NPORT-EX 2 Multistate_Tr_III.htm
Nuveen Georgia Municipal Bond Fund
Portfolio of Investments    February 29, 2020
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 98.8%        
    MUNICIPAL BONDS – 98.8%        
    Education and Civic Organizations – 13.5%        
$1,000   Fulton County Development Authority, Georgia, General Revenue Bonds, Spelman College, Refunding Series 2015, 5.000%, 6/01/32   6/25 at 100.00 A1 $1,185,020
2,000   Fulton County Development Authority, Georgia, Revenue Bonds, Robert W Woodruff Arts Center, Inc Project, Refunding Series 2015A, 5.000%, 3/15/36   3/26 at 100.00 A2 2,400,180
2,000   Fulton County Development Authority, Georgia, Revenue Bonds, Robert W Woodruff Arts Center, Inc Project, Series 2019A, 5.000%, 3/15/44   3/29 at 100.00 A2 2,516,820
2,750   Gwinnett County Development Authority, Georgia, Revenue Bonds, Georgia Gwinnett College Student Housing Project, Refunding Series 2017B, 5.000%, 7/01/40   7/27 at 100.00 A+ 3,401,667
3,000   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Green Series 2019B, 5.000%, 9/01/48   9/29 at 100.00 AA 3,870,450
4,000   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Refunding Series 2016A, 5.000%, 10/01/46   10/26 at 100.00 AA 4,867,320
75   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Refunding Series 2012C, 5.250%, 10/01/27   10/22 at 100.00 Baa1 82,563
3,400   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2012A, 5.000%, 10/01/32   10/21 at 100.00 Baa1 3,592,508
605   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2012B, 5.000%, 10/01/24   No Opt. Call Baa1 709,387
2,000   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Savannah College of Art & Design Projects, Series 2014, 5.000%, 4/01/44   4/24 at 100.00 A+ 2,276,920
20,830   Total Education and Civic Organizations       24,902,835
    Health Care – 9.5%        
3,270   Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center, Series 1998, 5.375%, 12/01/28 (4), (5)   3/20 at 100.00 N/R 273,405
2,590   Brookhaven Development Authority, Georgia, Revenue Bonds, Children's Healthcare of Atlanta, Inc Project, Series 2019A, 4.000%, 7/01/49   7/29 at 100.00 AA+ 3,036,568
2,355   Development Authority of Fulton County Revenue Bonds, Georgia, Piedmont Healthcare, Inc Project, Series 2016A, 5.000%, 7/01/46   7/26 at 100.00 AA- 2,802,332
705   Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc, Series 2010B, 5.250%, 2/15/45   3/20 at 100.00 AA 707,143
    Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc, Series 2017B:        
2,000   5.500%, 2/15/42   2/27 at 100.00 AA 2,532,380
3,000   5.250%, 2/15/45   2/27 at 100.00 AA 3,698,100
1,380   Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic Health East Issue, Series 2012, 5.000%, 11/15/37   11/22 at 100.00 AA- 1,513,087
      1
Nuveen Georgia Municipal Bond Fund (continued)
Portfolio of Investments    February 29, 2020
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care (continued)        
$2,500   Rockdale County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc Project, Series 2019A, 4.000%, 7/01/44   7/29 at 100.00 AA- $2,929,700
17,800   Total Health Care       17,492,715
    Tax Obligation/General – 16.0%        
2,000   Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, Tanner Medical Center, Inc Project, Series 2015, 5.000%, 7/01/41   7/25 at 100.00 AA 2,330,660
2,000   Carrollton Independent School System, Carroll County, Georgia, General Obligation Bonds, Series 2015, 5.000%, 4/01/32   4/26 at 100.00 AA+ 2,460,760
825   Cherokee County School System, Georgia, General Obligation Bonds, Series 2017, 5.000%, 2/01/28   2/27 at 100.00 AA+ 1,048,592
1,100   East Point Building Authority, Georgia, Revenue Bonds, Water & Sewer Project, Refunding Series 2017, 5.000%, 2/01/34  –  AGM Insured   2/27 at 100.00 AA 1,358,434
1,000   Forsyth County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding & Improvement Series 2019, 5.000%, 4/01/32   4/29 at 100.00 AAA 1,338,680
1,980   Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc, Series 2014A, 5.500%, 8/15/54   2/25 at 100.00 AA 2,370,159
    Gwinnett County School District, Georgia, General Obligation Bonds, Series 2019:        
1,505   5.000%, 2/01/40   2/29 at 100.00 AAA 1,958,712
2,000   5.000%, 2/01/41   2/29 at 100.00 AAA 2,596,740
240   Jackson County School District, Georgia, General Obligation Bonds, School Series 2019, 5.000%, 3/01/32   3/29 at 100.00 AA+ 318,223
1,360   Lawrenceville Building Authority, Georgia, Revenue Bonds, Lawrenceville Performing Arts Complex Project, Series 2019A, 4.000%, 10/01/32   10/28 at 100.00 AA 1,642,390
4,000   Sandy Springs Public Facilities Authority, Georgia, Revenue Bonds, Sandy Springs City Center Project, Series 2015, 5.000%, 5/01/47   5/26 at 100.00 Aaa 4,833,560
1,000   Sumter County School District, Georgia, General Obligation Bonds, Series 2018, 5.500%, 10/01/27   No Opt. Call Aa1 1,333,490
500   Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Anticipation Certificates, Refunding Series 2019A, 5.000%, 10/01/35   10/29 at 100.00 Aa2 663,290
2,000   Vidalia School District, Toombs County, Georgia, General Obligation Bonds, Series 2016, 5.000%, 8/01/37   2/26 at 100.00 Aa1 2,424,060
    Warner Robins Public Facilities Authority, Georgia, Revenue Bonds, Warner Robins Projects, Series 2018:        
1,090   5.000%, 7/01/31   7/28 at 100.00 Aa2 1,419,769
1,195   5.000%, 7/01/32   7/28 at 100.00 Aa2 1,550,309
23,795   Total Tax Obligation/General       29,647,828
    Tax Obligation/Limited – 14.8%        
    Atlanta and Fulton County Recreation Authority, Georgia, Revenue Bonds, Zoo Atlanta Parking Facility Project, Series 2017:        
1,000   5.000%, 12/01/31   12/27 at 100.00 AA+ 1,289,140
1,000   5.000%, 12/01/32   12/27 at 100.00 AA+ 1,286,560
1,075   5.000%, 12/01/33   12/27 at 100.00 AA+ 1,380,408
2      
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
$1,500   Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Second Lien Series 2015B, 5.000%, 7/01/44   7/25 at 100.00 A1 $1,765,035
2,500   Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1, 5.250%, 7/01/44   7/25 at 100.00 Aa3 2,984,875
425   Atlanta, Georgia, Tax Allocation Bonds Atlanta Station Project, Refunding Series 2017, 5.000%, 12/01/24   No Opt. Call A3 499,422
1,055   Atlanta, Georgia, Tax Allocation Bonds, Beltline Project, Series 2016D, 5.000%, 1/01/30   1/27 at 100.00 A2 1,299,960
595   Atlanta, Georgia, Tax Allocation Bonds, Perry Bolton Project Series 2014, 5.000%, 7/01/34   7/23 at 100.00 A- 665,615
235   Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding Series 1993, 5.625%, 10/01/26  –  NPFG Insured   No Opt. Call Baa2 271,874
200   Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding Series 2005, 5.500%, 10/01/26  –  NPFG Insured   No Opt. Call AA- 231,646
2,500   Downtown Smyrna Development Authority, Georgia, General Obligation Bonds, Series 2005, 5.250%, 2/01/28   No Opt. Call AAA 2,990,050
    East Point, Georgia, Tax Allocation Revenue Bonds, Camp Creek Tad Project, Series 2015:        
500   5.000%, 8/01/20   No Opt. Call BBB+ 507,845
280   5.000%, 8/01/21   No Opt. Call BBB+ 294,921
1,671   Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, Series 1998A, 4.750%, 6/01/28  –  NPFG Insured   No Opt. Call Baa2 1,978,865
2,000   Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third Indenture, Series 2015A, 5.000%, 7/01/42   7/25 at 100.00 AA+ 2,393,520
    Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third Indenture, Series 2015B:        
2,000   5.000%, 7/01/41   7/26 at 100.00 AA+ 2,447,120
2,000   5.000%, 7/01/42   7/26 at 100.00 AA+ 2,442,840
1,585   Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1, 4.500%, 7/01/34   7/25 at 100.00 N/R 1,744,435
810   Tift County Hospital Authority, Georgia, Revenue Anticipation Certificates Series 2012, 5.000%, 12/01/38   12/22 at 100.00 Aa2 892,377
22,931   Total Tax Obligation/Limited       27,366,508
    Transportation – 5.5%        
2,000   Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/31   1/22 at 100.00 AA- 2,143,040
2,000   Atlanta, Georgia, Airport General Revenue Bonds, Series 2019B, 4.000%, 7/01/49 (AMT)   7/29 at 100.00 AA- 2,328,180
    Atlanta, Georgia, Airport Passenger Facilities Charge and General Revenue Bonds, Refunding Subordinate Lien Series 2014A:        
2,425   5.000%, 1/01/32   1/24 at 100.00 AA- 2,774,370
2,000   5.000%, 1/01/33   1/24 at 100.00 AA- 2,284,920
      3
Nuveen Georgia Municipal Bond Fund (continued)
Portfolio of Investments    February 29, 2020
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Transportation (continued)        
    Augusta, Georgia, Airport Revenue Bonds, Refunding General Series 2015A:        
$160   5.000%, 1/01/32   1/25 at 100.00 BBB $184,550
170   5.000%, 1/01/33   1/25 at 100.00 BBB 195,398
100   5.000%, 1/01/34   1/25 at 100.00 BBB 114,997
150   5.000%, 1/01/35   1/25 at 100.00 BBB 172,389
9,005   Total Transportation       10,197,844
    U.S. Guaranteed – 4.2% (6)        
1,000   Chatham County Hospital Authority, Georgia, Seven Mill Tax Pledge Revenue Bonds, Memorial Health University Medical Center, Inc, Refunding & Improvement Series 2012A, 5.000%, 1/01/31 (Pre-refunded 1/01/22)   1/22 at 100.00 N/R 1,075,670
1,400   Clarke County Hospital Authority, Georgia, Hospital Revenue Certificates, Athens Regional Medical Center, Series 2012, 5.000%, 1/01/32 (Pre-refunded 1/01/22)   1/22 at 100.00 AA 1,507,268
500   Columbus, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2014A, 5.000%, 5/01/31 (Pre-refunded 5/01/24)   5/24 at 100.00 AA+ 585,995
1,375   Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Foundation Technology Square Project, Refunding Series 2012A, 5.000%, 11/01/31 (Pre-refunded 5/01/22)   5/22 at 100.00 AA+ 1,500,964
1,000   Habersham County Hospital Authority, Georgia, Revenue Anticipation Certificates, Series 2014B, 5.000%, 2/01/37 (Pre-refunded 2/01/24)   2/24 at 100.00 Aa3 1,151,380
    Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2014:        
138   5.500%, 7/15/23 (Pre-refunded 7/15/21)   7/21 at 100.00 N/R 145,238
374   5.500%, 7/15/30 (Pre-refunded 7/15/21)   7/21 at 100.00 N/R 397,419
410   5.500%, 1/15/36 (Pre-refunded 7/15/21)   7/21 at 100.00 N/R 436,165
1,000   Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41 (Pre-refunded 10/01/21)   10/21 at 100.00 Aa2 1,066,370
7,197   Total U.S. Guaranteed       7,866,469
    Utilities – 17.9%        
1,250   Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017C, 4.125%, 11/01/45   2/28 at 100.00 BBB+ 1,399,850
2,010   Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017D, 4.125%, 11/01/45   2/28 at 100.00 BBB+ 2,250,959
1,900   Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2017, 5.000%, 3/01/31   3/27 at 100.00 A2 2,330,445
2,000   Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 2012GG, 5.000%, 1/01/43   1/23 at 100.00 A1 2,193,520
3,000   Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project P Bonds, Series 2019B, 5.000%, 1/01/48   7/28 at 100.00 BBB+ 3,638,310
1,200   Griffin, Georgia, Combined Public Utility Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/28  –  AGM Insured   1/23 at 100.00 AA 1,333,488
    Main Street Natural Gas Inc, Georgia, Gas Project Revenue Bonds, Series 2006B:        
500   5.000%, 3/15/21   No Opt. Call A+ 519,505
2,315   5.000%, 3/15/22   No Opt. Call A+ 2,490,778
4      
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Utilities (continued)        
    Main Street Natural Gas Inc, Georgia, Gas Project Revenue Bonds, Series 2007A:        
$360   5.500%, 9/15/23   No Opt. Call A+ $412,837
2,630   5.500%, 9/15/27   No Opt. Call A+ 3,370,424
2,000   Main Street Natural Gas Inc, Georgia, Gas Supply Revenue Bonds, Series 2018A, 4.000%, 4/01/48 (Mandatory Put 9/01/23)   6/23 at 100.40 Aa2 2,202,480
2,750   Main Street Natural Gas Inc, Georgia, Gas Supply Revenue Bonds, Series 2019A, 5.000%, 5/15/49   No Opt. Call A3 4,148,677
1,525   Main Street Natural Gas Inc, Georgia, Gas Supply Revenue Bonds, Series 2019B, 4.000%, 8/01/49 (Mandatory Put 12/02/24)   9/24 at 100.43 Aa1 1,742,724
1,000   Monroe County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company - Scherer Plant, First Series 1995, 2.250%, 7/01/25   6/24 at 100.00 A- 1,030,710
3,500   Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2015A, 0.000%, 1/01/32   No Opt. Call A2 2,740,990
1,150   Municipal Electric Authority of Georgia, Project One Subordinate Lien Revenue Bonds, Series 2008A, 5.250%, 1/01/21   No Opt. Call A2 1,189,687
29,090   Total Utilities       32,995,384
    Water and Sewer – 17.4%        
500   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015, 5.000%, 11/01/40   5/25 at 100.00 Aa2 596,045
1,000   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2017A, 5.000%, 11/01/37   11/27 at 100.00 Aa2 1,268,300
1,635   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2018B, 5.000%, 11/01/47   11/27 at 100.00 Aa2 2,039,842
2,000   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22  –  FGIC Insured   No Opt. Call Aa2 2,159,540
1,430   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Tender Option Trust 2015-XF0234, 18.219%, 3/01/23, 144A (IF) (7)   No Opt. Call AA- 2,870,840
3,000   Cartersville, Georgia, Water and Sewer Revenue Bonds, Series 2018, 5.000%, 6/01/48   6/28 at 100.00 AA- 3,743,640
1,000   Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2016, 5.000%, 8/01/33   8/26 at 100.00 AA 1,234,140
3,410   DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2006B, 5.250%, 10/01/32  –  AGM Insured   10/26 at 100.00 AA 4,337,793
2,500   DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series 2011A, 5.250%, 10/01/41   10/21 at 100.00 Aa3 2,668,375
    Etowah Water and Sewer Authority, Georgia, Revenue Bonds, Series 2019:        
605   5.000%, 3/01/31  –  BAM Insured   3/29 at 100.00 AA 786,234
2,000   5.000%, 3/01/32  –  BAM Insured   3/29 at 100.00 AA 2,588,600
1,000   Fulton County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2013, 5.000%, 1/01/33   1/23 at 100.00 AA 1,107,690
2,000   Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2012, 5.000%, 2/01/29   2/22 at 100.00 Aa2 2,152,700
1,500   Sinclair Water Authority, Georgia, Revenue Bonds, Refunding Series 2019, 4.000%, 4/01/44   4/29 at 100.00 AA 1,764,555
      5
Nuveen Georgia Municipal Bond Fund (continued)
Portfolio of Investments    February 29, 2020
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Water and Sewer (continued)        
$1,000   South Fulton Municipal Regional Water and Sewer Authority, Georgia, Revenue Bonds, Refunding Series 2014, 5.000%, 1/01/31   1/24 at 100.00 AA $1,145,440
    Walton County Water and Sewerage Authority, Georgia, Revenue Bonds, Walton-Hard Labor Creek Reservoir Project, Refunding Series 2016A:        
540   5.000%, 2/01/36   2/26 at 100.00 Aa2 655,268
800   5.000%, 2/01/37   2/26 at 100.00 Aa2 969,776
25,920   Total Water and Sewer       32,088,778
$156,568   Total Long-Term Investments (cost $170,181,127)       182,558,361
    
Principal Amount (000)   Description (1)   Optional Call
Provisions (2) 		Ratings (3) Value
    SHORT-TERM INVESTMENTS – 0.3%        
    MUNICIPAL BONDS – 0.3%        
    Health Care – 0.3%        
$486   Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center, Series 2016, 6.500%, 3/31/17 (4), (5)   No Opt. Call N/R $493,107
$486   Total Short-Term Investments (cost $486,447)       493,107
    Total Investments (cost $170,667,574) – 99.1%       183,051,468
    Other Assets Less Liabilities – 0.9%       1,661,092
    Net Assets – 100%       $184,712,560
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund's investments in securities are recorded at their estimated fair value. 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).
6      
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 $ — $182,284,956 $273,405 $182,558,361
Short-Term Investments:        
Municipal Bonds  —  — 493,107 493,107
Total $ — $182,284,956 $766,512 $183,051,468
    
(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 valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3.  
(5) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.  
(6) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.  
(7) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.  
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.  
      7
Nuveen Louisiana Municipal Bond Fund
Portfolio of Investments    February 29, 2020
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 94.0%        
    MUNICIPAL BONDS – 92.5%        
    Consumer Discretionary  – 0.2%        
$435   International Falls, Minnesota, Pollution Control Revenue Bonds, Boise Cascade Corporation Project, Refunding Series 1997, 5.650%, 12/01/22   3/20 at 100.00 N/R $440,294
    Consumer Staples  – 2.9%        
500   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37   6/22 at 100.00 B- 534,645
685   Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 5.250%, 6/01/32   3/20 at 100.00 N/R 685,103
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 336,181
2,665   Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2013A, 5.250%, 5/15/35   5/23 at 100.00 A- 2,963,213
200   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B, 5.000%, 6/01/46   6/28 at 100.00 BB+ 235,730
1,160   TSASC Inc, New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48   6/27 at 100.00 N/R 1,214,427
5,525   Total Consumer Staples       5,969,299
    Education and Civic Organizations – 17.1%        
1,000   Calcasieu Parish Public Trust Authority, Louisiana, Student Lease Revenue Bonds, McNeese State Univeristy Student Housing-Cowboy Facilities, Inc Project, Refunding Series 2011, 5.000%, 5/01/29  –  AGM Insured   5/22 at 100.00 A2 1,083,120
1,025   Jefferson Parish Economic Development and Port District, Louisiana, Kenner Discovery Health Sciences Academy Project, Series 2018A, 5.500%, 6/15/38, 144A   6/28 at 100.00 N/R 1,157,092
815   Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin' Cajun Facilities Inc Project, Refunding Series 2012, 5.000%, 10/01/27  –  AGM Insured   10/22 at 100.00 AA 898,154
3,000   Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Ragin' Cajun Facilities Inc- Student Housing & Parking Project, Series 2018, 5.000%, 10/01/48  –  AGM Insured   10/27 at 100.00 AA 3,585,120
1,000   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Louisiana Tech University Student Housing & Recreational Facilities/Innovative Student Facilities, 5.000%, 10/01/34  –  AGM Insured   10/25 at 100.00 AA 1,189,250
2,000   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Louisiana Tech University Student Housing/Innovative Student Facilities Inc Project, Refunding Series, 5.000%, 7/01/33   7/23 at 100.00 A3 2,251,860
1,220   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, McNeese State University Student Parking - Cowboy Faciliites, Inc Project, Series 2011, 4.875%, 3/01/42  –  AGM Insured   3/22 at 100.00 A2 1,300,361
8      
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
$2,000   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Ragin' Cajun Facilities Inc- Student Housing & Parking Project, Series 2017, 5.000%, 10/01/39  –  AGM Insured   10/27 at 100.00 AA $2,443,360
1,500   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southeastern Louisiana University student Housing/University Facilities Project, Series 2017, 5.000%, 8/01/42  –  AGM Insured   8/27 at 100.00 AA 1,822,230
    Louisiana Public Facilities Authority, Lease Revenue Bonds, Provident Group-Flagship Properties LLC - Louisiana State University GreenHouse District Phase II Project, Series 2017:        
200   5.000%, 7/01/42   7/27 at 100.00 A 242,088
1,500   5.000%, 7/01/47   7/27 at 100.00 A 1,798,050
2,595   Louisiana Public Facilities Authority, Lease Revenue Bonds, Provident Group-Flagship Properties LLC - Louisiana State University GreenHouse District Phase III Project, Series 2019A, 5.000%, 7/01/59   7/29 at 100.00 A 3,174,152
    Louisiana Public Facilities Authority, Lease Revenue Bonds, Provident Group-Flagship Properties LLC - Louisiana State University Nicolson Gateway Project, Series 2016A:        
1,500   5.000%, 7/01/46   7/26 at 100.00 A 1,767,240
1,000   5.000%, 7/01/56   7/26 at 100.00 A 1,166,820
1,000   Louisiana Public Facilities Authority, Revenue Bonds, Archdiocese of New Orleans, Refunding Series 2017, 5.000%, 7/01/37   7/27 at 100.00 A+ 1,172,880
1,035   Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy Foundation Project, Series 2011A, 8.000%, 12/15/41   12/21 at 100.00 N/R 1,109,924
1,300   Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles College Prep Project, Series 2019A, 5.000%, 6/01/39, 144A   6/27 at 100.00 N/R 1,415,076
3,000   Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding Series 2011, 5.000%, 10/01/41   10/21 at 100.00 Baa1 3,138,300
1,500   Louisiana Public Facilities Authority, Revenue Bonds, Southwest Louisiana Charter Academy Foundation Project, Series 2013A, 8.375%, 12/15/43   12/23 at 100.00 N/R 1,612,485
220   Louisiana Public Facilities Authority, Revenue Bonds, Tulane University, Refunding Series 2017A, 5.000%, 12/15/30   12/27 at 100.00 A 278,100
800   Louisiana Public Facilities Authority, Revenue Bonds, University of New Orleans Research and Technology Foundation, Inc- Student Housing Project, Refunding Series 2014, 5.000%, 9/01/31  –  AGM Insured   9/24 at 100.00 AA 929,976
1,680   Louisiana Public Facilities Authority, Revenue Bonds, Young Audiences Charter School, Series 2019A, 5.000%, 4/01/39, 144A   4/27 at 100.00 N/R 1,808,352
30,890   Total Education and Civic Organizations       35,343,990
    Energy – 0.6%        
1,210   Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, Series 2010, 4.000%, 12/01/40 (Mandatory Put 6/01/22)   No Opt. Call BBB 1,278,728
    Health Care – 12.6%        
2,100   Calcasieu Parish Memorial Hospital Service District, Louisiana, Revenue Bonds, Lake Charles Memorial Hospital, Refunding Series 2019, 5.000%, 12/01/39   12/29 at 100.00 BB+ 2,576,742
      9
Nuveen Louisiana Municipal Bond Fund (continued)
Portfolio of Investments    February 29, 2020
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care (continued)        
$390   Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2, 5.000%, 8/01/39   8/29 at 100.00 BBB+ $490,827
505   Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network, Series 2016C, 5.000%, 2/15/36   2/27 at 100.00 AA+ 624,448
1,980   Jefferson Parish Hospital Service District 2, Louisiana, Hospital Revenue Bonds, East Jefferson General Hospital, Refunding Series 2011, 6.375%, 7/01/41   7/21 at 100.00 B 2,070,327
3,000   Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Womans Hospital Foundation Project, Refunding Series 2017A, 5.000%, 10/01/41   10/27 at 100.00 A 3,652,110
2,000   Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Christus Health, Series 2019A, 5.000%, 7/01/48   1/29 at 100.00 A+ 2,487,280
1,575   Louisiana Public Facilities Authority, Hospital Revenue and Refunding Bonds, Lafayette General Medical Center Project, Series 2016A, 5.000%, 11/01/41   11/25 at 100.00 BBB+ 1,806,824
1,775   Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 1998A, 5.750%, 7/01/25   No Opt. Call A2 2,017,270
1,000   Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 2017A, 5.000%, 7/01/47   7/27 at 100.00 A 1,197,190
1,000   Louisiana Public Facilities Authority, Hospital Revenue Bonds, Lafayette General Medical Center Project, Refunding Series 2010, 5.500%, 11/01/40   5/20 at 100.00 BBB+ 1,005,970
3,000   Louisiana Public Facilities Authority, Hospital Revenue Bonds, Louisiana Children's Medical Center Hospital, Series 2015A-1 Fixed Rate Mode, 5.000%, 6/01/45   6/28 at 100.00 A+ 3,664,980
1,610   Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017, 5.000%, 5/15/46   5/27 at 100.00 A3 1,953,123
200   Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2015, 5.000%, 5/15/47   5/25 at 100.00 A3 234,972
50   Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc, Series 2017A, 5.350%, 12/01/45   12/27 at 100.00 BBB- 60,365
1,000   St Tammany Parish Hospital District No 1, Louisiana, Hospital Revenue and Revenue Refunding Bonds, St Tammany Parish Hospital Project, Series 2018, 4.000%, 7/01/43   7/28 at 100.00 A+ 1,126,030
1,085   Terrebonne Parish Hospital Service District 1, Louisiana, Hospital Revenue Bonds, Terrebonne General Medical Center, Refunding Series 2013, 4.000%, 4/01/33   4/23 at 100.00 A 1,158,303
22,270   Total Health Care       26,126,761
    Housing/Multifamily – 1.5%        
1,870   Louisiana Housing Finance Agency, Multifamily Housing Revenue Bonds, Mallard Crossings Apartments, Series 2011, 4.750%, 10/01/29   10/21 at 100.00 AA+ 1,954,112
1,385   Louisiana Local Government Environmental Facilities and Community Development Authority, Multifamily Housing Revenue Bonds, Cove at Nola Apartments, Series 2017A, 4.000%, 12/01/27   12/22 at 105.00 BB+ 1,231,930
3,255   Total Housing/Multifamily       3,186,042
    Industrials – 2.0%        
305   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 B+ 307,931
10      
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Industrials (continued)        
$835   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- $887,739
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 BB- 1,127,070
40   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013A, 5.250%, 12/01/50 (Mandatory Put 12/01/33)   12/22 at 103.00 BB- 44,338
60   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/26, 144A   3/20 at 104.00 BB- 62,519
250   Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Cameron Parish GOMESA Project, Green Series 2018, 5.650%, 11/01/37, 144A   11/28 at 100.00 N/R 288,232
300   Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Jefferson Parish GOMESA Project, Series 2019, 4.000%, 11/01/44, 144A   11/29 at 100.00 N/R 313,950
100   Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Saint John the Baptist Parish GOMESA Project, Series 2019, 3.900%, 11/01/44, 144A   11/29 at 100.00 N/R 105,343
110   Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Saint Martin Parish GOMESA Project, Series 2019, 4.400%, 11/01/44, 144A   11/28 at 100.00 N/R 118,788
    Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Terrebonne Parish GOMESA Project, Series 2018:        
100   5.375%, 11/01/38, 144A   11/28 at 100.00 N/R 114,302
100   5.500%, 11/01/39, 144A   11/28 at 100.00 N/R 110,125
1,000   Louisiana Public Facilities Authority, Solid Waste Disposal Facility Revenue Bonds, Lousiana Pellets Inc Project, Series 2015, 7.000%, 7/01/24 (AMT), 144A (4)   No Opt. Call N/R 10
200   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 225,346
300   Ohio Water Development Authority, Ohio, Environmental Improvement Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.600%, 5/01/29   11/21 at 100.00 B+ 318,765
4,700   Total Industrials       4,024,458
    Long-Term Care – 1.7%        
2,800   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, The Glen Retirement System Project, Series 2019A, 5.000%, 1/01/49   1/26 at 103.00 N/R 2,980,656
400   Saint Tammany Public Trust Financing Authority, Louisiana, Revenue Bonds, Christwood Project, Refunding Series 2015, 5.250%, 11/15/37   11/24 at 100.00 N/R 443,420
3,200   Total Long-Term Care       3,424,076
    Materials – 2.3%        
2,570   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Refunding Series 2017, 3.500%, 11/01/32   11/27 at 100.00 BBB 2,849,667
      11
Nuveen Louisiana Municipal Bond Fund (continued)
Portfolio of Investments    February 29, 2020
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Materials (continued)        
$1,500   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2010A-1, 6.500%, 11/01/35   11/20 at 100.00 BBB $1,550,985
250   Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (AMT), 144A   10/22 at 100.00 BBB- 260,430
4,320   Total Materials       4,661,082
    Tax Obligation/General – 4.7%        
    Calcasieu Parish School District 23, Louisiana, General Obligation Bonds, Public School Improvement Series 2019:        
1,055   4.000%, 9/01/37  –  BAM Insured   9/29 at 100.00 AA 1,256,758
1,600   4.000%, 9/01/38  –  BAM Insured   9/29 at 100.00 AA 1,898,480
1,255   LaFourche Parish Consolidated School District 1, Louisiana, General Obligation Bonds, Series 2011, 4.000%, 3/01/20  –  AGC Insured   No Opt. Call AA 1,255,000
1,430   New Orleans, Louisiana, General Obligation Bonds, Refunding Series 1998, 5.500%, 12/01/21  –  FGIC Insured   No Opt. Call AA 1,512,654
    New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2015:        
125   5.000%, 12/01/27   12/25 at 100.00 AA- 152,134
525   5.000%, 12/01/29   12/25 at 100.00 AA- 636,904
685   New Orleans, Louisiana, General Obligation Bonds, Series 1998, 5.500%, 12/01/21  –  FGIC Insured   No Opt. Call A+ 720,332
2,220   Puerto Rico, General Obligation Bonds, Refunding Public Improvement Series 2012A, 5.000%, 7/01/35  –  AGM Insured   7/22 at 100.00 AA 2,370,161
8,895   Total Tax Obligation/General       9,802,423
    Tax Obligation/Limited – 18.5%        
1,260   Broussard, Louisiana, Sales & Use Tax Revenue Bonds, Recreational Facility Series 2012, 5.000%, 5/01/32   5/22 at 100.00 A- 1,367,554
    Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D:        
1,000   5.000%, 11/15/34   11/25 at 100.00 BB 1,167,400
1,000   5.000%, 11/15/39   11/25 at 100.00 BB 1,156,460
1,250   Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.000%, 1/01/26   1/22 at 100.00 BB 1,331,350
100   Government of Guam, Hotel Occupancy Tax Revenue Bonds, Series 2011A, 5.750%, 11/01/21   5/21 at 100.00 BB 105,266
    Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A:        
1,000   5.000%, 12/01/26   No Opt. Call BB 1,218,160
1,000   5.000%, 12/01/34   12/26 at 100.00 BB 1,196,110
3,000   Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Bonds, Series 2017B, 5.000%, 12/01/42  –  AGM Insured   12/27 at 100.00 AA 3,722,910
    Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Bonds, Series 2019B:        
2,000   4.000%, 12/01/38  –  AGM Insured   12/29 at 100.00 AA 2,398,340
5,000   4.000%, 12/01/42  –  AGM Insured   12/29 at 100.00 AA 5,925,200
12      
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
$505   Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Refunding Series 2016A, 5.000%, 6/01/26   No Opt. Call A1 $630,992
900   Louisiana Local Government Environmental Facilities and Community Development Authority Revenue Bonds, Bossier Parish Public Improvement Projects, Series 2012, 5.000%, 3/01/42   3/22 at 100.00 Aa3 969,984
    Louisiana Local Government Environmental Facilities and Community Development Authority Revenue Bonds, LCTCS Act 360 Project, Series 2014:        
2,000   5.000%, 10/01/35   10/24 at 100.00 A+ 2,319,800
2,000   5.000%, 10/01/37   10/24 at 100.00 A+ 2,312,980
3,000   5.000%, 10/01/39   10/24 at 100.00 A+ 3,459,810
1,435   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Bossier City Projects, Series 2015, 5.000%, 6/01/30   6/25 at 100.00 AA 1,721,483
1,400   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Louisiana Community and Technical College System Facilities Corporation Project, Capital Appreciation, 0.000%, 10/01/20   No Opt. Call A+ 1,390,438
500   Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/36   7/23 at 100.00 AA- 561,695
1,500   Louisiana State, Highway Improvement Revenue Bonds, Series 2014A, 5.000%, 6/15/34   6/24 at 100.00 AA- 1,736,025
500   Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017, 5.000%, 12/01/27, 144A   No Opt. Call N/R 578,350
    Saint Charles Parish School Board, Louisiana, Sales & Use Tax Bonds, Series 2019:        
750   4.000%, 8/01/37   8/29 at 100.00 AA 891,848
680   4.000%, 8/01/39   8/29 at 100.00 AA 803,427
1,000   The Industrial Development Authority of the City of Saint Louis, Missouri, Development Financing Revenue Bonds, Ballpark Village Development Project, Series 2017A, 4.750%, 11/15/47   11/26 at 100.00 N/R 1,118,980
200   West Trace Community Development District, Westlake, Louisiana, Special Assessment Revenue Bonds, Series 2018, 6.875%, 12/01/46   No Opt. Call N/R 220,990
32,980   Total Tax Obligation/Limited       38,305,552
    Transportation – 12.0%        
1,535   Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36   7/23 at 100.00 N/R 1,680,242
2,750   Board of Commissioners of the Port of New Orleans Port Facility Revenue Bonds, Louisiana, Refunding Series 2018B, 5.000%, 4/01/45  –  AGM Insured (AMT)   4/28 at 100.00 AA 3,328,380
680   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 757,037
805   Greater New Orleans Expressway Commission, Louisiana, Revenue Bonds, Refunding Series 2013, 5.000%, 11/01/23  –  AGM Insured   No Opt. Call AA 918,843
1,000   Greater New Orleans Expressway Commission, Louisiana, Toll Revenue Bonds, Subordinate Lien Series 2017, 5.000%, 11/01/47  –  AGM Insured   11/25 at 100.00 AA 1,184,580
500   Guam International Airport Authority, Revenue Bonds, Series 2019A, 5.000%, 10/01/22 (AMT)   No Opt. Call BBB+ 546,615
      13
Nuveen Louisiana Municipal Bond Fund (continued)
Portfolio of Investments    February 29, 2020
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Transportation (continued)        
$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 $1,152,380
2,000   Lake Charles Harbor and Terminal District, Louisiana, Revenue Bonds, Series 2013B, 5.000%, 1/01/34 (AMT)   1/24 at 100.00 AA 2,241,440
1,470   Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.500%, 7/01/36 (AMT), 144A   7/23 at 100.00 N/R 1,629,745
    New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, Gilf Opportunity Zone Project, Refunding Series 2019:        
200   4.000%, 1/01/37   1/29 at 100.00 A 234,688
1,000   4.000%, 1/01/38   1/29 at 100.00 A 1,169,380
1,015   4.000%, 1/01/39   1/29 at 100.00 A 1,184,018
2,000   New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, Series 2015B, 5.000%, 1/01/35 (AMT)   1/25 at 100.00 A 2,317,460
2,000   New Orleans Aviation Board, Louisiana, Special Facility Revenue Bonds, Parking Facilities Corporation Consolidated Garage System, Series 2018A, 5.000%, 10/01/48  –  AGM Insured   10/28 at 100.00 AA 2,461,520
840   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 966,957
    Port New Orleans Board of Commissioners, Louisiana, Revenue Bonds, Port Facilities, Refunding Series 2013B:        
1,245   5.000%, 4/01/31 (AMT)   4/23 at 100.00 A 1,372,426
500   5.000%, 4/01/32 (AMT)   4/23 at 100.00 A 550,785
1,000   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 1,186,210
21,540   Total Transportation       24,882,706
    U.S. Guaranteed – 6.6% (5)        
500   Caddo-Bossier Parishes Port Commission, Louisiana, Utility Revenue Bonds, Refunding Series 2011, 5.125%, 4/01/37 (Pre-refunded 4/01/21)   4/21 at 100.00 N/R 523,045
1,220   Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 (Pre-refunded 1/01/21)   1/21 at 100.00 N/R 1,270,874
1,000   Kenner Consolidated Sewer District, Louisiana, Sewer Revenue Bonds, Series 2011, 5.000%, 11/01/36 (Pre-refunded 11/01/21)  –  AGM Insured   11/21 at 100.00 AA 1,068,810
1,500   Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin' Cajun Facilities Inc Housing & Parking Project, Series 2010, 5.250%, 10/01/30 (Pre-refunded 10/01/20)  –  AGM Insured   10/20 at 100.00 AA 1,538,655
1,850   Lafayette, Louisiana, Sales Tax Revenue Bonds, Public Improvements, Series 2011, 5.000%, 3/01/36 (Pre-refunded 3/01/21)   3/21 at 100.00 AA 1,928,310
1,000   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Baton Rouge Community College Facilities Corporation Project, Refunding Series 2011, 5.000%, 12/01/26 (Pre-refunded 12/01/21)  –  AGM Insured   12/21 at 100.00 AA 1,073,140
100   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Womans Hospital Foundation Project, Series 2010A, 6.000%, 10/01/44 (Pre-refunded 10/01/20)   10/20 at 100.00 A2 103,003
14      
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    U.S. Guaranteed (5) (continued)        
$25   Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 1998A, 5.750%, 7/01/25  –  AGM Insured (ETM)   No Opt. Call A2 $31,368
750   Louisiana Public Facilities Authority, Revenue Bonds, Belle Chasse Educational Foundation Project, Series 2011, 6.750%, 5/01/41 (Pre-refunded 5/01/21)   5/21 at 100.00 N/R 800,648
1,000   Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Second Lien Series 2010B, 5.000%, 5/01/37 (Pre-refunded 5/01/20) (UB)   5/20 at 100.00 AA- 1,006,790
1,000   Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Tender Option Bond Trust 2016-XG0035, 14.683%, 5/01/39 (Pre-refunded 5/01/20), 144A (IF)   5/20 at 100.00 AA- 1,027,130
1,000   Saint Tammany Parish, Louisiana, Utilities Revenue Bonds, Series 2010B, 5.000%, 8/01/40 (Pre-refunded 8/01/20)   8/20 at 100.00 AA- 1,017,110
500   Shreveport, Louisiana, General Obligation Bonds, Series 2011, 5.000%, 8/01/31 (Pre-refunded 8/01/21)   8/21 at 100.00 A3 529,260
1,500   Terrebonne Parish Waterworks District 1, Louisiana, Water Revenue Bonds, Series 2012A, 5.000%, 11/01/37 (Pre-refunded 11/01/22)   11/22 at 100.00 AA- 1,664,280
12,945   Total U.S. Guaranteed       13,582,423
    Utilities – 3.5%        
2,000   Guam Power Authority, Revenue Bonds, Refunding Series 2017A, 5.000%, 10/01/37   10/27 at 100.00 BBB 2,396,000
1,500   Louisiana Energy and Power Authority, Power Project Revenue Bonds, LEPA Unit 1, Series 2013A, 5.250%, 6/01/38  –  AGM Insured   6/23 at 100.00 AA 1,697,775
2,500   Louisiana Public Facilities Authority, Revenue Bonds, Cleco Power LLC Project, Series 2008, 4.250%, 12/01/38   5/23 at 100.00 A3 2,634,000
500   Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Series 2007B, 5.000%, 7/01/31   3/20 at 100.00 CCC 470,890
6,500   Total Utilities       7,198,665
    Water and Sewer – 6.3%        
1,000   East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Refunding Series 2014B, 5.000%, 2/01/39   2/25 at 100.00 AA 1,180,650
1,665   East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Refunding Series 2019A, 4.000%, 2/01/45   2/29 at 100.00 AA 1,947,933
1,500   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, East Baton Rouge Sewerage Commission Projects, Subordinate Lien Series 2014A, 5.000%, 2/01/39   2/24 at 100.00 AA- 1,703,535
1,500   New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 4.250%, 6/01/34   6/24 at 100.00 A 1,671,135
1,315   New Orleans, Louisiana, Sewerage Service Revenue Bonds, Series 2015, 5.000%, 6/01/40   6/25 at 100.00 A 1,538,905
200   New Orleans, Louisiana, Water Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/34   12/24 at 100.00 A- 233,848
365   Shreveport, Louisiana, Water and Sewer Revenue Bonds, Junior Lien Series 2019B, 4.000%, 12/01/49  –  AGM Insured   12/28 at 100.00 AA 417,053
1,500   Shreveport, Louisiana, Water and Sewer Revenue Bonds, Series 2003A Refunding, 5.000%, 12/01/32  –  BAM Insured   12/28 at 100.00 AA 1,956,525
      15
Nuveen Louisiana Municipal Bond Fund (continued)
Portfolio of Investments    February 29, 2020
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Water and Sewer (continued)        
$2,000   Shreveport, Louisiana, Water and Sewer Revenue Bonds, Series 2016B, 5.000%, 12/01/41  –  BAM Insured   12/26 at 100.00 AA $2,428,600
11,045   Total Water and Sewer       13,078,184
$169,710   Total Municipal Bonds (cost $177,731,565)       191,304,683
    
Shares   Description (1)       Value
    COMMON STOCKS – 1.5%        
    Electric Utilities – 1.5%        
110,435   Energy Harbor Corp, (6), (7)       $3,147,384
    Total Common Stocks (cost $2,952,475)       3,147,384
    Total Long-Term Investments (cost $180,684,040)       194,452,067
    
Principal Amount (000)   Description (1)   Optional Call
Provisions (2) 		Ratings (3) Value
    SHORT-TERM INVESTMENTS – 0.3%        
    MUNICIPAL BONDS – 0.3%        
    Tax Obligation/Limited – 0.3%        
$600   Louisiana Public Facilities Authority, Equipment and Capital Facilities Loan Program Revenue Bonds, Variable Rate Demand Obligations, Series 2004, 1.390%, 7/01/21 (Mandatory Put 3/05/20) (8)   4/20 at 100.00 VMIG-1 $600,000
$600   Total Short-Term Investments (cost $600,000)       600,000
    Total Investments (cost $181,284,040) – 94.3%       195,052,067
    Floating Rate Obligations – (0.4)%       (750,000)
    Other Assets Less Liabilities – 6.1%       12,540,061
    Net Assets – 100%       $206,842,128
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund's investments in securities are recorded at their estimated fair value. 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.
16      
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 $ — $191,304,683 $ — $191,304,683
Common Stocks  — 3,147,384  — 3,147,384
Short-Term Investments:        
Municipal Bonds  — 600,000  — 600,000
Total $ — $195,052,067 $ — $195,052,067
    
(1) All percentages shown in the Portfolio of Investments are based on net assets.  
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.  
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.  
(4) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.  
(5) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.  
(6) For fair value measurement disclosure purposes, investment classified as Level 2.  
(7) Non-income producing; issuer has not declared a dividend within the past twelve months.  
(8) 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  
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 North Carolina Municipal Bond Fund
Portfolio of Investments    February 29, 2020
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 100.4%        
    MUNICIPAL BONDS – 100.4%        
    Education and Civic Organizations – 21.9%        
$1,995   Appalachian State University, North Carolina, General Revenue Bonds, Millennial Campus End Zone Project, Series 2018, 5.000%, 5/01/44   5/28 at 100.00 A1 $2,474,159
2,000   Appalachian State University, North Carolina, General Revenue Bonds, Series 2019, 4.000%, 10/01/48   10/29 at 100.00 Aa3 2,314,540
1,000   Board of Governors of the University of North Carolina, Winston-Salem State University General Revenue Bonds, Series 2013, 5.000%, 4/01/33   4/22 at 100.00 A3 1,075,840
2,595   East Carolina University, North Carolina, General Revenue Bonds, Series 2014A, 5.000%, 10/01/41   10/23 at 100.00 AA- 2,940,135
2,000   East Carolina University, North Carolina, General Revenue Bonds, Series 2016A, 5.000%, 10/01/29   4/26 at 100.00 AA- 2,472,800
    Elizabeth City State University, North Carolina, General Revenue Bonds, Series 2019:        
620   5.000%, 4/01/26  –  AGM Insured   No Opt. Call AA 760,275
645   5.000%, 4/01/27  –  AGM Insured   No Opt. Call AA 811,655
425   5.000%, 4/01/28  –  AGM Insured   No Opt. Call AA 547,153
465   5.000%, 4/01/29  –  AGM Insured   No Opt. Call AA 612,275
745   5.000%, 4/01/30  –  AGM Insured   4/29 at 100.00 AA 976,211
1,500   5.000%, 4/01/40  –  AGM Insured   4/29 at 100.00 AA 1,916,730
4,500   North Carolina Agricultural and Technical State University, General Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/40   10/25 at 100.00 AA- 5,320,575
1,930   North Carolina Agrigultural & Technical State University, General Revenue Bonds, Series 2013, 5.000%, 10/01/37   10/21 at 100.00 A1 2,044,295
2,440   North Carolina Capital Facilities Finance Agency, Educational Facilities Revenue Bonds, High Point University, Series 2012, 5.000%, 5/01/32   5/21 at 100.00 A- 2,548,092
2,000   North Carolina Capital Facilities Finance Agency, Revenue Bonds, Davidson College, Series 2014, 5.000%, 3/01/45   3/22 at 100.00 AA+ 2,142,840
    North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, Series 2015 A:        
5,000   5.000%, 10/01/41   10/25 at 100.00 AA+ 6,025,600
9,420   5.000%, 10/01/55   10/25 at 100.00 AA+ 11,262,269
1,000   North Carolina Capital Facilities Finance Agency, Revenue Bonds, Johnson & Wales University, Series 2013A, 5.000%, 4/01/28   4/23 at 100.00 A- 1,098,200
    North Carolina Capital Facilities Financing Agency, Educational Facilities Revenue Bond, Meredith College, Refunding Series 2016:        
800   4.000%, 6/01/33   6/26 at 100.00 BBB+ 900,448
685   4.000%, 6/01/34   6/26 at 100.00 BBB+ 769,865
5,000   North Carolina Capital Facilities Financing Agency, Educational Facilities Revenue Bond, Meredith College, Refunding Series 2018, 5.000%, 6/01/38   6/26 at 100.00 BBB+ 5,927,450
18      
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
$7,500   North Carolina Capital Facilities Financing Agency, Educational Facility Revenue Bonds, Wake Forest University, Refunding Series 2018, 5.000%, 1/01/48   1/28 at 100.00 AA $9,312,450
    North Carolina Central University, General Revenue Bonds, Refunding Series 2016:        
3,140   5.000%, 10/01/26   4/26 at 100.00 A3 3,802,571
3,215   5.000%, 10/01/27   4/26 at 100.00 A3 3,884,652
1,035   North Carolina Central University, General Revenue Bonds, Series 2019, 5.000%, 4/01/38   4/29 at 100.00 A3 1,319,532
2,750   North Carolina State University at Raleigh, General Revenue Bonds, Series 2013A, 5.000%, 10/01/42   10/23 at 100.00 Aa1 3,098,205
5,000   University of North Carolina, Asheville, General Revenue Bonds, Refunding Series 2017, 5.000%, 6/01/42   6/26 at 100.00 A1 5,951,800
    University of North Carolina, Asheville, General Revenue Bonds, Refunding Series 2019:        
1,025   5.000%, 6/01/30   6/29 at 100.00 A1 1,345,507
1,000   5.000%, 6/01/31   6/29 at 100.00 A1 1,307,740
1,125   5.000%, 6/01/32   6/29 at 100.00 A1 1,468,260
1,180   5.000%, 6/01/33   6/29 at 100.00 A1 1,536,372
1,240   5.000%, 6/01/34   6/29 at 100.00 A1 1,611,169
2,750   University of North Carolina, Chapel Hill, Utilities System Revenue Refunding Bonds, Series 1997, 0.000%, 8/01/20   No Opt. Call Aaa 2,740,540
4,590   University of North Carolina, Charlotte, General Revenue Bonds, Refunding Series 2015, 5.000%, 4/01/45   4/25 at 100.00 Aa3 5,384,988
230   University of North Carolina, Charlotte, General Revenue Bonds, Refunding Series 2017A, 5.000%, 10/01/31   10/27 at 100.00 Aa3 294,246
1,975   University of North Carolina, Charlotte, General Revenue Bonds, Series 2014, 5.000%, 4/01/31   4/24 at 100.00 Aa3 2,280,493
    University of North Carolina, Charlotte, General Revenue Bonds, Series 2017:        
7,515   5.000%, 10/01/42   10/27 at 100.00 Aa3 9,401,340
1,250   5.000%, 10/01/47   10/27 at 100.00 Aa3 1,553,425
    University of North Carolina, Charlotte, General Revenue Bonds, Series 2020A:        
1,500   4.000%, 10/01/45   10/29 at 100.00 Aa3 1,766,385
1,500   4.000%, 10/01/49   10/29 at 100.00 Aa3 1,756,890
    University of North Carolina, Greensboro, General Revenue Bonds, Refunding Series 2017:        
1,000   5.000%, 4/01/30   4/28 at 100.00 Aa3 1,299,300
835   5.000%, 4/01/31   4/28 at 100.00 Aa3 1,077,868
    University of North Carolina, Greensboro, General Revenue Bonds, Series 2014:        
1,085   5.000%, 4/01/32   4/24 at 100.00 Aa3 1,256,376
2,070   5.000%, 4/01/39   4/24 at 100.00 Aa3 2,386,938
6,000   University of North Carolina, Greensboro, General Revenue Bonds, Series 2018, 5.000%, 4/01/43   4/28 at 100.00 Aa3 7,550,940
      19
Nuveen North Carolina Municipal Bond Fund (continued)
Portfolio of Investments    February 29, 2020
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
    University of North Carolina, Wilmington, General Revenue Bonds, Refunding Series 2019B:        
$1,000   5.000%, 10/01/34   10/29 at 100.00 Aa3 $1,328,470
1,275   5.000%, 10/01/35   10/29 at 100.00 Aa3 1,686,022
595   4.000%, 10/01/36   10/29 at 100.00 Aa3 714,149
2,045   4.000%, 10/01/37   10/29 at 100.00 Aa3 2,448,356
4,500   Western Carolina University, North Carolina, General Revenue Bonds, Series 2018, 5.000%, 10/01/43   4/28 at 100.00 Aa3 5,630,400
116,690   Total Education and Civic Organizations       140,136,791
    Health Care – 14.2%        
3,030   Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2011A, 5.125%, 1/15/37   1/21 at 100.00 AA- 3,133,808
1,615   Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Refunding Series 2012A, 5.000%, 1/15/31   1/22 at 100.00 AA- 1,734,510
    Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Refunding Series 2016A:        
2,000   5.000%, 1/15/25   No Opt. Call AA- 2,388,260
3,000   5.000%, 1/15/36   1/26 at 100.00 AA- 3,572,310
1,685   5.000%, 1/15/40   1/26 at 100.00 AA- 1,991,114
1,000   Nash Health Care Systems, North Carolina, Health Care Facilities Revenue Bonds, Series 2012, 4.250%, 11/01/32   5/22 at 100.00 BBB 1,048,570
    New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical Center, Series 2017:        
2,895   5.000%, 10/01/35   10/27 at 100.00 A+ 3,472,900
2,990   5.000%, 10/01/42   10/27 at 100.00 A+ 3,542,672
960   5.000%, 10/01/47   10/27 at 100.00 A+ 1,129,997
4,735   North Carolina Medial Care Commission, Health Care Facilities Revenue Bonds, Rex Healthcare, Series 2020A, 4.000%, 7/01/49   1/30 at 100.00 AA- 5,614,337
4,200   North Carolina Medical Care Commission Hospital Revenue Refunding Bonds, North Carolina Baptist Hospital, Series 2010, 5.000%, 6/01/34   6/20 at 100.00 A 4,241,370
2,770   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Blue Ridge HealthCare, Refunding Series 2010A, 5.000%, 1/01/36   3/20 at 100.00 A 2,776,759
    North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Cape Fear Valley Health System, Refunding Series 2012A:        
2,200   5.000%, 10/01/25   10/22 at 100.00 A- 2,414,544
2,300   5.000%, 10/01/26   10/22 at 100.00 A- 2,521,214
555   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Refunding Series 2016A, 5.000%, 6/01/28   No Opt. Call AA 728,970
    North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Novant Health Inc, Series 2010A:        
5,350   5.250%, 11/01/40   11/20 at 100.00 AA- 5,495,413
10,000   4.750%, 11/01/43   11/20 at 100.00 AA- 10,205,500
20      
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care (continued)        
$4,000   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Novant Health Obligated Group, Series 2019A, 4.000%, 11/01/52   11/29 at 100.00 AA- $4,691,440
2,950   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Rex Healthcare, Series 2015A, 5.000%, 7/01/44   7/25 at 100.00 AA- 3,422,059
5,860   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2015, 5.000%, 6/01/40   6/25 at 100.00 A+ 6,848,113
2,000   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Wake Forest Baptist Obligated Group, Series 2012A, 5.000%, 12/01/45   12/22 at 100.00 A 2,154,400
5,000   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, Refunding Series 2012A, 5.000%, 10/01/27   10/22 at 100.00 A+ 5,491,600
    North Carolina Medical Care Commission, Health Care Facilities Revenues Bonds, Wake Forest Baptist Obligated Group, Series 2019A:        
1,000   5.000%, 12/01/31   12/28 at 100.00 A 1,279,640
1,000   5.000%, 12/01/33   12/28 at 100.00 A 1,272,250
1,385   North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Scotland Memorial Hospital, Series 1999, 5.500%, 10/01/29  –  RAAI Insured   3/20 at 100.00 AA 1,390,235
    North Carolina Medical Care Commission, Hospital Revenue Bonds, Southeastern Regional Medical Center, Refunding Series 2012:        
865   5.000%, 6/01/25   6/22 at 100.00 BBB+ 936,977
2,000   5.000%, 6/01/32   6/22 at 100.00 BBB+ 2,153,020
    University of North Carolina, Chapel Hill, Revenue Bonds, Hospital System, Series 2019:        
2,295   5.000%, 2/01/45   No Opt. Call AA 3,582,954
1,060   5.000%, 2/01/49   No Opt. Call AA 1,708,709
80,700   Total Health Care       90,943,645
    Housing/Single Family – 0.3%        
1,800   North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2011-1, 4.500%, 1/01/28   1/21 at 100.00 AA 1,832,832
    Long-Term Care – 1.0%        
1,500   North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Sharon Towers, Series 2019A, 5.000%, 7/01/49   7/26 at 103.00 N/R 1,747,920
2,735   North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, United Methodist Retirement Homes, Refunding Series 2013A, 5.000%, 10/01/33   10/23 at 100.00 N/R 3,045,997
    North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, United Methodist Retirement Homes, Refunding Series 2016A:        
550   5.000%, 10/01/30   10/26 at 100.00 BBB 662,733
225   5.000%, 10/01/31   10/26 at 100.00 BBB 270,223
725   North Carolina Medical Care Commission, Revenue Bonds, First Mortgage Galloway Ridge Project, Refunding Series 2019A, 5.000%, 1/01/39   1/27 at 103.00 N/R 852,926
5,735   Total Long-Term Care       6,579,799
      21
Nuveen North Carolina Municipal Bond Fund (continued)
Portfolio of Investments    February 29, 2020
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General – 9.7%        
    Asheville, North Carolina, General Obligation Bonds, Refunding Series 2020A:        
$1,040   2.000%, 6/01/37 (WI/DD, Settling 3/25/20)   6/30 at 100.00 AAA $1,047,894
1,040   2.000%, 6/01/38 (WI/DD, Settling 3/25/20)   6/30 at 100.00 AAA 1,038,211
1,040   2.000%, 6/01/39 (WI/DD, Settling 3/25/20)   6/30 at 100.00 AAA 1,033,271
1,040   2.000%, 6/01/40 (WI/DD, Settling 3/25/20)   6/30 at 100.00 AAA 1,029,454
    Charlotte, North Carolina, General Obligation Bonds, Refunding Series 2016A:        
1,000   5.000%, 7/01/28   7/26 at 100.00 AAA 1,253,830
1,250   5.000%, 7/01/30   7/26 at 100.00 AAA 1,560,225
2,000   Charlotte, North Carolina, General Obligation Bonds, Refunding Series 2019A, 5.000%, 6/01/34   6/29 at 100.00 AAA 2,671,940
    Davidson County, North Carolina, General Obligation Bonds, Refunding Series 2016:        
300   5.000%, 6/01/25   No Opt. Call Aa1 363,981
1,150   5.000%, 6/01/26   No Opt. Call Aa1 1,437,707
1,000   5.000%, 6/01/28   6/26 at 100.00 Aa2 1,245,300
1,795   5.000%, 6/01/30   6/26 at 100.00 Aa2 2,224,328
1,500   Forsyth County, North Carolina, General Obligation Bonds, Limited Obligation Series 2009, 5.000%, 4/01/30   4/20 at 100.00 AA+ 1,504,800
3,440   Greensboro, North Carolina, General Obligation Bonds, Public Improvement Series 2018B, 5.000%, 10/01/24   No Opt. Call AAA 4,097,969
2,695   Greensboro, North Carolina, General Obligation Bonds, Refunding Series 2020C, 4.000%, 2/01/28 (WI/DD, Settling 3/31/20)   No Opt. Call AAA 3,323,205
1,000   Guilford County, North Carolina, General Obligation Bonds, Public Improvement Series 2017B, 5.000%, 5/01/26   No Opt. Call AAA 1,254,700
2,285   Guilford County, North Carolina, General Obligation Bonds, Refunding Series 2017, 5.000%, 3/01/27   No Opt. Call AAA 2,936,773
2,000   Mecklenburg County, North Carolina, General Obligation Bonds, Refunding Series 2013A, 5.000%, 12/01/26   No Opt. Call AAA 2,552,360
4,000   North Carolina State, General Obligation Bonds, Refunding Series 2014A, 5.000%, 6/01/23   No Opt. Call AAA 4,545,120
11,570   North Carolina State, General Obligation Bonds, Series 2015A, 5.000%, 6/01/24 (UB) (4)   No Opt. Call AAA 13,619,047
2,000   Raleigh, North Carolina, General Obligation Bonds, Refunding Series 2016A, 5.000%, 9/01/26   No Opt. Call AAA 2,534,080
1,260   Sampson County Water & Sewer District II, North Carolina, General Obligation Bonds, Refunding Series 2015, 5.000%, 6/01/40   6/25 at 100.00 A1 1,489,622
1,575   Wake County, North Carolina, General Obligation Bonds, Public Improvement Series 2014, 5.000%, 9/01/20   No Opt. Call AAA 1,608,059
1,045   Wake County, North Carolina, General Obligation Bonds, Public Improvement Series 2019A, 5.000%, 3/01/31   3/29 at 100.00 AAA 1,399,715
500   Wake County, North Carolina, Limited Obligation Bonds, Refunding Series 2016A, 5.000%, 12/01/35   12/26 at 100.00 AA+ 622,440
2,045   Wake County, North Carolina, Limited Obligation Bonds, Series 2018A, 5.000%, 8/01/36   8/28 at 100.00 AA+ 2,644,492
22      
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General (continued)        
$2,000   Wake County, North Carolina, Limited Obligation Bonds, Series 2019, 5.000%, 9/01/36   9/29 at 100.00 AA+ $2,654,660
51,570   Total Tax Obligation/General       61,693,183
    Tax Obligation/Limited – 17.1%        
    Buncombe County, North Carolina, Limited Obligation Bonds, Refunding Series 2015:        
1,250   5.000%, 6/01/33   6/25 at 100.00 AA+ 1,507,638
1,375   5.000%, 6/01/35   6/25 at 100.00 AA+ 1,654,317
    Burke County, North Carolina, Limited Obligation Bonds, Series 2018:        
400   5.000%, 4/01/29   4/27 at 100.00 Aa3 506,212
100   5.000%, 4/01/31   4/27 at 100.00 Aa3 125,251
    Charlotte, North Carolina, Certificates of Participation, Convention Facilities Project, Series 2019A:        
1,010   5.000%, 6/01/40   6/29 at 100.00 AA+ 1,314,909
3,500   5.000%, 6/01/44   6/29 at 100.00 AA+ 4,514,790
    Charlotte, North Carolina, Certificates of Participation, Refunding Cultural Arts Facilities Series 2019B:        
4,080   5.000%, 6/01/35   6/29 at 100.00 AA+ 5,385,600
1,930   5.000%, 6/01/37   6/29 at 100.00 AA+ 2,534,862
2,505   Charlotte, North Carolina, Storm Water Fee Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/39   12/24 at 100.00 AAA 2,939,843
    Davidson County, North Carolina, Limited Obligation Bonds, Series 2020:        
500   4.000%, 6/01/38   6/30 at 100.00 Aa2 610,255
500   4.000%, 6/01/39   6/30 at 100.00 Aa2 606,605
    Duplin County, North Carolina, Limited Obligation Bonds, County Water Districts, Series 2016:        
1,475   5.000%, 4/01/32   4/26 at 100.00 A+ 1,783,894
1,000   5.000%, 4/01/34   4/26 at 100.00 A+ 1,203,660
1,265   Durham Capital Financing Corporation, Durham County, North Carolina, Limited Obligation Bonds, Refunding Series 2016, 5.000%, 12/01/30   12/26 at 100.00 AA+ 1,592,939
2,535   Greensboro, North Carolina, Limited Obligation Bonds, Coliseum Complex Project, Series 2018A, 5.000%, 4/01/42   4/28 at 100.00 AA+ 3,198,359
488   Hillsborough, North Carolina, Special Assessement Revenue Bonds, Series 2013, 7.750%, 2/01/24   2/23 at 100.00 N/R 512,512
    Mooresville, North Carolina, Special Assessment Revenue Bonds, Series 2015:        
570   4.375%, 3/01/25, 144A   No Opt. Call N/R 580,539
1,600   5.375%, 3/01/40, 144A   3/25 at 100.00 N/R 1,672,912
5,000   North Carolina State, Limited Obligation Bonds, Refunding Series 2014C, 5.000%, 5/01/25   5/24 at 100.00 AA+ 5,859,000
    North Carolina State, Limited Obligation Bonds, Refunding Series 2017B:        
4,395   5.000%, 5/01/29   5/27 at 100.00 AA+ 5,608,108
8,950   5.000%, 5/01/30   5/27 at 100.00 AA+ 11,368,558
      23
Nuveen North Carolina Municipal Bond Fund (continued)
Portfolio of Investments    February 29, 2020
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
    North Carolina State, Limited Obligation Bonds, Series 2019A:        
$2,500   5.000%, 5/01/31   5/29 at 100.00 AA+ $3,339,325
2,500   5.000%, 5/01/32   5/29 at 100.00 AA+ 3,332,850
    North Carolina Turnpike Authority, Monroe Connector System State Appropriation Bonds, Series 2011:        
1,810   5.000%, 7/01/29   7/21 at 100.00 AA+ 1,906,726
9,375   5.000%, 7/01/36   7/21 at 100.00 AA+ 9,851,719
500   5.000%, 7/01/41   7/21 at 100.00 AA+ 524,950
1,000   Onslow County, North Carolina, Limited Obligation Bonds, Series 2016, 5.000%, 10/01/27   10/26 at 100.00 Aa2 1,257,530
14,146   Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1, 4.500%, 7/01/34   7/25 at 100.00 N/R 15,568,946
    Raleigh, North Carolina, Limited Obligation Bonds, Series 2014A:        
455   5.000%, 10/01/33   10/24 at 100.00 AA+ 537,360
750   5.000%, 10/01/34   10/24 at 100.00 AA+ 884,828
1,000   Rocky Mount, North Carolina, Special Obligation Bonds, Series 2016, 5.000%, 5/01/29   5/26 at 100.00 AA+ 1,235,950
2,950   Sampson Area Development Corporation, Sampson County, North Carolina, Installment Payment Revenue Bonds, Refunding Series 2010, 5.250%, 6/01/24  –  AGM Insured   No Opt. Call AA 3,329,075
2,445   Sampson County, North Carolina, Limited Obligaiton Bonds, Refunding Series 2015, 5.000%, 12/01/35   12/25 at 100.00 A1 2,944,416
3,570   Sampson County, North Carolina, Limited Obligaiton Bonds, Refunding Series 2017, 5.000%, 9/01/40   9/27 at 100.00 A1 4,432,690
    Scotland County, North Carolina, Limited Obligation Bonds, Series 2017:        
500   5.000%, 12/01/30   12/27 at 100.00 A 637,835
250   5.000%, 12/01/33   12/27 at 100.00 A 316,160
    Scotland County, North Carolina, Limited Obligation Bonds, Series 2018:        
660   5.000%, 12/01/33   12/28 at 100.00 A 854,000
690   5.000%, 12/01/35   12/28 at 100.00 A 889,293
1,000   Wilmington, North Carolina, Limited Obligation Bonds, Refunding Series 2016, 5.000%, 6/01/30   6/26 at 100.00 AA+ 1,239,180
225   Wilmington, North Carolina, Storm Water Fee Revenue Bonds, Series 2007, 5.000%, 6/01/33  –  AMBAC Insured   3/20 at 100.00 AA+ 225,709
550   Winston-Salem, North Carolina, Limited Obligation Bonds, Series 2020A, 5.000%, 6/01/25   No Opt. Call AA+ 668,558
91,304   Total Tax Obligation/Limited       109,057,863
    Transportation – 20.6%        
6,000   Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding Series 2010A, 5.500%, 7/01/34   7/20 at 100.00 AA- 6,090,420
10,280   Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding Series 2010B, 5.375%, 7/01/28 (AMT)   7/20 at 100.00 AA- 10,425,976
24      
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Transportation (continued)        
    Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Refunding Series 2014A:        
$4,000   5.000%, 7/01/32   7/24 at 100.00 AA- $4,657,040
5,000   5.000%, 7/01/33   7/24 at 100.00 AA- 5,814,400
4,935   5.000%, 7/01/34   7/24 at 100.00 AA- 5,734,273
    Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Refunding Series 2017A:        
1,925   5.000%, 7/01/42   7/27 at 100.00 Aa3 2,389,560
6,610   5.000%, 7/01/47   7/27 at 100.00 Aa3 8,150,857
3,500   Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Series 2019A, 4.000%, 7/01/44   7/29 at 100.00 Aa3 4,157,335
    North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes Project, Series 2015:        
1,500   5.000%, 12/31/37 (AMT)   6/25 at 100.00 BBB- 1,736,385
11,170   5.000%, 6/30/54 (AMT)   6/25 at 100.00 BBB- 12,722,407
    North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Capital Appreciation Series 2017C:        
865   0.000%, 7/01/27   7/26 at 96.08 BBB 753,848
880   0.000%, 7/01/29   7/26 at 87.76 BBB 690,474
175   0.000%, 7/01/32   7/26 at 75.72 BBB 116,667
1,500   0.000%, 7/01/34   7/26 at 68.37 BBB 892,440
2,905   0.000%, 7/01/35   7/26 at 64.91 BBB 1,633,104
3,735   0.000%, 7/01/38   7/26 at 55.68 BBB 1,776,590
3,995   0.000%, 7/01/39   7/26 at 52.96 BBB 1,800,746
2,385   0.000%, 7/01/40   7/26 at 50.36 BBB 1,019,731
1,200   North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A, 5.000%, 7/01/47   7/26 at 100.00 BBB 1,406,412
    North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Senior Lien Series 2017:        
1,000   5.000%, 1/01/31  –  AGM Insured   1/27 at 100.00 AA 1,239,630
1,415   5.000%, 1/01/39  –  AGM Insured   1/27 at 100.00 AA 1,728,210
4,625   North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Series 2018A, 4.000%, 1/01/33   1/28 at 100.00 AA+ 5,521,787
    North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2009B:        
70   0.000%, 1/01/34  –  AGC Insured   No Opt. Call AA 51,116
3,760   0.000%, 1/01/35  –  AGC Insured   No Opt. Call AA 2,666,592
21,205   0.000%, 1/01/36  –  AGC Insured   No Opt. Call AA 14,603,035
20,150   0.000%, 1/01/37  –  AGC Insured   No Opt. Call AA 13,375,167
15,615   0.000%, 1/01/38  –  AGC Insured   No Opt. Call AA 10,034,199
      25
Nuveen North Carolina Municipal Bond Fund (continued)
Portfolio of Investments    February 29, 2020
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Transportation (continued)        
$4,000   North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2019, 5.000%, 1/01/49  –  AGM Insured   1/30 at 100.00 AA $5,116,600
    Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Refunding Series 2010A:        
1,000   5.000%, 5/01/26   5/20 at 100.00 Aa3 1,006,790
1,675   5.000%, 5/01/36   5/20 at 100.00 Aa3 1,686,373
    Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Refunding Series 2015A:        
1,225   5.000%, 5/01/29   5/25 at 100.00 Aa3 1,460,372
300   5.000%, 5/01/30   5/25 at 100.00 Aa3 356,646
790   Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Refunding Series 2020A, 5.000%, 5/01/36 (AMT) (WI/DD, Settling 3/04/20)   5/30 at 100.00 Aa3 1,053,062
149,390   Total Transportation       131,868,244
    U.S. Guaranteed – 5.1% (5)        
    Asheville, North Carolina, Limited Obligation Bonds, Series 2012:        
300   5.000%, 4/01/30 (Pre-refunded 4/01/22)   4/22 at 100.00 AA+ 326,367
350   5.000%, 4/01/32 (Pre-refunded 4/01/22)   4/22 at 100.00 AA+ 380,761
1,465   Brunswick County, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2012A, 5.000%, 4/01/28 (Pre-refunded 4/01/22)   4/22 at 100.00 AA- 1,592,162
1,215   Cape Fear Public Utility Authority, North Carolina, Water & Sewer System Revenue Bonds, Refunding Series 2014A, 5.000%, 6/01/40 (Pre-refunded 6/01/24)   6/24 at 100.00 AA+ 1,428,087
    Charlotte Housing Authority, North Carolina, Capital Fund Program Revenue Bonds, Strwan and Parktowne Rehabilitation Project, Series 2011:        
295   4.550%, 12/01/31 (Pre-refunded 12/01/21)   12/21 at 100.00 N/R 313,219
2,705   4.550%, 12/01/31 (Pre-refunded 12/01/21)   12/21 at 100.00 N/R 2,872,061
250   Dare County, North Carolina, Utilities System Revenue Bonds, Series 2011, 5.000%, 2/01/41 (Pre-refunded 2/01/21)   2/21 at 100.00 AA 259,698
6,400   Durham, North Carolina, Utility System Revenue Bonds, Refunding Series 2011, 5.000%, 6/01/41 (Pre-refunded 6/01/21)   6/21 at 100.00 AAA 6,738,688
    North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Refunding Series 1993B:        
15   6.000%, 1/01/22 (ETM)   No Opt. Call Baa2 16,415
520   6.000%, 1/01/22  –  AGC Insured (ETM)   No Opt. Call AA 569,057
310   6.000%, 1/01/26 (ETM)   No Opt. Call AAA 400,173
6,000   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2010A, 5.000%, 6/01/42 (Pre-refunded 6/01/20)   6/20 at 100.00 N/R 6,060,300
    North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2012A:        
750   5.000%, 6/01/32 (Pre-refunded 6/01/22)   6/22 at 100.00 AA 820,275
380   5.000%, 6/01/35 (Pre-refunded 6/01/22)   6/22 at 100.00 AA 415,606
3,000   5.000%, 6/01/42 (Pre-refunded 6/01/22)   6/22 at 100.00 AA 3,281,100
26      
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    U.S. Guaranteed (5) (continued)        
$1,450   Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2012A, 5.000%, 3/01/30 (Pre-refunded 3/01/22)   3/22 at 100.00 AAA $1,572,365
5,000   Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2013A, 5.000%, 3/01/31 (Pre-refunded 3/01/23)   3/23 at 100.00 AAA 5,629,650
30,405   Total U.S. Guaranteed       32,675,984
    Utilities – 2.2%        
1,000   Concord, North Carolina, Utilities Systems Revenue Bonds, Refunding Series 2016, 5.000%, 12/01/33   6/26 at 100.00 Aa2 1,227,650
3,330   Greenville, North Carolina, Combined Enterprise System Revenue Bonds, Series 2016, 4.000%, 4/01/46   4/26 at 100.00 Aa1 3,777,585
4,950   Greenville, North Carolina, Combined Enterprise System Revenue Bonds, Series 2019, 5.000%, 8/01/44   8/29 at 100.00 Aa1 6,402,330
1,430   Monroe, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2017, 5.000%, 3/01/43   3/27 at 100.00 A+ 1,746,674
740   North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2016A, 5.000%, 1/01/30   7/26 at 100.00 A 913,922
11,450   Total Utilities       14,068,161
    Water and Sewer – 8.3%        
2,115   Cape Fear Public Utility Authority, North Carolina, Water and Sewer System Revenue Bonds, Refunding Series 2019A, 4.000%, 8/01/44   8/29 at 100.00 AA+ 2,513,085
    Cary, North Carolina, Combined Enterprise System Revenue Bonds, Series 2017:        
400   4.000%, 12/01/38   12/26 at 100.00 AAA 465,140
1,700   5.000%, 12/01/41   12/26 at 100.00 AAA 2,100,996
940   Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Refunding Series 2015, 5.000%, 7/01/32   7/25 at 100.00 AAA 1,138,284
500   Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Refunding Series 2018, 5.000%, 7/01/44   7/28 at 100.00 AAA 639,515
2,350   Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Series 2009B, 5.000%, 7/01/38   7/20 at 100.00 AAA 2,381,279
    Greensboro, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2017B:        
1,815   5.000%, 12/01/26   No Opt. Call AAA 2,314,905
1,000   5.000%, 12/01/27   No Opt. Call AAA 1,310,310
2,535   5.000%, 12/01/28   12/27 at 100.00 AAA 3,311,775
5,000   Greensboro, North Carolina, Combined Enterprise System Revenue Bonds, Series 2017A, 4.000%, 6/01/47   6/27 at 100.00 AAA 5,787,000
1,000   High Point, North Carolina, Combined Enterprise System Revenue Bonds, Series 2014, 5.000%, 11/01/39   11/24 at 100.00 AAA 1,171,130
600   Jacksonville City, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2016, 5.250%, 5/01/29   No Opt. Call Aa3 814,140
1,750   Metropolitan Sewerage District of Buncombe County, North Carolina, Sewerage System Revenue Bonds, Series 2014, 5.000%, 7/01/39   7/24 at 100.00 Aaa 2,027,813
      27
Nuveen North Carolina Municipal Bond Fund (continued)
Portfolio of Investments    February 29, 2020
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Water and Sewer (continued)        
    Oak Island, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2015:        
$3,185   5.000%, 6/01/34   6/25 at 100.00 AA $3,779,226
3,345   5.000%, 6/01/35   6/25 at 100.00 AA 3,968,073
    Oak Island, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2017:        
1,215   5.000%, 6/01/27   No Opt. Call AA 1,545,735
1,335   5.000%, 6/01/28   6/27 at 100.00 AA 1,692,833
1,000   5.000%, 6/01/33   6/27 at 100.00 AA 1,247,910
    Onslow County, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2016:        
600   5.000%, 12/01/25   No Opt. Call Aa3 737,412
940   5.000%, 12/01/28   12/26 at 100.00 Aa3 1,187,737
2,805   Sanford, North Carolina, Enterprise Systems Revenue Bonds, Refunding Series 2019, 4.000%, 6/01/45   6/29 at 100.00 Aa3 3,301,625
    Union County, North Carolina, Enterprise System Revenue Bonds, Series 2015:        
1,020   5.000%, 6/01/31   12/25 at 100.00 AA+ 1,253,376
500   5.000%, 6/01/32   12/25 at 100.00 AA+ 613,585
    Union County, North Carolina, Enterprise System Revenue Bonds, Series 2017:        
400   5.000%, 6/01/24   No Opt. Call AA+ 469,924
400   5.000%, 6/01/28   6/27 at 100.00 AA+ 512,984
1,400   Union County, North Carolina, Enterprise System Revenue Bonds, Series 2019A, 4.000%, 6/01/44   6/29 at 100.00 AA+ 1,659,700
    Winston-Salem, North Carolina, Water and Sewer System Revenue Bonds, Refunding Series 2016A:        
1,150   5.000%, 6/01/25   No Opt. Call AAA 1,400,539
2,800   5.000%, 6/01/26   No Opt. Call AAA 3,519,880
365   5.000%, 6/01/29   6/26 at 100.00 AAA 456,374
44,165   Total Water and Sewer       53,322,285
$583,209   Total Long-Term Investments (cost $581,900,388)       642,178,787
    Floating Rate Obligations – (1.4)%       (9,255,000)
    Other Assets Less Liabilities – 1.0%       6,482,725
    Net Assets – 100%       $639,406,512
28      
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund's investments in securities are recorded at their estimated fair value. 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 $ — $642,178,787 $ — $642,178,787
    
(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  
UB Underlying bond of an inverse floating rate trust reflected as a financing transaction.  
WI/DD Purchased on a when-issued or delayed delivery basis.  
      29
Nuveen Tennessee Municipal Bond Fund
Portfolio of Investments    February 29, 2020
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 105.5%        
    MUNICIPAL BONDS – 105.5%        
    Education and Civic Organizations – 7.4%        
$3,500   Claiborne County Industrial Development Board, Tennessee, Revenue Refunding Bonds, Lincoln Memorial University Project, Series 2010, 6.125%, 10/01/40   10/20 at 100.00 N/R $3,580,010
    Claiborne County, Tennessee, Industrial Development Board, Revenue Refunding Bonds, Lincoln Memorial University Project, Series 2009:        
900   6.125%, 10/01/29   3/20 at 100.00 N/R 903,033
1,090   6.375%, 10/01/34   3/20 at 100.00 N/R 1,093,717
1,740   6.625%, 10/01/39   3/20 at 100.00 N/R 1,746,073
900   Franklin County Health and Educational Facilities Board, Tennessee, Revenue Bonds, University of the South, Refunding & Improvement Series 2014, 5.000%, 9/01/29   9/22 at 100.00 A+ 985,914
    Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont University Project, Series 2012:        
660   5.000%, 11/01/27   11/21 at 100.00 A 703,045
1,300   5.000%, 11/01/28   11/21 at 100.00 A 1,384,565
1,295   5.000%, 11/01/29   11/21 at 100.00 A 1,378,579
1,495   5.000%, 11/01/30   11/21 at 100.00 A 1,590,456
710   5.000%, 11/01/31   11/21 at 100.00 A 755,092
1,000   Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Knowledge Academy Charter School, Series 2017A, 4.625%, 6/15/27, 144A (4)   No Opt. Call N/R 600,000
    Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Lipscomb University, Refunding & Improvement Series 2016A:        
610   5.000%, 10/01/30   10/26 at 100.00 BBB 748,659
640   5.000%, 10/01/31   10/26 at 100.00 BBB 781,082
670   5.000%, 10/01/32   10/26 at 100.00 BBB 816,817
705   5.000%, 10/01/33   10/26 at 100.00 BBB 857,534
745   5.000%, 10/01/34   10/26 at 100.00 BBB 904,355
780   5.000%, 10/01/35   10/26 at 100.00 BBB 945,329
2,750   5.000%, 10/01/45   10/26 at 100.00 BBB 3,273,352
3,000   Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Lipscomb University, Refunding & Improvement Series 2019A, 5.250%, 10/01/58   10/29 at 100.00 BBB 3,773,160
515   Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Rocketship Education Project, Series 2017E, 5.375%, 6/01/52, 144A   6/26 at 100.00 N/R 566,593
30      
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
    Shelby County Health, Educational and Housing Facility Board, Tennessee, Educational Facilities Revenue Bonds, Rhodes College, Series 2015:        
$700   5.000%, 8/01/40   8/25 at 100.00 A+ $834,617
1,000   5.000%, 8/01/45   8/25 at 100.00 A+ 1,183,250
26,705   Total Education and Civic Organizations       29,405,232
    Health Care – 13.7%        
    Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, CommonSpirit Health, Series 2019A-2:        
100   5.000%, 8/01/31   8/29 at 100.00 BBB+ 128,612
100   5.000%, 8/01/32   8/29 at 100.00 BBB+ 128,237
100   5.000%, 8/01/33   8/29 at 100.00 BBB+ 127,836
100   5.000%, 8/01/35   8/29 at 100.00 BBB+ 127,312
100   5.000%, 8/01/37   8/29 at 100.00 BBB+ 126,641
835   5.000%, 8/01/44   8/29 at 100.00 BBB+ 1,039,575
2,300   5.000%, 8/01/49   8/29 at 100.00 BBB+ 2,844,801
    Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger Health System, Refunding Series 2014A:        
500   5.000%, 10/01/34   10/24 at 100.00 BBB 578,455
1,575   5.000%, 10/01/44   10/24 at 100.00 BBB 1,800,052
4,395   Greeneville Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Ballad Health, Series 2018A, 5.000%, 7/01/37   7/28 at 100.00 A 5,404,927
2,885   Jackson, Tennessee, Hospital Revenue Bonds, Jackson-Madison County General Hospital Project, Series 2018A, 5.000%, 4/01/41   10/28 at 100.00 A 3,587,584
1,000   Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Mountain States Health Alliance, Series 2012A, 5.000%, 8/15/42   8/22 at 100.00 A 1,076,620
4,000   Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc, Series 2016, 5.000%, 9/01/47   9/26 at 100.00 BBB 4,646,480
    Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc, Series 2017:        
310   5.000%, 4/01/36   4/27 at 100.00 BBB 370,676
2,000   4.000%, 4/01/36   4/27 at 100.00 BBB 2,199,160
    Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Covenant Health, Refunding Series 2016A:        
2,955   5.000%, 1/01/36   1/27 at 100.00 A+ 3,574,545
5,815   5.000%, 1/01/47   1/27 at 100.00 A+ 6,871,411
7,500   Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, East Tennessee Children's Hospital, Series 2019, 4.000%, 11/15/43   2/29 at 100.00 A 8,606,175
      31
Nuveen Tennessee Municipal Bond Fund (continued)
Portfolio of Investments    February 29, 2020
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care (continued)        
    Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A:        
$2,740   5.000%, 7/01/35   7/26 at 100.00 Aa1 $3,317,702
1,165   5.000%, 7/01/40   7/26 at 100.00 Aa1 1,397,452
5,000   5.000%, 7/01/46   7/26 at 100.00 Aa1 5,926,750
385   Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2017A, 5.000%, 7/01/48   7/27 at 100.00 A3 461,954
45,860   Total Health Care       54,342,957
    Housing/Multifamily – 4.1%        
5,315   Hendersonville Industrial Development Board, Tennessee, Multifamily Housing Revenue Bonds, Hickory Pointe Poject, Series 2010, 4.875%, 12/01/25   No Opt. Call AA+ 6,350,734
1,445   Kingsport Industrial Development Board, Tennessee, Multifamily Housing Revenue Bonds, Model City Apartments Project, Series 2009, 5.000%, 7/20/29   3/20 at 100.00 N/R 1,445,910
2,075   Knox County Health, Educational and Housing Facilities Board, Tennessee, Multifamily Housing Revenue Bonds, Eastowne Village Project, Refunding Series 2001, 4.000%, 6/01/31 (Mandatory Put 6/01/21)   5/20 at 101.00 N/R 2,092,679
1,395   McMinnville-Warren County Industrial Development Board, Tennessee, Multifamily Housing Revenue Bonds, Beersheba Heights Towers, Series 2009, 5.500%, 11/20/39   3/20 at 100.00 N/R 1,408,211
4,885   Metropolitan Governemnt of Nashville & Davidson County Health and Educational Facilities Board, Tennessee, Multifamily Housing Revenue Bonds, Parkwood Villa Apartments Project, Series 2010, 4.600%, 3/01/40 (Mandatory Put 3/01/25)   5/20 at 100.00 AA+ 4,897,603
15,115   Total Housing/Multifamily       16,195,137
    Housing/Single Family – 0.4%        
1,495   Tennessee Housing Development Agency, Homeownership Program Bonds, Series 2011-1A, 4.350%, 7/01/22 (AMT)   1/21 at 100.00 AA+ 1,533,661
    Long-Term Care – 2.1%        
1,000   Blount County Health and Educational Facilites Board, Tennessee, Revenue Refunding Bonds, Asbury, Inc, Series 2016A, 5.000%, 1/01/37   1/25 at 102.00 N/R 1,061,630
    Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Blakeford at Green Hills, Refunding & Improvement Series 2012:        
1,500   5.000%, 7/01/27   7/22 at 100.00 BBB 1,608,645
1,340   5.000%, 7/01/32   7/22 at 100.00 BBB 1,429,619
1,210   5.000%, 7/01/37   7/22 at 100.00 BBB 1,285,819
1,100   Shelby County Health, Educational and Housing Facility Board, Tennessee, Residential Care Facility Mortgage Revenue Bonds, The Village at Germantown, Series 2014, 5.250%, 12/01/44   12/24 at 100.00 N/R 1,199,990
1,500   Shelby County Health, Educational and Housing Facility Board, Tennessee, Residential Care Facility Mortgage Revenue Bonds, The Village at Germantown, Series 2012, 5.250%, 12/01/42   12/22 at 100.00 N/R 1,582,935
7,650   Total Long-Term Care       8,168,638
32      
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General – 7.2%        
$2,920   Blount County, Tennessee, General Obligation Bonds, Refunding Series 2016B, 5.000%, 6/01/33   6/26 at 100.00 AA+ $3,593,410
    Franklin Special School District, Williamson County, Tennessee, General Obligation Bonds, School Improvement Series 2019:        
1,000   5.000%, 6/01/37   6/29 at 100.00 Aa1 1,314,420
1,000   5.000%, 6/01/38   6/29 at 100.00 Aa1 1,309,980
4,000   Memphis, Tennessee, General Obligation Bonds, Refunding General Improvement Series 2011, 5.000%, 5/01/36   5/21 at 100.00 AA 4,176,120
585   Metropolitan Government of Nashville-Davidson County, Tennessee, General Obligation Bonds, Refunding & Improvement Series 2010A, 5.000%, 7/01/25   7/20 at 100.00 AA 592,979
2,500   Metropolitan Government of Nashville-Davidson County, Tennessee, General Obligation Bonds, Tender Option Bond Trust 2015-XF0224, 14.893%, 7/01/27, 144A (IF) (5)   7/23 at 100.00 AA 3,872,500
600   Montgomery County, Tennessee, General Obligation Bonds, School & Public Improvement Series 2011, 5.000%, 4/01/21   No Opt. Call AA+ 627,318
2,645   Putnam County, Tennessee, General Obligation Bonds, Refunding School Series 2001, 5.250%, 4/01/20  –  FGIC Insured   No Opt. Call Aa2 2,654,310
3,050   Sumner County, Tennessee, General Obligation Bonds, Refunding Series 2011, 5.000%, 6/01/23   6/21 at 100.00 AA+ 3,210,247
    Tennessee State, General Obligation Bonds, Series 2014A:        
1,000   5.000%, 9/01/33   9/24 at 100.00 AAA 1,173,810
675   5.000%, 9/01/34   9/24 at 100.00 AAA 791,350
    Tennessee State, General Obligation Bonds, Series 2015A:        
1,535   5.000%, 8/01/34   8/25 at 100.00 AAA 1,851,625
1,250   5.000%, 8/01/35   8/25 at 100.00 AAA 1,504,913
1,730   Wilson County, Tennessee, General Obligation Bonds, Refunding Series 2012, 5.000%, 4/01/23   4/22 at 100.00 AA+ 1,877,967
24,490   Total Tax Obligation/General       28,550,949
    Tax Obligation/Limited – 15.3%        
2,500   Bristol Industrial Development Board, Tennessee, Tax Increment Revenue Bonds, Pinnacle Project, Series 2016, 5.625%, 6/01/35   6/26 at 100.00 N/R 2,706,625
6,000   Memphis & Shelby County Economic Development Growth Engine Industrial Development Board, Tennessee, Tourism Development Zone Revenue Bonds, Refunding Series 2017B, 5.000%, 11/01/30   11/26 at 100.00 AA 7,495,140
250   Memphis/Shelby County Economic Development Growth Engine Industrial Development Board, Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A, 4.750%, 7/01/27   No Opt. Call N/R 284,215
2,000   Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena Project, Junior Subordinate Lien Series 2002E, 0.000%, 4/01/34   3/20 at 43.70 N/R 870,380
1,035   Metropolitan Government Nashville & Davidson County Convention Center Authority, Tennessee, Tourism Tax Revenue Bonds, Series 2010A-1, 5.000%, 7/01/26   7/20 at 100.00 A+ 1,048,672
      33
Nuveen Tennessee Municipal Bond Fund (continued)
Portfolio of Investments    February 29, 2020
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
    Nashville Metropolitan Development and Housing Agency, Tennessee, Tax increment Bonds, Fifth & Broadway Development Project, Series 2018:        
$700   4.500%, 6/01/28, 144A   No Opt. Call N/R $778,442
570   5.125%, 6/01/36, 144A   6/28 at 100.00 N/R 658,766
4,250   Pigeon Forge Industrial Development Board, Tennessee, Revenue Bonds, Public Facility, Series 2011, 5.000%, 6/01/34   6/21 at 100.00 AA 4,452,088
7,968   Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1, 4.500%, 7/01/34   7/25 at 100.00 N/R 8,769,501
    Tennessee State School Bond Authority, Higher Educational Facilities Second Program Bonds, Refunding Series 2015B:        
4,160   5.000%, 11/01/33 (UB) (5)   11/25 at 100.00 AA+ 5,025,363
6,225   5.000%, 11/01/34 (UB) (5)   11/25 at 100.00 AA+ 7,512,330
1,500   5.000%, 11/01/35   11/25 at 100.00 AA+ 1,808,385
1,295   5.000%, 11/01/40   11/25 at 100.00 AA+ 1,544,029
5,000   5.000%, 11/01/40 (UB) (5)   11/25 at 100.00 AA+ 5,961,500
10,000   5.000%, 11/01/45 (UB) (5)   11/25 at 100.00 AA+ 11,857,300
53,453   Total Tax Obligation/Limited       60,772,736
    Transportation – 6.8%        
    Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue Bonds, Series 2010B:        
3,250   5.625%, 7/01/20 (AMT)   No Opt. Call A 3,301,415
420   5.750%, 7/01/23 (AMT)   7/20 at 100.00 A 426,674
2,265   5.750%, 7/01/24 (AMT)   7/20 at 100.00 A 2,300,991
5,750   Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Improvement Series 2015A, 5.000%, 7/01/45   7/25 at 100.00 A+ 6,816,912
    Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Subordinate Series 2019A:        
3,165   4.000%, 7/01/49   7/30 at 100.00 A2 3,770,053
5,350   4.000%, 7/01/54   7/30 at 100.00 A2 6,339,590
2,000   Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Subordinate Series 2019B, 5.000%, 7/01/49 (AMT)   7/30 at 100.00 A2 2,555,700
1,510   Metropolitan Nashville Airport Authority, Tennessee, Special Facility Revenue Bonds, Aero Nashville LLC Project, Refunding Series 2010, 5.200%, 7/01/26   7/20 at 100.00 Baa3 1,528,769
23,710   Total Transportation       27,040,104
    U.S. Guaranteed – 17.3% (6)        
    Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic Health Initiatives, Series 2013A:        
1,500   5.000%, 1/01/33 (Pre-refunded 1/01/23)   1/23 at 100.00 BBB+ 1,672,215
1,000   5.250%, 1/01/45 (Pre-refunded 1/01/23)   1/23 at 100.00 BBB+ 1,121,770
34      
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    U.S. Guaranteed (6) (continued)        
    Clarksville, Tennessee, Electric System Revenue Bonds, Series 2010A:        
$1,160   5.000%, 9/01/34 (Pre-refunded 9/01/20)   9/20 at 100.00 Aa2 $1,184,464
2,500   5.000%, 9/01/35 (Pre-refunded 9/01/20)   9/20 at 100.00 Aa2 2,552,725
2,375   First Utility District of Knox County, Tennessee, Water and Sewer Revenue Bonds, Series 2012A, 5.000%, 12/01/32 (Pre-refunded 12/01/22)   12/22 at 100.00 AAA 2,646,581
    Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Mountain States Health Alliance, Refunding Series 2010A:        
905   5.375%, 7/01/25 (Pre-refunded 7/01/20)   7/20 at 100.00 Baa1 918,457
200   5.625%, 7/01/30 (Pre-refunded 7/01/20)   7/20 at 100.00 Baa1 203,136
1,250   6.000%, 7/01/38 (Pre-refunded 7/01/20)   7/20 at 100.00 Baa1 1,271,088
    Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Refunding and Improvement Bonds, Johnson City Medical Center, Series 1998C:        
210   5.125%, 7/01/25 (Pre-refunded 7/01/20)  –  NPFG Insured   7/20 at 100.00 N/R 213,665
2,735   5.125%, 7/01/25 (ETM)   5/20 at 100.00 Baa2 2,920,953
9,570   5.250%, 7/01/28 (ETM)   5/20 at 100.00 Baa2 10,267,079
3,000   Knox-Chapman Utility District of Knox County, Tennessee, Water and Sewer Revenue Bonds, Series 2011, 5.250%, 1/01/36 (Pre-refunded 1/01/21)   1/21 at 100.00 AA- 3,111,930
18,670   Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Subordinate Lien Revenue Bonds, Volunteer Healthcare Systems Inc, Series 1988, 0.000%, 6/01/21 (ETM)   No Opt. Call N/R 18,448,761
715   Metropolitan Government of Nashville-Davidson County, Tennessee, General Obligation Bonds, Refunding & Improvement Series 2010A, 5.000%, 7/01/25 (Pre-refunded 7/01/20)   7/20 at 100.00 N/R 724,874
495   Metropolitan Government of Nashville-Davidson County, Tennessee, General Obligation Bonds, Refunding Series 2012, 5.000%, 7/01/23 (Pre-refunded 7/01/22)   7/22 at 100.00 N/R 543,089
    Rutherford County Health and Educational Facilities Board, Tennessee, Multifamily Housing Revenue Bonds, Spring Valley Apartments Project, Series 2010A:        
435   5.125%, 10/01/30 (Pre-refunded 10/01/20)   10/20 at 100.00 N/R 445,536
3,700   5.850%, 10/01/46 (Pre-refunded 10/01/20)   10/20 at 100.00 N/R 3,807,041
1,000   Shelby County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Methodist Le Bonheur Healthcare, Series 2012, 5.000%, 5/01/42 (Pre-refunded 5/01/22)   5/22 at 100.00 A1 1,086,870
3,525   Shelby County Health, Educational and Housing Facility Board, Tennessee, Educational Facilities Revenue Bonds, Rhodes College, Series 2011, 5.500%, 8/01/40 (Pre-refunded 8/01/21)   8/21 at 100.00 A+ 3,750,811
1,000   Tennessee State, General Obligation Bonds, Series 2011A, 5.000%, 10/01/30 (Pre-refunded 10/01/21)   10/21 at 100.00 AAA 1,067,020
5,000   utherford County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Ascension Health Group, Series 2012C, 5.000%, 11/15/47 (Pre-refunded 11/15/21)   11/21 at 100.00 AA+ 5,356,450
      35
Nuveen Tennessee Municipal Bond Fund (continued)
Portfolio of Investments    February 29, 2020
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    U.S. Guaranteed (6) (continued)        
    Watauga River Regional Water Authority, Tennessee, Waterworks Revenue Bonds, Series 2012:        
$500   5.000%, 7/01/34 (Pre-refunded 7/01/22)   7/22 at 100.00 A $546,745
4,385   5.000%, 7/01/42 (Pre-refunded 7/01/22)   7/22 at 100.00 A 4,794,954
65,830   Total U.S. Guaranteed       68,656,214
    Utilities – 17.0%        
    Chattanooga, Tennessee, Electric System Enterprise Revenue Bonds, Series 2015A:        
500   5.000%, 9/01/31   9/25 at 100.00 AA+ 604,655
1,750   5.000%, 9/01/32   9/25 at 100.00 AA+ 2,111,112
    Clarksville Natural Gas Acquisition Corporation, Tennessee, Natural Gas Revenue Bonds, Series 2006:        
2,725   5.000%, 12/15/20  –  SYNCORA GTY Insured   No Opt. Call A+ 2,808,276
8,775   5.000%, 12/15/21  –  SYNCORA GTY Insured   No Opt. Call A+ 9,363,276
    Clarksville, Tennessee, Electric System Revenue Bonds, Refunding Series 2015:        
665   5.000%, 9/01/27   9/24 at 100.00 Aa2 786,868
2,000   5.000%, 9/01/31   9/24 at 100.00 Aa2 2,338,980
670   Jackson Energy Authority, Tennessee, Gas System Revenue Bonds, Refunding & Improvement Series 2015, 5.000%, 6/01/28   6/25 at 100.00 Aa2 806,774
    Johnson City Energy Authority, Tennessee, Electric System Revenue Bonds, Series 2017:        
1,000   5.000%, 5/01/28   5/27 at 100.00 Aa2 1,278,000
1,000   5.000%, 5/01/29   5/27 at 100.00 Aa2 1,272,850
1,510   Memphis, Tennessee, Electric System Revenue Bonds, Series 2016, 5.000%, 12/01/27   12/26 at 100.00 Aa2 1,910,739
1,400   Memphis, Tennessee, Gas System Revenue Bonds, Series 2017, 5.000%, 12/01/31   12/27 at 100.00 Aa1 1,804,796
10,000   Metropolitan Government of Nashville-Davidson County, Tennessee, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/15/36   5/21 at 100.00 AA+ 10,479,500
5,000   Metropolitan Government of Nashville-Davidson County, Tennessee, Electric System Revenue Bonds, Series 2017A, 5.000%, 5/15/42   5/27 at 100.00 AA+ 6,218,850
3,785   The Tennessee Energy Acquisition Corporation, Gas Project Revenue Bonds, Series 2018, 4.000%, 11/01/49 (Mandatory Put 11/01/25)   8/25 at 100.22 A 4,343,098
    The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A:        
1,395   5.250%, 9/01/21   No Opt. Call A 1,482,522
1,755   5.250%, 9/01/22   No Opt. Call A 1,930,553
3,230   5.250%, 9/01/24   No Opt. Call A 3,781,781
2,520   5.250%, 9/01/26   No Opt. Call A 3,082,489
2,100   The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B, 5.625%, 9/01/26   No Opt. Call BBB 2,615,634
36      
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Utilities (continued)        
    The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C:        
$1,100   5.000%, 2/01/21   No Opt. Call A $1,139,490
250   5.000%, 2/01/22   No Opt. Call A 268,147
600   5.000%, 2/01/23   No Opt. Call A 663,936
100   5.000%, 2/01/24   No Opt. Call A 113,972
5,090   5.000%, 2/01/27   No Opt. Call A 6,201,300
58,920   Total Utilities       67,407,598
    Water and Sewer – 14.2%        
510   DeKalb Utility District, DeKalb County, Tennessee, Waterworks Revenue Bonds, Refunding Series 2017, 3.500%, 4/01/42   4/26 at 100.00 A 556,257
    Gallatin, Tennessee, Water and Sewer Revenue Bonds, Refunding & Improvement Series 2015:        
1,655   5.000%, 1/01/31   1/25 at 100.00 AA 1,956,094
1,270   5.000%, 1/01/38   1/25 at 100.00 AA 1,489,431
    Hallsdale-Powell Utility District, Knox County, Tennessee, Water and Sewer Revenue Bonds, Refunding & Improvement Series 2019:        
1,210   4.000%, 4/01/37   4/29 at 100.00 AA 1,448,878
1,375   4.000%, 4/01/39   4/29 at 100.00 AA 1,636,690
    Hallsdale-Powell Utility District, Knox County, Tennessee, Water and Sewer Revenue Bonds, Refunding Series 2018:        
1,000   4.000%, 4/01/35   4/26 at 100.00 AA 1,142,360
1,415   4.000%, 4/01/38   4/26 at 100.00 AA 1,606,846
1,500   Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee, Utilities Revenue Bonds, Refunding Series 2015, 5.000%, 9/01/25   No Opt. Call AA+ 1,832,790
    Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee, Utilities Revenue Bonds, Refunding Series 2016:        
2,870   5.000%, 9/01/34   9/25 at 100.00 AA+ 3,483,462
4,785   5.000%, 9/01/42   9/25 at 100.00 AA+ 5,753,819
6,000   Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee, Utilities Revenue Bonds, Series 2014, 5.000%, 9/01/44   9/24 at 100.00 AA+ 6,956,880
    Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee, Utilities Revenue Bonds, Series 2020:        
1,425   4.000%, 9/01/40 (UB) (5)   9/29 at 100.00 AA+ 1,711,297
3,385   4.000%, 9/01/45 (UB) (5)   9/29 at 100.00 AA+ 4,020,534
2,950   4.000%, 9/01/50 (UB) (5)   9/29 at 100.00 AA+ 3,480,410
    Jackson Energy Authority, Tennessee, Water System Revenue Bonds, Series 2012:        
270   5.000%, 12/01/24   No Opt. Call Aa3 321,265
140   5.000%, 12/01/25   No Opt. Call Aa3 171,975
175   5.000%, 12/01/26   No Opt. Call Aa3 221,230
1,315   Knox-Chapman Utility District of Knox County, Tennessee, Water and Sewer Revenue Bonds, Refunding and Improvement Series 2015, 5.000%, 1/01/31   1/25 at 100.00 AA- 1,558,314
      37
Nuveen Tennessee Municipal Bond Fund (continued)
Portfolio of Investments    February 29, 2020
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Water and Sewer (continued)        
    Knox-Chapman Utility District of Knox County, Tennessee, Water and Sewer Revenue Bonds, Refunding and Improvement Series 2017:        
$1,475   4.000%, 1/01/32   1/26 at 100.00 AA- $1,684,671
1,000   4.000%, 1/01/35   1/26 at 100.00 AA- 1,137,140
1,525   Knoxville, Tennessee, Water System Revenue Bonds, Series 2013Z, 5.000%, 3/01/44   3/21 at 100.00 AAA 1,582,264
    Loudon, Tennessee, Water and Sewer Revenue Refunding Bonds, Series 2012A:        
950   4.000%, 3/01/22 (AMT)   No Opt. Call A+ 978,775
1,000   4.000%, 3/01/28 (AMT)   3/22 at 100.00 A+ 1,051,270
2,000   5.000%, 3/01/32 (AMT)   3/22 at 100.00 A+ 2,147,340
1,700   Watauga River Regional Water Authority, Tennessee, Waterworks Revenue Bonds, Series 2017, 4.000%, 7/01/37   7/27 at 100.00 A 1,992,366
500   West Knox Utility District of Knox County, Tennessee, Water and Sewer Revenue Bonds, Refunding & Improvement Series 2016, 5.000%, 6/01/41   6/24 at 100.00 AA+ 578,520
4,995   West Wilson Utility District, Wilson County, Tennessee, Water Revenue Bonds, Refunding & Improvement Series 2015, 5.000%, 6/01/45   6/25 at 100.00 AA 5,921,972
48,395   Total Water and Sewer       56,422,850
$371,623   Total Long-Term Investments (cost $388,459,979)       418,496,076
    Floating Rate Obligations – (6.4)%       (25,245,000)
    Other Assets Less Liabilities – 0.9%       3,403,955
    Net Assets – 100%       $396,655,031
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund's investments in securities are recorded at their estimated fair value. 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).
38      
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 $ — $418,496,076 $ — $418,496,076
    
(1) All percentages shown in the Portfolio of Investments are based on net assets.  
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.  
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.  
(4) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.  
(5) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.  
(6) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.  
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.  
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