N-Q 1 d662507dnq.htm NUVEEN MULTISTATE TRUST IV Nuveen Multistate Trust IV

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number 811-07751

Nuveen Multistate Trust IV

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Christopher M. Rohrbacher—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: February 28, 2019

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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. § 3507.

Item 1. Schedule of Investments.

Nuveen Kansas Municipal Bond Fund
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 99.5%        
    MUNICIPAL BONDS – 99.5%        
    Consumer Staples  – 5.2%        
$ 1,000   Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.750%, 6/01/34   5/19 at 100.00 B- $934,070
1,000   California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.450%, 6/01/28   5/19 at 100.00 B2 1,015,030
500   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2017A-1, 5.000%, 6/01/29   6/27 at 100.00 BBB 568,605
1,035   Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 5.250%, 6/01/32   5/19 at 100.00 N/R 989,998
770   Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A. Turbo Current Interest, 4.625%, 6/01/21   5/19 at 100.00 N/R 769,761
1,500   Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42   5/19 at 100.00 B+ 1,498,500
750   Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34   5/19 at 100.00 BB- 753,300
950   New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Series 2016A-1, 5.625%, 6/01/35   No Opt. Call BBB 1,009,290
625   New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Turbo Term Series 2016A. Including 2016A-1, 2016A-2A and 2016A-2B, 5.000%, 6/01/51   6/26 at 100.00 N/R 634,050
1,535   Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.500%, 5/15/39   5/19 at 100.00 Ba1 1,550,734
320   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B, 5.000%, 6/01/46   6/28 at 100.00 BBB 324,470
2,510   TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48   6/27 at 100.00 N/R 2,412,738
12,495   Total Consumer Staples       12,460,546
    Education and Civic Organizations – 4.4%        
675   Kansas Development Finance Authority, Revenue Bonds, Kansas Board of Regents Univeristy of Kansas Medical Center Research Institute, Series 2010N, 5.000%, 4/01/29   4/20 at 100.00 Aa2 698,389
250   Kansas Development Finance Authority, Revenue Bonds, Kansas State University Projects, Refunding Series 2016A, 4.000%, 3/01/27   3/24 at 100.00 Aa3 270,755
    Kansas Development Finance Authority, Revenue Bonds, Wichita State University Union Corporation Student Housing Project, Series 2013F-1:        
1,690   5.250%, 6/01/38   6/21 at 100.00 Aa3 1,797,653
2,000   5.250%, 6/01/42   6/21 at 100.00 Aa3 2,125,580
1,000   New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006, 5.000%, 1/01/46  –  AMBAC Insured   5/19 at 100.00 BBB 1,013,520
      1

Nuveen Kansas Municipal Bond Fund (continued)
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
$ 1,000   Topeka, Kansas, Economic Development Revenue Bonds, YMCA Project, Refunding Series 2011A, 6.500%, 9/01/32   9/21 at 100.00 N/R $1,031,420
3,135   Washburn University of Topeka, Kansas, Revenue Bonds, Series 2015A, 5.000%, 7/01/35   7/25 at 100.00 A1 3,579,449
9,750   Total Education and Civic Organizations       10,516,766
    Financials – 0.5%        
1,020   Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35   No Opt. Call A 1,253,315
    Health Care – 11.2%        
    Hutchinson, Kansas, Hospital Facilities Revenue Bonds, Hutchinson Regional Medical Center, Inc., Series 2016:        
1,075   5.000%, 12/01/36   12/26 at 100.00 Baa3 1,149,487
400   5.000%, 12/01/41   12/26 at 100.00 Baa3 421,420
875   Illinois Finance Authority, Revenue Bonds, Ascension Health/fka Presence Health Network, Series 2016C, 5.000%, 2/15/36   2/27 at 100.00 AA+ 989,249
5,000   Kansas Development Finance Authority, Health Facilities Revenue Bonds, KU Health System, Series 2011H, 5.125%, 3/01/39   3/20 at 100.00 AA- 5,136,200
3,715   Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail Health Care Inc., Series 2011F, 5.250%, 11/15/29   11/19 at 100.00 A2 3,802,265
2,000   Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail Health Care Inc., Series 2013J, 5.000%, 11/15/38   11/22 at 100.00 A2 2,156,640
    Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A:        
135   5.000%, 1/01/23   1/20 at 100.00 AA- 138,530
197   5.000%, 1/01/40 (UB)   1/20 at 100.00 AA- 201,025
1,750   Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Tender Option Bond Trust 2015-XF0063, 12.860%, 1/01/40, 144A (IF)   1/20 at 100.00 AA- 1,936,638
5,000   Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Series 2018A, 5.000%, 7/01/48   7/28 at 100.00 A 5,547,450
3,000   Manhattan, Kansas, Hospital Revenue Bonds, Mercy Regional Health Center, Inc., Refunding Series 2013, 5.000%, 11/15/29   11/22 at 100.00 AA- 3,275,820
2,000   University of Kansas Hospital Authority, Health Facilities Revenue Bonds, KU Health System, Refunding & Improvement Series 2015, 5.000%, 9/01/45   9/25 at 100.00 AA- 2,197,240
25,147   Total Health Care       26,951,964
    Industrials – 1.9%        
425   Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2010, 6.000%, 12/01/26   6/20 at 100.00 BB- 435,583
360   Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.000%, 12/01/19   No Opt. Call BB- 367,016
1,415   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, Series 2012, 4.750%, 8/01/42   8/22 at 100.00 BBB- 1,450,078
2      

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Industrials (continued)        
$ 1,000   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.250%, 12/01/25   12/23 at 100.00 B $1,061,420
530   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/26, 144A   5/19 at 105.00 B 556,940
205   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2018A, 5.250%, 12/01/50   12/22 at 103.00 B+ 213,479
435   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A   11/24 at 100.00 N/R 453,561
4,370   Total Industrials       4,538,077
    Long-Term Care – 3.8%        
2,500   Kansas Development Finance Authority Revenue Bonds, Village Shalom Project, Series 2018A, 5.250%, 11/15/53   11/23 at 103.75 N/R 2,530,125
3,125   Kansas Development Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Refunding Series 2010S, 5.000%, 5/15/30   5/20 at 100.00 BBB 3,202,438
2,715   Wichita, Kansas, Health Care Facilities Revenue Bonds, Presbyterian Manors, Series 2013IV-A, 6.375%, 5/15/43   5/23 at 100.00 N/R 2,886,181
665   Wichita, Kansas, Health Care Facilities Revenue Bonds, Presbyterian Manors, Series 2014IV-A, 5.625%, 5/15/44   5/24 at 100.00 N/R 687,450
9,005   Total Long-Term Care       9,306,194
    Tax Obligation/General – 10.6%        
565   Anderson County, Kansas, General Obligation Bonds, Refunding and Improvent Series 2013A, 5.000%, 8/01/33  –  AGM Insured   8/23 at 100.00 AA 633,975
3,000   Johnson and Miami Counties Unified School District 230, Kansas, General Obligation Bonds, Series 2011A, 5.250%, 9/01/28   9/21 at 100.00 Aa3 3,244,200
2,250   Johnson County Unified School District 229, Blue Valley, Kansas, General Obligation Bonds, Series 2012A, 5.000%, 10/01/23  –  NPFG Insured   10/22 at 100.00 Aaa 2,506,973
2,000   Johnson County Unified School District 231 Gardner Edgerton, Kansas, General Obligation Bonds, Refunding & Improvement Series 2012A, 5.000%, 10/01/23   10/22 at 100.00 AA- 2,219,600
2,200   Johnson County Unified School District 231 Gardner Edgerton, Kansas, General Obligation Bonds, Refunding & Improvement Series 2013A, 5.000%, 10/01/28   10/23 at 100.00 AA- 2,479,290
1,490   Johnson County Unified School District 231 Gardner Edgerton, Kansas, General Obligation Bonds, Refunding & Improvement Series 2016A, 5.000%, 10/01/33   10/25 at 100.00 AA- 1,721,188
1,250   Johnson County Unified School District 512, Shawnee Mission, Kansas, General Obligation Bonds, Refunding & Improvement Series 2015, 5.000%, 10/01/34   10/25 at 100.00 Aaa 1,439,850
500   Johnson County, Kansas, General Obligation Bonds, General Improvement Series 2016A, 5.000%, 9/01/24   No Opt. Call AAA 585,455
    Leavenworth County Unified School District 453, Kansas, General Obligation Bonds, Series 2018A:        
365   4.000%, 9/01/37   9/26 at 100.00 Aa3 385,506
2,155   4.000%, 9/01/38   9/26 at 100.00 Aa3 2,268,956
2,000   Sedgwick County Unified School District 260, Kansas, General Obligation Bonds, Refunding & School Building Series 2018B, 5.000%, 10/01/40   10/26 at 100.00 Aa3 2,245,220
      3

Nuveen Kansas Municipal Bond Fund (continued)
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General (continued)        
$ 2,000   Wichita, Kansas, General Obligation Bonds, Airport Series 2015C, 5.000%, 12/01/39 (AMT)   12/25 at 100.00 AA+ $2,256,560
    Wyandotte County Unified School District 203, Piper, Kansas, General Obligation Bonds, Improvement Series 2018A:        
1,240   5.000%, 9/01/39   9/28 at 100.00 AA- 1,426,298
1,000   5.000%, 9/01/40   9/28 at 100.00 AA- 1,146,010
1,000   4.000%, 9/01/48   9/28 at 100.00 AA- 1,031,260
23,015   Total Tax Obligation/General       25,590,341
    Tax Obligation/Limited – 24.9%        
    Dodge City, Kansas, Sales Tax Revenue Bonds, Refunding Series 2016:        
2,295   5.000%, 6/01/30  –  AGM Insured   6/27 at 100.00 AA 2,686,252
1,320   5.000%, 6/01/31  –  AGM Insured   6/27 at 100.00 AA 1,531,530
    Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D:        
1,000   5.000%, 11/15/34   11/25 at 100.00 BB 1,067,940
2,000   5.000%, 11/15/39   11/25 at 100.00 BB 2,103,760
    Government of Guam, Business Privilege Tax Bonds, Series 2011A:        
1,000   5.000%, 1/01/23   1/22 at 100.00 BB 1,060,480
500   5.000%, 1/01/31   1/22 at 100.00 BB 519,095
875   5.125%, 1/01/42   1/22 at 100.00 BB 898,765
1,910   Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42   1/22 at 100.00 BB 1,953,013
990   Government of Guam, Hotel Occupancy Tax Revenue Bonds, Series 2011A, 6.500%, 11/01/40   5/21 at 100.00 BB 1,059,072
    Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A:        
1,000   5.000%, 12/01/24   No Opt. Call BB 1,105,190
2,000   5.000%, 12/01/25   No Opt. Call BB 2,237,060
1,000   5.000%, 12/01/30   12/26 at 100.00 BB 1,098,950
3,290   5.000%, 12/01/33   12/26 at 100.00 BB 3,558,135
4,250   5.000%, 12/01/46   12/26 at 100.00 BB 4,456,082
1,000   Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 0.000%, 6/15/23  –  AMBAC Insured   No Opt. Call BBB- 863,100
2,630   Johnson County Community College, Kansas, Certificates of Participation, Series 2017, 4.000%, 10/01/28   10/26 at 100.00 Aa1 2,940,366
    Johnson County Public Building Commission, Kansas, Lease Purchase Revenue Bonds, Series 2011A:        
1,320   4.000%, 9/01/25   9/20 at 100.00 AAA 1,362,557
1,020   4.000%, 9/01/26   9/20 at 100.00 AAA 1,052,885
1,000   4.000%, 9/01/27   9/20 at 100.00 AAA 1,032,240
1,220   4.125%, 9/01/28   9/20 at 100.00 AAA 1,261,565
1,270   4.250%, 9/01/29   9/20 at 100.00 AAA 1,315,593
1,500   Kansas Department of Transportation, Highway Revenue Bonds, Series 2015B, 5.000%, 9/01/35   9/25 at 100.00 AA 1,712,130
4      

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
$ 2,000   Kansas Department of Transportation, Highway Revenue Bonds, Series 2017A, 5.000%, 9/01/33   9/27 at 100.00 AA $2,363,660
1,670   Kansas Development Finance Authority, K-State Olathe Innovation Campus Inc., Johnson County Sales Tax Revenue Bonds, Series 2009L, 5.000%, 9/01/39   9/19 at 100.00 AA 1,695,384
360   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2010B-2, 5.250%, 6/15/50   6/20 at 100.00 BBB 362,783
5,000   Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park Convention Center, Series 2007A, 5.250%, 1/01/32  –  AMBAC Insured   5/19 at 100.00 BB+ 5,007,300
1,710   Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak Park Mall Project, Series 2010, 5.900%, 4/01/32   4/20 at 100.00 BBB 1,750,065
    Overland Park, Kansas, Sales Tax Revenue Bonds, Prairiefire Community Improvement District No. 1 Project, Series 2012B:        
200   5.250%, 12/15/29   12/22 at 100.00 N/R 171,010
200   6.100%, 12/15/34   12/22 at 100.00 N/R 168,878
2,775   Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate Project, Series 2012, 6.000%, 12/15/32   12/22 at 100.00 N/R 2,310,132
410   Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 3.297%, 7/01/27   No Opt. Call C 370,538
1,000   Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Refunding Series 2005C, 5.500%, 7/01/27  –  AMBAC Insured   No Opt. Call C 1,098,790
2,000   Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 5.000%, 10/01/32  –  AGM Insured   10/22 at 100.00 AA 2,149,780
2,000   Wyandotte County/Kansas City Unified Government, Kansas, Community Improvement District Sales Tax Revenue Bonds, Legends Appartments Garage & West Lawn Project, Series 2018, 4.500%, 6/01/40   12/26 at 100.00 N/R 1,999,880
    Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Kansas International Speedway Corporation Project, Refunding Series 2014:        
1,370   5.000%, 12/01/25   12/24 at 100.00 A+ 1,586,090
1,260   5.000%, 12/01/26   12/24 at 100.00 A+ 1,457,253
305   Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Vacation Village Project Area 1 and 2A, Series 2015, 5.750%, 9/01/32   9/25 at 100.00 N/R 325,240
495   Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Revenue Bonds, Kansas International Speedway Corporation, Series 1999, 0.000%, 12/01/27  –  MBIA Insured   No Opt. Call N/R 350,049
57,145   Total Tax Obligation/Limited       60,042,592
    Transportation – 6.5%        
1,155   Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, Senior Lien Series 2017, 5.000%, 12/31/56   12/24 at 100.00 BBB 1,233,598
1,950   Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.250%, 10/01/34 (AMT)   10/23 at 100.00 BBB+ 2,222,376
1,000   Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines Inc. Terminal Improvement Project, Refunding Series 2015B-1, 5.000%, 7/15/30 (AMT)   7/25 at 100.00 BB 1,090,720
      5

Nuveen Kansas Municipal Bond Fund (continued)
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Transportation (continued)        
$ 2,000   Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Airport Improvement Projects, Series 2018C, 5.000%, 7/15/28 (AMT)   No Opt. Call BB $2,304,760
100   Maryland Economic Development Corporation, Private Activity Revenue Bonds AP, Purple Line Light Rail Project, Green Bonds, Series 2016D, 5.000%, 3/31/46 (AMT)   9/26 at 100.00 BBB+ 106,879
    New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016:        
1,705   5.000%, 8/01/26 (AMT)   8/21 at 100.00 BB 1,786,243
2,155   5.000%, 8/01/31 (AMT)   8/21 at 100.00 BB 2,235,576
1,515   New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (AMT)   7/24 at 100.00 BBB 1,604,688
2,000   Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/56 (AMT)   6/27 at 100.00 BBB 2,150,540
945   Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.250%, 1/01/32 (AMT)   7/22 at 100.00 BBB 1,006,831
14,525   Total Transportation       15,742,211
    U.S. Guaranteed – 14.7% (4)        
2,000   Allen County, Kansas Public Building Commission Revenue Bonds, Allen County Hospital Project, Series 2012, 5.150%, 12/01/36 (Pre-refunded 12/01/22)   12/22 at 100.00 A 2,249,840
935   Anderson County, Kansas, General Obligation Bonds, Refunding and Improvent Series 2013A, 5.000%, 8/01/33 (Pre-refunded 8/01/23)  –  AGM Insured   8/23 at 100.00 AA 1,062,515
1,000   Dodge City, Kansas, Sales Tax Revenue Bonds, Series 2009, 5.000%, 6/01/34 (Pre-refunded 6/01/19)  –  AGC Insured   6/19 at 100.00 AA 1,008,280
1,115   Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34 (Pre-refunded 12/01/19)   12/19 at 100.00 N/R 1,149,788
3,950   Kansas Development Finance Authority, Health Facilities Revenue Bonds, Hays Medical Center Inc., Series 2010Q, 5.000%, 5/15/35 (Pre-refunded 5/15/19)   5/19 at 100.00 N/R 3,976,465
    Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2009C:        
8,460   5.750%, 11/15/38 (Pre-refunded 11/15/19) (UB) (5)   11/19 at 100.00 AA 8,702,210
190   5.750%, 11/15/38 (Pre-refunded 11/15/19) (UB) (5)   11/19 at 100.00 N/R 195,172
    Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A:        
865   5.000%, 1/01/23 (Pre-refunded 1/01/20)   1/20 at 100.00 N/R 888,632
1,318   5.000%, 1/01/40 (Pre-refunded 1/01/20) (UB)   1/20 at 100.00 N/R 1,354,416
3,010   Kansas Independent College Finance Authority, Educational Facilities Revenue Bonds, Tabor College Project, Series 2013, 5.800%, 3/01/37 (Pre-refunded 3/01/20)   3/20 at 100.00 N/R 3,122,755
2,575   Kansas State Power Pool, Electric Utility Revenue Bonds, Dogwood Energy Facility, Series 2012A, 5.000%, 12/01/31 (Pre-refunded 12/01/20)   12/20 at 100.00 A3 2,721,517
1,000   Olathe, Kansas, Health Facilities Revenue Bonds, Olathe Medical Center, Series 2010A, 5.000%, 9/01/30 (Pre-refunded 9/01/19)   9/19 at 100.00 N/R 1,016,240
6      

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    U.S. Guaranteed (4) (continued)        
$ 1,000   Sedgwick County Unified School District 260, Kansas, General Obligation Bonds, Refunding & School Improvement Series 2012, 5.000%, 10/01/30 (Pre-refunded 10/01/22)   10/22 at 100.00 AA- $1,116,560
4,000   Wichita, Kansas, Hospital Facilities Revenue Refunding and Improvement Bonds, Via Christi Health System Inc., Series 2011A-IV, 5.000%, 11/15/29 (Pre-refunded 11/15/21)   11/21 at 100.00 N/R 4,340,920
2,500   Wichita, Kansas, Water and Sewer Utility Revenue Bonds, Series 2009A, 5.000%, 10/01/39 (Pre-refunded 10/01/19)   10/19 at 100.00 AA- 2,548,725
33,918   Total U.S. Guaranteed       35,454,035
    Utilities – 11.6%        
1,255   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 3.500%, 4/01/41 (Mandatory Put 6/01/20) (6)   No Opt. Call N/R 1,091,850
1,500   Coffeyville, Kansas, Electric Utility System Revenue Bonds, Series 2015B, 5.000%, 6/01/42, 144A   6/25 at 100.00 BBB+ 1,648,680
1,375   Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/30  –  AGM Insured   10/22 at 100.00 AA 1,501,610
    Guam Power Authority, Revenue Bonds, Series 2014A:        
1,000   5.000%, 10/01/32   10/24 at 100.00 AA 1,108,230
1,000   5.000%, 10/01/33   10/24 at 100.00 AA 1,106,010
3,750   Guam Power Authority, Revenue Bonds,Refunding Series 2017A, 5.000%, 10/01/40   10/27 at 100.00 BBB 4,029,300
    Kansas Municipal Energy Agency, Power Project Revenue Bonds, Dogwood Project, Series 2018A:        
1,000   5.000%, 4/01/33  –  BAM Insured   4/26 at 100.00 AA 1,120,240
1,000   5.000%, 4/01/34  –  BAM Insured   4/26 at 100.00 AA 1,114,810
1,000   5.000%, 4/01/35  –  BAM Insured   4/26 at 100.00 AA 1,111,140
1,500   Kansas Municipal Energy Agency, Power Project Revenue Bonds, Jameson Energy Center Project, Series 2013, 5.750%, 7/01/38   7/23 at 100.00 A- 1,709,070
    Kansas State Power Pool, Electric Utility Revenue Bonds, Dogwood Energy Facility, Series 2012A:        
1,395   5.000%, 12/01/22   No Opt. Call A3 1,517,216
1,265   5.000%, 12/01/23   12/22 at 100.00 A3 1,367,364
1,000   Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (6)   No Opt. Call N/R 870,000
515   Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Shippingport Project, First Energy Guarantor, Series 2005A, 3.750%, 12/01/40 (Mandatory Put 7/01/20) (6)   No Opt. Call N/R 448,050
1,595   Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Series 2007B, 5.000%, 7/01/31   5/19 at 100.00 Caa2 1,443,475
2,250   Wyandotte County-Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Improvement Series 2016A, 5.000%, 9/01/40   9/25 at 100.00 A+ 2,519,707
1,535   Wyandotte County-Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Refunding & Improvement Series 2011A, 5.000%, 9/01/28   9/21 at 100.00 A+ 1,648,774
      7

Nuveen Kansas Municipal Bond Fund (continued)
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Utilities (continued)        
$ 2,500   Wyandotte County-Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Refunding Series 2012A, 5.000%, 9/01/32   9/22 at 100.00 A+ $ 2,721,800
26,435   Total Utilities       28,077,326
    Water and Sewer – 4.2%        
130   California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45 (AMT), 144A   7/22 at 100.00 Baa3 135,359
100   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2014A, 5.000%, 7/01/35   7/24 at 100.00 A- 106,602
    Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013:        
1,750   5.000%, 7/01/28   7/23 at 100.00 A- 1,888,197
500   5.250%, 7/01/33   7/23 at 100.00 A- 536,275
2,000   5.500%, 7/01/43   7/23 at 100.00 A- 2,140,580
    Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016:        
370   5.000%, 7/01/36   7/26 at 100.00 A- 400,973
2,580   5.000%, 1/01/46   7/26 at 100.00 A- 2,746,487
2,000   Wichita, Kansas, Water and Sewer Utility Revenue Bonds, Refunding Series 2011A, 5.000%, 10/01/28   10/21 at 100.00 AA- 2,156,679
9,430   Total Water and Sewer       10,111,152
$ 226,255   Total Long-Term Investments (cost $234,827,351)       240,044,519
    Floating Rate Obligations – (3.2)%       (7,620,000)
    Other Assets Less Liabilities – 3.7%       8,780,178
    Net Assets – 100%       $ 241,204,697
Fair Value Measurements
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. A three-tier hierarchy 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 the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1  –     Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2  –     Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3  –     Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
8      

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
  Level 1 Level 2 Level 3 Total
Long-Term Investments:        
Municipal Bonds $ — $240,044,519 $ — $240,044,519
Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
The table below presents the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, as determined on a federal income tax basis, as of February 28, 2019.
Tax cost of investments $227,038,863
Gross unrealized:  
Appreciation $ 6,856,558
Depreciation (1,470,803)
Net unrealized appreciation (depreciation) of investments $ 5,385,755
(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.  
(5) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.  
(6) As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.  
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  
IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.  
UB Underlying bond of an inverse floating rate trust reflected as a financing transaction.  
      9

Nuveen Kentucky Municipal Bond Fund
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 107.3%        
    MUNICIPAL BONDS – 107.3%        
    Education and Civic Organizations – 14.1%        
$ 155   Campbellsville, Kentucky, Industrial Building Revenue Bonds, Campbellsville University Project, Series 2017, 5.000%, 3/01/39   3/27 at 100.00 N/R $157,964
50   Eastern Kentucky University, General Receipts Bonds, Refunding Series 2012A, 5.000%, 4/01/20   No Opt. Call A1 51,652
    Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A:        
2,500   5.000%, 7/01/40   7/25 at 100.00 BBB+ 2,635,000
3,750   5.000%, 1/01/45   7/25 at 100.00 BBB+ 3,899,025
    Kentucky Higher Education Student Loan Corporation, Student Loan Revenue Bonds, Senior Series 2014A:        
900   5.000%, 6/01/22 (AMT)   No Opt. Call A 969,975
700   5.000%, 6/01/23 (AMT)   No Opt. Call A 766,535
400   5.000%, 6/01/24 (AMT)   No Opt. Call A 444,092
    Louisville-Jefferson County Metro Government, Kentucky, Revenue Bonds, Bellarmine University Inc Project, Refunding & Improvement Series 2015:        
1,790   5.000%, 5/01/31   5/25 at 100.00 Baa3 1,923,140
1,210   5.000%, 5/01/40   5/25 at 100.00 Baa3 1,268,007
    Murray State University, Kentucky, General Receipts Bonds, Series 2015A:        
1,125   5.000%, 3/01/26   3/25 at 100.00 A1 1,302,401
1,075   5.000%, 3/01/27   3/25 at 100.00 A1 1,243,216
4,000   University of Kentucky, General Receipts Bonds, Refunding Series 2015B, 5.000%, 10/01/27   4/25 at 100.00 AA 4,672,440
4,535   University of Kentucky, General Receipts Bonds, Refunding Series 2018A, 4.000%, 10/01/32   4/26 at 100.00 AA 4,865,738
2,000   University of Kentucky, General Receipts Bonds, Series 2015A, 5.000%, 4/01/29   4/25 at 100.00 AA 2,327,520
250   University of Kentucky, General Receipts Bonds, Series 2016A, 5.000%, 4/01/32   4/25 at 100.00 AA 289,242
    University of Louisville, Kentucky, Revenue Bonds, General Reciepts Series 2011A:        
150   5.000%, 9/01/20   No Opt. Call A+ 157,146
2,005   5.000%, 9/01/26   9/21 at 100.00 A+ 2,152,608
1,200   5.000%, 9/01/27   9/21 at 100.00 A+ 1,287,432
1,910   University of Louisville, Kentucky, Revenue Bonds, General Reciepts Series 2012A, 5.000%, 9/01/25   9/21 at 100.00 A+ 2,051,569
2,500   University of Louisville, Kentucky, Revenue Bonds, General Reciepts Series 2016C, 4.000%, 9/01/28   3/26 at 100.00 A+ 2,726,650
10      

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
    University of Louisville, Kentucky, Revenue Bonds, General Reciepts Series 2016D:        
$ 1,155   5.000%, 3/01/31   9/26 at 100.00 A+ $1,339,973
3,450   5.000%, 3/01/32   9/26 at 100.00 A+ 3,977,574
    Western Kentucky University, General Receipts Revenue Bonds, Series 2016A:        
2,690   5.000%, 9/01/25   No Opt. Call A1 3,149,183
2,820   5.000%, 9/01/26   9/25 at 100.00 A1 3,275,430
42,320   Total Education and Civic Organizations       46,933,512
    Health Care – 17.3%        
    Glasgow, Kentucky, Healthcare Revenue Bonds, T.J. Samson Community Hospital Project, Series 2011:        
100   5.350%, 2/01/24   8/21 at 100.00 BBB- 105,023
2,000   6.375%, 2/01/35   8/21 at 100.00 BBB- 2,119,720
3,310   6.450%, 2/01/41   8/21 at 100.00 BBB- 3,489,071
8,000   Kentucky Bond Development Corporation, Hospital Revenue Bonds, Saint Elizabeth Medical Center, Inc., Refunding Series 2016, 5.000%, 5/01/39   5/26 at 100.00 AA 8,924,640
    Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2011:        
3,500   5.000%, 8/15/42   8/21 at 100.00 A 3,630,970
3,000   5.250%, 8/15/46   8/21 at 100.00 A 3,129,690
3,000   Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2017B, 5.000%, 8/15/41   8/27 at 100.00 A 3,266,250
500   Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, Refunding Series 2017A, 5.250%, 6/01/41   6/27 at 100.00 Baa3 541,760
10,000   Kentucky Economic Development Finance Authority, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45   1/23 at 100.00 BBB+ 10,606,500
3,320   Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health Initiatives, Series 2012A, 5.000%, 12/01/26   6/22 at 100.00 BBB+ 3,581,716
2,000   Murray, Kentucky, Hospital Facilities Revenue Bonds, Murray-Calloway County Public Hospital Corporation Project, Refunding Series 2016, 5.000%, 8/01/37   8/26 at 100.00 Baa3 2,133,940
7,500   Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, Improvement and Refunding Series 2011, 6.500%, 3/01/41   3/21 at 100.00 N/R 8,013,750
3,250   Warren County, Kentucky, Hospital Refunding Revenue Bonds, Bowling Green-Warren County Community Hospital Corporation, Series 2013, 5.000%, 4/01/35   4/23 at 100.00 A+ 3,507,887
    Warren County, Kentucky, Hospital Revenue Bonds, Bowling Green-Warren County Community Hospital Corporation, Series 2012A:        
1,980   5.000%, 10/01/33   10/22 at 100.00 A+ 2,158,596
2,000   5.000%, 10/01/37   10/22 at 100.00 A+ 2,166,100
53,460   Total Health Care       57,375,613
    Housing/Multifamily – 0.3%        
1,090   Kentucky Housing Corporation, Conduit Multifamily Mortgage Revenue Bonds, Florence Homes III Apartments Project, Series 2005B, 5.000%, 6/01/35 (AMT) (Mandatory Put 6/01/23)   5/19 at 100.00 N/R 1,091,635
      11

Nuveen Kentucky Municipal Bond Fund (continued)
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Housing/Single Family – 0.4%        
    Kentucky Housing Corporation, Housing Revenue Bonds, Series 2011B:        
$ 150   3.000%, 1/01/21   No Opt. Call AAA $153,729
485   3.000%, 7/01/21   No Opt. Call AAA 499,904
575   3.100%, 7/01/22   7/21 at 100.00 AAA 594,211
1,210   Total Housing/Single Family       1,247,844
    Tax Obligation/Limited – 29.2%        
    Barren County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2015:        
1,250   5.000%, 8/01/24   No Opt. Call A1 1,448,312
1,760   5.000%, 8/01/25   2/25 at 100.00 A1 2,042,938
1,000   Kentucky Asset/Liability Commission, General Fund Revenue Project Notes, Federal Highway Trust Fund First Series 2010A, 5.000%, 9/01/21   9/20 at 100.00 AA 1,046,780
1,820   Kentucky Bond Development Corporation, Tax Increment Revenue Bonds, Summit Lexington Project, Series 2016A, 4.400%, 10/01/24   No Opt. Call N/R 1,753,315
    Kentucky Bond Development Corporation, Transient Room Tax Revenue Bonds, Lexington Center Corporation Project, Series 2018A:        
8,500   5.000%, 9/01/43   9/28 at 100.00 A2 9,488,040
10,400   5.000%, 9/01/48   9/28 at 100.00 A2 11,590,072
    Kentucky Bond Development Corporation, Transient Room Tax Revenue Bonds, Lexington Center Corporation Project, Subordinate Series 2018B:        
1,050   5.000%, 9/01/24   No Opt. Call A3 1,182,499
1,435   5.000%, 9/01/25   No Opt. Call A3 1,637,938
1,485   5.000%, 9/01/26   No Opt. Call A3 1,712,547
555   5.000%, 9/01/28   No Opt. Call A3 648,851
    Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2017A:        
13,650   4.000%, 12/01/41  –  AGM Insured (UB) (4)   12/27 at 100.00 AA 13,981,422
4,100   5.000%, 12/01/45  –  AGM Insured   12/27 at 100.00 AA 4,499,996
4,985   Kentucky State Property and Buildings Commission, Revenue Bonds, Project 112, Refunding Series 2016B, 5.000%, 11/01/24   No Opt. Call A1 5,699,151
    Kentucky State Property and Buildings Commission, Revenue Bonds, Project 115, Series 2017:        
7,000   5.000%, 4/01/32 (UB) (4)   4/27 at 100.00 A1 7,946,610
6,000   5.000%, 4/01/38   4/27 at 100.00 A1 6,632,160
2,500   Kentucky State Property and Buildings Commission, Revenue Bonds, Project 119, Series 2018, 5.000%, 5/01/30   5/28 at 100.00 A1 2,916,800
125   Kentucky State Property and Buildings Commission, Revenue Bonds, Project 84, Series 2005, 5.000%, 8/01/19  –  NPFG Insured   No Opt. Call A1 126,638
12      

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
    Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series 2009:        
$ 285   5.250%, 2/01/28  –  AGC Insured   5/19 at 100.00 AA $285,755
285   5.250%, 2/01/29  –  AGC Insured   5/19 at 100.00 AA 285,755
    Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Refunding Series 2012A:        
1,250   5.000%, 7/01/30   7/22 at 100.00 Aa3 1,367,937
6,740   5.000%, 7/01/31   7/22 at 100.00 Aa3 7,369,112
5,000   Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Refunding Series 2017B, 5.000%, 7/01/28 (UB) (4)   7/27 at 100.00 Aa3 5,910,650
    Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Series 2017A:        
1,930   5.000%, 7/01/33 (UB) (4)   7/27 at 100.00 Aa3 2,217,088
550   5.000%, 7/01/36 (UB) (4)   7/27 at 100.00 Aa3 624,201
500   5.000%, 7/01/37 (UB) (4)   7/27 at 100.00 Aa3 564,755
3,000   Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/29   6/21 at 100.00 A1 3,172,860
500   Pendleton County, Kentucky, Leasing Trust Revenue Bonds, Kentucky Association of Counties, Series 1993A, 6.400%, 3/01/19   No Opt. Call B 500,000
87,655   Total Tax Obligation/Limited       96,652,182
    Transportation – 9.2%        
    Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern Kentucky International Airport, Series 2016:        
1,635   5.000%, 1/01/25   No Opt. Call A1 1,885,188
1,855   5.000%, 1/01/30   1/26 at 100.00 A1 2,126,869
1,750   5.000%, 1/01/31   1/26 at 100.00 A1 1,991,657
2,730   5.000%, 1/01/33   1/26 at 100.00 A1 3,073,734
2,000   Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Capital Appreciation Series 2013B, 0.000%, 7/01/23   No Opt. Call Baa3 1,724,240
    Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A:        
250   5.750%, 7/01/49   7/23 at 100.00 Baa3 270,920
11,500   6.000%, 7/01/53   7/23 at 100.00 Baa3 12,528,330
    Lexington-Fayette Urban County Government, Kentucky, General Airport Revenue Refunding Bonds, Series 2012B:        
1,215   5.000%, 7/01/29 (AMT)   7/22 at 100.00 AA 1,317,400
1,100   5.000%, 7/01/31 (AMT)   7/22 at 100.00 AA 1,189,045
1,000   5.000%, 7/01/38   7/22 at 100.00 AA 1,081,280
      13

Nuveen Kentucky Municipal Bond Fund (continued)
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Transportation (continued)        
    Louisville Regional Airport Authority, Kentucky, Airport System Revenue Bonds, Refunding Series 2014A:        
$ 1,555   5.000%, 7/01/31 (AMT)   7/24 at 100.00 A+ $1,723,609
1,500   5.000%, 7/01/32 (AMT)   7/24 at 100.00 A+ 1,658,745
28,090   Total Transportation       30,571,017
    U.S. Guaranteed – 15.7% (5)        
    Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical Health System, Series 2010A:        
3,925   5.500%, 6/01/21 (Pre-refunded 6/01/20)   6/20 at 100.00 Baa3 4,108,847
165   6.375%, 6/01/40 (Pre-refunded 6/01/20)   6/20 at 100.00 Baa3 174,496
5,150   6.500%, 3/01/45 (Pre-refunded 6/01/20)   6/20 at 100.00 Baa3 5,453,592
    Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Saint Elizabeth Medical Center, Refunding & Improvement Series 2009A:        
210   5.375%, 5/01/34 (Pre-refunded 5/01/19)   5/19 at 100.00 N/R 211,252
5,010   5.500%, 5/01/39 (Pre-refunded 5/01/19)   5/19 at 100.00 N/R 5,040,862
    Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A2:        
3,505   0.000%, 12/01/22  –  AGC Insured (ETM)   No Opt. Call AA 3,269,219
3,750   0.000%, 12/01/23  –  AGC Insured (ETM)   No Opt. Call AA 3,423,562
2,750   Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund Revenue Bonds, Series 2012A, 5.000%, 2/01/30 (Pre-refunded 2/01/22)   2/22 at 100.00 AAA 3,014,633
1,800   Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Refunding Series 2011A, 5.000%, 7/01/24 (Pre-refunded 7/01/21)   7/21 at 100.00 Aa3 1,936,944
500   Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Refunding Series 2012A, 5.000%, 7/01/24 (Pre-refunded 7/01/22)   7/22 at 100.00 Aa3 553,450
2,820   Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Series 2009A, 5.000%, 7/01/29 (Pre-refunded 7/01/19)   7/19 at 100.00 Aa3 2,850,879
    Paducah, Kentucky, Electric Plant Board Revenue Bonds, Series 2009A:        
3,995   5.000%, 10/01/25 (Pre-refunded 4/01/19)   4/19 at 100.00 A- 4,005,347
95   5.000%, 10/01/28 (Pre-refunded 4/01/19)  –  AGC Insured   4/19 at 100.00 A- 95,246
8,880   5.250%, 10/01/35 (Pre-refunded 4/01/19)  –  AGC Insured   4/19 at 100.00 AA 8,904,686
8,000   Russell, Kentucky, Revenue Bonds, Bon Secours Health System, Series 2013, 5.000%, 11/01/26 (Pre-refunded 11/01/22)   11/22 at 100.00 A+ 8,875,280
50,555   Total U.S. Guaranteed       51,918,295
    Utilities – 9.6%        
3,375   Carroll County, Kentucky, Environmental Facilities Revenue Bonds, Kentucky Utilities Company Project, Refunding Series 2018A, 3.375%, 2/01/26 (AMT)   12/23 at 100.00 A1 3,448,305
4,740   Owen County, Kentucky, Waterworks System Revenue Bonds, Kentucky-American Water Company Project, Series 2009A, 6.250%, 6/01/39   6/19 at 100.00 A 4,785,646
5,315   Owen County, Kentucky, Waterworks System Revenue Bonds, Kentucky-American Water Company Project, Series 2009B, 5.625%, 9/01/39   9/19 at 100.00 A 5,403,229
14      

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Utilities (continued)        
$ 2,000   Paducah, Kentucky, Electric Plant Board Revenue Bonds, Refunding Series 2016A, 5.000%, 10/01/33  –  AGM Insured   10/26 at 100.00 AA $2,231,180
    Paducah, Kentucky, Electric Plant Board Revenue Bonds, Series 2009A:        
2,945   5.000%, 10/01/20  –  AGC Insured   4/19 at 100.00 AA 2,951,833
5   5.250%, 10/01/35  –  AGC Insured   4/19 at 100.00 AA 5,012
    Princeton Electric Plant Board, Kentucky, Revenue Bonds, Refunding Series 2015:        
225   5.000%, 11/01/21  –  AGM Insured   No Opt. Call AA 242,143
1,000   5.000%, 11/01/25  –  AGM Insured   5/25 at 100.00 AA 1,148,100
1,100   5.000%, 11/01/34  –  AGM Insured   5/25 at 100.00 AA 1,246,091
1,635   5.000%, 11/01/37  –  AGM Insured   5/25 at 100.00 AA 1,838,312
4,250   Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2018A, 4.000%, 4/01/48 (Mandatory Put 4/01/24)   1/24 at 100.37 A3 4,513,755
2,840   Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2018B, 4.000%, 1/01/49 (Mandatory Put 1/01/25)   10/24 at 100.24 A1 3,049,223
    Russellville, Kentucky, Electric Plant Board Electric Revenue Bonds, Refunding Series 2015A:        
380   5.000%, 8/01/22  –  BAM Insured   No Opt. Call AA 417,099
405   5.000%, 8/01/24  –  BAM Insured   No Opt. Call AA 460,323
30,215   Total Utilities       31,740,251
    Water and Sewer – 11.5%        
    Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund Program Revenue Bonds, Tender Option Bond Trust 3443. As of 6/4/2015 Converted to Trust 2015-XF2109:        
1,330   14.495%, 2/01/25, 144A (IF) (4)   No Opt. Call AAA 2,290,420
1,070   14.710%, 2/01/26, 144A (IF) (4)   2/25 at 100.00 AAA 1,830,973
2,525   Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund Revenue Bonds, Refunding Series 2016A, 5.000%, 2/01/28   2/26 at 100.00 AAA 2,994,599
    Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund Revenue Bonds, Series 2018A:        
4,265   5.000%, 2/01/30 (UB) (4)   2/28 at 100.00 AAA 5,184,705
5,000   5.000%, 2/01/31 (UB) (4)   2/28 at 100.00 AAA 6,022,250
60   Kentucky Rural Water Finance Corporation, Multimodal Public Projects Revenue Bonds, Flexible Term Program, Series 2001A, 5.375%, 2/01/20   5/19 at 100.00 A+ 60,177
7,500   Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, Refunding Series 2011A, 5.000%, 5/15/28   11/21 at 100.00 AA 8,093,850
3,730   Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, Refunding Series 2018A, 4.000%, 5/15/37   5/28 at 100.00 AA 3,954,509
795   Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, Series 2014A, 5.000%, 5/15/27   11/24 at 100.00 AA 923,321
      15

Nuveen Kentucky Municipal Bond Fund (continued)
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Water and Sewer (continued)        
    Northern Kentucky Water District, Revenue Bonds, Series 2012:        
$ 2,690   5.000%, 2/01/22   No Opt. Call Aa3 $2,938,260
3,495   5.000%, 2/01/26   2/22 at 100.00 Aa3 3,788,510
32,460   Total Water and Sewer       38,081,574
$ 327,055   Total Long-Term Investments (cost $345,184,648)       355,611,923
    Floating Rate Obligations – (9.0)%       (29,845,000)
    Other Assets Less Liabilities – 1.7%       5,617,428
    Net Assets – 100%       $ 331,384,351
Fair Value Measurements
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. A three-tier hierarchy 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 the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1  –     Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2  –     Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3  –     Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
  Level 1 Level 2 Level 3 Total
Long-Term Investments:        
Municipal Bonds $ — $355,611,923 $ — $355,611,923
16      

Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
The table below presents the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, as determined on a federal income tax basis, as of February 28, 2019.
Tax cost of investments $315,338,749
Gross unrealized:  
Appreciation $ 10,984,299
Depreciation (556,135)
Net unrealized appreciation (depreciation) of investments $ 10,428,164
(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) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.  
(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  
ETM Escrowed to maturity  
IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.  
UB Underlying bond of an inverse floating rate trust reflected as a financing transaction.  
      17

Nuveen Michigan Municipal Bond Fund
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 100.0%        
    MUNICIPAL BONDS – 100.0%        
    Consumer Staples  – 2.3%        
$ 3,030   Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien Series 2007A, 6.000%, 6/01/34   5/19 at 100.00 B- $3,011,729
2,215   Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42   5/19 at 100.00 B2 2,215,443
5,245   Total Consumer Staples       5,227,172
    Education and Civic Organizations – 24.4%        
1,480   Central Michigan University Board of Trustees, General Revenue Bonds, Refunding Series 2014, 5.000%, 10/01/39   10/24 at 100.00 Aa3 1,690,412
3,835   Eastern Michigan University, General Revenue Bonds, Series 2018A, 4.000%, 3/01/44  –  AGM Insured   3/28 at 100.00 AA 3,905,947
    Ferris State University, Michigan, General Revenue Bonds, Refunding Series 2016:        
2,695   5.000%, 10/01/34   10/26 at 100.00 A+ 3,065,131
2,000   5.000%, 10/01/41   10/26 at 100.00 A+ 2,218,100
350   Grand Valley State University, Michigan, General Revenue Bonds, Refunding Series 2014B, 5.000%, 12/01/28   12/24 at 100.00 A+ 402,546
    Grand Valley State University, Michigan, General Revenue Bonds, Series 2017:        
250   5.000%, 12/01/30   12/24 at 100.00 A+ 285,648
250   5.000%, 12/01/32   12/24 at 100.00 A+ 284,495
1,000   Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Hanley International Academy, Inc. Project, Series 2010A, 6.125%, 9/01/40   9/20 at 100.00 BB+ 1,003,580
500   Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Holly Academy Project, Refunding Series 2011, 7.750%, 10/01/30   10/21 at 100.00 BBB- 533,940
830   Michigan Finance Authority, Public School Academy Revenue Bonds, Detroit Service Learning Academy Project, Refunding Series 2011, 7.000%, 10/01/31   10/21 at 100.00 B 786,201
1,000   Michigan State University, General Revenue Bonds, Refunding Series 2010C, 5.000%, 2/15/40   2/20 at 100.00 AA 1,027,240
4,370   Michigan State University, General Revenue Bonds, Series 2015A, 5.000%, 8/15/40   8/25 at 100.00 AA 4,962,528
1,835   Michigan State University, General Revenue Bonds, Taxable Series 2019A, 5.000%, 2/15/48   2/29 at 100.00 AA 2,087,294
1,800   Michigan Technological University, General Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/45   10/25 at 100.00 A1 2,047,644
    Northern Michigan University, General Revenue Bonds, Series 2018A:        
500   5.000%, 12/01/32   6/28 at 100.00 A1 583,505
400   5.000%, 12/01/34   6/28 at 100.00 A1 463,740
3,250   Oakland University, Michigan, General Revenue Bonds, Series 2016, 5.000%, 3/01/47   3/26 at 100.00 A1 3,552,055
18      

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
$ 515   Saginaw Valley State University, Michigan, General Revenue Bonds, Refunding Series 2016A, 5.000%, 7/01/35   7/26 at 100.00 A1 $579,215
    University of Michigan, General Revenue Bonds, Refunding Series 2017A:        
5,000   4.000%, 4/01/26   No Opt. Call AAA 5,711,200
1,000   5.000%, 4/01/34   4/27 at 100.00 AAA 1,175,760
1,190   5.000%, 4/01/35   4/27 at 100.00 AAA 1,393,026
3,000   5.000%, 4/01/36   4/27 at 100.00 AAA 3,497,820
6,145   5.000%, 4/01/47 (UB) (4)   4/27 at 100.00 AAA 7,019,802
3,000   University of Michigan, General Revenue Bonds, Series 2014A, 5.000%, 4/01/44   4/24 at 100.00 AAA 3,421,860
    University of Michigan, General Revenue Bonds, Series 2015:        
2,275   5.000%, 4/01/40 (UB) (4)   4/26 at 100.00 AAA 2,576,938
800   5.000%, 4/01/46 (UB) (4)   4/26 at 100.00 AAA 901,912
650   Western Michigan University, General Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/45   5/25 at 100.00 Aa3 733,564
49,920   Total Education and Civic Organizations       55,911,103
    Health Care – 11.5%        
1,000   Grand Traverse County Hospital Finance Authority, Michigan, Revenue Bonds, Munson Healthcare, Refunding Series 2011A, 5.000%, 7/01/29   7/21 at 100.00 AA- 1,074,730
    Kent Hospital Finance Authority, Michigan, Revenue Bonds, Spectrum Health System, Refunding Series 2011C:        
2,135   5.000%, 1/15/31   1/22 at 100.00 AA 2,279,646
365   5.000%, 1/15/42   1/22 at 100.00 AA 385,787
720   Michigan Finance Authority, Hospital Revenue Bonds, Beaumont Health Credit Group, Refunding Series 2015A, 5.000%, 8/01/32   8/24 at 100.00 A+ 800,719
2,335   Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2016, 5.000%, 11/15/41   11/26 at 100.00 A 2,538,052
1,875   Michigan Finance Authority, Hospital Revenue Bonds, MidMichigan Health Credit Group, Refunding Series 2014, 5.000%, 6/01/39   6/24 at 100.00 A+ 2,053,181
1,250   Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Refunding Series 2015, 5.000%, 11/15/45   5/25 at 100.00 A+ 1,356,262
7,500   Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2017A, 5.000%, 12/01/47   12/22 at 100.00 AA- 8,044,125
    Michigan Finance Authority, Revenue Bonds, Oakwood Obligated Group, Refunding Series 2012:        
1,670   5.000%, 11/01/25   11/22 at 100.00 A+ 1,848,623
1,250   5.000%, 11/01/42   11/22 at 100.00 A+ 1,354,213
2,295   Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011MI, 5.000%, 12/01/39   12/21 at 100.00 AA- 2,442,867
2,000   Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48   6/22 at 100.00 AA- 2,129,760
24,395   Total Health Care       26,307,965
      19

Nuveen Michigan Municipal Bond Fund (continued)
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General – 22.5%        
$ 690   Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds, Refunding Series 2012, 5.000%, 5/01/29   5/22 at 100.00 Aa1 $754,894
1,350   Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds, School Building & Site Series 2015, 5.000%, 5/01/25   No Opt. Call Aa2 1,596,591
2,590   Byron Center Public Schools, Kent County, Michigan, General Obligation Bonds, School Building & Site Series 2017I, 5.000%, 5/01/47   5/27 at 100.00 AA 2,894,247
1,000   Cadillac Area Public Schools, Counties of Wexford, Osceola and Lake, State of Michigan School Building and Site General Obligation Bonds, Refunding 2018, 5.000%, 5/01/36   5/28 at 100.00 Aa1 1,163,940
1,515   Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation Bonds, School Building & Site Series 2014, 5.000%, 5/01/39   5/24 at 100.00 AA 1,694,664
330   Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site Improvement Bonds, Series 1998C, 5.250%, 5/01/25  –  BHAC Insured   No Opt. Call AA+ 366,218
2,000   East Lansing School District, Ingham County, Michigan, General Obligation Bonds, School Building & Site Series 2017, 5.000%, 5/01/39   5/27 at 100.00 AA 2,261,040
    Grand Rapids Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding School Building & Site Series 2016:        
4,325   5.000%, 5/01/29  –  AGM Insured   5/26 at 100.00 AA 5,070,760
2,055   5.000%, 5/01/38  –  AGM Insured   5/26 at 100.00 AA 2,314,403
1,060   Homer Community School District, Calhourn, Jackson, Hillsdale and Branch Counties, Michigan, General Obligation Bonds, School Building & Site, Series 2011B, 5.500%, 5/01/41   5/21 at 100.00 AA 1,143,210
3,000   Jackson Public Schools, Jackson County, Michigan, General Obligation Bonds, School Building & Site Series 2018, 5.000%, 5/01/42   5/28 at 100.00 Aa1 3,391,410
1,450   Jackson, Jackson County, Michigan, Downtown Development Bonds, Series 2001, 0.000%, 6/01/21  –  AGM Insured   No Opt. Call AA 1,379,182
    Kalamazoo County, Michigan, General Obligation Bonds, Juvenile Home Facilities Series 2017:        
500   5.000%, 4/01/26   No Opt. Call AA+ 596,095
500   5.000%, 4/01/31   4/27 at 100.00 AA+ 587,030
1,075   Kent County, Michigan, General Obligation Bonds, Limited Tax Series 2015, 5.000%, 1/01/35   1/25 at 100.00 AAA 1,227,499
    Kent County, Michigan, General Obligation Bonds, Refunding Limited Tax Series 2015:        
1,500   5.000%, 1/01/31   1/25 at 100.00 AAA 1,729,530
2,000   5.000%, 1/01/37   1/25 at 100.00 AAA 2,274,380
185   Lansing Community College, Michigan, General Obligation Bonds, College Building & Site, Series 2017, 5.000%, 5/01/31   11/27 at 100.00 AA 219,186
    Marquette, Michigan, General Obligation Bonds, Refunding & Limited Obligation Series 2017:        
230   4.000%, 5/01/25   No Opt. Call AA 256,554
375   4.000%, 5/01/28   5/27 at 100.00 AA 417,773
550   4.000%, 5/01/29   5/27 at 100.00 AA 606,826
265   4.000%, 5/01/31   5/27 at 100.00 AA 286,192
215   4.000%, 5/01/32   5/27 at 100.00 AA 230,947
20      

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General (continued)        
$ 1,000   Michigan Finance Authority, Senior lien Distributable State Aid Revenue Bonds, Charter County of Wayne Criminal Justice Center Project, Series 2018, 5.000%, 11/01/43   11/28 at 100.00 Aa3 $1,135,170
1,000   Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2011A, 5.000%, 12/01/22   12/21 at 100.00 Aa1 1,088,270
2,500   Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2016A, 5.000%, 5/01/25   No Opt. Call Aa1 2,961,450
2,215   Michigan State, General Obligation Bonds, Environmental Program, Series 2014A, 5.000%, 12/01/28   12/24 at 100.00 Aa1 2,585,259
    Muskegon County, Michigan, General Obligation Water Supply System Bonds, Refunding Series 2015:        
550   5.000%, 11/01/33   11/25 at 100.00 AA 633,237
1,290   5.000%, 11/01/36   11/25 at 100.00 AA 1,478,417
1,100   Ottawa County, Michigan, General Obligation Bonds, Sewer Disposal System, Series 2010, 5.000%, 5/01/37   5/20 at 100.00 Aaa 1,134,969
600   Royal Oak City School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2014, 5.000%, 5/01/21   No Opt. Call Aa2 641,304
1,095   Royal Oak, Oakland County, Michigan, General Obligation Bonds, Taxable Limited Tax Series 2018, 5.000%, 4/01/43   4/28 at 100.00 AA+ 1,247,325
1,915   South Haven Public Schools, Van Buren Couty, Michigan, General Obligation Bonds, School Building & Site, Series 2014A, 5.000%, 5/01/41  –  BAM Insured   5/24 at 100.00 AA 2,149,990
3,670   Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF Bonds, Series 1996, 5.500%, 5/01/25  –  NPFG Insured   No Opt. Call Aa2 4,064,965
45,695   Total Tax Obligation/General       51,582,927
    Tax Obligation/Limited – 10.8%        
2,935   Detroit Downtown Development Authority, Michigan, Tax Increment Revenue Bonds, Catalyst Development Project, Series 2018A, 5.000%, 7/01/48  –  AGM Insured   7/24 at 100.00 AA 3,146,525
1,000   Lansing Township Downtown Development Authority, Ingham County, Michigan, Tax Increment Bonds, Series 2013A, 5.950%, 2/01/42   2/24 at 103.00 N/R 1,078,750
    Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Regional Convention Facility Authority Local Project, Series 2014H-1:        
825   5.000%, 10/01/19   No Opt. Call AA- 840,312
4,070   5.000%, 10/01/39   10/24 at 100.00 AA- 4,558,034
    Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I:        
1,485   5.000%, 4/15/22   No Opt. Call Aa2 1,635,119
2,000   5.000%, 4/15/38   10/25 at 100.00 Aa2 2,286,740
    Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2016-I:        
1,540   5.000%, 4/15/36   10/26 at 100.00 Aa2 1,762,699
3,450   5.000%, 4/15/41   10/26 at 100.00 Aa2 3,873,142
1,000   5.000%, 10/15/46   10/26 at 100.00 Aa2 1,111,780
      21

Nuveen Michigan Municipal Bond Fund (continued)
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
    Michigan State Trunk Line Fund Bonds, Series 2011:        
$ 1,015   5.000%, 11/15/33   11/21 at 100.00 AA+ $1,095,368
700   5.000%, 11/15/36   11/21 at 100.00 AA+ 753,319
685   Michigan State Trunk Line Fund Refunding Bonds, Refunding Series 2015, 5.000%, 11/15/22   No Opt. Call AA+ 767,584
1,500   Michigan State, Comprehensive Transportation Revenue Bonds, Refunding Series 2015, 5.000%, 11/15/29   11/24 at 100.00 AA+ 1,746,510
22,205   Total Tax Obligation/Limited       24,655,882
    Transportation – 3.5%        
1,000   Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding Series 2011A, 5.000%, 12/01/21 (AMT)   No Opt. Call A 1,078,490
1,250   Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Senior Series 2017A, 5.000%, 12/01/42   12/27 at 100.00 A 1,403,988
    Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2012A:        
2,000   5.000%, 12/01/37   12/22 at 100.00 A 2,199,500
1,000   5.000%, 12/01/42  –  AGM Insured   12/22 at 100.00 AA 1,096,350
2,000   Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2018A, 5.000%, 12/01/36   12/28 at 100.00 A 2,313,420
7,250   Total Transportation       8,091,748
    U.S. Guaranteed – 6.5% (5)        
450   Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Alligiance Health, Refunding Series 2010A, 5.000%, 6/01/37 (Pre-refunded 6/01/20)  –  AGM Insured   6/20 at 100.00 AA 468,328
3,000   Michigan Finance Authority, Hospital Revenue Bonds, Crittenton Hospital Medical Center, Refunding Series 2012A, 5.000%, 6/01/39 (Pre-refunded 6/01/22)   6/22 at 100.00 N/R 3,307,890
10   Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011MI, 5.000%, 12/01/39 (Pre-refunded 12/01/21)   12/21 at 100.00 N/R 10,880
365   Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012, 5.000%, 10/01/32 (Pre-refunded 10/01/22)   10/22 at 100.00 AAA 406,873
4,000   Michigan House of Representatives, Certificates of Participation, Series 1998, 0.000%, 8/15/23  –  AMBAC Insured (ETM)   No Opt. Call N/R 3,664,440
500   Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010, 5.000%, 10/01/30 (Pre-refunded 10/01/20)   10/20 at 100.00 AAA 526,170
3,300   Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39 (Pre-refunded 11/15/19)   11/19 at 100.00 N/R 3,393,324
1,000   Michigan State Hospital FInance Authority, Hospital Revenue Bonds,MidMichigan Obligated Group, Series 2009A, 5.875%, 6/01/39 (Pre-refunded 6/01/19)  –  AGC Insured   6/19 at 100.00 AA+ 1,010,380
350   Michigan State, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%, 11/01/25 (Pre-refunded 5/01/19)   5/19 at 100.00 Aa1 352,184
22      

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    U.S. Guaranteed (5) (continued)        
$ 1,590   Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2009W, 6.000%, 8/01/39 (Pre-refunded 8/01/19)   8/19 at 100.00 N/R $1,617,857
150   South Haven, Van Buren County, Michigan, General Obligation Bonds, Capital Improvement Series 2009, 5.125%, 12/01/33 (Pre-refunded 12/01/19)  –  AGC Insured   12/19 at 100.00 AA 153,936
14,715   Total U.S. Guaranteed       14,912,262
    Utilities – 7.2%        
1,875   Holland, Michigan, Electric Utility System Revenue Bonds, Series 2014A, 5.000%, 7/01/31   7/21 at 100.00 AA 2,004,019
    Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Refunding Series 2017A:        
1,250   5.000%, 7/01/31   7/27 at 100.00 AA- 1,469,800
1,000   5.000%, 7/01/32   7/27 at 100.00 AA- 1,168,870
525   Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2011A, 5.000%, 7/01/34   7/21 at 100.00 AA- 559,398
    Lansing Board of Water and Light, Michigan, Utility System Rvenue Bonds, Tender Option Bond Trust 2016-XF0394:        
250   14.805%, 7/01/37, 144A (IF) (4)   7/21 at 100.00 AA- 314,107
800   14.805%, 7/01/37, 144A (IF) (4)   7/21 at 100.00 AA- 1,005,144
    Marquettte, Michigan, Electric Utility System Revenue Bonds, Refunding Series 2016A:        
1,000   5.000%, 7/01/29   7/26 at 100.00 A 1,154,430
1,230   5.000%, 7/01/32   7/26 at 100.00 A 1,395,915
1,000   5.000%, 7/01/33   7/26 at 100.00 A 1,129,930
3,000   Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43   1/22 at 100.00 A2 3,144,510
2,000   Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Refunding Series 2011, 5.000%, 1/01/27  –  AGM Insured   1/21 at 100.00 AA 2,102,100
1,000   Monroe County Economic Development Corporation, Michigan, Collateralized Limited Obligation Revenue Refunding Bonds, Detroit Edison Company, Series 1992AA, 6.950%, 9/01/22  –  FGIC Insured   No Opt. Call Aa3 1,166,420
14,930   Total Utilities       16,614,643
    Water and Sewer – 11.3%        
850   Downriver Utility Wastewater Authority, Michigan, Sewer System Revenue Bonds, Series 2018, 5.000%, 4/01/43  –  AGM Insured   4/28 at 100.00 AA 943,517
    Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Improvement & Refunding Series 2014:        
1,500   5.000%, 1/01/35   1/24 at 100.00 Aa1 1,694,805
800   5.000%, 1/01/39   1/24 at 100.00 Aa1 902,720
350   Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Improvement Series 2012, 5.000%, 1/01/32   1/23 at 100.00 Aa1 387,944
2,000   Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Refunding Series 2010, 5.000%, 1/01/24   No Opt. Call Aa1 2,296,340
      23

Nuveen Michigan Municipal Bond Fund (continued)
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Water and Sewer (continued)        
$ 1,655   Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2018, 5.000%, 1/01/48   1/28 at 100.00 Aa1 $1,870,084
1,250   Grand Rapids, Michigan, Water Supply System Revenue Bonds, Refunding & Improvement Series 2016, 5.000%, 1/01/41   1/26 at 100.00 AA 1,393,863
1,500   Grand Rapids, Michigan, Water Supply System Revenue Bonds, Refunding & Improvement Series 2018, 5.000%, 1/01/43   1/28 at 100.00 AA 1,694,580
    Grand Rapids, Michigan, Water Supply System Revenue Bonds, Refunding Series 2015:        
1,000   5.000%, 1/01/33   1/25 at 100.00 AA 1,128,500
1,000   5.000%, 1/01/35   1/25 at 100.00 AA 1,125,620
2,685   Michigan Finance Authority, Clean Water Revolving Fund Revenue Bonds, Refunding Series 2016B, 5.000%, 10/01/25   No Opt. Call AAA 3,213,327
1,800   Michigan Finance Authority, Clean Water Revolving Fund Revenue Bonds, Refunding Series 2018B, 5.000%, 10/01/39   10/28 at 100.00 AAA 2,114,100
    Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1:        
1,500   5.000%, 7/01/35  –  AGM Insured   7/24 at 100.00 AA 1,658,670
1,220   5.000%, 7/01/37  –  AGM Insured   7/24 at 100.00 AA 1,342,744
3,000   Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014D-2, 5.000%, 7/01/27  –  AGM Insured   7/24 at 100.00 AA 3,403,860
245   Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series 2004, 5.000%, 10/01/24   5/19 at 100.00 AAA 245,615
500   Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2011A, 5.000%, 7/01/31  –  AGM Insured   8/21 at 100.00 AA 538,674
22,855   Total Water and Sewer       25,954,963
$ 207,210   Total Long-Term Investments (cost $222,124,072)       229,258,665
    Floating Rate Obligations – (2.0)%       (4,700,000)
    Other Assets Less Liabilities – 2.0%       4,725,869
    Net Assets – 100%       $ 229,284,534
Fair Value Measurements
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. A three-tier hierarchy 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 the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1  –     Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2  –     Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3  –     Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
24      

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
  Level 1 Level 2 Level 3 Total
Long-Term Investments:        
Municipal Bonds $ — $229,258,665 $ — $229,258,665
Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
The table below presents the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, as determined on a federal income tax basis, as of February 28, 2019.
Tax cost of investments $217,205,530
Gross unrealized:  
Appreciation $ 7,978,997
Depreciation (626,442)
Net unrealized appreciation (depreciation) of investments $ 7,352,555
(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) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.  
(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  
ETM Escrowed to maturity  
IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.  
UB Underlying bond of an inverse floating rate trust reflected as a financing transaction.  
      25

Nuveen Missouri Municipal Bond Fund
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 97.6%        
    MUNICIPAL BONDS – 97.6%        
    Consumer Staples  – 2.7%        
$ 3,000   Cape Girardeau County Industrial Development Authority, Missouri, Solid Waste Disposal Revenue Bonds, Procter & Gamble Products Company Project, Series 1998, 5.300%, 5/15/28 (AMT)   3/19 at 100.00 AA- $3,005,610
8,840   Missouri Development Finance Board, Solid Waste Disposal Revenue Bonds, Procter and Gamble Inc., Series 1999, 5.200%, 3/15/29 (AMT)   No Opt. Call AA- 10,664,222
11,840   Total Consumer Staples       13,669,832
    Education and Civic Organizations – 12.8%        
3,000   Callaway County Industrial Development Authority, Missouri, Revenue Bonds, Westminster College Project, Refunding Series 2012C, 5.250%, 8/01/37   8/22 at 100.00 N/R 2,830,830
1,200   Curators of the University of Missouri, System Facilities Revenue Bonds, Refunding Series 2014A, 4.000%, 11/01/33   11/24 at 100.00 AA+ 1,274,832
1,000   Health and Educational Facilities Authority of the State of Missouri, Educational Facilities Revenue Bonds, University of Central Missouri, Series 2018 A, 4.000%, 10/01/38   10/28 at 100.00 A+ 1,036,700
1,000   Lincoln University, Missouri, Auxiliary System Revenue Bonds, Series 2007, 5.125%, 6/01/37  –  AGC Insured   3/19 at 100.00 AA 1,013,180
1,025   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Kansas City University of Medicine and Biosciences, Series 2013A, 5.000%, 6/01/33   6/23 at 100.00 A1 1,135,464
2,000   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Kansas City University of Medicine and Biosciences, Series 2017A, 5.000%, 6/01/47   6/27 at 100.00 A1 2,218,600
3,000   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43   5/23 at 100.00 BBB+ 3,183,510
    Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Southwest Baptist University Project, Series 2012:        
575   3.500%, 10/01/22   No Opt. Call BBB- 584,666
3,470   5.000%, 10/01/33   10/22 at 100.00 BBB- 3,606,683
2,255   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34   10/23 at 100.00 A+ 2,515,182
3,870   Missouri Health and Educational Facilities Authority, Revenue Bonds, A.T. Still University of Health Sciences, Series 2011, 5.250%, 10/01/41   10/21 at 100.00 A- 4,165,978
3,620   Missouri Health and Educational Facilities Authority, Revenue Bonds, A.T. Still University of Health Sciences, Series 2014, 5.000%, 10/01/39   10/23 at 100.00 A- 3,984,787
1,000   Missouri Health and Educational Facilities Authority, Revenue Bonds, Maryville University of St. Louis Project, Series 2015, 5.000%, 6/15/44   6/25 at 100.00 BBB+ 1,066,410
26      

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
    Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis University, Series 2015A:        
$ 3,700   5.000%, 10/01/38   10/25 at 100.00 AA- $4,192,359
7,920   4.000%, 10/01/42   10/25 at 100.00 AA- 8,156,966
    Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis University, Series 2017A:        
600   4.000%, 10/01/36   4/27 at 100.00 AA- 630,384
5,690   5.000%, 10/01/42   4/27 at 100.00 AA- 6,367,907
    Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis University, Series 2019A:        
3,390   5.000%, 10/01/46   4/29 at 100.00 AA- 3,863,312
1,165   4.000%, 10/01/48   4/29 at 100.00 AA- 1,188,335
6,600   Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Series 2011B, 5.000%, 11/15/37   11/21 at 100.00 AA+ 7,122,588
1,175   Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, Refunding Series 2017, 4.000%, 4/01/34   4/27 at 100.00 Baa1 1,174,965
1,625   Saint Louis Community College District, Saint Louis County, Missouri, Certificates of Participation, Series 2017, 4.000%, 4/01/36   4/27 at 100.00 AA 1,707,518
1,000   Saint Louis Industrial Development Authority, Missouri, Confluence Academy Project, Series 2007A, 5.350%, 6/15/32   3/19 at 100.00 N/R 948,870
1,000   Saline County Industrial Development Authority, Missouri, First Mortgage Revenue Bonds, Missouri Valley College, Series 2017, 4.500%, 10/01/40   10/23 at 100.00 N/R 969,080
860   Truman State University, Missouri, Housing System Revenue Bonds, Refunding Series 2015, 3.750%, 6/01/33   6/23 at 100.00 A1 879,814
61,740   Total Education and Civic Organizations       65,818,920
    Health Care – 23.5%        
675   Barton County, Missouri, Hospital Revenue Bonds, Cox Barton County Hospital Project, Series 2017B, 3.650%, 7/01/27   7/23 at 100.00 N/R 679,307
    Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2016:        
1,455   5.000%, 8/01/29   8/26 at 100.00 A- 1,586,998
1,000   5.000%, 8/01/30   8/26 at 100.00 A- 1,083,810
    Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Saint Francis Medical Center, Series 2013A:        
530   3.375%, 6/01/28   6/22 at 100.00 AA 542,047
4,000   5.000%, 6/01/33   6/22 at 100.00 AA 4,317,480
1,000   Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Saint Francis Medical Center, Series 2016, 5.000%, 6/01/39   6/26 at 100.00 AA 1,100,220
1,470   Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeasthealth, Series 2016A, 6.000%, 3/01/33   3/23 at 103.00 BBB- 1,661,997
      27

Nuveen Missouri Municipal Bond Fund (continued)
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care (continued)        
    Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeasthealth, Series 2017A:        
$ 1,325   5.000%, 3/01/31   3/27 at 100.00 BBB- $1,474,155
1,210   5.000%, 3/01/32   3/27 at 100.00 BBB- 1,338,321
1,645   5.000%, 3/01/36   3/27 at 100.00 BBB- 1,790,171
    Clinton County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Cameron Regional Medical Center, Inc., Series 2017B:        
660   4.300%, 12/01/33   12/25 at 100.00 N/R 661,683
655   4.400%, 12/01/34   12/25 at 100.00 N/R 656,048
385   4.500%, 12/01/35   12/25 at 100.00 N/R 385,447
    Clinton County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Cameron Regional Medical Center, Series 2017C:        
700   4.400%, 12/01/35   12/25 at 100.00 N/R 691,068
1,000   4.500%, 12/01/36   12/25 at 100.00 N/R 982,970
270   4.600%, 12/01/37   12/25 at 100.00 N/R 264,184
    Grundy County Industrial Development Authority, Missouri, Health Facility Revenue Bonds, Wright Memorial Hospital, Series 2009:        
1,120   5.650%, 9/01/22   9/19 at 100.00 BBB- 1,131,950
1,000   5.750%, 9/01/23   9/19 at 100.00 BBB- 1,011,100
    Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal Regional Healthcare System, Series 2017:        
1,170   4.000%, 10/01/31   10/27 at 100.00 A- 1,219,093
1,220   4.000%, 10/01/32   10/27 at 100.00 A- 1,262,627
2,450   5.000%, 10/01/47   10/27 at 100.00 A- 2,675,082
800   Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2011, 5.500%, 2/15/31   2/21 at 100.00 A 843,400
1,560   Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2015, 5.000%, 2/15/35   2/24 at 100.00 A 1,682,117
    Missouri Health and Education Facilities Authority, Health Facilities Revenue Bonds, Saint Luke's Health System, Inc., Series 2016:        
1,060   4.000%, 11/15/33   5/26 at 100.00 A+ 1,109,735
4,030   5.000%, 11/15/34   5/26 at 100.00 A+ 4,512,351
4,335   5.000%, 11/15/35   5/26 at 100.00 A+ 4,833,958
1,000   Missouri Health and Education Facilities Authority, Health Facilities Revenue Bonds, Saint Luke's Health System, Inc., Series 2018A, 5.000%, 11/15/43   5/28 at 100.00 A+ 1,116,990
480   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds The Childrens Mercy Hospital, Series 2009, 5.625%, 5/15/39   5/19 at 100.00 A+ 483,782
1,000   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2014, 5.000%, 1/01/44   1/24 at 100.00 AA 1,077,860
5,890   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2015A, 4.000%, 1/01/45   1/25 at 100.00 AA 6,012,806
28      

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care (continued)        
$ 9,125   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Variable Rate Demand Obligation Series 2017D, 4.000%, 1/01/58 (Mandatory Put 1/01/48)   1/28 at 100.00 AA $9,242,347
2,160   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Capital Region Medical Center, Series 2011, 5.000%, 11/01/27   11/20 at 100.00 Baa2 2,254,327
    Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A:        
1,450   5.000%, 11/15/44   11/23 at 100.00 A2 1,549,398
2,980   5.000%, 11/15/48   11/23 at 100.00 A2 3,181,180
    Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2015A:        
2,200   5.000%, 11/15/32   11/25 at 100.00 A2 2,466,266
2,400   5.000%, 11/15/39   11/25 at 100.00 A2 2,627,400
    Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Heartland Regional Medical Center, Series 2012:        
1,000   3.875%, 2/15/32   2/22 at 100.00 AA- 1,022,040
3,035   5.000%, 2/15/37   2/22 at 100.00 AA- 3,244,567
    Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2014F:        
845   5.000%, 11/15/45   11/24 at 100.00 AA- 921,625
2,300   4.250%, 11/15/48   11/24 at 100.00 AA- 2,375,026
    Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2017C:        
1,485   4.000%, 11/15/37   11/27 at 100.00 AA- 1,539,900
425   4.000%, 11/15/47   11/27 at 100.00 AA- 432,518
2,000   5.000%, 11/15/47   11/27 at 100.00 AA- 2,237,660
1,330   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2018A, 5.000%, 6/01/30   12/28 at 100.00 AA- 1,599,245
1,000   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Saint Anthony's Medical Center, Series 2015B, 5.000%, 2/01/45   8/25 at 100.00 AA- 1,090,170
2,000   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Saint Luke's Episcopal and Presbyterian Hospitals, Series 2011, 5.000%, 12/01/25   12/21 at 100.00 A+ 2,156,420
    Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Saint Luke's Episcopal and Presbyterian Hospitals, Series 2015B:        
500   3.500%, 12/01/32   6/25 at 100.00 A+ 510,285
2,000   5.000%, 12/01/33   6/25 at 100.00 A+ 2,231,460
500   3.625%, 12/01/34   6/25 at 100.00 A+ 511,030
    Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, SSM Health Care, Series 2014A:        
2,000   5.000%, 6/01/31   6/24 at 100.00 AA- 2,225,640
1,000   4.000%, 6/01/32   6/24 at 100.00 AA- 1,035,150
      29

Nuveen Missouri Municipal Bond Fund (continued)
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care (continued)        
    Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, SSM Health Care, Series 2018A:        
$ 1,000   4.000%, 6/01/48   6/28 at 100.00 AA- $1,017,340
1,500   5.000%, 6/01/48   6/28 at 100.00 AA- 1,665,600
    Missouri Health and Educational Facilities Authority, Health Facility Revenue Bonds, Saint Luke's Health System, Series 2010A:        
550   5.250%, 11/15/25   11/20 at 100.00 A+ 580,047
2,540   5.000%, 11/15/30   11/20 at 100.00 A+ 2,655,164
1,000   5.000%, 11/15/40   11/20 at 100.00 A+ 1,038,210
3,000   Missouri Health and Educational Facilities Authority, Revenue Bonds, Children's Mercy Hospital, Series 2016, 4.000%, 5/15/34   5/26 at 100.00 A+ 3,129,180
2,940   Missouri Health and Educational Facilities Authority, Revenue Bonds, Children's Mercy Hospital, Series 2017A, 4.000%, 5/15/48   5/25 at 102.00 A+ 2,940,911
    Missouri Health and Educational Facilities Authority, Revenue Bonds, Lester E. Cox Medical Center, Series 1992H:        
3,005   0.000%, 9/01/21  –  NPFG Insured   No Opt. Call A2 2,835,187
4,025   0.000%, 9/01/22  –  NPFG Insured   No Opt. Call A2 3,704,288
    Saint Louis County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Ranken-Jordan Project, Refunding & Improvement Series 2016:        
200   5.000%, 11/15/28   11/25 at 100.00 N/R 215,198
500   4.000%, 11/15/36   11/25 at 100.00 N/R 479,200
3,000   5.000%, 11/15/46   11/25 at 100.00 N/R 3,056,760
3,500   Saline County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, John Fitzgibbon Memorial Hospital Inc., Series 2010, 5.600%, 12/01/28   12/20 at 100.00 BB+ 3,643,325
1,220   Stoddard County Industrial Development Authority, Missouri, Health Facility Revenue Bonds, Southeasthealth, Series 2016B, 6.000%, 3/01/37   3/23 at 103.00 BBB- 1,367,632
114,810   Total Health Care       120,970,453
    Housing/Multifamily – 0.5%        
1,290   Kansas City Industrial Development Authority, Missouri, GNMA Collateralized Multifamily Housing Revenue Bonds, Grand Boulevard Lofts Project, Series 2009A, 5.300%, 11/20/49   11/19 at 100.00 Aa1 1,318,522
1,000   Missouri Housing Development Commission, Multifamily Housing Revenue Bonds, Shepard Apartments Project, 2013 Series 3, 5.000%, 7/01/45   7/23 at 100.00 AA+ 1,039,010
2,290   Total Housing/Multifamily       2,357,532
    Housing/Single Family – 0.4%        
1,640   Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Homeownership Loan Program, Series 2017A-2, 3.800%, 11/01/37   11/26 at 100.00 AA+ 1,660,566
570   Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2015B-2, 3.800%, 11/01/34   5/25 at 100.00 AA+ 581,702
2,210   Total Housing/Single Family       2,242,268
30      

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Long-Term Care – 5.8%        
$ 3,110   Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The Sarah Community Project, Refunding Series 2016, 4.000%, 5/01/33   5/25 at 100.00 N/R $2,979,784
750   Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The Sarah Community Project, Series 2013, 4.500%, 5/01/28   3/19 at 100.00 N/R 737,805
900   Kirkwood Industrial Development Authority, Missouri, Retirement Community Revenue Bonds, Aberdeen Heights Project, Refunding Series 2017A, 5.250%, 5/15/37   5/27 at 100.00 BB 953,379
2,000   Lees Summit Industrial Development Authority, Missouri, Revenue Bonds, John Knox Village Obligated Group, Series 2014A, 5.250%, 8/15/39   8/24 at 100.00 BB+ 2,050,340
1,625   Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Senior Lien Series 2010, 5.500%, 2/01/42   2/20 at 100.00 BBB 1,649,993
    Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2011:        
1,025   5.750%, 2/01/31   2/21 at 100.00 BBB 1,074,477
2,750   6.000%, 2/01/41   2/21 at 100.00 BBB 2,872,265
1,500   Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2014A, 5.000%, 2/01/44   2/24 at 100.00 BBB 1,553,730
    Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2016A:        
1,000   5.000%, 2/01/36   2/26 at 100.00 BBB 1,059,890
1,000   5.000%, 2/01/46   2/26 at 100.00 BBB 1,041,040
    Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2016B:        
700   5.000%, 2/01/34   2/26 at 100.00 BBB 747,726
3,350   5.000%, 2/01/46   2/26 at 100.00 BBB 3,487,484
1,500   Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2019A, 5.000%, 2/01/42   2/24 at 104.00 BBB 1,593,255
    Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2012:        
550   5.000%, 9/01/32   9/22 at 100.00 BB+ 568,117
2,365   5.000%, 9/01/42   9/22 at 100.00 BB+ 2,403,573
2,570   Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43   9/23 at 100.00 BB+ 2,748,872
2,000   Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village Saint Louis Obligated Group, Series 2017, 5.000%, 9/01/48   9/27 at 100.00 BB+ 2,027,620
350   Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint Andrew's Resources for Seniors, Series 2015A, 5.125%, 12/01/45   12/25 at 100.00 N/R 361,753
29,045   Total Long-Term Care       29,911,103
      31

Nuveen Missouri Municipal Bond Fund (continued)
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General – 12.4%        
    Belton, Missouri, General Obligation Bonds, Refunding & Improvement Series 2011:        
$ 930   5.000%, 3/01/29   3/21 at 100.00 N/R $986,088
190   5.000%, 3/01/29   3/21 at 100.00 AA- 201,406
1,035   5.000%, 3/01/30   3/21 at 100.00 N/R 1,097,421
210   5.000%, 3/01/30   3/21 at 100.00 AA- 222,520
840   4.750%, 3/01/31   3/21 at 100.00 N/R 886,570
170   4.750%, 3/01/31   3/21 at 100.00 AA- 178,763
    Camdenton Reorganized School District R3, Camden County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2014:        
960   5.000%, 3/01/33   3/22 at 100.00 N/R 1,044,394
40   5.000%, 3/01/33   3/22 at 100.00 AA- 43,610
3,745   Camdenton Reorganized School District R3, Camden County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2015, 4.000%, 3/01/35   3/23 at 100.00 AA- 3,868,510
3,665   Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2018, 4.000%, 3/01/36   3/26 at 100.00 AA 3,874,784
    Clay County Reorganized School District R-II Smithville, Missouri, General Obligation Bonds, Refunding Series 2015:        
2,000   4.000%, 3/01/35   3/27 at 100.00 AA+ 2,127,300
1,160   4.000%, 3/01/36   3/27 at 100.00 AA+ 1,228,046
3,000   Columbia School District, Boone County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2015, 4.000%, 3/01/35   3/25 at 100.00 Aa1 3,169,320
1,225   Columbia School District, Boone County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2016, 5.000%, 3/01/36   3/26 at 100.00 Aa1 1,400,604
    Fort Zumwalt School District, Callaway County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2015:        
1,500   4.000%, 3/01/31   3/24 at 100.00 AA+ 1,603,470
1,000   4.000%, 3/01/32   3/24 at 100.00 AA+ 1,064,700
1,800   Fort Zumwalt School District, Callaway County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2018, 5.000%, 3/01/36   3/27 at 100.00 AA+ 2,075,742
2,000   Hazelwood School District, St Louis County, Missouri, General Obligation Bonds, Missouri Direct Deposit Program, Series 2013A, 5.000%, 3/01/33   3/23 at 100.00 AA+ 2,232,180
1,950   Independence School District, Jackson County, Missouri, General Obligation Bonds, Refunding Series 2017B, 5.500%, 3/01/32   3/27 at 100.00 AA+ 2,373,091
    Independence School District, Jackson County, Missouri, General Obligation Bonds, Series 2010:        
270   5.000%, 3/01/27   3/20 at 100.00 N/R 278,400
1,045   5.000%, 3/01/27   3/20 at 100.00 AA+ 1,077,510
1,000   Jackson County Consolidated School District 2, Raytown, Missouri, General Obligation Bonds, Series 2014, 5.000%, 3/01/32   3/24 at 100.00 AA+ 1,135,680
1,000   Jackson County Reorganized School District 4, Blue Springs, Missouri, General Obligation Bonds, Crossover Refunding Series 2018A, 5.500%, 3/01/37   3/29 at 100.00 AA+ 1,229,280
32      

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General (continued)        
$ 1,840   Jackson County Reorganized School District 4, Blue Springs, Missouri, General Obligation Bonds, Refunding & Improvement Series 2009A, 4.750%, 3/01/26   3/19 at 100.00 AA- $1,840,000
500   Jackson County Reorganized School District 4, Blue Springs, Missouri, General Obligation Bonds, School Building Series 2013A, 5.000%, 3/01/31   3/21 at 100.00 AA- 530,155
2,000   Joplin Schools, Missouri, General Obligation Bonds, Refunding, Direct Deposit Program Series 2017, 4.000%, 3/01/32   3/27 at 100.00 AA+ 2,184,400
5,000   Kansas City, Missouri, General Obligation Bonds, Improvement & Refunding Series 2012A, 4.500%, 2/01/26   2/22 at 100.00 AA 5,374,750
    Kansas City, Missouri, General Obligation Bonds, Refunding & Improvement Series 2018A:        
1,510   4.000%, 2/01/36   2/28 at 100.00 AA 1,604,330
1,000   4.000%, 2/01/37   2/28 at 100.00 AA 1,054,250
600   Maplewood Richmond Heights School District, St. Louis County, Missouri, General Obligation Bonds, Refunding Series 2019, 4.000%, 3/01/30 (WI/DD, Settling 3/12/19)   3/27 at 100.00 AA- 661,164
    Marshfield, Missouri, General Obligation Bonds, Street Improvement Series 2018:        
570   4.000%, 3/01/31   3/26 at 100.00 A+ 610,516
325   5.000%, 3/01/34   3/26 at 100.00 A+ 367,900
685   5.000%, 3/01/35   3/26 at 100.00 A+ 772,906
500   North Kansas City School District 74, Clay County, Missouri, General Obligation Bonds, Direct Deposit Program, Refunding & Improvement Series 2014, 4.000%, 3/01/32   3/24 at 100.00 AA+ 531,385
1,000   Osage School Lake Ozark, Missouri, General Obligation Bonds, School Building Series 2014B, 5.000%, 3/01/34   3/24 at 100.00 AA- 1,120,570
2,000   Osage School Lake Ozark, Missouri, General Obligation Bonds, Series 2018, 5.000%, 3/01/37   3/26 at 100.00 AA- 2,256,340
1,500   Ozark Reorganized School District 6, Christian County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2015, 4.000%, 3/01/34   3/23 at 100.00 AA+ 1,564,050
2,000   Platte County School District Park Hill, Missouri, General Obligation Bonds, Missouri Direct Deposit Program, Refunding Series 2017, 4.000%, 3/01/31   3/26 at 100.00 AA+ 2,169,860
1,200   Poplar Bluff R-I School District, Butler County, Missouri, Lease Certificates of Participation, Series 2014, 5.000%, 3/01/33  –  AGM Insured   3/24 at 100.00 AA 1,347,684
1,000   Saint Louis County Pattonville School District R3, Missouri, General Obligation Bonds, Refunding Series 2018A, 5.000%, 3/01/36   3/26 at 100.00 AA 1,141,980
    Springfield School District R12, Greene County, Missouri, General Obligation Bonds, Series 2013:        
1,000   5.000%, 3/01/32   3/23 at 100.00 AA+ 1,119,850
1,000   5.000%, 3/01/33   3/23 at 100.00 AA+ 1,120,260
    Valley Park Fire Protection District, Missouri, General Obligation Bonds, Series 2019:        
650   4.000%, 3/01/31 (WI/DD, Settling 3/5/19)   3/27 at 100.00 AA 707,395
705   4.000%, 3/01/33 (WI/DD, Settling 3/5/19)   3/27 at 100.00 AA 757,388
550   4.000%, 3/01/35 (WI/DD, Settling 3/5/19)   3/27 at 100.00 AA 586,597
600   4.000%, 3/01/37 (WI/DD, Settling 3/5/19)   3/27 at 100.00 AA 633,720
58,470   Total Tax Obligation/General       63,456,839
      33

Nuveen Missouri Municipal Bond Fund (continued)
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited – 17.4%        
$ 4,930   Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/33   10/22 at 100.00 AA+ $5,451,446
2,000   Blue Springs, Missouri, Special Obligation Tax Increment Bonds, Adams Farm Project, Special Districts Refunding & Improvement Series 2015A, 4.750%, 6/01/30   6/24 at 100.00 N/R 1,987,820
1,975   Cass County, Missouri, Certificates of Participation, Refunding Series 2010, 4.000%, 5/01/22   5/20 at 100.00 A 2,015,705
    Clay County School District R-11 Smithville, Missouri, Certificates of Participation, Series 2018:        
340   4.000%, 4/01/38   4/28 at 100.00 A+ 352,818
2,515   5.000%, 4/01/43   4/28 at 100.00 A+ 2,812,374
900   Clay, Jackson & Platte Counties Consolidated Public Library District 3, Missouri, Certificates of Participation, Mid-Continent Public Library Project, Series 2018, 4.000%, 3/01/35   3/26 at 100.00 Aa3 940,482
696   Cofina Series 2007A Senior Bonds Due 2042 National Custodial Trust Taxable Trust Unit. Exchanged from Cusip 74529JAH8, 0.000%, 8/01/42 (4)   No Opt. Call N/R 583,512
2,114   Cofina Series 2007A Senior Bonds Due 2042 National Custodial Trust Tax-Exempt Trust Unit. Exchanged from Cusip 74529JAH8, 0.000%, 8/01/42 (4)   No Opt. Call N/R 1,865,514
458   Cofina, Puerto Rico, Series 2007A Senior Bonds Due 2041 National Custodial Trust Taxable Trust Unit, 0.000%, 8/01/41 (4)   No Opt. Call N/R 383,639
1,390   Cofina, Puerto Rico, Series 2007A Senior Bonds Due 2041 National Custodial Trust Tax-Exempt Trust Unit, 0.000%, 8/01/41 (4)   No Opt. Call N/R 1,226,545
2,000   Conley Road Transportation District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2017, 5.125%, 5/01/41   5/25 at 100.00 N/R 2,016,140
365   Excelsior Springs Community Center, Missouri, Sales Tax Revenue Bonds, Series 2014, 4.000%, 3/01/28  –  AGM Insured   3/23 at 100.00 AA 386,236
    Fenton Missouri Fire Protection District, Missouri, General Obligation Bonds, Series 2019:        
1,000   4.000%, 3/01/29 (WI/DD, Settling 3/5/19)   3/27 at 100.00 AA+ 1,115,780
1,075   4.000%, 3/01/30 (WI/DD, Settling 3/5/19)   3/27 at 100.00 AA+ 1,188,112
450   4.000%, 3/01/36 (WI/DD, Settling 3/5/19)   3/27 at 100.00 AA+ 476,712
375   4.000%, 3/01/37 (WI/DD, Settling 3/5/19)   3/27 at 100.00 AA+ 394,451
500   4.000%, 3/01/38 (WI/DD, Settling 3/5/19)   3/27 at 100.00 AA+ 523,075
350   Florissant Industrial Development Authority, Missouri, Tax Increment Revenue Bonds, Florissant - Cross Keys Redevelopment Project, Refunding Series 2003, 5.625%, 5/01/24   3/19 at 100.00 N/R 350,308
500   Franklin County Industrial Development Authority, Missouri, Sales Tax Refunding Revenue Bonds, Phoenix Center II Community Improvement District Project, Series 2013A, 5.000%, 11/01/37   11/20 at 100.00 N/R 499,365
1,685   Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons Redevelopment Project, Series 2006, 5.000%, 6/01/28   3/19 at 100.00 N/R 1,145,800
530   Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42   1/22 at 100.00 BB 544,395
1,850   Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42   1/22 at 100.00 BB 1,891,662
34      

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
$ 205   Gravois Bluffs Transportation Development District, Fenton, Missouri, Transportation Sales Revenue Bonds, Series 2007, 4.750%, 5/01/32   3/19 at 100.00 BBB $205,078
    Great Rivers Greenway Metropolitan Park & Recreation District, Missouri, Sales Tax Appropriation Bonds, Gateway Arch Project, Series 2014:        
3,500   5.000%, 12/30/29   12/23 at 100.00 A+ 3,945,760
4,090   5.000%, 12/30/31   12/23 at 100.00 A+ 4,596,955
750   Greene County, Missouri, Certificates of Participation, Capital Projects, Series 2018, 4.000%, 9/01/33   9/28 at 100.00 Aa3 805,148
1,000   Hanley/Eager Road Transportation Development District, Missouri, Revenue Bonds, Refunding Series 2016A, 3.625%, 3/01/33   3/21 at 100.00 N/R 932,580
1,745   Howard Bend Levee District, Missouri, Levee District Improvement Bonds, Series 2005, 5.500%, 3/01/26  –  SYNCORA GTY Insured   No Opt. Call BBB- 1,950,613
    Howard Bend Levee District, St. Louis County, Missouri, Levee District Improvement Bonds, Series 2013B:        
820   4.875%, 3/01/33   3/23 at 100.00 BB+ 824,567
885   5.000%, 3/01/38   3/23 at 100.00 BB+ 888,168
925   Kansas City Industrial Development Authority, Missouri, Downtown Redevelpment District Revenue Bonds, Series 2011A, 5.000%, 9/01/32   9/21 at 100.00 AA- 990,758
1,335   Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016, 4.250%, 4/01/26, 144A   No Opt. Call N/R 1,345,520
1,200   Kansas City Industrial Development Authority, Missouri, Special Obligation Revenue Bonds, Plaza Library Project, Refunding Series 2014, 4.250%, 3/01/23   No Opt. Call N/R 1,238,676
2,000   Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1, 0.000%, 4/15/27  –  AMBAC Insured   No Opt. Call AA- 1,591,860
1,750   Kansas City, Missouri, Special Obligation Bonds, Downtown Redevelopment District, Series 2014C, 5.000%, 9/01/33   9/23 at 100.00 AA- 1,940,942
1,025   Kansas City, Missouri, Special Obligation Bonds, Kansas City Missouri Projects, Series 2012A, 5.000%, 3/01/26   3/22 at 100.00 AA- 1,111,602
    Kansas City, Missouri, Special Obligation Bonds, Kansas City Missouri Projects, Series 2017B:        
360   4.000%, 10/01/30   10/27 at 100.00 AA- 390,676
2,500   5.000%, 9/01/31   9/27 at 100.00 AA- 2,905,925
235   3.625%, 10/01/32   10/27 at 100.00 AA- 244,151
2,253   Lakeside 370 Levee District, Saint Charles, Missouri, Subdistrict A Bonds, Refunding Series 2015A, 5.750%, 4/01/55   3/19 at 100.00 N/R 2,092,942
930   Lakeside 370 Levee District, Saint Charles, Missouri, Subdistrict B Bonds, Refunding Taxable Series 2015B, 0.000%, 4/01/55   3/19 at 100.00 N/R 162,768
    Land Clearance for Redevelopment Authority of Kansas City, Missouri, Project Revenue Bonds, Convention Center Hotel Project - TIF Financing, Series 2018B:        
1,200   5.000%, 2/01/40, 144A   2/28 at 100.00 N/R 1,232,544
100   5.000%, 2/01/50, 144A   2/28 at 100.00 N/R 101,068
      35

Nuveen Missouri Municipal Bond Fund (continued)
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
    Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Series 2015A:        
$ 1,195   5.750%, 6/01/35, 144A   6/25 at 100.00 N/R $1,156,927
785   6.000%, 6/01/46, 144A   6/25 at 100.00 N/R 763,381
1,000   Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Saint Joseph Sewerage System Improvement Project, Series 2011E, 5.375%, 5/01/36   5/20 at 100.00 A+ 1,039,340
1,000   Missouri Development Finance Board, Missouri, Annual Appropriation Revenue Bonds, Fulton State Hospital Project, Series 2014, 3.000%, 10/01/26   10/22 at 100.00 AA+ 1,025,450
1,000   Monarch-Chesterfield Levee District, Saint Louis County, Missouri, Levee District Bonds, Refunding Series 2015, 5.000%, 3/01/40   3/24 at 100.00 A 1,099,810
1,000   Oak Grove, Missouri, Refunding and Improvement Certificates of Participation Series 2012, 5.000%, 1/01/33   1/22 at 100.00 Baa1 1,039,450
3,085   Osage Beach, Missouri, Tax Increment Revenue Bonds, Prewitts Point Project, Series 2006, 5.000%, 5/01/23   3/19 at 100.00 N/R 3,011,361
570   Poplar Bluff Regional Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2012, 4.750%, 12/01/42   12/22 at 100.00 BBB 583,070
540   Raymore, Missouri, Tax Increment Revenue Bonds, Raymore Galleria Project, Refunding & Improvement Series 2014A, 5.375%, 5/01/28   5/23 at 100.00 N/R 555,023
1,000   Raytown, Missouri, Annual Appropriation Supported Tax Increment and Sales Tax Revenue Bonds, Raytown Live Redevelopment Project Area 1, Series 2007, 5.125%, 12/01/31   3/19 at 100.00 BBB 1,000,730
1,075   Saint Charles, Missouri, Certificates of Participation, Series 2017, 4.000%, 4/01/29   4/26 at 100.00 Aa3 1,174,008
250   Saint Louis County Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Chesterfield Blue Valley Community Improvement District Project, Series 2014A, 5.250%, 7/01/44, 144A   7/24 at 100.00 N/R 246,530
1,030   Saint Louis County Industrial Development Authority, Missouri, Transporation Development Revenue Bonds, University Place Transportation Development District Project, Refunding Series 2015, 4.000%, 3/01/32, 144A   3/22 at 100.00 N/R 971,022
1,875   Saint Louis County Special School District, Missouri, Certificates of Participation Lease, Series 2014B, 4.000%, 4/01/28   4/22 at 100.00 AA 1,963,406
    Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention Center, Series 2009A:        
1,000   0.000%, 7/15/26  –  AGC Insured   No Opt. Call AA 819,590
1,000   0.000%, 7/15/27  –  AGC Insured   No Opt. Call AA 788,450
1,000   0.000%, 7/15/28  –  AGC Insured   No Opt. Call AA 757,990
1,000   0.000%, 7/15/29  –  AGC Insured   No Opt. Call AA 729,300
    Scenic Regional Library District, Missouri, Certificates of Participation, Series 2017:        
505   4.000%, 4/01/29   4/25 at 100.00 A 540,734
345   4.000%, 4/01/30   4/25 at 100.00 A 366,297
565   4.000%, 4/01/32   4/25 at 100.00 A 589,950
585   4.000%, 4/01/33   4/25 at 100.00 A 608,207
2,600   Springfield, Missouri, Special Obligation Bonds, Refunding Series 2017A, 4.000%, 7/01/36   7/27 at 100.00 Aa2 2,724,722
36      

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
$ 4,300   Springfield, Missouri, Special Obligation Bonds, Sewer System Improvements Project, Series 2015, 4.000%, 4/01/35   4/25 at 100.00 Aa2 $4,495,779
250   The Industrial Development Authority of the City of Saint Louis, Missouri, Development Financing Revenue Bonds, Ballpark Village Development Project, Series 2017A, 4.750%, 11/15/47   11/26 at 100.00 N/R 254,500
1,285   Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2017, 4.500%, 6/01/36   6/26 at 100.00 BBB 1,330,746
    Wentzville School District R-04, Saint Charles County, Missouri, Certificates of Participation, Series 2015:        
1,700   3.375%, 4/01/29   4/24 at 100.00 Aa3 1,754,247
600   3.500%, 4/01/32   4/24 at 100.00 Aa3 613,614
88,946   Total Tax Obligation/Limited       89,653,826
    Transportation – 2.0%        
665   Guam International Airport Authority, Revenue Bonds, Series 2013B, 5.500%, 10/01/33  –  AGM Insured   10/23 at 100.00 AA 752,421
2,000   Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St Louis International Series 2009A-2, 6.125%, 7/01/24   7/19 at 100.00 A2 2,027,760
    Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St Louis International Series 2017D:        
1,200   5.000%, 7/01/34  –  AGM Insured (AMT)   7/27 at 100.00 AA 1,366,248
900   5.000%, 7/01/35  –  AGM Insured (AMT)   7/27 at 100.00 AA 1,021,446
1,000   5.000%, 7/01/36  –  AGM Insured (AMT)   7/27 at 100.00 AA 1,131,000
3,500   Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Refunding Series 2012, 5.000%, 7/01/32  –  FGIC Insured (AMT)   7/22 at 100.00 A2 3,785,635
9,265   Total Transportation       10,084,510
    U.S. Guaranteed – 6.5% (5)        
2,000   Branson Reorganized School District R-4, Taney County, Missouri, General Obligation Bonds, School Building Series 2012, 4.375%, 3/01/32 (Pre-refunded 3/01/22)   3/22 at 100.00 A+ 2,158,440
    Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Saint Francis Medical Center, Series 2009A:        
250   5.125%, 6/01/23 (Pre-refunded 6/01/19)   6/19 at 100.00 N/R 252,115
200   5.125%, 6/01/24 (Pre-refunded 6/01/19)   6/19 at 100.00 N/R 201,692
500   5.500%, 6/01/29 (Pre-refunded 6/01/19)   6/19 at 100.00 N/R 504,680
4,170   5.750%, 6/01/39 (Pre-refunded 6/01/19)   6/19 at 100.00 N/R 4,211,533
1,370   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40 (Pre-refunded 7/01/20)   7/20 at 100.00 A- 1,441,226
1,625   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Ranken Technical College, Series 2011, 5.125%, 11/01/31 (Pre-refunded 11/01/19)   11/19 at 100.00 A3 1,661,790
2,330   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds The Childrens Mercy Hospital, Series 2009, 5.625%, 5/15/39 (Pre-refunded 5/15/19)   5/19 at 100.00 N/R 2,348,454
      37

Nuveen Missouri Municipal Bond Fund (continued)
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    U.S. Guaranteed (5) (continued)        
    Missouri Health and Educational Facilities Authority, Revenue Bonds, Lester E. Cox Medical Center, Series 1992H:        
$ 1,800   0.000%, 9/01/21  –  NPFG Insured (ETM)   No Opt. Call N/R $1,710,810
2,385   0.000%, 9/01/22  –  NPFG Insured (ETM)   No Opt. Call N/R 2,216,452
    Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Health Care System, Series 2010B:        
1,500   5.000%, 6/01/30 (Pre-refunded 6/01/20)   6/20 at 100.00 AA- 1,561,095
3,040   5.000%, 6/01/34 (Pre-refunded 6/01/20)   6/20 at 100.00 AA- 3,163,819
2,400   Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, Series 2011, 5.000%, 4/01/36 (Pre-refunded 4/01/21)   4/21 at 100.00 Baa1 2,561,280
    Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, MoPEP Facilities, Series 2012:        
2,200   5.000%, 1/01/32 (Pre-refunded 1/01/21)   1/21 at 100.00 A2 2,330,680
2,000   5.000%, 1/01/37 (Pre-refunded 1/01/21)   1/21 at 100.00 A2 2,118,800
850   Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Chesterfield, Series 2012, 5.000%, 9/01/42 (Pre-refunded 9/01/22)   9/22 at 100.00 N/R 942,259
2,500   Saint Louis Special Administrative Board of the Transitional School District, Missouri, General Obligation Bonds, St Louis Public Schools, Missouri Direct Deposit Program, Series 2011B, 4.000%, 4/01/25 (Pre-refunded 4/01/21)   4/21 at 100.00 AA+ 2,619,850
1,535   Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park Projects, Series 2000A, 6.125%, 6/01/21  –  AMBAC Insured (ETM)   5/19 at 100.00 N/R 1,627,423
32,655   Total U.S. Guaranteed       33,632,398
    Utilities – 5.1%        
425   Missouri Development Finance Board, Infrastructure Facilities Leasehold Revenue Bonds, City of Independence, Missouri, Annual Appropriation Electric System Revenue Bonds -- Dogwood Project, Series 2012A, 5.000%, 6/01/26   6/22 at 100.00 AA 463,169
    Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Iatan 2 Project, Refunding Series 2014A:        
3,300   5.000%, 1/01/31   1/24 at 100.00 A2 3,685,242
1,755   5.000%, 1/01/32   1/24 at 100.00 A2 1,954,789
    Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Iatan 2 Project, Refunding Series 2015A:        
1,125   5.000%, 12/01/35   6/25 at 100.00 A2 1,273,860
650   5.000%, 12/01/37   6/25 at 100.00 A2 732,030
    Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Pairie State Power Project, Refunding Series 2016A:        
570   4.000%, 12/01/33  –  BAM Insured   6/26 at 100.00 AA 609,701
1,415   5.000%, 12/01/34   6/26 at 100.00 A2 1,607,652
245   4.000%, 12/01/35  –  BAM Insured   6/26 at 100.00 AA 260,687
38      

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Utilities (continued)        
    Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Refunding Series 2014A:        
$ 2,885   5.000%, 1/01/32   1/25 at 100.00 A $3,259,069
1,450   5.000%, 1/01/34   1/25 at 100.00 A 1,629,655
2,500   Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Refunding Series 2015A, 4.000%, 1/01/35   1/26 at 100.00 A 2,634,875
1,500   Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, MoPEP Facilities, Series 2017, 4.000%, 12/01/32   12/27 at 100.00 A2 1,597,410
    Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, MoPEP Facilities, Series 2018:        
1,330   5.000%, 12/01/37   6/27 at 100.00 A2 1,517,198
1,140   5.000%, 12/01/38   6/27 at 100.00 A2 1,295,336
1,500   5.000%, 12/01/43   6/27 at 100.00 A2 1,682,475
2,000   Springfield, Missouri, Public Utility Revenue Bonds, Refunding Series 2015, 4.000%, 8/01/31   8/25 at 100.00 AA+ 2,160,680
23,790   Total Utilities       26,363,828
    Water and Sewer – 8.5%        
    Camden County Public Water Supply District 4, Missouri, Certificates of Participation, Series 2017:        
670   3.500%, 1/01/32   1/25 at 100.00 A- 673,571
720   4.000%, 1/01/42   1/25 at 100.00 A- 720,907
1,430   5.000%, 1/01/47   1/25 at 100.00 A- 1,525,910
725   Cape Girardeau, Missouri, Waterworks System Refunding Revenue Bonds, Series 2012A, 3.375%, 1/01/26   1/20 at 100.00 A+ 731,815
3,000   Carroll County Public Water Supply District 1, Missouri, Water System Revenue Bonds, Refunding Series 2014A, 4.000%, 3/01/35  –  BAM Insured   3/23 at 100.00 AA 3,088,710
1,670   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2017, 5.000%, 7/01/40   7/27 at 100.00 A- 1,802,080
    Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Improvement Series 2018A:        
500   4.000%, 1/01/35   1/28 at 100.00 AA 534,265
1,865   4.000%, 1/01/37   1/28 at 100.00 AA 1,964,666
1,000   4.000%, 1/01/38   1/28 at 100.00 AA 1,047,800
2,355   4.000%, 1/01/42   1/28 at 100.00 AA 2,424,732
5,000   Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Refunding & Improvement Series 2016A, 4.000%, 1/01/40   1/25 at 100.00 AA 5,165,000
500   Kansas City, Missouri, Water Revenue Bonds, Refunding & Improvement Series 2009A, 5.250%, 12/01/32   3/19 at 100.00 AA+ 501,390
1,200   Lincoln County Public Water Supply District 1, Missouri, Certificates of Participation, Series 2016, 4.000%, 7/01/31   7/22 at 100.00 A+ 1,251,456
1,775   Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Refunding & Improvement Series 2016C, 5.000%, 5/01/46   5/26 at 100.00 AAA 2,000,922
      39

Nuveen Missouri Municipal Bond Fund (continued)
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Water and Sewer (continued)        
$ 2,000   Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Refunding & Improvement Series 2017A, 5.000%, 5/01/47   5/27 at 100.00 AAA $2,279,360
4,665   Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Series 2012A, 5.000%, 5/01/42   5/22 at 100.00 AAA 5,050,002
2,000   Missouri Environmental Improvement and Energy Resources Authority, Water Facility Revenue Bonds, Tri-County Water Authority, Series 2015, 5.000%, 1/01/40   1/25 at 100.00 Aa3 2,252,400
390   Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Revenue Bonds, State Revolving Fund Program, Series 2001C, 5.000%, 7/01/23   3/19 at 100.00 Aaa 390,979
45   Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Revenue Bonds, State Revolving Fund Program, Series 2005C, 4.750%, 7/01/23   3/19 at 100.00 Aaa 45,104
85   Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Revenue Bonds, State Revolving Fund Program, Series 2008A, 5.750%, 1/01/29   3/19 at 100.00 Aaa 85,259
2,070   North Central Missouri Regional Water Commission, Waterworks System Revenue Bonds, Series 2006, 5.000%, 1/01/37   3/19 at 100.00 N/R 2,070,290
    Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, Refudning Series 2016C:        
285   4.000%, 12/01/31   12/25 at 100.00 AA+ 303,665
1,465   5.000%, 12/01/32   12/25 at 100.00 AA+ 1,706,549
1,500   Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, Series 2015, 4.125%, 12/01/38   12/21 at 100.00 AA+ 1,526,910
4,240   Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, Series 2018, 4.000%, 12/01/39   12/25 at 100.00 AA+ 4,351,554
41,155   Total Water and Sewer       43,495,296
$ 476,216   Total Long-Term Investments (cost $485,994,466)       501,656,805
    
Principal Amount (000)   Description (1)   Optional Call
Provisions (2) 		Ratings (3) Value
    SHORT-TERM INVESTMENTS – 2.1%        
    MUNICIPAL BONDS – 2.1%        
    Education and Civic Organizations – 2.1%        
$ 1,500   Curators of the University of Missouri, System Facilities Revenue Bonds, Variable Rate Demand Obligations, Series 2007BA, 1.730%, 11/01/31 (Mandatory Put 3/07/19) (6)   6/19 at 100.00 AA+ $1,500,000
2,500   Missouri Development Finance Board, Cultural Facilities Revenue Bonds, Nelson Gallery Foundation, Variable Rate Demand Obligations, Series 2004A, 1.710%, 12/01/33 (Mandatory Put 12/29/29) (6)   5/19 at 100.00 AAA 2,500,000
3,655   Missouri Health and Educational Facilities Authority, Revenue Bonds, St. Louis University, Variable Rate Demand Obligations, Series 2008B-2, 1.650%, 10/01/35 (6)   5/19 at 100.00 AA+ 3,655,000
2,700   Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Variable Rate Demand Obligations, Series 1996C, 1.650%, 9/01/30 (Mandatory Put 4/19/19) (6)   6/19 at 100.00 AA+ 2,700,000
40      

Principal Amount (000)   Description (1)   Optional Call
Provisions (2) 		Ratings (3) Value
    Education and Civic Organizations (continued)        
$ 500   Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Variable Rate Demand Obligations, Series 2000B, 1.710%, 3/01/40 (6)   3/19 at 100.00 AA+ $ 500,000
$ 10,855   Total Short-Term Investments (cost $10,855,000)       10,855,000
    Total Investments (cost $496,849,466) – 99.7%       512,511,805
    Other Assets Less Liabilities – 0.3%       1,306,782
    Net Assets – 100%       $ 513,818,587
Fair Value Measurements
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. A three-tier hierarchy 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 the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1  –     Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2  –     Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3  –     Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
  Level 1 Level 2 Level 3 Total
Long-Term Investments:        
Municipal Bonds $ — $501,656,805 $ — $501,656,805
Short-Term Investments:        
Municipal Bonds  — 10,855,000  — 10,855,000
Total $ — $512,511,805 $ — $512,511,805
      41

Nuveen Missouri Municipal Bond Fund (continued)
Portfolio of Investments    February 28, 2019
(Unaudited)
Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
The table below presents the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, as determined on a federal income tax basis, as of February 28, 2019.
Tax cost of investments $496,523,073
Gross unrealized:  
Appreciation $ 18,303,003
Depreciation (2,314,271)
Net unrealized appreciation (depreciation) of investments $ 15,988,732
(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) Effective February 12, 2019, the par value of the original bonds was replaced with taxable and tax exempt Puerto Rico Sales Tax Financing Corporation (commonly known as COFINA) bond units that are collateralized by a bundle of zero and coupon paying bonds. The quantity shown represents units in a trust, which were assigned according to the original bond’s accreted value. These securities do not have a stated coupon interest rate and income will be recognized through accretion of the discount associated with the trust units. The factor at which these units accrete can also decrease, primarily for principal payments generated from coupon payments received or dispositions of the underlying bond collateral. The quantity of units will not change as a result of these principal payments.  
(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) Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.  
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.  
AMT Alternative Minimum Tax  
ETM Escrowed to maturity  
WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.  
42      

Nuveen Ohio Municipal Bond Fund
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 98.7%        
    MUNICIPAL BONDS – 98.7%        
    Consumer Staples  – 2.8%        
$ 18,315   Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.875%, 6/01/47   5/19 at 100.00 B- $ 17,193,206
    Education and Civic Organizations – 8.8%        
2,065   Bowling Green State University, Ohio, General Receipts Bonds, Series 2016A, 5.000%, 6/01/34   12/25 at 100.00 A+ 2,350,239
    Hamilton County, Ohio, Economic Development Revenue Bonds, King Highland Community Urban Redevelopment Corporation - University of Cincinnati, Lessee Project, Refunding Series 2015:        
1,320   5.000%, 6/01/32  –  BAM Insured   6/25 at 100.00 AA 1,506,067
2,680   5.000%, 6/01/35  –  BAM Insured   6/25 at 100.00 AA 3,029,687
2,000   Kent State University, Ohio, General Receipts Bonds, Series 2016, 5.000%, 5/01/21   No Opt. Call Aa3 2,137,680
2,465   Miami University of Ohio, General Receipts Bonds, Refunding Series 2014, 5.000%, 9/01/30   9/24 at 100.00 AA 2,805,860
    Miami University of Ohio, General Receipts Bonds, Refunding Series 2017:        
880   5.000%, 9/01/35   9/26 at 100.00 AA 1,010,390
2,915   5.000%, 9/01/41   9/26 at 100.00 AA 3,283,835
1,925   Miami University of Ohio, General Receipts Bonds, Series 2011, 5.000%, 9/01/36   9/21 at 100.00 AA 2,055,072
340   Ohio Higher Education Facilities Commission, Revenue Bonds, Case Western Reserve University, Series 1990B, 6.500%, 10/01/20   No Opt. Call AA- 355,375
    Ohio Higher Education Facilities Commission, Revenue Bonds, Denison University Project, Series 2017A:        
2,100   5.000%, 11/01/42   5/27 at 100.00 AA 2,376,087
1,500   5.250%, 11/01/46   5/27 at 100.00 AA 1,720,815
    Ohio Higher Educational Facilities Commission, Revenue Bonds, Denison University Project, Series 2012:        
1,140   5.000%, 11/01/27   5/22 at 100.00 AA 1,244,652
1,000   5.000%, 11/01/30   5/22 at 100.00 AA 1,087,000
1,250   Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Tender Option Bond Trust 2016-XG0069, 13.830%, 12/01/43, 144A (IF) (4)   12/22 at 100.00 AA- 1,673,725
500   Ohio Higher Educational Facility Commission, Higher Educational Facility Revenue Bonds, Xavier University Project, Series 2010, 5.000%, 5/01/40   5/20 at 100.00 A3 513,690
2,500   Ohio Higher Educational Facility Commission, Revenue Bonds, Kenyon College, Series 2015, 5.000%, 7/01/41   7/25 at 100.00 A 2,777,275
1,505   Ohio Higher Educational Facility Commission, Revenue Bonds, Kenyon College, Series 2017, 5.000%, 7/01/42   7/27 at 100.00 A 1,681,807
      43

Nuveen Ohio Municipal Bond Fund (continued)
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
    Ohio State University, General Receipts Bonds, Series 2014A:        
$ 4,820   5.000%, 12/01/34   12/24 at 100.00 Aa1 $5,518,418
5,000   5.000%, 12/01/39   12/24 at 100.00 Aa1 5,649,800
1,000   Ohio University at Athens, General Receipts Bonds, Series 2013, 5.000%, 12/01/39   12/22 at 100.00 Aa3 1,091,090
    Shawnee State University, Ohio, General Receipts Bonds, Series 2016:        
1,120   5.000%, 6/01/28  –  BAM Insured   6/26 at 100.00 AA 1,301,339
1,180   5.000%, 6/01/29  –  BAM Insured   6/26 at 100.00 AA 1,365,307
1,000   Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 6.000%, 3/01/45   3/25 at 100.00 N/R 1,006,480
3,000   University of Cincinnati, Ohio, General Receipts Bonds, Series 2016C, 5.000%, 6/01/46   6/26 at 100.00 AA- 3,338,100
2,000   Wright State University, Ohio, General Reciepts Bonds, Series 2011A, 5.000%, 5/01/31  –  BAM Insured   5/21 at 100.00 AA 2,119,740
47,205   Total Education and Civic Organizations       52,999,530
    Health Care – 10.7%        
2,500   Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy Health, Series 2017A, 5.000%, 8/01/42   2/28 at 100.00 AA- 2,762,300
850   Butler County, Ohio, Hospital Faciliteis Revenue Bonds, Kettering Health Network Obligated Group Project, Series 2011, 5.625%, 4/01/41   4/21 at 100.00 A+ 906,491
    Chillicothe, Ohio, Hospital Facilities Revenue Bonds, Adena Health System Obligated Group Project, Refunding & Improvement Series 2017:        
2,600   5.000%, 12/01/37   12/27 at 100.00 A- 2,869,828
1,110   5.000%, 12/01/47   12/27 at 100.00 A- 1,203,961
    Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013:        
1,600   5.000%, 6/15/43   6/23 at 100.00 Baa3 1,627,408
495   5.250%, 6/15/43   6/23 at 100.00 Baa3 506,722
10,300   Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 5.000%, 11/15/41   11/21 at 100.00 AA+ 11,000,606
2,255   Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017A, 5.000%, 12/01/47   12/27 at 100.00 AA- 2,515,001
1,000   Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017OH, 4.000%, 12/01/46   6/27 at 100.00 AA- 1,011,370
120   Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding Series 2008C, 5.625%, 8/15/29   3/19 at 100.00 A- 120,353
2,230   Miami County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Network Obligated Group Project, Refunding Improvement Series 2019, 5.000%, 8/01/39 (WI/DD, Settling 3/7/19)   8/28 at 100.00 A+ 2,497,377
930   Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center Project, Refunding Series 2011, 5.250%, 8/01/41   8/21 at 100.00 A2 992,822
3,720   Montgomery County, Ohio, Hospital Facilities Revenue Refunding and Improvement Bonds, Kettering Medical Center, Series 1996, 6.250%, 4/01/20  –  NPFG Insured   No Opt. Call A+ 3,793,768
44      

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care (continued)        
$ 490   Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Refunding Series 2009A, 5.000%, 5/01/39   5/19 at 100.00 BBB+ $491,529
1,855   Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/32   3/19 at 100.00 BBB+ 1,874,477
    Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013:        
2,000   5.000%, 2/15/44   2/23 at 100.00 BB+ 2,044,820
3,000   5.000%, 2/15/48   2/23 at 100.00 BB+ 3,056,640
2,480   Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa Health System Project, Series 2010, 5.250%, 11/15/40  –  AGM Insured   5/20 at 100.00 AA 2,565,138
    Ohio State, Hospital Revenue Bonds, Cleveland Clinic Health System Obligated Group, Refunding Series 2017A:        
1,155   5.000%, 1/01/30   1/28 at 100.00 AA 1,397,746
2,755   5.000%, 1/01/33   1/28 at 100.00 AA 3,252,112
    Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Series 2013A:        
1,465   5.000%, 1/15/28   1/23 at 100.00 A 1,611,500
4,390   5.000%, 1/15/29   1/23 at 100.00 A 4,812,889
1,630   Scioto County, Ohio, Hospital Facilities Revenue Bonds, Southern Ohio Medical Center, Refunding Series 2016, 5.000%, 2/15/32   2/26 at 100.00 A3 1,829,088
    Wood County, Ohio, Hospital Facilities Refunding and Improvement Revenue Bonds, Wood County Hospital Project, Series 2012:        
3,815   5.000%, 12/01/37   12/22 at 100.00 Ba2 3,933,456
5,590   5.000%, 12/01/42   12/22 at 100.00 Ba2 5,721,365
60,335   Total Health Care       64,398,767
    Housing/Multifamily – 1.0%        
720   Clark County, Ohio, Multifamily Housing Revenue Bonds, Church of God Retirement Home, Series 1998, 6.250%, 11/01/30 (AMT)   3/19 at 100.00 N/R 697,946
2,145   Summit County Port Authority, Ohio, Multifamily Housing Revenue Bonds, Callis Tower Apartments Project, Series 2007, 5.250%, 9/20/47 (AMT)   3/19 at 101.00 Aa1 2,161,817
2,940   Trumbull County, Ohio, Multifamily Housing Revenue Bonds, Royal Mall Apartments, Series 2007, 5.000%, 5/20/49 (AMT)   3/19 at 101.00 Aa1 2,966,254
5,805   Total Housing/Multifamily       5,826,017
    Industrials – 0.8%        
    Ohio State, Economic Development Revenue Bonds, Ohio Enterprise Bond Fund, Shearer's Foods Inc. Project, Series 2009-5:        
1,455   5.000%, 6/01/22   12/19 at 100.00 AA+ 1,491,186
1,645   5.000%, 12/01/24   12/19 at 100.00 AA+ 1,685,911
1,600   Toledo-Lucas County Port Authority, Ohio, Revenue Refunding Bonds, CSX Transportation Inc., Series 1992, 6.450%, 12/15/21   No Opt. Call A3 1,773,632
4,700   Total Industrials       4,950,729
      45

Nuveen Ohio Municipal Bond Fund (continued)
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Long-Term Care – 0.8%        
$ 1,505   Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26   7/20 at 100.00 BBB $1,550,918
3,080   Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, Refunding & improvement Series 2010, 6.625%, 4/01/40   4/20 at 100.00 BBB- 3,196,824
4,585   Total Long-Term Care       4,747,742
    Tax Obligation/General – 18.7%        
3,150   Apollo Career Center Joint Vocational School District, Allen, Auglaize, Hardin, Hancock, Putnam & Van Wert Counties, Ohio, General Obligation Bonds, Various Purpose School Improvement Series 2017, 5.000%, 12/01/41   12/27 at 100.00 Aa2 3,578,684
1,180   Canal Winchester Local School District, Franklin and Fairfield Counties, Ohio, General Obligation Bonds, Series 2005B, 0.000%, 12/01/33  –  NPFG Insured   No Opt. Call Aa3 724,638
    Cincinnati City School District, Hamilton County, Ohio, General Obligation Bonds, Refunding Classroom Facilities Construction & Improvement Series 2006:        
535   5.250%, 12/01/19  –  FGIC Insured   No Opt. Call Aa2 549,327
380   5.250%, 12/01/27  –  FGIC Insured   No Opt. Call Aa2 475,087
1,000   Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Refunding Series 2006, 0.000%, 12/01/28  –  AGM Insured   No Opt. Call AA 781,130
3,110   Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Refunding Various Purpose Series 2016B, 5.000%, 12/01/33   6/26 at 100.00 AA 3,594,072
5,530   Columbus, Ohio, General Obligation Bonds, Refunding Various Purpose Series 2017-1, 5.000%, 4/01/29   10/27 at 100.00 AAA 6,725,365
5,000   Columbus, Ohio, General Obligation Bonds, Series 2015A, 5.000%, 7/01/25   No Opt. Call AAA 5,946,600
5,000   Columbus, Ohio, General Obligation Bonds, Various Purpose Series 2018A, 5.000%, 4/01/29   10/28 at 100.00 AAA 6,194,050
5,000   Dublin City School District, Franklin, Delaware and Union Counties, Ohio, General Obligation Bonds, School Facilities Construction & Improvement Series 2019, 4.000%, 12/01/44   12/28 at 100.00 AAA 5,218,150
    Dublin, Ohio, General Obligation Bonds, Limited Tax Various Purpose Series 2015:        
1,000   5.000%, 12/01/23   No Opt. Call Aaa 1,146,440
450   5.000%, 12/01/24   No Opt. Call Aaa 528,165
6,000   Franklin County, Ohio, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/01/24   12/23 at 100.00 AAA 6,899,280
4,225   Franklin County, Ohio, General Obligation Bonds, Refunding Series 2015, 5.000%, 12/01/31   12/25 at 100.00 AAA 4,979,332
2,000   Gahanna-Jefferson City School District, Franklin County, Ohio, General Obligation Bonds, Construction & Improvement Series 2018, 5.000%, 12/01/48   6/28 at 100.00 Aa2 2,280,640
1,000   Gallia County Local School District, Gallia and Jackson Counties, Ohio, General Obligation Bonds, Refunding School Improvement Series 2014, 5.000%, 11/01/32   11/24 at 100.00 Aa2 1,131,910
    Graham Local School District, Champaign and Shelby Counties, Ohio, General Obligation Bonds, School Improvement Series 2013:        
500   0.000%, 12/01/29   No Opt. Call Aa2 368,165
850   0.000%, 12/01/30   No Opt. Call Aa2 599,386
46      

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General (continued)        
$ 1,000   Greenville City School District, Drake County, Ohio, General Obligation Bonds, School Improvement Series 2013, 5.250%, 1/01/38   1/22 at 100.00 AA $1,089,060
2,595   Hilliard City School District, Franklin County, Ohio, General Obligation Bonds, School Improvement Series 2017, 4.000%, 12/01/46   12/26 at 100.00 AA+ 2,679,156
1,095   Kenston Local School District, Geauga County, Ohio, General Obligation Bonds, School improvement Series 2012, 0.000%, 12/01/27   No Opt. Call Aa1 870,558
755   Kenston Local School District, Geauga County, Ohio, General Obligation Bonds, Series 2011, 5.000%, 12/01/19   No Opt. Call Aa1 773,890
1,560   Kettering City School District, Montgomery County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/31  –  AGM Insured   No Opt. Call AA 1,897,334
115   Lake County, Ohio, Limited Tax Sewer District Improvement Bonds, Series 2000, 5.600%, 12/01/20   No Opt. Call Aa1 119,875
1,000   Little Miami Local School District, Warren and Clermont Counties, Ohio, General Obligation Bonds, School Improvement Series 2018A, 5.000%, 11/01/43   11/25 at 100.00 AA 1,115,600
1,000   Mason City School District, Warren and Butler Counties, Ohio, General Obligation Bonds, Refunding Series 2013A, 0.000%, 12/01/22   No Opt. Call Aa1 934,910
1,000   Maumee City School District, Lucas County, Ohio, General Obligation Bonds, Capital Apprication Refunding Series 2012, 0.000%, 12/01/23   No Opt. Call AA- 902,030
1,000   Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/28  –  AGM Insured   No Opt. Call A2 1,224,620
1,265   Monroe Local School District, Butler County, Ohio, General Obligation Bonds, Series 2002, 5.750%, 12/01/20  –  AMBAC Insured   No Opt. Call A1 1,352,740
275   Napoleon City School District, Henry County, Ohio, General Obligation Bonds, Facilities Construction & Improvement Series 2012, 5.000%, 12/01/36   6/22 at 100.00 Aa3 297,721
1,585   New Albany, Ohio, General Obligation Bonds, Series 2012, 5.000%, 12/01/29   6/22 at 100.00 Aaa 1,743,579
1,630   Northwest Local School District, Hamilton and Butler Counties, Ohio, General Obligation Bonds, School Improvement Series 2015, 5.000%, 12/01/40   12/23 at 100.00 Aa2 1,826,871
925   Oakwood City School District, Montgomery County, Ohio, General Obligation Bonds, Series 2012, 0.000%, 12/01/21   No Opt. Call Aa2 880,165
    Ohio State, General Obligation Bonds, Common Schools Series 2017B:        
4,500   5.000%, 9/15/27   No Opt. Call AA+ 5,539,950
5,000   5.000%, 9/01/30   No Opt. Call AA+ 6,325,400
2,000   Ohio State, General Obligation Bonds, Highway Capital Improvement, Series 2014R, 5.000%, 5/01/29   5/24 at 100.00 AAA 2,291,340
    Ohio State, General Obligation Bonds, Highway Capital Improvement, Series 2018V:        
2,500   5.000%, 5/01/33   5/28 at 100.00 AAA 2,999,775
1,250   5.000%, 5/01/34   5/28 at 100.00 AAA 1,493,100
3,000   Ohio State, General Obligation Bonds, Refunding Common Schools Series 2016A, 5.000%, 12/15/24   No Opt. Call AA+ 3,529,350
1,000   Ohio, General Obligation Bonds, Infrastructure Improvements, Refunding Series 2002A, 5.500%, 2/01/20   No Opt. Call AA+ 1,035,110
      47

Nuveen Ohio Municipal Bond Fund (continued)
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General (continued)        
    Olentangy Local School District, Delaware and Franklin Counties, Ohio, General Obigation Bonds, School Facilities Construction & Improvement Series 2016:        
$ 1,000   5.000%, 12/01/38   6/26 at 100.00 AAA $1,143,810
1,875   5.000%, 12/01/41   6/26 at 100.00 AAA 2,130,150
    Princeton City School District, Hamilton County, Ohio, Certificates of Participation, Series 2013:        
610   5.000%, 12/01/33   12/22 at 100.00 AA- 667,395
1,305   5.000%, 12/01/42   12/22 at 100.00 AA- 1,421,915
1,710   South Euclid, Ohio, General Obligation Bonds, Real Estate Acquisition and Urban Redevelopment, Series 2012, 5.000%, 6/01/32   6/22 at 100.00 Aa2 1,869,201
2,380   Southwest Local School District, Hamilton and Butler Counties, Ohio, General Obligation Bonds, School Improvement Series 2018A, 4.000%, 1/15/55   1/28 at 100.00 Aa2 2,387,283
3,435   Summit County, Ohio, General Obligation Bonds, Refunding, Various Purpose Series 2002R, 5.500%, 12/01/21  –  FGIC Insured   No Opt. Call AA+ 3,784,030
1,000   Upper Arlington City School District, Franklin County, Ohio, General Obligation Bonds, School Facilities & Improvement Series 2018A, 5.000%, 12/01/48   12/27 at 100.00 AAA 1,143,570
4,925   Willoughby-Eastlake City School District, Ohio, General Obligation Bonds, School Improvement Series 2016, 5.000%, 12/01/46   12/25 at 100.00 A1 5,518,315
100,200   Total Tax Obligation/General       112,708,224
    Tax Obligation/Limited – 20.8%        
    Blue Ash, Ohio, Tax Increment Financing Revenue Bonds, Duke Realty Ohio, Series 2006:        
345   5.000%, 12/01/21   3/19 at 100.00 N/R 347,046
950   5.000%, 12/01/25   3/19 at 100.00 N/R 954,427
1,165   5.000%, 12/01/30   3/19 at 100.00 N/R 1,169,287
1,890   5.000%, 12/01/35   3/19 at 100.00 N/R 1,895,859
2,245   Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate Lien Series 2015A-2, 5.000%, 10/01/37   10/23 at 100.00 AA+ 2,491,658
    Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate Lien Series 2017B-2:        
1,250   5.000%, 10/01/31   4/28 at 100.00 AA+ 1,479,938
1,000   5.000%, 10/01/32   4/28 at 100.00 AA+ 1,178,360
    Columbiana Exempted Village School District, Columbiana County, Ohio, Certificates of Participation, Series 2010:        
1,400   5.000%, 12/01/26  –  AGM Insured   12/20 at 100.00 AA 1,468,040
1,645   5.000%, 12/01/28  –  AGM Insured   12/20 at 100.00 AA 1,723,220
    Columbus-Franklin County Finance Authority, Ohio, Development Revenue Bonds, Hubbard Avenue Parking Facility Project, Series 2012A:        
500   4.500%, 12/01/27   12/19 at 100.00 BBB 506,210
685   5.000%, 12/01/32   12/19 at 100.00 BBB 692,651
555   5.000%, 12/01/36   12/19 at 100.00 BBB 559,623
48      

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
    Cuyahoga County, Ohio, Economic Development Revenue Bonds, Medical Mart-Convention Center Project, Recovery Zone Facility Series 2010F:        
$ 2,710   5.250%, 12/01/25   12/20 at 100.00 AA $2,872,871
3,250   5.000%, 12/01/27   12/20 at 100.00 AA 3,431,447
    Cuyahoga County, Ohio, Sales Tax Revenue Bonds, Refunding Various Purpose Series 2014:        
1,000   5.000%, 12/01/28   12/24 at 100.00 AAA 1,161,250
1,810   5.000%, 12/01/32   12/24 at 100.00 AAA 2,077,518
1,585   5.000%, 12/01/33   12/24 at 100.00 AAA 1,814,667
1,385   5.000%, 12/01/34   12/24 at 100.00 AAA 1,583,290
1,055   5.000%, 12/01/35   12/24 at 100.00 AAA 1,204,209
1,700   Delaware County District Library, Ohio, Library Fund Library Facilities Special Obligation Notes, Series 2009, 5.000%, 12/01/34   12/19 at 100.00 Aa2 1,740,868
2,940   Dublin, Ohio, Special Obligation Non-Tax Revenue Bonds, Series 2015A, 5.000%, 12/01/38   12/25 at 100.00 Aa1 3,363,595
10,345   Franklin County Convention Facilities Authority, Ohio, Excise Tax and Lease Revenue Bonds, Columbus City & Franklin County Lessees, Refunding Anticipation Series 2014, 5.000%, 12/01/35   12/24 at 100.00 Aa1 11,831,990
    Franklin County, Ohio, Sales Tax Revenue Bonds, Various Purpose Series 2018:        
1,000   5.000%, 6/01/37   6/28 at 100.00 AAA 1,178,920
6,500   5.000%, 6/01/43   6/28 at 100.00 AAA 7,512,310
5,695   5.000%, 6/01/48   6/28 at 100.00 AAA 6,541,049
1,675   Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital Improvement Bonds, Refunding Series 2014A, 5.000%, 12/01/25   No Opt. Call AA+ 2,005,427
    Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital Improvement Bonds, Refunding Series 2015:        
1,050   5.000%, 12/01/32   12/25 at 100.00 AA+ 1,221,707
1,105   5.000%, 12/01/33   12/25 at 100.00 AA+ 1,280,474
2,250   Hamilton County, Ohio, Sales Tax Bonds, Refunding Series 2016A, 5.000%, 12/01/30   12/26 at 100.00 AA- 2,640,600
    Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series 2000B:        
500   0.000%, 12/01/26  –  AMBAC Insured   No Opt. Call A1 410,805
3,300   0.000%, 12/01/28  –  AMBAC Insured   No Opt. Call A1 2,504,469
1,750   0.000%, 12/01/28  –  AGM Insured   No Opt. Call AA 1,328,128
    Hamilton County, Ohio, Sales Tax Revenue Bonds, Refunding Series 2011A:        
1,235   5.000%, 12/01/25   12/21 at 100.00 A1 1,339,172
5,375   5.000%, 12/01/31   12/21 at 100.00 A1 5,811,880
26,700   JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38   1/23 at 100.00 AA 29,253,855
      49

Nuveen Ohio Municipal Bond Fund (continued)
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
    Mayfield City School District, Ohio, Certificates of Participation, Middle School Project, Series 2009B:        
$ 435   0.000%, 9/01/27   No Opt. Call Aa2 $348,096
855   0.000%, 9/01/28   No Opt. Call Aa2 659,453
1,100   New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C, 5.000%, 10/01/23   10/22 at 100.00 Aa3 1,217,557
1,090   Norwood, Hamilton County, Ohio, Special Obligation Development Revenue Bonds, Central Parke Project, Series 2017, 6.000%, 12/01/46   6/27 at 100.00 N/R 1,100,453
1,250   Ohio State, Capital Facilities Lease-Appropriation Bonds, Adult Correctional Building Fund Projects, Series 2017A, 5.000%, 10/01/36   10/27 at 100.00 AA 1,447,925
1,200   Ohio State, Capital Facilities Lease-Appropriation Bonds, Parks & Recreation Improvement Fund Projects, Series 2017A, 5.000%, 12/01/31   12/27 at 100.00 AA 1,429,848
2,095   Pickaway County, Ohio, Sales Tax Specia Obligation Bonds, Series 2018, 5.000%, 12/01/44   12/28 at 100.00 AA 2,369,424
2,000   Pinnacle Community Infrastructure Financing Authority, Grove City, Ohio, Community Facilities Bonds, Series 2015A, 4.000%, 12/01/31  –  AGM Insured   12/25 at 100.00 AA 2,092,280
500   Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Development TIF Revenue Bonds, RBM Development - Phase 2B Project, Series 2018A, 6.000%, 12/01/50   12/28 at 100.00 N/R 522,060
350   Riversouth Authority, Ohio, Lazarus Building Redevelopment Bonds, Series 2007A, 5.750%, 12/01/27   3/19 at 100.00 N/R 350,707
    Riversouth Authority, Ohio, Riversouth Area Redevelopment Bonds, Payable from City of Columbus, Ohio Annual Rental Appropriations, Refunding Series 2012A:        
1,400   5.000%, 12/01/23   12/22 at 100.00 AA+ 1,564,220
800   5.000%, 12/01/24   12/22 at 100.00 AA+ 893,224
    Riversouth Authority, Ohio, Scioto Peninsula Area Redevelopment Bonds, Payable from City of Columbus, Ohio Annual Rental Appropriations, Series 2016:        
1,000   5.000%, 12/01/28   12/25 at 100.00 AA+ 1,184,050
1,000   5.000%, 12/01/29   12/25 at 100.00 AA+ 1,179,220
114,620   Total Tax Obligation/Limited       124,935,337
    Transportation – 9.0%        
    Cleveland, Ohio, Airport System Revenue Bonds, Series 2012A:        
7,000   5.000%, 1/01/29   1/22 at 100.00 A 7,529,550
1,000   5.000%, 1/01/30   1/22 at 100.00 A 1,073,940
3,450   5.000%, 1/01/31  –  AGM Insured   1/22 at 100.00 AA 3,710,026
    Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC - Borrower, Portsmouth Bypass Project, Series 2015:        
3,500   5.000%, 12/31/35  –  AGM Insured (AMT)   6/25 at 100.00 AA 3,902,920
3,500   5.000%, 12/31/39  –  AGM Insured (AMT)   6/25 at 100.00 AA 3,858,400
7,725   5.000%, 6/30/53 (AMT)   6/25 at 100.00 A- 8,125,927
11,000   Ohio Turnpike Commission, Revenue Refunding Bonds, Series 1998A, 5.500%, 2/15/24  –  FGIC Insured   No Opt. Call Aa2 12,485,660
50      

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Transportation (continued)        
    Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1:        
$ 2,450   5.250%, 2/15/39   2/23 at 100.00 Aa3 $2,715,213
9,000   5.000%, 2/15/48   2/23 at 100.00 Aa3 9,675,180
1,000   Ohio Turnpike Commission, Turnpike Revenue Bonds, Refunding Series 2017A, 5.000%, 2/15/30   2/27 at 100.00 Aa2 1,189,270
49,625   Total Transportation       54,266,086
    U.S. Guaranteed – 8.9% (5)        
    Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Healthcare Partners, Series 2010A:        
250   5.000%, 6/01/38 (Pre-refunded 6/01/20)   6/20 at 100.00 AA- 260,025
3,050   5.250%, 6/01/38 (Pre-refunded 6/01/20)   6/20 at 100.00 AA- 3,181,607
1,000   Beavercreek City School District, Ohio, General Obligation Bonds, School Improvement Series 2009, 5.000%, 12/01/36 (Pre-refunded 6/01/19)   6/19 at 100.00 Aa1 1,008,410
500   Bowling Green, Ohio, Student Housing Revenue Bonds, CFP I LLC - Bowling Green State University Project, Series 2010, 5.750%, 6/01/31 (Pre-refunded 6/01/20)   6/20 at 100.00 N/R 525,270
    Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010:        
750   5.500%, 11/01/22 (Pre-refunded 11/01/20)   11/20 at 100.00 A 796,133
1,380   5.500%, 11/01/40 (Pre-refunded 11/01/20)   11/20 at 100.00 N/R 1,464,884
2,760   5.500%, 11/01/40 (Pre-refunded 11/01/20)   11/20 at 100.00 A 2,929,768
300   Cincinnati City School District, Hamilton County, Ohio, General Obligation Bonds, Refunding School Improvement Series 2010, 5.250%, 6/01/21 (Pre-refunded 6/01/20)   6/20 at 100.00 Aa2 312,945
    Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate Lien Series 2013A-2:        
990   5.000%, 10/01/27 (Pre-refunded 10/01/23)   10/23 at 100.00 AA+ 1,132,263
1,150   5.000%, 10/01/30 (Pre-refunded 10/01/23)   10/23 at 100.00 AA+ 1,315,255
1,205   5.000%, 10/01/31 (Pre-refunded 10/01/23)   10/23 at 100.00 AA+ 1,378,159
755   Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate Lien Series 2015A-2, 5.000%, 10/01/37 (Pre-refunded 10/01/23)   10/23 at 100.00 N/R 863,494
    Cleveland, Ohio, Water Revenue Bonds, Refunding Second Lien Series 2012A:        
1,500   5.000%, 1/01/24 (Pre-refunded 1/01/22)   1/22 at 100.00 AA 1,638,105
775   5.000%, 1/01/26 (Pre-refunded 1/01/22)   1/22 at 100.00 AA 846,354
1,000   5.000%, 1/01/27 (Pre-refunded 1/01/22)   1/22 at 100.00 AA 1,092,070
    Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children's Hospital Project, Improvement Series 2009:        
3,000   5.000%, 11/01/34 (Pre-refunded 11/01/19)   11/19 at 100.00 Aa2 3,064,470
3,000   5.250%, 11/01/40 (Pre-refunded 11/01/19)   11/19 at 100.00 Aa2 3,069,360
470   Hancock County, Ohio, Hospital Revenue Bonds, Blanchard Valley Regional Health Center, Series 2011A, 6.250%, 12/01/34 (Pre-refunded 6/01/21)   6/21 at 100.00 A+ 516,826
      51

Nuveen Ohio Municipal Bond Fund (continued)
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    U.S. Guaranteed (5) (continued)        
    Indian Creek Local School District, Jefferson County, Ohio, General Obligation Bonds, School Facilities Construction and Improvements, Series 2009:        
$ 1,750   5.000%, 12/01/34 (Pre-refunded 6/01/19)   6/19 at 100.00 Aa2 $1,764,490
1,100   5.125%, 12/01/36 (Pre-refunded 6/01/19)   6/19 at 100.00 Aa2 1,109,438
3,240   Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21)   11/21 at 100.00 Baa1 3,605,666
2,635   Mayfield City School District, Ohio, Certificates of Participation, Middle School Project, Series 2009B, 5.000%, 9/01/31 (Pre-refunded 9/01/19)   9/19 at 100.00 Aa2 2,679,742
2,015   Milton Union Exempt Village School District, Ohio, Special Limited Obligation Bonds, Series 2009, 5.000%, 12/01/32 (Pre-refunded 12/01/19)   12/19 at 100.00 A+ 2,064,509
260   Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Refunding Series 2009A, 5.000%, 5/01/39 (Pre-refunded 5/01/19)   5/19 at 100.00 N/R 261,375
530   Newark, Ohio, General Obligation Bonds, Storm Sewer Improvement Series 2009, 5.500%, 12/01/34 (Pre-refunded 12/01/19)   12/19 at 100.00 A1 545,163
8,500   Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Series 2013, 5.000%, 11/15/38 (Pre-refunded 5/15/23)   5/23 at 100.00 AA+ 9,627,780
    Ohio Water Development Authority, Revenue Bonds, Water Development Community Assistance Program, Refunding Series 2009:        
1,405   5.000%, 12/01/25 (Pre-refunded 12/01/19)   12/19 at 100.00 Aaa 1,440,041
1,475   5.000%, 12/01/26 (Pre-refunded 12/01/19)   12/19 at 100.00 Aaa 1,511,786
1,500   Pettisville Local School District, Fulton County, Ohio, General Obligation Bonds, School Facilities Construction and Improvement Bonds, Series 2009, 5.000%, 12/01/36 (Pre-refunded 6/01/19)   6/19 at 100.00 Aa2 1,512,420
735   Symmes Township, Hamilton County, Ohio, General Obligation Bonds, Parkland Acquisition & Improvement Series 2010, 5.250%, 12/01/37 (Pre-refunded 12/01/20)   12/20 at 100.00 Aa1 781,276
    Vandalia Butler City School District, Montgomery County, Ohio, General Obligation Bonds, School Improvement Series 2009:        
690   5.125%, 12/01/37 (Pre-refunded 6/01/19)   6/19 at 100.00 N/R 695,837
310   5.125%, 12/01/37 (Pre-refunded 6/01/19)   6/19 at 100.00 AA- 312,660
49,980   Total U.S. Guaranteed       53,307,581
    Utilities – 5.3%        
1,500   American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2015A, 5.000%, 2/15/42   2/24 at 100.00 A1 1,637,055
6,500   American Municipal Power, Inc., Ohio, Greenup Hydroelectric Project Revenue Bonds, Refunding Series 2016A, 5.000%, 2/15/41   2/26 at 100.00 A1 7,168,850
1,665   American Municipal Power, Inc., Ohio, Solar Electricity Prepayment Project Revenue Bonds, Green Bonds Series 2019A, 5.000%, 2/15/44   2/29 at 100.00 A 1,875,490
2,000   Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-1, 0.000%, 11/15/33  –  NPFG Insured   No Opt. Call A- 1,181,680
    Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-2:        
4,740   0.000%, 11/15/34  –  NPFG Insured   No Opt. Call A- 2,674,545
7,500   0.000%, 11/15/38  –  NPFG Insured   No Opt. Call A- 3,437,175
52      

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Utilities (continued)        
$ 1,315   Cleveland, Ohio, Public Power System Revenue Refunding Bonds, Series 2018, 5.000%, 11/15/37  –  AGM Insured   5/28 at 100.00 AA $1,503,071
2,800   Ohio Air Quality Development Authority, Air Quality Revenue Refunding Bonds, Columbus Southern Power Company Project, Series 2009B, 5.800%, 12/01/38   12/19 at 100.00 A2 2,865,688
820   Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20 (6)   No Opt. Call N/R 713,400
10,025   Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (6)   No Opt. Call N/R 8,721,750
38,865   Total Utilities       31,778,704
    Water and Sewer – 11.1%        
1,390   Akron, Ohio, Waterworks System Mortgage Revenue Bonds, Refunding & Improvement Series 2009, 5.000%, 3/01/34  –  AGC Insured   3/19 at 100.00 AA 1,393,100
1,730   Butler County, Ohio, Sewer System Revenue Bonds, Refunding Series 2005, 5.000%, 12/01/23  –  AGM Insured   No Opt. Call Aa2 1,909,263
4,310   Cincinnati, Ohio, Water System Revenue Bonds, Series 2016A, 5.000%, 12/01/41   12/26 at 100.00 AAA 4,942,320
3,775   Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds, Series 1993G, 5.500%, 1/01/21  –  NPFG Insured   No Opt. Call Aa1 3,959,371
2,300   Columbus, Ohio, Sewerage System Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/25   12/24 at 100.00 AA+ 2,702,247
    Columbus, Ohio, Sewerage System Revenue Bonds, Refunding Series 2015:        
5,000   5.000%, 6/01/30   6/26 at 100.00 AA+ 5,910,200
6,750   5.000%, 6/01/32   6/26 at 100.00 AA+ 7,864,087
450   Ironton, Ohio, Sewer System Improvement Revenue Bonds, Series 2011, 5.250%, 12/01/40  –  AGM Insured   12/20 at 100.00 A2 462,542
1,745   Lebanon, Ohio, Water System Revenue Bonds, Improvement & Refunding Series 2012, 5.000%, 12/01/31   12/21 at 100.00 A1 1,879,539
1,000   Marysville, Ohio, Water System Mortgage Revenue Bonds, Refunding Series 2016, 4.000%, 12/01/38   12/25 at 100.00 Aa3 1,046,760
5,570   Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Refunding & Improvement Series 2017, 5.000%, 11/15/33   5/28 at 100.00 AA+ 6,650,747
3,125   Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Tender Option Bond Trust 2015-XF0225, 14.643%, 3/01/21, 144A (IF) (4)   No Opt. Call AA+ 4,783,469
    Ohio Water Development Authority, Revenue Bonds, Drinking Water Assistance Fund, Series 2016:        
2,975   5.000%, 6/01/29   12/26 at 100.00 AAA 3,587,017
1,900   5.000%, 12/01/36   12/26 at 100.00 AAA 2,201,739
3,010   Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Refunding Series 2014B, 5.000%, 12/01/22   No Opt. Call AAA 3,377,039
5,000   Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Series 2016A, 5.000%, 6/01/26   No Opt. Call AAA 6,041,800
5,000   Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Series 2017A, 5.000%, 12/01/31   6/27 at 100.00 AAA 5,969,950
      53

Nuveen Ohio Municipal Bond Fund (continued)
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Water and Sewer (continued)        
$ 2,060   Springboro, Ohio, Sewer System Mortgage Revenue Bonds, Refunding Series 2012, 5.000%, 6/01/27   6/22 at 100.00 Aa2 $ 2,259,264
57,090   Total Water and Sewer       66,940,454
$ 551,325   Total Long-Term Investments (cost $571,877,634)       594,052,377
    Other Assets Less Liabilities – 1.3%       7,823,796
    Net Assets – 100%       $ 601,876,173
Fair Value Measurements
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. A three-tier hierarchy 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 the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1  –     Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2  –     Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3  –     Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
  Level 1 Level 2 Level 3 Total
Long-Term Investments:        
Municipal Bonds $ — $594,052,377 $ — $594,052,377
Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
The table below presents the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, as determined on a federal income tax basis, as of February 28, 2019.
Tax cost of investments $571,447,816
Gross unrealized:  
Appreciation $ 23,419,645
Depreciation (815,084)
Net unrealized appreciation (depreciation) of investments $ 22,604,561
54      

(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) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.  
(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) As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.  
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  
IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.  
WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.  
      55

Nuveen Wisconsin Municipal Bond Fund
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 99.6%        
    MUNICIPAL BONDS – 99.6%        
    Consumer Discretionary  – 0.3%        
$ 105   Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017, 5.000%, 9/01/46   9/27 at 100.00 BBB- $113,360
250   International Falls, Minnesota, Solid Waste Disposal Revenue Bonds, Boise Cascade Corporation Project, Refunding Series 1999, 6.850%, 12/01/29 (AMT)   3/19 at 100.00 B1 251,213
355   Total Consumer Discretionary       364,573
    Consumer Staples  – 2.4%        
695   Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 5.250%, 6/01/32   5/19 at 100.00 N/R 664,782
580   Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A. Turbo Current Interest, 4.625%, 6/01/21   5/19 at 100.00 N/R 579,820
500   Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42   5/19 at 100.00 B+ 499,500
315   New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Turbo Term Series 2016A. Including 2016A-1, 2016A-2A and 2016A-2B, 5.000%, 6/01/51   6/26 at 100.00 N/R 319,561
160   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B, 5.000%, 6/01/46   6/28 at 100.00 BBB 162,235
1,060   TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48   6/27 at 100.00 N/R 1,018,925
3,310   Total Consumer Staples       3,244,823
    Education and Civic Organizations – 4.2%        
    Madison Community Development Authority, Wisconsin, Revenue Bonds, The Wisconsin Alumni Research Foundation, Series 2009:        
1,000   5.000%, 10/01/25   10/19 at 100.00 AAA 1,020,000
300   5.000%, 10/01/28   10/19 at 100.00 AAA 305,775
1,000   5.000%, 10/01/34   10/19 at 100.00 AAA 1,018,330
1,000   Milwaukee Redevelopment Authority, Wisconsin, Milwaukee Science Education Consortium, Inc Project, Series 2013A, 6.000%, 8/01/33   8/23 at 100.00 BBB- 1,077,960
1,300   Milwaukee Redevelopment Authority, Wisconsin, Revenue Bonds, Milwaukee School of Engineering Project, Series 2012, 4.100%, 4/01/32  –  AGM Insured   4/22 at 100.00 AA 1,343,849
1,000   New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006, 5.000%, 1/01/46  –  AMBAC Insured   5/19 at 100.00 BBB 1,013,520
5,600   Total Education and Civic Organizations       5,779,434
    Health Care – 16.4%        
440   Illinois Finance Authority, Revenue Bonds, Ascension Health/fka Presence Health Network, Series 2016C, 5.000%, 2/15/36   2/27 at 100.00 AA+ 497,451
56      

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care (continued)        
$ 1,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aspirus, Inc. Obligated Group, Refunding Series 2015A, 5.000%, 8/15/34   2/25 at 100.00 AA- $1,112,480
810   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beaver Dam Community Hospitals Inc., Series 2013A, 5.250%, 8/15/34   8/23 at 100.00 BBB- 858,122
    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Bellin Memorial Hospital, Series 2015:        
250   5.000%, 12/01/23   No Opt. Call A+ 283,320
2,000   4.000%, 12/01/35   6/24 at 100.00 A+ 2,078,640
500   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity Sponsored Ministry, Series 2017A, 5.000%, 9/01/36   9/27 at 100.00 BBB- 538,105
    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community Health, Inc. Obligated Group, Tender Option Bond Trust 2015-XF0118:        
1,000   14.487%, 4/01/34, 144A (IF) (4)   4/29 at 100.00 AA 1,010,360
250   10.498%, 4/01/42, 144A (IF) (4)   10/22 at 100.00 AA 256,865
12,565   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic Health System, Inc., Series 2017C, 5.000%, 2/15/47 (UB) (4)   2/27 at 100.00 A- 13,554,996
1,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ThedaCare, Inc., Series 2009A, 5.500%, 12/15/38   12/19 at 100.00 AA- 1,023,010
1,000   Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Fort Healthcare, Series 2014, 5.000%, 5/01/29   5/24 at 100.00 BBB+ 1,098,050
20,815   Total Health Care       22,311,399
    Housing/Multifamily – 12.9%        
2,000   Hudson Housing Authority, Wisconsin, Multifamily Housing Revenue Bonds, Cedar Ridge Apartments Project, Series 2013A, 5.125%, 6/01/30   6/23 at 100.00 N/R 2,045,320
2,750   Platteville Redevelopment Authority, Wisconsin, Revenue Bonds, University of Wisconsin - Platteville Real Estate Foundation Project, Series 2012A, 5.000%, 7/01/42   7/22 at 100.00 BBB- 2,813,993
1,380   Puerto Rico Housing Finance Authority, Subordinate Lien Capital Fund Program Revenue Bonds, Modernization Series 2008, 5.125%, 12/01/27   3/19 at 100.00 A+ 1,422,849
2,000   Wisconsin Housing and Economic Development Authority Multi Family Housing Bonds,Western Technical College Student Housing Project, Series 2013B, 4.700%, 4/01/38   4/23 at 100.00 A 2,113,960
820   Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2006A, 4.550%, 5/01/27 (AMT)   3/19 at 100.00 AA 820,951
2,125   Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2015A, 4.125%, 11/01/46   5/25 at 100.00 AA 2,152,476
2,000   Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2017A, 4.150%, 5/01/55   11/26 at 100.00 AA 2,016,520
2,230   Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2017B, 3.900%, 11/01/42   11/26 at 100.00 AA 2,244,785
2,000   Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2018A, 4.300%, 11/01/53 (UB) (4)   11/27 at 100.00 AA 2,031,900
17,305   Total Housing/Multifamily       17,662,754
      57

Nuveen Wisconsin Municipal Bond Fund (continued)
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Industrials – 2.6%        
$ 1,005   Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.000%, 12/01/19   No Opt. Call BB- $1,024,587
725   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, Series 2012, 4.750%, 8/01/42   8/22 at 100.00 BBB- 742,973
100   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.250%, 12/01/25   12/23 at 100.00 B 106,142
465   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/27, 144A   6/19 at 105.00 B 490,022
420   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2018A, 5.250%, 12/01/50   12/22 at 103.00 B+ 437,371
680   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A   11/24 at 100.00 N/R 709,016
3,395   Total Industrials       3,510,111
    Long-Term Care – 8.4%        
1,000   New Richmond Community Development Authority, Wisconsin, Health Care Facilities Revenue Bonds, PHM/New Richmond Senior Housing, Inc., Series 2011, 6.650%, 9/01/43   3/19 at 101.00 N/R 1,011,930
500   Winnebago County Housing Authority, Wisconsin, Revenue Bonds, Lutheran Homes of Oshkosh, Inc. Project, Refunding Series 2015A, 4.450%, 3/01/30   3/20 at 101.00 N/R 487,270
2,000   Wisconsin Health and Educational Facilities Authority Revenue Bonds, PHW Oconomowoc, Inc. Project, Series 2018, 5.125%, 10/01/48   10/23 at 102.00 N/R 2,038,460
1,750   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014B, 5.000%, 7/01/44   7/24 at 100.00 A 1,864,082
185   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Saint John's Communities Inc., Series 2015B, 5.000%, 9/15/37   9/22 at 100.00 BBB- 189,076
1,650   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/43   8/23 at 100.00 A 1,746,475
2,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Woodland Hills Senior Housing Project, Series 2014, 5.000%, 12/01/44   12/22 at 102.00 N/R 2,062,220
2,000   Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014, 5.375%, 10/01/44   10/22 at 102.00 N/R 2,119,900
11,085   Total Long-Term Care       11,519,413
    Materials – 1.2%        
210   Green Bay Redevelopment Authority, Wisconsin, Industrial Development Revenue Bonds, Fort James Project, Series 1999, 5.600%, 5/01/19 (AMT)   No Opt. Call N/R 210,831
1,385   Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2014, 5.250%, 4/01/30 (AMT)   11/24 at 100.00 N/R 1,459,624
1,595   Total Materials       1,670,455
    Tax Obligation/General – 0.9%        
450   Puerto Rico, General Obligation Bonds, Refunding Public Improvement Series 2007A, 5.500%, 7/01/20  –  NPFG Insured   No Opt. Call Baa2 461,705
58      

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General (continued)        
$ 750   Puerto Rico, General Obligation Bonds, Refunding Series 2003C-7, 6.000%, 7/01/27  –  NPFG Insured   3/19 at 100.00 Baa2 $ 766,162
1,200   Total Tax Obligation/General       1,227,867
    Tax Obligation/Limited – 35.0%        
650   Beloit Community Development Authority, Rock County, Wisconsin, Lease Revenue Bonds, Series 2009, 5.000%, 3/01/25   3/19 at 100.00 N/R 650,351
    Brookfield Community Development and Redevelopment Authority, Wisconsin, Community Development Revenue Bonds, Series 2015A:        
1,340   3.550%, 6/01/34   6/25 at 100.00 A3 1,360,676
1,530   3.600%, 6/01/35   6/25 at 100.00 A3 1,554,817
    Glendale Community Development Authority, Wisconsin, Community Development Lease Revenue Bonds, Tax Increment District 7, Refunding Series 2011B:        
1,000   3.850%, 9/01/20   3/19 at 100.00 A1 1,001,510
500   3.700%, 9/01/21   3/19 at 100.00 A1 500,700
500   Glendale Community Development Authority, Wisconsin, Community Development Lease Revenue Bonds, Tax Increment District 7, Refunding Series 2012, 2.750%, 9/01/22   9/20 at 100.00 A1 507,165
    Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D:        
1,000   5.000%, 11/15/34   11/25 at 100.00 BB 1,067,940
1,000   5.000%, 11/15/39   11/25 at 100.00 BB 1,051,880
    Government of Guam, Business Privilege Tax Bonds, Series 2011A:        
1,000   5.000%, 1/01/31   1/22 at 100.00 BB 1,038,190
875   5.250%, 1/01/36   1/22 at 100.00 BB 913,798
440   5.125%, 1/01/42   1/22 at 100.00 BB 451,950
845   Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A, 5.000%, 12/01/34   12/26 at 100.00 BB 909,981
1,000   Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 0.000%, 6/15/25  –  AMBAC Insured   No Opt. Call BBB- 799,980
1,250   Kaukauna Redevelopment Authority, Outagamie and Calumet Counties, Wisconsin, Redevelopment Lease Revenue Bonds, Series 2015, 4.125%, 6/01/40   6/25 at 100.00 A+ 1,300,112
130   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2012B, 5.000%, 6/15/52   6/22 at 100.00 BBB 132,350
675   Milwaukee Redevelopment Authority, Wisconsin, HSI Industrial I LLC Project Revenue Bonds, Series 2008, 5.125%, 6/01/29 (AMT)   3/19 at 100.00 A2 676,350
2,245   Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Neighborhood Public Schools Initiative, Series 2017, 4.000%, 8/01/21   No Opt. Call A+ 2,359,383
    Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Public Schools, Series 2016A:        
800   5.000%, 11/15/30   11/26 at 100.00 A+ 924,464
500   5.000%, 11/15/31   11/26 at 100.00 A+ 573,835
550   5.000%, 11/15/32   11/26 at 100.00 A+ 629,079
      59

Nuveen Wisconsin Municipal Bond Fund (continued)
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
    Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Public Schools, Series 2017:        
$ 630   5.000%, 11/15/28   11/26 at 100.00 A+ $739,765
500   5.000%, 11/15/34   11/26 at 100.00 A+ 567,555
1,000   5.000%, 11/15/35   11/26 at 100.00 A+ 1,132,370
500   5.000%, 11/15/36   11/26 at 100.00 A+ 564,270
1,000   Neenah Community Development Authority, Wisconsin, Lease Revenue Bonds, Refunding Series 2013, 4.100%, 12/01/27   12/23 at 100.00 A2 1,080,340
    Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2011-144A:        
290   5.500%, 2/01/21, 144A   3/19 at 102.00 BBB+ 296,450
2,500   6.500%, 2/01/31, 144A   3/19 at 102.00 BBB+ 2,557,375
500   Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Revenue Bonds, Series 2006A, 5.000%, 7/01/31  –  AMBAC Insured   3/19 at 100.00 C 500,275
    Southeast Wisconsin Professional Baseball Park District, Sales Tax Revenue Refunding Bonds, Series 1998A:        
1,220   5.500%, 12/15/20  –  NPFG Insured   No Opt. Call AA- 1,303,826
3,085   5.500%, 12/15/26  –  NPFG Insured   No Opt. Call AA- 3,715,944
1,250   Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 5.000%, 10/01/32  –  AGM Insured   10/22 at 100.00 AA 1,343,612
    Wisconsin Center District, Appropiation Revenue Bonds, Milwaukee Arena Project, Series 2016:        
1,000   5.000%, 12/15/30   6/26 at 100.00 Aa3 1,155,270
500   5.000%, 12/15/31   6/26 at 100.00 Aa3 574,290
4,000   Wisconsin Center District, Dedicated Tax Revenue Bonds, Milwaukee Arena Project, Senior Series 2016A, 0.000%, 12/15/39  –  AGM Insured   6/26 at 60.88 AA 1,789,400
    Wisconsin Center District, Dedicated Tax Revenue Bonds, Refunding Junior Series 1999:        
3,985   5.250%, 12/15/23  –  AGM Insured   No Opt. Call AA 4,401,512
865   5.250%, 12/15/27  –  AGM Insured   No Opt. Call AA 1,012,007
    Wisconsin Center District, Dedicated Tax Revenue Bonds, Refunding Junior Series 2013A:        
785   4.000%, 12/15/25   12/22 at 100.00 A3 841,175
2,170   5.000%, 12/15/28   12/22 at 100.00 A3 2,387,846
500   5.000%, 12/15/29   12/22 at 100.00 A3 548,520
    Wisconsin Center District, Dedicated Tax Revenue Bonds, Refunding Senior Series 2003A:        
2,035   0.000%, 12/15/28  –  AGM Insured   No Opt. Call AA 1,575,151
1,945   0.000%, 12/15/31   No Opt. Call AA 1,316,882
48,090   Total Tax Obligation/Limited       47,808,346
    Transportation – 2.9%        
1,000   Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.250%, 10/01/34 (AMT)   10/23 at 100.00 BBB+ 1,139,680
1,000   New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 4.000%, 7/01/33 (AMT)   7/24 at 100.00 BBB 1,024,080
60      

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Transportation (continued)        
$ 335   Public Finance Authority of Wisconsin, Senior Airport Facilities Revenue and Refunding Bonds, Trips Obligated Group, Series 2012B, 5.000%, 7/01/22 (AMT)   No Opt. Call BBB $352,175
1,000   Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (AMT)   1/22 at 100.00 BBB 1,044,630
355   Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.250%, 1/01/32 (AMT)   7/22 at 100.00 BBB 378,228
3,690   Total Transportation       3,938,793
    U.S. Guaranteed – 3.2% (5)        
1,000   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40 (Pre-refunded 7/01/20)   7/20 at 100.00 A- 1,051,990
665   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Howard Young Health Care, Inc., Refunding Series 2012, 5.000%, 8/15/22 (ETM)   No Opt. Call N/R 736,281
1,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A, 5.750%, 5/01/35 (Pre-refunded 5/01/21)   5/21 at 100.00 N/R 1,085,450
1,350   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/32 (Pre-refunded 8/15/22)   8/22 at 100.00 N/R 1,497,096
10   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Monroe Clinic Inc., Refunding Series 2016, 5.000%, 2/15/30 (Pre-refunded 8/15/25)   8/25 at 100.00 N/R 11,826
4,025   Total U.S. Guaranteed       4,382,643
    Utilities – 6.4%        
995   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 3.500%, 4/01/41 (Mandatory Put 6/01/20) (6)   No Opt. Call N/R 865,650
1,375   Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/30  –  AGM Insured   10/22 at 100.00 AA 1,501,610
1,000   Guam Power Authority, Revenue Bonds,Refunding Series 2017A, 5.000%, 10/01/40   10/27 at 100.00 BBB 1,074,480
860   Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20 (6)   No Opt. Call N/R 748,200
1,000   Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (6)   No Opt. Call N/R 870,000
265   Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Shippingport Project, First Energy Guarantor, Series 2005A, 3.750%, 12/01/40 (Mandatory Put 7/01/20) (6)   No Opt. Call N/R 230,550
255   Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2005SS, 5.000%, 7/01/30  –  AGM Insured   3/19 at 100.00 AA 260,442
580   Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2003NN, 5.250%, 7/01/23  –  NPFG Insured   No Opt. Call Baa2 612,254
1,200   Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 2007A, 5.000%, 7/01/25   3/19 at 100.00 Caa2 1,107,000
1,250   WPPI Energy, Wisconsin, Power Supply System Revenue Bonds, Series 2016A, 5.000%, 7/01/36   7/26 at 100.00 A1 1,414,587
8,780   Total Utilities       8,684,773
      61

Nuveen Wisconsin Municipal Bond Fund (continued)
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Water and Sewer – 2.8%        
$ 1,000   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43   7/23 at 100.00 A- $1,070,290
2,575   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46   7/26 at 100.00 A- 2,741,165
3,575   Total Water and Sewer       3,811,455
$ 132,820   Total Long-Term Investments (cost $132,460,673)       135,916,839
    Floating Rate Obligations – (5.9)%       (8,020,000)
    Other Assets Less Liabilities – 6.3%       8,542,182
    Net Assets – 100%       $ 136,439,021
Fair Value Measurements
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. A three-tier hierarchy 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 the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1  –     Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2  –     Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3  –     Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
  Level 1 Level 2 Level 3 Total
Long-Term Investments:        
Municipal Bonds $ — $135,916,839 $ — $135,916,839
62      

Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
The table below presents the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, as determined on a federal income tax basis, as of February 28, 2019.
Tax cost of investments $124,417,703
Gross unrealized:  
Appreciation $ 4,259,740
Depreciation (780,572)
Net unrealized appreciation (depreciation) of investments $ 3,479,168
(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) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.  
(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) As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.  
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.  
AMT Alternative Minimum Tax  
ETM Escrowed to maturity  
IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.  
UB Underlying bond of an inverse floating rate trust reflected as a financing transaction.  
      63

Item 2. Controls and Procedures.

 

  (a)

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

 

  (b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form 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)), exactly as set forth below: See Ex-99. CERT attached hereto.

SIGNATURES

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

(Registrant) Nuveen Multistate Trust IV

 

 

 

By (Signature and Title)

    /s/ Christopher M. Rohrbacher
   Christopher M. Rohrbacher
   Vice President and Secretary

Date: April 29, 2019

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

 

 

By (Signature and Title)

    /s/ Greg A. Bottjer                    
   Greg A. Bottjer
  

Chief Administrative Officer

(principal executive officer)

Date: April 29, 2019

 

 

By (Signature and Title)

    /s/ E. Scott Wickerham                
   E. Scott Wickerham
  

Vice President and Controller

(principal financial officer)

Date: April 29, 2019