Shareholder Report
May 31, 2025
USD ($)
Holding
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class A Shares |
$84 | 0.83% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Oregon Intermediate Municipal Bond Fund returned 2.16% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond Intermediate Index, which returned 3.48%. • Top contributors to relative performance • Credit quality positioning, especially an overweight to BBB‑rated and non‑rated bonds. • Sector allocation, specifically an overweight to health care and an underweight to industrial development revenue bonds. • Top detractors from relative performance • Security selection. • An overweight to bonds with durations of eight years and longer. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| Class A Shares at NAV (excluding maximum sales charge) |
2.16% | 0.11% | 1.48% | |||
| Class A Shares at maximum sales charge (Offering Price) |
(0.92)% | (0.50)% | 1.17% | |||
| S&P Municipal Bond Index |
2.44% | 0.78% | 2.22% | |||
| S&P Municipal Bond Intermediate Index |
3.48% | 0.80% | 2.20% | |||
| Lipper Other States Intermediate Municipal Debt Funds Classification Average |
2.36% | 0.02% | 1.31% | |||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$183,617,841 | |||
| Total number of portfolio holdings |
155 | |||
| Portfolio turnover (%) |
18% | |||
| Total management fees paid for the year |
$ 954,463 | |||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
| • | Fee waiver/reimbursement: As of May 1, 2025, Nuveen Fund Advisors, LLC has agreed to waive fees and/or reimburse expenses of the Fund through July 31, 2027 so that the total annual operating expenses of the Fund (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 0.61% of the average daily net assets of any class of Fund shares. |
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
| • | Fee waiver/reimbursement: As of May 1, 2025, Nuveen Fund Advisors, LLC has agreed to waive fees and/or reimburse expenses of the Fund through July 31, 2027 so that the total annual operating expenses of the Fund (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 0.61% of the average daily net assets of any class of Fund shares. |
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class C Shares |
$164 | 1.63% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Oregon Intermediate Municipal Bond Fund returned 1.44% for Class C Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond Intermediate Index, which returned 3.48%. • Top contributors to relative performance • Credit quality positioning, especially an overweight to BBB‑rated and non‑rated bonds. • Sector allocation, specifically an overweight to health care and an underweight to industrial development revenue bonds. • Top detractors from relative performance • Security selection. • An overweight to bonds with durations of eight years and longer. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||||||||
| Class C Shares at NAV (excluding maximum sales charge) |
1.44 | % | (0.68 | )% | 0.83 | % | ||||||
| S&P Municipal Bond Index |
2.44 | % | 0.78 | % | 2.22 | % | ||||||
| S&P Municipal Bond Intermediate Index |
3.48 | % | 0.80 | % | 2.20 | % | ||||||
| Lipper Other States Intermediate Municipal Debt Funds Classification Average |
2.36 | % | 0.02 | % | 1.31 | % | ||||||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$ | 183,617,841 | ||
| Total number of portfolio holdings |
155 | |||
| Portfolio turnover (%) |
18% | |||
| Total management fees paid for the year |
$ | 954,463 | ||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
| • | Fee waiver/reimbursement: As of May 1, 2025, Nuveen Fund Advisors, LLC has agreed to waive fees and/or reimburse expenses of the Fund through July 31, 2027 so that the total annual operating expenses of the Fund (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 0.61% of the average daily net assets of any class of Fund shares. |
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
| • | Fee waiver/reimbursement: As of May 1, 2025, Nuveen Fund Advisors, LLC has agreed to waive fees and/or reimburse expenses of the Fund through July 31, 2027 so that the total annual operating expenses of the Fund (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 0.61% of the average daily net assets of any class of Fund shares. |
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class I Shares |
$64 | 0.63% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Oregon Intermediate Municipal Bond Fund returned 2.38% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond Intermediate Index, which returned 3.48%. • Top contributors to relative performance • Credit quality positioning, especially an overweight to BBB‑rated and non‑rated bonds. • Sector allocation, specifically an overweight to health care and an underweight to industrial development revenue bonds. • Top detractors from relative performance • Security selection. • An overweight to bonds with durations of eight years and longer. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| Class I Shares at NAV |
2.38% | 0.32% | 1.69% | |||
| S&P Municipal Bond Index |
2.44% | 0.78% | 2.22% | |||
| S&P Municipal Bond Intermediate Index |
3.48% | 0.80% | 2.20% | |||
| Lipper Other States Intermediate Municipal Debt Funds Classification Average |
2.36% | 0.02% | 1.31% | |||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$ | 183,617,841 | ||
| Total number of portfolio holdings |
155 | |||
| Portfolio turnover (%) |
18% | |||
| Total management fees paid for the year |
$ | 954,463 | ||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
| • | Fee waiver/reimbursement: As of May 1, 2025, Nuveen Fund Advisors, LLC has agreed to waive fees and/or reimburse expenses of the Fund through July 31, 2027 so that the total annual operating expenses of the Fund (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 0.61% of the average daily net assets of any class of Fund shares. |
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
| • | Fee waiver/reimbursement: As of May 1, 2025, Nuveen Fund Advisors, LLC has agreed to waive fees and/or reimburse expenses of the Fund through July 31, 2027 so that the total annual operating expenses of the Fund (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 0.61% of the average daily net assets of any class of Fund shares. |
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class A Shares |
$82 | 0.82% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Nebraska Municipal Bond Fund returned 0.53% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond Nebraska Index, which returned 2.55%. • Top contributors to relative performance • An overweight to lower-rated bonds, particularly non-rated bonds. • Top detractors from relative performance • An underweight to AAA-rated bonds. • An overweight to long-duration bonds in the life-care sector, and an underweight to the industrial development revenue bond sector. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||||||||
| Class A Shares at NAV (excluding maximum sales charge) |
0.53 | % | (0.93 | )% | 1.18 | % | ||||||
| Class A Shares at maximum sales charge (Offering Price) |
(3.66 | )% | (1.78 | )% | 0.75 | % | ||||||
| S&P Municipal Bond Index |
2.44 | % | 0.78 | % | 2.22 | % | ||||||
| S&P Municipal Bond Nebraska Index |
2.55 | % | 0.29 | % | 2.06 | % | ||||||
| Lipper Other States Municipal Debt Funds Classification Average |
0.90 | % | (0.12 | )% | 1.32 | % | ||||||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$69,454,071 | |||
| Total number of portfolio holdings |
91 | |||
| Portfolio turnover (%) |
19% | |||
| Total management fees paid for the year |
$ 367,996 | |||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class I Shares |
$62 | 0.62% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Nebraska Municipal Bond Fund returned 0.62% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond Nebraska Index, which returned 2.55%. • Top contributors to relative performance • An overweight to lower-rated bonds, particularly non‑rated bonds. • Top detractors from relative performance • An underweight to AAA‑rated bonds. • An overweight to long-duration bonds in the life-care sector, and an underweight to the industrial development revenue bond sector. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| Class I Shares at NAV |
0.62% | (0.74)% | 1.37% | |||
| S&P Municipal Bond Index |
2.44% | 0.78% | 2.22% | |||
| S&P Municipal Bond Nebraska Index |
2.55% | 0.29% | 2.06% | |||
| Lipper Other States Municipal Debt Funds Classification Average |
0.90% | (0.12)% | 1.32% | |||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$ | 69,454,071 | ||
| Total number of portfolio holdings |
91 | |||
| Portfolio turnover (%) |
19% | |||
| Total management fees paid for the year |
$ | 367,996 | ||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class C Shares |
$162 | 1.62% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Nebraska Municipal Bond Fund returned ‑0.31% for Class C Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond Nebraska Index, which returned 2.55%. • Top contributors to relative performance • An overweight to lower-rated bonds, particularly non‑rated bonds. • Top detractors from relative performance • An underweight to AAA‑rated bonds. • An overweight to long-duration bonds in the life-care sector, and an underweight to the industrial development revenue bond sector. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||||||||
| Class C Shares at NAV (excluding maximum sales charge) |
(0.31 | )% | (1.70 | )% | 0.54 | % | ||||||
| S&P Municipal Bond Index |
2.44 | % | 0.78 | % | 2.22 | % | ||||||
| S&P Municipal Bond Nebraska Index |
2.55 | % | 0.29 | % | 2.06 | % | ||||||
| Lipper Other States Municipal Debt Funds Classification Average |
0.90 | % | (0.12 | )% | 1.32 | % | ||||||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$ | 69,454,071 | ||
| Total number of portfolio holdings |
91 | |||
| Portfolio turnover (%) |
19% | |||
| Total management fees paid for the year |
$ | 367,996 | ||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class I Shares |
$57 | 0.57% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Minnesota Municipal Bond Fund returned 1.61% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond Minnesota Index, which returned 3.01%. • Top contributors to relative performance • An overweight to non‑rated bonds. • An overweight to the nursing home bond sector. • Top detractors from relative performance • An overweight to bonds on the long end of the yield curve, particularly bonds with durations between 10 and 12 years. • An underweight to the single-family housing sector. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||||||||
| Class I Shares at NAV |
1.61 | % | 0.49 | % | 2.03 | % | ||||||
| S&P Municipal Bond Index |
2.44 | % | 0.78 | % | 2.22 | % | ||||||
| S&P Municipal Bond Minnesota Index |
3.01 | % | 0.63 | % | 1.99 | % | ||||||
| Lipper Minnesota Municipal Debt Funds Classification Average |
1.25 | % | 0.01 | % | 1.38 | % | ||||||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$647,342,485 | |||
| Total number of portfolio holdings |
388 | |||
| Portfolio turnover (%) |
8% | |||
| Total management fees paid for the year |
$ 3,151,065 | |||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class A Shares |
$78 | 0.77% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Minnesota Municipal Bond Fund returned 1.41% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond Minnesota Index, which returned 3.01%. • Top contributors to relative performance • An overweight to non‑rated bonds. • An overweight to the nursing home bond sector. • Top detractors from relative performance • An overweight to bonds on the long end of the yield curve, particularly bonds with durations between 10 and 12 years. • An underweight to the single-family housing sector. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||||||||
| Class A Shares at NAV (excluding maximum sales charge) |
1.41 | % | 0.29 | % | 1.83 | % | ||||||
| Class A Shares at maximum sales charge (Offering Price) |
(2.88 | )% | (0.57 | )% | 1.39 | % | ||||||
| S&P Municipal Bond Index |
2.44 | % | 0.78 | % | 2.22 | % | ||||||
| S&P Municipal Bond Minnesota Index |
3.01 | % | 0.63 | % | 1.99 | % | ||||||
| Lipper Minnesota Municipal Debt Funds Classification Average |
1.25 | % | 0.01 | % | 1.38 | % | ||||||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$647,342,485 | |||
| Total number of portfolio holdings |
388 | |||
| Portfolio turnover (%) |
8% | |||
| Total management fees paid for the year |
$ 3,151,065 | |||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class C Shares |
$157 | 1.57% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Minnesota Municipal Bond Fund returned 0.59% for Class C Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond Minnesota Index, which returned 3.01%. • Top contributors to relative performance • An overweight to non‑rated bonds. • An overweight to the nursing home bond sector. • Top detractors from relative performance • An overweight to bonds on the long end of the yield curve, particularly bonds with durations between 10 and 12 years. • An underweight to the single-family housing sector. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| Class C Shares at NAV (excluding maximum sales charge) |
0.59% | (0.52)% | 1.17% | |||
| S&P Municipal Bond Index |
2.44% | 0.78% | 2.22% | |||
| S&P Municipal Bond Minnesota Index |
3.01% | 0.63% | 1.99% | |||
| Lipper Minnesota Municipal Debt Funds Classification Average |
1.25% | 0.01% | 1.38% | |||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$ | 647,342,485 | ||
| Total number of portfolio holdings |
388 | |||
| Portfolio turnover (%) |
8% | |||
| Total management fees paid for the year |
$ | 3,151,065 | ||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class A Shares |
$82 | 0.81% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Minnesota Intermediate Municipal Bond Fund returned 2.54% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond Intermediate Index, which returned 3.48%. • Top contributors to relative performance • An overweight to the life-care and nursing-home bond sectors. • Credit quality positioning, especially an overweight to non‑rated bonds. • Top detractors from relative performance • An overweight to bonds with durations of eight years and longer. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||||||||
| Class A Shares at NAV (excluding maximum sales charge) |
2.54 | % | 0.63 | % | 1.77 | % | ||||||
| Class A Shares at maximum sales charge (Offering Price) |
(0.57 | )% | 0.03 | % | 1.46 | % | ||||||
| S&P Municipal Bond Index |
2.44 | % | 0.78 | % | 2.22 | % | ||||||
| S&P Municipal Bond Intermediate Index |
3.48 | % | 0.80 | % | 2.20 | % | ||||||
| Lipper Other States Intermediate Municipal Debt Funds Classification Average |
2.36 | % | 0.02 | % | 1.31 | % | ||||||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$ | 319,080,735 | ||
| Total number of portfolio holdings |
272 | |||
| Portfolio turnover (%) |
14% | |||
| Total management fees paid for the year |
$ | 1,585,946 | ||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class C Shares |
$162 | 1.61% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Minnesota Intermediate Municipal Bond Fund returned 1.73% for Class C Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond Intermediate Index, which returned 3.48%. • Top contributors to relative performance • An overweight to the life-care and nursing-home bond sectors. • Credit quality positioning, especially an overweight to non‑rated bonds. • Top detractors from relative performance • An overweight to bonds with durations of eight years and longer. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| Class C Shares at NAV (excluding maximum sales charge) |
1.73% | (0.15)% | 1.12% | |||
| S&P Municipal Bond Index |
2.44% | 0.78% | 2.22% | |||
| S&P Municipal Bond Intermediate Index |
3.48% | 0.80% | 2.20% | |||
| Lipper Other States Intermediate Municipal Debt Funds Classification Average |
2.36% | 0.02% | 1.31% | |||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$ | 319,080,735 | ||
| Total number of portfolio holdings |
272 | |||
| Portfolio turnover (%) |
14% | |||
| Total management fees paid for the year |
$ | 1,585,946 | ||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
| Cost of a $10,000 investment |
Costs paid as a percentage of $10,000 investment* | |||
| Class I Shares |
$62 | 0.61% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
| Performance Highlights • The Nuveen Minnesota Intermediate Municipal Bond Fund returned 2.74% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the S&P Municipal Bond Intermediate Index, which returned 3.48%. • Top contributors to relative performance • An overweight to the life-care and nursing-home bond sectors. • Credit quality positioning, especially an overweight to non‑rated bonds. • Top detractors from relative performance • An overweight to bonds with durations of eight years and longer. |
Average Annual Total Returns
| 1‑Year | 5‑Year | 10‑Year | ||||
| Class I Shares at NAV |
2.74% | 0.84% | 1.98% | |||
| S&P Municipal Bond Index |
2.44% | 0.78% | 2.22% | |||
| S&P Municipal Bond Intermediate Index |
3.48% | 0.80% | 2.20% | |||
| Lipper Other States Intermediate Municipal Debt Funds Classification Average |
2.36% | 0.02% | 1.31% | |||
Fund Statistics (as of May 31, 2025)
| Fund net assets |
$ | 319,080,735 | ||
| Total number of portfolio holdings |
272 | |||
| Portfolio turnover (%) |
14% | |||
| Total management fees paid for the year |
$ | 1,585,946 | ||
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by September 30, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
| [1] | Annualized for period less than one year. |
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