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