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: November 30, 2022

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

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

ITEM 1.

REPORTS TO STOCKHOLDERS.

Bond
Funds
Mutual
Funds
Nuveen
Municipal
November
30,
2022
Semiannual
Report
Fund
Name
Class
A
Class
C
Class
I
Nuveen
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.
It
only
takes
a
minute
to
sign
up
for
e-Reports.
Once
enrolled,
you’ll
receive
an
e-mail
as
soon
as
your
Nuveen
Fund
information
is
ready.
No
more
waiting
for
delivery
by
regular
mail.
Just
click
on
the
link
within
the
e-mail
to
see
the
report
and
save
it
on
your
computer
if
you
wish.
Free
e-Reports
right
to
your
email!
www.investordelivery.com
If
you
receive
your
Nuveen
Fund
distributions
and
statements
from
your
financial
advisor
or
brokerage
account.
or
www.nuveen.com/client-access
If
you
receive
your
Nuveen
Fund
distributions
and
statements
directly
from
Nuveen.
Must
be
preceded
by
or
accompanied
by
a
prospectus.
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE
Table
of
Contents
3
Chair’s
Letter
to
Shareholders
4
Important
Notices
5
Risk
Considerations
and
Dividend
Information
6
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holdings
Summaries
7
Yields
16
Expense
Examples
18
Portfolios
of
Investments
20
Statement
of
Assets
and
Liabilities
60
Statement
of
Operations
61
Statement
of
Changes
in
Net
Assets
62
Financial
Highlights
64
Notes
to
Financial
Statements
72
Additional
Fund
Information
84
Glossary
of
Terms
Used
in
this
Report
85
Liquidity
Risk
Management
Program
87
4
Chair’s
Letter
to
Shareholders
Dear
Shareholders,
With
more
economic
indicators
pointing
to
a
broadening
contraction
across
the
world’s
economies,
the
conversation
has
shifted
from
debating
whether
a
global
recession
would
happen
to
considering
by
how
much
and
for
how
long.
Higher
than
expected
inflation
has
made
the
outcome
more
unpredictable,
as
it
has
dampened
consumer
sentiment,
pushed
central
banks
into
raising
interest
rates
more
aggressively
and
contributed
to
considerable
turbulence
in
the
markets
this
year.
Inflation
has
surged
partially
due
to
pandemic-related
supply
chain
bottlenecks,
exacerbated
by
Russia’s
war
in
Ukraine
and
China’s
recurring
COVID-19
lockdowns
throughout
the
year
until
their
zero-COVID
policy
effectively
ended
in
December
2022.
This
has
necessitated
increasingly
forceful
responses
from
the
U.S.
Federal
Reserve
(Fed)
and
other
central
banks,
who
have
signaled
their
intentions
to
slow
inflation
while
tolerating
materially
slower
economic
growth
and
some
softening
in
the
labor
market.
In
March
2022,
the
Fed
began
the
fastest
interest
rate
hiking
cycle
in
its
history,
raising
the
target
fed
funds
rate
by
4.25%
over
a
nine-
month
span
to
a
range
of
4.25%
to
4.50%
by
year-end.
While
inflation
began
to
ease
over
the
second
half
of
2022,
it
remains
far
higher
than
the
Fed’s
inflation
target.
Additional
rate
hikes
are
expected
in
2023,
as
Fed
officials
closely
monitor
inflation
data
along
with
other
economic
measures
and
will
modify
their
rate
setting
policy
based
upon
these
factors.
After
contracting
in
the
first
half
of
2022,
U.S.
gross
domestic
product
resumed
positive
growth
in
the
third
quarter,
according
to
the
government’s
estimates.
The
recent
strength
was
largely
attributed
to
a
narrowing
in
the
trade
deficit
while
consumer
and
business
activity
has
remained
slower
in
part
due
to
higher
prices
and
borrowing
costs.
The
sharp
increase
in
the
U.S.
dollar’s
value
relative
to
other
currencies
in
2022
has
added
further
uncertainty
to
the
economic
outlook.
However,
the
still
strong
labor
market
suggests
not
all
areas
of
the
economy
are
weakening
in
unison.
While
markets
will
likely
continue
fluctuating
with
the
daily
headlines,
we
encourage
investors
to
keep
a
long-term
perspective.
To
learn
more
about
how
well
your
portfolio
is
aligned
to
your
time
horizon,
risk
tolerance
and
investment
goals,
consider
reviewing
it
with
your
financial
professional.
On
behalf
of
the
other
members
of
the
Nuveen
Fund
Board,
we
look
forward
to
continuing
to
earn
your
trust
in
the
months
and
years
ahead.
Terence
J.
Toth
Chair
of
the
Board
January
20,
2023
Important
Notices
5
For
Shareholders
of
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
Nuveen
Minnesota
Municipal
Bond
Fund
Nuveen
Nebraska
Municipal
Bond
Fund
Nuveen
Oregon
Municipal
Bond
Fund
Portfolio
Manager
Commentaries
in
Semiannual
Shareholder
Reports
The
Funds
include
portfolio
manager
commentary
in
their
annual
shareholder
reports.
For
the
Funds’
most
recent
annual
portfolio
manager
discussion,
please
refer
to
the
Portfolio
Managers’
Comments
section
of
each
Fund’s
May
31,
2022
annual
shareholder
report.
For
current
information
on
your
Fund’s
investment
objectives,
portfolio
management
team
and
average
annual
total
returns
please
refer
to
the
Fund’s
website
at
www.nuveen.com.
For
changes
that
occurred
to
your
Fund
both
during
and
subsequent
to
this
reporting
period,
please
refer
to
the
Notes
to
Financial
Statements
section
of
this
report.
For
average
annual
total
returns
as
of
the
end
of
this
reporting
period,
please
refer
to
the
Performance
Overview
and
Holding
Summaries
section
within
this
report.
6
Risk
Considerations
and
Dividend
Information
Risk
Considerations
Mutual
fund
investing
involves
risk;
principal
loss
is
possible.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Funds,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
call
risk,
state
concentration
risk,
tax
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
Credit
risk
refers
to
an
issuers
ability
to
make
interest
and
principal
payments
when
due.
Below
investment
grade
or
high
yield
debt
securities
are
subject
to
liquidity
risk
and
heightened
credit
risk.
The
Funds’
use
of
inverse
floaters
creates
effective
leverage.
Leverage
involves
the
risk
that
the
Funds
could
lose
more
than
its
original
investment
and
also
increases
the
Funds’
exposure
to
volatility
and
interest
rate
risk.
Dividend
Information
Each
Fund
seeks
to
pay
regular
monthly
dividends
out
of
its
net
investment
income
at
a
rate
that
reflects
its
past
and
projected
net
income
performance.
To
permit
each
Fund
to
maintain
a
more
stable
monthly
dividend,
the
Fund
may
pay
dividends
at
a
rate
that
may
be
more
or
less
than
the
amount
of
net
income
actually
earned
by
the
Fund
during
the
period.
Distributions
to
shareholders
are
determined
on
a
tax
basis,
which
may
differ
from
amounts
recorded
in
the
accounting
records.
In
instances
where
the
monthly
dividend
exceeds
the
earned
net
investment
income,
the
Fund
would
report
a
negative
undistributed
net
ordinary
income.
Refer
to
Note
6
–
Income
Tax
Information
for
additional
information
regarding
the
amounts
of
undistributed
net
ordinary
income
and
undistributed
net
long-term
capital
gains
and
the
character
of
the
actual
distributions
paid
by
the
Fund
during
the
period.
All
monthly
dividends
paid
by
each
Fund
during
the
current
reporting
period
were
paid
from
net
investment
income.
If
a
portion
of
the
Fund’s
monthly
distributions
is
sourced
or
comprised
of
elements
other
than
net
investment
income,
including
capital
gains
and/
or
a
return
of
capital,
shareholders
will
be
notified
of
those
sources.
For
financial
reporting
purposes,
the
per
share
amounts
of
the
Fund’s
distributions
for
the
reporting
period
are
presented
in
this
report’s
Financial
Highlights.
For
income
tax
purposes,
distribution
information
for
the
Fund
as
of
its
most
recent
tax
year
end
is
presented
in
Note
6
–
Income
Tax
Information
within
the
Notes
to
Financial
Statements
of
this
report.
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
7
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.
Holdings
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.
8
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
November
30,
2022
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holdings
Summa-
ries section
for
further
explanation
of the
information
included
within
this
section. 
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
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
less
than
twelve
months
after
purchase,
which
is
reflected
in
the
maximum
Offering
Price
total
returns
presented
for
less
than
1-Year,
when
and
where
applicable.
Class
C
Shares
automatically
convert
to
Class
A
Shares
eight
years
after
purchase.
Returns
for
periods
longer
than
eight
years
for
Class
C
Shares
reflect
the
performance
of
Class
A
Shares
after
the
deemed
eight-year
conversion
to
Class
A
Shares
within
such
periods.
Class
I
Shares
have
no
sales
charge
and
may
be
purchased
under
limited
circumstances
or
by
specified
classes
of
investors.
Effective
Leverage
Ratio
as
of
November
30,
2022
Total
Returns
as
of
November
30,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
10-Year
Class
A
Shares
at
NAV
2/25/94
(0.61)%
(6.77)%
1.02%
1.58%
0.80%
Class
A
Shares
at
maximum
Offering
Price
2/25/94
(3.54)%
(9.58)%
0.41%
1.28%
—
S&P
Municipal
Bond
Intermediate
Index
—
(0.48)%
(6.76)%
1.60%
1.99%
—
Lipper
Other
States
Intermediate
Municipal
Debt
Funds
Classification
Average
—
(0.94)%
(7.21)%
0.76%
0.99%
—
Class
I
Shares
2/25/94
(0.52)%
(6.53)%
1.22%
1.79%
0.60%
Total
Returns
as
of
November
30,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
Class
C
Shares
at
NAV
2/10/14
(1.03)%
(7.49)%
0.23%
1.15%
1.60%
Class
C
Shares
at
maximum
Offering
Price
2/10/14
(2.01)%
(7.49)%
0.23%
1.15%
–
Effective
Leverage
Ratio
0.00%
9
Holdings
Summaries
as
of
November
30,
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
100.0%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/General
27.6%
Education
and
Civic
Organizations
18.4%
Health
Care
16.9%
Tax
Obligation/Limited
11.2%
Long-Term
Care
10.7%
Transportation
6.3%
Utilities
4.6%
Other
4.3%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
3.5%
AAA
11.4%
AA
35.1%
A
23.8%
BBB
5.1%
BB
or
Lower
5.3%
N/R
(not
rated)
15.8%
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
table
above.
10
Nuveen
Minnesota
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
November
30,
2022
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holdings
Summa-
ries section
for
further
explanation
of the
information
included
within
this
section. 
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
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
less
than
twelve
months
after
purchase,
which
is
reflected
in
the
maximum
Offering
Price
total
returns
presented
for
less
than
1-Year,
when
and
where
applicable.
Class
C
Shares
automatically
convert
to
Class
A
Shares
eight
years
after
purchase.
Returns
for
periods
longer
than
eight
years
for
Class
C
Shares
reflect
the
performance
of
Class
A
Shares
after
the
deemed
eight-year
conversion
to
Class
A
Shares
within
such
periods.
Class
I
Shares
have
no
sales
charge
and
may
be
purchased
under
limited
circumstances
or
by
specified
classes
of
investors.
Effective
Leverage
Ratio
as
of
November
30,
2022
Total
Returns
as
of
November
30,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
10-Year
Class
A
Shares
at
NAV
7/11/88
(2.27)%
(9.62)%
0.79%
1.75%
0.77%
Class
A
Shares
at
maximum
Offering
Price
7/11/88
(6.41)%
(13.41)%
(0.07)%
1.31%
—
S&P
Municipal
Bond
Index
—
(1.43)%
(7.94)%
1.51%
2.05%
—
S&P
Municipal
Bond
Minnesota
Index
—
(1.50)%
(7.23)%
1.40%
1.90%
—
Lipper
Minnesota
Municipal
Debt
Funds
Classification
Average
—
(2.32)%
(9.37)%
0.59%
1.28%
—
Class
I
Shares
8/01/97
(2.26)%
(9.52)%
0.98%
1.94%
0.57%
Total
Returns
as
of
November
30,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
Class
C
Shares
at
NAV
2/10/14
(2.67)%
(10.36)%
(0.02)%
1.64%
1.57%
Class
C
Shares
at
maximum
Offering
Price
2/10/14
(3.63)%
(10.36)%
(0.02)%
1.64%
–
Effective
Leverage
Ratio
0.00%
11
Holdings
Summaries
as
of
November
30,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
99
.6‌
%
Other
Assets
Less
Liabilities
0.4%
Net
Assets
100‌
%
States
and
Territories
1
(%
of
total
municipal
bonds)
Minnesota
97.9%
Puerto
Rico
1.9%
Guam
0.2%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/General
22.3%
Health
Care
18.7%
Education
and
Civic
Organizations
17.1%
Tax
Obligation/Limited
10.6%
Utilities
10.5%
Long-Term
Care
8.8%
Transportation
8.7%
Other
3.3%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
1.2%
AAA
9.7%
AA
31.1%
A
31.5%
BBB
4.2%
BB
or
Lower
7.9%
N/R
(not
rated)
14.4%
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
table
above.
12
Nuveen
Nebraska
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
November
30,
2022
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holdings
Summa-
ries section
for
further
explanation
of the
information
included
within
this
section. 
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
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
less
than
twelve
months
after
purchase,
which
is
reflected
in
the
maximum
Offering
Price
total
returns
presented
for
less
than
1-Year,
when
and
where
applicable.
Class
C
Shares
automatically
convert
to
Class
A
Shares
eight
years
after
purchase.
Returns
for
periods
longer
than
eight
years
for
Class
C
Shares
reflect
the
performance
of
Class
A
Shares
after
the
deemed
eight-year
conversion
to
Class
A
Shares
within
such
periods.
Class
I
Shares
have
no
sales
charge
and
may
be
purchased
under
limited
circumstances
or
by
specified
classes
of
investors.
***
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
November
30,
2022
Total
Returns
as
of
November
30,
2022**
Cumulative
Average
Annual
Expense
Ratios
***
Inception
Date
6-Month
1-Year
5-Year
10-Year
Gross
Net
Class
A
Shares
at
NAV
2/28/01
(2.42)%
(11.07)%
0.34%
1.12%
0.88%
0.82%
Class
A
Shares
at
maximum
Offering
Price
2/28/01
(6.52)%
(14.83)%
(0.53)%
0.68%
—
—
S&P
Municipal
Bond
Index
—
(1.43)%
(7.94)%
1.51%
2.05%
—
—
S&P
Municipal
Bond
Nebraska
Index
—
(1.48)%
(8.17)%
1.26%
1.94%
—
—
Lipper
Other
States
Municipal
Debt
Funds
Classification
Average
—
(2.22)%
(9.43)%
0.64%
1.18%
—
—
Class
I
Shares
2/28/01
(2.40)%
(10.94)%
0.52%
1.30%
0.68%
0.62%
Total
Returns
as
of
November
30,
2022**
Cumulative
Average
Annual
Expense
Ratios
***
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
Gross
Net
Class
C
Shares
at
NAV
2/10/14
(2.82)%
(11.83)%
(0.48)%
1.06%
1.68%
1.62%
Class
C
Shares
at
maximum
Offering
Price
2/10/14
(3.79)%
(11.83)%
(0.48)%
1.06%
–
—
Effective
Leverage
Ratio
0.00%
13
Holdings
Summaries
as
of
November
30,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
98
.5‌
%
Other
Assets
Less
Liabilities
1.5%
Net
Assets
100‌
%
States
and
Territories
1
(%
of
total
municipal
bonds)
Nebraska
93.3%
Guam
2.5%
Puerto
Rico
2.5%
Virgin
Islands
1.1%
Wisconsin
0.2%
California
0.2%
Hawaii
0.1%
Ohio
0.1%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/General
40.2%
Utilities
17.2%
Tax
Obligation/Limited
10.7%
Health
Care
8.1%
Education
and
Civic
Organizations
7.7%
U.S.
Guaranteed
6.0%
Transportation
5.0%
Other
5.1%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
6.0%
AAA
1.0%
AA
63.2%
A
20.2%
BBB
3.8%
BB
or
Lower
1.1%
N/R
(not
rated)
4.7%
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
table
above.
14
Nuveen
Oregon
Intermediate
Municipal
Bond
Fund
(continued)
Fund
Performance,
Expense
Ratios,
Effective
Leverage
and
Holdings
Summaries
November
30,
2022
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios,
Effective
Leverage
Ratios
and
Holdings
Summa-
ries section
for
further
explanation
of the
information
included
within
this
section. 
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
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
less
than
twelve
months
after
purchase,
which
is
reflected
in
the
maximum
Offering
Price
total
returns
presented
for
less
than
1-Year,
when
and
where
applicable.
Class
C
Shares
automatically
convert
to
Class
A
Shares
eight
years
after
purchase.
Returns
for
periods
longer
than
eight
years
for
Class
C
Shares
reflect
the
performance
of
Class
A
Shares
after
the
deemed
eight-year
conversion
to
Class
A
Shares
within
such
periods.
Class
I
Shares
have
no
sales
charge
and
may
be
purchased
under
limited
circumstances
or
by
specified
classes
of
investors.
Effective
Leverage
Ratio
as
of
November
30,
2022
Total
Returns
as
of
November
30,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
10-Year
Class
A
Shares
at
NAV
2/01/99
(0.86)%
(7.67)%
0.84%
1.18%
0.81%
Class
A
Shares
at
maximum
Offering
Price
2/01/99
(3.79)%
(10.45)%
0.24%
0.87%
—
S&P
Municipal
Bond
Intermediate
Index
—
(0.48)%
(6.76)%
1.60%
1.99%
—
Lipper
Other
States
Intermediate
Municipal
Debt
Funds
Classification
Average
—
(0.94)%
(7.21)%
0.76%
0.99%
—
Class
I
Shares
8/08/97
(0.76)%
(7.45)%
1.05%
1.38%
0.61%
Total
Returns
as
of
November
30,
2022**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
Class
C
Shares
at
NAV
2/10/14
(1.27)%
(8.47)%
0.03%
0.80%
1.61%
Class
C
Shares
at
maximum
Offering
Price
2/10/14
(2.25)%
(8.47)%
0.03%
0.80%
–
Effective
Leverage
Ratio
0.00%
15
Holdings
Summaries
as
of
November
30,
2022
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
99
.4‌
%
Other
Assets
Less
Liabilities
0.6%
Net
Assets
100‌
%
States
and
Territories
1
(%
of
total
municipal
bonds)
Oregon
93.2%
Guam
3.3%
Puerto
Rico
2.4%
Virgin
Islands
1.1%
Total
100%
Portfolio
Composition
2
(%
of
total
investments)
Tax
Obligation/General
45.3%
Health
Care
15.2%
Tax
Obligation/Limited
10.2%
Utilities
9.3%
Long-Term
Care
6.7%
Education
and
Civic
Organizations
4.6%
Transportation
4.6%
Other
4.1%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
2.0%
AAA
4.3%
AA
58.2%
A
16.2%
BBB
7.2%
BB
or
Lower
2.6%
N/R
(not
rated)
9.5%
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
table
above.
16
Yields
as
of
November
30,
2022
Dividend
Yield
is
the
most
recent
dividend
per
share
(annualized)
divided
by
the
offering
price
per
share.
The
SEC
30-Day
Yield
is
a
standardized
measure
of
a
fund’s
yield
that
accounts
for
the
future
amortization
of
premiums
or
discounts
of
bonds
held
in
the
fund’s
portfolio.
The
SEC
30-Day
Yield
is
computed
under
an
SEC
standardized
formula
and
is
based
on
the
maximum
offer
price
per
share.
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
or
discounts.
The
Taxable-Equivalent
Yield
represents
the
yield
that
must
be
earned
on
a
fully
taxable
investment
in
order
to
equal
the
yield
of
the
Fund
on
an
after-tax
basis
at
an
assumed
tax
rate.
Your
actual
combined
federal
and
state
income
tax
rates
may
differ
from
the
assumed
rate.
Taxable-Equivalent
Yield
also
takes
into
account
the
percentage
of
the
Fund’s
income
generated
and
paid
by
the
Fund
(based
on
payments
made
during
the
previous
calendar
year)
that
was
either
exempt
from
federal
income
tax
but
not
from
state
income
tax
(e.g.,
income
from
an
out-of-state
municipal
bond),
or
was
exempt
from
neither
federal
nor
state
income
tax.
Separately,
if
the
comparison
were
instead
to
investments
that
generate
qualified
dividend
income,
which
is
taxable
at
a
rate
lower
than
an
individual’s
ordinary
graduated
tax
rate,
the
fund’s
Taxable-Equivalent
Yield
would
be
lower.
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
2.46%
1.75%
2.74%
SEC
30-Day
Yield
2.99%
2.30%
3.28%
Taxable-Equivalent
Yield
(50.7%)
2
6.06%
4.66%
6.64%
Nuveen
Minnesota
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
2.96%
2.31%
3.26%
SEC
30-Day
Yield
3.38%
2.75%
3.73%
Taxable-Equivalent
Yield
(50.7%)
2
6.86%
5.58%
7.57%
Nuveen
Nebraska
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
1.84%
1.18%
2.16%
SEC
30-Day
Yield
-
Subsidized
2.94%
2.30%
3.27%
SEC
30-Day
Yield
-
Unsubsidized
2.99%
2.21%
3.18%
Taxable-Equivalent
Yield
-
Subsidized
(47.6%)
2
5.58%
4.37%
6.21%
Taxable-Equivalent
Yield
-
Unsubsidized
(47.6%)
2
5.68%
4.19%
6.04%
17
Nuveen
Oregon
Intermediate
Municipal
Bond
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
2.11%
1.44%
2.36%
SEC
30-Day
Yield
2.75%
2.05%
3.03%
Taxable-Equivalent
Yield
(50.7%)
2
5.58%
4.16%
6.14%
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.
18
Expense
Examples
As
a
shareholder
of
one
or
more
of
the
Funds,
you
incur
two
types
of
costs:
(1)
transaction
costs, including
up-front
and
back-end
sales
charges
(loads)
or
redemption
fees,
where
applicable;
and
(2)
ongoing
costs,
including
management
fees;
distribution
and
service
(12b-1)
fees,
where
applicable;
and
other
Fund
expenses.
The
Examples
below
are
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Funds
and
to
compare
these
costs
with
the
ongoing
costs
of investing
in
other
mutual
funds.
The
Examples
below
do
not
include
the
interest
and
related
expenses
from
inverse
floaters
that
are
reflected
in
the
financial
statements
later
within
this
report,
when
applicable.
The
Examples
below
are
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
period
ended
November
30,
2022.
The
beginning
of
the
period
is
June
1,
2022.
The
information
under
“Actual
Performance,”
together
with
the
amount
you
invested,
allows
you
to
estimate
actual
expenses
incurred
over
the
reporting
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.60)
and
multiply
the
result
by
the
cost
shown
for
your
share
class,
in
the
row
entitled
“Expenses
Incurred
During
Period”
to
estimate
the
expenses
incurred
on
your
account
during
this
period.
The
information
under
“Hypothetical
Performance,”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratios
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expense
you
incurred
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
following
tables
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transaction
costs.
Therefore,
the
hypothetical
information
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds
or
share
classes.
In
addition,
if
these
transaction
costs
were
included,
your
costs
would
have
been
higher.
Nuveen
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
$
993.90
$
989.72
$
994.81
Expenses
Incurred
During
the
Period
$
4.00
$
7.98
$
3.00
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,021.06
$
1,017.05
$
1,022.06
Expenses
Incurred
During
the
Period
$
4.05
$
8.09
$
3.04
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.80%,
1.60%
and
0.60%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183
/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
$
977.26
$
973.30
$
977.39
Expenses
Incurred
During
the
Period
$
3.92
$
7.87
$
2.92
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,021.11
$
1,017.10
$
1,022.11
Expenses
Incurred
During
the
Period
$
4.00
$
8.04
$
2.99
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.79%,
1.59%
and
0.59%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183
/365
(to
reflect
the
one-half
year
period).
19
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
$
975.84
$
971.79
$
975.95
Expenses
Incurred
During
the
Period
$
4.06
$
8.01
$
3.07
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,020.96
$
1,016.95
$
1,021.96
Expenses
Incurred
During
the
Period
$
4.15
$
8.19
$
3.14
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.82%,
1.62%
and
0.62%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183
/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
$
991.44
$
987.35
$
992.44
Expenses
Incurred
During
the
Period
$
4.14
$
8.12
$
3.15
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,020.91
$
1,016.90
$
1,021.91
Expenses
Incurred
During
the
Period
$
4.20
$
8.24
$
3.19
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
183
/365
(to
reflect
the
one-half
year
period).
20
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
Portfolio
of
Investments
November
30,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
99.8%   
X
343,392,249
MUNICIPAL
BONDS
-
99.8%  
X
343,392,249
Education
and
Civic
Organizations
-
18.4%
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+
$
420,015
720
3.500%,
8/01/25
No
Opt.
Call
BB+
692,122
130
4.000%,
8/01/28
8/26
at
100.00
BB+
122,179
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
914,579
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
99,719
1,000
5.000%,
7/01/36
7/24
at
102.00
N/R
966,470
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+
191,408
710
5.250%,
7/01/37
7/25
at
100.00
BB+
710,809
Deephaven,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Eagle
Ridge
Academy
Project,
Series
2016A:
465
4.000%,
7/01/23
No
Opt.
Call
BB+
463,930
300
4.000%,
7/01/24
No
Opt.
Call
BB+
297,726
135
4.000%,
7/01/25
No
Opt.
Call
BB+
132,948
130
4.000%,
7/01/26
7/25
at
100.00
BB+
126,987
300
4.000%,
7/01/27
7/25
at
100.00
BB+
290,703
370
4.000%,
7/01/28
7/25
at
100.00
BB+
355,296
230
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
221,971
645
Forest
Lake,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Lakes
International
Language
Academy,
Series
2014A,
5.500%,
8/01/36
1/23
at
102.00
BB+
647,786
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
835,335
40
5.000%,
7/01/36
7/26
at
100.00
N/R
36,527
1,485
Ham
Lake,
Minnesota
Charter
School
Lease
Revenue
Bonds,
Parnassus
Preparatory
School
Project,
Series
2016A,
4.000%,
11/01/26
No
Opt.
Call
BB+
1,436,322
975
Hugo,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Noble
Academy
Project,
Series
2014A,
5.000%,
7/01/44
7/24
at
100.00
BB
888,557
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
951,820
500
5.000%,
7/01/36
7/26
at
100.00
N/R
467,640
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
1,407,445
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+
1,387,411
1,040
Minneapolis,
Minnesota,
Revenue
Bonds,
University
Gateway
Project,
Refunding
Series
2015,
4.000%,
12/01/28
12/24
at
100.00
Aa1
1,060,249
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+
2,813,076
655
5.000%,
5/01/37
5/27
at
100.00
BB+
641,795
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
1,651,680
21
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
$
100,000
140
3.000%,
12/01/23
No
Opt.
Call
Baa2
139,310
105
4.000%,
12/01/24
No
Opt.
Call
Baa2
105,784
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
310,000
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Gustavus
Adolfus
College,
Series
2013-7W:
500
5.000%,
10/01/23
No
Opt.
Call
A3
508,985
1,000
4.250%,
10/01/28
10/23
at
100.00
A3
1,007,960
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Macalester
College,
Refunding
Series
2021:
100
4.000%,
3/01/29
No
Opt.
Call
Aa3
106,319
150
4.000%,
3/01/30
No
Opt.
Call
Aa3
160,293
160
4.000%,
3/01/31
No
Opt.
Call
Aa3
172,237
140
4.000%,
3/01/32
3/31
at
100.00
Aa3
149,451
1,250
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Macalester
College,
Series
201528J,
3.250%,
3/01/29
3/25
at
100.00
Aa3
1,259,025
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
1,318,548
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
509,470
200
4.000%,
10/01/34
10/30
at
100.00
A2
200,040
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
665,980
1,000
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Saint
Olaf
College,
Series
2015-8-G,
5.000%,
12/01/28
12/25
at
100.00
A1
1,057,110
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
844,720
1,000
4.000%,
10/01/50
10/30
at
100.00
A1
939,000
825
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
University
of
Saint
Thomas,
Green
Series
2022A,
4.000%,
10/01/38
10/30
at
100.00
A2
808,797
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
2,007,080
775
4.000%,
4/01/26
4/23
at
100.00
A2
777,650
300
4.000%,
4/01/27
4/23
at
100.00
A2
301,005
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
758,302
525
4.000%,
10/01/35
10/27
at
100.00
A2
527,846
450
4.000%,
10/01/36
10/27
at
100.00
A2
449,446
1,000
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
University
of
Saint
Thomas,
Series
2019,
4.000%,
10/01/31
10/29
at
100.00
A2
1,024,690
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
A2
965,910
1,000
5.000%,
10/01/47
10/30
at
100.00
A2
1,044,820
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
471,429
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
740,666
1,185
Minnesota
State
Colleges
and
University,
General
Fund
Revenue
Bonds,
Series
2015A,
3.000%,
10/01/26
4/25
at
100.00
AA-
1,188,887
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
22
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
Moorhead,
Minnesota,
Educational
Facilities
Revenue
Bonds,
The
Concordia
College
Corporation
Project,
Series
2016:
$
980
4.000%,
12/01/30
12/25
at
100.00
Baa1
$
982,705
1,060
4.000%,
12/01/32
12/25
at
100.00
Baa1
1,059,576
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-
894,075
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
57,562
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
714,814
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+
3,024,022
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
190,844
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+
298,708
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
845,927
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Twin
Cities
German
Immersion
School,
Series
2013A:
55
4.000%,
7/01/23
No
Opt.
Call
BB
54,794
700
5.000%,
7/01/33
7/23
at
100.00
BB
690,361
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
246,501
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
2,601,085
University
of
Minnesota,
General
Obligation
Bonds,
Series
2014B:
1,000
4.000%,
1/01/31
1/24
at
100.00
Aa1
1,011,970
1,000
4.000%,
1/01/32
1/24
at
100.00
Aa1
1,011,600
1,000
4.000%,
1/01/34
1/24
at
100.00
Aa1
1,005,080
University
of
Minnesota,
General
Obligation
Bonds,
Series
2019A:
1,310
5.000%,
4/01/29
No
Opt.
Call
Aa1
1,481,531
5,000
5.000%,
4/01/44
4/29
at
100.00
Aa1
5,404,650
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
113,473
10
4.500%,
6/01/36
6/24
at
100.00
N/R
8,396
690
Woodbury,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Woodbury
Leadership
Academy,
Series
2021A,
4.000%,
7/01/31
7/28
at
103.00
BB-
634,144
63,390
Total
Education
and
Civic
Organizations
63,185,083
Health
Care
-
16.8%
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
3,363,968
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
1,122,854
1,040
4.000%,
4/01/32
4/27
at
100.00
BBB
1,008,478
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
1,028,928
23
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
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-
$
1,103,144
255
4.250%,
2/15/38
2/28
at
100.00
A-
255,808
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-
613,481
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-
223,922
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
BBB-
1,428,462
Glencoe,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Glencoe
Regional
Health
Services
Project,
Series
2013:
660
4.000%,
4/01/25
1/23
at
100.00
BBB
659,967
400
4.000%,
4/01/26
1/23
at
100.00
BBB
399,320
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
2,064,340
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
516,864
405
5.000%,
5/01/32
5/27
at
100.00
Baa1
420,524
Minneapolis,
Minnesota,
Health
Care
System
Revenue
Bonds,
Allina
Health
System,
Series
2021:
470
4.000%,
11/15/37
11/31
at
100.00
AA-
462,569
1,500
4.000%,
11/15/38
11/31
at
100.00
AA-
1,472,130
3,000
4.000%,
11/15/39
11/31
at
100.00
AA-
2,933,940
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
1,242,776
1,100
5.000%,
11/15/29
11/25
at
100.00
A
1,148,367
1,000
5.000%,
11/15/30
11/25
at
100.00
A
1,041,680
2,000
5.000%,
11/15/32
11/25
at
100.00
A
2,075,840
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
3,576,382
2,100
5.000%,
11/15/36
11/28
at
100.00
A
2,209,326
Rochester,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Mayo
Clinic,
Refunding
Series
2016B:
2,560
5.000%,
11/15/29
No
Opt.
Call
AA
2,908,160
1,000
5.000%,
11/15/33
No
Opt.
Call
AA
1,176,110
2,300
Rochester,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Mayo
Clinic,
Series
2022,
4.000%,
11/15/39
11/32
at
100.00
AA
2,354,556
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-
2,001,461
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
3,870,288
1,550
5.000%,
7/01/30
7/25
at
100.00
A
1,606,947
1,000
5.000%,
7/01/32
7/25
at
100.00
A
1,032,960
3,420
5.000%,
7/01/33
7/25
at
100.00
A
3,527,867
1,000
4.000%,
7/01/35
7/25
at
100.00
A
991,510
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
24
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
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
$
1,071,040
1,000
5.000%,
11/15/34
11/27
at
100.00
A
1,050,010
1,745
4.000%,
11/15/35
11/27
at
100.00
A
1,735,577
625
4.000%,
11/15/36
11/27
at
100.00
A
612,675
1,305
4.000%,
11/15/37
11/27
at
100.00
A
1,267,351
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
1,227,312
1,140
5.000%,
9/01/29
9/24
at
100.00
A
1,162,492
56,485
Total
Health
Care
57,969,386
Housing/Multifamily
-
0.2%
500
Anoka
Housing
and
Redevelopment
Authority,
Minnesota,
Multifamily
Housing
Revenue
Bonds,
Woodland
Park
Apartments
Project,
Series
2011A,
5.000%,
4/01/27
1/23
at
100.00
Aaa
500,675
Housing/Single
Family
-
0.4%
160
Dakota
County
Community
Development
Agency,
Minnesota,
Single
Family
Mortgage
Revenue
Bonds,
Mortgage
Backed
Securities
Program,
Series
2011A,
4.400%,
12/01/26
12/22
at
100.00
AA+
160,070
120
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2014C,
3.100%,
7/01/26
7/24
at
100.00
AA+
119,327
265
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2020A,
1.350%,
7/01/23,
(AMT)
No
Opt.
Call
AA+
262,300
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2020E:
675
1.850%,
1/01/29
No
Opt.
Call
AA+
613,440
405
1.900%,
7/01/29
No
Opt.
Call
AA+
366,395
1,625
Total
Housing/Single
Family
1,521,532
Industrials
-
0.3%
1,000
Minneapolis,
Minnesota,
Limited
Tax
Supported
Development
Revenue
Bonds,  Common
Bond
Fund
Series
2013-1,
4.000%,
6/01/28
6/23
at
100.00
A+
1,007,460
Long-Term
Care
-
10.7%
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
208,488
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
223,596
240
4.000%,
9/01/28
No
Opt.
Call
N/R
234,799
270
4.000%,
9/01/31
9/28
at
102.00
N/R
252,315
465
4.000%,
9/01/36
9/28
at
102.00
N/R
416,138
440
4.000%,
9/01/41
9/28
at
102.00
N/R
376,270
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
932,300
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
1,025,070
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
90,789
100
4.000%,
9/01/30
9/26
at
102.00
N/R
88,656
100
4.000%,
9/01/31
9/26
at
102.00
N/R
86,533
100
4.000%,
9/01/32
9/26
at
102.00
N/R
84,403
155
4.000%,
9/01/33
9/26
at
102.00
N/R
128,523
100
4.000%,
9/01/34
9/26
at
102.00
N/R
81,608
25
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Long-Term
Care
(continued)
$
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
$
817,910
1,110
City
of
Minneapolis,
Minnesota,
Senior
Housing
and
Healthcare
Facilities
Revenue
Bonds,
Walker
Minneapolis
Campus
Project,
Series
2015,
4.625%,
11/15/31
1/23
at
100.00
N/R
962,170
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
285,984
235
Cold
Spring,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Assumption
Home,
Inc.,
Refunding
Series
2017,
4.450%,
3/01/31
1/23
at
101.00
N/R
209,016
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
171,616
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
933,130
500
5.000%,
1/01/34
1/23
at
100.00
N/R
426,520
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
1/23
at
100.00
N/R
2,246,002
1,100
5.000%,
8/01/36,
144A
1/23
at
100.00
N/R
1,070,201
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
405,240
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)
1/23
at
100.00
N/R
1,398,738
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
174,886
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
81,956
Minneapolis,
Minnesota,
Revenue
Bonds,
Walker
Minneapolis
Campus
Project,
Refunding
Series
2012:
955
5.000%,
11/15/24
1/23
at
100.00
N/R
937,094
1,650
4.750%,
11/15/28
1/23
at
100.00
N/R
1,523,065
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
406,589
750
5.250%,
11/01/45
5/23
at
100.00
N/R
683,003
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
187,066
100
3.100%,
8/01/25
8/24
at
101.00
N/R
94,264
380
North
Oaks,
Minnesota,
Senior
Housing
Revenue
Bonds,
Waverly
Gardens
Project,
Refunding
Series
2016,
4.000%,
10/01/24
No
Opt.
Call
N/R
380,247
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
746,340
805
4.000%,
8/01/27
8/25
at
100.00
N/R
770,538
2,000
4.000%,
8/01/30
8/25
at
100.00
N/R
1,831,940
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
345,056
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
829,270
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
2,550,378
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
510,730
1,015
5.000%,
12/01/26
No
Opt.
Call
Baa2
1,041,583
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
26
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Long-Term
Care
(continued)
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
$
128,222
625
3.150%,
11/01/32,
144A
11/26
at
102.00
N/R
490,913
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
492,690
550
3.700%,
9/01/28
9/24
at
100.00
N/R
538,257
350
3.800%,
9/01/29
9/24
at
100.00
N/R
339,826
565
3.900%,
9/01/30
9/24
at
100.00
N/R
541,213
320
4.125%,
9/01/34
9/24
at
100.00
N/R
297,213
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
1,600,542
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
2,086,620
Scanlon,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Duluth
Health
Services
Project,
Refunding
Series
2020:
50
2.450%,
3/01/23
No
Opt.
Call
N/R
49,668
120
2.700%,
3/01/26
3/25
at
101.00
N/R
110,360
335
2.950%,
3/01/28
3/25
at
101.00
N/R
293,979
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
164,764
300
3.125%,
8/01/28
8/24
at
102.00
N/R
279,564
300
3.250%,
8/01/29
8/24
at
102.00
N/R
277,293
225
3.375%,
8/01/30
8/24
at
102.00
N/R
205,443
600
5.000%,
8/01/31
8/24
at
102.00
N/R
603,144
450
5.000%,
8/01/32
8/24
at
102.00
N/R
451,611
250
5.000%,
8/01/33
8/24
at
102.00
N/R
250,480
555
5.000%,
8/01/34
8/24
at
102.00
N/R
555,327
250
5.000%,
8/01/35
8/24
at
102.00
N/R
249,518
500
4.000%,
8/01/44
8/24
at
102.00
N/R
411,205
39,325
Total
Long-Term
Care
36,667,872
Tax
Obligation/General
-
27.5%
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
Aa1
2,219,920
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
1,444,291
1,405
Benson
Independent
School
District
777,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2018A,
4.000%,
2/01/32
2/27
at
100.00
AAA
1,469,518
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
3,438,424
1,000
4.000%,
2/01/33
2/27
at
100.00
AAA
1,036,980
Brooklyn
Center
Independent
School
District
286,
Minnesota,
General
Obligation
Bonds,
Series
2018A:
2,145
4.000%,
2/01/35
2/27
at
100.00
Aa1
2,192,662
1,720
4.000%,
2/01/37
2/27
at
100.00
Aa1
1,737,991
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
2,023,120
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
Aa1
1,011,160
27
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
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
$
1,110,598
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
1,319,450
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
Aa1
967,537
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
Aa1
3,301,326
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
1,606,194
2,460
Forest
Lake,
Washington
County,
Minnesota,
General
Obligation
Bonds,
Series
2019A,
4.000%,
2/01/32
2/29
at
100.00
AA+
2,611,315
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
Aa1
2,811,469
1,075
4.000%,
2/01/28
2/26
at
100.00
Aa1
1,119,430
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
1,563,259
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
1,110,392
1,345
0.000%,
2/01/28
2/26
at
95.70
AAA
1,140,775
5,295
Hennepin
County,
Minnesota,
General
Obligation
Bonds,
Series
2021A,
5.000%,
12/01/33
12/31
at
100.00
AAA
6,158,667
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
502,850
1,555
Independent
School
District
No.
2397
(Le
Sueur-Henderson),
Minnesota,
General
Obligation
School
Building
Bonds,
Series
2022A,
5.000%,
2/01/35
2/31
at
100.00
AAA
1,763,417
100
La
Crescent,
Minnesota,
General
Obligation
Bonds,
Series
2019B,
4.000%,
2/01/23
No
Opt.
Call
A1
100,237
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
2,710,581
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
2,060,447
Minneapolis,
Minnesota,
General
Obligation
Bonds,
Improvement
&
Various
Purpose
Series
2018:
1,480
4.000%,
12/01/33
12/26
at
100.00
AAA
1,545,860
500
4.000%,
12/01/35
12/26
at
100.00
AAA
510,805
2,000
Minnesota
State,
General
Obligation
Bonds,
Various
Purpose
Series
2013A,
5.000%,
8/01/25
8/23
at
100.00
AAA
2,034,040
2,000
Minnesota
State,
General
Obligation
Bonds,
Various
Purpose
Series
2013D,
3.500%,
10/01/28
10/23
at
100.00
AAA
2,014,380
5,100
Minnesota
State,
General
Obligation
Bonds,
Various
Purpose
Series
2021A,
4.000%,
9/01/38
9/31
at
100.00
AAA
5,313,792
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
526,244
600
4.000%,
2/01/26
2/23
at
100.00
Aaa
601,422
500
Montgomery
Independent
School
District
2905,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2018A,
4.000%,
2/01/34
2/25
at
100.00
Aa1
513,635
1,475
Moose
Lake
Independent
School
District
97,
Carlton
and
Pine
Counties,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2015A,
4.000%,
2/01/30
2/25
at
100.00
Aa1
1,513,144
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
28
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
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
$
2,150,655
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
Aa1
828,538
Northland
Independent
School
District
118,
Minnesota,
General
Obligation
Bonds,
Series
2016A:
560
3.000%,
2/01/27
2/24
at
100.00
Aa1
561,518
1,185
3.000%,
2/01/29
2/24
at
100.00
Aa1
1,187,263
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
1,553,895
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
Aa1
1,036,232
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
923,824
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
Aa1
1,252,450
4,535
Roseville
Independent
School
District
623,
Ramsey
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2018A,
4.000%,
2/01/34
2/27
at
100.00
Aa1
4,658,579
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
Aa1
1,127,511
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
Aa1
575,903
1,075
Saint
Louis
Park
Independent
School
District
283,
Hennepin
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2022A,
5.000%,
2/01/37
2/31
at
100.00
Aa1
1,207,859
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
Aa1
1,230,206
1,700
Sartell,
Minnesota,
General
Obligation
Bonds,
Series
2022A,
4.000%,
2/01/39
2/30
at
100.00
AA
1,725,925
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
Aa1
1,247,018
1,330
South
Washington
County
Independent
School
District
833,
Minnesota,
General
Obligation
Bonds,
Facilities
Maintenance
Series
2018A,
4.000%,
2/01/31
2/27
at
100.00
Aa1
1,383,785
2,000
South
Washington
County
Independent
School
District
833,
Minnesota,
General
Obligation
Bonds,
Facilities
Maintenance
Series
2022A,
4.000%,
2/01/35
2/30
at
100.00
Aa1
2,076,100
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
Aa1
2,062,640
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
947,666
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
Aa1
2,030,480
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
1,823,808
92,155
Total
Tax
Obligation/General
94,697,187
29
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
-
11.2%
$
695
Duluth
Independent
School
District
709,
Minnesota,
Certificates
of
Participation,
Refunding
Full
Term
Series
2019B,
5.000%,
2/01/28
No
Opt.
Call
Aa1
$
755,986
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
49,073
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
1,476,976
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
1,057,250
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
489,486
200
3.800%,
3/01/25
3/23
at
100.00
N/R
196,466
200
4.000%,
3/01/27
3/23
at
100.00
N/R
197,120
Minneapolis,
Minnesota,
Tax
Increment
Revenue
Bonds,
Ivy
Tower
Project,
Series
2015:
1,115
4.000%,
3/01/25
3/24
at
100.00
N/R
1,100,081
500
5.000%,
3/01/29
3/24
at
100.00
N/R
499,880
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
338,895
1,170
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2015C,
4.000%,
8/01/27
8/24
at
100.00
AA+
1,196,009
960
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2018D,
4.000%,
8/01/34
8/28
at
100.00
AA+
978,586
770
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2019A,
4.000%,
8/01/32
8/29
at
100.00
AA+
798,621
3,105
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2020B,
4.000%,
8/01/32
8/30
at
100.00
AA+
3,278,601
1,810
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2020D,
4.000%,
8/01/31
8/30
at
100.00
AA+
1,921,424
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2021B:
755
5.000%,
8/01/33
8/31
at
100.00
AA+
858,216
880
3.000%,
8/01/37
8/31
at
100.00
AA+
757,988
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2021C:
1,085
5.000%,
8/01/33
8/31
at
100.00
AA+
1,233,330
3,295
4.000%,
8/01/39
8/31
at
100.00
AA+
3,289,893
2,385
4.000%,
8/01/40
8/31
at
100.00
AA+
2,360,959
1,900
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2022C,
5.000%,
8/01/41
8/32
at
100.00
AA+
2,080,842
1,185
Minnesota
Housing
Finance
Agency,
Nonprofit
Housing
Bonds,
State
Appropriation
Series
2011,
5.250%,
8/01/27
1/23
at
100.00
AA+
1,187,737
Northeast
Metropolitan
Intermediate
School
District
916,
White
Bear
Lake,
Minnesota,
Certificates
of
Participation,
Series
2015B:
605
3.125%,
2/01/29
2/25
at
100.00
A1
596,833
350
3.250%,
2/01/30
2/25
at
100.00
A1
345,681
Plymouth
Intermediate
District
287,
Minnesota,
Facilities
Maintenance
Bonds,
Series
2017B:
235
4.000%,
5/01/26
No
Opt.
Call
Aa3
244,320
175
4.000%,
5/01/27
No
Opt.
Call
Aa3
183,141
1,215
Roseville
Independent
School
District
623,
Ramsey
County,
Minnesota,
Certificates
of
Participation,
Series
2021A,
5.000%,
4/01/30
No
Opt.
Call
Baa1
1,344,713
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
657,354
725
4.000%,
2/01/38
2/25
at
100.00
A1
724,993
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
1,668,369
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
1,071,551
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
30
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
290
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
$
262,899
735
Saint
Paul,
Minnesota,
Sales
Tax
Revenue
Bonds,
Series
2014G,
5.000%,
11/01/29
11/24
at
100.00
A+
764,275
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
3,460,800
Zumbro
Education
District
6012,
Minnesota,
Certificates
of
Participation
Series
2021A:
375
4.000%,
2/01/26
No
Opt.
Call
Baa1
377,216
320
4.000%,
2/01/28
No
Opt.
Call
Baa1
321,104
330
4.000%,
2/01/30
No
Opt.
Call
Baa1
329,918
37,565
Total
Tax
Obligation/Limited
38,456,586
Transportation
-
6.2%
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+
341,955
2,000
5.000%,
1/01/30
1/24
at
100.00
A+
2,041,240
1,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2019A,
5.000%,
1/01/33
7/29
at
100.00
A+
1,094,170
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+
3,151,620
1,735
5.000%,
1/01/30,
(AMT)
7/29
at
100.00
A+
1,855,947
1,000
5.000%,
1/01/32,
(AMT)
7/29
at
100.00
A+
1,066,310
895
5.000%,
1/01/33,
(AMT)
7/29
at
100.00
A+
952,119
550
5.000%,
1/01/34,
(AMT)
7/29
at
100.00
A+
582,697
2,500
5.000%,
1/01/44,
(AMT)
7/29
at
100.00
A+
2,560,400
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-
1,117,421
2,310
5.000%,
1/01/35
1/27
at
100.00
AA-
2,443,287
180
5.000%,
1/01/36
1/27
at
100.00
AA-
189,608
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Subordinate
Lien
Series
2022B:
1,000
5.000%,
1/01/32,
(AMT)
No
Opt.
Call
A+
1,087,460
855
5.000%,
1/01/35,
(AMT)
1/32
at
100.00
A+
914,799
2,000
5.250%,
1/01/47,
(AMT)
1/32
at
100.00
A+
2,088,240
20,410
Total
Transportation
21,487,273
U.S.
Guaranteed
-
3.5%
(4)
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
583,737
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
941,739
515
3.250%,
7/01/26,
(Pre-refunded
7/01/23)
7/23
at
100.00
N/R
516,689
Saint
Paul
Park,
Minnesota,
Health
Facilities
Revenue
Bonds,
Presbyterian
Homes
Interlude
Transitional
Care
Projects,
Refunding
Series
2018:
510
4.200%,
5/01/33,
(Pre-refunded
5/01/23)
5/23
at
102.00
N/R
523,189
1,940
4.750%,
5/01/38,
(Pre-refunded
5/01/23)
5/23
at
102.00
N/R
1,994,533
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
1,166,143
2,285
5.000%,
11/15/30,
(Pre-refunded
11/15/25)
11/25
at
100.00
N/R
2,422,397
31
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
(4)
(continued)
$
1,250
Western
Minnesota
Municipal
Power
Agency,
Minnesota,
Power
Supply
Revenue
Bonds,
Refunding
Series
2012A,
5.000%,
1/01/29,
(Pre-
refunded
1/01/23)
1/23
at
100.00
Aa2
$
1,252,525
Western
Minnesota
Municipal
Power
Agency,
Minnesota,
Power
Supply
Revenue
Bonds,
Series
2014A:
1,000
5.000%,
1/01/31,
(Pre-refunded
1/01/24)
1/24
at
100.00
Aa2
1,025,480
1,150
5.000%,
1/01/32,
(Pre-refunded
1/01/24)
1/24
at
100.00
Aa2
1,179,302
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+
518,205
11,760
Total
U.S.
Guaranteed
12,123,939
Utilities
-
4.6%
Brainerd,
Minnesota,
Electric
Utility
Revenue
Bonds,
Series
2014A:
475
4.000%,
12/01/28
12/24
at
100.00
AA
486,661
495
4.000%,
12/01/29
12/24
at
100.00
AA
507,509
175
Central
Minnesota
Municipal
Power
Agency,
Revenue
Bonds,
Brookings
-
Southeast
Twin
Cities
Transmission
Project,
Refunding
Series
2021,
4.000%,
1/01/33
-
AGM
Insured
1/30
at
100.00
AA
184,308
Hutchinson,
Minnesota,
Public
Utility
Revenue
Bonds,
Refunding
Series
2012A:
580
5.000%,
12/01/25
1/23
at
100.00
A1
581,154
670
5.000%,
12/01/26
1/23
at
100.00
A1
671,334
Luverne,
Minnesota,
Electric
Revenue
Bonds,
Series
2018A:
225
4.000%,
12/01/27
No
Opt.
Call
AA
235,031
100
4.000%,
12/01/33
12/28
at
100.00
AA
104,140
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
Aa1
666,323
Minnesota
Municipal
Power
Agency,
Electric
Revenue
Bonds,
Refunding
Series
2014:
500
5.000%,
10/01/29
10/24
at
100.00
AA-
520,005
500
5.000%,
10/01/30
10/24
at
100.00
AA-
519,825
1,000
Minnesota
Municipal
Power
Agency,
Electric
Revenue
Bonds,
Refunding
Series
2014A,
3.500%,
10/01/28
10/24
at
100.00
AA-
1,006,600
1,430
Northern
Municipal
Power
Agency,
Minnesota,
Electric
System
Revenue
Bonds,
Series
2013A,
5.000%,
1/01/30
1/23
at
100.00
A-
1,432,531
750
Rochester,
Minnesota,
Electric
Utility
Revenue
Bonds,
Refunding
Series
2015E,
3.000%,
12/01/29
12/25
at
100.00
AA
752,235
1,000
Rochester,
Minnesota,
Electric
Utility
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
12/01/33
12/26
at
100.00
AA
1,075,430
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-
986,775
100
Saint
Paul
Port
Authority,
Minnesota,
District
Energy
Revenue
Bonds,
Series
2021-1.
501
C3,
3.000%,
10/01/27
No
Opt.
Call
A-
98,192
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-
2,563,825
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+
909,690
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
Aa2
1,416,368
1,000
5.000%,
1/01/33
1/26
at
100.00
Aa2
1,057,320
15,570
Total
Utilities
15,775,256
$
339,785
Total
Long-Term
Investments
(cost
$351,597,542)
343,392,249
Other
Assets
Less
Liabilities
-
0.2%
845,666
Net
Assets
-
100%
$
344,237,915
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
32
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
(3)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
(4)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
AMT
Alternative
Minimum
Tax
See
accompanying
notes
to
financial
statements.
33
Nuveen
Minnesota
Municipal
Bond
Fund
Portfolio
of
Investments
November
30,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
99.6%   
X
533,293,324
MUNICIPAL
BONDS
-
99.6%  
X
533,293,324
Education
and
Civic
Organizations
-
17.0%
$
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+
$
102,856
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
2,487,205
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
96,647
2,000
5.000%,
7/01/47
7/24
at
102.00
N/R
1,811,080
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+
675,770
500
5.500%,
7/01/50
7/25
at
100.00
BB+
498,565
1,025
Forest
Lake,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Lakes
International
Language
Academy,
Series
2014A,
5.750%,
8/01/44
1/23
at
102.00
BB+
1,027,962
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+
954,940
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
91,316
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+
4,874,492
Hugo,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Noble
Academy
Project,
Series
2014A:
600
5.000%,
7/01/29
7/24
at
100.00
BB
600,516
1,000
5.000%,
7/01/34
7/24
at
100.00
BB
976,770
525
5.000%,
7/01/44
7/24
at
100.00
BB
478,454
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
3,564,352
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
975,289
1,450
Minneapolis,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Hiawatha
Academies
Project,
Series
2022A,
5.375%,
7/01/42
7/32
at
100.00
N/R
1,347,920
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
363,773
100
5.000%,
7/01/55
7/30
at
100.00
N/R
82,094
Minneapolis,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Yinghua
Academy
Project,
Series
2013A:
500
6.000%,
7/01/33
7/23
at
100.00
BB+
502,685
3,715
6.000%,
7/01/43
7/23
at
100.00
BB+
3,723,136
1,260
6.125%,
7/01/48
7/23
at
100.00
BB+
1,263,288
420
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Augsburg
College,
Series
2014-8-C,
3.500%,
5/01/23
12/22
at
100.00
Ba1
417,774
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+
2,297,725
4,700
5.000%,
5/01/47
5/27
at
100.00
BB+
4,320,898
1,000
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Carleton
College,
Refunding
Series
2017,
4.000%,
3/01/37
3/27
at
100.00
Aa2
1,009,950
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
457,790
Nuveen
Minnesota
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
34
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,
Refunding
Series
2021:
$
140
4.000%,
3/01/33
3/31
at
100.00
Aa3
$
148,424
155
4.000%,
3/01/34
3/31
at
100.00
Aa3
162,477
125
4.000%,
3/01/35
3/31
at
100.00
Aa3
129,972
155
4.000%,
3/01/36
3/31
at
100.00
Aa3
160,092
100
4.000%,
3/01/37
3/31
at
100.00
Aa3
102,589
1,000
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Macalester
College,
Series
201528J,
3.250%,
3/01/30
3/25
at
100.00
Aa3
1,006,310
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
691,416
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
363,695
385
5.000%,
10/01/34
10/25
at
100.00
A2
399,507
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
501,920
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
844,720
3,000
4.000%,
10/01/50
10/30
at
100.00
A1
2,817,000
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
University
of
Saint
Thomas,
Green
Series
2022A:
1,000
4.000%,
10/01/38
10/30
at
100.00
A2
980,360
575
4.125%,
10/01/41
10/30
at
100.00
A2
555,398
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
1,058,450
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
99,877
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
1,084,290
2,000
5.000%,
10/01/40
10/29
at
100.00
A2
2,101,280
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
University
of
Saint
Thomas,
Series
2022B:
500
4.000%,
10/01/40
10/30
at
100.00
A2
481,415
1,490
4.125%,
10/01/42
10/30
at
100.00
A2
1,432,411
500
4.125%,
10/01/42
10/30
at
100.00
A2
480,675
2,045
5.000%,
10/01/47
10/30
at
100.00
A2
2,136,657
715
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
585,077
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
1,989,624
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-
993,620
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
113,533
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-
1,277,744
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Great
River
School
Project,
Series
2017A:
240
5.500%,
7/01/38,
144A
7/27
at
100.00
N/R
241,627
685
5.500%,
7/01/52,
144A
7/27
at
100.00
N/R
670,273
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+
1,405,875
1,000
5.000%,
9/01/43
9/30
at
100.00
BB+
919,930
35
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+
$
500,150
1,000
6.000%,
9/01/51
9/26
at
100.00
BB+
1,006,540
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-
3,270,014
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
903,920
1,615
5.000%,
6/15/53,
144A
6/25
at
100.00
N/R
1,437,382
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+
689,631
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+
1,580,280
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
583,669
1,030
5.375%,
7/01/50
7/25
at
100.00
BB
955,407
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
1,086,803
2,620
5.000%,
7/01/55
7/27
at
102.00
BB
2,256,790
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
493,115
1,450
5.000%,
7/01/44
7/23
at
100.00
BB
1,313,120
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
1/23
at
100.00
BB+
1,402,210
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
1,821,875
380
5.125%,
10/01/48
10/26
at
100.00
N/R
332,093
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
1,367,250
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+
445,520
University
of
Minnesota,
General
Obligation
Bonds,
Series
2014B:
2,235
4.000%,
1/01/33
1/24
at
100.00
Aa1
2,249,259
2,000
4.000%,
1/01/34
1/24
at
100.00
Aa1
2,010,160
3,055
University
of
Minnesota,
General
Obligation
Bonds,
Series
2019A,
5.000%,
4/01/39
4/29
at
100.00
Aa1
3,347,089
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
15,915
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-
347,899
450
4.000%,
12/01/50
12/25
at
102.50
BBB-
376,358
660
Woodbury,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Woodbury
Leadership
Academy,
Series
2021A,
4.000%,
7/01/51
7/28
at
103.00
BB-
479,873
98,000
Total
Education
and
Civic
Organizations
91,211,807
Nuveen
Minnesota
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
36
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
-
18.6%
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
$
490,285
2,000
4.000%,
3/01/37
3/26
at
100.00
N/R
1,839,500
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
536,646
485
5.000%,
4/01/41
4/27
at
100.00
BBB
493,410
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-
518,425
1,200
4.250%,
2/15/43
2/28
at
100.00
A-
1,146,132
2,000
5.000%,
2/15/43
2/28
at
100.00
A-
2,037,160
955
4.250%,
2/15/48
2/28
at
100.00
A-
888,389
14,115
5.000%,
2/15/48
2/28
at
100.00
A-
14,258,126
2,850
5.000%,
2/15/58
2/28
at
100.00
A-
2,858,122
3,590
5.250%,
2/15/58
2/28
at
100.00
A-
3,639,327
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-
378,544
175
4.000%,
6/15/38
6/31
at
100.00
BBB-
157,117
175
4.000%,
6/15/39
6/31
at
100.00
BBB-
155,419
570
3.000%,
6/15/44
6/31
at
100.00
BBB-
391,886
450
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Saint
Luke's
Hospital
of
Duluth
Obligated
Group,
Series
2022A,
4.000%,
6/15/38
6/32
at
100.00
BBB-
404,015
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
BBB-
1,267,925
Glencoe,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Glencoe
Regional
Health
Services
Project,
Series
2013:
500
4.000%,
4/01/27
1/23
at
100.00
BBB
496,705
760
4.000%,
4/01/31
1/23
at
100.00
BBB
741,213
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
1,137,308
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
443,772
430
5.000%,
5/01/32
5/27
at
100.00
Baa1
446,482
Minneapolis,
Minnesota,
Health
Care
System
Revenue
Bonds,
Allina
Health
System,
Series
2021:
2,725
4.000%,
11/15/37
11/31
at
100.00
AA-
2,681,917
10,360
4.000%,
11/15/39
11/31
at
100.00
AA-
10,131,873
1,435
4.000%,
11/15/40
11/31
at
100.00
AA-
1,397,231
Minneapolis,
Minnesota,
Health
Care
System
Revenue
Bonds,
Fairview
Health
Services,
Series
2015A:
525
5.000%,
11/15/26
11/25
at
100.00
A
549,864
485
4.000%,
11/15/40
11/25
at
100.00
A
461,647
Minneapolis,
Minnesota,
Health
Care
System
Revenue
Bonds,
Fairview
Health
Services,
Series
2018A:
600
5.000%,
11/15/33
11/28
at
100.00
A
638,946
1,000
5.000%,
11/15/36
11/28
at
100.00
A
1,052,060
3,965
4.000%,
11/15/48
11/28
at
100.00
A
3,556,526
2,500
5.000%,
11/15/49
11/28
at
100.00
A
2,554,050
2,400
Rochester,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Mayo
Clinic,
Refunding
Series
2016B,
5.000%,
11/15/33
No
Opt.
Call
AA
2,822,664
5,500
Rochester,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Mayo
Clinic,
Series
2022,
5.000%,
11/15/57
11/32
at
100.00
AA
5,931,145
37
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
$
675
Saint
Cloud,
Minnesota,
Health
Care
Revenue
Bonds,
CentraCare
Health
System,
Series
2016A,
5.000%,
5/01/46
5/26
at
100.00
AA-
$
687,508
6,885
Saint
Cloud,
Minnesota,
Health
Care
Revenue
Bonds,
CentraCare
Health
System,
Series
2019,
5.000%,
5/01/48
5/29
at
100.00
AA-
7,041,565
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Health
Care
Facility
Revenue
Bonds,
HealthPartners
Obligated
Group,
Refunding
Series
2015A:
4,200
5.000%,
7/01/29
7/25
at
100.00
A
4,354,434
4,110
5.000%,
7/01/30
7/25
at
100.00
A
4,261,002
4,075
4.000%,
7/01/35
7/25
at
100.00
A
4,040,403
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
1,657,329
2,135
5.000%,
11/15/27
No
Opt.
Call
A
2,294,335
755
4.000%,
11/15/36
11/27
at
100.00
A
740,111
640
4.000%,
11/15/37
11/27
at
100.00
A
621,536
2,830
4.000%,
11/15/43
11/27
at
100.00
A
2,603,430
1,310
Saint
Paul
Port
Authority,
Minnesota,
Lease
Revenue
Bonds,
Regions
Hospital
Parking
Ramp
Project,
Series
2007-1,
5.000%,
8/01/36
1/23
at
100.00
N/R
1,310,262
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
1,970,535
1,410
5.000%,
9/01/34
9/24
at
100.00
A
1,424,044
99,160
Total
Health
Care
99,510,325
Housing/Multifamily
-
0.5%
2,500
Rochester,
Minnesota,
Multifamily
Housing
Revenue
Bonds,
Essex
Place
Apartments
Project,
Series
2012A,
3.750%,
6/01/29
12/22
at
100.00
Aaa
2,500,000
Housing/Single
Family
-
0.8%
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
12/22
at
100.00
AA+
14,478
40
Minneapolis-Saint
Paul
Housing
Finance
Board,
Minnesota,
Single
Family
Mortgage
Revenue
Bonds,
City
Living
Series
2007A-2,
5.520%,
3/01/41,
(AMT)
12/22
at
100.00
AA+
40,080
365
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2016A,
3.200%,
1/01/33,
(AMT)
7/25
at
100.00
AA+
357,196
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2020A:
470
1.550%,
7/01/25,
(AMT)
No
Opt.
Call
AA+
447,980
380
1.700%,
7/01/26,
(AMT)
No
Opt.
Call
AA+
356,049
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2020D:
225
1.625%,
1/01/26,
(AMT)
No
Opt.
Call
AA+
211,422
205
1.650%,
7/01/26,
(AMT)
No
Opt.
Call
AA+
190,820
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2020H:
460
1.100%,
7/01/26,
(AMT)
No
Opt.
Call
AA+
421,811
460
1.350%,
7/01/27,
(AMT)
No
Opt.
Call
AA+
416,488
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2021A:
380
1.550%,
1/01/28,
(AMT)
No
Opt.
Call
AA+
340,613
390
1.600%,
7/01/28,
(AMT)
No
Opt.
Call
AA+
346,823
485
1.750%,
1/01/29,
(AMT)
No
Opt.
Call
AA+
429,526
485
1.800%,
7/01/29,
(AMT)
No
Opt.
Call
AA+
426,742
245
1.900%,
1/01/30,
(AMT)
No
Opt.
Call
AA+
214,341
240
1.950%,
7/01/30,
(AMT)
No
Opt.
Call
AA+
208,855
4,845
Total
Housing/Single
Family
4,423,224
Nuveen
Minnesota
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
38
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Industrials
-
0.4%
$
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
1/23
at
100.00
BBB
$
2,113,020
Long-Term
Care
-
8.7%
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
1,749,915
840
Apple
Valley,
Minnesota
Senior
Housing
Revenue
Bonds,
PHS
Apple
Valley
Senior
Housing,
Inc.
Orchard
Path
Phase
II
Project,
Series
2021,
4.000%,
9/01/51
9/28
at
102.00
N/R
667,170
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
991,000
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
343,358
500
5.000%,
11/01/44
11/24
at
100.00
Baa1
503,330
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
419,910
1,500
5.000%,
9/01/52
9/26
at
102.00
N/R
1,197,060
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
1,502,460
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
1,279,590
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
183,650
700
4.000%,
8/01/41
8/28
at
102.00
N/R
516,600
200
4.000%,
8/01/48
8/28
at
102.00
N/R
135,896
1,180
Cold
Spring,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Assumption
Home,
Inc.,
Refunding
Series
2013,
5.200%,
3/01/43
1/23
at
100.00
N/R
946,360
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
465,756
1,175
5.250%,
1/01/46
1/23
at
100.00
N/R
899,462
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
1/23
at
100.00
N/R
1,111,876
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
380,535
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)
1/23
at
100.00
N/R
1,155,055
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
343,208
1,000
5.000%,
7/01/49
7/25
at
102.00
N/R
856,130
1,250
5.000%,
7/01/54
7/25
at
102.00
N/R
1,043,175
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
157,700
Minneapolis,
Minnesota,
Revenue
Bonds,
Walker
Minneapolis
Campus
Project,
Refunding
Series
2012:
305
5.000%,
11/15/24
1/23
at
100.00
N/R
299,281
1,500
4.750%,
11/15/28
1/23
at
100.00
N/R
1,384,605
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
1,366,005
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
267,786
39
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Long-Term
Care
(continued)
$
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
$
1,997,020
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)
1/23
at
100.00
N/R
1,023,772
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
1,053,392
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
2,120,580
50
Saint
Louis
Park,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Mount
Olivet
Careview
Home
Project,
Series
2016C,
3.150%,
6/01/28
1/23
at
100.00
N/R
43,731
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
840,050
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
4,002,800
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Revenue
Bonds,
Amherst
H.
Wilder
Foundation
Project,
Refunding
Series
2020A:
1,175
5.000%,
12/01/29
No
Opt.
Call
Baa2
1,214,198
300
5.000%,
12/01/30
No
Opt.
Call
Baa2
309,777
1,750
5.000%,
12/01/36
12/30
at
100.00
Baa2
1,773,012
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
376,182
300
4.000%,
11/01/36,
144A
11/26
at
102.00
N/R
243,918
1,015
4.000%,
11/01/42,
144A
11/26
at
102.00
N/R
763,463
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
562,659
400
4.000%,
9/01/32
9/24
at
100.00
N/R
376,784
500
4.100%,
9/01/33
9/24
at
100.00
N/R
468,845
315
4.200%,
9/01/36
9/24
at
100.00
N/R
288,962
300
4.250%,
9/01/37
9/24
at
100.00
N/R
274,938
1,000
5.000%,
9/01/42
9/24
at
100.00
N/R
974,210
600
Sartell,
Minnesota,
Health
Care
and
Housing
Facilities
Revenue
Bonds,
Country
Manor
Campus
LLC
Project,
Series
2022A,
5.000%,
9/01/35
9/27
at
100.00
N/R
556,092
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
2,082,264
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
617,831
5,000
5.000%,
8/01/54
8/24
at
102.00
N/R
4,662,000
52,045
Total
Long-Term
Care
46,793,353
Tax
Obligation/General
-
22.2%
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
Aa1
1,565,044
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
1,444,290
1,355
3.000%,
2/01/43
2/28
at
100.00
AAA
1,146,886
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
2,214,755
Nuveen
Minnesota
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
40
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
Brainerd
Independent
School
District
181,
Crow
Wing
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2018A:
$
2,225
4.000%,
2/01/42
2/27
at
100.00
AAA
$
2,244,513
3,600
4.000%,
2/01/43
2/27
at
100.00
AAA
3,621,420
Brooklyn
Center
Independent
School
District
286,
Minnesota,
General
Obligation
Bonds,
Series
2018A:
1,090
4.000%,
2/01/36
2/27
at
100.00
Aa1
1,109,271
1,880
4.000%,
2/01/38
2/27
at
100.00
Aa1
1,892,577
2,715
4.000%,
2/01/41
2/27
at
100.00
Aa1
2,715,380
2,260
4.000%,
2/01/42
2/27
at
100.00
Aa1
2,252,203
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
Aa1
2,069,839
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
1,150,558
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
Aa1
1,044,490
1,000
4.000%,
2/01/36
2/25
at
100.00
Aa1
1,011,160
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
1,204,460
1,145
4.000%,
2/01/32
2/28
at
100.00
AAA
1,202,021
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
491,140
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
Aa1
966,733
1,480
0.000%,
2/01/32
2/28
at
92.24
Aa1
1,030,228
535
0.000%,
2/01/33
2/28
at
89.86
Aa1
354,636
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
Aa1
1,584,480
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
1,391,275
480
Fridley,
Minnesota,
General
Obligation
Bonds,
Capital
Improvement
Plan,
Series
2017,
3.250%,
2/01/34
2/26
at
100.00
Aa2
469,723
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
552,776
4,855
Hennepin
County,
Minnesota,
General
Obligation
Bonds,
Series
2020A,
5.000%,
12/01/36
12/30
at
100.00
AAA
5,481,878
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
Aa1
1,489,830
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
5,028,500
1,145
Independent
School
District
No.
2397
(Le
Sueur-Henderson),
Minnesota,
General
Obligation
School
Building
Bonds,
Series
2022A,
5.000%,
2/01/36
2/31
at
100.00
AAA
1,292,373
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
AAA
2,968,830
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
Aa1
525,205
41
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
Lake
Crystal,
Minnesota,
General
Obligation
Bonds,
Series
2019A:
$
145
3.000%,
12/15/28
12/27
at
100.00
AA
$
145,858
160
3.000%,
12/15/29
12/27
at
100.00
AA
160,616
Madison,
Minnesota,
General
Obligation
Bonds,
Refunding
Series
2015A:
660
3.600%,
1/01/35
-
AGM
Insured
1/23
at
100.00
AA
660,026
500
4.000%,
1/01/45
-
AGM
Insured
1/23
at
100.00
AA
500,075
1,315
Maple
River
Independent
School
District
2135,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2020A,
4.000%,
2/01/38
2/30
at
100.00
AAA
1,350,387
1,430
Minneapolis
Special
School
District
1,
Hennepin
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2022A,
5.000%,
2/01/43
(WI/DD,
Settling
12/06/22)
2/32
at
100.00
AAA
1,590,417
2,195
Minneapolis,
Minnesota,
General
Obligation
Bonds,
Improvement
&
Various
Purpose
Series
2018,
4.000%,
12/01/35
12/26
at
100.00
AAA
2,242,434
1,500
Minnesota
State,
General
Obligation
Bonds,
Various
Purpose
Series
2018A,
5.000%,
8/01/37
8/28
at
100.00
AAA
1,641,825
155
Minnesota
State,
General
Obligation
Bonds,
Various
Purpose
Series
2019A,
5.000%,
8/01/36
8/29
at
100.00
AAA
172,579
5,000
Minnesota
State,
General
Obligation
Bonds,
Various
Purpose
Series
2021A,
4.000%,
9/01/33
9/31
at
100.00
AAA
5,403,000
Montgomery
Independent
School
District
2905,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2018A:
250
4.000%,
2/01/32
2/25
at
100.00
Aa1
256,817
500
4.000%,
2/01/36
2/25
at
100.00
Aa1
513,635
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
Aa1
1,363,839
1,100
3.000%,
2/01/44
2/28
at
100.00
Aa1
881,705
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
Aa1
1,949,500
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
Aa1
624,899
530
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
518,748
1,265
Pipestone-Jasper
Independent
School
District
2689,
Minnesota,
General
Obligation
Bonds,
Series
2019A,
5.000%,
2/01/30
2/29
at
100.00
AAA
1,425,832
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
Aa1
1,838,618
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
4,011,960
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
Aa1
1,252,450
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
Aa1
3,529,955
4,000
4.000%,
2/01/34
2/27
at
100.00
Aa1
4,109,000
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
1,825,967
1,700
4.000%,
2/01/31
2/29
at
100.00
AAA
1,803,921
800
Saint
Cloud
Independent
School
District
742,
Stearns
County,
Minnesota,
General
Obligation
Bonds,
Facilities
Maintenance
Series
2022B,
4.000%,
2/01/43
2/30
at
100.00
Aa1
798,544
Nuveen
Minnesota
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
42
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
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
Aa1
$
575,765
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
1,007,360
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
Aa1
1,393,721
1,400
4.000%,
2/01/30
2/26
at
100.00
Aa1
1,454,754
1,885
3.200%,
2/01/32
2/26
at
100.00
Aa1
1,893,011
Sartell,
Minnesota,
General
Obligation
Bonds,
Series
2022A:
1,840
4.000%,
2/01/41
2/30
at
100.00
AA
1,853,045
1,180
4.000%,
2/01/43
2/30
at
100.00
AA
1,157,828
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
Aa1
259,525
425
4.000%,
2/01/34
2/27
at
100.00
Aa1
440,725
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
Aa1
2,507,750
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
Aa1
1,383,785
670
4.000%,
2/01/33
2/27
at
100.00
Aa1
690,757
1,575
South
Washington
County
Independent
School
District
833,
Minnesota,
General
Obligation
Bonds,
Facilities
Maintenance
Series
2020A,
4.000%,
2/01/29
2/28
at
100.00
Aa1
1,654,033
South
Washington
County
Independent
School
District
833,
Minnesota,
General
Obligation
Bonds,
Facilities
Maintenance
Series
2022A:
1,000
4.000%,
2/01/34
2/30
at
100.00
Aa1
1,044,740
2,030
4.000%,
2/01/35
2/30
at
100.00
Aa1
2,107,241
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
Aa1
1,031,320
Virginia,
Minnesota,
General
Obligation
Bonds,
Sales
Tax
Series
2020A:
815
4.000%,
2/01/33
-
AGM
Insured
2/28
at
100.00
AA
844,259
655
4.000%,
2/01/35
-
AGM
Insured
2/28
at
100.00
AA
670,890
2,500
Waconia
Independent
School
District,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2015B,
3.000%,
2/01/28
2/25
at
100.00
Aa1
2,505,975
1,315
Waseca
Independent
School
District
829,
Steele,
Rice,
and
Waseca
Counties,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2015A,
4.000%,
2/01/27
2/26
at
100.00
Aa1
1,364,957
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
1,219,182
117,690
Total
Tax
Obligation/General
119,149,704
Tax
Obligation/Limited
-
10.6%
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
507,822
750
Duluth
Independent
School
District
709,
Minnesota,
Certificates
of
Participation,
Refunding
Full
Term
Series
2019B,
5.000%,
2/01/25
No
Opt.
Call
Aa1
781,605
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
283,342
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
129,466
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
418,880
1,090
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2015C,
3.250%,
8/01/30
8/24
at
100.00
AA+
1,091,820
43
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2017A:
$
200
4.000%,
8/01/30
8/27
at
100.00
AA+
$
210,444
475
4.000%,
8/01/34
8/27
at
100.00
AA+
491,763
325
4.000%,
8/01/35
8/27
at
100.00
AA+
334,123
1,125
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2018D,
4.000%,
8/01/38
8/28
at
100.00
AA+
1,128,330
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2021B:
500
3.000%,
8/01/38
8/31
at
100.00
AA+
424,890
500
3.000%,
8/01/39
8/31
at
100.00
AA+
417,265
500
3.000%,
8/01/40
8/31
at
100.00
AA+
411,385
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2021C:
765
5.000%,
8/01/34
8/31
at
100.00
AA+
862,392
2,810
4.000%,
8/01/35
8/31
at
100.00
AA+
2,871,314
2,925
4.000%,
8/01/36
8/31
at
100.00
AA+
2,975,866
3,045
4.000%,
8/01/37
8/31
at
100.00
AA+
3,084,372
3,165
4.000%,
8/01/38
8/31
at
100.00
AA+
3,178,609
1,000
4.000%,
8/01/43
8/31
at
100.00
AA+
962,740
1,780
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2022A,
5.000%,
8/01/40
8/32
at
100.00
AA+
1,949,776
1,905
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2022C,
5.000%,
8/01/41
8/32
at
100.00
AA+
2,086,318
Northeast
Metropolitan
Intermediate
School
District
916,
White
Bear
Lake,
Minnesota,
Certificates
of
Participation,
Series
2015A:
1,470
3.625%,
2/01/34
2/25
at
100.00
A1
1,470,853
580
3.750%,
2/01/36
2/25
at
100.00
A1
575,760
4,600
Northeast
Metropolitan
Intermediate
School
District
916,
White
Bear
Lake,
Minnesota,
Certificates
of
Participation,
Series
2015B,
4.000%,
2/01/42
2/25
at
100.00
A1
4,544,156
1,000
Plymouth
Intermediate
District
287,
Minnesota,
Certificates
of
Participation,
Refunding
Series
2017A,
4.000%,
2/01/36
2/27
at
100.00
A1
1,008,200
Plymouth
Intermediate
District
287,
Minnesota,
Facilities
Maintenance
Bonds,
Series
2017B:
175
4.000%,
5/01/29
5/27
at
100.00
Aa3
182,912
200
4.000%,
5/01/32
5/27
at
100.00
Aa3
207,620
100
4.000%,
5/01/33
5/27
at
100.00
Aa3
103,548
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
4,248,180
4,077
5.000%,
7/01/58
7/28
at
100.00
N/R
3,868,298
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
1,856,230
1,155
Roseville
Independent
School
District
623,
Ramsey
County,
Minnesota,
Certificates
of
Participation,
Series
2021A,
5.000%,
4/01/29
No
Opt.
Call
Baa1
1,264,032
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
370,187
520
5.000%,
2/01/34
2/25
at
100.00
A1
542,136
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Multifamily
Housing
Revenue
Bonds,
2700
University
at
Westgate
Station,
Series
2015B:
160
4.250%,
4/01/25
4/23
at
100.00
N/R
157,829
430
4.875%,
4/01/30
4/23
at
100.00
N/R
424,887
1,665
5.250%,
4/01/43
4/23
at
100.00
N/R
1,590,758
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
2,610,299
Nuveen
Minnesota
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
44
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
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
$
1,035,653
1,000
4.000%,
2/01/37
2/29
at
100.00
AAA
1,021,740
3,325
Saint
Paul
Independent
School
District
625,
Ramsey
County,
Minnesota,
Certificates
of
Participation,
Series
2020C,
4.000%,
2/01/30
2/28
at
100.00
AAA
3,498,598
Zumbro
Education
District
6012,
Minnesota,
Certificates
of
Participation
Series
2021A:
280
4.000%,
2/01/32
2/31
at
100.00
Baa1
277,183
250
4.000%,
2/01/34
2/31
at
100.00
Baa1
245,715
425
4.000%,
2/01/38
2/31
at
100.00
Baa1
397,783
700
4.000%,
2/01/41
2/31
at
100.00
Baa1
640,332
56,971
Total
Tax
Obligation/Limited
56,745,411
Transportation
-
8.7%
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+
2,040,980
1,175
5.000%,
1/01/32
1/24
at
100.00
A+
1,198,523
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+
761,355
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+
33,265
1,000
5.000%,
1/01/33
7/29
at
100.00
A+
1,094,170
70
5.000%,
1/01/37
7/29
at
100.00
A+
74,543
1,530
5.000%,
1/01/49
7/29
at
100.00
A+
1,574,814
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2019B:
2,710
5.000%,
1/01/32,
(AMT)
7/29
at
100.00
A+
2,889,700
2,300
5.000%,
1/01/38,
(AMT)
7/29
at
100.00
A+
2,393,978
2,215
5.000%,
1/01/39,
(AMT)
7/29
at
100.00
A+
2,297,509
2,920
5.000%,
1/01/44,
(AMT)
7/29
at
100.00
A+
2,990,547
11,150
5.000%,
1/01/49,
(AMT)
7/29
at
100.00
A+
11,349,362
7,080
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Senior
Lien
Series
2016C,
5.000%,
1/01/41
1/27
at
100.00
AA-
7,353,996
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+
493,354
2,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Subordinate
Lien
Series
2022A,
5.000%,
1/01/52
1/32
at
100.00
A+
2,062,420
7,700
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Subordinate
Lien
Series
2022B,
5.000%,
1/01/47,
(AMT)
1/32
at
100.00
A+
7,898,429
45,105
Total
Transportation
46,506,945
U.S.
Guaranteed
-
1.6%
(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
1,154,057
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
2,030,820
850
Saint
Paul
Park,
Minnesota,
Health
Facilities
Revenue
Bonds,
Presbyterian
Homes
Interlude
Transitional
Care
Projects,
Refunding
Series
2018,
5.000%,
5/01/43,
(Pre-refunded
5/01/23)
5/23
at
102.00
N/R
874,837
45
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
(4)
(continued)
$
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
$
1,696,208
1,000
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
Aa2
1,025,480
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+
1,585,707
8,115
Total
U.S.
Guaranteed
8,367,109
Utilities
-
10.5%
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-
1,246,076
135
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2020A,
5.000%,
1/01/50
7/30
at
100.00
A-
135,630
470
Luverne,
Minnesota,
Electric
Revenue
Bonds,
Series
2022A,
3.000%,
12/01/44
-
AGM
Insured
12/28
at
100.00
AA
369,176
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
Aa1
1,337,657
Minnesota
Municipal
Power
Agency,
Electric
Revenue
Bonds,
Refunding
Series
2014A:
1,000
4.000%,
10/01/31
10/24
at
100.00
AA-
1,017,040
1,000
4.000%,
10/01/32
10/24
at
100.00
AA-
1,015,030
2,795
Minnesota
Municipal
Power
Agency,
Electric
Revenue
Bonds,
Series
2016,
5.000%,
10/01/47
10/26
at
100.00
AA-
2,920,579
3,500
Rochester,
Minnesota,
Electric
Utility
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
12/01/47
12/26
at
100.00
AA
3,727,325
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-
406,407
1,325
4.000%,
10/01/33
10/27
at
100.00
A-
1,354,322
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-
368,316
270
4.000%,
10/01/29
10/27
at
100.00
A-
279,823
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-
1,959,340
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-
1,088,220
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-
270,612
675
4.000%,
10/01/41
10/27
at
100.00
A-
665,300
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-
1,014,442
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+
3,048,585
10,530
0.000%,
1/01/24
-
NPFG
Insured
No
Opt.
Call
A+
10,212,731
5,005
0.000%,
1/01/25
-
NPFG
Insured
No
Opt.
Call
A+
4,707,152
6,230
0.000%,
1/01/26
-
NPFG
Insured
No
Opt.
Call
A+
5,667,369
Thief
River
Falls,
Minnesota,
Electric
Revenue
Bonds,
Series
2018A:
230
4.000%,
2/01/35
-
AGM
Insured
2/26
at
100.00
AA
236,348
260
4.000%,
2/01/38
-
AGM
Insured
2/26
at
100.00
AA
263,224
11,965
Western
Minnesota
Municipal
Power
Agency,
Minnesota,
Power
Supply
Revenue
Bonds,
Series
2018A,
5.000%,
1/01/49
7/28
at
100.00
Aa2
12,661,722
56,345
Total
Utilities
55,972,426
$
543,026
Total
Long-Term
Investments
(cost
$557,434,240)
533,293,324
Other
Assets
Less
Liabilities
-
0.4%
2,409,053
Net
Assets
-
100%
$
535,702,377
Nuveen
Minnesota
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
46
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
(3)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
(4)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
AMT
Alternative
Minimum
Tax
WI/DD
Purchased
on
a
when-issued
or
delayed
delivery
basis.
See
accompanying
notes
to
financial
statements.
47
Nuveen
Nebraska
Municipal
Bond
Fund
Portfolio
of
Investments
November
30,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
98.5%   
X
103,550,001
MUNICIPAL
BONDS
-
98.5%  
X
103,550,001
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+
$
56,634
Education
and
Civic
Organizations
-
7.6%
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
1,550,220
1,000
Douglas
County,
Nebraska,
Educational
Facilities
Revenue
Bonds,
Creighton
University
Projects,
Series
2021A,
4.000%,
7/01/46
1/32
at
100.00
A2
917,990
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
AA
1,292,297
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
321,462
445
3.000%,
2/15/35
2/29
at
100.00
A
388,387
500
Southeast
Community
College
Area,
Nebraska,
Facilities
Revenue
Bonds,
Series
2020,
3.000%,
3/15/45
-
AGM
Insured
7/25
at
100.00
AA
394,930
Southeast
Community
College
Area,
Nebraska,
Facilities
Revenue
Bonds,
Series
2022:
450
4.000%,
3/15/29
-
AGM
Insured
1/27
at
100.00
AA
468,644
500
4.000%,
3/15/47
-
AGM
Insured
1/27
at
100.00
AA
472,095
1,000
University
of
Nebraska
Facilities
Corporation,
Nebraska,
Facilities
Bonds,
Refunding
Series
2017B,
4.000%,
5/15/37
11/27
at
100.00
Aa1
1,008,810
1,000
University
of
Nebraska
Facilities
Corporation,
Nebraska,
Facilities
Program
Bonds,
Series
2021A,
5.000%,
7/15/31
No
Opt.
Call
Aa1
1,169,150
7,950
Total
Education
and
Civic
Organizations
7,983,985
Health
Care
-
8.0%
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+
199,196
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-
557,750
300
4.000%,
11/15/41
11/30
at
100.00
AA-
290,199
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-
186,804
1,060
5.000%,
11/15/47
5/27
at
100.00
AA-
1,079,504
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
AA-
693,440
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-
777,992
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
500,110
2,000
5.000%,
11/01/45
11/25
at
100.00
A
2,018,260
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
260,707
Nuveen
Nebraska
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
48
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
$
511,155
435
5.000%,
7/01/35
7/25
at
100.00
BBB
443,765
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+
889,551
8,300
Total
Health
Care
8,408,433
Housing/Single
Family
-
1.7%
660
Nebraska
Investment
Finance
Authority,
Single
Family
Housing
Revenue
Bonds,
Refunding
Series
2016A,
3.500%,
9/01/36
3/25
at
100.00
AA+
626,221
Nebraska
Investment
Finance
Authority,
Single
Family
Housing
Revenue
Bonds,
Series
2021A:
100
1.850%,
9/01/35
3/30
at
100.00
AA+
77,248
45
1.950%,
9/01/37
3/30
at
100.00
AA+
39,277
1,000
Nebraska
Investment
Finance
Authority,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2022E,
1.800%,
3/01/49,
(Mandatory
Put
12/07/22)
11/22
at
100.00
AA+
1,000,000
1,805
Total
Housing/Single
Family
1,742,746
Long-Term
Care
-
3.3%
3,700
Nebraska
Educational,
Health,
Cultural
and
Social
Services
Finance
Authority,
Revenue
Bonds,
Immanuel
Retirement
Communities
Obligated
Group,
Series
2019A,
4.000%,
1/01/49
1/26
at
102.00
AA
3,493,355
Tax
Obligation/General
-
39.5%
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
605,418
975
4.000%,
12/15/44
5/29
at
100.00
Aa3
939,998
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-
1,027,560
500
3.000%,
12/15/36
4/26
at
100.00
AA-
444,040
1,000
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+
983,390
Dodge
County
School
District
1
Fremont,
Nebraska,
General
Obligation
Bonds,
Series
2022:
250
2.000%,
12/15/23
-
AGM
Insured
No
Opt.
Call
AA
248,037
260
5.000%,
12/15/28
-
AGM
Insured
No
Opt.
Call
AA
290,202
1,250
4.000%,
12/15/47
-
AGM
Insured
12/32
at
100.00
AA
1,213,350
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-
1,103,963
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-
871,270
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-
1,142,820
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
1,187,880
1,235
Douglas
County
School
District
1,
Nebraska,
General
Obligation
Bonds,
Omaha
Public
Schools,
Series
2022,
5.000%,
12/15/25
No
Opt.
Call
AA
1,318,943
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-
1,008,510
750
Douglas
County
School
District
10
Elkhorn,
Nebraska,
General
Obligation
Bonds,
Series
2019,
4.000%,
12/15/39
12/29
at
100.00
AA-
751,230
Douglas
County
School
District
10
Elkhorn,
Nebraska,
General
Obligation
Bonds,
Series
2020:
430
4.000%,
12/15/39
12/30
at
100.00
AA-
432,262
400
4.000%,
12/15/40
12/30
at
100.00
AA-
397,748
49
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
750
Douglas
County
School
District
54,
Ralston,
Nebraska,
General
Obligation
Bonds,
Refunding
Series
2021,
3.000%,
12/15/46
12/30
at
100.00
Aa3
$
563,363
Kearney
County,
Nebraska,
General
Obligation
Bonds,
Recreational
Facilities
Series
2022:
550
4.000%,
5/15/28
5/27
at
100.00
A+
563,244
700
4.000%,
5/15/29
5/27
at
100.00
A+
715,589
500
4.000%,
5/15/30
5/27
at
100.00
A+
510,395
1,000
4.000%,
5/15/42
5/27
at
100.00
A+
967,830
La
Vista,
Nebraska,
General
Obligation
Bonds,
Offstreet
Parking
Series
2022:
305
4.000%,
9/15/24
No
Opt.
Call
Aa3
312,256
Lancaster
County
School
District
1,
Lincoln,
Nebraska,
General
Obligation
Bonds,
Series
2020:
3,240
5.000%,
1/15/30
No
Opt.
Call
AAA
3,707,694
1,000
3.000%,
1/15/43
7/30
at
100.00
AAA
822,440
195
Omaha,
Nebraska,
General
Obligation
Bonds,
Convention
Center
Project,
Series
2004,
5.250%,
4/01/26
No
Opt.
Call
AA+
210,705
500
Omaha,
Nebraska,
General
Obligation
Bonds,
Refunding
&
Various
Purpose
Series
2017A,
4.000%,
4/15/33
4/27
at
100.00
AA+
514,915
500
Omaha,
Nebraska,
General
Obligation
Bonds,
Refunding
&
Various
Purpose
Series
2018A,
4.000%,
1/15/37
1/27
at
100.00
AA+
507,335
1,000
Omaha,
Nebraska,
General
Obligation
Bonds,
Refunding
&
Various
Purpose
Series
2019,
4.000%,
4/15/38
4/29
at
100.00
AA+
1,019,100
Omaha,
Nebraska,
General
Obligation
Bonds,
Refunding
&
Various
Purpose
Series
2020A:
380
4.000%,
4/15/31
4/30
at
100.00
AA+
400,619
540
3.000%,
4/15/39
4/30
at
100.00
AA+
467,348
Omaha,
Nebraska,
General
Obligation
Bonds,
Various
Purpose
and
Refunding
Bonds,
Series
2021:
785
5.000%,
4/15/28
No
Opt.
Call
AA+
872,661
1,000
3.000%,
4/15/41
4/31
at
100.00
AA+
841,350
500
Omaha,
Nebraska,
Special
Tax
Redevelopment
Bonds,
Series
2018A,
5.000%,
1/15/33
1/27
at
100.00
AA+
541,620
1,000
Omaha,
Nebraska,
Special
Tax
Redevelopment
Bonds,
Series
2019A,
4.000%,
1/15/40
1/29
at
100.00
AA+
1,012,960
1,290
Omaha-Douglas
Public
Building
Commission,
Nebraska,
General
Obligation
Bonds,
Series
2020B,
4.000%,
5/01/43
5/29
at
100.00
AA+
1,298,462
1,000
Otoe
County
School
District
0501
Palmyra
District
OR-1,
Nebraska,
General
Obligation
Bonds,
School
Building
Series
2022,
5.000%,
12/15/42
11/27
at
100.00
Aa3
1,053,720
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
777,720
795
3.000%,
12/01/40
12/30
at
100.00
Aa2
653,601
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-
729,045
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-
1,084,500
1,000
5.000%,
6/15/41
6/29
at
100.00
AA-
1,080,720
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-
599,010
750
3.000%,
12/15/44
12/25
at
100.00
AA-
585,795
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
994,370
Nuveen
Nebraska
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
50
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
AA
$
102,595
100
4.000%,
12/15/25
-
BAM
Insured
No
Opt.
Call
AA
103,422
140
4.000%,
12/15/26
-
BAM
Insured
No
Opt.
Call
AA
146,021
270
4.000%,
12/15/27
-
BAM
Insured
No
Opt.
Call
AA
283,870
1,000
4.000%,
12/15/41
-
BAM
Insured
12/32
at
100.00
AA
989,620
265
4.000%,
12/15/42
-
BAM
Insured
12/32
at
100.00
AA
260,956
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+
394,130
850
3.000%,
12/15/50
12/30
at
100.00
A+
621,461
Southeast
Community
College
Area,
Nebraska,
Certificates
of
Participation,
Series
2018:
215
5.000%,
12/15/30
6/28
at
100.00
Aa1
239,645
1,000
5.000%,
12/15/47
6/28
at
100.00
Aa1
1,074,970
42,710
Total
Tax
Obligation/General
41,591,678
Tax
Obligation/Limited
-
10.5%
500
Columbus,
Nebraska,
Sales
Tax
Revenue
Bonds,
Police
&
Fire
Project,
Series
2018,
4.000%,
9/15/27
9/23
at
100.00
A
504,210
1,250
Douglas
County
Nebraska,
Sanitary
and
Improvement,
District
Number
608,
General
Obligation
Bonds,
North
Streams,
Series
2022,
6.000%,
12/15/47
6/27
at
100.00
N/R
1,122,200
430
Grand
Island,
Nebraska,
Highway
Allocation
Fund
Pledge
Bonds,
Series
2020,
3.000%,
11/15/30
11/25
at
100.00
Aa2
424,401
La
Vista,
Nebraska,
General
Obligation
Bonds,
Offstreet
Parking
Series
2022:
190
4.000%,
9/15/23
No
Opt.
Call
Aa3
192,225
475
4.000%,
9/15/25
No
Opt.
Call
Aa3
489,844
400
4.000%,
9/15/26
No
Opt.
Call
Aa3
416,648
300
4.000%,
9/15/27
1/27
at
100.00
Aa3
312,429
La
Vista,
Sarpy
County,
Nebraska,
Tax
Supported
Bonds,
Taxable
Refunding
Series
2022:
625
5.000%,
9/15/26
-
AGM
Insured
No
Opt.
Call
AA
675,500
1,000
5.000%,
9/15/42
-
AGM
Insured
6/27
at
100.00
AA
1,056,450
1,060
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A,
5.000%,
10/01/28
No
Opt.
Call
N/R
1,096,400
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+
507,280
1,000
Omaha
Public
Facilities
Corporation,
Nebraska,
Lease
Revenue
Bonds,
Series
2020B,
3.000%,
4/15/40
4/30
at
100.00
AA+
847,710
380
Omaha
Public
Facilities
Corporation,
Nebraska,
Lease
Revenue
Bonds,
Series
2021,
4.000%,
4/15/24
No
Opt.
Call
AA+
386,726
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
698,498
800
4.750%,
7/01/53
7/28
at
100.00
N/R
730,960
600
5.000%,
7/01/58
7/28
at
100.00
N/R
569,286
1,000
Sarpy
County,
Nebraska,
Limited
Tax
Highway
Allocation
Fund
Pledge
Bonds,
Series
2021,
5.000%,
6/01/24
No
Opt.
Call
Aaa
1,034,900
11,260
Total
Tax
Obligation/Limited
11,065,667
Transportation
-
5.0%
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
148,425
80
6.375%,
10/01/43,
(AMT)
10/23
at
100.00
Baa2
82,133
70
Hawaii
State,
Harbor
System
Revenue
Bonds,
Series
2020A,
4.000%,
7/01/36,
(AMT)
7/30
at
100.00
Aa3
70,366
825
Lincoln,
Nebraska,
Airport
Revenue
Bonds,
Series
2015A,
4.000%,
7/01/45
7/25
at
100.00
Aa1
825,182
51
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
$
2,000
Lincoln,
Nebraska,
Airport
Revenue
Bonds,
Series
2021,
4.000%,
7/01/36,
(AMT)
7/31
at
100.00
Aa1
$
2,013,260
Omaha
Airport
Authority,
Nebraska,
Airport
Facilities
Revenue
Refunding
Bonds,
Series
2017A:
1,000
5.000%,
12/15/34,
(AMT)
12/26
at
100.00
AA-
1,038,150
1,000
5.000%,
12/15/36,
(AMT)
12/26
at
100.00
AA-
1,033,450
5,120
Total
Transportation
5,210,966
U.S.
Guaranteed
-
5.9%
(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
509,500
500
4.000%,
12/15/39,
(Pre-refunded
5/22/24)
5/24
at
100.00
A1
509,500
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-
778,598
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
363,385
85
6.375%,
10/01/43,
(Pre-refunded
10/01/23),
(AMT)
10/23
at
100.00
Baa2
87,267
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+
728,027
365
4.500%,
11/15/29,
(Pre-refunded
11/15/23)
11/23
at
100.00
AA+
371,651
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
777,405
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
608,861
520
5.000%,
12/15/35,
(Pre-refunded
12/15/27)
12/27
at
100.00
Aa3
575,650
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
664,704
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
N/R
223,744
5,910
Total
U.S.
Guaranteed
6,198,292
Utilities
-
16.9%
465
Central
Plains
Energy
Project,
Nebraska,
Gas
Project
3
Revenue
Bonds,
Refunding
Crossover
Series
2017A,
5.000%,
9/01/37
No
Opt.
Call
A
484,079
Columbus,
Nebraska,
Combined
Revenue
Bonds,
Refunding
Series
2020:
375
4.000%,
6/15/34
6/30
at
100.00
AA
391,736
400
4.000%,
6/15/35
6/30
at
100.00
AA
414,200
1,000
District
Energy
Corporation,
Nebraska,
Facility
Revenue
Bonds,
Refunding
Series
2021A,
5.000%,
7/01/28
No
Opt.
Call
AA+
1,110,640
Grand
Island,
Nebraska,
Combined
Utilities
Revenue
Bonds,
Refunding
Series
2020A:
750
4.000%,
8/15/35
-
AGM
Insured
8/30
at
100.00
AA
774,952
515
4.000%,
8/15/37
-
AGM
Insured
8/30
at
100.00
AA
524,363
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-
1,960,668
870
Lincoln,
Nebraska,
Electric
System
Revenue
Bonds,
Series
2018,
5.000%,
9/01/34
3/27
at
100.00
AA
940,044
450
Lincoln,
Nebraska,
Electric
System
Revenue
Bonds,
Series
2020A,
5.000%,
9/01/33
3/30
at
100.00
AA
507,353
500
Metropolitan
Utilities
District
Omaha,
Nebraska,
Water
Revenue
Bonds,
Series
2015,
3.250%,
12/01/32
12/25
at
100.00
AA
490,945
1,500
Nebraska
Public
Power
District,
General
Revenue
Bonds,
Series
2016A,
5.000%,
1/01/41
1/26
at
100.00
A+
1,562,625
Nuveen
Nebraska
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
52
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
$
500
Omaha
Public
Power
District,
Nebraska,
Electric
System
Revenue
Bonds,
Refunding
Series
2015C,
4.000%,
2/01/38
2/25
at
100.00
AA
$
502,790
1,000
Omaha
Public
Power
District,
Nebraska,
Electric
System
Revenue
Bonds,
Series
2016A,
4.000%,
2/01/38
2/26
at
100.00
AA
1,007,540
1,000
Omaha
Public
Power
District,
Nebraska,
Electric
System
Revenue
Bonds,
Series
2017A,
5.000%,
2/01/42
12/27
at
100.00
AA
1,064,950
1,000
Omaha
Public
Power
District,
Nebraska,
Electric
System
Revenue
Bonds,
Series
2018A,
5.000%,
2/01/39
2/28
at
100.00
AA
1,077,480
750
Omaha
Public
Power
District,
Nebraska,
Electric
System
Revenue
Bonds,
Series
2022B,
5.000%,
2/01/47
2/32
at
100.00
AA
827,100
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+
279,427
Omaha,
Nebraska,
Sanitary
Sewage
System
Revenue
Bonds,
Refunding
Series
2020A:
370
4.000%,
4/01/39
4/30
at
100.00
AA
373,892
300
4.000%,
4/01/40
4/30
at
100.00
AA
301,203
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
1,034,680
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
1,560,630
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
606,948
17,095
Total
Utilities
17,798,245
$
103,915
Total
Long-Term
Investments
(cost
$110,924,080)
103,550,001
Other
Assets
Less
Liabilities
-
1.5%
1,605,665
Net
Assets
-
100%
$
105,155,666
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
(3)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
(4)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
See
accompanying
notes
to
financial
statements.
53
Nuveen
Oregon
Intermediate
Municipal
Bond
Fund
Portfolio
of
Investments
November
30,
2022
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
99.4%   
X
189,881,264
MUNICIPAL
BONDS
-
99.4%  
X
189,881,264
Education
and
Civic
Organizations
-
4.6%
$
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
$
1,120,021
Forest
Grove,
Oregon,
Student
Housing
Revenue
Bonds,
Oak
Tree
Foundation,
Inc.
Project,
Series
2017:
350
5.000%,
3/01/23
No
Opt.
Call
BBB-
351,011
440
5.000%,
3/01/24
No
Opt.
Call
BBB-
445,324
505
5.000%,
3/01/25
No
Opt.
Call
BBB-
514,085
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
108,852
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
863,107
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
100,114
600
Oregon
Facilities
Authority,
Revenue
Bonds,
Redmond
Proficiency
Academy
Project,
Series
2016A,
5.000%,
6/15/33
6/25
at
100.00
N/R
576,696
Oregon
Facilities
Authority,
Revenue
Bonds,
University
of
Portland
Projects,
Series
2015A:
450
5.000%,
4/01/29
4/25
at
100.00
A+
467,694
800
5.000%,
4/01/30
4/25
at
100.00
A+
831,232
490
Oregon
State
Facilities
Authority,
Oregon,
Charter
School
Revenue
Bonds,
Academy
for
Character
Education,
Series
2022A,
6.750%,
6/15/42,
144A
6/32
at
100.00
N/R
493,401
1,000
Yamhill
County,
Oregon,
Revenue
Bonds,
George
Fox
University
Project,
Refunding
Series
2021,
4.000%,
12/01/36
12/31
at
100.00
A-
976,910
Yamhill
County,
Oregon,
Revenue
Bonds,
Linfield
University
Project,
Refunding
Series
2020A:
850
4.000%,
10/01/23
No
Opt.
Call
Baa2
853,825
1,000
5.000%,
10/01/35
10/30
at
100.00
Baa2
1,059,370
8,710
Total
Education
and
Civic
Organizations
8,761,642
Health
Care
-
15.2%
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
376,924
1,000
5.000%,
1/01/33
1/26
at
100.00
A
1,039,240
715
Deschutes
County
Hospital
Facility
Authority,
Oregon,
Hospital
Revenue
Bonds,
Saint
Charles
Health
System,
Inc.,
Series
2020A,
4.000%,
1/01/34
1/31
at
100.00
A
722,658
Klamath
Falls
Intercommunity
Hospital
Authority,
Oregon,
Revenue
Bonds,
Sky
Lakes
Medical
Center
Project,
Refunding
Series
2016:
730
5.000%,
9/01/29
9/26
at
100.00
A
762,405
200
5.000%,
9/01/30
9/26
at
100.00
A
208,446
600
5.000%,
9/01/31
9/26
at
100.00
A
624,576
270
5.000%,
9/01/32
9/26
at
100.00
A
280,673
1,350
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+
1,475,671
1,000
Oregon
Facilities
Authority,
Revenue
Bonds,
Legacy
Health
Project,
Series
2016A,
5.000%,
6/01/30
6/26
at
100.00
A+
1,050,770
Oregon
Facilities
Authority,
Revenue
Bonds,
Peacehealth
System,
Refunding
Series
2014A:
690
5.000%,
11/15/25
5/24
at
100.00
AA-
707,754
4,155
4.125%,
11/15/32
5/24
at
100.00
AA-
4,180,054
600
Oregon
Facilities
Authority,
Revenue
Bonds,
Samaritan
Health
Services
Project,
Refunding
Series
2020A,
5.000%,
10/01/30
No
Opt.
Call
BBB+
649,194
Nuveen
Oregon
Intermediate
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
54
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
Oregon
Facilities
Authority,
Revenue
Bonds,
Samaritan
Health
Services,
Refunding
Series
2016A:
$
485
5.000%,
10/01/29
10/26
at
100.00
BBB+
$
505,195
1,325
5.000%,
10/01/30
10/26
at
100.00
BBB+
1,379,683
4,105
Oregon
Health
and
Science
University,
Revenue
Bonds,
Green
Series
2021B-1,
5.000%,
7/01/46,
(Mandatory
Put
2/01/30)
11/29
at
100.00
AA-
4,581,344
Oregon
Health
and
Science
University,
Revenue
Bonds,
Series
2019A:
1,000
5.000%,
7/01/29
No
Opt.
Call
AA-
1,129,040
500
5.000%,
7/01/31
1/30
at
100.00
AA-
565,825
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-
2,409,196
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-
1,420,785
560
5.000%,
5/15/30
5/26
at
100.00
AA-
586,970
1,000
5.000%,
5/15/31
5/26
at
100.00
AA-
1,047,310
1,200
5.000%,
5/15/46
5/26
at
100.00
AA-
1,212,540
Union
County
Oregon,
Hospital
Facility
Authority
Revenue
Bonds,
Grande
Ronde
Hospital
Incorporated,
Series
2022:
1,230
5.000%,
7/01/33
7/32
at
100.00
BBB
1,292,472
695
5.000%,
7/01/34
7/32
at
100.00
BBB
726,796
27,375
Total
Health
Care
28,935,521
Housing/Multifamily
-
0.3%
195
Clackamas
County
Housing
Authority,
Oregon,
Multifamily
Housing
Revenue
Bonds,
Easton
Ridge
Apartments
Project,
Series
2013A,
4.000%,
9/01/23
3/23
at
100.00
Aa2
195,501
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
347,385
535
Total
Housing/Multifamily
542,886
Housing/Single
Family
-
0.8%
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
784,493
825
1.950%,
7/01/33
7/30
at
100.00
Aa2
688,165
1,760
Total
Housing/Single
Family
1,472,658
Long-Term
Care
-
6.6%
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
281,797
300
5.000%,
11/15/28
11/25
at
102.00
N/R
294,546
315
5.000%,
11/15/29
11/25
at
102.00
N/R
307,056
330
5.000%,
11/15/30
11/25
at
102.00
N/R
319,268
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
522,139
445
4.000%,
11/15/24
No
Opt.
Call
N/R
441,774
355
4.000%,
5/15/25
No
Opt.
Call
N/R
351,400
460
4.000%,
11/15/25
No
Opt.
Call
N/R
454,443
200
4.000%,
5/15/26
11/25
at
102.00
N/R
196,892
400
4.000%,
11/15/26
11/25
at
102.00
N/R
392,964
350
4.000%,
5/15/27
11/25
at
102.00
N/R
341,072
350
4.000%,
11/15/27
11/25
at
102.00
N/R
340,179
450
Medford
Hospital
Facilities
Authority,
Oregon,
Revenue
Bonds,
Rogue
Valley
Manor,
Series
2013A,
5.000%,
10/01/24
10/23
at
100.00
A-
456,372
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+
1,500,045
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+
326,869
55
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Long-Term
Care
(continued)
$
300
Multnomah
County
Hospital
Facilities
Authority,
Oregon,
Revenue
Bonds,
Mirabella
South
Waterfront,
Refunding
Series
2014A,
5.000%,
10/01/24
No
Opt.
Call
N/R
$
301,218
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+
323,550
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
961,230
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
BBB-
1,272,286
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
1,093,351
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
2,177,505
13,430
Total
Long-Term
Care
12,655,956
Tax
Obligation/General
-
45.1%
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+
1,473,053
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+
377,706
2,835
5.000%,
6/15/27
No
Opt.
Call
AA+
3,116,884
1,000
Boardman,
Morrow
County,
Oregon,
General
Obligation
Bonds,
Series
2021,
4.000%,
6/15/35
-
BAM
Insured
6/29
at
100.00
AA
1,038,100
1,100
Chemeketa
Community
College
District,
Oregon,
General
Obligation
Bonds,
Refunding
Series
2014,
5.000%,
6/15/26
6/24
at
100.00
AA+
1,139,160
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
212,680
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+
1,745,536
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+
1,319,625
1,000
Clackamas
County
School
District
12,
North
Clackamas,
Oregon,
General
Obligation
Bonds,
Series
2017B,
5.000%,
6/15/30
6/27
at
100.00
AA+
1,095,400
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
651,345
550
5.000%,
6/15/32
6/28
at
100.00
Aa1
611,138
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+
1,643,100
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+
670,431
250
Clatskanie
School
District
6J,
Columbia
and
Clatsop
Counties,
Oregon,
General
Obligation
Bonds,
Series
2021,
4.000%,
6/15/33
6/31
at
100.00
AA+
266,785
560
Clatsop
County
School
District
1C
Astoria,
Oregon,
General
Obligation
Bonds,
Series
2019B,
5.000%,
6/15/30
6/29
at
100.00
Aa1
635,012
500
Clatsop
County,
Oregon,
General
Obligation
Bonds,
Series
2019,
5.000%,
6/15/31
6/29
at
100.00
Aa2
566,060
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
489,325
765
Coos
County
School
District
9
Coos
Bay,
Oregon,
General
Obligation
Bonds,
Series
2020,
5.000%,
6/15/34
6/30
at
100.00
AA+
861,222
1,190
Crook
County,
Oregon,
General
Obligation
Bonds,
Convertible
Capital
appreciation
Series
2022,
0.000%,
6/01/33
(4)
6/32
at
100.00
AA-
1,090,468
1,000
David
Douglas
School
District
40,
Multnomah
County,
Oregon,
General
Obligation
Bonds,
Series
2012B,
0.000%,
6/15/25
No
Opt.
Call
AA+
925,360
875
Deschutes
County
School
District
6,
Sisters,
Oregon,
General
Obligation
Bonds,
Series
2021,
4.000%,
6/15/34
6/31
at
100.00
Aa1
922,609
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+
2,217,356
Nuveen
Oregon
Intermediate
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
56
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
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+
$
2,939,752
1,845
Jackson
County
School
District
5
Ashland,
Oregon,
General
Obligation
Bonds,
Series
2019,
5.000%,
6/15/34
6/29
at
100.00
AA+
2,055,053
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+
1,318,363
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
1,753,357
1,700
4.000%,
6/15/35
6/29
at
100.00
Aa1
1,765,773
Jefferson
County,
Oregon,
School
District
509J,
General
Obligation
Bonds,
Series
2022:
250
4.000%,
6/15/33
6/32
at
100.00
Aa1
266,900
375
4.000%,
6/15/34
6/32
at
100.00
Aa1
399,030
335
Keizer,
Oregon,
General
Obligation
Assessment
Bonds,
Keizer
Station
Area
A
Local
Improvement
District,
Series
2008,
5.200%,
6/01/31
1/23
at
100.00
Aa3
341,191
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
1,265,232
Lane
Community
College,
Lane,
Linn,
Benton
and
Douglas
Counties,
Oregon,
General
Obligation
Bonds,
Series
2020A:
1,000
4.000%,
6/15/33
6/30
at
100.00
Aa1
1,058,490
1,750
4.000%,
6/15/34
6/30
at
100.00
Aa1
1,841,350
3,900
Lane
County
School
District
4J
Eugene,
Oregon,
General
Obligation
Bonds,
School
Bond
Guaranty
Series
2019,
4.000%,
6/15/35
6/29
at
100.00
Aa1
4,036,968
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
525,361
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+
228,339
2,000
Marion
and
Polk
Counties
School
District
24J,
Salem-Kreizer,
Oregon,
General
Obligation
Bonds,
Convertible
Deferred
Interest
Series
2020B,
5.000%,
6/15/34
6/30
at
100.00
AA+
2,258,720
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+
1,666,050
2,000
5.000%,
6/15/33
6/28
at
100.00
AA+
2,210,900
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+
1,118,860
2,500
Metro,
Oregon,
General
Obligation
Bonds,
Series
2020A,
4.000%,
6/01/34
6/30
at
100.00
AAA
2,622,200
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
142,945
75
3.000%,
6/01/34
6/30
at
100.00
Aa3
70,357
2,250
Multnomah
County
School
District
7,
Reynolds,
Oregon,
General
Obligation
Bonds,
Series
2015A,
5.000%,
6/15/30
6/25
at
100.00
Aa1
2,371,927
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+
1,327,552
Oregon
City,
Oregon,
General
Obligation
Bonds,
Series
2018:
360
5.000%,
6/01/30
6/28
at
100.00
AA+
403,081
765
5.000%,
6/01/31
6/28
at
100.00
AA+
855,416
25
Oregon
State,
General
Obligation
Bonds,
Alternative
Energy
Series
2011B,
5.000%,
1/01/23,
(AMT)
12/22
at
100.00
AA+
25,034
Pacific
Communities
Health
District,
Oregon,
General
Obligation
Bonds,
Series
2016:
325
5.000%,
6/01/27
6/26
at
100.00
A1
346,886
350
5.000%,
6/01/28
6/26
at
100.00
A1
372,729
750
5.000%,
6/01/29
6/26
at
100.00
A1
797,430
1,000
5.000%,
6/01/30
6/26
at
100.00
A1
1,060,170
770
5.000%,
6/01/31
6/26
at
100.00
A1
814,760
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+
1,341,237
57
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
Port
of
Alsea,
Lincoln
County,
Oregon,
General
Obligation
Bonds,
Series
2018:
$
225
3.750%,
6/15/28
No
Opt.
Call
N/R
$
224,764
180
4.000%,
6/15/33
6/28
at
100.00
N/R
180,772
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+
968,094
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+
1,613,490
1,050
5.000%,
6/15/30
6/26
at
100.00
AA+
1,128,708
2,235
Portland,
Oregon,
General
Obligation
Bonds,
Sellwood
Bridge
Project,
Series
2014A,
5.000%,
6/01/28
6/24
at
100.00
Aaa
2,312,331
350
Redmond,
Oregon,
Full
Faith
and
Credit
Obligations,
Series
2014A,
5.000%,
6/01/25
6/24
at
100.00
Aa2
362,267
630
Redmond,
Oregon,
Full
Faith
and
Credit
Obligations,
Series
2019B-1,
5.000%,
6/01/36
12/28
at
100.00
Aa2
692,754
500
Rogue
Community
College
District,
Jackson
and
Josephine
Counties,
Oregon,
General
Obligation
Bonds,
Jackson
County
Service
Area,
Series
2016B,
4.000%,
6/15/31
6/26
at
100.00
Aa1
520,825
2,285
Saint
Helens,
Oregon,
Full
Faith
and
Credit
Obligations,
Series
2021,
4.000%,
8/01/41
8/31
at
100.00
AA
2,296,882
Umatilla
County
School
District
6R
Umatilla,
Oregon,
General
Obligation
Bonds,
Series
2017:
245
0.000%,
6/15/27
(4)
No
Opt.
Call
AA+
260,161
340
0.000%,
6/15/29
(4)
6/27
at
100.00
AA+
361,382
315
0.000%,
6/15/31
(4)
6/27
at
100.00
AA+
333,557
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+
1,380,204
965
Washington
County
School
District
15,
Forest
Grove,
Oregon,
General
Obligation
Bonds,
Series
2012B,
0.000%,
6/15/25
No
Opt.
Call
AA+
893,416
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
1,368,272
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
1,080,476
3,750
5.000%,
6/15/32
6/27
at
100.00
Aa1
4,086,038
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+
1,095,400
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+
1,040,270
1,000
4.000%,
6/15/32
6/26
at
100.00
AA+
1,037,400
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+
217,710
80,890
Total
Tax
Obligation/General
86,124,941
Tax
Obligation/Limited
-
10.1%
400
Beaverton,
Oregon,
Special
Revenue
Bonds,
Series
2020A,
5.000%,
6/01/34
6/30
at
100.00
Aa3
451,644
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D:
2,260
5.000%,
11/15/28
11/25
at
100.00
BB
2,315,483
500
5.000%,
11/15/29
11/25
at
100.00
BB
511,390
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A:
1,635
5.000%,
10/01/28
No
Opt.
Call
N/R
1,691,146
460
5.000%,
10/01/32
No
Opt.
Call
N/R
474,283
750
Metro,
Oregon,
Dedicated
Tax
Revenue
Bonds,
Oregon
Convention
Center
Hotel,
Series
2017,
5.000%,
6/15/30
6/27
at
100.00
Aa3
812,887
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
1,309,040
Nuveen
Oregon
Intermediate
Municipal
Bond
Fund
(continued)
Portfolio
of
Investments
November
30,
2022
(Unaudited)
58
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
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
AA+
$
2,231,520
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
363,023
2,191
0.000%,
7/01/31
7/28
at
91.88
N/R
1,422,923
1,906
0.000%,
7/01/33
7/28
at
86.06
N/R
1,100,867
616
4.500%,
7/01/34
7/25
at
100.00
N/R
581,529
1,600
Seaside,
Clatsop
County,
Oregon,
Transient
Lodgings
Tax
Revenue
Bonds,
Series
2018,
5.000%,
12/15/30
6/28
at
100.00
A3
1,757,536
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
1,091,600
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
1,085,560
2,060
4.000%,
10/01/33
4/28
at
100.00
A
2,090,859
20,147
Total
Tax
Obligation/Limited
19,291,290
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
414,323
430
5.000%,
12/01/31
-
AGM
Insured
6/26
at
100.00
AA
449,819
380
5.000%,
12/01/33
-
AGM
Insured
6/26
at
100.00
AA
395,242
350
4.000%,
12/01/34
-
AGM
Insured
6/26
at
100.00
AA
351,536
500
Port
of
Portland,
Oregon,
International
Airport
Revenue
Bonds,
Refunding
Series
2020-26C,
5.000%,
7/01/28,
(AMT)
No
Opt.
Call
AA-
534,530
1,030
Port
of
Portland,
Oregon,
International
Airport
Revenue
Bonds,
Series
2011,
5.000%,
7/01/23,
(AMT)
1/23
at
100.00
AA-
1,031,051
1,265
Port
of
Portland,
Oregon,
International
Airport
Revenue
Bonds,
Series
2015-23,
5.000%,
7/01/28
7/25
at
100.00
AA-
1,326,643
1,850
Port
of
Portland,
Oregon,
International
Airport
Revenue
Bonds,
Series
2019-25B,
5.000%,
7/01/33,
(AMT)
7/29
at
100.00
AA-
1,975,264
2,000
Port
of
Portland,
Oregon,
International
Airport
Revenue
Bonds,
Series
2022-28,
5.000%,
7/01/33,
(AMT)
7/32
at
100.00
AA-
2,186,840
8,200
Total
Transportation
8,665,248
U.S.
Guaranteed
-
3.0%
(5)
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
517,450
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
336,583
255
5.000%,
6/01/29,
(Pre-refunded
6/01/24)
6/24
at
100.00
AA
263,900
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
303,975
1,000
Oregon
Facilities
Authority,
Revenue
Bonds,
College
Housing
Northwest
Projects,
Refunding
Series
2013,
5.000%,
10/01/24,
(Pre-refunded
10/01/23)
10/23
at
100.00
N/R
1,017,720
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
865,802
425
4.000%,
7/01/32,
(Pre-refunded
7/01/27)
7/27
at
100.00
Aa2
444,376
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
1,106,020
855
5.000%,
9/01/31,
(Pre-refunded
9/01/27)
9/27
at
100.00
AAA
945,647
5,455
Total
U.S.
Guaranteed
5,801,473
59
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
-
9.2%
Beaverton,
Oregon,
Water
System
Revenue
Bonds,
Series
2022:
$
2,090
4.000%,
4/01/35
4/32
at
100.00
AA+
$
2,182,901
2,150
4.000%,
4/01/36
4/32
at
100.00
AA+
2,225,400
Central
Lincoln
Peoples
Utility
District,
Oregon,
Electric
Revenue
Bonds,
Series
2016:
500
3.500%,
12/01/29
12/25
at
100.00
AA-
508,330
350
5.000%,
12/01/33
12/25
at
100.00
AA-
368,652
350
5.000%,
12/01/34
12/25
at
100.00
AA-
368,651
270
Clackamas
River
Water,
Oregon,
Water
Revenue
Bonds,
Series
2016,
5.000%,
11/01/33
5/25
at
100.00
AA
281,267
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-
1,097,962
1,120
5.000%,
7/01/29
7/26
at
100.00
A-
1,153,734
1,180
5.000%,
7/01/30
7/26
at
100.00
A-
1,215,093
1,880
Portland,
Oregon,
Sewer
System
Revenue
Bonds,
Second
Lien
Series
2018A,
4.500%,
5/01/30
5/26
at
100.00
AA
1,976,820
2,500
Portland,
Oregon,
Water
System
Revenue
Bonds,
Refunding
First
Lien
Series
2016A,
4.000%,
4/01/33
4/26
at
100.00
Aa1
2,581,950
2,000
Portland,
Oregon,
Water
System
Revenue
Bonds,
Refunding
First
Lien
Series
2022A,
4.000%,
4/01/35
10/31
at
100.00
AA+
2,081,720
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
1,011,580
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
575,589
16,980
Total
Utilities
17,629,649
$
183,482
Total
Long-Term
Investments
(cost
$193,980,062)
189,881,264
Other
Assets
Less
Liabilities
-
0.6%
1,236,592
Net
Assets
-
100%
$
191,117,856
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
(3)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
(4)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(5)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
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
November
30,
2022
(Unaudited)
See
accompanying
notes
to
financial
statements.
60
Minnesota
Intermediate
Minnesota
Nebraska
Oregon
Intermediate
Assets
Long-term
investments,
at
value
†
$
343,392,249‌
$
533,293,324‌
$
103,550,001‌
$
189,881,264‌
Receivable
for
interest
4,109,148‌
7,074,515‌
1,597,063‌
2,774,404‌
Receivable
for
investments
sold
2,222,365‌
2,740,976‌
1,006,388‌
525,722‌
Receivable
for
shares
sold
2,869,580‌
3,169,533‌
35,529‌
970,657‌
Other
assets
33,838‌
34,281‌
18,300‌
10,922‌
Total
assets
352,627,180‌
546,312,629‌
106,207,281‌
194,162,969‌
Liabilities
Cash
overdraft
4,546,098‌
3,046,639‌
776,391‌
642,393‌
Payable
for
dividends
302,745‌
277,407‌
18,089‌
153,316‌
Payable
for
investments
purchased
-
regular
settlement
–‌
2,330,284‌
–‌
–‌
Payable
for
investments
purchased
-
when-issued/delayed-delivery
settlement
–‌
1,583,682‌
–‌
–‌
Payable
for
shares
redeemed
3,203,209‌
2,867,862‌
137,898‌
2,053,396‌
Accrued
expenses:
Management
fees
149,361‌
219,767‌
36,874‌
84,739‌
Directors
fees
26,323‌
25,697‌
1,374‌
4,253‌
12b-1
distribution
and
service
fees
24,236‌
49,983‌
9,520‌
6,887‌
Other
137,293‌
208,931‌
71,469‌
100,129‌
Total
liabilities
8,389,265‌
10,610,252‌
1,051,615‌
3,045,113‌
Net
assets
$
344,237,915‌
$
535,702,377‌
$
105,155,666‌
$
191,117,856‌
†
Long-term
investments,
cost
$
351,597,542‌
$
557,434,240‌
$
110,924,080‌
$
193,980,062‌
Minnesota
Intermediate
Minnesota
Nebraska
Oregon
Intermediate
Class
A
Shares
Net
Assets
$
92,039,774
$
204,836,430
$
47,884,371
$
28,932,703
Shares
outstanding
9,506,985
19,181,986
4,938,157
2,998,880
Net
asset
value
("NAV")
per
share
$
9.68
$
10.68
$
9.70
$
9.65
Maximum
sales
charge
3.00%
4.20%
4.20%
3.00%
Offering
price
per
share
(NAV
per
share
plus
maximum
sales
charge)
$
9.98
$
11.15
$
10.13
$
9.95
Class
C
Shares
Net
Assets
$
10,116,155
$
20,455,674
$
2,281,880
$
2,664,660
Shares
outstanding
1,051,543
1,917,294
235,707
277,760
NAV
and
offering
price
per
share
$
9.62
$
10.67
$
9.68
$
9.59
Class
I
Shares
Net
Assets
$
242,081,986
$
310,410,273
$
54,989,415
$
159,520,493
Shares
outstanding
25,113,172
29,107,816
5,661,805
16,504,561
NAV
and
offering
price
per
share
$
9.64
$
10.66
$
9.71
$
9.67
Fund
level
net
assets
consist
of:
Capital
paid-in
$
366,081,018
$
600,876,813
$
119,488,561
$
206,399,998
Total
distributable
earnings
(loss)
(21,843,103)
(65,174,436)
(14,332,895)
(15,282,142)
Fund
level
net
assets
$
344,237,915
$
535,702,377
$
105,155,666
$
191,117,856
Authorized
shares
-
per
class
2
billion
2
billion
2
billion
2
billion
Par
value
per
share
$  
0.0001
$  
0.0001
$  
0.0001
$  
0.0001
Statement
of
Operations
Six
Months
Ended
November
30,
2022
(Unaudited)
See
accompanying
notes
to
financial
statements.
61
Minnesota
Intermediate
Minnesota
Nebraska
Oregon
Intermediate
Investment
Income
Interest
$
6,235,085‌
$
10,803,634‌
$
1,570,511‌
$
3,172,525‌
Total
Investment
Income
6,235,085‌
10,803,634‌
1,570,511‌
3,172,525‌
Expenses
–
–
–
–
Management
fees
964,075‌
1,467,890‌
294,450‌
564,373‌
12b-1
service
fees
-
Class
A
Shares
103,185‌
213,827‌
50,762‌
31,582‌
12b-1
distribution
and
service
fees
-
Class
C
Shares
55,257‌
116,241‌
11,762‌
13,541‌
Shareholder
servicing
agent
fees
54,969‌
113,777‌
19,811‌
30,958‌
Interest
expense
2,179‌
9,046‌
577‌
2,317‌
Custodian
expenses,
net
33,365‌
50,537‌
12,396‌
21,059‌
Directors
fees
6,583‌
10,314‌
1,975‌
3,748‌
Professional
fees
29,445‌
38,817‌
23,491‌
26,570‌
Shareholder
reporting
expenses
12,824‌
19,420‌
9,805‌
8,669‌
Federal
and
state
registration
fees
10,642‌
12,608‌
18,984‌
9,029‌
Other
5,560‌
6,894‌
3,327‌
4,141‌
Total
expenses
before
fee
waiver/expense
reimbursement
1,278,084‌
2,059,371‌
447,340‌
715,987‌
Fee
waiver/expense
reimbursement
—‌
—‌
(37,118‌)
—‌
Net
expenses
1,278,084‌
2,059,371‌
410,222‌
715,987‌
Net
investment
income
(loss)
4,957,001‌
8,744,263‌
1,160,289‌
2,456,538‌
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
from
investments
(4,292,877‌)
(16,384,583‌)
(2,565,160‌)
(3,039,277‌)
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(3,799,013‌)
(8,529,992‌)
(1,767,681‌)
(1,940,953‌)
Net
realized
and
unrealized
gain
(loss)
(8,091,890‌)
(24,914,575‌)
(4,332,841‌)
(4,980,230‌)
Net
increase
(decrease)
in
net
assets
from
operations
$
(3,134,889‌)
$
(16,170,312‌)
$
(3,172,552‌)
$
(2,523,692‌)
Statement
of
Changes
in
Net
Assets
See
accompanying
notes
to
financial
statements.
62
Minnesota
Intermediate
Minnesota
Unaudited
Six
Months
Ended
11/30/22
Year
Ended
5/31/22
Unaudited
Six
Months
Ended
11/30/22
Year
Ended
5/31/22
Operations
Net
investment
income
(loss)
$
4,957,001‌
$
9,248,303‌
$
8,744,263‌
$
15,607,600‌
Net
realized
gain
(loss)
from
investments
(4,292,877‌)
(7,153,779‌)
(16,384,583‌)
(13,409,886‌)
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(3,799,013‌)
(27,817,251‌)
(8,529,992‌)
(55,058,920‌)
Net
increase
(decrease)
in
net
assets
from
operations
(3,134,889‌)
(25,722,727‌)
(16,170,312‌)
(52,861,206‌)
Distributions
to
Shareholders
Dividends:
Class
A
Shares
(1,259,260‌)
(2,312,868‌)
(2,911,902‌)
(4,737,972‌)
Class
C
Shares
(89,913‌)
(123,294‌)
(222,798‌)
(302,321‌)
Class
I
Shares
(3,386,941)
(5,918,554)
(5,143,988)
(8,919,286)
Decrease
in
net
assets
from
distributions
to
shareholders
(4,736,114‌)
(8,354,716‌)
(8,278,688‌)
(13,959,579‌)
Fund
Share
Transactions
Proceeds
from
sale
of
shares
112,178,254‌
105,170,534‌
118,363,745‌
205,453,383‌
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
2,828,127‌
4,782,090‌
6,550,040‌
10,981,624‌
115,006,381‌
109,952,624‌
124,913,785‌
216,435,007‌
Cost
of
shares
redeemed
(160,149,645‌)
(137,183,259‌)
(208,613,637‌)
(238,901,086‌)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
(45,143,264‌)
(27,230,635‌)
(83,699,852‌)
(22,466,079‌)
Net
increase
(decrease)
in
net
assets
(53,014,267‌)
(61,308,078‌)
(108,148,852‌)
(89,286,864‌)
Net
assets
at
the
beginning
of
period
397,252,182‌
458,560,260‌
643,851,229‌
733,138,093‌
Net
assets
at
the
end
of
period
$
344,237,915‌
$
397,252,182‌
$
535,702,377‌
$
643,851,229‌
See
accompanying
notes
to
financial
statements.
63
Nebraska
Oregon
Intermediate
Unaudited
Six
Months
Ended
11/30/22
Year
Ended
5/31/22
Unaudited
Six
Months
Ended
11/30/22
Year
Ended
5/31/22
Operations
Net
investment
income
(loss)
$
1,160,289‌
$
2,239,971‌
$
2,456,538‌
$
5,165,706‌
Net
realized
gain
(loss)
from
investments
(2,565,160‌)
(2,077,818‌)
(3,039,277‌)
(4,775,667‌)
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(1,767,681‌)
(11,926,159‌)
(1,940,953‌)
(19,723,196‌)
Net
increase
(decrease)
in
net
assets
from
operations
(3,172,552‌)
(11,764,006‌)
(2,523,692‌)
(19,333,157‌)
Distributions
to
Shareholders
Dividends:
Class
A
Shares
(451,625‌)
(942,416‌)
(309,437‌)
(563,447‌)
Class
C
Shares
(11,339‌)
(20,835‌)
(15,746‌)
(28,340‌)
Class
I
Shares
(595,713)
(1,217,450)
(1,921,875)
(4,360,350)
Decrease
in
net
assets
from
distributions
to
shareholders
(1,058,677‌)
(2,180,701‌)
(2,247,058‌)
(4,952,137‌)
Fund
Share
Transactions
Proceeds
from
sale
of
shares
7,262,744‌
27,213,356‌
44,650,499‌
83,758,861‌
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
957,616‌
1,985,922‌
1,327,130‌
2,656,151‌
8,220,360‌
29,199,278‌
45,977,629‌
86,415,012‌
Cost
of
shares
redeemed
(21,432,049‌)
(24,912,964‌)
(76,830,928‌)
(123,675,164‌)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
(13,211,689‌)
4,286,314‌
(30,853,299‌)
(37,260,152‌)
Net
increase
(decrease)
in
net
assets
(17,442,918‌)
(9,658,393‌)
(35,624,049‌)
(61,545,446‌)
Net
assets
at
the
beginning
of
period
122,598,584‌
132,256,977‌
226,741,905‌
288,287,351‌
Net
assets
at
the
end
of
period
$
105,155,666‌
$
122,598,584‌
$
191,117,856‌
$
226,741,905‌
Financial
Highlights
64
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
2023(e)
$
9.86
$
0.12
$
(
0.18
)
$
(
0.06
)
$
(
0.12
)
$
—
$
(
0.12
)
$
9.68
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
2023(e)
9.80
0.08
(
0.18
)
(
0.10
)
(
0.08
)
—
(
0.08
)
9.62
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
2023(e)
9.82
0.13
(
0.18
)
(
0.05
)
(
0.13
)
—
(
0.13
)
9.64
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.
(e)
Unaudited.  For
the
six
months
ended
November
30,
2022.
(f)
Annualized.
See
accompanying
notes
to
financial
statements.
65
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)
(
0
.61‌
)
%
$
92,040
0
.80‌
%
(f)
0
.80‌
%
(f)
2
.56‌
%
(f)
7‌
%
(
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
(
1
.03‌
)
10,116
1
.60‌
(f)
1
.60‌
(f)
1
.76‌
(f)
7‌
(
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
(
0
.52‌
)
242,082
0
.60‌
(f)
0
.60‌
(f)
2
.75‌
(f)
7‌
(
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
66
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
2023(e)
$
11.08
$
0.16
$
(
0.41
)
$
(
0.25
)
$
(
0.15
)
$
—
$
(
0.15
)
$
10.68
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
2023(e)
11.07
0.11
(
0.41
)
(
0.30
)
(
0.10
)
—
(
0.10
)
10.67
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
2023(e)
11.07
0.17
(
0.42
)
(
0.25
)
(
0.16
)
—
(
0.16
)
10.66
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.
(e)
Unaudited.  For
the
six
months
ended
November
30,
2022.
(f)
Annualized.
See
accompanying
notes
to
financial
statements.
67
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Ending
Net
Assets
(000)
Expenses
Including
Interest(c)
Expenses
Excluding
Interest
NII
(Loss)
Portfolio
Turnover
Rate(d)
(
2
.27‌
)
%
$
204,836
0
.79‌
%
(f)
0
.79‌
%
(f)
2
.89‌
%
(f)
18‌
%
(
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
(
2
.67‌
)
20,456
1
.59‌
(f)
1
.59‌
(f)
2
.09‌
(f)
18‌
(
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
(
2
.26‌
)
310,410
0
.59‌
(f)
0
.59‌
(f)
3
.08‌
(f)
18‌
(
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
68
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
2023(f)
$
10.03
$
0.10
$
(0.34)
$
(0.24)
$
(0.09)
$
—
$
(0.09)
$
9.70
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
2023(f)
10.01
0.06
(0.34)
(0.28)
(0.05)
—
(0.05)
9.68
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
2023(f)
10.05
0.11
(0.35)
(0.24)
(0.10)
—
(0.10)
9.71
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.
(f)
Unaudited.  For
the
six
months
ended
November
30,
2022.
(g)
Annualized.
See
accompanying
notes
to
financial
statements.
69
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)
(2.42‌)
%
$
47,884
0.88‌
%
(g)
0.88‌
%
(g)
0.82‌
%
(g)
0.82‌
%
(g)
1.97‌
%
(g)
10‌
%
(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
(2.82‌)
2,282
1.68‌
(g)
1.68‌
(g)
1.62‌
(g)
1.62‌
(g)
1.17‌
(g)
10‌
(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
(2.40‌)
54,989
0.68‌
(g)
0.68‌
(g)
0.62‌
(g)
0.62‌
(g)
2.16‌
(g)
10‌
(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
70
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
2023(e)
$
9.83
$
0.10
$
(
0.18
)
$
(
0.08
)
$
(
0.10
)
$
—
$
(
0.10
)
$
9.65
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
2023(e)
9.77
0.07
(
0.19
)
(
0.12
)
(
0.06
)
—
(
0.06
)
9.59
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
2023(e)
9.85
0.11
(
0.19
)
(
0.08
)
(
0.10
)
—
(
0.10
)
9.67
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.
(e)
Unaudited.  For
the
six
months
ended
November
30,
2022.
(f)
Annualized.
See
accompanying
notes
to
financial
statements.
71
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)
(
0
.86‌
)
%
$
28,933
0
.83‌
%
(f)
0
.83‌
%
(f)
2
.15‌
%
(f)
11‌
%
(
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
(
1
.27‌
)
2,665
1
.63‌
(f)
1
.63‌
(f)
1
.35‌
(f)
11‌
(
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
(
0
.76‌
)
159,520
0
.63‌
(f)
0
.63‌
(f)
2
.35‌
(f)
11‌
(
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
72
Notes
to
Financial
Statements
(Unaudited)
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
November
30,
2022,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
November
30,
2022
(the
"current
fiscal
period").
Investment
Adviser
and
Sub-Adviser
The
Funds’
investment
adviser,
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
I
Shares
are
sold
without
an
up-front
sales
charge.
2.
Significant
Accounting
Policies
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
the
use
of
estimates
made
by
management
and
the
evaluation
of
subsequent
events.
Actual
results
may
differ
from
those
estimates.
Each
Fund
is
an
investment
company
and
follows
accounting
guidance
in
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
946,
Financial
Services
—
Investment
Companies.
The
NAV
for
financial
reporting
purposes
may
differ
from
the
NAV
for
processing
security
and
shareholder
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and
shareholder
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
shareholder
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds.
Compensation
The
Trust
pays
no
compensation
directly
to
those
of
its 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.
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:
Fund
Gross
Custodian
Fee
Credits
Minnesota
Intermediate
$
874
Minnesota
1,297
Nebraska
2,760
Oregon
Intermediate
6,317
73
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.
In
December
2022,
FASB
deferred
ASU
2022-04
and
issued
ASU
2022-06,
Reference
Rate
Reform:
Deferral
of
the
Sunset
Date
of
Topic
848,
which
extends
the
application
of
the
amendments
through
December
31,
2024. Management
has
not
yet
elected
to
apply
the
amendments,
is
continuously
evaluating
the
potential
effect
a
discontinuation
of
LIBOR
could
have
on
the
Funds’
investments
and
has
currently
determined
that
it
is
unlikely
the
ASU’s
adoption
will
have
a
significant
impact
on
the
Funds’
financial
statements
and
various
filings.
New
Rules
to
Modernize
Fund
Valuation
Framework
Take
Effect
A
new
rule
adopted
by
the
Securities
and
Exchange
Commission
(the
"SEC")
governing
fund
valuation
practices,
Rule
2a-5
under
the
1940
Act,
has
established
requirements
for
determining
fair
value
in
good
faith
for
purposes
of
the
1940
Act.
Rule
2a-5
permits
fund
boards
to
designate
certain
parties
to
perform
fair
value
determinations,
subject
to
board
oversight
and
certain
other
conditions.
Rule
2a-5
also
defines
when
market
quotations
are
"readily
available"
for
purposes
of
Section
2(a)(41)
of
the
1940
Act,
which
requires
a
fund
to
fair
value
a
security
when
market
quotations
are
not
readily
available.
Separately,
new
SEC
Rule
31a-4
under
the
1940
Act
sets
forth
the
recordkeeping
requirements
associated
with
fair
value
determinations.
The
Funds
adopted
a
valuation
policy
conforming
to
the
new
rules,
effective
September
1,
2022,
and
there
was
no
material
impact
to
the
Funds.
3.
Investment
Valuation
and
Fair
Value
Measurements 
The
Funds’
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Adviser,
subject
to
oversight
of
the Board.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
74
Notes
to
Financial
Statements
(Unaudited)
(continued)
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
pricing
services
approved
by
the
Adviser,
which
is
subject
to
review
by
the
Adviser
and
oversight
of
the
Board. Pricing
services
establish
a
security’s
fair
value
using
methods
that
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
In
pricing
certain
securities,
particularly
less
liquid
and
lower
quality
securities,
pricing
services
may
consider
information
about
a
security,
its
issuer
or
market
activity
provided
by
the
Adviser.
These
securities
are
generally
classified
as
Level
2.
For
any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
Adviser
deems
the
valuations
derived
using
the
valuation
procedures
described
above
not
to
reflect
fair
value,
the
Adviser
will
determine
a
fair
value
in
good
faith
using
alternative
procedures
approved
by
the
Adviser,
subject
to
the
oversight
of
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
is
the
amount
that
the
owner
might
reasonably
expect
to
receive
for
it
in
a
current
sale.
A
variety
of
factors
may
be
considered
in
determining
the
fair
value
of
such
securities,
which
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
To
the
extent
the
inputs
are
observable
and
timely,
the
values
would
be
classified
as
Level
2;
otherwise
they
would
be
classified
as
Level
3.
The
following
table
summarizes
the
market
value
of
the
Funds’
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
The
Funds
hold
liabilities
in
floating
rate
obligations,
where
applicable,
which
are
not
reflected
in
the
tables
above.
The
fair
values
of
the
Funds'
liabilities
for
floating
rate
obligations
approximate
their
liquidation
values.
Floating
rate
obligations
are
generally
classified
as
Level
2
and
further
described
in
Note
4
–
Portfolio
Securities
and
Investments
in
Derivatives.
Minnesota
Intermediate
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
343,392,249
$
–
$
343,392,249
Total
$
–
$
343,392,249
$
–
$
343,392,249
Minnesota
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
533,293,324
$
–
$
533,293,324
Total
$
–
$
533,293,324
$
–
$
533,293,324
Nebraska
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
103,550,001
$
–
$
103,550,001
Total
$
–
$
103,550,001
$
–
$
103,550,001
Oregon
Intermediate
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
189,881,264
$
–
$
189,881,264
Total
$
–
$
189,881,264
$
–
$
189,881,264
*
Refer
to
the
Fund's
Portfolio
of
Investments
for
industry
classifications.
75
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
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.
76
Notes
to
Financial
Statements
(Unaudited)
(continued)
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
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.
Fund
Purchases
Sales
and
Maturities
Minnesota
Intermediate
$
34,018,991
$
77,262,569
Minnesota
104,530,824
186,987,119
Nebraska
10,677,354
20,791,378
Oregon
Intermediate
22,840,574
47,887,325
77
5.
Fund
Shares
Transactions
in Fund
shares
during
the
current
and
prior
fiscal
period
were
as
follows:
Six
Months
Ended
11/30/22
Year
Ended
5/31/22
Minnesota
Intermediate
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
1,943,402
$18,747,360
2,098,157
$21,514,405
Class
A
-
automatic
conversion
of
Class
C
Shares
438
4,102
—
—
Class
A
-
automatic
conversion
of
Class
C2
Shares
(1)
—
—
19,402
206,830
Class
C
184,337
1,768,623
163,643
1,692,805
Class
I
9,528,452
91,658,169
8,070,020
81,756,494
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
122,004
1,173,621
212,995
2,211,736
Class
C
9,092
86,906
11,693
120,491
Class
I
163,595
1,567,600
237,353
2,449,863
11,951,320
115,006,381
10,813,263
109,952,624
Shares
redeemed:
Class
A
(4,028,947)
(38,738,671)
(3,855,060)
(39,384,630)
Class
C
(327,562)
(3,116,491)
(281,272)
(2,925,134)
Class
C
-
automatic
conversion
to
Class
A
Shares
(441)
(4,102)
—
—
Class
C2
-
automatic
conversion
to
Class
A
Shares
(1)
—
—
(19,457)
(206,830)
Class
I
(12,338,555)
(118,290,381)
(9,437,665)
(94,666,665)
(16,695,505)
(160,149,645)
(13,593,454)
(137,183,259)
Net
increase
(decrease)
(4,744,185)
$(45,143,264)
(2,780,191)
$(27,230,635)
(1)
Class
C2
Shares
were
converted
to
Class
A
Shares
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
Six
Months
Ended
11/30/22
Year
Ended
5/31/22
Minnesota
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
2,956,213
$31,528,338
3,253,168
$38,085,501
Class
A
-
automatic
conversion
of
Class
C
Shares
4,114
43,157
331
3,864
Class
A
-
automatic
conversion
of
Class
C1
Shares
(1)
—
—
11,868
143,298
Class
A
-
automatic
conversion
of
Class
C2
Shares
(2)
—
—
32,754
397,963
Class
C
136,884
1,465,404
219,688
2,614,473
Class
I
7,975,221
85,326,846
13,903,653
164,208,284
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
263,933
2,806,754
387,409
4,561,792
Class
C
20,364
216,247
24,717
290,308
Class
I
332,213
3,527,039
521,212
6,129,524
11,688,942
124,913,785
18,354,800
216,435,007
Shares
redeemed:
Class
A
(4,434,467)
(47,179,429)
(6,208,766)
(71,973,244)
Class
C
(571,024)
(6,073,932)
(646,811)
(7,622,392)
Class
C
-
automatic
conversion
to
Class
A
Shares
(4,118)
(43,157)
(331)
(3,864)
Class
C1
-
automatic
conversion
to
Class
A
Shares
(1)
—
—
(11,862)
(143,298)
Class
C2
-
automatic
conversion
to
Class
A
Shares
(2)
—
—
(32,754)
(397,963)
Class
I
(14,632,751)
(155,317,119)
(13,860,070)
(158,760,325)
(19,642,360)
(208,613,637)
(20,760,594)
(238,901,086)
Net
increase
(decrease)
(7,953,418)
$(83,699,852)
(2,405,794)
$(22,466,079)
(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.
78
Notes
to
Financial
Statements
(Unaudited)
(continued)
6.
Income
Tax
Information
Each
Fund
is
a
separate
taxpayer
for
federal
income
tax
purposes.
Each
Fund
intends
to
distribute
substantially
all
of
its
net
investment
income
and
net
capital
gains
to
shareholders
and
otherwise
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies.
Therefore,
no
federal
income
tax
provision
is
required.
Each
Fund
intends
to
satisfy
conditions
that
will
enable
interest
from
municipal
securities,
which
is
exempt
from
regular
federal
and
designated
state
income
taxes,
to
retain
such
tax-exempt
status
when
distributed
to
shareholders
of
the
Funds.
Net
realized
capital
gains
and
ordinary
income
distributions
paid
by
the
Funds
are
subject
to
federal
taxation. 
Six
Months
Ended
11/30/22
Year
Ended
5/31/22
Nebraska
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
130,021
$1,257,842
853,719
$9,304,647
Class
A
-
automatic
conversion
of
Class
C
Shares
399
3,953
304
3,130
Class
A
-
automatic
conversion
of
Class
C2
Shares
(1)
—
—
21,758
241,951
Class
C
3,573
34,328
39,259
430,370
Class
I
616,899
5,966,621
1,582,451
17,233,258
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
45,742
439,358
85,246
919,173
Class
C
1,184
11,339
1,933
20,833
Class
I
52,660
506,919
96,925
1,045,916
850,478
8,220,360
2,681,595
29,199,278
Shares
redeemed:
Class
A
(730,615)
(7,032,353)
(1,074,219)
(11,265,631)
Class
C
(33,221)
(325,922)
(56,861)
(604,221)
Class
C
-
automatic
conversion
to
Class
A
Shares
(400)
(3,953)
(305)
(3,130)
Class
C2
-
automatic
conversion
to
Class
A
Shares
(1)
—
—
(21,739)
(241,951)
Class
I
(1,461,270)
(14,069,821)
(1,215,759)
(12,798,031)
(2,225,506)
(21,432,049)
(2,368,883)
(24,912,964)
Net
increase
(decrease)
(1,375,028)
$(13,211,689)
312,712
$4,286,314
(1)
Class
C2
Shares
were
converted
to
Class
A
Shares
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
Six
Months
Ended
11/30/22
Year
Ended
5/31/22
Oregon
Intermediate
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
148,651
$1,428,446
771,757
$8,036,855
Class
A
-
automatic
conversion
of
Class
C
Shares
—
—
5,608
60,003
Class
A
-
automatic
conversion
of
Class
C2
Shares
(1)
—
—
45,989
492,547
Class
C
22,777
213,586
12,897
134,551
Class
I
4,466,358
43,008,467
7,233,528
75,034,905
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
28,315
272,006
47,879
498,023
Class
C
1,587
15,149
2,609
27,035
Class
I
108,053
1,039,975
204,343
2,131,093
4,775,741
45,977,629
8,324,610
86,415,012
Shares
redeemed:
Class
A
(559,228)
(5,329,464)
(770,876)
(7,931,226)
Class
C
(43,789)
(417,683)
(133,139)
(1,374,042)
Class
C
-
automatic
conversion
to
Class
A
Shares
—
—
(5,639)
(60,003)
Class
C2
-
automatic
conversion
to
Class
A
Shares
(1)
—
—
(46,032)
(492,547)
Class
I
(7,426,481)
(71,083,781)
(11,235,393)
(113,817,346)
(8,029,498)
(76,830,928)
(12,191,079)
(123,675,164)
Net
increase
(decrease)
(3,253,757)
$(30,853,299)
(3,866,469)
$(37,260,152)
(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.
79
Each
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund's
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
each
Fund's
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund's
financial
statements.
As
of
the
end
of
the
reporting
period,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
were
as
follows:
For
purposes
of
this
disclosure,
tax
cost
generally
includes
the
cost
of
portfolio
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
prior
fiscal
period
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
As
of
prior
fiscal
period
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
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.
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Minnesota
Intermediate
$
351,563,132
$
1,696,923
$
(9,867,806)
$
(8,170,883)
Minnesota
557,492,008
3,316,466
(27,515,150)
(24,198,684)
Nebraska
110,922,627
493,071
(7,865,697)
(7,372,626)
Oregon
Intermediate
193,975,181
1,074,703
(5,168,620)
(4,093,917)
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.
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
80
Notes
to
Financial
Statements
(Unaudited)
(continued)
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)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities,
subject
to
an
agreement
by
the
Adviser
as
to
certain
funds
to
limit
the
amount
of
such
assets
for
determining
eligible
assets
in
certain
circumstances.
As
of
November
30,
2022,
the
complex-level
fee
rate
for
each
Fund
was
as
follows:
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:
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
Fund
Complex-Level
Fee
Minnesota
Intermediate
0
.1832%
Minnesota
0
.1695%
Nebraska
0
.1729%
Oregon
Intermediate
0
.1876%
Fund
Expense
Cap
Expense
Cap
Expiration
Date
Nebraska
0.65%
July
31,
2024
81
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
I
Shares
are
not
subject
to
12b-1
distribution
or
service
fees.
The
fees
under
this
plan
compensate
Nuveen
Securities,
LLC,
(the
“Distributor”),
a
wholly-owned
subsidiary
of
Nuveen,
for
services
provided
and
expenses
incurred
in
distributing
shares
of
the
Funds
and
establishing
and
maintaining
shareholder
accounts.
Other
Transactions
with
Affiliates 
Each
Fund
is
permitted
to
purchase
or
sell
securities
from
or
to
certain
other
funds
or
accounts
managed
by
the
Sub-Adviser
(“Affiliated
Entity”)
under
specified
conditions
outlined
in
procedures
adopted
by
the
Board
("cross-trade").
These
procedures
have
been
designed
to
ensure
that
any
cross-trade
of
securities
by
the
Fund
from
or
to
an
Affiliated
Entity
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
adviser),
common
officer
and/or
common
trustee
complies
with
Rule
17a-7
under
the
1940
Act.
These
transactions
are
effected
at
the
current
market
price
(as
provided
by
an
independent
pricing
service)
without
incurring
broker
commissions.
During
the
current
fiscal
period,
the
Funds
engaged
in
cross-trades
pursuant
to
these
procedures
as
follows:
During
the
current
fiscal
period,
the
Distributor,
collected
sales
charges
on
purchases
of
Class
A
Shares,
the
majority
of
which
were
paid
out
as
concessions
to
financial
intermediaries
as
follows:
The
Distributor
also
received
12b-1
service
fees
on
Class
A
Shares,
substantially
all
of
which
were
paid
to
compensate
financial
intermediaries
for
providing
services
to
shareholders
relating
to
their
investments.
During
the
current
fiscal
period,
the
Distributor
compensated
financial
intermediaries
directly
with
commission
advances
at
the
time
of
purchase
as
follows:
To
compensate
for
commissions
advanced
to
financial
intermediaries,
all
12b-1
service
and
distribution
fees
collected
on
Class
C
Shares
during
the
first
year
following
a
purchase
are
retained
by
the
Distributor.
During
the
current
fiscal
period,
the
Distributor
retained
such
12b-1
fees
as
follows:
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: 
Fund
Purchases
Sales
Realized
Gain
(Loss)
Minnesota
Intermediate
$
8,205,985
$
7,832,911
$
(739,860)
Minnesota
17,775,167
18,402,977
(2,037,629)
Nebraska
—
—
—
Oregon
Intermediate
—
—
—
Fund
Sales
Charges
Collected
Paid
to
Financial
Intermediaries
Minnesota
Intermediate
$
25,964
$
25,505
Minnesota
111,688
108,293
Nebraska
2,229
2,045
Oregon
Intermediate
992
850
Fund
Commission
Advances
Minnesota
Intermediate
$
31,118
Minnesota
96,319
Nebraska
876
Oregon
Intermediate
1,100
Fund
12b-1
Fees
Retained
Minnesota
Intermediate
$
930
Minnesota
12,327
Nebraska
—
Oregon
Intermediate
—
82
Notes
to
Financial
Statements
(Unaudited)
(continued)
8.
Commitments
and
Contingencies
In
the
normal
course
of
business,
each
Fund
enters
into
a
variety
of
agreements
that
may
expose
the
Funds
to
some
risk
of
loss.
These
could
include
recourse
arrangements
for
certain
TOB
Trusts,
which
are
described
elsewhere
in
these
Notes
to
Financial
Statements.
The
risk
of
future
loss
arising
from
such
agreements,
while
not
quantifiable,
is
expected
to
be
remote.
As
of
the
end
of
the
reporting
period,
the
Funds
did
not
have
any
unfunded
commitments.
From
time
to
time,
the
Funds
may
be
a
party
to
certain
legal
proceedings
in
the
ordinary
course
of
business,
including
proceedings
relating
to
the
enforcement
of
the
Funds’
rights
under
contracts.
As
of
the
end
of
the
reporting
period,
the
Funds
are
not
subject
to
any
material
legal
proceedings.
9.
Borrowing
Arrangements
Committed
Line
of
Credit
The
Funds,
along
with
certain
other
funds
managed
by
the
Adviser
(“Participating
Funds”),
have
established
a
364-day,
$2.700
billion
standby
credit
facility
with
a
group
of
lenders,
under
which
the
Participating
Funds
may
borrow
for
temporary
purposes
(other
than
on-going
leveraging
for
investment
purposes).
Each
Participating
Fund
is
allocated
a
designated
proportion
of
the
facility’s
capacity
(and
its
associated
costs,
as
described
below)
based
upon
a
multi-factor
assessment
of
the
likelihood
and
frequency
of
its
need
to
draw
on
the
facility,
the
size
of
the
Fund
and
its
anticipated
draws,
and
the
potential
importance
of
such
draws
to
the
operations
and
well-being
of
the
Fund,
relative
to
those
of
the
other
Funds.
A
Fund
may
effect
draws
on
the
facility
in
excess
of
its
designated
capacity
if
and
to
the
extent
that
other
Participating
Funds
have
undrawn
capacity.
The
credit
facility
expires
in
June
2023
unless
extended
or
renewed.
The
credit
facility
has
the
following
terms:
0.15%
per
annum
on
unused
commitment
amounts
and
a
drawn
interest
rate
equal
to
the
higher
of
(a)
OBFR
(Overnight
Bank
Funding
Rate)
plus
1.20%
per
annum
or
(b)
the
Fed
Funds
Effective
Rate
plus
1.20%
per
annum
on
amounts
borrowed.
The
Participating
Funds
also
incurred
a
0.05%
upfront
fee
on
the
increased
commitments
from
select
lenders.
Interest
expense
incurred
by
the
Participating
Funds,
when
applicable,
is
recognized
as
a
component
of
“Interest
expense”
on
the
Statement
of
Operations.
Participating
Funds
paid
administration,
legal
and
arrangement
fees,
which
are
recognized
as
a
component
of
“Interest
expense”
on
the
Statement
of
Operations,
and
along
with
commitment
fees,
have
been
allocated
among
such
Participating
Funds
based
upon
the
relative
proportions
of
the
facility’s
aggregate
capacity
reserved
for
them
and
other
factors
deemed
relevant
by
the
Adviser
and
the
Board
of
each
Participating
Fund.
During
the
current
period,
the
following
Funds
utilized
this
facility.
The
Funds’
maximum
outstanding
balance
during
the
utilization
period
was
as
follows:
Fund
CDSC
Retained
Minnesota
Intermediate
$
1,139
Minnesota
16,704
Nebraska
3,447
Oregon
Intermediate
592
Fund
Maximum
Outstanding
Balance
Minnesota
Intermediate
$
—
Minnesota
10,200,000
Nebraska
—
Oregon
Intermediate
1,800,000
83
During
each
Fund’s
utilization
period(s)
during
the
current
fiscal
period,
the
average
daily
balance
outstanding
and
average
annual
interest
rate
on
the
Borrowings
were
as
follows:
Borrowings
outstanding
as
of
the
end
of
the
reporting
period,
if
any,
are
recognized
as
“Borrowings”
on
the
Statement
of
Assets
and
Liabilities.
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
Minnesota
Intermediate
—
$
—
—
%
Minnesota
12
4,225,000
4.78
Nebraska
—
—
—
Oregon
Intermediate
7
1,800,000
4.28
84
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.
Glossary
of
Terms
Used
in
this
Report
(Unaudited)
85
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
borrowings
or
indirectly
through
inverse
floaters,
divided
by
the
assets
invested,
including
those
assets
that
were
purchased
with
the
proceeds
of
the
leverage,
or
referenced
by
the
levered
instrument.
The
calculation
of
the
Effective
Leverage
Ratio
reflects
borrowings
effected
on
a
long-term
basis
for
investment
purposes,
but
excludes
borrowings
that
may
occur,
on
a
transient
basis,
in
connection
with
a
Fund’s
day-to-day
operations
primarily
in
connection
with
the
need
to
pay
cash
out
to
redeeming
shareholders
or
to
settle
portfolio
trades.
Inverse
Floating
Rate
Securities:
Inverse
floating
rate
securities
are
the
residual
interest
in
a
tender
option
bond
(TOB)
trust,
sometimes
referred
to
as
“inverse
floaters”,
are
created
by
depositing
a
municipal
bond,
typically
with
a
fixed
interest
rate,
into
a
special
purpose
trust.
This
trust,
in
turn,
(a)
issues
floating
rate
certificates
typically
paying
short-term
tax-exempt
interest
rates
to
third
parties
in
amounts
equal
to
some
fraction
of
the
deposited
bond’s
par
amount
or
market
value,
and
(b)
issues
an
inverse
floating
rate
certificate
(sometimes
referred
to
as
an
“inverse
floater”)
to
an
investor
(such
as
a
fund)
interested
in
gaining
investment
exposure
to
a
long-term
municipal
bond.
The
income
received
by
the
holder
of
the
inverse
floater
varies
inversely
with
the
short-term
rate
paid
to
the
floating
rate
certificates’
holders,
and
in
most
circumstances
the
holder
of
the
inverse
floater
bears
substantially
all
of
the
underlying
bond’s
downside
investment
risk.
The
holder
of
the
inverse
floater
typically
also
benefits
disproportionately
from
any
potential
appreciation
of
the
underlying
bond’s
value.
Hence,
an
inverse
floater
essentially
represents
an
investment
in
the
underlying
bond
on
a
leveraged
basis.
Leverage:
Leverage
is
created
whenever
a
fund
has
investment
exposure
(both
reward
and/or
risk)
equivalent
to
more
than
100%
of
the
investment
capital.
Lipper
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
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.
Glossary
of
Terms
Users
in
the
Report
(Unaudited)
(continued)
86
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.
Liquidity
Risk
Management
Program
(Unaudited)
87
Discussion
of
the
operation
and
effectiveness
of
the
Funds’
liquidity
risk
management
program
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
each
Fund
covered
in
this
Report
the
“Funds”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”),
which
is
designed
to
manage
the
Fund’s
liquidity
risk.
The
Program
consists
of
various
protocols
for
assessing
and
managing
each
Fund’s
liquidity
risk.
The
Funds’
Board
of
Trustees
previously
designated
Nuveen
Fund
Advisors,
LLC,
the
Funds’
investment
adviser,
as
the
Administrator
of
the
Program.
The
adviser’s
Liquidity
Monitoring
and
Analysis
Team
(“LMAT”)
carries
out
day-to-day
Program
management
with
oversight
by
the
adviser’s
Liquidity
Oversight
Sub-Committee
(the
LOSC”).
The
LOSC
is
composed
of
personnel
from
the
adviser
and
Teachers
Advisors,
LLC,
an
affiliate
of
the
adviser.
At
a
May
23-25,
2022
meeting
of
the
Board,
the
Administrator
provided
the
Board
with
a
written
report
addressing
the
Program’s
operation,
adequacy
and
effectiveness
of
implementation
for
calendar
year
2021
(the
“Review
Period”),
as
required
under
the
Liquidity
Rule.
The
report
noted
that
the
Program
has
been
and
continues
to
be
adequately
and
effectively
implemented
to
monitor
and
(as
applicable)
respond
to
each
Fund’s
liquidity
developments.
In
accordance
with
the
Program,
the
LMAT
assesses
each
Fund’s
liquidity
risk
no
less
frequently
than
annually
based
on
various
factors,
such
as
(1)
the
Fund’s
investment
strategy
and
the
liquidity
of
portfolio
investments,
(ii)
cash
flow
projections,
and
(ii)
holdings
of
cash
and
cash
equivalents,
borrowing
arrangements,
and
other
funding
sources.
Certain
factors
are
considered
under
both
normal
and
reasonably
foreseeable
stressed
conditions.
Each
Fund
portfolio
investment
is
classified
into
one
of
four
liquidity
categories
(including
the
most
liquid,
“Highly
Liquid”,
and
the
least
liquid,
“lliquid”,
discussed
below),
The
classification
is
based
on
a
determination
of
how
long
it
is
reasonably
expected
to
take
to
convert
the
investment
into
cash,
or
sell
or
dispose
of
the
investment,
in
current
market
conditions
without
significantly
changing
the
market
value
of
the
investment
Liquidity
classification
determinations
take
into
account
various
market,
trading,
and
investment-specific
considerations,
as
well
as
market
depth,
and
use
third-
party
vendor
data.
Any
Fund
that
does
not
primarily
hold
highly
liquid
investments
must,
among
other
things,
determine
a
minimum
percentage
of
Fund
assets
that
must
be
invested
in
highly
liquid
investments
(a
“Highly
Liquid
Investment
Minimum”).
During
the
Review
Period,
each
Fund
primarily
held
Highly
Liquid
investments
and
therefore
was
exempt
from
the
requirement
to
adopt
a
Highly
Liquid
Investment
Minimum
and
to
comply
with
the
related
requirements
under
the
Liquidity
Rule.
The
Liquidity
Rule
also
limits
a
Fund’s
investments
in
Illiquid
investments.
Specifically,
the
Liquidity
Rule
prohibits
a
Fund
from
acquiring
Illiquid
investments
if
doing
so
would
result
in
the
Fund
holding
more
than
15%
of
its
net
assets
in
illiquid
investments,
and
requires
certain
reporting
to
the
Fund
Board
and
the
Securities
and
Exchange
Commission
any
time
a
Fund’s
holdings
of
Illiquid
investments
exceeds
15%
of
net
assets.
During
the
Review
Period,
no
Fund
exceeded
the
15%
limit
on
Illiquid
investments.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
MSA-FTFI-1122D
2655335-INV-B-01/24
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.

Not applicable to this filing.

 

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

 

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

 

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 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 to this filing.
  (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: February 3, 2023

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

 

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

Date: February 3, 2023

 

By (Signature and Title)       /s/ E. Scott Wickerham
 

E. Scott Wickerham

Vice President and Controller

(principal financial officer)

Date: February 3, 2023

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT