UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-05309

Nuveen Investment Funds, Inc.

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark J. Czarniecki

Vice President and Secretary

333 West Wacker Drive,

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: May 31, 2021

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

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


ITEM 1.

REPORTS TO STOCKHOLDERS.

 


Mutual Funds
31 May 2021
Nuveen Municipal
Bond Funds
Fund Name   Class A Class C Class C1 Class C2 Class I
Nuveen Minnesota Intermediate Municipal Bond Fund   FAMAX NIBCX FACMX NIBMX FAMTX
Nuveen Minnesota Municipal Bond Fund   FJMNX NTCCX FCMNX NMBCX FYMNX
Nuveen Nebraska Municipal Bond Fund   FNTAX NAAFX FNTCX NCNBX FNTYX
Nuveen Oregon Intermediate Municipal Bond Fund   FOTAX NAFOX  –  NIMOX FORCX
As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds' annual and semi-annual shareholder reports will not be sent to you by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds' website (www.nuveen.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive shareholder reports and other communications from the Funds electronically at any time by contacting the financial intermediary (such as a broker-dealer or bank) through which you hold your Fund shares or, if you are a direct investor, by enrolling at www.nuveen.com/e-reports.
You may elect to receive all future shareholder reports in paper free of charge at any time by contacting your financial intermediary or, if you are a direct investor, by calling 800-257-8787 and selecting option #1. Your election to receive reports in paper will apply to all funds held in your account with your financial intermediary or, if you are a direct investor, to all your directly held Nuveen Funds and any other directly held funds within the same group of related investment companies.
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Table
of Contents
    
Chair’s Letter to Shareholders 4
Portfolio Managers’ Comments 5
Risk Considerations and Dividend Information 13
Fund Performance, Expense Ratios and Effective Leverage Ratios 15
Yields 24
Holding Summaries 26
Expense Examples 30
Report of Independent Registered Public Accounting Firm 32
Portfolios of Investments 33
Statement of Assets and Liabilities 94
Statement of Operations 95
Statement of Changes in Net Assets 96
Financial Highlights 98
Notes to Financial Statements 106
Additional Fund Information 117
Glossary of Terms Used in this Report 118
Annual Investment Management Agreement Approval Process 120
Liquidity Risk Management Program 128
Directors and Officers 129
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Chair’s Letter to Shareholders    
Dear Shareholders,
More than a year has passed since the World Health Organization declared COVID-19 a global pandemic in March 2020, resulting in a year marked by a global economic downturn, financial market turbulence and some immeasurable losses. Although the health crisis persists, with the widespread distribution of vaccines in the U.S. and extraordinary economic interventions by governments and central banks around the world, we collectively look forward to what our “new normal” might be.
Global economic activity has continued to rebound, driving both gross domestic product growth and inflation higher, especially in the U.S. Vaccinations have enabled a further reopening of economies while governments and central banks have taken extraordinary measures to support the recoveries. To extend relief programs enacted earlier in the crisis, the U.S. government passed $900 billion in aid to individuals and businesses in late December 2020. Another $1.9 trillion relief package was signed into law in March 2021 providing extended unemployment benefits, direct payments to individuals and families, assistance to state and local municipalities, grants to education and public health, and other support. Currently, Congress is working on an infrastructure spending plan, although its final shape and whether it passes remains to be seen. The U.S. Federal Reserve (Fed) and other central banks around the world have upgraded their economic forecasts but remain committed to sustaining the recovery by maintaining accommodative monetary conditions. However, as economies have reopened, the surge in consumer demand has outpaced supply chain capacity, resulting in a jump in inflation indicators in recent months. Whether inflation persists is a subject of debate by economists and market observers, while the Fed and other central banks believe it to be more transitory.
While the markets’ longer-term outlook has brightened, we expect intermittent bouts of volatility to continue. Markets are closely monitoring central bank signals, particularly if inflation remains elevated, as a sooner-than-expected shift to monetary tightening could slow the economic recovery. Additionally, COVID-19 cases are still elevated in some regions, as more virulent strains have spread and vaccination rollouts have been uneven around the country and around the world. The recovery hinges on controlling the virus, and estimates vary considerably on when economic activity might be fully restored and what level of public inoculation would be sufficient to contain the virus spread. On the political front, the Biden administration’s full policy agenda and the potential for Congressional gridlock remain to be seen, either of which could cause investment outlooks to shift. Short-term market fluctuations can provide your Fund opportunities to invest in new ideas as well as upgrade existing positioning while providing long-term value for shareholders. For more than 120 years, the careful consideration of risk and reward has guided Nuveen’s focus on delivering long-term results to our shareholders.
If you have concerns about what’s coming next, it can be an opportune time to assess your portfolio. We encourage you to review your time horizon, risk tolerance and investment goals with your financial professional. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Terence J. Toth
Chair of the Board
July 22, 2021
 
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Portfolio Managers’
Comments    
Nuveen Minnesota Intermediate Municipal Bond Fund
Nuveen Minnesota Municipal Bond Fund
Nuveen Nebraska Municipal Bond Fund
Nuveen Oregon Intermediate Municipal Bond Fund
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, the Funds’ investment adviser. Portfolio managers Christopher L. Drahn, CFA, and Michael S. Hamilton review economic and market conditions, key investment strategies and the performance of the Nuveen Minnesota Intermediate Municipal Bond Fund, Nuveen Minnesota Municipal Bond Fund, Nuveen Nebraska Municipal Bond Fund and Nuveen Oregon Intermediate Municipal Bond Fund. Chris has managed the Nuveen Minnesota Intermediate Municipal Bond Fund since 1994 and the Nuveen Minnesota Municipal Bond Fund since 2016. Michael has managed the Nuveen Nebraska Municipal Bond Fund since 2016 and the Nuveen Oregon Intermediate Municipal Bond Fund since 1997.
What factors affected the U.S. economy and the national municipal bond market during the twelve-month reporting period ended May 31, 2021?
The U.S. economy rebounded more quickly than expected from the deep downturn caused by the COVID-19 crisis and containment measures, but gross domestic product (GDP) shrank 3.5% in 2020 compared to 2019’s annual level. After falling into a deep recession in February 2020 due to the restrictions put on business and social activity to mitigate the COVID-19 spread, the economy bounced back with the help of several factors. These included: Federal government stimulus aiding individuals and businesses, accommodative monetary policy by the Fed that kept borrowing costs low and a gradual reopening of businesses with the roll-out of several FDA approved vaccines. U.S. GDP growth picked up pace in the first quarter of 2021, growing at an annualized rate of 6.4% according to the Bureau of Economic Analysis “second” estimate, an increase from 4.3% (annualized) in the fourth quarter of 2020. GDP measures the value of goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes.
Consumer spending, the largest driver of the economy, rebounded markedly from the steep declines early in the health crisis. Although the momentum slowed toward the end of 2020 amid a resurgence of COVID-19 infections, consumer demand resumed in 2021 as vaccination rates increased and lockdown restrictions eased, eligible Americans received another government stimulus check and the job market continued to improve. By May 2021, the U.S. unemployment rate had fallen to 5.8%, a significant improvement from 13.3% in May 2020 and from the pandemic peak of 14.8% in April 2020, according to the Bureau of Labor Statistics (BLS). The average hourly earnings rate increased, growing at an annualized rate of 2.0% in May 2021, despite the spike in unemployment. However, the BLS pointed out that wage growth trends have been difficult to analyze given the wide variation in average hourly earnings across industries and large fluctuations in employment since February 2020. The overall trend of inflation accelerated, largely due to

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
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Portfolio Managers’ Comments (continued)
rising energy prices and the improving economy. The higher annual inflation rate in May 2021 is also the result of the comparison from a year ago, when consumer prices fell sharply as the first lockdowns were imposed in March 2020. The BLS said the Consumer Price Index (CPI) increased 5.0% over the twelve-month reporting period ended May 31, 2021, before seasonal adjustment.
With the onset of the COVID-19 crisis, the Federal Reserve (Fed) enacted an array of emergency measures in March 2020 to stabilize the financial system and support the markets, including cutting its main interest rate to near zero, offering lending programs to aid small and large companies and engaging in expanded bond purchases, known as quantitative easing. In August 2020, the Fed announced a change in its inflation targeting policy, moving from a program of absolute targeting to an average inflation targeting policy. Under this regime, the Fed will tolerate the inflation rate temporarily overshooting the target rate to offset periods of below-target inflation, so that inflation averages a 2% target rate over time. In their meetings throughout the first half of 2021, Fed officials continued to signal that accommodative policy measures will stay in place, asserting that recently higher inflation readings are transitory and the economic recovery remains far from the Fed’s goals.
The federal government also intervened with historic relief measures, starting with three aid packages in March and April 2020. These included $2 trillion allocated across direct payments to individuals, an expansion of unemployment insurance, loans to large and small businesses, funding to hospitals and health agencies and support to state and local governments, and more than $100 billion in funding to employers offering paid leave. In December 2020, the government enacted a $900 billion relief package extending some of these programs, and followed in March 2021 with another $1.9 trillion deal providing support to individuals and families, small businesses, state and local governments, education and public health/vaccination. The Biden administration has proposed another $2 trillion stimulus plan focused on infrastructure and jobs, but it is facing legislative hurdles.
By the start of this reporting period, markets had largely stabilized from the initial health crisis shock. In March 2020, equity and commodity markets sold off and safe-haven assets rallied as countries initiated quarantines, restricted travel and shuttered factories and businesses, while an ill-timed oil price war between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC member Russia amplified the volatility. In late 2020, the announcement of high efficacy rates in several COVID-19 vaccine trials, followed by regulatory authorizations and public vaccination drives across Western countries improved the outlook for 2021 and led to risk-on sentiment in the markets. Increasing vaccination rates and some surprisingly strong economic readings in the first few months of 2021 led to rising inflation concerns and an increase in long-term interest rates, but central banks reassured the markets that it was too soon to withdraw stimulus measures.
Geopolitical uncertainty remained elevated during 2020 in anticipation of the U.S. presidential election in November 2020 and the Brexit transition period set to expire in December 2020. However, political risks began to ease with the election of President Joe Biden and a final deal struck between the European Union and U.K. before the end of the transition period. Although China and the U.S. signed a “phase one” trade deal in January 2020, tensions continued to flare over other trade and technology/security issues, Hong Kong’s sovereignty and the management of the COVID-19 crisis. In 2021, geopolitical concerns in the Middle East, Russia and Belarus made news headlines, but market impacts were relatively minimal.
Municipal bonds performed well in this reporting period, reflecting a significant recovery from the COVID-19 crisis sell-off in March 2020. At the time, U.S. Treasury yields fell to historic lows and interest rate volatility increased sharply while municipal bond prices became severely dislocated from Treasury prices and credit spreads widened significantly. With ongoing monetary and fiscal interventions from the Fed and U.S. government and credit fundamentals that demonstrated more resilience than initially expected, investor sentiment improved and credit spreads narrowed significantly by the end of the reporting period. Municipal bond yields generally moved lower through the first half of the reporting period, then rose over the second half as fixed income markets priced in a stronger economic growth and inflation outlook and the prospect of more government stimulus. For the twelve-month reporting period overall, municipal yields were little changed at the short end of the yield curve, higher in the intermediate segment and lower at the longest maturities, which flattened the yield curve.
Municipal bond gross issuance nationwide remained strong in the reporting period, with deals postponed rather than canceled during the COVID-19 crisis driven sell-off. The overall low level of interest rates has encouraged issuers to continue to actively refund their outstanding debt. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have represented roughly a third of total issuance in 2021 so far. Additionally, the proportion of
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taxable issuance has risen to about one third of total gross issuance since the advent of the Tax Cut and Jobs Act of 2017, which prohibits municipal issuers from issuing new tax-exempt bonds to pre-refund existing tax-exempt bonds. Thus, the net issuance (all bonds issued less bonds redeemed) of tax exempt municipal bonds is actually much lower than the gross issuance. This lower net issuance was an overall positive technical factor on municipal bond investment performance in recent years and in this reporting period.
While municipal bond funds suffered significant outflows in March 2020, particularly from high yield municipal bond funds, fund flows rebounded strongly over the remainder of 2020 and sustained a robust pace through early 2021. Demand has been resilient even though municipal defaults, as expected, have increased somewhat during the COVID-19 crisis. However, default activity has occurred mainly in sectors with greater COVID-19 risk exposure, such as senior living, corporate-backed and real estate-backed. Moreover, while there are some pockets of municipal credit ratings stress, a wave of downgrades has not materialized. With interest rates in the U.S. and globally still near all-time lows, even after the recent increase in long-term rates, the appetite for yield has continued to drive investors toward higher after-tax yielding assets, including U.S. municipal bonds. Additionally, as taxpayers have adjusted to the 2017 tax law, which caps the state and local tax (SALT) deduction for individuals, there has been increased demand for tax-exempt municipal bonds, especially in states with high income taxes and/or property taxes.
What were the economic and market environments in Minnesota, Nebraska and Oregon during the twelve-month reporting period ended May 31, 2021?
Minnesota continues to benefit from a highly diverse economy and well educated work force. However, economic growth continues to lag the nation, with Minnesota's nominal GDP declining 2.5% in 2020 (ranking 28th among states) compared to a growth rate of - 2.3% for the nation. As of May 2021, Minnesota's unemployment rate was a low 4.0% and remains well below the national unemployment rate of 5.8%. Home prices in the Minneapolis area were up 11.3% year-over-year as of April 2021 (most recent data available at the time this report was prepared), according to the S&P CoreLogic Case-Shiller Index. Minnesota is now anticipating a Fiscal Year 2021 surplus of $3.4 billion, a $1.8 billion increase from February's projections due to higher than anticipated income, sales and corporate tax revenues. Notably, the state's rainy day funds were at the highest levels ever, at nearly $2.8 billion in Fiscal Year 2020, providing a sufficient cushion that will be bolstered by the additional surplus in Fiscal Year 2021. In addition, the state is scheduled to receive $2.8 billion in American Rescue Plan funding, which will provide additional financial flexibility for the state over the near term. The state's biennium 2022-2023 budget contains $52 billion in appropriations. Moody's has maintained the state's Aa1 rating and stable outlook. S&P recently affirmed the state's AAA rating with negative outlook on February 18, 2021.
Nebraska’s economic growth surpassed its Midwestern peers and the nation amidst the pandemic. In 2020, the state’s nominal GDP declined 0.9% compared to a -2.3% growth rate for the nation, ranking it 10th amongst states. Agriculture and livestock industries dominate the state’s economy. Nebraska was ranked 4th among states in agricultural related income. More than 20% of the state’s GDP comes from agriculture. Farm earnings in 2020 reached their highest mark since 2016 due to higher crop prices and aid from the federal government. However, higher feed prices are likely to pressure an already struggling livestock industry over the near term. As of May 2021, Nebraska’s unemployment rate was a low 2.3% and remains below the national unemployment rate of 5.8%. Fiscal Year 2020 ended positively with a sound combined $1.1 billion in reserves. Of that amount, $426 million is in the cash reserve or rainy day fund, or a sound 8.5% of revenues. Better than anticipated revenue performance in Fiscal Year 2021, coupled with conservatively constraining expenditure growth to only 1.7% per year in the biennium 2022-2023 budget has the state projected to increase its rainy day fund balance to approximately $763 million, or roughly 14% of annual revenues. In addition, the state is scheduled to receive roughly $1.0 billion in American Rescue Plan funding from the federal government, which will provide additional financial flexibility over the near term. Nebraska’s constitution prohibits the issuance of general obligation debt, leading Nebraska to have the lowest debt burden of any state as measured on a per-capita basis and as a percentage of personal income. Nebraska held a rating from S&P of AAA and from Moody’s at Aa1 with stable outlooks.
Oregon’s initial economic recovery has been strong and compares favorably to the nation’s recovery. As of May 2021, Oregon's unemployment rate was 5.9%, compared to the national unemployment rate of 5.8%. Unemployment rate is significantly down from a historical peak of 13.2% in April 2020. Home prices in the Portland area were up 15.4% year-over-year as of April 2021 (most recent data available at the time this report was prepared), according to the S&P CoreLogic Case-Shiller Index. Intel, with more than 20,000 employees, continues to rank as the State’s largest private employer. Oregon’s per capita income was 100% of the national average. Prior to the COVID-19 crisis, the State was continuing to exhibit improved financial operations and accumulation of reserves. In the March
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Portfolio Managers’ Comments (continued)
2021 forecast, the Office of Economic Analysis OEA projects general fund revenues to be $22.0 billion for the 2019-21 Biennium, which represents an increase of approximately $746.8 million from the December 2020 forecast and an increase of approximately $990.2 million relative to the 2019 Close of Session forecasts, upon which the 2019-21 budget was built. Most of the projected increase in general fund revenues are attributed to personal and corporate income tax collections. Oregon has no sales tax, but relies heavily on personal income taxes, accounting for a nearly 90% of general fund revenues. The State’s debt burden as a percentage of personal income at 3.5% ranks it 14th among the states and 12th based on $2,004 debt per capita according to Moody’s State Debt Medians 2020. In April 2015, the Oregon Supreme Court overturned a large portion of the pension reforms enacted by the State in 2013. Due to this, as well as the lowering of discount rate, the overall pension liability has increased and caused an increase in pension contributions, though the reforms are being pursued. As of May 2021, Oregon’s general obligation bonds were rated Aa1 (stable) from Moody’s and AA+ (stable) by S&P.
How did the Funds perform during the twelve-month reporting period ended May 31, 2021?
The tables in the Fund Performance, Expense Ratios and Effective Leverage Ratios section of this report provide each Fund’s total return performance information for each share class of the Fund for the period ended May 31, 2021. Each Fund’s Class A Shares at net asset value (NAV) are compared with the performance of its corresponding benchmark and Lipper classification average.
During the reporting period, the Class A Shares at NAV of the Nuveen Minnesota Municipal Bond Fund outperformed the S&P Municipal Bond Index, while the Class A Shares at NAV of the Nuveen Nebraska Municipal Bond Fund underperformed the S&P Municipal Bond Index. The Class A Shares at NAV of the Nuveen Minnesota Intermediate Municipal Bond Fund matched the S&P Municipal Bond Intermediate Index, while the Nuveen Oregon Intermediate Municipal Bond Fund trailed the S&P Municipal Bond Intermediate Index. Meanwhile, the Oregon Intermediate Municipal Bond Fund matched its respective Lipper classification average, while the Minnesota and Minnesota Intermediate Funds outperformed their respective Lipper classification averages to varying degrees and the Nebraska Fund underperformed its Lipper classification average.
For the purposes of this Performance Commentary, the references to relative performance of the Nuveen Minnesota Municipal Bond Fund and the Nuveen Nebraska Municipal Bond Fund is in comparison to S&P Municipal Bond Index, while references to the Nuveen Minnesota Intermediate Municipal Bond Fund and the Nuveen Oregon Intermediate Municipal Bond Fund is in comparison to the S&P Municipal Bond Intermediate Index.
What strategies were used to manage the Funds and how did these strategies influence performance during the twelve-month reporting period ended May 31, 2021?
Each Fund’s investment objective is to provide as high a level of current interest income exempt from regular federal, state and, in some cases, local income taxes as is consistent with preservation of capital.
Below we highlight the specific factors influencing each Fund’s investment strategy, as well as how we managed each portfolio in light of recent market conditions.
Nuveen Minnesota Intermediate Municipal Bond Fund
The Class A Shares of the Nuveen Minnesota Intermediate Municipal Bond Fund matched the S&P Municipal Bond Intermediate Index for the twelve-month reporting period ended May 31, 2021.
The Fund benefited from an overweight in hospital bonds, while security selection in this strong performing category further helped performance. An overweight in predominantly non-rated senior living bonds also contributed to relative performance, reflecting the sector’s strong price rebound during the reporting period from the COVID-19 crisis. Other positive performance factors included positions in various charter school holdings and several private higher education bond issues.
On the negative side, relative to the S&P Municipal Bond Intermediate Index, more limited exposure to the strong performing industrial development revenue bond category hampered performance results. An underweight in the broad transportation sector also detracted from performance. In particular, the Fund was underrepresented in certain outperforming categories (such as passenger and commuter rail bonds) prevalent in the national index but highly limited in the Minnesota marketplace. Within the transportation sector,
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management did maintain an overweight among airport bonds, which outperformed and therefore boosted the Fund’s relative performance. Also hampering relative performance was the Fund’s overweight in the local general obligation (GO) bond category, although a simultaneous underweight in state GO bonds added to performance. Also detracting was the Fund’s underweight in dedicated-tax bonds as these bonds tend to be relatively scarce in Minnesota as standalone issues. A lack of exposure to this outperforming category weighed on the Fund’s performance.
From a duration (interest rate) and yield curve positioning standpoint, the Fund modestly benefited from its overweight in bonds of longer intermediate duration, which benefited to a greater extent from a portion of the yield curve flattening as well as general credit spread compression. The Fund’s simultaneous overweight in bonds with effective durations between zero and two years, a lagging segment of the yield curve, detracted from performance.
Favorable credit quality positioning added to the Fund’s performance. As lower quality, higher yielding bonds generally outperformed higher quality, lower yielding bonds, the Fund’s overweight in the A and non-rated credit tiers added value, as did security selection in the latter segment. The Fund's underweight in the market’s two highest credit quality tiers, AAA and AA, also lifted relative performance.
Coming into this reporting period, as bonds in certain sectors and lower credit quality tiers were hit harder than others early in the COVID-19 crisis, management sought to maintain and, when possible, opportunistically add to holdings in segments that had disproportionately struggled. The Fund pursued this strategy more intermittently than management found optimal, however, due to limited public new issuance of suitable lower rated, higher yielding Minnesota bonds for this reporting period.
These trends, combined with consistently positive shareholder inflows, led to increased exposure in high quality segments, especially AAA and AA, somewhat at the expense of the Fund’s allocation to A and BBB bonds. The portfolio’s most significant sector change was a modest increase in GO debt, reflecting availability in the marketplace in which the Fund had proceeds requiring investment. Other areas of increase included marginally adding to the Fund’s appropriation-backed holdings and private higher education bonds. Overall sector and credit weightings did not dramatically change in this Fund, however, and the Fund was able to maintain its exposure to higher yielding, below investment grade holdings.
Nuveen Minnesota Municipal Bond Fund
The Class A Shares of the Nuveen Minnesota Municipal Bond Fund outperformed the S&P Municipal Bond Index for the twelve-month reporting period ended May 31, 2021.
Favorable duration (interest rate) and yield curve positioning helped drive the Fund’s outperformance of the benchmark. Longer duration bonds, which benefited from falling municipal interest rates, generally performed well and consistently outpaced shorter duration bonds. Against this backdrop, the Fund’s relative overweight in longer and longer-intermediate bonds and a corresponding underweight in shorter duration bonds added to the Fund’s performance.
Credit positioning also helped the Fund’s relative performance. During this reporting period, higher yielding bonds of lower credit quality generally outperformed their lower yielding, higher quality counterparts. Accordingly, the Fund's overweight in lower quality tiers, especially among A rated and non-rated bonds, lifted relative performance. Also, a significant relative underweight in the AA rating tier helped results, given the underperformance of these highly creditworthy bonds. Simultaneously, the Fund's underweight to the outperforming BBB rating segment, however, offset some of this performance gain. Meanwhile, from an individual security selection standpoint, the Fund's holdings in the non-rated credit segment also added value.
The Fund's sector positioning relative to the S&P Municipal Bond Index experienced mixed results. It benefited from its underweight in state general obligation (GO) holdings, although its overweight in the local GO bond category was detrimental, as GO bonds generally underperformed revenue bonds for the twelve-month reporting period. A relative underweight in dedicated-tax bonds also hampered results, as these bonds tend to be scarce as standalone credits within the Minnesota municipal marketplace.
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Portfolio Managers’ Comments (continued)
On the positive side, a relative overweight in the strong performing hospital bond sector, combined with favorable security selection in the category, added value. Similarly, an overweight in the predominantly non-rated senior living sector was a meaningful positive as this category rebounded in value and was one of the market’s strongest performers during the reporting period. The Fund’s significant exposure to charter school bonds, combined with several strong performing positions in private higher education bonds, also lifted relative performance.
An underweight in the transportation sector relative to the S&P Municipal Bond Index also hurt the Fund’s relative performance, as the overall sector outperformed the index. Within this category, an underweight in bonds of toll roads, ports and certain other strong performing components of the sector nationally, such as passenger and commuter rail bonds, was a negative, as these bonds strongly recovered. The Fund’s overweight in airport bonds added value, however, as did favorable security selection in the category. An underweight in industrial development revenue bonds relative to the national index also detracted from performance.
The Fund maintained relatively steady credit and sector exposures throughout the reporting period. With certain sectors hurt more than others during the COVID-19 crisis market downturn of March and April 2020, management opted to maintain consistent exposure to disproportionately struggling sectors and even incrementally add exposure when the value opportunity was attractive.
With limited availability of lower investment grade bonds or many other suitable long term, higher yielding investment opportunities in the Minnesota municipal marketplace, management opted to reinvest the proceeds of consistently positive shareholder inflows by modestly increasing exposure to AAA rated bonds and state GO bonds. Meanwhile, through occasional investments of senior living or charter school bonds, the Fund was able to generally maintain its allocation to non-rated and below investment grade (below BBB) debt.
Nuveen Nebraska Municipal Bond Fund
The Class A Shares of the Nuveen Nebraska Municipal Bond Fund underperformed the S&P Municipal Bond Index for the twelve-month reporting period ended May 31, 2021.
Lower quality securities generally performed better than higher quality municipal bonds as credit spreads narrowed, while longer maturity bonds outperformed shorter maturity bonds as interest rates declined and the yield curve steepened.
Sector allocation and credit quality positioning were the key factors driving the Fund’s underperformance relative to the index, largely reflecting limited availability of Nebraska municipal bonds in certain outperforming sectors and lower quality credit tiers.
From a sector perspective, the Fund’s overweight in the local general obligation and utility sectors detracted from relative performance. These higher quality segments, which make up a larger portion of the Nebraska market than nationally, lagged the index. Additionally, the Fund’s underweight in the transportation sector also hurt relative performance, given that this category outperformed the index.
The Fund’s credit quality underweight in bonds rated BBB and below detracted from performance as these lower quality tiers outperformed. Among higher rated segments, an overweight in AA rated credits also hurt performance because these bonds trailed the index. Conversely, the Fund’s underweight in AAA rated bonds, the market’s highest quality and weakest performing credit tier, modestly contribute to performance, while an overweight in the outperforming A rated credit category was another positive performance factor.
On the positive side, duration (interest rate) and yield curve positioning added considerable value. The Fund’s portfolio duration was somewhat longer than that of the benchmark. As such, the Fund benefited to a greater extent from the decline in interest rates during the reporting period. A relative overweight in bonds with effective durations of six years and longer (an outperforming market segment) and underweight in bonds with effective durations shorter than six years (a lagging segment) further benefited relative performance.
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Certain out-of-state bonds, purchased both before and during the reporting period when the supply of suitable Nebraska bonds was constrained, also boosted relative performance. When investing in these out-of-state bonds, management was highly selective, focusing on those offering enough yield and total return potential to offset the lack of a tax advantage for Nebraska residents. Notable out-of-state contributors this reporting period included bonds issued by the Buckeye Tobacco Settlement Financing Authority (Ohio) and the Washington State Convention Center Public Facilities District. Both outperformed the index and therefore bolstered the Fund’s relative performance. Within the Nebraska marketplace, the Fund’s holdings in certain bonds issued on behalf of retirement centers were meaningful contributors.
The Fund further benefited from securities issued by Puerto Rico Sales Tax Financing Corp., known as COFINA bonds, and from water bonds issued by Guam. Like all debt issued by U.S. territories, Puerto Rico and Guam bonds may include exemptions from most federal, state and local taxes.
New purchases during the reporting period were financed with investment inflows into the Fund and, to a lesser extent, proceeds from bond calls. Bonds added to the portfolio typically had maturities of ten to 30 years.
Early in the reporting period, given better supply of attractively valued bonds outside Nebraska, management invested in out-of-state credits when bonds there appeared to be attractive alternatives to in-state purchases. These purchases included transportation securities (Arizona), health care bonds (Indiana), and bonds from U.S. territories Puerto Rico and Guam.
In the second half of the reporting period, Fund purchases more often involved Nebraska bonds when management believed these bonds offered attractive values. New in-state acquisitions occurred in the local general obligation, housing and higher education segments.
Nuveen Oregon Intermediate Municipal Bond Fund
The Class A Shares of the Nuveen Oregon Intermediate Municipal Bond Fund underperformed the S&P Municipal Bond Intermediate Index for the twelve-month reporting period ended May 31, 2021.
The Fund’s underperformance of its benchmark stemmed mostly from security selection and sector allocation. From a security selection standpoint, the Fund was underweight the lower quality, longer duration securities that were the best performers this reporting period. This positioning reflected the generally limited availability of such securities in the Oregon municipal marketplace.
The Fund held certain lower quality, longer duration bonds that performed well, including bonds issued for the Dallas Retirement Village, Oregon Health & Science University, Salem Hospital and Portland International Airport. Additionally, bonds from U.S. territories contributed to relative performance, especially those issued by the Puerto Rico Sales Tax Financing Corporation, known as COFINA bonds, and the Puerto Rico Aqueduct and Sewer Authority (PRASA), as well as Guam water bonds. Like all debt issued by U.S. territories, Puerto Rico and Guam bonds may include exemptions from most state and local taxes.
The Fund's overweight sector exposure to local general obligation bonds hurt, as this generally high quality segment lagged the index. An underweight in transportation bonds, which are in limited supply in the Oregon marketplace, also detracted as the sector outperformed the index. These negative factors, however, were somewhat offset by a helpful overweight in the health care sector, which rebounded sharply off of depressed levels to begin this reporting period.
The Fund’s duration (interest rate) and yield curve positioning added value. By maintaining a longer duration than the index, the Fund’s portfolio captured more of the positive effects of an overall decline in interest rates. More specifically, an overweight in bonds with effective durations of six to ten years and underweight in securities with effective durations of less than four years proved helpful, given that longer rates fell to a greater extent than shorter rates. Partially offsetting the positive effects of that positioning was the Fund’s underweight in bonds with effective durations of ten years or longer, the best-performing area of the yield curve.
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Portfolio Managers’ Comments (continued)
The Fund’s credit quality positioning was another positive performance factor. The Fund's underweight in AAA rated bonds, the highest quality tier and the biggest laggard of the credit rating segments this reporting period, contributed to performance. At the other end of the credit spectrum, an overweight in non-rated securities, one of the best performing credit tiers, also proved beneficial. These positive influences, however, were somewhat muted by an overweight in AA rated bonds, and by an underweight in longer duration BBB rated securities.
Throughout the reporting period, the Fund received significant shareholder inflows that, along with proceeds from called bonds, provided ample funds for management to purchase new securities. Additions to the Fund’s portfolio were primarily Oregon bonds, highlighted by purchases in the local general obligation, utility, higher education and health care sectors.
Generally, the bonds added to the Fund throughout the reporting period had maturities ranging from ten to 14 years. Focusing on these longer maturity bonds allowed management to maintain its target duration positioning to support the Fund’s income flow to shareholders. Purchases occurred primarily in the higher credit rating categories, reflecting the high quality nature of the overall Oregon municipal bond marketplace. Also, the Fund purchased bonds of Puerto Rico at times that these bonds appeared to be offering attractive alternatives to Oregon securities.
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Risk Considerations and Dividend Information    
Risk Considerations
Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Funds, are subject to market risk, credit risk, interest rate risk, call risk, state concentration risk, tax risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. The Funds' use of inverse floaters creates effective leverage. Leverage involves the risk that the Funds could lose more than its original investment and also increases the Funds' exposure to volatility and interest rate risk.
Dividend Information
Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6  –  Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.
All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions is sourced or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of the Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for the Fund as of its most recent tax year end is presented in Note 6  –  Income Tax Information within the Notes to Financial Statements of this report.
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Fund Performance, Expense Ratios and Effective Leverage Ratios    
The Fund Performance, Expense Ratios and Effective Leverage Ratios for each Fund are shown within this section of the report.
Fund Performance
Returns quoted represent past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown.
Total returns for a period of less than one year are not annualized (i.e. cumulative returns). Since inception returns are shown for share classes that have less than 10-years of performance. Returns at net asset value (NAV) would be lower if the sales charge were included. Returns assume reinvestment of dividends and capital gains. For performance, current to the most recent month-end visit nuveen.com or call (800) 257-8787.
Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Income is generally exempt from regular federal income taxes. Some income may be subject to state and local income taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Returns may reflect fee waivers and/or expense reimbursements by the investment adviser during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees, and assume reinvestment of dividends and capital gains.
Comparative index and Lipper return information is provided for Class A Shares at NAV only.
Expense Ratios
The expense ratios shown are as of the Fund's most recent prospectus. The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any). The expense ratios include management fees and other fees and expenses. Refer to the Financial Highlights later in this report for the Fund's expense ratios as of the end of the reporting period.
Effective Leverage Ratios
Leverage is created whenever a Fund has investment exposure (both reward and/or risk) equivalent to more than 100% of its investment capital. The effective leverage ratio shown for each Fund is the amount of investment exposure created either directly through borrowings or indirectly through inverse floaters, divided by the assets invested, including those assets that were purchased with the proceeds of the leverage, or referenced by the levered instrument. A Fund may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to pay cash out to redeeming shareholders or to settle portfolio trades. Such incidental borrowings, described generally in Notes to Financial Statements, Note 8—Borrowing Arrangements, are excluded from the calculation of a Fund’s effective leverage ratio.
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Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)
Nuveen Minnesota Intermediate Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratios
  Total Returns as of May 31, 2021*  
    Average Annual  
  Inception
Date
1-Year 5-Year 10-Year Expense
Ratios
Class A Shares at NAV 2/25/94 3.71% 2.63% 3.39% 0.80%
Class A Shares at maximum Offering Price 2/25/94 0.63% 2.01% 3.07% -
S&P Municipal Bond Intermediate Index - 3.71% 3.28% 3.90% -
Lipper Other States Intermediate Municipal Debt Funds Classification Average - 2.69% 2.26% 2.82% -
Class C2 Shares 1/18/11 3.13% 2.07% 2.95% 1.35%
Class I Shares 2/25/94 3.90% 2.84% 3.60% 0.60%
    
  Total Returns as of May 31, 2021*  
    Average Annual  
  Inception
Date
1-Year 5-Year Since
Inception
Expense
Ratios
Class C Shares 2/10/14 2.91% 1.80% 2.38% 1.60%
*       Class A Shares have a maximum 3.00% sales charge (Offering Price). Class A Share purchases of $250,000 or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C and Class C2 Shares automatically convert to Class A Shares ten years after purchase (effective March 1, 2021, eight years after purchase). Returns for periods longer than eight years for Class C and Class C2 Shares reflect the performance of Class A Shares after the deemed eight-year conversion to Class A Shares within such periods. All outstanding Class C2 Shares converted to Class A Shares after the close of business on June 4, 2021. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Effective Leverage Ratio as of May 31, 2021

Effective Leverage Ratio 0.00%
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Growth of an Assumed $10,000 Investment as of May 31, 2021  –  Class A Shares
The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemptions of Fund shares.
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Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)
Nuveen Minnesota Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratios
  Total Returns as of May 31, 2021*  
    Average Annual  
  Inception
Date
1-Year 5-Year 10-Year Expense
Ratios
Class A Shares at NAV 7/11/88 5.02% 3.10% 4.59% 0.79%
Class A Shares at maximum Offering Price 7/11/88 0.58% 2.22% 4.15% -
S&P Municipal Bond Index - 4.70% 3.48% 4.35% -
Lipper Minnesota Municipal Debt Funds Classification Average - 4.54% 2.75% 3.64% -
Class C1 Shares 2/01/99 4.57% 2.65% 4.21% 1.24%
Class C2 Shares 1/18/11 4.61% 2.58% 4.14% 1.34%
Class I Shares 8/01/97 5.23% 3.32% 4.79% 0.59%
    
  Total Returns as of May 31, 2021*  
    Average Annual  
  Inception
Date
1-Year 5-Year Since
Inception
Expense
Ratios
Class C Shares 2/10/14 4.19% 2.30% 3.38% 1.59%
*       Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $250,000 or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C, Class C1, and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C, Class C1, and Class C2 Shares automatically convert to Class A Shares ten years after purchase (effective March 1, 2021, eight years after purchase). Returns for periods longer than eight years for Class C, Class C1 and Class C2 Shares reflect the performance of Class A Shares after the deemed eight-year conversion to Class A Shares within such periods. All outstanding Class C1 Shares and Class C2 Shares converted to Class A shares after the close of business on June 4, 2021. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Effective Leverage Ratio as of May 31, 2021

Effective Leverage Ratio 0.00%
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Growth of an Assumed $10,000 Investment as of May 31, 2021  –  Class A Shares
The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemptions of Fund shares.
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Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)
Nuveen Nebraska Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratios
  Total Returns as of May 31, 2021*  
    Average Annual   Expense Ratios**
  Inception
Date
1-Year 5-Year 10-Year   Gross Net
Class A Shares at NAV 2/28/01 3.03% 2.74% 3.86%   0.89% 0.88%
Class A Shares at maximum Offering Price 2/28/01 (1.29)% 1.85% 3.41%   - -
S&P Municipal Bond Index - 4.70% 3.48% 4.35%   - -
Lipper Other States Municipal Debt Funds Classification Average - 4.25% 2.65% 3.56%   - -
Class C2 Shares 1/18/11 2.47% 2.16% 3.40%   1.44% 1.43%
Class I Shares 2/28/01 3.24% 2.94% 4.07%   0.69% 0.68%
    
  Total Returns as of May 31, 2021*  
    Average Annual   Expense Ratios**
  Inception
Date
1-Year 5-Year Since
Inception
  Gross Net
Class C Shares 2/10/14 2.20% 1.90% 2.91%   1.69% 1.68%
*       Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $250,000 or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C and Class C2 Shares automatically convert to Class A Shares ten years after purchase (effective March 1, 2021, eight years after purchase). Returns for periods longer than eight years for Class C and Class C2 Shares reflect the performance of Class A Shares after the deemed eight-year conversion to Class A Shares within such periods. All outstanding Class C2 Shares converted to Class A Shares after the close of business on June 4, 2021. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
**     The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through July 31, 2023, so that total annual fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing or portfolio securities and extraordinary expenses) do not exceed 0.70% of the average daily net assets of any class of Fund shares. This expense limitation may be terminated or modified prior to that time without the approval of the Board of Directors of the Fund.
Effective Leverage Ratio as of May 31, 2021

Effective Leverage Ratio 0.00%
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Growth of an Assumed $10,000 Investment as of May 31, 2021  –  Class A Shares
The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemptions of Fund shares.
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Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)
Nuveen Oregon Intermediate Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratios
  Total Returns as of May 31, 2021*  
    Average Annual  
  Inception
Date
1-Year 5-Year 10-Year Expense
Ratios
Class A Shares at NAV 2/01/99 2.69% 2.49% 3.03% 0.81%
Class A Shares at maximum Offering Price 2/01/99 (0.41)% 1.88% 2.72% -
S&P Municipal Bond Intermediate Index - 3.71% 3.28% 3.90% -
Lipper Other States Intermediate Municipal Debt Funds Classification Average - 2.69% 2.26% 2.82% -
Class C2 Shares 1/18/11 2.12% 1.95% 2.57% 1.36%
Class I Shares 8/08/97 2.88% 2.69% 3.23% 0.61%
    
  Total Returns as of May 31, 2021*  
    Average Annual  
  Inception
Date
1-Year 5-Year Since
Inception
Expense
Ratios
Class C Shares 2/10/14 1.88% 1.67% 2.12% 1.61%
*       Class A Shares have a maximum 3.00% sales charge (Offering Price). Class A Share purchases of $250,000 or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C and Class C2 Shares automatically convert to Class A Shares ten years after purchase (effective March 1, 2021, eight years after purchase). Returns for periods longer than eight years for Class C and Class C2 Shares reflect the performance of Class A Shares after the deemed eight-year conversion to Class A Shares within such periods. All outstanding Class C2 Shares converted to Class A Shares after the close of business on June 4, 2021. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Effective Leverage Ratio as of May 31, 2021

Effective Leverage Ratio 0.00%
Growth of an Assumed $10,000 Investment as of May 31, 2021  –  Class A Shares
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The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemptions of Fund shares.
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Yields    as of May 31, 2021
Dividend Yield is the most recent dividend per share (annualized) divided by the offering price per share.
The SEC 30-Day Yield is a standardized measure of a fund’s yield that accounts for the future amortization of premiums or discounts of bonds held in the fund’s portfolio. The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. Subsidized yields reflect fee waivers and/or expense reimbursements from the investment adviser during the period. Unsubsidized yields do not reflect waivers and/or reimbursements from the investment adviser during the period. Refer to the Notes to Financial Statements, Note 7  –  Management Fees and Other Transactions with Affiliates for further details on the investment adviser’s most recent agreement with the Fund to waive fees and/or reimburse expenses, where applicable. Dividend Yield may differ from the SEC 30-Day Yield because the fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium.
The Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis at an assumed tax rate. Your actual combined federal and state income tax rates may differ from the assumed rate. Taxable-Equivalent Yield also takes into account the percentage of the Fund’s income generated and paid by the Fund (based on payments made during the previous calendar year) that was either exempt from federal income tax but not from state income tax (e.g., income from an out-of-state municipal bond), or was exempt from neither federal nor state income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower.
Nuveen Minnesota Intermediate Municipal Bond Fund
  Share Class
  Class A1 Class C Class C2 Class I
Dividend Yield 1.64% 0.91% 1.13% 1.87%
SEC 30-Day Yield 0.62% (0.15)% 0.11% 0.83%
Taxable-Equivalent Yield (50.7%)2 1.25% (0.30)% 0.22% 1.68%
Nuveen Minnesota Municipal Bond Fund
  Share Class
  Class A1 Class C Class C1 Class C2 Class I
Dividend Yield 1.57% 0.84% 1.19% 1.09% 1.83%
SEC 30-Day Yield 0.90% 0.15% 0.82% 0.98% 1.13%
Taxable-Equivalent Yield (50.7%)2 1.82% 0.30% 1.66% 1.99% 2.29%
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Nuveen Nebraska Municipal Bond Fund
  Share Class
  Class A1 Class C Class C2 Class I
Dividend Yield 1.45% 0.70% 0.97% 1.73%
SEC 30-Day Yield - Subsidized 0.48% (0.29)% 0.08% 0.70%
SEC 30-Day Yield - Unsubsidized 0.45% (0.35)% (0.26)% 0.65%
Taxable-Equivalent Yield - Subsidized (47.6%)2 0.89% (0.54)% 0.15% 1.30%
Taxable-Equivalent Yield - Unsubsidized (47.6%)2 0.84% (0.65)% (0.48)% 1.21%
Nuveen Oregon Intermediate Municipal Bond Fund
  Share Class
  Class A1 Class C Class C2 Class I
Dividend Yield 1.47% 0.73% 0.95% 1.74%
SEC 30-Day Yield 0.26% (0.50)% (0.07)% 0.47%
Taxable-Equivalent Yield (50.7%)2 0.53% (1.01)% (0.14)% 0.95%
1         The SEC Yield for Class A shares quoted in the table reflects the maximum sales load. Investors paying a reduced load because of volume discounts, investors paying no load because they qualify for one of the several exclusions from the load and existing shareholders who previously paid a load but would like to know the SEC Yield applicable to their shares on a going-forward basis, should understand that the SEC Yield effectively applicable to them would be higher than the figure quoted in the table.
2         The Taxable-Equivalent Yield is based on the Fund’s SEC 30-Day Yield on the indicated date and a combined federal and state income tax rate shown in the respective table above.
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Holding Summaries    as of May 31, 2021
This data relates to the securities held in each Fund's portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Nuveen Minnesota Intermediate Municipal Bond Fund
Fund Allocation
(% of net assets)
 
Long-Term Municipal Bonds 98.6%
Short-Term Municipal Bonds 0.6%
Other Assets Less Liabilities 0.8%
Net Assets 100%
    
States and Territories
(% of total municipal bonds)
 
Minnesota 99.3%
Guam 0.4%
Puerto Rico 0.3%
Total 100%
Portfolio Composition
(% of total investments)
 
Tax Obligation/General 34.9%
Education and Civic Organizations 16.7%
Health Care 14.7%
Long-Term Care 9.4%
Tax Obligation/Limited 8.0%
Transportation 6.3%
Other 10.0%
Total 100%
Bond Credit Quality
(% of total investment
exposure)
 
U.S. Guaranteed 4.4%
AAA 21.0%
AA 30.8%
A 20.4%
BBB 4.1%
BB or Lower 4.7%
N/R (not rated) 14.6%
Total 100%
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Nuveen Minnesota Municipal Bond Fund
Fund Allocation
(% of net assets)
 
Long-Term Municipal Bonds 95.4%
Short-Term Municipal Bonds 3.7%
Other Assets Less Liabilities 0.9%
Net Assets 100%
    
States and Territories
(% of total municipal bonds)
 
Minnesota 98.0%
Puerto Rico 1.7%
Guam 0.3%
Total 100%
Portfolio Composition
(% of total investments)
 
Tax Obligation/General 32.9%
Health Care 17.8%
Education and Civic Organizations 14.5%
Utilities 9.1%
Tax Obligation/Limited 8.0%
Long-Term Care 8.0%
Transportation 5.3%
Other 4.4%
Total 100%
Bond Credit Quality
(% of total investment
exposure)
 
U.S. Guaranteed 1.9%
AAA 24.7%
AA 26.9%
A 24.0%
BBB 3.4%
BB or Lower 6.3%
N/R (not rated) 12.8%
Total 100%
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Holding Summaries    as of May 31, 2021 (continued)
Nuveen Nebraska Municipal Bond Fund
Fund Allocation
(% of net assets)
 
Long-Term Municipal Bonds 97.1%
Other Assets Less Liabilities 2.9%
Net Assets 100%
    
States and Territories
(% of total municipal bonds)
 
Nebraska 89.2%
Puerto Rico 3.3%
Guam 2.7%
Massachusetts 1.1%
Arizona 1.0%
Washington 0.9%
Ohio 0.9%
Indiana 0.4%
Wisconsin 0.2%
California 0.2%
Hawaii 0.1%
Total 100%
Portfolio Composition
(% of total investments)
 
Tax Obligation/General 34.9%
Utilities 24.7%
U.S. Guaranteed 13.2%
Education and Civic Organizations 6.5%
Health Care 6.4%
Tax Obligation/Limited 5.1%
Other 9.2%
Total 100%
Bond Credit Quality
(% of total investment
exposure)
 
U.S. Guaranteed 11.2%
AAA 6.2%
AA 55.3%
A 19.7%
BBB 3.2%
BB or Lower 1.8%
N/R (not rated) 2.6%
Total 100%
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Nuveen Oregon Intermediate Municipal Bond Fund
Fund Allocation
(% of net assets)
 
Long-Term Municipal Bonds 96.9%
Other Assets Less Liabilities 3.1%
Net Assets 100%
    
States and Territories
(% of total municipal bonds)
 
Oregon 94.9%
Guam 2.6%
Puerto Rico 2.5%
Total 100%
Portfolio Composition
(% of total investments)
 
Tax Obligation/General 44.3%
Health Care 13.3%
Tax Obligation/Limited 9.8%
U.S. Guaranteed 9.0%
Utilities 8.9%
Other 14.7%
Total 100%
Bond Credit Quality
(% of total investment
exposure)
 
U.S. Guaranteed 5.9%
AAA 8.4%
AA 59.0%
A 14.6%
BBB 5.0%
BB or Lower 1.1%
N/R (not rated) 6.0%
Total 100%
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Expense Examples    
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Examples below do not include the interest and related expenses from inverse floaters that are reflected in the financial statements later within this report, when applicable.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended May 31, 2021.
The beginning of the period is December 1, 2020.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the following tables are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.
Nuveen Minnesota Intermediate Municipal Bond Fund
  Share Class
  Class A Class C Class C2 Class I
Actual Performance        
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,008.49 $1,004.55 $1,005.67 $1,009.39
Expenses Incurred During the Period $ 3.96 $ 7.95 $ 6.70 $ 2.96
Hypothetical Performance
(5% annualized return before expenses)
       
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,020.99 $1,017.00 $1,018.25 $1,021.99
Expenses Incurred During the Period $ 3.98 $ 8.00 $ 6.74 $ 2.97
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.79%, 1.59%, 1.34% and 0.59% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
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Nuveen Minnesota Municipal Bond Fund
  Share Class
  Class A Class C Class C1 Class C2 Class I
Actual Performance          
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,012.08 $1,008.07 $1,009.86 $1,010.97 $1,013.10
Expenses Incurred During the Period $ 3.86 $ 7.86 $ 5.91 $ 6.57 $ 2.86
Hypothetical Performance
(5% annualized return before expenses)
         
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,021.09 $1,017.10 $1,019.05 $1,018.40 $1,022.09
Expenses Incurred During the Period $ 3.88 $ 7.90 $ 5.94 $ 6.59 $ 2.87
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.77%, 1.57%, 1.18%, 1.31% and 0.57% for Classes A, C, C1, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
Nuveen Nebraska Municipal Bond Fund
  Share Class
  Class A Class C Class C2 Class I
Actual Performance        
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,004.35 $1,000.28 $1,001.64 $1,005.43
Expenses Incurred During the Period $ 4.30 $ 8.28 $ 7.09 $ 3.30
Hypothetical Performance
(5% annualized return before expenses)
       
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,020.64 $1,016.65 $1,017.85 $1,021.64
Expenses Incurred During the Period $ 4.33 $ 8.35 $ 7.14 $ 3.33
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.86%, 1.66%, 1.42% and 0.66% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
Nuveen Oregon Intermediate Municipal Bond Fund
  Share Class
  Class A Class C Class C2 Class I
Actual Performance        
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,005.49 $1,000.62 $1,002.68 $1,005.67
Expenses Incurred During the Period $ 3.95 $ 7.93 $ 6.64 $ 2.95
Hypothetical Performance
(5% annualized return before expenses)
       
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,020.99 $1,017.00 $1,018.30 $1,021.99
Expenses Incurred During the Period $ 3.98 $ 8.00 $ 6.69 $ 2.97
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.79%, 1.59%, 1.33% and 0.59% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
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Report of Independent Registered Public Accounting Firm    
To the Board of Directors of Nuveen Investment Funds, Inc., and Shareholders of
Nuveen Minnesota Intermediate Municipal Bond Fund,
Nuveen Minnesota Municipal Bond Fund,
Nuveen Nebraska Municipal Bond Fund and
Nuveen Oregon Intermediate Municipal Bond Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Minnesota Intermediate Municipal Bond Fund, Nuveen Minnesota Municipal Bond Fund, Nuveen Nebraska Municipal Bond Fund and Nuveen Oregon Intermediate Municipal Bond Fund (four of the funds constituting Nuveen Investment Funds, Inc., hereafter collectively referred to as the "Funds") as of May 31, 2021, the related statements of operations for the year ended May 31, 2021, the statements of changes in net assets for each of the two years in the period ended May 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended May 31, 2021 and each of the financial highlights for each of the five years in the period ended May 31, 2021 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2021 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinions.    
/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
July 28, 2021
We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.
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Nuveen Minnesota Intermediate Municipal Bond Fund
Portfolio of Investments    May 31, 2021
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 98.6%        
    MUNICIPAL BONDS – 98.6%        
    Education and Civic Organizations – 16.5%        
    Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A:        
$ 425   3.000%, 8/01/23   No Opt. Call BB+ $439,254
720   3.500%, 8/01/25   No Opt. Call BB+ 770,969
130   4.000%, 8/01/28   8/26 at 100.00 BB+ 143,027
1,160   Brooklyn Center, Minnesota, Charter School Lease Revenue Bonds, Tesfa International dba Twin Lakes STEM Academy Project, Series 2021A, 5.000%, 6/15/37   6/29 at 100.00 N/R 1,166,334
    City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project, Series 2016A:        
100   5.000%, 7/01/31   7/24 at 102.00 N/R 110,131
1,000   5.000%, 7/01/36   7/24 at 102.00 N/R 1,093,750
    Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2015A:        
190   5.000%, 7/01/30   7/25 at 100.00 BB+ 212,699
710   5.250%, 7/01/37   7/25 at 100.00 BB+ 792,878
    Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2016A:        
200   4.000%, 7/01/22   No Opt. Call BB+ 205,730
465   4.000%, 7/01/23   No Opt. Call BB+ 489,013
300   4.000%, 7/01/24   No Opt. Call BB+ 321,087
135   4.000%, 7/01/25   No Opt. Call BB+ 146,744
130   4.000%, 7/01/26   7/25 at 100.00 BB+ 141,094
300   4.000%, 7/01/27   7/25 at 100.00 BB+ 324,129
370   4.000%, 7/01/28   7/25 at 100.00 BB+ 398,853
245   Deephaven, Minnesota, Charter School Lease Revenue Bonds, Seven Hills Preparatory Academy Project, Series 2017A, 4.375%, 10/01/27   10/24 at 100.00 N/R 258,299
645   Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A, 5.500%, 8/01/36   8/22 at 102.00 BB+ 680,565
    Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of Performing Arts Project, Series 2016A:        
1,010   4.500%, 7/01/26   No Opt. Call N/R 1,090,265
40   5.000%, 7/01/36   7/26 at 100.00 N/R 42,827
1,820   Ham Lake, Minnesota Charter School Lease Revenue Bonds, Parnassus Preparatory School Project, Series 2016A, 4.000%, 11/01/26   No Opt. Call BB 1,949,256
975   Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble Academy Project, Series 2014A, 5.000%, 7/01/44   7/24 at 100.00 BB 1,027,533
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Table of Contents
Nuveen Minnesota Intermediate Municipal Bond Fund (continued)
Portfolio of Investments    May 31, 2021
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
    Independence, Minnesota, Charter School Lease Revenue Bonds, Beacon Academy Project, Series 2016A:        
$ 1,000   4.750%, 7/01/31   7/26 at 100.00 N/R $1,066,320
500   5.000%, 7/01/36   7/26 at 100.00 N/R 529,125
1,350   Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, Series 2016A, 5.000%, 7/01/31   7/24 at 102.00 N/R 1,465,168
1,405   Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Twin Cities International Schools Project, Series 2017A, 5.000%, 12/01/32, 144A   12/27 at 100.00 N/R 1,611,718
1,380   Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Project, Series 2013A, 6.000%, 7/01/33   7/23 at 100.00 BB+ 1,489,268
315   Minneapolis, Minnesota, Revenue Bonds, Blake School Project, Refunding Series 2010, 4.000%, 9/01/21   6/21 at 100.00 A2 315,857
1,040   Minneapolis, Minnesota, Revenue Bonds, University Gateway Project, Refunding Series 2015, 4.000%, 12/01/28   12/24 at 100.00 Aa1 1,152,258
500   Minneapolis, Minnesota, Revenue Bonds, YMCA of Greater Twin Cities Project, Series 2016, 3.000%, 6/01/21   No Opt. Call Baa1 500,000
    Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2017:        
2,800   5.000%, 5/01/32   5/27 at 100.00 BB+ 3,114,692
405   5.000%, 5/01/37   5/27 at 100.00 BB+ 445,370
1,600   Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, Refunding Series 2017, 4.000%, 3/01/33   3/27 at 100.00 Aa2 1,827,728
    Minnesota Higher Education Facilities Authority, Revenue Bonds, College of Saint Scholastica, Inc, Refunding Series 2019:        
100   3.000%, 12/01/22   No Opt. Call Baa2 102,807
140   3.000%, 12/01/23   No Opt. Call Baa2 145,554
105   4.000%, 12/01/24   No Opt. Call Baa2 113,701
310   Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St Scholastica, Inc, Series 2012-7R, 3.375%, 12/01/22   No Opt. Call Baa2 320,422
    Minnesota Higher Education Facilities Authority, Revenue Bonds, Gustavus Adolfus College, Series 2013-7W:        
350   4.000%, 10/01/21   No Opt. Call A3 353,951
250   5.000%, 10/01/22   No Opt. Call A3 264,595
500   5.000%, 10/01/23   No Opt. Call A3 551,560
1,000   4.250%, 10/01/28   10/23 at 100.00 A3 1,072,020
    Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Refunding Series 2021:        
100   4.000%, 3/01/29   No Opt. Call Aa3 122,061
150   4.000%, 3/01/30   No Opt. Call Aa3 185,576
160   4.000%, 3/01/31   No Opt. Call Aa3 200,320
140   4.000%, 3/01/32   3/31 at 100.00 Aa3 173,915
1,250   Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Series 201528J, 3.250%, 3/01/29   3/25 at 100.00 Aa3 1,352,700
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Table of Contents
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
$ 1,235   Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Catherine University, Refunding Series 2018A, 5.000%, 10/01/31   10/28 at 100.00 Baa1 $1,517,210
    Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint John's University, Refunding Series 2021:        
500   4.000%, 10/01/32 (WI/DD, Settling 06/10/21)   10/30 at 100.00 A2 609,940
200   4.000%, 10/01/34 (WI/DD, Settling 06/10/21)   10/30 at 100.00 A2 242,496
700   Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint John's University, Series 2015-8I, 3.375%, 10/01/30   10/25 at 100.00 A2 763,098
    Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Olaf College, Series 2015-8-G:        
1,305   5.000%, 12/01/26   12/25 at 100.00 A1 1,553,459
1,000   5.000%, 12/01/28   12/25 at 100.00 A1 1,183,700
    Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Olaf College, Series 2021:        
1,250   3.000%, 10/01/38   10/30 at 100.00 A1 1,389,000
1,000   3.000%, 10/01/41   10/30 at 100.00 A1 1,102,820
1,500   4.000%, 10/01/46   10/30 at 100.00 A1 1,783,695
    Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2013-7U:        
2,000   4.000%, 4/01/25   4/23 at 100.00 A2 2,127,800
775   4.000%, 4/01/26   4/23 at 100.00 A2 822,934
300   4.000%, 4/01/27   4/23 at 100.00 A2 317,907
    Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2017A:        
750   4.000%, 10/01/34   10/27 at 100.00 A2 867,690
525   4.000%, 10/01/35   10/27 at 100.00 A2 606,448
450   4.000%, 10/01/36   10/27 at 100.00 A2 518,692
    Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2019:        
400   5.000%, 10/01/27   No Opt. Call A2 498,724
295   5.000%, 10/01/28   No Opt. Call A2 376,042
1,000   4.000%, 10/01/31   10/29 at 100.00 A2 1,203,380
450   Minnesota Office of Higher Education, Supplemental Student Loan Program Revenue Bonds, 2020 Senior Series, 5.000%, 11/01/26 (AMT)   No Opt. Call AA 537,723
705   Minnesota Office of Higher Education, Supplemental Student Loan Program Revenue Bonds, Senior Series 2018, 5.000%, 11/01/26 (AMT)   No Opt. Call AA 842,433
    Minnesota State Colleges and University, General Fund Revenue Bonds, Series 2011A:        
1,515   4.250%, 10/01/24   10/21 at 100.00 AA- 1,533,847
880   4.375%, 10/01/25   10/21 at 100.00 AA- 890,806
905   4.500%, 10/01/26   10/21 at 100.00 AA- 916,159
1,185   Minnesota State Colleges and University, General Fund Revenue Bonds, Series 2015A, 3.000%, 10/01/26   4/25 at 100.00 AA- 1,285,322
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Nuveen Minnesota Intermediate Municipal Bond Fund (continued)
Portfolio of Investments    May 31, 2021
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
    Moorhead, Minnesota, Educational Facilities Revenue Bonds, The Concordia College Corporation Project, Series 2016:        
$ 980   4.000%, 12/01/30   12/25 at 100.00 Baa1 $1,069,592
1,060   4.000%, 12/01/32   12/25 at 100.00 Baa1 1,151,616
935   Otsego, Minnesota, Charter School Lease Revenue Bonds, Kaleidoscope Charter School Project, Series 2014A, 5.000%, 9/01/34   9/24 at 100.00 BB- 991,511
560   Ramsey, Anoka County, Minnesota, Lease Revenue Bonds, PACT Charter School Project, Refunding Series 2013A, 5.000%, 12/01/26   12/21 at 100.00 BBB- 569,436
680   Rice County, Minnesota Educational Facility Revenue Bonds, Shattuck, Saint Mary's School Project, Series 2015, 5.000%, 8/01/22, 144A   No Opt. Call BB 697,292
70   Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project, Series 2016A, 5.000%, 4/01/36 (4)   4/26 at 100.00 N/R 65,734
710   Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Great River School Project, Series 2017A, 5.500%, 7/01/38, 144A   7/27 at 100.00 N/R 813,916
2,005   Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong College Prep Academy Project, Series 2016A, 5.250%, 9/01/31   9/26 at 100.00 BB+ 2,342,141
200   Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Metro Deaf School Project, Series 2018A, 5.000%, 6/15/38, 144A   6/25 at 100.00 N/R 215,806
165   Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Nova Classical Academy, Series 2011A, 5.700%, 9/01/21   No Opt. Call BB+ 167,077
200   Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Nova Classical Academy, Series 2016A, 4.000%, 9/01/31   9/24 at 102.00 BB+ 212,458
885   Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities Academy Project, Series 2015A, 5.000%, 7/01/35   7/25 at 100.00 BB 962,057
    Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities German Immersion School, Series 2013A:        
150   4.000%, 7/01/23   No Opt. Call BB 154,221
700   5.000%, 7/01/33   7/23 at 100.00 BB 738,164
260   Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Saint Paul Conservatory for Performing Artists Charter School Project, Series 2013A, 4.000%, 3/01/28   3/23 at 100.00 BB 267,067
2,770   Savage, Minnesota Charter School Lease Revenue Bonds, Aspen Academy Project, Series 2016A, 5.000%, 10/01/36   10/26 at 100.00 N/R 2,971,711
250   University of Minnesota, General Obligation Bonds, Refunding Series 2017B, 5.000%, 12/01/21   No Opt. Call Aa1 256,120
    University of Minnesota, General Obligation Bonds, Series 2014B:        
1,000   4.000%, 1/01/31   1/24 at 100.00 Aa1 1,083,240
1,000   4.000%, 1/01/32   1/24 at 100.00 Aa1 1,080,560
1,000   4.000%, 1/01/34   1/24 at 100.00 Aa1 1,077,900
    University of Minnesota, General Obligation Bonds, Series 2019A:        
1,310   5.000%, 4/01/29   No Opt. Call Aa1 1,712,930
1,890   5.000%, 4/01/30   4/29 at 100.00 Aa1 2,455,998
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Table of Contents
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
    Winona Port Authority, Minnesota, Charter School Lease Revenue Bonds, Bluffview Montessori School Project, Refunding Series 2016:        
$ 150   3.750%, 6/01/26   6/24 at 100.00 N/R $153,635
10   4.500%, 6/01/36   6/24 at 100.00 N/R 10,194
690   Woodbury, Minnesota, Charter School Lease Revenue Bonds, Woodbury Leadership Academy, Series 2021A, 4.000%, 7/01/31   7/28 at 103.00 BB- 778,099
68,375   Total Education and Civic Organizations       75,770,923
    Health Care – 13.9%        
3,370   Chippewa County, Minnesota, Gross Revenue Hospital Bonds, Montevideo Hospital Project, Refunding Series 2016, 4.000%, 3/01/29   3/26 at 100.00 N/R 3,654,630
    City of Plato, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2017:        
1,140   4.000%, 4/01/29   4/27 at 100.00 BBB 1,286,308
1,040   4.000%, 4/01/32   4/27 at 100.00 BBB 1,145,872
1,150   Crookston, Minnesota, Health Care Facilities Revenue Bonds, RiverView Health Project, Refunding Series 2017A, 4.000%, 5/01/32   5/25 at 100.00 N/R 1,160,994
    Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A:        
1,045   5.000%, 2/15/33   2/28 at 100.00 A- 1,284,807
150   4.250%, 2/15/38   2/28 at 100.00 A- 173,973
    Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2013:        
660   4.000%, 4/01/25   4/22 at 100.00 BBB 676,163
400   4.000%, 4/01/26   4/22 at 100.00 BBB 409,432
2,000   Maple Grove, Minnesota, Health Care Facilities Revenue Refunding Bonds, North Memorial Health Care, Series 2015, 5.000%, 9/01/28   9/25 at 100.00 Baa1 2,280,720
    Maple Grove, Minnesota, Health Care Facility Revenue Bonds, North Memorial Health Care, Series 2017:        
495   5.000%, 5/01/31   5/27 at 100.00 Baa1 598,405
405   5.000%, 5/01/32   5/27 at 100.00 Baa1 488,576
    Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2015A:        
1,190   5.000%, 11/15/28   11/25 at 100.00 A+ 1,402,022
1,100   5.000%, 11/15/29   11/25 at 100.00 A+ 1,294,403
1,000   5.000%, 11/15/30   11/25 at 100.00 A+ 1,175,300
2,000   5.000%, 11/15/32   11/25 at 100.00 A+ 2,344,860
    Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2018A:        
3,390   5.000%, 11/15/35   11/28 at 100.00 A+ 4,212,143
2,100   5.000%, 11/15/36   11/28 at 100.00 A+ 2,602,887
500   Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care System Revenue Bonds, Allina Health System, Refunding Series 2017A, 5.000%, 11/15/29   5/27 at 100.00 AA- 614,955
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Table of Contents
Nuveen Minnesota Intermediate Municipal Bond Fund (continued)
Portfolio of Investments    May 31, 2021
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care (continued)        
    Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care System Revenue Bonds, Allina Health System, Refunding Series 2019:        
$ 300   5.000%, 11/15/22   No Opt. Call AA- $321,093
275   5.000%, 11/15/24   No Opt. Call AA- 318,431
645   5.000%, 11/15/26   No Opt. Call AA- 794,369
1,030   5.000%, 11/15/27   No Opt. Call AA- 1,299,644
    Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds, Refunding Series 2013A:        
275   4.000%, 12/01/25   6/21 at 100.00 N/R 271,411
250   4.050%, 12/01/26   6/21 at 100.00 N/R 243,828
250   4.150%, 12/01/27   6/21 at 100.00 N/R 241,825
750   Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds, Series 2013C, 5.400%, 12/01/33   6/21 at 100.00 N/R 750,105
    Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Refunding Series 2016B:        
2,560   5.000%, 11/15/29   No Opt. Call AA 3,392,742
1,000   5.000%, 11/15/33   No Opt. Call AA 1,438,090
1,785   Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2011, 4.500%, 11/15/38 (Mandatory Put 11/15/21)   No Opt. Call AA 1,819,201
945   Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Refunding Series 2014B, 5.000%, 5/01/24   No Opt. Call AA- 1,070,137
1,895   Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2016A, 5.000%, 5/01/27   5/26 at 100.00 AA- 2,284,233
    Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A:        
3,720   5.000%, 7/01/28   7/25 at 100.00 A 4,390,567
1,550   5.000%, 7/01/30   7/25 at 100.00 A 1,826,644
4,500   5.000%, 7/01/32   7/25 at 100.00 A 5,295,195
1,155   4.000%, 7/01/35   7/25 at 100.00 A 1,281,507
    Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Fairview Health Services, Series 2017A:        
1,000   5.000%, 11/15/28   11/27 at 100.00 A+ 1,242,630
1,000   5.000%, 11/15/34   11/27 at 100.00 A+ 1,223,890
1,745   4.000%, 11/15/35   11/27 at 100.00 A+ 1,973,037
625   4.000%, 11/15/36   11/27 at 100.00 A+ 705,119
1,305   4.000%, 11/15/37   11/27 at 100.00 A+ 1,469,221
    Shakopee, Minnesota, Health Care Facilities Revenue Bonds, Saint Francis Regional Medical Center, Refunding Series 2014:        
1,200   5.000%, 9/01/27   9/24 at 100.00 A 1,341,084
1,140   5.000%, 9/01/29   9/24 at 100.00 A 1,261,102
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Table of Contents
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care (continued)        
    Winona, Minnesota, Health Care Facilities Revenue Bonds, Winona Health Obligated Group, Refunding Series 2012:        
$ 485   4.500%, 7/01/24   7/21 at 100.00 BBB $486,290
260   5.000%, 7/01/34   7/21 at 100.00 BBB 260,582
54,780   Total Health Care       63,808,427
    Housing/Multifamily – 0.1%        
500   Anoka Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue Bonds, Woodland Park Apartments Project, Series 2011A, 5.000%, 4/01/27   6/21 at 100.00 Aaa 501,360
    Housing/Single Family – 0.8%        
230   Dakota County Community Development Agency, Minnesota, Single Family Mortgage Revenue Bonds, Mortgage Backed Securities Program, Series 2011A, 4.400%, 12/01/26   6/21 at 100.00 AA+ 230,087
295   Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011D, 4.375%, 7/01/26   7/21 at 100.00 Aaa 296,024
205   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2012A, 3.750%, 7/01/22 (AMT)   1/22 at 100.00 AA+ 208,510
65   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2012C, 3.750%, 1/01/22 (AMT)   No Opt. Call AA+ 66,134
150   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C, 3.100%, 7/01/26   7/24 at 100.00 AA+ 152,326
15   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2015F, 3.300%, 7/01/29   7/25 at 100.00 AA+ 15,677
    Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2017A:        
10   1.750%, 7/01/21 (AMT)   No Opt. Call AA+ 10,009
95   3.200%, 7/01/30 (AMT)   1/27 at 100.00 AA+ 96,523
145   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2017D, 3.300%, 1/01/30 (AMT)   1/27 at 100.00 AA+ 155,060
30   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2019B, 3.300%, 7/01/33   7/28 at 100.00 AA+ 30,382
    Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020A:        
465   1.300%, 7/01/22 (AMT)   No Opt. Call AA+ 468,966
335   1.350%, 7/01/23 (AMT)   No Opt. Call AA+ 339,807
    Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020E:        
795   1.850%, 1/01/29   No Opt. Call AA+ 827,635
470   1.900%, 7/01/29   No Opt. Call AA+ 486,845
3,305   Total Housing/Single Family       3,383,985
    Industrials – 0.2%        
1,000   Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond Fund Series 2013-1, 4.000%, 6/01/28   12/21 at 100.00 A+ 1,017,350
    Long-Term Care – 9.4%        
250   Anoka, Minnesota, Housing Revenue Bonds, The Homestead at Anoka, Inc Project, Refunding Series 2017, 5.000%, 11/01/46   11/24 at 103.00 N/R 267,278
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Table of Contents
Nuveen Minnesota Intermediate Municipal Bond Fund (continued)
Portfolio of Investments    May 31, 2021
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Long-Term Care (continued)        
$ 1,000   Apple Valley, Minnesota, Senior Housing Revenue Bonds, PHS Apple Valley Senior Housing, Inc, Orchard Path Project, Refunding Series 2018, 4.250%, 9/01/38   9/23 at 102.00 N/R $1,042,060
1,000   Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Betty Ford Foundation Project, Series 2014, 5.000%, 11/01/25   11/24 at 100.00 Baa1 1,139,600
    Chatfield, Minnesota, Healthcare and Housing Facilities Revenue Bonds, Chosen Valley Care Center Project, Refunding Series 2019:        
100   4.000%, 9/01/29   9/26 at 102.00 N/R 100,746
100   4.000%, 9/01/30   9/26 at 102.00 N/R 99,688
100   4.000%, 9/01/31   9/26 at 102.00 N/R 98,917
100   4.000%, 9/01/32   9/26 at 102.00 N/R 98,304
155   4.000%, 9/01/33   9/26 at 102.00 N/R 151,756
100   4.000%, 9/01/34   9/26 at 102.00 N/R 97,482
815   Chisago City, Minnesota, Housing and Health Care Revenue Bonds, CDL Homes, LLC Project, Series 2013B, 6.000%, 8/01/33   8/23 at 100.00 N/R 862,294
1,110   City of Minneapolis, Minnesota, Senior Housing and Healthcare Facilities Revenue Bonds, Walker Minneapolis Campus Project, Series 2015, 4.625%, 11/15/31   11/22 at 100.00 N/R 1,112,831
325   City of Vergas, Minnesota, Housing and Health Care Revenue Bonds, CDL Homes, LLC Project, Refunding Series 2016, 4.000%, 8/01/31   8/24 at 100.00 N/R 330,496
235   Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc, Refunding Series 2017, 4.450%, 3/01/31   3/22 at 101.00 N/R 237,388
200   Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc, Refunding Series 2018, 4.500%, 9/01/33   9/23 at 100.00 N/R 203,004
    Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield Senior Housing, Inc, Refunding Series 2015:        
1,000   4.600%, 1/01/27   1/23 at 100.00 N/R 998,010
500   5.000%, 1/01/34   1/23 at 100.00 N/R 493,095
    Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, Walker Highview Hills LLC Project, Refunding Series 2016A:        
2,385   3.875%, 8/01/29, 144A   8/22 at 100.00 N/R 2,431,984
1,100   5.000%, 8/01/36, 144A   8/22 at 100.00 N/R 1,131,053
500   Dennison, Minnesota, Senior Housing Revenue Bonds, Villages of Lonsdale, LLC Project, Series 2019, 4.200%, 5/01/35   5/24 at 101.00 N/R 506,465
1,435   Lake Crystal, Minnesota, Housing and Health Care Revenue Bonds, Ecumen, Second Century & Owatonna Senior Living Project, Refunding Series 2014A, 4.500%, 9/01/44 (Mandatory Put 9/01/24)   6/21 at 100.00 N/R 1,436,291
200   Maple Plain, Minnesota Senior Housing and Healthcare Revenue Bonds, Haven Homes, Inc Project, Series 2019, 4.000%, 7/01/32   7/25 at 102.00 N/R 204,768
100   Mapleton, Minnesota, Healthcare Facility Revenue Bonds, Mapleton Community Home, Refunding Series 2019, 3.750%, 5/01/34   5/24 at 101.00 N/R 94,685
    Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding Series 2012:        
1,400   5.000%, 11/15/24   11/22 at 100.00 N/R 1,427,272
1,650   4.750%, 11/15/28   11/22 at 100.00 N/R 1,663,546
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Table of Contents
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Long-Term Care (continued)        
    Minneapolis, Minnesota, Senior Housing and Healthcare Revenue Bonds, Ecumen, Abiitan Mill City Project, Series 2015:        
$ 425   4.750%, 11/01/28   5/23 at 100.00 N/R $431,116
750   5.250%, 11/01/45   5/23 at 100.00 N/R 759,488
    Morris, Minnesota, Health Care Facilities Revenue Bonds, Farmington Health Services Project, Refunding Series 2019:        
190   2.900%, 8/01/23   No Opt. Call N/R 188,379
100   3.100%, 8/01/25   8/24 at 101.00 N/R 98,918
380   North Oaks, Minnesota, Senior Housing Revenue Bonds, Waverly Gardens Project, Refunding Series 2016, 4.000%, 10/01/24   No Opt. Call N/R 409,971
    Rochester, Minnesota, Health Care and Housing Revenue Bonds, Samaritan Bethany, Inc Project, Refunding Series 2017A:        
775   3.875%, 8/01/26   8/25 at 100.00 N/R 813,107
805   4.000%, 8/01/27   8/25 at 100.00 N/R 846,578
2,000   4.000%, 8/01/30   8/25 at 100.00 N/R 2,088,040
405   Saint Joseph, Minnesota, Senior Housing and Healthcare Revenue Bonds, Woodcrest of Country Manor Project, Series 2019 A, 4.000%, 7/01/33   7/24 at 102.00 N/R 392,145
1,000   Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview Home Project, Series 2016B, 4.350%, 6/01/36   6/26 at 100.00 N/R 1,003,560
125   Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview Home Project, Series 2016C, 2.250%, 6/01/21   No Opt. Call N/R 125,000
2,760   Saint Paul Housing and Redevelopment Authority Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Series 2013, 5.000%, 5/01/33   5/23 at 100.00 N/R 2,792,982
    Saint Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Amherst H Wilder Foundation Project, Refunding Series 2020A:        
500   5.000%, 12/01/25   No Opt. Call Baa2 579,135
1,015   5.000%, 12/01/26   No Opt. Call Baa2 1,199,425
410   Saint Paul Housing and Redevelopment Authority, Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Refunding Series 2012A, 4.000%, 11/01/22   6/21 at 100.00 N/R 410,303
    Saint Paul Park, Minnesota, Health Facilities Revenue Bonds, Presbyterian Homes Interlude Transitional Care Projects, Refunding Series 2018:        
510   4.200%, 5/01/33   5/23 at 102.00 N/R 539,478
1,940   4.750%, 5/01/38   5/23 at 102.00 N/R 2,070,135
    Saint Paul Park, Minnesota, Senior Housing and Health Care Revenue Bonds, Presbyterian Homes Bloomington Project, Refunding Series 2017:        
500   3.250%, 9/01/26   9/24 at 100.00 N/R 515,875
550   3.700%, 9/01/28   9/24 at 100.00 N/R 572,539
350   3.800%, 9/01/29   9/24 at 100.00 N/R 364,427
565   3.900%, 9/01/30   9/24 at 100.00 N/R 588,606
320   4.125%, 9/01/34   9/24 at 100.00 N/R 332,960
1,020   Sartell, Minnesota, Health Care and Housing Facilities Revenue Bonds, Country Manor Campus LLC Project, Series 2012A, 5.250%, 9/01/27   9/22 at 100.00 N/R 1,043,297
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Table of Contents
Nuveen Minnesota Intermediate Municipal Bond Fund (continued)
Portfolio of Investments    May 31, 2021
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Long-Term Care (continued)        
$ 1,590   Sartell, Minnesota, Health Care Facilities Revenue Bonds, Country Manor Campus LLC Project, Refunding Series 2017, 5.000%, 9/01/27   No Opt. Call N/R $1,735,755
2,395   Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Lutheran Home, Refunding Series 2013, 5.125%, 1/01/39   1/23 at 100.00 N/R 2,414,950
    Scanlon, Minnesota, Health Care Facilities Revenue Bonds, Duluth Health Services Project, Refunding Series 2020:        
100   2.450%, 3/01/23   No Opt. Call N/R 99,202
120   2.700%, 3/01/26   3/25 at 101.00 N/R 117,581
335   2.950%, 3/01/28   3/25 at 101.00 N/R 324,588
    Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone Senior Living Community, Refunding Series 2019:        
175   3.000%, 8/01/27   8/24 at 102.00 N/R 181,881
300   3.125%, 8/01/28   8/24 at 102.00 N/R 312,276
300   3.250%, 8/01/29   8/24 at 102.00 N/R 312,900
225   3.375%, 8/01/30   8/24 at 102.00 N/R 234,810
600   5.000%, 8/01/31   8/24 at 102.00 N/R 655,272
450   5.000%, 8/01/32   8/24 at 102.00 N/R 490,730
250   5.000%, 8/01/33   8/24 at 102.00 N/R 272,388
555   5.000%, 8/01/34   8/24 at 102.00 N/R 604,167
250   5.000%, 8/01/35   8/24 at 102.00 N/R 271,908
500   4.000%, 8/01/44   8/24 at 102.00 N/R 522,760
41,400   Total Long-Term Care       42,945,645
    Tax Obligation/General – 34.6%        
2,000   Alexandria Independent School District 206, Douglas County, Minnesota, General Obligation Bonds, Refunding School Building Series 2017A, 5.000%, 2/01/30   2/28 at 100.00 Aa2 2,506,600
1,335   Annandale Independent School District 876, Wright and Stearns Counties, Minnesota, General Obligation Bonds, Refunding School Building Series 2020A, 4.000%, 2/01/27   No Opt. Call Aa2 1,570,921
1,475   Anoka-Hennepin Independent School District 11, Coon Rapids, Minnesota, General Obligation Bonds, School Building Series 2020A, 3.000%, 2/01/34   2/28 at 100.00 AAA 1,629,580
1,165   Barnesville Independent School District 146 Public Schools, Clay, Otter Tail and Wilkin Counties, Minnesota, General Obligation Bonds, School Building Series 2019A, 4.000%, 2/01/31   2/28 at 100.00 Aa2 1,359,392
685   Becker, Minnesota, General Obligation Bonds, Street Reconstruction, Series 2021A, 4.000%, 2/01/27 (WI/DD, Settling 06/02/21)   No Opt. Call A1 806,053
    Belgrade Brooten Elrosa Public Schools Independent School District 2364, Minnesota, General Obligation Bonds, School Building Series 2020A:        
400   3.000%, 2/01/28   2/26 at 100.00 Aa2 439,420
280   3.000%, 2/01/29   2/26 at 100.00 Aa2 305,855
1,590   Belle Plaine Independent School District 716, Minnesota, General Obligation Bonds, Refunding School Building Series 2020A, 5.000%, 2/01/26   No Opt. Call Aa2 1,914,535
1,405   Benson Independent School District 777, Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/32   2/27 at 100.00 AAA 1,614,204
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Table of Contents
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General (continued)        
$ 1,385   Bloomington Independent School District 271, Hennepin County, Minnesota, General Obligation Bonds, Facilities Maintenance, Series 2020A, 2.000%, 2/01/27   No Opt. Call AAA $1,477,476
320   Blue Earth Area Schools Independent School District 2860, Minnesota, General Obligation Bonds, Refunding Series 2019A, 4.000%, 2/01/26   No Opt. Call Aa2 367,734
1,565   Brainerd Independent School District 181, Crow Wing County, Minnesota, General Obligation Bonds, Facilities Maintenance Series 2018C, 5.000%, 2/01/27   2/26 at 100.00 AAA 1,890,864
    Brainerd Independent School District 181, Crow Wing County, Minnesota, General Obligation Bonds, School Building Series 2018A:        
3,280   4.000%, 2/01/30   2/27 at 100.00 AAA 3,811,918
1,000   4.000%, 2/01/33