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)
Christopher M. Rohrbacher
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, 2018
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
Item 1. Reports to Stockholders.
Mutual Funds
30 November 2018
Nuveen Municipal
Bond Funds
Bond Funds
| Fund Name | Class A | Class C | Class C1 | Class C2 | Class I | |
| Nuveen Minnesota Intermediate Municipal Bond Fund | FAMAX | NIBCX | FACMX | NIBMX | FAMTX | |
| Nuveen Minnesota Municipal Bond Fund | FJMNX | NTCCX | FCMNX | NMBCX | FYMNX | |
| Nuveen Nebraska Municipal Bond Fund | FNTAX | NAAFX | FNTCX | NCNBX | FNTYX | |
| Nuveen Oregon Intermediate Municipal Bond Fund | FOTAX | NAFOX | – | NIMOX | FORCX |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.nuveen.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting the financial intermediary (such as a broker-dealer or bank) through which you hold your Fund shares or, if you are a direct investor, by enrolling at www.nuveen.com/e-reports.
You may elect to receive all future shareholder reports in paper free of charge at any time by contacting your financial intermediary or, if you are a direct investor, by calling 800-257-8787 and selecting option #1. Your election to receive reports in paper will apply to all funds held in your account with your financial intermediary or, if you are a direct investor, to all your directly held Nuveen Funds and any other directly held funds within the same group of related investment companies.
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Table
of Contents
3
Chairman’s Letter to Shareholders
Dear Shareholders,
The global economy seemed to reach a turning point in 2018. Growth was peaking in the U.S. and slowing elsewhere. Deregulation and tax law changes, which lowered corporate and individual tax rates and encouraged companies to repatriate overseas profits, helped boost U.S. economic growth and amplify corporate earnings during 2018. Meanwhile, a weakening housing market and a flattening yield curve in the U.S. and disappointing economic growth across Europe, China and Japan signaled caution. With future corporate profit growth looking less certain, rising interest rates, a stronger U.S. dollar, trade wars and unpredictable politics, bearish sentiment started to take hold, pressuring stocks, corporate bonds and commodities alike.
Although downside risks have been rising, the likelihood of a near-term recession remains low. Global growth is indeed slowing, but it’s still positive. The U.S. economy remains strong, even in the face of late-cycle pressures. Low unemployment and firming wages should continue to support consumer spending, and the November mid-term elections resulted in change, but no major surprises. In China, the government remains committed to using fiscal stimulus to offset softening exports. Europe also remains vulnerable to trade policy as well as Brexit uncertainty, but underlying strengths in European economies, including low unemployment that drives domestic demand, remain supportive of a mild expansion. In a slower growth environment, there are opportunities for investors who seek them more selectively.
We expect volatility and challenging conditions to persist in 2019 but also think there is potential for upside. You can prepare your investment portfolio by working with your financial advisor to review your goals, timeline and risk tolerance. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Terence J. Toth
Chairman of the Board
January 22, 2019
4
Portfolio Managers’
Comments
Nuveen Minnesota Intermediate Municipal Bond Fund
Nuveen Minnesota Municipal Bond Fund
Nuveen Nebraska Municipal Bond Fund
Nuveen Oregon Intermediate Municipal Bond Fund
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen, LLC. Portfolio managers Christopher L. Drahn, CFA, and Michael S. Hamilton review key investment strategies and the performance of the Nuveen Minnesota Intermediate Municipal Bond Fund, Nuveen Minnesota Municipal Bond Fund, Nuveen Nebraska Municipal Bond Fund and Nuveen Oregon Intermediate Municipal Bond Fund. Chris has managed the Nuveen Minnesota Intermediate Municipal Bond Fund since 1994 and the Nuveen Minnesota Municipal Bond Fund since 2016. Michael has managed the Nuveen Nebraska Municipal Bond Fund since 2016 and the Nuveen Oregon Intermediate Municipal Bond Fund since 1997.
How did the Funds perform during the six-month reporting period ended November 30, 2018?
The tables in the Fund Performance, Expense Ratios and Effective Leverage Ratios section of this report provide each Fund’s total return performance information for the six-month, one-year, five-year, ten-year and/or since-inception periods ended November 30, 2018. The returns for each Fund’s Class A Shares at net asset value are compared with the performance of a corresponding market index and Lipper classification average.
For the reporting period, the Class A Shares at NAV of the Nuveen Minnesota Intermediate Municipal Bond Fund and the Nuveen Oregon Intermediate Municipal Bond Fund underperformed its benchmark, the S&P Municipal Bond Intermediate Index. The Class A Shares at NAV of the Nuveen Minnesota Municipal Bond Fund and Nuveen Nebraska Municipal Bond Fund trailed their benchmark, the S&P Municipal Bond Index. Meanwhile, the Nuveen Oregon Intermediate Municipal Bond Fund performed in line with its respective Lipper classification average, while the other three Funds in this report underperformed their respective Lipper classification averages.
What strategies were used to manage the Funds during the reporting period, and how did these strategies influence performance during the six-month reporting period ended November 30, 2018?
All of the Funds continued to employ the same fundamental investment strategies and tactics long relied upon by NAM. Our municipal bond portfolios are managed with a value-oriented approach and close input from NAM’s research team. Below we highlight the specific factors influencing each Fund’s investment strategy, as well as how we managed each portfolio in light of recent market conditions.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
5
Portfolio Managers’ Comments(continued)
Nuveen Minnesota Intermediate Municipal Bond Fund
The Nuveen Minnesota Intermediate Municipal Bond Fund underperformed the S&P Municipal Bond Intermediate Index for the six-month reporting period ended November 30, 2018.
Our sector allocation had a somewhat negative impact on the Fund’s results relative to the index. In particular, we were overweighted in health care and education bonds. In light of both sectors’ relative underperformance, the Fund’s heavier exposure to these categories hampered results. Our overweighting in public power added value, however, given the sector’s outperformance of the index.
Meanwhile, the Fund’s credit quality positioning added modest value compared with the index. During the reporting period, bonds with lower credit quality tended to be outperformers in the intermediate portion of the yield curve. Accordingly, our relative overweightings in bonds with lower investment grade and below investment grade credit ratings proved somewhat beneficial.
The Fund’s duration positioning did not have a meaningful impact on our relative performance during the reporting period. Duration was slightly longer than that of the benchmark, reflecting the portfolio’s somewhat laddered approach (meaning the Fund achieved its target duration by combining overweightings in both shorter and longer duration bonds).
In line with the rise in municipal bond yields this reporting period, we pursued several tax-loss swaps. This strategy entailed selling bonds with lower book yields and reinvesting the proceeds in bonds offering the higher yields now available in the marketplace. With this strategy, we were able to simultaneously improve the Fund’s income generation while also generating tax losses that we can apply against future capital gains. During the reporting period, we also sold a modest amount of our lower coupon bonds, which we saw as more vulnerable amid rising yields.
To finance our purchases, we primarily used the proceeds of bond calls and maturities, as well as those of the tax loss swaps. We also selectively sold other securities to make room for new purchases in the Fund.
During the reporting period, the Minnesota new issue municipal bond market experienced a strong increase in supply, breaking with national trends. This supply increase was led by three major health care bond deals. We participated in all three, buying bonds of the Mayo Clinic, Fairview Health Services and Essentia Health during the reporting period. We also encountered a variety of opportunities in other bond sectors, many of which included general obligations, higher education and senior living.
During the reporting period, the Fund’s allocation to AAA rated bonds (the highest credit tier) increased, while our exposure to AA rated bonds declined accordingly. This shift reflected, to some degree, a credit rating upgrade to the State of Minnesota, and, accordingly, the Minnesota School District Credit Enhancement Program. Despite our various purchases and sales, our other allocations to various credit rating tiers and market sectors remained relatively consistent throughout the reporting period.
Nuveen Minnesota Municipal Bond Fund
The Nuveen Minnesota Municipal Bond Fund underperformed the S&P Municipal Bond Index for the six-month reporting period ended November 30, 2018.
A primary factor behind the Fund’s performance relative to this index was unfavorable yield curve positioning, and specifically, the Fund’s heavier exposure to longer duration bonds. During the reporting period, shorter-term municipal bonds tended to outperform longer-dated issues as interest rates rose. Another, smaller negative factor behind the Fund’s relative performance was a somewhat greater representation in lower coupon bonds than the national index, a representation that is sometimes difficult to avoid in Minnesota.
Sector positioning also modestly weighed on the Fund’s return. Our major overweightings were found in the health care and education sectors. In light of these categories’ relative underperformance during the reporting period, our increased exposure to them weighed on results. Also, a lack of exposure to bonds affiliated with Puerto Rico hampered results relative to the index, as the U.S. territory appeared to make progress toward restructuring its debt. On the positive side, the Fund’s overweighting in public power bonds, an outperforming sector, contributed, while our lack of exposure to tobacco debt also proved beneficial, given this index component’s results.
6
Meanwhile, credit quality positioning was not a particularly meaningful driver of relative performance during the reporting period. Our overweighting in both lower investment grade and below investment grade bonds had little overall effect on the Fund’s results relative to the national S&P index, given the modest performance differential seen across credit rating tiers.
As municipal bond yields rose in 2018, tax-loss swapping became a more prevalent source of activity. With this tactic, we sold certain lower ‘book yield' positions and reinvested the proceeds in newer bonds offering higher yields prevailing in the marketplace. Besides improving the Fund’s income profile, this approach allowed us to recognize tax losses that in the future we will be able to apply against capital gains. We engaged in several such tax-loss swaps in the Minnesota portfolio during the reporting period.
Other sales involved some trimming of the Fund’s exposure to bonds with lower coupons. We engaged in these transactions on a precautionary basis as rates rose, as we saw these securities as more vulnerable in light of market conditions.
Proceeds for our new purchases during the reporting period came from a combination of bond calls and maturities, as well as some new shareholder inflows taking place during this reporting period. In addition to our tax-loss swaps, we also engaged in some bond selling to help fund our new purchases.
The issuance supply of new Minnesota bonds was up significantly on a year-over-year basis, highlighted by three major health care deals that became available in relatively quick succession. During the reporting period we participated in all three, purchasing bonds of the Mayo Clinic, Fairview Health Services and Essentia Health. The surge in Minnesota issuance put some pressure on the relative performance of many bonds within the state, a condition we are optimistic should reverse itself down the road. The Fund also added Western Minnesota Municipal Power Agency bonds. The Agency introduced an issue in June 2018 and the Fund made a number of purchases later in the reporting period.
Nuveen Nebraska Municipal Bond Fund
The Nuveen Nebraska Municipal Bond Fund underperformed the S&P Municipal Bond Index for the six-month reporting period ended November 30, 2018. This result partly reflected the underperformance of Nebraska municipal bonds relative to the national municipal market. Given our naturally larger allocation to Nebraska debt, the Fund found itself at a relative performance disadvantage.
Compared with the S&P Index, the Fund’s duration (interest rate) and yield curve positioning also detracted. Our overweighting in bonds with longer effective durations (10 years and more) was a negative performance factor because bonds in this duration range lagged shorter-term securities, in which the Fund had a meaningful underweighting. Our yield curve positioning reflected our preference for the higher income that longer-term securities earn.
On the positive side, sector positioning slightly contributed to results, led by the Fund’s overweighting in public power bonds, which represent about one-third of the Nebraska municipal market, vastly higher than in the national index. Because this generally high quality sector outpaced lower quality sectors during the reporting period, the Fund’s natural overweighting in public power bonds proved beneficial. Our choices in the health care sector also modestly boosted relative performance. Here, the Fund’s holdings were tilted toward shorter duration securities.
Meanwhile, credit rating positioning had a limited impact on the Fund’s performance versus the index, reflecting the fact that bonds with different credit ratings produced relatively similar returns during the reporting period. We continued to maintain a larger-than-index exposure to the A rated credit quality segment and underweighted AAA rated bonds.
To meet investor outflows during the reporting period, we sold some lower coupon bonds and also applied the proceeds of bond maturities. We also significantly reduced the Fund’s exposure to pre-refunded debt with near-term maturity dates. This approach was designed to manage the timing of cash coming into the Fund and to provide funds that could be invested in higher yielding securities.
Our purchase activity, which was limited during the reporting period, focused on longer-term securities (often ranging from 15 to 20 years) and took place across the investment grade credit spectrum. The purchases typically occurred in the public utilities sector, the dominant sector in the Nebraska municipal market, and included bonds of Lincoln Electric System and Omaha Public Power District.
7
Portfolio Managers’ Comments(continued)
Nuveen Oregon Intermediate Municipal Bond Fund
The Nuveen Oregon Intermediate Municipal Bond Fund underperformed the S&P Municipal Bond Intermediate Index for the six-month reporting period ended November 30, 2018.
Sector positioning generally was positive. The Fund benefited from an overweighting in pre-refunded securities, which are some of the highest quality, shortest duration securities in both the Fund and the national intermediate municipal bond marketplace. Due to these securities’ shorter durations, they were able to withstand rising interest rates better than longer-term securities. Detracting from the Fund’s relative performance, however, was its overweighting in the generally longer duration, higher yielding health care sector, which lagged most other sectors as interest rates rose.
The Fund’s overall duration and yield curve positioning had little overall impact on relative performance. During the reporting period, the Fund’s duration was roughly in line with the national intermediate index. The Fund’s yield curve positioning had a larger exposure than the index to longer-term bonds with effective durations of eight years and longer, allowing us to capture comparatively high yields. Simultaneously, we were overweighted in securities with effective durations of two years and less. The outperformance of these short-term securities was offset by the underperformance of our longer-term holdings, resulting in a net neutral effect.
Our credit rating positioning also had minimal overall impact on the Fund’s relative performance. In light of our preference for higher-yielding securities, the Fund had more exposure than the index to lower rated investment grade securities (BBB and A) and less exposure to the highest rated bonds (AAA and AA).
During the reporting period, the Fund experienced shareholder redemptions. We funded those outflows with the proceeds of called and maturing bonds, as well as by selling some lower yielding securities.
We worked throughout to actively manage the Fund’s duration positioning as we identified opportunities in the marketplace. We deployed some of the proceeds we had received from bond maturities and calls into variable-rate securities, which allowed us to shorten the Fund’s duration in anticipation of rising interest rates. Due to the seven-day call feature of these securities, we maintained the flexibility to own issues that we found attractive without incurring the added interest rate risk of the underlying bonds. Additionally, the securities’ floating rate feature meant their yields moved higher as interest rates rose and, as such, the securities delivered an increasing amount of income to the Fund.
We later sold some of these variable-rate holdings to take advantage of new opportunities that had emerged along with higher rates. Specifically, we bought some longer-term bonds because their yields had risen to a level we found attractive relative to their added interest rate risk. We were particularly active purchasers of bonds in the eight- to twelve-year effective duration range across a variety of sectors, including the school district, local tax-supported, higher education and hospital segments.
As rates rose during the reporting period, we also engaged in some swapping of lower yielding holdings for similarly structured issues with better income characteristics, which we typically found among bonds with effective durations of eight to twelve years.
8
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 each Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for each 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.
9
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10
Fund Performance, Expense Ratios and Effective Leverage Ratios
The Fund Performance, Expense Ratios and Effective Leverage Ratios for each Fund are shown within this section of the report.
Returns quoted represent past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Total returns for a period of less than one year are not annualized. 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.
The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any) as shown in the most recent prospectus. The expense ratios include management fees and other fees and expenses.
Leverage is created whenever a Fund has investment exposure (both reward and/or risk) equivalent to more than 100% of its investment capital. The effective leverage ratio shown for each Fund is the amount of investment exposure created either directly through borrowings or indirectly through inverse floaters, divided by the assets invested, including those assets that were purchased with the proceeds of the leverage, or referenced by the levered instrument. A Fund may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to pay cash out to redeeming shareholders or to settle portfolio trades. Such incidental borrowings, described generally in Notes to Financial Statements, Note 8—Borrowing Arrangements, are excluded from the calculation of a Fund’s effective leverage ratio.
11
Fund Performance, Expense Ratios and Effective Leverage Ratios(continued)
Nuveen Minnesota Intermediate Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of November 30, 2018
| Cumulative | Average Annual | ||||
| 6-Month | 1-Year | 5-Year | 10-Year | ||
| Class A Shares at NAV | 0.04% | 0.44% | 2.74% | 4.17% | |
| Class A Shares at maximum Offering Price | (2.99)% | (2.57)% | 2.11% | 3.85% | |
| S&P Municipal Bond Intermediate Index | 0.72% | 1.17% | 3.01% | 4.50% | |
| Lipper Other States Intermediate Municipal Debt Funds Classification Average | 0.26% | 0.35% | 1.99% | 3.34% | |
| Class I Shares | 0.23% | 0.62% | 2.96% | 4.35% | |
| Cumulative | Average Annual | ||||
| 6-Month | 1-Year | 5-Year | Since Inception | ||
| Class C Shares | (0.27)% | (0.29)% | N/A | 1.69% | |
| Class C1 Shares | (0.19)% | (0.03)% | 2.28% | 2.94% | |
| Class C2 Shares | (0.16)% | (0.05)% | 2.20% | 2.96% | |
Average Annual Total Returns as of December 31, 2018 (Most Recent Calendar Quarter)
| Cumulative | Average Annual | ||||
| 6-Month | 1-Year | 5-Year | 10-Year | ||
| Class A Shares at NAV | 1.13% | 0.79% | 3.02% | 4.30% | |
| Class A Shares at maximum Offering Price | (1.94)% | (2.22)% | 2.40% | 3.98% | |
| Class I Shares | 1.22% | 0.97% | 3.24% | 4.47% | |
| Cumulative | Average Annual | ||||
| 6-Month | 1-Year | 5-Year | Since Inception | ||
| Class C Shares | 0.82% | (0.04)% | N/A | 1.88% | |
| Class C1 Shares | 0.89% | 0.31% | 2.54% | 3.03% | |
| Class C2 Shares | 0.83% | 0.20% | 2.44% | 3.05% | |
Since inception returns for Class C, Class C1 and Class C2 Shares are from 2/10/14, 10/28/09 and 1/18/11, respectively. Indexes and Lipper averages are not available for direct investment.
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, Class C1, and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C, Class C1, and C2 Shares automatically convert to Class A Shares ten years after purchase. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
12
Expense Ratios as of Most Recent Prospectus
| Share Class | |||||
| Class A | Class C | Class C1 | Class C2 | Class I | |
| Expense Ratios | 0.81% | 1.61% | 1.26% | 1.37% | 0.61% |
Effective Leverage Ratio as of November 30, 2018
| Effective Leverage Ratio | 0.00% |
13
Fund Performance, Expense Ratios and Effective Leverage Ratios(continued)
Nuveen Minnesota Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of November 30, 2018
| Cumulative | Average Annual | ||||
| 6-Month | 1-Year | 5-Year | 10-Year | ||
| Class A Shares at NAV | (0.37)% | 0.18% | 4.00% | 5.75% | |
| Class A Shares at maximum Offering Price | (4.58)% | (4.00)% | 3.11% | 5.30% | |
| S&P Municipal Bond Index | 0.36% | 1.16% | 3.59% | 5.07% | |
| Lipper Minnesota Municipal Debt Funds Classification Average | (0.25)% | 0.07% | 2.79% | 4.31% | |
| Class C1 Shares | (0.61)% | (0.29)% | 3.52% | 5.26% | |
| Class I Shares | (0.27)% | 0.39% | 4.20% | 5.95% | |
| Cumulative | Average Annual | ||||
| 6-Month | 1-Year | 5-Year | Since Inception | ||
| Class C Shares | (0.79)% | (0.64)% | N/A | 2.77% | |
| Class C2 Shares | (0.66)% | (0.39)% | 3.44% | 4.48% | |
Average Annual Total Returns as of December 31, 2018 (Most Recent Calendar Quarter)
| Cumulative | Average Annual | ||||
| 6-Month | 1-Year | 5-Year | 10-Year | ||
| Class A Shares at NAV | 0.77% | 0.33% | 4.27% | 5.96% | |
| Class A Shares at maximum Offering Price | (3.50)% | (3.92)% | 3.38% | 5.50% | |
| Class C1 Shares | 0.53% | (0.14)% | 3.81% | 5.47% | |
| Class I Shares | 0.88% | 0.54% | 4.49% | 6.16% | |
| Cumulative | Average Annual | ||||
| 6-Month | 1-Year | 5-Year | Since Inception | ||
| Class C Shares | 0.36% | (0.41)% | N/A | 2.97% | |
| Class C2 Shares | 0.57% | (0.16)% | 3.71% | 4.58% | |
Since inception returns for Class C and Class C2 Shares are from 2/10/14 and 1/18/11, respectively. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $250,000 or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C, Class C1, and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C, Class C1, and C2 Shares automatically convert to Class A Shares ten years after purchase. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
14
Expense Ratios as of Most Recent Prospectus
| Share Class | |||||
| Class A | Class C | Class C1 | Class C2 | Class I | |
| Expense Ratios | 0.81% | 1.61% | 1.26% | 1.36% | 0.61% |
Effective Leverage Ratio as of November 30, 2018
| Effective Leverage Ratio | 0.00% |
15
Fund Performance, Expense Ratios and Effective Leverage Ratios(continued)
Nuveen Nebraska Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of November 30, 2018
| Cumulative | Average Annual | ||||
| 6-Month | 1-Year | 5-Year | 10-Year | ||
| Class A Shares at NAV | (0.31)% | 0.32% | 3.55% | 4.77% | |
| Class A Shares at maximum Offering Price | (4.48)% | (3.92)% | 2.65% | 4.33% | |
| S&P Municipal Bond Index | 0.36% | 1.16% | 3.59% | 5.07% | |
| Lipper Other States Municipal Debt Funds Classification Average | 0.10% | 0.59% | 3.01% | 4.27% | |
| Class C1 Shares | (0.57)% | (0.19)% | 3.07% | 4.31% | |
| Class I Shares | (0.23)% | 0.40% | 3.74% | 4.99% | |
| Cumulative | Average Annual | ||||
| 6-Month | 1-Year | 5-Year | Since Inception | ||
| Class C Shares | (0.64)% | (0.53)% | N/A | 2.21% | |
| Class C2 Shares | (0.60)% | (0.25)% | 2.98% | 3.46% | |
Average Annual Total Returns as of December 31, 2018 (Most Recent Calendar Quarter)
| Cumulative | Average Annual | ||||
| 6-Month | 1-Year | 5-Year | 10-Year | ||
| Class A Shares at NAV | 0.65% | 0.14% | 3.82% | 4.91% | |
| Class A Shares at maximum Offering Price | (3.56)% | (4.06)% | 2.94% | 4.46% | |
| Class C1 Shares | 0.39% | (0.37)% | 3.34% | 4.44% | |
| Class I Shares | 0.73% | 0.41% | 4.01% | 5.12% | |
| Cumulative | Average Annual | ||||
| 6-Month | 1-Year | 5-Year | Since Inception | ||
| Class C Shares | 0.23% | (0.61)% | N/A | 2.37% | |
| Class C2 Shares | 0.36% | (0.43)% | 3.23% | 3.54% | |
Since inception returns for Class C and Class C2 Shares are from 2/10/14 and 1/18/11, respectively. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $250,000 or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C, Class C1, and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C, Class C1, and C2 Shares automatically convert to Class A Shares ten years after purchase. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
16
Expense Ratios as of Most Recent Prospectus
| Share Class | |||||
| Class A | Class C | Class C1 | Class C2 | Class I | |
| Gross Expense Ratios | 0.92% | 1.72% | 1.37% | 1.47% | 0.72% |
| Net Expense Ratios | 0.88% | 1.68% | 1.33% | 1.43% | 0.68% |
The Fund's investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through July 31, 2020, so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing or portfolio securities and extraordinary expenses) do not exceed 0.70% of the average daily net assets of any class of Fund shares. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Board of Directors of the Fund.
Effective Leverage Ratio as of November 30, 2018
| Effective Leverage Ratio | 0.00% |
17
Fund Performance, Expense Ratios and Effective Leverage Ratios(continued)
Nuveen Oregon Intermediate Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of November 30, 2018
| Cumulative | Average Annual | ||||
| 6-Month | 1-Year | 5-Year | 10-Year | ||
| Class A Shares at NAV | 0.25% | 0.38% | 2.27% | 3.51% | |
| Class A Shares at maximum Offering Price | (2.74)% | (2.59)% | 1.65% | 3.19% | |
| S&P Municipal Bond Intermediate Index | 0.72% | 1.17% | 3.01% | 4.50% | |
| Lipper Other States Intermediate Municipal Debt Funds Classification Average | 0.26% | 0.35% | 1.99% | 3.34% | |
| Class I Shares | 0.34% | 0.66% | 2.47% | 3.70% | |
| Cumulative | Average Annual | ||||
| 6-Month | 1-Year | 5-Year | Since Inception | ||
| Class C Shares | (0.07)% | (0.36)% | N/A | 1.21% | |
| Class C2 Shares | 0.05% | (0.12)% | 1.72% | 2.45% | |
Average Annual Total Returns as of December 31, 2018 (Most Recent Calendar Quarter)
| Cumulative | Average Annual | ||||
| 6-Month | 1-Year | 5-Year | 10-Year | ||
| Class A Shares at NAV | 1.25% | 0.68% | 2.56% | 3.56% | |
| Class A Shares at maximum Offering Price | (1.77)% | (2.37)% | 1.94% | 3.25% | |
| Class I Shares | 1.34% | 0.85% | 2.74% | 3.73% | |
| Cumulative | Average Annual | ||||
| 6-Month | 1-Year | 5-Year | Since Inception | ||
| Class C Shares | 0.83% | (0.16)% | N/A | 1.40% | |
| Class C2 Shares | 0.95% | 0.18% | 1.99% | 2.56% | |
Since inception returns for Class C and Class C2 Shares are from 2/10/14 and 1/18/11, respectively. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 3.00% sales charge (Offering Price). Class A Share purchases of $250,000 or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C and C2 Shares automatically convert to Class A Shares ten years after purchase. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| Share Class | ||||
| Class A | Class C | Class C2 | Class I | |
| Expense Ratios | 0.82% | 1.62% | 1.37% | 0.62% |
18
Effective Leverage Ratio as of November 30, 2018
| Effective Leverage Ratio | 0.00% |
19
Yields as of November 30, 2018
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. If any such waivers and/or reimbursements had not been in place, yields would have been reduced. Unsubsidized yields do not reflect waivers and/or reimbursements from the investment adviser during the period. If the fund did not receive a fee waiver/expense reimbursement during the period under its most recent agreement, subsidized and unsubsidized yields will be equal. Refer to the Notes to Financial Statements, Note 7 – Management Fees and Other Transactions with Affiliates for further details on the investment adviser’s most recent agreement with the Fund to waive fees and/or reimburse expenses, where applicable. Dividend Yield may differ from the SEC 30-Day Yield because the fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium.
The Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis at an assumed tax rate. Your actual combined federal and state income tax rates may differ from the assumed rate. Taxable-Equivalent Yield also assumes that 100% of the income generated and paid by the Fund is exempt from both federal and state income tax; a Fund’s Taxable-Equivalent Yield will be lower to the extent the Fund invests in municipal securities paying income that is not exempt from state and/or federal income tax (e.g., certain out-of-state bonds). If the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower.
Nuveen Minnesota Intermediate Municipal Bond Fund
| Share Class | |||||
| Class A1 | Class C | Class C1 | Class C2 | Class I | |
| Dividend Yield | 2.76% | 2.03% | 2.36% | 2.26% | 3.04% |
| SEC 30-Day Yield | 2.36% | 1.64% | 1.99% | 1.89% | 2.63% |
| Taxable-Equivalent Yield (31.9%)2 | 3.47% | 2.41% | 2.92% | 2.78% | 3.86% |
Nuveen Minnesota Municipal Bond Fund
| Share Class | |||||
| Class A1 | Class C | Class C1 | Class C2 | Class I | |
| Dividend Yield | 2.99% | 2.33% | 2.66% | 2.54% | 3.34% |
| SEC 30-Day Yield | 2.73% | 2.06% | 2.41% | 2.31% | 3.05% |
| Taxable-Equivalent Yield (31.9%)2 | 4.01% | 3.02% | 3.54% | 3.39% | 4.48% |
20
Nuveen Nebraska Municipal Bond Fund
| Share Class | |||||
| Class A1 | Class C | Class C1 | Class C2 | Class I | |
| Dividend Yield | 2.72% | 2.03% | 2.33% | 2.25% | 3.01% |
| SEC 30-Day Yield - Subsidized | 2.34% | 1.65% | 1.96% | 1.89% | 2.64% |
| SEC 30-Day Yield - Unsubsidized | 2.30% | 1.61% | 1.96% | 1.86% | 2.60% |
| Taxable-Equivalent Yield - Subsidized (30.8%)2 | 3.38% | 2.38% | 2.83% | 2.73% | 3.82% |
| Taxable-Equivalent Yield - Unsubsidized (30.8%)2 | 3.32% | 2.33% | 2.83% | 2.69% | 3.76% |
Nuveen Oregon Intermediate Municipal Bond Fund
| Share Class | ||||
| Class A1 | Class C | Class C2 | Class I | |
| Dividend Yield | 2.04% | 1.27% | 1.50% | 2.28% |
| SEC 30-Day Yield | 1.86% | 1.13% | 1.38% | 2.12% |
| Taxable-Equivalent Yield (33.9%)2 | 2.81% | 1.71% | 2.09% | 3.21% |
1 The SEC Yield for Class A shares quoted in the table reflects the maximum sales load. Investors paying a reduced load because of volume discounts, investors paying no load because they qualify for one of the several exclusions from the load and existing shareholders who previously paid a load but would like to know the SEC Yield applicable to their shares on a going-forward basis, should understand that the SEC Yield effectively applicable to them would be higher than the figure quoted in the table.
2 The Taxable-Equivalent Yield is based on the Fund’s SEC 30-Day Yield on the indicated date and a combined federal and state income tax rate shown in the respective table above.
21
Holding Summaries as of November 30, 2018
This data relates to the securities held in each Fund's portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Nuveen Minnesota Intermediate Municipal Bond Fund
| Fund Allocation (% of net assets) | |
| Long-Term Municipal Bonds | 98.4% |
| Short-Term Municipal Bonds | 0.9% |
| Other Assets Less Liabilities | 0.7% |
| Net Assets | 100% |
| Portfolio Composition (% of total investments) | |
| Tax Obligation/General | 19.6% |
| Education and Civic Organizations | 18.3% |
| Health Care | 16.2% |
| Long-Term Care | 11.6% |
| Utilities | 11.4% |
| U.S. Guaranteed | 9.0% |
| Tax Obligation/Limited | 6.0% |
| Transportation | 5.6% |
| Other | 2.3% |
| Total | 100% |
| Bond Credit Quality (% of total investment exposure) | |
| U.S. Guaranteed | 7.4% |
| AAA | 11.6% |
| AA | 29.8% |
| A | 23.9% |
| BBB | 6.2% |
| BB or Lower | 4.0% |
| N/R (not rated) | 17.1% |
| Total | 100% |
22
Nuveen Minnesota Municipal Bond Fund
| Fund Allocation (% of net assets) | |
| Long-Term Municipal Bonds | 97.4% |
| Short-Term Municipal Bonds | 1.3% |
| Other Assets Less Liabilities | 1.3% |
| Net Assets | 100% |
| Portfolio Composition (% of total investments) | |
| Tax Obligation/General | 19.0% |
| Health Care | 17.9% |
| Education and Civic Organizations | 16.1% |
| Utilities | 13.8% |
| U.S. Guaranteed | 9.9% |
| Long-Term Care | 9.2% |
| Tax Obligation/Limited | 5.9% |
| Transportation | 5.0% |
| Other | 3.2% |
| Total | 100% |
| Bond Credit Quality (% of total investment exposure) | |
| U.S. Guaranteed | 8.4% |
| AAA | 12.8% |
| AA | 23.3% |
| A | 27.2% |
| BBB | 8.5% |
| BB or Lower | 5.9% |
| N/R (not rated) | 13.9% |
| Total | 100% |
23
Holding Summaries as of November 30, 2018 (continued)
Nuveen Nebraska Municipal Bond Fund
| Fund Allocation (% of net assets) | |
| Long-Term Municipal Bonds | 97.7% |
| Other Assets Less Liabilities | 2.3% |
| Net Assets | 100% |
| Portfolio Composition (% of total investments) | |
| Utilities | 24.0% |
| Tax Obligation/General | 18.4% |
| Health Care | 14.0% |
| Education and Civic Organizations | 10.4% |
| Long-Term Care | 6.8% |
| Tax Obligation/Limited | 6.5% |
| Water and Sewer | 5.7% |
| Transportation | 5.5% |
| U.S. Guaranteed | 5.3% |
| Other | 3.4% |
| Total | 100% |
| Bond Credit Quality (% of total investment exposure) | |
| U.S. Guaranteed | 5.3% |
| AAA | 3.8% |
| AA | 51.1% |
| A | 34.4% |
| BBB | 4.4% |
| BB or Lower | 1.0% |
| Total | 100% |
24
Nuveen Oregon Intermediate Municipal Bond Fund
| Fund Allocation (% of net assets) | |
| Long-Term Municipal Bonds | 99.2% |
| Other Assets Less Liabilities | 0.8% |
| Net Assets | 100% |
| Portfolio Composition (% of total investments) | |
| Tax Obligation/General | 40.6% |
| Health Care | 15.2% |
| Tax Obligation/Limited | 12.4% |
| Water and Sewer | 9.5% |
| U.S. Guaranteed | 6.6% |
| Education and Civic Organizations | 5.0% |
| Other | 10.7% |
| Total | 100% |
| Bond Credit Quality (% of total investment exposure) | |
| U.S. Guaranteed | 5.0% |
| AAA | 12.5% |
| AA | 57.0% |
| A | 15.7% |
| BBB | 6.9% |
| N/R (not rated) | 2.9% |
| Total | 100% |
25
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, 2018.
The beginning of the period is June 1, 2018.
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 ratio 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 C1 | Class C2 | Class I | |
| Actual Performance | |||||
| Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
| Ending Account Value | $1,000.40 | $997.30 | $998.10 | $998.40 | $1,002.30 |
| Expenses Incurred During the Period | $4.06 | $8.06 | $6.31 | $6.81 | $3.06 |
| Hypothetical Performance (5% annualized return before expenses) | |||||
| Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
| Ending Account Value | $1,021.01 | $1,017.00 | $1,018.75 | $1,018.25 | $1,022.01 |
| Expenses Incurred During the Period | $4.10 | $8.14 | $6.38 | $6.88 | $3.09 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.81%, 1.61%, 1.26%, 1.36% and 0.61% for Classes A, C, C1, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
26
Nuveen Minnesota Municipal Bond Fund
| Share Class | |||||
| Class A | Class C | Class C1 | Class C2 | Class I | |
| Actual Performance | |||||
| Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
| Ending Account Value | $996.30 | $992.10 | $993.90 | $993.40 | $997.30 |
| Expenses Incurred During the Period | $4.00 | $7.99 | $6.20 | $6.75 | $3.00 |
| Hypothetical Performance (5% annualized return before expenses) | |||||
| Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
| Ending Account Value | $1,021.06 | $1,017.05 | $1,018.85 | $1,018.30 | $1,022.06 |
| Expenses Incurred During the Period | $4.05 | $8.09 | $6.28 | $6.83 | $3.04 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.80%, 1.60%, 1.24%, 1.35% and 0.60% for Classes A, C, C1, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
Nuveen Nebraska Municipal Bond Fund
| Share Class | |||||
| Class A | Class C | Class C1 | Class C2 | Class I | |
| Actual Performance | |||||
| Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
| Ending Account Value | $996.90 | $993.60 | $994.30 | $994.00 | $997.70 |
| Expenses Incurred During the Period | $4.41 | $8.40 | $6.65 | $7.15 | $3.41 |
| Hypothetical Performance (5% annualized return before expenses) | |||||
| Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
| Ending Account Value | $1,020.66 | $1,016.65 | $1,018.40 | $1,017.90 | $1,021.66 |
| Expenses Incurred During the Period | $4.46 | $8.49 | $6.73 | $7.23 | $3.45 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.88%, 1.68%, 1.33%, 1.43% and 0.68% for Classes A, C, C1, C2 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 C2 | Class I | |
| Actual Performance | ||||
| Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
| Ending Account Value | $1,002.50 | $999.30 | $1,000.50 | $1,003.40 |
| Expenses Incurred During the Period | $4.07 | $8.07 | $6.82 | $3.06 |
| Hypothetical Performance (5% annualized return before expenses) | ||||
| Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
| Ending Account Value | $1,021.01 | $1,017.00 | $1,018.25 | $1,022.01 |
| Expenses Incurred During the Period | $4.10 | $8.14 | $6.88 | $3.09 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.81%, 1.61%, 1.36% and 0.61% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
27
Nuveen Minnesota Intermediate Municipal Bond Fund
Portfolio of Investments November 30, 2018
(Unaudited)
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| LONG-TERM INVESTMENTS – 98.4% | ||||||
| MUNICIPAL BONDS – 98.4% | ||||||
| Education and Civic Organizations – 18.2% | ||||||
| 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+ | $412,543 | ||
| 720 | 3.500%, 8/01/25 | No Opt. Call | BB+ | 704,470 | ||
| 130 | 4.000%, 8/01/28 | 8/26 at 100.00 | BB+ | 127,846 | ||
| 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 | 100,938 | ||
| 1,000 | 5.000%, 7/01/36 | 7/24 at 102.00 | N/R | 994,180 | ||
| 210 | City of Woodbury, Minnesota, Charter School Lease Revenue Bonds, Math and Science Academy Building Company, Series 2012A, 5.000%, 12/01/27 | 12/20 at 102.00 | BBB- | 220,928 | ||
| Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2015A: | ||||||
| 190 | 5.000%, 7/01/30 | 7/25 at 100.00 | BB+ | 196,551 | ||
| 710 | 5.250%, 7/01/37 | 7/25 at 100.00 | BB+ | 733,870 | ||
| Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2016A: | ||||||
| 200 | 4.000%, 7/01/22 | No Opt. Call | BB+ | 204,478 | ||
| 465 | 4.000%, 7/01/23 | No Opt. Call | BB+ | 474,346 | ||
| 300 | 4.000%, 7/01/24 | No Opt. Call | BB+ | 304,944 | ||
| 135 | 4.000%, 7/01/25 | No Opt. Call | BB+ | 136,712 | ||
| 130 | 4.000%, 7/01/26 | 7/25 at 100.00 | BB+ | 130,221 | ||
| 300 | 4.000%, 7/01/27 | 7/25 at 100.00 | BB+ | 299,130 | ||
| 370 | 4.000%, 7/01/28 | 7/25 at 100.00 | BB+ | 365,068 | ||
| 250 | 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 | 238,357 | ||
| 645 | Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A, 5.500%, 8/01/36 | 8/22 at 102.00 | BB+ | 672,271 | ||
| Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of Performing Arts Project, Series 2016A: | ||||||
| 1,010 | 4.500%, 7/01/26 | No Opt. Call | N/R | 979,680 | ||
| 40 | 5.000%, 7/01/36 | 7/26 at 100.00 | N/R | 37,893 | ||
| 1,820 | Ham Lake, Minnesota Charter School Lease Revenue Bonds, Parnassus Preparatory School Project, Series 2016A, 4.000%, 11/01/26 | No Opt. Call | BB | 1,771,752 | ||
| 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 | 979,570 | ||
| 500 | 5.000%, 7/01/36 | 7/26 at 100.00 | N/R | 486,305 |
28
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Education and Civic Organizations(continued) | ||||||
| $255 | Itasca County, Minnesota, Revenue Bonds, Charles K. Blandin Foundation, Series 2010, 4.000%, 5/01/19 | No Opt. Call | A2 | $257,068 | ||
| 1,350 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, Series 2016A, 5.000%, 7/01/31 | 7/24 at 102.00 | N/R | 1,355,008 | ||
| 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 | 1,379,359 | ||
| 1,330 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Project, Series 2013A, 6.000%, 7/01/33 | 7/23 at 100.00 | BB+ | 1,397,032 | ||
| Minneapolis, Minnesota, Revenue Bonds, Blake School Project, Refunding Series 2010: | ||||||
| 550 | 4.000%, 9/01/19 | No Opt. Call | A2 | 557,964 | ||
| 315 | 4.000%, 9/01/21 | 9/20 at 100.00 | A2 | 323,845 | ||
| 1,040 | Minneapolis, Minnesota, Revenue Bonds, University Gateway Project, Refunding Series 2015, 4.000%, 12/01/28 | 12/24 at 100.00 | Aa1 | 1,112,363 | ||
| Minneapolis, Minnesota, Revenue Bonds, YMCA of Greater Twin Cities Project, Series 2016: | ||||||
| 500 | 3.000%, 6/01/21 | No Opt. Call | A3 | 505,400 | ||
| 710 | 3.000%, 6/01/23 | No Opt. Call | A3 | 718,953 | ||
| 630 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Augsburg College, Refunding Series 2010-7-G, 4.000%, 10/01/21 | 10/19 at 100.00 | Baa3 | 630,391 | ||
| Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2017: | ||||||
| 2,800 | 5.000%, 5/01/32 | 5/27 at 100.00 | BBB- | 3,014,732 | ||
| 405 | 5.000%, 5/01/37 | 5/27 at 100.00 | BBB- | 428,417 | ||
| 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 | 1,676,672 | ||
| 120 | Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Benedict, Series 2016-8K, 3.250%, 3/01/32 | 3/26 at 100.00 | Baa1 | 110,929 | ||
| 150 | Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Scholastica, Inc., Series 2011-7J, 6.000%, 12/01/28 | 12/19 at 100.00 | Baa2 | 154,826 | ||
| Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Scholastica, Inc., Series 2012-7R: | ||||||
| 200 | 4.000%, 12/01/20 | No Opt. Call | Baa2 | 205,872 | ||
| 310 | 3.375%, 12/01/22 | No Opt. Call | Baa2 | 314,343 | ||
| 750 | Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Scholastica, Series 20107H, 5.125%, 12/01/30 | 12/19 at 100.00 | Baa2 | 769,087 | ||
| Minnesota Higher Education Facilities Authority, Revenue Bonds, Gustavus Adolfus College, Series 2013-7W: | ||||||
| 350 | 4.000%, 10/01/21 | No Opt. Call | A3 | 366,492 | ||
| 250 | 5.000%, 10/01/22 | No Opt. Call | A3 | 275,092 | ||
| 500 | 5.000%, 10/01/23 | No Opt. Call | A3 | 560,855 | ||
| 990 | 4.250%, 10/01/28 | 10/23 at 100.00 | A3 | 1,046,578 | ||
| 1,250 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Series 201528J, 3.250%, 3/01/29 | 3/25 at 100.00 | Aa3 | 1,256,550 |
29
Nuveen Minnesota Intermediate Municipal Bond Fund(continued)
Portfolio of Investments November 30, 2018
(Unaudited)
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Education and Civic Organizations(continued) | ||||||
| $1,235 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Catherine University, Refunding Series 2018A, 5.000%, 10/01/31 | 10/28 at 100.00 | Baa1 | $1,382,385 | ||
| 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 | 704,025 | ||
| 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 | 1,145,610 | ||
| 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 | 2,126,560 | ||
| 775 | 4.000%, 4/01/26 | 4/23 at 100.00 | A2 | 820,554 | ||
| 300 | 4.000%, 4/01/27 | 4/23 at 100.00 | A2 | 315,198 | ||
| 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 | 777,960 | ||
| 400 | 4.000%, 10/01/35 | 10/27 at 100.00 | A2 | 413,416 | ||
| 450 | 4.000%, 10/01/36 | 10/27 at 100.00 | A2 | 463,167 | ||
| 705 | Minnesota Office of Higher Education, Supplemental Student Loan Program Revenue Bonds, Senior Series 2018, 5.000%, 11/01/26 (Alternative Minimum Tax) | No Opt. Call | AA | 795,755 | ||
| Minnesota State Colleges and University, General Fund Revenue Bonds, Series 2009A: | ||||||
| 985 | 4.000%, 10/01/22 | 10/19 at 100.00 | AA- | 1,000,977 | ||
| 1,755 | 4.000%, 10/01/23 | 10/19 at 100.00 | AA- | 1,783,027 | ||
| Minnesota State Colleges and University, General Fund Revenue Bonds, Series 2011A: | ||||||
| 1,515 | 4.250%, 10/01/24 | 10/21 at 100.00 | AA- | 1,592,856 | ||
| 880 | 4.375%, 10/01/25 | 10/21 at 100.00 | AA- | 926,244 | ||
| 905 | 4.500%, 10/01/26 | 10/21 at 100.00 | AA- | 956,386 | ||
| 1,185 | Minnesota State Colleges and University, General Fund Revenue Bonds, Series 2015A, 3.000%, 10/01/26 | 4/25 at 100.00 | AA- | 1,212,326 | ||
| 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 | 991,329 | ||
| 1,060 | 4.000%, 12/01/32 | 12/25 at 100.00 | Baa1 | 1,065,788 | ||
| 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 | 925,884 | ||
| 560 | Ramsey, Anoka County, Minnesota, Lease Revenue Bonds, PACT Charter School Project, Refunding Series 2013A, 5.000%, 12/01/26 | 12/21 at 100.00 | BBB- | 578,833 | ||
| 680 | Rice County, Minnesota Educational Facility Revenue Bonds, Shattuck, Saint Mary's School Project, Series 2015, 5.000%, 8/01/22, 144A | No Opt. Call | BB+ | 709,702 | ||
| 70 | Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project, Series 2016A, 5.000%, 4/01/36 | 4/26 at 100.00 | CC | 38,294 | ||
| 480 | 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 | 485,866 | ||
| 2,005 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong College Prep Academy Project, Series 2016A, 5.250%, 9/01/31 | 9/26 at 100.00 | BB+ | 2,056,087 |
30
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Education and Civic Organizations(continued) | ||||||
| $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 | $197,542 | ||
| 465 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Nova Classical Academy, Series 2011A, 5.700%, 9/01/21 | No Opt. Call | BBB- | 486,720 | ||
| 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 | 893,354 | ||
| Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities German Immersion School, Series 2013A: | ||||||
| 225 | 4.000%, 7/01/23 | No Opt. Call | BB+ | 225,160 | ||
| 700 | 5.000%, 7/01/33 | 7/23 at 100.00 | BB+ | 701,106 | ||
| 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+ | 244,049 | ||
| 2,395 | Saint Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Minnesota Public Radio Project, Refunding Series 2010, 5.000%, 12/01/25 | 12/20 at 100.00 | A2 | 2,515,421 | ||
| 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 | 2,519,869 | ||
| University of Minnesota, General Obligation Bonds, Series 2014B: | ||||||
| 1,000 | 4.000%, 1/01/31 | 1/24 at 100.00 | Aa1 | 1,053,750 | ||
| 1,000 | 4.000%, 1/01/32 | 1/24 at 100.00 | Aa1 | 1,049,030 | ||
| 1,000 | 4.000%, 1/01/34 | 1/24 at 100.00 | Aa1 | 1,038,720 | ||
| Winona Port Authority, Minnesota, Charter School Lease Revenue Bonds, Bluffview Montessori School Project, Refunding Series 2016: | ||||||
| 205 | 3.750%, 6/01/26 | 6/24 at 100.00 | N/R | 191,833 | ||
| 10 | 4.500%, 6/01/36 | 6/24 at 100.00 | N/R | 9,053 | ||
| 61,835 | Total Education and Civic Organizations | 63,383,717 | ||||
| Health Care – 15.2% | ||||||
| 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 | 3,427,897 | ||
| 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 | 1,185,760 | ||
| 1,040 | 4.000%, 4/01/32 | 4/27 at 100.00 | BBB | 1,066,135 | ||
| 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 | 1,102,056 | ||
| 45 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A, 5.000%, 2/15/33 | 2/28 at 100.00 | A- | 49,856 | ||
| Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2013: | ||||||
| 100 | 4.000%, 4/01/21 | No Opt. Call | BBB | 103,212 | ||
| 660 | 4.000%, 4/01/25 | 4/22 at 100.00 | BBB | 679,061 | ||
| 400 | 4.000%, 4/01/26 | 4/22 at 100.00 | BBB | 409,812 | ||
| 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 | 2,216,400 |
31
Nuveen Minnesota Intermediate Municipal Bond Fund(continued)
Portfolio of Investments November 30, 2018
(Unaudited)
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Health Care(continued) | ||||||
| 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 | $554,405 | ||
| 405 | 5.000%, 5/01/32 | 5/27 at 100.00 | Baa1 | 451,672 | ||
| Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2015A: | ||||||
| 1,010 | 5.000%, 11/15/28 | 11/25 at 100.00 | A+ | 1,148,723 | ||
| 1,000 | 5.000%, 11/15/29 | 11/25 at 100.00 | A+ | 1,132,330 | ||
| 1,000 | 5.000%, 11/15/30 | 11/25 at 100.00 | A+ | 1,126,050 | ||
| 2,000 | 5.000%, 11/15/32 | 11/25 at 100.00 | A+ | 2,232,820 | ||
| Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2018A: | ||||||
| 1,665 | 5.000%, 11/15/35 | 11/28 at 100.00 | A+ | 1,855,543 | ||
| 2,000 | 5.000%, 11/15/36 | 11/28 at 100.00 | A+ | 2,219,100 | ||
| 1,000 | Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Children's Health Care, Series 2010A, 5.250%, 8/15/25 | 8/20 at 100.00 | AA- | 1,049,150 | ||
| 500 | Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care System Revenue Bonds, Allina Health System, Refunding Series 2017A, 5.000%, 11/15/29 | 5/27 at 100.00 | AA- | 575,570 | ||
| 1,085 | Minnesota Agricultural and Economic Development Board, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Refunding Series 2008C-1, 5.500%, 2/15/25 – AGC Insured | 2/20 at 100.00 | AA | 1,127,206 | ||
| Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds, Refunding Series 2013A: | ||||||
| 275 | 4.000%, 12/01/25 | 12/20 at 100.00 | N/R | 276,042 | ||
| 250 | 4.050%, 12/01/26 | 12/20 at 100.00 | N/R | 250,028 | ||
| 250 | 4.150%, 12/01/27 | 12/20 at 100.00 | N/R | 248,915 | ||
| 750 | Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds, Series 2013C, 5.400%, 12/01/33 | 12/20 at 100.00 | N/R | 762,525 | ||
| Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Refunding Series 2016B: | ||||||
| 2,300 | 5.000%, 11/15/29 | No Opt. Call | AA | 2,778,078 | ||
| 1,000 | 5.000%, 11/15/33 | No Opt. Call | AA | 1,229,790 | ||
| 1,175 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2011, 4.500%, 11/15/38 (Mandatory Put 11/15/21) | No Opt. Call | AA | 1,250,035 | ||
| 475 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Olmsted Medical Center Project, Series 2010, 5.125%, 7/01/20 | No Opt. Call | A | 490,851 | ||
| 500 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Olmsted Medical Center Project, Series 2013, 3.000%, 7/01/25 | 7/23 at 100.00 | A | 506,745 | ||
| 80 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 4.250%, 5/01/21 | 5/20 at 100.00 | AA- | 82,437 |
32
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Health Care(continued) | ||||||
| Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A: | ||||||
| $3,225 | 5.000%, 7/01/28 | 7/25 at 100.00 | A+ | $3,652,893 | ||
| 1,490 | 5.000%, 7/01/30 | 7/25 at 100.00 | A+ | 1,671,914 | ||
| 4,500 | 5.000%, 7/01/32 | 7/25 at 100.00 | A+ | 5,007,465 | ||
| 1,155 | 4.000%, 7/01/35 | 7/25 at 100.00 | A+ | 1,176,980 | ||
| 1,540 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2009A-1, 5.000%, 11/15/24 | 11/19 at 100.00 | AA- | 1,583,336 | ||
| Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Fairview Health Services, Series 2017A: | ||||||
| 1,000 | 5.000%, 11/15/34 | 11/27 at 100.00 | A+ | 1,123,280 | ||
| 1,745 | 4.000%, 11/15/35 | 11/27 at 100.00 | A+ | 1,777,946 | ||
| 625 | 4.000%, 11/15/36 | 11/27 at 100.00 | A+ | 630,381 | ||
| 1,355 | 4.000%, 11/15/37 | 11/27 at 100.00 | A+ | 1,362,249 | ||
| 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 | 1,324,344 | ||
| 1,140 | 5.000%, 9/01/29 | 9/24 at 100.00 | A | 1,247,867 | ||
| Winona, Minnesota, Health Care Facilities Revenue Bonds, Winona Health Obligated Group, Refunding Series 2012: | ||||||
| 485 | 4.500%, 7/01/24 | 7/21 at 100.00 | BBB | 496,693 | ||
| 260 | 5.000%, 7/01/34 | 7/21 at 100.00 | BBB | 266,024 | ||
| 48,840 | Total Health Care | 52,909,576 | ||||
| Housing/Multifamily – 0.1% | ||||||
| 500 | Anoka Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue Bonds, Woodland Park Apartments Project, Series 2011A, 5.000%, 4/01/27 | 4/19 at 100.00 | Aaa | 503,015 | ||
| Housing/Single Family – 1.3% | ||||||
| 500 | Dakota County Community Development Agency, Minnesota, Single Family Mortgage Revenue Bonds, Mortgage Backed Securities Program, Series 2011A, 4.400%, 12/01/26 | 12/20 at 100.00 | AA+ | 511,750 | ||
| 445 | Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011D, 4.375%, 7/01/26 | 7/21 at 100.00 | Aaa | 452,863 | ||
| 375 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2012A, 3.750%, 7/01/22 (Alternative Minimum Tax) | 1/22 at 100.00 | AA+ | 388,335 | ||
| 120 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2012C, 3.750%, 1/01/22 (Alternative Minimum Tax) | 1/22 at 100.00 | AA+ | 124,991 | ||
| 240 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C, 3.100%, 7/01/26 | 7/24 at 100.00 | AA+ | 241,325 | ||
| 165 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2015F, 3.300%, 7/01/29 | 7/25 at 100.00 | AA+ | 165,871 | ||
| Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2017A: | ||||||
| 50 | 1.750%, 7/01/21 (Alternative Minimum Tax) | No Opt. Call | AA+ | 49,070 | ||
| 620 | 3.200%, 7/01/30 (Alternative Minimum Tax) | 1/27 at 100.00 | AA+ | 592,150 |
33
Nuveen Minnesota Intermediate Municipal Bond Fund(continued)
Portfolio of Investments November 30, 2018
(Unaudited)
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Housing/Single Family(continued) | ||||||
| $480 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2017D, 3.300%, 1/01/30 (Alternative Minimum Tax) | 1/27 at 100.00 | AA+ | $463,522 | ||
| Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2018A: | ||||||
| 855 | 3.500%, 7/01/28 (Alternative Minimum Tax) | 7/27 at 100.00 | AA+ | 850,169 | ||
| 640 | 3.625%, 7/01/32 (Alternative Minimum Tax) | 7/27 at 100.00 | AA+ | 631,539 | ||
| 4,490 | Total Housing/Single Family | 4,471,585 | ||||
| Industrials – 0.9% | ||||||
| 1,000 | Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond Fund Series 2013-1, 4.000%, 6/01/28 | 6/21 at 100.00 | A+ | 1,030,130 | ||
| 2,020 | Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond Fund Series 2010-2A, 4.625%, 12/01/20 | No Opt. Call | A+ | 2,072,540 | ||
| 3,020 | Total Industrials | 3,102,670 | ||||
| Long-Term Care – 11.6% | ||||||
| 300 | Apple Valley, Minnesota, Senior Housing Revenue Bonds, PHS Apple Valley Senior Housing, Inc., Orchard Path Project, Refunding Series 2018, 4.000%, 9/01/33 | 9/23 at 102.00 | N/R | 288,012 | ||
| 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 | 1,107,520 | ||
| 565 | Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Foundation Project, Series 2011, 4.550%, 11/01/26 | 11/19 at 100.00 | Baa1 | 573,893 | ||
| 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 | 872,164 | ||
| 1,110 | City of Minneapolis, Minnesota, Senior Housing and Healthcare Facilities Revenue Bonds, Walker Minneapolis Campus Project, Series 2015, 4.625%, 11/15/31 | 11/22 at 100.00 | N/R | 1,058,418 | ||
| 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 | 313,693 | ||
| 500 | City of West Saint Paul, Minnesota Housing and Health Care Facilities Revenue Refunding Bonds, Walker Westwood Ridge Campus Project, Series 2017, 5.000%, 11/01/37 | 11/25 at 100.00 | N/R | 507,560 | ||
| 235 | Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc., Refunding Series 2017, 4.450%, 3/01/31 | 3/22 at 101.00 | N/R | 233,451 | ||
| 200 | Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc., Refunding Series 2018, 4.500%, 9/01/33 | 9/23 at 101.00 | N/R | 195,144 | ||
| 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 | 1,017,060 | ||
| 500 | 5.000%, 1/01/34 | 1/23 at 100.00 | N/R | 507,150 | ||
| Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, Walker Highview Hills LLC Project, Refunding Series 2016A: | ||||||
| 2,385 | 3.875%, 8/01/29, 144A | 8/22 at 100.00 | N/R | 2,242,401 | ||
| 1,100 | 5.000%, 8/01/36, 144A | 8/22 at 100.00 | N/R | 1,103,938 | ||
| 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) | 2/19 at 100.00 | N/R | 1,436,478 |
34
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Long-Term Care(continued) | ||||||
| Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding Series 2012: | ||||||
| $1,400 | 5.000%, 11/15/24 | 11/22 at 100.00 | N/R | $1,437,758 | ||
| 1,650 | 4.750%, 11/15/28 | 11/22 at 100.00 | N/R | 1,615,400 | ||
| 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 | 432,931 | ||
| 750 | 5.250%, 11/01/45 | 5/23 at 100.00 | N/R | 763,530 | ||
| 750 | Otsego, Minnesota, Revenue Bonds, Evans Park, Inc. Project, Refunding Series 2017B, 4.000%, 10/01/31 | 10/21 at 101.00 | N/R | 720,090 | ||
| 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 | 765,615 | ||
| 805 | 4.000%, 8/01/27 | 8/25 at 100.00 | N/R | 794,527 | ||
| 2,615 | 4.000%, 8/01/30 | 8/25 at 100.00 | N/R | 2,497,273 | ||
| 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 | 973,700 | ||
| 250 | Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview Home Project, Series 2016C, 3.050%, 6/01/27 | 6/21 at 101.00 | N/R | 240,370 | ||
| 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 | 2,781,583 | ||
| 800 | Saint Paul Housing and Redevelopment Authority, Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Refunding Series 2012A, 4.000%, 11/01/22 | 11/20 at 100.00 | N/R | 795,400 | ||
| Saint Paul Park, Minnesota, Health Facilities Revenue Bonds, Presbyterian Homes Interlude Transitional Care Projects, Refunding Series 2018: | ||||||
| 510 | 4.200%, 5/01/33 | 5/23 at 102.00 | N/R | 498,653 | ||
| 1,940 | 4.750%, 5/01/38 | 5/23 at 102.00 | N/R | 1,969,895 | ||
| 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 | 500,245 | ||
| 515 | 3.500%, 9/01/27 | 9/24 at 100.00 | N/R | 519,790 | ||
| 550 | 3.700%, 9/01/28 | 9/24 at 100.00 | N/R | 557,370 | ||
| 350 | 3.800%, 9/01/29 | 9/24 at 100.00 | N/R | 354,676 | ||
| 565 | 3.900%, 9/01/30 | 9/24 at 100.00 | N/R | 573,402 | ||
| 420 | 4.125%, 9/01/34 | 9/24 at 100.00 | N/R | 427,396 | ||
| 2,000 | Saint Paul Port Authority, Minnesota, Revenue Bonds, Amherst H. Wilder Foundation Project, Series 2010-3, 5.000%, 12/01/24 | 12/20 at 100.00 | Baa2 | 2,058,100 | ||
| 1,020 | Sartell, Minnesota, Health Care and Housing Facilities Revenue Bonds, Country Manor Campus LLC Project, Series 2012A, 5.250%, 9/01/27 | 9/22 at 100.00 | N/R | 1,096,867 | ||
| 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 | 1,774,535 |
35
Nuveen Minnesota Intermediate Municipal Bond Fund(continued)
Portfolio of Investments November 30, 2018
(Unaudited)
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Long-Term Care(continued) | ||||||
| Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Luthran Home, Refunding Series 2013: | ||||||
| $180 | 5.000%, 1/01/21 | No Opt. Call | N/R | $185,499 | ||
| 2,395 | 5.125%, 1/01/39 | 1/23 at 100.00 | N/R | 2,412,843 | ||
| Wayzata, Minnesota, Senior Housing Revenue Bonds, Folkestone Senior Living Community, Series 2012A: | ||||||
| 625 | 5.100%, 5/01/24 – AGM Insured | 5/19 at 102.00 | N/R | 645,250 | ||
| 310 | 5.300%, 5/01/27 | 5/19 at 102.00 | N/R | 319,709 | ||
| 500 | 5.300%, 11/01/27 | 5/19 at 102.00 | N/R | 515,660 | ||
| 515 | 5.500%, 11/01/32 | 5/19 at 102.00 | N/R | 528,817 | ||
| 39,935 | Total Long-Term Care | 40,213,766 | ||||
| Tax Obligation/General – 19.4% | ||||||
| 1,405 | Benson Independent School District 777, Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/32 (WI/DD, Settling 12/06/18) | 2/27 at 100.00 | AAA | 1,475,053 | ||
| Brainerd Independent School District 181, Crow Wing County, Minnesota, General Obligation Bonds, School Building Series 2018A: | ||||||
| 1,040 | 5.000%, 2/01/28 | 2/27 at 100.00 | AAA | 1,203,956 | ||
| 3,280 | 4.000%, 2/01/30 | 2/27 at 100.00 | AAA | 3,504,188 | ||
| 1,000 | 4.000%, 2/01/33 | 2/27 at 100.00 | AAA | 1,046,400 | ||
| Brooklyn Center Independent School District 286, Minnesota, General Obligation Bonds, Series 2018A: | ||||||
| 2,145 | 4.000%, 2/01/35 | 2/27 at 100.00 | Aa2 | 2,217,244 | ||
| 1,720 | 4.000%, 2/01/37 | 2/27 at 100.00 | Aa2 | 1,761,796 | ||
| Buffalo, Minnesota, Water and Sewer Revenue Bonds, Refunding Series 2014A: | ||||||
| 1,905 | 4.000%, 11/01/24 – BAM Insured | 11/23 at 100.00 | AA | 2,030,711 | ||
| 2,000 | 4.000%, 11/01/28 – BAM Insured | 11/23 at 100.00 | AA | 2,090,040 | ||
| 1,000 | Cloquet Independent School District 94, Carlton and Sant Louis Counties, Minnesota, General Obligation Bonds, School Building Series 2015B, 4.000%, 2/01/36 | 2/25 at 100.00 | Aa2 | 1,021,380 | ||
| Fridley Independent School District 14, Anoka County, Minnesota, General Obligation Bonds, Alternative Facility, Series 2016B: | ||||||
| 2,620 | 5.000%, 2/01/27 | 2/26 at 100.00 | Aa2 | 3,030,711 | ||
| 1,075 | 4.000%, 2/01/28 | 2/26 at 100.00 | Aa2 | 1,152,884 | ||
| 665 | Goodhue County, Minnesota, General Obligation Bonds, Capital Improvement Plan, Series 2015A, 3.000%, 2/01/27 | 2/23 at 100.00 | Aa2 | 671,830 | ||
| 455 | Greenway Independent School District 316, Itasca County, Minnesota, General Obligation Bonds, Alternate Facilities, Series 2011C, 4.250%, 2/01/25 | 2/19 at 100.00 | AAA | 456,415 | ||
| 1,685 | Hutchinson Independent School District 423, McLeod, Meeker, Renville Counties, Minnesota, General Obligation Bonds, School Building Series 2016A, 5.000%, 2/01/28 | 2/26 at 100.00 | Aa2 | 1,942,485 | ||
| 1,000 | 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 | 1,021,850 |
36
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Tax Obligation/General(continued) | ||||||
| Jordan Independent School District 717, Scott County, Minnesota, General Obligation Bonds, School Building Series 2014A: | ||||||
| $1,000 | 4.000%, 2/01/26 | 2/23 at 100.00 | Aa2 | $1,057,530 | ||
| 1,275 | 4.000%, 2/01/27 | 2/23 at 100.00 | Aa2 | 1,343,008 | ||
| 155 | Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation Bonds, Alternate Facility Series 2015B, 3.000%, 2/01/29 | 2/24 at 100.00 | AAA | 154,836 | ||
| 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 | 2,754,982 | ||
| Minneapolis, Minnesota, General Obligation Bonds, Improvement & Various Purpose Series 2018: | ||||||
| 1,480 | 4.000%, 12/01/33 | 12/26 at 100.00 | AAA | 1,565,736 | ||
| 500 | 4.000%, 12/01/35 | 12/26 at 100.00 | AAA | 522,925 | ||
| 1,000 | Minnesota State, General Obligation Bonds, Various Purpose Refunding Series 2013F, 4.000%, 10/01/25 | 10/23 at 100.00 | AAA | 1,076,240 | ||
| 2,000 | Minnesota State, General Obligation Bonds, Various Purpose Series 2013A, 5.000%, 8/01/25 | 8/23 at 100.00 | AAA | 2,246,960 | ||
| 2,000 | Minnesota State, General Obligation Bonds, Various Purpose Series 2013D, 3.500%, 10/01/28 | 10/23 at 100.00 | AAA | 2,067,380 | ||
| 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 | 562,385 | ||
| 600 | 4.000%, 2/01/26 | 2/23 at 100.00 | Aaa | 640,146 | ||
| 500 | Montgomery Independent School District 2905, Minnesota, General Obligation School Building Bonds, Series 2018A, 4.000%, 2/01/34 | 2/25 at 100.00 | Aa2 | 517,315 | ||
| 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 | Aa2 | 1,563,559 | ||
| 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 | 2,203,934 | ||
| 850 | North Saint Paul Maplewood Oakdale Independent School District 622, Ramsey County, Minnesota, General Obligation Bonds, Facilities Maintenance Series 2018A, 3.375%, 2/01/35 | 2/27 at 100.00 | Aa2 | 799,349 | ||
| Northland Independent School District 118, Minnesota, General Obligation Bonds, Series 2016A: | ||||||
| 560 | 3.000%, 2/01/27 | 2/24 at 100.00 | Aa2 | 565,695 | ||
| 1,185 | 3.000%, 2/01/29 | 2/24 at 100.00 | Aa2 | 1,184,775 | ||
| 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 | 1,568,850 | ||
| 620 | OtterTail County, Minnesota, General Obligation Bonds, Disposal System - Prairie Lakes Municipal Authority, Series 2011, 4.750%, 5/01/27 (Alternative Minimum Tax) | 5/21 at 100.00 | AAA | 655,179 | ||
| 1,035 | Perham Independent School District 549, Minnesota, General Obligation Bonds, Series 2016A, 3.000%, 2/01/30 | 2/24 at 100.00 | Aa2 | 1,018,833 | ||
| Richfield Independent School District 280, Hennepin County, Minnesota, General Obligation Bonds, School Buildings Series 2018A: | ||||||
| 415 | 4.000%, 2/01/35 | 2/27 at 100.00 | AAA | 431,363 | ||
| 2,000 | 4.000%, 2/01/36 | 2/27 at 100.00 | AAA | 2,069,060 |
37
Nuveen Minnesota Intermediate Municipal Bond Fund(continued)
Portfolio of Investments November 30, 2018
(Unaudited)
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Tax Obligation/General(continued) | ||||||
| $2,400 | Roseville Independent School District 623, Ramsey County, Minnesota, General Obligation Bonds, School Building Refunding Series 2018A, 4.000%, 2/01/35 | 2/27 at 100.00 | Aa2 | $2,491,176 | ||
| 2,500 | Roseville Independent School District 623, Ramsey County, Minnesota, General Obligation Bonds, Series 1994, 4.000%, 2/01/37 | 2/27 at 100.00 | Aa2 | 2,578,575 | ||
| 1,100 | Saint Cloud Independent School District 742, Stearns County, Minnesota, General Obligation Bonds, Series 2015A, 4.000%, 2/01/30 | 2/25 at 100.00 | Aa2 | 1,169,234 | ||
| 575 | Saint Francis Independent School District 15, Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/34 | 2/23 at 100.00 | Aa2 | 590,910 | ||
| 600 | Saint Louis County Independent School District 2142, Minnesota, General Obligation Bonds, Refunding School Building Series 2014A, 3.500%, 2/01/23 | 2/22 at 100.00 | AAA | 619,770 | ||
| Saint Michael Independent School District 885, Wright County, Minnesota, General Obligation Bonds, School Building Series 2017A: | ||||||
| 750 | 3.125%, 2/01/31 | 2/26 at 100.00 | Aa2 | 738,533 | ||
| 1,225 | 3.200%, 2/01/32 | 2/26 at 100.00 | Aa2 | 1,207,201 | ||
| 1,240 | South Washington County Independent School District 833, Minnesota, General Obligation Bonds, Alternate Facilities Series 2014A, 3.500%, 2/01/27 | 2/24 at 100.00 | Aa2 | 1,293,729 | ||
| 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 | Aa2 | 1,411,888 | ||
| 2,000 | South Washington County Independent School District 833, Minnesota, General Obligation Bonds, School Building Series 2016A, 4.000%, 2/01/29 | 2/26 at 100.00 | Aa2 | 2,131,640 | ||
| 2,000 | Stillwater Independent School District 834, Washington County, Minnesota, General Obligation Bonds, School Building Series 2015A, 4.000%, 2/01/28 | 2/24 at 100.00 | Aa2 | 2,123,120 | ||
| 64,035 | Total Tax Obligation/General | 67,552,759 | ||||
| Tax Obligation/Limited – 5.9% | ||||||
| 780 | Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.000%, 1/01/31 | 1/22 at 100.00 | A | 809,554 | ||
| 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 | 1,458,141 | ||
| 1,015 | Minneapolis Special School District 1, Hennepin County, Minnesota, Certificates of Participation, Full Term Series 2017C, 4.000%, 2/01/31 | 2/28 at 100.00 | AAA | 1,084,954 | ||
| Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Refunding Series 2015: | ||||||
| 215 | 3.050%, 3/01/21 | No Opt. Call | N/R | 214,948 | ||
| 495 | 3.650%, 3/01/24 | 3/23 at 100.00 | N/R | 500,613 | ||
| 200 | 3.800%, 3/01/25 | 3/23 at 100.00 | N/R | 202,654 | ||
| 200 | 4.000%, 3/01/27 | 3/23 at 100.00 | N/R | 202,876 | ||
| 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 | 1,109,470 | ||
| 500 | 5.000%, 3/01/29 | 3/24 at 100.00 | N/R | 508,370 | ||
| 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 | 343,155 | ||
| 1,170 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2015C, 4.000%, 8/01/27 | 8/24 at 100.00 | AA+ | 1,246,518 | ||
| 960 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2018D, 4.000%, 8/01/34 | 8/28 at 100.00 | AA+ | 990,269 |
38
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Tax Obligation/Limited(continued) | ||||||
| $1,185 | Minnesota Housing Finance Agency, Nonprofit Housing Bonds, State Appropriation Series 2011, 5.250%, 8/01/27 | 8/21 at 100.00 | AA+ | $1,279,255 | ||
| 350 | Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Participation, Series 2015B, 3.250%, 2/01/30 | 2/25 at 100.00 | A2 | 346,850 | ||
| 605 | Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Particpation, Series 2015B, 3.125%, 2/01/29 | 2/25 at 100.00 | A2 | 599,422 | ||
| Plymouth Intermediate District 287, Minnesota, Facilities Maintence Bonds, Series 2017B: | ||||||
| 235 | 4.000%, 5/01/26 | No Opt. Call | A1 | 254,214 | ||
| 175 | 4.000%, 5/01/27 | No Opt. Call | A1 | 189,065 | ||
| 630 | Saint Cloud Independent School District 742, Stearns County, Minnesota, Certificates of Participation, Saint Cloud Area Public Schools, Series 2017A, 5.000%, 2/01/30 | 2/25 at 100.00 | A1 | 706,482 | ||
| 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 | 1,646,548 | ||
| 735 | Saint Paul, Minnesota, Sales Tax Revenue Bonds, Series 2014G, 5.000%, 11/01/29 | 11/24 at 100.00 | A+ | 824,523 | ||
| 1,895 | University of Minnesota, Special Purpose Revenue Bonds, State Supported Biomedical Science Research Facilities Funding Program, Series 2011B, 5.000%, 8/01/23 | 8/21 at 100.00 | AA+ | 2,035,078 | ||
| 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 | 3,494,540 | ||
| 500 | Worthington Independent School District 518, Nobles County, Minnesota, Certificates of Participation, Series 2017A, 4.000%, 2/01/30 | 2/26 at 100.00 | A+ | 522,235 | ||
| 19,960 | Total Tax Obligation/Limited | 20,569,734 | ||||
| Transportation – 5.6% | ||||||
| Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Senior Lien Series 2009A: | ||||||
| 1,000 | 4.000%, 1/01/19 | No Opt. Call | AA- | 1,001,710 | ||
| 1,000 | 5.000%, 1/01/20 | 1/19 at 100.00 | AA- | 1,002,360 | ||
| 500 | 5.000%, 1/01/21 | 1/19 at 100.00 | AA- | 501,130 | ||
| 2,330 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2011A, 5.000%, 1/01/25 | 1/21 at 100.00 | A+ | 2,462,740 | ||
| Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2012B: | ||||||
| 2,550 | 5.000%, 1/01/29 | 1/22 at 100.00 | A+ | 2,743,239 | ||
| 2,750 | 5.000%, 1/01/30 | 1/22 at 100.00 | A+ | 2,955,012 | ||
| 2,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2014A, 5.000%, 1/01/30 | 1/24 at 100.00 | A+ | 2,211,960 | ||
| 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- | 1,196,538 | ||
| 1,940 | 5.000%, 1/01/35 | 1/27 at 100.00 | AA- | 2,201,939 | ||
| 1,325 | 5.000%, 1/01/37 | 1/27 at 100.00 | AA- | 1,493,553 | ||
| 1,575 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien Series 2010D, 4.000%, 1/01/23 (Alternative Minimum Tax) | 1/20 at 100.00 | A+ | 1,597,649 | ||
| 18,020 | Total Transportation | 19,367,830 |
39
Nuveen Minnesota Intermediate Municipal Bond Fund(continued)
Portfolio of Investments November 30, 2018
(Unaudited)
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| U.S. Guaranteed – 8.9% (4) | ||||||
| $395 | Anoka County, Minnesota, Charter School Lease Revenue Bonds, Spectrum Building Company, Series 2012A, 5.000%, 6/01/32 (Pre-refunded 6/01/20) | 6/20 at 102.00 | BBB- | $419,936 | ||
| Bemidji, Minnesota, General Obligation Bonds, Refunding Sales Tax Series 2011: | ||||||
| 635 | 5.500%, 2/01/23 (Pre-refunded 2/01/21) | 2/21 at 100.00 | A1 | 681,565 | ||
| 750 | 5.500%, 2/01/24 (Pre-refunded 2/01/21) | 2/21 at 100.00 | A1 | 804,998 | ||
| 875 | 5.500%, 2/01/25 (Pre-refunded 2/01/21) | 2/21 at 100.00 | A1 | 939,164 | ||
| 1,010 | 5.500%, 2/01/26 (Pre-refunded 2/01/21) | 2/21 at 100.00 | A1 | 1,084,063 | ||
| 1,150 | 5.500%, 2/01/27 (Pre-refunded 2/01/21) | 2/21 at 100.00 | A1 | 1,234,329 | ||
| 1,910 | Duluth Independent School District 709, Minnesota, Certificates of Participation, Series 2008B, 4.000%, 2/01/19 (ETM) | No Opt. Call | AAA | 1,916,876 | ||
| 400 | Fergus Falls, Minnesota, Health Care Facilities Revenue Bonds, Lake Region Healthcare Corporation Project, Series 2010, 4.750%, 8/01/25 (Pre-refunded 12/07/18) | 12/18 at 100.00 | BBB- | 400,100 | ||
| 2,025 | Independent School District 833, South Washington County, Minnesota, General Obligation Bonds, Crossover Refunding School Building Series 2010A, 4.000%, 2/01/22 (Pre-refunded 2/01/19) | 2/19 at 100.00 | AAA | 2,032,290 | ||
| 300 | Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Benedict, Series 2011-7M, 5.000%, 3/01/31 (Pre-refunded 3/01/20) | 3/20 at 100.00 | Baa1 | 311,013 | ||
| Minnesota Higher Education Facilities Authority, Revenue Bonds, Gustavus Adolfus College, Series 2010-7B: | ||||||
| 1,040 | 5.000%, 10/01/23 (Pre-refunded 10/01/19) | 10/19 at 100.00 | A3 | 1,066,062 | ||
| 175 | 4.250%, 10/01/24 (Pre-refunded 10/01/19) | 10/19 at 100.00 | A3 | 178,318 | ||
| Minnesota Higher Education Facilities Authority, Revenue Bonds, Hamline University of Minnesota, Refunding Series 2010E: | ||||||
| 1,385 | 4.375%, 10/01/20 (ETM) | No Opt. Call | Baa3 | 1,443,115 | ||
| 500 | 4.500%, 10/01/21 (Pre-refunded 10/01/20) | 10/20 at 100.00 | Baa3 | 522,095 | ||
| 250 | 5.000%, 10/01/29 (Pre-refunded 10/01/20) | 10/20 at 100.00 | Baa3 | 263,275 | ||
| 625 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Hamline University, Series 2011-7K1, 6.000%, 10/01/32 (Pre-refunded 10/01/21) | 10/21 at 100.00 | Baa3 | 691,131 | ||
| Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Catherine University, Refunding Series 2012-7Q: | ||||||
| 740 | 5.000%, 10/01/23 (Pre-refunded 10/01/22) | 10/22 at 100.00 | Baa1 | 813,304 | ||
| 490 | 5.000%, 10/01/24 (Pre-refunded 10/01/22) | 10/22 at 100.00 | Baa1 | 538,539 | ||
| 1,975 | Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2009-7A, 4.500%, 10/01/19 (ETM) | No Opt. Call | A2 | 2,017,285 | ||
| 620 | Redwood Falls, Minnesota, Gross Revenue Hospital Facilities Bonds, Redwood Area Hospital Project, Series 2006, 5.000%, 12/01/21 (Pre-refunded 12/01/18) | 12/18 at 100.00 | N/R | 620,000 | ||
| 1,000 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2008D, 5.375%, 5/01/31 (Pre-refunded 5/01/19) – AGC Insured | 5/19 at 100.00 | AA- | 1,014,250 | ||
| 965 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 4.250%, 5/01/21 (Pre-refunded 5/01/20) | 5/20 at 100.00 | N/R | 994,857 | ||
| 1,480 | Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Park Nicollet Health Services, Refunding Series 2009, 5.500%, 7/01/29 (Pre-refunded 7/01/19) | 7/19 at 100.00 | Aaa | 1,510,133 | ||
| 1,595 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2009A-1, 5.000%, 11/15/24 (Pre-refunded 11/15/19) | 11/19 at 100.00 | N/R | 1,640,729 |
40
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| U.S. Guaranteed (4) (continued) | ||||||
| $1,025 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Gillette Children's Specialty Healthcare Project, Series 2009, 5.000%, 2/01/19 (ETM) | No Opt. Call | N/R | $1,030,125 | ||
| St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A: | ||||||
| 1,000 | 5.000%, 11/15/29 (Pre-refunded 11/15/25) | 11/25 at 100.00 | N/R | 1,161,980 | ||
| 2,285 | 5.000%, 11/15/30 (Pre-refunded 11/15/25) | 11/25 at 100.00 | N/R | 2,655,124 | ||
| 1,250 | 5.250%, 11/15/35 (Pre-refunded 11/15/20) | 11/20 at 100.00 | N/R | 1,326,450 | ||
| Stevens County Housing and Redevelopment Authority, Minnesota, Public Project Revenue Bonds, Series 2009A: | ||||||
| 325 | 4.000%, 2/01/19 (ETM) | No Opt. Call | AA- | 326,141 | ||
| 340 | 4.100%, 2/01/20 (ETM) | No Opt. Call | AA- | 348,208 | ||
| 1,020 | University of Minnesota, General Revenue Bonds, Series 2009C, 5.000%, 12/01/19 (Pre-refunded 6/01/19) | 6/19 at 100.00 | Aa1 | 1,036,106 | ||
| 29,535 | Total U.S. Guaranteed | 31,021,561 | ||||
| Utilities – 11.3% | ||||||
| Brainerd, Minnesota, Electric Utility Revenue Bonds, Series 2014A: | ||||||
| 475 | 4.000%, 12/01/28 | 12/24 at 100.00 | AA | 505,348 | ||
| 495 | 4.000%, 12/01/29 | 12/24 at 100.00 | AA | 523,180 | ||
| 1,140 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/25 – AGM Insured | 10/22 at 100.00 | AA | 1,237,664 | ||
| Hutchinson, Minnesota, Public Utility Revenue Bonds, Refunding Series 2012A: | ||||||
| 500 | 5.000%, 12/01/25 | 12/22 at 100.00 | A1 | 546,270 | ||
| 670 | 5.000%, 12/01/26 | 12/22 at 100.00 | A1 | 731,466 | ||
| Luverne, Minnesota, Electric Revenue Bonds, Series 2018A: | ||||||
| 225 | 4.000%, 12/01/27 – MAC Insured | No Opt. Call | AA | 240,997 | ||
| 100 | 4.000%, 12/01/33 – MAC Insured | 12/28 at 100.00 | AA | 104,756 | ||
| Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014: | ||||||
| 500 | 5.000%, 10/01/29 | 10/24 at 100.00 | A1 | 561,945 | ||
| 500 | 5.000%, 10/01/30 | 10/24 at 100.00 | A1 | 560,445 | ||
| 1,000 | Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A, 3.500%, 10/01/28 | 10/24 at 100.00 | A1 | 1,017,450 | ||
| 2,830 | Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Series 2010A-1, 5.000%, 1/01/20 | No Opt. Call | A- | 2,919,485 | ||
| 1,430 | Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Series 2013A, 5.000%, 1/01/30 | 1/23 at 100.00 | A- | 1,542,713 | ||
| 570 | Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2013B, 5.000%, 12/01/33 | 12/23 at 100.00 | Aa3 | 630,534 | ||
| 750 | Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2015E, 3.000%, 12/01/29 | 12/25 at 100.00 | Aa3 | 732,360 | ||
| Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A: | ||||||
| 1,000 | 5.000%, 12/01/33 | 12/26 at 100.00 | Aa3 | 1,139,380 | ||
| 580 | 5.000%, 12/01/35 | 12/26 at 100.00 | Aa3 | 655,220 |
41
Nuveen Minnesota Intermediate Municipal Bond Fund(continued)
Portfolio of Investments November 30, 2018
(Unaudited)
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Utilities(continued) | ||||||
| $1,070 | Saint Paul Port Authority, Minnesota, District Energy Revenue Bonds, Series 2017-4, 4.000%, 10/01/40 (Alternative Minimum Tax) | 10/27 at 100.00 | A- | $1,064,907 | ||
| 2,500 | Southern Minnesota Municipal Power Agency Power Supply System Revenue Bonds, Series 2015A, 4.000%, 1/01/30 | 1/26 at 100.00 | A+ | 2,622,200 | ||
| Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds, Series 1994A: | ||||||
| 3,500 | 0.000%, 1/01/20 – NPFG Insured | No Opt. Call | A+ | 3,422,265 | ||
| 5,000 | 0.000%, 1/01/21 – NPFG Insured | No Opt. Call | A+ | 4,770,250 | ||
| 200 | Thief River Falls, Minnesota, Electric Revenue Bonds, Series 2018A, 4.000%, 2/01/33 – AGM Insured | 2/26 at 100.00 | AA | 207,498 | ||
| Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Refunding Series 2012A: | ||||||
| 1,000 | 3.000%, 1/01/28 | 1/23 at 100.00 | Aa3 | 1,003,210 | ||
| 1,250 | 5.000%, 1/01/29 | 1/23 at 100.00 | Aa3 | 1,374,750 | ||
| Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Refunding Series 2015A: | ||||||
| 1,335 | 5.000%, 1/01/31 | 1/26 at 100.00 | Aa3 | 1,518,229 | ||
| 1,000 | 5.000%, 1/01/33 | 1/26 at 100.00 | Aa3 | 1,129,340 | ||
| Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A: | ||||||
| 2,850 | 5.000%, 1/01/29 | 1/24 at 100.00 | Aa3 | 3,173,475 | ||
| 2,750 | 5.000%, 1/01/30 | 1/24 at 100.00 | Aa3 | 3,055,222 | ||
| 1,000 | 5.000%, 1/01/31 | 1/24 at 100.00 | Aa3 | 1,108,480 | ||
| 1,150 | 5.000%, 1/01/32 | 1/24 at 100.00 | Aa3 | 1,271,877 | ||
| 37,370 | Total Utilities | 39,370,916 | ||||
| $327,540 | Total Long-Term Investments (cost $338,634,979) | 342,467,129 | ||||
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| SHORT-TERM INVESTMENTS – 0.9% | ||||||
| MUNICIPAL BONDS – 0.9% | ||||||
| Health Care – 0.9% | ||||||
| $3,000 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Variable Rate Demand Obligations, Mayo Clinic Series 2008A, 1.360%, 11/15/38 (5) | 1/19 at 100.00 | A-1+ | $3,000,000 | ||
| $3,000 | Total Short-Term Investments (cost $3,000,000) | 3,000,000 | ||||
| Total Investments (cost $341,634,979) – 99.3% | 345,467,129 | |||||
| Other Assets Less Liabilities – 0.7% | 2,384,164 | |||||
| Net Assets – 100% | $347,851,293 |
42
| (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. | |
| (5) | Investment has maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. | |
| 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. | |
| ETM | Escrowed to maturity. | |
| WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
43
Nuveen Minnesota Municipal Bond Fund
Portfolio of Investments November 30, 2018
(Unaudited)
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| LONG-TERM INVESTMENTS – 97.4% | ||||||
| MUNICIPAL BONDS – 97.4% | ||||||
| Consumer Staples – 0.5% | ||||||
| $1,800 | Moorhead, Minnesota, Recovery Zone Facility Revenue Bonds, American Crystal Sugar Company Project, Series 2010, 5.650%, 6/01/27 | 6/20 at 100.00 | BBB+ | $1,860,534 | ||
| Education and Civic Organizations – 15.9% | ||||||
| 65 | 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+ | 59,092 | ||
| 800 | Chaska, Minnesota, Lease Revenue Bonds, World Learner School Project, Series, 8.000%, 12/01/43 | 12/21 at 100.00 | N/R | 865,000 | ||
| 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 | 99,418 | ||
| 1,000 | 5.000%, 7/01/47 | 7/24 at 102.00 | N/R | 963,170 | ||
| 1,515 | City of Woodbury, Minnesota, Charter School Lease Revenue Bonds, Math and Science Academy Building Company, Series 2012A, 5.000%, 12/01/43 | 12/20 at 102.00 | BBB- | 1,551,981 | ||
| Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2015A: | ||||||
| 405 | 5.250%, 7/01/37 | 7/25 at 100.00 | BB+ | 418,616 | ||
| 500 | 5.500%, 7/01/50 | 7/25 at 100.00 | BB+ | 518,090 | ||
| 300 | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2016A, 4.000%, 7/01/37 | 7/25 at 100.00 | BB+ | 276,966 | ||
| 1,000 | Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A, 5.750%, 8/01/44 | 8/22 at 102.00 | BB+ | 1,045,000 | ||
| 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 | 94,732 | ||
| 5,350 | Ham Lake, Minnesota Charter School Lease Revenue Bonds, Parnassus Preparatory School Project, Series 2016A, 5.000%, 11/01/47 | 11/26 at 100.00 | BB | 5,175,108 | ||
| Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble Academy Project, Series 2014A: | ||||||
| 600 | 5.000%, 7/01/29 | 7/24 at 100.00 | BB+ | 622,710 | ||
| 1,000 | 5.000%, 7/01/34 | 7/24 at 100.00 | BB+ | 1,023,390 | ||
| 525 | 5.000%, 7/01/44 | 7/24 at 100.00 | BB+ | 529,552 | ||
| 3,805 | Independence, Minnesota, Charter School Lease Revenue Bonds, Beacon Academy Project, Series 2016A, 5.000%, 7/01/46 | 7/26 at 100.00 | N/R | 3,577,461 | ||
| 100 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, Series 2016A, 5.000%, 7/01/47 | 7/24 at 102.00 | N/R | 94,066 |
44
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Education and Civic Organizations(continued) | ||||||
| Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Project, Series 2013A: | ||||||
| $500 | 6.000%, 7/01/33 | 7/23 at 100.00 | BB+ | $525,200 | ||
| 2,740 | 6.000%, 7/01/43 | 7/23 at 100.00 | BB+ | 2,841,627 | ||
| 1,260 | 6.125%, 7/01/48 | 7/23 at 100.00 | BB+ | 1,310,476 | ||
| Minnesota Higher Education Facilities Authority, Revenue Bonds, Augsburg College, Series 2014-8-C: | ||||||
| 440 | 3.350%, 5/01/22 | 5/21 at 100.00 | Baa3 | 444,158 | ||
| 395 | 3.500%, 5/01/23 | 5/21 at 100.00 | Baa3 | 399,914 | ||
| Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2017: | ||||||
| 2,345 | 5.000%, 5/01/37 | 5/27 at 100.00 | BBB- | 2,480,588 | ||
| 4,700 | 5.000%, 5/01/47 | 5/27 at 100.00 | BBB- | 4,916,388 | ||
| Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, Refunding Series 2017: | ||||||
| 1,000 | 4.000%, 3/01/37 | 3/27 at 100.00 | Aa2 | 1,033,670 | ||
| 1,000 | 4.000%, 3/01/39 | 3/27 at 100.00 | Aa2 | 1,026,280 | ||
| 1,835 | Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Scholastica, Inc., Series 2011-7J, 6.300%, 12/01/40 | 12/19 at 100.00 | Baa2 | 1,889,720 | ||
| 625 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Refunding Series 2017, 3.000%, 3/01/33 | 3/27 at 100.00 | Aa3 | 583,775 | ||
| 1,000 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Series 201528J, 3.250%, 3/01/30 | 3/25 at 100.00 | Aa3 | 1,001,520 | ||
| 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 | 727,650 | ||
| 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 | 391,065 | ||
| 385 | 5.000%, 10/01/34 | 10/25 at 100.00 | A2 | 429,167 | ||
| 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 | 522,070 | ||
| 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 | 1,151,980 | ||
| 340 | Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2017A, 4.000%, 10/01/36 | 10/27 at 100.00 | A2 | 349,948 | ||
| 1,950 | Moorhead, Minnesota, Educational Facilities Revenue Bonds, The Concordia College Corporation Project, Series 2016, 5.000%, 12/01/40 | 12/25 at 100.00 | Baa1 | 2,069,125 | ||
| 1,130 | Otsego, Minnesota, Charter School Lease Revenue Bonds, Kaleidoscope Charter School Project, Series 2014A, 5.000%, 9/01/44 | 9/24 at 100.00 | BB | 1,078,009 | ||
| 650 | Ramsey, Anoka County, Minnesota, Lease Revenue Bonds, PACT Charter School Project, Series 2004A, 5.500%, 12/01/33 | 12/21 at 100.00 | BBB- | 670,384 | ||
| 560 | Rice County, Minnesota Educational Facility Revenue Bonds, Shattuck, Saint Mary's School Project, Series 2015, 5.000%, 8/01/22, 144A | No Opt. Call | BB+ | 584,461 | ||
| 130 | Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project, Series 2016A, 5.000%, 4/01/46 | 4/26 at 100.00 | CC | 70,944 |
45
Nuveen Minnesota Municipal Bond Fund(continued)
Portfolio of Investments November 30, 2018
(Unaudited)
| 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 Education Reform Company, Series 2012A: | ||||||
| $1,560 | 5.250%, 9/01/32 | 9/20 at 101.00 | BB+ | $1,578,876 | ||
| 1,695 | 5.500%, 9/01/43 | 9/20 at 101.00 | BB+ | 1,707,357 | ||
| 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 | 962,660 | ||
| 1,615 | 5.000%, 6/15/53, 144A | 6/25 at 100.00 | N/R | 1,521,540 | ||
| 2,940 | 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 | BBB- | 2,709,592 | ||
| 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 | 628,762 | ||
| 1,030 | 5.375%, 7/01/50 | 7/25 at 100.00 | BB | 1,035,902 | ||
| 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+ | 500,790 | ||
| 1,450 | 5.000%, 7/01/44 | 7/23 at 100.00 | BB+ | 1,397,263 | ||
| Savage, Minnesota Charter School Lease Revenue Bonds, Aspen Academy Project, Series 2016A: | ||||||
| 2,010 | 5.000%, 10/01/41 | 10/26 at 100.00 | N/R | 1,773,081 | ||
| 205 | 5.125%, 10/01/48 | 10/26 at 100.00 | N/R | 179,701 | ||
| 1,435 | St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, Higher Ground Academy Charter School, Series 2013A, 5.000%, 12/01/33 | 12/22 at 100.00 | BBB- | 1,476,256 | ||
| University of Minnesota, General Obligation Bonds, Series 2014B: | ||||||
| 2,235 | 4.000%, 1/01/33 | 1/24 at 100.00 | Aa1 | 2,334,078 | ||
| 1,000 | 4.000%, 1/01/34 | 1/24 at 100.00 | Aa1 | 1,038,720 | ||
| 20 | Winona Port Authority, Minnesota, Charter School Lease Revenue Bonds, Bluffview Montessori School Project, Refunding Series 2016, 4.750%, 6/01/46 | 6/24 at 100.00 | N/R | 17,834 | ||
| 61,995 | Total Education and Civic Organizations | 62,274,883 | ||||
| Health Care – 16.4% | ||||||
| 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 | 501,165 | ||
| 2,000 | 4.000%, 3/01/37 | 3/26 at 100.00 | N/R | 1,901,740 | ||
| 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 | 539,847 | ||
| 485 | 5.000%, 4/01/41 | 4/27 at 100.00 | BBB | 514,925 | ||
| Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A: | ||||||
| 580 | 4.250%, 2/15/43 | 2/28 at 100.00 | A- | 570,488 | ||
| 5,675 | 5.000%, 2/15/48 | 2/28 at 100.00 | A- | 6,058,233 |
46
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Health Care(continued) | ||||||
| Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2013: | ||||||
| $375 | 4.000%, 4/01/22 | No Opt. Call | BBB | $390,596 | ||
| 500 | 4.000%, 4/01/27 | 4/22 at 100.00 | BBB | 510,620 | ||
| 760 | 4.000%, 4/01/31 | 4/22 at 100.00 | BBB | 770,701 | ||
| 1,000 | 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 | 1,007,640 | ||
| 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 | 476,004 | ||
| 430 | 5.000%, 5/01/32 | 5/27 at 100.00 | Baa1 | 479,553 | ||
| Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2015A: | ||||||
| 485 | 4.000%, 11/15/40 | 11/25 at 100.00 | A+ | 483,855 | ||
| 2,000 | 5.000%, 11/15/44 | 11/25 at 100.00 | A+ | 2,152,760 | ||
| Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2018A: | ||||||
| 6,795 | 4.000%, 11/15/48 | 11/28 at 100.00 | A+ | 6,655,431 | ||
| 7,000 | 5.000%, 11/15/49 | 11/28 at 100.00 | A+ | 7,582,750 | ||
| 130 | Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Children's Health Care, Series 2004A-1 Remarketed, 4.625%, 8/15/29 – AGM Insured | 8/20 at 100.00 | AA | 134,298 | ||
| 2,435 | Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Children's Health Care, Series 2010A, 5.250%, 8/15/35 | 8/20 at 100.00 | AA- | 2,554,266 | ||
| 500 | Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care System Revenue Bonds, Allina Health System, Refunding Series 2017A, 5.000%, 11/15/29 | 5/27 at 100.00 | AA- | 575,570 | ||
| 1,005 | Minnesota Agricultural and Economic Development Board, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Refunding Series 2008C-1, 5.000%, 2/15/30 – AGC Insured | 2/20 at 100.00 | AA | 1,033,492 | ||
| 2,400 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Refunding Series 2016B, 5.000%, 11/15/33 | No Opt. Call | AA | 2,951,496 | ||
| 1,700 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Olmsted Medical Center Project, Series 2010, 5.875%, 7/01/30 | 7/20 at 100.00 | A | 1,790,576 | ||
| 60 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 5.125%, 5/01/30 | 5/20 at 100.00 | AA- | 62,471 | ||
| 675 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2016A, 5.000%, 5/01/46 | 5/26 at 100.00 | AA- | 732,112 | ||
| Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A: | ||||||
| 8,230 | 5.000%, 7/01/30 | 7/25 at 100.00 | A+ | 9,234,801 | ||
| 4,500 | 4.000%, 7/01/35 | 7/25 at 100.00 | A+ | 4,585,635 | ||
| 1,505 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2009A-1, 5.250%, 11/15/29 | 11/19 at 100.00 | AA- | 1,557,509 |
47
Nuveen Minnesota Municipal Bond Fund(continued)
Portfolio of Investments November 30, 2018
(Unaudited)
| 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: | ||||||
| $630 | 4.000%, 11/15/36 | 11/27 at 100.00 | A+ | $635,424 | ||
| 640 | 4.000%, 11/15/37 | 11/27 at 100.00 | A+ | 643,424 | ||
| 1,375 | Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp Project, Series 2007-1, 5.000%, 8/01/36 | 8/19 at 100.00 | N/R | 1,376,856 | ||
| 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 | 2,020,075 | ||
| 1,410 | 5.000%, 9/01/34 | 9/24 at 100.00 | A | 1,509,194 | ||
| Winona, Minnesota, Health Care Facilities Revenue Bonds, Winona Health Obligated Group, Refunding Series 2012: | ||||||
| 500 | 3.750%, 7/01/21 | No Opt. Call | BBB | 502,585 | ||
| 350 | 4.000%, 7/01/22 | 7/21 at 100.00 | BBB | 352,464 | ||
| 1,270 | 4.500%, 7/01/24 | 7/21 at 100.00 | BBB | 1,300,620 | ||
| 60,855 | Total Health Care | 64,149,176 | ||||
| Housing/Multifamily – 0.6% | ||||||
| 2,500 | Rochester, Minnesota, Multifamily Housing Revenue Bonds, Essex Place Apartments Project, Series 2012A, 3.750%, 6/01/29 | 6/22 at 100.00 | Aaa | 2,557,550 | ||
| Housing/Single Family – 1.2% | ||||||
| 55 | Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue Bonds, City Living Home Program, Market Series 2011B, 4.100%, 12/01/29 | 6/21 at 100.00 | AA+ | 55,605 | ||
| 15 | Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue Bonds, City Living Series 2006A-4, 5.000%, 11/01/38 (Alternative Minimum Tax) | 7/19 at 100.00 | AA+ | 15,062 | ||
| 160 | Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue Bonds, City Living Series 2007A-2, 5.520%, 3/01/41 (Alternative Minimum Tax) | 5/25 at 100.00 | AA+ | 162,378 | ||
| 55 | Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011B, 4.000%, 7/01/21 | No Opt. Call | Aaa | 56,037 | ||
| Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011D: | ||||||
| 20 | 4.375%, 7/01/26 | 7/21 at 100.00 | Aaa | 20,353 | ||
| 335 | 4.700%, 1/01/31 | 7/21 at 100.00 | Aaa | 343,552 | ||
| 10 | Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011E, 4.000%, 7/01/26 | 7/21 at 100.00 | Aaa | 10,129 | ||
| 980 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2015F, 3.300%, 7/01/29 | 7/25 at 100.00 | AA+ | 985,174 | ||
| 1,145 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2016A, 3.200%, 1/01/33 (Alternative Minimum Tax) | 7/25 at 100.00 | AA+ | 1,099,658 | ||
| 920 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2017A, 3.200%, 7/01/30 (Alternative Minimum Tax) | 1/27 at 100.00 | AA+ | 878,674 | ||
| 480 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2017D, 3.300%, 1/01/30 (Alternative Minimum Tax) | 1/27 at 100.00 | AA+ | 463,522 |
48
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Housing/Single Family(continued) | ||||||
| $630 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2018A, 3.625%, 7/01/32 (Alternative Minimum Tax) | 7/27 at 100.00 | AA+ | $621,671 | ||
| 4,805 | Total Housing/Single Family | 4,711,815 | ||||
| Long-Term Care – 9.1% | ||||||
| 1,590 | 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 | 1,604,835 | ||
| 1,000 | Apple Valley, Minnesota, Senior Housing Revenue Bonds, PHS Apple Valley Senior Housing, Inc., Orchard Path Project, Refunding Series 2018, 5.000%, 9/01/43 | 9/23 at 102.00 | N/R | 1,039,930 | ||
| 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 | 349,755 | ||
| 500 | 5.000%, 11/01/44 | 11/24 at 100.00 | Baa1 | 531,740 | ||
| 1,600 | Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Foundation Project, Series 2011, 5.000%, 11/01/41 | 11/19 at 100.00 | Baa1 | 1,623,952 | ||
| 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 | 1,587,045 | ||
| 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 | 1,511,250 | ||
| 1,180 | Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc., Refunding Series 2013, 5.200%, 3/01/43 | 3/20 at 100.00 | N/R | 1,152,884 | ||
| 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 | 585,304 | ||
| 1,175 | 5.250%, 1/01/46 | 1/23 at 100.00 | N/R | 1,193,882 | ||
| 1,195 | Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, Walker Highview Hills LLC Project, Refunding Series 2016A, 5.000%, 8/01/46, 144A | 8/22 at 100.00 | N/R | 1,182,548 | ||
| 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) | 2/19 at 100.00 | N/R | 1,186,221 | ||
| Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding Series 2012: | ||||||
| 450 | 5.000%, 11/15/24 | 11/22 at 100.00 | N/R | 462,136 | ||
| 1,500 | 4.750%, 11/15/28 | 11/22 at 100.00 | N/R | 1,468,545 | ||
| 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 | 1,527,060 | ||
| 2,000 | North Oaks, Minnesota, Senior Housing Revenue Bonds, Waverly Gardens Project, Refunding Series 2016, 5.000%, 10/01/47 | 10/24 at 102.00 | N/R | 2,102,920 | ||
| 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) | 9/19 at 100.00 | N/R | 1,055,886 | ||
| 1,500 | Rochester, Minnesota, Health Care and Housing Revenue Bonds, Samaritan Bethany, Inc. Project, Refunding Series 2017A, 5.000%, 8/01/48 | 8/25 at 100.00 | N/R | 1,509,180 | ||
| 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 | 2,735,451 |
49
Nuveen Minnesota Municipal Bond Fund(continued)
Portfolio of Investments November 30, 2018
(Unaudited)
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Long-Term Care(continued) | ||||||
| $150 | Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview Home Project, Series 2016C, 3.150%, 6/01/28 | 6/21 at 101.00 | N/R | $143,912 | ||
| 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 | 1,012,750 | ||
| 1,734 | Saint Paul Housing and Redevelopment Authority, Minnesota, Nursing Home Reveneue Bonds, Episcopal Homes of Minnesota, Series 2006, 5.630%, 10/01/33 | 4/19 at 100.00 | N/R | 1,734,523 | ||
| 1,000 | Saint Paul Housing and Redevelopment Authority, Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Refunding Series 2012A, 5.150%, 11/01/42 | 11/20 at 100.00 | N/R | 979,750 | ||
| 850 | Saint Paul Park, Minnesota, Health Facilities Revenue Bonds, Presbyterian Homes Interlude Transitional Care Projects, Refunding Series 2018, 5.000%, 5/01/43 | 5/23 at 102.00 | N/R | 880,574 | ||
| 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 | 600,585 | ||
| 400 | 4.000%, 9/01/32 | 9/24 at 100.00 | N/R | 405,932 | ||
| 500 | 4.100%, 9/01/33 | 9/24 at 100.00 | N/R | 508,940 | ||
| 315 | 4.200%, 9/01/36 | 9/24 at 100.00 | N/R | 321,265 | ||
| 300 | 4.250%, 9/01/37 | 9/24 at 100.00 | N/R | 306,579 | ||
| 800 | Sartell, Minnesota, Health Care and Housing Facilities Revenue Bonds, Country Manor Campus LLC Project, Series 2012A, 5.250%, 9/01/30 | 9/22 at 100.00 | N/R | 848,656 | ||
| 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 | 2,407,805 | ||
| Wayzata, Minnesota, Senior Housing Revenue Bonds, Folkestone Senior Living Community, Series 2012A: | ||||||
| 700 | 5.500%, 11/01/32 | 5/19 at 102.00 | N/R | 718,781 | ||
| 330 | 6.000%, 5/01/47 | 5/19 at 102.00 | N/R | 339,184 | ||
| 35,139 | Total Long-Term Care | 35,619,760 | ||||
| Materials – 0.5% | ||||||
| 2,150 | Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (Alternative Minimum Tax), 144A | 10/22 at 100.00 | BBB- | 1,941,794 | ||
| Tax Obligation/General – 18.7% | ||||||
| 1,775 | Bemidji Independent School District 31, Beltrami County, Minnesota, General Obligation Bonds, Refunding Series 2015A, 3.000%, 4/01/30 | 4/26 at 100.00 | AAA | 1,723,720 | ||
| 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 | 2,272,074 | ||
| 2,000 | Bloomington Independent School District 271, Hennepin County, Minnesota, General Obligation Bonds, Facilities Maintenance, Series 2017A, 4.000%, 2/01/40 | 2/27 at 100.00 | AAA | 2,064,040 | ||
| Brainerd Independent School District 181, Crow Wing County, Minnesota, General Obligation Bonds, School Building Series 2018A: | ||||||
| 3,500 | 4.000%, 2/01/38 | 2/27 at 100.00 | AAA | 3,569,160 | ||
| 1,460 | 4.000%, 2/01/41 | 2/27 at 100.00 | AAA | 1,477,009 | ||
| 3,825 | 4.000%, 2/01/42 | 2/27 at 100.00 | AAA | 3,868,184 | ||
| 1,000 | 4.000%, 2/01/43 | 2/27 at 100.00 | AAA | 1,010,160 |
50
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Tax Obligation/General(continued) | ||||||
| Brooklyn Center Independent School District 286, Minnesota, General Obligation Bonds, Series 2018A: | ||||||
| $1,090 | 4.000%, 2/01/36 | 2/27 at 100.00 | Aa2 | $1,120,618 | ||
| 1,880 | 4.000%, 2/01/38 | 2/27 at 100.00 | Aa2 | 1,918,484 | ||
| 2,715 | 4.000%, 2/01/41 | 2/27 at 100.00 | Aa2 | 2,744,729 | ||
| 2,260 | 4.000%, 2/01/42 | 2/27 at 100.00 | Aa2 | 2,283,933 | ||
| 2,485 | Burnsville Independent School District 191, Dakota and Scott Counties, Minnesota, General Obligation Bonds, School Building Series 2015A, 3.250%, 2/01/35 | 2/25 at 100.00 | Aa2 | 2,384,681 | ||
| 2,195 | 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 | 2,134,945 | ||
| 415 | Circle Pines Independent School District 12, Centennial, Minnesota, General Obligation Bonds, School Building Series 2015A, 0.000%, 2/01/34 | 2/25 at 70.20 | AAA | 231,333 | ||
| Cloquet Independent School District 94, Carlton and Sant Louis Counties, Minnesota, General Obligation Bonds, School Building Series 2015B: | ||||||
| 1,000 | 5.000%, 2/01/26 | 2/25 at 100.00 | Aa2 | 1,151,200 | ||
| 1,000 | 5.000%, 2/01/27 | 2/25 at 100.00 | Aa2 | 1,149,350 | ||
| 1,000 | 4.000%, 2/01/36 | 2/25 at 100.00 | Aa2 | 1,021,380 | ||
| 1,100 | Dakota County Community Development Agency, Minnesota, Governmental Housing Development General Obligation Bonds, Series 2015A, 4.000%, 1/01/42 | 1/23 at 100.00 | Aaa | 1,113,365 | ||
| 480 | Fridley, Minnesota, General Obligation Bonds, Capital Improvement Plan, Series 2017, 3.250%, 2/01/34 | 2/26 at 100.00 | Aa2 | 463,118 | ||
| 2,500 | Independent School District 2310(Sibley East), Minnesota, General Obligation School Building Bonds, Series 2015A, 4.000%, 2/01/40 | 2/25 at 100.00 | Aa2 | 2,534,800 | ||
| 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 | 5,109,250 | ||
| Madison, Minnesota, General Obligation Bonds, Refunding Series 2015A: | ||||||
| 660 | 3.600%, 1/01/35 – AGM Insured | 1/23 at 100.00 | AA | 663,795 | ||
| 500 | 4.000%, 1/01/45 – AGM Insured | 1/23 at 100.00 | AA | 502,360 | ||
| 2,000 | Mankato Independent School District 77, Minnesota, General Obligation Bonds, School Building Series 2014A, 4.000%, 2/01/28 | 2/24 at 100.00 | AAA | 2,122,120 | ||
| 2,195 | Minneapolis, Minnesota, General Obligation Bonds, Improvement & Various Purpose Series 2018, 4.000%, 12/01/35 | 12/26 at 100.00 | AAA | 2,295,641 | ||
| Montgomery Independent School District 2905, Minnesota, General Obligation School Building Bonds, Series 2018A: | ||||||
| 250 | 4.000%, 2/01/32 | 2/25 at 100.00 | Aa2 | 261,845 | ||
| 500 | 4.000%, 2/01/36 | 2/25 at 100.00 | Aa2 | 513,190 | ||
| 550 | Mountain Lake, Minnesota, General Obligation Bonds, Series 2017B, 4.000%, 2/01/43 | 2/25 at 100.00 | A+ | 559,201 | ||
| 2,000 | North Saint Paul Maplewood Oakdale Independent School District 622, Ramsey County, Minnesota, General Obligation Bonds, Facilities Maintenance Series 2018A, 3.375%, 2/01/35 | 2/27 at 100.00 | Aa2 | 1,880,820 | ||
| 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 | 4,099,560 | ||
| 2,500 | Roseville Independent School District 623, Ramsey County, Minnesota, General Obligation Bonds, School Building Refunding Series 2018A, 4.000%, 2/01/35 | 2/27 at 100.00 | Aa2 | 2,594,975 |
51
Nuveen Minnesota Municipal Bond Fund(continued)
Portfolio of Investments November 30, 2018
(Unaudited)
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Tax Obligation/General(continued) | ||||||
| $1,500 | Roseville Independent School District 623, Ramsey County, Minnesota, General Obligation Bonds, Series 1994, 4.000%, 2/01/37 | 2/27 at 100.00 | Aa2 | $1,547,145 | ||
| Saint Cloud Independent School District 742, Stearns County, Minnesota, General Obligation Bonds, Series 2015A: | ||||||
| 450 | 3.125%, 2/01/33 | 2/25 at 100.00 | Aa2 | 432,986 | ||
| 525 | 3.125%, 2/01/35 | 2/25 at 100.00 | Aa2 | 495,810 | ||
| 575 | Saint Francis Independent School District 15, Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/35 | 2/23 at 100.00 | Aa2 | 589,352 | ||
| 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 | 1,026,650 | ||
| Saint Michael Independent School District 885, Wright County, Minnesota, General Obligation Bonds, School Building Series 2017A: | ||||||
| 1,340 | 4.000%, 2/01/28 | 2/26 at 100.00 | Aa2 | 1,435,301 | ||
| 1,400 | 4.000%, 2/01/30 | 2/26 at 100.00 | Aa2 | 1,483,342 | ||
| 1,885 | 3.200%, 2/01/32 | 2/26 at 100.00 | Aa2 | 1,857,611 | ||
| South Washington County Independent School District 833, Minnesota, General Obligation Bonds, Facilities Maintenance Series 2018A: | ||||||
| 1,385 | 5.000%, 2/01/28 | 2/27 at 100.00 | Aa2 | 1,624,273 | ||
| 1,330 | 4.000%, 2/01/31 | 2/27 at 100.00 | Aa2 | 1,411,888 | ||
| 670 | 4.000%, 2/01/33 | 2/27 at 100.00 | Aa2 | 705,497 | ||
| 1,000 | South Washington County Independent School District 833, Minnesota, General Obligation Bonds, School Building Series 2016A, 4.000%, 2/01/29 | 2/26 at 100.00 | Aa2 | 1,065,820 | ||
| 1,315 | Waseca Independent School District 829, Steele, Rice, and Waseca Counties, Minnesota, General Obligation Bonds, Series 2015A, 4.000%, 2/01/27 | 2/26 at 100.00 | Aa2 | 1,421,423 | ||
| 1,220 | West Saint Paul-Mendota Heights-Eagan Independent School District 197, Dakota County, Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/39 | 2/27 at 100.00 | AAA | 1,251,134 | ||
| 71,535 | Total Tax Obligation/General | 73,187,272 | ||||
| Tax Obligation/Limited – 5.9% | ||||||
| 600 | 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 | 573,990 | ||
| 135 | Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Refunding Series 2015, 4.000%, 3/01/30 | 3/23 at 100.00 | N/R | 135,726 | ||
| 325 | 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 | 316,735 | ||
| 1,090 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2015C, 3.250%, 8/01/30 | 8/24 at 100.00 | AA+ | 1,079,623 | ||
| Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2016C: | ||||||
| 385 | 4.000%, 8/01/34 | 8/25 at 100.00 | AA+ | 395,953 | ||
| 400 | 4.000%, 8/01/35 | 8/25 at 100.00 | AA+ | 410,212 |
52
| 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+ | $213,586 | ||
| 475 | 4.000%, 8/01/34 | 8/27 at 100.00 | AA+ | 499,610 | ||
| 325 | 4.000%, 8/01/35 | 8/27 at 100.00 | AA+ | 340,620 | ||
| 1,125 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2018D, 4.000%, 8/01/38 | 8/28 at 100.00 | AA+ | 1,140,277 | ||
| 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 | A2 | 1,455,256 | ||
| 580 | 3.750%, 2/01/36 | 2/25 at 100.00 | A2 | 572,808 | ||
| 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 | A2 | 4,645,632 | ||
| 1,000 | Plymouth Intermediate District 287, Minnesota, Certificates of Participation, Refunding Series 2017A, 4.000%, 2/01/36 | 2/27 at 100.00 | A1 | 1,033,090 | ||
| Plymouth Intermediate District 287, Minnesota, Facilities Maintence Bonds, Series 2017B: | ||||||
| 175 | 4.000%, 5/01/29 | 5/27 at 100.00 | A1 | 185,574 | ||
| 200 | 4.000%, 5/01/32 | 5/27 at 100.00 | A1 | 208,388 | ||
| 100 | 4.000%, 5/01/33 | 5/27 at 100.00 | A1 | 103,838 | ||
| 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 | 395,758 | ||
| 520 | 5.000%, 2/01/34 | 2/25 at 100.00 | A1 | 576,155 | ||
| Saint Paul Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue Bonds, 2700 University at Westgate Station, Series 2015B: | ||||||
| 445 | 4.250%, 4/01/25 | 4/23 at 100.00 | N/R | 446,206 | ||
| 430 | 4.875%, 4/01/30 | 4/23 at 100.00 | N/R | 426,324 | ||
| 1,665 | 5.250%, 4/01/43 | 4/23 at 100.00 | N/R | 1,601,996 | ||
| Saint Paul Housing and Redevelopment Authority, Minnesota, Upper Landing Project Tax Increment Revenue Refunding Bonds, Series 2012: | ||||||
| 600 | 5.000%, 9/01/26 | 3/20 at 102.00 | N/R | 619,362 | ||
| 1,360 | 5.000%, 3/01/29 | 3/20 at 102.00 | N/R | 1,394,231 | ||
| 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 | 2,606,080 | ||
| 1,530 | Worthington Independent School District 518, Nobles County, Minnesota, Certificates of Participation, Series 2017A, 4.000%, 2/01/42 | 2/26 at 100.00 | A+ | 1,544,474 | ||
| 22,760 | Total Tax Obligation/Limited | 22,921,504 | ||||
| Transportation – 4.9% | ||||||
| 1,000 | Minneapolis, Minnesota, Recovery Zone Facility Revenue Bonds, Mozaic Parking, LLC Project, Series 2010A, 8.500%, 1/01/41 | 1/21 at 100.00 | N/R | 1,012,690 | ||
| 4,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Senior Lien Series 2009B, 5.000%, 1/01/20 (Alternative Minimum Tax) | 1/19 at 100.00 | AA- | 4,008,840 |
53
Nuveen Minnesota Municipal Bond Fund(continued)
Portfolio of Investments November 30, 2018
(Unaudited)
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Transportation(continued) | ||||||
| Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2014A: | ||||||
| $2,000 | 5.000%, 1/01/31 | 1/24 at 100.00 | A+ | $2,206,980 | ||
| 1,175 | 5.000%, 1/01/32 | 1/24 at 100.00 | A+ | 1,293,675 | ||
| 800 | 5.000%, 1/01/33 | 1/24 at 100.00 | A+ | 878,816 | ||
| Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2014B: | ||||||
| 1,000 | 5.000%, 1/01/25 (Alternative Minimum Tax) | 1/24 at 100.00 | A+ | 1,109,480 | ||
| 750 | 5.000%, 1/01/26 (Alternative Minimum Tax) | 1/24 at 100.00 | A+ | 829,110 | ||
| Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C: | ||||||
| 1,530 | 5.000%, 1/01/37 | 1/27 at 100.00 | AA- | 1,724,631 | ||
| 5,580 | 5.000%, 1/01/46 | 1/27 at 100.00 | AA- | 6,214,669 | ||
| 100 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien Series 2010D, 4.000%, 1/01/23 (Alternative Minimum Tax) | 1/20 at 100.00 | A+ | 101,438 | ||
| 17,935 | Total Transportation | 19,380,329 | ||||
| U.S. Guaranteed – 9.8% (4) | ||||||
| 660 | Anoka County, Minnesota, Charter School Lease Revenue Bonds, Spectrum Building Company, Series 2012A, 5.000%, 6/01/43 (Pre-refunded 6/01/20) | 6/20 at 102.00 | BBB- | 701,666 | ||
| 1,680 | Anoka County, Minnesota, Charter School Lease Revenue Bonds, Spectrum Building Company, Series 2014A, 5.000%, 6/01/47 (Pre-refunded 6/01/20) | 6/20 at 102.00 | BBB- | 1,786,058 | ||
| 10,000 | Bemidji, Minnesota, General Obligation Bonds, Refunding Sales Tax Series 2011, 6.000%, 2/01/41 (Pre-refunded 2/01/21) | 2/21 at 100.00 | A1 | 10,838,300 | ||
| 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 | 1,295,557 | ||
| 2,000 | Duluth Independent School District 709, Minnesota, Certificates of Participation, Series 2008B, 4.000%, 2/01/19 (ETM) | No Opt. Call | AAA | 2,007,200 | ||
| 2,500 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2010B, 5.750%, 7/01/40 (Pre-refunded 7/01/20) | 7/20 at 100.00 | AA- | 2,645,800 | ||
| 1,000 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Gustavus Adolfus College, Series 2010-7B, 5.000%, 10/01/31 (Pre-refunded 10/01/19) | 10/19 at 100.00 | A3 | 1,025,060 | ||
| Minnesota Higher Education Facilities Authority, Revenue Bonds, Hamline University, Series 2011-7K1: | ||||||
| 625 | 6.000%, 10/01/32 (Pre-refunded 10/01/21) | 10/21 at 100.00 | Baa3 | 691,131 | ||
| 2,000 | 6.000%, 10/01/40 (Pre-refunded 10/01/21) | 10/21 at 100.00 | Baa3 | 2,211,620 | ||
| 1,000 | Oak Park Heights, Minnesota, Senior Housing Revenue Bonds, Oakgreen Commons Project, Memory Care Building, Series 2013, 6.500%, 8/01/43 (Pre-refunded 8/01/20) | 8/20 at 102.00 | N/R | 1,090,110 | ||
| Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2008D: | ||||||
| 35 | 5.375%, 5/01/31 (Pre-refunded 5/01/19) – AGC Insured | 5/19 at 100.00 | AA- | 35,499 | ||
| 65 | 5.500%, 5/01/39 (Pre-refunded 5/01/19) – AGC Insured | 5/19 at 100.00 | AA- | 65,959 | ||
| 1,000 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 5.125%, 5/01/30 (Pre-refunded 5/01/20) | 5/20 at 100.00 | Aaa | 1,043,020 |
54
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| U.S. Guaranteed (4) (continued) | ||||||
| Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Park Nicollet Health Services, Refunding Series 2009: | ||||||
| $15 | 5.500%, 7/01/29 (Pre-refunded 7/01/19) | 7/19 at 100.00 | Aaa | $15,305 | ||
| 2,625 | 5.750%, 7/01/39 (Pre-refunded 7/01/19) | 7/19 at 100.00 | Aaa | 2,682,173 | ||
| 1,500 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Nova Classical Academy, Series 2011A, 6.625%, 9/01/42 (Pre-refunded 9/01/21) | 9/21 at 100.00 | BBB- | 1,676,865 | ||
| 1,555 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2009A-1, 5.250%, 11/15/29 (Pre-refunded 11/15/19) | 11/19 at 100.00 | N/R | 1,603,205 | ||
| 2,060 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Gillette Children's Specialty Healthcare Project, Series 2009, 5.000%, 2/01/29 (Pre-refunded 2/01/19) | 2/19 at 100.00 | N/R | 2,070,300 | ||
| St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A: | ||||||
| 110 | 5.250%, 11/15/35 (Pre-refunded 11/15/20) | 11/20 at 100.00 | N/R | 116,728 | ||
| 1,600 | 5.000%, 11/15/40 (Pre-refunded 11/15/25) | 11/25 at 100.00 | N/R | 1,859,168 | ||
| 1,540 | University of Minnesota, General Revenue Bonds, Series 2011A, 5.250%, 12/01/29 (Pre-refunded 12/01/20) | 12/20 at 100.00 | Aa1 | 1,639,114 | ||
| 1,200 | West Saint Paul, Minnesota, Health Care Facilities Revenue Bonds, Walker Thompson Hill LLC Project, Series 2011A, 7.000%, 9/01/46 (Pre-refunded 9/01/19) | 9/19 at 100.00 | N/R | 1,243,356 | ||
| 35,905 | Total U.S. Guaranteed | 38,343,194 | ||||
| Utilities – 13.6% | ||||||
| 235 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 | 10/22 at 100.00 | BBB | 244,814 | ||
| 330 | Luverne, Minnesota, Electric Revenue Bonds, Series 2018A, 4.000%, 12/01/38 – MAC Insured | 12/28 at 100.00 | AA | 337,643 | ||
| 5,045 | Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2010A, 5.000%, 10/01/30 | 10/20 at 100.00 | A1 | 5,308,046 | ||
| Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A: | ||||||
| 1,000 | 4.000%, 10/01/31 | 10/24 at 100.00 | A1 | 1,037,880 | ||
| 1,000 | 4.000%, 10/01/32 | 10/24 at 100.00 | A1 | 1,035,950 | ||
| 2,250 | Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2016, 5.000%, 10/01/47 | 10/26 at 100.00 | A1 | 2,484,022 | ||
| 3,500 | Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 5.000%, 12/01/47 | 12/26 at 100.00 | Aa3 | 3,878,350 | ||
| Saint Paul Housing and Redevelopment Authority, Saint Paul, Minnesota, District Energy Revenue Bonds, Refunding Series 2017A: | ||||||
| 390 | 4.000%, 10/01/28 | 10/27 at 100.00 | A- | 411,688 | ||
| 675 | 4.000%, 10/01/33 | 10/27 at 100.00 | A- | 691,436 | ||
| Saint Paul Housing and Redevelopment Authority, Saint Paul, Minnesota, District Energy Revenue Bonds, Refunding Series 2017B: | ||||||
| 355 | 4.000%, 10/01/28 | 10/27 at 100.00 | A- | 374,742 | ||
| 270 | 4.000%, 10/01/29 | 10/27 at 100.00 | A- | 282,936 |
55
Nuveen Minnesota Municipal Bond Fund(continued)
Portfolio of Investments November 30, 2018
(Unaudited)
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Utilities(continued) | ||||||
| $2,000 | Saint Paul Port Authority, Minnesota, District Energy Revenue Bonds, Series 2017-3, 4.000%, 10/01/42 | 10/27 at 100.00 | A- | $2,027,000 | ||
| 1,180 | Saint Paul Port Authority, Minnesota, District Energy Revenue Bonds, Series 2017-4, 4.000%, 10/01/40 (Alternative Minimum Tax) | 10/27 at 100.00 | A- | 1,174,383 | ||
| Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds, Series 1994A: | ||||||
| 1,510 | 0.000%, 1/01/19 – NPFG Insured | No Opt. Call | A+ | 1,507,856 | ||
| 1,825 | 0.000%, 1/01/21 – NPFG Insured | No Opt. Call | A+ | 1,741,141 | ||
| 65 | 0.000%, 1/01/22 – NPFG Insured | No Opt. Call | A+ | 60,384 | ||
| 3,055 | 0.000%, 1/01/23 – NPFG Insured | No Opt. Call | A+ | 2,759,734 | ||
| 10,530 | 0.000%, 1/01/24 – NPFG Insured | No Opt. Call | A+ | 9,217,646 | ||
| 4,805 | 0.000%, 1/01/25 – NPFG Insured | No Opt. Call | A+ | 4,070,364 | ||
| 6,230 | 0.000%, 1/01/26 – NPFG Insured | No Opt. Call | A+ | 5,085,362 | ||
| Thief River Falls, Minnesota, Electric Revenue Bonds, Series 2018A: | ||||||
| 230 | 4.000%, 2/01/35 – AGM Insured | 2/26 at 100.00 | AA | 236,762 | ||
| 260 | 4.000%, 2/01/38 – AGM Insured | 2/26 at 100.00 | AA | 265,408 | ||
| 5,980 | Western Minnesota Municipal Power Agency, Minnesota, Power Supply Revenue Bonds, Series 2018A, 5.000%, 1/01/49 | 7/28 at 100.00 | Aa3 | 6,734,676 | ||
| 2,000 | Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A, 5.000%, 1/01/46 | 1/24 at 100.00 | Aa3 | 2,177,320 | ||
| 54,720 | Total Utilities | 53,145,543 | ||||
| Water and Sewer – 0.3% | ||||||
| 1,240 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2017, 5.000%, 7/01/40 | 7/27 at 100.00 | A- | 1,302,050 | ||
| $373,339 | Total Long-Term Investments (cost $375,798,877) | 381,395,404 | ||||
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| SHORT-TERM INVESTMENTS – 1.3% | ||||||
| MUNICIPAL BONDS – 1.3% | ||||||
| Health Care – 1.3% | ||||||
| $5,000 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Variable Rate Demand Obligations, Mayo Clinic Series 2008A, 1.360%, 11/15/38 (5) | 1/19 at 100.00 | A-1+ | $5,000,000 | ||
| $5,000 | Total Short-Term Investments (cost $5,000,000) | 5,000,000 | ||||
| Total Investments (cost $380,798,877) – 98.7% | 386,395,404 | |||||
| Other Assets Less Liabilities – 1.3% | 5,081,169 | |||||
| Net Assets – 100% | $391,476,573 |
56
| (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. | |
| (5) | Investment has maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. | |
| 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. | |
| ETM | Escrowed to maturity. |
See accompanying notes to financial statements.
57
Nuveen Nebraska Municipal Bond Fund
Portfolio of Investments November 30, 2018
(Unaudited)
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| LONG-TERM INVESTMENTS – 97.7% | ||||||
| MUNICIPAL BONDS – 97.7% | ||||||
| Consumer Staples – 0.6% | ||||||
| $475 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.125%, 6/01/24 | 6/19 at 100.00 | B- | $444,139 | ||
| Education and Civic Organizations – 10.1% | ||||||
| 1,000 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Academy of Charter Schools Project, Series 2008, 5.625%, 5/01/40 | 2/19 at 100.00 | AA- | 1,001,400 | ||
| 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 | 1,653,915 | ||
| Lincoln, Nebraska, Educational Facilities Revenue and Refunding Bonds, Nebraska Wesleyan University Project, Series 2012: | ||||||
| 685 | 3.300%, 4/01/25 | 4/22 at 100.00 | A- | 700,413 | ||
| 410 | 4.000%, 4/01/32 | 4/22 at 100.00 | A- | 418,089 | ||
| 525 | Nebraska Educational Finance Authority, Revenue Bonds, Clarkson College Project, Refunding Series 2011, 5.450%, 9/01/35 | 5/21 at 100.00 | Aa3 | 563,771 | ||
| 1,000 | University of Nebraska Facilities Corporation, Nebraska, Facilities Bonds, Refunding Series 2017B, 4.000%, 5/15/37 | 11/27 at 100.00 | Aa1 | 1,043,440 | ||
| 600 | University of Nebraska, Revenue Bonds, Omaha Student Housing Project, Refunding Series 2017A, 5.000%, 5/15/32 | 11/27 at 100.00 | Aa1 | 693,348 | ||
| 1,000 | University of Nebraska, Revenue Bonds, Refunding Lincoln Student Fees and Facilities Series 2011, 5.000%, 7/01/42 | 1/22 at 100.00 | Aa1 | 1,072,710 | ||
| 6,720 | Total Education and Civic Organizations | 7,147,086 | ||||
| Health Care – 13.7% | ||||||
| 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 | 207,540 | ||
| 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- | 199,757 | ||
| 1,050 | 5.000%, 11/15/47 | 5/27 at 100.00 | AA- | 1,136,278 | ||
| 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 | BBB+ | 809,751 | ||
| 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 | 509,380 | ||
| 1,000 | 5.000%, 11/01/45 | 11/25 at 100.00 | A | 1,078,850 | ||
| Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012: | ||||||
| 1,000 | 4.000%, 11/01/37 | 11/21 at 100.00 | A- | 999,060 | ||
| 2,800 | 5.000%, 11/01/42 | 11/21 at 100.00 | A- | 2,929,724 |
58
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Health Care(continued) | ||||||
| $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 | $273,808 | ||
| 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 | 531,245 | ||
| 435 | 5.000%, 7/01/35 | 7/25 at 100.00 | BBB | 460,917 | ||
| 500 | Scotts Bluff County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Regional West Medical Center Project, Refunding & Improvement Series 2016A, 5.250%, 2/20/37 | 2/27 at 100.00 | BBB+ | 519,720 | ||
| 9,190 | Total Health Care | 9,656,030 | ||||
| Housing/Single Family – 2.7% | ||||||
| 955 | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Refunding Series 2016A, 3.500%, 9/01/36 | 3/25 at 100.00 | AA+ | 944,992 | ||
| 990 | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2016C, 3.350%, 9/01/36 | 9/25 at 100.00 | AA+ | 960,250 | ||
| 1,945 | Total Housing/Single Family | 1,905,242 | ||||
| Long-Term Care – 6.6% | ||||||
| 900 | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Immanuel Obligated Group, Refunding Series 2010, 5.625%, 1/01/40 | 1/20 at 100.00 | AA | 926,586 | ||
| 3,385 | Lancaster County Hospital Authority 1, Nebraska, Health Facilities Revenue Bonds, Immanuel Obligated Group, Refunding Series 2010, 5.625%, 1/01/40 | 1/20 at 100.00 | AA | 3,484,993 | ||
| 220 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/23 | No Opt. Call | A | 247,865 | ||
| 4,505 | Total Long-Term Care | 4,659,444 | ||||
| Tax Obligation/General – 18.0% | ||||||
| 705 | Adams County School District 18, Nebraska, General Obligation Bonds, Hastings Public Schools, Series 2014, 4.000%, 12/15/44 | 7/19 at 100.00 | Aa3 | 708,440 | ||
| 500 | Adams County School District 18, Nebraska, General Obligation Bonds, Hastings Public Schools, Series 2017, 4.500%, 12/15/44 | 1/22 at 100.00 | Aa3 | 519,935 | ||
| 500 | Buffalo County School District 007 Kearney Public Schools, Nebraska, General Obligation Bonds, School Building Series 2016, 3.000%, 12/15/36 | 4/26 at 100.00 | AA- | 448,010 | ||
| 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- | 921,420 | ||
| 1,350 | Douglas County School District 1, Nebraska, General Obligation Bonds, Refunding Series 2012, 5.000%, 6/15/24 | No Opt. Call | AA+ | 1,542,955 | ||
| 750 | Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Series 2016, 4.000%, 12/15/36 | 12/25 at 100.00 | AA- | 775,635 | ||
| 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- | 1,030,740 | ||
| 1,000 | Kearney County School District 503, Nebraska, General Obligation Bonds, Series 2014, 4.000%, 12/15/39 | 12/19 at 100.00 | A+ | 1,001,740 | ||
| 195 | Omaha, Nebraska, General Obligation Bonds, Convention Center Project, Series 2004, 5.250%, 4/01/26 | No Opt. Call | AA+ | 231,471 |
59
Nuveen Nebraska Municipal Bond Fund(continued)
Portfolio of Investments November 30, 2018
(Unaudited)
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Tax Obligation/General(continued) | ||||||
| $500 | Omaha, Nebraska, General Obligation Bonds, Refunding & Various Purpose Series 2017A, 4.000%, 4/15/33 | 4/27 at 100.00 | AA+ | $525,120 | ||
| 500 | Omaha, Nebraska, General Obligation Bonds, Refunding & Various Purpose Series 2018A, 4.000%, 1/15/37 | 1/27 at 100.00 | AA+ | 516,765 | ||
| 500 | Omaha, Nebraska, Special Tax Redevelopment Bonds, Series 2018A, 5.000%, 1/15/33 | 1/27 at 100.00 | AA+ | 569,890 | ||
| 750 | Platte County School District 001, Columbus Public Schools, Nebraska, General Obligation Bonds, School Building Series 2014, 5.000%, 12/15/39 | 6/24 at 100.00 | Aa2 | 832,050 | ||
| Sarpy County School District 1, Bellevue Public School, Nebraska, General Obligation Bonds, School Building Series 2017: | ||||||
| 550 | 5.000%, 12/15/29 | 12/27 at 100.00 | Aa3 | 644,573 | ||
| 500 | 5.000%, 12/15/35 | 12/27 at 100.00 | Aa3 | 568,275 | ||
| 500 | Scotts Bluff County School District 16, Nebraska, General Obligation Bonds, Gering Public Schools Series 2017, 5.000%, 12/01/46 | 5/22 at 100.00 | A2 | 534,360 | ||
| Southeast Community College Area, Nebraska, Certificates of Participation, Series 2018: | ||||||
| 215 | 5.000%, 12/15/30 | 6/28 at 100.00 | Aa1 | 249,787 | ||
| 1,000 | 5.000%, 12/15/47 | 6/28 at 100.00 | Aa1 | 1,107,670 | ||
| 12,015 | Total Tax Obligation/General | 12,728,836 | ||||
| Tax Obligation/Limited – 6.4% | ||||||
| 500 | Columbus, Nebraska, Sales Tax Revenue Bonds, Police & Fire Project, Series 2018, 4.000%, 9/15/27 | 9/23 at 100.00 | A | 527,275 | ||
| 265 | Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42 | 1/22 at 100.00 | A | 272,799 | ||
| 2,460 | Lincoln- West Haymarket Joint Public Agency, Nebraska, General Obligation Facility Bonds, Series 2011, 5.000%, 12/15/42 | 12/21 at 100.00 | AAA | 2,644,820 | ||
| 500 | Omaha Public Facilities Corporation, Nebraska, Lease Revenue Bonds, Omaha Baseball Stadium Project, Series 2016, 4.000%, 6/01/36 | 6/26 at 100.00 | AA+ | 515,875 | ||
| 500 | Papio-Missouri River Natural Resources District, Nebraska, Flood Protection and Water Quality Enhancement Revenue Bonds, Series 2017, 4.000%, 12/15/31 | 6/22 at 100.00 | AA | 517,650 | ||
| 4,225 | Total Tax Obligation/Limited | 4,478,419 | ||||
| Transportation – 5.4% | ||||||
| Guam International Airport Authority, Revenue Bonds, Series 2013C: | ||||||
| 500 | 6.000%, 10/01/34 – AGM Insured (Alternative Minimum Tax) | 10/23 at 100.00 | AA | 571,365 | ||
| 165 | 6.375%, 10/01/43 (Alternative Minimum Tax) | 10/23 at 100.00 | BBB+ | 186,480 | ||
| 825 | Lincoln, Nebraska, Airport Revenue Bonds, Series 2015A, 4.000%, 7/01/45 | 7/25 at 100.00 | Aa1 | 832,557 | ||
| Omaha Airport Authority, Nebraska, Airport Facilities Revenue Refunding Bonds, Series 2017A: | ||||||
| 1,000 | 5.000%, 12/15/34 (Alternative Minimum Tax) | 12/26 at 100.00 | AA- | 1,117,200 | ||
| 1,000 | 5.000%, 12/15/36 (Alternative Minimum Tax) | 12/26 at 100.00 | AA- | 1,110,260 | ||
| 3,490 | Total Transportation | 3,817,862 | ||||
| U.S. Guaranteed – 5.2% (4) | ||||||
| 1,000 | Douglas County, Nebraska, Educational Facilities Revenue Bonds, Creighton University Projects, Refunding Series 2010A, 5.500%, 7/01/30 (Pre-refunded 7/01/20) | 7/20 at 100.00 | A2 | 1,053,660 | ||
| 1,300 | Lincoln, Nebraska, Electric System Revenue Bonds, Refunding Series 2012, 5.000%, 9/01/25 (Pre-refunded 9/01/22) | 9/22 at 100.00 | N/R | 1,431,482 |
60
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| U.S. Guaranteed (4) (continued) | ||||||
| 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+ | $791,326 | ||
| 365 | 4.500%, 11/15/29 (Pre-refunded 11/15/23) | 11/23 at 100.00 | AA+ | 403,964 | ||
| 3,380 | Total U.S. Guaranteed | 3,680,432 | ||||
| Utilities – 23.4% | ||||||
| Central Plains Energy Project, Nebraska, Gas Project 1 Revenue Bonds, Series 2007A: | ||||||
| 20 | 5.250%, 12/01/19 | No Opt. Call | A | 20,592 | ||
| 800 | 5.250%, 12/01/21 | No Opt. Call | A | 861,088 | ||
| 465 | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Refunding Crossover Series 2017A, 5.000%, 9/01/37 | No Opt. Call | A | 528,435 | ||
| 2,350 | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/42 | 9/22 at 100.00 | A | 2,528,882 | ||
| 1,500 | Fremont, Nebraska, Combined Utilities System Revenue Bonds, Series 2014B, 5.000%, 7/15/34 | 7/21 at 100.00 | AA- | 1,597,875 | ||
| 235 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 | 10/22 at 100.00 | BBB | 244,814 | ||
| 870 | Lincoln, Nebraska, Electric System Revenue Bonds, Series 2018, 5.000%, 9/01/34 | 3/27 at 100.00 | AA | 993,410 | ||
| 75 | Municipal Energy Agency of Nebraska, Power Supply System Revenue and Refunding Bonds, Series 2009A, 5.000%, 4/01/19 – BHAC Insured | No Opt. Call | AA+ | 75,770 | ||
| Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Refunding Series 2012A: | ||||||
| 100 | 5.000%, 4/01/22 | No Opt. Call | A | 108,715 | ||
| 110 | 5.000%, 4/01/31 | 4/22 at 100.00 | A | 117,869 | ||
| 1,850 | Nebraska Public Power District, General Revenue Bonds, Series 2012A, 5.000%, 1/01/34 | 1/22 at 100.00 | A+ | 1,979,407 | ||
| 1,500 | Nebraska Public Power District, General Revenue Bonds, Series 2016A, 5.000%, 1/01/41 | 1/26 at 100.00 | A+ | 1,651,785 | ||
| 500 | Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Refunding Series 2015C, 4.000%, 2/01/38 | 2/25 at 100.00 | AA | 511,040 | ||
| 1,000 | Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2017A, 5.000%, 2/01/42 | 12/27 at 100.00 | AA | 1,123,320 | ||
| 1,000 | Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2018A, 5.000%, 2/01/39 | 2/28 at 100.00 | AA | 1,133,790 | ||
| 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+ | 303,542 | ||
| 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 | 1,105,450 | ||
| 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 | 1,636,890 | ||
| 15,195 | Total Utilities | 16,522,674 | ||||
| Water and Sewer – 5.6% | ||||||
| 415 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2017, 5.000%, 7/01/40 | 7/27 at 100.00 | A- | 435,767 | ||
| 1,515 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46 | 7/26 at 100.00 | A- | 1,574,115 |
61
Nuveen Nebraska Municipal Bond Fund(continued)
Portfolio of Investments November 30, 2018
(Unaudited)
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Water and Sewer(continued) | ||||||
| $500 | Metropolitan Utilities District Omaha, Nebraska, Water Revenue Bonds, Series 2015, 3.250%, 12/01/32 | 12/25 at 100.00 | Aa2 | $495,270 | ||
| 1,395 | Omaha, Nebraska, Sanitary Sewage System Revenue Bonds, Series 2011, 4.250%, 11/15/41 | 11/21 at 100.00 | AA | 1,424,309 | ||
| 3,825 | Total Water and Sewer | 3,929,461 | ||||
| $64,965 | Total Long-Term Investments (cost $68,432,649) | 68,969,625 | ||||
| Other Assets Less Liabilities – 2.3% | 1,642,971 | |||||
| Net Assets – 100% | $70,612,596 | |||||
| (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. |
See accompanying notes to financial statements.
62
Nuveen Oregon Intermediate Municipal Bond Fund
Portfolio of Investments November 30, 2018
(Unaudited)
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| LONG-TERM INVESTMENTS – 99.2% | ||||||
| MUNICIPAL BONDS – 99.2% | ||||||
| Education and Civic Organizations – 4.9% | ||||||
| $2,500 | Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding Series 2014A, 4.500%, 5/01/29 | 5/22 at 100.00 | BBB | $2,611,500 | ||
| 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 | 1,186,564 | ||
| Forest Grove, Oregon, Student Housing Revenue Bonds, Oak Tree Foundation, Inc. Project, Series 2017: | ||||||
| 350 | 5.000%, 3/01/23 | No Opt. Call | BBB- | 377,237 | ||
| 440 | 5.000%, 3/01/24 | No Opt. Call | BBB- | 478,363 | ||
| 405 | 5.000%, 3/01/25 | No Opt. Call | BBB- | 443,771 | ||
| 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 | 1,435,468 | ||
| 500 | Oregon Facilities Authority, Revenue Bonds, Lewis & Clark College Project, Refunding Series 2011A, 5.250%, 10/01/24 | 10/21 at 100.00 | A- | 539,140 | ||
| 500 | Oregon Facilities Authority, Revenue Bonds, Linfield College, Series 2010A, 4.750%, 10/01/28 | 10/20 at 100.00 | Baa1 | 517,120 | ||
| 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 | 100,433 | ||
| 600 | Oregon Facilities Authority, Revenue Bonds, Redmond Proficiency Academy Project, Series 2016A, 5.000%, 6/15/33 | 6/25 at 100.00 | N/R | 578,376 | ||
| Oregon Facilities Authority, Revenue Bonds, Reed College, Series 2017A: | ||||||
| 795 | 5.000%, 7/01/30 | 7/27 at 100.00 | Aa2 | 925,277 | ||
| 400 | 4.000%, 7/01/32 | 7/27 at 100.00 | Aa2 | 426,572 | ||
| Oregon Facilities Authority, Revenue Bonds, University of Portland Projects, Series 2015A: | ||||||
| 450 | 5.000%, 4/01/29 | 4/25 at 100.00 | A | 510,111 | ||
| 700 | 5.000%, 4/01/30 | 4/25 at 100.00 | A | 790,902 | ||
| 210 | Oregon Facilities Authority, Revenue Bonds, Willamette University, Refunding Series 2010A, 4.000%, 10/01/24 | 4/20 at 100.00 | A | 214,702 | ||
| 10,315 | Total Education and Civic Organizations | 11,135,536 | ||||
| Health Care – 15.1% | ||||||
| 1,035 | Astoria Hospital Facilities Authority, Oregon, Hospital Revenue and Refunding Bonds, Columbia Memorial Hospital, Series 2012, 5.000%, 8/01/23 | 8/22 at 100.00 | A- | 1,126,587 | ||
| 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+ | 383,580 | ||
| 1,000 | 5.000%, 1/01/33 | 1/26 at 100.00 | A+ | 1,103,140 |
63
Nuveen Oregon Intermediate Municipal Bond Fund(continued)
Portfolio of Investments November 30, 2018
(Unaudited)
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Health Care(continued) | ||||||
| Klamath Falls Intercommunity Hospital Authority, Oregon, Revenue Bonds, Sky Lakes Medical Center Project, Refunding Series 2016: | ||||||
| $495 | 5.000%, 9/01/29 | 9/26 at 100.00 | A | $558,801 | ||
| 400 | 5.000%, 9/01/31 | 9/26 at 100.00 | A | 448,260 | ||
| 500 | Klamath Falls Intercommunity Hospital Authority, Oregon, Revenue Bonds, Sky Lakes Medical Center Project, Series 2012, 4.000%, 9/01/24 | 9/22 at 100.00 | A | 525,410 | ||
| 1,900 | Medford Hospital Facilities Authority, Oregon, Hospital Revenue Bonds, Asante Health System, Refunding Series 2010, 5.500%, 8/15/28 – AGM Insured | 8/20 at 100.00 | AA | 2,000,928 | ||
| Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Adventist Health System/West, Series 2009A: | ||||||
| 855 | 4.500%, 9/01/21 | 9/19 at 100.00 | A+ | 869,646 | ||
| 1,940 | 5.000%, 9/01/21 | 9/19 at 100.00 | A+ | 1,983,669 | ||
| 1,000 | Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Refunding Series 2016A, 5.000%, 6/01/30 | 6/26 at 100.00 | AA- | 1,130,550 | ||
| 1,020 | Oregon Facilities Authority, Revenue Bonds, Legacy Health System, Refunding Series 2010A, 4.750%, 3/15/24 | 3/20 at 100.00 | AA- | 1,051,906 | ||
| Oregon Facilities Authority, Revenue Bonds, Peacehealth System, Refunding Series 2014A: | ||||||
| 690 | 5.000%, 11/15/25 | 5/24 at 100.00 | AA- | 774,787 | ||
| 4,155 | 4.125%, 11/15/32 | 5/24 at 100.00 | AA- | 4,334,537 | ||
| 375 | Oregon Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2011C, 5.000%, 10/01/20 | No Opt. Call | AA- | 394,567 | ||
| 1,815 | Oregon Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2013A, 5.000%, 10/01/23 | No Opt. Call | AA- | 2,033,272 | ||
| Oregon Facilities Authority, Revenue Bonds, Samaritan Health Services, Refunding Series 2010A: | ||||||
| 1,250 | 5.000%, 10/01/19 | No Opt. Call | BBB+ | 1,278,887 | ||
| 430 | 5.000%, 10/01/23 | 10/20 at 100.00 | BBB+ | 452,373 | ||
| 500 | 5.000%, 10/01/24 | 10/20 at 100.00 | BBB+ | 526,525 | ||
| Oregon Facilities Authority, Revenue Bonds, Samaritan Health Services, Refunding Series 2016A: | ||||||
| 485 | 5.000%, 10/01/29 | 10/26 at 100.00 | BBB+ | 542,235 | ||
| 1,325 | 5.000%, 10/01/30 | 10/26 at 100.00 | BBB+ | 1,472,433 | ||
| Oregon Health and Science University, Revenue Bonds, Refunding Series 2012A: | ||||||
| 925 | 5.000%, 7/01/25 | 7/22 at 100.00 | AA- | 1,008,241 | ||
| 1,195 | 5.000%, 7/01/26 | 7/22 at 100.00 | AA- | 1,302,538 | ||
| 4,000 | Oregon Health and Science University, Revenue Bonds, Refunding Series 2016B, 5.000%, 7/01/33 | 7/26 at 100.00 | AA- | 4,532,800 | ||
| 1,000 | Oregon Health and Science University, Revenue Bonds, Series 2012E, 4.000%, 7/01/29 | 7/22 at 100.00 | AA- | 1,041,090 |
64
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Health Care(continued) | ||||||
| Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Hospital Project, Refunding Series 2016A: | ||||||
| $1,355 | 5.000%, 5/15/29 | 5/26 at 100.00 | AA- | $1,534,890 | ||
| 560 | 5.000%, 5/15/30 | 5/26 at 100.00 | AA- | 631,630 | ||
| 1,000 | 5.000%, 5/15/31 | 5/26 at 100.00 | AA- | 1,123,220 | ||
| 31,580 | Total Health Care | 34,166,502 | ||||
| Housing/Multifamily – 2.0% | ||||||
| Clackamas County Housing Authority, Oregon, Multifamily Housing Revenue Bonds, Easton Ridge Apartments Project, Series 2013A: | ||||||
| 285 | 4.000%, 9/01/22 | No Opt. Call | Aa2 | 300,589 | ||
| 195 | 4.000%, 9/01/23 | 3/23 at 100.00 | Aa2 | 206,053 | ||
| 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 | 356,367 | ||
| Oregon Facilities Authority, Revenue Bonds, CHF Ashland Southern Oregon University Project Series 2012: | ||||||
| 1,185 | 4.350%, 7/01/27 – AGM Insured | 7/22 at 100.00 | AA | 1,247,983 | ||
| 400 | 4.700%, 7/01/33 – AGM Insured | 7/22 at 100.00 | AA | 423,164 | ||
| 1,000 | Oregon Facilities Authority, Revenue Bonds, College Housing Northwest Projects, Refunding Series 2013, 5.000%, 10/01/24 | 10/23 at 100.00 | BBB- | 1,083,570 | ||
| Oregon Housing and Community Services Department, Multifamily Housing Revenue Bonds, Refunding Series 2010A: | ||||||
| 210 | 4.000%, 7/01/19 (Alternative Minimum Tax) | No Opt. Call | Aaa | 211,640 | ||
| 145 | 4.250%, 7/01/21 (Alternative Minimum Tax) | 1/20 at 100.00 | Aaa | 147,162 | ||
| 580 | Portland Housing Authority, Oregon, Housing Revenue Bonds, Yards at Union Station Project, Refunding Series 2007, 4.750%, 5/01/22 (Alternative Minimum Tax) | 5/22 at 100.00 | Aa2 | 580,928 | ||
| 4,340 | Total Housing/Multifamily | 4,557,456 | ||||
| Information Technology – 1.1% | ||||||
| 2,375 | Oregon State Business Development Commission, Recovery Zone Facility Revenue Bonds, Intel Corporation Project, 232 Series 2010, 2.400%, 12/01/40 (Mandatory Put 8/14/23) | No Opt. Call | A+ | 2,369,822 | ||
| Long-Term Care – 4.1% | ||||||
| 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 | 545,569 | ||
| 445 | 4.000%, 11/15/24 | No Opt. Call | N/R | 463,890 | ||
| 355 | 4.000%, 5/15/25 | No Opt. Call | N/R | 369,111 | ||
| 460 | 4.000%, 11/15/25 | No Opt. Call | N/R | 479,550 | ||
| 200 | 4.000%, 5/15/26 | 11/25 at 102.00 | N/R | 207,700 | ||
| 400 | 4.000%, 11/15/26 | 11/25 at 102.00 | N/R | 416,300 | ||
| 350 | 4.000%, 5/15/27 | 11/25 at 102.00 | N/R | 362,180 | ||
| 350 | 4.000%, 11/15/27 | 11/25 at 102.00 | N/R | 362,793 |
65
Nuveen Oregon Intermediate Municipal Bond Fund(continued)
Portfolio of Investments November 30, 2018
(Unaudited)
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Long-Term Care(continued) | ||||||
| Medford Hospital Facilities Authority, Oregon, Revenue Bonds, Rogue Valley Manor, Series 2013: | ||||||
| $250 | 5.000%, 10/01/19 | No Opt. Call | A- | $255,893 | ||
| 450 | 5.000%, 10/01/24 | 10/23 at 100.00 | A- | 493,524 | ||
| 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 | BBB | 1,580,280 | ||
| 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 | BBB | 351,429 | ||
| 700 | Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Mirabella South Waterfront, Refunding Series 2014A, 5.000%, 10/01/24 | No Opt. Call | N/R | 751,051 | ||
| 1,040 | Polk County Hospital Facility Authority, Oregon, Revenue Bonds, Dallas Retirement Village Project, Series 2015A, 5.125%, 7/01/35 | 7/25 at 100.00 | N/R | 1,058,242 | ||
| Salem Hospital Facility Authority, Oregon, Revenue Bonds, Capital Manor, Inc., Refunding Series 2012: | ||||||
| 450 | 5.000%, 5/15/22 | No Opt. Call | BBB | 481,851 | ||
| 550 | 5.750%, 5/15/27 | 5/22 at 100.00 | BBB | 599,736 | ||
| 450 | 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 | 477,221 | ||
| 8,800 | Total Long-Term Care | 9,256,320 | ||||
| Tax Obligation/General – 40.3% | ||||||
| 1,365 | Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Bonds, Convertible Deferred Interest Series 2017D, 5.000%, 6/15/26 (4) | No Opt. Call | AA+ | 1,609,144 | ||
| 620 | Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Bonds, Refunding Series 2016, 4.000%, 6/01/25 | No Opt. Call | Aa2 | 680,121 | ||
| 1,105 | Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Bonds, Series 2014B, 5.000%, 6/15/27 | 6/24 at 100.00 | AA+ | 1,250,650 | ||
| Benton and Linn Counties District School District 509J Corvallis, Oregon, General Obligation Bonds, Series 2018A: | ||||||
| 350 | 0.000%, 6/15/26 | No Opt. Call | AA+ | 381,525 | ||
| 2,835 | 0.000%, 6/15/27 | No Opt. Call | AA+ | 3,112,036 | ||
| Blue Mountain Hospital District, Grant County, Oregon, General Obligation Bonds, Refunding Series 2010: | ||||||
| 605 | 4.250%, 2/01/19 | No Opt. Call | Baa3 | 607,124 | ||
| 655 | 4.500%, 2/01/20 | No Opt. Call | Baa3 | 672,881 | ||
| 280 | 5.000%, 2/01/21 | No Opt. Call | Baa3 | 296,005 | ||
| Central Oregon Community College District, Crook, Jefferson, Deschutes, Klamath, Lake, and Wasco Counties, Oregon, General Obligation Bonds, Series 2010: | ||||||
| 1,000 | 4.000%, 6/15/19 | No Opt. Call | AA+ | 1,011,450 | ||
| 810 | 4.500%, 6/15/20 | No Opt. Call | AA+ | 841,493 | ||
| 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 | 6/24 at 100.00 | AA | 562,015 | ||
| 1,100 | Chemeketa Community College District, Oregon, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/15/26 | 6/24 at 100.00 | AA+ | 1,248,038 |
66
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Tax Obligation/General(continued) | ||||||
| $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 | Aa1 | $235,008 | ||
| 1,640 | 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+ | 1,743,615 | ||
| Clackamas and Washington Counties School District 3JT, Oregon, General Obligation Bonds, Refunding Series 2015: | ||||||
| 1,250 | 5.000%, 6/15/28 | 6/25 at 100.00 | AA+ | 1,438,700 | ||
| 2,000 | 5.000%, 6/15/30 | 6/25 at 100.00 | AA+ | 2,285,060 | ||
| 1,135 | Clackamas County School District 12, North Clackamas, Oregon, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/15/28 | 6/24 at 100.00 | AA+ | 1,282,720 | ||
| 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+ | 1,168,300 | ||
| 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+ | 1,752,450 | ||
| 580 | Clackamas County School District 62, Oregon City, Oregon, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/01/29 – AGM Insured | 6/24 at 100.00 | AA | 648,788 | ||
| 525 | Clackamas County School District 86, Oregon, General Obligation Bonds, Refunding Series 2012A, 5.000%, 6/15/25 | 6/22 at 100.00 | AA+ | 574,723 | ||
| 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 | 518,872 | ||
| 1,000 | David Douglas School District 40, Multnomah County, Oregon, General Obligation Bonds, Series 2012B, 0.000%, 6/15/25 | No Opt. Call | AA+ | 834,480 | ||
| 3,055 | Deshutes and Jefferson Counties School District 2J Redmond, Oregon, General Obligation Bonds, Series 2008, 0.000%, 6/15/22 | No Opt. Call | Aa1 | 2,821,965 | ||
| 2,000 | 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+ | 2,317,220 | ||
| 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+ | 3,051,339 | ||
| 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+ | 1,437,200 | ||
| 1,000 | Josephine County Unit School District Three Rivers, Oregon, General Obligation Bonds, Refunding Series 2005, 5.000%, 12/15/19 – FGIC Insured | No Opt. Call | Aa1 | 1,031,070 | ||
| 515 | Keizer, Oregon, General Obligation Assessment Bonds, Keizer Station Area A Local Improvement District, Series 2008, 5.200%, 6/01/31 | 6/19 at 100.00 | Aa3 | 516,185 | ||
| 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 | 1,302,096 | ||
| 1,495 | Lake Oswego, Oregon, General Obligation Bonds, Series 2013, 5.000%, 6/01/26 | 6/23 at 100.00 | AAA | 1,670,797 | ||
| 975 | Local Oregon Capital Assets Program, Certificates of Participation, City of Cottage Grove, Series 2013A, 4.000%, 9/15/19 | No Opt. Call | A2 | 989,089 | ||
| 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+ | 1,770,795 | ||
| 2,000 | 5.000%, 6/15/33 | 6/28 at 100.00 | AA+ | 2,337,220 | ||
| 1,000 | Marion County School District 103 Woodburn, Oregon, General Obligation Bonds, Series 2015, 5.000%, 6/15/27 | 6/25 at 100.00 | Aa1 | 1,157,480 |
67
Nuveen Oregon Intermediate Municipal Bond Fund(continued)
Portfolio of Investments November 30, 2018
(Unaudited)
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Tax Obligation/General(continued) | ||||||
| $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+ | $1,168,700 | ||
| 300 | Marion-Clackamas Counties School District 4J Silver Falls, Oregon, General Obligation Bonds, Refunding Series 2013, 5.000%, 6/15/24 | 6/23 at 100.00 | Aa1 | 336,486 | ||
| Multnomah County School District 7, Reynolds, Oregon, General Obligation Bonds, Series 2015A: | ||||||
| 1,500 | 5.000%, 6/15/29 | 6/25 at 100.00 | Aa1 | 1,711,860 | ||
| 2,250 | 5.000%, 6/15/30 | 6/25 at 100.00 | Aa1 | 2,557,687 | ||
| 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+ | 1,407,449 | ||
| Oregon City, Oregon, General Obligation Bonds, Series 2018: | ||||||
| 350 | 5.000%, 6/01/30 | 6/28 at 100.00 | AA+ | 413,844 | ||
| 765 | 5.000%, 6/01/31 | 6/28 at 100.00 | AA+ | 899,969 | ||
| 1,500 | Oregon Department of Administrative Services, General Obligation Bonds, Oregon Opportunity, Refunding Series 2010F, 5.000%, 12/01/20 | 6/20 at 100.00 | AA+ | 1,566,705 | ||
| Oregon State, General Obligation Bonds, Alternative Energy Series 2011B: | ||||||
| 540 | 5.000%, 1/01/20 (Alternative Minimum Tax) | No Opt. Call | AA+ | 557,372 | ||
| 560 | 5.000%, 1/01/21 (Alternative Minimum Tax) | No Opt. Call | AA+ | 592,256 | ||
| 100 | 5.000%, 1/01/23 (Alternative Minimum Tax) | 1/21 at 100.00 | AA+ | 105,426 | ||
| 2,255 | Oregon State, General Obligation Bonds, Article XI-Q State Projects, Refunding Series 2016G, 5.000%, 11/01/29 | 5/26 at 100.00 | AA+ | 2,608,990 | ||
| Pacific Communities Health District, Oregon, General Obligation Bonds, Series 2016: | ||||||
| 325 | 5.000%, 6/01/27 | 6/26 at 100.00 | A1 | 373,461 | ||
| 350 | 5.000%, 6/01/28 | 6/26 at 100.00 | A1 | 400,166 | ||
| 750 | 5.000%, 6/01/29 | 6/26 at 100.00 | A1 | 853,770 | ||
| 1,000 | 5.000%, 6/01/30 | 6/26 at 100.00 | A1 | 1,133,420 | ||
| 770 | 5.000%, 6/01/31 | 6/26 at 100.00 | A1 | 869,122 | ||
| 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+ | 1,416,002 | ||
| Port of Alsea, Lincoln County, Oregon, General Obligation Bonds, Series 2018: | ||||||
| 225 | 3.750%, 6/15/28 | No Opt. Call | N/R | 224,028 | ||
| 180 | 4.000%, 6/15/33 | 6/28 at 100.00 | N/R | 178,299 | ||
| 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+ | 1,044,729 | ||
| 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+ | 1,741,215 | ||
| 1,000 | 5.000%, 6/15/30 | 6/26 at 100.00 | AA+ | 1,155,700 | ||
| 2,235 | Portland, Oregon, General Obligation Bonds, Sellwood Bridge Project, Series 2014A, 5.000%, 6/01/28 | 6/24 at 100.00 | Aaa | 2,537,954 | ||
| 340 | Redmond, Oregon, Full Faith and Credit Obligations, Refunding Series 2012A, 4.000%, 6/01/25 | 6/22 at 100.00 | Aa3 | 358,945 | ||
| 350 | Redmond, Oregon, Full Faith and Credit Obligations, Series 2014A, 5.000%, 6/01/25 | 6/24 at 100.00 | Aa3 | 393,985 |
68
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Tax Obligation/General(continued) | ||||||
| Redmond, Oregon, Full Faith and Credit Obligations, Terminal Expansion Project, Series 2009: | ||||||
| $240 | 4.000%, 6/01/21 | 6/19 at 100.00 | Aa3 | $242,378 | ||
| 200 | 4.250%, 6/01/23 | 6/19 at 100.00 | Aa3 | 202,176 | ||
| 500 | 4.625%, 6/01/29 | 6/19 at 100.00 | Aa3 | 505,835 | ||
| 500 | Rogue Community College District, Jackson and Jospehine Counties, Oregon, General Obligation Bonds, Jackson County Service Area, Series 2016B, 4.000%, 6/15/31 | 6/26 at 100.00 | Aa1 | 531,540 | ||
| 800 | Salem-Keizer School District 24J, Marion and Polk Counties, Oregon, General Obligation Bonds, Series 2009B, 0.000%, 6/15/22 | No Opt. Call | AA+ | 738,976 | ||
| 1,385 | Tualatin Hills Park and Recreation District, Oregon, General Obligation Bonds, Refunding Series 2015, 5.000%, 6/01/26 | 6/25 at 100.00 | Aa1 | 1,606,669 | ||
| 1,080 | Umatilla County School District 016R Pendleton, Oregon, General Obligation Bonds, Series 2014A, 5.000%, 6/15/29 | 6/24 at 100.00 | Aa1 | 1,216,393 | ||
| Umatilla County School District 6R Umatilla, Oregon, General Obligation Bonds, Series 2017: | ||||||
| 245 | 0.000%, 6/15/27 | No Opt. Call | AA+ | 226,882 | ||
| 340 | 0.000%, 6/15/29 | 6/27 at 100.00 | AA+ | 310,872 | ||
| 315 | 0.000%, 6/15/31 | 6/27 at 100.00 | AA+ | 285,144 | ||
| 1,250 | 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+ | 1,460,375 | ||
| 965 | Washington County School District 15, Forest Grove, Oregon, General Obligation Bonds, Series 2012, 0.000%, 6/15/25 | No Opt. Call | AA+ | 807,358 | ||
| 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 | 1,405,114 | ||
| 1,200 | Washington Multnomah & Yamhill Counties School District 1J Hillsboro, Oregon, General Obligation Bonds, Refunding Series 2012, 4.000%, 6/15/23 | 6/22 at 100.00 | Aa1 | 1,275,216 | ||
| Washington Multnomah & Yamhill Counties School District 1J Hillsboro, Oregon, General Obligation Bonds, Series 2017: | ||||||
| 790 | 5.000%, 6/15/31 | 6/27 at 100.00 | Aa1 | 919,378 | ||
| 3,750 | 5.000%, 6/15/32 | 6/27 at 100.00 | Aa1 | 4,344,787 | ||
| 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+ | 1,168,300 | ||
| 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+ | 1,063,080 | ||
| 1,000 | 4.000%, 6/15/32 | 6/26 at 100.00 | AA+ | 1,056,670 | ||
| 82,645 | Total Tax Obligation/General | 91,132,337 | ||||
| Tax Obligation/Limited – 12.3% | ||||||
| Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D: | ||||||
| 2,260 | 5.000%, 11/15/28 | 11/25 at 100.00 | A | 2,467,468 | ||
| 500 | 5.000%, 11/15/29 | 11/25 at 100.00 | A | 543,190 | ||
| 750 | Metro, Oregon, Dedicated Tax Revenue Bonds, Oregon Convention Center Hotel, Series 2017, 5.000%, 6/15/30 | 6/27 at 100.00 | Aa3 | 865,140 |
69
Nuveen Oregon Intermediate Municipal Bond Fund(continued)
Portfolio of Investments November 30, 2018
(Unaudited)
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Tax Obligation/Limited(continued) | ||||||
| Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Refunding Senior Lien Series 2014A: | ||||||
| $1,980 | 5.000%, 11/15/26 | 11/24 at 100.00 | AAA | $2,272,703 | ||
| 1,000 | 5.000%, 11/15/27 | 11/24 at 100.00 | AAA | 1,143,050 | ||
| Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Refunding Senior Lien Series 2015A: | ||||||
| 2,000 | 5.000%, 11/15/27 | 11/24 at 100.00 | AAA | 2,286,100 | ||
| 3,000 | 5.000%, 11/15/28 | 11/24 at 100.00 | AAA | 3,418,440 | ||
| 1,000 | Portland, Oregon, River District Urban Renewal and Redevelopment Bonds, Series 2012B, 5.000%, 6/15/23 | 6/22 at 100.00 | A1 | 1,091,870 | ||
| 2,030 | Portland, Oregon, South Park Blocks Urban Renewal and Redevelopment Bonds, Series 2008B, 5.000%, 6/15/21 | 6/21 at 100.00 | Aa3 | 2,065,281 | ||
| 2,655 | Portland, Oregon, Urban Renewal and Redevelopment Revenue Bonds, North Macadam Series 2010B, 5.000%, 6/15/24 | 6/20 at 100.00 | A1 | 2,768,236 | ||
| 1,600 | Seaside, Clatsop County, Oregon, Transient Lodgings Tax Revenue Bonds, Series 2018, 5.000%, 12/15/30 | 6/28 at 100.00 | A3 | 1,838,880 | ||
| 1,000 | Tri-County Metropolitan Transportation District, Oregon, Capital Grant Receipt Revenue Bonds, Series 2017A, 5.000%, 10/01/27 | No Opt. Call | A | 1,169,570 | ||
| 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 | 1,151,970 | ||
| 750 | 4.000%, 10/01/33 | 4/28 at 100.00 | A | 779,355 | ||
| Tri-County Metropolitan Transportation District, Oregon, Payroll Tax Revenue Bonds, Refunding Senior Lien Series 2016A: | ||||||
| 1,000 | 4.000%, 9/01/31 | 9/26 at 100.00 | AAA | 1,076,780 | ||
| 655 | 4.000%, 9/01/32 | 9/26 at 100.00 | AAA | 699,894 | ||
| Tri-County Metropolitan Transportation District, Oregon, Payroll Tax Revenue Bonds, Senior Lien Series 2018A: | ||||||
| 1,000 | 5.000%, 9/01/30 | 9/27 at 100.00 | AAA | 1,175,910 | ||
| 855 | 5.000%, 9/01/31 | 9/27 at 100.00 | AAA | 1,001,684 | ||
| 25,035 | Total Tax Obligation/Limited | 27,815,521 | ||||
| Transportation – 2.6% | ||||||
| Jackson County, Oregon, Airport Revenue Bonds, Refunding Series 2016: | ||||||
| 395 | 5.000%, 12/01/30 – AGM Insured | 6/26 at 100.00 | AA | 449,628 | ||
| 430 | 5.000%, 12/01/31 – AGM Insured | 6/26 at 100.00 | AA | 488,325 | ||
| 380 | 5.000%, 12/01/33 – AGM Insured | 6/26 at 100.00 | AA | 429,465 | ||
| 350 | 4.000%, 12/01/34 – AGM Insured | 6/26 at 100.00 | AA | 364,424 | ||
| 1,030 | Port of Portland, Oregon, International Airport Revenue Bonds, Series 2011, 5.000%, 7/01/23 (Alternative Minimum Tax) | 7/21 at 100.00 | AA- | 1,102,677 | ||
| 1,250 | Port of Portland, Oregon, International Airport Revenue Bonds, Series 2015-23, 5.000%, 7/01/28 | 7/25 at 100.00 | AA- | 1,422,575 | ||
| 1,500 | Port of Portland, Oregon, Portland International Airport Passenger Facility Charge Revenue Bonds, Series 2011A, 5.000%, 7/01/26 | 7/21 at 100.00 | A | 1,602,330 | ||
| 5,335 | Total Transportation | 5,859,424 |
70
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| U.S. Guaranteed – 6.5% (5) | ||||||
| $1,000 | Clackamas County Hospital Facility Authority, Oregon, Revenue Bonds, Legacy Health System, Series 2009A, 5.000%, 7/15/21 (Pre-refunded 7/15/19) | 7/19 at 100.00 | A1 | $1,019,310 | ||
| 1,000 | Clackamas County School District 46 Oregon Trail, Oregon, General Obligation Bonds, Series 2009A, 5.000%, 6/15/24 (Pre-refunded 6/15/19) | 6/19 at 100.00 | AA+ | 1,017,030 | ||
| 1,105 | Local Oregon Capital Assets Program, Certificates of Participation, City of Cottage Grove, Series 2013A, 4.250%, 9/15/23 (Pre-refunded 9/15/21) | 9/21 at 100.00 | A2 | 1,170,040 | ||
| 1,500 | Oregon Department of Administrative Services, Certificates of Participation, Series 2009A, 4.700%, 5/01/25 (Pre-refunded 5/01/19) | 5/19 at 100.00 | AA | 1,517,580 | ||
| 945 | Oregon Facilities Authority, Revenue Bonds, Concordia University Project, Series 2010A, 6.125%, 9/01/30 (Pre-refunded 9/01/20), 144A | 9/20 at 100.00 | N/R | 1,000,282 | ||
| 1,000 | Oregon Facilities Authority, Revenue Bonds, Peacehealth System, Refunding Series 2009A, 5.000%, 11/01/20 (Pre-refunded 11/01/19) | 11/19 at 100.00 | AA- | 1,027,040 | ||
| 1,000 | Oregon Facilities Authority, Revenue Bonds, Reed College, Refunding Series 2011A, 5.000%, 7/01/29 (Pre-refunded 7/01/20) | 7/20 at 100.00 | Aa2 | 1,047,540 | ||
| 1,055 | Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Senior Lien Series 2009A, 5.000%, 11/15/21 (Pre-refunded 5/15/19) | 5/19 at 100.00 | AAA | 1,070,192 | ||
| 400 | Salem, Oregon, General Obligation Bonds, Series 2009, 5.000%, 6/01/22 (Pre-refunded 6/01/19) | 6/19 at 100.00 | AA | 406,216 | ||
| Tri-County Metropolitan Transportation District, Oregon, Capital Grant Receipt Revenue Bonds, Series 2011A: | ||||||
| 1,000 | 5.000%, 10/01/25 (Pre-refunded 10/01/21) | 10/21 at 100.00 | A | 1,079,970 | ||
| 1,715 | 5.000%, 10/01/26 (Pre-refunded 10/01/21) | 10/21 at 100.00 | A | 1,852,149 | ||
| 2,305 | Tri-County Metropolitan Transportation District, Oregon, Payroll Tax Revenue Bonds, Senior Lien Series 2012A, 5.000%, 9/01/24 (Pre-refunded 9/01/22) | 9/22 at 100.00 | AAA | 2,546,887 | ||
| 14,025 | Total U.S. Guaranteed | 14,754,236 | ||||
| Utilities – 0.9% | ||||||
| Central Lincoln Peoples Utility District, Oregon, Electric Revenue Bonds, Series 2016: | ||||||
| 500 | 3.500%, 12/01/29 | 12/25 at 100.00 | AA- | 514,190 | ||
| 350 | 5.000%, 12/01/33 | 12/25 at 100.00 | AA- | 395,017 | ||
| 350 | 5.000%, 12/01/34 | 12/25 at 100.00 | AA- | 393,841 | ||
| 500 | Emerald Peoples Utility District, Oregon, Electric System Revenue Bonds, Refunding Series 2013, 5.000%, 11/01/22 – AGM Insured | No Opt. Call | A1 | 550,735 | ||
| 250 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/21 – AGM Insured | No Opt. Call | AA | 267,660 | ||
| 1,950 | Total Utilities | 2,121,443 | ||||
| Water and Sewer – 9.4% | ||||||
| 1,295 | Albany, Oregon, General Obligation Bonds, Refunding Series 2013, 5.000%, 8/01/25 | 8/23 at 100.00 | Aa3 | 1,445,168 | ||
| Clackamas River Water, Oregon, Water Revenue Bonds, Series 2016: | ||||||
| 300 | 4.000%, 11/01/27 | 5/25 at 100.00 | AA- | 322,764 | ||
| 150 | 5.000%, 11/01/28 | 5/25 at 100.00 | AA- | 170,610 | ||
| 350 | 5.000%, 11/01/30 | 5/25 at 100.00 | AA- | 395,889 | ||
| 270 | 5.000%, 11/01/33 | 5/25 at 100.00 | AA- | 303,542 | ||
| 400 | Eugene, Oregon, Water Utility System Revenue Bonds, Refunding Series 2016, 5.000%, 8/01/27 | 8/26 at 100.00 | AA+ | 467,968 |
71
Nuveen Oregon Intermediate Municipal Bond Fund(continued)
Portfolio of Investments November 30, 2018
(Unaudited)
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Water and Sewer(continued) | ||||||
| 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- | $1,159,529 | ||
| 1,120 | 5.000%, 7/01/29 | 7/26 at 100.00 | A- | 1,213,531 | ||
| 1,180 | 5.000%, 7/01/30 | 7/26 at 100.00 | A- | 1,272,111 | ||
| 3,070 | Portland, Oregon, Sewer System Revenue Bonds, Second Lien Series 2015B, 5.000%, 6/01/25 | No Opt. Call | Aa2 | 3,567,401 | ||
| 1,995 | Portland, Oregon, Sewer System Revenue Bonds, Second Lien Series 2018A, 4.500%, 5/01/30 | 5/26 at 100.00 | Aa2 | 2,212,974 | ||
| 2,500 | Portland, Oregon, Water System Revenue Bonds, Refunding First Lien Series 2016A, 4.000%, 4/01/33 | 4/26 at 100.00 | Aaa | 2,637,175 | ||
| Redmond, Oregon, Water Revenue Bonds, Series 2010: | ||||||
| 450 | 4.500%, 6/01/25 | 6/20 at 100.00 | Aa3 | 465,457 | ||
| 5 | 4.500%, 6/01/30 | 6/20 at 100.00 | Aa3 | 5,166 | ||
| 1,000 | Sunrise Water Authority, Oregon, Water Revenue Bonds, Refunding Series 2014, 4.000%, 3/01/23 | No Opt. Call | AA | 1,071,420 | ||
| Tigard, Washington County, Oregon, Water System Revenue Bonds, Series 2012: | ||||||
| 1,435 | 5.000%, 8/01/26 | 8/22 at 100.00 | AA- | 1,569,876 | ||
| 1,915 | 5.000%, 8/01/30 | 8/22 at 100.00 | AA- | 2,090,778 | ||
| 900 | Woodburn, Marion County, Oregon, Wastewater Revenue Bonds, Refunding Series 2011A, 5.000%, 3/01/20 | No Opt. Call | A1 | 932,022 | ||
| 19,400 | Total Water and Sewer | 21,303,381 | ||||
| $205,800 | Total Long-Term Investments (cost $222,637,113) | 224,471,978 | ||||
| Other Assets Less Liabilities – 0.8% | 1,864,303 | |||||
| Net Assets – 100% | $226,336,281 | |||||
| (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. |
See accompanying notes to financial statements.
72
Statement of Assets and Liabilities
November 30, 2018
(Unaudited)
| Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
| Assets | ||||
| Long-term investments, at value (cost $338,634,979, $375,798,877, $68,432,649 and $222,637,113, respectively) | $342,467,129 | $381,395,404 | $68,969,625 | $224,471,978 |
| Short-term investments, at value (cost approximates value) | 3,000,000 | 5,000,000 | — | — |
| Cash | 1,116,087 | 3,702,303 | 586,519 | — |
| Receivable for: | ||||
| Interest | 4,093,412 | 4,759,423 | 993,251 | 3,181,726 |
| Investments sold | — | 6,173,340 | 439,406 | — |
| Shares sold | 314,258 | 931,873 | 241,773 | 198,255 |
| Other assets | 24,747 | 19,726 | 13,801 | 6,741 |
| Total assets | 351,015,633 | 401,982,069 | 71,244,375 | 227,858,700 |
| Liabilities | ||||
| Cash overdraft | — | — | — | 252,043 |
| Payable for: | ||||
| Dividends | 410,957 | 218,559 | 29,344 | 238,810 |
| Investments purchased | 1,464,530 | 8,773,908 | 444,150 | — |
| Shares redeemed | 948,230 | 1,141,210 | 77,816 | 837,439 |
| Accrued expenses: | ||||
| Directors fees | 18,340 | 11,989 | 296 | 984 |
| Management fees | 149,918 | 164,976 | 28,042 | 99,194 |
| 12b-1 distribution and service fees | 29,223 | 56,196 | 9,451 | 11,009 |
| Other | 143,142 | 138,658 | 42,680 | 82,940 |
| Total liabilities | 3,164,340 | 10,505,496 | 631,779 | 1,522,419 |
| Net assets | $347,851,293 | $391,476,573 | $70,612,596 | $226,336,281 |
| Class A Shares | ||||
| Net assets | $89,146,596 | $172,423,222 | $31,234,129 | $33,238,562 |
| Shares outstanding | 8,809,717 | 15,203,618 | 3,013,051 | 3,322,500 |
| Net asset value ("NAV") per share | $10.12 | $11.34 | $10.37 | $10.00 |
| Offering price per share (NAV per share plus maximum sales charge of 3.00%, 4.20%, 4.20% and 3.00%, respectively, of offering price) | $10.43 | $11.84 | $10.82 | $10.31 |
| Class C Shares | ||||
| Net assets | $12,961,888 | $27,027,802 | $2,652,115 | $2,872,026 |
| Shares outstanding | 1,288,784 | 2,385,505 | 256,362 | 288,674 |
| NAV and offering price per share | $10.06 | $11.33 | $10.35 | $9.95 |
| Class C1 Shares | ||||
| Net assets | $1,470,571 | $3,708,707 | $1,234,201 | $ — |
| Shares outstanding | 144,841 | 328,486 | 119,821 | — |
| NAV and offering price per share | $10.15 | $11.29 | $10.30 | $ — |
| Class C2 Shares | ||||
| Net assets | $4,698,813 | $6,388,293 | $2,425,781 | $5,166,289 |
| Shares outstanding | 465,898 | 562,927 | 233,772 | 517,385 |
| NAV and offering price per share | $10.09 | $11.35 | $10.38 | $9.99 |
| Class I Shares | ||||
| Net assets | $239,573,425 | $181,928,549 | $33,066,370 | $185,059,404 |
| Shares outstanding | 23,792,673 | 16,059,967 | 3,184,180 | 18,471,189 |
| NAV and offering price per share | $10.07 | $11.33 | $10.38 | $10.02 |
| Fund level net assets consist of: | ||||
| Capital paid-in | $346,493,515 | $396,465,946 | $72,341,447 | $227,894,565 |
| Total distributable earnings | 1,357,778 | (4,989,373) | (1,728,851) | (1,558,284) |
| Fund level net assets | $347,851,293 | $391,476,573 | $70,612,596 | $226,336,281 |
| Authorized shares - per class | 2 billion | 2 billion | 2 billion | 2 billion |
| Par value per share | $0.0001 | $0.0001 | $0.0001 | $0.0001 |
See accompanying notes to financial statements.
73
Statement of Operations
Six Months Ended November 30, 2018
(Unaudited)
| Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
| Investment Income | $6,605,874 | $7,902,803 | $1,316,213 | $3,538,223 |
| Expenses | ||||
| Management fees | 948,642 | 1,011,880 | 191,901 | 622,092 |
| 12b-1 service fees - Class A Shares | 91,240 | 171,442 | 31,843 | 35,768 |
| 12b-1 distibution and service fees - Class C Shares | 70,545 | 144,969 | 14,494 | 14,878 |
| 12b-1 distibution and service fees - Class C1 Shares | 5,358 | 17,226 | 4,697 | — |
| 12b-1 distibution and service fees - Class C2 Shares | 19,017 | 24,455 | 10,765 | 20,418 |
| Shareholder servicing agent fees | 66,742 | 78,373 | 16,272 | 33,897 |
| Custodian fees | 35,806 | 33,754 | 7,559 | 22,278 |
| Directors fees | 5,473 | 5,861 | 1,063 | 3,507 |
| Professional fees | 20,721 | 21,112 | 12,364 | 16,753 |
| Shareholder reporting expenses | 16,608 | 21,425 | 7,115 | 9,063 |
| Federal and state registration fees | 11,006 | 14,248 | 15,051 | 8,603 |
| Other | 6,064 | 5,340 | 2,552 | 4,232 |
| Total expenses before fee waiver/expense reimbursement | 1,297,222 | 1,550,085 | 315,676 | 791,489 |
| Fee waiver/expense reimbursement | — | — | (7,088) | — |
| Net expenses | 1,297,222 | 1,550,085 | 308,588 | 791,489 |
| Net investment income (loss) | 5,308,652 | 6,352,718 | 1,007,625 | 2,746,734 |
| Realized and Unrealized Gain (Loss) | ||||
| Net realized gain (loss) from investments | (533,099) | (1,184,642) | (177,551) | (398,508) |
| Change in net unrealized appreciation (depreciation) of investments | (4,427,844) | (6,709,194) | (1,049,839) | (1,646,346) |
| Net realized and unrealized gain (loss) | (4,960,943) | (7,893,836) | (1,227,390) | (2,044,854) |
| Net increase (decrease) in net assets from operations | $347,709 | $(1,541,118) | $(219,765) | $701,880 |
See accompanying notes to financial statements.
74
Statement of Changes in Net Assets
(Unaudited)
| Minnesota Intermediate | Minnesota | ||||
| Six Months Ended 11/30/18 | Year Ended(1) 5/31/18 | Six Months Ended 11/30/18 | Year Ended(1) 5/31/18 | ||
| Operations | |||||
| Net investment income (loss) | $5,308,652 | $10,251,252 | $6,352,718 | $11,495,563 | |
| Net realized gain (loss) from investments | (533,099) | (285,608) | (1,184,642) | (495,235) | |
| Change in net unrealized appreciation (depreciation) of investments | (4,427,844) | (6,493,757) | (6,709,194) | (4,992,066) | |
| Net increase (decrease) in net assets from operations | 347,709 | 3,471,887 | (1,541,118) | 6,008,262 | |
| Distributions to Shareholders(2) | |||||
| Dividends(3) | |||||
| Class A Shares | (1,287,963) | (2,655,104) | (2,645,354) | (5,028,877) | |
| Class C Shares | (141,850) | (283,748) | (327,136) | (690,003) | |
| Class C1 Shares | (19,298) | (47,294) | (68,454) | (298,455) | |
| Class C2 Shares | (56,852) | (126,206) | (81,833) | (193,333) | |
| Class I Shares | (3,802,300) | (7,326,418) | (3,034,069) | (5,581,728) | |
| Decrease in net assets from distributions to shareholders | (5,308,263) | (10,438,770) | (6,156,846) | (11,792,396) | |
| Fund Share Transactions | |||||
| Proceeds from sale of shares | 46,703,089 | 107,916,066 | 66,412,981 | 104,024,426 | |
| Proceeds from shares issued to shareholders due to reinvestment of distributions | 2,783,295 | 5,273,516 | 4,797,695 | 9,078,659 | |
| 49,486,384 | 113,189,582 | 71,210,676 | 113,103,085 | ||
| Cost of shares redeemed | (70,969,541) | (70,426,038) | (61,415,407) | (71,064,920) | |
| Net increase (decrease) in net assets from Fund share transactions | (21,483,157) | 42,763,544 | 9,795,269 | 42,038,165 | |
| Net increase (decrease) in net assets | (26,443,711) | 35,796,661 | 2,097,305 | 36,254,031 | |
| Net assets at the beginning of period | 374,295,004 | 338,498,343 | 389,379,268 | 353,125,237 | |
| Net assets at the end of period | $347,851,293 | $374,295,004 | $391,476,573 | $389,379,268 | |
| (1) | Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 9 - New Accounting Pronouncements for further details. |
| (2) | The composition and per share amounts of the Fund's distributions are presented in the Financial Highlights. The distribution information for the Fund as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 - Income Tax Information. |
| (3) | For the fiscal year ended May 31, 2018, the Fund's distributions to shareholders were paid from net investment income. |
See accompanying notes to financial statements.
75
Statement of Changes in Net Assets(Unaudited) (continued)
| Nebraska | Oregon Intermediate | ||||
| Six Months Ended 11/30/18 | Year Ended(1) 5/31/18 | Six Months Ended 11/30/18 | Year Ended(1) 5/31/18 | ||
| Operations | |||||
| Net investment income (loss) | $1,007,625 | $2,027,528 | $2,746,734 | $5,000,821 | |
| Net realized gain (loss) from investments | (177,551) | 133,462 | (398,508) | 4,952 | |
| Change in net unrealized appreciation (depreciation) of investments | (1,049,839) | (1,489,052) | (1,646,346) | (5,000,947) | |
| Net increase (decrease) in net assets from operations | (219,765) | 671,938 | 701,880 | 4,826 | |
| Distributions to Shareholders(2) | |||||
| Dividends(3) | |||||
| Class A Shares | (447,197) | (874,682) | (373,203) | (937,571) | |
| Class C Shares | (28,420) | (66,263) | (18,767) | (48,917) | |
| Class C1 Shares | (16,552) | (57,344) | — | — | |
| Class C2 Shares | (31,987) | (82,745) | (40,716) | (95,630) | |
| Class I Shares | (496,542) | (1,039,814) | (2,173,322) | (4,064,564) | |
| Decrease in net assets from distributions to shareholders | (1,020,698) | (2,120,848) | (2,606,008) | (5,146,682) | |
| Fund Share Transactions | |||||
| Proceeds from sale of shares | 5,904,799 | 23,265,597 | 26,830,400 | 74,793,274 | |
| Proceeds from shares issued to shareholders due to reinvestment of distributions | 835,054 | 1,678,753 | 1,148,686 | 2,397,171 | |
| 6,739,853 | 24,944,350 | 27,979,086 | 77,190,445 | ||
| Cost of shares redeemed | (8,998,370) | (12,641,526) | (34,437,689) | (52,899,366) | |
| Net increase (decrease) in net assets from Fund share transactions | (2,258,517) | 12,302,824 | (6,458,603) | 24,291,079 | |
| Net increase (decrease) in net assets | (3,498,980) | 10,853,914 | (8,362,731) | 19,149,223 | |
| Net assets at the beginning of period | 74,111,576 | 63,257,662 | 234,699,012 | 215,549,789 | |
| Net assets at the end of period | $70,612,596 | $74,111,576 | $226,336,281 | $234,699,012 | |
| (1) | Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 9 - New Accounting Pronouncements for further details. |
| (2) | The composition and per share amounts of the Fund's distributions are presented in the Financial Highlights. The distribution information for the Fund as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 - Income Tax Information. |
| (3) | For the fiscal year ended May 31, 2018, the Fund's distributions to shareholders were paid from net investment income. |
See accompanying notes to financial statements.
76
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77
Financial Highlights
(Unaudited)
Minnesota Intermediate
Selected data for a share outstanding throughout each period:
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions | ||||||||
| Class (Commencement Date) Year Ended May 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
| Class A (02/94) | |||||||||
| 2019(d) | $10.26 | $0.14 | $(0.14) | $ — | $(0.14) | $ — | $(0.14) | $10.12 | |
| 2018 | 10.46 | 0.29 | (0.20) | 0.09 | (0.29) | — | (0.29) | 10.26 | |
| 2017 | 10.66 | 0.29 | (0.20) | 0.09 | (0.29) | — | (0.29) | 10.46 | |
| 2016 | 10.43 | 0.30 | 0.23 | 0.53 | (0.30) | — | (0.30) | 10.66 | |
| 2015 | 10.49 | 0.31 | (0.05) | 0.26 | (0.32) | — | (0.32) | 10.43 | |
| 2014 | 10.56 | 0.33 | (0.06) | 0.27 | (0.32) | (0.02) | (0.34) | 10.49 | |
| Class C (02/14) | |||||||||
| 2019(d) | 10.19 | 0.10 | (0.13) | (0.03) | (0.10) | — | (0.10) | 10.06 | |
| 2018 | 10.39 | 0.20 | (0.19) | 0.01 | (0.21) | — | (0.21) | 10.19 | |
| 2017 | 10.60 | 0.21 | (0.21) | — | (0.21) | — | (0.21) | 10.39 | |
| 2016 | 10.37 | 0.21 | 0.24 | 0.45 | (0.22) | — | (0.22) | 10.60 | |
| 2015 | 10.42 | 0.22 | (0.03) | 0.19 | (0.24) | — | (0.24) | 10.37 | |
| 2014(e) | 10.27 | 0.06 | 0.16 | 0.22 | (0.07) | — | (0.07) | 10.42 | |
| Class C1 (10/09) | |||||||||
| 2019(d) | 10.29 | 0.12 | (0.14) | (0.02) | (0.12) | — | (0.12) | 10.15 | |
| 2018 | 10.49 | 0.24 | (0.19) | 0.05 | (0.25) | — | (0.25) | 10.29 | |
| 2017 | 10.69 | 0.25 | (0.21) | 0.04 | (0.24) | — | (0.24) | 10.49 | |
| 2016 | 10.46 | 0.25 | 0.23 | 0.48 | (0.25) | — | (0.25) | 10.69 | |
| 2015 | 10.52 | 0.27 | (0.05) | 0.22 | (0.28) | — | (0.28) | 10.46 | |
| 2014 | 10.59 | 0.29 | (0.07) | 0.22 | (0.27) | (0.02) | (0.29) | 10.52 | |
| Class C2 (01/11)(f) | |||||||||
| 2019(d) | 10.22 | 0.12 | (0.14) | (0.02) | (0.11) | — | (0.11) | 10.09 | |
| 2018 | 10.42 | 0.23 | (0.20) | 0.03 | (0.23) | — | (0.23) | 10.22 | |
| 2017 | 10.62 | 0.23 | (0.20) | 0.03 | (0.23) | — | (0.23) | 10.42 | |
| 2016 | 10.39 | 0.24 | 0.23 | 0.47 | (0.24) | — | (0.24) | 10.62 | |
| 2015 | 10.44 | 0.26 | (0.05) | 0.21 | (0.26) | — | (0.26) | 10.39 | |
| 2014 | 10.51 | 0.28 | (0.07) | 0.21 | (0.26) | (0.02) | (0.28) | 10.44 | |
| Class I (02/94) | |||||||||
| 2019(d) | 10.20 | 0.15 | (0.13) | 0.02 | (0.15) | — | (0.15) | 10.07 | |
| 2018 | 10.40 | 0.31 | (0.20) | 0.11 | (0.31) | — | (0.31) | 10.20 | |
| 2017 | 10.60 | 0.31 | (0.20) | 0.11 | (0.31) | — | (0.31) | 10.40 | |
| 2016 | 10.37 | 0.32 | 0.23 | 0.55 | (0.32) | — | (0.32) | 10.60 | |
| 2015 | 10.43 | 0.33 | (0.05) | 0.28 | (0.34) | — | (0.34) | 10.37 | |
| 2014 | 10.50 | 0.35 | (0.06) | 0.29 | (0.34) | (0.02) | (0.36) | 10.43 | |
78
| Ratios/Supplemental Data | ||||
| Ratios to Average Net Assets | ||||
| Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(c) |
| 0.04% | $89,147 | 0.81%* | 2.82%* | 11% |
| 0.92 | 95,506 | 0.81 | 2.78 | 21 |
| 0.88 | 90,431 | 0.81 | 2.79 | 16 |
| 5.15 | 92,835 | 0.82 | 2.81 | 11 |
| 2.52 | 74,086 | 0.82 | 2.97 | 11 |
| 2.68 | 65,375 | 0.84 | 3.25 | 12 |
| (0.27) | 12,962 | 1.61* | 2.01* | 11 |
| 0.10 | 14,453 | 1.61 | 1.98 | 21 |
| (0.02) | 13,522 | 1.61 | 2.00 | 16 |
| 4.34 | 12,184 | 1.61 | 1.99 | 11 |
| 1.82 | 7,067 | 1.62 | 2.13 | 11 |
| 2.19 | 1,052 | 1.64* | 2.29* | 12 |
| (0.19) | 1,471 | 1.26* | 2.36* | 11 |
| 0.45 | 1,797 | 1.26 | 2.33 | 21 |
| 0.42 | 2,118 | 1.26 | 2.34 | 16 |
| 4.66 | 2,386 | 1.27 | 2.36 | 11 |
| 2.05 | 2,415 | 1.27 | 2.53 | 11 |
| 2.20 | 2,836 | 1.29 | 2.81 | 12 |
| (0.16) | 4,699 | 1.36* | 2.27* | 11 |
| 0.33 | 5,251 | 1.37 | 2.23 | 21 |
| 0.30 | 5,937 | 1.36 | 2.25 | 16 |
| 4.57 | 6,626 | 1.37 | 2.27 | 11 |
| 2.05 | 7,093 | 1.38 | 2.44 | 11 |
| 2.09 | 8,021 | 1.39 | 2.70 | 12 |
| 0.23 | 239,573 | 0.61* | 3.01* | 11 |
| 1.09 | 257,288 | 0.61 | 2.98 | 21 |
| 1.06 | 226,491 | 0.61 | 2.99 | 16 |
| 5.36 | 227,359 | 0.62 | 3.01 | 11 |
| 2.71 | 201,903 | 0.63 | 3.19 | 11 |
| 2.88 | 176,410 | 0.64 | 3.45 | 12 |
| (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) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| (d) | For the six months ended November 30, 2018. |
| (e) | For the period February 10, 2014 (commencement of operations) through May 31, 2014. |
| (f) | Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014. |
| * | Annualized. |
See accompanying notes to financial statements.
79
Financial Highlights(Unaudited) (continued)
Minnesota
Selected data for a share outstanding throughout each period:
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions | ||||||||
| Class (Commencement Date) Year Ended May 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
| Class A (07/88) | |||||||||
| 2019(d) | $11.56 | $0.18 | $(0.22) | $(0.04) | $(0.18) | $ — | $(0.18) | $11.34 | |
| 2018 | 11.74 | 0.36 | (0.17) | 0.19 | (0.37) | — | (0.37) | 11.56 | |
| 2017 | 12.00 | 0.37 | (0.26) | 0.11 | (0.37) | — | (0.37) | 11.74 | |
| 2016 | 11.68 | 0.40 | 0.34 | 0.74 | (0.42) | — | (0.42) | 12.00 | |
| 2015 | 11.63 | 0.43 | 0.05 | 0.48 | (0.43) | — | (0.43) | 11.68 | |
| 2014 | 11.87 | 0.44 | (0.21) | 0.23 | (0.42) | (0.05) | (0.47) | 11.63 | |
| Class C (02/14) | |||||||||
| 2019(d) | 11.55 | 0.14 | (0.23) | (0.09) | (0.13) | — | (0.13) | 11.33 | |
| 2018 | 11.73 | 0.27 | (0.17) | 0.10 | (0.28) | — | (0.28) | 11.55 | |
| 2017 | 11.98 | 0.27 | (0.25) | 0.02 | (0.27) | — | (0.27) | 11.73 | |
| 2016 | 11.68 | 0.31 | 0.32 | 0.63 | (0.33) | — | (0.33) | 11.98 | |
| 2015 | 11.63 | 0.33 | 0.06 | 0.39 | (0.34) | — | (0.34) | 11.68 | |
| 2014(e) | 11.25 | 0.08 | 0.40 | 0.48 | (0.10) | — | (0.10) | 11.63 | |
| Class C1 (02/99) | |||||||||
| 2019(d) | 11.51 | 0.15 | (0.22) | (0.07) | (0.15) | — | (0.15) | 11.29 | |
| 2018 | 11.69 | 0.31 | (0.17) | 0.14 | (0.32) | — | (0.32) | 11.51 | |
| 2017 | 11.95 | 0.31 | (0.26) | 0.05 | (0.31) | — | (0.31) | 11.69 | |
| 2016 | 11.64 | 0.35 | 0.33 | 0.68 | (0.37) | — | (0.37) | 11.95 | |
| 2015 | 11.58 | 0.38 | 0.06 | 0.44 | (0.38) | — | (0.38) | 11.64 | |
| 2014 | 11.81 | 0.38 | (0.19) | 0.19 | (0.37) | (0.05) | (0.42) | 11.58 | |
| Class C2 (01/11)(f) | |||||||||
| 2019(d) | 11.57 | 0.15 | (0.23) | (0.08) | (0.14) | — | (0.14) | 11.35 | |
| 2018 | 11.75 | 0.30 | (0.17) | 0.13 | (0.31) | — | (0.31) | 11.57 | |
| 2017 | 12.00 | 0.30 | (0.25) | 0.05 | (0.30) | — | (0.30) | 11.75 | |
| 2016 | 11.69 | 0.34 | 0.33 | 0.67 | (0.36) | — | (0.36) | 12.00 | |
| 2015 | 11.63 | 0.36 | 0.07 | 0.43 | (0.37) | — | (0.37) | 11.69 | |
| 2014 | 11.86 | 0.37 | (0.19) | 0.18 | (0.36) | (0.05) | (0.41) | 11.63 | |
| Class I (08/97) | |||||||||
| 2019(d) | 11.55 | 0.19 | (0.22) | (0.03) | (0.19) | — | (0.19) | 11.33 | |
| 2018 | 11.73 | 0.39 | (0.17) | 0.22 | (0.40) | — | (0.40) | 11.55 | |
| 2017 | 11.99 | 0.39 | (0.26) | 0.13 | (0.39) | — | (0.39) | 11.73 | |
| 2016 | 11.68 | 0.43 | 0.33 | 0.76 | (0.45) | — | (0.45) | 11.99 | |
| 2015 | 11.62 | 0.45 | 0.07 | 0.52 | (0.46) | — | (0.46) | 11.68 | |
| 2014 | 11.85 | 0.46 | (0.20) | 0.26 | (0.44) | (0.05) | (0.49) | 11.62 | |
80
| Ratios/Supplemental Data | ||||
| Ratios to Average Net Assets | ||||
| Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(c) |
| (0.37)% | $172,423 | 0.80%* | 3.19%* | 18% |
| 1.65 | 165,020 | 0.81 | 3.11 | 22 |
| 0.92 | 152,704 | 0.81 | 3.11 | 22 |
| 6.48 | 152,744 | 0.82 | 3.43 | 6 |
| 4.18 | 118,335 | 0.84 | 3.65 | 10 |
| 2.19 | 110,265 | 0.86 | 3.88 | 15 |
| (0.79) | 27,028 | 1.60* | 2.38* | 18 |
| 0.82 | 29,110 | 1.61 | 2.30 | 22 |
| 0.19 | 28,195 | 1.61 | 2.32 | 22 |
| 5.50 | 20,608 | 1.62 | 2.59 | 6 |
| 3.39 | 8,623 | 1.64 | 2.77 | 10 |
| 4.32 | 1,242 | 1.66* | 2.75* | 15 |
| (0.61) | 3,709 | 1.24* | 2.69* | 18 |
| 1.19 | 10,201 | 1.26 | 2.65 | 22 |
| 0.46 | 11,562 | 1.26 | 2.67 | 22 |
| 5.93 | 13,015 | 1.28 | 2.99 | 6 |
| 3.81 | 13,296 | 1.29 | 3.21 | 10 |
| 1.79 | 14,398 | 1.31 | 3.43 | 15 |
| (0.66) | 6,388 | 1.35* | 2.64* | 18 |
| 1.08 | 6,615 | 1.36 | 2.55 | 22 |
| 0.45 | 8,106 | 1.36 | 2.57 | 22 |
| 5.81 | 9,442 | 1.38 | 2.90 | 6 |
| 3.69 | 10,199 | 1.39 | 3.10 | 10 |
| 1.67 | 12,473 | 1.41 | 3.33 | 15 |
| (0.27) | 181,929 | 0.60* | 3.39* | 18 |
| 1.86 | 178,434 | 0.61 | 3.31 | 22 |
| 1.13 | 152,558 | 0.61 | 3.31 | 22 |
| 6.61 | 131,019 | 0.62 | 3.62 | 6 |
| 4.49 | 90,131 | 0.64 | 3.85 | 10 |
| 2.45 | 67,580 | 0.66 | 4.07 | 15 |
| (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) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| (d) | For the six months ended November 30, 2018. |
| (e) | For the period February 10, 2014 (commencement of operations) through May 31, 2014. |
| (f) | Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014. |
| * | Annualized. |
See accompanying notes to financial statements.
81
Financial Highlights(Unaudited) (continued)
Nebraska
Selected data for a share outstanding throughout each period:
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions | ||||||||
| Class (Commencement Date) Year Ended May 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
| Class A (02/01) | |||||||||
| 2019(e) | $10.55 | $0.14 | $(0.17) | $(0.03) | $(0.15) | $ — | $(0.15) | $10.37 | |
| 2018 | 10.77 | 0.31 | (0.21) | 0.10 | (0.32) | — | (0.32) | 10.55 | |
| 2017 | 11.09 | 0.34 | (0.31) | 0.03 | (0.35) | — | (0.35) | 10.77 | |
| 2016 | 10.77 | 0.35 | 0.30 | 0.65 | (0.33) | — | (0.33) | 11.09 | |
| 2015 | 10.68 | 0.34 | 0.08 | 0.42 | (0.33) | — | (0.33) | 10.77 | |
| 2014 | 10.87 | 0.34 | (0.19) | 0.15 | (0.34) | — | (0.34) | 10.68 | |
| Class C (02/14) | |||||||||
| 2019(e) | 10.52 | 0.10 | (0.17) | (0.07) | (0.10) | — | (0.10) | 10.35 | |
| 2018 | 10.74 | 0.22 | (0.21) | 0.01 | (0.23) | — | (0.23) | 10.52 | |
| 2017 | 11.06 | 0.25 | (0.31) | (0.06) | (0.26) | — | (0.26) | 10.74 | |
| 2016 | 10.74 | 0.26 | 0.30 | 0.56 | (0.24) | — | (0.24) | 11.06 | |
| 2015 | 10.65 | 0.25 | 0.09 | 0.34 | (0.25) | — | (0.25) | 10.74 | |
| 2014(f) | 10.38 | 0.03 | 0.32 | 0.35 | (0.08) | — | (0.08) | 10.65 | |
| Class C1 (02/01) | |||||||||
| 2019(e) | 10.48 | 0.12 | (0.18) | (0.06) | (0.12) | — | (0.12) | 10.30 | |
| 2018 | 10.69 | 0.26 | (0.20) | 0.06 | (0.27) | — | (0.27) | 10.48 | |
| 2017 | 11.01 | 0.29 | (0.31) | (0.02) | (0.30) | — | (0.30) | 10.69 | |
| 2016 | 10.69 | 0.30 | 0.29 | 0.59 | (0.27) | — | (0.27) | 11.01 | |
| 2015 | 10.59 | 0.29 | 0.09 | 0.38 | (0.28) | — | (0.28) | 10.69 | |
| 2014 | 10.78 | 0.29 | (0.19) | 0.10 | (0.29) | — | (0.29) | 10.59 | |
| Class C2 (01/11)(g) | |||||||||
| 2019(e) | 10.56 | 0.12 | (0.18) | (0.06) | (0.12) | — | (0.12) | 10.38 | |
| 2018 | 10.77 | 0.25 | (0.20) | 0.05 | (0.26) | — | (0.26) | 10.56 | |
| 2017 | 11.10 | 0.28 | (0.32) | (0.04) | (0.29) | — | (0.29) | 10.77 | |
| 2016 | 10.78 | 0.29 | 0.30 | 0.59 | (0.27) | — | (0.27) | 11.10 | |
| 2015 | 10.68 | 0.28 | 0.09 | 0.37 | (0.27) | — | (0.27) | 10.78 | |
| 2014 | 10.88 | 0.28 | (0.20) | 0.08 | (0.28) | — | (0.28) | 10.68 | |
| Class I (02/01) | |||||||||
| 2019(e) | 10.56 | 0.15 | (0.17) | (0.02) | (0.16) | — | (0.16) | 10.38 | |
| 2018 | 10.78 | 0.33 | (0.21) | 0.12 | (0.34) | — | (0.34) | 10.56 | |
| 2017 | 11.10 | 0.36 | (0.31) | 0.05 | (0.37) | — | (0.37) | 10.78 | |
| 2016 | 10.78 | 0.37 | 0.29 | 0.66 | (0.34) | — | (0.34) | 11.10 | |
| 2015 | 10.68 | 0.36 | 0.09 | 0.45 | (0.35) | — | (0.35) | 10.78 | |
| 2014 | 10.88 | 0.36 | (0.20) | 0.16 | (0.36) | — | (0.36) | 10.68 | |
82
| Ratios/Supplemental Data | |||||||
| Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | ||||||
| Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |
| (0.31)% | $31,234 | 0.90%* | 2.73%* | 0.88%* | 2.75%* | 9% | |
| 0.98 | 32,036 | 0.92 | 2.84 | 0.88 | 2.88 | 12 | |
| 0.32 | 26,201 | 0.93 | 3.08 | 0.89 | 3.13 | 11 | |
| 6.08 | 26,461 | 0.91 | 3.17 | 0.89 | 3.19 | 8 | |
| 4.00 | 23,741 | 0.92 | 3.11 | 0.89 | 3.15 | 27 | |
| 1.55 | 23,740 | 0.92 | 3.23 | 0.89 | 3.27 | 11 | |
| (0.64) | 2,652 | 1.70* | 1.93* | 1.68* | 1.95* | 9 | |
| 0.13 | 2,972 | 1.72 | 2.04 | 1.68 | 2.08 | 12 | |
| (0.51) | 2,966 | 1.73 | 2.28 | 1.69 | 2.33 | 11 | |
| 5.23 | 2,552 | 1.71 | 2.33 | 1.69 | 2.36 | 8 | |
| 3.17 | 1,142 | 1.72 | 2.28 | 1.69 | 2.31 | 27 | |
| 3.36 | 172 | 1.72* | 1.96* | 1.69* | 1.98* | 11 | |
| (0.57) | 1,234 | 1.35* | 2.27* | 1.33* | 2.29* | 9 | |
| 0.57 | 2,077 | 1.37 | 2.40 | 1.33 | 2.44 | 12 | |
| (0.18) | 2,339 | 1.38 | 2.63 | 1.34 | 2.68 | 11 | |
| 5.60 | 2,805 | 1.37 | 2.72 | 1.34 | 2.75 | 8 | |
| 3.61 | 2,784 | 1.38 | 2.68 | 1.34 | 2.72 | 27 | |
| 1.03 | 3,013 | 1.37 | 2.78 | 1.34 | 2.81 | 11 | |
| (0.60) | 2,426 | 1.45* | 2.18* | 1.43* | 2.20* | 9 | |
| 0.50 | 3,196 | 1.47 | 2.30 | 1.43 | 2.34 | 12 | |
| (0.35) | 3,549 | 1.48 | 2.54 | 1.44 | 2.58 | 11 | |
| 5.50 | 3,885 | 1.47 | 2.62 | 1.44 | 2.65 | 8 | |
| 3.52 | 4,183 | 1.47 | 2.56 | 1.44 | 2.60 | 27 | |
| 0.87 | 4,946 | 1.47 | 2.69 | 1.44 | 2.73 | 11 | |
| (0.23) | 33,066 | 0.70* | 2.93* | 0.68* | 2.95* | 9 | |
| 1.15 | 33,831 | 0.72 | 3.04 | 0.68 | 3.07 | 12 | |
| 0.48 | 28,202 | 0.73 | 3.28 | 0.69 | 3.33 | 11 | |
| 6.25 | 27,439 | 0.71 | 3.37 | 0.69 | 3.39 | 8 | |
| 4.27 | 25,569 | 0.72 | 3.31 | 0.69 | 3.34 | 27 | |
| 1.64 | 26,400 | 0.72 | 3.43 | 0.69 | 3.47 | 11 | |
| (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) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| (e) | For the six months ended November 30, 2018. |
| (f) | For the period February 10, 2014 (commencement of operations) through May 31, 2014. |
| (g) | Formerly Class C Shares and renamed to Class C2 Shares on Feburary 10, 2014. |
| * | Annualized. |
See accompanying notes to financial statements.
83
Financial Highlights(Unaudited) (continued)
Oregon Intermediate
Selected data for a share outstanding throughout each period:
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions | ||||||||
| Class (Commencement Date) Year Ended May 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
| Class A (02/99) | |||||||||
| 2019(d) | $10.08 | $0.11 | $(0.08) | $0.03 | $(0.11) | $ — | $(0.11) | $10.00 | |
| 2018 | 10.32 | 0.22 | (0.23) | (0.01) | (0.23) | — | (0.23) | 10.08 | |
| 2017 | 10.49 | 0.23 | (0.17) | 0.06 | (0.23) | — | (0.23) | 10.32 | |
| 2016 | 10.30 | 0.26 | 0.20 | 0.46 | (0.27) | — | (0.27) | 10.49 | |
| 2015 | 10.35 | 0.29 | (0.05) | 0.24 | (0.29) | — | (0.29) | 10.30 | |
| 2014 | 10.46 | 0.30 | (0.12) | 0.18 | (0.29) | — | (0.29) | 10.35 | |
| Class C (02/14) | |||||||||
| 2019(d) | 10.02 | 0.07 | (0.08) | (0.01) | (0.06) | — | (0.06) | 9.95 | |
| 2018 | 10.26 | 0.14 | (0.24) | (0.10) | (0.14) | — | (0.14) | 10.02 | |
| 2017 | 10.43 | 0.15 | (0.17) | (0.02) | (0.15) | — | (0.15) | 10.26 | |
| 2016 | 10.24 | 0.17 | 0.21 | 0.38 | (0.19) | — | (0.19) | 10.43 | |
| 2015 | 10.29 | 0.20 | (0.05) | 0.15 | (0.20) | — | (0.20) | 10.24 | |
| 2014(e) | 10.16 | 0.04 | 0.15 | 0.19 | (0.06) | — | (0.06) | 10.29 | |
| Class C2 (01/11)(f) | |||||||||
| 2019(d) | 10.06 | 0.08 | (0.07) | 0.01 | (0.08) | — | (0.08) | 9.99 | |
| 2018 | 10.30 | 0.16 | (0.23) | (0.07) | (0.17) | — | (0.17) | 10.06 | |
| 2017 | 10.46 | 0.17 | (0.16) | 0.01 | (0.17) | — | (0.17) | 10.30 | |
| 2016 | 10.27 | 0.20 | 0.20 | 0.40 | (0.21) | — | (0.21) | 10.46 | |
| 2015 | 10.32 | 0.23 | (0.05) | 0.18 | (0.23) | — | (0.23) | 10.27 | |
| 2014 | 10.43 | 0.24 | (0.12) | 0.12 | (0.23) | — | (0.23) | 10.32 | |
| Class I (08/97) | |||||||||
| 2019(d) | 10.10 | 0.12 | (0.09) | 0.03 | (0.11) | — | (0.11) | 10.02 | |
| 2018 | 10.33 | 0.24 | (0.23) | 0.01 | (0.24) | — | (0.24) | 10.10 | |
| 2017 | 10.50 | 0.25 | (0.17) | 0.08 | (0.25) | — | (0.25) | 10.33 | |
| 2016 | 10.30 | 0.28 | 0.21 | 0.49 | (0.29) | — | (0.29) | 10.50 | |
| 2015 | 10.35 | 0.31 | (0.05) | 0.26 | (0.31) | — | (0.31) | 10.30 | |
| 2014 | 10.47 | 0.32 | (0.13) | 0.19 | (0.31) | — | (0.31) | 10.35 | |
84
| Ratios/Supplemental Data | ||||
| Ratios to Average Net Assets | ||||
| Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(c) |
| 0.25% | $33,239 | 0.81%* | 2.19%* | 10% |
| (0.13) | 37,684 | 0.82 | 2.13 | 13 |
| 0.61 | 44,776 | 0.81 | 2.24 | 25 |
| 4.54 | 56,755 | 0.83 | 2.51 | 11 |
| 2.32 | 48,822 | 0.84 | 2.77 | 7 |
| 1.79 | 45,231 | 0.85 | 2.94 | 4 |
| (0.07) | 2,872 | 1.61* | 1.39* | 10 |
| (0.96) | 3,075 | 1.62 | 1.33 | 13 |
| (0.21) | 4,066 | 1.61 | 1.44 | 25 |
| 3.73 | 3,788 | 1.62 | 1.69 | 11 |
| 1.51 | 2,505 | 1.64 | 1.94 | 7 |
| 1.89 | 545 | 1.65* | 2.04* | 4 |
| 0.05 | 5,166 | 1.36* | 1.64* | 10 |
| (0.72) | 5,555 | 1.37 | 1.58 | 13 |
| 0.12 | 6,708 | 1.36 | 1.69 | 25 |
| 3.95 | 8,079 | 1.38 | 1.97 | 11 |
| 1.74 | 8,602 | 1.39 | 2.24 | 7 |
| 1.20 | 10,632 | 1.40 | 2.39 | 4 |
| 0.34 | 185,059 | 0.61* | 2.39* | 10 |
| 0.14 | 188,385 | 0.62 | 2.33 | 13 |
| 0.78 | 160,000 | 0.61 | 2.44 | 25 |
| 4.82 | 160,225 | 0.62 | 2.69 | 11 |
| 2.50 | 105,356 | 0.64 | 2.97 | 7 |
| 1.87 | 86,520 | 0.65 | 3.14 | 4 |
| (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) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| (d) | For the six months ended November 30, 2018. |
| (e) | For the period February 10, 2014 (commencement of operations) through May 31, 2014. |
| (f) | Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014. |
| * | Annualized. |
See accompanying notes to financial statements.
85
Notes to Financial Statements
(Unaudited)
1. General Information and Significant Accounting Policies
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, 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.
The end of the reporting period for the Funds is November 30, 2018, and the period covered by these Notes to Financial Statements is the six months ended November 30, 2018 (the "current fiscal period”).
Investment Adviser
The Funds' investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), 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.
Investment Objectives
The investment objective of each Fund is to provide maximum current income that is exempt from both federal income tax and its respective state income tax to the extent consistent with prudent investment risk.
The Funds' most recent prospectus provides further descriptions of each Fund's investment objective, principal investment strategies and principal risks.
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification (ASC) Topic 946 "Financial Services-Investment Companies." The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments 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.
As of the end of the reporting period, the following Fund's outstanding when-issued/delayed delivery purchase commitments were as follows:
| Minnesota Intermediate | |
| Outstanding when-issued/delayed delivery purchase commitments | $1,464,530 |
Investment Income
Investment income is comprised of interest income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes and, is recorded on an accrual basis. 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.
86
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
Dividends and Distributions to Shareholders
Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Fund shares begin to accrue dividends on the business day after the day when the monies used to purchase Fund shares are collected by the transfer agent.
Net realized capital gains and/or market discount from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Share Classes and Sales Charges
Class A Shares are generally sold with an up-front sales charge and incur a 0.20% annual 12b-1 service fee. Class A Share 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 incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class C1 Shares of the Funds (except for Oregon Intermediate, which does not offer Class C1 Shares) are not available for new accounts or for additional investment into exisiting accounts, but Class C1 Shares can be issued for purposes of dividend reinvestment. Class C1 Shares were sold without an up-front sales charge, but incur a 0.40% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. The Funds will issue Class C2 Shares upon the exchange of Class C2 Shares from another Nuveen municipal bond fund or for the purpose of dividend reinvestment, but Class C2 Shares are not available for new accounts or for additional investment into existing accounts. Class C2 Shares incur a 0.55% annual 12b-1 distribution fee and a 0.20% annual 12b-1 service fee. Class C, Class C1 and Class C2 Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class C, Class C1, and C2 Shares automatically convert to Class A Shares ten years after purchase. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.
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 settled shares of each class. Expenses directly attributable to a class of shares are recorded to the specific class. Currently, the only expenses that are allocated on a class-specific basis are 12b-1 distribution and service fees.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
Compensation
The Trust pays no compensation directly to those of its directors who are affiliated with the Adviser 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.
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.
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 3 - Portfolio Securities and Investments in Derivatives.
87
Notes to Financial Statements(Unaudited) (continued)
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the current fiscal period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
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. A three-tier hierarchy 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 the reporting entity’s own 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).
Prices of fixed income securities are provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
| Minnesota Intermediate | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | ||||
| Municipal Bonds | $ — | $342,467,129 | $ — | $342,467,129 |
| Short-Term Investments*: | ||||
| Municipal Bonds | — | 3,000,000 | — | 3,000,000 |
| Total | $ — | $345,467,129 | $ — | $345,467,129 |
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| Minnesota | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | ||||
| Municipal Bonds | $ — | $381,395,404 | $ — | $381,395,404 |
| Short-Term Investments*: | ||||
| Municipal Bonds | — | 5,000,000 | — | 5,000,000 |
| Total | $ — | $386,395,404 | $ — | $386,395,404 |
| Nebraska | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | ||||
| Municipal Bonds | $ — | $68,969,625 | $ — | $68,969,625 |
| Oregon Intermediate | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | ||||
| Municipal Bonds | $ — | $224,471,978 | $ — | $224,471,978 |
| * | Refer to the Fund's Portfolio of Investments for industry classifications. |
3. Portfolio Securities and Investments in Derivatives
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.
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
89
Notes to Financial Statements(Unaudited) (continued)
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.
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.
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 derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when 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 pre-determined threshold amount.
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4. Fund Shares
Transactions in Fund shares during the current and prior fiscal period were as follows:
| Six Months Ended 11/30/18 | Year Ended 5/31/18 | ||||
| Minnesota Intermediate | Shares | Amount | Shares | Amount | |
| Shares sold: | |||||
| Class A | 1,263,036 | $12,800,743 | 2,171,777 | $22,499,817 | |
| Class C | 79,629 | 808,044 | 372,695 | 3,840,630 | |
| Class C1 | — | — | 148 | 1,521 | |
| Class C2 | 95 | 960 | 3,490 | 36,305 | |
| Class I | 3,276,156 | 33,093,342 | 7,916,974 | 81,537,793 | |
| Shares issued to shareholders due to reinvestment of distributions: | |||||
| Class A | 122,523 | 1,245,884 | 249,893 | 2,586,826 | |
| Class C | 13,846 | 139,911 | 27,140 | 279,186 | |
| Class C1 | 1,891 | 19,298 | 4,407 | 45,788 | |
| Class C2 | 5,517 | 55,897 | 12,032 | 124,154 | |
| Class I | 130,676 | 1,322,305 | 217,387 | 2,237,562 | |
| 4,893,369 | 49,486,384 | 10,975,943 | 113,189,582 | ||
| Shares redeemed: | |||||
| Class A | (1,888,147) | (19,183,155) | (1,756,729) | (18,184,201) | |
| Class C | (222,687) | (2,244,727) | (282,863) | (2,916,744) | |
| Class C1 | (31,666) | (323,101) | (31,868) | (329,545) | |
| Class C2 | (53,468) | (539,937) | (71,616) | (741,223) | |
| Class I | (4,826,433) | (48,678,621) | (4,690,777) | (48,254,325) | |
| (7,022,401) | (70,969,541) | (6,833,853) | (70,426,038) | ||
| Net increase (decrease) | (2,129,032) | $(21,483,157) | 4,142,090 | $42,763,544 | |
| Six Months Ended 11/30/18 | Year Ended 5/31/18 | ||||
| Minnesota | Shares | Amount | Shares | Amount | |
| Shares sold: | |||||
| Class A | 2,359,237 | $26,980,374 | 3,292,617 | $38,388,374 | |
| Class A – automatic conversion of Class C1 Shares | 34,420 | 397,126 | — | — | |
| Class C | 219,859 | 2,522,766 | 679,935 | 7,932,386 | |
| Class C1 | 337 | 3,835 | 1,611 | 18,675 | |
| Class C2 | 5,611 | 64,684 | 348 | 4,040 | |
| Class I | 3,196,410 | 36,444,196 | 4,949,878 | 57,680,951 | |
| Shares issued to shareholders due to reinvestment of distributions: | |||||
| Class A | 226,261 | 2,585,945 | 421,886 | 4,916,457 | |
| Class C | 27,649 | 315,773 | 57,442 | 668,761 | |
| Class C1 | 5,651 | 64,464 | 24,245 | 281,471 | |
| Class C2 | 6,823 | 78,035 | 16,019 | 186,868 | |
| Class I | 153,610 | 1,753,478 | 259,974 | 3,025,102 | |
| 6,235,868 | 71,210,676 | 9,703,955 | 113,103,085 | ||
| Shares redeemed: | |||||
| Class A | (1,689,011) | (19,210,468) | (2,447,627) | (28,564,450) | |
| Class C | (382,465) | (4,351,228) | (621,269) | (7,234,698) | |
| Class C1 | (528,935) | (6,073,486) | (128,716) | (1,492,082) | |
| Class C1 – automatic conversion to Class A Shares | (34,569) | (397,126) | — | — | |
| Class C2 | (21,346) | (244,198) | (134,648) | (1,568,835) | |
| Class I | (2,739,347) | (31,138,901) | (2,766,388) | (32,204,855) | |
| (5,395,673) | (61,415,407) | (6,098,648) | (71,064,920) | ||
| Net increase (decrease) | 840,195 | $9,795,269 | 3,605,307 | $42,038,165 | |
91
Notes to Financial Statements(Unaudited) (continued)
| Six Months Ended 11/30/18 | Year Ended 5/31/18 | ||||
| Nebraska | Shares | Amount | Shares | Amount | |
| Shares sold: | |||||
| Class A | 249,732 | $2,612,113 | 858,447 | $9,146,704 | |
| Class C | 23,219 | 242,940 | 55,107 | 585,298 | |
| Class C1 | 10 | 106 | 68 | 711 | |
| Class C2 | — | — | 18 | 187 | |
| Class I | 293,753 | 3,049,640 | 1,267,243 | 13,532,697 | |
| Shares issued to shareholders due to reinvestment of distributions: | |||||
| Class A | 42,486 | 443,284 | 81,716 | 868,610 | |
| Class C | 2,684 | 27,939 | 6,160 | 65,353 | |
| Class C1 | 1,511 | 15,673 | 5,200 | 54,963 | |
| Class C2 | 3,026 | 31,617 | 7,706 | 82,049 | |
| Class I | 30,297 | 316,541 | 57,129 | 607,778 | |
| 646,718 | 6,739,853 | 2,338,794 | 24,944,350 | ||
| Shares redeemed: | |||||
| Class A | (316,698) | (3,307,632) | (336,517) | (3,587,112) | |
| Class C | (51,940) | (538,829) | (55,164) | (586,488) | |
| Class C1 | (79,933) | (835,589) | (25,864) | (271,960) | |
| Class C2 | (71,966) | (750,540) | (34,471) | (368,191) | |
| Class I | (342,555) | (3,565,780) | (738,199) | (7,827,775) | |
| (863,092) | (8,998,370) | (1,190,215) | (12,641,526) | ||
| Net increase (decrease) | (216,374) | $(2,258,517) | 1,148,579 | $12,302,824 | |
| Six Months Ended 11/30/18 | Year Ended 5/31/18 | ||||
| Oregon Intermediate | Shares | Amount | Shares | Amount | |
| Shares sold: | |||||
| Class A | 261,533 | $2,616,483 | 687,816 | $7,040,306 | |
| Class C | 10,078 | 100,220 | 53,960 | 547,112 | |
| Class C2 | 5,324 | 53,459 | 49 | 488 | |
| Class I | 2,400,724 | 24,060,238 | 6,591,133 | 67,205,368 | |
| Shares issued to shareholders due to reinvestment of distributions: | |||||
| Class A | 33,845 | 339,239 | 85,053 | 866,813 | |
| Class C | 1,882 | 18,760 | 4,829 | 48,906 | |
| Class C2 | 3,889 | 38,908 | 9,018 | 91,652 | |
| Class I | 74,910 | 751,779 | 136,423 | 1,389,800 | |
| 2,792,185 | 27,979,086 | 7,568,281 | 77,190,445 | ||
| Shares redeemed: | |||||
| Class A | (710,749) | (7,110,085) | (1,372,551) | (14,018,194) | |
| Class C | (30,018) | (299,345) | (148,163) | (1,500,778) | |
| Class C2 | (43,932) | (439,128) | (108,315) | (1,109,337) | |
| Class I | (2,665,046) | (26,589,131) | (3,548,915) | (36,271,057) | |
| (3,449,745) | (34,437,689) | (5,177,944) | (52,899,366) | ||
| Net increase (decrease) | (657,560) | $(6,458,603) | 2,390,337 | $24,291,079 | |
5. Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period were as follows:
| Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
| Purchases | $40,167,319 | $75,855,236 | $6,279,069 | $23,170,760 |
| Sales and maturities | 56,319,800 | 69,427,956 | 9,949,059 | 24,090,609 |
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 to 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. Furthermore, each Fund intends to satisfy conditions that will enable in-
92
terest 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.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of November 30, 2018.
| Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
| Tax cost of investments | $341,634,630 | $380,261,919 | $68,363,505 | $222,620,885 |
| Gross unrealized: | ||||
| Appreciation | $6,180,987 | $9,152,535 | $1,223,197 | $3,072,305 |
| Depreciation | (2,348,488) | (3,019,050) | (617,077) | (1,221,212) |
| Net unrealized appreciation (depreciation) of investments | $3,832,499 | $6,133,485 | $606,120 | $1,851,093 |
Permanent differences, primarily due to expiration of capital loss carryforwards and taxable market discount, resulted in reclassifications among the Funds' components of net assets as of May 31, 2018, the Funds' last tax year end, as follows:
| Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
| Capital paid-in | $ — | $ — | $(36,230) | $ — |
| Undistributed (Over-distribution of) net investment income | — | — | — | — |
| Accumulated net realized gain (loss) | — | — | 36,230 | — |
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of May 31, 2018, the Funds' last tax year end, were as follows:
| Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
| Undistributed net tax-exempt income1 | $937,569 | $431,239 | $94,162 | $243,887 |
| Undistributed net ordinary income2 | — | — | — | 2,553 |
| Undistributed net long-term capital gains | — | — | — | — |
| 1 | Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period May 1, 2018 through May 31, 2018, and paid on June 1, 2018. |
| 2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
The tax character of distributions paid during the Funds’ last tax year ended May 31, 2018, was designated for purposes of the dividends paid deduction as follows:
| Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
| Distributions from net tax-exempt income | $10,114,868 | $11,128,702 | $2,114,206 | $5,132,624 |
| Distributions from net ordinary income2 | 228,034 | 556,371 | — | — |
| Distributions from net long-term capital gains | — | — | — | — |
| 2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
As of May 31, 2018, the Funds' last tax year end, the Funds had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
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Notes to Financial Statements(Unaudited) (continued)
| Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
| Not subject to expiration: | ||||
| Short-term | $1,972,509 | $7,337,781 | $802,131 | $2,969,479 |
| Long-term | — | 2,161,904 | 1,265,548 | — |
| Total | $1,972,509 | $9,499,685 | $2,067,679 | $2,969,479 |
As of May 31, 2018, the Funds' last tax year end, $36,230 of Nebraska's capital loss carryforward expired.
During the Funds' last tax year ended May 31, 2018, the following Funds utilized capital loss carryforwards as follows:
| Nebraska | Oregon Intermediate | |
| Utilized capital loss carryforwards | $133,462 | $4,952 |
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund’s management fee compensates the Adviser for the overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
| 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 |
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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:
| 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 |
* 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. 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, 2018, the complex-level fee for each Fund was as follows:
| Fund | Complex-Level Fee |
| Minnesota Intermediate | 0.1836% |
| Minnesota | 0.1741% |
| Nebraska | 0.1807% |
| Oregon Intermediate | 0.1836% |
The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of Nebraska so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed of the average daily net assets of any class of Fund shares in the amounts and for the time period stated in the following table. This expense limitation may be terminated or modified prior to the date listed below only with the approval of the Board.
| Fund | Expense Cap | Expense Cap Expiration Date |
| Nebraska | 0.70% | July 31, 2020 |
Other Transactions with Affiliates
Each Fund is permitted to purchase or sell securities from or to certain other funds managed by the Adviser (“inter-fund trade”) under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each inter-fund trade is effected at the current market price as provided by an independent pricing service. Unsettled inter-fund trades as of the end of the reporting period are recognized as a component of “Receivable for investments sold” and/or “Payable for investments purchased” on the Statement of Assets and Liabilities, when applicable.
| Inter-Fund Trades | Minnesota Intermediate | Minnesota |
| Purchases | $1,022,730 | $8,278,330 |
| Sales | 1,024,890 | 8,894,068 |
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Notes to Financial Statements(Unaudited) (continued)
Other Transactions with Affiliates
During the current fiscal period, Nuveen Securities, LLC, (the “Distributor”), a wholly-owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:
| Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
| Sales charges collected | $65,889 | $206,968 | $36,799 | $11,488 |
| Paid to financial intermediaries | 61,756 | 193,870 | 33,438 | 10,251 |
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:
| Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
| Commission advances | $56,010 | $134,777 | $12,761 | $7,672 |
To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C and Class C2 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:
| Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
| 12b-1 fees retained | $14,747 | $35,714 | $3,194 | $1,946 |
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:
| Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
| CDSC retained | $14,057 | $6,568 | $176 | $768 |
8. Borrowing Arrangements
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, approximately $2.65 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than 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 July 2019 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.00% per annum or (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Interest expenses” 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.
None of the Funds utilized this facility during the current fiscal period.
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9. New Accounting Pronouncements
Disclosure Update and Simplification
During August 2018, the Securities and Exchange Commission (the “SEC”) issued Final Rule Release No. 33-10532,Disclosure Update and Simplification (“Final Rule Release No. 33-10532”). Final Rule Release No. 33-10532 amends certain financial statement disclosure requirements to conform to U.S. GAAP. The amendments to Rule 6-04.17 of Regulation S-X (balance sheet) remove the requirement to separately state the book basis components of net assets: undistributed (over-distribution of) net investment income (“UNII”), accumulated undistributed net realized gains (losses), and net unrealized appreciation (depreciation) at the balance sheet date. Instead, consistent with U.S. GAAP, funds will be required to disclose total distributable earnings. The amendments to Rule 6-09 of Regulation S-X (statement of changes in net assets) remove the requirement to separately state the sources of distributions paid. Instead, consistent with U.S. GAAP, funds will be required to disclose the total amount of distributions paid, except that any tax return of capital must be separately disclosed. The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets.
The requirements of Final Rule Release No. 33-10532 are effective November 5, 2018, and the Funds’ Statement of Assets and Liabilities and Statement of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within each Fund’s Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to Final Rule Release No. 33-10532.
For the prior fiscal period, the total amount of distributions paid to shareholders from net investment income and from accumulated net realized gains, if any, are recognized as “Dividends” on the Statement of Changes in Net Assets.
| Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
| UNII at the end of period | $30,833 | $(34,588) | $(7,538) | $(165,902) |
FASB Accounting Standards Update ("ASU") 2017-08 ("ASU 2017-08") Premium Amortization on Purchased Callable Debt Securities
The FASB has issued ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of ASU 2017-08, if any.
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Additional Fund Information
Fund Manager
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
U.S. Bank National
Association
1555 North RiverCenter Drive
Suite 302
Milwaukee, WI 53212
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
Quarterly Form N-Q 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 on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.
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.
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Glossary of Terms Used in this Report
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.
Duration:Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s (or bond fund’s) value to changes when market interest rates change. Generally, the longer a bond or fund’s duration, the more the price of the bond or fund will change as interest rates change.
Effective Leverage (Effective Leverage Ratio):Effective leverage is investment exposure created either directly through certain borrowings or indirectly through inverse floaters, divided by the assets invested, including those assets that were purchased with the proceeds of the leverage, or referenced by the levered instrument. The calculation of the Effective Leverage Ratio reflects borrowings effected on a long-term basis for investment purposes, but excludes borrowings that may occur, on a transient basis, in connection with a Fund’s day-to-day operations primarily in connection with the need to pay cash out to redeeming shareholders or to settle portfolio trades.
Industrial Development Revenue Bond (IDR):A unique type of revenue bond issued by a state or local government agency on behalf of a private sector company and intended to build or acquire factories or other heavy equipment and tools.
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
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.
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Glossary of Terms Used in this Report(continued)
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 Asset 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-Refundings: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.
S&P Municipal Bond Intermediate Index: Contains all bonds in the S&P Municipal Bond Index that mature between 3 and 14.999 years. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
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.
100
Notes
101
Notes
102
Notes
103
Nuveen:
Serving Investors for Generations
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 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
Securities offered through Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com MSA-FTFI-1118D702469-INV-B-01/19
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 Rule30a-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 Rule30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules13a-15(b) or15d-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 Rule30a-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/ Christopher M. Rohrbacher | ||||
Christopher M. Rohrbacher Vice President and Secretary |
Date: February 7, 2019
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/ Greg A. Bottjer | ||||
Greg A. Bottjer Chief Administrative Officer (principal executive officer) |
Date: February 7, 2019
| By | (Signature and Title) | /s/ Stephen D. Foy | ||||
Stephen D. Foy Vice President and Controller (principal financial officer) |
Date: February 7, 2019