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, 2022

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

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

ITEM 1.

REPORTS TO STOCKHOLDERS.

 

Bond
Funds
Mutual
Funds
Nuveen
Municipal
May
31,
2022
Annual
Report
Fund
Name
Class
A
Class
C
Class
I
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
FAMAX
NIBCX
FAMTX
Nuveen
Minnesota
Municipal
Bond
Fund
FJMNX
NTCCX
FYMNX
Nuveen
Nebraska
Municipal
Bond
Fund
FNTAX
NAAFX
FNTYX
Nuveen
Oregon
Intermediate
Municipal
Bond
Fund
FOTAX
NAFOX
FORCX
Life
is
Complex.
Nuveen
makes
things
e-simple.
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only
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Once
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Nuveen
Fund
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No
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Just
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www.investordelivery.com
If
you
receive
your
Nuveen
Fund
distributions
and
statements
from
your
financial
advisor
or
brokerage
account.
or
www.nuveen.com/client-access
If
you
receive
your
Nuveen
Fund
distributions
and
statements
directly
from
Nuveen.
Must
be
preceded
by
or
accompanied
by
a
prospectus.
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE
Table
of
Contents
3
Chair’s
Letter
to
Shareholders
4
Portfolio
Managers’
Comments
5
Risk
Considerations
and
Dividend
Information
9
Fund
Performance,
Expense
Ratios,
Holdings
Summaries
and
Effective
Leverage
Ratios
10
Yields
23
Expense
Examples
25
Report
of
Independent
Registered
Public
Accounting
Firm
27
Portfolios
of
Investments
28
Statement
of
Assets
and
Liabilities
73
Statement
of
Operations
74
Statement
of
Changes
in
Net
Assets
75
Financial
Highlights
77
Notes
to
Financial
Statements
85
Important
Tax
Information
98
Additional
Fund
Information
99
Glossary
of
Terms
Used
in
this
Report
100
Annual
Investment
Management
Agreement
Approval
Process
102
Liquidity
Risk
Management
Program
109
Directors
and
Officers
110
4
Chair’s
Letter
to
Shareholders
Dear
Shareholders,
The
first
half
of
2022
has
been
challenging
for
financial
markets.
While
global
economic
activity
began
to
slow
from
post-pandemic
peaks
as
pent-up
demand
waned
and
crisis-era
monetary
and
fiscal
support
programs
were
phased
out,
persistently
high
inflation
and
central
banks’
response
have
contributed
to
heightened
uncertainty
about
financial
and
economic
conditions.  
Inflation
has
surged
partially
due
to
supply
chain
bottlenecks
and
exacerbated
by
Russia’s
war
in
Ukraine
and
recent
lockdowns
across
China
to
contain
a
large-scale
COVID-19
outbreak.
This
has
necessitated
more
forceful
responses
from
the
U.S.
Federal
Reserve
(Fed)
and
other
central
banks,
who
now
face
an
even
more
difficult
task
of
slowing
inflation
without
pulling
their
respective
economies
into
recession.
As
anticipated,
the
Fed
began
the
rate
hiking
cycle
in
March
2022,
raising
its
short-term
rate
by
0.25%
from
near
zero
for
the
first
time
since
the
pandemic
was
declared
two
years
ago.
Larger
increases
of
0.50%
in
May
and
0.75%
in
June
2022
followed,
bringing
the
target
fed
funds
rate
to
a
range
of
1.50%
to
1.75%.
Additional
rate
hikes
of
these
larger
magnitudes
are
expected
in
the
remainder
of
this
year,
although
Fed
officials
will
closely
monitor
inflation
data
along
with
other
economic
measures
and
modify
their
rate
setting
policy
based
upon
these
factors.
With
inflation
lingering
at
a
40-year
high
and
consumer
sentiment
indicators
slumping,
markets
are
pricing
increased
recession
risks.
In
the
meantime,
while
markets
will
likely
continue
fluctuating
with
the
daily
headlines,
we
encourage
investors
to
keep
a
long-term
perspective.
To
learn
more
about
how
well
your
portfolio
is
aligned
to
your
time
horizon,
risk
tolerance
and
investment
goals,
consider
reviewing
it
with
your
financial
professional.  
On
behalf
of
the
other
members
of
the
Nuveen
Fund
Board,
I
look
forward
to
continuing
to
earn
your
trust
in
the
months
and
years
ahead.
Terence
J.
Toth
Chairman
of
the
Board
July 22,
2022
Portfolio
Managers’
Comments
5
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
include
Christopher
L.
Drahn,
CFA,
for
the
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
and
Nuveen
Minnesota
Municipal
Bond
Fund
and
Michael
S.
Hamilton
for
the
Nuveen
Nebraska
Municipal
Bond
Fund
and
Nuveen
Oregon
Intermediate
Municipal
Bond
Fund.
Here
the
Funds’
portfolio
managers
review
U.S.
economic
and
municipal
market
conditions,
key
investment
strategies
and
the
performance
of
the
Funds
for
the
twelve-month
reporting
period
ended
May
31,
2022.
For
more
information
on
the
Funds’
investment
objectives
and
policies,
please
refer
to
the
prospectus.
What
factors
affected
the
U.S.
economy
and
the
municipal
bond
market
during
the
twelve-month
annual
reporting
period
ended
May
31,
2022?
After
making
a
full
recovery
from
the
pandemic
in
2021,
the
U.S.
economy
unexpectedly
weakened
at
the
start
of
2022.
Overall,
2021
gross
domestic
product
(GDP)
grew
by
5.7%
as
the
economy
reopened
with
the
help
of
$5.3
trillion
in
crisis-related
aid
from
the
federal
government,
low
borrowing
rates
for
businesses
and
individuals,
an
increase
in
COVID-19
vaccinations
and
improved
treatments
for
COVID-19.
In
the
first
quarter
of
2022,
strong
domestic
consumer
demand
was
offset
by
two
factors:
China’s
lockdown
to
contain
a
domestic
COVID-19
outbreak,
and
lingering
supply
chain
disruptions
that
were
exacerbated
by
the
Russia-
Ukraine
war.
This
reduced
U.S.
GDP
by
1.5%
on
an
annualized
basis,
according
to
the
second
estimate
from
the
U.S.
Bureau
of
Economic
Analysis.
The
return
of
consumer
demand
in
early
2022
put
upward
pressure
on
inflation.
However,
as
supply
chains
remained
under
stress
and
labor
shortages
continued,
inflation
appeared
to
be
more
durable
than
initially
expected.
The
U.S.
Federal
Reserve
(Fed)
responded
by
reducing
its
pandemic-era
support
programs
and
beginning
a
more
aggressive
interest
rate
hiking
cycle.
Starting
with
a
0.25%
hike
in
March
2022,
the
Fed
followed
with
larger
target
rate
increases
of
0.50%
in
May
2022
and
(after
the
close
of
this
reporting
period)
0.75%
in
June
2022.
Interest
rate
and
stock
price
volatility
increased
as
markets
considered
whether
the
Fed
could
cool
inflation
without
pulling
the
economy
into
a
recession.
While
some
pandemic-related
risks
appeared
to
be
receding,
Russia’s
invasion
of
Ukraine
in
late
February
2022
caused
significant
economic
consequences.
Anticipated
supply
disruptions
in
energy,
metals
and
grains
caused
inflationary
pressures
to
rise.
Downside
risks
to
global
economic
growth
increased,
and
economic
sanctions
from
Western
countries
sought
to
block
Russia’s
access
to
the
global
financial
system.
A
more
uncertain
outlook
for
inflation
and
economic
growth
also
made
the
path
toward
monetary
policy
normalization
more
uncertain
for
the
Fed
and
other
central
banks,
contributing
to
elevated
market
volatility
toward
the
end
of
the
reporting
period.
The
broad
municipal
market
declined
over
the
twelve-month
reporting
period,
primarily
driven
by
interest
rate
and
economic
uncertainty
in
the
second
half
of
the
reporting
period.
Municipal
yields
rose
across
the
maturity
spectrum,
with
a
greater
increase
at
the
shorter
end
of
the
curve
as
markets
priced
in
a
more
aggressive
pace
of
monetary
tightening.
The
yield
curve
flattened
overall
and
shorter
maturities
outperformed
longer
maturities.
Demand
for
municipal
debt
remained
remarkably
strong
throughout
2021,
but
at
the
beginning
of
2022,
the
municipal
bond
market
experienced
outflows.
In
response
to
the
rising
interest
rate
environment
and
heightened
market
volatility,
dealers
reduced
their
inventories
and
investors
increased
redemptions
from
traditional
municipal
bond
mutual
funds.
For
much
of
the
reporting
period,
credit
spreads
were
generally
stable
given
relatively
strong
municipal
fundamentals,
but
widening
began
in
the
later
months
of
the
period
as
the
market
sold
off.
How
were
the
economic
and
market
environments
in
Minnesota,
Nebraska
and
Oregon
during
the
twelve-month
reporting
period
ended
May
31,
2022?
Minnesota’s
economic
growth
slightly
outpaced
the
nation’s
in
2021
as
the
U.S.
economy
exited
the
pandemic-led
contraction.
As
of
May
2022,
Minnesota's
unemployment
rate
was
a
low
2.0%,
below
the
national
unemployment
rate
of
3.6%.
Minnesota
closed
fiscal
year
2021
(July
1,
2020
to
June
30,
2021)
with
a
$4.6
billion
general
fund
surplus
on
strong
revenue
performance,
increasing
unassigned
reserves
to
$5.2
billion,
or
18%
of
revenue.
Notably,
the
state
received
$2.5
billion
in
state
and
local
funding
under
the
CARES
Act
and
$5.0
billion
in
state
and
local
funding
under
the
American
Rescue
Plan
Act
of
2021.
As
of
May
2022,
Moody's
has
maintained
the
state's
Aa1
rating
and
stable
outlook
and
S&P
held
a
AAA
rating
with
stable
outlook.
Minnesota
municipal
bond
new
issuance
totaled
$7.9
billion
for
the
twelve-month
period
ended
May
31,
2022,
a
5.4%
increase
from
the
same
period
a
year
earlier.
Portfolio
Managers’
Comments
(continued)
6
Nebraska’s
economic
growth
surpassed
its
Midwestern
peers
and
was
one
of
just
a
few
states
with
positive
nominal
GDP
growth
in
2020.
Growth
was
also
strong
during
the
post-pandemic
reopening
in
2021.
As
of
May
2022,
Nebraska’s
unemployment
rate
was
a
low
1.9%,
below
the
national
unemployment
rate
of
3.6%.
The
state’s
operating
performance
in
fiscal
year
2021
(July
1,
2020
to
June
30,
2021)
was
strong
as
a
result
of
increased
income
tax
revenue
and
conservative
spending.
The
state
generated
a
$1.1
billion
surplus
that
grew
general
fund
reserves
to
$2.4
billion,
or
40%
of
fiscal
year
2021
revenue.
Notably,
the
state
received
$1.31
billion
in
state
and
local
funding
under
the
CARES
Act
and
$1.7
billion
in
state
and
local
funding
under
the
American
Rescue
Plan
Act
of
2021.
As
of
May
2022,
Nebraska
held
a
rating
of
AAA
from
S&P
and
Aa1
from
Moody’s
with
stable
outlooks.
Nebraska
municipal
bond
new
issuance
totaled
$2.9
billion
for
the
twelve-month
period
ended
May
31,
2022,
a
26%
decrease
from
the
same
period
a
year
earlier.
Oregon’s
post-pandemic
economic
recovery
has
been
strong
and
compares
favorably
to
the
nation’s
recovery.
As
of
May
2022,
the
state’s
unemployment
rate
was
3.6%,
in
line
with
the
national
rate
and
significantly
down
from
a
historical
peak
of
13.2%
in
April
2020.
Economic
recovery
in
2021
has
contributed
to
tax
collections
that
were
better
than
anticipated
and
an
accumulation
of
reserves.
Notably,
the
state
received
$1.83
billion
in
state
and
local
funding
under
the
CARES
Act
and
$4.2
billion
in
state
and
local
funding
under
the
American
Rescue
Plan
Act
of
2021.
As
of
May
2022,
Oregon’s
general
obligation
bonds
were
rated
Aa1
(stable)
from
Moody’s
and
AA+
(stable)
by
S&P.
Oregon
municipal
bond
new
issuance
totaled
$6.0
billion
for
the
twelve-month
period
ended
May
31,
2022,
a
43.5%
decrease
from
the
same
period
a
year
earlier.
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
May
31,
2022?
The
Fund
invests
primarily
in
investment
grade,
intermediate-term
municipal
bonds
with
a
targeted
weighted
average
maturity
of
3-10
years.
The
Fund
seeks
to
provide
current
interest
income
exempt
from
regular
federal,
Minnesota
state,
and
in
some
cases,
local
income
taxes
as
is
consistent
with
preservation
of
capital.
As
municipal
market
conditions
weakened
and
shareholder
redemptions
grew
in
the
second
half
of
the
reporting
period,
the
municipal
investment
team’s
primary
focus
shifted
to
selling
bonds,
emphasizing
positions
with
low
book
yields
and
engaging
in
tax-loss
swapping.
This
strategy
involves
selling
depreciated
bonds
with
lower
embedded
yields
to
reinvest
in
similarly
structured,
higher
income-producing
bonds
to
support
the
Fund’s
earnings
and
provide
tax
efficiencies.
Further,
as
the
reporting
period
progressed,
the
municipal
investment
team
prioritized
limiting
exposure
to
lower-coupon
bonds.
When
the
Fund
engaged
in
new
bond
purchases,
it
favored
issues
with
larger
coupons
because
their
higher
income
and
reduced
interest
rate
sensitivity
were
attractive
on
a
relative-value
basis.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
May
31,
2022?
The
Class
A
Shares
of
the
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
performed
in
line
with
the
S&P
Municipal
Bond
Intermediate
Index
for
the
twelve-month
reporting
period
ended
May
31,
2022.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Bond
Intermediate
Index.
The
primary
positive
contributor
to
relative
performance
was
the
Fund’s
overweight
to
shorter-duration
securities,
and
in
particular
to
bonds
with
durations
ranging
from
zero
to
two
years.
These
bonds
were
additive
because
they
generally
are
less
sensitive
to
rising
interest
rates.
More
modest
positive
performance
contributions
came
from
relative
overweights
to
long-term
care
bonds,
an
outperforming
category,
and
underweights
in
industrial
development
revenue
bonds,
which
lagged
the
index.
Partially
offsetting
the
Fund’s
positive
relative
performance
was
its
overweight
in
bonds
with
lower
coupons.
These
securities
typically
exhibit
a
higher
degree
of
interest
rate
sensitivity
and
tend
to
underperform
as
interest
rates
rise,
thereby
weighing
on
the
Fund’s
relative
performance.
In
general,
the
Fund’s
worst
performers
were
bonds
with
longer
durations,
often
with
lower
coupons.
These
bonds
generally
began
the
reporting
period
at
premium
dollar
prices,
and
because
of
the
market
sell-off,
they
fell
to
discount
dollar
prices
and
became
priced
to
maturity.
7
Nuveen
Minnesota
Municipal
Bond
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
May
31,
2022?
The
Fund
invests
primarily
in
investment
grade,
long-term
municipal
bonds
with
a
targeted
weighted
average
maturity
of
10-25
years.
The
Fund
is
designed
to
provide
maximum
current
income
exempt
from
regular
federal,
Minnesota
state,
and
in
some
cases,
local
income
taxes
as
is
consistent
with
preservation
of
capital.
As
municipal
market
conditions
weakened
and
shareholder
redemptions
grew
in
the
second
half
of
the
reporting
period,
the
municipal
investment
team’s
primary
focus
shifted
to
selling
bonds,
emphasizing
positions
with
low
book
yields
and
engaging
in
tax-loss
swapping.
This
strategy
involves
selling
depreciated
bonds
with
lower
embedded
yields
to
reinvest
in
similarly
structured,
higher
income-producing
bonds
to
support
the
Fund’s
earnings
and
provide
tax
efficiencies.
When
the
Fund
engaged
in
new
bond
purchases,
it
favored
issues
with
larger
coupons
because
their
higher
income
and
reduced
interest
rate
sensitivity
were
attractive
on
a
relative-value
basis.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
May
31,
2022?
The
Class
A
Shares
of
the
Nuveen
Minnesota
Municipal
Bond
Fund
underperformed
the
S&P
Municipal
Bond
Minnesota
Index
for
the
twelve-month
reporting
period
ended
May
31,
2022.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Bond
Minnesota
Index.
The
primary
detractor
from
relative
performance
was
the
Fund’s
overweight
to
longer-duration
securities,
and
in
particular
to
bonds
with
durations
ranging
from
6-12
years.
These
bonds
detracted
because
they
generally
are
more
sensitive
to
rising
interest
rates.
More
modest
negative
relative
performance
factors
included
an
overweight
to
hospital
bonds,
an
underperforming
category;
an
underweight
to
state
general
obligation
bonds,
which
collectively
outperformed;
and
an
underweight
in
AAA
rated
securities,
which
outperformed
the
index.
Partially
offsetting
the
Fund’s
underperformance
was
a
relative
underweight
in
lower-coupon
bonds.
Lower-coupon
bonds
tend
to
be
more
sensitive
to
interest
rate
changes,
so
they
underperformed
as
interest
rates
rose
during
the
reporting
period.
As
a
result,
maintaining
reduced
exposure
to
lower-coupon
bonds
in
the
Fund
added
relative
value.
Another
modest
performance
contribution
came
from
an
underweight
in
the
lagging
single
family
housing
sector.
Nuveen
Nebraska
Municipal
Bond
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
May
31,
2022?
The
Fund
invests
primarily
in
investment
grade,
long-term
municipal
bonds
with
a
targeted
maturity
of
10-25
years.
The
Fund
is
designed
to
provide
maximum
current
income
exempt
from
regular
federal,
Nebraska
state,
and
in
some
cases,
local
income
taxes
as
is
consistent
with
preservation
of
capital.
During
the
first
half
of
the
reporting
period,
the
Fund
received
substantial
new
investment
inflows.
With
these
proceeds,
the
Fund
invested
in
attractively
valued,
lower
credit
quality,
higher
yielding,
longer-duration
bonds.
When
municipal
bond
market
conditions
began
to
deteriorate
in
late
2021
and
early
2022,
shareholder
outflows
increased,
and
the
Fund’s
trading
activity
shifted
toward
selling
bonds.
Specifically,
the
Fund
engaged
in
tax-loss
swaps.
Tax-loss
swapping
is
a
strategy
to
support
the
Fund’s
income
earnings
and
capture
tax
efficiencies
by
selling
depreciated
bonds
with
lower
embedded
yields
to
buy
similar
bonds
with
higher
embedded
yields.
Selling
activity
was
concentrated
in
non-Nebraska
holdings,
as
these
transactions
allowed
the
municipal
investment
team
to
concentrate
the
Fund’s
portfolio
on
in-state,
tax-exempt
debt.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
May
31,
2022?
The
Class
A
Shares
of
the
Nuveen
Nebraska
Municipal
Bond
Fund
underperformed
the
S&P
Municipal
Bond
Nebraska
Index
for
the
twelve-month
reporting
period
ended
May
31,
2022.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Bond
Nebraska
Index.
The
primary
detractor
to
relative
performance
was
the
Fund’s
overweight
to
longer-duration
bonds,
specifically
those
with
durations
of
eight
years
and
longer.
These
bonds
detracted
because
they
generally
are
more
sensitive
to
rising
interest
rates.
The
Fund’s
notable
individual
detractors
this
reporting
period
were
Saunders
County
School
District
#1
Ashland-Greenwood
general
obligation
Portfolio
Managers’
Comments
(continued)
8
bonds,
which
underperformed
because
of
their
longer
duration.
Saunders
County
School
District
#1
Ashland-Greenwood
general
obligation
bonds
were
still
held
in
the
portfolio
at
the
end
of
the
reporting
period
given
their
positive
fundamentals
and
in-state
Nebraska
issuance.
Positive
contributions
to
relative
performance
were
muted
during
the
reporting
period
and
as
such
there
were
no
meaningful
drivers
to
offset
the
underperformance.
Nuveen
Oregon
Intermediate
Municipal
Bond
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
May
31,
2022?
The
Fund
invests
primarily
in
investment
grade,
intermediate-term
municipal
bonds
with
a
targeted
weighted
average
maturity
of
3-10
years.
The
Fund
seeks
to
provide
current
interest
income
exempt
from
regular
federal,
Oregon
state,
and
in
some
cases,
local
income
taxes
as
is
consistent
with
preservation
of
capital.
During
the
first
half
of
the
reporting
period,
the
Fund
received
substantial
new
investment
inflows.
With
these
proceeds,
the
Fund
invested
in
attractively
valued,
lower
credit
quality,
higher
yielding,
longer-duration
bonds.
When
municipal
bond
market
conditions
began
to
deteriorate
in
late
2021
and
early
2022,
shareholder
outflows
increased,
and
the
Fund’s
trading
activity
shifted
toward
selling
bonds.
Specifically,
the
Fund
engaged
in
tax-loss
swaps.
Tax-loss
swapping
is
a
strategy
to
support
the
Fund’s
income
earnings
and
capture
tax
efficiencies
by
selling
depreciated
bonds
with
lower
embedded
yields
to
buy
similar
bonds
with
higher
embedded
yields.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
May
31,
2022?
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,
2022.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Bond
Intermediate
Index.
The
Fund
underperformed
its
benchmark
primarily
as
a
result
of
unfavorable
security
selection.
Investments
made
early
in
the
reporting
period,
when
shareholder
flows
into
the
Fund
were
significant,
typically
carried
lower
yields,
reflecting
then-current
market
conditions.
As
interest
rates
rose
sharply
in
the
second
half
of
the
reporting
period,
these
lower
yielding
securities
lagged
the
market
overall.
Some
of
the
Fund’s
notable
individual
detractors
were
these
types
of
lower
yielding
securities,
including
bonds
issued
by
Portland
Water
System,
a
highly
rated
utility
water
system
whose
bonds
were
sold
in
the
second
half
of
the
period
because
of
the
securities’
low
income.
Positive
contributions
to
relative
performance
were
muted
during
the
reporting
period
and
as
such
there
were
no
meaningful
drivers
to
offset
the
underperformance.
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.
Risk
Considerations
and
Dividend
Information
9
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.
10
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
The
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holdings
Summaries
for
each
Fund
are
shown
within
this
section
of
the
report.
Fund
Performance
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Investment
returns
and
principal
value
will
fluctuate
so
that
when
shares
are
redeemed,
they
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
shown.
Total
returns
for
a
period
of
less
than
one
year
are
not
annualized
(i.e.
cumulative
returns).
Since
inception
returns
are
shown
for
share
classes
that
have
less
than
10-years
of
performance.
Returns
at
net
asset
value
(NAV)
would
be
lower
if
the
sales
charge
were
included.
Returns
assume
reinvestment
of
dividends
and
capital
gains.
For
performance,
current
to
the
most
recent
month-end
visit
Nuveen.com
or
call
(800)
257-8787.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Income
is
generally
exempt
from
regular
federal
income
taxes.
Some
income
may
be
subject
to
state
and
local
income
taxes
and
to
the
federal
alternative
minimum
tax.
Capital
gains,
if
any,
are
subject
to
tax.
Returns
may
reflect
fee
waivers
and/or
expense
reimbursements
by
the
investment
adviser
during
the
periods
presented.
If
any
such
waivers
and/or
reimbursements
had
not
been
in
place,
returns
would
have
been
reduced.
See
Notes
to
Financial
Statements,
Note
7—Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
Returns
reflect
differences
in
sales
charges
and
expenses,
which
are
primarily
differences
in
distribution
and
service
fees,
and
assume
reinvestment
of
dividends
and
capital
gains.
Comparative
index
and
Lipper
return
information
is
provided
for
Class
A
Shares
at
NAV
only.
Expense
Ratios
The
expense
ratios
shown
are
as
of
the
Fund’s
most
recent
prospectus.
The
expense
ratios
shown
reflect
total
operating
expenses
(before
fee
waivers
and/or
expense
reimbursements,
if
any).
The
expense
ratios
include
management
fees
and
other
fees
and
expenses.
Refer
to
the
Financial
Highlights
later
in
this
report
for
the
Fund’s
expense
ratios
as
of
the
end
of
the
reporting
period.
Effective
Leverage
Ratios
Leverage
is
created
whenever
a
Fund
has
investment
exposure
(both
reward
and/or
risk)
equivalent
to
more
than
100%
of
its
investment
capital.
The
effective
leverage
ratio
shown
for
each
Fund
is
the
amount
of
investment
exposure
created
either
directly
through
borrowings
or
indirectly
through
inverse
floaters,
divided
by
the
assets
invested,
including
those
assets
that
were
purchased
with
the
proceeds
of
the
leverage,
or
referenced
by
the
levered
instrument.
A
Fund
may
also
from
time
to
time
borrow
on
a
typically
transient
basis
in
connection
with
its
day-to-day
operations,
primarily
in
connection
with
the
need
to
pay
cash
out
to
redeeming
shareholders
or
to
settle
portfolio
trades.
Such
incidental
borrowings,
described
generally
in
Notes
to
Financial
Statements,
Note
9—Borrowing
Arrangements,
are
excluded
from
the
calculation
of
a
Fund’s
effective
leverage
ratio.
Holding
Summaries
The
Holdings
Summaries
data
relates
to
the
securities
held
in
each
Fund’s
portfolio
of
investments
as
of
the
end
of
this
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
Refer
to
the
Fund’s
Portfolio
of
Investments
for
individual
security
information. 
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
rating
given
by
one
of
the
following
national
rating
agencies:
Standard
&
Poor’s,
Moody’s
Investors
Service,
Inc.
or
Fitch,
Inc.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A
and
BBB
are
investment
grade
ratings;
BB,
B,
CCC,
CC,
C
and
D
are
below
investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
May
31,
2022
11
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries section
for
further
explanation
of the
information
included
within
this
section. 
Refer
to
the
Glossary
of
Terms
Used
in
this
Re-
port
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
Intermediate
Index.
**
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
Shares
have
a
1%
CDSC
for
redemptions
within
less
than
twelve
months,
which
is
not
reflected
in
the
total
returns.
Class
C
Shares
automatically
convert
to
Class
A
Shares
eight
years
after
purchase.
Returns
for
periods
longer
than
eight
years
for
Class
C
Shares
reflect
the
performance
of
Class
A
Shares
after
the
deemed
eight-year
conversion
to
Class
A
Shares
within
such
periods.
Class
I
Shares
have
no
sales
charge
and
may
be
purchased
under
limited
circumstances
or
by
specified
classes
of
investors.
Effective
Leverage
Ratio
as
of
May
31,
2022
Total
Returns
as
of
May
31,
2022**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
10-Year
Class
A
Shares
at
NAV
2/25/94
(5.75)%
1.25%
1.96%
0.79%
Class
A
Shares
at
maximum
Offering
Price
2/25/94
(8.59)%
0.64%
1.65%
—
S&P
Municipal
Bond
Intermediate
Index
—
(5.90)%
1.69%
2.40%
—
Lipper
Other
States
Intermediate
Municipal
Debt
Funds
Classification
Average
—
(6.17)%
0.89%
1.39%
—
Class
I
Shares
2/25/94
(5.52)%
1.47%
2.17%
0.59%
Total
Returns
as
of
May
31,
2022**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
Since
Inception
Class
C
Shares
2/10/14
(6.46)%
0.46%
1.29%
1.59%
Effective
Leverage
Ratio
0.00%
12
Growth
of
an
Assumed
$10,000
Investment
as
of May
31,
2022
 -
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
redemption
of
Fund
Shares.
13
Holdings
Summaries
as
of
May
31,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
99
.7‌
%
Other
Assets
Less
Liabilities
0.3%
Net
Assets
100‌
%
States
and
Territories
1
(%
of
total
municipal
bonds)
Minnesota
99.5%
Guam
0.3%
Puerto
Rico
0.2%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/General
29.7%
Education
and
Civic
Organizations
18.5%
Health
Care
15.0%
Long-Term
Care
10.7%
Tax
Obligation/Limited
10.5%
Utilities
5.3%
Transportation
4.7%
Other
5.6%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
4.7%
AAA
13.1%
AA
26.9%
A
19.1%
BBB
4.3%
BB
or
Lower
4.9%
N/R
(not
rated)
27.0%
Total
100‌
%
1
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
Minnesota
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
2
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising  “Other”
and
not
listed
in
the
Portfolio
Composition
above.
14
Nuveen
Minnesota
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
May
31,
2022
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries section
for
further
explanation
of the
information
included
within
this
section. 
Refer
to
the
Glossary
of
Terms
Used
in
this
Re-
port
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
Minnesota
Index.
**
Class
A
Shares
have
a
maximum
4.20%
sales
charge
(Offering
Price).
Class
A
Share
purchases
of
$250,000
or
more
are
sold
at
net
asset
value
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(CDSC)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
have
a
1%
CDSC
for
redemptions
within
less
than
twelve
months,
which
is
not
reflected
in
the
total
returns.
Class
C
Shares
automatically
convert
to
Class
A
Shares
eight
years
after
purchase.
Returns
for
periods
longer
than
eight
years
for
Class
C
Shares
reflect
the
performance
of
Class
A
Shares
after
the
deemed
eight-year
conversion
to
Class
A
Shares
within
such
periods.
Class
I
Shares
have
no
sales
charge
and
may
be
purchased
under
limited
circumstances
or
by
specified
classes
of
investors.
Effective
Leverage
Ratio
as
of
May
31,
2022
Total
Returns
as
of
May
31,
2022**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
10-Year
Class
A
Shares
at
NAV
7/11/88
(6.83)%
1.47%
2.50%
0.77%
Class
A
Shares
at
maximum
Offering
Price
7/11/88
(10.73)%
0.61%
2.06%
—
S&P
Municipal
Bond
Index
—
(5.97)%
1.89%
2.65%
—
S&P
Municipal
Bond
Minnesota
Index
—
(5.26)%
1.77%
2.40%
—
Lipper
Minnesota
Municipal
Debt
Funds
Classification
Average
—
(6.77)%
1.18%
1.89%
—
Class
I
Shares
8/01/97
(6.64)%
1.68%
2.70%
0.57%
Total
Returns
as
of
May
31,
2022**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
Since
Inception
Class
C
Shares
2/10/14
(7.58)%
0.66%
2.02%
1.57%
Effective
Leverage
Ratio
0.00%
15
Growth
of
an
Assumed
$10,000
Investment
as
of May
31,
2022
 -
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
redemption
of
Fund
Shares.
16
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
May
31,
2022
(continued)
Holdings
Summaries
as
of
May
31,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
99
.8‌
%
Other
Assets
Less
Liabilities
0.2%
Net
Assets
100‌
%
States
and
Territories
1
(%
of
total
municipal
bonds)
Minnesota
97.9%
Puerto
Rico
1.8%
Guam
0.3%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/General
29.4%
Health
Care
17.7%
Education
and
Civic
Organizations
15.3%
Tax
Obligation/Limited
10.8%
Utilities
9.4%
Long-Term
Care
8.1%
Transportation
6.1%
Other
3.2%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
1.4%
AAA
13.9%
AA
23.3%
A
25.1%
BBB
3.4%
BB
or
Lower
7.1%
N/R
(not
rated)
25.8%
Total
100‌
%
1
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
Minnesota
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
2
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising  “Other”
and
not
listed
in
the
Portfolio
Composition
above.
Nuveen
Nebraska
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
May
31,
2022
17
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries section
for
further
explanation
of the
information
included
within
this
section. 
Refer
to
the
Glossary
of
Terms
Used
in
this
Re-
port
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
Nebraska
Index.
**
Class
A
Shares
have
a
maximum
4.20%
sales
charge
(Offering
Price).
Class
A
Share
purchases
of
$250,000
or
more
are
sold
at
net
asset
value
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(CDSC)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
have
a
1%
CDSC
for
redemptions
within
less
than
twelve
months,
which
is
not
reflected
in
the
total
returns.
Class
C
Shares
automatically
convert
to
Class
A
Shares
eight
years
after
purchase.
Returns
for
periods
longer
than
eight
years
for
Class
C
Shares
reflect
the
performance
of
Class
A
Shares
after
the
deemed
eight-year
conversion
to
Class
A
Shares
within
such
periods.
Class
I
Shares
have
no
sales
charge
and
may
be
purchased
under
limited
circumstances
or
by
specified
classes
of
investors.
***
The
Fund’s
investment
adviser
has
contractually
agreed
to
waive
fees
and/or
reimburse
expenses
through
July
31,
2024
so
that
the
total
annual
operating
expenses
(excluding
12b-1
distribution
and/or
service
fees,
interest
expenses,
taxes,
acquired
fund
fees
and
expenses,
fees
incurred
in
acquiring
and
disposing
of
portfolio
securities
and
extraordinary
expenses)
do
not
exceed
0.65%
of
the
average
daily
net
assets
of
any
class
of
Fund
Shares.
This
expense
limitation
may
be
terminated
or
modified
prior
to
that
date
only
with
the
approval
of
the
Board
of
Directors of
the
Fund.
Effective
Leverage
Ratio
as
of
May
31,
2022
Total
Returns
as
of
May
31,
2022**
Average
Annual
Expense
Ratios
***
Inception
Date
1-Year
5-Year
10-Year
Gross
Net
Class
A
Shares
at
NAV
2/28/01
(8.34)%
0.90%
1.84%
0.88%
0.82%
Class
A
Shares
at
maximum
Offering
Price
2/28/01
(12.21)%
0.04%
1.41%
—
—
S&P
Municipal
Bond
Index
—
(5.97)%
1.89%
2.65%
—
—
S&P
Municipal
Bond
Nebraska
Index
—
(6.33)%
1.68%
2.60%
—
—
Lipper
Other
States
Municipal
Debt
Funds
Classification
Average
—
(6.91)%
1.10%
1.82%
—
—
Class
I
Shares
2/28/01
(8.12)%
1.12%
2.04%
0.68%
0.62%
Total
Returns
as
of
May
31,
2022**
Average
Annual
Expense
Ratios***
Inception
Date
1-Year
5-Year
Since
Inception
Gross
Net
Class
C
Shares
2/10/14
(9.03)%
0.09%
1.42%
1.68%
1.62%
Effective
Leverage
Ratio
0.00%
18
Growth
of
an
Assumed
$10,000
Investment
as
of May
31,
2022
 -
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.
19
Holdings
Summaries
as
of
May
31,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
96
.9‌
%
Other
Assets
Less
Liabilities
3.1%
Net
Assets
100‌
%
States
and
Territories
1
(%
of
total
municipal
bonds)
Nebraska
93.0%
Puerto
Rico
3.0%
Guam
2.5%
Virgin
Islands
0.9%
Wisconsin
0.2%
California
0.2%
Hawaii
0.1%
Ohio
0.1%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/General
38.7%
Utilities
22.4%
Tax
Obligation/Limited
9.9%
Education
and
Civic
Organizations
7.9%
Health
Care
6.4%
U.S.
Guaranteed
6.3%
Transportation
4.5%
Other
3.9%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
6.3%
AAA
4.0%
AA
48.7%
A
17.3%
BBB
1.5%
BB
or
Lower
1.6%
N/R
(not
rated)
20.6%
Total
100‌
%
1
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
Nebraska
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
2
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising  “Other”
and
not
listed
in
the
Portfolio
Composition
above.
20
Nuveen
Oregon
Intermediate
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
May
31,
2022
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries section
for
further
explanation
of the
information
included
within
this
section. 
Refer
to
the
Glossary
of
Terms
Used
in
this
Re-
port
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
Intermediate
Index.
**
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
Shares
have
a
1%
CDSC
for
redemptions
within
less
than
twelve
months,
which
is
not
reflected
in
the
total
returns.
Class
C
Shares
automatically
convert
to
Class
A
Shares
eight
years
after
purchase.
Returns
for
periods
longer
than
eight
years
for
Class
C
Shares
reflect
the
performance
of
Class
A
Shares
after
the
deemed
eight-year
conversion
to
Class
A
Shares
within
such
periods.
Class
I
Shares
have
no
sales
charge
and
may
be
purchased
under
limited
circumstances
or
by
specified
classes
of
investors.
Effective
Leverage
Ratio
as
of
May
31,
2022
Total
Returns
as
of
May
31,
2022**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
10-Year
Class
A
Shares
at
NAV
2/01/99
(6.69)%
0.96%
1.56%
0.80%
Class
A
Shares
at
maximum
Offering
Price
2/01/99
(9.48)%
0.35%
1.25%
—
S&P
Municipal
Bond
Intermediate
Index
—
(5.90)%
1.69%
2.40%
—
Lipper
Other
States
Intermediate
Municipal
Debt
Funds
Classification
Average
—
(6.17)%
0.89%
1.39%
—
Class
I
Shares
8/08/97
(6.46)%
1.17%
1.77%
0.60%
Total
Returns
as
of
May
31,
2022**
Average
Annual
Expense
Ratios
Inception
Date
1-Year
5-Year
Since
Inception
Class
C
Shares
2/10/14
(7.48)%
0.15%
0.95%
1.60%
Effective
Leverage
Ratio
0.00%
21
Growth
of
an
Assumed
$10,000
Investment
as
of May
31,
2022
 -
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
redemption
of
Fund
Shares.
22
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
May
31,
2022
(continued)
Holdings
Summaries
as
of
May
31,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
97
.6‌
%
Other
Assets
Less
Liabilities
2.4%
Net
Assets
100‌
%
States
and
Territories
1
(%
of
total
municipal
bonds)
Oregon
93.9%
Guam
3.0%
Puerto
Rico
2.1%
Virgin
Islands
1.0%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/General
42.1%
Health
Care
15.2%
Utilities
10.0%
Tax
Obligation/Limited
9.9%
U.S.
Guaranteed
6.7%
Long-Term
Care
6.1%
Transportation
4.6%
Other
5.4%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
3.5%
AAA
7.5%
AA
51.2%
A
14.0%
BBB
3.7%
BB
or
Lower
2.3%
N/R
(not
rated)
17.8%
Total
100‌
%
1
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
Oregon
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
2
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising  “Other”
and
not
listed
in
the
Portfolio
Composition
above.
Yields
as
of
May
31,
2022
23
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
A
1
Class
C
Class
I
Dividend
Yield
2.01%
1.22%
2.26%
SEC
30-Day
Yield
2.42%
1.71%
2.68%
Taxable-Equivalent
Yield
(50.7%)
2
4.90%
3.46%
5.43%
Nuveen
Minnesota
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
2.13%
1.41%
2.44%
SEC
30-Day
Yield
2.75%
2.09%
3.06%
Taxable-Equivalent
Yield
(50.7%)
2
5.58%
4.24%
6.21%
Nuveen
Nebraska
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
1.49%
0.72%
1.79%
SEC
30-Day
Yield
-
Subsidized
2.27%
1.60%
2.56%
SEC
30-Day
Yield
-
Unsubsidized
2.25%
1.48%
2.45%
Taxable-Equivalent
Yield
-
Subsidized
(47.6%)
2
4.31%
3.04%
4.86%
Taxable-Equivalent
Yield
-
Unsubsidized
(47.6%)
2
4.27%
2.81%
4.65%
24
Nuveen
Oregon
Intermediate
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
1.60%
0.86%
1.89%
SEC
30-Day
Yield
2.11%
1.38%
2.35%
Taxable-Equivalent
Yield
(50.7%)
2
4.28%
2.80%
4.77%
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
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.
Expense
Examples
25
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,
2022.
The
beginning
of
the
period
is
December
1,
2021.
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
I
Actual
Performance
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$938.06
$934.70
$939.55
Expenses
Incurred
During
the
Period
$3.72
$7.38
$2.85
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$1,021.09
$1,017.30
$1,021.99
Expenses
Incurred
During
the
Period
$3.88
$7.70
$2.97
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.80%,
1.60%
and
0.60%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182
/365
(to
reflect
the
one-half
year
period).
Nuveen
Minnesota
Municipal
Bond
Fund
Share
Class
Class
A
Class
C
Class
I
Actual
Performance
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$924.84
$920.97
$925.74
Expenses
Incurred
During
the
Period
$3.50
$7.04
$2.74
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$1,021.29
$1,017.60
$1,022.09
Expenses
Incurred
During
the
Period
$3.68
$7.39
$2.87
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.77%,
1.57%
and
0.57%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182
/365
(to
reflect
the
one-half
year
period).
Expense
Examples
(continued)
26
Nuveen
Nebraska
Municipal
Bond
Fund
Share
Class
Class
A
Class
C
Class
I
Actual
Performance
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$911.34
$907.32
$912.55
Expenses
Incurred
During
the
Period
$4.05
$7.70
$3.19
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$1,020.69
$1,016.85
$1,021.59
Expenses
Incurred
During
the
Period
$4.28
$8.15
$3.38
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.87%,
1.67%
and
0.67%
for
Classes
A,
C
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
I
Actual
Performance
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$931.28
$927.07
$932.51
Expenses
Incurred
During
the
Period
$3.85
$7.06
$2.89
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$1,020.94
$1,017.60
$1,021.94
Expenses
Incurred
During
the
Period
$4.03
$7.39
$3.02
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.83%,
1.63%
and
0.63%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182
/365
(to
reflect
the
one-half
year
period).
Report
of
Independent
Registered
Public
Accounting
Firm
27
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,
2022,
the
related
statements
of
operations
for
the
year
ended
May
31,
2022,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
May
31,
2022,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
May
31,
2022
(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,
2022,
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,
2022
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
May
31,
2022
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,
2022
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/
PricewaterhouseCoopers
LLP
Chicago,
Illinois
July 28,
2022
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
Nuveen
Funds
since
2002.
28
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
Portfolio
of
Investments
May
31,
2022
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
99.7%   
MUNICIPAL
BONDS
-
99.7%  
Education
and
Civic
Organizations
-
18.5%
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+
$
420,720
720
3.500%,
8/01/25
No
Opt.
Call
BB+
707,062
130
4.000%,
8/01/28
8/26
at
100.00
BB+
127,900
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
989,619
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
104,102
1,000
5.000%,
7/01/36
7/24
at
102.00
N/R
1,034,600
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+
196,338
710
5.250%,
7/01/37
7/25
at
100.00
BB+
735,248
Deephaven,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Eagle
Ridge
Academy
Project,
Series
2016A:
200
4.000%,
7/01/22
No
Opt.
Call
BB+
200,134
465
4.000%,
7/01/23
No
Opt.
Call
BB+
468,367
300
4.000%,
7/01/24
No
Opt.
Call
BB+
302,796
135
4.000%,
7/01/25
No
Opt.
Call
BB+
136,126
130
4.000%,
7/01/26
7/25
at
100.00
BB+
130,782
300
4.000%,
7/01/27
7/25
at
100.00
BB+
301,026
370
4.000%,
7/01/28
7/25
at
100.00
BB+
370,200
240
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
240,065
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+
659,209
Greenwood,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Main
Street
School
of
Performing
Arts
Project,
Series
2016A:
860
4.500%,
7/01/26
No
Opt.
Call
N/R
859,011
40
5.000%,
7/01/36
7/26
at
100.00
N/R
39,639
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
1,817,743
975
Hugo,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Noble
Academy
Project,
Series
2014A,
5.000%,
7/01/44
7/24
at
100.00
BB
978,968
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
984,030
500
5.000%,
7/01/36
7/26
at
100.00
N/R
482,820
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
1,396,710
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
1,459,654
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+
1,411,340
1,040
Minneapolis,
Minnesota,
Revenue
Bonds,
University
Gateway
Project,
Refunding
Series
2015,
4.000%,
12/01/28
12/24
at
100.00
Aa1
1,076,275
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+
2,902,760
655
5.000%,
5/01/37
5/27
at
100.00
BB+
674,277
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
1,677,264
29
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
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
$
100,396
140
3.000%,
12/01/23
No
Opt.
Call
Baa2
140,830
105
4.000%,
12/01/24
No
Opt.
Call
Baa2
107,931
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
311,801
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Gustavus
Adolfus
College,
Series
2013-7W:
250
5.000%,
10/01/22
No
Opt.
Call
A3
252,873
500
5.000%,
10/01/23
No
Opt.
Call
A3
520,000
1,000
4.250%,
10/01/28
10/23
at
100.00
A3
1,019,060
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Macalester
College,
Refunding
Series
2021:
100
4.000%,
3/01/29
No
Opt.
Call
Aa3
109,217
150
4.000%,
3/01/30
No
Opt.
Call
Aa3
164,384
160
4.000%,
3/01/31
No
Opt.
Call
Aa3
176,354
140
4.000%,
3/01/32
3/31
at
100.00
Aa3
152,720
1,250
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Macalester
College,
Series
201528J,
3.250%,
3/01/29
3/25
at
100.00
Aa3
1,275,163
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
1,352,831
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Saint
John's
University,
Refunding
Series
2021:
500
4.000%,
10/01/32
10/30
at
100.00
A2
518,295
200
4.000%,
10/01/34
10/30
at
100.00
A2
204,718
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
695,779
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
1,413,641
1,000
5.000%,
12/01/28
12/25
at
100.00
A1
1,078,380
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Saint
Olaf
College,
Series
2021:
2,090
3.000%,
10/01/38
10/30
at
100.00
A1
1,918,369
1,000
4.000%,
10/01/50
10/30
at
100.00
A1
1,017,600
825
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
University
of
Saint
Thomas,
Green
Series
2022A,
4.000%,
10/01/38
(WI/
DD,
Settling
6/02/22)
10/30
at
100.00
N/R
839,429
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
2,029,380
775
4.000%,
4/01/26
4/23
at
100.00
A2
785,897
300
4.000%,
4/01/27
4/23
at
100.00
A2
304,062
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
760,830
525
4.000%,
10/01/35
10/27
at
100.00
A2
530,072
450
4.000%,
10/01/36
10/27
at
100.00
A2
453,964
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
University
of
Saint
Thomas,
Series
2019:
400
5.000%,
10/01/27
No
Opt.
Call
A2
445,168
295
5.000%,
10/01/28
No
Opt.
Call
A2
331,161
1,000
4.000%,
10/01/31
10/29
at
100.00
A2
1,038,220
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
University
of
Saint
Thomas,
Series
2022B:
1,000
4.125%,
10/01/41
10/30
at
100.00
N/R
1,017,880
1,000
5.000%,
10/01/47
(WI/DD,
Settling
6/02/22)
10/30
at
100.00
N/R
1,076,500
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
493,682
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
30
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
$
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
$
767,301
1,185
Minnesota
State
Colleges
and
University,
General
Fund
Revenue
Bonds,
Series
2015A,
3.000%,
10/01/26
4/25
at
100.00
AA-
1,210,560
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
993,495
1,060
4.000%,
12/01/32
12/25
at
100.00
Baa1
1,071,204
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-
937,683
560
Ramsey,
Anoka
County,
Minnesota,
Lease
Revenue
Bonds,
PACT
Charter
School
Project,
Refunding
Series
2013A,
5.000%,
12/01/26
7/22
at
100.00
BBB-
560,846
70
Saint
Cloud,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Stride
Academy
Project,
Series
2016A,
5.000%,
4/01/36
4/26
at
100.00
N/R
58,868
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
742,546
3,005
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+
3,138,933
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
204,112
325
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+
314,710
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
904,196
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Twin
Cities
German
Immersion
School,
Series
2013A:
95
4.000%,
7/01/23
No
Opt.
Call
BB
95,285
700
5.000%,
7/01/33
7/23
at
100.00
BB
705,978
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
256,051
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
2,813,960
University
of
Minnesota,
General
Obligation
Bonds,
Series
2014B:
1,000
4.000%,
1/01/31
1/24
at
100.00
Aa1
1,021,180
1,000
4.000%,
1/01/32
1/24
at
100.00
Aa1
1,018,960
1,000
4.000%,
1/01/34
1/24
at
100.00
Aa1
1,014,860
University
of
Minnesota,
General
Obligation
Bonds,
Series
2019A:
1,310
5.000%,
4/01/29
No
Opt.
Call
Aa1
1,519,613
1,890
5.000%,
4/01/30
4/29
at
100.00
Aa1
2,174,785
5,000
5.000%,
4/01/41
4/29
at
100.00
N/R
5,622,700
Winona
Port
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Bluffview
Montessori
School
Project,
Refunding
Series
2016:
120
3.750%,
6/01/26
6/24
at
100.00
N/R
116,229
10
4.500%,
6/01/36
6/24
at
100.00
N/R
9,096
690
Woodbury,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Woodbury
Leadership
Academy,
Series
2021A,
4.000%,
7/01/31
7/28
at
103.00
BB-
661,510
71,115
Total
Education
and
Civic
Organizations
73,456,033
31
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
-
15.0%
$
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
$
3,421,864
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
1,153,851
1,040
4.000%,
4/01/32
4/27
at
100.00
BBB
1,042,985
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
1,082,001
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-
1,128,057
255
4.250%,
2/15/38
2/28
at
100.00
A-
261,441
675
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Saint
Luke's
Hospital
of
Duluth
Obligated
Group,
Series
2021A,
4.000%,
6/15/37
6/31
at
100.00
BBB-
677,133
240
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Saint
Luke's
Hospital
of
Duluth
Obligated
Group,
Series
2022A,  Forward
Delivery,
4.000%,
6/15/35
6/32
at
100.00
BBB-
241,531
1,400
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Saint
Luke's
Hospital
of
Duluth
Obligated
Group,
Series
2022B,
5.250%,
6/15/42
6/32
at
100.00
N/R
1,513,554
Glencoe,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Glencoe
Regional
Health
Services
Project,
Series
2013:
660
4.000%,
4/01/25
7/22
at
100.00
BBB
660,383
400
4.000%,
4/01/26
7/22
at
100.00
BBB
400,188
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
2,115,020
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
530,778
405
5.000%,
5/01/32
5/27
at
100.00
Baa1
431,706
Minneapolis,
Minnesota,
Health
Care
System
Revenue
Bonds,
Allina
Health
System,
Series
2021:
1,500
4.000%,
11/15/38
11/31
at
100.00
N/R
1,519,695
3,000
4.000%,
11/15/39
11/31
at
100.00
N/R
3,033,360
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+
1,268,040
1,100
5.000%,
11/15/29
11/25
at
100.00
A+
1,167,771
1,000
5.000%,
11/15/30
11/25
at
100.00
A+
1,057,870
2,000
5.000%,
11/15/32
11/25
at
100.00
A+
2,100,480
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+
3,651,064
2,100
5.000%,
11/15/36
11/28
at
100.00
A+
2,259,474
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-
546,805
Rochester,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Mayo
Clinic,
Refunding
Series
2016B:
2,560
5.000%,
11/15/29
No
Opt.
Call
AA
2,944,973
1,000
5.000%,
11/15/33
No
Opt.
Call
AA
1,200,700
2,250
Rochester,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Mayo
Clinic,
Series
2022,
4.000%,
11/15/39
11/32
at
100.00
N/R
2,328,142
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-
2,053,119
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
32
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
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
$
3,941,638
1,550
5.000%,
7/01/30
7/25
at
100.00
A
1,631,421
4,500
5.000%,
7/01/32
7/25
at
100.00
A
4,704,525
1,155
4.000%,
7/01/35
7/25
at
100.00
A
1,170,916
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+
1,100,610
1,000
5.000%,
11/15/34
11/27
at
100.00
A+
1,071,260
1,745
4.000%,
11/15/35
11/27
at
100.00
A+
1,776,707
625
4.000%,
11/15/36
11/27
at
100.00
A+
635,487
1,305
4.000%,
11/15/37
11/27
at
100.00
A+
1,324,927
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
1,253,844
1,140
5.000%,
9/01/29
9/24
at
100.00
A
1,183,092
56,700
Total
Health
Care
59,586,412
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
7/22
at
100.00
Aaa
500,890
Housing/Single
Family
-
0.5%
165
Dakota
County
Community
Development
Agency,
Minnesota,
Single
Family
Mortgage
Revenue
Bonds,
Mortgage
Backed
Securities
Program,
Series
2011A,
4.400%,
12/01/26
6/22
at
100.00
AA+
165,094
35
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2012A,
3.750%,
7/01/22,
(AMT)
7/22
at
100.00
AA+
35,057
125
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2014C,
3.100%,
7/01/26
7/24
at
100.00
AA+
124,954
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2020A:
380
1.300%,
7/01/22,
(AMT)
No
Opt.
Call
AA+
379,947
270
1.350%,
7/01/23,
(AMT)
No
Opt.
Call
AA+
267,915
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2020E:
685
1.850%,
1/01/29
No
Opt.
Call
AA+
642,386
410
1.900%,
7/01/29
No
Opt.
Call
AA+
383,199
2,070
Total
Housing/Single
Family
1,998,552
Industrials
-
0.3%
1,000
Minneapolis,
Minnesota,
Limited
Tax
Supported
Development
Revenue
Bonds,  Common
Bond
Fund
Series
2013-1,
4.000%,
6/01/28
12/22
at
100.00
A+
1,013,660
Long-Term
Care
-
10.6%
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
236,188
Apple
Valley,
Minnesota
Senior
Housing
Revenue
Bonds,
PHS
Apple
Valley
Senior
Housing,
Inc.
Orchard
Path
Phase
II
Project,
Series
2021:
225
4.000%,
9/01/26
No
Opt.
Call
N/R
227,178
240
4.000%,
9/01/28
No
Opt.
Call
N/R
239,988
270
4.000%,
9/01/31
9/28
at
102.00
N/R
259,467
465
4.000%,
9/01/36
9/28
at
102.00
N/R
433,278
440
4.000%,
9/01/41
9/28
at
102.00
N/R
395,556
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
963,520
33
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Long-Term
Care
(continued)
$
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
$
1,050,260
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
95,677
100
4.000%,
9/01/30
9/26
at
102.00
N/R
94,012
100
4.000%,
9/01/31
9/26
at
102.00
N/R
92,172
100
4.000%,
9/01/32
9/26
at
102.00
N/R
90,331
155
4.000%,
9/01/33
9/26
at
102.00
N/R
137,959
100
4.000%,
9/01/34
9/26
at
102.00
N/R
87,648
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
828,831
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
1,025,984
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
305,198
235
Cold
Spring,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Assumption
Home,
Inc.,
Refunding
Series
2017,
4.450%,
3/01/31
7/22
at
101.00
N/R
222,247
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
185,116
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
963,160
500
5.000%,
1/01/34
1/23
at
100.00
N/R
459,840
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
2,372,360
1,100
5.000%,
8/01/36,
144A
8/22
at
100.00
N/R
1,101,067
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
440,865
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)
7/22
at
100.00
N/R
1,420,119
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
185,356
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
88,877
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
1,400,168
1,650
4.750%,
11/15/28
11/22
at
100.00
N/R
1,596,523
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
426,980
750
5.250%,
11/01/45
5/23
at
100.00
N/R
753,615
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
186,937
100
3.100%,
8/01/25
8/24
at
101.00
N/R
96,047
380
North
Oaks,
Minnesota,
Senior
Housing
Revenue
Bonds,
Waverly
Gardens
Project,
Refunding
Series
2016,
4.000%,
10/01/24
No
Opt.
Call
N/R
390,290
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
764,561
805
4.000%,
8/01/27
8/25
at
100.00
N/R
794,615
2,000
4.000%,
8/01/30
8/25
at
100.00
N/R
1,917,660
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
34
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Long-Term
Care
(continued)
$
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
$
368,591
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
892,340
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
2,766,458
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
533,135
1,015
5.000%,
12/01/26
No
Opt.
Call
Baa2
1,093,602
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Senior
Housing
and
Health
Care
Revenue
Bonds,
Episcopal
Church
Homes
Project,
Refunding
Senior
Series
2021A:
160
3.100%,
11/01/31,
144A
11/26
at
102.00
N/R
136,198
625
3.150%,
11/01/32,
144A
11/26
at
102.00
N/R
524,744
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
511,928
1,940
4.750%,
5/01/38
5/23
at
102.00
N/R
1,971,020
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
492,370
550
3.700%,
9/01/28
9/24
at
100.00
N/R
544,527
350
3.800%,
9/01/29
9/24
at
100.00
N/R
346,266
565
3.900%,
9/01/30
9/24
at
100.00
N/R
558,299
320
4.125%,
9/01/34
9/24
at
100.00
N/R
315,293
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
1,021,163
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
1,610,352
2,395
Sauk
Rapids,
Minnesota,
Health
Care
and
Housing
Facilities
Revenue
Bonds,
Good
Shepherd
Luthran
Home,
Refunding
Series
2013,
5.125%,
1/01/39
1/23
at
100.00
N/R
2,167,307
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
98,852
120
2.700%,
3/01/26
3/25
at
101.00
N/R
112,781
335
2.950%,
3/01/28
3/25
at
101.00
N/R
305,597
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
168,883
300
3.125%,
8/01/28
8/24
at
102.00
N/R
288,156
300
3.250%,
8/01/29
8/24
at
102.00
N/R
286,995
225
3.375%,
8/01/30
8/24
at
102.00
N/R
213,469
600
5.000%,
8/01/31
8/24
at
102.00
N/R
617,664
450
5.000%,
8/01/32
8/24
at
102.00
N/R
462,384
250
5.000%,
8/01/33
8/24
at
102.00
N/R
256,400
555
5.000%,
8/01/34
8/24
at
102.00
N/R
568,570
250
5.000%,
8/01/35
8/24
at
102.00
N/R
255,825
500
4.000%,
8/01/44
8/24
at
102.00
N/R
448,280
43,290
Total
Long-Term
Care
42,267,099
35
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
-
29.6%
$
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
$
2,274,000
1,180
Annandale
Independent
School
District
876,
Wright
and
Stearns
Counties,
Minnesota,
General
Obligation
Bonds,
Refunding
School
Building
Series
2020A,
4.000%,
2/01/28
No
Opt.
Call
Aa2
1,281,504
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
1,487,906
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
1,248,670
1,405
Benson
Independent
School
District
777,
Minnesota,
General
Olibation
Bonds,
School
Building
Series
2018A,
4.000%,
2/01/32
2/27
at
100.00
AAA
1,494,808
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
3,504,483
1,000
4.000%,
2/01/33
2/27
at
100.00
AAA
1,054,320
Brooklyn
Center
Independent
School
District
286,
Minnesota,
General
Obligation
Bonds,
Series
2018A:
2,145
4.000%,
2/01/35
2/27
at
100.00
Aa2
2,256,261
1,720
4.000%,
2/01/37
2/27
at
100.00
Aa2
1,798,260
2,000
Buffalo,
Minnesota,
Water
and
Sewer
Revenue
Bonds,
Refunding
Series
2014A,
4.000%,
11/01/28
-
BAM
Insured
11/23
at
100.00
AA
2,059,320
Chaska,
Minnesota,
General
Obligation
Bonds,
Series
2020C:
250
5.000%,
2/01/29
No
Opt.
Call
AA
286,640
1,000
Cloquet
Independent
School
District
94,
Carlton
and
Sant
Louis
Counties,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2015B,
4.000%,
2/01/36
2/25
at
100.00
Aa2
1,026,600
225
Columbia
Heights
Independent
School
District
13,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2019B,
0.000%,
2/01/27
No
Opt.
Call
Aa2
200,009
1,055
Dawson-Boyd
Independent
School
District
378,
Yellow
Medicine
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2019A,
4.000%,
2/01/30
2/28
at
100.00
AAA
1,134,136
1,250
Detroit
Lakes
Independent
School
District
22,
Becker
and
Otter
Tail
Counties,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2019A,
4.000%,
2/01/30
2/27
at
100.00
AAA
1,344,700
Dilworth-Glyndon-Felton
Independent
School
District
2164,
Clay
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2020A:
685
4.000%,
2/01/28
2/26
at
100.00
AAA
730,210
970
4.000%,
2/01/30
2/26
at
100.00
AAA
1,030,480
1,270
Duluth
Independent
School
District
709,
Saint
Louis
County,
Minnesota,
General
Obligation
Bonds,
Capital
Appreciation
Series
2021C,
0.000%,
2/01/30
2/28
at
96.61
Aa2
956,894
3,150
Elk
River
Independent
School
District
728,
Minnesota,
General
Obligation
Bonds,
Facilities
Maintenance
Series
2019A,
4.000%,
2/01/31
2/27
at
100.00
Aa2
3,352,923
1,530
Eveleth-Gilbert
Public
Schools
Independent
School
District
2154,
Saint
Louis
County,
Minnesota,
General
Obligation
Bonds,
Series
2019A,
4.000%,
2/01/32
2/28
at
100.00
AAA
1,636,488
2,460
Forest
Lake,
Washington
County,
Minnesota,
General
Obligation
Bonds,
Series
2019A,
4.000%,
2/01/32
2/29
at
100.00
AA+
2,666,689
Fridley
Independent
School
District
14,
Anoka
County,
Minnesota,
General
Obligation
Bonds,
Alternative
Facility,
Series
2016B:
2,620
5.000%,
2/01/27
2/26
at
100.00
Aa2
2,898,401
1,075
4.000%,
2/01/28
2/26
at
100.00
Aa2
1,143,209
665
Goodhue
County,
Minnesota,
General
Obligation
Bonds,
Capital
Improvement
Plan,
Series
2015A,
3.000%,
2/01/27
2/23
at
100.00
Aa2
668,471
1,485
Goodhue
Independent
School
District
253,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2019A,
4.000%,
2/01/30
2/28
at
100.00
AAA
1,596,390
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
36
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
Greenway
Independent
School
District
316,
Itasca
County,
Minnesota,
General
Obligation
Bonds,
Facilities
Maintenance
Series
2019F:
$
1,265
0.000%,
2/01/27
2/26
at
97.95
AAA
$
1,117,362
1,345
0.000%,
2/01/28
2/26
at
95.70
AAA
1,149,208
5,295
Hennepin
County,
Minnesota,
General
Obligation
Bonds,
Series
2021A,
5.000%,
12/01/33
12/31
at
100.00
N/R
6,281,829
1,040
Hennepin
County,
Minnesota,
General
ObligationBons,
Sales
Tax
Series
2020C,
5.000%,
12/15/31
12/29
at
100.00
AAA
1,215,001
500
Independent
School
District
621,
Mounds
View,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2018A,
4.000%,
2/01/42
2/27
at
100.00
AAA
517,875
330
Jackson
County
Central
Independent
School
District
2895,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2020A,
4.000%,
2/01/27
No
Opt.
Call
AAA
355,875
100
La
Crescent,
Minnesota,
General
Obligation
Bonds,
Series
2019B,
4.000%,
2/01/23
No
Opt.
Call
A1
101,623
130
Lake
Crystal,
Minnesota,
General
Obligation
Bonds,
Series
2019A,
3.000%,
12/15/23
No
Opt.
Call
AA
132,379
Lester
Prairie
Independent
School
District
424,
McLeaod
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2019A:
415
5.000%,
2/01/29
No
Opt.
Call
Aa2
481,052
625
4.000%,
2/01/30
2/29
at
100.00
Aa2
681,481
1,390
Maple
River
Independent
School
District
2135,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2020A,
5.000%,
2/01/29
No
Opt.
Call
AAA
1,606,604
2,595
Minneapolis
Special
School
District
1,
Hennepin
County,
Minnesota,
General
Obligation
Bonds,
Long-Term
Facilities
Maintenance
Series
2017B,
4.000%,
2/01/32
2/28
at
100.00
AAA
2,798,266
1,980
Minneapolis
Special
School
District
1,
Hennepin
County,
Minnesota,
General
Obligation
Bonds,
Long-Term
Facilities
Maintenance
Series
2019B,
4.000%,
2/01/34
2/29
at
100.00
AAA
2,107,195
1,490
Minneapolis
Special
School
District
1,
Hennepin
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2020B,
4.000%,
2/01/32
2/30
at
100.00
AAA
1,637,614
Minneapolis,
Minnesota,
General
Obligation
Bonds,
Improvement
&
Various
Purpose
Series
2018:
1,480
4.000%,
12/01/33
12/26
at
100.00
AAA
1,581,276
500
4.000%,
12/01/35
12/26
at
100.00
AAA
524,755
2,000
Minnesota
State,
General
Obligation
Bonds,
Various
Purpose
Series
2013A,
5.000%,
8/01/25
8/23
at
100.00
AAA
2,082,960
2,000
Minnesota
State,
General
Obligation
Bonds,
Various
Purpose
Series
2013D,
3.500%,
10/01/28
10/23
at
100.00
AAA
2,033,380
5,100
Minnesota
State,
General
Obligation
Bonds,
Various
Purpose
Series
2021A,
4.000%,
9/01/38
9/31
at
100.00
N/R
5,477,910
Minnetonka
Independent
School
District
276,
Hennepin
County,
Minnesota,
General
Obligation
Bonds,
Refunding
Series
2013H:
525
4.000%,
2/01/25
2/23
at
100.00
Aaa
533,195
600
4.000%,
2/01/26
2/23
at
100.00
Aaa
608,862
500
Montgomery
Independent
School
District
2905,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2018A,
4.000%,
2/01/34
2/25
at
100.00
Aa2
524,830
1,475
Moose
Lake
Independent
School
District
97,
Carlton
and
Pine
Counties,
Minnesota,
General
Obligation
Bonds,
School
Buidling
Series
2015A,
4.000%,
2/01/30
2/25
at
100.00
Aa2
1,537,909
1,000
Mora
Independent
School
District
332,
Kanabec
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2020A,
3.000%,
2/01/29
2/28
at
100.00
AAA
1,019,830
2,050
North
Branch
Independent
School
District
138,
Chisago
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2017A,
4.000%,
2/01/30
2/27
at
100.00
AAA
2,178,187
850
North
Saint
Paul-Maplewood-Oakdale
Independent
School
District
622,
Ramsey
County,
Minnesota,
General
Obligation
Bonds,
Facilities
Maintenance
Series
2018A,
3.375%,
2/01/35
2/27
at
100.00
Aa2
863,379
37
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
1,375
North
Saint
Paul-Maplewood-Oakdale
Independent
School
District
622,
Ramsey
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2019A,
5.000%,
2/01/31
2/28
at
100.00
Aa2
$
1,561,945
Northland
Independent
School
District
118,
Minnesota,
General
Obligation
Bonds,
Series
2016A:
560
3.000%,
2/01/27
2/24
at
100.00
Aa2
567,090
1,185
3.000%,
2/01/29
2/24
at
100.00
Aa2
1,197,561
1,500
Osseo
Independent
School
District
279
Hennepin
County,
Minnesota,
General
Obligation
Bonds,
Facilities
Maintenance
Series
2018B,
4.000%,
2/01/34
2/27
at
100.00
Aa1
1,579,395
1,035
Perham
Dent
Independent
School
District
549,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2016A,
3.000%,
2/01/30
2/24
at
100.00
Aa2
1,044,833
1,145
Pipestone-Jasper
Independent
School
District
2689,
Minnesota,
General
Obligation
Bonds,
Series
2019A,
5.000%,
2/01/28
No
Opt.
Call
AAA
1,309,067
880
Plainview-Elgin-Millville
Independent
School
District
2899,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2019A,
4.000%,
2/01/32
2/28
at
100.00
AAA
941,248
1,250
Robbinsdale
Independent
School
District
281,
Hennepin
County,
Minnesota,
General
Obligation
Bonds,
Facilities
Maintenance
Series
2018A,
3.000%,
2/01/30
8/26
at
100.00
Aa2
1,268,975
2,400
Roseville
Independent
School
District
623,
Ramsey
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2018A,
4.000%,
2/01/35
2/27
at
100.00
Aa2
2,505,264
2,500
Roseville
Independent
School
District
623,
Ramsey
County,
Minnesota,
General
Obligation
Bonds,
Series
1994,
4.000%,
2/01/37
2/27
at
100.00
Aa2
2,591,650
1,270
Russell-Tyler-Ruthton
Public
Schools
Independent
School
District
2902,
Minnesota,
General
Obligation
Bonds,
Series
2019A,
5.000%,
2/01/28
No
Opt.
Call
AAA
1,451,978
1,100
Saint
Cloud
Independent
School
District
742,
Stearns
County,
Minnesota,
General
Obligation
Bonds,
Series
2015A,
4.000%,
2/01/30
2/25
at
100.00
Aa2
1,146,915
575
Saint
Francis
Independent
School
District
15,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2018A,
4.000%,
2/01/34
2/23
at
100.00
Aa2
579,560
3,950
Saint
Louis
Park
Independent
School
District
283,
Hennepin
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2018A,
5.000%,
2/01/30
2/27
at
100.00
Aa2
4,391,610
1,225
Saint
Michael
Independent
School
District
885,
Wright
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2017A,
3.200%,
2/01/32
2/26
at
100.00
Aa2
1,245,139
400
Sauk
Rapids
Independent
School
District
047,
Benton
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2020A,
4.000%,
2/01/29
2/28
at
100.00
AAA
432,580
Shakopee
Independent
School
District
720,
Scott
County,
Minnesota,
General
Obligation
Bonds,
Capital
Facilities
Series
2020A:
200
4.000%,
2/01/28
2/27
at
100.00
Aa2
213,144
225
4.000%,
2/01/30
2/27
at
100.00
Aa2
238,561
1,240
South
Washington
County
Independent
School
District
833,
Minnesota,
General
Obligation
Bonds,
Alternate
Facilities
Series
2014A,
3.500%,
2/01/27
2/24
at
100.00
Aa2
1,263,721
South
Washington
County
Independent
School
District
833,
Minnesota,
General
Obligation
Bonds,
Facilities
Maintenance
Series
2018A:
1,330
4.000%,
2/01/31
2/27
at
100.00
Aa2
1,404,267
2,000
South
Washington
County
Independent
School
District
833,
Minnesota,
General
Obligation
Bonds,
Facilities
Maintenance
Series
2022A,
4.000%,
2/01/35
(WI/DD,
Settling
6/09/22)
2/30
at
100.00
N/R
2,133,560
2,000
South
Washington
County
Independent
School
District
833,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2016A,
4.000%,
2/01/29
2/26
at
100.00
Aa2
2,098,580
915
Southland
Independent
School
District
500,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2019A,
4.000%,
2/01/31
2/27
at
100.00
AAA
962,809
1,475
Spring
Lake
Independent
School
District
16,
Anoka
County,
Minnesota,
General
Obligation
Bonds,
Refunding
Series
2015A,
3.000%,
2/01/26
2/25
at
100.00
Aa2
1,508,232
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
38
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
2,000
Stillwater
Independent
School
District
834,
Washington
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2015A,
4.000%,
2/01/28
2/24
at
100.00
Aa2
$
2,062,180
Virginia,
Minnesota,
General
Obligation
Bonds,
Sales
Tax
Series
2020A:
870
5.000%,
2/01/28
-
AGM
Insured
No
Opt.
Call
AA
982,813
510
4.000%,
2/01/29
-
AGM
Insured
2/28
at
100.00
AA
545,129
360
4.000%,
2/01/30
-
AGM
Insured
2/28
at
100.00
AA
383,090
2,415
Watertown-Mayer
Independent
School
District
111,
Carver,
Hennepin
and
Wright
Counties,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2020A,
0.000%,
2/01/31
2/28
at
94.63
AAA
1,860,057
111,530
Total
Tax
Obligation/General
117,752,562
Tax
Obligation/Limited
-
10.5%
200
Alexandria
Independent
School
District
206,
Douglas
County,
Minnesota,
General
Obligation
Bonds,
Series
2021A,
3.000%,
2/01/31
2/29
at
100.00
A2
200,306
695
Duluth
Independent
School
District
709,
Minnesota,
Certificates
of
Participation,
Refunding
Full
Term
Series
2019B,
5.000%,
2/01/28
No
Opt.
Call
Aa2
783,557
55
Elbow
Lake
Economic
Development
Authority,
Minnesota,
Lease
Revenue
Bonds,
Grant
County
Public
Project,
Series
2017A,
4.000%,
12/15/37
12/27
at
100.00
N/R
54,496
1,475
Minneapolis
Special
School
District
1,
Hennepin
County,
Minnesota,
Certificates
of
Participation,
Full
Term
Series
2015D,
3.000%,
2/01/29
2/24
at
100.00
AAA
1,490,635
1,000
Minneapolis
Special
School
District
1,
Hennepin
County,
Minnesota,
Certificates
of
Participation,
Full
Term
Series
2017C,
4.000%,
2/01/30
2/28
at
100.00
AAA
1,082,140
Minneapolis,
Minnesota,
Tax
Increment
Revenue
Bonds,
Grant
Park
Project,
Refunding
Series
2015:
495
3.650%,
3/01/24
3/23
at
100.00
N/R
495,921
200
3.800%,
3/01/25
3/23
at
100.00
N/R
200,508
200
4.000%,
3/01/27
3/23
at
100.00
N/R
200,576
340
Minneapolis,
Minnesota,
Tax
Increment
Revenue
Bonds,
Village
at
St.
Anthony
Falls
Project,
Refunding
Series
2015,
4.000%,
3/01/24
3/23
at
100.00
N/R
341,564
Minneapolis,
Minnesota,
Tax
Incriment
Revenue
Bonds,
Ivy
Tower
Project,
Series
2015:
1,115
4.000%,
3/01/25
3/24
at
100.00
N/R
1,119,493
500
5.000%,
3/01/29
3/24
at
100.00
N/R
505,905
1,170
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2015C,
4.000%,
8/01/27
8/24
at
100.00
AA+
1,216,484
960
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2018D,
4.000%,
8/01/34
8/28
at
100.00
AA+
994,742
770
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2019A,
4.000%,
8/01/32
8/29
at
100.00
AA+
829,359
485
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2019C,
4.000%,
8/01/31
8/29
at
100.00
AA+
509,643
1,055
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2020A,
4.000%,
8/01/31
8/30
at
100.00
AA+
1,130,844
1,810
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2020D,
4.000%,
8/01/31
8/30
at
100.00
AA+
1,940,121
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2021B:
755
5.000%,
8/01/33
8/31
at
100.00
N/R
884,007
880
3.000%,
8/01/37
8/31
at
100.00
N/R
848,892
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2021C:
1,085
5.000%,
8/01/33
8/31
at
100.00
N/R
1,270,394
2,810
4.000%,
8/01/35
8/31
at
100.00
N/R
2,949,713
3,295
4.000%,
8/01/39
8/31
at
100.00
N/R
3,410,457
2,385
4.000%,
8/01/40
8/31
at
100.00
N/R
2,445,579
1,185
Minnesota
Housing
Finance
Agency,
Nonprofit
Housing
Bonds,
State
Appropriation
Series
2011,
5.250%,
8/01/27
7/22
at
100.00
AA+
1,189,136
200
Minnetonka
Independent
School
District
276,
Hennepin
County,
Minnesota,
Certificates
of
Participation,
Series
2022A,
5.000%,
2/01/32
2/29
at
100.00
N/R
227,388
39
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
Northeast
Metropolitan
Intermediate
School
District
916,
White
Bear
Lake,
Minnesota,
Certificates
of
Particpation,
Series
2015B:
$
605
3.125%,
2/01/29
2/25
at
100.00
A1
$
608,521
350
3.250%,
2/01/30
2/25
at
100.00
A1
352,152
Plymouth
Intermediate
District
287,
Minnesota,
Facilities
Maintence
Bonds,
Series
2017B:
235
4.000%,
5/01/26
No
Opt.
Call
Aa3
250,571
175
4.000%,
5/01/27
No
Opt.
Call
Aa3
187,177
1,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2,
4.784%,
7/01/58
7/28
at
100.00
N/R
1,007,880
1,215
Roseville
Independent
School
District
623,
Ramsey
County,
Minnesota,
Certificates
of
Participation,
Series
2021A,
5.000%,
4/01/30
No
Opt.
Call
Baa2
1,359,196
Saint
Cloud
Independent
School
District
742,
Stearns
County,
Minnesota,
Certificates
of
Participation,
Saint
Cloud
Area
Public
Schools,
Series
2017A:
630
5.000%,
2/01/30
2/25
at
100.00
A1
673,804
725
4.000%,
2/01/38
2/25
at
100.00
A1
732,221
1,685
Saint
Paul
Independent
School
District
625,
Ramsey
County,
Minnesota,
Certificates
of
Participation,
Series
2018B,
3.250%,
2/01/33
2/27
at
100.00
AAA
1,699,508
1,020
Saint
Paul
Independent
School
District
625,
Ramsey
County,
Minnesota,
Certificates
of
Participation,
Series
2019B,
4.000%,
2/01/32
2/29
at
100.00
AAA
1,103,752
1,000
Saint
Paul
Independent
School
District
625,
Ramsey
County,
Minnesota,
Certificates
of
Participation,
Series
2020C,
3.000%,
2/01/36
2/28
at
100.00
AAA
968,770
735
Saint
Paul,
Minnesota,
Sales
Tax
Revenue
Bonds,
Series
2014G,
5.000%,
11/01/29
11/24
at
100.00
A+
783,914
200
Shakopee
Independent
School
District
720,
Scott
County,
Minnesota,
Certificates
of
Participation,
Series
2021B,
4.000%,
2/01/30
No
Opt.
Call
N/R
212,638
3,500
Virginia
Housing
and
Redevelopment
Authority,
Minnesota,
Health
Care
Facility
Lease
Revenue
Bonds,
Refunding
Series
2018A,
4.000%,
10/01/29
10/25
at
100.00
N/R
3,350,270
White
Bear
Lake
Independent
School
District
624,
Ramsey
County,
Minnesota,
Certificates
of
Participation,
Series
2020B:
790
5.000%,
4/01/25
No
Opt.
Call
A+
847,607
Zumbro
Education
District
6012,
Minnesota,
Certificates
of
Participation
Series
2021A:
375
4.000%,
2/01/26
No
Opt.
Call
Baa1
389,513
320
4.000%,
2/01/28
No
Opt.
Call
Baa1
334,374
330
4.000%,
2/01/30
No
Opt.
Call
Baa1
344,880
40,010
Total
Tax
Obligation/Limited
41,528,608
Transportation
-
4.7%
380
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Refunding
Senior
Lien
Series
2016A,
4.000%,
1/01/26
No
Opt.
Call
AA-
400,018
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2014A:
335
5.000%,
1/01/29
1/24
at
100.00
A+
346,337
2,000
5.000%,
1/01/30
1/24
at
100.00
A+
2,063,980
1,965
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2019A,
5.000%,
1/01/30
7/29
at
100.00
A+
2,212,315
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2019B:
3,000
5.000%,
1/01/27,
(AMT)
No
Opt.
Call
A+
3,240,900
2,540
5.000%,
1/01/31,
(AMT)
7/29
at
100.00
A+
2,781,732
895
5.000%,
1/01/33,
(AMT)
7/29
at
100.00
A+
972,230
550
5.000%,
1/01/34,
(AMT)
7/29
at
100.00
A+
596,348
1,500
5.000%,
1/01/44,
(AMT)
7/29
at
100.00
A+
1,602,420
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
40
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
$
590
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2019C,
5.000%,
1/01/27
No
Opt.
Call
A+
$
653,047
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Senior
Lien
Series
2016C:
1,050
5.000%,
1/01/34
1/27
at
100.00
AA-
1,133,212
2,310
5.000%,
1/01/35
1/27
at
100.00
AA-
2,490,573
180
5.000%,
1/01/36
1/27
at
100.00
AA-
193,925
17,295
Total
Transportation
18,687,037
U.S.
Guaranteed
-
4.7%
(4)
Jordan
Independent
School
District
717,
Scott
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2014A:
1,000
4.000%,
2/01/26,
(Pre-refunded
2/01/23)
2/23
at
100.00
Aa2
1,015,230
1,275
4.000%,
2/01/27,
(Pre-refunded
2/01/23)
2/23
at
100.00
Aa2
1,294,418
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Saint
Catherine
University,
Refunding
Series
2012-7Q:
740
5.000%,
10/01/23,
(Pre-refunded
10/01/22)
10/22
at
100.00
Baa1
749,073
490
5.000%,
10/01/24,
(Pre-refunded
10/01/22)
10/22
at
100.00
Baa1
496,007
675
Rice
County,
Minnesota
Educational
Facility
Revenue
Bonds,
Shattuck
Saint
Mary's
School
Project,
Series
2015,
5.000%,
8/01/22,
(ETM),
144A
No
Opt.
Call
BB
679,273
570
Rochester,
Minnesota,
Electric
Utility
Revenue
Bonds,
Refunding
Series
2013B,
5.000%,
12/01/33,
(Pre-refunded
12/01/23)
12/23
at
100.00
Aa3
597,576
Rochester,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Olmsted
Medical
Center
Project,
Series
2013:
940
3.000%,
7/01/25,
(Pre-refunded
7/01/23)
7/23
at
100.00
N/R
952,352
515
3.250%,
7/01/26,
(Pre-refunded
7/01/23)
7/23
at
100.00
N/R
523,142
St.
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Hospital
Revenue
Bonds,
HealthEast
Inc.,
Series
2015A:
1,100
5.000%,
11/15/29,
(Pre-refunded
11/15/25)
11/25
at
100.00
N/R
1,199,011
2,285
5.000%,
11/15/30,
(Pre-refunded
11/15/25)
11/25
at
100.00
N/R
2,490,673
Western
Minnesota
Municipal
Power
Agency,
Minnesota,
Power
Supply
Revenue
Bonds,
Series
2014A:
2,850
5.000%,
1/01/29,
(Pre-refunded
1/01/24)
1/24
at
100.00
Aa3
2,994,153
2,750
5.000%,
1/01/30,
(Pre-refunded
1/01/24)
1/24
at
100.00
Aa3
2,889,095
1,000
5.000%,
1/01/31,
(Pre-refunded
1/01/24)
1/24
at
100.00
Aa3
1,050,580
1,150
5.000%,
1/01/32,
(Pre-refunded
1/01/24)
1/24
at
100.00
Aa3
1,208,167
500
Worthington
Independent
School
District
518,
Nobles
County,
Minnesota,
Certificates
of
Participation,
Series
2017A,
4.000%,
2/01/30,
(Pre-
refunded
2/01/26)
2/26
at
100.00
A+
531,710
17,840
Total
U.S.
Guaranteed
18,670,460
Utilities
-
5.2%
Brainerd,
Minnesota,
Electric
Utility
Revenue
Bonds,
Series
2014A:
475
4.000%,
12/01/28
12/24
at
100.00
AA
494,024
495
4.000%,
12/01/29
12/24
at
100.00
AA
514,612
Central
Minnesota
Municipal
Power
Agency,
Revenue
Bonds,
Brookings
-
Southeast
Twin
Cities
Transmission
Project,
Refunding
Series
2021:
250
5.000%,
1/01/32
-
AGM
Insured
1/30
at
100.00
N/R
287,060
175
4.000%,
1/01/33
-
AGM
Insured
1/30
at
100.00
N/R
187,304
1,140
Guam
Power
Authority,
Revenue
Bonds,
Series
2012A,
5.000%,
10/01/25
-
AGM
Insured
10/22
at
100.00
AA
1,153,213
Hutchinson,
Minnesota,
Public
Utility
Revenue
Bonds,
Refunding
Series
2012A:
580
5.000%,
12/01/25
12/22
at
100.00
A1
590,243
670
5.000%,
12/01/26
12/22
at
100.00
A1
681,832
41
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
Luverne,
Minnesota,
Electric
Revenue
Bonds,
Series
2018A:
$
225
4.000%,
12/01/27
No
Opt.
Call
AA
$
241,411
100
4.000%,
12/01/33
12/28
at
100.00
AA
106,433
665
Minnesota
Municipal
Gas
Agency,
Commodity
Supply
Revenue
Bonds,
Series
2022A,
4.000%,
12/01/52,
(Mandatory
Put
12/01/27)
9/27
at
100.37
N/R
696,860
Minnesota
Municipal
Power
Agency,
Electric
Revenue
Bonds,
Refunding
Series
2014:
500
5.000%,
10/01/29
10/24
at
100.00
A1
534,740
500
5.000%,
10/01/30
10/24
at
100.00
A1
534,740
1,000
Minnesota
Municipal
Power
Agency,
Electric
Revenue
Bonds,
Refunding
Series
2014A,
3.500%,
10/01/28
10/24
at
100.00
A1
1,020,630
1,430
Northern
Municipal
Power
Agency,
Minnesota,
Electric
System
Revenue
Bonds,
Series
2013A,
5.000%,
1/01/30
1/23
at
100.00
A-
1,456,956
750
Rochester,
Minnesota,
Electric
Utility
Revenue
Bonds,
Refunding
Series
2015E,
3.000%,
12/01/29
12/25
at
100.00
AA
763,620
1,000
Rochester,
Minnesota,
Electric
Utility
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
12/01/33
12/26
at
100.00
AA
1,122,020
1,070
Saint
Paul
Port
Authority,
Minnesota,
District
Energy
Revenue
Bonds,
Series
2017-4,
4.000%,
10/01/40,
(AMT)
10/27
at
100.00
A-
1,092,598
Saint
Paul
Port
Authority,
Minnesota,
District
Energy
Revenue
Bonds,
Series
2021-1.
501
C3:
100
3.000%,
10/01/22
No
Opt.
Call
A-
100,516
200
3.000%,
10/01/25
No
Opt.
Call
A-
203,398
100
3.000%,
10/01/27
No
Opt.
Call
A-
101,496
500
4.000%,
10/01/28
10/27
at
100.00
A-
533,385
2,500
Southern
Minnesota
Municipal
Power
Agency
Power
Supply
System
Revenue
Bonds,
Series
2015A,
4.000%,
1/01/30
1/26
at
100.00
AA-
2,612,550
1,000
Southern
Minnesota
Municipal
Power
Agency,
Power
Supply
System
Revenue
Bonds,
Series
1994A,
0.000%,
1/01/26
-
NPFG
Insured
No
Opt.
Call
A+
912,820
Western
Minnesota
Municipal
Power
Agency,
Minnesota,
Power
Supply
Revenue
Bonds,
Refunding
Series
2012A:
1,000
3.000%,
1/01/28
1/23
at
100.00
Aa3
1,004,270
1,250
5.000%,
1/01/29
1/23
at
100.00
Aa3
1,274,512
Western
Minnesota
Municipal
Power
Agency,
Minnesota,
Power
Supply
Revenue
Bonds,
Refunding
Series
2015A:
1,335
5.000%,
1/01/31
1/26
at
100.00
Aa3
1,465,243
1,000
5.000%,
1/01/33
1/26
at
100.00
Aa3
1,096,110
20,010
Total
Utilities
20,782,596
$
381,360
Total
Long-Term
Investments
(cost
$400,650,189)
396,243,909
Other
Assets
Less
Liabilities
-
0.3%
1,008,273
Net
Assets
-
100%
$
397,252,182
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(3)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(4)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
WI/DD
Purchased
on
a
when-issued
or
delayed
delivery
basis.
See
accompanying
notes
to
financial
statements.
42
Nuveen
Minnesota
Municipal
Bond
Fund
Portfolio
of
Investments
May
31,
2022
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
99.8%   
MUNICIPAL
BONDS
-
99.8%  
Education
and
Civic
Organizations
-
15.3%
$
130
Baytown
Township,
Minnesota
Charter
School
Lease
Revenue
Bonds,
Saint
Croix
Preparatory
Academy,
Refunding
Series
2016A,
4.250%,
8/01/46
8/26
at
100.00
BB+
$
117,805
3,500
Brooklyn
Center,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Tesfa
International
dba
Twin
Lakes
STEM
Academy
Project,
Series
2021A,
5.250%,
6/15/56
6/29
at
100.00
N/R
2,776,375
City
of
Ham
Lake,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
DaVinci
Academy
Project,Series
2016A:
100
5.000%,
7/01/36
7/24
at
102.00
N/R
103,460
2,000
5.000%,
7/01/47
7/24
at
102.00
N/R
2,039,800
Deephaven,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Eagle
Ridge
Academy
Project,
Series
2015A:
675
5.250%,
7/01/37
7/25
at
100.00
BB+
699,003
500
5.500%,
7/01/50
7/25
at
100.00
BB+
515,515
1,025
Forest
Lake,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Lakes
International
Language
Academy,
Series
2014A,
5.750%,
8/01/44
8/22
at
102.00
BB+
1,047,929
1,000
Forest
Lake,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Lakes
International
Language
Academy,
Series
2019A,
5.375%,
8/01/50
8/27
at
102.00
BB+
1,039,970
100
Greenwood,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Main
Street
School
of
Performing
Arts
Project,
Series
2016A,
5.000%,
7/01/36
7/26
at
100.00
N/R
99,098
5,350
Ham
Lake,
Minnesota
Charter
School
Lease
Revenue
Bonds,
Parnassus
Preparatory
School
Project,
Series
2016A,
5.000%,
11/01/47
11/26
at
100.00
BB
5,393,977
Hugo,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Noble
Academy
Project,
Series
2014A:
600
5.000%,
7/01/29
7/24
at
100.00
BB
610,884
1,000
5.000%,
7/01/34
7/24
at
100.00
BB
1,012,360
525
5.000%,
7/01/44
7/24
at
100.00
BB
527,137
4,150
Independence,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Beacon
Academy
Project,
Series
2016A,
5.000%,
7/01/46
7/26
at
100.00
N/R
3,814,971
1,415
Independence,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Paladin
Career
&
Technical
High
School
Project,
Series
2021A,
4.000%,
6/01/51
6/29
at
102.00
N/R
1,102,299
300
Minneapolis,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Hiawatha
Academies
Project,
Series
2016A,
5.000%,
7/01/47
7/24
at
102.00
N/R
302,961
Minneapolis,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Northeast
College
Prep
Project,
Series
2020A:
410
5.000%,
7/01/40
7/30
at
100.00
N/R
400,914
100
5.000%,
7/01/55
7/30
at
100.00
N/R
92,988
Minneapolis,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Yinghua
Academy
Project,
Series
2013A:
500
6.000%,
7/01/33
7/23
at
100.00
BB+
511,355
3,715
6.000%,
7/01/43
7/23
at
100.00
BB+
3,780,012
1,260
6.125%,
7/01/48
7/23
at
100.00
BB+
1,283,033
420
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Augsburg
College,
Series
2014-8-C,
3.500%,
5/01/23
6/22
at
100.00
Ba1
418,643
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Bethel
University,
Refunding
Series
2017:
2,345
5.000%,
5/01/37
5/27
at
100.00
BB+
2,414,013
4,700
5.000%,
5/01/47
5/27
at
100.00
BB+
4,783,660
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Carleton
College,
Refunding
Series
2017:
1,000
4.000%,
3/01/37
3/27
at
100.00
Aa2
1,032,800
1,000
4.000%,
3/01/39
3/27
at
100.00
Aa2
1,028,340
500
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
College
of
Saint
Scholastica,
Inc.,
Refunding
Series
2019,
4.000%,
12/01/40
12/29
at
100.00
Baa2
506,775
43
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Macalester
College,
Refunidng
Series
2021:
$
140
4.000%,
3/01/33
3/31
at
100.00
Aa3
$
151,785
155
4.000%,
3/01/34
3/31
at
100.00
Aa3
166,424
125
4.000%,
3/01/35
3/31
at
100.00
Aa3
133,491
155
4.000%,
3/01/36
3/31
at
100.00
Aa3
164,703
100
4.000%,
3/01/37
3/31
at
100.00
Aa3
105,683
1,000
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Macalester
College,
Series
201528J,
3.250%,
3/01/30
3/25
at
100.00
Aa3
1,017,800
675
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Saint
Catherine
University,
Refunding
Series
2018A,
5.000%,
10/01/45
10/28
at
100.00
Baa1
724,687
170
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Saint
John's
University,
Refunding
Series
2021,
4.000%,
10/01/35
10/30
at
100.00
A2
173,777
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Saint
John's
University,
Series
2015-8I:
350
5.000%,
10/01/33
10/25
at
100.00
A2
370,632
385
5.000%,
10/01/34
10/25
at
100.00
A2
407,357
500
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Saint
Olaf
College,
Series
2016-8-N,
4.000%,
10/01/35
10/26
at
100.00
A1
511,010
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Saint
Olaf
College,
Series
2021:
1,000
3.000%,
10/01/38
10/30
at
100.00
A1
917,880
325
3.000%,
10/01/41
10/30
at
100.00
A1
292,052
3,000
4.000%,
10/01/50
10/30
at
100.00
A1
3,052,800
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
University
of
Saint
Thomas,
Green
Series
2022A:
1,000
4.000%,
10/01/38
(WI/DD,
Settling
6/02/22)
10/30
at
100.00
N/R
1,017,490
575
4.125%,
10/01/41
10/30
at
100.00
N/R
585,281
1,000
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
University
of
Saint
Thomas,
Series
2016-8L,
5.000%,
4/01/27
4/26
at
100.00
A2
1,089,940
100
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
University
of
Saint
Thomas,
Series
2017A,
4.000%,
10/01/36
10/27
at
100.00
A2
100,881
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
University
of
Saint
Thomas,
Series
2019:
1,000
5.000%,
10/01/34
10/29
at
100.00
A2
1,105,860
2,000
5.000%,
10/01/40
10/29
at
100.00
A2
2,182,860
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
University
of
Saint
Thomas,
Series
2022B:
1,490
4.125%,
10/01/42
(WI/DD,
Settling
6/02/22)
10/30
at
100.00
N/R
1,514,794
500
4.125%,
10/01/42
(WI/DD,
Settling
6/02/22)
10/30
at
100.00
N/R
508,320
2,045
5.000%,
10/01/47
(WI/DD,
Settling
6/02/22)
10/30
at
100.00
N/R
2,201,442
805
Minnesota
Office
of
Higher
Education,
Supplemental
Student
Loan
Program
Revenue
Bonds,
2020
Senior
Series,
2.650%,
11/01/38,
(AMT)
11/27
at
100.00
AA
717,963
1,950
Moorhead,
Minnesota,
Educational
Facilities
Revenue
Bonds,
The
Concordia
College
Corporation
Project,
Series
2016,
5.000%,
12/01/40
12/25
at
100.00
Baa1
2,033,051
1,130
Otsego,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Kaleidoscope
Charter
School
Project,
Series
2014A,
5.000%,
9/01/44
9/24
at
100.00
BB-
1,112,022
700
Ramsey,
Anoka
County,
Minnesota,
Lease
Revenue
Bonds,
PACT
Charter
School
Project,
Series
2004A,
5.500%,
12/01/33
7/22
at
100.00
BBB-
701,050
155
Saint
Cloud,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Stride
Academy
Project,
Series
2016A,
5.000%,
4/01/46
4/26
at
100.00
N/R
118,560
1,600
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Community
of
Peace
Academy
Project,
Series
2019,
4.000%,
12/01/49
12/29
at
100.00
BBB-
1,465,472
685
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Great
River
School
Project,
Series
2017A,
5.500%,
7/01/52,
144A
7/27
at
100.00
N/R
706,050
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Hmong
College
Prep
Academy
Project,
Refunding
Series
2020A:
1,500
5.000%,
9/01/40
9/30
at
100.00
BB+
1,536,540
1,000
5.000%,
9/01/43
9/30
at
100.00
BB+
1,018,180
Nuveen
Minnesota
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
44
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Hmong
College
Prep
Academy
Project,
Series
2016A:
$
500
5.750%,
9/01/46
9/26
at
100.00
BB+
$
525,850
1,000
6.000%,
9/01/51
9/26
at
100.00
BB+
1,059,300
3,800
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Hope
Community
Academy
Project,
Series
2020A,
5.000%,
12/01/45
12/28
at
102.00
BB
3,480,876
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Metro
Deaf
School
Project,
Series
2018A:
1,000
5.000%,
6/15/48,
144A
6/25
at
100.00
N/R
1,012,040
1,615
5.000%,
6/15/53,
144A
6/25
at
100.00
N/R
1,632,167
730
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Nova
Classical
Academy,
Refunding
Series
2021A,
4.000%,
9/01/31
9/24
at
102.00
BB+
727,722
2,000
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Nova
Classical
Academy,
Series
2016A,
4.125%,
9/01/47
9/24
at
102.00
BB+
1,792,740
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Twin
Cities
Academy
Project,
Series
2015A:
625
5.300%,
7/01/45
7/25
at
100.00
BB
639,931
1,030
5.375%,
7/01/50
7/25
at
100.00
BB
1,054,720
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Twin
Cities
German
Immersion
School
Project,
Series
2019:
1,230
5.000%,
7/01/49
7/27
at
102.00
BB
1,251,217
2,620
5.000%,
7/01/55
7/27
at
102.00
BB
2,654,794
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Twin
Cities
German
Immersion
School,
Series
2013A:
500
5.000%,
7/01/33
7/23
at
100.00
BB
504,270
1,450
5.000%,
7/01/44
7/23
at
100.00
BB
1,458,874
1,435
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Charter
School
Revenue
Bonds,
Higher
Ground
Academy
Charter
School,
Series
2013A,
5.000%,
12/01/33
12/22
at
100.00
BB+
1,442,577
Savage,
Minnesota
Charter
School
Lease
Revenue
Bonds,
Aspen
Academy
Project,
Series
2016A:
2,035
5.000%,
10/01/41
10/26
at
100.00
N/R
2,053,763
380
5.125%,
10/01/48
10/26
at
100.00
N/R
383,123
1,500
Spring
Lake
Park,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Excell
Academy
for
Higher
Learning
Inc.,
Series
2019A,
5.000%,
6/15/49
6/27
at
100.00
N/R
1,512,765
500
St.
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Charter
School
Revenue
Bonds,
Higher
Ground
Academy
Charter
School,
Series
2018,
5.125%,
12/01/49
12/26
at
102.00
BB+
512,750
University
of
Minnesota,
General
Obligation
Bonds,
Series
2014B:
2,235
4.000%,
1/01/33
1/24
at
100.00
Aa1
2,272,749
2,000
4.000%,
1/01/34
1/24
at
100.00
Aa1
2,029,720
University
of
Minnesota,
General
Obligation
Bonds,
Series
2019A:
2,110
5.000%,
4/01/40
4/29
at
100.00
Aa1
2,371,492
1,045
5.000%,
4/01/41
4/29
at
100.00
N/R
1,175,145
20
Winona
Port
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Bluffview
Montessori
School
Project,
Refunding
Series
2016,
4.750%,
6/01/46
6/24
at
100.00
N/R
17,747
Woodbury,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Math
and
Science
Academy
Building
Company,
Refunding
Series
2020A:
390
4.000%,
12/01/40
12/25
at
102.50
BBB-
373,706
450
4.000%,
12/01/50
12/25
at
102.50
BBB-
410,607
45
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
$
660
Woodbury,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Woodbury
Leadership
Academy,
Series
2021A,
4.000%,
7/01/51
7/28
at
103.00
BB-
$
554,044
98,495
Total
Education
and
Civic
Organizations
98,266,603
Health
Care
-
17.7%
Chippewa
County,
Minnesota,
Gross
Revenue
Hospital
Bonds,
Montevideo
Hospital
Project,
Refunding
Series
2016:
500
4.000%,
3/01/32
3/26
at
100.00
N/R
502,045
2,000
4.000%,
3/01/37
3/26
at
100.00
N/R
1,974,040
City
of
Plato,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Glencoe
Regional
Health
Services
Project,
Series
2017:
550
3.000%,
4/01/26
No
Opt.
Call
BBB
554,560
485
5.000%,
4/01/41
4/27
at
100.00
BBB
510,627
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2018A:
500
5.000%,
2/15/37
2/28
at
100.00
A-
534,500
1,200
4.250%,
2/15/43
2/28
at
100.00
A-
1,211,988
2,000
5.000%,
2/15/43
2/28
at
100.00
A-
2,121,780
980
4.250%,
2/15/48
2/28
at
100.00
A-
984,586
8,115
5.000%,
2/15/48
2/28
at
100.00
A-
8,564,571
9,000
5.000%,
2/15/53
2/28
at
100.00
A-
9,474,570
3,000
5.250%,
2/15/53
2/28
at
100.00
A-
3,196,140
2,850
5.000%,
2/15/58
2/28
at
100.00
A-
3,000,281
590
5.250%,
2/15/58
2/28
at
100.00
A-
628,574
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Saint
Luke's
Hospital
of
Duluth
Obligated
Group,
Series
2021A:
400
4.000%,
6/15/34
6/31
at
100.00
BBB-
403,860
175
4.000%,
6/15/38
6/31
at
100.00
BBB-
175,222
175
4.000%,
6/15/39
6/31
at
100.00
BBB-
174,822
570
3.000%,
6/15/44
6/31
at
100.00
BBB-
458,234
450
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Saint
Luke's
Hospital
of
Duluth
Obligated
Group,
Series
2022A,  Forward
Delivery,
4.000%,
6/15/38
6/32
at
100.00
BBB-
450,626
1,250
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Saint
Luke's
Hospital
of
Duluth
Obligated
Group,
Series
2022B,
5.250%,
6/15/47
6/32
at
100.00
N/R
1,343,388
Glencoe,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Glencoe
Regional
Health
Services
Project,
Series
2013:
500
4.000%,
4/01/27
7/22
at
100.00
BBB
500,190
760
4.000%,
4/01/31
7/22
at
100.00
BBB
760,023
1,220
Maple
Grove,
Minnesota,
Health
Care
Facilities
Revenue
Refunding
Bonds,
North
Memorial
Health
Care,
Series
2015,
4.000%,
9/01/35
9/25
at
100.00
Baa1
1,220,451
Maple
Grove,
Minnesota,
Health
Care
Facility
Revenue
Bonds,
North
Memorial
Health
Care,
Series
2017:
425
5.000%,
5/01/31
5/27
at
100.00
Baa1
455,719
430
5.000%,
5/01/32
5/27
at
100.00
Baa1
458,354
Minneapolis,
Minnesota,
Health
Care
System
Revenue
Bonds,
Allina
Health
System,
Series
2021:
1,500
4.000%,
11/15/36
11/31
at
100.00
N/R
1,523,925
2,725
4.000%,
11/15/37
11/31
at
100.00
N/R
2,766,202
5,000
4.000%,
11/15/38
11/31
at
100.00
N/R
5,065,650
5,260
4.000%,
11/15/39
11/31
at
100.00
N/R
5,318,491
435
4.000%,
11/15/40
11/31
at
100.00
N/R
439,072
Minneapolis,
Minnesota,
Health
Care
System
Revenue
Bonds,
Fairview
Health
Services,
Series
2015A:
525
5.000%,
11/15/26
11/25
at
100.00
A+
564,422
485
4.000%,
11/15/40
11/25
at
100.00
A+
488,560
2,000
5.000%,
11/15/44
11/25
at
100.00
A+
2,073,200
Nuveen
Minnesota
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
46
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
Minneapolis,
Minnesota,
Health
Care
System
Revenue
Bonds,
Fairview
Health
Services,
Series
2018A:
$
600
5.000%,
11/15/33
11/28
at
100.00
A+
$
652,476
1,000
5.000%,
11/15/36
11/28
at
100.00
A+
1,075,940
285
4.000%,
11/15/37
11/28
at
100.00
A+
289,899
3,965
4.000%,
11/15/48
11/28
at
100.00
A+
3,903,939
7,000
5.000%,
11/15/49
11/28
at
100.00
A+
7,415,590
1,000
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-
1,093,610
1,500
Minneapolis-Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Health
Care
System
Revenue
Bonds,
Allina
Health
System,
Refunding
Series
2019,
5.000%,
11/15/29
No
Opt.
Call
AA-
1,727,760
2,400
Rochester,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Mayo
Clinic,
Refunding
Series
2016B,
5.000%,
11/15/33
No
Opt.
Call
AA
2,881,680
4,000
Rochester,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Mayo
Clinic,
Series
2022,
5.000%,
11/15/57
11/32
at
100.00
N/R
4,522,600
675
Saint
Cloud,
Minnesota,
Health
Care
Revenue
Bonds,
CentraCare
Health
System,
Series
2016A,
5.000%,
5/01/46
5/26
at
100.00
AA-
702,162
Saint
Cloud,
Minnesota,
Health
Care
Revenue
Bonds,
CentraCare
Health
System,
Series
2019:
2,070
5.000%,
5/01/48
5/29
at
100.00
AA-
2,205,999
1,700
4.000%,
5/01/49
5/29
at
100.00
AA-
1,670,148
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Health
Care
Facility
Revenue
Bonds,
HealthPartners
Obligated
Group,
Refunding
Series
2015A:
8,310
5.000%,
7/01/30
7/25
at
100.00
A
8,746,524
4,840
4.000%,
7/01/35
7/25
at
100.00
A
4,906,695
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Health
Care
Revenue
Bonds,
Fairview
Health
Services,
Series
2017A:
1,560
5.000%,
11/15/26
No
Opt.
Call
A+
1,709,089
2,135
5.000%,
11/15/27
No
Opt.
Call
A+
2,360,264
755
4.000%,
11/15/36
11/27
at
100.00
A+
767,669
640
4.000%,
11/15/37
11/27
at
100.00
A+
649,773
3,935
4.000%,
11/15/43
11/27
at
100.00
A+
3,963,489
1,375
Saint
Paul
Port
Authority,
Minnesota,
Lease
Revenue
Bonds,
Regions
Hospital
Parking
Ramp
Project,
Series
2007-1,
5.000%,
8/01/36
7/22
at
100.00
N/R
1,376,334
Shakopee,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Saint
Francis
Regional
Medical
Center,
Refunding
Series
2014:
1,980
4.000%,
9/01/31
9/24
at
100.00
A
1,996,731
1,410
5.000%,
9/01/34
9/24
at
100.00
A
1,452,272
109,190
Total
Health
Care
113,969,316
Housing/Multifamily
-
0.4%
2,500
Rochester,
Minnesota,
Multifamily
Housing
Revenue
Bonds,
Essex
Place
Apartments
Project,
Series
2012A,
3.750%,
6/01/29
6/22
at
100.00
Aaa
2,500,450
Housing/Single
Family
-
0.7%
15
Minneapolis-Saint
Paul
Housing
Finance
Board,
Minnesota,
Single
Family
Mortgage
Revenue
Bonds,
City
Living
Home
Program,
Market
Series
2011B,
4.100%,
12/01/29
6/22
at
100.00
AA+
15,004
4
Minneapolis-Saint
Paul
Housing
Finance
Board,
Minnesota,
Single
Family
Mortgage
Revenue
Bonds,
City
Living
Series
2006A-4,
5.000%,
11/01/38,
(AMT)
6/22
at
100.00
AA+
3,571
45
Minneapolis-Saint
Paul
Housing
Finance
Board,
Minnesota,
Single
Family
Mortgage
Revenue
Bonds,
City
Living
Series
2007A-2,
5.520%,
3/01/41,
(AMT)
6/22
at
100.00
AA+
45,067
370
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2016A,
3.200%,
1/01/33,
(AMT)
7/25
at
100.00
AA+
366,492
47
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Single
Family
(continued)
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2020A:
$
485
1.550%,
7/01/25,
(AMT)
No
Opt.
Call
AA+
$
470,077
390
1.700%,
7/01/26,
(AMT)
No
Opt.
Call
AA+
375,277
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2020D:
230
1.625%,
1/01/26,
(AMT)
No
Opt.
Call
AA+
219,611
210
1.650%,
7/01/26,
(AMT)
No
Opt.
Call
AA+
198,931
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2020H:
460
1.100%,
7/01/26,
(AMT)
No
Opt.
Call
AA+
431,692
460
1.350%,
7/01/27,
(AMT)
No
Opt.
Call
AA+
426,507
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2021A:
380
1.550%,
1/01/28,
(AMT)
No
Opt.
Call
AA+
348,034
390
1.600%,
7/01/28,
(AMT)
No
Opt.
Call
AA+
354,526
485
1.750%,
1/01/29,
(AMT)
No
Opt.
Call
AA+
438,299
485
1.800%,
7/01/29,
(AMT)
No
Opt.
Call
AA+
435,705
245
1.900%,
1/01/30,
(AMT)
No
Opt.
Call
AA+
219,667
240
1.950%,
7/01/30,
(AMT)
No
Opt.
Call
AA+
214,090
4,894
Total
Housing/Single
Family
4,562,550
Industrials
-
0.3%
2,250
Saint
Paul
Port
Authority,
Minnesota,
Solid
Waste
Disposal
Revenue
Bonds,
Gerdau
Saint
Paul
Steel
Mill
Project,
Series
2012-7,
4.500%,
10/01/37,
(AMT),
144A
10/22
at
100.00
BBB-
2,250,698
Long-Term
Care
-
8.1%
2,090
Anoka,
Minnesota,
Health
Care
and
Housing
Facility
Revenue
Bonds,
The
Homestead
at
Anoka,
Inc.
Project,
Series
2014,
5.125%,
11/01/49
11/24
at
100.00
N/R
1,993,797
Apple
Valley,
Minnesota
Senior
Housing
Revenue
Bonds,
PHS
Apple
Valley
Senior
Housing,
Inc.
Orchard
Path
Phase
II
Project,
Series
2021:
840
4.000%,
9/01/51
9/28
at
102.00
N/R
709,296
875
4.000%,
9/01/61
9/28
at
102.00
N/R
714,892
1,000
Apple
Valley,
Minnesota,
Senior
Housing
Revenue
Bonds,
PHS
Apple
Valley
Senior
Housing,
Inc.
Orchard
Path
Project,
Refunding
Series
2018,
5.000%,
9/01/43
9/23
at
102.00
N/R
1,009,760
Center
City,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Hazelden
Betty
Ford
Foundation
Project,
Series
2014:
375
4.000%,
11/01/39
11/24
at
100.00
Baa1
371,734
500
5.000%,
11/01/44
11/24
at
100.00
Baa1
511,725
Chatfield,
Minnesota,
Healthcare
and
Housing
Facilities
Revenue
Bonds,
Chosen
Valley
Care
Center
Project,
Refunding
Series
2019:
500
5.000%,
9/01/44
9/26
at
102.00
N/R
456,135
1,500
5.000%,
9/01/52
9/26
at
102.00
N/R
1,320,000
1,500
Chisago
City,
Minnesota,
Housing
and
Health
Care
Revenue
Bonds,
CDL
Homes,
LLC
Project,
Series
2013B,
6.000%,
8/01/43
8/23
at
100.00
N/R
1,520,355
1,500
City
of
West
Saint
Paul,
Minnesota
Housing
and
Health
Care
Facilities
Revenue
Refunding
Bonds,
Walker
Westwood
Ridge
Campus
Project,
Series
2017,
5.000%,
11/01/49
11/25
at
100.00
N/R
1,402,410
Cloquet,
Minnesota,
Housing
Facilities
Revenue
Bonds,
HADC
Cloquet
LLC
Project,
Refunding
Series
2021:
250
3.400%,
8/01/36
8/28
at
102.00
N/R
201,355
700
4.000%,
8/01/41
8/28
at
102.00
N/R
577,990
200
4.000%,
8/01/48
8/28
at
102.00
N/R
154,948
1,180
Cold
Spring,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Assumption
Home,
Inc.,
Refunding
Series
2013,
5.200%,
3/01/43
7/22
at
100.00
N/R
1,055,829
Nuveen
Minnesota
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
48
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Long-Term
Care
(continued)
Columbus,
Minnesota,
Senior
Housing
Revenue
Bonds,
Richfield
Senior
Housing,
Inc.,
Refunding
Series
2015:
$
575
5.250%,
1/01/40
1/23
at
100.00
N/R
$
514,148
1,175
5.250%,
1/01/46
1/23
at
100.00
N/R
1,007,786
1,195
Dakota
County
Community
Development
Agency,
Minnesota,
Senior
Housing
Revenue
Bonds,
Walker
Highview
Hills
LLC
Project,
Refunding
Series
2016A,
5.000%,
8/01/46,
144A
8/22
at
100.00
N/R
1,195,657
500
Dennison,
Minnesota,
Senior
Housing
Revenue
Bonds,
Villages
of
Lonsdale,
LLC
Project,
Series
2019,
4.600%,
5/01/44
5/24
at
101.00
N/R
427,735
1,185
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)
7/22
at
100.00
N/R
1,172,712
Maple
Plain,
Minnesota
Senior
Housing
and
Healthcare
Revenue
Bonds,
Haven
Homes,
Inc.
Project,
Series
2019:
400
4.100%,
7/01/34
7/25
at
102.00
N/R
367,292
1,000
5.000%,
7/01/49
7/25
at
102.00
N/R
955,690
1,250
5.000%,
7/01/54
7/25
at
102.00
N/R
1,172,300
200
Mapleton,
Minnesota,
Healthcare
Facility
Revenue
Bonds,
Mapleton
Community
Home,
Refunding
Series
2019,
4.000%,
5/01/39
5/24
at
101.00
N/R
175,260
Minneapolis,
Minnesota,
Revenue
Bonds,
Walker
Minneapolis
Campus
Project,
Refunding
Series
2012:
450
5.000%,
11/15/24
11/22
at
100.00
N/R
450,054
1,500
4.750%,
11/15/28
11/22
at
100.00
N/R
1,451,385
1,500
Minneapolis,
Minnesota,
Senior
Housing
and
Healthcare
Revenue
Bonds,
Ecumen
Abiitan
Mill
City
Project,  Series
2015,
5.250%,
11/01/45
5/23
at
100.00
N/R
1,507,230
300
Morris,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Farmington
Health
Services
Project,
Refunding
Series
2019,
3.400%,
8/01/28
8/24
at
101.00
N/R
278,967
2,000
North
Oaks,
Minnesota,
Senior
Housing
Revenue
Bonds,
Waverly
Gardens
Project,
Refunding
Series
2016,
5.000%,
10/01/47
10/24
at
102.00
N/R
2,073,860
1,055
Owatonna,
Minnesota,
Housing
and
Health
Care
Revenue
Bonds,
Ecumen
Second
Century
&
Owatonna
Senior
Living
Project,
Refunding
Series
2014B,
4.500%,
9/01/44,
(Mandatory
Put
9/01/24)
7/22
at
100.00
N/R
1,038,574
1,285
Saint
Joseph,
Minnesota,
Senior
Housing
and
Healthcare
Revenue
Bonds,
Woodcrest
of
Country
Manor
Project,
Series
2019
A,
5.000%,
7/01/55
7/24
at
102.00
N/R
1,204,212
2,700
Saint
Louis
Park,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Mount
Olivet
Careview
Home
Project,
Series
2016B,
4.900%,
6/01/49
6/26
at
100.00
N/R
2,353,968
50
Saint
Louis
Park,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Mount
Olivet
Careview
Home
Project,
Series
2016C,
3.150%,
6/01/28
7/22
at
100.00
N/R
45,258
1,000
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Revenue
Bonds,
Rossy
&
Richard
Shaller
Family
Sholom
East
Campus,
Series
2018,
5.000%,
10/01/43
10/23
at
100.00
N/R
943,580
4,000
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota
Senior
Housing
and
Health
Care
Revenue
Bonds,
Carondelet
Village
Project,
Series
2016A,
5.000%,
12/01/41
12/24
at
102.00
N/R
4,149,720
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Revenue
Bonds,
Amherst
H.
Wilder
Foundation
Project,
Refunding
Series
2020A:
1,115
5.000%,
12/01/28
No
Opt.
Call
Baa2
1,218,216
300
5.000%,
12/01/30
No
Opt.
Call
Baa2
329,130
1,750
5.000%,
12/01/36
12/30
at
100.00
Baa2
1,878,922
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Senior
Housing
and
Health
Care
Revenue
Bonds,
Episcopal
Church
Homes
Project,
Refunding
Senior
Series
2021A:
450
4.000%,
11/01/34,
144A
11/26
at
102.00
N/R
407,182
300
4.000%,
11/01/36,
144A
11/26
at
102.00
N/R
266,592
1,015
4.000%,
11/01/42,
144A
11/26
at
102.00
N/R
853,818
850
Saint
Paul
Park,
Minnesota,
Health
Facilities
Revenue
Bonds,
Presbyterian
Homes
Interlude
Transitional
Care
Projects,
Refunding
Series
2018,
5.000%,
5/01/43
5/23
at
102.00
N/R
865,393
49
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Long-Term
Care
(continued)
Saint
Paul
Park,
Minnesota,
Senior
Housing
and
Health
Care
Revenue
Bonds,
Presbyterian
Homes
Bloomington
Project,
Refunding
Series
2017:
$
590
4.000%,
9/01/31
9/24
at
100.00
N/R
$
582,778
400
4.000%,
9/01/32
9/24
at
100.00
N/R
392,716
500
4.100%,
9/01/33
9/24
at
100.00
N/R
493,320
315
4.200%,
9/01/36
9/24
at
100.00
N/R
310,332
300
4.250%,
9/01/37
9/24
at
100.00
N/R
296,004
1,000
5.000%,
9/01/42
9/24
at
100.00
N/R
1,010,070
800
Sartell,
Minnesota,
Health
Care
and
Housing
Facilities
Revenue
Bonds,
Country
Manor
Campus
LLC
Project,
Series
2012A,
5.250%,
9/01/30
9/22
at
100.00
N/R
800,312
2,390
Sauk
Rapids,
Minnesota,
Health
Care
and
Housing
Facilities
Revenue
Bonds,
Good
Shepherd
Luthran
Home,
Refunding
Series
2013,
5.125%,
1/01/39
1/23
at
100.00
N/R
2,162,783
Wayzata,
Minnesota
Senior
Housing
Revenue
Bonds,
Folkestone
Senior
Living
Community,
Refunding
Series
2019:
650
5.000%,
8/01/49
8/24
at
102.00
N/R
657,007
5,000
5.000%,
8/01/54
8/24
at
102.00
N/R
5,035,100
54,055
Total
Long-Term
Care
52,045,289
Tax
Obligation/General
-
29.4%
1,410
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
1,603,170
Anoka-Hennepin
Independent
School
District
11,
Coon
Rapids,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2020A:
1,475
3.000%,
2/01/34
2/28
at
100.00
AAA
1,487,906
1,355
3.000%,
2/01/43
2/28
at
100.00
AAA
1,269,351
2,105
Bemidji,
Minnesota,
General
Obligation
Bonds,
Refunding
Sales
Tax
Series
2017A,
4.000%,
2/01/29
-
AGM
Insured
2/28
at
100.00
AA
2,263,738
2,000
Bloomington
Independent
School
District
271,
Hennepin
County,
Minnesota,
General
Obligation
Bonds,
Facilities
Maintenance,
Series
2017A,
4.000%,
2/01/40
2/27
at
100.00
AAA
2,075,720
Brainerd
Independent
School
District
181,
Crow
Wing
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2018A:
3,500
4.000%,
2/01/38
2/27
at
100.00
AAA
3,624,460
3,825
4.000%,
2/01/42
2/27
at
100.00
AAA
3,888,571
2,000
4.000%,
2/01/43
2/27
at
100.00
AAA
2,025,320
Brooklyn
Center
Independent
School
District
286,
Minnesota,
General
Obligation
Bonds,
Series
2018A:
1,090
4.000%,
2/01/36
2/27
at
100.00
Aa2
1,140,805
1,880
4.000%,
2/01/38
2/27
at
100.00
Aa2
1,955,125
2,715
4.000%,
2/01/41
2/27
at
100.00
Aa2
2,815,319
2,260
4.000%,
2/01/42
2/27
at
100.00
Aa2
2,290,781
2,095
Carlton
County,
Minnesota,
General
Obligation
Bonds,
Minnesota
State
Credit
Enhancement
Program
Series
2022A,
4.000%,
2/01/47
2/32
at
100.00
N/R
2,151,733
230
Chaska,
Minnesota,
General
Obligation
Bonds,
Series
2020C,
5.000%,
2/01/30
No
Opt.
Call
AA
267,117
1,160
Chisago
Lakes,
Minnesota,
Independent
School
District
2144,
General
Obligation
Bonds,
School
Building
Series
2017A,
3.000%,
2/01/32
2/27
at
100.00
AAA
1,169,176
Cloquet
Independent
School
District
94,
Carlton
and
Sant
Louis
Counties,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2015B:
1,000
5.000%,
2/01/27
2/25
at
100.00
Aa2
1,079,230
1,000
4.000%,
2/01/36
2/25
at
100.00
Aa2
1,026,600
1,100
Dakota
County
Community
Development
Agency,
Minnesota,
Governmental
Housing
Development
General
Obligation
Bonds,
Series
2015A,
4.000%,
1/01/42
1/23
at
100.00
Aaa
1,111,088
Nuveen
Minnesota
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
50
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
Dawson-Boyd
Independent
School
District
378,
Yellow
Medicine
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2019A:
$
1,145
4.000%,
2/01/31
2/28
at
100.00
AAA
$
1,227,234
1,145
4.000%,
2/01/32
2/28
at
100.00
AAA
1,224,692
500
Dilworth-Glyndon-Felton
Independent
School
District
2164,
Clay
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2020A,
3.000%,
2/01/35
2/26
at
100.00
AAA
503,360
Duluth
Independent
School
District
709,
Saint
Louis
County,
Minnesota,
General
Obligation
Bonds,
Capital
Appreciation
Series
2021C:
1,325
0.000%,
2/01/31
2/28
at
94.48
Aa2
953,298
1,480
0.010%,
2/01/32
2/28
at
92.24
Aa2
1,015,354
535
0.000%,
2/01/33
2/28
at
89.86
Aa2
350,318
595
Duluth,
Minnesota,
General
Obligation
Bonds,
Refunding
Capital
Improvement
Series
2019C,
5.000%,
2/01/32
2/29
at
100.00
AA
682,334
2,130
Duluth,
Minnesota,
General
Obligation
Bonds,
Refunding
DECC
Improvement
Series
2016A,
5.000%,
2/01/32
2/26
at
100.00
AA
2,345,215
1,500
Eden
Prairie
Independent
School
District
272,
Hennepin
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2019B,
4.000%,
2/01/31
2/28
at
100.00
Aa2
1,610,190
1,250
Eveleth-Gilbert
Public
Schools
Independent
School
District
2154,
Saint
Louis
County,
Minnesota,
General
Obligation
Bonds,
Series
2019A,
5.000%,
2/01/30
2/28
at
100.00
AAA
1,429,087
2,145
Forest
Lake,
Washington
County,
Minnesota,
General
Obligation
Bonds,
Series
2019A,
5.000%,
2/01/29
No
Opt.
Call
AA+
2,493,584
480
Fridley,
Minnesota,
General
Obligation
Bonds,
Capital
Improvement
Plan,
Series
2017,
3.250%,
2/01/34
2/26
at
100.00
Aa2
487,882
700
Greenway
Independent
School
District
316,
Itasca
County,
Minnesota,
General
Obligation
Bonds,
Facilities
Maintenance
Series
2019F,
0.000%,
2/01/30
2/26
at
90.86
AAA
556,171
Hennepin
County,
Minnesota,
General
Obligation
Bonds,
Series
2020A:
1,000
5.000%,
12/01/34
12/30
at
100.00
AAA
1,181,790
4,855
5.000%,
12/01/36
12/30
at
100.00
N/R
5,722,734
735
5.000%,
12/01/38
12/30
at
100.00
N/R
861,200
1,390
Hutchinson
Independent
School
District
423,
McLeod,
Meeker,
Renville
Counties,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2016A,
5.000%,
2/01/28
2/26
at
100.00
Aa2
1,534,060
5,000
Independent
School
District
621,
Mounds
View,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2018A,
4.000%,
2/01/42
2/27
at
100.00
AAA
5,178,750
1,380
Independent
School
District
625,
St.
Paul,
Minnesota,
General
Obligation
Bonds,
Minnesota
School
District
Credit
Enhancement
Program,
Refunding
Series
2020D,
3.000%,
2/01/30
2/29
at
100.00
AAA
1,412,499
3,000
Independent
School
District
No.
319,
Nashwauk-Keewatin,
Minnesota,
General
Obligation
School
Building
Bonds,
Series
2022A,
4.000%,
2/01/48
2/31
at
100.00
N/R
3,139,530
1,000
Itasca
County
Independent
School
District
318,
Minnesota,
General
Obligation
Bonds,
Series
2018A,
5.000%,
2/01/29
2/27
at
100.00
AAA
1,116,350
100
La
Crescent,
Minnesota,
General
Obligation
Bonds,
Series
2019B,
4.000%,
2/01/27
No
Opt.
Call
A1
106,833
335
La
Crescent,
Minnesota,
General
Obligation
Bonds,
Series
2020A,
4.000%,
2/01/27
No
Opt.
Call
A1
357,891
500
La
Crescent-Hokah
Independent
School
District
300,
Houston
and
Winona
Counties,
Minnesota,
General
Obligation
Bonds,
School
Building
&
Maintenance
Series
2019A,
4.000%,
2/01/30
2/27
at
100.00
Aa2
532,400
Lake
Crystal,
Minnesota,
General
Obligation
Bonds,
Series
2019A:
145
3.000%,
12/15/27
No
Opt.
Call
AA
150,989
145
3.000%,
12/15/28
12/27
at
100.00
AA
150,691
160
3.000%,
12/15/29
12/27
at
100.00
AA
165,709
51
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
Lake
Superior
Independent
School
District
381,
Lake
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2022A:
$
2,370
4.000%,
2/01/30
No
Opt.
Call
N/R
$
2,616,835
2,365
4.000%,
2/01/31
2/30
at
100.00
N/R
2,601,169
4,100
Lakeville
Independent
School
District
194,
Dakota
County,
Minnesota,
General
Obligation
Bonds,
School
Building
&
Facilities
Maintenance
Series
2020A,
3.000%,
2/01/29
2/28
at
100.00
Aa2
4,195,489
Lester
Prairie
Independent
School
District
424,
McLeaod
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2019A:
590
5.000%,
2/01/28
No
Opt.
Call
Aa2
673,526
590
4.000%,
2/01/31
2/29
at
100.00
Aa2
641,112
Maccray
Independent
School
District
2180,
Chippewa,
Kandiyohi
and
Renville
Counties,  Minnesota,
General
Obligation
Bonds,
School
Building
Series
2020A:
1,965
4.000%,
2/01/28
No
Opt.
Call
Aa2
2,134,029
2,040
3.000%,
2/01/29
2/28
at
100.00
Aa2
2,083,167
Madison,
Minnesota,
General
Obligation
Bonds,
Refunding
Series
2015A:
660
3.600%,
1/01/35
-
AGM
Insured
1/23
at
100.00
AA
662,046
500
4.000%,
1/01/45
-
AGM
Insured
1/23
at
100.00
AA
504,865
Mankato
Independent
School
District
77,
Nicollet
and
Le
Sueur
Counties,
Minnesota,
General
Obligation
Bonds,
Facilities
Maintenance
Series
2020A:
715
4.000%,
2/01/29
No
Opt.
Call
Aa2
781,788
645
4.000%,
2/01/38
2/29
at
100.00
Aa2
679,198
Maple
River
Independent
School
District
2135,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2020A:
425
4.000%,
2/01/31
2/30
at
100.00
AAA
463,730
245
4.000%,
2/01/32
2/30
at
100.00
AAA
265,720
2,250
4.000%,
2/01/45
2/30
at
100.00
AAA
2,362,837
1,500
4.000%,
2/01/50
2/30
at
100.00
AAA
1,563,165
1,300
Marshall
Independent
School
District
413,
Lyon
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2019B,
4.000%,
2/01/28
No
Opt.
Call
Aa2
1,407,523
1,495
Minneapolis
Special
School
District
1,
Hennepin
County,
Minnesota,
General
Obligation
Bonds,
Long-Term
Facilities
Maintenance
Series
2017B,
4.000%,
2/01/36
2/28
at
100.00
AAA
1,558,597
Minneapolis
Special
School
District
1,
Hennepin
County,
Minnesota,
General
Obligation
Bonds,
Long-Term
Facilities
Maintenance
Series
2019B:
1,475
5.000%,
2/01/29
No
Opt.
Call
AAA
1,706,811
1,570
5.000%,
2/01/30
2/29
at
100.00
AAA
1,818,060
2,060
4.000%,
2/01/35
2/29
at
100.00
AAA
2,176,514
2,195
Minneapolis,
Minnesota,
General
Obligation
Bonds,
Improvement
&
Various
Purpose
Series
2018,
4.000%,
12/01/35
12/26
at
100.00
AAA
2,303,674
3,015
Minnesota
State,
General
Obligation
Bonds,
Various
Purpose
Series
2018A,
5.000%,
8/01/34
8/28
at
100.00
AAA
3,431,040
155
Minnesota
State,
General
Obligation
Bonds,
Various
Purpose
Series
2019A,
5.000%,
8/01/36
8/29
at
100.00
AAA
179,147
2,425
Minnesota
State,
General
Obligation
Bonds,
Various
Purpose
Series
2020A,
5.000%,
8/01/36
8/30
at
100.00
AAA
2,865,841
Minnesota
State,
General
Obligation
Bonds,
Various
Purpose
Series
2021A:
5,000
4.000%,
9/01/33
9/31
at
100.00
N/R
5,447,950
500
4.000%,
9/01/38
9/31
at
100.00
N/R
537,050
1,330
4.000%,
9/01/39
9/31
at
100.00
N/R
1,423,539
1,000
4.000%,
9/01/40
9/31
at
100.00
N/R
1,066,810
Montgomery
Independent
School
District
2905,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2018A:
250
4.000%,
2/01/32
2/25
at
100.00
Aa2
262,415
500
4.000%,
2/01/36
2/25
at
100.00
Aa2
524,830
Nuveen
Minnesota
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
52
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
Moorhead
Independent
School
District
152,
Clay
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2020A:
$
1,685
3.000%,
2/01/43
2/28
at
100.00
Aa2
$
1,561,422
1,100
3.000%,
2/01/44
2/28
at
100.00
Aa2
1,011,593
Mora
Independent
School
District
332,
Kanabec
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2020A:
1,085
3.000%,
2/01/29
2/28
at
100.00
AAA
1,106,516
1,850
3.000%,
2/01/30
2/28
at
100.00
AAA
1,875,215
300
Mountain
Lake,
Minnesota,
General
Obligation
Bonds,
Series
2017B,
4.000%,
2/01/43
2/25
at
100.00
A+
309,162
2,000
North
Saint
Paul-Maplewood-Oakdale
Independent
School
District
622,
Ramsey
County,
Minnesota,
General
Obligation
Bonds,
Facilities
Maintenance
Series
2018A,
3.375%,
2/01/35
2/27
at
100.00
Aa2
2,031,480
595
North
Saint
Paul-Maplewood-Oakdale
Independent
School
District
622,
Ramsey
County,
Minnesota,
General
Obligation
Bonds,
Refunding
Alternate
Facilities
Series
2019C,
4.000%,
2/01/30
2/28
at
100.00
Aa2
643,546
1,600
North
Saint
Paul-Maplewood-Oakdale
Independent
School
District
622,
Ramsey
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2019A,
5.000%,
2/01/32
2/28
at
100.00
Aa2
1,815,632
1,080
Pillager
Independent
School
District
116,
Cass
and
Morrison
Counties,
Minnesota,
General
Obligation
Bonds,
Refunding
School
Building
Series
2020A,
4.000%,
2/01/29
2/28
at
100.00
AAA
1,166,184
1,360
Pillager
Independent
School
District
116,
Cass
and
Morrison
Counties,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2019A,
3.000%,
2/01/33
2/28
at
100.00
AAA
1,363,468
1,205
Pipestone-Jasper
Independent
School
District
2689,
Minnesota,
General
Obligation
Bonds,
Series
2019A,
5.000%,
2/01/29
No
Opt.
Call
AAA
1,399,210
1,795
Red
Lake
County,
Minnesota,
General
Obligation
School
Building
Bonds,
Independent
School
District
No.
2906,
Series
2022A,
4.000%,
2/01/38
2/33
at
100.00
N/R
1,916,629
4,000
Richfield
Independent
School
District
280,
Hennepin
County,
Minnesota,
General
Obligation
Bonds,
School
Buildings
Series
2018A,
4.000%,
2/01/40
2/27
at
100.00
AAA
4,151,440
1,250
Robbinsdale
Independent
School
District
281,
Hennepin
County,
Minnesota,
General
Obligation
Bonds,
Facilities
Maintenance
Series
2018A,
3.000%,
2/01/30
8/26
at
100.00
Aa2
1,268,975
2,825
Rosemount
Independent
School
District
196,
Dakota
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2016A,
5.000%,
2/01/27
2/26
at
100.00
AAA
3,124,111
Roseville
Independent
School
District
623,
Ramsey
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2018A:
3,250
5.000%,
2/01/30
2/27
at
100.00
Aa2
3,610,328
2,500
4.000%,
2/01/35
2/27
at
100.00
Aa2
2,609,650
1,500
Roseville
Independent
School
District
623,
Ramsey
County,
Minnesota,
General
Obligation
Bonds,
Series
1994,
4.000%,
2/01/37
2/27
at
100.00
Aa2
1,554,990
Russell-Tyler-Ruthton
Public
Schools
Independent
School
District
2902,
Minnesota,
General
Obligation
Bonds,
Series
2019A:
1,620
5.000%,
2/01/30
2/29
at
100.00
AAA
1,890,070
1,700
4.000%,
2/01/31
2/29
at
100.00
AAA
1,841,848
1,010
Saint
Cloud,
Minnesota,
General
Obligation
Bonds,
Refunding
Tax
Abatement
Series
2021C,
4.000%,
10/01/31
10/30
at
100.00
AA+
1,119,595
575
Saint
Francis
Independent
School
District
15,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2018A,
4.000%,
2/01/35
2/23
at
100.00
Aa2
579,468
1,000
Saint
James
Independent
School
District
840,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2015B,
4.000%,
2/01/45
2/26
at
100.00
AAA
1,025,500
53
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
Saint
Michael
Independent
School
District
885,
Wright
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2017A:
$
1,340
4.000%,
2/01/28
2/26
at
100.00
Aa2
$
1,422,584
1,400
4.000%,
2/01/30
2/26
at
100.00
Aa2
1,479,688
1,885
3.200%,
2/01/32
2/26
at
100.00
Aa2
1,915,990
615
Saint
Paul
Public
Library
Agency,
Minnesota,
General
Obligation
Bonds,
Refunding
Series
2021D,
4.000%,
10/01/31
10/30
at
100.00
AAA
678,333
1,515
Saint
Paul,
Minnesota,
General
Obligation
Bonds,
Refunding
Street
Reconstruction
Series
2021C,
5.000%,
5/01/30
No
Opt.
Call
AAA
1,790,775
Shakopee
Independent
School
District
720,
Scott
County,
Minnesota,
General
Obligation
Bonds,
Capital
Facilities
Series
2020A:
250
4.000%,
2/01/33
2/27
at
100.00
Aa2
262,798
425
4.000%,
2/01/34
2/27
at
100.00
Aa2
443,517
2,500
Sibley
East
Independent
School
District
2310,
Sibley,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2015A,
4.000%,
2/01/40
2/25
at
100.00
Aa2
2,555,675
South
Washington
County
Independent
School
District
833,
Minnesota,
General
Obligation
Bonds,
Facilities
Maintenance
Series
2018A:
1,330
4.000%,
2/01/31
2/27
at
100.00
Aa2
1,404,267
670
4.000%,
2/01/33
2/27
at
100.00
Aa2
702,797
South
Washington
County
Independent
School
District
833,
Minnesota,
General
Obligation
Bonds,
Facilities
Maintenance
Series
2020A:
1,575
5.000%,
2/01/28
No
Opt.
Call
Aa2
1,782,790
1,575
4.000%,
2/01/29
2/28
at
100.00
Aa2
1,692,054
700
4.000%,
2/01/30
2/28
at
100.00
Aa2
748,692
South
Washington
County
Independent
School
District
833,
Minnesota,
General
Obligation
Bonds,
Facilities
Maintenance
Series
2022A:
1,000
4.000%,
2/01/34
(WI/DD,
Settling
6/09/22)
2/30
at
100.00
N/R
1,068,440
2,030
4.000%,
2/01/35
(WI/DD,
Settling
6/09/22)
2/30
at
100.00
N/R
2,165,563
1,000
South
Washington
County
Independent
School
District
833,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2016A,
4.000%,
2/01/29
2/26
at
100.00
Aa2
1,049,290
Swift
County-Benson
Hospital
Disrict,
Minnesota,
Congregate
Senior
Revenue
Bonds,
Series
2020A:
150
4.000%,
2/01/25
No
Opt.
Call
AA-
157,170
330
4.000%,
2/01/28
No
Opt.
Call
AA-
356,383
345
4.000%,
2/01/29
No
Opt.
Call
AA-
375,236
Virginia,
Minnesota,
General
Obligation
Bonds,
Sales
Tax
Series
2020A:
535
4.000%,
2/01/31
-
AGM
Insured
2/28
at
100.00
AA
567,630
500
4.000%,
2/01/32
-
AGM
Insured
2/28
at
100.00
AA
529,395
815
4.000%,
2/01/33
-
AGM
Insured
2/28
at
100.00
AA
861,479
655
4.000%,
2/01/35
-
AGM
Insured
2/28
at
100.00
AA
690,435
245
4.000%,
2/01/37
-
AGM
Insured
2/28
at
100.00
AA
257,434
2,500
Waconia
Independent
School
District,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2015B,
3.000%,
2/01/28
2/25
at
100.00
Aa2
2,536,825
1,315
Waseca
Independent
School
District
829,
Steele,
Rice,
and
Waseca
Counties,
Minnesota,
General
Obligation
Bonds,
School
Buidling
Series
2015A,
4.000%,
2/01/27
2/26
at
100.00
Aa2
1,396,398
1,685
Watertown-Mayer
Independent
School
District
111,
Carver,
Hennepin
and
Wright
Counties,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2020A,
0.000%,
2/01/32
2/28
at
92.57
AAA
1,248,416
1,220
West
Saint
Paul-Mendota
Heights-Eagan
Independent
School
District
197,
Dakota
County,
Minnesota,
General
Obligation
Bonds,
School
Buidling
Series
2018A,
4.000%,
2/01/39
2/27
at
100.00
AAA
1,267,385
179,095
Total
Tax
Obligation/General
189,057,303
Nuveen
Minnesota
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
54
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
-
10.7%
$
535
Alexandria
Independent
School
District
206,
Douglas
County,
Minnesota,
General
Obligation
Bonds,
Series
2021A,
3.000%,
2/01/32
2/29
at
100.00
A2
$
530,233
Chaska
Independent
School
District
112,
Carver
County,
Minnesota,
Certificates
of
Participation,
Series
2021A:
395
4.000%,
2/01/31
2/30
at
100.00
Aa3
427,580
100
3.000%,
2/01/36
2/30
at
100.00
Aa3
97,416
750
Duluth
Independent
School
District
709,
Minnesota,
Certificates
of
Participation,
Refunding
Full
Term
Series
2019B,
5.000%,
2/01/25
No
Opt.
Call
Aa2
803,955
325
Elbow
Lake
Economic
Development
Authority,
Minnesota,
Lease
Revenue
Bonds,
Grant
County
Public
Project,
Series
2017A,
4.200%,
12/15/43
12/27
at
100.00
N/R
322,263
135
Minneapolis,
Minnesota,
Tax
Increment
Revenue
Bonds,
Grant
Park
Project,
Refunding
Series
2015,
4.000%,
3/01/30
3/23
at
100.00
N/R
135,132
425
Minneapolis,
Minnesota,
Tax
Increment
Revenue
Bonds,
Village
at
St.
Anthony
Falls
Project,
Refunding
Series
2015,
4.000%,
3/01/27
3/23
at
100.00
N/R
426,220
1,090
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2015C,
3.250%,
8/01/30
8/24
at
100.00
AA+
1,099,189
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2017A:
200
4.000%,
8/01/30
8/27
at
100.00
AA+
214,148
475
4.000%,
8/01/34
8/27
at
100.00
AA+
502,336
325
4.000%,
8/01/35
8/27
at
100.00
AA+
343,389
1,125
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2018D,
4.000%,
8/01/38
8/28
at
100.00
AA+
1,154,464
2,450
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2020A,
4.000%,
8/01/29
No
Opt.
Call
AA+
2,650,410
3,105
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2020B,
4.000%,
8/01/32
8/30
at
100.00
AA+
3,308,750
1,000
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2020D,
4.000%,
8/01/42
8/30
at
100.00
N/R
1,017,500
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2021B:
500
3.000%,
8/01/38
8/31
at
100.00
N/R
479,920
500
3.000%,
8/01/39
8/31
at
100.00
N/R
474,255
500
3.000%,
8/01/40
8/31
at
100.00
N/R
465,275
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2021C:
765
5.000%,
8/01/34
8/31
at
100.00
N/R
893,788
2,925
4.000%,
8/01/36
8/31
at
100.00
N/R
3,054,636
3,045
4.000%,
8/01/37
8/31
at
100.00
N/R
3,176,026
6,680
4.000%,
8/01/43
8/31
at
100.00
N/R
6,792,090
215
Minnetonka
Independent
School
District
276,
Hennepin
County,
Minnesota,
Certificates
of
Participation,
Series
2022A,
4.000%,
2/01/37
2/29
at
100.00
N/R
226,988
Northeast
Metropolitan
Intermediate
School
District
916,
White
Bear
Lake,
Minnesota,
Certificates
of
Particpation,
Series
2015A:
1,470
3.625%,
2/01/34
2/25
at
100.00
A1
1,486,479
580
3.750%,
2/01/36
2/25
at
100.00
A1
587,569
4,600
Northeast
Metropolitan
Intermediate
School
District
916,
White
Bear
Lake,
Minnesota,
Certificates
of
Particpation,
Series
2015B,
4.000%,
2/01/42
2/25
at
100.00
A1
4,636,984
1,000
Plymouth
Intermediate
District
287,
Minnesota,
Certificates
of
Participation,
Refunding
Series
2017A,
4.000%,
2/01/36
2/27
at
100.00
A1
1,030,740
Plymouth
Intermediate
District
287,
Minnesota,
Facilities
Maintence
Bonds,
Series
2017B:
175
4.000%,
5/01/29
5/27
at
100.00
Aa3
185,255
200
4.000%,
5/01/32
5/27
at
100.00
Aa3
207,808
100
4.000%,
5/01/33
5/27
at
100.00
Aa3
103,801
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
4,500
4.500%,
7/01/34
7/25
at
100.00
N/R
4,605,885
5,087
5.000%,
7/01/58
7/28
at
100.00
N/R
5,184,721
2,049
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2,
4.329%,
7/01/40
7/28
at
100.00
N/R
2,051,541
55
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
945
Rosemount
Independent
School
District
196,
Dakota
County,
Minnesota,
Certificates
of
Participation,
Series
2021A,
3.000%,
4/01/28
No
Opt.
Call
Aa3
$
965,998
1,155
Roseville
Independent
School
District
623,
Ramsey
County,
Minnesota,
Certificates
of
Participation,
Series
2021A,
5.000%,
4/01/29
No
Opt.
Call
Baa2
1,285,954
Saint
Cloud
Independent
School
District
742,
Stearns
County,
Minnesota,
Certificates
of
Participation,
Saint
Cloud
Area
Public
Schools,
Series
2017A:
355
5.000%,
2/01/32
2/25
at
100.00
A1
379,399
520
5.000%,
2/01/34
2/25
at
100.00
A1
554,902
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Multifamily
Housing
Revenue
Bonds,
2700
University
at
Westgate
Station,
Series
2015B:
195
4.250%,
4/01/25
4/23
at
100.00
N/R
194,784
430
4.875%,
4/01/30
4/23
at
100.00
N/R
426,246
1,665
5.250%,
4/01/43
4/23
at
100.00
N/R
1,549,249
2,670
Saint
Paul
Independent
School
District
625,
Ramsey
County,
Minnesota,
Certificates
of
Participation,
Series
2018B,
3.375%,
2/01/35
2/27
at
100.00
AAA
2,694,617
Saint
Paul
Independent
School
District
625,
Ramsey
County,
Minnesota,
Certificates
of
Participation,
Series
2019B:
1,005
4.000%,
2/01/36
2/29
at
100.00
AAA
1,070,084
1,000
4.000%,
2/01/37
2/29
at
100.00
AAA
1,063,200
Saint
Paul
Independent
School
District
625,
Ramsey
County,
Minnesota,
Certificates
of
Participation,
Series
2020C:
3,325
4.000%,
2/01/30
2/28
at
100.00
AAA
3,590,801
1,555
3.000%,
2/01/36
2/28
at
100.00
AAA
1,506,437
2,100
University
of
Minnesota,
Special
Purpose
Revenue
Bonds,
State
Supported
Biomedical
Science
Research
Facilities
Funding
Program,
Refunding
Series
2021A,
5.000%,
8/01/33
No
Opt.
Call
N/R
2,536,653
900
White
Bear
Lake
Independent
School
District
624,
Ramsey
County,
Minnesota,
Certificates
of
Participation,
Series
2020B,
4.000%,
4/01/28
No
Opt.
Call
A+
965,889
Zumbro
Education
District
6012,
Minnesota,
Certificates
of
Participation
Series
2021A:
280
4.000%,
2/01/32
2/31
at
100.00
Baa1
290,430
250
4.000%,
2/01/34
2/31
at
100.00
Baa1
258,293
425
4.000%,
2/01/38
2/31
at
100.00
Baa1
433,950
700
4.000%,
2/01/41
2/31
at
100.00
Baa1
709,639
66,801
Total
Tax
Obligation/Limited
69,153,271
Transportation
-
6.1%
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Refunding
Senior
Lien
Series
2016A:
1,050
5.000%,
1/01/28
1/27
at
100.00
AA-
1,150,611
390
5.000%,
1/01/31
1/27
at
100.00
AA-
422,760
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2014A:
2,000
5.000%,
1/01/31
1/24
at
100.00
A+
2,060,560
1,175
5.000%,
1/01/32
1/24
at
100.00
A+
1,208,875
200
5.000%,
1/01/33
1/24
at
100.00
A+
205,508
750
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2014B,
5.000%,
1/01/26,
(AMT)
1/24
at
100.00
A+
772,920
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2019A:
30
5.000%,
1/01/31
7/29
at
100.00
A+
33,655
70
5.000%,
1/01/37
7/29
at
100.00
A+
77,003
1,250
5.000%,
1/01/44
7/29
at
100.00
A+
1,360,363
280
5.000%,
1/01/49
7/29
at
100.00
A+
303,058
Nuveen
Minnesota
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
56
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2019B:
$
1,735
5.000%,
1/01/30,
(AMT)
7/29
at
100.00
A+
$
1,906,922
2,000
5.000%,
1/01/35,
(AMT)
7/29
at
100.00
A+
2,165,360
2,300
5.000%,
1/01/38,
(AMT)
7/29
at
100.00
A+
2,479,791
2,215
5.000%,
1/01/39,
(AMT)
7/29
at
100.00
A+
2,384,536
13,500
5.000%,
1/01/49,
(AMT)
7/29
at
100.00
A+
14,343,345
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Senior
Lien
Series
2016C:
125
5.000%,
1/01/33
1/27
at
100.00
AA-
135,079
1,630
5.000%,
1/01/37
1/27
at
100.00
AA-
1,754,189
5,580
5.000%,
1/01/46
1/27
at
100.00
AA-
5,948,057
475
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Subordinate
Lien
Series
2016D,
5.000%,
1/01/34,
(AMT)
1/27
at
100.00
A+
502,246
36,755
Total
Transportation
39,214,838
U.S.
Guaranteed
-
1.7%
(4)
1,135
Deephaven,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Eagle
Ridge
Academy
PRoject,
Series
2013A,
5.500%,
7/01/43,
(Pre-refunded
7/01/23)
7/23
at
100.00
N/R
1,181,274
2,000
Mankato
Independent
School
District
77,
Nicollet
and
Le
Sueur
Counties,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2014A,
4.000%,
2/01/28,
(Pre-refunded
2/01/24)
2/24
at
100.00
AAA
2,069,140
555
Rice
County,
Minnesota
Educational
Facility
Revenue
Bonds,
Shattuck
Saint
Mary's
School
Project,
Series
2015,
5.000%,
8/01/22,
(ETM),
144A
No
Opt.
Call
BB
558,513
1,600
St.
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Hospital
Revenue
Bonds,
HealthEast
Inc.,
Series
2015A,
5.000%,
11/15/40,
(Pre-
refunded
11/15/25)
11/25
at
100.00
N/R
1,744,016
3,715
Western
Minnesota
Municipal
Power
Agency,
Minnesota,
Power
Supply
Revenue
Bonds,
Series
2014A,
5.000%,
1/01/46,
(Pre-refunded
1/01/24)
1/24
at
100.00
Aa3
3,902,905
1,530
Worthington
Independent
School
District
518,
Nobles
County,
Minnesota,
Certificates
of
Participation,
Series
2017A,
4.000%,
2/01/42,
(Pre-
refunded
2/01/26)
2/26
at
100.00
A+
1,627,032
10,535
Total
U.S.
Guaranteed
11,082,880
Utilities
-
9.4%
250
Central
Minnesota
Municipal
Power
Agency,
Revenue
Bonds,
Brookings
-
Southeast
Twin
Cities
Transmission
Project,
Refunding
Series
2021,
4.000%,
1/01/42
-
AGM
Insured
1/30
at
100.00
N/R
255,267
1,240
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2016,
5.000%,
1/01/46
7/26
at
100.00
A-
1,321,741
135
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2020A,
5.000%,
1/01/50
7/30
at
100.00
A-
148,331
235
Guam
Power
Authority,
Revenue
Bonds,
Series
2012A,
5.000%,
10/01/34
10/22
at
100.00
BBB
237,724
Luverne,
Minnesota,
Electric
Revenue
Bonds,
Series
2022A:
555
3.000%,
12/01/38
-
AGM
Insured
12/28
at
100.00
N/R
535,159
570
3.000%,
12/01/44
-
AGM
Insured
12/28
at
100.00
N/R
515,092
1,335
Minnesota
Municipal
Gas
Agency,
Commodity
Supply
Revenue
Bonds,
Series
2022A,
4.000%,
12/01/52,
(Mandatory
Put
12/01/27)
9/27
at
100.37
N/R
1,398,960
Minnesota
Municipal
Power
Agency,
Electric
Revenue
Bonds,
Refunding
Series
2014A:
1,000
4.000%,
10/01/31
10/24
at
100.00
A1
1,030,610
1,000
4.000%,
10/01/32
10/24
at
100.00
A1
1,028,690
2,795
Minnesota
Municipal
Power
Agency,
Electric
Revenue
Bonds,
Series
2016,
5.000%,
10/01/47
10/26
at
100.00
A1
3,054,907
3,500
Rochester,
Minnesota,
Electric
Utility
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
12/01/47
12/26
at
100.00
AA
3,838,800
57
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
District
Energy
Revenue
Bonds,
Refunding
Series
2017A:
$
390
4.000%,
10/01/28
10/27
at
100.00
A-
$
416,040
675
4.000%,
10/01/33
10/27
at
100.00
A-
700,205
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
District
Energy
Revenue
Bonds,
Refunding
Series
2017B:
355
4.000%,
10/01/28
10/27
at
100.00
A-
378,703
270
4.000%,
10/01/29
10/27
at
100.00
A-
285,992
2,000
Saint
Paul
Port
Authority,
Minnesota,
District
Energy
Revenue
Bonds,
Series
2017-3,
4.000%,
10/01/42
10/27
at
100.00
A-
2,030,780
1,180
Saint
Paul
Port
Authority,
Minnesota,
District
Energy
Revenue
Bonds,
Series
2017-4,
4.000%,
10/01/40,
(AMT)
10/27
at
100.00
A-
1,204,922
Saint
Paul
Port
Authority,
Minnesota,
District
Energy
Revenue
Bonds,
Series
2021-1.
501
C3:
300
3.000%,
10/01/34
10/27
at
100.00
A-
288,000
675
4.000%,
10/01/41
10/27
at
100.00
A-
692,867
1,100
Saint
Paul
Port
Authority,
Minnesota,
District
Energy
Revenue
Bonds,
Series
2021-2,
4.000%,
10/01/40,
(AMT)
10/27
at
100.00
A-
1,123,232
Southern
Minnesota
Municipal
Power
Agency,
Power
Supply
System
Revenue
Bonds,
Series
1994A:
3,055
0.000%,
1/01/23
-
NPFG
Insured
No
Opt.
Call
A+
3,025,275
10,530
0.000%,
1/01/24
-
NPFG
Insured
No
Opt.
Call
A+
10,179,877
5,005
0.000%,
1/01/25
-
NPFG
Insured
No
Opt.
Call
A+
4,702,097
6,230
0.000%,
1/01/26
-
NPFG
Insured
No
Opt.
Call
A+
5,686,869
Thief
River
Falls,
Minnesota,
Electric
Revenue
Bonds,
Series
2018A:
230
4.000%,
2/01/35
-
AGM
Insured
2/26
at
100.00
AA
240,316
260
4.000%,
2/01/38
-
AGM
Insured
2/26
at
100.00
AA
271,034
13,965
Western
Minnesota
Municipal
Power
Agency,
Minnesota,
Power
Supply
Revenue
Bonds,
Series
2018A,
5.000%,
1/01/49
7/28
at
100.00
Aa3
15,623,204
58,835
Total
Utilities
60,214,694
$
623,405
Total
Long-Term
Investments
(cost
$657,928,816)
642,317,892
Other
Assets
Less
Liabilities
-
0.2%
1,533,337
Net
Assets
-
100%
$
643,851,229
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(3)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(4)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
WI/DD
Purchased
on
a
when-issued
or
delayed
delivery
basis.
See
accompanying
notes
to
financial
statements.
58
Nuveen
Nebraska
Municipal
Bond
Fund
Portfolio
of
Investments
May
31,
2022
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
96.9%   
MUNICIPAL
BONDS
-
96.9%  
Consumer
Staples
-
0.1%
$
65
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1,
4.000%,
6/01/48
6/30
at
100.00
BBB+
$
62,955
Education
and
Civic
Organizations
-
7.7%
1,500
Douglas
County,
Nebraska,
Educational
Facilities
Revenue
Bonds,
Creighton
University
Projects,
Refunding
Series
2017,
5.000%,
7/01/47
7/27
at
100.00
A2
1,595,640
2,000
Douglas
County,
Nebraska,
Educational
Facilities
Revenue
Bonds,
Creighton
University
Projects,
Series
2021A,
4.000%,
7/01/46
1/32
at
100.00
A2
2,026,860
1,195
Nebraska
State
Colleges
Facilities
Corporation,
Nebraska,
Revenue
Bonds,
Facilities
Program
Series
2022B,
5.000%,
7/15/37
-
AGM
Insured
7/32
at
100.00
N/R
1,353,361
Saline
County,
Nebraska,
Educational
Facilities
Revenue
Bonds,
Doane
College
Project,
Refunding
Series
2020A:
360
3.000%,
2/15/34
2/29
at
100.00
A
337,064
445
3.000%,
2/15/35
2/29
at
100.00
A
412,644
500
Southeast
Community
College
Area,
Nebraska,
Facilities
Revenue
Bonds,
Series
2020,
3.000%,
3/15/45
-
AGM
Insured
7/25
at
100.00
AA
453,170
Southeast
Community
College
Area,
Nebraska,
Facilities
Revenue
Bonds,
Series
2022:
450
4.000%,
3/15/29
-
AGM
Insured
1/27
at
100.00
N/R
478,355
500
4.000%,
3/15/47
-
AGM
Insured
1/27
at
100.00
N/R
506,435
1,000
University
of
Nebraska
Facilities
Corporation,
Nebraska,
Facilities
Bonds,
Refunding
Series
2017B,
4.000%,
5/15/37
11/27
at
100.00
Aa1
1,032,240
1,000
University
of
Nebraska
Facilities
Corporation,
Nebraska,
Facilities
Program
Bonds,
Series
2021A,
5.000%,
7/15/31
No
Opt.
Call
Aa1
1,188,470
8,950
Total
Education
and
Civic
Organizations
9,384,239
Health
Care
-
6.2%
200
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A,
5.250%,
12/01/56,
144A
6/26
at
100.00
BB
203,698
Douglas
County
Hospital
Authority
2,
Nebraska,
Health
Facilities
Revenue
Bonds,
Children's
Hospital
Obligated
Group,
Refunding
Series
2020A:
575
4.000%,
11/15/40
11/30
at
100.00
AA-
586,972
300
4.000%,
11/15/41
11/30
at
100.00
AA-
305,793
Douglas
County
Hospital
Authority
2,
Nebraska,
Health
Facilities
Revenue
Bonds,
Children's
Hospital
Obligated
Group,
Series
2017:
180
5.000%,
11/15/37
5/27
at
100.00
AA-
190,933
1,060
5.000%,
11/15/47
5/27
at
100.00
AA-
1,112,311
650
Douglas
County
Hospital
Authority
2,
Nebraska,
Health
Facilities
Revenue
Bonds,
Nebraska
Medicine,
Series
2016,
5.000%,
5/15/28
5/26
at
100.00
N/R
706,940
775
Douglas
County
Hospital
Authority
2,
Nebraska,
Hospital
Revenue
Bonds,
Madonna
Rehabilitation
Hospital
Project,
Series
2014,
5.000%,
5/15/44
5/24
at
100.00
A-
791,934
Douglas
County
Hospital
Authority
3,
Nebraska,
Health
Facilities
Revenue
Bonds,
Nebraska
Methodist
Health
System,
Refunding
Series
2015:
500
4.125%,
11/01/36
11/25
at
100.00
A
507,920
1,000
5.000%,
11/01/45
11/25
at
100.00
A
1,036,270
250
Madison
County
Hospital
Authority
1,
Nebraska,
Hospital
Revenue
Bonds,
Faith
Regional
Health
Services
Project,
Refunding
Series
2017A,
5.000%,
7/01/30
7/27
at
100.00
BBB
269,785
59
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
Madison
County
Hospital
Authority
1,
Nebraska,
Hospital
Revenue
Bonds,
Faith
Regional
Health
Services
Project,
Series
2018:
$
500
5.000%,
7/01/34
7/25
at
100.00
BBB
$
520,325
435
5.000%,
7/01/35
7/25
at
100.00
BBB
452,426
875
Scotts
Bluff
County
Hospital
Authority
1,
Nebraska,
Hospital
Revenue
Bonds,
Regional
West
Medical
Center
Project,
Refunding
&
Improvement
Series
2016A,
5.250%,
2/01/37
2/27
at
100.00
BB+
917,726
7,300
Total
Health
Care
7,603,033
Housing/Single
Family
-
0.6%
660
Nebraska
Investment
Finance
Authority,
Single
Family
Housing
Revenue
Bonds,
Refunding
Series
2016A,
3.500%,
9/01/36
3/25
at
100.00
AA+
656,799
Nebraska
Investment
Finance
Authority,
Single
Family
Housing
Revenue
Bonds,
Series
2021A:
100
1.850%,
9/01/35
3/30
at
100.00
AA+
82,007
50
1.950%,
9/01/37
3/30
at
100.00
AA+
43,851
810
Total
Housing/Single
Family
782,657
Long-Term
Care
-
3.0%
Nebraska
Educational,
Health,
Cultural
and
Social
Services
Finance
Authority,
Revenue
Bonds,
Immanuel
Retirement
Communities
Obligated
Group,
Series
2019A:
3,500
4.000%,
1/01/44
1/26
at
102.00
AA
3,514,595
200
4.000%,
1/01/49
1/26
at
102.00
AA
199,400
3,700
Total
Long-Term
Care
3,713,995
Tax
Obligation/General
-
37.5%
Adams
County
School
District
18,
Nebraska,
General
Obligation
Bonds,
Hastings
Public
Schools,
Series
2019:
600
4.000%,
12/15/38
5/29
at
100.00
Aa3
628,836
975
4.000%,
12/15/44
5/29
at
100.00
Aa3
994,159
Buffalo
County
School
District
007
Kearney
Public
Schools,
Nebraska,
General
Obligation
Bonds,
School
Building
Series
2016:
1,000
4.000%,
12/15/30
4/26
at
100.00
AA-
1,054,450
500
3.000%,
12/15/36
4/26
at
100.00
AA-
480,605
1,500
Dodge
County
School
District
1
Fremont,
Nebraska,
General
Obligation
Bonds,
Refunding
Limited
Tax
Series
2019,
4.000%,
12/15/40
12/29
at
100.00
A+
1,545,210
Dodge
County
School
District
1
Fremont,
Nebraska,
General
Obligation
Bonds,
Series
2022:
250
2.000%,
12/15/23
-
AGM
Insured
No
Opt.
Call
N/R
251,105
260
5.000%,
12/15/28
-
AGM
Insured
No
Opt.
Call
N/R
298,935
1,250
4.000%,
12/15/47
-
AGM
Insured
12/32
at
100.00
N/R
1,273,238
1,090
Douglas
County
School
District
059,
Nebraska,
General
Obligation
Bonds,
Bennington
Public
Schools,
School
Building
Series
2019,
4.000%,
6/15/33
3/24
at
100.00
AA-
1,115,037
1,000
Douglas
County
School
District
059,
Nebraska,
General
Obligation
Bonds,
Bennington
Public
Schools,
Series
2016,
3.375%,
12/15/41
12/25
at
100.00
AA-
983,630
1,500
Douglas
County
School
District
059,
Nebraska,
General
Obligation
Bonds,
School
Building
Series
2020B,
3.000%,
12/15/45
8/25
at
100.00
AA-
1,318,785
1,500
Douglas
County
School
District
1,
Nebraska,
General
Obligation
Bonds,
Omaha
Public
Schools
Series
2020,
3.000%,
12/15/43
1/30
at
100.00
AA
1,339,695
1,235
Douglas
County
School
District
1,
Nebraska,
General
Obligation
Bonds,
Omaha
Public
Schools,
Series
2022,
5.000%,
12/15/25
No
Opt.
Call
N/R
1,352,399
1,000
Douglas
County
School
District
10
Elkhorn,
Nebraska,
General
Obligation
Bonds,
Series
2018,
4.000%,
12/15/38
12/28
at
100.00
AA-
1,045,460
750
Douglas
County
School
District
10
Elkhorn,
Nebraska,
General
Obligation
Bonds,
Series
2019,
4.000%,
12/15/39
12/29
at
100.00
AA-
782,310
Douglas
County
School
District
10
Elkhorn,
Nebraska,
General
Obligation
Bonds,
Series
2020:
430
4.000%,
12/15/39
12/30
at
100.00
AA-
450,653
400
4.000%,
12/15/40
12/30
at
100.00
AA-
415,524
Nuveen
Nebraska
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
60
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
Douglas
County
School
District
54,
Ralston,
Nebraska,
General
Obligation
Bonds,
Refunding
Series
2021:
$
500
4.000%,
12/15/36
12/30
at
100.00
N/R
$
537,835
750
3.000%,
12/15/46
12/30
at
100.00
N/R
654,270
Kearney
County,
Nebraska,
General
Obligation
Bonds,
Recreational
Facilities
Series
2022:
550
4.000%,
5/15/28
5/27
at
100.00
N/R
580,057
700
4.000%,
5/15/29
5/27
at
100.00
N/R
734,958
500
4.000%,
5/15/30
5/27
at
100.00
N/R
522,680
1,000
4.000%,
5/15/42
5/27
at
100.00
N/R
1,014,420
305
La
Vista,
Nebraska,
General
Obligation
Bonds,
Offstreet
Parking
Series
2022,
4.000%,
9/15/24
No
Opt.
Call
N/R
318,551
Lancaster
County
School
District
1,
Lincoln,
Nebraska,
General
Obligation
Bonds,
Series
2020:
3,240
5.000%,
1/15/30
No
Opt.
Call
AAA
3,824,528
1,000
3.000%,
1/15/43
7/30
at
100.00
AAA
895,510
195
Omaha,
Nebraska,
General
Obligation
Bonds,
Convention
Center
Project,
Series
2004,
5.250%,
4/01/26
No
Opt.
Call
AA+
217,733
500
Omaha,
Nebraska,
General
Obligation
Bonds,
Refunding
&
Various
Purpose
Series
2017A,
4.000%,
4/15/33
4/27
at
100.00
AA+
530,235
500
Omaha,
Nebraska,
General
Obligation
Bonds,
Refunding
&
Various
Purpose
Series
2018A,
4.000%,
1/15/37
1/27
at
100.00
AA+
519,260
1,000
Omaha,
Nebraska,
General
Obligation
Bonds,
Refunding
&
Various
Purpose
Series
2019,
4.000%,
4/15/38
4/29
at
100.00
AA+
1,047,510
Omaha,
Nebraska,
General
Obligation
Bonds,
Refunding
&
Various
Purpose
Series
2020A:
380
4.000%,
4/15/31
4/30
at
100.00
AA+
416,563
540
3.000%,
4/15/39
4/30
at
100.00
AA+
505,759
Omaha,
Nebraska,
General
Obligation
Bonds,
Various
Purpose
and
Refunding
Bonds,
Series
2021:
785
5.000%,
4/15/28
No
Opt.
Call
N/R
899,736
1,000
3.000%,
4/15/41
4/31
at
100.00
N/R
917,470
500
Omaha,
Nebraska,
Special
Tax
Redevelopment
Bonds,
Series
2018A,
5.000%,
1/15/33
1/27
at
100.00
AA+
555,840
1,000
Omaha,
Nebraska,
Special
Tax
Redevelopment
Bonds,
Series
2019A,
4.000%,
1/15/40
1/29
at
100.00
AA+
1,031,040
Omaha-Douglas
Public
Building
Commission,
Nebraska,
General
Obligation
Bonds,
Series
2020B:
1,000
3.000%,
5/01/36
5/29
at
100.00
AA+
953,520
1,290
4.000%,
5/01/43
5/29
at
100.00
AA+
1,314,884
Papillion-LaVista
School
District
27,
Sarpy
County,
Nebraska,
General
Obligation
Bonds,
Refunding
Series
2020B:
750
4.000%,
12/01/35
12/30
at
100.00
Aa2
813,503
1,000
3.000%,
12/01/40
12/30
at
100.00
Aa2
921,650
750
Sarpy
County
School
District
037
Gretna
Public
Schools,
Nebraska,
General
Obligation
Bonds,
Refunding
Series
2019C,
4.000%,
6/15/43
6/29
at
100.00
AA-
763,305
Sarpy
County
School
District
037
Gretna
Public
Schools,
Nebraska,
General
Obligation
Bonds,
Series
2019:
1,000
5.000%,
6/15/40
6/29
at
100.00
AA-
1,135,460
1,000
5.000%,
6/15/41
6/29
at
100.00
AA-
1,132,010
Sarpy
County
School
District
037
Gretna
Public
Schools,
Nebraska,
General
Obligation
Bonds,
Series
2020B:
750
3.000%,
12/15/43
12/25
at
100.00
AA-
682,268
750
3.000%,
12/15/44
12/25
at
100.00
AA-
670,995
1,000
Sarpy
County
School
District
1,
Bellevue
Public
School,
Nebraska,
General
Obligation
Bonds,
School
Building
Series
2020,
4.000%,
12/15/40
12/30
at
100.00
Aa3
1,038,810
61
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
Saunders
County
School
District
0001
(Ashland-Greenwood
Public
Schools)
in
the
State
of
Nebraska,
General
Obligation
Bonds,
Series
2022:
$
100
4.000%,
12/15/24
-
BAM
Insured
No
Opt.
Call
N/R
$
104,797
100
4.000%,
12/15/25
-
BAM
Insured
No
Opt.
Call
N/R
105,911
140
4.000%,
12/15/26
-
BAM
Insured
No
Opt.
Call
N/R
149,993
270
4.000%,
12/15/27
-
BAM
Insured
No
Opt.
Call
N/R
291,638
1,000
4.000%,
12/15/41
-
BAM
Insured
12/32
at
100.00
N/R
1,035,580
265
4.000%,
12/15/42
-
BAM
Insured
12/32
at
100.00
N/R
272,380
Saunders
County
School
District
1,
Ashland-Greenwood,
Nebraska,
General
Obligation
Bonds,
Series
2021:
500
3.000%,
12/15/42
12/30
at
100.00
A+
450,480
2,000
3.000%,
12/15/50
12/30
at
100.00
A+
1,709,000
Southeast
Community
College
Area,
Nebraska,
Certificates
of
Participation,
Series
2018:
215
5.000%,
12/15/30
6/28
at
100.00
Aa1
245,332
1,000
5.000%,
12/15/47
6/28
at
100.00
Aa1
1,110,000
45,065
Total
Tax
Obligation/General
45,955,502
Tax
Obligation/Limited
-
9.6%
500
Columbus,
Nebraska,
Sales
Tax
Revenue
Bonds,
Police
&
Fire
Project,
Series
2018,
4.000%,
9/15/27
9/23
at
100.00
A
511,240
430
Grand
Island,
Nebraska,
Highway
Alloactaion
Fund
Pledge
Bonds,
Series
2020,
3.000%,
11/15/30
11/25
at
100.00
Aa2
430,482
La
Vista,
Sarpy
County,
Nebraska,
Tax
Supported
Refunding
Bonds,
Taxable
Series
2021:
190
4.000%,
9/15/23
No
Opt.
Call
N/R
195,521
475
4.000%,
9/15/25
No
Opt.
Call
N/R
503,543
400
4.000%,
9/15/26
No
Opt.
Call
N/R
429,688
300
4.000%,
9/15/27
1/27
at
100.00
N/R
321,486
1,060
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A,
5.000%,
10/01/28
No
Opt.
Call
N/R
1,097,831
500
Omaha
Public
Facilities
Corporation,
Nebraska,
Lease
Revenue
Bonds,
Omaha
Baseball
Stadium
Project,
Refunding
Series
2016A,
4.000%,
6/01/36
6/26
at
100.00
AA+
519,115
1,000
Omaha
Public
Facilities
Corporation,
Nebraska,
Lease
Revenue
Bonds,
Series
2020B,
3.000%,
4/15/40
4/30
at
100.00
AA+
923,160
Omaha
Public
Facilities
Corporation,
Nebraska,
Lease
Revenue
Bonds,
Series
2021:
575
4.000%,
4/15/23
No
Opt.
Call
N/R
586,965
380
4.000%,
4/15/24
No
Opt.
Call
N/R
394,102
1,235
4.000%,
4/15/25
No
Opt.
Call
N/R
1,298,689
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
750
4.550%,
7/01/40
7/28
at
100.00
N/R
759,713
800
4.750%,
7/01/53
7/28
at
100.00
N/R
804,880
600
5.000%,
7/01/58
7/28
at
100.00
N/R
611,526
2,280
Sarpy
County,
Nebraska,
Limited
Tax
Highway
Allocation
Fund
Pledge
Bonds,
Series
2021,
5.000%,
6/01/24
No
Opt.
Call
N/R
2,417,051
11,475
Total
Tax
Obligation/Limited
11,804,992
Transportation
-
4.4%
Guam
A.B.
Won
Pat  International
Airport
Authority,
Revenue
Bonds,
Series
2013C:
145
6.000%,
10/01/34
-
AGM
Insured,
(AMT)
10/23
at
100.00
Baa2
151,696
80
6.375%,
10/01/43,
(AMT)
10/23
at
100.00
Baa2
83,405
70
Hawaii
State,
Harbor
System
Revenue
Bonds,
Series
2020A,
4.000%,
7/01/36,
(AMT)
7/30
at
100.00
Aa3
72,293
825
Lincoln,
Nebraska,
Airport
Revenue
Bonds,
Series
2015A,
4.000%,
7/01/45
7/25
at
100.00
Aa1
832,722
2,000
Lincoln,
Nebraska,
Airport
Revenue
Bonds,
Series
2021,
4.000%,
7/01/36,
(AMT)
7/31
at
100.00
Aa1
2,078,740
Nuveen
Nebraska
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
62
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
Omaha
Airport
Authority,
Nebraska,
Airport
Facilities
Revenue
Refunding
Bonds,
Series
2017A:
$
1,000
5.000%,
12/15/34,
(AMT)
12/26
at
100.00
Aa3
$
1,067,050
1,000
5.000%,
12/15/36,
(AMT)
12/26
at
100.00
Aa3
1,065,460
5,120
Total
Transportation
5,351,366
U.S.
Guaranteed
-
6.1%
(4)
Colfax
County
School
District
123
Schuyler
Community
Schools,
Nebraska,
General
Obligation
Bonds,
Refunding
Series
2019:
500
4.000%,
12/15/36,
(Pre-refunded
5/22/24)
5/24
at
100.00
A1
519,725
500
4.000%,
12/15/39,
(Pre-refunded
5/22/24)
5/24
at
100.00
A1
519,725
750
Douglas
County
School
District
10
Elkhorn,
Nebraska,
General
Obligation
Bonds,
Series
2016,
4.000%,
12/15/36,
(Pre-refunded
12/15/25)
12/25
at
100.00
AA-
798,870
Guam
A.B.
Won
Pat  International
Airport
Authority,
Revenue
Bonds,
Series
2013C:
355
6.000%,
10/01/34,
(Pre-refunded
10/01/23)
-
AGM
Insured,
(AMT)
10/23
at
100.00
Baa2
374,032
85
6.375%,
10/01/43,
(Pre-refunded
10/01/23),
(AMT)
10/23
at
100.00
Baa2
89,973
Omaha,
Nebraska,
General
Obligation
Bonds,
Refunding
&
Various
Purpose
Series
2013A:
715
4.500%,
11/15/28,
(Pre-refunded
11/15/23)
11/23
at
100.00
AA+
743,750
365
4.500%,
11/15/29,
(Pre-refunded
11/15/23)
11/23
at
100.00
AA+
379,677
750
Platte
County
School
District
001,
Columbus
Public
Schools,
Nebraska,
General
Obligation
Bonds,
School
Building
Series
2014,
5.000%,
12/15/39,
(Pre-refunded
6/15/24)
6/24
at
100.00
Aa3
796,560
Sarpy
County
School
District
1,
Bellevue
Public
School,
Nebraska,
General
Obligation
Bonds,
School
Building
Series
2017:
550
5.000%,
12/15/29,
(Pre-refunded
12/15/27)
12/27
at
100.00
Aa3
628,133
520
5.000%,
12/15/35,
(Pre-refunded
12/15/27)
12/27
at
100.00
Aa3
593,871
600
University
of
Nebraska,
Revenue
Bonds,
Omaha
Student
Housing
Project,
Refunding
Series
2017A,
5.000%,
5/15/32,
(Pre-refunded
11/15/27)
11/27
at
100.00
Aa1
686,892
1,125
University
of
Nebraska,
Revenue
Bonds,
Refunding
Omaha
Student
Health
&
Recreation
Project
Series
2016B,
3.000%,
5/15/30,
(Pre-refunded
5/15/26)
5/26
at
100.00
Aa1
1,163,531
220
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Three
Pillars
Senior
Living
Communities,
Refunding
Series
2013,
5.000%,
8/15/23,
(ETM)
No
Opt.
Call
BBB+
228,728
7,035
Total
U.S.
Guaranteed
7,523,467
Utilities
-
21.7%
465
Central
Plains
Energy
Project,
Nebraska,
Gas
Project
3
Revenue
Bonds,
Refunding
Crossover
Series
2017A,
5.000%,
9/01/37
No
Opt.
Call
A
525,761
2,350
Central
Plains
Energy
Project,
Nebraska,
Gas
Project
3
Revenue
Bonds,
Series
2012,
5.000%,
9/01/42
9/22
at
100.00
A2
2,368,753
Columbus,
Nebraska,
Combined
Revenue
Bonds,
Refunding
Series
2020:
375
4.000%,
6/15/34
6/30
at
100.00
AA
407,396
400
4.000%,
6/15/35
6/30
at
100.00
AA
432,456
1,185
District
Energy
Corporation,
Nebraska,
Facility
Revenue
Bonds,
NSP
System
Series
2021,
4.000%,
7/01/45
7/31
at
100.00
AA+
1,214,495
1,000
District
Energy
Corporation,
Nebraska,
Facility
Revenue
Bonds,
Refunding
Series
2021A,
5.000%,
7/01/28
No
Opt.
Call
AA+
1,144,980
Grand
Island,
Nebraska,
Combined
Utilities
Revenue
Bonds,
Refunding
Series
2020A:
750
4.000%,
8/15/35
-
AGM
Insured
8/30
at
100.00
AA
807,255
800
4.000%,
8/15/37
-
AGM
Insured
8/30
at
100.00
AA
851,896
1,930
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
7/01/40
7/27
at
100.00
A-
2,086,890
235
Guam
Power
Authority,
Revenue
Bonds,
Series
2012A,
5.000%,
10/01/34
10/22
at
100.00
BBB
237,724
870
Lincoln,
Nebraska,
Electric
System
Revenue
Bonds,
Series
2018,
5.000%,
9/01/34
3/27
at
100.00
AA
968,554
63
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
$
450
Lincoln,
Nebraska,
Electric
System
Revenue
Bonds,
Series
2020A,
5.000%,
9/01/33
3/30
at
100.00
AA
$
528,129
500
Metropolitan
Utilities
District
Omaha,
Nebraska,
Water
Revenue
Bonds,
Series
2015,
3.250%,
12/01/32
12/25
at
100.00
AA
500,905
1,500
Nebraska
Public
Power
District,
General
Revenue
Bonds,
Series
2016A,
5.000%,
1/01/41
1/26
at
100.00
A+
1,616,760
500
Omaha
Public
Power
District,
Nebraska,
Electric
System
Revenue
Bonds,
Refunding
Series
2015C,
4.000%,
2/01/38
2/25
at
100.00
AA
509,825
1,000
Omaha
Public
Power
District,
Nebraska,
Electric
System
Revenue
Bonds,
Refunding
Series
2016A,
4.000%,
2/01/38
2/26
at
100.00
AA
1,026,610
1,000
Omaha
Public
Power
District,
Nebraska,
Electric
System
Revenue
Bonds,
Series
2017A,
5.000%,
2/01/42
12/27
at
100.00
AA
1,098,610
1,000
Omaha
Public
Power
District,
Nebraska,
Electric
System
Revenue
Bonds,
Series
2018A,
5.000%,
2/01/39
2/28
at
100.00
AA
1,113,990
320
Omaha
Public
Power
District,
Nebraska,
Separate
Electric
System
Revenue
Bonds,
Nebraska
City
2,
Refunding
Series
2015A,
3.500%,
2/01/42
2/25
at
100.00
A+
316,905
1,500
Omaha,
Nebraska,
Sanitary
Sewage
System
Revenue
Bonds,
Refunding
Series
2019,
4.000%,
4/01/39
4/29
at
100.00
AA
1,559,190
Omaha,
Nebraska,
Sanitary
Sewage
System
Revenue
Bonds,
Refunding
Series
2020A:
440
4.000%,
4/01/38
4/30
at
100.00
AA
463,478
370
4.000%,
4/01/39
4/30
at
100.00
AA
386,476
300
4.000%,
4/01/40
4/30
at
100.00
AA
310,797
1,850
Omaha,
Nebraska,
Sanitary
Sewage
System
Revenue
Bonds,
Series
2014,
5.000%,
11/15/34
11/24
at
100.00
AA
1,978,982
1,000
Public
Power
Generation
Agency,
Nebraska,
Whelan
Energy
Center
Unit
2
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
1/01/31
1/25
at
100.00
A2
1,067,410
1,500
Public
Power
Generation
Agency,
Nebraska,
Whelan
Energy
Center
Unit
2
Revenue
Bonds,
Refunding
Series
2016A,
5.000%,
1/01/40
7/26
at
100.00
A2
1,644,420
600
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B,
5.000%,
7/01/29,
144A
No
Opt.
Call
N/R
644,466
800
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Senior
Lien
Series
2012A,
5.250%,
7/01/42
7/22
at
100.00
CCC
802,488
24,990
Total
Utilities
26,615,601
$
114,510
Total
Long-Term
Investments
(cost
$124,404,205)
118,797,807
Other
Assets
Less
Liabilities
-
3.1%
3,800,777
Net
Assets
-
100%
$
122,598,584
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(3)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(4)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
See
accompanying
notes
to
financial
statements.
64
Nuveen
Oregon
Intermediate
Municipal
Bond
Fund
Portfolio
of
Investments
May
31,
2022
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
97.6%   
MUNICIPAL
BONDS
-
97.6%  
Education
and
Civic
Organizations
-
3.8%
$
1,095
Forest
Grove,
Oregon,
Campus
Improvement
Revenue
Bonds,
Pacific
University
Project,
Refunding
Series
2015A,
5.000%,
5/01/30
5/25
at
100.00
BBB
$
1,152,039
Forest
Grove,
Oregon,
Student
Housing
Revenue
Bonds,
Oak
Tree
Foundation,
Inc.
Project,
Series
2017:
350
5.000%,
3/01/23
No
Opt.
Call
BBB-
355,141
440
5.000%,
3/01/24
No
Opt.
Call
BBB-
453,407
505
5.000%,
3/01/25
No
Opt.
Call
BBB-
526,670
110
Oregon
Facilities
Authority,
Revenue
Bonds,
Howard
Street
Charter
School
Project,
Series
2019A,
5.000%,
6/15/29,
144A
6/27
at
102.00
N/R
113,149
920
Oregon
Facilities
Authority,
Revenue
Bonds,
Metro
East
Web
Academy
Project,
Series
2019A,
5.000%,
6/15/34,
144A
6/27
at
102.00
N/R
923,763
100
Oregon
Facilities
Authority,
Revenue
Bonds,
Redmond
Proficiency
Academy
Project,
Series
2015A,
5.500%,
6/15/35,
144A
6/25
at
100.00
N/R
103,063
600
Oregon
Facilities
Authority,
Revenue
Bonds,
Redmond
Proficiency
Academy
Project,
Series
2016A,
5.000%,
6/15/33
6/25
at
100.00
N/R
606,882
Oregon
Facilities
Authority,
Revenue
Bonds,
University
of
Portland
Projects,
Series
2015A:
450
5.000%,
4/01/29
4/25
at
100.00
A
478,489
800
5.000%,
4/01/30
4/25
at
100.00
A
849,128
1,000
Yamhill
County,
Oregon,
Revenue
Bonds,
George
Fox
University
Project,
Refunding
Series
2021,
4.000%,
12/01/36
12/31
at
100.00
N/R
1,020,770
Yamhill
County,
Oregon,
Revenue
Bonds,
Linfield
University
Project,
Refunding
Series
2020A:
850
4.000%,
10/01/23
No
Opt.
Call
Baa2
868,377
1,000
5.000%,
10/01/35
10/30
at
100.00
Baa2
1,095,630
8,220
Total
Education
and
Civic
Organizations
8,546,508
Health
Care
-
14.8%
1,035
Astoria
Hospital
Facilities
Authority,
Oregon,
Hospital
Revenue
and
Refunding
Bonds,
Columbia
Memorial
Hospital,
Series
2012,
5.000%,
8/01/23
8/22
at
100.00
A-
1,040,475
Deschutes
County
Hospital
Facility
Authority,
Oregon,
Hospital
Revenue
Bonds,
Saint
Charles
Health
System,
Inc.,
Series
2016A:
375
4.000%,
1/01/33
1/26
at
100.00
A+
379,639
1,000
5.000%,
1/01/33
1/26
at
100.00
A+
1,060,490
Deschutes
County
Hospital
Facility
Authority,
Oregon,
Hospital
Revenue
Bonds,
Saint
Charles
Health
System,
Inc.,
Series
2020A:
720
5.000%,
1/01/29
No
Opt.
Call
A+
803,347
715
4.000%,
1/01/34
1/31
at
100.00
A+
731,753
Klamath
Falls
Intercommunity
Hospital
Authority,
Oregon,
Revenue
Bonds,
Sky
Lakes
Medical
Center
Project,
Refunding
Series
2016:
265
5.000%,
9/01/28
9/26
at
100.00
A
285,731
730
5.000%,
9/01/29
9/26
at
100.00
A
785,064
200
5.000%,
9/01/30
9/26
at
100.00
A
214,148
600
5.000%,
9/01/31
9/26
at
100.00
A
640,008
270
5.000%,
9/01/32
9/26
at
100.00
A
286,532
500
Klamath
Falls
Intercommunity
Hospital
Authority,
Oregon,
Revenue
Bonds,
Sky
Lakes
Medical
Center
Project,
Series
2012,
4.000%,
9/01/24
9/22
at
100.00
A
501,765
1,870
Medford
Hospital
Facilities
Authority,
Oregon,
Hospital
Revenue
Bonds,
Asante
Health
System,
Refunding
Series
2020A,
5.000%,
8/15/33
8/30
at
100.00
A+
2,073,007
1,000
Oregon
Facilities
Authority,
Revenue
Bonds,
Legacy
Health
Project,
Series
2016A,
5.000%,
6/01/30
6/26
at
100.00
A+
1,067,400
65
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
Oregon
Facilities
Authority,
Revenue
Bonds,
Peacehealth
System,
Refunding
Series
2014A:
$
690
5.000%,
11/15/25
5/24
at
100.00
AA-
$
722,036
4,155
4.125%,
11/15/32
5/24
at
100.00
AA-
4,215,040
1,815
Oregon
Facilities
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2013A,
5.000%,
10/01/23
No
Opt.
Call
AA-
1,892,736
600
Oregon
Facilities
Authority,
Revenue
Bonds,
Samaritan
Health
Services
Project,
Refunding
Series
2020A,
5.000%,
10/01/30
No
Opt.
Call
BBB+
675,672
Oregon
Facilities
Authority,
Revenue
Bonds,
Samaritan
Health
Services,
Refunding
Series
2016A:
485
5.000%,
10/01/29
10/26
at
100.00
BBB+
519,096
1,325
5.000%,
10/01/30
10/26
at
100.00
BBB+
1,414,676
1,210
Oregon
Health
and
Science
University,
Revenue
Bonds,
Green
Series
2021A,
5.000%,
7/01/33
1/32
at
100.00
N/R
1,426,348
4,000
Oregon
Health
and
Science
University,
Revenue
Bonds,
Refunding
Series
2016B,
5.000%,
7/01/33
7/26
at
100.00
AA-
4,351,080
Oregon
Health
and
Science
University,
Revenue
Bonds,
Series
2019A:
2,070
5.000%,
7/01/29
No
Opt.
Call
AA-
2,363,650
500
5.000%,
7/01/31
1/30
at
100.00
AA-
570,355
2,235
Salem
Hospital
Facility
Authority,
Oregon,
Revenue
Bonds,
Salem
Health
Projects,
Series
2019A,
5.000%,
5/15/32
5/29
at
100.00
AA-
2,450,767
Salem
Hospital
Facility
Authority,
Oregon,
Revenue
Bonds,
Salem
Healthl
Project,
Refunding
Series
2016A:
1,355
5.000%,
5/15/29
5/26
at
100.00
AA-
1,451,612
560
5.000%,
5/15/30
5/26
at
100.00
AA-
597,408
1,000
5.000%,
5/15/31
5/26
at
100.00
AA-
1,062,800
31,280
Total
Health
Care
33,582,635
Housing/Multifamily
-
0.8%
Clackamas
County
Housing
Authority,
Oregon,
Multifamily
Housing
Revenue
Bonds,
Easton
Ridge
Apartments
Project,
Series
2013A:
285
4.000%,
9/01/22
No
Opt.
Call
Aa2
286,690
195
4.000%,
9/01/23
3/23
at
100.00
Aa2
197,740
340
Home
Forward,
Oregon,
Multifamily
Housing
Revenue
Bonds,
Lovejoy
Station
Apartments,
Refunding
Series
2016,
4.000%,
7/15/29
7/26
at
100.00
Aa2
353,052
1,000
Oregon
Facilities
Authority,
Revenue
Bonds,
College
Housing
Northwest
Projects,
Refunding
Series
2013,
5.000%,
10/01/24
10/23
at
100.00
BBB-
1,019,940
1,820
Total
Housing/Multifamily
1,857,422
Housing/Single
Family
-
0.7%
Oregon
Housing
and
Community
Services
Department,
Single
Family
Mortgage
Revenue
Bonds,
Series
2021A:
935
1.900%,
1/01/33
7/30
at
100.00
Aa2
822,931
825
1.950%,
7/01/33
7/30
at
100.00
Aa2
724,903
1,760
Total
Housing/Single
Family
1,547,834
Long-Term
Care
-
6.0%
Clackamas
County
Hospital
Facility
Authority,
Oregon,
Revenue
Bonds,
Rose
Villa
Inc.,
Series
2020A:
285
5.000%,
11/15/27
11/25
at
102.00
N/R
296,565
300
5.000%,
11/15/28
11/25
at
102.00
N/R
310,692
315
5.000%,
11/15/29
11/25
at
102.00
N/R
324,683
330
5.000%,
11/15/30
11/25
at
102.00
N/R
338,854
Nuveen
Oregon
Intermediate
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
66
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Long-Term
Care
(continued)
Clackamas
County
Hospital
Facility
Authority,
Oregon,
Senior
Living
Revenue
Bonds,
Willamette
View
Project,
Series
2017A:
$
525
4.000%,
5/15/24
No
Opt.
Call
N/R
$
528,423
445
4.000%,
11/15/24
No
Opt.
Call
N/R
448,613
355
4.000%,
5/15/25
No
Opt.
Call
N/R
357,254
460
4.000%,
11/15/25
No
Opt.
Call
N/R
463,386
200
4.000%,
5/15/26
11/25
at
102.00
N/R
201,086
400
4.000%,
11/15/26
11/25
at
102.00
N/R
402,424
350
4.000%,
5/15/27
11/25
at
102.00
N/R
350,774
350
4.000%,
11/15/27
11/25
at
102.00
N/R
350,843
450
Medford
Hospital
Facilities
Authority,
Oregon,
Revenue
Bonds,
Rogue
Valley
Manor,
Series
2013A,
5.000%,
10/01/24
10/23
at
100.00
A-
464,823
1,500
Multnomah
County
Hospital
Facilities
Authority,
Oregon,
Revenue
Bond,
Terwilliger
Plaza,
Inc.,
Refunding
Series
2012,
5.000%,
12/01/29
12/22
at
100.00
BB+
1,506,120
325
Multnomah
County
Hospital
Facilities
Authority,
Oregon,
Revenue
Bond,
Terwilliger
Plaza,
Inc.,
Refunding
Series
2016,
5.000%,
12/01/30
12/26
at
100.00
BB+
336,495
440
Multnomah
County
Hospital
Facilities
Authority,
Oregon,
Revenue
Bonds,
Mirabella
South
Waterfront,
Refunding
Series
2014A,
5.000%,
10/01/24
No
Opt.
Call
N/R
448,343
370
Multnomah
County
Hospital
Facilities
Authority,
Oregon,
Revenue
Bonds,
Terwilliger
Plaza-Parkview
Project,
Refunding
Green
Series
2021A,
4.000%,
12/01/36
12/28
at
103.00
BB+
351,589
1,040
Polk
County
Hospital
Facility
Authority,
Oregon,
Revenue
Bonds,
Dallas
Retirement
Village
Project,
Series
2015A,
5.125%,
7/01/35
7/25
at
100.00
N/R
1,041,560
1,540
Salem
Hospital
Facility
Authority,
Oregon,
Revenue
Bonds,
Capital
Manor,
Inc.,
Refunding
Bonds,
Series
2022,
4.000%,
5/15/40
5/29
at
103.00
N/R
1,458,550
1,150
Yamhill
County
Hospital
Authority,
Oregon,
Revenue
Bonds,
Friendsview
Retirement
Community,
Refunding
Series
2016A,
5.000%,
11/15/31
11/24
at
102.00
N/R
1,159,545
2,440
Yamhill
County
Hospital
Authority,
Oregon,
Revenue
Bonds,
Friendsview
Retirement
Community,
Refunding
Series
2021A,
5.000%,
11/15/36
11/28
at
103.00
N/R
2,407,816
13,570
Total
Long-Term
Care
13,548,438
Tax
Obligation/General
-
41.1%
1,365
Beaverton
School
District
48J,
Washington
and
Multnomah
Counties,
Oregon,
General
Obligation
Bonds,
Convertible
Deferred
Interest
Series
2017D,
5.000%,
6/15/26
No
Opt.
Call
AA+
1,515,737
Benton
and
Linn
Counties
District
School
District
509J
Corvallis,
Oregon,
General
Obligation
Bonds,
Series
2018A:
350
5.000%,
6/15/26
No
Opt.
Call
AA+
387,933
2,835
5.000%,
6/15/27
No
Opt.
Call
AA+
3,204,684
1,000
Boardman,
Morrow
County,
Oregon,
General
Obligation
Bonds,
Series
2021,
4.000%,
6/15/35
-
BAM
Insured
6/29
at
100.00
N/R
1,065,460
1,100
Chemeketa
Community
College
District,
Oregon,
General
Obligation
Bonds,
Refunding
Series
2014,
5.000%,
6/15/26
6/24
at
100.00
AA+
1,165,450
200
Clackamas
and
Multnomah
Counties
School
District
7J
Lake
Oswego,
Oregon,
General
Obligation
Bonds,
Refunding
Series
2005,
5.250%,
6/01/25
-
AGM
Insured
No
Opt.
Call
Aa2
218,692
1,665
Clackamas
and
Multnomah
Counties
School
District
7J
Lake
Oswego,
Oregon,
General
Obligation
Bonds,
Series
2017,
4.000%,
6/01/32
6/27
at
100.00
AA+
1,775,273
1,250
Clackamas
and
Washington
Counties
School
District
3JT,
Oregon,
General
Obligation
Bonds,
Refunding
Series
2015,
5.000%,
6/15/28
6/25
at
100.00
AA+
1,352,500
Clackamas
County
School
District
12,
North
Clackamas,
Oregon,
General
Obligation
Bonds,
Series
2017B:
1,000
5.000%,
6/15/30
6/27
at
100.00
AA+
1,123,800
2,000
5.000%,
6/15/33
6/27
at
100.00
AA+
2,225,500
Clackamas
County
School
District
12,
North
Clackamas,
Oregon,
General
Obligation
Bonds,
Series
2018:
585
5.000%,
6/15/31
6/28
at
100.00
Aa1
664,852
550
5.000%,
6/15/32
6/28
at
100.00
Aa1
625,592
1,500
Clackamas
County
School
District
46
Oregon
Trail,
Oregon,
General
Obligation
Bonds,
Refunding
Series
2017,
5.000%,
6/15/30
6/27
at
100.00
AA+
1,689,495
67
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
605
Clackamas
County
School
District
62,
Oregon
City,
Oregon,
General
Obligation
Bonds,
Refunding
Series
2018B,
5.000%,
6/15/33
6/28
at
100.00
AA+
$
690,620
Clackamas
County
School
District
86,
Oregon,
General
Obligation
Bonds,
Refunding
Series
2020A:
1,475
4.000%,
6/15/33
6/30
at
100.00
Aa1
1,594,696
560
4.000%,
6/15/34
6/30
at
100.00
Aa1
604,195
Clatskanie
School
District
6J,
Columbia
and
Clatsop
Counties,
Oregon,
General
Obligation
Bonds,
Series
2021:
270
4.000%,
6/15/32
6/31
at
100.00
AA+
295,026
250
4.000%,
6/15/33
6/31
at
100.00
AA+
272,505
560
Clatsop
County
School
District
1C
Astoria,
Oregon,
General
Obligation
Bonds,
Series
2019B,
5.000%,
6/15/30
6/29
at
100.00
Aa1
652,058
500
Clatsop
County,
Oregon,
General
Obligation
Bonds,
Series
2019,
5.000%,
6/15/31
6/29
at
100.00
Aa2
580,335
450
Columbia
County
School
District
502
Saint
Helens,
Oregon,
General
Obligation
Bonds,
Series
2017,
5.000%,
6/15/33
6/27
at
100.00
Aa1
500,737
Coos
County
School
District
9
Coos
Bay,
Oregon,
General
Obligation
Bonds,
Series
2020:
185
5.000%,
6/15/31
6/30
at
100.00
AA+
218,542
430
5.000%,
6/15/33
6/30
at
100.00
AA+
500,598
765
5.000%,
6/15/34
6/30
at
100.00
AA+
888,800
1,190
Crook
County,
Oregon,
General
Obligation
Bonds,
Convertible
Capital
appreciation
Series
2022,
0.000%,
6/01/33
(4)
6/32
at
100.00
N/R
1,103,285
1,000
David
Douglas
School
District
40,
Multnomah
County,
Oregon,
General
Obligation
Bonds,
Series
2012B,
0.000%,
6/15/25
No
Opt.
Call
AA+
933,960
Deschutes
County
School
District
6,
Sisters,
Oregon,
General
Obligation
Bonds,
Series
2021:
530
4.000%,
6/15/32
6/31
at
100.00
Aa1
581,341
875
4.000%,
6/15/34
6/31
at
100.00
Aa1
951,580
2,035
Greater
Albany
School
District
8J,
Linn
&
Benton
Counties,
Oregon,
General
Obligation
Bonds,
Series
2017,
5.000%,
6/15/32
6/27
at
100.00
AA+
2,264,446
2,825
Hood
River
County
School
District,
Oregon,
General
Obligation
Bonds,
Refunding
Series
2016,
4.000%,
6/15/29
6/26
at
100.00
AA+
2,994,952
Jackson
County
School
District
5
Ashland,
Oregon,
General
Obligation
Bonds,
Series
2019:
2,120
5.000%,
6/15/31
6/29
at
100.00
AA+
2,423,838
1,620
5.000%,
6/15/33
6/29
at
100.00
AA+
1,839,267
1,250
Jackson
County
School
District
549C,
Oregon,
General
Obligation
Bonds,
Refunding
Series
2015,
5.000%,
12/15/28
6/25
at
100.00
AA+
1,354,800
Jackson
County
School
District
6,
Central
Point,
Oregon,
General
Obligation
Bonds,
Series
2019A:
1,675
4.000%,
6/15/34
6/29
at
100.00
Aa1
1,792,350
1,700
4.000%,
6/15/35
6/29
at
100.00
Aa1
1,816,858
Jefferson
County
School
District
509J,
General
Obligation
Bonds,
Series
2022:
250
4.000%,
6/15/33
6/32
at
100.00
N/R
274,657
375
4.000%,
6/15/34
6/32
at
100.00
N/R
410,959
355
Keizer,
Oregon,
General
Obligation
Assessment
Bonds,
Keizer
Station
Area
A
Local
Improvement
District,
Series
2008,
5.200%,
6/01/31
7/22
at
100.00
Aa3
356,108
400
Lake
County
School
District
52
Bethel,
Oregon,
General
Obligation
Bonds,
Series
2021B,
4.000%,
6/15/34
6/31
at
100.00
Aa1
436,672
1,200
Lake
Oswego,
Oregon,
General
Obligation
Bonds,
Refunding
Full
Faith
&
Credit
Series
2017,
4.000%,
12/01/31
12/27
at
100.00
AAA
1,293,096
1,735
Lane
Community
College,
Lane,
Linn,
Benton
and
Douglas
Counties,
Oregon,
General
Obligation
Bonds,
Series
2020A,
4.000%,
6/15/32
6/30
at
100.00
N/R
1,899,547
1,105
Lane
County
School
District
4J
Eugene,
Oregon,
General
Obligation
Bonds,
Series
2019,
4.000%,
6/15/35
6/29
at
100.00
Aa1
1,173,720
510
Lebanon
Rural
Fire
Protection
District,
Linn
County,
Oregon,
General
Obligation
Bonds,
Series
2020,
4.000%,
6/15/33
-
BAM
Insured
6/27
at
100.00
AA
533,858
205
Linn
and
Marion
Counties
School
District
129J
Santiam
Canyon,
Oregon,
General
Obligation
Bonds,
Series
2019,
5.000%,
6/15/34
6/29
at
100.00
AA+
234,432
Nuveen
Oregon
Intermediate
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
68
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
Marion
and
Polk
Counties
School
District
24J,
Salem-Kreizer,
Oregon,
General
Obligation
Bonds,
Convertible
Deferred
Interest
Series
2020B:
$
1,135
5.000%,
6/15/32
6/30
at
100.00
AA+
$
1,328,688
1,000
5.000%,
6/15/33
6/30
at
100.00
AA+
1,168,120
Marion
and
Polk
Counties
School
District
24J,
Salem-Kreizer,
Oregon,
General
Obligation
Bonds,
Series
2018:
1,500
5.000%,
6/15/31
6/28
at
100.00
AA+
1,709,250
2,000
5.000%,
6/15/33
6/28
at
100.00
AA+
2,271,040
1,000
Marion
County
School
District
15
North
Marion,
Oregon,
General
Obligation
Bonds,
Series
2018B,
5.000%,
6/15/31
6/28
at
100.00
AA+
1,145,530
2,500
Metro,
Oregon,
General
Obligation
Bonds,
Series
2020A,
4.000%,
6/01/34
6/30
at
100.00
AAA
2,696,625
Multnomah
County
School
District
7,
Reynolds,
Oregon,
General
Obligation
Bonds,
Refunding
Series
2020:
135
4.000%,
6/01/33
6/30
at
100.00
Aa3
145,923
250
3.000%,
6/01/34
6/30
at
100.00
Aa3
248,965
Multnomah
County
School
District
7,
Reynolds,
Oregon,
General
Obligation
Bonds,
Series
2015A:
1,500
5.000%,
6/15/29
6/25
at
100.00
Aa1
1,623,930
2,250
5.000%,
6/15/30
6/25
at
100.00
Aa1
2,432,430
1,190
Nestucca
Valley
School
District
101,
Tillamook
&
Yamhill
Counties,
Oregon,
General
Obligation
Bonds,
Series
2018B.
Current
Interest,
5.000%,
6/15/29
6/28
at
100.00
AA+
1,364,621
Oregon
City,
Oregon,
General
Obligation
Bonds,
Series
2018:
360
5.000%,
6/01/30
6/28
at
100.00
AA+
413,284
765
5.000%,
6/01/31
6/28
at
100.00
AA+
875,741
25
Oregon
State,
General
Obligation
Bonds,
Alterrnative
Energy
Series
2011B,
5.000%,
1/01/23,
(AMT)
6/22
at
100.00
AA+
25,046
Pacific
Communities
Health
District,
Oregon,
General
Obligation
Bonds,
Series
2016:
325
5.000%,
6/01/27
6/26
at
100.00
A1
357,058
350
5.000%,
6/01/28
6/26
at
100.00
A1
383,544
750
5.000%,
6/01/29
6/26
at
100.00
A1
820,388
1,000
5.000%,
6/01/30
6/26
at
100.00
A1
1,090,270
770
5.000%,
6/01/31
6/26
at
100.00
A1
837,675
1,210
Phoenix-Talent
School
District
4,
Jackson
County,
Oregon,
General
Obligation
Bonds,
Current
Interest
Series
2018B,
5.000%,
6/15/32
6/28
at
100.00
AA+
1,383,587
Port
of
Alsea,
Lincoln
County,
Oregon,
General
Obligation
Bonds,
Series
2018:
225
3.750%,
6/15/28
No
Opt.
Call
N/R
228,233
180
4.000%,
6/15/33
6/28
at
100.00
N/R
183,850
900
Portland
Community
College
District,
Multnomah
County,
Oregon,
General
Obligation
Bonds,
Refunding
Series
2016,
5.000%,
6/15/29
6/26
at
100.00
AA+
990,585
Portland
Community
College
District,
Multnomah
County,
Oregon,
General
Obligation
Bonds,
Series
2018:
1,500
5.000%,
6/15/29
6/26
at
100.00
AA+
1,650,975
1,050
5.000%,
6/15/30
6/26
at
100.00
AA+
1,153,141
2,235
Portland,
Oregon,
General
Obligation
Bonds,
Sellwood
Bridge
Project,
Series
2014A,
5.000%,
6/01/28
6/24
at
100.00
Aaa
2,363,915
350
Redmond,
Oregon,
Full
Faith
and
Credit
Obligations,
Series
2014A,
5.000%,
6/01/25
6/24
at
100.00
Aa3
370,472
630
Redmond,
Oregon,
Full
Faith
and
Credit
Obligations,
Series
2019B-1,
5.000%,
6/01/36
12/28
at
100.00
Aa3
720,726
500
Rogue
Community
College
District,
Jackson
and
Jospehine
Counties,
Oregon,
General
Obligation
Bonds,
Jackson
County
Service
Area,
Series
2016B,
4.000%,
6/15/31
6/26
at
100.00
Aa1
528,305
800
Salem-Keizer
School
District
24J,
Marion
and
Polk
Counties,
Oregon,
General
Obligation
Bonds,
Series
2009B,
0.000%,
6/15/22
No
Opt.
Call
AA+
799,608
69
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
Umatilla
County
School
District
6R
Umatilla,
Oregon,
General
Obligation
Bonds,
Series
2017:
$
245
0.000%,
6/15/27
(4)
No
Opt.
Call
AA+
$
262,625
340
0.000%,
6/15/29
(4)
6/27
at
100.00
AA+
362,267
315
0.000%,
6/15/31
(4)
6/27
at
100.00
AA+
332,980
1,260
Washington
and
Clackamas
Counties
School
District
23J
Tigard-Tualatin,
Oregon,
General
Obligation
Bonds,
Series
2017,
5.000%,
6/15/30
6/27
at
100.00
AA+
1,416,631
965
Washington
County
School
District
15,
Forest
Grove,
Oregon,
General
Obligation
Bonds,
Series
2012B,
0.000%,
6/15/25
No
Opt.
Call
AA+
898,029
1,320
Washington
County,
Oregon,
General
Obligation
Bonds,
Full
Faith
&
Credit
Obligation
Series
2016B,
4.000%,
3/01/31
3/26
at
100.00
Aaa
1,389,828
Washington
Multnomah
&
Yamhill
Counties
School
District
1J
Hillsboro,
Oregon,
General
Obligation
Bonds,
Series
2017:
990
5.000%,
6/15/31
6/27
at
100.00
Aa1
1,110,572
3,750
5.000%,
6/15/32
6/27
at
100.00
Aa1
4,172,813
1,000
Washington,
Clackamas
and
Yamhill
Counties
School
District
88J
Sherwood,
Oregon,
General
Obligation
Bonds,
Series
2017B,
5.000%,
6/15/30
6/27
at
100.00
AA+
1,126,840
Yamhill
County
School
District
40,
McMinnville,
Oregon,
General
Obligation
Bonds,
Refunding
Series
2016:
1,000
4.000%,
6/15/31
6/26
at
100.00
AA+
1,059,380
1,000
4.000%,
6/15/32
6/26
at
100.00
AA+
1,057,230
195
Yamhill
County
School
District
8
Dayton,
Oregon,
General
Obligation
Bonds,
Refunding
&
Project
Series
2019,
5.000%,
6/15/33
6/29
at
100.00
AA+
223,398
85,170
Total
Tax
Obligation/General
93,206,924
Tax
Obligation/Limited
-
9.7%
Beaverton,
Oregon,
Special
Revenue
Bonds,
Series
2020A:
300
5.000%,
6/01/32
6/30
at
100.00
Aa3
349,830
400
5.000%,
6/01/34
6/30
at
100.00
Aa3
464,484
Deschutes
Public
Library
District,
Deschutes
County,
Oregon,
General
Obligation
Bonds,
Series
2021:
900
4.000%,
6/01/31
No
Opt.
Call
Aa2
1,000,935
600
4.000%,
6/01/33
6/31
at
100.00
Aa2
661,380
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D:
2,260
5.000%,
11/15/28
11/25
at
100.00
BB
2,414,335
500
5.000%,
11/15/29
11/25
at
100.00
BB
533,000
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A:
1,635
5.000%,
10/01/28
No
Opt.
Call
N/R
1,693,353
460
5.000%,
10/01/32
No
Opt.
Call
N/R
477,227
750
Metro,
Oregon,
Dedicated
Tax
Revenue
Bonds,
Oregon
Convention
Center
Hotel,
Series
2017,
5.000%,
6/15/30
6/27
at
100.00
Aa3
843,232
1,270
Oregon
Department
of
Administrative
Services,
State
Lottery
Revenue
Bonds,
Refunding
Series
2014B,
5.000%,
4/01/27
4/24
at
100.00
AAA
1,337,564
2,000
Oregon
State
Department
of
Transportation,
Highway
User
Tax
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2019A,
5.000%,
11/15/35
11/29
at
100.00
N/R
2,298,540
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
499
0.000%,
7/01/29
7/28
at
98.64
N/R
380,403
2,191
0.000%,
7/01/31
7/28
at
91.88
N/R
1,506,444
1,906
0.000%,
7/01/33
7/28
at
86.06
N/R
1,166,434
614
4.500%,
7/01/34
7/25
at
100.00
N/R
628,447
1,600
Seaside,
Clatsop
County,
Oregon,
Transient
Lodgings
Tax
Revenue
Bonds,
Series
2018,
5.000%,
12/15/30
6/28
at
100.00
A3
1,801,824
1,000
Tri-County
Metropolitan
Transportation
District,
Oregon,
Capital
Grant
Receipt
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
10/01/27
No
Opt.
Call
A
1,127,740
Tri-County
Metropolitan
Transportation
District,
Oregon,
Capital
Grant
Receipt
Revenue
Bonds,
Series
2018A:
1,000
5.000%,
10/01/31
4/28
at
100.00
A
1,133,320
750
4.000%,
10/01/33
4/28
at
100.00
A
797,205
Nuveen
Oregon
Intermediate
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
70
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
340
Tri-County
Metropolitan
Transportation
District,
Oregon,
Payroll
Tax
Revenue
Bonds,
Senior
Lien
Series
2019A,
5.000%,
9/01/34
9/29
at
100.00
AAA
$
390,028
750
Tri-County
Metropolitan
Transportation
District,
Oregon,
Payroll
Tax
Revenue
Bonds,
Senior
Lien
Series
2021A,
5.000%,
9/01/33
9/31
at
100.00
N/R
889,043
21,725
Total
Tax
Obligation/Limited
21,894,768
Transportation
-
4.5%
Jackson
County,
Oregon,
Airport
Revenue
Bonds,
Refunding
Series
2016:
395
5.000%,
12/01/30
-
AGM
Insured
6/26
at
100.00
AA
425,826
430
5.000%,
12/01/31
-
AGM
Insured
6/26
at
100.00
AA
461,970
380
5.000%,
12/01/33
-
AGM
Insured
6/26
at
100.00
AA
405,088
350
4.000%,
12/01/34
-
AGM
Insured
6/26
at
100.00
AA
356,324
500
Port
of
Portland,
Oregon,
International
Airport
Revenue
Bonds,
Refunding
Series
2020-26C,
5.000%,
7/01/28,
(AMT)
No
Opt.
Call
A+
551,945
1,030
Port
of
Portland,
Oregon,
International
Airport
Revenue
Bonds,
Series
2011,
5.000%,
7/01/23,
(AMT)
7/22
at
100.00
A+
1,031,906
1,265
Port
of
Portland,
Oregon,
International
Airport
Revenue
Bonds,
Series
2015-23,
5.000%,
7/01/28
7/25
at
100.00
A+
1,362,430
Port
of
Portland,
Oregon,
International
Airport
Revenue
Bonds,
Series
2019-25B:
1,105
5.000%,
7/01/31,
(AMT)
7/29
at
100.00
A+
1,222,926
1,850
5.000%,
7/01/33,
(AMT)
7/29
at
100.00
A+
2,039,292
2,000
Port
of
Portland,
Oregon,
International
Airport
Revenue
Bonds,
Series
2022-28,
5.000%,
7/01/33,
(AMT)
7/32
at
100.00
N/R
2,277,800
9,305
Total
Transportation
10,135,507
U.S.
Guaranteed
-
6.5%
(5)
1,105
Beaverton
School
District
48J,
Washington
and
Multnomah
Counties,
Oregon,
General
Obligation
Bonds,
Series
2014B,
5.000%,
6/15/27,
(Pre-refunded
6/15/24)
6/24
at
100.00
AA+
1,174,051
500
Central
Oregon
Community
College
District,
Crook,
Jefferson,
Deschutes,
Klamath,
Lake,
and
Wasco
Counties,
Oregon,
General
Obligation
Bonds,
Series
2014,
5.000%,
6/01/29,
(Pre-refunded
6/01/24)
6/24
at
100.00
AA
529,955
Clackamas
County
School
District
62,
Oregon
City,
Oregon,
General
Obligation
Bonds,
Refunding
Series
2014:
325
5.000%,
6/01/29,
(Pre-refunded
6/01/24)
6/24
at
100.00
AA
344,799
255
5.000%,
6/01/29,
(Pre-refunded
6/01/24)
6/24
at
100.00
AA
270,277
Marion
County
School
District
103
Woodburn,
Oregon,
General
Obligation
Bonds,
Series
2015:
1,000
5.000%,
6/15/27,
(Pre-refunded
6/15/25)
6/25
at
100.00
Aa1
1,084,840
1,000
5.000%,
6/15/33,
(Pre-refunded
6/15/25)
6/25
at
100.00
Aa1
1,084,840
300
Marion-Clackamas
Counties
School
District
4J
Silver
Falls,
Oregon,
General
Obligation
Bonds,
Refunding
Series
2013,
5.000%,
6/15/24,
(Pre-refunded
6/15/23)
6/23
at
100.00
Aa1
310,443
400
Oregon
Facilities
Authority,
Revenue
Bonds,
CHF-Ashland,
LLC
Southern
Oregon
University
Project
Series
2012,
4.700%,
7/01/33,
(Pre-refunded
7/01/22)
7/22
at
100.00
N/R
401,164
Oregon
Facilities
Authority,
Revenue
Bonds,
Reed
College,
Series
2017A:
795
5.000%,
7/01/30,
(Pre-refunded
7/01/27)
7/27
at
100.00
Aa2
902,190
425
4.000%,
7/01/32,
(Pre-refunded
7/01/27)
7/27
at
100.00
Aa2
461,971
1,000
Oregon
State
Department
of
Transportation,
Highway
User
Tax
Revenue
Bonds,
Refunding
Senior
Lien
Series
2014A,
5.000%,
11/15/27,
(Pre-
refunded
11/15/24)
11/24
at
100.00
AAA
1,073,320
2,000
Oregon
State
Department
of
Transportation,
Highway
User
Tax
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015A,
5.000%,
11/15/27,
(Pre-
refunded
11/15/24)
11/24
at
100.00
AAA
2,146,640
Tri-County
Metropolitan
Transportation
District,
Oregon,
Payroll
Tax
Revenue
Bonds,
Refunding
Senior
Lien
Series
2016A:
1,000
4.000%,
9/01/31,
(Pre-refunded
9/01/26)
9/26
at
100.00
AAA
1,077,910
655
4.000%,
9/01/32,
(Pre-refunded
9/01/26)
9/26
at
100.00
AAA
706,031
71
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
(5)
(continued)
Tri-County
Metropolitan
Transportation
District,
Oregon,
Payroll
Tax
Revenue
Bonds,
Senior
Lien
Series
2018A:
$
1,000
5.000%,
9/01/30,
(Pre-refunded
9/01/27)
9/27
at
100.00
AAA
$
1,140,650
855
5.000%,
9/01/31,
(Pre-refunded
9/01/27)
9/27
at
100.00
AAA
975,256
1,080
Umatilla
County
School
District
016R
Pendleton,
Oregon,
General
Obligation
Bonds,
Series
2014A,
5.000%,
6/15/29,
(Pre-refunded
6/15/24)
6/24
at
100.00
Aa1
1,147,046
13,695
Total
U.S.
Guaranteed
14,831,383
Utilities
-
9.7%
1,295
Albany,
Oregon,
General
Obligation
Bonds,
Refunding
Series
2013,
5.000%,
8/01/25
8/23
at
100.00
Aa3
1,343,200
Beaverton,
Oregon,
Water
System
Revenue
Bonds,
Series
2022:
2,090
4.000%,
4/01/35
4/32
at
100.00
N/R
2,255,946
2,150
4.000%,
4/01/36
4/32
at
100.00
N/R
2,307,982
Central
Lincoln
Peoples
Utility
District,
Oregon,
Electric
Revenue
Bonds,
Series
2016:
500
3.500%,
12/01/29
12/25
at
100.00
AA-
518,395
350
5.000%,
12/01/33
12/25
at
100.00
AA-
379,138
350
5.000%,
12/01/34
12/25
at
100.00
AA-
379,137
270
Clackamas
River
Water,
Oregon,
Water
Revenue
Bonds,
Series
2016,
5.000%,
11/01/33
5/25
at
100.00
AA-
289,154
500
Emerald
Peoples
Utility
District,
Oregon,
Electric
System
Revenue
Bonds,
Refunding
Series
2013,
5.000%,
11/01/22
-
AGM
Insured
No
Opt.
Call
A1
507,550
Eugene,
Oregon,
Electric
Utility
Revenue
Bonds,
Series
2020A:
250
4.000%,
8/01/32
8/30
at
100.00
Aa2
273,008
650
4.000%,
8/01/33
8/30
at
100.00
Aa2
703,293
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2016:
1,065
5.000%,
7/01/28
7/26
at
100.00
A-
1,154,683
1,120
5.000%,
7/01/29
7/26
at
100.00
A-
1,211,269
1,180
5.000%,
7/01/30
7/26
at
100.00
A-
1,273,043
1,880
Portland,
Oregon,
Sewer
System
Revenue
Bonds,
Second
Lien
Series
2018A,
4.500%,
5/01/30
5/26
at
100.00
AA
2,033,013
2,500
Portland,
Oregon,
Water
System
Revenue
Bonds,
Refunding
First
Lien
Series
2016A,
4.000%,
4/01/33
4/26
at
100.00
Aa1
2,626,225
2,000
Portland,
Oregon,
Water
System
Revenue
Bonds,
Refunding
First
Lien
Series
2022A,
4.000%,
4/01/35
10/31
at
100.00
N/R
2,160,260
1,000
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B,
5.000%,
7/01/29,
144A
No
Opt.
Call
N/R
1,074,110
1,000
Sunrise
Water
Authority,
Oregon,
Water
Revenue
Bonds,
Refunding
Series
2014,
4.000%,
3/01/23
No
Opt.
Call
AA
1,018,020
525
Warm
Springs
Reservation
Confederated
Tribes,
Oregon,
Hydroelectric
Revenue
Bonds,
Tribal
Economic
Development
Bond
Pelton
Round
Butte
Project,
Taxable
Refunding
Green
Series
2019B,
5.000%,
11/01/33,
144A
5/29
at
100.00
A3
591,728
20,675
Total
Utilities
22,099,154
$
207,220
Total
Long-Term
Investments
(cost
$223,408,418)
221,250,573
Other
Assets
Less
Liabilities
-
2.4%
5,491,332
Net
Assets
-
100%
$
226,741,905
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(3)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
Nuveen
Oregon
Intermediate
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
May
31,
2022
72
(4)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(5)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
AMT
Alternative
Minimum
Tax
See
accompanying
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
May
31,
2022
See
accompanying
notes
to
financial
statements.
73
Minnesota
Intermediate
Minnesota
Nebraska
Oregon
Intermediate
Assets
Long-term
investments,
at
value
†
$
396,243,909‌
$
642,317,892‌
$
118,797,807‌
$
221,250,573‌
Cash
–‌
2,099,486‌
1,690,531‌
1,991,367‌
Receivable
for
interest
4,708,756‌
7,926,545‌
1,592,833‌
3,189,812‌
Receivable
for
investments
sold
15,930,869‌
7,663,483‌
500,000‌
1,885,000‌
Receivable
for
shares
sold
714,535‌
2,133,921‌
232,977‌
1,309,630‌
Other
assets
34,082‌
33,792‌
22,754‌
10,860‌
Total
assets
417,632,151‌
662,175,119‌
122,836,902‌
229,637,242‌
Liabilities
Cash
overdraft
6,256,982‌
–‌
–‌
–‌
Payable
for
dividends
313,323‌
292,714‌
15,334‌
148,644‌
Payable
for
investments
purchased
-
regular
settlement
8,615,714‌
8,853,332‌
—‌
2,279,382‌
Payable
for
investments
purchased
-
when-issued/delayed-delivery
settlement
3,868,757‌
7,125,788‌
—‌
—‌
Payable
for
shares
redeemed
894,219‌
1,425,592‌
65,913‌
213,362‌
Accrued
expenses:
Custodian
fees
86,561‌
105,641‌
42,483‌
59,205‌
Management
fees
176,412‌
272,452‌
41,727‌
101,685‌
Directors
fees
25,748‌
23,927‌
832‌
3,360‌
Professional
fees
61,339‌
73,934‌
42,405‌
50,775‌
12b-1
distribution
and
service
fees
28,795‌
60,497‌
11,429‌
8,037‌
Other
52,119‌
90,013‌
18,195‌
30,887‌
Total
liabilities
20,379,969‌
18,323,890‌
238,318‌
2,895,337‌
Commitments
and
contingencies
(as
disclosed
in
Note
8)
Net
assets
$
397,252,182‌
$
643,851,229‌
$
122,598,584‌
$
226,741,905‌
†
Long-term
investments,
cost
$
400,650,189‌
$
657,928,816‌
$
124,404,205‌
$
223,408,418‌
Minnesota
Intermediate
Minnesota
Nebraska
Oregon
Intermediate
Class
A
Shares
Net
Assets
$
113,097,174
$
225,929,733
$
55,101,025
$
33,235,833
Shares
outstanding
11,470,088
20,392,193
5,492,610
3,381,142
Net
asset
value
("NAV")
per
share
$
9.86
$
11.08
$
10.03
$
9.83
Maximum
sales
charge
3.00%
4.20%
4.20%
3.00%
Offering
price
per
share
(NAV
per
share
plus
maximum
sales
charge)
$
10.16
$
11.57
$
10.47
$
10.13
Class
C
Shares
Net
Assets
$
11,620,548
$
25,848,143
$
2,649,613
$
2,904,714
Shares
outstanding
1,186,117
2,335,188
264,571
297,185
NAV
and
offering
price
per
share
$
9.80
$
11.07
$
10.01
$
9.77
Class
I
Shares
Net
Assets
$
272,534,460
$
392,073,353
$
64,847,946
$
190,601,358
Shares
outstanding
27,759,680
35,433,133
6,453,516
19,356,631
NAV
and
offering
price
per
share
$
9.82
$
11.07
$
10.05
$
9.85
Fund
level
net
assets
consist
of:
Capital
paid-in
$
411,224,282
$
684,576,665
$
132,700,250
$
237,253,297
Total
distributable
earnings
(loss)
(13,972,100)
(40,725,436)
(10,101,666)
(10,511,392)
Fund
level
net
assets
$
397,252,182
$
643,851,229
$
122,598,584
$
226,741,905
Authorized
shares
-
per
class
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
per
share
$  
0.01
$  
0.01
$  
0.01
$  
0.01
Statement
of
Operations
May
31,
2022
See
accompanying
notes
to
financial
statements.
74
Minnesota
Intermediate
Minnesota
Nebraska
Oregon
Intermediate
Investment
Income
Interest
$
12,306,279‌
$
20,640,004‌
$
3,298,010‌
$
7,034,144‌
Total
Investment
Income
12,306,279‌
20,640,004‌
3,298,010‌
7,034,144‌
Expenses
–
–
–
–
Management
fees
2,279,163‌
3,612,266‌
698,600‌
1,480,164‌
12b-1
service
fees
-
Class
A
Shares
261,311‌
526,565‌
124,521‌
72,743‌
12b-1
distribution
and
service
fees
-
Class
C
Shares
126,835‌
304,644‌
30,254‌
37,663‌
12b-1
distribution
and
service
fees
-
Class
C1
Shares
(1)
—‌
15‌
—‌
—‌
12b-1
distribution
and
service
fees
-
Class
C2
Shares
(2)
25‌
49‌
30‌
61‌
Shareholder
servicing
agent
fees
133,268‌
259,160‌
61,280‌
91,623‌
Interest
expense
6,804‌
10,908‌
2,326‌
5,154‌
Custodian
expenses,
net
110,600‌
128,947‌
47,244‌
73,487‌
Directors
fees
14,097‌
23,168‌
4,107‌
9,073‌
Professional
fees
62,857‌
75,348‌
44,552‌
52,015‌
Shareholder
reporting
expenses
28,612‌
50,722‌
16,833‌
18,465‌
Federal
and
state
registration
fees
17,165‌
21,219‌
36,944‌
15,849‌
Other
17,239‌
19,393‌
11,143‌
12,141‌
Total
expenses
before
fee
waiver/expense
reimbursement
3,057,976‌
5,032,404‌
1,077,834‌
1,868,438‌
Fee
waiver/expense
reimbursement
—‌
—‌
(
19,795‌
)
—‌
Net
expenses
3,057,976‌
5,032,404‌
1,058,039‌
1,868,438‌
Net
investment
income
(loss)
9,248,303‌
15,607,600‌
2,239,971‌
5,165,706‌
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
from
investments
(
7,153,779‌
)
(
13,409,886‌
)
(
2,077,818‌
)
(
4,775,667‌
)
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(
27,817,251‌
)
(
55,058,920‌
)
(
11,926,159‌
)
(
19,723,196‌
)
Net
realized
and
unrealized
gain
(loss)
(
34,971,030‌
)
(
68,468,806‌
)
(
14,003,977‌
)
(
24,498,863‌
)
Net
increase
(decrease)
in
net
assets
from
operations
$
(
25,722,727‌
)
$
(
52,861,206‌
)
$
(
11,764,006‌
)
$
(
19,333,157‌
)
(1)
Class
C1
Shares
for
Minnesota
were
converted
to
Class
A
Shares
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
(2)
Class
C2
Shares
were
converted
to
Class
A
Shares
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
Statement
of
Changes
in
Net
Assets
See
accompanying
notes
to
financial
statements.
75
Minnesota
Intermediate
Minnesota
Year
Ended
5/31/22
Year
Ended
5/31/21
Year
Ended
5/31/22
Year
Ended
5/31/21
Operations
Net
investment
income
(loss)
$
9,248,303‌
$
9,514,406‌
$
15,607,600‌
$
14,403,506‌
Net
realized
gain
(loss)
from
investments
(7,153,779‌)
18,501‌
(13,409,886‌)
304,635‌
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(27,817,251‌)
6,638,282‌
(55,058,920‌)
17,365,371‌
Net
increase
(decrease)
in
net
assets
from
operations
(25,722,727‌)
16,171,189‌
(52,861,206‌)
32,073,512‌
Distributions
to
Shareholders
Dividends:
Class
A
Shares
(2,312,868‌)
(2,596,023‌)
(4,737,972‌)
(5,566,512‌)
Class
C
Shares
(123,294‌)
(172,816‌)
(302,321‌)
(453,603‌)
Class
C1
Shares
(1)
–‌
(2,103‌)
–‌
(8,590‌)
Class
C2
Shares
(2)
–‌
(46,794‌)
–‌
(66,352‌)
Class
I
Shares
(5,918,554)
(6,538,066)
(8,919,286)
(8,646,743)
Decrease
in
net
assets
from
distributions
to
shareholders
(8,354,716‌)
(9,355,802‌)
(13,959,579‌)
(14,741,800‌)
Fund
Share
Transactions
Proceeds
from
sale
of
shares
105,170,534‌
99,742,853‌
205,453,383‌
217,092,684‌
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
4,782,090‌
5,330,587‌
10,981,624‌
11,759,580‌
109,952,624‌
105,073,440‌
216,435,007‌
228,852,264‌
Cost
of
shares
redeemed
(137,183,259‌)
(59,880,920‌)
(238,901,086‌)
(104,544,474‌)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
(27,230,635‌)
45,192,520‌
(22,466,079‌)
124,307,790‌
Net
increase
(decrease)
in
net
assets
(61,308,078‌)
52,007,907‌
(89,286,864‌)
141,639,502‌
Net
assets
at
the
beginning
of
period
458,560,260‌
406,552,353‌
733,138,093‌
591,498,591‌
Net
assets
at
the
end
of
period
$
397,252,182‌
$
458,560,260‌
$
643,851,229‌
$
733,138,093‌
See
accompanying
notes
to
financial
statements.
76
Nebraska
Oregon
Intermediate
Year
Ended
5/31/22
Year
Ended
5/31/21
Year
Ended
5/31/22
Year
Ended
5/31/21
Operations
Net
investment
income
(loss)
$
2,239,971‌
$
2,175,718‌
$
5,165,706‌
$
4,998,610‌
Net
realized
gain
(loss)
from
investments
(2,077,818‌)
(83,435‌)
(4,775,667‌)
(266‌)
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(11,926,159‌)
1,376,975‌
(19,723,196‌)
2,170,968‌
Net
increase
(decrease)
in
net
assets
from
operations
(11,764,006‌)
3,469,258‌
(19,333,157‌)
7,169,312‌
Distributions
to
Shareholders
Dividends:
Class
A
Shares
(942,416‌)
(977,433‌)
(563,447‌)
(544,249‌)
Class
C
Shares
(20,835‌)
(30,383‌)
(28,340‌)
(45,914‌)
Class
C1
Shares
(1)
–‌
(1,275‌)
–‌
–‌
Class
C2
Shares
(2)
–‌
(16,477‌)
–‌
(33,888‌)
Class
I
Shares
(1,217,450)
(1,149,955)
(4,360,350)
(4,645,342)
Decrease
in
net
assets
from
distributions
to
shareholders
(2,180,701‌)
(2,175,523‌)
(4,952,137‌)
(5,269,393‌)
Fund
Share
Transactions
Proceeds
from
sale
of
shares
27,213,356‌
41,776,943‌
83,758,861‌
80,350,440‌
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
1,985,922‌
1,935,242‌
2,656,151‌
2,688,706‌
29,199,278‌
43,712,185‌
86,415,012‌
83,039,146‌
Cost
of
shares
redeemed
(24,912,964‌)
(12,109,347‌)
(123,675,164‌)
(40,166,369‌)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
4,286,314‌
31,602,838‌
(37,260,152‌)
42,872,777‌
Net
increase
(decrease)
in
net
assets
(9,658,393‌)
32,896,573‌
(61,545,446‌)
44,772,696‌
Net
assets
at
the
beginning
of
period
132,256,977‌
99,360,404‌
288,287,351‌
243,514,655‌
Net
assets
at
the
end
of
period
$
122,598,584‌
$
132,256,977‌
$
226,741,905‌
$
288,287,351‌
(1)
Class
C1
Shares
for
Minnesota
Intermediate
and
Nebraska
closed
effective
January
7,
2021
and
Class
C1
Shares
for
Minnesota
were
converted
to
Class
A
Shares
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
(2)
Class
C2
Shares
were
converted
to
Class
A
Shares
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
Financial
Highlights
77
Minnesota
Intermediate
The
Fund's
fiscal
year
end
is
May
31st. 
The
following
data
is
for
a
share
outstanding for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Ending
NAV
Class
A
2022
$
10.65
$
0.20
$
(
0.80
)
$
(
0.60
)
$
(
0.19
)
$
—
$
(
0.19
)
$
9.86
2021
10.48
0.22
0.17
0.39
(
0.22
)
—
(
0.22
)
10.65
2020
10.49
0.26
0.01
0.27
(
0.28
)
—
(
0.28
)
10.48
2019
10.26
0.29
0.23
0.52
(
0.29
)
—
(
0.29
)
10.49
2018
10.46
0.29
(
0.20
)
0.09
(
0.29
)
—
(
0.29
)
10.26
Class
C
2022
10.58
0.12
(
0.80
)
(
0.68
)
(
0.10
)
—
(
0.10
)
9.80
2021
10.41
0.13
0.17
0.30
(
0.13
)
—
(
0.13
)
10.58
2020
10.43
0.17
—
0.17
(
0.19
)
—
(
0.19
)
10.41
2019
10.19
0.20
0.24
0.44
(
0.20
)
—
(
0.20
)
10.43
2018
10.39
0.20
(
0.19
)
0.01
(
0.21
)
—
(
0.21
)
10.19
Class
I
2022
10.60
0.22
(
0.80
)
(
0.58
)
(
0.20
)
—
(
0.20
)
9.82
2021
10.43
0.24
0.16
0.40
(
0.23
)
—
(
0.23
)
10.60
2020
10.44
0.28
0.01
0.29
(
0.30
)
—
(
0.30
)
10.43
2019
10.20
0.30
0.25
0.55
(
0.31
)
—
(
0.31
)
10.44
2018
10.40
0.31
(
0.20
)
0.11
(
0.31
)
—
(
0.31
)
10.20
(a)
Per
share
Net
Investment
Income
(Loss)
is
calculated
using
the
average
daily
shares
method.
(b)
Total
return
is
the
combination
of
changes
in
NAV
without
any
sales
charge,
reinvested
dividend
income
at
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
Total
returns
are
not
annualized.
(c)
The
expense
ratios
reflect,
among
other
things,
the
interest
expense
deemed
to
have
been
paid
by
the
Fund
on
the
floating
rate
certificates
issued
by
the
special
purpose
trusts
for
the
self-deposited
inverse
floaters
held
by
the
Fund,
where
applicable,
as
described
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives
and
the
interest
expense
and
fees
paid
on
borrowings,
as
described
in
Note
9
-
Borrowing
Arrangements.
(d)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives)
divided
by
the
average
long-term
market
value
during
the
period.
See
accompanying
notes
to
financial
statements.
78
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Ending
Net
Assets
(000)
Expenses
Including
Interest(c)
Expenses
Excluding
Interest
NII
(Loss)
Portfolio
Turnover
Rate(d)
(
5
.75‌
)
%
$
113,097
0
.80‌
%
0
.80‌
%
1
.96‌
%
28‌
%
3
.71‌
138,393
0
.79‌
0
.79‌
2
.05‌
6‌
2
.57‌
115,325
0
.80‌
0
.80‌
2
.43‌
12‌
5
.15‌
93,956
0
.81‌
0
.81‌
2
.79‌
20‌
0
.92‌
95,506
0
.81‌
0
.81‌
2
.78‌
21‌
(
6
.46‌
)
11,621
1
.60‌
1
.60‌
1
.16‌
28‌
2
.91‌
13,672
1
.59‌
1
.59‌
1
.25‌
6‌
1
.67‌
13,064
1
.60‌
1
.60‌
1
.64‌
12‌
4
.42‌
12,274
1
.61‌
1
.61‌
1
.99‌
20‌
0
.10‌
14,453
1
.61‌
1
.61‌
1
.98‌
21‌
(
5
.52‌
)
272,534
0
.60‌
0
.60‌
2
.16‌
28‌
3
.90‌
306,289
0
.59‌
0
.59‌
2
.25‌
6‌
2
.76‌
273,269
0
.60‌
0
.60‌
2
.64‌
12‌
5
.47‌
251,853
0
.61‌
0
.61‌
2
.99‌
20‌
1
.09‌
257,288
0
.61‌
0
.61‌
2
.98‌
21‌
79
Financial
Highlights
(continued)
Minnesota
The
Fund's
fiscal
year
end
is
May
31st. 
The
following
data
is
for
a
share
outstanding for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Ending
NAV
Class
A
2022
$
12.11
$
0.24
$
(
1.06
)
$
(
0.82
)
$
(
0.21
)
$
—
$
(
0.21
)
$
11.08
2021
11.78
0.25
0.34
0.59
(
0.26
)
—
(
0.26
)
12.11
2020
11.84
0.32
(
0.04
)
0.28
(
0.34
)
—
(
0.34
)
11.78
2019
11.56
0.36
0.27
0.63
(
0.35
)
—
(
0.35
)
11.84
2018
11.74
0.36
(
0.17
)
0.19
(
0.37
)
—
(
0.37
)
11.56
Class
C
2022
12.10
0.15
(
1.06
)
(
0.91
)
(
0.12
)
—
(
0.12
)
11.07
2021
11.77
0.15
0.34
0.49
(
0.16
)
—
(
0.16
)
12.10
2020
11.83
0.22
(
0.03
)
0.19
(
0.25
)
—
(
0.25
)
11.77
2019
11.55
0.27
0.27
0.54
(
0.26
)
—
(
0.26
)
11.83
2018
11.73
0.27
(
0.17
)
0.10
(
0.28
)
—
(
0.28
)
11.55
Class
I
2022
12.10
0.26
(
1.05
)
(
0.79
)
(
0.24
)
—
(
0.24
)
11.07
2021
11.77
0.27
0.34
0.61
(
0.28
)
—
(
0.28
)
12.10
2020
11.83
0.34
(
0.03
)
0.31
(
0.37
)
—
(
0.37
)
11.77
2019
11.55
0.39
0.27
0.66
(
0.38
)
—
(
0.38
)
11.83
2018
11.73
0.39
(
0.17
)
0.22
(
0.40
)
—
(
0.40
)
11.55
(a)
Per
share
Net
Investment
Income
(Loss)
is
calculated
using
the
average
daily
shares
method.
(b)
Total
return
is
the
combination
of
changes
in
NAV
without
any
sales
charge,
reinvested
dividend
income
at
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
Total
returns
are
not
annualized.
(c)
The
expense
ratios
reflect,
among
other
things,
the
interest
expense
deemed
to
have
been
paid
by
the
Fund
on
the
floating
rate
certificates
issued
by
the
special
purpose
trusts
for
the
self-deposited
inverse
floaters
held
by
the
Fund,
where
applicable,
as
described
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives
and
the
interest
expense
and
fees
paid
on
borrowings,
as
described
in
Note
9
-
Borrowing
Arrangements.
(d)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives)
divided
by
the
average
long-term
market
value
during
the
period.
See
accompanying
notes
to
financial
statements.
80
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Ending
Net
Assets
(000)
Expenses
Including
Interest(c)
Expenses
Excluding
Interest
NII
(Loss)
Portfolio
Turnover
Rate(d)
(
6
.83‌
)
%
$
225,930
0
.77‌
%
0
.77‌
%
2
.03‌
%
28‌
%
5
.02‌
277,598
0
.77‌
0
.77‌
2
.07‌
7‌
2
.40‌
236,237
0
.79‌
0
.79‌
2
.67‌
13‌
5
.61‌
193,379
0
.80‌
0
.80‌
3
.17‌
25‌
1
.65‌
165,020
0
.81‌
0
.81‌
3
.11‌
22‌
(
7
.58‌
)
25,848
1
.57‌
1
.57‌
1
.23‌
28‌
4
.19‌
33,134
1
.57‌
1
.57‌
1
.28‌
7‌
1
.58‌
33,110
1
.59‌
1
.59‌
1
.88‌
13‌
4
.77‌
28,496
1
.60‌
1
.60‌
2
.36‌
25‌
0
.82‌
29,110
1
.61‌
1
.60‌
2
.30‌
22‌
(
6
.64‌
)
392,073
0
.57‌
0
.57‌
2
.23‌
28‌
5
.23‌
421,865
0
.57‌
0
.57‌
2
.27‌
7‌
2
.61‌
315,275
0
.59‌
0
.59‌
2
.87‌
13‌
5
.84‌
214,913
0
.60‌
0
.60‌
3
.36‌
25‌
1
.86‌
178,434
0
.61‌
0
.61‌
3
.31‌
22‌
81
Financial
Highlights
(continued)
Nebraska
The
Fund's
fiscal
year
end
is
May
31st. 
The
following
data
is
for
a
share
outstanding for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Ending
NAV
Class
A
2022
$
11.11
$
0.17
$
(1.09)
$
(0.92)
$
(0.16)
$
—
$
(0.16)
$
10.03
2021
10.98
0.20
0.13
0.33
(0.20)
—
(0.20)
11.11
2020
10.77
0.25
0.23
0.48
(0.27)
—
(0.27)
10.98
2019
10.55
0.28
0.23
0.51
(0.29)
—
(0.29)
10.77
2018
10.77
0.31
(0.21)
0.10
(0.32)
—
(0.32)
10.55
Class
C
2022
11.08
0.08
(1.08)
(1.00)
(0.07)
—
(0.07)
10.01
2021
10.95
0.11
0.13
0.24
(0.11)
—
(0.11)
11.08
2020
10.75
0.16
0.22
0.38
(0.18)
—
(0.18)
10.95
2019
10.52
0.20
0.23
0.43
(0.20)
—
(0.20)
10.75
2018
10.74
0.22
(0.21)
0.01
(0.23)
—
(0.23)
10.52
Class
I
2022
11.13
0.19
(1.09)
(0.90)
(0.18)
—
(0.18)
10.05
2021
11.00
0.22
0.13
0.35
(0.22)
—
(0.22)
11.13
2020
10.79
0.27
0.23
0.50
(0.29)
—
(0.29)
11.00
2019
10.56
0.30
0.24
0.54
(0.31)
—
(0.31)
10.79
2018
10.78
0.33
(0.21)
0.12
(0.34)
—
(0.34)
10.56
(a)
Per
share
Net
Investment
Income
(Loss)
is
calculated
using
the
average
daily
shares
method.
(b)
Total
return
is
the
combination
of
changes
in
NAV
without
any
sales
charge,
reinvested
dividend
income
at
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
Total
returns
are
not
annualized.
(c)
The
expense
ratios
reflect,
among
other
things,
the
interest
expense
deemed
to
have
been
paid
by
the
Fund
on
the
floating
rate
certificates
issued
by
the
special
purpose
trusts
for
the
self-deposited
inverse
floaters
held
by
the
Fund,
where
applicable,
as
described
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives
and
the
interest
expense
and
fees
paid
on
borrowings,
as
described
in
Note
9
-
Borrowing
Arrangements.
(d)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable.  See
Note
7
-
Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
(e)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives)
divided
by
the
average
long-term
market
value
during
the
period.
See
accompanying
notes
to
financial
statements.
82
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Ending
Net
Assets
(000)
Gross
Expenses
Including
Interest(c)
Gross
Expenses
Excluding
Interest
Net
Expenses
Including
Interest(c),(d)
Net
Expenses
Excluding
Interest(d)
NII
(Loss)(d)
Portfolio
Turnover
Rate(e)
(8.34‌)
%
$
55,101
0.88‌
%
0.88‌
%
0.87‌
%
0.87‌
%
1.57‌
%
26‌
%
3.03‌
62,259
0.88‌
0.88‌
0.87‌
0.87‌
1.79‌
4‌
4.50‌
47,070
0.89‌
0.89‌
0.88‌
0.88‌
2.31‌
12‌
4.94‌
33,183
0.91‌
0.91‌
0.88‌
0.88‌
2.70‌
20‌
0.98‌
32,036
0.92‌
0.92‌
0.88‌
0.88‌
2.88‌
12‌
(9.03‌)
2,650
1.68‌
1.68‌
1.67‌
1.67‌
0.77‌
26‌
2.20‌
3,110
1.68‌
1.68‌
1.67‌
1.67‌
1.00‌
4‌
3.58‌
2,833
1.69‌
1.69‌
1.68‌
1.68‌
1.51‌
12‌
4.19‌
2,488
1.71‌
1.71‌
1.68‌
1.68‌
1.91‌
20‌
0.13‌
2,972
1.72‌
1.72‌
1.68‌
1.68‌
2.08‌
12‌
(8.12‌)
64,848
0.68‌
0.68‌
0.67‌
0.67‌
1.77‌
26‌
3.24‌
66,647
0.68‌
0.68‌
0.67‌
0.67‌
1.99‌
4‌
4.71‌
47,500
0.69‌
0.69‌
0.68‌
0.68‌
2.51‌
12‌
5.21‌
38,739
0.71‌
0.71‌
0.68‌
0.68‌
2.90‌
20‌
1.15‌
33,831
0.72‌
0.72‌
0.68‌
0.68‌
3.07‌
12‌
83
Financial
Highlights
(continued)
Oregon
Intermediate
The
Fund's
fiscal
year
end
is
May
31st. 
The
following
data
is
for
a
share
outstanding for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Ending
NAV
Class
A
2022
$
10.70
$
0.17
$
(
0.88
)
$
(
0.71
)
$
(
0.16
)
$
—
$
(
0.16
)
$
9.83
2021
10.61
0.18
0.10
0.28
(
0.19
)
—
(
0.19
)
10.70
2020
10.40
0.21
0.21
0.42
(
0.21
)
—
(
0.21
)
10.61
2019
10.08
0.22
0.31
0.53
(
0.21
)
—
(
0.21
)
10.40
2018
10.32
0.22
(
0.23
)
(
0.01
)
(
0.23
)
—
(
0.23
)
10.08
Class
C
2022
10.64
0.09
(
0.88
)
(
0.79
)
(
0.08
)
—
(
0.08
)
9.77
2021
10.55
0.10
0.10
0.20
(
0.11
)
—
(
0.11
)
10.64
2020
10.34
0.12
0.22
0.34
(
0.13
)
—
(
0.13
)
10.55
2019
10.02
0.14
0.31
0.45
(
0.13
)
—
(
0.13
)
10.34
2018
10.26
0.14
(
0.24
)
(
0.10
)
(
0.14
)
—
(
0.14
)
10.02
Class
I
2022
10.72
0.19
(
0.87
)
(
0.68
)
(
0.19
)
—
(
0.19
)
9.85
2021
10.63
0.20
0.10
0.30
(
0.21
)
—
(
0.21
)
10.72
2020
10.42
0.23
0.21
0.44
(
0.23
)
—
(
0.23
)
10.63
2019
10.10
0.24
0.31
0.55
(
0.23
)
—
(
0.23
)
10.42
2018
10.33
0.24
(
0.23
)
0.01
(
0.24
)
—
(
0.24
)
10.10
(a)
Per
share
Net
Investment
Income
(Loss)
is
calculated
using
the
average
daily
shares
method.
(b)
Total
return
is
the
combination
of
changes
in
NAV
without
any
sales
charge,
reinvested
dividend
income
at
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
Total
returns
are
not
annualized.
(c)
The
expense
ratios
reflect,
among
other
things,
the
interest
expense
deemed
to
have
been
paid
by
the
Fund
on
the
floating
rate
certificates
issued
by
the
special
purpose
trusts
for
the
self-deposited
inverse
floaters
held
by
the
Fund,
where
applicable,
as
described
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives
and
the
interest
expense
and
fees
paid
on
borrowings,
as
described
in
Note
9
-
Borrowing
Arrangements.
(d)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives)
divided
by
the
average
long-term
market
value
during
the
period.
See
accompanying
notes
to
financial
statements.
84
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Ending
Net
Assets
(000)
Expenses
Including
Interest(c)
Expenses
Excluding
Interest
NII
(Loss)
Portfolio
Turnover
Rate(d)
(
6
.69‌
)
%
$
33,236
0
.81‌
%
0
.81‌
%
1
.65‌
%
21‌
%
2
.69‌
35,100
0
.80‌
0
.80‌
1
.69‌
4‌
4
.07‌
25,357
0
.81‌
0
.81‌
1
.97‌
13‌
5
.33‌
29,278
0
.82‌
0
.82‌
2
.16‌
18‌
(
0
.13‌
)
37,684
0
.82‌
0
.82‌
2
.13‌
13‌
(
7
.48‌
)
2,905
1
.61‌
1
.61‌
0
.84‌
21‌
1
.88‌
4,473
1
.60‌
1
.60‌
0
.90‌
4‌
3
.27‌
4,285
1
.61‌
1
.61‌
1
.16‌
13‌
4
.49‌
3,262
1
.62‌
1
.62‌
1
.35‌
18‌
(
0
.96‌
)
3,075
1
.62‌
1
.62‌
1
.33‌
13‌
(
6
.46‌
)
190,601
0
.61‌
0
.61‌
1
.84‌
21‌
2
.88‌
248,222
0
.60‌
0
.60‌
1
.90‌
4‌
4
.24‌
210,368
0
.61‌
0
.61‌
2
.16‌
13‌
5
.51‌
199,671
0
.62‌
0
.62‌
2
.35‌
18‌
0
.14‌
188,385
0
.62‌
0
.62‌
2
.33‌
13‌
Notes
to
Financial
Statements
85
1.
General
Information 
Trust
and
Fund
Information
Nuveen
Investment
Funds,
Inc.
(the
“Trust”),
is
an
open-end
management
investment
company
registered
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
as
amended.
The
Trust
is
comprised
of
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
(“Minnesota
Intermediate”),
Nuveen
Minnesota
Municipal
Bond
Fund
(“Minnesota”),
Nuveen
Nebraska
Municipal
Bond
Fund
(“Nebraska”)
and
Nuveen
Oregon
Intermediate
Municipal
Bond
Fund
(“Oregon
Intermediate”),
(each
a
“Fund”
and
collectively,
the
“Funds”),
as
diversified
funds,
among
others.
The
Trust
was
incorporated
in
the
State
of
Maryland
on
August
20,
1987.
Current
Fiscal
Period 
The
end
of
the
reporting
period
for
the
Funds
is
May
31,
2022,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
fiscal
year
ended
May
31,
2022
(the
"current
fiscal
period").
Investment
Adviser
and
Sub-Adviser
The
Funds’
investment
adviser,
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”),
is
a
subsidiary
of
Nuveen,
LLC
(“Nuveen”).
Nuveen
is
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(TIAA).
The
Adviser
has
overall
responsibility
for
management
of
the
Funds,
oversees
the
management
of
the
Funds’
portfolios,
manages
the
Funds’
business
affairs
and
provides
certain
clerical,
bookkeeping
and
other
administrative
services,
and,
if
necessary,
asset
allocation
decisions.
The
Adviser
has
entered
into
sub-advisory
agreements
with
Nuveen
Asset
Management,
LLC,
(the
“Sub-Adviser”),
a
subsidiary
of
the
Adviser,
under
which
the
Sub-Adviser
manages
the
investment
portfolios
of
the
Funds.
Share
Classes
and
Sales
Charges
Class
A
Shares
are
generally
sold
with
an
up-front
sales
charge.
Class
A
Shares
purchases
of
$250,000
or
more
are
sold
at
net
asset
value
(“NAV”)
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(“CDSC”)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
are
sold
without
an
up-front
sales
charge
but
are
subject
to
a
CDSC
of
1%
if
redeemed
within
twelve
months
of
purchase.
Class
C
Shares
automatically
convert
to
Class
A
Shares
eight
years
after
purchase.
Class
C1
Shares
for
Minnesota
were
not
available
for
new
accounts
or
for
additional
investment
into
existing
accounts,
but
were
issued
for
purposes
of
dividend
reinvestment.
Class
C1
Shares
were
sold
without
an
up-front
sales
charge.
Class
C1
shares
for
Minnesota
were
converted
to
Class
A
shares
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
The
Funds
issued
Class
C2
Shares
upon
the
exchange
of
Class
C2
Shares
from
another
Nuveen
mutual
fund
or
for
the
purpose
of
dividend
reinvestment
but
Class
C2
Shares
were
not
available
for
new
accounts
or
for
additional
investment
into
existing
accounts.
Class
C2
Shares
were
subject
to
a
CDSC
of
1%
if
redeemed
within
twelve
months
of
purchase.
Class
C2
Shares
converted
to
Class
A
Shares
after
the
close
of
business
on
June
4,
2021.
Class
I
Shares
are
sold
without
an
up-front
sales
charge.
Other
Matters 
The
outbreak
of
the
novel
coronavirus
(“COVID-19”)
and
subsequent
global
pandemic
began
significantly
impacting
the
U.S.
and
global
financial
markets
and
economies
during
the
calendar
quarter
ended
March
31,
2020.
The
worldwide
spread
of
COVID-19
has
created
significant
uncertainty
in
the
global
economy.
The
duration
and
extent
of
COVID-19
over
the
long-term
cannot
be
reasonably
estimated
at
this
time.
The
ultimate
impact
of
COVID-19
and
the
extent
to
which
COVID-19
impacts
the
Funds’
normal
course
of
business,
results
of
operations,
investments,
and
cash
flows
will
depend
on
future
developments,
which
are
highly
uncertain
and
difficult
to
predict.
Management
continues
to
monitor
and
evaluate
this
situation.
2.
Significant
Accounting
Policies
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
the
use
of
estimates
made
by
management
and
the
evaluation
of
subsequent
events.
Actual
results
may
differ
from
those
estimates.
Each
Fund
is
an
investment
company
and
follows
accounting
guidance
in
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
946,
Financial
Services
—
Investment
Companies.
The
NAV
for
financial
reporting
purposes
may
differ
from
the
NAV
for
processing
security
and
shareholder
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and
shareholder
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
shareholder
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds.
Compensation
The
Trust
pays
no
compensation
directly
to
those
of
its directors
or
to
its
officers,
all
of
whom
receive
remuneration
for
their
services
to
the
Trust
from
the
Adviser
or
its
affiliates.
The
Funds’
Board
of Directors
(the
"Board")
has
adopted
a
deferred
compensation
plan
for
independent directors that
enables directors
to
elect
to
defer
receipt
of
all
or
a
portion
of
the
annual
compensation
they
are
entitled
to
receive
from
certain
Nuveen-advised
funds.
Under
the
plan,
deferred
amounts
are
treated
as
though
equal
dollar
amounts
had
been
invested
in
shares
of
select
Nuveen-advised
funds.
86
Notes
to
Financial
Statements
(continued)
Custodian
Fee
Credit
As
an
alternative
to
overnight
investments,
each
Fund
has
an
arrangement
with
its
custodian
bank,
State
Street
Bank
and
Trust
Company,
(the
“Custodian”)
whereby
certain
custodian
fees
and
expenses
are
reduced
by
net
credits
earned
on
each
Fund’s
cash
on
deposit
with
the
bank.
Credits
for
cash
balances
may
be
offset
by
charges
for
any
days
on
which
a
Fund
overdraws
its
account
at
the
Custodian.
The
amount
of
custodian
fee
credit
earned
by
a
Fund
is
recognized
on
the
Statement
of
Operations
as
a
component
of
“Custodian
expenses,
net.”
During
the
current
reporting
period,
the
custodian
fee
credit
earned
by
each
Fund
was
as
follows:
Distributions
to
Shareholders
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
The
amount,
character
and
timing
of
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Indemnifications
Under
the
Trust’s
organizational
documents,
its
officers
and directors
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
In
addition,
in
the
normal
course
of
business,
the
Trust
enters
into
contracts
that
provide
general
indemnifications
to
other
parties.
The
Trust’s
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust
that
have
not
yet
occurred.
However,
the
Trust
has
not
had
prior
claims
or
losses
pursuant
to
these
contracts
and
expects
the
risk
of
loss
to
be
remote.
Investments
and
Investment
Income
Securities
transactions
are
accounted
for
as
of
the
trade
date
for
financial
reporting
purposes.
Realized
gains
and
losses
on
securities
transactions
are
based
upon
the
specific
identification
method.
Investment
income
is
comprised
of
interest
income,
which
is
recorded
on
an
accrual
basis
and
includes
accretion
of
discounts
and
amortization
of
premiums
for
financial
reporting
purposes.
Investment
income
also
reflects
payment-in-kind
(“PIK”)
interest
and
paydown
gains
and
losses,
if
any.
PIK
interest
represents
income
received
in
the
form
of
securities
in
lieu
of
cash.
Multiclass
Operations
and
Allocations
Income
and
expenses
of
the
Funds
that
are
not
directly
attributable
to
a
specific
class
of
shares
are
prorated
among
the
classes
based
on
the
relative
value
of
the
settled
shares
of
each
class.
Expenses
directly
attributable
to
a
class
of
shares
are
recorded
to
the
specific
class.
12b-1
distribution
and
service
fees
are
allocated
on
a
class-specific
basis.
Realized
and
unrealized
capital
gains
and
losses
of
the
Funds
are
prorated
among
the
classes
based
on
the
relative
net
assets
of
each
class. 
Netting
Agreements
In
the
ordinary
course
of
business,
the
Funds
may
enter
into
transactions
subject
to
enforceable
International
Swaps
and
Derivatives
Association,
Inc.
(ISDA)
master
agreements
or
other
similar
arrangements
(“netting
agreements”).
Generally,
the
right
to
offset
in
netting
agreements
allows
each
Fund
to
offset
certain
securities
and
derivatives
with
a
specific
counterparty,
when
applicable,
as
well
as
any
collateral
received
or
delivered
to
that
counterparty
based
on
the
terms
of
the
agreements.
Generally,
each
Fund
manages
its
cash
collateral
and
securities
collateral
on
a
counterparty
basis.
The
Funds’
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives.
New
Accounting
Pronouncements
and
Rule
Issuances
Reference
Rate
Reform
In
March
2020,
FASB
issued
Accounting
Standards
Update
(“ASU”)
2020-04,
Reference
Rate
Reform:
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
The
main
objective
of
the
new
guidance
is
to
provide
relief
to
companies
that
will
be
impacted
by
the
expected
change
in
benchmark
interest
rates,
when
participating
banks
will
no
longer
be
required
to
submit
London
Interbank
Offered
Rate
(LIBOR)
quotes
by
the
UK
Financial
Conduct
Authority
(FCA).
The
new
guidance
allows
companies
to,
provided
the
only
change
to
existing
contracts
are
a
change
to
an
approved
benchmark
interest
rate,
account
for
modifications
as
a
continuance
of
the
existing
contract
without
additional
analysis.
For
new
and
existing
contracts,
the
Funds
may
elect
to
apply
the
amendments
as
of
March
12,
2020
through
December
31,
2022.
Management
has
not
yet
elected
to
apply
the
amendments,
is
continuously
evaluating
the
potential
effect
a
discontinuation
of
LIBOR
could
have
on
the
Funds’
investments
and
has
currently
determined
that
it
is
unlikely
the
ASU’s
adoption
will
have
a
significant
impact
on
the
Funds’
financial
statements
and
various
filings.
Fund
Gross
Custodian
Fee
Credits
Minnesota
Intermediate
$
788
Minnesota
1,237
Nebraska
713
Oregon
Intermediate
1,436
87
Securities
and
Exchange
Commission
(“SEC”)
Adopts
New
Rules
to
Modernize
Fund
Valuation
Framework
In
December
2020,
the
SEC
voted
to
adopt
a
new
rule
governing
fund
valuation
practices.
New
Rule
2a-5
under
the
1940
Act
establishes
requirements
for
determining
fair
value
in
good
faith
for
purposes
of
the
1940
Act.
Rule
2a-5
will
permit
fund
boards
to
designate
certain
parties
to
perform
fair
value
determinations,
subject
to
board
oversight
and
certain
other
conditions.
Rule
2a-5
also
defines
when
market
quotations
are
“readily
available”
for
purposes
of
Section
2(a)(41)
of
the
1940
Act,
which
requires
a
fund
to
fair
value
a
security
when
market
quotation
are
not
readily
available.
The
SEC
also
adopted
new
Rule
31a-4
under
the
1940
Act,
which
sets
forth
the
recordkeeping
requirements
associated
with
fair
value determinations.
Finally,
the
SEC
is
rescinding
previously
issued
guidance
on
related
issues,
including
the
role
of
a
board
in
determining
fair
value
and
the
accounting
and
auditing
of
fund
investments.
Rule
2a-5
and
Rule
31a-4
became
effective
on
March
8,
2021,
with
a
compliance
date
of
September
8,
2022.
A
fund
may
voluntarily
comply
with
the
rules
after
the
effective
date,
and
in
advance
of
the
compliance
date,
under
certain
conditions.
Management
is
currently
assessing
the
impact
of
these
provisions
on
the
Funds’
financial
statements.
3.
Investment
Valuation
and
Fair
Value
Measurements 
The
Funds’
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
A
description
of
the
valuation
techniques
applied
to
the
Funds’
major
classifications
of
assets
and
liabilities
measured
at
fair
value
follows:
Prices
of
fixed-income
securities
are
generally
provided
by
an
independent
pricing
service
(“pricing
service”)
approved
by
the
Board.
The
pricing
service
establishes
a
security’s
fair
value
using
methods
that
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
In
pricing
certain
securities,
particularly
less
liquid
and
lower
quality
securities,
the
pricing
service
may
consider
information
about
a
security,
its
issuer
or
market
activity
provided
by
the
Adviser.
These
securities
are
generally
classified
as
Level
2.
Any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
above
valuation
procedures
are
deemed
not
to
reflect
fair
value
are
valued
at
fair
value,
as
determined
in
good
faith
using
procedures
approved
by
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
would
appear
to
be
the
amount
that
the
owner
might
reasonably
expect
to
receive
for
it
in
a
current
sale.
A
variety
of
factors
may
be
considered
in
determining
the
fair
value
of
such
securities,
which
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
To
the
extent
the
inputs
are
observable
and
timely,
the
values
would
be
classified
as
Level
2
of
the
fair
value
hierarchy;
otherwise
they
would
be
classified
as
Level
3.
The
following
table
summarizes
the
market
value
of
the
Funds’
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
88
Notes
to
Financial
Statements
(continued)
The
Funds
hold
liabilities
in
floating
rate
obligations,
where
applicable,
which
are
not
reflected
in
the
tables
above.
The
fair
values
of
the
Funds'
liabilities
for
floating
rate
obligations
approximate
their
liquidation
values.
Floating
rate
obligations
are
generally
classified
as
Level
2
and
further
described
in
Note
4
–
Portfolio
Securities
and
Investments
in
Derivatives.
4.
Portfolio
Securities
and
Investments
in
Derivatives
Portfolio
Securities
Inverse
Floating
Rate
Securities
Each
Fund
is
authorized
to
invest
in
inverse
floating
rate
securities.
An
inverse
floating
rate
security
is
created
by
depositing
a
municipal
bond
(referred
to
as
an
“Underlying
Bond”),
typically
with
a
fixed
interest
rate,
into
a
special
purpose
tender
option
bond
(“TOB”)
trust
(referred
to
as
the
“TOB
Trust”)
created
by
or
at
the
direction
of
one
or
more
Funds.
In
turn,
the
TOB
Trust
issues
(a)
floating
rate
certificates
(referred
to
as
“Floaters”),
in
face
amounts
equal
to
some
fraction
of
the
Underlying
Bond’s
par
amount
or
market
value,
and
(b)
an
inverse
floating
rate
certificate
(referred
to
as
an
“Inverse
Floater”)
that
represents
all
remaining
or
residual
interest
in
the
TOB
Trust.
Floaters
typically
pay
short-term
tax-exempt
interest
rates
to
third
parties
who
are
also
provided
a
right
to
tender
their
certificate
and
receive
its
par
value,
which
may
be
paid
from
the
proceeds
of
a
remarketing
of
the
Floaters,
by
a
loan
to
the
TOB
Trust
from
a
third
party
liquidity
provider
(“Liquidity
Provider”),
or
by
the
sale
of
assets
from
the
TOB
Trust.
The
Inverse
Floater
is
issued
to
a
long
term
investor,
such
as
one
or
more
of
the
Funds.
The
income
received
by
the
Inverse
Floater
holder
varies
inversely
with
the
short-term
rate
paid
to
holders
of
the
Floaters,
and
in
most
circumstances
the
Inverse
Floater
holder
bears
substantially
all
of
the
Underlying
Bond’s
downside
investment
risk
and
also
benefits
disproportionately
from
any
potential
appreciation
of
the
Underlying
Bond’s
value.
The
value
of
an
Inverse
Floater
will
be
more
volatile
than
that
of
the
Underlying
Bond
because
the
interest
rate
is
dependent
on
not
only
the
fixed
coupon
rate
of
the
Underlying
Bond
but
also
on
the
short-term
interest
paid
on
the
Floaters,
and
because
the
Inverse
Floater
essentially
bears
the
risk
of
loss
(and
possible
gain)
of
the
greater
face
value
of
the
Underlying
Bond.
The
Inverse
Floater
held
by
a
Fund
gives
the
Fund
the
right
to
(a)
cause
the
holders
of
the
Floaters
to
tender
their
certificates
at
par
(or
slightly
more
than
par
in
certain
circumstances),
and
(b)
have
the
trustee
of
the
TOB
Trust
(the
“Trustee”)
transfer
the
Underlying
Bond
held
by
the
TOB
Trust
to
the
Fund,
thereby
collapsing
the
TOB
Trust.
The
Fund
may
acquire
an
Inverse
Floater
in
a
transaction
where
it
(a)
transfers
an
Underlying
Bond
that
it
owns
to
a
TOB
Trust
created
by
a
third
party
or
(b)
transfers
an
Underlying
Bond
that
it
owns,
or
that
it
has
purchased
in
a
secondary
market
transaction
for
the
purpose
of
creating
an
Inverse
Floater,
to
a
TOB
Trust
created
at
its
direction,
and
in
return
receives
the
Inverse
Floater
of
the
TOB
Trust
(referred
to
as
a
“self-deposited
Inverse
Floater”).
A
Fund
may
also
purchase
an
Inverse
Floater
in
a
secondary
market
transaction
from
a
third
party
creator
of
the
TOB
Trust
without
first
owning
the
Underlying
Bond
(referred
to
as
an
“externally-deposited
Inverse
Floater”).
An
investment
in
a
self-deposited
Inverse
Floater
is
accounted
for
as
a
“financing”
transaction
(i.e.,
a
secured
borrowing).
For
a
self-deposited
Inverse
Floater,
the
Underlying
Bond
deposited
into
the
TOB
Trust
is
identified
in
the
Fund’s
Portfolio
of
Investments
as
“(UB)
–
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction,”
with
the
Fund
recognizing
as
liabilities,
labeled
“Floating
rate
obligations”
on
the
Statement
of
Assets
and
Liabilities,
(a)
the
liquidation
value
of
Floaters
issued
by
the
TOB
Trust,
and
(b)
the
amount
of
any
borrowings
by
the
TOB
Trust
from
a
Liquidity
Provider
to
enable
the
TOB
Trust
to
purchase
outstanding
Floaters
in
lieu
of
a
remarketing.
In
addition,
the
Fund
recognizes
in
“Investment
Income”
the
entire
earnings
of
the
Underlying
Bond,
and
recognizes
(a)
the
interest
paid
to
the
holders
of
the
Floaters
or
on
the
TOB
Minnesota
Intermediate
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
396,243,909
$
–
$
396,243,909
Total
$
–
$
396,243,909
$
–
$
396,243,909
Minnesota
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
642,317,892
$
–
$
642,317,892
Total
$
–
$
642,317,892
$
–
$
642,317,892
Nebraska
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
118,797,807
$
–
$
118,797,807
Total
$
–
$
118,797,807
$
–
$
118,797,807
Oregon
Intermediate
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
221,250,573
$
–
$
221,250,573
Total
$
–
$
221,250,573
$
–
$
221,250,573
*
Refer
to
the
Fund's
Portfolio
of
Investments
for
industry
classifications.
89
Trust’s
borrowings,
and
(b)
other
expenses
related
to
remarketing,
administration,
trustee,
liquidity
and
other
services
to
a
TOB
Trust,
as
a
component
of
“Interest
expense”
on
the
Statement
of
Operations.
Earnings
due
from
the
Underlying
Bond
and
interest
due
to
the
holders
of
the
Floaters
as
of
the
end
of
the
reporting
period
are
recognized
as
components
of
“Receivable
for
interest”
and
“Payable
for
interest”
on
the
Statement
of
Assets
and
Liabilities,
respectively.
In
contrast,
an
investment
in
an
externally-deposited
Inverse
Floater
is
accounted
for
as
a
purchase
of
the
Inverse
Floater
and
is
identified
in
the
Fund’s
Portfolio
of
Investments
as
“(IF)
–
Inverse
floating
rate
investment.”
For
an
externally-deposited
Inverse
Floater,
a
Fund’s
Statement
of
Assets
and
Liabilities
recognizes
the
Inverse
Floater
and
not
the
Underlying
Bond
as
an
asset,
and
the
Fund
does
not
recognize
the
Floaters,
or
any
related
borrowings
from
a
Liquidity
Provider,
as
a
liability.
Additionally,
the
Fund
reflects
in
“Investment
Income”
only
the
net
amount
of
earnings
on
the
Inverse
Floater
(net
of
the
interest
paid
to
the
holders
of
the
Floaters
or
the
Liquidity
Provider
as
lender,
and
the
expenses
of
the
Trust),
and
does
not
show
the
amount
of
that
interest
paid
or
the
expenses
of
the
TOB
Trust
as
described
above
as
interest
expense
on
the
Statement
of
Operations.
Fees
paid
upon
the
creation
of
a
TOB
Trust
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
are
recognized
as
part
of
the
cost
basis
of
the
Inverse
Floater
and
are
capitalized
over
the
term
of
the
TOB
Trust.
During
the
current
fiscal
period,
the
Funds
did
not
have
any
transactions
in
self-deposited
Inverse
Floaters
and/or
externally-deposited
Inverse
Floaters. 
Zero
Coupon
Securities
A
zero
coupon
security
does
not
pay
a
regular
interest
coupon
to
its
holders
during
the
life
of
the
security.
Income
to
the
holder
of
the
security
comes
from
accretion
of
the
difference
between
the
original
purchase
price
of
the
security
at
issuance
and
the
par
value
of
the
security
at
maturity
and
is
effectively
paid
at
maturity.
The
market
prices
of
zero
coupon
securities
generally
are
more
volatile
than
the
market
prices
of
securities
that
pay
interest
periodically.
Investment
Transactions
Long-term
purchases
and
sales
(including
maturities)
during
the
current fiscal
period
were
as
follows:
The
Funds
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis.
Securities
purchased
on
a
when-issued
or
delayed-delivery
basis
may
have
extended
settlement
periods;
interest
income
is
not
accrued
until
settlement
date.
Any
securities
so
purchased
are
subject
to
market
fluctuation
during
this
period.
The
Funds
have
earmarked
securities
in
their
portfolios
with
a
current
value
at
least
equal
to
the
amount
of
the
when-issued/
delayed
delivery
purchase
commitments.
If
a
Fund
has
outstanding
when-issued/delayed-delivery
purchases
commitments
as
of
the
end
of
the
reporting
period,
such
amounts
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
Investments
in
Derivatives
In
addition
to
the
inverse
floating
rate
securities
in
which each
Fund
may
invest,
which
are
considered
portfolio
securities
for
financial
reporting
purposes, each
Fund
is
authorized
to
invest
in
certain
other
derivative
instruments. 
The
Funds
record
derivative
instruments
at
fair
value,
with
changes
in
fair
value
recognized
on
the
Statement
of
Operations,
where
applicable. 
Even
though
the
Funds'
investments
in
derivatives
may
represent
economic
hedges,
they
are
not
considered
to
be
hedge
transactions
for
financial
reporting
purposes.
Although
the
Funds
are
authorized
to
invest
in
derivative
instruments,
and
may
do
so
in
the
future,
they
did
not
make
any
such
investments
during
the
current
fiscal
period.
Market
and
Counterparty
Credit
Risk
In
the
normal
course
of
business
each
Fund
may
invest
in
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk)
or
failure
of
the
other
party
to
the
transaction
to
perform
(counterparty
credit
risk).
The
potential
loss
could
exceed
the
value
of
the
financial
assets
recorded
on
the
financial
statements.
Financial
assets,
which
potentially
expose
each
Fund
to
counterparty
credit
risk,
consist
principally
of
cash
due
from
counterparties
on
forward,
option
and
swap
transactions,
when
applicable.
The
extent
of
each
Fund’s
exposure
to
counterparty
credit
risk
in
respect
to
these
financial
assets
approximates
their
carrying
value
as
recorded
on
the
Statement
of
Assets
and
Liabilities.
Each
Fund
helps
manage
counterparty
credit
risk
by
entering
into
agreements
only
with
counterparties
the
Adviser
believes
have
the
financial
resources
to
honor
their
obligations
and
by
having
the
Adviser
monitor
the
financial
stability
of
the
counterparties.
Additionally,
counterparties
may
be
required
to
pledge
collateral
daily
(based
on
the
daily
valuation
of
the
financial
asset)
on
behalf
of
each
Fund
with
a
value
approximately
equal
to
the
amount
of
any
unrealized
gain
above
a
pre-determined
threshold.
Reciprocally,
when
each
Fund
has
an
unrealized
loss,
the
Funds
have
Fund
Purchases
Sales
and
Maturities
Minnesota
Intermediate
$
122,641,878
$
140,513,884
Minnesota
200,376,996
200,199,457
Nebraska
39,404,521
33,371,668
Oregon
Intermediate
56,879,952
86,841,632
90
Notes
to
Financial
Statements
(continued)
instructed
the
custodian
to
pledge
assets
of
the
Funds
as
collateral
with
a
value
approximately
equal
to
the
amount
of
the
unrealized
loss
above
a
pre-determined
threshold.
Collateral
pledges
are
monitored
and
subsequently
adjusted
if
and
when
the
valuations
fluctuate,
either
up
or
down,
by
at
least
the
predetermined
threshold
amount.
5.
Fund
Shares
Transactions
in Fund
shares
during
the
current
and
prior
fiscal
period
were
as
follows:
Year
Ended
5/31/22
Year
Ended
5/31/21
Minnesota
Intermediate
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
2,098,157
$21,514,405
3,072,520
$32,699,984
Class
A
-
automatic
conversion
of
Class
C1
Shares
—
—
10,138
106,448
Class
A
-
automatic
conversion
of
Class
C2
Shares
19,402
206,830
—
—
Class
C
163,643
1,692,805
250,682
2,646,027
Class
C1
(1)
—
—
139
1,472
Class
C2
(2)
—
—
85
898
Class
I
8,070,020
81,756,494
6,080,484
64,288,024
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
212,995
2,211,736
240,260
2,552,741
Class
C
11,693
120,491
15,990
168,792
Class
C1
(1)
—
—
191
2,038
Class
C2
(2)
—
—
4,395
46,540
Class
I
237,353
2,449,863
242,124
2,560,476
10,813,263
109,952,624
9,917,008
105,073,440
Shares
redeemed:
Class
A
(3,855,060)
(39,384,630)
(1,335,077)
(14,176,703)
Class
C
(281,272)
(2,925,134)
(229,288)
(2,420,120)
Class
C1
(1)
—
—
(45,496)
(484,628)
Class
C1
-
automatic
conversion
to
Class
A
Shares
—
—
(10,099)
(106,448)
Class
C2
(2)
—
—
(397,904)
(4,209,404)
Class
C2
-
automatic
conversion
to
Class
A
Shares
(19,457)
(206,830)
—
—
Class
I
(9,437,665)
(94,666,665)
(3,637,275)
(38,483,617)
(13,593,454)
(137,183,259)
(5,655,139)
(59,880,920)
Net
increase
(decrease)
(2,780,191)
$(27,230,635)
4,261,869
$45,192,520
(1)
Class
C1
Shares
for
Minnesota
Intermediate
closed
effective
January
7,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
(2)
Class
C2
Shares
were
converted
to
Class
A
Shares
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
91
Year
Ended
5/31/22
Year
Ended
5/31/21
Minnesota
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
3,253,168
$38,085,501
5,240,544
$63,060,524
Class
A
-
automatic
conversion
of
Class
C
Shares
331
3,864
—
—
Class
A
-
automatic
conversion
of
Class
C1
Shares
11,868
143,298
5,764
69,803
Class
A
-
automatic
conversion
of
Class
C2
Shares
32,754
397,963
42,328
508,666
Class
C
219,688
2,614,473
453,926
5,456,594
Class
C1
(1)
—
—
274
3,250
Class
C2
(2)
—
—
64
765
Class
I
13,903,653
164,208,284
12,311,907
147,993,082
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
387,409
4,561,792
446,541
5,370,736
Class
C
24,717
290,308
36,335
436,417
Class
C1
(1)
—
—
676
8,067
Class
C2
(2)
—
—
5,245
63,082
Class
I
521,212
6,129,524
489,488
5,881,278
18,354,800
216,435,007
19,033,092
228,852,264
Shares
redeemed:
Class
A
(6,208,766)
(71,973,244)
(2,866,394)
(34,434,785)
Class
C
(646,811)
(7,622,392)
(564,704)
(6,791,683)
Class
C
-
automatic
conversion
to
Class
A
Shares
(331)
(3,864)
—
—
Class
C1
(1)
—
—
(107,271)
(1,281,571)
Class
C1
-
automatic
conversion
to
Class
A
Shares
(11,862)
(143,298)
(5,793)
(69,803)
Class
C2
(2)
—
—
(390,056)
(4,694,777)
Class
C2
-
automatic
conversion
to
Class
A
Shares
(32,754)
(397,963)
(42,262)
(508,666)
Class
I
(13,860,070)
(158,760,325)
(4,720,058)
(56,763,189)
(20,760,594)
(238,901,086)
(8,696,538)
(104,544,474)
Net
increase
(decrease)
(2,405,794)
$(22,466,079)
10,336,554
$124,307,790
(1)
Class
C1
Shares
for
Minnesota
were
converted
to
Class
A
Shares
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
(2)
Class
C2
Shares
were
converted
to
Class
A
Shares
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
92
Notes
to
Financial
Statements
(continued)
Year
Ended
5/31/22
Year
Ended
5/31/21
Nebraska
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
853,719
$9,304,647
1,596,843
$17,655,318
Class
A
-
automatic
conversion
of
Class
C
Shares
304
3,130
—
—
Class
A
-
automatic
conversion
of
Class
C1
Shares
—
—
320
3,543
Class
A
-
automatic
conversion
of
Class
C2
Shares
21,758
241,951
5,853
64,444
Class
C
39,259
430,370
65,658
726,265
Class
C1
(1)
—
—
30
325
Class
C2
(2)
—
—
14
156
Class
I
1,582,451
17,233,258
2,102,179
23,326,892
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
85,246
919,173
85,884
951,427
Class
C
1,933
20,833
2,744
30,333
Class
C1
(1)
—
—
114
1,250
Class
C2
(2)
—
—
1,469
16,287
Class
I
96,925
1,045,916
84,336
935,945
2,681,595
29,199,278
3,945,444
43,712,185
Shares
redeemed:
Class
A
(1,074,219)
(11,265,631)
(371,745)
(4,114,186)
Class
C
(56,861)
(604,221)
(46,528)
(515,002)
Class
C
-
automatic
conversion
to
Class
A
Shares
(305)
(3,130)
—
—
Class
C1
(1)
—
—
(28,860)
(317,786)
Class
C1
-
automatic
conversion
to
Class
A
Shares
—
—
(323)
(3,543)
Class
C2
(2)
—
—
(123,198)
(1,360,551)
Class
C2
-
automatic
conversion
to
Class
A
Shares
(21,739)
(241,951)
(5,847)
(64,444)
Class
I
(1,215,759)
(12,798,031)
(515,959)
(5,733,835)
(2,368,883)
(24,912,964)
(1,092,460)
(12,109,347)
Net
increase
(decrease)
312,712
$4,286,314
2,852,984
$31,602,838
(1)
Class
C1
Shares
for
Nebraska
closed
effective
January
7,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
(2)
Class
C2
Shares
were
converted
to
Class
A
Shares
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
Year
Ended
5/31/22
Year
Ended
5/31/21
Oregon
Intermediate
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
771,757
$8,036,855
1,106,096
$11,847,309
Class
A
-
automatic
conversion
of
Class
C
Shares
5,608
60,003
1,553
16,521
Class
A
-
automatic
conversion
of
Class
C2
Shares
45,989
492,547
22,437
238,607
Class
C
12,897
134,551
121,302
1,290,754
Class
C2
(1)
—
—
59
630
Class
I
7,233,528
75,034,905
6,241,013
66,956,619
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
47,879
498,023
44,811
478,976
Class
C
2,609
27,035
4,186
44,497
Class
C2
(1)
—
—
3,107
33,184
Class
I
204,343
2,131,093
199,043
2,132,049
8,324,610
86,415,012
7,743,607
83,039,146
Shares
redeemed:
Class
A
(770,876)
(7,931,226)
(283,320)
(3,036,355)
Class
C
(133,139)
(1,374,042)
(109,413)
(1,163,314)
Class
C
-
automatic
conversion
to
Class
A
Shares
(5,639)
(60,003)
(1,562)
(16,521)
Class
C2
(1)
—
—
(265,422)
(2,823,911)
Class
C2
-
automatic
conversion
to
Class
A
Shares
(46,032)
(492,547)
(22,464)
(238,607)
Class
I
(11,235,393)
(113,817,346)
(3,068,147)
(32,887,661)
(12,191,079)
(123,675,164)
(3,750,328)
(40,166,369)
Net
increase
(decrease)
(3,866,469)
$(37,260,152)
3,993,279
$42,872,777
93
6.
Income
Tax
Information
Each
Fund
is
a
separate
taxpayer
for
federal
income
tax
purposes.
Each
Fund
intends
to
distribute
substantially
all
of
its
net
investment
income
and
net
capital
gains
to
shareholders
and
otherwise
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies.
Therefore,
no
federal
income
tax
provision
is
required.
Each
Fund
intends
to
satisfy
conditions
that
will
enable
interest
from
municipal
securities,
which
is
exempt
from
regular
federal
and
designated
state
income
taxes,
to
retain
such
tax-exempt
status
when
distributed
to
shareholders
of
the
Funds.
Net
realized
capital
gains
and
ordinary
income
distributions
paid
by
the
Funds
are
subject
to
federal
taxation. 
Each
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund's
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
each
Fund's
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund's
financial
statements.
Differences
between
amounts
for
financial
statement
and
federal
income
tax
purposes
are
primarily
due
to
timing
differences
in
recognizing
gains
and
losses
on
investment
transactions.
Temporary
differences
do
not
require
reclassification.
As
of
year
end,
permanent
differences
that
resulted
in
reclassifications
among
the
components
of
net
assets
relate
primarily
to
taxable
market
discount
and
taxes
paid.
Temporary
and
permanent
differences
have
no
impact
on
a
Fund's
net
assets.
As
of
year
end,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
was
as
follows:
For
purposes
of
this
disclosure,
tax
cost
generally
includes
the
cost
of
portfolio
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
year
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
The
tax
character
of
distributions
paid
were
as
follows:
(1)
Class
C2
Shares
were
converted
to
Class
A
Shares
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Minnesota
Intermediate
$
400,624,930
$
4,057,547
$
(8,438,568)
$
(4,381,021)
Minnesota
658,001,781
6,762,442
(22,446,331)
(15,683,889)
Nebraska
124,403,666
757,665
(6,363,524)
(5,605,859)
Oregon
Intermediate
223,405,276
2,407,621
(4,562,324)
(2,154,703)
Fund
Undistributed
Tax-Exempt
Income
1
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Unrealized
Appreciation
(Depreciation)
Capital
Loss
Carryforwards
Late-Year
Loss
Deferrals
Other
Book-to-Tax
Differences
Total
Minnesota
Intermediate
$
1,034,644
$
4,967
$
—
$
(4,381,021)
$
(9,868,415)
$
—
$
(762,275)
$
(13,972,100)
Minnesota
1,857,882
—
—
(15,683,888)
(25,606,918)
—
(1,292,512)
(40,725,436)
Nebraska
53,532
—
—
(5,605,859)
(4,378,199)
—
(171,140)
(10,101,666)
Oregon
Intermediate
339,276
3,508
—
(2,154,703)
(8,346,003)
—
(353,470)
(10,511,392)
1
Undistributed
tax-exempt
income
(on
a
tax
basis)
has
not
been
reduced
for
the
dividend
declared
during
the
period
May
1,
2022
through
May
31,
2022
and
paid
on
June
1,
2022.
5/31/22
5/31/21
Fund
Tax-Exempt
Income
1
Ordinary
Income
Long-Term
Capital
Gains
Tax-Exempt
Income
Ordinary
Income
Long-Term
Capital
Gains
Minnesota
Intermediate
$
8,341,827
$
12,889
$
—
$
9,340,338
$
15,464
$
—
Minnesota
13,959,579
—
—
14,733,717
8,083
—
Nebraska
2,180,701
—
—
2,172,097
3,426
—
Oregon
Intermediate
4,950,702
1,435
—
5,266,417
2,976
—
1
Each
Fund
designates
these
amounts
paid
during
the
period
as
Exempt
Interest
Dividends.
94
Notes
to
Financial
Statements
(continued)
As
of
year
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
7.
Management
Fees
and
Other
Transactions
with
Affiliates
Management
Fees
Each
Fund’s
management
fee
compensates
the
Adviser
for
the
overall
investment
advisory
and
administrative
services
and
general
office
facilities.
The
Sub-Adviser
is
compensated
for
its
services
to
the
Funds
from
the
management
fees
paid
to
the
Adviser.
Each
Fund’s
management
fee
consists
of
two
components
–
a
fund-level
fee,
based
only
on
the
amount
of
assets
within
each
individual
Fund,
and
a
complex-level
fee,
based
on
the
aggregate
amount
of
all
eligible
fund
assets
managed
by
the
Adviser.
This
pricing
structure
enables
each
Fund’s
shareholders
to
benefit
from
growth
in
the
assets
within
their
respective
Fund
as
well
as
from
growth
in
the
amount
of
complex-wide
assets
managed
by
the
Adviser.
The
annual
fund-level
fee,
payable
monthly,
for
each
Fund
was
calculated
according
to
the
following
schedule:
The
annual
complex-level
fee,
payable
monthly,
for
each
Fund
is
determined
by
taking
the
complex-level
fee
rate,
which
is
based
on
the
aggregate
amount
of
"eligible
assets"
of
all
Nuveen
funds
as
set
forth
in
the
schedule
below,
and
making,
as
appropriate,
an
upward
adjustment
to
that
rate
based
upon
the
percentage
of
the
particular
fund’s
assets
that
are
not
"eligible
assets".
The
complex-level
fee
schedule
for
each
Fund
is
as
follows:
*
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
“eligible
assets”
of
all
Nuveen
open-end
and
closed-end
funds.
Eligible
assets
do
not
include
assets
attributable
to
investments
in
other
Nuveen
funds
or
assets
in
excess
of
a
determined
amount
(originally
$2
billion)
added
to
the
Nuveen
fund
complex
in
connection
with
the
Adviser’s
assumption
of
the
management
of
the
former
First
American
Funds
effective
January
1,
2011,
but
do
include
certain
assets
of
certain
Nuveen
funds
that
were
reorganized
into
funds
advised
by
an
affiliate
of
the
Adviser
during
the
2019
calendar
year.
Eligible
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
certain
types
of
leverage.
For
these
purposes,
leverage
includes
the
closed-end
funds’
use
of
preferred
stock
and
borrowings
and
certain
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
Fund
Short-Term
Long-Term
Total
Minnesota
Intermediate
$
7,465,145
$
2,403,270
$
9,868,415
Minnesota
16,520,045
9,086,873
25,606,918
Nebraska
2,434,237
1,943,962
4,378,199
Oregon
Intermediate
5,558,178
2,787,825
8,346,003
Average
Daily
Net
Assets
Minnesota
Intermediate
Minnesota
Nebraska
Oregon
Intermediate
For
the
first
$125
million
0.3500
%
0.3500
%
0.3500
%
0.3500
%
For
the
next
$125
million
0.3375
0.3375
0.3375
0.3375
For
the
next
$250
million
0.3250
0.3250
0.3250
0.3250
For
the
next
$500
million
0.3125
0.3125
0.3125
0.3125
For
the
next
$1
billion
0.3000
0.3000
0.3000
0.3000
For
the
next
$3
billion
0.2750
0.2750
0.2750
0.2750
For
the
next
$5
billion
0.2500
0.2500
0.2500
0.2500
For
net
assets
over
$10
billion
0.2375
0.2375
0.2375
0.2375
Complex-Level
Eligible
Asset
Breakpoint
Level*
Effective
Complex-Level
Fee
Rate
at
Breakpoint
Level
$55
billion
0.2000
%
$56
billion
0.1996
$57
billion
0.1989
$60
billion
0.1961
$63
billion
0.1931
$66
billion
0.1900
$71
billion
0.1851
$76
billion
0.1806
$80
billion
0.1773
$91
billion
0.1691
$125
billion
0.1599
$200
billion
0.1505
$250
billion
0.1469
$300
billion
0.1445
95
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities,
subject
to
an
agreement
by
the
Adviser
as
to
certain
funds
to
limit
the
amount
of
such
assets
for
determining
eligible
assets
in
certain
circumstances.
As
of
May
31,
2022,
the
complex-level
fee
rate
for
each
Fund
was
as
follows:
The
Adviser
has
agreed
to
waive
fees
and/or
reimburse
expenses
(“Expense
Cap”)
of
the
following
Fund
so
that
the
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
of
portfolio
securities
and
extraordinary
expenses)
do
not
exceed
the
average
daily
net
assets
of
any
class
of
Fund
shares
in
the
amounts
and
for
the
time
periods
stated
in
the
following
table:
Distribution
and
Service
Fees
Each
Fund
has
adopted
a
distribution
and
service
plan
under
rule
12b-1
under
the
1940
Act.
Class
A
Shares
incurred
a
0.20%
annual
12b-1
service
fee.
Class
C
Shares
incur
a
0.75%
annual
12b-1
distribution
fee
and
a
0.25%
annual
12b-1
service
fee.
Class
C1
Shares
incurred
a
0.40%
annual
12b-1
distribution
fee
and
a
0.25%
annual
12b-1
service
fee.
Class
C2
Shares
incurred
a
0.55%
annual
12b-1
distribution
fee
and
a
0.20%
annual
12b-1
service
fee.
Class
I
Shares
are
not
subject
to
12b-1
distribution
or
service
fees.
The
fees
under
this
plan
compensate
Nuveen
Securities,
LLC,
(the
“Distributor”),
a
wholly-owned
subsidiary
of
Nuveen,
for
services
provided
and
expenses
incurred
in
distributing
shares
of
the
Funds
and
establishing
and
maintaining
shareholder
accounts.
Other
Transactions
with
Affiliates 
Each
Fund
is
permitted
to
purchase
or
sell
securities
from
or
to
certain
other
funds
or
accounts
managed
by
the
Sub-Adviser
(“Affiliated
Entity”)
under
specified
conditions
outlined
in
procedures
adopted
by
the
Board
("cross-trade").
These
procedures
have
been
designed
to
ensure
that
any
cross-trade
of
securities
by
the
Fund
from
or
to
an
Affiliated
Entity
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
adviser),
common
officer
and/or
common
trustee
complies
with
Rule
17a-7
under
the
1940
Act.
These
transactions
are
effected
at
the
current
market
price
(as
provided
by
an
independent
pricing
service)
without
incurring
broker
commissions.
During
the
current
fiscal
period,
the
Funds
engaged
in
cross-trades
pursuant
to
these
procedures
as
follows:
During
the
current
fiscal
period,
the
Distributor,
collected
sales
charges
on
purchases
of
Class
A
Shares,
the
majority
of
which
were
paid
out
as
concessions
to
financial
intermediaries
as
follows:
The
Distributor
also
received
12b-1
service
fees
on
Class
A
Shares,
substantially
all
of
which
were
paid
to
compensate
financial
intermediaries
for
providing
services
to
shareholders
relating
to
their
investments.
During
the
current
fiscal
period,
the
Distributor
compensated
financial
intermediaries
directly
with
commission
advances
at
the
time
of
purchase
as
follows:
Fund
Complex-Level
Fee
Minnesota
Intermediate
0
.1782%
Minnesota
0
.1656%
Nebraska
0
.1690%
Oregon
Intermediate
0
.1824%
Fund
Expense
Cap
Expense
Cap
Expiration
Date
Nebraska
0.70%
July
31,
2023
Fund
Purchases
Sales
Realized
Gain
(Loss)
Minnesota
Intermediate
$
33,071,401
$
34,453,394
$
(3,281,598)
Minnesota
40,194,181
49,704,702
(4,279,289)
Nebraska
—
4,335,285
(641,172)
Oregon
Intermediate
1,065,780
3,829,130
(329,942)
Fund
Sales
Charges
Collected
(Unaudited)
Paid
to
Financial
Intermediaries
(Unaudited)
Minnesota
Intermediate
$
83,101
$
78,877
Minnesota
234,005
224,032
Nebraska
133,503
124,072
Oregon
Intermediate
49,656
48,423
96
Notes
to
Financial
Statements
(continued)
To
compensate
for
commissions
advanced
to
financial
intermediaries,
all
12b-1
service
and
distribution
fees
collected
on
Class
C
Shares
during
the
first
year
following
a
purchase
are
retained
by
the
Distributor.
During
the
current
fiscal
period,
the
Distributor
retained
such
12b-1
fees
as
follows:
The
remaining
12b-1
fees
charged
to
each
Fund
were
paid
to
compensate
financial
intermediaries
for
providing
services
to
shareholders
relating
to
their
investments.
The
Distributor
also
collected
and
retained
CDSC
on
share
redemptions
during
the
current
fiscal
period,
as
follows: 
8.
Commitments
and
Contingencies
In
the
normal
course
of
business,
each
Fund
enters
into
a
variety
of
agreements
that
may
expose
the
Funds
to
some
risk
of
loss.
These
could
include
recourse
arrangements
for
certain
TOB
Trusts,
which
are
described
elsewhere
in
these
Notes
to
Financial
Statements.
The
risk
of
future
loss
arising
from
such
agreements,
while
not
quantifiable,
is
expected
to
be
remote.
As
of
the
end
of
the
reporting
period,
the
Funds
did
not
have
any
unfunded
commitments.
From
time
to
time,
the
Funds
may
be
a
party
to
certain
legal
proceedings
in
the
ordinary
course
of
business,
including
proceedings
relating
to
the
enforcement
of
the
Funds’
rights
under
contracts.
As
of
the
end
of
the
reporting
period,
the
Funds
are
not
subject
to
any
material
legal
proceedings.
9.
Borrowing
Arrangements
Committed
Line
of
Credit
The
Funds,
along
with
certain
other
funds
managed
by
the
Adviser
(“Participating
Funds”),
have
established
a
364-day,
$2.635
billion
standby
credit
facility
with
a
group
of
lenders,
under
which
the
Participating
Funds
may
borrow
for
temporary
purposes
(other
than
on-going
leveraging
for
investment
purposes).
Each
Participating
Fund
is
allocated
a
designated
proportion
of
the
facility’s
capacity
(and
its
associated
costs,
as
described
below)
based
upon
a
multi-factor
assessment
of
the
likelihood
and
frequency
of
its
need
to
draw
on
the
facility,
the
size
of
the
Fund
and
its
anticipated
draws,
and
the
potential
importance
of
such
draws
to
the
operations
and
well-being
of
the
Fund,
relative
to
those
of
the
other
Funds.
A
Fund
may
effect
draws
on
the
facility
in
excess
of
its
designated
capacity
if
and
to
the
extent
that
other
Participating
Funds
have
undrawn
capacity.
The
credit
facility
expires
in
June
2022
unless
extended
or
renewed.
The
credit
facility
has
the
following
terms:
0.15%
per
annum
on
unused
commitment
amounts
and
a
drawn
interest
rate
equal
to
the
higher
of
(a)
OBFR
(Overnight
Bank
Funding
Rate)
plus
1.20%
per
annum
or
(b)
the
Fed
Funds
Effective
Rate
plus
1.20%
per
annum
on
amounts
borrowed.
Prior
to
June
23,
2021,
the
drawn
interest
rate
was
equal
to
the
higher
of
(a)
one-month
LIBOR
(London
Inter-Bank
Offered
Rate)
plus
1.25%
per
annum
or
(b)
the
Fed
Funds
rate
plus
1.25%
per
annum
on
amounts
borrowed.  The
Participating
Funds
also
incurred
a
0.05%
upfront
fee
on
the
increase
of
the
$230
million
commitment
amount
during
the
reporting
period.  Interest
expense
incurred
by
the
Participating
Funds,
when
applicable,
is
recognized
as
a
component
of
“Interest
expense”
on
the
Statement
of
Operations.
Participating
Funds
paid
administration,
legal
and
arrangement
Fund
Commission
Advances
(Unaudited)
Minnesota
Intermediate
$
79,132
Minnesota
183,597
Nebraska
67,152
Oregon
Intermediate
45,407
Fund
12b-1
Fees
Retained
(Unaudited)
Minnesota
Intermediate
$
27,005
Minnesota
48,793
Nebraska
7,119
Oregon
Intermediate
464
Fund
CDSC
Retained
(Unaudited)
Minnesota
Intermediate
$
10,378
Minnesota
23,403
Nebraska
1,582
Oregon
Intermediate
233
97
fees,
which
are
recognized
as
a
component
of
“Interest
expense”
on
the
Statement
of
Operations,
and
along
with
commitment
fees,
have
been
allocated
among
such
Participating
Funds
based
upon
the
relative
proportions
of
the
facility’s
aggregate
capacity
reserved
for
them
and
other
factors
deemed
relevant
by
the
Adviser
and
the
Board
of
each
Participating
Fund.
During
the
current
fiscal
period,
none
of
the
Funds
utilized
this
facility.
10.
Subsequent
Events
Committed
Line
of
Credit
During
June
2022,
the
Participating
Funds
renewed
the
standby
credit
facility
through
June
2023.
In
conjunction
with
this
renewal
the
commitment
amount
increased
from
$2.635
billion
to
$2.700
billion.
The
Participating
Funds
also
incurred
a
0.05%
upfront
fee
on
the
increased
commitments
from
select
lenders.
All
other
terms
remain
unchanged.
Expense
Cap
Effective
June
1,
2022,
Nebraska’s
Expense
Cap
changed
from
0.70%
to
0.65%.
98
Important
Tax
Information
(Unaudited)
As
required
by
the
Internal
Revenue
Code
and
Treasury
Regulations,
certain
tax
information,
as
detailed
below,
must
be
provided
to
shareholders.
Shareholders
are
advised
to
consult
their
tax
advisor
with
respect
to
the
tax
implications
of
their
investment.
The
amounts
listed
below
may
differ
from
the
actual
amounts
reported
on
Form
1099-DIV,
which
will
be
sent
to
shareholders
shortly
after
calendar
year
end.
Long-Term
Capital
Gains
As
of
year
end,
each
Fund
designates
the
following
distribution
amounts,
or
maximum
amount
allowable,
as
being
from
net
long-term
capital
gains
pursuant
to
Section
852(b)(3)
of
the
Internal
Revenue
Code:
Fund
Net
Long-Term
Capital
Gains
Minnesota
Intermediate
$
—
Minnesota
—
Nebraska
—
Oregon
Intermediate
—
99
Additional
Fund
Information
(Unaudited)
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Sub-Adviser
Nuveen
Asset
Management,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Independent
Registered
Public
Accounting
Firm
PricewaterhouseCoopers
LLP
One
North
Wacker
Drive
Chicago,
IL
60606
Custodian
State
Street
Bank
&
Trust
Company
One
Lincoln
Street
Boston,
MA
02111
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Transfer
Agent
and
Shareholder
Services
DST
Asset
Manager
Solutions,
Inc.
(DST)
P.O.
Box
219140
Kansas
City,
MO
64121-9140
(800)
257-8787
Portfolio
of
Investments
Information:
Each
Fund
is
required
to
file
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
You
may
obtain
this
information
on
the
SEC’s
website
at
http://www.sec.gov.
Nuveen
Funds’
Proxy
Voting
Information:
You
may
obtain
(i)
information
regarding
how
each
fund
voted
proxies
relating
to
portfolio
securities
held
during
the
most
recent
twelve-month
period
ended
June
30,
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787
or
on
Nuveen’s
website
at
www.nuveen.com
and
(ii)
a
description
of
the
policies
and
procedures
that
each
fund
used
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787.
You
may
also
obtain
this
information
directly
from
the
SEC.
Visit
the
SEC
on-line
at
http://www.sec.gov.
FINRA
BrokerCheck:
The
Financial
Industry
Regulatory
Authority
(FINRA)
provides
information
regarding
the
disciplinary
history
of
FINRA
member
firms
and
associated
investment
professionals.
This
information
as
well
as
an
investor
brochure
describing
FINRA
BrokerCheck
is
available
to
the
public
by
calling
the
FINRA
BrokerCheck
Hotline
number
at
(800)
289-9999
or
by
visiting
www.FINRA.org.
100
Glossary
of
Terms
Used
in
this
Report
(Unaudited)
Average
Annual
Total
Return:
This
is
a
commonly
used
method
to
express
an
investment’s
performance
over
a
particular,
usually
multi-year
time
period.
It
expresses
the
return
that
would
have
been
necessary
each
year
to
equal
the
investment’s
actual
cumulative
performance
(including
change
in
NAV
or
offer
price
and
reinvested
dividends
and
capital
gains
distributions,
if
any)
over
the
time
period
being
considered.
Effective
Leverage
(Effective
Leverage
Ratio):
Effective
leverage
is
investment
exposure
created
either
directly
through
certain
borrowings
or
indirectly
through
inverse
floaters,
divided
by
the
assets
invested,
including
those
assets
that
were
purchased
with
the
proceeds
of
the
leverage,
or
referenced
by
the
levered
instrument.
The
calculation
of
the
Effective
Leverage
Ratio
reflects
borrowings
effected
on
a
long-term
basis
for
investment
purposes,
but
excludes
borrowings
that
may
occur,
on
a
transient
basis,
in
connection
with
a
Fund’s
day-to-day
operations
primarily
in
connection
with
the
need
to
pay
cash
out
to
redeeming
shareholders
or
to
settle
portfolio
trades.
Gross
Domestic
Product
(GDP):
The
total
market
value
of
all
final
goods
and
services
produced
in
a
country/region
in
a
given
year,
equal
to
total
consumer,
investment
and
government
spending,
plus
the
value
of
exports,
minus
the
value
of
imports.
Inverse
Floating
Rate
Securities:
Inverse
floating
rate
securities,
also
known
as
inverse
floaters
or
tender
option
bonds
(TOBs),
are
created
by
depositing
a
municipal
bond,
typically
with
a
fixed
interest
rate,
into
a
special
purpose
trust.
This
trust,
in
turn,
(a)
issues
floating
rate
certificates
typically
paying
short-term
tax-exempt
interest
rates
to
third
parties
in
amounts
equal
to
some
fraction
of
the
deposited
bond’s
par
amount
or
market
value,
and
(b)
issues
an
inverse
floating
rate
certificate
(sometimes
referred
to
as
an
“inverse
floater”)
to
an
investor
(such
as
a
fund)
interested
in
gaining
investment
exposure
to
a
long-term
municipal
bond.
The
income
received
by
the
holder
of
the
inverse
floater
varies
inversely
with
the
short-term
rate
paid
to
the
floating
rate
certificates’
holders,
and
in
most
circumstances
the
holder
of
the
inverse
floater
bears
substantially
all
of
the
underlying
bond’s
downside
investment
risk.
The
holder
of
the
inverse
floater
typically
also
benefits
disproportionately
from
any
potential
appreciation
of
the
underlying
bond’s
value.
Hence,
an
inverse
floater
essentially
represents
an
investment
in
the
underlying
bond
on
a
leveraged
basis.
Leverage:
Leverage
is
created
whenever
a
fund
has
investment
exposure
(both
reward
and/or
risk)
equivalent
to
more
than
100%
of
the
investment
capital.
Lipper
Minnesota
Municipal
Debt
Funds
Classification
Average:
Represents
the
average
annualized
total
return
for
all
reporting
funds
in
the
Lipper
Minnesota
Municipal
Debt
Funds
Classification.
Lipper
returns
account
for
the
effects
of
management
fees
and
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charge.
Lipper
Other
States
Intermediate
Municipal
Debt
Funds
Classification
Average:
Represents
the
average
annualized
total
return
for
all
reporting
funds
in
the
Lipper
Other
States
Intermediate
Municipal
Debt
Funds
Classification.
Shareholders
should
note
that
the
performance
of
the
Lipper
Other
States
Intermediate
Municipal
Debt
Funds
Classification
Average
represents
the
overall
average
of
returns
for
funds
from
multiple
states
with
a
wide
variety
of
municipal
market
conditions,
making
direct
comparisons
less
meaningful.
Lipper
returns
account
for
the
effects
of
management
fees
and
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charge.
Lipper
Other
States
Municipal
Debt
Funds
Classification
Average:
Represents
the
average
annualized
total
return
for
all
reporting
funds
in
the
Lipper
Other
States
Municipal
Debt
Funds
Classification.
Shareholders
should
note
that
the
performance
of
the
Lipper
Other
States
Municipal
Debt
Funds
Classification
Average
represents
the
overall
average
of
returns
for
funds
from
multiple
states
with
a
wide
variety
of
municipal
market
conditions,
making
direct
comparisons
less
meaningful.
Lipper
returns
account
for
the
effects
of
management
fees
and
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charge.
Net
Assets
Value
(NAV)
per
Share:
A
fund’s
Net
Assets
is
equal
to
its
total
assets
(securities,
cash
and
accrued
earnings)
less
its
total
liabilities.
For
funds
with
multiple
classes,
Net
Assets
are
determined
separately
for
each
share
class.
NAV
per
share
is
equal
to
the
fund’s
(or
share
class’)
Net
Assets
divided
by
its
number
of
shares
outstanding.
Pre-Refunded
Bond/Pre-Refunding:
Pre-Refunded
Bond/Pre-Refunding,
also
known
as
advanced
refundings
or
refinancings,
is
a
procedure
used
by
state
and
local
governments
to
refinance
municipal
bonds
to
lower
interest
expenses.
The
issuer
sells
new
bonds
with
a
lower
yield
and
uses
the
proceeds
to
buy
U.S.
Treasury
securities,
the
101
interest
from
which
is
used
to
make
payments
on
the
higher-yielding
bonds.
Because
of
this
collateral,
pre-refunding
generally
raises
a
bond’s
credit
rating
and
thus
its
value.
S&P
Municipal
Bond
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
U.S.
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
Intermediate
Index:
An
index
containing
bonds
in
the
S&P
Municipal
Bond
Index
that
mature
between
3
and
15
years.
Index
returns
assume
reinvestment
of
distributions
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
Minnesota
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
Minnesota
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
Nebraska
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
Nebraska
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Tax
Obligation/General
Bonds:
Bonds
backed
by
the
general
revenues
of
an
issuer,
including
taxes,
where
the
issuer
has
the
ability
to
increase
taxes
by
an
unlimited
amount
to
pay
the
bonds
back.
Tax
Obligation/Limited
Bonds:
Bonds
backed
by
the
general
revenues
of
an
issuer,
including
taxes,
where
the
issuer
doesn’t
have
the
ability
to
increase
taxes
by
an
unlimited
amount
to
pay
the
bonds
back.
Total
Investment
Exposure:
Total
investment
exposure
is
a
fund’s
assets
managed
by
the
Adviser
that
are
attributable
to
financial
leverage.
For
these
purposes,
financial
leverage
includes
a
fund’s
use
of
preferred
stock
and
borrowings
and
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities.
102
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
At
a
meeting
held
on
May
23-25,
2022
(the
“May
Meeting”),
the
Board
of
Directors
(the
“Board”
and
each
Director,
a
“Board
Member”)
of
the
Funds,
which
is
comprised
entirely
of
Board
Members
who
are
not
“interested
persons”
(as
defined
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”))
(the
“Independent
Board
Members”),
approved,
for
each
Fund,
the
renewal
of
the
management
agreement
(each,
an
“Investment
Management
Agreement”)
with
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”)
pursuant
to
which
the
Adviser
serves
as
investment
adviser
to
such
Fund
and
the
sub-advisory
agreement
(each,
a
“Sub-Advisory
Agreement”)
with
Nuveen
Asset
Management,
LLC
(the
“Sub-
Adviser”)
pursuant
to
which
the
Sub-Adviser
serves
as
the
sub-adviser
to
such
Fund
for
an
additional
one-year
term.
As
the
Board
is
comprised
of
all
Independent
Board
Members,
the
references
to
the
Board
and
the
Independent
Board
Members
are
interchangeable.
Following
up
to
an
initial
two-year
period,
the
Board
considers
the
renewal
of
each
Investment
Management
Agreement
and
Sub-Advisory
Agreement
on
behalf
of
the
applicable
Fund
on
an
annual
basis.
The
Investment
Management
Agreements
and
Sub-Advisory
Agreements
are
collectively
referred
to
as
the
“Advisory
Agreements,”
and
the
Adviser
and
the
Sub-Adviser
are
collectively,
the
“Fund
Advisers”
and
each,
a
“Fund
Adviser.”
The
Board
has
established
various
standing
committees
composed
of
various
Independent
Board
Members
that
are
assigned
specific
responsibilities
to
enhance
the
effectiveness
of
the
Board’s
oversight
and
decision
making.
Throughout
the
year,
the
Board
and
its
committees
meet
regularly
and,
at
these
meetings,
receive
regular
and/or
special
reports
that
cover
an
extensive
array
of
topics
and
information
that
are
relevant
to
the
Board’s
annual
consideration
of
the
renewal
of
the
advisory
agreements
for
the
Nuveen
funds.
Such
information
may
address,
among
other
things,
fund
performance
and
risk
information;
the
Adviser’s
strategic
plans;
product
initiatives
for
various
funds;
the
review
of
the
funds
and
investment
teams;
compliance,
regulatory
and
risk
management
matters;
the
trading
practices
of
the
various
sub-
advisers
to
the
Nuveen
funds;
management
of
distributions;
valuation
of
securities;
fund
expenses;
payments
to
financial
intermediaries,
including
12b-1
fees
and
sub-transfer
agency
fees,
if
applicable;
securities
lending;
liquidity
management;
and
overall
market
and
regulatory
developments.
The
Board
also
seeks
to
meet
periodically
with
the
Nuveen
funds’
sub-advisers
and/or
portfolio
teams,
when
feasible.
The
Board
further
meets,
among
other
things,
to
specifically
consider
the
annual
renewal
of
the
advisory
agreements
for
the
Nuveen
funds.
In
connection
with
its
annual
consideration
of
the
advisory
agreements
for
the
Nuveen
funds,
the
Board,
through
its
independent
legal
counsel,
requested
and
received
extensive
materials
and
information
prepared
specifically
for
its
review
of
such
advisory
agreements
by
the
Adviser
and
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data.
The
materials
cover
a
wide
range
of
topics
including,
but
not
limited
to,
a
description
of
the
nature,
extent
and
quality
of
services
provided
by
the
Fund
Advisers;
a
review
of
product
actions
taken
during
2021
(such
as
mergers,
liquidations,
fund
launches,
changes
to
investment
teams,
and
changes
to
investment
policies);
a
review
of
each
sub-adviser
to
the
Nuveen
funds
and/or
the
applicable
investment
teams;
an
analysis
of
fund
performance
in
absolute
terms
and
as
compared
to
the
performance
of
certain
peer
funds
and
benchmarks
with
a
focus
on
any
performance
outliers;
an
analysis
of
the
fees
and
expense
ratios
of
the
Nuveen
funds
in
absolute
terms
and
as
compared
to
those
of
certain
peer
funds
with
a
focus
on
any
expense
outliers;
a
review
of
management
fee
schedules;
a
review
of
temporary
and
permanent
expense
caps
and
fee
waivers
for
open-end
funds
(as
applicable)
and
related
expense
savings;
a
description
of
portfolio
manager
compensation;
a
review
of
the
performance
of
various
service
providers;
a
description
of
various
initiatives
Nuveen
had
undertaken
or
continued
in
2021
and
2022
for
the
benefit
of
particular
fund(s)
and/or
the
complex;
a
description
of
the
profitability
or
financial
data
of
Nuveen
and
the
sub-advisers
to
the
Nuveen
funds;
and
a
description
of
indirect
benefits
received
by
the
Adviser
and
the
sub-advisers
as
a
result
of
their
relationships
with
the
Nuveen
funds.
The
information
prepared
specifically
for
the
annual
review
supplemented
the
information
provided
to
the
Board
and
its
committees
and
the
evaluations
of
the
Nuveen
funds
by
the
Board
and
its
committees
during
the
year.
The
Board’s
review
of
the
advisory
agreements
for
the
Nuveen
funds
is
based
on
all
the
information
provided
to
the
Board
and
its
committees
throughout
the
year
as
well
as
the
information
prepared
specifically
with
respect
to
the
annual
review
of
such
advisory
agreements.
In
continuing
its
practice,
the
Board
met
prior
to
the
May
Meeting
to
begin
its
considerations
of
the
renewal
of
the
Advisory
Agreements.
Accordingly,
on
April
13-14,
2022
(the
“April
Meeting”),
the
Board
met
to
review
and
discuss,
in
part,
the
performance
of
the
Nuveen
funds
and
the
Adviser’s
evaluation
of
each
sub-adviser
to
the
Nuveen
funds
and/or
its
investment
teams.
At
the
April
Meeting,
the
Board
Members
asked
questions
and
requested
additional
information
that
was
provided
for
the
May
Meeting.
The
Independent
Board
Members
considered
the
review
of
the
advisory
agreements
for
the
Nuveen
funds
to
be
an
ongoing
process
and
employed
the
accumulated
information,
knowledge
and
experience
the
Board
Members
had
gained
during
their
tenure
on
the
boards
governing
the
Nuveen
funds
and
working
with
the
Adviser
and
sub-advisers
in
their
review
of
the
advisory
agreements.
The
contractual
arrangements
are
a
result
of
multiple
years
of
review,
negotiation
and
information
provided
in
connection
with
the
boards’
annual
review
of
the
Nuveen
funds’
advisory
arrangements
and
oversight
of
the
Nuveen
funds.
The
Independent
Board
Members
were
advised
by
independent
legal
counsel
during
the
annual
review
process
as
well
as
throughout
the
year,
including
meeting
in
executive
sessions
with
such
counsel
at
which
no
representatives
from
the
Adviser
or
the
Sub-Adviser
were
present.
In
connection
with
their
annual
review,
the
Independent
Board
Members
also
received
a
memorandum
from
independent
legal
counsel
outlining
their
fiduciary
duties
and
legal
standards
in
reviewing
the
Advisory
Agreements,
including
guidance
from
court
cases
evaluating
advisory
fees.
The
Board’s
decision
to
renew
the
Advisory
Agreements
was
not
based
on
a
single
identified
factor,
but
rather
the
decision
reflected
the
comprehensive
consideration
of
all
the
information
provided
to
the
Board
and
its
committees
throughout
the
year
as
well
as
the
materials
prepared
specifically
in
connection
with
the
renewal
process.
Each
Board
Member
may
have
attributed
different
levels
of
importance
to
the
various
factors
and
information
considered
in
connection
with
the
approval
process
and
may
place
different
emphasis
on
the
relevant
information
year
to
year
in
light
of,
among
other
things,
changing
market
and
economic
conditions.
A
summary
of
the
principal
factors
and
information,
but
not
all
the
factors,
the
Board
considered
in
deciding
to
renew
the
Advisory
Agreements
is
set
forth
below.
103
A.
Nature,
Extent
and
Quality
of
Services
In
evaluating
the
renewal
of
the
Advisory
Agreements,
the
Independent
Board
Members
received
and
considered
information
regarding
the
nature,
extent
and
quality
of
the
applicable
Fund
Adviser’s
services
provided
to
the
respective
Fund
with
particular
focus
on
the
services
and
enhancements
to
such
services
provided
during
the
last
year.
The
Independent
Board
Members
considered
the
Investment
Management
Agreements
and
the
Sub-Advisory
Agreements
separately
in
the
course
of
their
review.
With
this
approach,
they
considered
the
respective
roles
of
the
Adviser
and
the
Sub-Adviser
in
providing
services
to
the
Funds.
The
Board
recognized
that
the
Nuveen
funds
operate
in
a
highly
regulated
industry
and,
therefore,
the
Adviser
has
provided
a
wide
array
of
management,
oversight
and
administrative
services
to
manage
and
operate
the
funds,
and
the
scope
and
complexity
of
these
services
have
expanded
over
time
as
a
result
of,
among
other
things,
regulatory,
market
and
other
developments.
The
Board
accordingly
considered
the
Adviser’s
dedication
of
extensive
resources,
time,
people
and
capital
employed
to
support
and
manage
the
Nuveen
funds
as
well
as
the
Adviser’s
continued
program
of
developing
improvements
and
innovations
for
the
benefit
of
the
funds
and
shareholders
and
to
meet
the
ever
increasing
regulatory
requirements
applicable
to
the
funds.
In
this
regard,
the
Board
received
and
reviewed
information
regarding,
among
other
things,
the
Adviser’s
investment
oversight
responsibilities,
regulatory
and
compliance
services,
administrative
duties
and
other
services.
The
Board
considered
the
Adviser’s
investment
oversight
team’s
extensive
services
in
overseeing
the
various
sub-advisers
to
the
Nuveen
funds;
evaluating
fund
performance;
and
preparing
reports
to
the
Board
addressing,
among
other
things,
fund
performance,
market
conditions,
investment
team
matters,
product
developments
and
management
proposals.
The
Board
further
recognized
the
range
of
services
the
various
teams
of
the
Adviser
provided
including,
but
not
limited
to,
overseeing
operational
and
risk
management;
managing
liquidity;
overseeing
the
daily
valuation
process
and
managing
distributions
in
seeking
to
deliver
long-term
fund
earnings
to
shareholders
consistent
with
the
respective
Nuveen
fund’s
product
design
and
positioning.
The
Board
also
considered
the
structure
of
investment
personnel
compensation
of
each
Fund
Adviser
and
whether
the
structure
provides
appropriate
incentives
to
attract
and
maintain
qualified
personnel
and
to
act
in
the
best
interests
of
the
respective
Nuveen
fund.
The
Board
further
recognized
that
the
Adviser’s
compliance
and
regulatory
functions
were
integral
to
the
investment
management
of
the
Nuveen
funds.
The
Board
recognized
such
services
included,
but
were
not
limited
to,
managing
compliance
policies;
monitoring
compliance
with
applicable
policies,
law
and
regulations;
devising
internal
compliance
programs
and
a
framework
to
review
and
assess
compliance
programs;
overseeing
sub-adviser
compliance
testing;
preparing
compliance
training
materials;
and
responding
to
regulatory
requests.
The
Board
further
considered
information
regarding
the
Adviser’s
business
continuity
and
disaster
recovery
plans
as
well
as
information
regarding
its
information
security
program,
including
presentations
of
such
program
provided
at
a
site
visit
in
2022,
to
help
identify
and
manage
information
security
risks.
In
addition
to
the
above
functions,
the
Board
considered
that
the
Adviser
also
provides,
among
other
things,
fund
administration
services
(such
as
preparing
fund
tax
returns
and
other
tax
compliance
services;
preparing
regulatory
filings;
interacting
with
the
Nuveen
funds’
independent
public
accountants
and
overseeing
other
service
providers;
and
managing
fund
budgets
and
expenses);
product
management
services
(such
as
evaluating
and
enhancing
products
and
strategies);
legal
services
(such
as
helping
to
prepare
and
file
registration
statements
and
proxy
statements;
overseeing
fund
activities
and
providing
legal
interpretations
regarding
such
activities;
maintaining
regulatory
registrations
and
negotiating
agreements
with
other
fund
service
providers;
and
monitoring
changes
in
regulatory
requirements
and
commenting
on
rule
proposals
impacting
investment
companies);
and
oversight
of
shareholder
services
and
transfer
agency
functions
(such
as
overseeing
transfer
agent
service
providers
which
include
registered
shareholder
customer
service
and
transaction
processing;
overseeing
proxy
solicitation
and
tabulation
services;
and
overseeing
the
production
and
distribution
of
financial
reports
by
service
providers).
The
Board
also
considered
the
quality
of
support
services
and
communications
the
Adviser
provided
the
Board,
including,
in
part,
organizing
and
administrating
Board
meetings
and
supporting
Board
committees;
preparing
regular
and
ad
hoc
reports
on
fund
performance,
market
conditions
and
investment
team
matters;
providing
due
diligence
reports
addressing
product
development
and
management
proposals;
and
coordinating
site
visits
of
the
Board
and
presentations
by
investment
teams
and
senior
management.
In
addition
to
the
services
provided,
the
Board
considered
the
financial
resources
of
the
Adviser
and
its
affiliates
and
their
willingness
to
make
investments
in
the
technology,
personnel
and
infrastructure
to
support
the
Nuveen
funds,
including
maintaining
a
seed
capital
budget
to
support
new
or
existing
funds
and/or
facilitate
changes
for
a
respective
fund.
Further,
the
Board
noted
the
benefits
to
shareholders
of
investing
in
a
fund
that
is
a
part
of
a
large
fund
complex
with
a
variety
of
investment
disciplines,
capabilities,
expertise
and
resources
available
to
navigate
and
support
the
Nuveen
funds
including
during
stressed
times.
The
Board
recognized
the
overall
reputation
and
capabilities
of
the
Adviser
and
its
affiliates,
the
Adviser’s
continuing
commitment
to
provide
high
quality
services,
its
willingness
to
implement
operational
or
organizational
changes
in
seeking,
among
other
things,
to
enhance
efficiencies
and
services
to
the
Nuveen
funds
and
its
responsiveness
to
the
Board’s
questions
and/or
concerns
raised
throughout
the
year
and
during
the
annual
review
of
advisory
agreements.
The
Board
also
considered
the
significant
risks
borne
by
the
Adviser
and
its
affiliates
in
connection
with
their
services
to
the
Nuveen
funds,
including
entrepreneurial
risks
in
sponsoring
new
funds
and
ongoing
risks
with
managing
the
funds
such
as
investment,
operational,
reputational,
regulatory,
compliance
and
litigation
risks.
In
evaluating
services,
the
Board
reviewed
various
highlights
of
the
initiatives
the
Adviser
and
its
affiliates
have
undertaken
or
continued
in
2021
and
2022
to
benefit
the
Nuveen
complex
and/or
particular
Nuveen
funds
and
meet
the
requirements
of
an
increasingly
complex
regulatory
environment
including,
but
not
limited
to:
Centralization
of
Functions
–
ongoing
initiatives
to
centralize
investment
leadership
and
create
a
more
cohesive
market
approach
and
centralized
shared
support
model
(including
through
the
consolidation
of
certain
affiliated
sub-advisers)
in
seeking
to
operate
more
effectively
and
enhance
the
research
capabilities
and
services
to
the
Nuveen
funds;
104
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
Fund
Improvements
and
Product
Management
Initiatives
–
continuing
to
proactively
manage
the
Nuveen
fund
complex
as
a
whole
and
at
the
individual
fund
level
with
an
aim
to
continually
improve
product
platforms
and
investment
strategies
to
better
serve
shareholders
through,
among
other
things,
rationalizing
the
product
line
and
gaining
efficiencies
through
mergers,
repositionings
and
liquidations;
launching
new
funds;
reviewing
and
updating
investment
policies
and
benchmarks;
soft
closing
certain
funds;
modifying
the
conversion
periods
on
certain
share
classes;
and
evaluating
and
adjusting
portfolio
management
teams
as
appropriate
for
various
funds;
Capital
Initiatives
–
continuing
to
invest
capital
to
support
new
Nuveen
funds
with
initial
capital
as
well
as
to
support
existing
funds;
Liquidity
Management
–
continuing
to
operate
the
liquidity
management
program
of
the
applicable
Nuveen
funds
including
monitoring
daily
their
liquidity
profile
and
assessing
annually
the
overall
liquidity
risk
of
such
funds;
Compliance
Program
Initiatives
–
continuing
efforts
to
mitigate
compliance
risk
with
a
focus
on
environmental,
social
and
governance
(“ESG”)
controls
and
processes,
increase
operating
efficiencies,
implement
enhancements
to
strengthen
ongoing
execution
of
key
compliance
program
elements,
support
international
business
growth
and
facilitate
integration
of
Nuveen’s
operating
model;
Investment
Oversight
–
preparing
reports
to
the
Board
addressing,
among
other
things,
fund
performance;
market
conditions;
investment
team
matters;
product
developments;
changes
to
mandates,
policies
and
benchmarks;
and
other
management
proposals
as
well
as
preparing
and
coordinating
investment
presentations
to
the
Board;
Risk
Management
and
Valuation
Services
–
continuing
to
oversee
and
manage
risk
including,
among
other
things,
conducting
ongoing
calculations
and
monitoring
of
risk
measures
across
the
Nuveen
funds,
instituting
investment
risk
controls,
providing
risk
reporting
throughout
Nuveen,
participating
in
internal
oversight
committees,
dedicating
the
resources
and
time
to
develop
the
processes
necessary
to
help
address
fund
compliance
with
the
new
derivatives
rule
and
continuing
to
implement
an
operational
risk
framework
that
seeks
to
provide
greater
transparency
of
operational
risk
matters
across
the
complex
as
well
as
provide
multiple
other
risk
programs
that
seek
to
provide
a
more
disciplined
and
consistent
approach
to
identifying
and
mitigating
Nuveen’s
operational
risks.
Further,
the
securities
valuation
team
continues,
among
other
things,
to
oversee
the
daily
valuation
process
of
the
portfolio
securities
of
the
funds,
maintain
the
valuation
policies
and
procedures,
facilitate
valuation
committee
meetings,
manage
relationships
with
pricing
vendors,
prepare
relevant
valuation
reports
and
design
methods
to
simplify
and
enhance
valuation
workflow
within
the
organization
and
implement
processes
and
procedures
to
help
address
compliance
with
the
new
valuation
rule
applicable
to
the
funds;
Regulatory
Matters
–
continuing
efforts
to
monitor
regulatory
trends
and
advocate
on
behalf
of
Nuveen
and/or
the
Nuveen
funds,
to
implement
and
comply
with
new
or
revised
rules
and
mandates
and
to
respond
to
regulatory
inquiries
and
exams;
Government
Relations
–
continuing
efforts
of
various
Nuveen
teams
and
Nuveen’s
affiliates
to
develop
policy
positions
on
a
broad
range
of
issues
that
may
impact
the
Nuveen
funds,
advocate
and
communicate
these
positions
to
lawmakers
and
other
regulatory
authorities
and
work
with
trade
associations
to
ensure
these
positions
are
represented;
Business
Continuity,
Disaster
Recovery
and
Information
Security
–
continuing
efforts
of
Nuveen
to
periodically
test
and
update
business
continuity
and
disaster
recovery
plans
and,
together
with
its
affiliates,
to
maintain
an
information
security
program
that
seeks
to
identify
and
manage
information
security
risks,
and
provide
reports
to
the
Board,
at
least
annually,
addressing,
among
other
things,
management’s
security
risk
assessment,
cyber
risk
profile,
potential
impact
of
new
or
revised
laws
and
regulations,
incident
tracking
and
other
relevant
information
technology
risk-related
reports;
and
Distribution
Management
Services
–
continuing
to
manage
the
distributions
among
the
varying
types
of
Nuveen
funds
within
the
Nuveen
complex
to
be
consistent
with
the
respective
fund’s
product
design
and
positioning
in
striving
to
deliver
those
earnings
to
shareholders
in
a
relatively
consistent
manner
over
time
as
well
as
assisting
in
the
development
of
new
products
or
the
restructuring
of
existing
funds.
The
Board
further
considered
the
division
of
responsibilities
between
the
Adviser
and
the
Sub-Adviser
and
recognized
that
the
Sub-Adviser
and
its
investment
personnel
generally
are
responsible
for
the
management
of
each
Fund’s
portfolio
under
the
oversight
of
the
Adviser
and
the
Board.
The
Board
considered
an
analysis
of
the
Sub-Adviser
provided
by
the
Adviser
which
included,
among
other
things,
the
assets
under
management
of
the
applicable
investment
team
and
changes
thereto,
a
summary
of
the
applicable
investment
team
and
changes
thereto,
the
investment
process
and
philosophy
of
the
applicable
investment
team,
the
performance
of
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser
over
various
periods
of
time
and
a
summary
of
any
significant
policy
and/or
other
changes
to
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser.
The
Board
further
considered
at
the
May
Meeting
or
prior
meetings
evaluations
of
the
Sub-Adviser’s
compliance
programs
and
trade
execution.
The
Board
noted
that
the
Adviser
recommended
the
renewal
of
the
Sub-Advisory
Agreements.
Based
on
its
review,
the
Board
determined,
in
the
exercise
of
its
reasonable
business
judgment,
that
it
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
to
the
respective
Funds
under
each
applicable
Advisory
Agreement.
B.
The
Investment
Performance
of
the
Funds
and
Fund
Advisers
In
evaluating
the
quality
of
the
services
provided
by
the
Fund
Advisers,
the
Board
also
received
and
considered
a
variety
of
investment
performance
data
of
the
Nuveen
funds
they
advise.
In
evaluating
performance,
the
Board
recognized
that
performance
data
may
differ
significantly
depending
on
the
ending
date
selected,
particularly
during
periods
of
market
volatility,
and
therefore
considered
the
broader
perspective
of
performance
over
a
variety
of
time
periods
that
may
include
full
market
cycles.
In
this
regard,
the
Board
reviewed,
among
other
things,
Fund
performance
over
the
quarter,
one-,
three-
and
five-year
periods
ending
December
31,
2021
and
March
31,
2022.
The
performance
data
was
based
on
Class
A
shares;
however,
the
performance
of
other
classes
should
be
substantially
similar
as
they
invest
in
the
same
portfolio
of
securities
and
differences
in
performance
among
the
classes
would
be
principally
attributed
to
the
variations
in
the
expense
structures
of
the
classes.
The
performance
data
prepared
for
the
annual
review
of
the
advisory
agreements
for
the
Nuveen
funds
supplemented
the
fund
performance
data
that
the
Board
105
received
throughout
the
year
at
its
meetings
representing
differing
time
periods.
In
its
review,
the
Board
took
into
account
the
discussions
with
representatives
of
the
Adviser;
the
Adviser’s
analysis
regarding
fund
performance
that
occurred
at
these
Board
meetings
with
particular
focus
on
funds
that
were
considered
performance
outliers
(both
overperformance
and
underperformance);
the
factors
contributing
to
the
performance;
and
any
recommendations
or
steps
taken
to
address
performance
concerns.
Regardless
of
the
time
period
reviewed
by
the
Board,
the
Board
recognized
that
shareholders
may
evaluate
performance
based
on
their
own
holding
periods
which
may
differ
from
the
periods
reviewed
by
the
Board
and
lead
to
differing
results.
In
its
review,
the
Board
reviewed
both
absolute
and
relative
fund
performance
during
the
annual
review
over
the
various
time
periods.
With
respect
to
the
latter,
the
Board
considered
fund
performance
in
comparison
to
the
performance
of
peer
funds
(the
“Performance
Peer
Group”)
and
recognized
and/or
customized
benchmarks
(i.e.,
generally
benchmarks
derived
from
multiple
recognized
benchmarks).
For
Nuveen
funds
that
had
changes
in
portfolio
managers
or
other
significant
changes
to
their
investment
strategies
or
policies
since
March
2019,
the
Board
reviewed
certain
tracking
performance
data
comparing
the
performance
of
such
funds
before
and
after
such
changes.
In
considering
performance
data,
the
Board
is
aware
of
certain
inherent
limitations
with
such
data,
including
that
differences
between
the
objective(s),
strategies
and
other
characteristics
of
the
Nuveen
funds
compared
to
the
respective
Performance
Peer
Group
and/or
benchmark(s);
differences
in
the
composition
of
the
Performance
Peer
Group
over
time;
and
differences
in
the
types
and/or
levels
of
any
leverage
and
related
costs
with
that
of
the
Performance
Peer
Group
would
all
necessarily
contribute
to
differences
in
performance
results
and
limit
the
value
of
the
comparative
information.
Further,
the
Board
recognized
the
inherent
limitations
in
comparing
the
performance
of
an
actively
managed
fund
to
a
benchmark
index
due
to
the
fund’s
pursuit
of
an
investment
strategy
that
does
not
directly
follow
the
index.
To
assist
the
Board
in
its
review
of
the
comparability
of
the
relative
performance,
the
Adviser
has
ranked
the
relevancy
of
the
peer
group
to
the
Funds
as
low,
medium
or
high.
The
Board
also
evaluated
performance
in
light
of
various
relevant
factors
which
may
include,
among
other
things,
general
market
conditions,
issuer-
specific
information,
asset
class
information,
leverage
and
fund
cash
flows.
In
relation
to
general
market
conditions,
the
Board
had
recognized
the
recent
periods
in
2022
of
general
market
volatility
and
underperformance.
In
their
review
from
year
to
year,
the
Board
Members
consider
and
may
place
different
emphasis
on
the
relevant
information
in
light
of
changing
circumstances
in
market
and
economic
conditions.
Further,
the
Board
recognized
that
the
market
and
economic
conditions
may
significantly
impact
a
fund’s
performance,
particularly
over
shorter
periods,
and
such
performance
may
be
more
reflective
of
such
economic
or
market
events
and
not
necessarily
reflective
of
management
skill.
Accordingly,
depending
on
the
facts
and
circumstances
including
any
differences
between
the
respective
Nuveen
fund
and
its
benchmark
and/or
Performance
Peer
Group,
the
Board
may
be
satisfied
with
a
fund’s
performance
notwithstanding
that
its
performance
may
be
below
that
of
its
benchmark
or
peer
group
for
certain
periods.
However,
with
respect
to
any
Nuveen
funds
for
which
the
Board
has
identified
performance
issues,
the
Board
monitors
such
funds
closely
until
performance
improves,
discusses
with
the
Adviser
the
reasons
for
such
results,
considers
whether
any
steps
are
necessary
or
appropriate
to
address
such
issues,
and
reviews
the
results
of
any
steps
undertaken.
The
Board’s
determinations
with
respect
to
each
Fund
are
summarized
below.
For
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
(the
“Minnesota
Intermediate
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-
year
periods
ended
December
31,
2021,
the
Fund
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
such
periods.
Further,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
three-
and
five-year
periods
ended
March
31,
2022,
the
Fund
outperformed
its
benchmark
for
the
one-year
period
ended
March
31,
2022
and
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2022.
Based
on
its
review,
the
Board
was
generally
satisfied
with
the
Fund’s
overall
performance.
For
Nuveen
Minnesota
Municipal
Bond
Fund
(the
“Minnesota
Fund”),
the
Board
noted
that
the
Fund
outperformed
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2021
and
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
ended
December
31,
2021
and
first
quartile
for
the
five-year
period
ended
December
31,
2021.
Further,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-
and
three-year
periods
ended
March
31,
2022,
the
Fund
outperformed
its
benchmark
for
the
five-year
period
ended
March
31,
2022
and
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-year
period,
second
quartile
for
the
three-year
period
and
first
quartile
for
the
five-year
period
ended
March
31,
2022.
Based
on
its
review,
the
Board
was
generally
satisfied
with
the
Fund’s
overall
performance.
For
Nuveen
Nebraska
Municipal
Bond
Fund
(the
“Nebraska
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2021
and
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
December
31,
2021,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
three-year
period
and
second
quartile
for
the
five-year
period
ended
December
31,
2021.
Further,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2022
and
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
March
31,
2022,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
three-
and
five-year
periods
ended
March
31,
2022.
Based
on
its
review,
the
Board
was
generally
satisfied
with
the
Fund’s
overall
performance.
For
Nuveen
Oregon
Intermediate
Municipal
Bond
Fund
(the
“Oregon
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2021,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
December
31,
2021
and
first
quartile
of
its
Performance
Peer
Group
for
the
three-
and
five-year
periods
ended
December
31,
2021.
Similarly,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
106
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
three-
and
five-year
periods
ended
March
31,
2022,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
March
31,
2022
and
first
quartile
of
its
Performance
Peer
Group
for
the
three-
and
five-year
periods
ended
March
31,
2022.
Based
on
its
review,
the
Board
was
generally
satisfied
with
the
Fund’s
overall
performance.
C.
Fees,
Expenses
and
Profitability
1.
Fees
and
Expenses
As
part
of
its
annual
review,
the
Board
considered
the
contractual
management
fee
and
net
management
fee
(the
management
fee
after
taking
into
consideration
fee
waivers
and/or
expense
reimbursements,
if
any)
paid
by
a
Nuveen
fund
to
the
Adviser
in
light
of
the
nature,
extent
and
quality
of
the
services
provided.
The
Board
also
considered
the
total
operating
expense
ratio
of
a
fund
before
and
after
any
fee
waivers
and/or
expense
reimbursements.
More
specifically,
the
Independent
Board
Members
reviewed,
among
other
things,
each
fund’s
gross
and
net
management
fee
rates
(i.e.,
before
and
after
expense
reimbursements
and/or
fee
waivers,
if
any)
and
net
total
expense
ratio
in
relation
to
those
of
a
comparable
universe
of
funds
(the
“Peer
Universe”)
and/or
to
a
more
focused
subset
of
comparable
funds
(the
“Peer
Group”)
established
by
Broadridge
(subject
to
certain
exceptions).
The
Independent
Board
Members
reviewed
the
methodology
Broadridge
employed
to
establish
its
Peer
Universe
and
Peer
Group
and
recognized
that
differences
between
the
applicable
fund
and
its
respective
Peer
Universe
and/or
Peer
Group
as
well
as
changes
to
the
composition
of
the
Peer
Group
and/or
Peer
Universe
from
year
to
year
may
limit
some
of
the
value
of
the
comparative
data.
The
Independent
Board
Members
take
these
limitations
and
differences
into
account
when
reviewing
comparative
peer
data.
The
Independent
Board
Members
also
considered
a
fund’s
operating
expense
ratio
as
it
more
directly
reflected
the
shareholder’s
costs
in
investing
in
the
respective
fund.
In
their
review,
the
Independent
Board
Members
considered,
in
particular,
each
fund
with
a
net
expense
ratio
of
six
basis
points
or
higher
compared
to
that
of
its
peer
average
(each,
an
“Expense
Outlier
Fund”),
including
the
Nebraska
Fund,
and
an
analysis
as
to
the
factors
contributing
to
each
such
fund’s
higher
relative
net
expense
ratio.
Accordingly,
in
reviewing
the
comparative
data
between
a
fund
and
its
peers,
the
Board
generally
considered
the
fund’s
net
expense
ratio
and
fees
to
be
higher
if
they
were
over
10
basis
points
higher,
slightly
higher
if
they
were
6
to
10
basis
points
higher,
in
line
if
they
were
within
approximately
5
basis
points
higher
than
the
peer
average
and
below
if
they
were
below
the
peer
average
of
the
Peer
Group.
The
Independent
Board
Members
also
considered,
in
relevant
part,
a
fund’s
net
management
fee
and
net
total
expense
ratio
in
light
of
its
performance
history.
In
their
review
of
the
fee
arrangements
for
the
Nuveen
funds,
the
Independent
Board
Members
considered
the
management
fee
schedules,
including
the
complex-wide
and
fund-level
breakpoint
schedules,
and
the
expense
reimbursements
and/or
fee
waivers
provided
by
Nuveen
for
each
fund,
as
applicable.
The
Board
noted
that
across
the
Nuveen
fund
complex,
the
complex-wide
fee
breakpoints
reduced
fees
by
approximately
$72.5
million
and
fund-level
breakpoints
reduced
fees
by
approximately
$89.1
million
in
2021.
Further,
fee
caps
and
waivers
for
all
applicable
Nuveen
funds
saved
approximately
an
additional
$13.6
million
in
fees
for
shareholders
in
2021.
With
respect
to
the
Sub-Adviser,
the
Board
also
considered,
among
other
things,
the
sub-advisory
fee
schedule
paid
to
the
Sub-Adviser
in
light
of
the
sub-advisory
services
provided
to
the
respective
Fund
and
comparative
data
of
the
fees
the
Sub-Adviser
charges
to
other
clients,
if
any.
In
its
review,
the
Board
recognized
that
the
compensation
paid
to
the
Sub-Adviser
is
the
responsibility
of
the
Adviser,
not
the
Funds.
The
Independent
Board
Members
noted
that
(a)
the
Minnesota
Intermediate
Fund
and
the
Oregon
Fund
each
had
a
net
management
fee
that
was
higher
than
the
respective
peer
average,
but
a
net
expense
ratio
that
was
below
the
respective
peer
average;
(b)
the
Minnesota
Fund
had
a
net
management
fee
that
was
slightly
higher
than
its
peer
average,
but
a
net
expense
ratio
that
was
below
its
peer
average;
and
(c)
the
Nebraska
Fund
had
a
net
management
fee
that
was
higher
than
its
peer
average
and
a
net
expense
ratio
that
was
slightly
higher
than
its
peer
average.
The
Independent
Board
Members
noted
that
the
Adviser
had
agreed
to
lower
the
Nebraska
Fund’s
temporary
expense
cap
that
will
be
in
effect
through
July
31,
2024.
Based
on
its
review
of
the
information
provided,
the
Board
determined
that
each
Fund’s
management
fees
(as
applicable)
to
a
Fund
Adviser
were
reasonable
in
light
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
2.
Comparisons
with
the
Fees
of
Other
Clients
In
determining
the
appropriateness
of
fees,
the
Board
also
considered
information
regarding
the
fee
rates
the
respective
Fund
Advisers
charged
to
certain
other
types
of
clients
and
the
type
of
services
provided
to
these
other
clients.
With
respect
to
the
Adviser
and/or
the
Sub-Adviser,
such
other
clients
may
include
retail
and
institutional
managed
accounts,
exchange-traded
funds
(“ETFs”)
sub-advised
by
the
Sub-Adviser
that
are
offered
by
another
fund
complex,
municipal
managed
accounts
offered
by
an
unaffiliated
adviser
and
private
limited
partnerships
offered
by
Nuveen.
With
respect
to
the
Sub-Adviser,
the
Board
reviewed,
among
other
things,
the
fee
range
and
average
fee
of
municipal
retail
advisory
accounts
and
municipal
institutional
accounts
as
well
as
the
sub-advisory
fee
the
Sub-Adviser
received
for
serving
as
sub-adviser
to
certain
ETFs
offered
outside
the
Nuveen
family.
107
In
considering
the
fee
data
of
other
clients,
the
Board
recognized,
among
other
things,
that
differences
in
the
amount,
type
and
level
of
services
provided
to
the
Nuveen
funds
relative
to
other
types
of
clients
as
well
as
any
differences
in
portfolio
investment
policies,
the
types
of
assets
managed
and
related
complexities
in
managing
such
assets,
the
entrepreneurial
and
other
risks
associated
with
a
particular
strategy,
investor
profiles,
account
sizes
and
regulatory
requirements
will
contribute
to
the
variations
in
the
fee
schedules.
The
Board
recognized
the
breadth
of
services
the
Adviser
had
provided
to
the
Nuveen
funds
compared
to
these
other
types
of
clients
as
the
funds
operate
in
a
highly
regulated
industry
with
increasing
regulatory
requirements
as
well
as
the
increased
entrepreneurial,
legal
and
regulatory
risks
that
the
Adviser
incurs
in
sponsoring
and
managing
the
funds.
In
general,
higher
fee
levels
reflect
higher
levels
of
service
provided
by
the
Adviser,
increased
investment
management
complexity,
greater
product
management
requirements,
and
higher
levels
of
business
risk
or
some
combination
of
these
factors.
The
Board
further
considered
that
the
Sub-Adviser’s
fee
is
essentially
for
portfolio
management
services
and
therefore
more
comparable
to
the
fees
it
receives
for
retail
wrap
accounts
and
other
external
sub-advisory
mandates.
The
Board
concluded
the
varying
levels
of
fees
were
justified
given,
among
other
things,
the
inherent
differences
in
the
products
and
the
level
of
services
provided
to
the
Nuveen
funds
versus
other
clients,
the
differing
regulatory
requirements
and
legal
liabilities
and
the
entrepreneurial,
legal
and
regulatory
risks
incurred
in
sponsoring
and
advising
a
registered
investment
company.
3.
Profitability
of
Fund
Advisers
In
their
review,
the
Independent
Board
Members
considered
information
regarding
Nuveen’s
level
of
profitability
for
its
advisory
services
to
the
Nuveen
funds
for
the
calendar
years
2021
and
2020.
The
Board
reviewed,
among
other
things,
the
net
margins
(pre-tax)
for
Nuveen
Investments,
Inc.
(“Nuveen
Investments”),
the
gross
and
net
revenue
margins
(pre-
and
post-tax
and
excluding
distribution)
and
the
revenues,
expenses
and
net
income
(pre-
and
post-tax
and
before
distribution
expenses)
of
Nuveen
Investments
from
the
Nuveen
funds
only;
and
comparative
profitability
data
comparing
the
operating
margins
of
Nuveen
Investments
compared
to
the
adjusted
operating
margins
of
certain
peers
that
had
publicly
available
data
and
with
the
most
comparable
assets
under
management
(based
on
asset
size
and
asset
composition)
for
each
of
the
last
two
calendar
years.
The
Board
also
reviewed
the
revenues,
expenses
and
operating
margin
(pre-
and
post-tax)
the
Adviser
derived
from
its
ETF
product
line
for
the
2021
and
2020
calendar
years.
In
reviewing
the
profitability
data,
the
Independent
Board
Members
recognized
the
subjective
nature
of
calculating
profitability
as
the
information
is
not
audited
and
is
dependent
on
cost
allocation
methodologies
to
allocate
corporate-wide
overhead/shared
service
expenses,
TIAA
(defined
below)
corporate-wide
overhead
expenses
and
partially
fund
related
expenses
to
the
Nuveen
complex
and
its
affiliates
and
to
further
allocate
such
expenses
between
the
Nuveen
fund
and
non-fund
businesses.
The
Independent
Board
Members
reviewed
a
description
of
the
cost
allocation
methodologies
employed
to
develop
the
financial
information,
a
summary
of
the
history
of
changes
to
the
methodology
over
the
years
from
2010
to
2021,
and
the
net
revenue
margins
derived
from
the
Nuveen
funds
(pre-tax
and
including
and
excluding
distribution)
and
total
company
margins
from
Nuveen
Investments
compared
to
the
firm-wide
adjusted
operating
margins
of
the
peers
for
each
calendar
year
from
2012
to
2021.
The
Board
had
also
appointed
four
Independent
Board
Members
to
serve
as
the
Board’s
liaisons,
with
the
assistance
of
independent
counsel,
to
review
the
development
of
the
profitability
data
and
to
report
to
the
full
Board.
In
its
evaluation,
the
Board,
however,
recognized
that
other
reasonable
and
valid
allocation
methodologies
could
be
employed
and
could
lead
to
significantly
different
results.
The
Independent
Board
Members
also
reviewed
a
summary
of
the
key
drivers
that
affected
Nuveen’s
revenues
and
expenses
impacting
profitability
in
2021
versus
2020.
In
reviewing
the
comparative
peer
data
noted
above,
the
Board
considered
that
the
operating
margins
of
Nuveen
Investments
compared
favorably
to
the
peer
group
range
of
operating
margins;
however,
the
Independent
Board
Members
also
recognized
the
limitations
of
the
comparative
data
given
that
peer
data
is
not
generally
public
and
the
calculation
of
profitability
is
subjective
and
affected
by
numerous
factors
(such
as
types
of
funds
a
peer
manages,
its
business
mix,
its
cost
of
capital,
the
numerous
assumptions
underlying
the
methodology
used
to
allocate
expenses
and
other
factors)
that
can
have
a
significant
impact
on
the
results.
Aside
from
Nuveen’s
profitability,
the
Board
recognized
that
the
Adviser
is
a
subsidiary
of
Nuveen,
LLC,
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(“TIAA”).
Accordingly,
the
Board
also
reviewed
a
balance
sheet
for
TIAA
reflecting
its
assets,
liabilities
and
capital
and
contingency
reserves
for
the
2021
and
2020
calendar
years
to
consider
the
financial
strength
of
TIAA.
The
Board
recognized
the
benefit
of
an
investment
adviser
and
its
parent
with
significant
resources,
particularly
during
periods
of
market
volatility.
The
Board
also
noted
the
reinvestments
Nuveen,
its
parent
and/or
other
affiliates
made
into
its
business
through,
among
other
things,
the
investment
of
seed
capital
in
certain
Nuveen
funds
and
continued
investments
in
enhancements
to
technological
capabilities.
In
addition
to
Nuveen,
the
Independent
Board
Members
considered
the
profitability
of
the
Sub-Adviser
from
its
relationships
with
the
Nuveen
funds.
In
this
regard,
the
Independent
Board
Members
reviewed,
among
other
things,
the
Sub-Adviser’s
revenues,
expenses
and
net
revenue
margins
(pre-
and
post-tax)
for
its
advisory
activities
to
the
respective
funds
for
the
calendar
years
ended
December
31,
2021
and
December
31,
2020.
The
Independent
Board
Members
also
reviewed
a
profitability
analysis
reflecting
the
revenues,
expenses
and
revenue
margin
(pre-
and
post-tax)
by
asset
type
for
the
Sub-Adviser
for
the
calendar
years
ending
December
31,
2021
and
December
31,
2020
and
the
pre-
and
post-tax
revenue
margins
from
2021
and
2020.
In
evaluating
the
reasonableness
of
the
compensation,
the
Independent
Board
Members
also
considered
any
other
ancillary
benefits
derived
by
the
respective
Fund
Adviser
from
its
relationship
with
the
Nuveen
funds
as
discussed
in
further
detail
below.
Based
on
a
consideration
of
all
the
information
provided,
the
Board
noted
that
Nuveen’s
and
the
Sub-Adviser’s
level
of
profitability
was
acceptable
and
not
unreasonable
in
light
of
the
services
provided.
108
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
D.
Economies
of
Scale
and
Whether
Fee
Levels
Reflect
These
Economies
of
Scale
The
Board
considered
whether
there
have
been
economies
of
scale
with
respect
to
the
management
of
the
Nuveen
funds
and
whether
these
economies
of
scale
have
been
appropriately
shared
with
the
funds.
The
Board
recognized
that
although
economies
of
scale
are
difficult
to
measure
and
certain
expenses
may
not
decline
with
a
rise
in
assets,
there
are
several
methods
to
help
share
the
benefits
of
economies
of
scale,
including
breakpoints
in
the
management
fee
schedule,
fee
waivers
and/or
expense
limitations,
the
pricing
of
Nuveen
funds
at
scale
at
inception
and
investments
in
Nuveen’s
business
which
can
enhance
the
services
provided
to
the
funds
for
the
fees
paid.
The
Board
noted
that
Nuveen
generally
has
employed
these
various
methods,
and
the
Board
considered
the
extent
to
which
the
Nuveen
funds
will
benefit
from
economies
of
scale
as
their
assets
grow.
In
this
regard,
the
Board
recognized
that
the
management
fee
of
the
Adviser
is
generally
comprised
of
a
fund-level
component
and
a
complex-level
component
each
with
its
own
breakpoint
schedule,
subject
to
certain
exceptions.
The
Board
reviewed
the
fund-level
and
complex-
level
fee
schedules.
The
Board
considered
that
the
fund-level
breakpoint
schedules
are
designed
to
share
economies
of
scale
with
shareholders
if
the
particular
fund
grows,
and
the
complex-level
breakpoint
schedule
is
designed
to
deliver
the
benefits
of
economies
of
scale
to
shareholders
when
the
eligible
assets
in
the
complex
pass
certain
thresholds
even
if
the
assets
of
a
particular
fund
are
unchanged
or
have
declined.
In
addition
to
the
fund-level
and
complex-level
fee
schedules,
the
Independent
Board
Members
considered
the
temporary
and/or
permanent
expense
caps
applicable
to
certain
Nuveen
funds
(including
the
amounts
of
fees
waived
or
amounts
reimbursed
to
the
respective
funds
in
2021
and
2020),
including
the
temporary
expense
cap
applicable
to
the
Nebraska
Fund.
The
Board
recognized
that
such
waivers
and
reimbursements
applicable
to
the
respective
Nuveen
funds
are
another
means
for
potential
economies
of
scale
to
be
shared
with
shareholders
of
such
funds
and
can
provide
a
protection
from
an
increase
in
expenses
if
the
assets
of
the
applicable
funds
decline.
As
noted
above,
the
Independent
Board
Members
also
recognized
the
continued
reinvestment
in
Nuveen’s
business.
Based
on
its
review,
the
Board
concluded
that
the
current
fee
arrangements
together
with
the
reinvestment
in
Nuveen’s
business
appropriately
shared
any
economies
of
scale
with
shareholders.
E.
Indirect
Benefits
The
Independent
Board
Members
received
and
considered
information
regarding
other
benefits
the
respective
Fund
Adviser
or
its
affiliates
may
receive
as
a
result
of
their
relationship
with
the
Nuveen
funds.
The
Independent
Board
Members
recognized
that
an
affiliate
of
the
Adviser
serves
as
principal
underwriter
providing
distribution
and/or
shareholder
services
to
the
open-end
funds.
The
Independent
Board
Members
further
noted
that,
subject
to
certain
exceptions,
certain
classes
of
the
Nuveen
open-end
funds
pay
12b-1
fees
and
while
a
majority
of
such
fees
were
paid
to
third
party
financial
intermediaries,
the
Board
reviewed
the
amount
retained
by
the
Adviser’s
affiliate.
In
addition,
the
Independent
Board
Members
also
noted
that
various
sub-advisers
(including
the
Sub-Adviser)
may
engage
in
soft
dollar
transactions
pursuant
to
which
they
may
receive
the
benefit
of
research
products
and
other
services
provided
by
broker-dealers
executing
portfolio
transactions
on
behalf
of
the
applicable
Nuveen
funds.
However,
the
Board
noted
that
any
benefits
for
the
Sub-Adviser
when
transacting
in
fixed-income
securities
may
be
more
limited
as
such
securities
generally
trade
on
a
principal
basis
and
therefore
do
not
generate
brokerage
commissions.
Based
on
its
review,
the
Board
concluded
that
any
indirect
benefits
received
by
a
Fund
Adviser
as
a
result
of
its
relationship
with
the
Funds
were
reasonable
and
within
acceptable
parameters.
F.
Other
Considerations
The
Board
Members
did
not
identify
any
single
factor
discussed
previously
as
all-important
or
controlling.
The
Board
Members,
including
the
Independent
Board
Members,
concluded
that
the
terms
of
each
Advisory
Agreement
were
reasonable,
that
the
respective
Fund
Adviser’s
fees
were
reasonable
in
light
of
the
services
provided
to
each
Fund
and
that
the
Advisory
Agreements
be
renewed.
Liquidity
Risk
Management
Program
(Unaudited)
109
Discussion
of
the
operation
and
effectiveness
of
the
Funds’
liquidity
risk
management
program
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
each
Fund
covered
in
this
Report
the
“Funds”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”),
which
is
designed
to
manage
the
Fund’s
liquidity
risk.
The
Program
consists
of
various
protocols
for
assessing
and
managing
each
Fund’s
liquidity
risk.
The
Funds’
Board
of
Trustees
previously
designated
Nuveen
Fund
Advisors,
LLC,
the
Funds’
investment
adviser,
as
the
Administrator
of
the
Program.
The
adviser’s
Liquidity
Monitoring
and
Analysis
Team
(“LMAT”)
carries
out
day-to-day
Program
management
with
oversight
by
the
adviser’s
Liquidity
Oversight
Sub-Committee
(the
LOSC”).
The
LOSC
is
composed
of
personnel
from
the
adviser
and
Teachers
Advisors,
LLC,
an
affiliate
of
the
adviser.
At
a
May
23-25,
2022
meeting
of
the
Board,
the
Administrator
provided
the
Board
with
a
written
report
addressing
the
Program’s
operation,
adequacy
and
effectiveness
of
implementation
for
calendar
year
2021
(the
“Review
Period”),
as
required
under
the
Liquidity
Rule.
The
report
noted
that
the
Program
has
been
and
continues
to
be
adequately
and
effectively
implemented
to
monitor
and
(as
applicable)
respond
to
each
Fund’s
liquidity
developments.
In
accordance
with
the
Program,
the
LMAT
assesses
each
Fund’s
liquidity
risk
no
less
frequently
than
annually
based
on
various
factors,
such
as
(1)
the
Fund’s
investment
strategy
and
the
liquidity
of
portfolio
investments,
(ii)
cash
flow
projections,
and
(ii)
holdings
of
cash
and
cash
equivalents,
borrowing
arrangements,
and
other
funding
sources.
Certain
factors
are
considered
under
both
normal
and
reasonably
foreseeable
stressed
conditions.
Each
Fund
portfolio
investment
is
classified
into
one
of
four
liquidity
categories
(including
the
most
liquid,
“Highly
Liquid”,
and
the
least
liquid,
“lliquid”,
discussed
below),
The
classification
is
based
on
a
determination
of
how
long
it
is
reasonably
expected
to
take
to
convert
the
investment
into
cash,
or
sell
or
dispose
of
the
investment,
in
current
market
conditions
without
significantly
changing
the
market
value
of
the
investment
Liquidity
classification
determinations
take
into
account
various
market,
trading,
and
investment-specific
considerations,
as
well
as
market
depth,
and
use
third-
party
vendor
data.
Any
Fund
that
does
not
primarily
hold
highly
liquid
investments
must,
among
other
things,
determine
a
minimum
percentage
of
Fund
assets
that
must
be
invested
in
highly
liquid
investments
(a
“Highly
Liquid
Investment
Minimum”).
During
the
Review
Period,
each
Fund
primarily
held
Highly
Liquid
investments
and
therefore
was
exempt
from
the
requirement
to
adopt
a
Highly
Liquid
Investment
Minimum
and
to
comply
with
the
related
requirements
under
the
Liquidity
Rule.
The
Liquidity
Rule
also
limits
a
Fund’s
investments
in
Illiquid
investments.
Specifically,
the
Liquidity
Rule
prohibits
a
Fund
from
acquiring
Illiquid
investments
if
doing
so
would
result
in
the
Fund
holding
more
than
15%
of
its
net
assets
in
illiquid
investments,
and
requires
certain
reporting
to
the
Fund
Board
and
the
Securities
and
Exchange
Commission
any
time
a
Fund’s
holdings
of
Illiquid
investments
exceeds
15%
of
net
assets.
During
the
Review
Period,
no
Fund
exceeded
the
15%
limit
on
Illiquid
investments.
110
Directors
and
Officers
(Unaudited)
The
management
of
the
Funds,
including
general
supervision
of
the
duties
performed
for
the
Funds
by
the
Adviser,
is
the
responsibility
of
the
Board
of Directors
of
the
Funds.
The
number
of
Directors of
the
Funds
is
currently
set
at
ten.
None
of
the Directors
who
are
not
“interested”
persons
of
the
Funds
(referred
to
herein
as
“Independent
Directors”)
has
ever
been
a Director
or
employee
of,
or
consultant
to,
Nuveen
or
its
affiliates.
The
names
and
business
addresses
of
the Directors
and
officers
of
the
Funds,
their
principal
occupations
and
other
affiliations
during
the
past
five
years,
the
number
of
portfolios
each
oversees
and
other
directorships
they
hold
are
set
forth
below.
The
Funds’
Statement
of
Additional
Information
(“SAI”)
includes
more
information
about
the
Directors.
To
request
a
free
copy,
call
Nuveen
Investments
at
(800)
257-8787
or
visit
the
Funds’
website
at
www.nuveen.com.
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Director
Independent
Directors:
Terence
J.
Toth
1959
333
W.
Wacker
Drive
Chicago,
IL
60606
Chair
and
Director
2008
Formerly,
a
Co-Founding
Partner,
Promus
Capital
(investment
advisory
firm)
(2008-2017);
formerly,
Director,
Quality
Control
Corporation
(manufacturing)
(2012-2021);
Chair
of
the
Board
of
the
Kehrein
Center
for
the
Arts
(philanthropy)
(since
2021);
member:
Catalyst
Schools
of
Chicago
Board
(since
2008)
and
Mather
Foundation
Board
(philanthropy)
(since
2012),
and
chair
of
its
investment
committee;
formerly,
Member,
Chicago
Fellowship
Board
(philanthropy)
2005-2016);
formerly,
Director,
Fulcrum
IT
Services
LLC
(information
technology
services
firm
to
government
entities)
(2010-2019);
formerly,
Director,
LogicMark
LLC
(health
services)
(2012-2016);
formerly,
Director,
Legal
&
General
Investment
Management
America,
Inc.
(asset
management)
(2008-
2013);
formerly,
CEO
and
President,
Northern
Trust
Global
Investments
(financial
services)
(2004-2007);
Executive
Vice
President,
Quantitative
Management
&
Securities
Lending
(2000-2004);
prior
thereto,
various
positions
with
Northern
Trust
Company
(financial
services)
(since
1994);
formerly,
Member,
Northern
Trust
Mutual
Funds
Board
(2005-2007),
Northern
Trust
Global
Investments
Board
(2004-2007),
Northern
Trust
Japan
Board
(2004-2007),
Northern
Trust
Securities
Inc.
Board
(2003-2007)
and
Northern
Trust
Hong
Kong
Board
(1997-2004).
141
Jack
B.
Evans
1948
333
W.
Wacker
Drive
Chicago,
IL
60606
Director
1999
Chairman
(since
2019),
formerly,
President
(1996-2019),
The
Hall-Perrine
Foundation,
(private
philanthropic
corporation);
Life
Trustee
of
Coe
College;
formerly,
Member
and
President
Pro-Tem
of
the
Board
of
Regents
for
the
State
of
Iowa
University
System
(2007-
2013);
Director
and
Chairman
(2009-2021),
United
Fire
Group,
a
publicly
held
company;
Director,
Public
Member,
American
Board
of
Orthopaedic
Surgery
(2015-2020);
Director
(2000-2004),
Alliant
Energy;
Director
(1996-2015),
The
Gazette
Company
(media
and
publishing);
Director
(1997-
2003),
Federal
Reserve
Bank
of
Chicago;
President
and
Chief
Operating
Officer
(1972-1995),
SCI
Financial
Group,
Inc.,
(regional
financial
services
firm).
141
William
C.
Hunter
1948
333
W.
Wacker
Drive
Chicago,
IL
60606
Director
2003
Dean
Emeritus,
formerly,
Dean,
Tippie
College
of
Business,
University
of
Iowa
(2006-2012);
Director
of
Wellmark,
Inc.
(since
2009);
past
Director
(2005-2015),
and
past
President
(2010-
2014)
Beta
Gamma
Sigma,
Inc.,
The
International
Business
Honor
Society;
formerly,
Director
(2004-2018)
of
Xerox
Corporation;
formerly,
Dean
and
Distinguished
Professor
of
Finance,
School
of
Business
at
the
University
of
Connecticut
(2003-2006);
previously,
Senior
Vice
President
and
Director
of
Research
at
the
Federal
Reserve
Bank
of
Chicago
(1995-2003);
formerly,
Director
(1997-2007),
Credit
Research
Center
at
Georgetown
University.
141
111
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Director
Amy
B.
R.
Lancellotta
1959
333
W.
Wacker
Drive
Chicago,
IL
60606
Director
2021
Formerly,
Managing
Director,
Independent
Directors
Council
(IDC)
(supports
the
fund
independent
director
community
and
is
part
of
the
Investment
Company
Institute
(ICI),
which
represents
regulated
investment
companies)
(2006-2019);
formerly,
various
positions
with
ICI
(1989-2006);
Member
of
the
Board
of
Directors,
Jewish
Coalition
Against
Domestic
Abuse
(JCADA)
(since
2020).
141
Joanne
T.
Medero
1954
333
W.
Wacker
Drive
Chicago,
IL
60606
Director
2021
Formerly,
Managing
Director,
Government
Relations
and
Public
Policy
(2009-2020)
and
Senior
Advisor
to
the
Vice
Chairman
(2018-2020),
BlackRock,
Inc.
(global
investment
management
firm);
formerly,
Managing
Director,
Global
Head
of
Government
Relations
and
Public
Policy,
Barclays
Group
(IBIM)
(investment
banking,
investment
management
and
wealth
management
businesses)(2006-2009);
formerly,
Managing
Director,
Global
General
Counsel
and
Corporate
Secretary,
Barclays
Global
Investors
(global
investment
management
firm)
(1996-2006);
formerly,
Partner,
Orrick,
Herrington
&
Sutcliffe
LLP
(law
firm)
(1993-1995);
formerly,
General
Counsel,
Commodity
Futures
Trading
Commission
(government
agency
overseeing
U.S.
derivatives
markets)
(1989-1993);
formerly,
Deputy
Associate
Director/Associate
Director
for
Legal
and
Financial
Affairs,
Office
of
Presidential
Personnel,
The
White
House
(1986-1989);
Member
of
the
Board
of
Directors,
Baltic-American
Freedom
Foundation
(seeks
to
provide
opportunities
for
citizens
of
the
Baltic
states
to
gain
education
and
professional
development
through
exchanges
in
the
U.S.)
(since
2019).
141
Albin
F.
Moschner
1952
333
W.
Wacker
Drive
Chicago,
IL
60606
Director
2016
Founder
and
Chief
Executive
Officer,
Northcroft
Partners,
LLC,
(management
consulting)
(since
2012);
formerly,
Chairman
(2019),
and
Director
(2012-2019),
USA
Technologies,
Inc.,
(provider
of
solutions
and
services
to
facilitate
electronic
payment
transactions);
formerly,
Director,
Wintrust
Financial
Corporation
(1996-2016);
previously,
held
positions
at
Leap
Wireless
International,
Inc.
(consumer
wireless
services),
including
Consultant
(2011-2012),
Chief
Operating
Officer
(2008-2011),
and
Chief
Marketing
Officer
(2004-2008);
formerly,
President,
Verizon
Card
Services
division
of
Verizon
Communications,
Inc.
(2000-2003);
formerly,
President,
One
Point
Services
at
One
Point
Communications
(telecommunication
services)
(1999-2000);
formerly,
Vice
Chairman
of
the
Board,
Diba,
Incorporated
(internet
technology
provider)
(1996-1997);
formerly,
various
executive
positions
(1991-1996)
including
Chief
Executive
Officer
(1995-1996)
of
Zenith
Electronics
Corporation
(consumer
electronics).
141
John
K.
Nelson
1962
333
W.
Wacker
Drive
Chicago,
IL
60606
Director
2013
Member
of
Board
of
Directors
of
Core12
LLC.
(private
firm
which
develops
branding,
marketing
and
communications
strategies
for
clients)
(since
2008);
served
The
President’s
Council
of
Fordham
University
(2010-2019)
and
previously
a
Director
of
the
Curran
Center
for
Catholic
American
Studies
(2009-2018);
formerly,
senior
external
advisor
to
the
Financial
Services
practice
of
Deloitte
Consulting
LLP.
(2012-2014);
former
Chair
of
the
Board
of
Trustees
of
Marian
University
(2010-2014
as
trustee,
2011-2014
as
Chair);
formerly
Chief
Executive
Officer
of
ABN
AMRO
Bank
N.V.,
North
America,
and
Global
Head
of
the
Financial
Markets
Division
(2007-2008),
with
various
executive
leadership
roles
in
ABN
AMRO
Bank
N.V.
between
1996
and
2007.
141
112
Directors
and
Officers
(Unaudited)
(continued)
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Director
Judith
M.
Stockdale
1947
333
W.
Wacker
Drive
Chicago,
IL
60606
Director
1997
Board
Member,
Land
Trust
Alliance
(national
public
charity
addressing
natural
land
and
water
conservation
in
the
U.S.)
(since
2013);
formerly,
Board
Member,
U.S.
Endowment
for
Forestry
and
Communities
(national
endowment
addressing
forest
health,
sustainable
forest
production
and
markets,
and
economic
health
of
forest-reliant
communities
in
the
U.S.)
(2013-2019);
formerly,
Executive
Director
(1994-2012),
Gaylord
and
Dorothy
Donnelley
Foundation
(private
foundation
endowed
to
support
both
natural
land
conservation
and
artistic
vitality);
prior
thereto,
Executive
Director,
Great
Lakes
Protection
Fund
(endowment
created
jointly
by
seven
of
the
eight
Great
Lakes
states’
Governors
to
take
a
regional
approach
to
improving
the
health
of
the
Great
Lakes)
(1990-1994).
141
Carole
E.
Stone
1947
333
W.
Wacker
Drive
Chicago,
IL
60606
Director
2007
Former
Director,
Chicago
Board
Options
Exchange
(2006-2017),
and
C2
Options
Exchange,
Incorporated
(2009-2017);
formerly,
Director,
Cboe
Global
Markets,
Inc.,
(2010-2020)
(formerly
named
CBOE
Holdings,
Inc.);
formerly,
Commissioner,
New
York
State
Commission
on
Public
Authority
Reform
(2005-2010).
141
Matthew
Thornton
III
1958
333
W.
Wacker
Drive
Chicago,
IL
60606
Director
2020
Formerly,
Executive
Vice
President
and
Chief
Operating
Officer
(2018-2019),
FedEx
Freight
Corporation,
a
subsidiary
of
FedEx
Corporation
(FedEx)
(provider
of
transportation,
e-commerce
and
business
services
through
its
portfolio
of
companies);
formerly,
Senior
Vice
President,
U.S.
Operations
(2006-2018),
Federal
Express
Corporation,
a
subsidiary
of
FedEx;
formerly
Member
of
the
Board
of
Directors
(2012-2018),
Safe
Kids
Worldwide®
(a
non-profit
organization
dedicated
to
preventing
childhood
injuries).
Member
of
the
Board
of
Directors
(since
2014),
The
Sherwin-Williams
Company
(develops,
manufactures,
distributes
and
sells
paints,
coatings
and
related
products);
Director
(since
2020),
Crown
Castle
International
(provider
of
communications
infrastructure).
141
Margaret
L.
Wolff
1955
333
W.
Wacker
Drive
Chicago,
IL
60606
Director
2016
Formerly,
member
of
the
Board
of
Directors
(2013-2017)
of
Travelers
Insurance
Company
of
Canada
and
The
Dominion
of
Canada
General
Insurance
Company
(each,
a
part
of
Travelers
Canada,
the
Canadian
operation
of
The
Travelers
Companies,
Inc.);
formerly,
Of
Counsel,
Skadden,
Arps,
Slate,
Meagher
&
Flom
LLP
(Mergers
&
Acquisitions
Group)
(legal
services)
(2005-2014);
Member
of
the
Board
of
Trustees
of
New
York-Presbyterian
Hospital
(since
2005);
Member
(since
2004),
formerly,
Chair
(2015-2022)
of
the
Board
of
Trustees
of
The
John
A.
Hartford
Foundation
(a
philanthropy
dedicated
to
improving
the
care
of
older
adults);
formerly,
Member
(2005-2015)
and
Vice
Chair
(2011-2015)
of
the
Board
of
Trustees
of
Mt.
Holyoke
College.
141
Robert
L.
Young
1963
333
W.
Wacker
Drive
Chicago,
IL
60606
Director
2017
Formerly,
Chief
Operating
Officer
and
Director,
J.P.
Morgan
Investment
Management
Inc.
(financial
services)
(2010-2016);
formerly,
President
and
Principal
Executive
Officer
(2013-2016),
and
Senior
Vice
President
and
Chief
Operating
Officer
(2005-2010),
of
J.P.
Morgan
Funds;
formerly,
Director
and
various
officer
positions
for
J.P.
Morgan
Investment
Management
Inc.
(formerly,
JPMorgan
Funds
Management,
Inc.
and
formerly,
One
Group
Administrative
Services)
and
JPMorgan
Distribution
Services,
Inc.
(financial
services)
(formerly,
One
Group
Dealer
Services,
Inc.)
(1999-2017).
141
113
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(2)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Officers
of
the
Funds:
Christopher
E.
Stickrod
1976
333
W.
Wacker
Drive
Chicago,
IL
60606
Chief
Administrative
Officer
2020
Senior
Managing
Director
(since
2017)
and
Head
of
Advisory
Product
(since
2020),
formerly,
Managing
Director
(2016-2017)
and
Senior
Vice
President
(2013-
2016)
of
Nuveen;
Senior
Managing
Director
of
Nuveen
Securities,
LLC
(since
2018)
and
of
Nuveen
Fund
Advisors,
LLC
(since
2019).
Brett
E.
Black
1972
333
West
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Chief
Compliance
Officer
2022
Enterprise
Senior
Compliance
Officer
of
Nuveen
(since
2022);
formerly,
Vice
President
(2014-2022),
Chief
Compliance
Officer
(2017-2022),
Deputy
Chief
Compliance
Officer
(2014-2017)
and
Senior
Compliance
Officer
(2012-2014)
of
BMO
Funds,
Inc.;
formerly
Senior
Compliance
Officer
of
BMO
Asset
Management
Corp.
(2012-2014).
Mark
J.
Czarniecki
1979
901
Marquette
Avenue
Minneapolis,
MN
55402
Vice
President
and
Secretary
2013
Vice
President
and
Assistant
Secretary
of
Nuveen
Securities,
LLC
(since
2016);
Managing
Director
(since
2022),
formerly,
Vice
President
(2017-2022)
and
Assistant
Secretary
(since
2017)
of
Nuveen
Fund
Advisors,
LLC;
Managing
Director
and
Associate
General
Counsel
(since
January
2022),
formerly,
Vice
President
and
Associate
General
Counsel
of
Nuveen
(2013-2021);
Managing
Director
(since
2022),
formerly,
Vice
President
(2018-2022),
Assistant
Secretary
and
Associate
General
Counsel
(since
2018)
of
Nuveen
Asset
Management,
LLC.
Diana
R.
Gonzalez
1978
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2017
Vice
President
and
Assistant
Secretary
of
Nuveen
Fund
Advisors,
LLC
(since
2017);
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC
(since
2022);
Vice
President
and
Associate
General
Counsel
of
Nuveen
(since
2017);
Associate
General
Counsel
of
Jackson
National
Asset
Management,
LLC
(2012-2017).
Nathaniel
T.
Jones
1979
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Treasurer
2016
Senior
Managing
Director
(since
2021),
formerly,
Managing
Director
(2017-2021),
Senior
Vice
President
(2016-2017),
formerly,
Vice
President
(2011-
2016)
of
Nuveen;
Managing
Director
(since
2015)
of
Nuveen
Fund
Advisors,
LLC;
Chartered
Financial
Analyst.
Tina
M.
Lazar
1961
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2002
Managing
Director
(since
2017),
formerly,
Senior
Vice
President
(2014-2017)
of
Nuveen
Securities,
LLC.
Brian
J.
Lockhart
1974
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2019
Managing
Director
(since
2019)
of
Nuveen
Fund
Advisors,
LLC;
Senior
Managing
Director
(since
2021),
formerly,
Managing
Director
(2017-2021),
Vice
President
(2010-2017)
of
Nuveen;
Head
of
Investment
Oversight
(since
2017),
formerly,
Team
Leader
of
Manager
Oversight
(2015-2017);
Chartered
Financial
Analyst
and
Certified
Financial
Risk
Manager.
Jacques
M.
Longerstaey
1963
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
2019
Senior
Managing
Director,
Chief
Risk
Officer,
Nuveen,
LLC
(since
May
2019);
Senior
Managing
Director
(since
May
2019)
of
Nuveen
Fund
Advisors,
LLC;
formerly,
Chief
Investment
and
Model
Risk
Officer,
Wealth
&
Investment
Management
Division,
Wells
Fargo
Bank
(NA)
(2013-2019).
John
M.
McCann
1975
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2022
Managing
Director
and
Assistant
Secretary
of
Nuveen
Fund
Advisors,
LLC
(since
2021);
Managing
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC
(since
2021);
Managing
Director
of
TIAA
SMA
Strategies
LLC
(since
2021);
Managing
Director
(since
2019,
formerly,
Vice
President
and
Director),
Associate
General
Counsel
and
Assistant
Secretary
of
College
Retirement
Equities
Fund,
TIAA
Separate
Account
VA-1,
TIAA-CREF
Funds
and
TIAA-CREF
Life
Funds;
Managing
Director
(since
2018),
formerly,
Vice
President
and
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
Teachers
Insurance
and
Annuity
Association
of
America,
Teacher
Advisors
LLC
and
TIAA-CREF
Investment
Management,
LLC;
Vice
President
(since
2017),
Associate
General
Counsel
and
Assistant
Secretary
(since
2011)
of
Nuveen
Alternative
Advisors
LLC;
General
Counsel
and
Assistant
Secretary
of
Covariance
Capital
Management,
Inc.
(2014-2017).
114
Directors
and
Officers
(Unaudited)
(continued)
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(2)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Kevin
J.
McCarthy
1966
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Assistant
Secretary
2007
Senior
Managing
Director
(since
2017)
and
Secretary
and
General
Counsel
(since
2016)
of
Nuveen
Investments,
Inc.,
formerly,
Executive
Vice
President
(2016-2017)
and
Managing
Director
and
Assistant
Secretary
(2008-2016);
Senior
Managing
Director
(since
2017)
and
Assistant
Secretary
(since
2008)
of
Nuveen
Securities,
LLC,
formerly
Executive
Vice
President
(2016-2017)
and
Managing
Director
(2008-2016);
Senior
Managing
Director
(since
2017)
and
Secretary
(since
2016)
of
Nuveen
Fund
Advisors,
LLC,
formerly,
Co-General
Counsel
(2011-2020),
Executive
Vice
President
(2016-2017),
Managing
Director
(2008-2016)
and
Assistant
Secretary
(2007-2016);
Senior
Managing
Director
(since
2017),
Secretary
(since
2016)
of
Nuveen
Asset
Management,
LLC,
formerly,
Associate
General
Counsel
(2011-2020),
Executive
Vice
President
(2016-2017)
and
Managing
Director
and
Assistant
Secretary
(2011-2016);
formerly
Vice
President
(2007-2021)
and
Secretary
(2016-2021),
of
NWQ
Investment
Management
Company,
LLC
and
Santa
Barbara
Asset
Management,
LLC;
Vice
President
and
Secretary
of
Winslow
Capital
Management,
LLC
(since
2010).
Senior
Managing
Director
(since
2017)
and
Secretary
(since
2016)
of
Nuveen
Alternative
Investments,
LLC.
Jon
Scott
Meissner
1973
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2019
Managing
Director
of
Mutual
Fund
Tax
and
Financial
Reporting
groups
at
Nuveen
(since
2017);
Managing
Director
of
Nuveen
Fund
Advisors,
LLC
(since
2019);
Senior
Director
of
Teachers
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC
(since
2016);
Senior
Director
(since
2015)
Mutual
Fund
Taxation
to
the
TIAA-CREF
Funds,
the
TIAA-CREF
Life
Funds,
the
TIAA
Separate
Account
VA-1
and
the
CREF
Accounts;
has
held
various
positions
with
TIAA
since
2004.
Deann
D.
Morgan
1969
730
Third
Avenue
New
York,
NY
10017
Vice
President
2020
President,
Nuveen
Fund
Advisors,
LLC
(since
2020);
Executive
Vice
President,
Global
Head
of
Product
at
Nuveen
(since
2019);
Co-Chief
Executive
Officer
of
Nuveen
Securities,
LLC
(since
2020);
Managing
Member
of
MDR
Collaboratory
LLC
(since
2018);
Managing
Director,
Head
of
Wealth
Management
Product
Structuring
&
COO
Multi
Asset
Investing.
The
Blackstone
Group
(2013-2017).
William
A.
Siffermann
1975
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2017
Managing
Director
(since
2017),
formerly
Senior
Vice
President
(2016-2017)
and
Vice
President
(2011-2016)
of
Nuveen.
E.
Scott
Wickerham
1973
730
Third
Avenue
New
York,
NY
10017
Vice
President
and
Controller
2019
Senior
Managing
Director,
Head
of
Public
Investment
Finance
at
Nuveen
(since
2019),
formerly,
Managing
Director;
Senior
Managing
Director
(since
2019)
of
Nuveen
Fund
Advisors,
LLC;
Principal
Financial
Officer,
Principal
Accounting
Officer
and
Treasurer
(since
2017)
of
the
TIAA-CREF
Funds,
the
TIAA-CREF
Life
Funds,
the
TIAA
Separate
Account
VA-1
and
Principal
Financial
Officer,
Principal
Accounting
Officer
(since
2020)
and
Treasurer
(since
2017)
of
the
CREF
Accounts;
formerly,
Senior
Director,
TIAA-CREF
Fund
Administration
(2014-2015);
has
held
various
positions
with
TIAA
since
2006.
Mark
L.
Winget
1968
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Assistant
Secretary
2008
Vice
President
and
Assistant
Secretary
of
Nuveen
Securities,
LLC
(since
2008),
and
Nuveen
Fund
Advisors,
LLC
(since
2019);
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC
(since
2020);
Vice
President
(since
2010)
and
Associate
General
Counsel
(since
2019),
formerly,
Assistant
General
Counsel
(2008-2016)
of
Nuveen.
Gifford
R.
Zimmerman
1956
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Assistant
Secretary
1988
Managing
Director
and
Assistant
Secretary
of
Nuveen
Securities,
LLC
(since
2022);
Managing
Director,
Assistant
Secretary
and
General
Counsel
(since
2022),
formerly,
Co-General
Counsel
(2011-2020)
of
Nuveen
Fund
Advisors,
LLC;
formerly,
Managing
Director
(2004-2020)
and
Assistant
Secretary
(1994-2020)
of
Nuveen
Investments,
Inc.;
Managing
Director,
Assistant
Secretary
and
Associate
General
Counsel
(since
2022)
of
Nuveen
Asset
Management,
LLC;
formerly,
Vice
President
and
Assistant
Secretary
of
NWQ
Investment
Management
Company,
LLC
(2002-2020),
Santa
Barbara
Asset
Management,
LLC
(2006-2020)
and
Winslow
Capital
Management,
LLC
(2010-2020);
Chartered
Financial
Analyst.
(1)
Directors
serve
an
indefinite
term
until
his/her
successor
is
elected
or
appointed.
The
year
first
elected
or
appointed
represents
the
year
in
which
the
director
was
first
elected
or
appointed
to
any
fund
in
the
Nuveen
Fund
Complex.
(2)
Officers
serve
one
year
terms
through
August
of
each
year.
The
year
first
elected
or
appointed
represents
the
year
in
which
the
officer
was
first
elected
or
appointed
to
any
fund
in
the
Nuveen
Fund
Complex.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
MAN-FTFI-0522D
2261247-INV-Y-07/23
Nuveen:
Serving
Investors
for
Generations
Since
1898,
financial
advisors
and
their
clients
have
relied
on
Nuveen
to
provide
dependable
investment
solutions
through
continued
adherence
to
proven,
long-term
investing
principles.
Today,
we
offer
a
range
of
high
quality
solutions
designed
to
be
integral
components
of
a
well-diversified
core
portfolio.
Focused
on
meeting
investor
needs.
Nuveen
is
the
investment
manager
of
TIAA.
We
have
grown
into
one
of
the
world’s
premier
global
asset
managers,
with
specialist
knowledge
across
all
major
asset
classes
and
particular
strength
in
solutions
that
provide
income
for
investors
and
that
draw
on
our
expertise
in
alternatives
and
responsible
investing.
Nuveen
is
driven
not
only
by
the
independent
investment
processes
across
the
firm,
but
also
the
insights,
risk
management,
analytics
and
other
tools
and
resources
that
a
truly
world-class
platform
provides.
As
a
global
asset
manager,
our
mission
is
to
work
in
partnership
with
our
clients
to
create
solutions
which
help
them
secure
their
financial
future.
Find
out
how
we
can
help
you.
To
learn
more
about
how
the
products
and
services
of
Nuveen
may
be
able
to
help
you
meet
your
financial
goals,
talk
to
your
financial
advisor,
or
call
us
at
(800)
257-8787.
Please
read
the
information
provided
carefully
before
you
invest.
Investors
should
consider
the
investment
objective
and
policies,
risk
considerations,
charges
and
expenses
of
any
investment
carefully.
Where
applicable,
be
sure
to
obtain
a
prospectus,
which
contains
this
and
other
relevant
information.
To
obtain
a
prospectus,
please
contact
your
securities
representative
or
Nuveen,
333
W.
Wacker
Dr.,
Chicago,
IL
60606.
Please
read
the
prospectus
carefully
before
you
invest
or
send
money.
Learn
more
about
Nuveen
Funds
at:
www.nuveen.com/mutual-funds

ITEM 2.

CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)

 

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans, Albin F. Moschner, John K. Nelson and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.

Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Ms. Stone formerly served on the Board of Directors of CBOE Global Markets, Inc. (formerly, CBOE Holdings, Inc.), the Chicago Board Options Exchange, and the C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee involved, among other things, the oversight of audits, audit plans and preparation of financial statements.

Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.

Mr. Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was as a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995.

Mr. Nelson is on the Board of Directors of Core12, LLC. (since 2008), a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses, and co-led these activities for J.P. Morgan’s global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.

 

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The following tables show the amount of fees that PricewaterhouseCoopers the Funds’ auditor, billed to the Funds’ during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

 

Fiscal Year Ended May 31, 2022

    Audit Fees Billed
to Funds 1		      Audit-Related Fees
Billed to Funds  2		      Tax Fees Billed
to Funds 3		      All Other Fees
Billed to Funds 4		  
Fund Name            

Nuveen Minnesota Municipal Bond Fund

      37,025        0        38        0  

Nuveen Minnesota Intermediate Municipal Bond Fund

      37,025        0        22        0  

Nuveen Nebraska Municipal Bond Fund

      35,975        0        7        0  

Nuveen Oregon Intermediate Municipal Bond Fund

      35,975        0        15        0  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 146,000      $ 0      $ 38      $ 0  

 

1    “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.
2    “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.
3    “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant.
4    “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

 

     Percentage Approved Pursuant to Pre-approval Exception  
     Audit Fees Billed
to Funds		     Audit-Related Fees
Billed to Funds		     Tax Fees
Billed to Funds		     All Other Fees
Billed to Funds		  
Fund Name         

Nuveen Minnesota Municipal Bond Fund

      0 %      0 %      0 %      0 % 

Nuveen Minnesota Intermediate Municipal Bond Fund

      0 %      0 %      0 %      0 % 

Nuveen Nebraska Municipal Bond Fund

      0 %      0 %      0 %      0 % 

Nuveen Oregon Intermediate Municipal Bond Fund

      0 %      0 %      0 %      0 % 

May 31, 2021

    Audit Fees Billed
to Funds 1		     Audit-Related Fees
Billed to Funds 2		     Tax Fees
Billed to Funds 3		     All Other Fees
Billed to Funds 4		  
Fund Name         

Nuveen Minnesota Municipal Bond Fund

      21,575       0       0       0  

Nuveen Minnesota Intermediate Municipal Bond Fund

      20,795       0       0       0  

Nuveen Nebraska Municipal Bond Fund

      19,785       0       0       0  

Nuveen Oregon Intermediate Municipal Bond Fund

      20,265       0       0       0  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $ 82,420     $ 0     $ 0     $ 0  

 

1    “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.
2    “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.
3    “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant.
4    “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

 

     Percentage Approved Pursuant to Pre-approval Exception  
     Audit Fees Billed
to Funds		     Audit-Related Fees
Billed to Funds		     Tax Fees
Billed to Funds		     All Other Fees
Billed to Funds		  
Fund Name         

Nuveen Minnesota Municipal Bond Fund

      0 %      0 %      0 %      0 % 

Nuveen Minnesota Intermediate Municipal Bond Fund

      0 %      0 %      0 %      0 % 

Nuveen Nebraska Municipal Bond Fund

      0 %      0 %      0 %      0 % 

Nuveen Oregon Intermediate Municipal Bond Fund

      0 %      0 %      0 %      0 % 

 

Fiscal Year Ended May 31, 2022

    Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers		     Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers		     All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers		  

Nuveen Investment Funds, Inc.

    $ 0     $ 0     $ 0  
     Percentage Approved Pursuant to Pre-approval Exception  
     Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers		     Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers		     All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers		  
     0 %      0 %      0 % 

Fiscal Year Ended May 31, 2021

    Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers		     Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers
     All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers		  

Nuveen Investment Funds, Inc.

    $ 0     $ 0     $ 0  
     Percentage Approved Pursuant to Pre-approval Exception  
     Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers		     Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers		     All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers		  
     0 %      0 %      0 % 

 

Fiscal Year Ended May 31, 2022

    Total Non-Audit Fees
Billed to Trust		      Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (engagements
related directly to the
operations and financial
reporting of the Trust)		      Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (all other
engagements)		      Total  
Fund Name            

Nuveen Minnesota Municipal Bond Fund

      38        0        0        38  

Nuveen Minnesota Intermediate Municipal Bond Fund

      22        0        0        22  

Nuveen Nebraska Municipal Bond Fund

      7        0        0        7  

Nuveen Oregon Intermediate Municipal Bond Fund

      15        0        0        15  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 38      $ 0      $ 0      $ 38  

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

 

Fiscal Year Ended May 31, 2021

    Total Non-Audit Fees
Billed to Trust		      Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service 
Providers (engagements
related directly to the
operations and financial
reporting of the Trust)		      Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (all other
engagements)		      Total  
Fund Name            

Nuveen Minnesota Municipal Bond Fund

      0        0        0        0  

Nuveen Minnesota Intermediate Municipal Bond Fund

      0        0        0        0  

Nuveen Nebraska Municipal Bond Fund

      0        0        0        0  

Nuveen Oregon Intermediate Municipal Bond Fund

      0        0        0        0  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 0      $ 0      $ 0      $ 0  

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.

 

 

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit and non-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chair for her verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

 

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this registrant.

 

ITEM 6.

SCHEDULE OF INVESTMENTS.

 

a)   See Portfolio of Investments in Item 1.

 

b)   Not applicable.

 

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this registrant.

 

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this registrant.

 

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to this registrant.

 

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

 

ITEM 11.

CONTROLS AND PROCEDURES.

 

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

 

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

 

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

 

ITEM 13.

EXHIBITS.

File the exhibits listed below as part of this Form.

 

  (a )(1)    Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/fund-governance and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)
  (a )(2)    A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule  30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
  (a )(3)    Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
  (a )(4)    Change in the registrant’s independent public accountant. Not applicable.
  (b )    If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

 

 

SIGNATURES

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

(Registrant) Nuveen Investment Funds, Inc.

 

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

Date: August 8, 2022

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

 

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

Date: August 8, 2022

 

By (Signature and Title)       /s/ E. Scott Wickerham
  E. Scott Wickerham
  Vice President and Controller
  (principal financial officer)

Date: August 8, 2022

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act

EX-99.CERT

CERTIFICATIONS

I, Christopher E. Stickrod, certify that:

 

1.   I have reviewed this report on Form N-CSR of Nuveen Investment Funds, Inc.

 

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

 

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

 

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

 

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

 

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

 

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

 

  d)   disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

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

 

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

 

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

Date: August 8, 2022

 

/s/ Christopher E. Stickrod
Christopher E. Stickrod
Chief Administrative Officer
(principal executive officer)

I, E. Scott Wickerham, certify that:

 

1.   I have reviewed this report on Form N-CSR of Nuveen Investment Funds, Inc.;

 

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

 

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

 

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

 

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

 

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

 

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

 

  d)   disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

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

 

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

 

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

Date: August 8, 2022

 

/s/ E. Scott Wickerham
E. Scott Wickerham
Vice President and Controller
(principal financial officer)
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

EX-99.906CERT

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

The undersigned officers of Nuveen Investment Funds, Inc. (the “Registrant”) certify that, to the best of each such officer’s knowledge and belief:

 

  1.   The Form N-CSR of the Registrant for the period ended May 31, 2022 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

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

Date: August 8, 2022

 

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