

5/15/44

5/32

at

100.00 AA+

2,944,830

2,000

Fairfax

County

Industrial

Development

Authority,

Virginia,

Healthcare

Revenue

Bonds,

Inova

Health

System,

Series

2018A,

4.000%,

5/15/48

5/28

at

100.00 AA+

1,908,860

Fairfax

County

Industrial

Development

Authority,

Virginia,

Hospital

Revenue

Refunding

Bonds,

Inova

Health

System,

Series

1993A,

5.000%,

8/15/23

No

Opt.

Call

AA+

111,827

2,000

Front

Royal

and

Warren

County

Industrial

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Valley

Health

System

Obligated

Group,

Series

2018,

4.000%,

1/01/50

1/25

at

103.00 A+

1,881,700

3,500

Industrial

Development

Authority

of

the

City

of

Newport

News,

Virginia,

Health

System

Revenue

Bonds,

Riverside

Health

System,

Series

2015A,

5.330%,

7/01/45,

144A

7/25

at

100.00 N/R

3,537,625

Lynchburg

Economic

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Centra

Health

Obligated

Group,

Refunding

Series

2017A:

5.000%,

1/01/32

1/27

at

100.00 A-

189,065

2,000

5.000%,

1/01/47

1/27

at

100.00 A-

2,012,500

Lynchburg

Economic

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Centra

Health

Obligated

Group,

Refunding

Series

2021:

2,850

4.000%,

1/01/47

1/32

at

100.00 A-

2,566,140

3,000

3.000%,

1/01/51

1/32

at

100.00 A-

2,080,170

1,000

Norfolk

Economic

Development

Authority,

Virginia,

Hospital

Facility

Revenue

Bonds,

Sentara

Healthcare

Systems,

Refunding

Series

2018B,

4.000%,

11/01/48

11/28

at

100.00 AA

956,980

5,000

Roanoke

Economic

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Carilion

Clinic

Obligated

Group,

Series

2020A,

4.000%,

7/01/51

7/30

at

100.00 AA-

4,684,400

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Health

Care

(continued)

Stafford

County

Economic

Development

Authority,

Virginia,

Hospital

Facilities

Revenue

Bonds,

Mary

Washington

Healthcare

Obligated

Group,

Refunding

Series

2016:

$

1,000

5.000%,

6/15/32

6/26

at

100.00 A

$

1,035,750

1,800

5.000%,

6/15/35

6/26

at

100.00 A

1,847,790

1,600

5.000%,

6/15/36

6/26

at

100.00 A

1,638,160

1,360

4.000%,

6/15/37

6/26

at

100.00 A

1,295,169

3,300

Virginia

Commonwealth

University

Health

System

Authority,

General

Revenue

Bonds,

Series

2017B,

5.000%,

7/01/46

7/27

at

100.00 AA-

3,367,749

9,160

Virginia

Small

Business

Finance

Authority,

Healthcare

Facilities

Revenue

Bonds,

Bon

Secours

Mercy

Health,

Inc.,

Series

2020A,

4.000%,

12/01/49

6/30

at

100.00 AA-

8,378,835

5,000

Virginia

Small

Business

Finance

Authority,

Healthcare

Facilities

Revenue

Bonds,

Bon

Secours

Mercy

Health,

Inc.,

Series

2022A,

5.000%,

10/01/41

10/32

at

100.00 AA-

5,334,650

Virginia

Small

Business

Finance

Authority,

Healthcare

Facilities

Revenue

Bonds,

Sentara

Healthcare,

Refunding

Series

2020:

4,000

4.000%,

11/01/38

11/29

at

100.00 AA

4,023,840

1,150

4.000%,

11/01/39

11/29

at

100.00 AA

1,153,933

Winchester

Economic

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Valley

Health

System

Obligated

Group,

Refunding

Series

2015:

1,250

5.000%,

1/01/32

1/26

at

100.00 A+

1,306,900

1,230

5.000%,

1/01/34

1/26

at

100.00 A+

1,278,142

2,000

4.000%,

1/01/37

1/26

at

100.00 A+

1,997,240

1,215

5.000%,

1/01/44

1/26

at

100.00 A+

1,220,103

72,225

Total

Health

Care

70,706,812

Housing/Multifamily

-

4.0%

620

Fairfax

County

Redevelopment

and

Housing

Authority,

Virginia,

FHA-

Insured

Elderly

Housing

Mortgage

Revenue

Refunding

Bonds,

Little

River

Glen,

Series

1996,

6.100%,

9/01/26

1/23

at

100.00 AA

621,457

690

Richmond

Redevelopment

and

Housing

Authority,

Virginia,

Multi-Family

Housing

Revenue

Bonds,

American

Tobacco

Apartments,

Series

2017,

5.550%,

1/01/37,

144A

1/27

at

100.00 N/R

622,421

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2015A:

1,510

3.500%,

3/01/35

3/24

at

100.00 AA+

1,439,845

1,790

3.625%,

3/01/39

3/24

at

100.00 AA+

1,651,168

1,000

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2015C,

4.000%,

8/01/45

8/24

at

100.00 AA+

970,950

2,585

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2015E,

3.750%,

12/01/40

12/24

at

100.00 AA+

2,374,504

1,500

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2016B,

3.350%,

5/01/36

5/25

at

100.00 AA+

1,390,785

1,710

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2017A,

3.875%,

3/01/47

3/26

at

100.00 AA+

1,496,199

3,000

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2019A,

3.600%,

9/01/39

3/28

at

100.00 AA+

2,713,410

1,250

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2020E,

2.300%,

7/01/40

7/29

at

100.00 AA+

923,325

1,745

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2020G,

2.200%,

9/01/40

9/29

at

100.00 AA+

1,264,863

2,000

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2021B,

2.400%,

3/01/46

3/30

at

100.00 AA+

1,403,340

2,000

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2021K,

2.375%,

12/01/41

12/30

at

100.00 AA+

1,513,960

1,000

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2022F,

5.000%,

10/01/52

10/31

at

100.00 AA+

1,041,550

22,400

Total

Housing/Multifamily

19,427,777

Nuveen

Virginia

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Industrials

-

0.4%

$

2,300

Amelia

County

Industrial

Development

Authority,

Virginia,

Solid

Waste

Disposal

Revenue

Bonds,

Waste

Management

Inc.,

Series

2002,

1.450%,

4/01/27,

(AMT)

No

Opt.

Call

A-

$

2,020,872

Long-Term

Care

-

3.1%

2,800

Albemarle

County,

Virginia,

Residential

Care

Facility

Revenue

Bonds, Westminster-Canterbury

of

the

Blue

Ridge,

Refunding

Series

2022A,

4.000%,

6/01/49

6/29

at

103.00 BBB+

2,316,132

Henrico

County

Economic

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Westminster

Canterbury

of

Richmond,

Refunding

Series

2020:

1,650

4.000%,

10/01/31

10/26

at

103.00 A-

1,634,358

700

4.000%,

10/01/45

10/26

at

103.00 A-

636,405

1,000

James

City

County

Economic

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Williamsburg

Landing

Inc.,

Refunding

Series

2021A,

4.000%,

12/01/50

12/27

at

103.00 N/R

730,350

625

James

City

County

Economic

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

WindsorMeade,

Series

2021A,

4.000%,

6/01/41

6/27

at

103.00 N/R

485,875

1,000

Lexington

Industrial

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Kendal

at

Lexington

Retirement

Community

Inc.,

Refunding

Series

2016,

4.000%,

1/01/37

1/25

at

102.00 BBB-

846,390

1,120

Lexington

Industrial

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Kendal

at

Lexington

Retirement

Community

Inc.,

Refunding

Series

2022. Forward

Delivery,

4.000%,

1/01/42

1/29

at

103.00 BBB-

895,753

3,300

Norfolk

Redevelopment

and

Housing

Authority,

Virginia,

Fort

Norfolk

Retirement

Community,

Inc.,

Harbor's

Edge

Project,

Series

2019A,

5.250%,

1/01/54

1/24

at

104.00 N/R

3,026,529

1,500

Prince

William

County

Industrial

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Westminster

at

Lake

Ridge,

Refunding

Series

2016,

5.000%,

1/01/46

1/25

at

102.00 BB

1,243,740

Suffolk

Economic

Development

Authority,

Virginia,

Retirement

Facilities

First

Mortgage

Revenue

Bonds,

Lake

Prince

Center,

Inc./United

Church

Homes

and

Services

Obligated

Group,

Refunding

Series

2016:

1,110

5.000%,

9/01/26

9/24

at

102.00 N/R

1,101,320

1,500

5.000%,

9/01/31

9/24

at

102.00 N/R

1,435,290

1,025

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

National

Senior

Campuses

Inc

Obligated

Group,

Series

2020A,

4.000%,

1/01/45

7/27

at

103.00 A

911,553

17,330

Total

Long-Term

Care

15,263,695

Tax

Obligation/General

-

4.9%

4,600

Corona-Norco

Unified

School

District,

Riverside

County,

California,

General

Obligation

Bonds,

Capital

Appreciation,

Election

2006

Refunding

Series

2009C,

0.000%,

8/01/32

No

Opt.

Call

AA

3,159,694

3,465

Loudoun

County,

Virginia,

General

Obligation

Bonds,

Public

Improvement

Series

2017A,

5.000%,

12/01/25

No

Opt.

Call

AAA

3,710,183

1,250

Norfolk,

Virginia,

General

Obligation

Bonds,

Capital

Improvement

Series

2016A,

5.000%,

10/01/28

10/26

at

100.00 AAA

1,351,588

6,715

Patterson

Joint

Unified

School

District,

Stanislaus

County,

California,

General

Obligation

Bonds,

2008

Election

Series

2009B,

0.000%,

8/01/45

-

AGM

Insured

No

Opt.

Call

AA

2,460,309

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1:

2,920

5.625%,

7/01/29

No

Opt.

Call

N/R

2,992,707

4,500

0.000%,

7/01/33

7/31

at

89.94 N/R

2,470,140

1,000

4.000%,

7/01/33

7/31

at

103.00 N/R

871,340

2,000

4.000%,

7/01/41

7/31

at

103.00 N/R

1,607,440

Richmond,

Virginia,

General

Obligation

Bonds,

Refunding

&

Public

Improvement

Series

2017D,

5.000%,

3/01/32

No

Opt.

Call

AA+

435,712

2,710

Virginia

State,

General

Obligation

Bonds,

Series

2020A,

4.000%,

6/01/30

No

Opt.

Call

AAA

2,934,930

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Tax

Obligation/General

(continued)

Wylie

Independent

School

District,

Collin

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2015B:

$

7,110

0.000%,

8/15/48

8/25

at

38.79 Aaa

$

2,145,585

36,640

Total

Tax

Obligation/General

24,139,628

Tax

Obligation/Limited

-

18.6%

Arlington

County

Industrial

Development

Authority,

Virginia,

Revenue

Bonds,

Refunding

County

Projects,

Series

2017:

1,485

5.000%,

2/15/34

8/27

at

100.00 Aa1

1,627,396

1,000

5.000%,

2/15/35

8/27

at

100.00 Aa1

1,091,210

925

5.000%,

2/15/36

8/27

at

100.00 Aa1

1,006,465

1,000

Dulles

Town

Center

Community

Development

Authority,

Loudon

County,

Virginia

Special

Assessment

Refunding

Bonds,

Dulles

Town

Center

Project,

Series

2012,

4.250%,

3/01/26

1/23

at

100.00 N/R

966,090

1,000

Fairfax

County

Economic

Development

Authority,

Virginia,

Revenue

Bonds,

Metrorail

Parking

System

Project,

Series

2017,

5.000%,

4/01/37

4/27

at

100.00 AA+

1,068,750

1,830

Farms

of

New

Kent

Community

Development

Authority,

Virginia,

Special

Assessment

Bonds,

Refunding

Series

2021A,

3.750%,

3/01/36,

144A

3/31

at

100.00 N/R

1,735,975

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D:

3,000

5.000%,

11/15/33

11/25

at

100.00 BB

3,050,760

1,000

5.000%,

11/15/35

11/25

at

100.00 BB

1,011,340

620

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2021F.

Forward

Delivery,

4.000%,

1/01/36

1/31

at

100.00 Ba1

573,847

Guam

Government,

Limited

Obligation

Section

Revenue

Bonds,

Series

2016A:

1,000

5.000%,

12/01/30

12/26

at

100.00 BB

1,029,470

1,000

5.000%,

12/01/34

12/26

at

100.00 BB

1,017,940

Hampton

Roads

Transportation

Accountability

Commision,

Virginia,

Revenue

Bonds,

Hampton

Roads

Transportation

Fund,

Senior

Lien

Series

2020A:

1,000

5.000%,

7/01/45

7/30

at

100.00 AA

1,085,930

5,000

5.250%,

7/01/60

7/30

at

100.00 AA

5,471,550

Hampton

Roads

Transportation

Accountability

Commission,

Virginia,

Hampton

Roads

Transportation

Fund

Revenue

Bonds,

Senior

Lien

Series

2018A:

4,350

5.000%,

7/01/48

1/28

at

100.00 AA+

4,616,612

3,000

Hampton

Roads

Transportation

Accountability

Commission,

Virginia,

Revenue

Bonds,

Hampton

Roads

Transportation

Fund,

Senior

Lien

Series

2022A,

4.000%,

7/01/52

7/32

at

100.00 AA

2,889,120

3,000

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Capital

Appreciation

Refunding

Senior

Lien

Series

2014A,

0.000%,

11/15/51

-

AGM

Insured

11/31

at

37.76 AA

710,070

960

Lower

Magnolia

Green

Community

Development

Authority,

Virginia,

Special

Assessment

Bonds,

Series

2015,

5.000%,

3/01/45,

144A

3/25

at

100.00 N/R

892,925

765

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A,

5.000%,

10/01/30

No

Opt.

Call

N/R

789,335

Peninsula

Town

Center

Community

Development

Authority,

Virginia,

Special

Obligation

Bonds,

Refunding

Series

2018:

4.500%,

9/01/28,

144A

9/27

at

100.00 N/R

342,567

800

5.000%,

9/01/37,

144A

9/27

at

100.00 N/R

746,160

2,185

5.000%,

9/01/45,

144A

9/27

at

100.00 N/R

1,971,110

4,305

Puerto

Rico

Highway

and

Transportation

Authority,

Highway

Revenue

Bonds,

Series

2007N,

5.250%,

7/01/31

-

AMBAC

Insured

No

Opt.

Call

AAA

4,258,162

Nuveen

Virginia

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)

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

$

0.000%,

7/01/24

No

Opt.

Call

N/R

$

30,682

0.000%,

7/01/27

No

Opt.

Call

N/R

65,284

0.000%,

7/01/29

7/28

at

98.64 N/R

230,618

0.000%,

7/01/31

7/28

at

91.88 N/R

136,382

0.000%,

7/01/33

7/28

at

86.06 N/R

249,515

3,247

0.000%,

7/01/51

7/28

at

30.01 N/R

610,956

2,000

4.750%,

7/01/53

7/28

at

100.00 N/R

1,827,400

10,615

5.000%,

7/01/58

7/28

at

100.00 N/R

10,071,618

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2:

2,180

4.329%,

7/01/40

7/28

at

100.00 N/R

1,974,906

4.536%,

7/01/53

7/28

at

100.00 N/R

53,221

4.784%,

7/01/58

7/28

at

100.00 N/R

28,337

Virgin

Islands

Public

Finance

Authority,

Federal

Highway

Grant

Anticipation

Loan

Note

Revenue

Bonds,

Series

2015:

500

5.000%,

9/01/23,

144A

No

Opt.

Call

A

505,555

1,000

5.000%,

9/01/30,

144A

9/25

at

100.00 A

1,017,910

1,000

5.000%,

9/01/33,

144A

9/25

at

100.00 A

1,018,210

1,000

Virgin

Islands

Public

Finance

Authority,

Gross

Receipts

Taxes

Loan

Note,

Refunding

Series

2006,

5.000%,

10/01/28

-

FGIC

Insured

1/23

at

100.00 Baa2

1,011,500

2,240

Virgin

Islands

Public

Finance

Authority,

Gross

Receipts

Taxes

Loan

Note,

Working

Capital

Series

2014A,

5.000%,

10/01/34

-

AGM

Insured,

144A

10/24

at

100.00 AA

2,271,270

Virginia

College

Building

Authority,

Educational

Facilities

Revenue

Bonds,

21st

Century

College

&

Equipment

Programs,

Refunding

Series

2017E:

1,000

5.000%,

2/01/30

2/28

at

100.00 AA+

1,107,930

2,000

5.000%,

2/01/32

2/28

at

100.00 AA+

2,209,860

3,500

Virginia

Commonwealth

Transportation

Board,

Federal

Transportation

Grant

Anticipation

Revenue

Notes,

Series

2016,

5.000%,

9/15/30

9/26

at

100.00 AA+

3,773,630

2,900

Virginia

Commonwealth

Transportation

Board,

Federal

Transportation

Grant

Anticipation

Revenue

Notes,

Series

2020,

5.000%,

3/15/33

9/30

at

100.00 AA+

3,342,279

2,000

Virginia

Public

Building

Authority,

Public

Facilities

Revenue

Bonds,

Series

2019B,

4.000%,

8/01/38,

(AMT)

8/29

at

100.00 AA+

2,035,020

5,000

Virginia

Public

Building

Authority,

Public

Facilities

Revenue

Bonds,

Series

2020A,

5.000%,

8/01/37

8/30

at

100.00 AA+

5,602,600

2,000

Virginia

Public

School

Authority,

School

Financing

Bonds,

1997

Resolution,

Series

2015A,

5.000%,

8/01/26

8/25

at

100.00 AA+

2,120,820

Virginia

Resources

Authority,

Infrastructure

Revenue

Bonds,

Pooled

Financing

Program,

Series

2012A,

5.000%,

11/01/42

1/23

at

100.00 AAA

25,040

Virginia

Resources

Authority,

Infrastructure

Revenue

Bonds,

Pooled

Loan

Bond

Program,

Series

2015D,

5.000%,

11/01/40

11/25

at

100.00 AAA

289,825

Virginia

Small

Business

Financing

Authority,

Tourism

Development

Financing

Program

Revenue

Bonds,

Virginia

Beach

Oceanfront

South

Hotel

Project,

Senior

Series

2020A-1,

8.000%,

10/01/43,

144A

10/30

at

120.40 N/R

355,854

3,000

Virginia

Transportation

Board,

Transportation

Revenue

Bonds,

Capital

Projects,

Series

2017,

4.000%,

5/15/42

5/27

at

100.00 AA+

3,003,660

3,000

Virginia

Transportation

Board,

Transportation

Revenue

Bonds,

Capital

Projects,

Series

2019,

5.000%,

5/15/32

5/29

at

100.00 AA+

3,393,960

4,000

Washington

Metropolitan

Area

Transit

Authority,

District

of

Columbia,

Dedicated

Revenue

Bonds,

Green

Series

2021A,

4.000%,

7/15/43

7/31

at

100.00 AA

3,956,680

1,000

Western

Virginia

Regional

Jail

Authority,

Virginia,

Facility

Revenue

Bonds,

Refunding

Series

2016,

5.000%,

12/01/37

12/26

at

100.00 Aa2

1,060,710

94,582

Total

Tax

Obligation/Limited

91,334,016

Transportation

-

23.0%

Capital

Region

Airport

Commission,

Virginia,

Airport

Revenue

Bonds,

Refunding

Series

2016A:

4.000%,

7/01/36

7/26

at

100.00 A2

349,338

770

4.000%,

7/01/38

7/26

at

100.00 A2

758,527

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

Transportation

(continued)

Chesapeake

Bay

Bridge

and

Tunnel

District,

Virginia,

General

Resolution

Revenue

Bonds,

First

Tier

Series

2016:

$

4,580

5.000%,

7/01/41

-

AGM

Insured

7/26

at

100.00 AA

$

4,715,385

4,830

5.000%,

7/01/46

7/26

at

100.00 BBB

4,880,522

Chesapeake,

Virginia,

Transportation

System

Senior

Toll

Road

Revenue

Bonds,

Capital

Appreciation

Series

2012B:

3,000

0.000%,

7/15/32

(4) 7/28

at

100.00 A-

3,065,790

1,755

0.000%,

7/15/40

-

AGM

Insured

(4) 7/28

at

100.00 AA

1,723,533

1,620

Chesapeake,

Virginia,

Transportation

System

Senior

Toll

Road

Revenue

Bonds,

Series

2012A,

5.000%,

7/15/47

1/23

at

100.00 A-

1,620,389

Metropolitan

Washington

Airports

Authority,

D.C.,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

&

Capital

improvement

Projects,

Refunding

&

Subordinate

Lien

Series

2019B,

4.000%,

10/01/38

10/29

at

100.00 A-

288,832

2,500

Metropolitan

Washington

Airports

Authority,

District

of

Columbia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

&

Capital

improvement

Projects,

Refunding

&

Subordinate

Lien

Series

2019B,

4.000%,

10/01/53

-

AGM

Insured

10/29

at

100.00 AA

2,236,475

2,000

Metropolitan

Washington

Airports

Authority,

District

of

Columbia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

&

Capital

Improvement

Projects,

Refunding

First

Senior

Lien

Series

2019A,

5.000%,

10/01/36

10/28

at

100.00 A

2,139,320

2,000

Metropolitan

Washington

Airports

Authority,

District

of

Columbia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

&

Capital

Improvement

Projects,

Refunding

Second

Senior

Lien

Series

2022A,

4.000%,

10/01/52

-

AGM

Insured

10/31

at

100.00 AA

1,817,160

Metropolitan

Washington

Airports

Authority,

District

of

Columbia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

&

Capital

improvement

Projects,

Second

Senior

Lien

Series

2009B:

4,200

0.000%,

10/01/26

-

AGC

Insured

No

Opt.

Call

AA

3,691,296

5,850

0.000%,

10/01/34

-

AGC

Insured

No

Opt.

Call

AA

3,637,705

13,000

0.000%,

10/01/36

-

AGC

Insured

No

Opt.

Call

AA

7,265,440

3,300

Metropolitan

Washington

Airports

Authority,

District

of

Columbia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

Capital

Appreciation,

Second

Senior

Lien

Series

2010B,

6.500%,

10/01/44

10/28

at

100.00 A-

3,688,674

1,000

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Forward

Delivery

Refunding

Series

2020A,

5.000%,

10/01/32,

(AMT)

10/30

at

100.00 AA-

1,089,160

5,200

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2016A,

5.000%,

10/01/35,

(AMT)

10/26

at

100.00 AA-

5,378,048

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2017:

625

5.000%,

10/01/34,

(AMT)

10/27

at

100.00 AA-

653,675

3,000

5.000%,

10/01/42,

(AMT)

10/27

at

100.00 AA-

3,070,920

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2018A:

3,000

5.000%,

10/01/32,

(AMT)

10/28

at

100.00 AA-

3,206,220

3,345

5.000%,

10/01/37,

(AMT)

10/28

at

100.00 AA-

3,484,955

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2019A:

1,000

5.000%,

10/01/36,

(AMT)

10/29

at

100.00 AA-

1,054,230

4,000

5.000%,

10/01/38,

(AMT)

10/29

at

100.00 AA-

4,180,720

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

American

Airlines,

Inc.

John

F

Kennedy

International

Airport

Project,

Refunding

Series

2016:

5.000%,

8/01/26,

(AMT)

12/22

at

100.00 B

125,007

595

5.000%,

8/01/31,

(AMT)

12/22

at

100.00 B

595,006

Norfolk

Airport

Authority,

Virginia,

Airport

Revenue

Bonds,

Series

2019:

875

5.000%,

7/01/39

7/29

at

100.00 A

911,654

5,625

5.000%,

7/01/43

7/29

at

100.00 A

5,818,106

3,000

Virginia

Port

Authority,

Port

Facilities

Revenue

Bonds,

Refunding

Series

2016B,

5.000%,

7/01/41,

(AMT)

7/26

at

100.00 A1

3,123,150

Nuveen

Virginia

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)

Virginia

Small

Business

Financing

Authority,

Private

Activity

Revenue

Bonds,

Transform

P3

Project,

Senior

Lien

Series

2017:

$

6,975

5.000%,

12/31/49,

(AMT)

6/27

at

100.00 BBB

$

6,983,719

3,575

5.000%,

12/31/52,

(AMT)

6/27

at

100.00 BBB

3,569,315

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

Express

Lanes

LLC

Project,

Refunding

Senior

Lien

Series

2022:

2,500

5.000%,

1/01/36,

(AMT)

1/32

at

100.00 BBB

2,592,000

1,000

5.000%,

1/01/38,

(AMT)

1/32

at

100.00 BBB

1,026,360

1,000

5.000%,

7/01/38,

(AMT)

1/32

at

100.00 BBB

1,026,360

2,000

5.000%,

12/31/47,

(AMT)

12/32

at

100.00 Baa1

2,065,780

2,260

4.000%,

1/01/48,

(AMT)

1/32

at

100.00 BBB

1,888,953

1,340

5.000%,

12/31/52,

(AMT)

12/32

at

100.00 Baa1

1,376,743

1,000

5.000%,

12/31/57,

(AMT)

12/32

at

100.00 Baa1

1,023,380

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

Elizabeth

River

Crossing

OPCO,

LLC

Project,

Refunding

Senior

Lien

Series

2022:

2,365

4.000%,

1/01/33,

(AMT)

1/32

at

100.00 BBB

2,333,877

1,000

4.000%,

1/01/38,

(AMT)

1/32

at

100.00 BBB

936,230

2,500

4.000%,

1/01/40,

(AMT)

1/32

at

100.00 BBB

2,290,375

6,000

3.000%,

1/01/41,

(AMT)

1/32

at

100.00 BBB

4,599,000

Washington

Metropolitan

Area

Transit

Authority,

District

of

Columbia,

Gross

Revenue

Bonds,

Series

2017B:

2,000

5.000%,

7/01/30

7/27

at

100.00 AA

2,189,020

1,400

5.000%,

7/01/37

7/27

at

100.00 AA

1,487,346

2,000

5.000%,

7/01/42

7/27

at

100.00 AA

2,097,460

1,000

Washington

Metropolitan

Area

Transit

Authority,

District

of

Columbia,

Gross

Revenue

Bonds,

Series

2018,

5.000%,

7/01/37

7/27

at

100.00 AA-

1,062,390

121,365

Total

Transportation

113,117,545

U.S.

Guaranteed

-

8.3%

(5) 275

Bristol,

Virginia,

General

Obligation

Utility

System

Revenue

Bonds,

Series

2002,

5.000%,

11/01/24

-

AGM

Insured,

(ETM)

No

Opt.

Call

AA

282,953

Embrey

Mill

Community

Development

Authority,

Virginia,

Special

Assessment

Revenue

Bonds,

Series

2015,

5.600%,

3/01/45,

(Pre-

refunded

3/01/25)

3/25

at

100.00 N/R

105,728

1,000

Fairfax

County

Economic

Development

Authority,

Virginia,

County

Facilities

Revenue

Bonds,

Refunding

Series

2017B,

5.000%,

10/01/34,

(Pre-refunded

10/01/27)

10/27

at

100.00 AA+

1,105,350

Fairfax

County

Economic

Development

Authority,

Virginia,

Residential

Care

Facilities

Mortgage

Revenue

Bonds,

Goodwin

House,

Inc.,

Series

2016A:

700

4.000%,

10/01/42,

(Pre-refunded

10/01/24)

10/24

at

102.00 N/R

728,917

4,725

5.000%,

10/01/42,

(Pre-refunded

10/01/24)

10/24

at

102.00 N/R

5,005,712

Fairfax

County

Economic

Development

Authority,

Virginia,

Residential

Care

Facilities

Revenue

Bonds,

Vinson

Hall

LLC,

Series

2013A:

1,000

5.000%,

12/01/42,

(Pre-refunded

12/01/23)

12/23

at

100.00 N/R

1,023,100

1,000

5.000%,

12/01/47,

(Pre-refunded

12/01/23)

12/23

at

100.00 N/R

1,023,100

1,220

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2013,

5.500%,

7/01/43,

(Pre-refunded

7/01/23)

7/23

at

100.00 A-

1,240,838

Hampton

Roads

Sanitation

District,

Virginia,

Wastewater

Revenue

Bonds,

Subordinate

Series

2018A:

1,400

5.000%,

10/01/40,

(Pre-refunded

10/01/27)

10/27

at

100.00 AA+

1,540,826

2,100

5.000%,

10/01/42,

(Pre-refunded

10/01/27)

10/27

at

100.00 AA+

2,311,239

1,770

5.000%,

10/01/43,

(Pre-refunded

10/01/27)

10/27

at

100.00 AA+

1,948,044

Hampton

Roads

Transportation

Accountability

Commission,

Virginia,

Hampton

Roads

Transportation

Fund

Revenue

Bonds,

Senior

Lien

Series

2018A:

1,650

5.000%,

7/01/48,

(Pre-refunded

1/01/28)

1/28

at

100.00 N/R

1,835,361

1,000

5.000%,

7/01/52,

(Pre-refunded

1/01/28)

1/28

at

100.00 AA

1,112,340

9,760

5.500%,

7/01/57,

(Pre-refunded

1/01/28)

1/28

at

100.00 AA

11,087,067

Principal

Amount

(000) Description

(1) Optional

Call

Provisions

(2) Ratings

(3) Value

U.S.

Guaranteed

(5) (continued)

$

5,250

Metropolitan

Washington

Airports

Authority,

District

of

Columbia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

&

Capital

improvement

Projects,

Second

Senior

Lien

Series

2009C,

6.500%,

10/01/41,

(Pre-

refunded

10/01/26)

-

AGC

Insured

10/26

at

100.00 AA

$

5,954,970

2,190

Virginia

College

Building

Authority,

Educational

Facilities

Revenue

Bonds,

Washington

and

Lee

University,

Series

2015A,

5.000%,

1/01/40,

(Pre-

refunded

1/01/25)

1/25

at

100.00 AA

2,296,149

1,665

Winchester

Economic

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Valley

Health

System

Obligated

Group,

Refunding

Series

2014A,

5.000%,

1/01/44,

(Pre-refunded

1/01/24)

1/24

at

100.00 A+

1,706,542

Wylie

Independent

School

District,

Collin

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2015B:

890

0.000%,

8/15/48,

(Pre-refunded

8/15/25)

8/25

at

38.79 Aaa

317,561

37,695

Total

U.S.

Guaranteed

40,625,797

Utilities

-

9.2%

4,300

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Generation

Project,

Refunding

Series

2006A,

4.375%,

1/01/35,

(Mandatory

Put

7/01/33)

No

Opt.

Call

BBB-

4,297,807

3,660

Chesapeake

Industrial

Development

Authority,

Virginia,

Pollution

Control

Revenue

Bonds,

Virginia

Electric

and

Power

Company

Project,

Refunding

Series

2008A,

1.900%,

2/01/32,

(Mandatory

Put

6/01/23)

No

Opt.

Call

A2

3,622,265

2,500

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Series

2014A,

5.000%,

7/01/35

7/24

at

100.00 A-

2,522,300

1,000

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

7/01/33

7/27

at

100.00 A-

1,031,900

1,735

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2020A,

5.000%,

1/01/50

7/30

at

100.00 A-

1,743,102

825

Guam

Power

Authority,

Revenue

Bonds,

Refunding

Series

2017A,

5.000%,

10/01/33

10/27

at

100.00 BBB

856,705

3,765

Loudoun

County

Sanitation

Authority,

Virginia,

Water

and

Sewer

System

Revenue

Bonds,

Refunding

Series

2021,

4.000%,

1/01/33

1/31

at

100.00 AAA

3,988,679

3,085

Louisa

Industrial

Development

Authority,

Virginia,

Pollution

Control

Revenue

Bonds,

Virginia

Electric

and

Power

Company,

Refunding

Series

2008A,

1.900%,

11/01/35,

(Mandatory

Put

6/01/23)

No

Opt.

Call

A2

3,053,194

2,000

Louisa

Industrial

Development

Authority,

Virginia,

Pollution

Control

Revenue

Bonds,

Virginia

Electric

and

Power

Company,

Refunding

Series

2008B,

0.750%,

11/01/35,

(Mandatory

Put

9/02/25)

No

Opt.

Call

A2

1,819,740

2,000

Louisa

Industrial

Development

Authority,

Virginia,

Pollution

Control

Revenue

Bonds,

Virginia

Electric

and

Power

Company,

Refunding

Series

2008C,

1.650%,

11/01/35,

(Mandatory

Put

5/31/24)

No

Opt.

Call

A2

1,927,900

2,975

Newport

News,

Virginia,

Water

Revenue

Bonds,

Series

2021,

5.000%,

7/15/30

No

Opt.

Call

AAA

3,446,032

4,000

Norfolk,

Virginia,

Water

Revenue

Bonds,

Series

2015A,

5.250%,

11/01/44

11/24

at

100.00 AA+

4,193,880

1,715

Norfolk,

Virginia,

Water

Revenue

Bonds,

Series

2017,

5.000%,

11/01/42

11/27

at

100.00 AA+

1,843,848

2,000

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A,

5.000%,

7/01/47,

144A

7/30

at

100.00 N/R

1,920,240

2,000

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B,

4.000%,

7/01/42,

144A

7/31

at

100.00 N/R

1,695,480

5,000

Richmond,

Virginia,

Public

Utility

Revenue

Bonds,

Refunding

Series

2016A,

5.000%,

1/15/32

1/26

at

100.00 Aa1

5,331,300

1,000

Virginia

Small

Business

Financing

Authority,

Solid

Waste

Disposal

Revenue

Bonds,

Covanta

Project,

Series

2018,

5.000%,

1/01/48,

(AMT),

(Mandatory

Put

7/01/38),

144A

7/23

at

100.00 B

960,200

1,000

Wise

County

Industrial

Development

Authority,

Virginia,

Solid

Waste

and

Sewage

Disposal

Revenue

Bonds,

Virginia

Electric

and

Power

Company,

Series

2010A,

1.200%,

11/01/40,

(Mandatory

Put

5/31/24)

No

Opt.

Call

A2

957,490

44,560

Total

Utilities

45,212,062

$

513,172

Total

Municipal

Bonds

(cost

$498,678,763)

487,199,838

Nuveen

Virginia

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

November

30,

2022

(Unaudited)

Shares

Description

(1) Value

X

463,751

COMMON

STOCKS

-

0.1%

X

463,751

Airlines

-

0.1%

$

32,138

American

Airlines

Group

Inc

(6),(7)

$

463,751

Total

Common

Stocks

(cost

$905,444)

463,751

Total

Long-Term

Investments

(cost

$499,584,207)

487,663,589

Other

Assets

Less

Liabilities

-

0.7%

3,465,429

Net

Assets

-

100%

$

491,129,018

(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) 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.

(5) Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

(6) On

November

28,

2011,

AMR

Corp.

("AMR"),

the

parent

company

of

American

Airlines

Group,

Inc.

("AAL")

filed

for

federal

bankruptcy

protection.

On

December

9,

2013,

AMR

emerged

from

federal

bankruptcy

with

the

acceptance

of

its

reorganization

plan

by

the

bankruptcy

court.

Under

the

settlement

agreement

to

meet

AMR's

unsecured

bond

obligations,

the

bondholders

including

the

Fund,

received

a

distribution

of

AAL

preferred

stock

which

was

converted

to

AAL

common

stock

over

a

120-day

period.

Every

days,

a

quarter

of

the

preferred

stock

was

converted

to

AAL

common

stock

based

on

the

5-day

volume-weighted

average

price

and

the

amount

of

preferred

shares

tendered

during

the

optional

preferred

conversion

period.

(7) Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

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.

Arizona

Colorado

Maryland

New

Mexico

Pennsylvania

Virginia

Assets

Long-term

investments,

at

value

†

$

162,928,750

$

439,934,049

$

236,189,423

$

76,814,348

$

463,860,873

$

487,663,589

Cash

67,682

–

3,225,668

–

–

–

Cash

collateral

at

brokers

for

investments

in

futures

contracts

(1) –

–

–

–

175,508

–

Receivable

for

interest

2,944,436

7,478,881

3,767,722

1,220,656

5,654,204

6,855,477

Receivable

for

investments

sold

2,467,108

5,554,852

5,000

–

7,449,906

6,371,029

Receivable

for

shares

sold

125,674

2,021,187

776,766

32,769

603,618

1,339,022

Other

assets

7,963

15,094

9,312

3,174

37,332

72,743

Total

assets

168,541,613

455,004,063

243,973,891

78,070,947

477,781,441

502,301,860

Liabilities

Cash

overdraft

–

2,105,068

–

424,134

2,120,762

8,899,025

Payable

for

dividends

104,686

153,444

153,908

35,624

258,140

298,579

Payable

for

interest

17,582

–

–

–

–

–

Payable

for

investments

purchased

-

regular

settlement

2,315,696

2,865,025

–

–

1,772,706

–

Payable

for

shares

redeemed

916,381

3,158,645

617,731

58,621

975,251

1,478,185

Payable

for

variation

margin

on

futures

contracts

–

–

–

–

24,234

–

Accrued

expenses:

Management

fees

67,909

179,238

97,177

31,724

188,799

201,219

Trustees

fees

2,013

13,186

4,691

986

35,510

70,710

12b-1

distribution

and

service

fees

13,974

36,454

19,027

8,910

40,959

41,872

Other

90,220

163,435

106,498

61,704

175,829

183,252

Total

liabilities

3,528,461

8,674,495

999,032

621,703

5,592,190

11,172,842

Commitments

and

contingencies

(as

disclosed

in

Note

8)

Net

assets

$

165,013,152

$

446,329,568

$

242,974,859

$

77,449,244

$

472,189,251

$

491,129,018

†

Long-term

investments,

cost

$

171,418,360

$

453,734,108

$

250,357,988

$

80,341,836

$

495,407,257

$

499,584,207

Arizona

Colorado

Maryland

New

Mexico

Pennsylvania

Virginia

Class

A

Shares

Net

Assets

$

69,194,247

$

160,393,381

$

88,218,367

$

47,783,601

$

182,817,841

$

188,993,757

Shares

outstanding

6,949,994

16,080,668

9,100,285

5,031,511

18,104,233

18,620,514

Net

asset

value

("NAV")

per

share

$

9.96 $

9.97 $

9.69 $

9.50 $

10.10 $

10.15 Maximum

sales

charge

4.20%

4.20%

4.20%

4.20%

4.20%

4.20%

Offering

price

per

share

(NAV

per

share

plus

maximum

sales

charge)

$

10.40 $

10.41 $

10.11 $

9.92 $

10.54 $

10.59 Class

C

Shares

Net

Assets

$

3,489,767

$

12,830,747

$

6,107,041

$

1,610,241

$

14,515,714

$

14,067,066

Shares

outstanding

350,766

1,288,944

632,327

169,259

1,443,477

1,387,115

NAV

and

offering

price

per

share

$

9.95 $

9.95 $

9.66 $

9.51 $

10.06 $

10.14 Class

I

Shares

Net

Assets

$

92,329,138

$

273,105,440

$

148,649,451

$

28,055,402

$

274,855,696

$

288,068,195

Shares

outstanding

9,257,912

27,405,421

15,340,261

2,940,621

27,275,103

28,446,618

NAV

and

offering

price

per

share

$

9.97 $

9.97 $

9.69 $

9.54 $

10.08 $

10.13 Fund

level

net

assets

consist

of:

Capital

paid-in

$

182,293,377

$

488,819,345

$

270,969,773

$

85,180,337

$

507,338,615

$

544,764,671

Total

distributable

earnings

(loss)

(17,280,225)

(42,489,777)

(27,994,914)

(7,731,093)

(35,149,364)

(53,635,653)

Fund

level

net

assets

$

165,013,152

$

446,329,568

$

242,974,859

$

77,449,244

$

472,189,251

$

491,129,018

Authorized

shares

-

per

class

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

per

share

$

0.01 $

0.01 $

0.01 $

0.01 $

0.01 $

0.01 (1) Cash

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

derivatives.

Statement

of

Operations

Six

Months

Ended

November

30,

2022

(Unaudited)

See

accompanying

notes

to

financial

statements.

Arizona

Colorado

Maryland

New

Mexico

Pennsylvania

Investment

Income

Interest

$

2,784,825

$

8,143,037

$

4,601,256

$

1,422,271

$

8,085,816

Total

Investment

Income

2,784,825

8,143,037

4,601,256

1,422,271

8,085,816

Expenses

–

–

–

–

–

Management

fees

421,407

1,177,552

634,723

205,937

1,214,339

12b-1

service

fees

-

Class

A

Shares

67,448

168,985

90,504

50,787

187,050

12b-1

distribution

and

service

fees

-

Class

C

Shares

18,745

72,975

33,707

8,541

76,068

Shareholder

servicing

agent

fees

27,775

86,326

45,041

12,131

117,549

Interest

expense

1,020

3,766

3,430

7,358

Custodian

expenses,

net

18,259

40,078

23,801

12,061

43,192

Trustees

fees

2,849

8,382

4,632

1,414

8,991

Professional

fees

25,781

33,548

27,202

22,619

33,527

Shareholder

reporting

expenses

7,236

8,629

10,458

6,414

17,235

Federal

and

state

registration

fees

6,293

3,139

5,484

3,282

3,286

Other

4,183

6,621

4,452

3,058

6,014

Total

expenses

600,996

1,610,001

883,434

326,686

1,714,609

Net

investment

income

(loss)

2,183,829

6,533,036

3,717,822

1,095,585

6,371,207

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from

investments

(3,522,340)

(16,533,390)

(3,784,900)

(1,062,498)

(3,548,172)

Net

realized

gain

(loss)

from

futures

contracts

—

—

—

—

541,891

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

(2,472,900)

(2,273,980)

(7,618,973)

(2,065,224)

(19,494,876)

Change

in

n

et

unrealized

appreciation

(depreciation)

of

futures

contracts

—

—

—

—

(42,374)

Net

realized

and

unrealized

gain

(loss)

(5,995,240)

(18,807,370)

(11,403,873)

(3,127,722)

(22,543,531)

Net

increase

(decrease)

in

net

assets

from

operations

$

(3,811,411)

$

(12,274,334)

$

(7,686,051)

$

(2,032,137)

$

(16,172,324)

Statement

of

Operations

(Unaudited)

(continued)

See

accompanying

notes

to

financial

statements.

Virginia

Investment

Income

Interest

$

9,579,905

Total

Investment

Income

9,579,905

Expenses

–

Management

fees

1,326,005

12b-1

service

fees

-

Class

A

Shares

196,180

12b-1

distribution

and

service

fees

-

Class

C

Shares

75,852

Shareholder

servicing

agent

fees

115,426

Interest

expense

7,295

Custodian

expenses,

net

36,319

Trustees

fees

10,007

Professional

fees

34,864

Shareholder

reporting

expenses

17,131

Federal

and

state

registration

fees

3,719

Other

6,095

Total

expenses

1,828,893

Net

investment

income

(loss)

7,751,012

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from

investments

(13,464,476)

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

(10,261,762)

Net

realized

and

unrealized

gain

(loss)

(23,726,238)

Net

increase

(decrease)

in

net

assets

from

operations

$

(15,975,226)

Statement

of

Changes

in

Net

Assets

See

accompanying

notes

to

financial

statements.

Arizona

Colorado

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)

$

2,183,829

$

4,434,310

$

6,533,036

$

11,740,677

Net

realized

gain

(loss)

from

investments

(3,522,340)

(1,996,900)

(16,533,390)

(7,364,605)

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

(2,472,900)

(18,493,584)

(2,273,980)

(46,776,652)

Net

increase

(decrease)

in

net

assets

from

operations

(3,811,411)

(16,056,174)

(12,274,334)

(42,400,580)

Distributions

to

Shareholders

Dividends:

Class

A

Shares

(802,980)

(1,699,150)

(2,079,322)

(3,889,966)

Class

C

Shares

(29,480)

(60,288)

(118,989)

(184,355)

Class

I

Shares

(1,247,530)

(2,539,837)

(3,841,698)

(6,591,185)

Decrease

in

net

assets

from

distributions

to

shareholders

(2,079,990)

(4,299,275)

(6,040,009)

(10,665,506)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

32,467,912

60,985,822

121,060,491

183,056,304

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

1,477,316

2,914,697

5,149,214

8,936,585

33,945,228

63,900,519

126,209,705

191,992,889

Cost

of

shares

redeemed

(39,317,009)

(73,735,396)

(157,070,262)

(214,555,244)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

(5,371,781)

(9,834,877)

(30,860,557)

(22,562,355)

Net

increase

(decrease)

in

net

assets

(11,263,182)

(30,190,326)

(49,174,900)

(75,628,441)

Net

assets

at

the

beginning

of

period

176,276,334

206,466,660

495,504,468

571,132,909

Net

assets

at

the

end

of

period

$

165,013,152

$

176,276,334

$

446,329,568

$

495,504,468

See

accompanying

notes

to

financial

statements.

Maryland

New

Mexico

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)

$

3,717,822

$

6,979,205

$

1,095,585

$

2,235,573

Net

realized

gain

(loss)

from

investments

(3,784,900)

(1,962,153)

(1,062,498)

(937,199)

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

(7,618,973)

(26,540,879)

(2,065,224)

(7,818,682)

Net

increase

(decrease)

in

net

assets

from

operations

(7,686,051)

(21,523,827)

(2,032,137)

(6,520,308)

Distributions

to

Shareholders

Dividends:

Class

A

Shares

(1,214,777)

(2,489,685)

(613,834)

(1,343,697)

Class

C

Shares

(61,684)

(123,471)

(13,787)

(32,645)

Class

I

Shares

(2,252,049)

(4,121,292)

(381,860)

(826,485)

Decrease

in

net

assets

from

distributions

to

shareholders

(3,528,510)

(6,734,448)

(1,009,481)

(2,202,827)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

65,907,322

92,639,368

7,948,566

20,222,674

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

2,518,303

4,855,596

801,519

1,675,247

68,425,625

97,494,964

8,750,085

21,897,921

Cost

of

shares

redeemed

(85,488,637)

(101,341,060)

(17,768,982)

(21,877,269)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

(17,063,012)

(3,846,096)

(9,018,897)

20,652

Net

increase

(decrease)

in

net

assets

(28,277,573)

(32,104,371)

(12,060,515)

(8,702,483)

Net

assets

at

the

beginning

of

period

271,252,432

303,356,803

89,509,759

98,212,242

Net

assets

at

the

end

of

period

$

242,974,859

$

271,252,432

$

77,449,244

$

89,509,759

See

accompanying

notes

to

financial

statements.

Pennsylvania

Virginia

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)

$

6,371,207

$

12,565,105

$

7,751,012

$

14,560,714

Net

realized

gain

(loss)

from

investments

(3,548,172)

(924,467)

(13,464,476)

(10,675,181)

Net

realized

gain

(loss)

from

futures

contracts

541,891

680,148

—

—

Net

realized

gain

(loss)

from

swaps

–

(562,500)

–

–

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

(19,494,876)

(47,979,758)

(10,261,762)

(55,671,881)

Change

in

net

unrealized

appreciation

(depreciation)

of

futures

contracts

(42,374)

70,355

–

–

Change

in

net

unrealized

appreciation

(depreciation)

of

swaps

–

292,882

–

–

Net

increase

(decrease)

in

net

assets

from

operations

(16,172,324)

(35,858,235)

(15,975,226)

(51,786,348)

Distributions

to

Shareholders

Dividends:

Class

A

Shares

(2,245,290)

(4,103,714)

(2,469,214)

(5,163,119)

Class

C

Shares

(122,466)

(238,789)

(128,334)

(245,381)

Class

I

Shares

(3,837,862)

(7,497,408)

(4,469,304)

(8,655,817)

Decrease

in

net

assets

from

distributions

to

shareholders

(6,205,618)

(11,839,911)

(7,066,852)

(14,064,317)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

120,848,371

183,056,403

163,162,519

241,869,944

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

4,574,582

8,534,891

5,254,839

10,442,707

125,422,953

191,591,294

168,417,358

252,312,651

Cost

of

shares

redeemed

(159,290,082)

(166,568,753)

(234,113,044)

(275,116,498)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

(33,867,129)

25,022,541

(65,695,686)

(22,803,847)

Net

increase

(decrease)

in

net

assets

(56,245,071)

(22,675,605)

(88,737,764)

(88,654,512)

Net

assets

at

the

beginning

of

period

528,434,322

551,109,927

579,866,782

668,521,294

Net

assets

at

the

end

of

period

$

472,189,251

$

528,434,322

$

491,129,018

$

579,866,782

Financial

Highlights

Arizona

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)

$

10.31 $

0.13 $

(0.36)

$

(0.23)

$

(0.12)

$

—

$

(0.12)

$

9.96 2022

11.36 0.22 (1.05)

(0.83)

(0.22)

—

(0.22)

10.31 2021

11.03 0.25 0.35 0.60 (0.27)

—

(0.27)

11.36 2020

10.98 0.28 0.06 0.34 (0.29)

—

(0.29)

11.03 2019

10.68 0.30 0.29 0.59 (0.29)

—

(0.29)

10.98 2018

10.82 0.31 (0.15)

0.16 (0.30)

—

(0.30)

10.68 Class

C

2023(e)

10.31 0.09 (0.37)

(0.28)

(0.08)

—

(0.08)

9.95 2022

11.35 0.13 (1.04)

(0.91)

(0.13)

—

(0.13)

10.31 2021

11.03 0.16 0.34 0.50 (0.18)

—

(0.18)

11.35 2020

10.98 0.19 0.07 0.26 (0.21)

—

(0.21)

11.03 2019

10.68 0.21 0.30 0.51 (0.21)

—

(0.21)

10.98 2018

10.82 0.23 (0.15)

0.08 (0.22)

—

(0.22)

10.68 Class

I

2023(e)

10.33 0.14 (0.37)

(0.23)

(0.13)

—

(0.13)

9.97 2022

11.38 0.24 (1.05)

(0.81)

(0.24)

—

(0.24)

10.33 2021

11.06 0.28 0.33 0.61 (0.29)

—

(0.29)

11.38 2020

11.01 0.30 0.07 0.37 (0.32)

—

(0.32)

11.06 2019

10.71 0.32 0.30 0.62 (0.32)

—

(0.32)

11.01 2018

10.85 0.33 (0.14)

0.19 (0.33)

—

(0.33)

10.71 (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

.23)

%

$

69,194

.82

%

(f) 0

.82

%

(f) 2

.52

%

(f) 13

%

(7

.46)

71,380

.81

.80

.00

.44

87,105

.82

.81

.24

.15

61,110

.84

.83

.54

.67

57,476

.86

.86

.78

.54

52,106

.88

.87

.90

(2

.72)

3,490

.62

(f) 1

.62

(f) 1

.71

(f) 13

(8

.12)

4,362

.61

.60

.20

.52

5,474

.62

.61

.45

.35

4,909

.64

.63

.74

.85

4,209

.66

.66

.99

.75

4,162

.68

.67

.10

(2

.21)

92,329

.62

(f) 0

.62

(f) 2

.71

(f) 13

(7

.25)

100,535

.61

.60

.20

.56

113,625

.62

.61

.44

.37

79,716

.64

.63

.74

.90

64,435

.66

.66

.98

.76

53,601

.68

.67

.09

Financial

Highlights

(continued)

Colorado

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)

$

10.33 $

0.13 $

(0.37)

$

(0.24)

$

(0.12)

$

—

$

(0.12)

$

9.97 2022

11.34 0.22 (1.03)

(0.81)

(0.20)

—

(0.20)

10.33 2021

11.03 0.23 0.31 0.54 (0.23)

—

(0.23)

11.34 2020

10.89 0.27 0.16 0.43 (0.29)

—

(0.29)

11.03 2019

10.63 0.33 0.28 0.61 (0.35)

—

(0.35)

10.89 2018

10.77 0.35 (0.14)

0.21 (0.35)

—

(0.35)

10.63 Class

C

2023(e)

10.31 0.09 (0.37)

(0.28)

(0.08)

—

(0.08)

9.95 2022

11.32 0.13 (1.03)

(0.90)

(0.11)

—

(0.11)

10.31 2021

11.01 0.14 0.31 0.45 (0.14)

—

(0.14)

11.32 2020

10.87 0.18 0.17 0.35 (0.21)

—

(0.21)

11.01 2019

10.61 0.25 0.27 0.52 (0.26)

—

(0.26)

10.87 2018

10.74 0.26 (0.13)

0.13 (0.26)

—

(0.26)

10.61 Class

I

2023(e)

10.32 0.14 (0.36)

(0.22)

(0.13)

—

(0.13)

9.97 2022

11.33 0.24 (1.03)

(0.79)

(0.22)

—

(0.22)

10.32 2021

11.02 0.25 0.31 0.56 (0.25)

—

(0.25)

11.33 2020

10.89 0.29 0.16 0.45 (0.32)

—

(0.32)

11.02 2019

10.63 0.35 0.27 0.62 (0.36)

—

(0.36)

10.89 2018

10.76 0.37 (0.14)

0.23 (0.36)

—

(0.36)

10.63 (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

.28)

%

$

160,393

.78

%

(f) 0

.78

%

(f) 2

.66

%

(f) 26

%

(7

.26)

179,414

.77

.77

.97

.94

229,010

.77

.77

.03

.02

185,700

.78

.78

.47

.84

131,996

.82

.82

.15

.94

104,759

.83

.83

.23

(2

.69)

12,831

.58

(f) 1

.58

(f) 1

.86

(f) 26

(8

.03)

15,955

.57

.57

.17

.12

20,174

.57

.57

.23

.21

17,392

.58

.58

.68

.96

13,538

.62

.62

.36

.19

12,844

.63

.63

.44

(2

.09)

273,105

.58

(f) 0

.58

(f) 2

.86

(f) 26

(7

.07)

300,135

.57

.57

.18

.16

321,648

.57

.57

.22

.14

248,133

.58

.58

.67

.02

172,702

.62

.62

.35

.21

119,682

.63

.63

.44

Financial

Highlights

(continued)

Maryland

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)

$

10.10 $

0.14 $

(0.42)

$

(0.28)

$

(0.13)

$

—

$

(0.13)

$

9.69 2022

11.13 0.24 (1.04)

(0.80)

(0.23)

—

(0.23)

10.10 2021

10.68 0.26 0.45 0.71 (0.26)

—

(0.26)

11.13 2020

10.78 0.28 (0.09)

0.19 (0.29)

—

(0.29)

10.68 2019

10.59 0.32 0.19 0.51 (0.32)

—

(0.32)

10.78 2018

10.75 0.33 (0.17)

0.16 (0.32)

—

(0.32)

10.59 Class

C

2023(e)

10.06 0.10 (0.41)

(0.31)

(0.09)

—

(0.09)

9.66 2022

11.08 0.16 (1.04)

(0.88)

(0.14)

—

(0.14)

10.06 2021

10.63 0.18 0.44 0.62 (0.17)

—

(0.17)

11.08 2020

10.74 0.19 (0.09)

0.10 (0.21)

—

(0.21)

10.63 2019

10.54 0.24 0.19 0.43 (0.23)

—

(0.23)

10.74 2018

10.71 0.24 (0.18)

0.06 (0.23)

—

(0.23)

10.54 Class

I

2023(e)

10.10 0.15 (0.42)

(0.27)

(0.14)

—

(0.14)

9.69 2022

11.13 0.27 (1.04)

(0.77)

(0.26)

—

(0.26)

10.10 2021

10.68 0.29 0.44 0.73 (0.28)

—

(0.28)

11.13 2020

10.78 0.30 (0.08)

0.22 (0.32)

—

(0.32)

10.68 2019

10.59 0.34 0.19 0.53 (0.34)

—

(0.34)

10.78 2018

10.76 0.35 (0.18)

0.17 (0.34)

—

(0.34)

10.59 (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

.75)

%

$

88,218

.80

%

(f) 0

.80

%

(f) 2

.83

%

(f) 11

%

(7

.27)

96,337

.78

.78

.25

.72

116,909

.80

.80

.40

.79

97,106

.81

.81

.59

.90

83,241

.84

.84

.06

.50

67,550

.83

.83

.05

(3

.08)

6,107

.60

(f) 1

.60

(f) 2

.03

(f) 11

(7

.98)

7,861

.58

.58

.45

.88

10,445

.60

.60

.61

.98

12,507

.61

.61

.79

.09

11,164

.63

.63

.26

.61

13,027

.63

.63

.26

(2

.65)

148,649

.60

(f) 0

.60

(f) 3

.03

(f) 11

(7

.06)

167,055

.58

.58

.45

.93

175,495

.60

.60

.59

.01

130,951

.61

.61

.79

.14

123,900

.64

.64

.26

.63

86,059

.63

.63

.25

Financial

Highlights

(continued)

New

Mexico

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)

$

9.85 $

0.13 $

(0.36)

$

(0.23)

$

(0.12)

$

—

$

(0.12)

$

9.50 2022

10.75 0.23 (0.90)

(0.67)

(0.23)

—

(0.23)

9.85 2021

10.53 0.25 0.22 0.47 (0.25)

—

(0.25)

10.75 2020

10.42 0.28 0.13 0.41 (0.30)

—

(0.30)

10.53 2019

10.23 0.30 0.20 0.50 (0.31)

—

(0.31)

10.42 2018

10.43 0.31 (0.20)

0.11 (0.31)

—

(0.31)

10.23 Class

C

2023(e)

9.87 0.09 (0.37)

(0.28)

(0.08)

—

(0.08)

9.51 2022

10.77 0.15 (0.91)

(0.76)

(0.14)

—

(0.14)

9.87 2021

10.55 0.17 0.21 0.38 (0.16)

—

(0.16)

10.77 2020

10.44 0.20 0.12 0.32 (0.21)

—

(0.21)

10.55 2019

10.24 0.22 0.20 0.42 (0.22)

—

(0.22)

10.44 2018

10.44 0.23 (0.21)

0.02 (0.22)

—

(0.22)

10.24 Class

I

2023(e)

9.90 0.14 (0.37)

(0.23)

(0.13)

—

(0.13)

9.54 2022

10.81 0.25 (0.91)

(0.66)

(0.25)

—

(0.25)

9.90 2021

10.58 0.27 0.23 0.50 (0.27)

—

(0.27)

10.81 2020

10.47 0.30 0.13 0.43 (0.32)

—

(0.32)

10.58 2019

10.28 0.32 0.20 0.52 (0.33)

—

(0.33)

10.47 2018

10.49 0.33 (0.21)

0.12 (0.33)

—

(0.33)

10.28 (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

.37)

%

$

47,784

.86

%

(f) 0

.86

%

(f) 2

.64

%

(f) 4

%

(6

.35)

57,918

.84

.84

.21

.48

62,010

.85

.85

.36

.94

57,402

.86

.86

.68

.95

48,950

.88

.88

.97

.03

46,368

.88

.88

.98

(2

.86)

1,610

.66

(f) 1

.66

(f) 1

.85

(f) 4

(7

.08)

1,915

.64

.64

.41

.66

2,592

.65

.65

.56

.11

2,814

.66

.66

.89

.19

2,469

.68

.68

.17

.21

2,109

.67

.67

.17

(2

.34)

28,055

.66

(f) 0

.66

(f) 2

.85

(f) 4

(6

.20)

29,677

.64

.64

.41

.79

33,372

.65

.65

.56

.15

28,740

.66

.66

.88

.17

24,647

.68

.68

.17

.16

20,653

.68

.68

.18

Financial

Highlights

(continued)

Pennsylvania

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)

$

10.54 $

0.13 $

(0.45)

$

(0.32)

$

(0.12)

$

—

$

(0.12)

$

10.10 2022

11.44 0.24 (0.92)

(0.68)

(0.22)

—

(0.22)

10.54 2021

11.19 0.25 0.31 0.56 (0.26)

(0.05)

(0.31)

11.44 2020

11.15 0.29 0.04 0.33 (0.29)

(—)

(g) (0.29)

11.19 2019

10.80 0.33 0.40 0.73 (0.34)

(0.04)

(0.38)

11.15 2018

10.96 0.35 (0.15)

0.20 (0.36)

—

(0.36)

10.80 Class

C

2023(e)

10.50 0.09 (0.45)

(0.36)

(0.08)

—

(0.08)

10.06 2022

11.39 0.15 (0.91)

(0.76)

(0.13)

—

(0.13)

10.50 2021

11.14 0.16 0.31 0.47 (0.17)

(0.05)

(0.22)

11.39 2020

11.11 0.20 0.03 0.23 (0.20)

(—)

(g) (0.20)

11.14 2019

10.76 0.24 0.40 0.64 (0.25)

(0.04)

(0.29)

11.11 2018

10.92 0.26 (0.15)

0.11 (0.27)

—

(0.27)

10.76 Class

I

2023(e)

10.52 0.14 (0.45)

(0.31)

(0.13)

—

(0.13)

10.08 2022

11.42 0.26 (0.91)

(0.65)

(0.25)

—

(0.25)

10.52 2021

11.17 0.27 0.31 0.58 (0.28)

(0.05)

(0.33)

11.42 2020

11.13 0.31 0.05 0.36 (0.32)

(—)

(g) (0.32)

11.17 2019

10.79 0.35 0.38 0.73 (0.35)

(0.04)

(0.39)

11.13 2018

10.94 0.37 (0.14)

0.23 (0.38)

—

(0.38)

10.79 (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.

(g) Value

rounded

to

zero.

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)

(3

.01)

%

$

182,818

.79

%

(f) 0

.79

%

(f) 2

.49

%

(f) 3

%

(6

.02)

200,786

.76

.76

.12

.07

199,228

.77

.77

.23

.02

175,578

.78

.78

.60

.91

152,034

.80

.80

.03

.85

122,968

.81

.81

.22

(3

.41)

14,516

.59

(f) 1

.59

(f) 1

.69

(f) 3

(6

.71)

17,063

.56

.56

.31

.26

20,858

.57

.57

.43

.12

19,708

.58

.58

.80

.05

18,812

.60

.60

.24

.02

20,561

.61

.61

.42

(2

.90)

274,856

.59

(f) 0

.59

(f) 2

.69

(f) 3

(5

.83)

310,585

.56

.56

.32

.30

329,936

.57

.57

.43

.24

280,596

.58

.58

.80

.00

243,370

.60

.60

.23

.11

188,492

.61

.61

.41

Financial

Highlights

(continued)

Virginia

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)

$

10.54 $

0.14 $

(0.40)

$

(0.26)

$

(0.13)

$

—

$

(0.13)

$

10.15 2022

11.65 0.24 (1.12)

(0.88)

(0.23)

—

(0.23)

10.54 2021

11.28 0.25 0.38 0.63 (0.26)

—

(0.26)

11.65 2020

11.25 0.28 0.05 0.33 (0.30)

—

(0.30)

11.28 2019

11.00 0.32 0.25 0.57 (0.32)

—

(0.32)

11.25 2018

11.18 0.33 (0.18)

0.15 (0.33)

—

(0.33)

11.00 Class

C

2023(e)

10.53 0.10 (0.40)

(0.30)

(0.09)

—

(0.09)

10.14 2022

11.64 0.15 (1.12)

(0.97)

(0.14)

—

(0.14)

10.53 2021

11.27 0.16 0.38 0.54 (0.17)

—

(0.17)

11.64 2020

11.24 0.19 0.05 0.24 (0.21)

—

(0.21)

11.27 2019

10.99 0.23 0.25 0.48 (0.23)

—

(0.23)

11.24 2018

11.17 0.24 (0.18)

0.06 (0.24)

—

(0.24)

10.99 Class

I

2023(e)

10.51 0.15 (0.39)

(0.24)

(0.14)

—

(0.14)

10.13 2022

11.62 0.26 (1.12)

(0.86)

(0.25)

—

(0.25)

10.51 2021

11.25 0.27 0.38 0.65 (0.28)

—

(0.28)

11.62 2020

11.23 0.30 0.04 0.34 (0.32)

—

(0.32)

11.25 2019

10.97 0.34 0.26 0.60 (0.34)

—

(0.34)

11.23 2018

11.15 0.35 (0.18)

0.17 (0.35)

—

(0.35)

10.97 (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

.47)

%

$

188,994

.78

%

(f) 0

.78

%

(f) 2

.77

%

(f) 13

%

(7

.68)

211,228

.76

.76

.09

.63

266,280

.77

.77

.18

.94

228,436

.78

.78

.49

.34

202,986

.80

.80

.93

.38

180,675

.80

.80

.01

(2

.87)

14,067

.58

(f) 1

.58

(f) 1

.97

(f) 13

(8

.42)

16,787

.56

.56

.29

.82

21,904

.57

.57

.38

.13

21,219

.58

.58

.69

.48

18,999

.60

.60

.13

.56

19,949

.60

.60

.21

(2

.28)

288,068

.58

(f) 0

.58

(f) 2

.96

(f) 13

(7

.50)

351,852

.56

.56

.29

.86

379,172

.57

.57

.37

.06

306,442

.58

.58

.69

.62

226,267

.60

.60

.12

.55

192,830

.60

.60

.21

Notes

to

Financial

Statements

(Unaudited)

1. General

Information

Trust

and

Fund

Information

The

Nuveen

Multistate

Trust

I

(the

"Trust")

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940

(the

"1940

Act"),

as

amended.

The

Trust

is

comprised

of

the

Nuveen

Arizona

Municipal

Bond

Fund

("Arizona"),

Nuveen

Colorado

Municipal

Bond

Fund

("Colorado"),

Nuveen

Maryland

Municipal

Bond

Fund

("Maryland"),

Nuveen

New

Mexico

Municipal

Bond

Fund

("New

Mexico"),

Nuveen

Pennsylvania

Municipal

Bond

Fund

("Pennsylvania")

and

Nuveen

Virginia

Municipal

Bond

Fund

("Virginia")

(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

is

Nuveen

Fund

Advisors,

LLC

(the

"Adviser"),

a

subsidiary

of

Nuveen,

LLC

("Nuveen").

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(TIAA).

The

Adviser

has

overall

responsibility

for

management

of

the

Funds,

oversees

the

management

of

the

Funds'

portfolios,

manages

the

Funds'

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

The

Adviser

has

entered

into

sub-advisory

agreements

with

Nuveen

Asset

Management,

LLC,

(the

"Sub-Adviser"),

a

subsidiary

of

the

Adviser,

under

which

the

Sub-Adviser

manages

the

investment

portfolios

of

the

Funds.

Share

Classes

and

Sales

Charges

Class

A

Shares

are

generally

sold

with

an

up-front

sales

charge.

Class

A

Shares

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

("NAV")

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

("CDSC")

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

are

sold

without

an

up-front

sales

charge

but

are

subject

to

a

CDSC

of

1%

if

redeemed

within

twelve

months

of

purchase.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Class

I

Shares

are

sold

without

an

up-front

sales

charge.

2. Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

("U.S.

GAAP"),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies.

The

NAV

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

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:

Notes

to

Financial

Statements

(Unaudited)

(continued)

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

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.

Fund

Gross

Custodian

Fee

Credits

Arizona

$

4,315

Colorado

1,405

Maryland

1,641

New

Mexico

960

Pennsylvania

2,426

Virginia

4,588

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.

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. Futures

contracts

are

valued

using

the

closing

settlement

price

or,

in

the

absence

of

such

a

price,

the

last

traded

price

and

are

generally

classified

as

Level

1. 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

Notes

to

Financial

Statements

(Unaudited)

(continued)

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"),

Arizona

Level

Level

Level

Total

Long-Term

Investments\*:

Municipal

Bonds

$

–

$

162,928,750

$

–

$

162,928,750

Total

$

–

$

162,928,750

$

–

$

162,928,750

Colorado

Level

Level

Level

Total

Long-Term

Investments\*:

Municipal

Bonds

$

–

$

439,934,049

$

–

$

439,934,049

Total

$

–

$

439,934,049

$

–

$

439,934,049

Maryland

Level

Level

Level

Total

Long-Term

Investments\*:

Municipal

Bonds

$

–

$

235,984,806

$

–

$

235,984,806

Common

Stocks

204,617

–

–

204,617

Total

$

204,617

$

235,984,806

$

–

$

236,189,423

New

Mexico

Level

Level

Level

Total

Long-Term

Investments\*:

Municipal

Bonds

$

–

$

76,814,348

$

–

$

76,814,348

Total

$

–

$

76,814,348

$

–

$

76,814,348

Pennsylvania

Level

Level

Level

Total

Long-Term

Investments\*:

Municipal

Bonds

$

–

$

438,147,937

$

–

$

438,147,937

Common

Stocks

–

25,712,936

–

25,712,936

Investments

in

Derivatives:

Futures

Contracts\*\*

15,106

–

–

15,106

Total

$

15,106

$

463,860,873

$

–

$

463,875,979

Virginia

Level

Level

Level

Total

Long-Term

Investments\*:

Municipal

Bonds

$

–

$

487,199,838

$

–

$

487,199,838

Common

Stocks

463,751

–

–

463,751

Total

$

463,751

$

487,199,838

$

–

$

487,663,589

\*

Refer

to

the

Fund's

Portfolio

of

Investments

for

industry

classifications.

\*\*

Represents

net

unrealized

appreciation

(depreciation)

as

reported

in

the

Fund's

Portfolio

of

Investments.

in

face

amounts

equal

to

some

fraction

of

the

Underlying

Bond's

par

amount

or

market

value,

and

(b) an

inverse

floating

rate

certificate

(referred

to

as

an

"Inverse

Floater")

that

represents

all

remaining

or

residual

interest

in

the

TOB

Trust.

Floaters

typically

pay

short-term

tax-exempt

interest

rates

to

third

parties

who

are

also

provided

a

right

to

tender

their

certificate

and

receive

its

par

value,

which

may

be

paid

from

the

proceeds

of

a

remarketing

of

the

Floaters,

by

a

loan

to

the

TOB

Trust

from

a

third

party

liquidity

provider

("Liquidity

Provider"),

or

by

the

sale

of

assets

from

the

TOB

Trust.

The

Inverse

Floater

is

issued

to

a

long

term

investor,

such

as

one

or

more

Funds.

The

income

received

by

the

Inverse

Floater

holder

varies

inversely

with

the

short-term

rate

paid

to

holders

of

the

Floaters,

and

in

most

circumstances

the

Inverse

Floater

holder

bears

substantially

all

of

the

Underlying

Bond's

downside

investment

risk

and

also

benefits

disproportionately

from

any

potential

appreciation

of

the

Underlying

Bond's

value.

The

value

of

an

Inverse

Floater

will

be

more

volatile

than

that

of

the

Underlying

Bond

because

the

interest

rate

is

dependent

on

not

only

the

fixed

coupon

rate

of

the

Underlying

Bond

but

also

on

the

short-term

interest

paid

on

the

Floaters,

and

because

the

Inverse

Floater

essentially

bears

the

risk

of

loss

(and

possible

gain)

of

the

greater

face

value

of

the

Underlying

Bond.

The

Inverse

Floater

held

by

a

Fund

gives

the

Fund

the

right

to

(a) cause

the

holders

of

the

Floaters

to

tender

their

certificates

at

par

(or

slightly

more

than

par

in

certain

circumstances),

and

(b) have

the

trustee

of

the

TOB

Trust

(the

"Trustee")

transfer

the

Underlying

Bond

held

by

the

TOB

Trust

to

the

Fund,

thereby

collapsing

the

TOB

Trust.

A Fund

may

acquire

an

Inverse

Floater

in

a

transaction

where

it

(a) transfers

an

Underlying

Bond

that

it

owns

to

a

TOB

Trust

created

by

a

third

party

or

(b) transfers

an

Underlying

Bond

that

it

owns,

or

that

it

has

purchased

in

a

secondary

market

transaction

for

the

purpose

of

creating

an

Inverse

Floater,

to

a

TOB

Trust

created

at

its

direction,

and

in

return

receives

the

Inverse

Floater

of

the

TOB

Trust

(referred

to

as

a

"self-deposited

Inverse

Floater").

A

Fund

may

also

purchase

an

Inverse

Floater

in

a

secondary

market

transaction

from

a

third

party

creator

of

the

TOB

Trust

without

first

owning

the

Underlying

Bond

(referred

to

as

an

"externally-deposited

Inverse

Floater").

An

investment

in

a

self-deposited

Inverse

Floater

is

accounted

for

as

a

"financing"

transaction

(i.e.,

a

secured

borrowing).

For

a

self-deposited

Inverse

Floater,

the

Underlying

Bond

deposited

into

the

TOB

Trust

is

identified

in

the

Fund's

Portfolio

of

Investments

as

"(UB)

–

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction,"

with

the

Fund

recognizing

as

liabilities,

labeled

"Floating

rate

obligations"

on

the

Statement

of

Assets

and

Liabilities,

(a) the

liquidation

value

of

Floaters

issued

by

the

TOB

Trust,

and

(b) the

amount

of

any

borrowings

by

the

TOB

Trust

from

a

Liquidity

Provider

to

enable

the

TOB

Trust

to

purchase

outstanding

Floaters

in

lieu

of

a

remarketing.

In

addition,

the

Fund

recognizes

in

"Investment

Income"

the

entire

earnings

of

the

Underlying

Bond,

and

recognizes

(a) the

interest

paid

to

the

holders

of

the

Floaters

or

on

the

TOB

Trust's

borrowings,

and

(b) other

expenses

related

to

remarketing,

administration,

trustee,

liquidity

and

other

services

to

a

TOB

Trust,

as

a

component

of

"Interest

expense"

on

the

Statement

of

Operations.

Earnings

due

from

the

Underlying

Bond

and

interest

due

to

the

holders

of

the

Floaters

as

of

the

end

of

the

reporting

period

are

recognized

as

components

of

"Receivable

for

interest"

and

"Payable

for

interest"

on

the

Statement

of

Assets

and

Liabilities,

respectively.

In

contrast,

an

investment

in

an

externally-deposited

Inverse

Floater

is

accounted

for

as

a

purchase

of

the

Inverse

Floater

and

is

identified

in

the

Fund's

Portfolio

of

Investments

as

"(IF)

–

Inverse

floating

rate

investment."

For

an

externally-deposited

Inverse

Floater,

a

Fund's

Statement

of

Assets

and

Liabilities

recognizes

the

Inverse

Floater

and

not

the

Underlying

Bond

as

an

asset,

and

the

Fund

does

not

recognize

the

Floaters,

or

any

related

borrowings

from

a

Liquidity

Provider,

as

a

liability.

Additionally,

the

Fund

reflects

in

"Investment

Income"

only

the

net

amount

of

earnings

on

the

Inverse

Floater

(net

of

the

interest

paid

to

the

holders

of

the

Floaters

or

the

Liquidity

Provider

as

lender,

and

the

expenses

of

the

Trust),

and

does

not

show

the

amount

of

that

interest

paid

or

the

expenses

of

the

TOB

Trust

as

described

above

as

interest

expense

on

the

Statement

of

Operations.

Fees

paid

upon

the

creation

of

a

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

are

recognized

as

part

of

the

cost

basis

of

the

Inverse

Floater

and

are

capitalized

over

the

term

of

the

TOB

Trust.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

Floaters

issued

by

each

Fund's

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

During

the

current

fiscal

period,

the

average

amount

of

Floaters

(including

any

borrowings

from

a

Liquidity

Provider)

outstanding,

and

the

average

annual

interest

rates

and

fees

related

to

self-deposited

Inverse

Floaters,

were

as

follows:

Fund

Floating

Rate

Obligations:

Self-

Deposited

Inverse

Floaters

Floating

Rate

Obligations:

Externally-Deposited

Inverse

Floaters

Total

Arizona

$

—

$

—

$

—

Colorado

—

—

—

Maryland

—

—

—

New

Mexico

—

—

—

Pennsylvania

—

—

—

Virginia

—

—

—

Notes

to

Financial

Statements

(Unaudited)

(continued)

TOB

Trusts

are

supported

by

a

liquidity

facility

provided

by

a

Liquidity

Provider

pursuant

to

which

the

Liquidity

Provider

agrees,

in

the

event

that

Floaters

are

(a) tendered

to

the

Trustee

for

remarketing

and

the

remarketing

does

not

occur,

or

(b) subject

to

mandatory

tender

pursuant

to

the

terms

of

the

TOB

Trust

agreement,

to

either

purchase

Floaters

or

to

provide

the

Trustee

with

an

advance

from

a

loan

facility

to

fund

the

purchase

of

Floaters

by

the

TOB

Trust.

In

certain

circumstances,

the

Liquidity

Provider

may

otherwise

elect

to

have

the

Trustee

sell

the

Underlying

Bond

to

retire

the

Floaters

that

were

tendered

and

not

remarketed

prior

to

providing

such

a

loan.

In

these

circumstances,

the

Liquidity

Provider

remains

obligated

to

provide

a

loan

to

the

extent

that

the

proceeds

of

the

sale

of

the

Underlying

Bond

are

not

sufficient

to

pay

the

purchase

price

of

the

Floaters.

The

size

of

the

commitment

under

the

loan

facility

for

a

given

TOB

Trust

is

at

least

equal

to

the

balance

of

that

TOB

Trust's

outstanding

Floaters

plus

any

accrued

interest.

In

consideration

of

the

loan

facility,

fee

schedules

are

in

place

and

are

charged

by

the

Liquidity

Provider(s).

Any

loans

made

by

the

Liquidity

Provider

will

be

secured

by

the

purchased

Floaters

held

by

the

TOB

Trust.

Interest

paid

on

any

outstanding

loan

balances

will

be

effectively

borne

by

the

Fund

that

owns

the

Inverse

Floaters

of

the

TOB

Trust

that

has

incurred

the

borrowing

and

may

be

at

a

rate

that

is

greater

than

the

rate

that

would

have

been

paid

had

the

Floaters

been

successfully

remarketed.

As

described

above,

any

amounts

outstanding

under

a

liquidity

facility

are

recognized

as

a

component

of

"Floating

rate

obligations"

on

the

Statement

of

Assets

and

Liabilities

by

the

Fund

holding

the

corresponding

Inverse

Floaters

issued

by

the

borrowing

TOB

Trust.

As

of

the

end

of

the

reporting

period,

there

were

no

loans

outstanding

under

any such

facility.

Each

Fund

may

also

enter

into

shortfall

and

forbearance

agreements

(sometimes

referred

to

as

a

"recourse

arrangement")

(TOB

Trusts

involving

such

agreements

are

referred

to

herein

as

"Recourse

Trusts"),

under

which

a

Fund

agrees

to

reimburse

the

Liquidity

Provider

for

the

Trust's

Floaters,

in

certain

circumstances,

for

the

amount

(if

any)

by

which

the

liquidation

value

of

the

Underlying

Bond

held

by

the

TOB

Trust

may

fall

short

of

the

sum

of

the

liquidation

value

of

the

Floaters

issued

by

the

TOB

Trust

plus

any

amounts

borrowed

by

the

TOB

Trust

from

the

Liquidity

Provider,

plus

any

shortfalls

in

interest

cash

flows.

Under

these

agreements,

a

Fund's

potential

exposure

to

losses

related

to

or

on

an

Inverse

Floater

may

increase

beyond

the

value

of

the

Inverse

Floater

as

a

Fund

may

potentially

be

liable

to

fulfill

all

amounts

owed

to

holders

of

the

Floaters

or

the

Liquidity

Provider.

Any

such

shortfall

amount

in

the

aggregate

is

recognized

as

"Unrealized

depreciation

on

Recourse

Trusts"

on

the

Statement

of

Assets

and

Liabilities.

As

of

the

end

of

the

reporting

period, each

Fund's

maximum

exposure

to

the

Floaters

issued

by

Recourse

Trusts

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

Zero

Coupon

Securities

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Fund

Average

Floating

Rate

Obligations

Outstanding

Average

Annual

Interest

Rate

And

Fees

Arizona

$

—

—

%

Colorado

—

—

Maryland

—

—

New

Mexico

—

—

Pennsylvania

—

—

Virginia

—

—

Fund

Maximum

Exposure

to

Recourse

Trusts:

Self-Deposited

Inverse

Floaters

Maximum

Exposure

to

Recourse

Trusts:

Externally-Deposited

Inverse

Floaters

Total

Arizona

$

—

$

—

$

—

Colorado

—

—

—

Maryland

—

—

—

New

Mexico

—

—

—

Pennsylvania

—

—

—

Virginia

—

—

—

Investment

Transactions

Long-term

purchases

and

sales

(including

maturities

but

excluding

investments

in

derivatives,

where

applicable)

during

the

current fiscal

period

were

as

follows:

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period.

The

Funds

have

earmarked

securities

in

their

portfolios

with

a

current

value

at

least

equal

to

the

amount

of

the

when-issued/

delayed

delivery

purchase

commitments.

If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

Investments

in

Derivatives

In

addition

to

the

inverse

floating

rate

securities

in

which each

Fund

may

invest,

which

are

considered

portfolio

securities

for

financial

reporting

purposes, each

Fund

is

authorized

to

invest

in

certain

other

derivative

instruments.

The

Funds

record

derivative

instruments

at

fair

value,

with

changes

in

fair

value

recognized

on

the

Statement

of

Operations,

where

applicable.

Even

though

the

Funds'

investments

in

derivatives

may

represent

economic

hedges,

they

are

not

considered

to

be

hedge

transactions

for

financial

reporting

purposes.

Futures

Contracts

Upon

execution

of

a

futures

contract,

a

Fund

is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

"initial

margin,"

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Cash

held

by

the

broker

to

cover

initial

margin

requirements

on

open

futures

contracts,

if

any,

is

recognized

as

"Cash

collateral

at

brokers

for

investments

in

futures

contracts"

on

the

Statement

of

Assets

and

Liabilities.

Investments

in

futures

contracts

obligate

a

Fund

and

the

clearing

broker

to

settle

monies

on

a

daily

basis

representing

changes

in

the

prior

days

"mark-to-market"

of

the

open

contracts.

If

a

Fund

has

unrealized

appreciation

the

clearing

broker

would

credit

the

Fund's

account

with

an

amount

equal

to

appreciation

and

conversely

if

a

Fund

has

unrealized

depreciation

the

clearing

broker

would

debit

the

Fund's

account

with

an

amount

equal

to

depreciation.

These

daily

cash

settlements

are

also

known

as

"variation

margin."

Variation

margin

is

recognized

as

a

receivable

and/or

payable

for

"Variation

margin

on

futures

contracts"

on

the

Statement

of

Assets

and

Liabilities.

During

the

period

the

futures

contract

is

open,

changes

in

the

value

of

the

contract

are

recognized

as

an

unrealized

gain

or

loss

by

"marking-to-

market"

on

a

daily

basis

to

reflect

the

changes

in

market

value

of

the

contract,

which

is

recognized

as

a

component

of

"Change

in

net

unrealized

appreciation

(depreciation)

of

futures

contracts"

on

the

Statement

of

Operations.

When

the

contract

is

closed

or

expired,

a

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

on

the

closing

date

and

value

of

the

contract

when

originally

entered

into,

which

is

recognized

as

a

component

of

"Net

realized

gain

(loss)

from

futures

contracts"

on

the

Statement

of

Operations.

Risks

of

investments

in

futures

contracts

include

the

possible

adverse

movement

in

the

price

of

the

securities

or

indices

underlying

the

contracts,

the

possibility

that

there

may

not

be

a

liquid

secondary

market

for

the

contracts

and/or

that

a

change

in

the

value

of

the

contract

may

not

correlate

with

a

change

in

the

value

of

the

underlying

securities

or

indices.

During

the

current

fiscal

period,

Pennsylvania

used

futures

to

manage

the

duration

and

yield

curve

exposure

of

its

portfolio

by

shorting

interest

rate

futures

contracts.

The

average

notional

amount

of

futures

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

The

following

table

presents

the

fair

value

of

all

futures

contracts

held

by

the

Fund

as

of

the

end

of

the

reporting

period,

the

location

of

these

instruments

on

the

Statement

of

Assets

and

Liabilities

and

the

primary

underlying

risk

exposure.

Fund

Purchases

Sales

and

Maturities

Arizona

$

20,899,415

$

26,975,304

Colorado

119,502,891

144,391,301

Maryland

28,144,393

45,549,432

New

Mexico

3,581,990

10,772,397

Pennsylvania

16,155,133

51,707,997

Virginia

71,013,004

155,875,960

Fund

Average

Notional

Amount

of

Futures

Contracts

Outstanding\*

Pennsylvania

$7,123,700

\*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

notional

amount

of

contracts

outstanding

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Notes

to

Financial

Statements

(Unaudited)

(continued)

The

following

table

presents

the

amount

of

net

realized

gain

(loss)

and

change

in

net

unrealized

appreciation

(depreciation)

recognized

on

futures

contracts

on

the

Statement

of

Operations

during

the

current

fiscal

period,

and

the

primary

underlying

risk

exposure.

MMD

Rate

Locks

Each

Fund

may

purchase

and

sell

MMD

Rate

Locks.

An

MMD

Rate

Lock

permits

a

Fund

to

lock

in

a

specified

municipal

interest

rate

for

a

portion

of

its

portfolio

to

preserve

a

return

on

a

particular

investment

or

a

portion

of

its

portfolio

as

a

duration

management

technique

or

to

protect

against

any

increase

in

the

price

of

securities

to

be

purchased

at

a

later

date.

By

using

an

MMD

Rate

Lock,

a

Fund

can

create

a

synthetic

long

or

short

position,

allowing

the

Fund

to

select

what

the

Sub-Adviser

believes

is

an

attractive

part

of

the

yield

curve.

A

Fund

will

ordinarily

use

these

transactions

as

a

hedge

or

for

duration

or

risk

management

although

it

is

permitted

to

enter

into

them

to

enhance

income

or

gain

or

to

increase

the

Fund's

yield,

for

example,

during

periods

of

steep

interest

rate

yield

curves

(i.e.,

wide

differences

between

short

term

and

long

term

interest

rates).

An

MMD

Rate

Lock

is

a

contract

between

a

Fund

and

a

counterparty

pursuant

to

which

the

parties

agree

to

make

payments

to

each

other

on

a

notional

amount,

contingent

upon

whether

the

Municipal

Market

Data

AAA

General

Obligation

Scale

is

above

or

below

a

specified

level

on

the

expiration

date

of

the

contract.

For

example,

if

a

Fund

buys

an

MMD

Rate

Lock

and

the

Municipal

Market

Data

AAA

General

Obligation

Scale

is

below

the

specified

level

on

the

expiration

date,

the

counterparty

to

the

contract

will

make

a

payment

to

a

Fund

equal

to

the

specified

level

minus

the

actual

level,

multiplied

by

the

notional

amount

of

the

contract.

If

the

Municipal

Market

Data

AAA

General

Obligation

Scale

is

above

the

specified

level

on

the

expiration

date,

a

Fund

will

make

a

payment

to

the

counterparty

equal

to

the

actual

level

minus

the

specified

level,

multiplied

by

the

notional

amount

of

the

contract.

In

connection

with

investments

in

MMD

Rate

Locks,

there

is

a

risk

that

municipal

yields

will

move

in

the

opposite

direction

than

anticipated

by

a

Fund,

which

would

cause

the

Fund

to

make

payments

to

its

counterparty

in

the

transaction

that

could

adversely

affect

the

Fund's

performance.

Changes

in

the

value

of

an

MMD

Rate

Lock

during

the

fiscal

period

are

reflected

as

a

change

in

unrealized

appreciation

(depreciation)

of

swaps

on

the

Statements

of

Operations.

The

value

of

an

MMD

Rate

Lock

as

of

the

end

of

the

reporting

period

is

reflected

as

unrealized

appreciation

(depreciation)

on

swaps

on

the

Statement

of

Assets

and

Liabilities.

Payments

received

or

made

by

the

Fund,

if

any,

are

recognized

as

net

realized

gain

(loss)

from

swaps

on

the

Statement

of

Operations.

During

the

current

fiscal

period,

none

of

the

Funds

were

invested

in

MMD

Rate

Locks.

Market

and

Counterparty

Credit

Risk

In

the

normal

course

of

business

each

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose

each

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

Fund's

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

Each

Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of

each

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

predetermined

threshold

amount.

Location

on

the

Statement

of

Assets

and

Liabilities

Underlying

Derivative

Asset

Derivatives

(Liability)

Derivatives

Risk

Exposure

Instrument

Location

Value

Location

Value

Pennsylvania

Interest

rate

Futures

contracts

-

-

Payable

for

variation

margin

on

futures

contracts\*

$15,106

\*

Value

represents

the

cumulative

unrealized

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Fund's

Portfolio

of

Investments

and

not

the

daily

asset

and/or

liability

derivatives

location

as

described

in

the

table

above.

Fund

Underlying

Risk

Exposure

Derivative

Instrument

Net

Realized

Gain

(Loss)

from

Futures

Contracts

Change

in

Net

Unrealized

Appreciation

(Depreciation)

of

Futures

Contracts

Pennsylvania

Interest

Rate

Future

contracts

$541,891

$(42,374)

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

Arizona

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

1,080,120

$10,658,719

2,072,770

$23,261,282

Class

A

-

automatic

conversion

of

Class

C2

Shares

(1) —

—

23,101

262,895

Class

C

10,808

103,782

63,569

708,170

Class

I

2,189,470

21,705,411

3,319,665

36,753,475

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

63,380

628,083

119,384

1,318,681

Class

C

2,509

24,856

4,362

48,178

Class

I

83,069

824,377

139,953

1,547,838

3,429,356

33,945,228

5,742,804

63,900,519

Shares

redeemed:

Class

A

(1,114,790)

(11,168,059)

(2,961,586)

(32,035,123)

Class

C

(85,812)

(866,130)

(126,907)

(1,380,640)

Class

C2

-

automatic

conversion

to

Class

A

Shares

(1) —

—

(23,104)

(262,924)

Class

I

(2,745,124)

(27,282,820)

(3,711,652)

(40,056,709)

(3,945,726)

(39,317,009)

(6,823,249)

(73,735,396)

Net

increase

(decrease)

(516,370)

$(5,371,781)

(1,080,445)

$(9,834,877)

(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

Colorado

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

1,931,018

$19,185,245

2,943,050

$32,469,646

Class

A

-

automatic

conversion

of

Class

C2

Shares

(1) —

—

26,536

301,447

Class

C

46,521

467,412

176,485

1,963,466

Class

I

10,225,402

101,407,834

13,604,067

148,321,745

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

201,861

2,003,067

339,956

3,746,463

Class

C

11,450

113,403

16,062

176,390

Class

I

305,865

3,032,744

456,245

5,013,732

12,722,117

126,209,705

17,562,401

191,992,889

Shares

redeemed:

Class

A

(3,416,982)

(33,830,182)

(6,134,300)

(66,223,266)

Class

C

(316,472)

(3,129,179)

(427,522)

(4,655,310)

Class

C2

-

automatic

conversion

to

Class

A

Shares

(1) —

—

(26,631)

(301,469)

Class

I

(12,200,807)

(120,110,901)

(13,362,386)

(143,375,199)

(15,934,261)

(157,070,262)

(19,950,839)

(214,555,244)

Net

increase

(decrease)

(3,212,144)

$(30,860,557)

(2,388,438)

$(22,562,355)

(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.

Notes

to

Financial

Statements

(Unaudited)

(continued)

Six

Months

Ended

11/30/22

Year

Ended

5/31/22

Maryland

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

894,679

$8,759,212

1,667,834

$18,304,361

Class

A

-

automatic

conversion

of

Class

C

Shares

2,607

25,575

1,504

15,559

Class

A

-

automatic

conversion

of

Class

C2

Shares

(1) —

—

45,679

508,861

Class

C

58,771

562,176

80,738

883,421

Class

I

5,881,852

56,560,359

6,998,820

72,927,166

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

93,579

902,872

176,548

1,908,567

Class

C

4,903

47,094

8,342

89,805

Class

I

162,691

1,568,337

264,847

2,857,224

7,099,082

68,425,625

9,244,312

97,494,964

Shares

redeemed:

Class

A

(1,429,296)

(13,898,993)

(2,858,181)

(30,325,258)

Class

C

(210,156)

(2,021,306)

(248,672)

(2,691,879)

Class

C

-

automatic

conversion

to

Class

A

Shares

(2,617)

(25,575)

(1,511)

(15,559)

Class

C2

-

automatic

conversion

to

Class

A

Shares

(1) —

—

(45,802)

(508,866)

Class

I

(7,251,534)

(69,542,763)

(6,488,495)

(67,799,498)

(8,893,603)

(85,488,637)

(9,642,661)

(101,341,060)

Net

increase

(decrease)

(1,794,521)

$(17,063,012)

(398,349)

$(3,846,096)

(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

New

Mexico

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

398,590

$3,703,150

799,025

$8,444,462

Class

A

-

automatic

conversion

of

Class

C2

Shares

(1) —

—

22,189

238,749

Class

C

3,401

28,936

309,814

Class

I

444,997

4,242,015

1,060,505

11,229,649

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

54,124

513,950

104,098

1,086,989

Class

C

1,318

12,526

2,891

30,311

Class

I

28,853

275,043

53,168

557,947

928,238

8,750,085

2,070,812

21,897,921

Shares

redeemed:

Class

A

(1,302,082)

(12,447,834)

(812,059)

(8,443,863)

Class

C

(26,508)

(253,107)

(78,376)

(817,825)

Class

C2

-

automatic

conversion

to

Class

A

Shares

(1) —

—

(22,192)

(238,782)

Class

I

(532,030)

(5,068,041)

(1,203,306)

(12,376,799)

(1,860,620)

(17,768,982)

(2,115,933)

(21,877,269)

Net

increase

(decrease)

(932,382)

$(9,018,897)

(45,121)

$20,652

(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.

Six

Months

Ended

11/30/22

Year

Ended

5/31/22

Pennsylvania

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

5,690,611

$56,602,239

7,382,134

$80,610,513

Class

A

-

automatic

conversion

of

Class

C

Shares

5,882

59,019

—

—

Class

A

-

automatic

conversion

of

Class

C2

Shares

(1) —

—

95,082

1,090,586

Class

C

109,737

1,064,743

232,891

2,640,845

Class

I

6,304,391

63,122,370

8,925,918

98,714,459

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

197,592

1,986,088

325,290

3,639,088

Class

C

11,734

117,423

20,352

227,177

Class

I

246,328

2,471,071

417,890

4,668,626

12,566,275

125,422,953

17,399,557

191,591,294

Shares

redeemed:

Class

A

(6,838,555)

(68,132,928)

(6,169,345)

(66,339,963)

Class

C

(297,569)

(2,991,934)

(458,399)

(5,055,994)

Class

C

-

automatic

conversion

to

Class

A

Shares

(5,908)

(59,019)

—

—

Class

C2

-

automatic

conversion

to

Class

A

Shares

(1) —

—

(95,422)

(1,090,674)

Class

I

(8,797,055)

(88,106,201)

(8,713,782)

(94,082,122)

(15,939,087)

(159,290,082)

(15,436,948)

(166,568,753)

Net

increase

(decrease)

(3,372,812)

$(33,867,129)

1,962,609

$25,022,541

(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

Virginia

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

3,402,544

$34,071,088

4,544,538

$50,359,802

Class

A

-

automatic

conversion

of

Class

C2

Shares

(1) —

—

100,007

1,167,081

Class

C

46,552

473,863

194,662

2,201,243

Class

I

12,803,473

128,617,568

17,257,773

188,141,818

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

204,996

2,069,607

388,582

4,383,034

Class

C

11,808

119,137

19,867

224,065

Class

I

304,332

3,066,095

519,332

5,835,608

16,773,705

168,417,358

23,024,761

252,312,651

Shares

redeemed:

Class

A

(5,032,441)

(50,587,339)

(7,847,897)

(85,287,609)

Class

C

(265,777)

(2,681,749)

(502,110)

(5,659,384)

Class

C2

-

automatic

conversion

to

Class

A

Shares

(1) —

—

(100,181)

(1,167,115)

Class

I

(18,126,969)

(180,843,956)

(16,931,503)

(183,002,390)

(23,425,187)

(234,113,044)

(25,381,691)

(275,116,498)

Net

increase

(decrease)

(6,651,482)

$(65,695,686)

(2,356,930)

$(22,803,847)

(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.

Notes

to

Financial

Statements

(Unaudited)

(continued)

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:

As

of

prior

fiscal

period

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Arizona

$

171,406,411

$

686,943

$

(9,164,604)

$

(8,477,661)

Colorado

453,804,676

3,120,769

(16,991,396)

(13,870,627)

Maryland

250,369,883

1,395,946

(15,576,406)

(14,180,460)

New

Mexico

80,340,831

329,158

(3,855,641)

(3,526,483)

Pennsylvania

495,438,256

19,318,812

(50,881,089)

(31,562,277)

Virginia

499,156,864

10,607,819

(22,101,094)

(11,493,275)

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

Arizona

$

305,763

$

—

$

—

$

(6,000,114)

$

(5,353,975)

$

—

$

(340,498)

$

(11,388,824)

Colorado

1,139,512

—

—

(11,601,668)

(12,800,628)

—

(912,650)

(24,175,434)

Maryland

367,060

—

(6,322,958)

(10,289,211)

—

(535,417)

(16,780,353)

New

Mexico

106,422

—

—

(1,462,027)

(3,156,309)

—

(177,561)

(4,689,475)

Pennsylvania

1,013,629

51,388

—

(12,080,073)

(747,539)

—

(1,008,827)

(12,771,422)

Virginia

925,913

24,262

—

(1,261,762)

(29,120,592)

—

(1,161,396)

(30,593,575)

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

Arizona

$

2,342,652

$

3,011,323

$

5,353,975

Colorado

7,411,585

5,389,043

12,800,628

Maryland

5,335,866

4,953,345

10,289,211

New

Mexico

1,102,074

2,054,235

3,156,309

Pennsylvania

747,539

—

747,539

Virginia

12,529,596

16,590,996

29,120,592

7. Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees

Each

Fund's

management

fee

compensates

the

Adviser

for

the

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

The

Sub-Adviser

is

compensated

for

its

services

to

the

Funds

from

the

management

fees

paid

to

the

Adviser.

Each

Fund's

management

fee

consists

of

two

components

–

a

fund-level

fee,

based

only

on

the

amount

of

assets

within

each

individual

Fund,

and

a

complex-level

fee,

based

on

the

aggregate

amount

of

all

eligible

fund

assets

managed

by

the

Adviser.

This

pricing

structure

enables

each

Fund's

shareholders

to

benefit

from

growth

in

the

assets

within

their

respective

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

The

annual

fund-level

fee,

payable

monthly,

for

each

Fund

was

calculated

according

to

the

following

schedule:

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:

Average

Daily

Net

Assets

Arizona

Colorado

Maryland

New

Mexico

Pennsylvania

Virginia

For

the

first

$125

million

0.3500 %

0.3500 %

0.3500 %

0.3500 %

0.3500 %

0.3500 %

For

the

next

$125

million

0.3375 0.3375 0.3375 0.3375 0.3375 0.3375 For

the

next

$250

million

0.3250 0.3250 0.3250 0.3250 0.3250 0.3250 For

the

next

$500

million

0.3125 0.3125 0.3125 0.3125 0.3125 0.3125 For

the

next

$1

billion

0.3000 0.3000 0.3000 0.3000 0.3000 0.3000 For

the

next

$3

billion

0.2750 0.2750 0.2750 0.2750 0.2750 0.2750 For

the

next

$5

billion

0.2500 0.2500 0.2500 0.2500 0.2500 0.2500 For

net

assets

over

$10

billion

0.2375 0.2375 0.2375 0.2375 0.2375 0.2375 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

Arizona

0.1585%

Colorado

0.1635%

Maryland

0.1585%

New

Mexico

0.1585%

Pennsylvania

0.1585%

Virginia

0.1585%

Notes

to

Financial

Statements

(Unaudited)

(continued)

Distribution

and

Service

Fees

Each

Fund

has

adopted

a

distribution

and

service

plan

under

rule

12b-1

under

the

1940

Act.

Class

A

Shares

incur

a

0.20%

annual

12b-1

service

fee.

Class

C

Shares

incur

a

0.75%

annual

12b-1

distribution

fee

and

a

0.25%

annual

12b-1

service

fee. Class

I

Shares

are

not

subject

to

12b-1

distribution

or

service

fees.

The

fees

under

this

plan

compensate

Nuveen

Securities,

LLC,

(the

"Distributor"),

a

wholly-owned

subsidiary

of

Nuveen,

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Funds

and

establishing

and

maintaining

shareholder

accounts.

Other

Transactions

with

Affiliates

Each

Fund

is

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Sub-Adviser

("Affiliated

Entity")

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board

("cross-trade").

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

an

Affiliated

Entity

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

adviser),

common

officer

and/or

common

trustee

complies

with

Rule

17a-7

under

the

1940

Act.

These

transactions

are

effected

at

the

current

market

price

(as

provided

by

an

independent

pricing

service)

without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Funds

engaged

in

cross-trades

pursuant

to

these

procedures

as

follows:

During

the

current

fiscal

period,

the

Distributor,

collected

sales

charges

on

purchases

of

Class

A

Shares,

the

majority

of

which

were

paid

out

as

concessions

to

financial

intermediaries

as

follows:

The

Distributor

also

received

12b-1

service

fees

on

Class

A

Shares,

substantially

all

of

which

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

During

the

current

fiscal

period,

the

Distributor

compensated

financial

intermediaries

directly

with

commission

advances

at

the

time

of

purchase

as

follows:

To

compensate

for

commissions

advanced

to

financial

intermediaries,

all

12b-1

service

and

distribution

fees

collected

on

Class

C

Shares

during

the

first

year

following

a

purchase

are

retained

by

the

Distributor.

During

the

current

fiscal

period,

the

Distributor

retained

such

12b-1

fees

as

follows:

Fund

Purchases

Sales

Realized

Gain

(Loss)

Arizona

$

13,243,213

$

13,103,555

$

(838,818)

Colorado

27,252,760

31,114,520

(2,515,721)

Maryland

918,590

—

—

New

Mexico

—

1,004,790

—

Pennsylvania

—

—

—

Virginia

22,100,817

27,432,158

(1,872,773)

Fund

Sales

Charges

Collected

Paid

to

Financial

Intermediaries

Arizona

$

56,163

$

55,027

Colorado

113,944

108,491

Maryland

32,170

30,830

New

Mexico

6,046

5,814

Pennsylvania

26,443

25,706

Virginia

38,544

37,510

Fund

Commission

Advances

Arizona

$

48,543

Colorado

77,578

Maryland

23,881

New

Mexico

4,278

Pennsylvania

25,612

Virginia

33,889

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.

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

fiscal

period,

the

following

Funds

utilized

this

facility.

The

Funds'

maximum

outstanding

balance

during

the

utilization

period

was

as

follows:

Fund

12b-1

Fees

Retained

Arizona

$

—

Colorado

7,966

Maryland

5,204

New

Mexico

—

Pennsylvania

9,525

Virginia

7,228

Fund

CDSC

Retained

Arizona

$

8,209

Colorado

13,846

Maryland

12,295

New

Mexico

7,871

Pennsylvania

19,993

Virginia

3,181

Notes

to

Financial

Statements

(Unaudited)

(continued)

During

each

Fund's

utilization

period(s)

during

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Borrowings

were

as

follows:

Borrowings

outstanding

as

of

the

end

of

the

reporting

period,

if

any,

are

recognized

as

"Borrowings"

on

the

Statement

of

Assets

and

Liabilities.

Fund

Maximum

Outstanding

Balance

Arizona

$

—

Colorado

2,600,000

Maryland

4,000,000

New

Mexico

—

Pennsylvania

3,200,000

Virginia

8,400,000

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

Arizona

—

$

—

—

%

Colorado

2,600,000

4.28 Maryland

3,500,000

4.28 New

Mexico

—

—

—

Pennsylvania

1,989,474

4.28 Virginia

5,325,000

3.16 119

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.

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.

Leverage:

Leverage

is

created

whenever

a

fund

has

investment

exposure

(both

reward

and/or

risk)

equivalent

to

more

than

100%

of

the

investment

capital.

Lipper

Maryland

Municipal

Debt

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

Maryland

Municipal

Debt

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charge.

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

dividends,

but

do

not

reflect

any

applicable

sales

charge.

Lipper

Pennsylvania

Municipal

Debt

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

Pennsylvania

Municipal

Debt

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charge.

Lipper

Virginia

Municipal

Debt

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

Virginia

Municipal

Debt

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charge.

Net

Asset

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

Arizona

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Arizona

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Colorado

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Colorado

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Maryland

Index:

An

index

designed

to

measure

the

performance

of

the

tax

exempt

Maryland

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

New

Mexico

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

New

Mexico

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Pennsylvania

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Pennsylvania

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Virginia

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Virginia

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.

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-MS2-1122D

2655319-INV-B-01/24

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

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to

provide

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adherence

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long-term

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Today,

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designed

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talk

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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

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To

obtain

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please

contact

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------

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

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Not applicable to this filing.

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

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Not applicable to this filing.

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

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Not applicable to this filing.

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

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Not applicable to this registrant.

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

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(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

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

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Not applicable to this registrant.

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

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Not applicable to this registrant.

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

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Not applicable to this registrant.

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

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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.

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

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&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.

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

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Not applicable.

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

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File the exhibits listed below as part of this Form.

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| | |
|:---|:---|
| (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.](d430540dex99cert.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.](d430540dex99906cert.htm) |

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**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 I

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| | |
|:---|:---|
| 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.

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

---

Date: February 3, 2023

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| | |
|:---|:---|
| 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 I;

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 I;

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 I (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) |

---